Platinum Group metals Ltd

Published : January 26th, 2016

3:43 am Platinum Group Metals consolidates common shares on the basis of one new share for ten old shares

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3:43 am Platinum Group Metals consolidates common shares on the basis of one new share for ten old shares

10:43 am Dow +237 continues to outperform the S&P +21 and Nasdaq Comp +30 (:TECHX) : The blue chip Dow has extended this morning advance back near last week's recovery high at 16136 in recent trade. Top performers include: MMM +4.6%, CVX, +3.3%, JNJ +2.8%, GS +2.5%, XOM +2%, JPM +2%, CSCO +1.9%, BA +1.8%, CAT +1.8%, MCD +1.6%, TRV +1.6%.

10:39 am M/I Homes commences $300 mln exchange offer for 6.75% Senior Notes due 2021 (MHO) : The exchange offer is being made to satisfy the Company's obligations under a registration rights agreement entered into on December 1, 2015 in connection with the issuance of the Original Notes, and does not represent a new financing transaction. The Company will not receive any further proceeds from the exchange offer.

10:11 am Dow +213 and S&P +17 set new session highs, Nasdaq Comp +15 extends climb off lows (:TECHX) : The confidence data and a turnaround in early laggard Biotech (09:39) helps return the Nasdaq Comp to positive territory.

10:05 am Heartland Express reports EPS in-line, misses on revs (HTLD) :

  • Reports Q4 (Dec) earnings of $0.20 per share, in-line with the Capital IQ Consensus of $0.20; revenues fell 14.0% year/year to $174.6 mln vs the $179.8 mln Capital IQ Consensus. 
  • Operating Ratio of 84.2% for the year ended December 31, 2015 compared to 84.9% in the same period of 2014.
  • Operating Ratio improvement despite a 13% increase in average driver wages implemented in November 2014 and January 2015.

10:04 am Meredith has agreed to a multi-year licensing partnership with Bellisio Foods for the EatingWell brand (MDP) :  

10:02 am Meridian Bioscience announces the recent product transfer and launch of its molecular test illumigene Malaria was accomplished on an accelerated schedule via a collaboration with Lean Continuous Improvements (VIVO) :  

9:47 am Nasdaq Comp -0.2 gives back opening gains -- Dow +130, S&P +8.6 (:TECHX) : Relative weakness continues in Biotech IBB (09:39) along with Internet FDN, Software IGV, Technology XLK.

9:44 am Morning Market Summary: Indices Open Higher (:WRAPX) :

The major averages began their day on a positive note with the S&P 500 advancing 0.5%.

All ten sectors have opened their day in positive territory with yesterday's worst performer, energy (+1.2%), leading the pack. The commodity-sensitive group is followed by utilities (+1.2%), financials (+0.9%), and industrials (+0.8%). The slimmest gains of the day is posted by technology (UNCHF) and health care (+0.3%). Biotech underperforms in the early going, evidenced by the 0.7% decline in the iShares Nasdaq Biotechnology ETF (IBB 280.85, -2.35). 

Treasuries remain on their lows with the yield on the benchmark note higher by one basis point at 2.01%. 

The Consumer Confidence Report for January (Briefing.com consensus 96.8) will be released at 10:00 ET. 

9:41 am 3M - - Earnings Mover trades +4% higher to challenge its early January bearish gap zone between 143/144 area (MMM) :  

9:40 am Coach - - Earnings Mover jumps +10% to challenge its Dec/Jan resistance zone along the $33-vicinity (COH) :  

9:39 am iShares Nasdaq Biotech ETF displays early relative weakness (IBB) : OTIC -2.5%, CHRS, -2.5%, NBIX -2.6%, CLVS -2.6%, SGEN -2%, ILMN -1.5%, BLUE -1.3%, REGN -1.1%, CELG -0.7%.

9:36 am Relative sector leadership (:TECHX) : Early sector strength has been noted in Crude Oil USO, Mining XME, Steel SLX, Copper JJC, OIl Service OIH, Energy XLE, Gold Miners GDX, Telecom IYZ, Solar TAN, Trucking, REITs IYR, Bank KBE, Reg Bank KRE.

9:34 am Firmer start with small-/mid-caps pacing the way in early trade -- Dow +121, S&P 12, Nasdaq Comp +22 (:TECHX) :  

9:32 am Kandi Technologies and Geely Automobile (GELYF) JV signs a strategic cooperation framework agreement with Pang Da Automobile Trade (KNDI) : The scope of the agreement includes, but is not limited to, establishment of Kandi and Pang Da sales teams that will share marketing resources, development of customized new energy vehicle for use at campus, and additionally, Pang Da is authorized to sell Kandi Brand pure electric vehicles in specific regions.

9:31 am Sanmina - - Earnings Mover jumps +13% this morning, bringing its Oct/Dec lows in play near the $20-mark (SANM) :  

9:31 am Praxair signs 15-year contract to supply oxygen and nitrogen to Total (TOT) in the Port of Antwerp (PX) : Total (TOT) is currently investing one billion euro in the port to upgrade its largest refining and petrochemicals platform in Europe. As a result, the company will require increased quantities of industrial gases for several applications in its refinery and petrochemical processes. Praxair is expanding its recently built oxygen pipeline an additional three miles to connect with Total's refinery. Praxair will also extend its nitrogen pipeline on the west bank of the river to efficiently serve existing and new petrochemical customers. Praxair expects the oxygen and nitrogen pipeline supply to be operational in the second half of 2016.

9:27 am You On Demand announced the appointment of Mingcheng Tao as CEO, replaced Weicheng Liu, effective Jan 22 (YOD) :

  • Most recently, Mr. Tao served as the Chief Executive Officer and Director of BesTV Network Television Technology Development Co

YOD also increased the size of its Board of Directors from seven to nine and appointed Mr. Tao, along with Ms. Pao-Yun (Polly) Wang, to fill these newly created vacancies.

9:27 am On The Wires (:WIRES) :

  • Kindred Biosciences (KIN) released positive results from its pilot field study (KB104P) of KIND-010 for the management of weight in cats. It also announced successful completion of the sample size reassessment of the ongoing pivotal study. The objective was to demonstrate the effectiveness and safety of KIND-010 for the stimulation of weight gain in cats under clinical conditions. At Week 2, mean weight of cats in the KIND-010 group was 4.32 kg (percent increase from Day 1 was 3.25%) versus 3.98 kg (percent increase from Day 1 was -1.65%) in the placebo group (p=0.0042).
  • Sony (SNE) confirmed the formation of a new company called Sony Interactive Entertainment that will serve as the headquarters for everything PlayStation.
  • SGOCO Group (SGOC) subsidiary, BOCA International, signed a long-term, primary and exclusive agency agreement with Macau Jinyi Technology. Under the terms of the agreement, BOCA authorized Macau Jinyi to exclusively develop and marketing the BOCA branded energy saving and environmental protection products and technologies in Macau, China. SGOCO could generate a total estimated value of at least $77 million inrevenue within the next 3 years by providing services to casinos and resorts, government buildings and shopping malls in Macau.
  • Aviat Networks (AVNW) reached an agreement to supply IP/MPLS routers, microwave radios and services to a major Midwestern U.S. state public safety agency. Aviat expects products to be shipped this fiscal year with services delivered throughout the year and into next fiscal year.
  • CSG International (CSGS) announced that Globalstar (GSAT) selected CSG as the revenue and customer management solution provider for its second-generation service launch in the first half of 2016.
  • SAP SE (SAP) and Lenovo (LNVGY) announced multifaceted plans to develop cloud solutions in China, create innovations between the SAP HANA platform and Lenovo systems and jointly execute global go-to-market programs.
  • MetLife (MET) announced that it originated, through its real estate investment group, approximately $14.3 billion globally in commercial real estate loans in 2015, an 18 percent increase over the $12.1 billion originated in the previous year. MetLife is one of the largest commercial mortgage lenders among life insurers.
  • Starwood Hotels & Resorts Worldwide (HOT) and TripAdvisor (TRIP) announced they have partnered to make Starwood's global hotel portfolio accessible on the TripAdvisor instant booking platform.
  • Stereotaxis (STXS) announced that it and Philips have signed an addendum pursuant to their existing Development and Cooperation Agreement to facilitate development of a new interface between each company's most advanced systems for electrophysiology and interventional cardiology procedures. The new interface will enable interoperability of Stereotaxis' Niobe ES remote magnetic navigation system with the latest version of Philips' cardiovascular X-ray system, Allura Xper FD10. This new interface is expected to be available in major global markets in 2016.

9:27 am STAG Industrial and CFO Geoffrey G. Jervis mutually agree to terminate employment; appoints William R. Crooker as CFO, effective immediately (STAG) :

  • Co announces that it and Geoffrey G. Jervis, the Company's CFO, EVP, and Treasurer, mutually agreed that Jervis's employment with the Company would terminate so that Jervis could pursue other opportunities.
  • Crooker has most recently served as the Company's Chief Accounting Officer and SVP of Capital Markets.

9:23 am Park-Ohio sees FY15 and FY16 EPS below consensus (PKOH) :

  • Co issues downside guidance for FY15 (Dec), sees EPS of $3.90 vs. $3.93 two analyst estimate.
  • Co issues downside guidance for FY16 (Dec), sees EPS of $4.05-4.33 vs. $4.36 two analyst estimate.
  • "Commodities, most notably energy, and currency related activities negatively impacted ParkOhio's EPS in 2015 more than expected. The balance of the company performed well, and we look forward to another year of increased revenues and earnings."

9:21 am Symetra Financial acquisition by Sumitomo Life Insurance receives all necessary approvals, deal expected to close on February 1 (SYA) :  

9:13 am S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +18.80. (:WRAPX) :

The stock market is on track for a modestly higher open with S&P 500 futures trading ten points above fair value.

Overnight, futures were hurt by a selloff in Asia that included a 6.4% decline in the Shanghai Composite. Futures were able to recover as oil rebounded from its losses overseas. Currently WTI crude trades higher by 1.7% at $30.85/bbl. 

American International Group (AIG 56.45, +1.09) has climbed 2.0% after the company announced several moves to divest interests of the company. These have included a return of $25 billion to shareholders over the next two years, an IPO of United Guaranty, and selling AIG Advisor Group to Lightyear Capital LLC and PSP Investments. 

On the economic front, the Case-Shiller 20-city Home Price Index for November rose 5.8% (Briefing.com consensus of 5.8%) while the FHFA Housing Price Index for November rose 0.5%.

Meanwhile, the Federal Open Market Committee is beginning their two day meeting today and will release their policy statement tomorrow at 2:00 pm ET. Any statement regarding the timing and direction of future policy decisions will likely have a heavy impact on the market, as investors try to get an idea of how the Fed is viewing the volatile start to 2016. Markets around the world have been responding favorably toaccomodative central bank inclinations (i.e. ECB, Japan), and we'd imagine asimilar market sentiment to shape the response to the Fed tomorrow.

9:09 am Enzo Biochem received $7.0 mln previously held in escrow relating to the PerkinElmer and Molecular Probes settlements (ENZ) :  

9:07 am Southwest Air: Kevin Krone, Vice President & Chief Marketing Officer will retire effective Feb 15 (LUV) : Ryan Green, currently Managing Director of Customer Strategy & Development, is being promoted to Vice President of Marketing.

9:05 am NVR beats by $1.90, beats on revs (NVR) :

  • Reports Q4 (Dec) earnings of $31.92 per share, $1.90 better than the Capital IQ Consensus of $30.02; revenues rose 17.1% year/year to $1.56 bln vs the $1.52 bln Capital IQ Consensus. 
  • New orders in the fourth quarter of 2015 increased 14% to 3,100 units, when compared to 2,713 units in the fourth quarter of 2014. The average sales price of new orders in the fourth quarter of 2015 was $383,300, a decrease of 1% YoY. The cancellation rate in Q4 was 16%, compared with 18% in the fourth quarter of 2014. Settlements increased in Q4 to 4,010 units, 16% higher YoY.
  • The Company's backlog of homes sold but not settled as of Dec. 31, 2015 increased on a unit basis by 14% to 6,229 units and increased on a dollar basis by 13% YoY to $2,375,182,000.

9:03 am Active Power Chairman Dr. Ake Almgren to retire from Board after next shareholder meeting; Daryl Dulaney to succeed effective January 20 (ACPW) :  

9:02 am S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +12.50. (:WRAPX) :

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

Just released, the Case-Shiller 20-city Home Price Index for November rose 5.8% against the Briefing.com consensus of 5.8%. This followed the previous month's increase of 5.5%.

