2:28 pm Luby's (thinly traded) CEO discloses purchase of 57,540 shares at $5.04-5.07 worth ~$291K (transaction dates 3/30, 3/31) (LUB) :  

2:27 pm Interactive Brokers reports brokerage metrics for March 2015; 636K daily average revenue trades, unchanged M/M (IBKR) : Co also reported total client accounts of 296K, a 2% increase M/M

2:25 pm Walker & Dunlop announced earlier that it originated a $670 mln senior housing loan deal, the largest in company history (WD) :  

2:08 pm Previous bull market leaders biotech (IBB -1.5%), semis (SMH -1%) and transports (IYT -0.6%) lead to the downside in afternoon trade QQQ -0.7%, SPY -0.4% (IBB) :  

1:44 pm Volvo Cars of North America reports March 2015 US sales increased by 1 unit (0.0%) YoY to 5,916 units (VOLVY) : Volvo CONA release

1:35 pm Middlesex Water has filed a request with the New Jersey Board of Public Utilities for a general increase in water rates for its Middlesex system in New Jersey (MSEX) : The utility is requesting a rate adjustment of approximately 13.53%, or $9.5 million over current revenues to recover costs for repairs and upgrades to its drinking water infrastructure and to cover costs of increases in chemicals, fuel, electricity, technology, taxes, labor, benefits and other factors impacting required utility operating income.

1:31 pm Opko Health announces conversion right of 3.0% convertible senior note holders (OPK) : Co announced that the co's 3.0% Convertible Senior Notes due 2033 are now convertible by holders of such notes. The Notes will continue to be convertible until June 30, 2015, and a holder who elects to convert the Notes will receive 141.4827 shares of the co's Common Stock per $1,000 principal amount of notes

1:25 pm Porsche Cars North America unit reports March 2015 US sales increased 12.7% YoY to 4,291 vehicles (POAHY.PK) :  

12:59 pm Midday Market Summary: Influential Sectors Lag (:WRAPX) : The major averages hold midday losses with the S&P 500 down 0.5%. The benchmark index trades in-line with the Dow Jones Industrial Average while the Nasdaq Composite (-0.8%) underperforms.

Equity indices have spent the first half of the trading day in negative territory even though economic data reported overnight was mostly better than expected. To that point, China reported its first expansionary Manufacturing PMI in three months (50.1; expected 49.7) while most PMIs from Europe also beat expectations with the Eurozone Manufacturing PMI coming in at 52.2 (expected 51.9).

Meanwhile, the Dollar Index (98.04, -0.33) has spent the early action below its flat line, meaning dollar strength cannot be cited for today's selling; however, the modest pullback has contributed to strength in the commodity market.

Gold futures trade higher by 1.9% at $1205.50/ozt while crude oil has jumped 4.7% to $49.86/bbl. In all likelihood, WTI crude has been boosted by headlines indicating the negotiations with Iran have paused and separate reports of a rig fire in the Gulf of Mexico.

The sharp rally in crude has placed the energy sector (+0.8%) in the lead while eight of the remaining nine sectors trade in the red. Notably, heavily-weighted consumer discretionary (-0.8%), industrials (-0.8%), and technology (-0.6%) have lagged since the early going.

The industrial sector underperforms for the second consecutive day with transport stocks fueling today's weakness. The Dow Jones Transportation Average trades lower by 1.1% with its five airline components down between 2.4% and 4.5% after Deutsche Bank downgraded Delta Air Lines (DAL 43.03, -1.93), American Airlines (AAL 50.19, -2.59), and United Continental (UAL 64.34, -2.91).

Elsewhere, three of four defensively-oriented sectors have shown relative strength while health care (-1.5%) lags amid weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 338.73, -4.70) has surrendered 1.4%.

Treasuries sit near their highs after climbing throughout the morning. The benchmark 10-yr yield has slid eight basis points to 1.86%.

Economic data included ISM Index, Construction Spending, ADP Employment, and MBA Mortgage Index:

• The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 189K in March while the Briefing.com consensus expected an increase of 225K 
  • The February reading was revised up to 214,000 from 212,000 
• The ISM Manufacturing Index declined to 51.5 in March from 52.9 in February while the Briefing.com consensus expected a decrease to 52.5 
  • Nearly all of the regional manufacturing surveys pointed toward a sharp deceleration in the national manufacturing index so the drop in the ISM Index shouldn't have been much of a surprise 
  • Production levels actually improved, albeit by a very small margin, as the related index increased to 53.8 in March from 53.7 in February 
• Construction spending declined 0.1% in February after declining a downwardly revised 1.7% (from -1.1%) in January while the Briefing.com consensus expected a decline of 0.3% 
  • The unseasonably harsh winter weather conditions, which were blamed for a significant downturn in new housing starts, had little to no effect on overall construction levels 
    • Total private construction increased 0.2% in February after declining 1.1% in January 
• The weekly MBA Mortgage Index rose 4.6% to follow last week's 9.5% spike

12:53 pm Energy Select Sector climbs back toward morning highs (XLE) : The XLE has displayed relative strength today with it probing its 50 sma and the March rebound high from last week 77.99/78.25 (session high 78.23) this morning.  In recent action it has edged back toward the high.  

12:35 pm BMW Group U.S. unit reports March 2015 US sales increased 6.9% YoY to 34,310 units (BAMXY) : BMW Group release

12:31 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume). 

Large Cap Gainers

• PBR (6.5 +8.15%): Reports out the company may release its audited results by the end of the month; also the co announced it executed with China Development Bank Corporation a $3.5 bln Facility Agreement.
• AMT (96.38 +2.37%): Upgraded to Strong Buy from Outperform at Raymond James, also resumed with an Overweight at JP Morgan; tgt $110.
• TTM (45.73 +1.49%): Disclosed that March total commercial and passenger vehicles sales (including exports) +3% y/y to 52,479 vehicles.

Large Cap Losers

• UHS (113.21 -3.82%): Downgraded to Underperform from Neutral at Sterne Agee.
• MAC (79.66 -5.54%): Simon Properties (SPG) withdrew its offer to acquire Macerich after the MAC Board rejected its unsolicited takeover proposal.
• AAL (50.32 -4.66%): Downgraded to Hold from Buy at Deutsche Bank; airlines as a whole sector are weak with WTI crude oil futures gaining 4% on the day (DAL, UAL also lower).

Mid Cap Gainers

• DYAX (24.9 +48.61%): Announced positive results from Phase 1b Clinical Trial of DX-2930; Price target raised at RBC Capital Mkts, Jefferies, Needham, others.
• ESPR (102.57 +10.77%): Initiated with a Buy at UBS; tgt $140.
• CMPR (88.19 +4.52%): Upgraded to Equal Weight from Underweight at Barclays.

Mid Cap Losers

• ONNN (11.25 -7.1%): Downgraded to Sell from Neutral at Goldman.
• CRS (36.13 -7.07%): Issued downside guidance for Q3 (Mar), sees EPS of $0.26-0.30, excluding non-recurring items, vs. $0.58 Capital IQ Consensus Estimate; also announced a restructuring plan.
• SNX (73.04 -5.45%): Missed Q1 consensus EPS estimates by $0.06, missed on revs; guided Q2 EPS below consensus, revs below consensus.

12:31 pm Delta Air Lines is partnering with Ant Financial Services Group and UATP to make it easier for Chinese consumers to purchase airline tickets; becomes first U.S. airline to offer Alipay payment (DAL) : The move, which sees Delta become the first United States carrier to add Ant Financial's Alipay payment platform to its website, is part of the airline's ongoing effort to serve Chinese travelers. UATP's alternative form of payment processing initiative connects airlines with online payment brands such as Alibaba's (BABA) Alipay.

12:16 pm United Mobile Homes has successfully completed the financing of ten manufactured home communities through Wells Fargo Bank for total proceeds of ~$57.7 mln (UMH) : These ten Federal Home Loan Mortgage Corporation (Freddie Mac) mortgage loans have 10-year maturities with principal repayments based on 30-year amortization schedules. Interest on these mortgages are at a weighted-average fixed rate of 3.87%.

12:01 pm European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:+0.5%
• Germany's DAX:+0.3%
• France's CAC:+0.6%
• Spain's IBEX:+0.4%
• Portugal's PSI:+0.8%
• Italy's MIB Index:+0.9%
• Irish Ovrl Index:-0.2%
• Greece ASE General Index: -1.3%

12:00 pm Ipsen S.A. has signed a multi-year research alliance agreement with Harvard University in Cambridge, Mass (IPSEY) : Designed to stimulate new research projects, the alliance will enable researchers at Ipsen and Harvard to identify and develop collaborative programs in the areas of neuroendocrine tumors, neuromuscular disorders, and platform technologies related to toxins and peptides. The agreement builds upon the success of an existing, three-year program initiated in July 2013

11:45 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (92) outpacing new lows (78) (:SCANX) : Stocks that traded to 52 week highs: ACG, ADXS, AFAM, ALV, BAMM, BHLB, BLMT, CAF, CATY, CBG, CCK, CDXS, CEA, CHDN, CMPR, CMT, CRMD, CTB, CW, DDS, DGRS, DK, DSPG, DST, DYAX, ESLT, FBR, FFG, FICO, FIG, FMD, FSFG, GB, GILT, GMAN, HAS, HPS, HSP, IBP, IESC, IMH, INAP, INS, INUV, JFC, KAI, KE, KFY, KMG, KONA, LBY, LFC, LII, LMNS, MGLN, MHF, MKC.V, MSCI, MTS, NAT, OFIX, PAI, PARR, PRCP, PRSC, RALY, REV, RXDX, SBCF, SCHL, SHI, SNA, SPTN, STBZ, STRZA, TERP, TREX, TRIL, TWOU, USAT, USCR, UWN, VIPS, WBS, WFBI, WMS, WOOF, WSO, WSO.B, WTBA, WTM, ZNH

Stocks that traded to 52 week lows: AI, AKAO, AMDA, APOL, ATNM, BELFB, BLFS, CANF, CCG, CEL, CHEK, CHOP, CPAC, CUR, DARA, DCTH, DPW, DSX, EBIO, EGY, ENTA, ETAK, ETRM, EVRY, FENG, FREE, FUEL, GOL, GRMN, IHD, IKAN, IMUC, INPH, IRG, ISDR, JMI, JST, KCAP, LFL, LIQT, MILL, MIND, MLHR, MPET, MSB, MYOS, NBS, NVTA, NWFL, OHRP, OPXA, PFMT, PKX, PLPC, PM, PRGN, PTNR, QRHC, RELL, SHOS, SINO, SJR, SNDK, SNI, SONS, SPRT, STN, TAOM, TKC, UCTT, VALE, VALE.P, VTNR, VVUS, WHLR, WTW, XGTI, YGE

ETFs that traded to 52 week highs: FXI, GXC

ETFs that traded to 52 week lows: UNG, VNM

11:44 am Mazda Motor North American unit reports March 2015 US sales decreased 8.0% YoY to 32,123 vehicles (MZDAY) : Key March sales notes:

• Combined March sales of Mazda's sixth-generation vehicles (Mazda3, Mazda6, CX-5) are up 3.0 percent year-over-year and nearly 8.0 percent year-to-date. 
• The refreshed 2016 Mazda6 recorded its best month of sales since March of 2012 with 7,570 vehicles sold, an increase of 32.1 percent over March of 2014. 
• March 2015 was the second-best month of sales ever for CX-5 with 10,899 vehicles sold.