Elsewhere, the FHFA Housing Price Index for November rose 0.5%, from an unrevised October reading of +0.5.

9:02 am Sunoco LP raises dividend by 7.5% to $0.8013 in Q4 (SUN) :  

9:01 am Safe Bulkers enters into a new term loan facility refinancing three credit facilities, totaling $44.9 mln, with a new $40 mln term loan facility (SB) :  

9:01 am Sotherly Hotels increases quarterly dividend to $0.085/share from $0.08/share (SOHO) :  

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

  • Cemtrex (CETX) received ~$2 mln in orders for its Electronics Manufacturing Services Group for products related to medical devices, industrial automation technology, and heavy machinery equipment. Cemtrex also received ~$6 mln in orders in its Industrial Products and Services Group in the power, chemicals, automotive, and construction industries. Co expects to ship these orders over the next twelve months.
  • RELM Wireless (RWC) received an order totaling ~$1 mln from a branch of the U. S. Military for the Company's KNG P25 trunked portable VHF radios and accessories, which will be deployed internationally. It is anticipated that the order will be fulfilled during 1Q16.
  • Insight Enterprises (NSIT) US ops announced a collaboration with Red Hat (RHT) enabling Insight to serve as a distributor to service providers under the Red Hat Certified Cloud and Service Provider program in North America. As part of the collaboration, Insight will leverage its service provider client base to help identify new Certified Cloud and Service Providers in North America.
  • Stellar Biotechnologies (SBOT) presented scientific research on nanofiltration development at last week's The Protein Science Week Conference. The results demonstrated effective removal of the viruses evaluated in the study, and met suggested regulatory criteria for robustness.
  • Chembio (CEMI) has notified Alere (ALR) that it will not renew or extend the U.S. SURE CHECK HIV 1/2 Assay distribution agreement when the agreement terminates, effective May 31, 2016. Effective June 1, 2016, Chembio will begin selling the SURE CHECK HIV 1/2 assay in the U.S. market through its existing U.S. sales force and distribution channels.
  • Regen BioPharma (RGBP) submitted an application requesting Orphan Drug status for the use of HemaXellerate for the treatment of aplastic anemia w/ the FDA.

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

  • Aeterna Zentaris (AEZS) filed an international patent application as well as national patent applications in selected countries including the US, China, Taiwan, Japan and India. Co decided to file patent applications in additional territories after the European Patent Office issued a search report for the European patent application that the co considers to be favorable. Co expects to complete the ZoptEC trial in Q3 of 2016 and, if the results of the trial warrant doing so, to file the NDA and MAA for Zoptrex in 2017.
  • PBF Energy (PBF) has selected the Unisys Stealth (UIS) solution to protect its information and applications. Unisys will provide their Unisys Stealth software and related services to help PBF Energy guard its business-critical systems from hackers or other unauthorized access, reduce the attack surface of their environment, and to protect critical IT assets.
  • FalconStor Sftwr (FALC) announced that Imptech, based in Argentina, has selected the FreeStor platform as a way to extend the value of its portfolio of offerings provided to customers in three key vertical markets.
  • Medovex (MDVX) entered into a modification agreement with its co-founder Steve Gorlin. Terms are to amend the conversion price of the promissory note issued to Gorlin on November 9, 2015 from $2.00/share to $1.75/share. In turn, Gorlin agreed to immediately convert the promissory note into an aggregate of 571,429 shares of its Common Stock eliminating the Company's $1 mln debt obligation to Gorlin. Gorlin irrevocably agreed to acquire 571,429 additional shares of Common Stock at a price of $1.75/share for a total purchase price of $1 mlnwithin two months of the date hereof

8:56 am S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +14.50. (:WRAPX) :

The S&P 600 futures trade eight points above fair value. 

Equity markets across Asia had a rough outing on Tuesday, ending the session mostly lower. China's Shanghai Composite was at the forefront of the retreat, falling 6.4%, while other indices posted slimmer losses. News flow from the region was relatively light, but it is worth noting that People's Bank of China assistant governor Zhang Xiaohui said the central bank has no plans to cut the reserve requirement ratio at this time. Elsewhere, one of Japan Prime Minister Shinzo Abe's advisors said that more easing from the Bank of Japan is still needed.

  • In economic data:
    • Japan's Corporate Services Price Index +0.4% year-over-year (expected 0.2%; last 0.2%)
    • Hong Kong's trade deficit HKD45.70 billion (expected HKD3.33 billion; prior HKD3.16 billion) as exports -1.1% month-over-month (expected -2.7%; last -3.5%) and imports -4.6% month-over-month (consensus -7.2%; last -8.1%)
    • South Korea's preliminary Q4 GDP +0.6% (expected 0.7%; previous 1.3%); +3.0% year-over-year, as expected (last 2.7%)
    • Singapore's Industrial Production +2.0% month-over-month (expected 1.2%; prior -3.9%); -7.9% year-over-year (consensus -7.0%; last -6.4%)
    • New Zealand's Credit Card Spending +7.4% year-over-year (last 8.4%)

---Equity Markets---

  • Japan's Nikkei lost 2.4% with every sector ending in the red. The decline was paced by utilities (-3.6%), industrials (-3.4%), energy (-3.3%), and technology (-3.0%). Unitika, TDK, SUMCO, Kobe Steel, Hitachi Construction, and Kawasaki Heavy Industries fell between 4.4% and 8.0%. On the flip side, only four names registered gains with Sumitomo Osaka Cement jumping 4.7%.
  • Hong Kong's Hang Seng dropped 2.5% with all but two names ending in the red. CNOOC, Petrochina, China Petroleum & Chemical, and China Shenhua Energy lost between 4.3% and 7.0%.
  • China's Shanghai Composite fell 6.4% amid broad weakness. China Shipbuilding, CITIC Securities, Industrial Securities, and China State Construction Engineering lost between 6.1% and 9.9%. On the upside, Dongfeng Automobile gained 2.6%. 

Major European indices trade near their flat lines after climbing off their opening lows. The rebound in stocks has followed similar price action in crude oil as risk sentiment improves after an overnight drubbing during the Asian session. Meanwhile, the euro (1.0833) has inched lower against the dollar after showing brief strength overnight.

  • Economic data was limited:
    • Swiss December trade surplus narrowed to CHF2.54 billion from CHF3.16 billion (expected surplus of CHF3.30 billion)

---Equity Markets---

  • UK's FTSE is unchanged with financials and energy names among the laggards. Aberdeen Asset Management, Barclays, Royal Dutch Shell, and BP are down between 0.2% and 1.0%. On the flip side, select miners have shown strength with Fresnillo and Randgold Resources up 3.2% and 2.0%, respectively.
  • Germany's DAX trades higher by 0.3%, but more than half of its components remain in the red. Siemens has spiked 7.7% after boosting its forecast while utilities RWE and E.On follow with respective gains of 4.3% and 3.4%. Deutsche Bank also trades in the green, climbing 1.4% while Bayer, Daimler, and Adidas are down between 1.2% and 0.7%.
  • In France, the CAC has added 0.3% with growth-sensitive names showing some strength. Technip leads with a 3.8% gain while BNP Paribas, Credit Agricole, and Societe Generale are all up near 1.5%. On the downside, Alstom has tumbled 4.1% and Publicis Groupe is down 1.6%.

8:53 am Floor Talk: Additional color on early reversal in crude oil, equities (:TALKX) :

As mentioned throughout the morning, crude oil reversed early losses and traded as high as $30.73/barrel, helping equity futures recover from their early losses and trade into positive territory, where they remain higher by 0.4%. 

The turnaround in crude oil is being attributed to a few items concerning possible supply reductions:
  1. Reports out of Kuwait suggesting OPEC could be more willing to cooperate on production cuts, and
  2. Reports that Iraq's oil minister indicated there are signs of more flexibility from Saudi Arabia and Russia on possible production cuts.

Officially, OPEC isn't scheduled to meet again until June, and it is unusual for them to change supply outside of a normal meeting. However, this is no normal oil market, so an extraordinary supply cut isn't out of the realm of possibilities. Regardless, this morning's positive move in oil prices is clearly having a positive impact on stocks. 

Although the magnitude of this morning's oil turnaround isn't huge, it is helping shift the sentiment in U.S. equities from negative to positive, while Europe has also traded off lows and now posting slight gains. This morning's market recovery represents some early stability in the wake of China's 6.4% decline overnight and yesterday's 1.6% decline in U.S. equity markets. 

Crude oil is currently +0.28 at 30.62; S&P futures are currently +7 at 1878.

Keep in mind that the Fed is beginning a two day meeting today and will release a new policy statement tomorrow at 2:00 pm ET. The statement will be of great interest to try to get an idea of how the Fed is viewing the volatile start to 2016 in the markets and how that may impact the timing and direction of future policy decisions. We've seen markets around the world respond favorably to accommodative central bank inclinations (i.e. ECB, Japan), and we'd imagine a similar market sentiment to shape the response to the Fed tomorrow.

8:48 am Patrick Industries, Inc. announces new $50 mln stock repurchase program (PATK) : The Co's Board has approved a new stock repurchase program that authorizes the repurchase of up to $50  mln of the Co's common stock over the next 24 months.

8:38 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: CR -4.3%, PKG -1.4%, LMT -0.7%, MNRO -0.5%


Select China related names showing weakness after Shanghai -6% overnight: CEO -2.4%, VNET -1.8%, EDU -1.4%, SFUN -1%, JD -0.9%, YY -0.9%, BIDU -0.5%


Other news: EVEP -5.7% (announces reduction of quarterly cash distribution to $0.075 per unit, down from $0.50 in the prior quarter), ROYT -4.5% (announced there will be no cash distribution to the holders of its units for February), GLPG -4.2% (reports Phase 2a study of GLPG1205 results; primary endpoints not met; will discontinue clinical development in UC), CDI -2.6% (approves $20 mln buy back; eliminates quarterly dividend), CNC -1.9% (reported internal search of information technology assets), DDD -1.1% (likely in sympathy with SSYS dg)

Analyst comments: SSYS -3.7% (downgraded to Neutral from Overweight at JP Morgan), USG -2.8% (downgraded to Underperform from Neutral at Credit Suisse), PSA -1% (downgraded to Equal Weight from Overweight at Barclays)

8:38 am Immersion and Tencent (TCEHY) announce agreement on adoption of haptics in upcoming mobile game 'Kowloon War' (IMMR) : Immersion will work with Timi Studios, Tencent's in-house studio, to design and develop tactile effects for the game.

8:37 am AK Steel beats by $0.24, beats on revs; co reduced its exposure to the spot markets (AKS) :

  • Reports Q4 (Dec) earnings of $0.30 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $0.06; revenues fell 22.8% year/year to $1.54 bln vs the $1.50 bln Capital IQ Consensus.
  • "We achieved solid operational improvements during [Q4] as a direct result of focusing on the things that we can control...We intentionally reduced our exposure to the spot markets as part of our margin enhancement initiatives. These initiatives include investing resources where value is realized, reflecting our margin enhancement focus."
  • Shipments were 1.656 mln tons, down from 2.01 mln tons last year. The decline was primarily a result of the co's decision to focus on sales of higher margin, value-added products and reduce sales to the carbon steel spot market.
  • Average selling price for Q4 was $929 per ton, or 2% higher than Q3, primarily attributable to a greater proportion of higher value steels sold to the automotive market and improved selling prices for electrical steels.

8:36 am Gold Resource intercepts additional multiple high-grade parallel veins at Switchback including 6.32 Meters of 5.87 G/T Gold (GORO) :

  • Hole 515103 intercepted three parallel veins, including the Soledad vein which returned 6.32 meters grading 5.87 g/t gold, 139 g/t silver, 0.58% copper, 5.00% lead and 8.14% zinc. Hole 515107 intercepted four parallel veins, including the Soledad vein which returned 3.21 meters grading 3.30 g/t gold, 245 g/t silver, 0.36% copper, 4.70% lead and 13.94% zinc.
  • Arista Mine development plans in 2016 include the completion of a second drift (see map) from the Arista vein system to the Switchback vein system, which will be located approximately seven levels (140 meters) below the first drift driven to Switchback in 2015 from the fourteen level. Construction of this second drift to Switchback began in mid-January with a goal to complete it during the third quarter of 2016, which will be dependent on drift progression, rock competency, and potential water courses that may be encountered during development. Once the second drift reaches Switchback, multiple levels are planned for development between these two drifts followed by preparation of ore blocks for future bulk tonnage mining.