11:26 am Currency Commentary: Economic Data Weighs on Greenback (:SUMRX) :

• The Dollar Index is attempting to hold the 98 level following a round of disappointing economic data. The ADP and ISM Manufacturing Survey both missed expectations. The ADP will set a cautious tone for the markets ahead of Friday's BLS report. The ISM miss is not surprising given the weaker regional surveys over the past couple of weeks. But it is coming in at an 11 month low and continues to point to a downward trend. This will help push back expectations for a rate hike.
• The euro is up slightly on the day in the face of the dollar weakness. The move is notable given the growing concerns over an upcoming IMF payment for Greece (4/9). Manufacturing PMI data saw some small upward revisions from the preliminary numbers and were overall a positive as they showed improvement from February. The Greek situation will remain front and center as we head towards a long Holiday weekend. 
• The pound saw some overnight selling that drove it down to the 1.4740 level. But sterling has been able to find support at that level and has climbed back approx 80 pips over the past couple of hours. The Manufacturing PMI came in line with expectations and has had little impact on trade. 
• The yen was able to hold 120 and rally back to the mid-range of 119 on some safe haven buying. Yen remains in its tight trading range but it will move more into focus with an uptick in market volatility. Japan's Tankan survey came in slightly below expectations while PMI data was in line (BONDX, FOREX).
  

11:18 am Additional recovery off morning lows for major averages -- Dow -66, S&P -6.4, Nasdaq Comp -23 (:TECHX) : Sectors outperforming the S&P in recent trade include: Rail, Biotech IBB, Finance XLF, Reg Bank KRE, Bank KBE, Crude Oil USO,

11:09 am Daimler AG Mercedes Benz unit reported March 2015 US sales increased 9.2% YoY to 29,921 units (DDAIF) : Retail volumes for Sprinter Vans climbed 24.2% to 2,379, combining with 583 units at smart for a March total of 32,883 for Mercedes-Benz USA (:MBUSA). Year-to-date, Mercedes-Benz delivered 78,156 vehicles, up 7.6%. Adding 5,559 units for Sprinter and 1,533 units for smart, MBUSA achieved a record first-quarter close of 85,248 units.

11:03 am Volkswagen AG of America unit reports March 2015 sales fell 18.2% YoY to 30,025 units (VLKAY) : Volkswagen of America release

11:01 am UPS announces plans to build 15 compressed natural gas fueling stations to support the deployment of 1,400 new CNG vehicles over the next year (UPS) :  

11:01 am CONSOL Energy and Halliburton (HAL) announce the planned deployment of the first hydraulic fracturing spread that is fully compliant with the EPA's 2015 Tier 4F emissions standard for non-road, high-horsepower engines (CNX) : Tier 4F equipment will be used to complete fracturing jobs on all six pads on Pittsburgh International Airport property. Completions on Pad 2 at PIT commence today with an expected 36% overall reduction in emissions as a result of this new equipment.

10:59 am Petrobras Brasileiro confirms it has executed with China Development Bank Corporation the first Facility Agreement of a cooperation arrangement to be implemented during 2015 and 2016 (PBR) : This contract represents a $3.5 billion facility agreement, to be withdrawn by Petrobras Global Trading BV -- PGT, Petrobras' subsidiary. In addition, the parties confirmed the intention of developing new cooperation in the near future.

10:46 am Minor new rebound highs for Dow -120 and S&P -11 -- Nasdaq Comp -38 has not yet confirmed (:TECHX) :  

10:39 am Lincoln Electric to offer $350 mln in aggregate principal amount of senior unsecured notes (LECO) : The Company intends to use the proceeds from the private placement of the Series A Notes, the Series B Notes, the Series C Notes and the Series D Notes for general corporate purposes.

10:27 am Golden Ocean (former Knightsbridge Shipping) changed its ticker to GOGL from VLCCF after merging with Golden Ocean (:GOGL) : The combined company has 172,680,180 common shares outstanding and is now primarily a dry bulk shipper.

10:24 am Honda Motor American Honda unit reports March 2015 US sales decreased 5.3% YoY to 126,318 units (HMC) : American Honda release

10:20 am Relative sector strength on the move off the low (:TECHX) : Sectors displaying relative strength vs. the S&P on the move off the low include: Semi SMH, Gold Miners GDX, Gold GLD, Reg Bank KRE, Telecom IYZ, Retail XRT.

10:16 am Minor push off morning lows -- S&P -15, Dow -150, Nasdaq Comp -44 (:TECHX) : The S&P probed support in the 2049/2047 area (The Technical Take, session low 2048) with some minor recovery developing (hit 2053.78).  

10:15 am Toyota Motor U.S.A. unit reports March 2015 US sales increased 4.9% YoY to 225,959 units (TM) : Toyota release

10:07 am Motorola Solutions announced acquisition of PublicEngines, a provider of cloud-based solutions; terms of the transaction were not disclosed (MSI) :  

10:01 am General Dynamics announces award of $610 mln Navy contract for the construction of a DDG 51 class destroyer (GD) : The $610.4 million contract modification fully funds the ship which was awarded in 2013 as part of a multi-ship competition for DDG 51 class destroyers. The total value of the five-ship contract is approximately $3.4 billion

10:01 am Nymox Pharma is undertaking further analyses of U.S. Phase 3 studies of NX-1207 for prostate enlargement (stock is halted) (NYMX) :

• This will include new long-term data from Studies NX02-0017 and NX02-0018. Co expects to provide these new pivotal Phase 3 study results in Q2 or early Q3 this year. The pivotal U.S. studies NX02-0017 and NX02-0018 were initiated in 2009. Enrollment of NX02-0017 (499 patients randomized) was completed in 2012; enrollment of NX02-0018 (498 patients randomized) was completed in 2013. 973 patients were injected with either NX-1207 2.5 mg (n=582) or saline vehicle alone as control (n=391). At 12 months post-treatment there was no overall top-line statistical significance for the efficacy of treatment in terms of BPH Symptom Score improvement vs controls. The safety profile of NX-1207 was excellent. NX-1207 is also in late-stage development for low grade localized prostate cancer. In 2014 the Company reported 8 month efficacy results showing statistically significant reduced cancer progression in patients who received NX-1207 compared to standard of care.
• "Despite the setback of top-line results not initially beating controls statistically at 12 months post-treatment in these large studies, we continue to believe that NX-1207 has enormous potential for long-term management of BPH. Additional new blinded protocol data from the same pivotal studies is being prospectively captured in order to assess long-term results in patients up to 5 years after a single injection of NX-1207 2.5 mg vs placebo."
  

9:53 am Early weakness persists -- Dow -171, S&P -18, Nasdaq Comp -5- (:TECHX) : The Nasdaq Comp is the weakest performer on a percentage basis but the Dow came the closest to retesting its March low at 17579 (session low 17585).

9:49 am Nissan Motor North America unit reports March 2015 US sales decreased 2.7% YoY to 145,085 units (NSANY) : Nissan release

9:47 am Molson Coors Brewing has acquired Mount Shivalik Breweries; terms not disclosed (TAP) : As part of the transaction, the co acquired MSBL's entire brand portfolio, including the leading strong beer brand, Thunderbolt, and assumes direct control over brewing operations in Haryana and Punjab, as well as distribution for Thunderbolt in Bihar.

9:46 am Relative sector strength (:TECHX) : Sectors displaying some relative strength this morning include: gold GLD, Crude Oil USO, Oil Service OIH, Silver SLV, Ag/Chem MOO (MON, SYT), Energy XLE, Casino.

9:44 am Opening Market Summary: Sliding Out of the Gate (:WRAPX) : The major averages slipped out of the gate amid losses in nine of ten economic sectors with the S&P 500 down 0.6%.

Countercyclical health care (-1.0%) and utilities (-1.0%) opened at the bottom of the leaderboard while the industrial sector (-0.9%) represents the weakest cyclical group in the early going. For the second day in a row, Boeing (BA 147.52, -2.56) has pressured the industrial sector while also contributing to the underperformance of the Dow Jones Industrial Average (-0.7%).

On the upside, the energy sector (+0.7%) has displayed early strength with help from crude oil, which also trades higher by 0.7% at $47.91/bbl.

Treasuries remain near their highs with the 10-yr yield down four basis points at 1.88%.

9:39 am Weaker start for market averages extended -- Dow -110, S&P -11, Nasdaq Comp -24 (:TECHX) : Underperforming sectors in early trade include: Mining XME, Utility XLU, Natural Gas UNG, Paper, defense PPA, Semi XSD, Biotech IBB, Transports IYT. 

9:31 am General Motors March US sales fell 2% YoY (GM) : Chevrolet, GMC, Buick and Cadillac dealers in the United States delivered 249,875 vehicles in March 2015, down 2% year over year. Fleet deliveries were up 5% and retail deliveries declined 5%. Total sales of trucks, including pickups, vans and SUVs, were up 14%. Crossover deliveries were up 6% and passenger car deliveries were down 21%.

9:22 am Gladstone Investments invested an aggregate of $32.5 mln in a combination of equity and debt to acquire Counsel Press Inc. from The Dolan Company (GAIN) :  

9:19 am Corning has acquired iBwave Solutions; terms not disclosed (GLW) : iBwave creates design software forin-building wireless solutions for a wide range of customers and systemintegrators.

9:12 am S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -5.20. (:WRAPX) : The stock market is on track for a modestly lower open as futures on the S&P 500 trade six points below fair value.

Equity indices capped a volatile first quarter yesterday with the S&P 500 adding 0.4% since the end of 2014 while the Nasdaq Composite (+3.5%) outperformed during the first three months of 2015. Today, however, the major averages will look to avoid registering their second consecutive decline.

Economic data from overseas can't be blamed for the early weakness as China reported its first expansionary Manufacturing PMI reading in three months (50.1; expected 49.7) while most PMIs from Europe also beat expectations.

Domestically, the ADP Employment report for March (189K; Briefing.com consensus 225K) missed expectations, but that had little impact on equity futures; however, Treasuries, inched to new highs following the data, pressuring the 10-yr yield to 1.89% (-4 bps).

There's more data on the way at 10:00 ET with March ISM Index (consensus 52.5) and the Construction Spending report for February (expected -0.3%) set to cross the wires.

9:03 am Pharmacyclics announces the initiation of PCYC-1135-CA to investigate the use of IMBRUVICA in combination with Astrazeneca's (AZN) MEDI4736 (PCYC) : The Phase Ib/II study will examine the safety, tolerability and effectiveness of this investigational combination in individuals with relapsed or refractory non-small cell lung cancer, breast cancer, and pancreatic cancer. IMBRUVICA is jointly developed and commercialized by Pharmacyclics and Janssen Biotech. The Phase Ib portion of the study will primarily seek to determine the safety, tolerability, and appropriate dose of ibrutinib when combined with MEDI4736 to treat individuals with cancer

9:02 am Medtronic announces the initiation of a SPYRAL HTN global clinical trial program to treat Renal Denervation (MDT) : Co announces the initiation of the SPYRAL HTN Global Clinical Trial Program, a unique, phased clinical program studying renal denervation in uncontrolled hypertension. This announcement follows investigational device exemption approval by the FDA. The program will begin with two global studies designed to address the confounding factors encountered in the SYMPLICITY HTN-3 clinical trial, including medication, patient population and procedural variability, to ensure the clinical potential of the therapy is evaluated.

9:02 am Kingsway Fin announces sale of Assigned Risk Solutions Ltd. to National General Holdings Corp. (NGHC) (KFS) : Co announced that it has closed on the sale of its subsidiary, Assigned Risk Solutions Ltd., to National General Holdings Corp. for $47 million in cash and potential future earnout payments. ARS is a managing general agent and third-party administrator licensed in twenty-two states with a primary focus on the assigned risk automobile market.

9:01 am Select Comfort: Blue Clay Capital Management issues open letter to shareholders urging them to elect Blue Clay's two nominees to the Company's Board at the upcoming 2015 Annual Meeting (SCSS) : Blue Cay writes:

• "Like you, Blue Clay Capital Management, LLC (together with its affiliates, "Blue Clay") is a shareholder of Select Comfort Corporation ("Select Comfort" or the "Company"). We go back a long way with the Company -- in 2001, when the Company was in financial distress, one of our principals invested significant capital to help keep it afloat. Our interests are clearly aligned with yours in maximizing the long-term value of your shares. To bring the change and fresh perspective that is desperately needed to the Company's Board of Directors (the "Board"), we have nominated two highly-qualified director candidates, Brian A. Spaly and Adam J. Wright, for election to the Board at the Company's 2015 Annual Meeting of Shareholders scheduled to be held on May 22, 2015 (the "Annual Meeting"). With a median tenure of 9.7 years, we believe the current Board has grown stale and is failing to act with the urgency and innovative thinking that is required to protect your best interests. We believe the choice is clear - vote the blue proxy card for much needed change at select comfort"
  

8:55 am Vinci SA announced yesterday, the implementation of a share buyback program with an invesment services provider, to purchase up to EUR 250 mln of the provider's Vinci SA common stock (VCISY) :  

8:54 am S&P futures vs fair value: -4.90. Nasdaq futures vs fair value: -4.80. (:WRAPX) : The S&P 500 futures trade five points below fair value.

Asian equity markets were mixed overnight. Pressure was seen at the start of the Asian session, and accelerated following the release of the Tankan Large Manufacturers survey, which came in 2 points below expectations at 12 (expected 14). The initial reaction in the yen was a move higher, and the Nikkei moved south in response. Chinese equities were in negative territory as well, but manage to stabilize and gain some traction after the state-issued manufacturing PMI figure represented the first expansionary reading in three months.

• In economic data: 
  • China's Manufacturing PMI rose to 50.1 from 49.9 (expected 49.7) while Non-Manufacturing PMI ticked down to 53.7 from 53.9. Separately, HSBC Manufacturing PMI increased to 49.6 from 49.2 (consensus 49.3) 
  • Japan's Q1 Tankan Large Manufacturers Index held at 12 (expected 14) while Tankan Large Non-Manufacturers Index rose to 19 from 16 (consensus 17) 
  • South Korea's March trade surplus widened to KRW8.40 billion from KRW7.70 billion, as expected. Imports fell 15.3% year-over-year (consensus -9.3%; last -19.7%) while Exports declined 4.2% (forecast -1.8%; prior -3.3%) 
  • Australia's AIG Manufacturing Index improved to 46.3 from 45.4 while February Building Approvals fell 3.2% (consensus -4.0%; prior 5.9%) 

------

• Japan's Nikkei lost 0.9%. Most sectors finished in negative territory with Materials (-1.7%) leading the way lower. Financials (+0.3%) managed to buck the trend of selling pressure. 
• Hong Kong's Hang Seng ended 0.7% higher. Financials were in vogue today with Bank of China posting a 2.0% gain and China Construction Bank also posting a solid 0.8% advance. 
• China's Shanghai Composite rose 1.7%. With the PMI coming in better than expected, many of the manufacturing names saw gains with the likes of China Railway gaining 2.4% and China Petro and Chemical improving by 0.9% today. 

Major European indices trade higher across the board with France's CAC (+1.0%) in the lead. The euro has spent the night in a relatively narrow range, climbing off its low following the regional PMI readings. The single currency hovers in the neighborhood of 1.0750 after hitting a low near 1.0720 against the dollar.

• Participants received several data points: 
  • Eurozone Manufacturing PMI rose to 52.2 from 51.9 (expected 51.9) 
  • Germany's Manufacturing PMI climbed to 52.8 from 52.4 (consensus 52.4) 
  • UK's Manufacturing PMI improved to 54.4 from 54.1 (expected 54.3) 
  • France's Manufacturing PMI increased to 48.8 from 48.2 (consensus 48.2) 
  • Italy's Manufacturing PMI climbed to 53.3 from 51.9 (expected 52.3) 
  • Spain's Manufacturing PMI ticked up to 54.3 from 54.2 (expected 54.7) 
  • Swiss SVME PMI rose to 47.9 from 47.3 (consensus 47.2) 

------

• Germany's DAX has added 0.6% amid broad strength. Drugmakers Bayer and Merck lead with gains close to 2.0% apiece while exporters lag. Daimler and Volkswagen trade lower by 0.1% and 0.6%, respectively. 
• UK's FTSE trades higher by 0.7% with financials and consumer names showing strength. Barclays, Lloyds Banking, TUI, and Imperial Tobacco lead with gains between 2.2% and 3.0%. On the downside, miners lag with Antofagasta, BHP Billiton, Glencore, and Randgold Resources down between 0.8% and 2.0%. 
• France's CAC is higher by 1.0% with bank shares in the lead. AXA, Credit Agricole, and Societe Generale sport gains between 1.8% and 3.0%. Only three components hover in the red with Renault lower by 1.1%.

8:54 am On The Wires (:WIRES) :

• CEL-SCI (CVM) announced that in March it has enrolled 29 patients with advanced primary, not yet treated, head and neck cancer into its global pivotal Phase III head and neck cancer trial for its investigational immunotherapy Multikine. March marks the third consecutive month of record enrollment for CEL-SCI this year following January and February 2015. 406 patients have been enrolled in the Phase III study as of March 31, 2015.
• GOLDCORP (GG) announced the declaration of commercial production at its l onore mine, located in the James Bay region of Quebec. For accounting purposes the Company will commence recognizing revenues from the sale of gold and mine operating costs in its consolidated statement of earnings effective April 1, 2015.
• Flex Pharma (FLKS) announced that it has been added to the Russell 3000, Russell 2000, and Russell Microcap Indices as part of Russell Investments' first quarter 2015 IPO additions.
• SciQuest (SQI) announced a new partnership with MercuryGate. This relationship extends advanced transportation sourcing capabilities to MercuryGate customers and provides SciQuest customers with a leading SaaS-based TMS option
• Energy Recovery  (ERII) announced the commissioning of its first IsoGenM system for a gas processing plant owned by the Saudi Arabian Oil Company (Saudi Aramco). This marks Energy Recovery's largest project to date in the oil and gas industry.
• Polycom (PLCM) announced a new Global Partner Program for its collaboration solutions and services that is designed to support, recognize and reward the company's top performing channel partners who innovate with Polycom and lead customer success.
• Diamond Hill Investment Group (DHIL) announced that Tom Skowron has joined Diamond Hill Capital Management, Inc. as a Portfolio Specialist.  Mr. Skowron will primarily be focused on supporting Diamond Hill's fixed income strategies working closely with Strategic Income portfolio managers Bill Zox, CFA and John McClain, CFA.  He brings 23 years of investment industry experience, most recently with JPMorgan Asset Management's High Yield team in Cincinnati, Ohio.
• HealthSouth (HLS) and Memorial Health today began joint operations of Savannah Rehabilitation Hospital, a 50-bed inpatient rehabilitation hospital. The hospital provides comprehensive physical rehabilitation to patients who have experienced stroke, trauma, brain and orthopedic injuries or other major illnesses or injuries.
• Argos Therapeutics (ARGS) announced that the NIH Division of AIDS has approved $6.6 million in funding for an investigator-initiated Phase 2a adult eradication study of AGS-004, the company's investigational fully personalized immunotherapy for HIV.
• Intelsat S.A. (I) announced that Stephen Spengler has officially assumed the role of Chief Executive Officer from Intelsat's now executive chairman, Dave McGlade
• FIS (FIS) announced the opening of its new Digital Innovation Lab in San Francisco

8:54 am Cellceutix also announced the FDA approved request for a pre-IND meeting to discuss the clinical development of a topical defensin-mimetic compound (CTIX) : Co confirmed that the FDA has approved request for a pre-Investigational New Drug ("IND") meeting to discuss the clinical development of a topical defensin-mimetic compound for the indication of induction of remission of ulcerative proctitis. Cellceutix intends to initiate a Phase 2 clinical trial of its unique defensin-mimetic compound for ulcerative proctitis, an idiopathic mucosal inflammatory disease and form of ulcerative colitis involving only the rectum or the distal colon and rectum (proctosigmoiditis). The meeting with the FDA is scheduled to take place at the end of April. Cellceutix will provide shareholders with a comprehensive update on its NASDAQ uplisting status and clinical trials during April 2015.

8:46 am Acuity Brands beats by $0.01, misses on revs (AYI) : Reports Q2 (Feb) earnings of $1.07 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.06; revenues rose 12.8% year/year to $616.1 mln vs the $627.74 mln consensus due primarily to a 15% increase in volume, partially offset by an estimated 1 percentage point net unfavorable change in product prices and mix of products sold ("price/mix") and a 1% unfavorable impact from changes in FX.

• "We remain very bullish about our prospects for continued future profitable growth. Third-party forecasts as well as key leading indicators suggest that the growth rate for the North American lighting market, which includes renovation and retrofit activity, will be in the mid-to-upper single digit range for our fiscal 2015 with expectations that overall demand in our end markets will continue to experience solid growth over the next several years. Our order rates through the month of March reflect this favorable trend. Further, we expect to continue to outperform the growth rates of the markets we serve..." 
  

8:45 am Egalet announced the pricing of an offering of $60.0 mln aggregate principal amount of its convertible senior notes due 2020 (EGLT) : Co estimates that the net proceeds from the offering will be ~$56.0 mln, after deducting initial purchaser discounts and commissions. Co intends to use the aggregate net proceeds from the offering of the notes to fund the commercialization of its approved products, OXAYDO tablets for oral use only --CII  and SPRIX Nasal Spray, to fund research and development operations related to its product candidates, Egalet-001 and Egalet-002 and the remainder for working capital and other general corporate purposes.