8:34 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance
: S +13.5%, COH +8.4%, SANM +8%, PHG +6.1%, RMBS +5.7%, (also announced has acquired Smart Card Software for 64.7M in cash), SWFT +5.3%, FCX +5.3%, PH +2.8%, HTLF +2.7%, STLD +2.3%, IIVI +2.1%, MMM +1.8%, PRK +1.4%, DHR +1.3%, PG +1.2%, AUDC +1%, PCH +0.7%, JNJ +0.5%

M&A news: FMER +25.6% (to be acquired by Huntington Bancshares (HBAN)),AIG +1.2% (to sell AIG Advisor Group to Lightyear Capital and PSP Investments)

Select metals/mining stocks trading higher: AU +7.3%, GFI +6.2%, AG +4.1%, IAG +3.9%, MT +3.1%, HMY +2.2%, GOLD +2%, RIO +1.5%, ABX +1.3%, GDX +1.1%

Select oil/gas related names showing strength: STO +3.3%, SDRL +2.7%, RIG +2.5%, TOT +2.4%, RDS.A +1.7%, CHK +1.7%, BP +1.3%, COP +0.8%

Other news: RLYP +10.1% (reported results from Phase 1 in vivo studies evaluating potential drug-drug interactions between Veltassa and 12 drugs),PETX +9.1% (filed an administrative New Animal Drug Application with the FDA's Center for Veterinary Medicine for Galliprant for the control of pain and inflammation in dogs with osteoarthritis),SDLP +8.8% (affirms reduced quarterly distribution of $0.25/unit ),SUNE +2.6% (Greenlight Capital discloses increased 7.8% active stake, details recent discussions with representatives of the Board),SCTY +2.3% (closes a $160 million five-year term facility; will provide additional financing for approximately 195 MW),LULU +1.9% (Lone Pine Capital discloses 5.0% passive stake),GSK +1.8% (still checking),PCP +1.6% (Berkshire Hathaway and Precision Castparts (PCP) expect acquisition of PCP by Berkshire to close on Friday, Jan 29 ),JKS +1.1% (entered into an agreement to supply up to one gigawatt of solar PV modules to sPower)

Analyst comments: HIG +1% (upgraded to Overweight from Neutral at Atlantic Equities)

8:33 am S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +8.80. (:WRAPX) :

U.S. equity futures trade slightly higher with the S&P 500 futures trading six points above fair value.

Equity futures recovered from more substantial overnight losses alongside a rebound in crude oil, and are shaking off a 6.4% decline in China's Shanghai Composite.

In company specific news, 3M Company (MMM 140, +2.43) is trading higher by 1.8% after the company reported a Q4 earnings beat with EPS of $1.66. The company has also reaffirmed FY16 guidance of EPS of $8.10-8.45. Elsewhere, Johnson & Johnson (JNJ 97.15, +0.75) has ticked higher by 0.8% following an EPS beat on slightly light revenue. The company also issued guidance above consensus with EPS of $6.43-6.58.

Meanwhile in commodities, WTI crude has recovered from a dip into negative territory. Oil is trading higher by 0.1% at $30.40/bbl.

Treasuries trade slightly lower with the yield on the benchmark note now higher by one basis point at 2.01%.

8:33 am AVX Corp reports EPS in-line, misses on revs (limited coverage) (AVX) :

  • Reports Q3 (Dec) earnings of $0.17 per share, excluding non-recurring items, in-line with the two analyst estimate of $0.17; revenues fell 10.8% year/year to $287 mln vs the $292.7 mln single analyst estimate due to generally weaker global economic conditions and the negative impact on reported sales resulting from the strength of the U.S. Dollar versus many other currencies, as well as the reduction in sales of Kyocera Resale Connector products in the Asian region. Effective April 1, 2015, Kyocera began selling such Kyocera manufactured connectors in Asia using Kyocera's sales force rather than having AVX resell such products in that region.
  • "While we have seen some improvement in orders for our components and interconnect devices, our customers have remained cautious when ordering components for inventory in light of the market demand. We continue to be optimistic that the continuing evolution of new electronic devices will provide growth opportunities. However, the timing for significant component and interconnect demand growth and increased consumer confidence remains uncertain."

8:31 am Babcock & Wilcox Enterprises receives $90+ mln contract to design, manufacture and build a waste-to-energy power plant near Haresfield, Gloucestershire, UK (BW) :

  • B&W Vlund was awarded the contract by a JV of Urbaser and Balfour Beatty.
  • Engineering work for the project is underway.
  • The plant is scheduled to come online in 2019.

8:31 am Hanmi Financial reports Q4 net income per share of $0.46 vs $0.40 Capital IQ Consensus Estimate (HAFC) : Fourth quarter net interest margin, excluding acquisition accounting, expanded to 3.62% compared with 3.48% for the third quarter and 3.24% for the year-ago period.

8:28 am On The Wires (:WIRES) :

  • CACI (CACI) awarded a $35 million task order contract to provide program management, technical and lifecycle support, and technical analysis to United States Fleet Forces Command. The four-year task order, won under the Seaport-e contract vehicle, represents continuing work in CACI's Logistics and Material Readiness market area.
  • Theravance Biopharma (TBPH) announced the commercial launch of VIBATIV, once-daily anti-biotic w/ in vitro potency and a dual mechanism of action against Gram-positive bacteria, in Canada. VIBATIV is being marketed and sold in Canada by PENDOPHARM, a division of Pharmascience Inc. Under terms of their development and commercialization agreement, Theravance Biopharma will supply commercial product to PENDOPHARM for sale in the Canadian market. In addition, the Company will receive potential future contingent payments and a royalty on net sales of VIBATIV in Canada from PENDOPHARM.
  • PerkinElmer (PKI) has completed the acquisition of Vanadis Diagnostics, AB. Based in Sweden, Vanadis is developing a novel solution for non-invasive prenatal testing based on digital analysis of cell-free DNA. No financial terms disclosed.
  • Vale S.A. (VALE) announces that it has received a favorable decision by the Tribunal Regional Federal, which warranties the reestablishment of its activities at the Per II and at the Terminal de Praia Mole. Both terminals are part of the Port of Tubaro Complex, which had their activities suspended last Thursday, January 21, 2016.
  • Novo Nordisk (NVO) announced the availability of its newest insulin, Tresiba (insulin degludec injection), a once-daily, long-acting basal insulin, at pharmacies nationwide. Tresiba is indicated to improve glycemic control in adults with diabetes.1

8:24 am Timberline Resources provides corporate update, will sell its 50% interest in Butte Highlands JV to New Jersey Mining Company (TLR) :

  • Terms of the sale of 100% of Timberline's interest in BHJV call for NJMC to make a $50,000 down payment upon the execution of the LOI, to be followed by a payment of $175,000 and delivery of three million shares of NJMC common stock by January 31, 2016 to close the purchase.
  • The Company also announced that Mr. Scott Davis will succeed Mr. Randal Hardy as the Company's Chief Financial Officer following a brief transition period. Mr. Hardy has resigned from his office effective January 19, 2016, but will remain available to the Company during a period to ensure a smooth transition.
  • The Company continues to evaluate strategic alternatives with various parties to finance the Company's Nevada projects and for general working capital purposes. During this ongoing period of difficult market conditions, the Company is operating under stream-lined management and significant cost-control measures, including consolidation of facilities, and staff and salary reductions.
  • The Company is also reviewing its current listing on the NYSE.MKT in light of market conditions affecting the exploration industry.

8:10 am Freeport-McMoRan beats by $0.17, reports revs in-line (FCX) :

  • Reports Q4 (Dec) loss of $0.02 per share, $0.17 better than the Capital IQ Consensus of ($0.19); revenues fell 27.5% year/year to $3.8 bln vs the $3.82 bln Capital IQ Consensus.
    • Consolidated sales totaled 1.15 billion pounds of copper, 338 thousand ounces of gold, 20 million pounds of molybdenum and 13.2 million barrels of oil equivalents (:MMBOE) for fourth-quarter 2015.
    • Consolidated sales for the year 2016 are expected to approximate 5.1 billion pounds of copper, 1.8 million ounces of gold, 73 million pounds of molybdenum and 57.6 MMBOE, including 1.1 billion pounds of copper, 200 thousand ounces of gold, 19 million pounds of molybdenum and 12.4 MMBOE for first-quarter 2016.
    • Consolidated unit net cash costs averaged $1.45 per pound of copper for mining operations and $16.17 per barrel of oil equivalents (BOE) for oil and gas operations for fourth-quarter 2015.
    • Consolidated unit net cash costs are expected to average $1.10 per pound of copper for mining operations and $15 per BOE for oil and gas operations for the year 2016.
    • Operating cash flows totaled $612 million for fourth-quarter 2015 and $3.2 billion for the year 2015.  Operating cash flows for the year 2016 are expected to approximate $3.4 billion (Prior guidance $6.8 bln)
  • Capital expenditures for the year 2016 are expected to approximate $3.4 billion (Prior guidance $4.0 bln), including $1.4 billion for major projects at mining operations and $1.5 billion for oil and gas operations, and excluding $0.6 billion in idle rig costs.

Revised Operating Plans

  • FCX today announced additional initiatives to accelerate its debt reduction plans and is actively engaged in discussions with third parties regarding potential transactions.
  • Several initiatives are currently being advanced, including an evaluation of alternatives for the oil and gas business (FM O&G) as well as several transactions involving certain of its mining assets. FCX expects to achieve progress on these initiatives during the first half of 2016.

Cash Flow Guidance

  • Based on copper prices of $2.00 per pound and Brent crude oil prices of $34 per barrel, FCX estimates consolidated operating cash flows of $3.4 billion (net of approximately $0.6 billion in idle rig costs) and capital expenditures of $3.4 billion for the year 2016.
  • The impact of price changes on 2016 operating cash flows would approximate
    • $440 million for each $0.10 per pound change in the average price of copper,
    • $55 million for each $50 per ounce change in the average price of gold,
    • $60 million for each $2 per pound change in the average price of molybdenum and
    • $135 million for each $5 per barrel change in the average Brent crude oil price.
    • Using similar price assumptions and the recent 2017 future price of $40 per barrel for Brent crude oil, FCX estimates consolidated operating cash flows of $3.5 billion (net of approximately $0.4 billion in idle rig costs) and capital expenditures of $2.3 billion for the year 2017.

8:05 am Popular beats EPS estimates (BPOP) :

  • Reports Q4 (Dec) earnings of $1.32 per share, $0.40 better than the Capital IQ Consensus of $0.92.
  • "In 2015 we achieved several key milestones such as the Doral transactions and the completion of the restructuring of our U.S. operations. At the same time, we consistently delivered strong financial results despite the continued weakness of the Puerto Rico economy. The reinstatement of the quarterly dividend on our common stock demonstrates our confidence in our capital position and our revenue generation capacity going forward."
  • Net interest margin for the quarter of 4.42% and adjusted net interest margin of 4.39%, flat when compared to Q3 2015.
  • Common Equity Tier 1 ratio of 16.21% and Tangible Book Value per Share of $42.18 at December 31, 2015.

8:03 am Inter Parfums reports prelim Q4 sales of $118.2 mln vs. $117.78 mln Capital IQ Consensus Estimate; affirms 2015 and 2016 guidance (IPAR) :

  • FY15: "With net sales coming in on the high end of our guidance, we continue to expect 2015 net income attributable to Inter Parfums to be in our projected range." Co sees EPS of $0.95-1.00 vs. $0.99 Capital IQ Consensus Estimate; sees FY15 (Dec) revs of $468.4 mln vs. $467.97 mln Capital IQ Consensus Estimate.
  • FY16: Co reaffirms FY16 guidance EPS of $1.05-1.10 vs. $1.13 Capital IQ Consensus Estimate; sees FY16 (Dec) revs of $500-510 mln vs. $508.70 mln Capital IQ Consensus Estimate. "Our guidance continues to factor in the negative market conditions prevailing in China, Russia and Brazil and assumes the dollar remains at current levels."

8:02 am S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +2.00. (:WRAPX) :

U.S. equity futures trade slightly higher with the S&P 500 futures trading three points above fair value.

Meanwhile, Treasuries sit near their pre-market lows with the yield on the benchmark higher by one basis point at 2.01%

Today's economic data includes the 9:00 ET release of November's Case-Schiller 20-city Index (Briefing.com consensus 5.8%) and the FHFA Housing Price Index for November. Meanwhile, January's Consumer Confidence report (Briefing.com consensus 96.8) crosses the wire at 10:00 ET.