8:45 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance: CTSO -41.2%, UTIW -13.7%, CRS -6.4%, SNX -5.3%, RKT -5.1%, HOTR -2.9%, VUZI -1.4%, MON -0.8%, BGCP -0.6%

M&A news: MAC -5.1% (unanimously rejects revised, unsolicited proposal from Simon Property Group)

Other news: HKTV -16.4% (issues statement in response to report by Asia Television Limited regarding the possible involvement of Hong Kong Television Network Limited in ATV), AKAO -9.8% (following co's webcast yday), BCRX -7% (following peer DYAX study results), CTP -4.9% (filed to delay Form 10-K; Sylvain Dhenin to assume role of CEO immediately following the filing), CHRS -3.9% (prices 4,137,931 shares of its common stock at $29.00 per share), NBG -3.1% (cont uncertaintly in Greece), JPST -2.7% (Handy & Harman (HNH) extends tender offer for shares of JPST until April 17 due to continuing discussions with the company), BEL -2.4% (disclosed that Filip Boyen has resigned as Chief Operating Officer effective immediately), MYL -1.6% (prices 35,000,000 ordinary shares held by certain subsidiaries of Abbott Laboratories (ABT), at $58.35 per share), BURL -0.9% (Burlington Stores announces that affiliates of Bain Capital Partners, LLC and certain other stockholders intend to offer 12,490,154 shares of the Company's common stock in an underwritten public offering), CGI -0.8% (filed for $250 mln mixed securities shelf offering)

Analyst comments: ONNN -4.2% (downgraded to Sell from Neutral at Goldman), PIR -2.9% (downgraded to Underweight from Equal-Weight at Morgan Stanley), SBGL -2.5% (downgraded to Sell at Deutsche Bank), AAL -2.4% (downgraded to Hold from Buy at Deutsche Bank), UAL -2.3% (downgraded to Hold from Buy at Deutsche Bank), KORS -2.2% (downgraded to Neutral from Overweight at Piper Jaffray), DAL -2% (downgraded to Hold from Buy at Deutsche Bank), AMCX -1.6% (downgraded to Hold from Buy at Evercore ISI), UHS -1.5% (downgraded to Underperform from Neutral at Sterne Agee), MCC -1.5% (downgraded to Neutral at UBS), VALE -0.9% (downgraded to Underperform at Santander)

8:43 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance: IKGH +20.5%, SLTD +7.2%, FSI +3.9%, RGSE +0.4%

Select EU notables showing strength: CS +2.7%, BCS +2.4%, NVO +1.9%, SNY +1.8%, DB +1.7%, NVS +1.6%, GSK +1.3%, SAN +1.2%, SAP +1%

Select oil/gas related names showing strength: PBR +2%, STO +1.4%, RDS.A +1.2%, TOT +0.9%

Other news: VLTC +117.8% (Carl Icahn disclosed 52.3% active stake in 13D filing),DYAX +46.2% (announces positive results from Phase 1b Clinical Trial of DX-2930 ),INS +9.4% (signed a Stock Purchase Agreement to sell its ChemFree Corporation subsidiary to CRC Industries, Inc for ~$21.6 mln),SRPT +9.2% (appoints Edward Kaye, M.D., as Interim CEO; company on track with clinical and regulatory plans for investigational duchenne muscular dystrophy drugs),ONVO +9% (presents data on in vitro three-dimensional kidney tissue),NBIX +8% (Neurocrine Biosci and Mitsubishi Tanabe Pharma announce agreement to develop and commercialize VMAT2 inhibitor NBI-98854 for movement disorders in Japan and other select Asian markets),SHLD +6.3% (Sears Hldg and General Growth Properties (GGP) have entered into a real estate JV),CYRN +5.6% (following Mitsubishi / Siemen deal),MDCO +3.6% (announces Angiomax patent litigation settlement with Sun Pharmaceuticals),CBK +3.2% (5.2% holder Macellum delivers letter to the CBK mgmt; urges upgrade of board and exploring potential sale to maximize shareholder value),GBSN +2.8% (cont strength),CHK +2.4% (Chesapeake Energy Chairman disclosed purchase of 1 mln shares, worth total of $13.979 mln ),RUBI +2.1% (reached a definitive agreement to acquire privately held Chango Inc for ~$122 mln; Reaffirms Confidence in Q1 2015 Financial Outlook),PMFG +2.1% (announced agreement to sell its ALCO products and Boss-Hatten heat exchanger brands to Koch Heat Transfer; financial details not disclosed), RCPT +1.9% (completed enrollment in the RADIANCE Phase 3 trial of ozanimod in patients with Relapsing Multiple Sclerosis)

Analyst comments: ESPR +3.7% (initiated with a Buy at UBS),TRVN +2.9% (initiated with a Outperform at Wedbush),SPLS +2.2% (upgraded to Overweight from Sector Weight at Keybanc Capital Mkts),LYG +2.1% (upgraded to Hold from Underperform at Jefferies),PHG +1.7% (added to Conviction Buy List at Goldman),TWTR +1.4% (initiated with a Buy at Jefferies),AMT +1.4% (upgraded to Strong Buy from Outperform at Raymond James; esumed with a Overweight at JP Morgan),HPQ +1% (upgraded to Buy from Hold at Jefferies),ZU +1% (initiated with an Outperform at OPCO)

8:43 am Air Transport Services Group: Bastogne Capital Management issues open letter to James H. Carey, Chairman of the Board of ATSG, calling for it to immediately take action to address the large discount to intrinsic value represented by the trading price of the Company's equity (ATSG) : In the letter, Bastogne outlined a specific proposal that would allow the Company to repurchase over 35% of its equity at a 30% premium to the market price while still creating over 30% accretion in cash flow per share. Highlights of the letter include:

• "According to the Company's slide presentation delivered at the BB&T Capital Markets' Transportation Services Conference on February 11, 2015, the Company's lenders (who will no doubt speak conservatively) value its aircraft fleet at approximately $880 million; given the Company's current stock price indicates a total enterprise value of just under $920 million, the market is therefore only ascribing approximately $40 million of value to the Company's business and ability to generate significant cash flows. We are not writing this letter simply to express our frustration with the continued depressed trading levels of the stock, but rather to bring to the board's attention a plan which we believe will address the widespread misunderstanding of ATSG's intrinsic value. As of December 31, 2014, the Company had net indebtedness of roughly $313.5 million, implying net leverage of less than 1.75x EBITDA and a net debt to collateral value ratio of under 36%. By comparison Atlas Air Worldwide Holdings, Inc. ("Atlas") has a net debt leverage ratio of over 5.0x, greater than ATSG's enterprise value to EBITDA ratio. The extension of the DHL relationship and the execution of new dry lease arrangements have brought a significant level of stability to the Company's cash flows, and this should allow the Company to add leverage comfortably and at attractive levels. We believe the Company could borrow an additional $300 million of debt, remain conservatively levered, repurchase $300 million worth of shares at $12 (30% premium to current market) in a dutch tender and create over 30% free cash flow per share accretion for all remaining shareholders. We call on the board to immediately explore this and other options to remove the significant discount in the Company's stock price when compared to intrinsic value."
  

8:41 am European Markets Update: DAX +0.6%, FTSE +0.7%, CAC +1.0% (:SUMRX) : Major European indices trade higher across the board with France's CAC (+1.0%) in the lead. The euro has spent the night in a relatively narrow range, climbing off its low following the regional PMI readings. The single currency hovers in the neighborhood of 1.0750 after hitting a low near 1.0720 against the dollar.

• Participants received several data points: 
• Eurozone Manufacturing PMI rose to 52.2 from 51.9 (expected 51.9) 
• Germany's Manufacturing PMI climbed to 52.8 from 52.4 (consensus 52.4) 
• UK's Manufacturing PMI improved to 54.4 from 54.1 (expected 54.3) 
• France's Manufacturing PMI increased to 48.8 from 48.2 (consensus 48.2) 
• Italy's Manufacturing PMI climbed to 53.3 from 51.9 (expected 52.3) 
• Spain's Manufacturing PMI ticked up to 54.3 from 54.2 (expected 54.7) 
• Swiss SVME PMI rose to 47.9 from 47.3 (consensus 47.2) 

------

• Germany's DAX has added 0.6% amid broad strength. Drugmakers Bayer and Merck lead with gains close to 2.0% apiece while exporters lag. Daimler and Volkswagen trade lower by 0.1% and 0.6%, respectively. 
• UK's FTSE trades higher by 0.7% with financials and consumer names showing strength. Barclays, Lloyds Banking, TUI, and Imperial Tobacco lead with gains between 2.2% and 3.0%. On the downside, miners lag with Antofagasta, BHP Billiton, Glencore, and Randgold Resources down between 0.8% and 2.0%. 
• France's CAC is higher by 1.0% with bank shares in the lead. AXA, Credit Agricole, and Societe Generale sport gains between 1.8% and 3.0%. Only three components hover in the red with Renault lower by 1.1%.
  

8:37 am NuVasive (halted, wil resume at 9:00) CEO Lukianov resigns after investigation reveals non-compliance, Director Lucier appointed interim CEO; co sees Q1 rev exceeding consensus, FY15 profitability on track (NUVA) : Co issues upside guidance for Q1 (Mar), sees Q1 (Mar) revs of exceeding $190 mln vs. $189.48 mln Capital IQ Consensus, including more than $2 million of currency headwinds, and remains on track for 2015 profitability goals (co previously guided for FY15 EPS $1.10).

Greg Lucier, a member of the Company's Board of Directors since 2013, has been appointed to serve as Chairman of the Board and Interim Chief Executive Officer. This appointment follows Alex Lukianov's resignation as Chief Executive Officer and a member of the Company's Board.

• "The results of an independent investigation overseen by the Board of Directors revealed that Alex had not complied with certain of the Company's expense reimbursement and personnel policies. Although the amounts involved appear to be immaterial to the Company's financial results, his actions in this regard were not representative of the high standards by which NuVasive operates."
  

8:33 am Idera Pharma confirms the FDA has granted orphan drug designation for IMO-8400 for the treatment of diffuse large B-cell lymphoma (IDRA) :  

8:33 am EveryWare announces restructuring agreement to reduce long term debt (EVRY) :

• Co announced that it has reached an agreement with its secured lenders on a comprehensive balance-sheet restructuring that, among other things, will substantially reduce the Company's long-term debt. 
• The prepackaged bankruptcy plan is expected to allow the Company to operate its business in the ordinary course throughout the restructuring.
  
• Business is expected to continue as usual, including service to customers, payments to vendors and payment of employee wages and benefits.
  

8:32 am RiceBran Tech. has signed a conditional commitment letter with Full Circle Capital (FULL) for an $8 mln three year debt facility to provide working capital and term loans (RIBT) : The financing will take the form of a $3.5 million senior secured revolving working capital facility, a $2.5 million term loan and up to $2 million of additional term loans.