In U.S. corporate news of note:

  • Sprint (S 2.75, +0.46): +18.3% following the company reporting a Q3 EPS beat with losses per share of $0.21 on a narrow revenue miss  
  • 3M Company (MMM 140.75, +3.18): +2.3% after the company reported a Q4 earnings beat with EPS of $1.66; the company also reaffirmed its FY16 guidance of $8.10-8.45. 
  • Procter & Gamble (PG 77.94, +1.09): +1.4% following reporting a Q2 beat on EPS with in-line revenue 
  • Johnson & Johnson (JNJ 96.50, +0.36): +0.4% after issuing above consensus FY16 guidance after beating Q4 earnings with EPS of $1.44
  • DuPont (DD 52.99, +0.00):+0.0% following reporting a Q4 earnings beat with EPS of $0.27 but issuing below consensus guidance for FY16 at $2.95-3.10
  • Lockheed Martin (LMT 212.75, +1.74): +0.8% after the company announced that it would separate and combine IT and tech services business with Leidos 

Reviewing overnight developments:

  • Asian equity indices ended their sessions broadly lower with China's Shanghai Composite -6.4%, Hong Kong's Hang Seng -2.5%, and Japan's Nikkei -2.4%. 
    • In economic data:
      • Japan's Corporate Services Price Index +0.4% year-over-year (expected 0.2%; last 0.2%)
      • Hong Kong's trade deficit HKD45.70 billion (expected HKD3.33 billion; prior HKD3.16 billion) as exports -1.1% month-over-month (expected -2.7%; last -3.5%) and imports -4.6% month-over-month (consensus -7.2%; last -8.1%)
      • South Korea's preliminary Q4 GDP +0.6% (expected 0.7%; previous 1.3%); +3.0% year-over-year, as expected (last 2.7%)
      • Singapore's Industrial Production +2.0% month-over-month (expected 1.2%; prior -3.9%); -7.9% year-over-year (consensus -7.0%; last -6.4%)
      • New Zealand's Credit Card Spending +7.4% year-over-year (last 8.4%)
    • In news:
      • The People's Bank of China assistant governor Zhang Xiaohui stated that the central bank has no plans to cut the reserve requirement ratio at this time.
      • An advisor to Japan's Prime Minister Shinzo Abe said that more easing from the Bank of Japan is still needed.
  • European indices trade lower with the U.K.'s FTSE -0.4%, Germany's DAX -0.3%, and France's CAC -0.1%. 
    • Economic data was limited:
      • Swiss December trade surplus narrowed to CHF2.54 billion from CHF3.16 billion (expected surplus of CHF3.30 billion)
    • In news:
      • Equities rebounded in similar price action to crude oil's reverse
      • The euro (1.0829) has inched lower against the dollar after showing brief strength overnight

8:01 am Antares Pharma has appointed Robert Apple as President and CEO; replaces Eamonn Hobbs whose employment with the Company ended on Jan 24 (ATRS) :

  • Mr. Apple most recently served as the Ex VP and COO of the co

Bob Apple states, "I'm excited to assume the role of President and CEO at this important time in the Company's history. I believe that we are poised to deliver on several catalysts over the next 12 months including the mid-year launch of the sumatriptan auto injector, the filing of the QuickShot testosterone new drug application with the US FDA, a potential approval and launch of the epinephrine auto injector, and growth in our alliance business through additional collaborations."

8:00 am On The Wires (:WIRES) :

  • Transgenomic (TBIO) announced Ben Legendre, Jr., PhD, presentation at the Personalized Medicine World Conference. In his talk, Dr. Legendre described how MX-ICP delivers unbiased enrichment of gene regions that allows determination of all point mutations and insertions/deletions.
  • Cleveland BioLabs (CBLI) started dosing in a Phase 2, randomized, placebo-controlled clinical study of CBLB612 as myelosuppressive prophylaxis in patients with breast cancer receiving doxorubicin-cyclophosphamide chemotherapy in the Russian Federation. The study will evaluate CBLB612 effects on the depth and duration of chemotherapy-induced neutropenia and thrombocytopenia. The trial will also assess changes in the numbers of circulating bone marrow progenitor cells and reticulocytes, the concentrations of plasma cytokines, and CBLB612 safety. The study is supported by a development contract with the Russian Federation Ministry of Industry and Trade.
  • Revolution Lighting Technologies (RVLT) will partner w/ Rexel Holdings for the sale of its LED lighting solutions. Revolution Lighting's LED product to be offered by Rexel Holdings USA and its divisions, Rexel, Rexel Enery Solutions, Gexpro, Platt and Capitol Light to its customers within the industrial, residential and commercial markets.
  • Jacobs Engineering (JEC) awarded a contract by the Welsh Government to provide technical advisory services for the upgrade of Sections 5 and 6 of the A465 b/t Dowlais Top and Hirwaun in South Wales, UK. Jacobs is providing outline design services and business case, environmental impact assessment, technical and procurement support, and progression of the project through the statutory process. Financial terms were not disclosed. 

7:43 am Monro Muffler reports Q3 in-line with warning; reaffirms Q4 guidance (MNRO) :

  • Reports Q3 (Dec) earnings of $0.46 per share (including $0.05 in due diligence costs), $0.01 worse than the Capital IQ Consensus of $0.47; revenues rose 1.0% year/year to $238.9 mln vs the $239.1 mln Capital IQ Consensus.
  • Co warned on Jan 11; preannounced Q3 EPS $0.46 from $0.53-0.58 guidance; rev $239 mln from $247-254 mln guidance
  • The total sales increase for the third quarter of $2.4 million was due primarily to an increase in sales from new stores of $13.9 million, including sales from recently acquired stores of $13.0 million, partially offset by a comparable store sales decrease of 2.5%. The decline in comparable store sales for the third quarter was primarily due to unseasonably warm weather in the Company's markets, which resulted in lower demand for tires and a decrease of 4% in comparable store tire sales. For non-tire categories, comparable store sales increases of approximately 6% for alignments and 2% for brakes and flat comparable store sales in exhaust, were offset by decreases of approximately 3% for both maintenance services and front end/shocks.
  • Co reaffirms guidance for Q4, sees EPS of $0.40-0.45 vs. $0.44 Capital IQ Consensus Estimate; sees Q4 revs of $232-240 mln vs. $238.57 mln Capital IQ Consensus Estimate.

7:43 am Talmer Bancorp to be acquired by Chemical Financial (CHFC) for ~$1.1 bln (shares halted) (TLMR) :

The boards of directors of Chemical Financial Corporation (CHFC) and Talmer Bancorp announced the execution of a definitive agreement for Chemical Financial Corporation to partner with Talmer Bancorp in a cash and common stock merger transaction valued at approximately $1.1 billion.

  • The merger will result in the creation of one of the largest community banks in the Midwest. Based on the company's balance sheets as of December 31, 2015, following completion of the transaction, the combined organization will have approximately $16 billion in assets, $12 billion in loans and $13 billion in deposits with 266 locations primarily in Michigan and northeast Ohio. The transaction will also allow the combined company to more effectively and efficiently navigate the challenges and costs associated with becoming a larger banking institution.
  • Under the terms of the definitive agreement, Chemical will acquire all of the outstanding shares of Talmer common stock for common stock and cash in a transaction currently valued at approximately $1.1 billion, or $15.64 per share, based on the closing price of Chemical of $29.70 per share as of January 25, 2016. Talmer shareholders will receive 0.4725 shares of Chemical common stock and $1.61 per share in cash. Subject to receipt of regulatory approvals and satisfaction of other customary closing conditions, including approval of both Chemical and Talmer shareholders, the transaction is anticipated to close in the second half of 2016.
  • Chemical anticipates the transaction, with cost savings fully phased in, to be accretive to its earnings per share by approximately 8 percent in the first full year (excluding acquisition-related and integration costs associated with the transaction). Chemical expects net cost savings to reach an annual run rate of approximately $52 million. Pre-tax acquisition-related and integration costs associated with the transaction are expected to total approximately $62 million. Chemical estimates the tangible book value earn-back period to be approximately 3.25 years.

7:39 am W.W. Grainger beats by $0.25, reports revs in-line; reaffirms 2016 FY16 EPS in-line, revs in-line (GWW) :

  • Reports Q4 (Dec) earnings of $2.49 per share, excluding non-recurring items, $0.25 better than the Capital IQ Consensus of $2.24; revenues fell 1.3% year/year to $2.48 bln vs the $2.47 bln Capital IQ Consensus.
  • Co sales in the 2015 Q4 decreased 1%. There were 64 selling days in both the 2015 and 2014 fourth quarters
  • The 1% sales decline for the quarter consisted of a 2 percentage point decline from unfavorable foreign exchange, a 1 percentage point decline from price, a 1 percentage point decline from lower sales of seasonal products and a 1 percentage point decline from sales of Ebola related safety products in 2014 that did not repeat, partially offset by 4 percentage points from the Cromwell acquisition.
  • Co said, "this was a challenging year for us and for most industrial companies, with an unprecedented combination of declining oil and commodity prices, low inflation and a strong U.S. dollar. We took action in 2015 by restructuring several of our businesses, resulting in a leaner cost structure."
  • Co reaffirms 2016 guidance for FY16, sees EPS of $10.80-13.00 vs. $11.68 Capital IQ Consensus Estimate; sees FY16 revs falling in range of -1 to +7% growth, which calculates to ~$9.0-10.7 bln vs. $10.18 bln Capital IQ Consensus Estimate.

7:37 am TE Connectivity subsidiary, Tyco Electronics Group, prices $350 mln offering of 3.7% senior notes due 2026 (TEL) : The $350 million senior notes due 2026 will be issued at a price of 99.757% and will have a stated interest rate of 3.700% per year, payable semi-annually. Co intends to use the net proceeds of this offering for general corporate purposes.

7:36 am S&T Bancorp misses by $0.04 (STBA) :

Reports Q4 (Dec) earnings of $0.50 per share, $0.04 worse than the Capital IQ Consensus of $0.54. Earnings were positively impacted by $0.9 million, or $0.02 per share, due to the strategic repositioning of its credit card product.

  • Return on average assets was 1.10% and return on average equity was 8.74% for the fourth quarter of 2015.
  • Net interest income decreased $0.7 million to $48.9 million for the fourth quarter of 2015 compared to $49.6 million in the prior quarter.
  • Total assets increased $103 million to $6.3 billion at December 31, 2015 compared to $6.2 billion at September 30, 2015.

7:36 am Sprint beats by $0.05, misses on revs; raises FY15 EBITDA guidance; sees FY16 EBITDA +24% at midpoint (S) :

  • Reports Q3 (Dec) loss of $0.21 per share, $0.05 better than the Capital IQ Consensus of ($0.26); revenues fell 9.7% year/year to $8.11 bln vs the $8.21 bln Capital IQ Consensus.

Key Metrics

  • Total net additions were 491,000 compared to 967,000 in the prior year quarter.
  • Postpaid net additions of 501,000 compared to 30,000 in the prior year quarter.
  • Prepaid net losses of 491,000 compared to net additions of 410,000 in the prior year quarter.
  • Wholesale and affiliate net additions of 481,000 compared to 527,000 in the prior year quarter .

Outlook

  • As a result of accelerated cost reductions, the company is raising its guidance for fiscal year 2015 Adjusted EBITDA from its previous expectation of $6.8 billion to $7.1 billion to a range of $7.7 billion to $8 billion.
  • The company is also raising its guidance for fiscal year 2015 operating income from its previous expectation of an operating loss of $50 million to $250 million to operating income of $100 million to $300 million.
  • The co continues to expect fiscal year 2015 cash capital expenditures to be ~$5 billion.
  • The co's preliminary estimate for fiscal year 2016 Adjusted EBITDA is ~$9.5 billion to $10 billion.

Cost Cutting

  • Sprint remains on track to exceed its cost reduction target for fiscal 2015 and has realized a nearly $800 million reduction in cost of service and selling, general, and administrative expenses year-to-date, including $500 million in the third quarter. Sprint continues to progress toward a sustainable reduction of $2 billion or more of run rate operating expenses exiting fiscal 2016 and expects approximately $1 billion of transformation program costs, which are expected to be split relatively evenly between operating expenses and capital expenditures, to be incurred across fiscal 2015 and 2016 to achieve that run rate benefit.