8:32 am Transdigm Group announces that it has acquired the aerospace business of Franke Aquarotter GmbH for ~$75 mln in cash (TDG) :  

8:31 am Alpha Natural Resources announces repurchase of $593 mln unsecured notes and issuance of $214 mln senior secured second lien notes; as a result of the transactions, co is revising its guidance for 2015 cash paid for interest from a range of $245-255 mln to a range of $230-240 mln (ANR) :

• Co announced that it has completed the repurchase of an aggregate of ~ $593 mln in principal amount of its unsecured notes, including $82 mln principal amount of its 3.75% convertible notes due 2017, $108 mln principal amount of its 9.75% senior notes due 2018, $220 mln principal amount of its 6.00% senior notes due 2019, $68 mln principal amount of its 4.875% convertible notes due 2020 and $115 mln principal amount of its 6.25% senior notes due 2021, in separate privately negotiated transactions with investors. 
• Alpha funded the aggregate repurchase price of ~$331 mln for the unsecured notes through a combination of proceeds from the issuance of $214 mln principal amount of 7.50% senior secured second lien notes due 2020 and $117 mln of cash on hand.

8:31 am Inventergy announces it has entered into definitive agreements with several institutional investors and accredited investors to purchase a total of $2.15 mln of its common stock (INVT) :

• Co announced that it has entered into definitive agreements with several institutional investors and accredited investors to purchase a total of $2.15 million of common stock of the Company, consisting of ~4.673 mln shares of common stock at $0.46/share.
• Gross proceeds will be approximately $2.15 million, which the Company intends to use for working capital purposes in support of its intellectual property (IP) licensing strategies. 

8:31 am EVERTEC announces that as previously announced, Morgan Schuessler is assuming role of CEO; Schuessler's appointment was announced Nov. 21, 2014 (EVTC) :  

8:30 am Fiat Chrysler U.S unit reports March 2015 US sales increased 2% YoY to 197,261 units (FCAU) : Fiat Chrysler US unit report

8:29 am On The Wires (:WIRES) :

• ValidSoft UK Limited and a wholly-owned subsidiary of Elephant Talk Communications (ETAK) announced the signing of a large new commercial customer contract for its newly enhanced User Authentication platform featuring its Voice Biometric technology with a large US-based corporation. 
• Semler Scientific (SMLR) announced the launch of its multi-test platform, WellChec, to perform risk assessments for the healthcare insurance industry.
• Angie's List (ANGI) announced that this week its New York City paid household membership exceeded the 200,000 milestone. 
• AIR Worldwide, a Verisk Analytics (VRSK) business, and FirstBest Systems announced the companies will integrate AIR's catastrophe modeling solution with the FirstBest underwriting management system. The collaboration between the two organizations allows data and analytics on commercial risk to be incorporated into the commercial lines underwriting workflow of property/casualty insurers.
• Cancer Genetics (CGIX) announced that it has executed an agreement with America's Choice Provider Network, an independent national network of healthcare providers in the US that offers out-of-network solutions for over 1100 payers. Under the terms of the agreement, CGI's cancer diagnostic services will be available to more than 19 million domestic members covered by ACPN.

8:28 am S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -11.70. (:WRAPX) : The S&P 500 futures trade seven points below fair value.

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 189K in March. That was below the increase of 225K expected by the Briefing.com consensus. The February reading was revised up to 214,000 from 212,000.

8:24 am TerraForm Power and SunEdison (SUNE) confirm acquisition of 521 MW of wind power plants from Atlantic Power (AT) (TERP) : The portfolio is expected to generate average annual adjusted EBITDA of $56 million and average annual CAFD of $44 million over the next 10 years. This represents a 9%1 unlevered cash-on-cash return.

8:22 am On The Wires (:WIRES) :

• Solar Power (SOPW) announced that its wholly owned subsidiary, SPI Solar Japan GK, has entered into a definitive agreement to sell all of its interest in the land and project development rights for a 6.4 megawatt solar PV project in Susami City, Wakayama Prefecture.
• Seaspan (SSW) announced that it accepted delivery of a 14000 TEU containership, the Yang Ming Wish. The new containership, which was constructed at Hyundai Heavy Industries Co., Ltd., is Seaspan's first 14000 TEU SAVER design containership and second delivery in 2015.
• InVivo Therapeutics (NVIV)  announced that UC Davis Medical Center in Sacramento, CA has been added as a clinical site in the company's ongoing IDE pilot study of its Neuro-Spinal Scaffold in patients with acute spinal cord injury. 
• Galmed Pharmaceuticals (GLMD) announced that it has appointed George Tonelli as Vice President of Clinical Operations.
• Harmonic (HLIT) announced that TV Centro Am rica, a TV Globo affiliate based in Cuiab , Brazil, has deployed an end-to-end contribution, satellite distribution and reception solution from Harmonic to power its new free-to-air multiscreen service.
• American Science and Engineering (ASEI) announced the receipt of an order for 200 MINI Z handheld Z Backscatter imaging systems for customers in China.
• OpenText (OTEX) announced that the Defence Pipeline Organisation, part of the Dutch Ministry of Defence, has chosen OpenText to digitize its active and archived documents.
• Centene (CNC) announced the appointment of Marcela Manjarrez-Williams to Senior Vice President and Chief Communications Officer, effective immediately. In this new position, Ms. Manjarrez-Williams will oversee strategic communications for the Company and will report to Michael F. Neidorff, Chairman and CEO of Centene.
• ChinaCache International (CCIH) announced that it will provide its Enterprise Solutions to support Taikang Life Insurance Co. Ltd's local and international expansion.
• Axcelis Technologies (ACLS) announced that it has received follow-on Purion H orders from one of the world's leading manufacturers of DRAM devices in the Asia Pacific region.
• NXT-ID (NXTD) announces the second shipment of a limited number of Wocket smart wallets is underway to early access pre-order customers.
• DDR (DDR) announced that it closed on the acquisition of one shopping center valued at $49 million and the disposition of 31 assets totaling $353 million at 100% ownership, or $153 million at the Company's share, during the first quarter of 2015.

8:18 am PlasmaTech Biopharma announces that it has now filed its Form 10-K for FY14 (PTBI) :  

8:16 am Market View: Jun. stock-index futures currently trade below fair values following the Mar. ADP Employment Report (:TECHX) :

• ESm5 trades @ 2054.50 -6.25
  
  
• YMm5 trades @ 17658 -45
  
  
• NQm5 trades @ 4317.00 -12.50

8:15 am Taylor Morrison Home intends to offer $350 mln aggregate principal amount of senior notes due 2023 (TMHC) : The Issuers plan to use the net proceeds of this offering together with cash on hand to redeem their 7.750% Senior Notes due 2020.

8:09 am Organovo presents data on in vitro three-dimensional kidney tissue at 2015 Experimental Biology Conf. (ONVO) : Co presented data on the company's in vitro three-dimensional kidney tissue at the 2015 Experimental Biology conference in Boston, MA.

• For the first time, fully human kidney proximal tubular tissues have been generated that are three-dimensional, and consist of multiple tissue-relevant cell types arranged to recapitulate the renal tubular / interstitial interface. 
• The tissues are fabricated using Organovo's proprietary NovoGen bioprinting platform, and will ultimately join the company's exVive3DTM Liver tissues to expand the repertoire of physiologically-relevant tissue systems available for toxicity and efficacy testing as well as disease modeling. 
• "Our bioprinted human kidney tissue represents a significant technical advance over the simple monolayer cell line cultures that predominate today."
  

8:07 am Atlantic Power to sell its wind generation projects to TerraForm Power (TERP) for cash proceeds of ~$350 mln (AT) :

• The following five projects located in Idaho and Oklahoma will be transferred to TerraForm. In addition to the receipt of approximately $350 mln in cash proceeds, the Company will deconsolidate ~$249 mln of project debt (or ~$275 mln as adjusted for the proportional ownership of Rockland, Goshen North and Idaho Wind) and ~$239 mln of non-controlling interest related to tax equity interests at Canadian Hills and the minority ownership interests at Rockland and Canadian Hills. On that basis, the total enterprise value of the transaction is expected to be ~$837 mln, net of estimated reserves and other cash at the projects at closing. 
• Based on the Company's 2015 guidance and adjusting for the Company's proportional ownership of Rockland and Canadian Hills, the EV/Project Adjusted EBITDA multiple implied by the transaction is ~14 times. 
  

8:07 am Receptos has completed enrollment in the RADIANCE Phase 3 trial of ozanimod in patients with Relapsing Multiple Sclerosis (RCPT) : The trial was over-enrolled by approximately 10% due to strong interest among investigators and patients. The Company is continuing to enroll the SUNBEAM trial of ozanimod in patients with RMS. Receptos is on track to complete this Phase 3 clinical development program in the first half of 2017.

8:06 am Rubicon Tech announces appointment of Christine Richardson, Ph.D. to Chief Technology Officer (RBCN) : Richardson was formerly Vice President, Crystal Growth Systems Development and Engineering for GT Advanced Technologies. 

8:06 am UniFirst beats by $0.07, reports revs in-line; co lowers FY15 guidance (UNF) : Reports Q2 (Feb) earnings of $1.37 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $1.30; revenues rose 5.1% year/year to $361.5 mln vs the $360.65 mln consensus. 

• Co lowers EPS guidance for FY15, sees EPS of $5.65-5.85 vs. $6.01 Capital IQ Consensus Estimate, down from $5.75-6.00 to reflect the impact of the environmental charge taken during the quarter
• As a result of the weaker Canadian dollar as well as the negative impact that the low price of oil is having on portions of our customer base, the company lowered its FY15 revenue guidance to the lower end of its previously communicated range of FY15 revs of $1.45-1.47 bln vs. $1.46 bln Capital IQ Consensus Estimate.

8:05 am Monsanto misses by $0.04, misses on revs; guides FY15 EPS at low end of range (MON) : Reports Q2 (Feb) earnings of $2.90 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of $2.94; revenues fell 10.9% year/year to $5.2 bln vs the $5.58 bln consensus.

• In Agricultural Productivity, the decline in gross profit was primarily volume related, as the company continued to convert from non-branded to branded volumes of Roundup, which is shifting gross profit to the second half to support key application windows for over-the-top sprays.

Co issues guidance for FY15, sees EPS at low end of $5.75-6.00 range vs. $5.84 Capital IQ Consensus. 

• EPS guidance includes $0.35-0.40 FX headwind. 
• The co also is tracking to the lower end of its original free cash flow guidance of $2.0 billion to $2.2 billion.
• The Seeds and Genomics segment gross profit growth percentage for the full year is now expected to be low-to-mid-single digits, while the company's Agricultural Productivity gross profit is still expected to be down ~10% YoY due to anticipated generic glyphosate price softening and an incremental 2-to-3% due to deteriorating currencies.

8:05 am Sysco announces that Joel T. Grade has been named executive vice president and chief financial officer, effective Sept. 1, 2015 (SYY) :

• Co announced that Joel T. Grade has been named executive vice president and chief financial officer, effective Sept. 1, 2015, following Chris Kreidler's decision to leave the company in order to relocate to the northeast and spend more time with his family.
• Kreidler will remain CFO through Aug. 31, 2015, and work closely with Grade and Sysco's senior executive team to ensure an orderly transition of his responsibilities. Kreidler has also agreed to stay on through the end of December as an advisor to the company.
• Grade has served as Sysco's senior vice president of finance and chief accounting officer since early 2014 with responsibility for field finance, commercial finance, financial planning and analysis, financial reporting, and shared services accounting. He began his career at Sysco as a staff auditor in 1996.
  

8:05 am 21Vianet announced an extension of its commercial operator agreement to provide Microsoft's (MSFT) commercial cloud services, Windows Azure and Office 365 in China (VNET) : Co announces it and Microsoft (MSFT) have extended the commercial operator agreement to provide MSFT's premier commercial cloud services -- Windows Azure and Office 365 in China. The renewal agreement extends the term of the Microsoft China services commercial operator agreement by four years until December 31, 2018. Pursuant to the renewal agreement, VNET will continue to fully operate and further expand Windows Azure and Office 365 service offerings in China to support the anticipated growth during the effective period of the renewal agreement.

8:04 am RiceBran Tech. has received an arbitral award of R$3.6 mln from a Brazilian arbitration panel related to the Company's 2008 acquisition of Irgovel (RIBT) : An escrow account of approximately US$ 1.9 million was established in a San Francisco bank in 2008 related to RBT's acquisition of Irgovel.  Pursuant to the binding arbitration clause in the final purchase agreement, any parties involved in disputes related to the purchase agreed to settle those disputes through binding arbitration.  The arbitration panel has ruled in favor of the Company and has initially awarded R$3.6 million to RBT.  

• This award paves the way for RBT to begin the process of releasing monies from that escrow to be used to fund operations at Irgovel. 
• RBT is seeking an additional amount of approximately R$ 400,000 for arbitration costs and expenses along with additional amounts for interest.  RBT has provided the necessary documentation to the arbitration panel to recover those additional amounts. 

8:04 am CB&I has been awarded a contract for ~$60 mln for the engineering, procurement, fabrication and construction of storage tanks in Venezuela (CBI) :  

8:02 am Daiichi Sankyo and Asubio Pharmaceuticals merge (DSNKY) :

• Co announced that it will merge with its US-based sister company, Asubio Pharmaceuticals, Inc. As a result, Asubio Pharmaceuticals, Inc. projects will be integrated into the Daiichi Sankyo global development organization, led by Mahmoud Ghazzi, MD, PhD.
• Asubio Pharmaceuticals' parent company, Asubio Pharma Co., Ltd, which is based in Japan, will continue to operate as a wholly owned subsidiary of Daiichi Sankyo Co., Ltd., with a focus on discovery research.
• Asubio Pharmaceuticals, Inc.'s ongoing clinical trial in patients with acute spinal cord injury, ASBI 603ASCENT Study has completed enrollment. An analysis and dissemination of the data will be managed by Daiichi Sankyo.
  

8:02 am XOMA announces initiation of Phase 2 study of Gevokizumab to treat patients with Diabetic Nephropathy (XOMA) : Co announced gevokizumab will be tested in a Phase 2 study in patients with Type 2 diabetes and diabetic kidney disease, clinically referred to as diabetic nephropathy. The international, multicenter, randomized, double-blind, parallel-group, placebo-controlled study is expected to enroll 370 patients who will be randomized to receive gevokizumab or placebo for 52 weeks. The primary objective of this study is to detect the existence of an overall dose-response relationship of subcutaneously dosed gevokizumab on the measured glomerular filtration rate (mGFR), an accurate measure of kidney function, at Week 52.

8:02 am Baxter completes CE Mark approval for HOMECHOICE CLARIA Automated Peritoneal Dialysis System with SHARESOURCE (BAX) :  

8:02 am Cover-All Technologies announces Majesco eligible for NYSE MKT listing; shares of combined company will be publicly-traded under the symbol MJCO (COVR) : Co announced that it has been informed by Majesco that the NYSE MKT has cleared Majesco to apply for listing on the NYSE MKT and that Majesco has filed a listing application with the NYSE MKT. Cover-All anticipates its registration statement will become effective by the end of April 2015.

8:01 am Primerica announces that Glenn J. Williams has assumed the role of CEO in line with previously announced executive leadership transition plans (PRI) : Co announced that Glenn J. Williams has assumed the role of chief executive officer in keeping with the company's previously announced executive leadership transition plans. Williams, who previously served as the company's President, is a 34-year Primerica veteran and has served in a variety of management and leadership roles during his tenure.

8:01 am Omnicell regained compliance with Nasdaq based on the March 30, 2015 filing of Omnicell's Form 10-K; matter is now closed (OMCL) :  

8:01 am Teva Pharma announces the FDA has approved ProAir RespiClick (TEVA) : Co announces the FDA has approved ProAir RespiClick inhalation powder, a breath-actuated, multi-dose, dry-powder, short-acting beta-agonist inhaler for the treatment or prevention of bronchospasm in patients 12 years of age and older with reversible obstructive airway disease; and for the prevention of exercise-induced bronchospasm in patients 12 years of age and older. It is expected to become commercially available to patients during the second quarter of 2015. 

8:01 am Inuvo announces it is renewing its advertising agreement with Yahoo (YHOO) under the same terms and conditions upon its anniversary on April 24, 2015 (INUV) :  

8:00 am Retrophin's Board of Directors appoints John W. Kozarich, Ph.D. as Independent Director and Names Jeffrey A. Meckler as Chairman (RTRX) : Co announces the appointment of Dr. John W. Kozarich to the Board of Directors as an independent director, effective immediately. Co also announces its Board of Directors has named Jeffrey A. Meckler as the Co's next Chairman of the Board of Directors, effective after the annual meeting of stockholders to be held later this year. 

8:00 am JPS Industries: Handy & Harman (HNH) extends tender offer for shares of JPST until April 17 due to continuing discussions with the company (JPST) : Under the tender offer, HNH has offered to purchase up to 10,028,724 shares, or approximately 96.5% of the outstanding shares, of common stock of JPST, at a price of $10.00 per share in cash.

8:00 am Immunogen announces the appointment of Anna Berkenblit, MD, MMSc, as Vice President and Chief Medical Officer (IMGN) : Co announced the appointment of Anna Berkenblit, MD, MMSc, as Vice President and Chief Medical Officer. Prior to joining ImmunoGen, Dr. Berkenblit was Senior Vice President, Clinical Development at H3 Biomedicine, a developer of targeted anticancer compounds founded by Eisai Pharmaceuticals.

7:57 am S&P futures vs fair value: -6.90. Nasdaq futures vs fair value: -10.80. (:WRAPX) : U.S. equity futures trade modestly lower despite upbeat action overseas. The S&P 500 futures hover seven points below fair value.

Meanwhile, the Dollar Index (98.44, +0.08) is little changed after jumping 8.0% during the first quarter. On the commodity front, crude oil trades lower by 0.3% at $47.48/bbl.

The weekly MBA Mortgage Index rose 4.6% to follow last week's 9.5% spike.

The ADP Employment report for March (Briefing.com consensus 225K) will cross the wires at 8:15 ET and the day's data will be topped off with the 10:00 ET release of the March ISM Index (consensus 52.5) and the Construction Spending report for February (expected -0.3%).

Treasuries hold slim gains with the 10-yr yield lower by a basis point at 1.91%.

In U.S. corporate news of note:

• Altera (ALTR 42.21, -0.70) after Argus downgraded the stock to 'Hold' from 'Buy.' 
• Hewlett-Packard (HPQ 31.52, +0.36): +1.2% after Jefferies upgraded the stock to 'Buy' from 'Hold.' 
• ON Semiconductor (ONNN 11.60, -0.51): after being downgraded to 'Sell' from 'Neutral' at Goldman.

Reviewing overnight developments:

• Asian markets ended mixed. Japan's Nikkei -0.9%, Hong Kong's Hang Seng +0.7%, and China's Shanghai Composite +1.7% 
  • In economic data: 
    • China's Manufacturing PMI rose to 50.1 from 49.9 (expected 49.7) while Non-Manufacturing PMI ticked down to 53.7 from 53.9. Separately, HSBC Manufacturing PMI increased to 49.6 from 49.2 (consensus 49.3) 
    • Japan's Q1 Tankan Large Manufacturers Index held at 12 (expected 14) while Tankan Large Non-Manufacturers Index rose to 19 from 16 (consensus 17) 
    • South Korea's March trade surplus widened to KRW8.40 billion from KRW7.70 billion, as expected. Imports fell 15.3% year-over-year (consensus -9.3%; last -19.7%) while Exports declined 4.2% (forecast -1.8%; prior -3.3%) 
    • Australia's AIG Manufacturing Index improved to 46.3 from 45.4 while February Building Approvals fell 3.2% (consensus -4.0%; prior 5.9%) 
  • In news: 
    • China's Manufacturing PMI registered its first expansionary reading in three months, but new export orders declined, suggesting soft outside demand

• Major European indices trade higher across the board. UK's FTSE +0.6%, Germany's DAX +0.8%, and France's CAC +1.1%. Elsewhere, Italy's MIB +1.0% and Spain's IBEX +0.5% 
  • Participants received several data points: 
    • Eurozone Manufacturing PMI rose to 52.2 from 51.9 (expected 51.9) 
    • Germany's Manufacturing PMI climbed to 52.8 from 52.4 (consensus 52.4) 
    • UK's Manufacturing PMI improved to 54.4 from 54.1 (expected 54.3) 
    • France's Manufacturing PMI increased to 48.8 from 48.2 (consensus 48.2) 
    • Italy's Manufacturing PMI climbed to 53.3 from 51.9 (expected 52.3) 
    • Spain's Manufacturing PMI ticked up to 54.3 from 54.2 (expected 54.7) 
    • Swiss SVME PMI rose to 47.9 from 47.3 (consensus 47.2) 
  • Among news of note: 
    • The euro has spent the night in a relatively narrow range, climbing off its low following the regional PMI readings. The single currency hovers just above 1.0750 after hitting a low near 1.0720 against the dollar

7:46 am Dominion Midstream announces it has acquired Dominion Carolina Gas Transmission, from Dominion Resources (D), for ~$495 mln (DM) : Co announces it has acquired Dominion Carolina Gas Transmission from Dominion Resources (D), for ~$495 mln. Co is issuing ~$200 mln of limited partnership units to Dominion and has entered into a two-year note with Dominion for the remaining $295 mln in transaction consideration.

• The addition of Dominion Carolina Gas Transmission is expected to be immediately accretive to Dominion Midstream's distributed cash flow per unit. This transaction supports the partnership's intention to grow distributions to unitholders at a compounded annual growth rate of about 22% per year through the end of the decade.
  

7:30 am Equity Commonwealth announced it is calling for the redemption of its 5.75% senior notes due 2015, on or by May 1,2015 (EQC) :  

7:15 am CONSOL Energy announces that its CNX Coal Resources LP subsidiary filed a Registration Statement on Form S-1 with the SEC for the IPO of common units representing limited partner interests (CNX) : CNX Coal Resources' initial assets are expected to consist of a 20% undivided interest in, and operational control over, CONSOL Energy's Pennsylvania mining complex, which consists of three underground mines (the Bailey Mine, the Enlow Fork Mine and the Harvey Mine) and related infrastructure.The offering is expected to be completed in mid-2015. CNX Coal Resources intends to apply to list the common units on the New York Stock Exchange under the symbol "CNXC."