7:35 am Allegheny Tech misses by $0.10, misses on revs (ATI) :

  • Reports Q4 (Dec) loss of $0.56 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus of ($0.46); revenues fell 29.5% year/year to $738.9 mln vs the $848.8 mln Capital IQ Consensus.
  • "2015 was an incredibly difficult year, and [Q4] was the most challenging of the year...Early indicators in 2015 of increasing weakness in the oil and gas market and the effects of low-priced commodity stainless sheet imports on flat rolled products' markets were only the beginning. While aerospace market demand for products from the High Performance Materials & Components segment remained good, an extended drop in demand from the oil and gas market, and continued weakness in the global construction and mining equipment market, adversely affected profitability across both business segments."
  • Outlook: "ATI's results in 2016 will reflect two differently situated businesses. Our High Performance Materials & Components (HPMCF) segment is positioned to begin a multi-year period of sustained profitable growth, supported by long-term agreements that provide significant growth for ATI on legacy and next-generation airplanes and the jet engines that power them....In our Flat Rolled Products (FRP) segment, our first half 2016 results will reflect the ongoing rightsizing and restructuring activities, including idling the Midland facility and our GOES operations, during a period of continuing low raw material prices and uncertain end market demand. As we continue to reposition this business to a higher value product mix, we expect shipments of our specialty coil and plate products to improve throughout 2016 and benefit from the HRPF capabilities...we expect the FRP segment to be modestly profitable by the second half of 2016."

7:35 am 3M beats by $0.04, beats on revs; reaffirms FY16 EPS guidance (MMM) :

  • Reports Q4 (Dec) earnings of $1.66 per share (including $0.14 in restructuring charges), $0.04 better than the Capital IQ Consensus of $1.62; revenues fell 5.5% year/year to $7.3 bln vs the $7.21 bln Capital IQ Consensus. Organic local-currency sales declined 1.1% while acquisitions, net of divestitures, added 1.5% to sales. Foreign currency translation reduced sales by 5.8% year-on-year. Excluding restructuring, operating income was $1.6 billion in the quarter and operating margins were 22.1%, up 0.6%age points year-on-year.
    • Organic local-currency sales growth was 4.5% in Health Care and 2.7% in Consumer with declines of 1.8% in Industrial, 2.5% in Safety and Graphics, and 7.7% in Electronics and Energy.
    • On a geographic basis, organic local-currency sales growth was 1.1% in EMEA with declines of 0.4% in the U.S., 0.6% in Latin America/Canada and 2.7% in Asia Pacific.
  • Co reaffirms guidance for FY16, sees EPS of $8.10-8.45 vs. $8.22 Capital IQ Consensus, with organic local-currency sales growth of 1 to 3%. 3M also expects free cash flow conversion to be in the range of 95 to 105%. 

7:34 am Int'l Speedway beats by $0.07, beats on revs; guides FY16 EPS in-line, revs below consensus (ISCA) :

  • Reports Q4 (Nov) earnings of $0.74 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.67; revenues rose 9.8% year/year to $219.3 mln vs the $216.98 mln two analyst estimate.
  • Co issues guidance for FY16, sees EPS of $1.45-1.60 vs. $1.55 Capital IQ Consensus Estimate; sees FY16 revs of $660-670 mln vs. $672.98 mln Capital IQ Consensus Estimate. 
    • Co expects revenue related to admissions, food, beverage and merchandise to increase approximately 3.0 percent to 4.0 percent, and corporate sales to increase approximately 15.0 percent to 16.0 percent.
    • From an earnings perspective the fourth quarter will be our most significant, followed by the first, second and third quarters, respectively. DAYTONA Rising will have a significant impact on first quarter, and to a lesser extent third quarter, revenues and EBITDA.

7:33 am Parker-Hannifin beats by $0.34, reports revs in-line; reaffirms FY16 EPS guidance (PH) :

  • Reports Q2 (Dec) earnings of $1.52 per share, $0.34 better than the Capital IQ Consensus of $1.18; revenues fell 13.7% year/year to $2.71 bln vs the $2.69 bln Capital IQ Consensus.
  • Co reaffirms guidance for FY16, sees EPS of $5.90-6.30, excluding non-recurring items, vs. $6.02 Capital IQ Consensus Estimate.
  • Parker reported a decrease in orders of 12% for Q2
    • Orders decreased 15% in the Diversified Industrial North America businesses
    • Orders decreased 10% in the Diversified Industrial International businesses
    • Orders decreased 11% in the Aerospace Systems segment

7:32 am Starwood Property Trust reports prelim Q4 EPS of $0.53 -0.55 vs. $0.53 Capital IQ Consensus Estimate; expands buyback authorization to $500 mln (STWD) :

  • Additionally, the Board of Directors authorized a $50 mln increase and one-year extension to the share repurchase program. The Company is now authorized to purchase up to $500 mln of its outstanding shares of common stock and convertible notes through January 26, 2017, of which approximately $300 mln of capacity is currently available. The repurchase program will be funded through the Company's existing cash.
  • On a fully diluted basis, the Company's book value per share at December 31, 2015 is currently estimated to be ~$17.29, compared to $17.43 at September 30, 2015.

7:32 am Hess announces a 2016 E&P capital and exploratory budget of $2.4 bln, -40% y/y (HES) :

The co announced a 2016 E&P capital and exploratory budget of $2.4 billion, a 40 percent reduction from its 2015 actual spend of $4.0 billion and approximately 20 percent below preliminary 2016 guidance of $2.9-$3.1 billion provided in October.

  • The $2.4 billion budget is allocated as follows: $470 million (20 percent) for unconventional shale resources, $610 million (25 percent) for production, $820 million (34 percent) for developments and $500 million (21 percent) for exploration and appraisal activities.
  • Net production is forecast to average between 330,000 and 350,000 barrels of oil equivalent per day in 2016. Bakken net production is forecast to average between 95,000 and 105,000 barrels of oil equivalent per day in 2016. These production forecasts are unchanged from preliminary guidance provided in October.

"We take a long term view to managing our business and we will continue to invest in our growth projects and prospects, including exploration and appraisal activities. However, in response to the current low oil price environment, we have significantly decreased our 2016 capital and exploratory expenditures and we plan to reduce activity at all of our producing assets. Moreover, we will continue to pursue further cost reductions and efficiency gains across our portfolio."

7:29 am On The Wires (:WIRES) :

  • Otonomy (OTIC) announced the publication in Audiology & Neurotology of a preclinical study titled, "The Sustained-Exposure Dexamethasone Formulation OTO-104 Offers Effective Protection against Cisplatin-Induced Hearing Loss". This study demonstrated that intratympanic administration of 6% OTO-104 protected against ototoxicity observed following both acute and repeat administration of the chemotherapeutic agent cisplatin. Co has completed a pre-IND review by the FDA and expect to initiate a Phase 2 feasibility trial at multiple oncology centers in the second half of 2016.
  • Jitterbit raised $20 million in a Series B round led by the global investment firm KKR (KKR). The investment will enable Jitterbit to expand on the its next generation, hybrid integration solutions and extend its cloud integration platform to more companies and industries.
  • Zevacor Pharma selected to supply Gallium-68 (Ga-68) DOTATATE doses prepared with a novel kit to U.S. hospitals and imaging centers for Advanced Accelerator Applications (AAAP). SomaKit-TATE is a patented kit currently in development for the preparation of 68Ga-DOTATATE for injection, to help diagnose and manage somatostatin receptor-positive neuroendocrine tumor patients using Positron Emission Tomography. The license application for the kit is currently under review by the FDA and the agreement between Zevacor and AAA is in anticipation of NDA approval.
  • Actelion (ALIOY) announced today that Health Canada has granted a Notice of Compliance approving the orally active, selective IP prostacyclin receptor agonist Uptravi (selexipag),originally discovered and synthesized by Nippon Shinyaku, for the treatment of pulmonary arterial hypertension.

7:25 am European Markets Update: FTSE -0.3%, DAX -0.2%, CAC +0.1% (:SUMRX) :

Major European indices trade near their flat lines after climbing off their opening lows. The rebound in stocks has followed similar price action in crude oil as risk sentiment improves after an overnight drubbing during the Asian session. Meanwhile, the euro (1.0827) has inched lower against the dollar after showing brief strength overnight.

  • Economic data was limited:
    • Swiss December trade surplus narrowed to CHF2.54 billion from CHF3.16 billion (expected surplus of CHF3.30 billion)

---Equity Markets---

  • UK's FTSE trades down 0.3% with financials and energy names among the laggards. Aberdeen Asset Management, Barclays, Royal Dutch Shell, and BP are down between 0.2% and 1.0%. On the flip side, select miners have shown strength with Fresnillo and Randgold Resources up 3.2% and 2.0%, respectively.
  • Germany's DAX hovers right below its flat line, but more than half of its components remain in the red. Siemens has spiked 7.7% after boosting its forecast while utilities RWE and E.On follow with respective gains of 4.3% and 3.4%. Deutsche Bank also trades in the green, climbing 1.4% while Bayer, Daimler, and Adidas are down between 1.2% and 0.7%.
  • In France, the CAC has added 0.1% with growth-sensitive names showing some strength. Technip leads with a 3.8% gain while BNP Paribas, Credit Agricole, and Societe Generale are all up near 1.5%. On the downside, Alstom has tumbled 4.1% and Publicis Groupe is down 1.6%.

7:22 am American Intl followup: AIG will return $25+ bln to shareholders over two years, IPO United Guaranty, reorganize operating model, announces $1.6 bln expense reduction and sells AIG Advisor Group to Lightyear Capital LLC and PSP Investments, strengthens loss reserves (AIG) :

Co announced a series of strategic actions, organizational changes, and operating improvements to create a leaner, more profitable and focused insurer.

  • The Board of Directors has committed to return at least $25 billion of capital to shareholders over the next two years via buybacks and dividends without compromising the utilization of the Company's deferred tax assets (:DTA); approved the IPO of up to 19.9% of United Guaranty Corporation (:UGC) as a first step towards a full separation; and approved the sale of AIG Advisor Group to Lightyear Capital LLC and PSP Investments.
  • In addition, the Board approved a number of organizational changes, including the creation of nine "modular" business units with greater end-to-end accountability, each with its own specific financial metrics. AIG will create a new "legacy" portfolio to hold non-strategic assets and has appointed Charlie Shamieh as Legacy CEO.  
  • AIG also announced targeted expense reductions of $1.6 billion within two years, representing 14% of 2015 gross general operating expenses; a target of improving the Commercial P&C accident year loss ratio by six percentage points; and a consolidated ROE target of ~9% by 2017, reflecting 10.3% to 10.7% in the operating portfolio.
  • Co also completed its fourth quarter Non-Life loss reserve analyses and has strengthened reserves by $3.6 billion pre-tax in Q4. Accident years 2004 and prior represent $1.3 billion. The remaining $2.3 billion results in an increase just under 0.7 points on average for the 2005 through 2014 accident year loss ratios. This strengthening of loss reserves primarily reflects adverse development on prior accident years in long-tail classes of business. Three classes comprise ~90% of the total charge; U.S. & Canada casualty ($2.2B), U.S. & Canada financial lines ($0.6B), and runoff lines ($0.5B). AIG has contributed capital to maintain statutory surplus within target levels of financial strength for the non-life insurance subsidiaries.

7:14 am G&K beats by $0.03, reports revs in-line; guides FY17 EPS below consensus, revs below consensus (GK) :

  • Reports Q2 (Dec) earnings of $0.92 per share, $0.03 better than the Capital IQ Consensus of $0.89; revenues rose 2.4% year/year to $243.1 mln vs the $245.38 mln Capital IQ Consensus.
  • Co issues downside guidance for FY17, sees EPS of $3.50-3.60 vs. $3.98 Capital IQ Consensus Estimate, prior range $3.50-3.70; sees FY17 revs of $975-990 mln vs. $1.03 bln Capital IQ Consensus Estimate, prior range $975 mln to $1 bln.