7:08 am Myriad Genetics announces the expansion of its companion diagnostic collaboration with AstraZeneca (AZN) (MYGN) : Under the terms of the expanded agreement, Myriad's BRACAnalysis CDx test will be used to prospectively identify which patients with metastatic pancreatic cancer may respond to treatment with Lynparza (olaparib).

7:03 am NanoString Technologies and the University of Texas MD Anderson Cancer Center announce a multi-year collaboration to accelerate the development and adoption of a revolutionary new type of assay based on the co's nCounter Analysis System (NSTG) : The collaboration will involve the development of "multi-omic" assays, which simultaneously profile both gene and protein expression, with a primary focus on identifying important biomarkers in the burgeoning field of immuno-oncology as well as extending programs for targeting therapeutics.

7:02 am Innocoll: Results of pivotal pharmacokinetic study of XaraColl supports use of 300 mg dose for phase 3 clinical studies in post-operative pain (INNL) : Co announced that the results of a pharmacokinetic (:PK) study support using a dose of 300 mg of XaraColl, Innocoll's collagen/bupivacaine bioresorbable implant, in its planned Phase 3 studies to evaluate the efficacy of XaraColl in the treatment of post-operative pain.

7:02 am The Medicines Co announces Angiomax patent litigation settlement with Sun Pharmaceuticals (MDCO) : Co announced that it has settled its litigation with Sun Pharmaceutical Industries relating to its U.S. Patents covering Angiomax. The patents expire on July 27, 2028. As a result of the settlement, the co will permit a Sun Pharma subsidiary to market a generic bivalirudin product in the United States on June 30, 2019, or earlier in certain limited circumstances. 

7:02 am Christopher & Banks: 5.2% holder Macellum delivers letter to the CBK mgmt; urges upgrade of board and exploring potential sale to maximize shareholder value (CBK) : 5.2% holder Macellum delivered a letter to the CBK management. In the letter, Macellum notes that the Board of Directors has not exercised good oversight, governance or leadership and that Macellum was rebuffed when it approached the Company on a friendly basis to offer the assistance of several qualified potential directors, including former CEO, Joel Waller.

• Further Macellum highlights its concerns over the deterioration in the Company's results and believes that with the proper governance and oversight the Company should be capable of achieving high single digit operating margins and meaningful revenue growth by gaining back lost market share within its target demographic.
• Lastly, Macellum believes that with the heightened interest potential acquirers have shown in this segment of retail the Company should explore a potential sale to maximize shareholder value.
  

7:01 am Sanchez Energy lowers borrowing base following asset sale (SN) : Co has received commitments from its lending group to change the borrowing base under its $1.5 billion first lien revolving credit facility from $650 million to $550 million with an unchanged elected commitment of $300 million, effective immediately.

• This borrowing base change reflects the effect of the recently announced sale of certain assets in the Eagle Ford shale for $85 million. In addition, the existing net total debt covenant of 4.0x was replaced with a senior secured leverage covenant of 2.25x and a total interest coverage covenant of 2.25x.
  

7:01 am General Employment Ent. has closed the transaction with Scribe Solutions; Derek Dewan has been elected Chairman of the Board and CEO of General Employment effective April 1, 2015 (JOB) :  

7:01 am Broadwind Energy announces $13 mln in new tower orders from a U.S. wind turbine manufacturer (BWEN) : Broadwind will produce these towers in its Manitowoc, Wisconsin facility.

7:00 am Otonomy announces appointment of Dean Hakanson, M.D., as Chief Medical Officer (OTIC) :

• Co announced the appointment of Dean Hakanson as chief medical officer. Hakanson has experience including Novartis (NVS), Bristol-Myers Squibb (BMY), Genentech (RHHBY) and GlaxoSmithKline (GSK)
  

7:00 am Kamada has received an allowance from the Canadian Intellectual Property Office for Patent Application entitled, 'Large Scale Preparation of Alpha-1 Proteinase Inhibitor and Use Thereof' (KMDA) : The allowed patent covers a large scale manufacturing process for production of Alpha-1 Proteinase Inhibitor, which significantly improves its production capacity.

7:00 am Community Health announces the sale of of ownership stake in Chesterfield General and Marlboro Park hospitals, effective April 1, 2015 (CYH) : The Company does not expect the transaction to have a meaningful impact on financial operations

7:00 am MEDNAX announces the acquisition of Texas Ear, Nose & Throat Consultants; expected to be immediately accretive to earnings (MD) :

• Co announced the acquisition of Texas Ear, Nose & Throat Consultants, PLLC, locally-known as Children's ENT of Houston, located in Houston, Texas.
  
• This was a cash transaction, and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed. 
  

6:58 am Trillium Therapeutics prices 1.52 mln share common stock offering at $19.50/share (TRIL) : Co also prices 1.08 mln preferred shares at $19.50/share.

• "We believe that the net proceeds from this offering and our existing cash and cash equivalents, together with interest thereon, will be sufficient to fund our operations for the next 36 months."
  

6:53 am Dr. Reddy's has entered into a definitive agreement to acquire a select portfolio of the established products business of UCB, in the territories of India, Nepal, Sri Lanka and Maldives for EUR 118 mln (RDY) : The acquired business is being sold on a slump sale basis. The transaction includes approximately 350 employees engaged in operations of the India Business. The revenues of the acquired business is approximately INR 150 Crores for calendar year 2014.

6:46 am Macau Gaming Inspection and Coordination Bureau reports March gross gaming rev -39.4% YoY (WYNN) : Macau Gaming Inspection and Coordination Bureau reports March gross gaming rev (:GGR) -39.4% YoY at 35.5 bln patacas ($4.36 bln) vs. +13% in March 2014 and -49% last month.

• Macau GGR is down 36.6% YTD.
• Macau gross gaming rev continues to fall due to increased regulation: officials cracked down on the illicit funds flowing through the region via junket operators running the VIP gaming market; a smoking ban in the casinos and macro headwinds are also playing a part.
  
• GGR fell 2.6% in 2014 after rising 12.6% in the first half of the year as declines accelerated into year end; GGR grew 18.6% in 2013 and 13.5% in 2012.
  
• Comps will be tough until ~mid-year.
  
• Casino stocks with exposure to Macau: MPEL, IKGH (junket operator), WYNN, LVS, MGM... BJK.
  

6:46 am Dice Holdings announces Rule 10b5-1 stock trading plans for expiring stock options (DHX) : Co announced that Michael Durney, President & CEO, earlier adopted pre-arranged stock trading plans covering stock options set to expire August 31, 2015. These plans are in accordance with the guidelines specified under Rule 10b5-1.

• Commencing in April 2015, Durney's plans provide for the exercise of all options that were granted in November 2005 and are due to expire August 31, 2015 (688,065 in total), as well as the sale of a portion of those shares acquired upon exercise. The remainder of the shares will be held by Durney. 
  

6:32 am Achaogen highlights from yesterday's webcast; co plans to initiate an additional Phase 3 trial to evaluate the safety and effectiveness of plazomicin for the treatment of complicated urinary tract infections (AKAO) : Based on discussions with the FDA, the Company expects the new trial would serve as a single pivotal study and, when combined with data from plazomicin's successful Phase 2 cUTI trial, would be sufficient to support filing of a New Drug Application with the United States Food and Drug Administration to seek regulatory approval of plazomicin in the United States.

• Achaogen believes the proposed Phase 3 cUTI trial will provide a more predictable timeline with a high probability of technical success and could position the Company to submit a New Drug Application for plazomicin in the U.S. in the second half of 2017. 
• The Company has also held discussions with the FDA about potential changes to its existing Phase 3 CARE (Combating Antibiotic Resistant Enterobacteriaceae) trial of plazomicin in which enrollment has been slower than anticipated. The FDA has agreed to proposed changes to the protocol for the CARE trial which the Company believes will improve the rate of patient enrollment in the trial. 
• The Company and the FDA also agreed, as part of a proposed protocol amendment, to change the primary endpoint to a composite endpoint that includes all-cause mortality and a number of significant disease-related complications at day 28, which is expected to result in a higher event rate and to increase the statistical power of the trial. The Company believes the combination of pivotal data from the cUTI trial plus data from the CARE trial would expand the potential market opportunity for plazomicin, if approved, to be used in the treatment of cUTI as well as for BSI and nosocomial pneumonia.
  

6:30 am Campus Crest Communities announces update to its anticipated dividend payments; the Board of Directors does not anticipate declaring any dividend payments for 2015 (CCG) : In connection with the filing of its Form 10-K for the fiscal year ended December 31, 2014, the Company noted that for 2015, the Company does not anticipate being subject to any REIT-required minimum distributions. Therefore, the Board of Directors does not anticipate declaring any dividend payments for 2015, and the Company currently does not intend to make distributions to common stockholders in 2015, unless it successfully effects certain asset sales, raises additional capital, refinances its existing credit facilities, and/or experiences sufficient improvement in operating results.

• Additionally, the Company is suspending dividend payment on its Series A Cumulative Redeemable Preferred Shares. However, dividends on the Series A Preferred Stock will accrue at the effective annual rate of $2.00 per share until paid.
  

6:30 am Rudolph Tech announces award of $17 mln in orders for NSX Series and Wafer Scanner inspection systems (RTEC) : Several systems were shipped in the first quarter and the remaining will ship in the second quarter

6:19 am Sears Hldg: Newly created REIT Seritage Growth Properties files rights offering to partially finance its purchase of approximately 254 of the Sears/Kmart properties (SHLD) : The Registration Statement provides for a rights offering by Seritage intended to partially finance its purchase of approximately 254 of the Company's properties, virtually all of which are operated as Sears and Kmart stores. Proceeds to the Company of this sale are expected to exceed $2.5 billion.

• The Company would in turn enter into a master lease agreement, pursuant to which it would lease the Sears and Kmart properties from Seritage and continue to operate its retail stores in those locations. 

6:19 am Sears Hldg and General Growth Properties (GGP) have entered into a real estate JV under which Sears has contributed to the JV 12 Sears Holdings properties located at GGP malls, involving both existing Sears Holdings stores and certain property leased to third parties occupying former Sears Holdings stores (SHLD) : As part of the transaction, GGP has contributed cash to the JV, and the JV has leased back the existing Sears Holdings stores. The transaction is designed to unlock real estate value and enhance financial flexibility for Sears Holdings while at the same time providing the JV the opportunity to create additional value through re-development and re-leasing of up to 50% of each property.

• A subsidiary of Sears Holdings has contributed to the JV 12 properties at GGP malls where Sears Holdings currently operates department stores (or leases former stores to third party tenants), in exchange for an interest in the JV and $165 million in cash. The transaction values these properties at $330 million in the aggregate. Under the agreement with Sears Holdings, a subsidiary of GGP has made a cash contribution of $165 million to the JV in exchange for a 50% interest in the JV, and such amount has been distributed to Sears Holdings which will own the other 50% interest upon consummation of the transaction. 
  