7:13 am Mar WTI crude oil futures hit new morning high in electronic trade (USO) :

  • Mar crude has been climbing off of overnight lows of $29.25/barrel and just hit a new morning high at $30.85/barrel
  • In current trade, Mar crude is +1.1% at $30.68/barrel
  • Floor trading opens up at 9am ET

7:10 am Lockheed Martin beats by $0.09, beats on revs; guides FY16; will to separate/combine Information Systems & Global Solutions segment with LDOS (LMT) :

  • Reports Q4 (Dec) earnings of $3.01 per share, $0.09 better than the Capital IQ Consensus of $2.92; revenues rose 3.1% year/year to $12.92 bln vs the $12.39 bln Capital IQ Consensus.
  • Co issues downside guidance for FY16, sees EPS of $11.45-11.75 vs. $12.25 Capital IQ Consensus Estimate; sees FY16 revs of $49.5-51.0 vs. $49.66 bln Capital IQ Consensus Estimate.
  • Co separately announced an agreement to separate and combine its realigned Information Systems & Global Solutions (IS&GS) business segment with Leidos Holdings (LDOS) in a tax-efficient Reverse Morris Trust transaction, unlocking $5 billion in estimated enterprise value for Lockheed Martin stockholders.
    • Subject to regulatory approvals, the $5 billion transaction includes a $1.8 billion one-time special cash payment to Lockheed Martin, which the Corporation intends to use to repay debt, pay dividends, and/or repurchase its stock.
    • LMT stockholders will receive approximately 50.5% (approximately 77 million shares) of the outstanding equity of Leidos on a fully diluted basis with an estimated value of $3.2 billion. Leidos' existing shareholders will continue to hold the remaining approximately 49.5% of the outstanding shares of Leidos.

7:09 am Procter & Gamble beats by $0.06, reports revs in-line; guides FY16 EPS below consensus (PG) :

  • Reports Q2 (Dec) earnings of $1.04 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.98; revenues fell 8.5% year/year to $16.91 bln vs the $16.94 bln Capital IQ Consensus, including a negative eight percentage point impact from FX and three percentage point impact from the Venezuela deconsolidation and minor brand divestitures.
    • Organic sales increased two percent as a three percent pricing benefit more than offset a two percent reduction in organic shipment volume. Organic sales were in-line or higher in all five reporting segments. All-in and organic volume declined three percent and two percent, respectively. Pricing increased net sales in all five business segments and increased total net sales by three percent.
  • Co issues downside guidance for FY16, sees EPS of down 3-8% to ~$3.46-3.65, excluding non-recurring items, vs. $3.75 Capital IQ Consensus. P&G now expects foreign exchange will have a 10%, or a negative $0.37 per share, impact on Core EPS growth for the year. This is seven percentage points, or $0.26 per share, greater than the impact the Company expected at the beginning of the fiscal year. P&G said it is maintaining its guidance for constant currency Core EPS growth of mid-to-high single digits, with its current outlook at the low end of this range.
  • P&G said it is maintaining its outlook for organic sales growth of in-line to up low-single digits versus fiscal 2015. The Company expects all-in sales to be down high-single digits in fiscal 2016, now including a negative seven percentage point foreign exchange impact and a two to three percentage point drag from the combined impacts of the Venezuela deconsolidation and minor brand divestitures. P&G increased its outlook for Adjusted Free Cash Flow Productivity from 90% to 100% of adjusted net earnings for the fiscal year. The Company continues to expect to retire shares at a value of ~$8 to $9 billion dollars through a combination of direct share repurchases and shares that will be exchanged in the Duracell transaction. 

7:09 am Soligenix provides 2016 business outlook and preliminary results dates (SNGX) :

  • SGX301- The Phase 3 study began enrolling subjects in December with results expected during the second half of 2016.
  • SGX203- Phase 3 study initiation is currently anticipated during the first half of 2016 should funding and/or partnering opportunities arise.
  • ThermoVax- A feasibility collaboration was initiated with the University of Hawaii at Manoa and Hawaii Biotech, Inc. to develop a heat stable subunit Ebola vaccine utilizing the ThermoVax platform technology. The initial work on the potential Ebola vaccine will focus on a single protein subunit antigen. Preliminary feasibility results are anticipated in the first half of 2016.

7:05 am Allegiance Bancshares misses by $0.01 (ABTX) :

  • Reports Q4 (Dec) earnings of $0.33 per share, $0.01 worse than the Capital IQ Consensus of $0.34.
  • Total loans increased $64.6 mln or 4.0% to $1.68 bln
  • Deposits increased $102.6 mln, or 6.2%
  • Nonperforming assets totaled $6.2 mln or 0.30% of total assets

7:04 am Alliance Holdings reports Q4 (Dec) results, misses on revs (AHGP) :

  • Reports Q4 (Dec) earnings of $0.48 per share, may not be comparable to the two analyst estimate of $1.06; revenues fell 8.2% year/year to $542.05 mln vs the $592.7 mln single analyst estimate.
  • Based on ARLP's current declared distribution, AHGP expects to receive quarterly cash distributions from ARLP of $58.4 million, or $233.6 million on an annualized basis. AHGP's primary cash requirements are for working capital, distributions to its unitholders and general and administrative expenses, including for 2016 an estimated $2.1 million in general and administrative expenses.

7:03 am Main Street Capital sees DNII in the range of $0.59-0.60, Capital IQ consensus $0.57; Preliminary NAV is in the range of $21.19-21.29 (MAIN) :

  • Main Street's preliminary estimate of fourth quarter 2015 distributable net investment income ("DNII"), which is net investment income before non-cash, share-based compensation expense, is $0.59 to $0.60 per share.  The preliminary estimate of DNII significantly exceeds the previously declared regular monthly dividends per share for the fourth quarter of 2015 of $0.54 per share and is within the previously provided DNII guidance range for the fourth quarter of 2015 of between $0.58 and $0.61 per share.
  • Main Street's preliminary estimate of net investment income is $0.56 to $0.57 per share.
  • Main Street's preliminary estimate of net asset value per share as of December 31, 2015 is $21.19 to $21.29.

Dividend Tax Treatment

  • Main Street paid dividends totaling $2.66 per share that are attributable to 2015, with approximately 8.7% of such dividends taxed as long-term capital gains, approximately 3.9% taxed as qualified dividends and approximately 87.4% taxed as ordinary income.

7:03 am Janus Capital beats by $0.01, reports revs in-line (JNS) :

  • Reports Q4 (Dec) earnings of $0.25 per share, $0.01 better than the Capital IQ Consensus of $0.24; revenues rose 5.1% year/year to $267.8 mln vs the $270.34 mln Capital IQ Consensus.
  • Revenue decline was due to lower investment management fees as a result of lower average assets under management. Higher negative performance fees also contributed to the decrease.
  • Average assets under management during the fourth quarter 2015 were $191.2 billion compared with $192.1 billion during the third quarter 2015 and $179.2 billion during the fourth quarter 2014.

7:02 am Heat Biologics reports that to-date HS-410 has been well-tolerated, with no serious adverse events; anticipates reporting topline efficacy, immune-response and safety data from Phase 2 trials in 4Q16 (HTBX) :

Co announced that Dr. Taylor Schreiber (Heat's Chief Scientific Officer) will discuss 3-month interim data from the unblinded monotherapy cohort of the company's ongoing Phase 2 trial of HS-410 (vesigenurtacel-L) for the treatment of high risk non-muscle invasive bladder cancer at the Phacilitate Immunotherapy World Conference in Washington DC on January 25-27

Dr. Schreiber states, "These interim data are consistent with previous results from our Phase 1 trial, demonstrating that intradermal injections of HS-410 lead to a localized immune response within the urinary bladder. The fact that these localized immune responses are now being seen in the absence of standard of care, BCG, indicates that the response is due to HS-410. If the monotherapy arm of the trial demonstrates a trend toward low recurrence rates in the absence of BCG, that may extend options for subsequent pivotal study designs, and may potentially provide bladder cancer patients with an alternative to repeated BCG catheterization procedures. We look forward to presenting additional data from this trial in the future."

7:01 am Dover beats by $0.07, beats on revs; reaffirms FY16 EPS guidance, lowers revenue growth range (DOV) :

  • Reports Q4 (Dec) earnings of $0.81 per share, excluding discrete tax benefits of $0.06, $0.07 better than the Capital IQ Consensus of $0.74; revenues fell 14.3% year/year to $1.69 bln vs the $1.65 bln Capital IQ Consensus.
  • Co reaffirms guidance for FY16, sees EPS of $3.85-4.05 vs. $3.79 Capital IQ Consensus Estimate; sees revenue growth of 1-4% vs prior guidance of 2-5%.
  • Acquisition growth of 7% and a 2% impact from FX remain unchanged from the prior forecast.

7:01 am Waters reports EPS in-line, revs in-line (WAT) :

  • Reports Q4 (Dec) earnings of $1.96 per share, in-line with the Capital IQ Consensus of $1.96; revenues rose 0.5% year/year to $587 mln vs the $582.38 mln Capital IQ Consensus.

7:00 am American Intl to sell AIG Advisor Group to Lightyear Capital and PSP Investments; Terms of the deal were not disclosed (AIG) : The transaction is expected to close in the second quarter of 2016, subject to regulatory approvals.

6:59 am Corning beats by $0.03, beats on revs; updates Q1, FY16 guidance; sees mid-to-high single-digit % QoQ LCD glass volume decline in Q1 (GLW) :

  • Reports Q4 (Dec) earnings of $0.34 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.31; revenues fell 4.0% year/year to $2.4 bln vs the $2.33 bln Capital IQ Consensus. 
  • "We expect the first quarter to be the weakest of 2016, and we anticipate growth will recover in subsequent quarters. We are encouraged with the moderation of LCD glass price declines, and we expect this trend will continue into 2016. We are sustaining market leadership in all of our businesses."
  • Corning provided the following expectations for its business segments in Q1:
    • Display Technologies: In the first quarter, Corning anticipates that panel maker utilization will continue to decline, which will reduce inventory levels in the supply chain. As a result, the overall glass market and Corning's LCD glass volume are expected to decline by a mid-to-high single- digit percentage sequentially. Corning's LCD glass price decline is expected to be moderate, achieving what will be one of the lowest first-quarter declines in five years.
  • For the full year, Corning expects moderate sequential price declines to continue, and its glass volume to grow by a mid-single-digit percentage year over year, in line with total glass demand growth. Corning expects global television unit sales will grow by a low single-digit percentage, and the average screen size will increase by at least 1.5 inches. The company expects panel maker utilization to increase as the year progresses, and retail LCD glass area demand to be up by a high single-digit percentage in 2016.
  • During January, Corning took advantage of the stronger yen to extend its hedges. Corning is now hedged for ~70% of its projected yen exposure for the period 2016 through 2022 at a blended rate significantly below the recent spot prices.

6:58 am Asian Markets Close: Nikkei -2.4%, Hang Seng -2.5%, Shanghai -6.4% (:SUMRX) :

Equity markets across Asia had a rough outing on Tuesday, ending the session mostly lower. China's Shanghai Composite was at the forefront of the retreat, falling 6.4%, while other indices posted slimmer losses. News flow from the region was relatively light, but it is worth noting that People's Bank of China assistant governor Zhang Xiaohui said the central bank has no plans to cut the reserve requirement ratio at this time. Elsewhere, one of Japan Prime Minister Shinzo Abe's advisors said that more easing from the Bank of Japan is still needed.

  • In economic data:
    • Japan's Corporate Services Price Index +0.4% year-over-year (expected 0.2%; last 0.2%)
    • Hong Kong's trade deficit HKD45.70 billion (expected HKD3.33 billion; prior HKD3.16 billion) as exports -1.1% month-over-month (expected -2.7%; last -3.5%) and imports -4.6% month-over-month (consensus -7.2%; last -8.1%)
    • South Korea's preliminary Q4 GDP +0.6% (expected 0.7%; previous 1.3%); +3.0% year-over-year, as expected (last 2.7%)
    • Singapore's Industrial Production +2.0% month-over-month (expected 1.2%; prior -3.9%); -7.9% year-over-year (consensus -7.0%; last -6.4%)
    • New Zealand's Credit Card Spending +7.4% year-over-year (last 8.4%)

---Equity Markets---

  • Japan's Nikkei lost 2.4% with every sector ending in the red. The decline was paced by utilities (-3.6%), industrials (-3.4%), energy (-3.3%), and technology (-3.0%). Unitika, TDK, SUMCO, Kobe Steel, Hitachi Construction, and Kawasaki Heavy Industries fell between 4.4% and 8.0%. On the flip side, only four names registered gains with Sumitomo Osaka Cement jumping 4.7%.
  • Hong Kong's Hang Seng dropped 2.5% with all but two names ending in the red. CNOOC, Petrochina, China Petroleum & Chemical, and China Shenhua Energy lost between 4.3% and 7.0%.
  • China's Shanghai Composite fell 6.4% amid broad weakness. China Shipbuilding, CITIC Securities, Industrial Securities, and China State Construction Engineering lost between 6.1% and 9.9%. On the upside, Dongfeng Automobile gained 2.6%.
  • India's Sensex was closed for Republic Day.