• Sears Holdings has agreed to lease back the contributed properties from the JV Entity under a triple-net master lease agreement. The Master Lease will extend for a period of ten years, with two five-year renewal options. The initial amount of aggregate base rent under the Master Lease will be $17.3 million. The JV Entity has the ability to recapture up to 50% of the space leased to Sears Holdings and then re-lease this space to other tenants. 
  

6:02 am Salix Pharma: Valeant Pharmaceuticals (VRX) announces the expiration of the tender offer to purchase all of the outstanding shares of Salix for a price of $173.00 per share in cash; expects to complete the acqusition today (SLXP) :  

6:01 am Exco Resources entered services and investment agreement with Bluescape Resources : names C. John Wilder as Executive Chairman and Harold Hickey as CEO (XCO) : Additional highlights of the agreement include:

• Bluescape will purchase $10 million in EXCO's common stock from the Company and an additional $40 million in common stock in the open market within one year from closing
• Bluescape will receive a cash retainer and a warrant package designed to reward outstanding relative value outperformance by EXCO's common stock

5:49 am European Markets : FTSE...6843.90...+70.90...+1.00%.  DAX...12079.19...+113.00...+0.90%.

5:49 am Asian Markets : Nikkei...19034.84...-172.20...-0.90%.  Hang Seng...25082.75...+181.90...+0.70%.

5:49 am S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +6.80. :

5:46 am CommunityOne Bancorp has agreed to acquire the Lenoir, North Carolina branch of CertusBank, N.A. and assume the customer deposits of CertusBank from its Lenoir and Granite Falls branches in western North Carolina (COB) : This purchase, which is expected to close in the second quarter, and is subject to regulatory approval, will expand CommunityOne's branch network to 12 branches in the Caldwell/Catawba area and cement its position as the second largest community bank there.

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

• Sapiens International (SPNS) announced the official launch and general availability of its Sapiens Closed Books solution for the European life and pension insurance market. 
• MarketAxess Holdings (MKTX) announced it recently enhanced its European credit trading platform with the addition of a further 4 market-making broker-dealers. 
  

4:25 am On The Wires (:WIRES) :

• Boeing (BA) and Air India announced the airline's milestone delivery of its 20th 787 Dreamliner from Boeing's final assembly facility in North Charleston, S.C. 
• ACE Group (ACE) announced the launch of its high net worth personal insurance capabilities in Canada through ACE Private Risk Services. By leveraging the strength and expertise of ACE's global network, the business will offer superior insurance solutions for Canadians as well as Americans and other foreign citizens with properties in Canada.
• NTT Communications, the ICT solutions and international communications business within NTT (NTT), announced today the immediate availability of a developer portal for the NTT Communications API Gateway. 

4:17 am Sony announces sale of certain Olympus shares (SNE) : Sony Corporation announced that it has entered into a contract to sell 17,243,950 shares of its 34,487,900 shares of Olympus Corporation to JP Morgan Securities Japan

Outlook
In connection with the sale, Sony expects to record a gain on the sale of ~JPY46.8 billion as other income during the first quarter for the fiscal year ending March 31
2016. 

3:33 am Remy Cointreau announces transfer of the liquidity contract (REMYF) : Co announced it has decided to transfer the management of its liquidity contract to Kepler Capital Markets SA. This liquidity contract is compliant with the Charter of Ethics established by the AMAFI and approved by the Autorit des March s Financiers. The total amount was EUR3,126,462.95 

3:14 am Partner Comms announces the entering into loan agreements (PTNR) : Co announces that during March 2015, the Company has engaged in two loan agreements with institutional corporations, as follows: 

• A loan agreement in the principal amount of NIS 75 million which will bear simple unlinked shekel interest for 5.5 years, of which the principal will be paid in 10 equal quarterly payments commencing on June 2018. 
• A loan in the principal amount of NIS 200 million, which will bear simple unlinked shekel interest for 8.5 years, of which the principal will be paid in 12 equal semi-annual payments commencing on March 2018. 

3:12 am Frontline announces increase in share capital (FRO) : Co announced it has issued 1,278,844 ordinary shares pursuant to the equity distribution agreement during the month of March 2015. Following such issuance, Frontline has an issued share capital of $124,534,280 divided into 124,534,280 ordinary shares.

3:09 am Oi SA annouces approval by Telemar Participacoes shareholders of the planned measures for the transaction goals published on February 20 (OIBR) :  

3:06 am Simon Properties withdraws offer to acquire Macerich (MAC) (SPG) : Simon Property Group (SPG) confirmed that it has withdrawn its offer to acquire the outstanding shares of The Macerich Company (MAC) for $95.50 per share, in light of the decision by the Macerich Board of Directors not to engage in discussions with Simon.  

3:04 am Macerich Board of Directors unanimously rejects revised, unsolicited proposal from Simon Property Group (SPG) (MAC) : The Macerich Company (MAC) announced that its Board of Directors unanimously rejected Simon Property Group's (SPG) revised, unsolicited proposal to acquire the Company for $95.50 per share in cash and stock.  The Macerich Board carefully reviewed the revised proposal with the assistance of its financial, real estate and legal advisors, and determined that the proposal continues to substantially undervalue Macerich and that pursuing the proposed transaction at this time is not in the best interests of Macerich and its stockholders.  

3:02 am Neurocrine Biosci and Mitsubishi Tanabe Pharma announce agreement to develop and commercialize VMAT2 inhibitor NBI-98854 for movement disorders in Japan and other select Asian markets (NBIX) : Neurocrine Biosciences announced that it has entered into an exclusive collaboration and licensing agreement for the development and commercialization of its VMAT2 inhibitor, NBI-98854, in Japan and other select Asian markets with Mitsubishi Tanabe Pharma. Mitsubishi Tanabe intends to initially develop NBI-98854 in Japan for the chorea associated with Huntington's disease and tardive dyskinesia. Neurocrine retains full commercial rights to NBI-98854 in North America, Europe and other countries outside of Asia.

• Under the terms of the agreement, Neurocrine will receive an initial payment of $30 million and is eligible to receive up to $85 million in additional milestone payments associated with the development and commercialization of NBI-98854 in Asia. 
• Upon commercialization, Neurocrine will receive royalties on product sales from Mitsubishi Tanabe territories in Asia. 
• Neurocrine will also support Mitsubishi Tanabe's clinical efforts in developing NBI-98854 for patients suffering from the chorea associated with Huntington's disease and tardive dyskinesia.
  

2:59 am Coherus BioSciences prices 4,137,931 shares of its common stock at $29.00 per share (CHRS) :  

2:57 am CyrusOne upsizes and prices prices a public offering of 12,400,000 shares of its common stock at $31.12 per share (CONE) : The offering was upsized from the previously announced public offering of 12,200,000 shares of common stock. All of the shares of common stock were offered by CyrusOne. 

2:54 am Sarepta Therapeutics appoints Edward Kaye, M.D., as Interim CEO; company on track with clinical and regulatory plans for investigational duchenne muscular dystrophy drugs (SRPT) : Co announced the appointment of Edward Kaye, M.D., the company's Chief Medical Officer, as interim Chief Executive Officer effective immediately. He replaces Christopher Garabedian, who resigned as President and Chief Executive Officer and as a member of the Board, also effective immediately.

• Dr. Kaye, who will continue in a dual capacity as CEO and CMO while the company conducts a search for a new full-time CEO, will focus his efforts on heading the regulatory and clinical process for the company's lead product candidate, eteplirsen, and follow on "exon" drug candidates for Duchenne Muscular Dystrophy. 
• Dr. Kaye has been Sarepta's CMO since June of 2011, during which time he has been responsible for the company's medical and clinical operations. 

2:49 am Mylan Labs prices 35,000,000 ordinary shares held by certain subsidiaries of Abbott Laboratories (ABT), at $58.35 per share (MYL) :  

2:48 am AES priced $575 mln of 5.500% senior notes due 2025 (AES) :  

2:47 am Cincinnati Bell enters into agreement to sell common units of Limited Partnership Interests in CyrusOne (CONE) (CBB) : Cincinnati Bell announced that it entered into a purchase agreement with CyrusOne to sell 12,400,000 operating partnership units (plus up to an additional 1,860,000 operating partnership units if the underwriters exercise their option described below) in CyrusOne's operating partnership, CyrusOne LP, for $29.8752 per operating partnership unit.

• The number of operating partnership units to be sold was increased from the previously announced 12,200,000 operating partnership units. CyrusOne announced today it had priced the public offering of 12,400,000 shares of its common stock and granted the underwriters an option to purchase up to 1,860,000 additional shares, the net proceeds of which will be used to acquire operating partnership units from two subsidiaries of Cincinnati Bell. 
  

1:52 am Silvercrest Mines announces update to Santa Elena pre-feasibility study; pre-tax base case NPV (5%) of $144 million, replaces reserves and renews 8 year mine life (SVLC) : Co updates the Santa Elena Pre-Feasibility Study and Open Pit Resource. The Base Case economic analyses use a range of metal prices per ounce for gold and silver.  For gold prices, the range is defined as $1,250 (2015), $1,275 (2016) and $1,300 (2017 -- 2022) and for silver prices the range is defined as $18 (2015), $19 (2016), $20 (2017) and $21 (2018 -- 2022). On this basis, the following economic highlights for a continued 8 year mine life beginning January 2015 are:

• Total operating revenue of $555 million from estimated sales of 12.6 million ounces of silver and 270,700 ounces of gold. 
  
• Total operating costs of $349 million. 
  
• Estimated cash operating costs averaging $11.59 per silver equivalent ounce (Ag:Au average ratio of 64.5:1 based on sold ounces for LOMP). 
  
• Total sustaining capital costs of $31 million including LOMP underground drilling programs and 2015 surface exploration expenditures. 
  

1:45 am Enbridge makes formal proposal to transfer canadian liquids pipeline business and renewable energy assets to Enbridge Income Fund (ENB) : Co announced that the Company delivered a formal proposal to the Boards of Enbridge Commercial Trust  and Enbridge Income Fund Holdings to transfer Enbridge's Canadian Liquids Pipelines business, comprised of Enbridge Pipelines and Enbridge Pipelines, along with certain renewable energy assets, to Enbridge Income Fund. 

• The formal proposal follows the December 3, 2014 announcement of the proposed Canadian restructuring plan. The general terms and projected financial outcomes of the proposed transfer are substantially consistent with those originally described in that announcement. 
  

1:43 am Saneamento Basico announces proposal for extraordinary tariff revision (SBS) : Co informs its shareholders and the market in general that, on March 31, 2015, the Sao Paulo State Sanitation and Energy Regulatory Agency published a notice on the Official Gazette of the State of Sao Paulo, announcing that it is submitting for Public Consultation a proposal for Sabesp's Extraordinary Tariff Revision, according to Preliminary Technical Note RTS/003/2015, which implies in a total tariff adjustment of 13.97%, 7.06% of which refers to tariff adjustment by the IPCA (Amplified Consumer Price Index) minus the efficiency factor; and 6.36% refers to the extraordinary revision.