---FX---

  • USDJPY +0.1% to 118.41
  • USDCNY UNCH at 6.5823
  • USDINR +0.3% to 67.882    

6:57 am II-VI beats by $0.03, reports revs in-line; guides Q3 EPS in-line, revs in-line (IIVI) :

  • Reports Q2 (Dec) earnings of $0.30 per share, $0.03 better than the Capital IQ Consensus of $0.27; revenues rose 2.5% year/year to $191.5 mln vs the $189.61 mln Capital IQ Consensus.
  • Booking increased approx 10% y/y to $207.7 mln.
  • Co issues in-line guidance for Q3, sees EPS of $0.25-0.29 vs. $0.27 Capital IQ Consensus Estimate; sees Q3 revs of $185-195 mln vs. $193.34 mln Capital IQ Consensus Estimate.

6:52 am Coach beats by $0.02, reports revs in-line; maintains FY16 sales guidance, raises operating income outlook (COH) :

  • Reports Q2 (Dec) earnings of $0.68 per share, $0.02 better than the Capital IQ Consensus of $0.66; revenues rose 4.5% year/year to $1.27 bln vs the $1.28 bln Capital IQ Consensus. This included a contribution of $13 million or $0.05 per share from Stuart Weitzman.
  • Inventory declined 2% on a consolidated basis and 9% for the Coach brand.
  • Outlook: COH is maintaining its FY16 constant currency revenue growth and operating margin guidance for the Coach brand, while raising its consolidated operating income outlook based on second quarter results.
    • Coach brand revenues for Fiscal 2016 are still expected to increase by low-single digits in constant currency on a 52-week basis. However, based on current exchange rates, foreign currency is now expected to negatively impact overall Fiscal 2016 revenue growth by 225-250 basis points.
    • Coach brand operating margin for Fiscal 2016 is still estimated to be in the mid-to-high teens with some shift between the gross margin and expense ratio from previous annual guidance.
    • Overall, the Stuart Weitzman business is now projected to negatively impact consolidated gross margin and operating margin by about 70 basis points and approximately 20 basis points, respectively -- an improvement from previous guidance.
  • Taken together with its projection for the Coach brand, the company is raising its operating income outlook for Coach, Inc. for Fiscal 2016.

6:51 am JinkoSolar Holding has entered into an agreement to supply up to one gigawatt of solar PV modules to sPower (JKS) :

  • The company states that this agreement is JinkoSolar's largest contract in the United States to date.
  • JinkoSolar will supply over three million of its high efficiency solar PV modules to sPower for use in various projects that are to be built before the end of 2016.

6:48 am Johnson & Johnson beats by $0.02, reports revs in-line; guides FY16 EPS above consensus, revs below consensus (JNJ) :

  • Reports Q4 (Dec) earnings of $1.44 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.42; revenues fell 2.4% year/year to $17.81 bln vs the $17.86 bln Capital IQ Consensus. Operational sales results increased 4.4% and the negative impact of currency was 6.8%. Domestic sales increased 8.0%. International sales decreased 11.7%, reflecting operational growth of 1.2% and a negative currency impact of 12.9%. Ex-acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 7.8%, domestic sales increased 13.4% and international sales increased 2.9%.
    • Worldwide Consumer sales of $13.5 billion for the full-year 2015 represented a decrease of 6.8% versus the prior year, consisting of an operational increase of 2.7% and a negative impact from currency of 9.5%. Domestic sales increased 2.5%; international sales decreased 11.9%, which reflected an operational increase of 2.7% and a negative currency impact of 14.6%.
    • Worldwide Pharma sales of $31.4 billion for the full-year 2015 represented a decrease of 2.7% versus the prior year with an operational increase of 4.2% and a negative impact from currency of 6.9%. Domestic sales increased 5.2%; international sales decreased 12.0%, which reflected an operational increase of 3.0% and a negative currency impact of 15.0%.
    • Worldwide Medical Devices sales of $25.1 billion for the full-year represented a decrease of 8.7% versus the prior year consisting of an operational decrease of 1.4% and a negative currency impact of 7.3%. Domestic sales decreased 1.0%; international sales decreased 14.8%, which reflected an operational decrease of 1.7% and a negative currency impact of 13.1%.
  • Co issues guidance for FY16, sees EPS of $6.43-6.58, excluding non-recurring items, vs. $6.40 Capital IQ Consensus; sees FY16 revs +2.3-3.5% (operational) to $70.8-71.5 bln (+4.5-6% adj.) vs. $71.99 bln Capital IQ Consensus.

6:47 am Potlatch beats by $0.04, misses on revs (PCH) :

  • Reports Q4 (Dec) earnings of $0.09 per share, $0.04 better than the Capital IQ Consensus of $0.05; revenues fell 5.6% year/year to $138 mln vs the $146.1 mln Capital IQ Consensus. 
  • "The strong U.S. dollar was at the top of a list of factors that drove lumber prices lower, which contributed to 2015 being a very challenging year."

6:47 am Albemarle CFO Scott A. Tozier on temporary medical leave of absence, effective immediately (ALB) : In Tozier's absence, other executive officers of the company will assume Tozier's management duties while remaining in their current positions. In particular, SVP of Corporate Strategy and IR Matthew K. Juneau will assume management responsibility of Albemarle's finance and accounting, tax and treasury teams.

6:34 am Flagstar Bancorp beats by $0.01 (FBC) :

  • Reports Q4 (Dec) earnings of $0.45 per share, $0.01 better than the Capital IQ Consensus of $0.44. 
  • Net interest income increased $3 million, or 4 percent, to $76 million, compared to $73 million for the third quarter 2015. The results were led by earning asset growth of 5 percent, partially offset by a slight drop in net interest margin.
  • Net interest margin decreased 6 basis points to 2.69 percent for the fourth quarter 2015, as compared to 2.75 percent for the third quarter 2015. The decrease from the prior quarter was primarily driven by a lower yield on mortgage loans and loans repurchased with government guarantees, partially offset by lower funding costs on FHLB advances.
  • The Company experienced a provision benefit in the fourth quarter 2015, resulting primarily from the full payoff of a commercial loan. The benefit for loan losses totaled $1 million for the fourth quarter 2015, unchanged from a benefit of $1 million for the third quarter 2015.

6:34 am Rentech Nitrogen Partners files to spin off its Pasadena, Texas facility in order to complete merger with CVR Partners (UAN) (RNF) : A wholly owned subsidiary of Rentech Nitrogen has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (:SEC) relating to the proposed spin-out of its Pasadena, Texas facility. It is a condition to the completion of the pending merger of Rentech Nitrogen with CVR Partners (UAN), LP that Rentech Nitrogen sell or spin-out its Pasadena facility pursuant to the terms of the merger agreement. Rentech Nitrogen filed the registration statement to prepare for a potential spin-out of the Pasadena facility in the event it is unable to close on a sale of the facility on acceptable terms in a timely manner.

6:33 am Rockwell Collins to acquire the assets of the Matrix series projector product lines from Christie Digital Systems; terms not given (COL) :

  • Rockwell Collins will acquire the Matrix SIM and Matrix StIM product lines. The projectors will continue to be manufactured by Christie with system engineering, integration and support provided by Rockwell Collins. In addition, Rockwell Collins will provide service and support for Matrix projectors and all future Matrix offerings.
  • Rockwell Collins will also gain exclusive rights to sell other projection products and associated software tools from Christie in the worldwide simulation and training market segments for military or aviation application

6:33 am Immunogen earns milestone with Bayer's (BAYRY) initiation of a Phase 2 clinical study designed to support anetumab ravtansine registration (IMGN) :

Co earns a milestone payment with Bayer's initiation of a global Phase 2 clinical study designed to support registration of anetumab ravtansine(BAY 94-9343).

  • Bayer is responsible for the development, registration, and commercialization of anetumab ravtansine under a 2008 license agreement.
  • ImmunoGen is entitled to receive milestone payments potentially totaling up to $170 million and royalties on commercial sales, if any.

6:31 am W.R. Grace announces initial quarterly dividend of $0.17/share (GRA) :  

6:31 am iDreamSky Technology appoints Kevin Lei as CFO; announces resignation of former CFO Jun Zou for personal reasons; effective Jan 31 (DSKY) :

  • Kevin Lei served as vice president of the co since Nov 2013
  • Zou will continue as a consultant for co

6:29 am DuPont beats by $0.01, reports revs in-line; guides FY16 EPS below consensus (DD) :

  • Reports Q4 (Dec) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.26; revenues fell 9.4% year/year to $5.3 bln vs the $5.31 bln Capital IQ Consensus. Excluding currency, sales declined 1 %. Currency negatively impacted sales by an additional 8 %. Segment pre-tax operating earnings of $553 million included $170 million, or $0.17 per share, of negative impact from currency.
    • Growth in Industrial Biosciences and Nutrition & Health was more than offset by declines in Agriculture, Performance Materials, Safety & Protection and Electronics & Communications.
  • Co issues downside guidance for FY16, sees EPS of $2.95-3.10, excluding non-recurring items, vs. $3.13 Capital IQ Consensus, including an expected benefit of $0.64 per share from the 2016 global cost savings and restructuring plan.
    • Current difficult global economic conditions in agriculture and slower growth in emerging markets are expected to continue, challenging the co's sales growth in 2016. The increase in the expected benefit results from identification of additional savings that will be delivered from the existing plans, including previously announced employee reduction estimates. The benefit from the 2016 global cost savings and restructuring plan will be weighted toward 2H16 as specific actions continue to be implemented in the first and second quarters.
    • 2016 operating earnings also includes ~$0.30 per share of estimated negative currency impact due to the continued strengthening of the U.S. dollar, pressuring both the top and bottom line. A higher base tax rate, reflecting the expected geographic mix of earnings, is expected to negatively impact operating earnings by $0.05 - $0.10 per share. The currency impact is expected to be most significant in the first half of the year due to a further weakening of the U.S dollar. Given the seasonality of the co's operating earnings from Agriculture in the northern hemisphere, the company anticipates ~two-thirds of the expected currency impact to occur in 1H16.
  • Merger with Dow (DOW) expected to close in 2H16.

6:24 am S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -6.50. :

6:19 am Gravity provides business update (GRVY) :

  • The co announced that its Board of Directors has approved a termination of the license and distribution agreement for Ragnarok Online II with Gungho Online Entertainment, its majority shareholder. Gravity and Gungho entered into the license and distribution agreement on September 29, 2006, which granted Gungho the exclusive right to service Ragnarok Online II in Japan. However, Ragnarok Online II has not yet been launched in Japan and has had limited success in certain jurisdictions where the game has been launched. Therefore, in relation to Ragnarok Online II in Japan, after discussions with Gungho and due consideration, the Company's board of directors unanimously approved the termination of the license agreement with Gungho. As part of the termination, US$5 million in initial payments received from Gungho will be refunded in a manner mutually agreed by the parties. The Company also anticipates recognizing an impairment loss on intangible assets of approximately Won 4,605 million, which represents the total remaining capitalized development cost of Ragnarok Online II.
  • Gravity signed a memorandum of understanding with Shanghai The Dream Network Technology Co., Ltd., dated January 15, 2016. The MOU sets forth the parties' intention for Gravity to grant Dream Square the right to exclusively develop and distribute in China mobile games and web games based on the intellectual property of Ragnarok Online for 5 years. Pursuant to the MOU, and subject to the signing of a definitive agreement, Gravity may receive up to more than $10 million in minimum guaranteed royalties and royalties on gross sales.
  • Gravity plans to expand its business in Taiwan in 2016, through direct game service and new launchings. In addition, Gravity plans to launch Ragnarok Prequel in more markets, including North America, Hong Kong and Thailand, during 2016.

6:13 am Nord Anglia Education beats by $0.01, reports revs in-line; reaffirms FY16 guidance (NORD) :

  • Reports Q1 (Nov) earnings of $0.25 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.24; revenues rose 60.9% year/year to $244 mln vs the $246.15 mln Capital IQ Consensus. This increase was due primarily to higher revenues from premium schools, partly offset by the impact of the strengthening US dollar on premium schools revenue and a decrease in other revenue.
    • Average FTEs in the three months ended November 30, 2015 were 34,255, a 72.1% increase over the average FTEs in the three months ended November 30, 2014 of 19,899.
  • Co reaffirms guidance for FY16, sees EPS of $0.67-0.72, excluding non-recurring items, vs. $0.68 Capital IQ Consensus Estimate; sees FY16 revs of $850-870 mln vs. $859.18 mln Capital IQ Consensus Estimate.

6:10 am Danaher beats by $0.01, misses on revs; guides Q1 EPS towards the low end of expectations; reaffirms FY16 EPS guidance (DHR) :

  • Reports Q4 (Dec) earnings of $1.27 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.26; revenues rose 12.6% year/year to $5.88 bln vs the $6.01 bln Capital IQ Consensus.
  • Co issues in-line guidance for Q1, sees EPS of $1.00-1.04, excluding non-recurring items, vs. $1.04 Capital IQ Consensus Estimate.
  • Co reaffirms guidance for FY16, sees EPS of $4.80-4.85, excluding non-recurring items, vs. $4.87 Capital IQ Consensus Estimate.

6:07 am Polaris Industries beats by $0.02, beats on revs; guides FY16 EPS below consensus, revs in-line (PII) :

  • Reports Q4 (Dec) earnings of $1.66 per share, $0.02 better than the Capital IQ Consensus of $1.64; revenues fell 13.3% year/year to $1.11 bln vs the $1.08 bln Capital IQ Consensus.
  • Co issues guidance for FY16, sees EPS of $6.20-6.80 vs. $6.95 Capital IQ Consensus Estimate; sees FY16 revs of (2%) to +3% YoY to ~$4.63-4.86 bln vs. $4.83 bln Capital IQ Consensus Estimate.
    • Co states 2016 guidance reflects continued currency market volatility and ongoing weak industry demand

6:06 am Broadcom and Avago Tech (AVGO) report preliminary election results of Broadcom shareholders; merger expected to close on February 1 (BRCM) :  

6:00 am Sony to acquire Altair Semiconductor for ~$212 mln (SNE) : Altair is an Israel-based company that owns modem chip technology and related software for LTE, a 4G cellular standard for mobile devices. No material impact is anticipated on Sony's consolidated financial results for the fiscal year ending March 31, 2016 as a result of this acquisition.

5:59 am Shanghai...-6.42% (FXI) :  

5:59 am S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -6.50. :  

5:59 am European Markets : FTSE...5824.96...-52.40...-0.90%.  DAX...9669.3...-66.80...-0.70%.

5:59 am Asian Markets : Nikkei...16709...-402.00...-2.40%.  Hang Seng...18861...-479.30...-2.50%.

5:57 am Seadrill Partners affirms reduced quarterly distribution of $0.25/unit (announced intention to reduce in December; prior distribution was $0.5675/unit) (SDLP) :  

5:38 am On The Wires (:WIRES) :

  • Barracuda (CUDA) introduced Barracuda Essentials for Office 365, a suite of cloud services designed to help organizations expand on the security and data protection functionality in Office 365.
  • NetSuite (N) announced that a number of new partners including Audaxis (Belgium), Balkan Services (Bulgaria), Extra SRL (Italy), Mepco (Finland) and Solmate (Netherlands), have joined the NetSuite Solution Provider Program to capitalise on the fast-growing demand for cloud ERP software among businesses of all sizes in Europe.
  • Progress (PRGS) announced that Nationwide Building Society has selected the Progress DataDirect product to provide a critical link to its SQL databases and keep its analytics apps running seamlessly. With Progress, Nationwide improved month end process by 50 percent.
  • HomeTrust Bancshares (HTBI) announced the completion of its July 2015, 5% stock repurchase program. A total of 971,271 shares were repurchased at an average price of $18.62 per share. In addition, the Company will continue to repurchase shares in the open market under its most recent stock repurchase program announced on December 15, 2015, where 922,855 shares were approved for repurchase.

5:06 am WTI Crude Oil takes back the $30 (30.15); Stock indices tracking oil - S&P Futures -5.00 at 1865.00 (USO) :  

4:13 am General Electric announces tender for any and all of certain Hybrid securities (GE) :  

4:12 am Airgas and Air Liquide (AIQUY) provide update on merger with Air Liquide; continue to expect to complete the merger in the second or third quarter of 2016 (ARG) :

  • A special meeting of Airgas' shareholders has been scheduled for February 23, 2016. Customary regulatory reviews proceeding as expected.
  • Additionally, the bridge financing, initially underwritten by Barclays Bank PLC and BNP Paribas, has been syndicated among a large group of international banks, who have longstanding working relationships with Air Liquide. The loan agreement was signed on December 17, 2015.

4:08 am Audiocodes beats by $0.02, reports revs in-line (AUDC) :

  • Reports Q4 (Dec) earnings of $0.07 per share, $0.02 better than the Capital IQ Consensus of $0.05; revenues fell 9.0% year/year to $35.6 mln vs the $35.66 mln Capital IQ Consensus.
  • AudioCodes repurchased 1.1 million shares of its ordinary shares at an aggregate cost of $4.5 million during the quarter

4:05 am NIDEC concludes buyback; reports it repurchased 1.53 mln shares for total repurchase amount of JPY12,013,495,500 from Jan 1-22 (NJ) :  

4:00 am Euronav provides update on share buyback; purchased 500K shares at ~EUR4.763 mln (EURN) :  

3:56 am Galapagos reports Phase 2a study of GLPG1205 results; primary endpoints not met; will discontinue clinical development in UC (GLPG) :

Co announced that the ORIGIN Phase 2a study with GLPG1205 confirmed good pharmacokinetics, safety and tolerability.

  • The endpoints for efficacy of GLPG1205 in patients with ulcerative colitis (:UC), however, were not met.
  • Galapagos will discontinue clinical development in UC
  • The ORIGIN study results showed that GLPG1205 did not statistically significantly differentiate from placebo on Mayo scores.
  • GLPG1205 was shown to be overall safe and well-tolerated by patients in the ORIGIN study; exposure data were in line with the healthy volunteer data from the previous Phase 1 clinical study.
  • Further details about the ORIGIN study will be published later during 2016.
  • Galapagos will evaluate whether GLPG1205 will be developed in alternative indications

3:52 am FirstMerit Corp misses by $0.01 (FMER) :

  • Reports Q4 (Dec) earnings of $0.33 per share, $0.01 worse than the Capital IQ Consensus of $0.34.
  • Net interest margin on TE basis of 3.30% vs 3.33% in Q3
  • Loans - Average originated loans were $13.9 billion during the fourth quarter 2015, an increase of $335.6 million, or 2.48%, compared with the third quarter 2015, and an increase of $1.6 billion, or 12.66%, compared with the fourth quarter 2014.
    • The loan growth was driven primarily by commercial and installment loans.

Briefing note: Co was also acquired by HBAN today

3:48 am FirstMerit Corp to be acquired by Huntington Bancshares (HBAN) (FMER) :

Huntington Bancshares (HBAN) and FirstMerit (FMER) jointly announce the signing of a definitive merger agreement under which Ohio-based FirstMerit Corporation, the parent company of FirstMerit Bank, will merge into Huntington in a stock and cash transaction. Based on the closing price of Huntington's common shares on January 25, 2016 of $8.80, the total transaction value is ~$3.4 billion, including outstanding options and other equity-linked securities.

  • FirstMerit will merge with a subsidiary of Huntington Bancshares, and FirstMerit Bank will merge with and into The Huntington National Bank. In conjunction with the closing of the transaction, four independent members of the FirstMerit Board of Directors will join the Huntington Board, which will be expanded accordingly.
  • Shareholders of FirstMerit Corporation will receive 1.72 shares of Huntington common stock, and $5.00 in cash, for each share of FirstMerit Corporation common stock. The per share consideration is valued at $20.14 per share based on the closing price of Huntington common stock on January 25, 2016.

3:43 am Platinum Group Metals consolidates common shares on the basis of one new share for ten old shares (PLG) :

  • Company's consolidated common shares are expected to begin trading on the Toronto Stock Exchange and NYSE MKT when the markets open on January 28, 2016

3:39 am Novavax prices $300 mln of Convertible Senior Notes due 2023 (NVAX) :  

3:38 am Avolon Holdings receives incremental investment of 1.2 bln from Bohai Leasing (:AVOL) :

Avolon issues an update for Q4 and announces that Bohai Leasing is investing an incremental $1.2 billion of equity capital in the business bringing Avolon's total available liquidity to $2 billion to accelerate growth in 2016 and beyond.

  • Avolon now manages fleet of over 400 aircraft
  • Delivered 2 aircraft in Q4 to 2 airlines in 2 countries.
  • 5 aircraft sold in Q4 with letters of intent in place for 16 aircraft disposals in 2016.
  • Avolon Capital Partners acquired one aircraft on lease during Q4 bringing the total aircraft under management by ACP to 9.

3:28 am Steel Dynamics beats by $0.02, misses on revs (STLD) :

  • Reports Q4 (Dec) earnings of $0.09 per share, $0.02 better than the Capital IQ Consensus of $0.07; revenues fell 36.8% year/year to $1.59 bln vs the $1.68 bln Capital IQ Consensus.
  • Outlook/Commentary: "We believe that customer steel inventories have started to realign with current demand dynamics, and when combined with scrap price stabilization and moderating steel import volumes, presents an environment that could result in increased 2016 domestic steel production..."

3:22 am Color on the overnight action -- S&P Futures -17.00 (or -0.9%) (:SUMRX) :

  • Shanghai -6.4%
    • PBOC injected CNY440 bln in rev repos ops (3-yr high)
    • PBOC official suggested no near-term RRR cuts
    • Market participants responded negatively, fearing greater problems in China than what appears on the surface. 
    • It Should Be Noted that the PBOC injects excess capital in the 1-2 weeks prior to lunar new year to offset the normal seasonal cash outflows
  • Crude oil back below $30 (trading ~$29.50 -2.7%)
    • Iraqi output hit record level
  • US Futures managed to fend off the Shanghai shock, but trading near lows with Europe opening down ~1.5%

3:11 am CDI Corp approves $20 mln buy back; eliminates quarterly dividend (CDI) :

Co announced that its Board of Directors has approved a stock repurchase program and is authorized to repurchase up to $20 million of its common stock

  • In connection with the new repurchase program, the Board also approved the elimination of the company's dividend, currently at a quarterly rate of $0.13 per share.

2:53 am SolarCity closes a $160 million five-year term facility; will provide additional financing for approximately 195 MW (SCTY) :

SolarCity (SCTY) closed a $160 million five-year term facility on Friday, January 22. BofA Merrill Lynch (BAC) acted as Mandated Lead Arranger and Sole Bookrunner, and KeyBank and Silicon Valley Bank acted as Joint Lead Arrangers on the transaction.

  • The facility is secured by a portfolio of high quality, long-term customer systems. The financing allows SolarCity to recycle capital to continue growth and will make it possible for SolarCity to continue offering power generated by solar energy systems to customers for less than they pay for utility bills at the time the customer contracts are signed.
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$ 411.2 millions as of today (US$ 333.9 millions, € 286.3 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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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
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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
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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 ...
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2/14/2013WBJV Project 1 (Maseve) Section 54 Notice
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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$10M Option Funding Agreement for War Springs Pr...
9/2/2008(Western Bushveld Jv)Increase its Interest in Project 1 Platinum Mine from 37% to...
7/1/2008Project 1 Bankable Feasibility Study to be Published July 7,...
4/25/2008(Western Bushveld Jv)First Project 3 Resource adds 1.9 million ounces to Western ...
4/23/2008(Western Bushveld Jv)Project 2 Resources Increase Western Bushveld Joint Venture
3/17/2008(War Springs)War Springs Resource Increased to 1.7 Million Ounces
1/22/2008(Western Bushveld Jv)Western Bushveld Joint Venture Update
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9/19/2016Corporate Update
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11/25/2015Platinum Group Metals 2015 Annual Results and Update
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11/3/2015Summary of Terms
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10/15/2015Platinum Group Metals (PLG) in Focus: Stock Up 6.3%
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3/15/2013Added to S&P/TSX Global Mining Index
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TORONTO (PTM.TO)AMEX (PLG)
3.09+1.98%2.50+2.88%
TORONTO
CA$ 3.09
10/20 17:00 0.060
1.98%
Prev close Open
3.03 3.03
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2.89 3.09
Year l/h YTD var.
2.33 -  7.24 -47.36%
52 week l/h 52 week var.
2.32 -  7.25 11.96%
Volume 1 month var.
41,952 12.77%
24hGold TrendPower© : -11
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Explores for Cobalt - Copper - Gold - Iron - Nickel - Palladium - Platinum - Uranium
 
 
 
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2021-46.12%5.993.27
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