11:56 am Currency Commentary: DXY Lingers Below 100 (:SUMRX) :

• The Dollar Index continued to trade just shy of the 100 psyche level. Economic data was generally mixed to below expectations. Q3 GDP saw an upward revision to +2.1% which was generally in line with expectations and mostly driven by inventories. The Case Shiller came in higher than expected but was more than offset by a steep decline in Consumer Confidence. Ther November read on the consumer is not surprising given the recent round of results and commentary from retailers. It will certainly help provide some pause to the Fed as we approach the Holiday shopping season.
• The euro was was making a push back to 1.07 before rolling over. Germany saw its Ifo survey come in higher than expected as it appears to be seeing an improved performance from the lower euro. The Q3 GDP number of +0.3% q/q in Germany did not see any revision. The single currency is trading at 1.0640 at the time of this writing.
• The pound slipped to a two week low in reaction to comments made by Bank of England Governor Mark Carney. Mr. Carney noted that the BoE were likely to keep rates low for an extended period of time. This is pushing back expectations for a rate hike by the central bank. Cable is hovering above its multi-month low of 1.5027 set back on November 6. This will set up as a key level in coming sessions.
• The yen has continued to hold the 123 level for support. Yen has seen a small bid as the news of Turkey shooting down a Russian jet fighter led to some safe haven buying. But the move has been relatively muted as the currency remains in the 122-123 range. The currency also will see a boost from the preliminary Manufacturing PMI number which came in higher than expected (BONDX, FOREX). 

11:55 am Major averages set new recovery / session highs -- Dow +7, Nasdaq Comp -14, S&P -3 (:TECHX) : Relative sector strength in recent trade has been noted in: Energy XLE, Oil Service OIH, Technology XLK, Housing XHB, Retail XRT, Gold Miners GDX, Materials XLB.

11:53 am 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:-1.4%
• France's CAC:-1.4%
• Spain's IBEX:-0.7%
• Portugal's PSI:-0.6%
• Italy's MIB Index:-1.6%
• Irish Ovrl Index:-1.4%
• Greece ASE General Index: +0.7%

11:52 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (139) outpacing new highs (56) (SCANX) : Stocks that traded to 52 week highs: ABCB, AFCO, AMWD, BBCN, BECN, BHBK, CASM, CIA, CPB, CPE, CPRT, DY, EBS, ESLT, EXTR, FIVN, FNWB, FSB, FSV, FXCB, GVA, HD, HRL, IBCP, IMPV, INST, IROQ, JBL, LDOS, MATW, MKL, MXL, MYOK, NBBC, NCTY, NUAN, PBF, PBH, PBSK, SFBS, SMBC, STZ.B, TATT, TSN, TSO, TTI, TTS, UFPI, UHAL, USCR, VGR, VLO, VTN, VYGR, XRS, XUE                                                                                    

Stocks that traded to 52 week lows: ACP, ACTG, AGI, AMFW, ANGO, ARCX, ARDC, ARDM, ARLP, ASYS, BBBY, BBOX, BCS, BDCV, BGB, BGX, BID, BLOX, BRCD, BSL, BSPM, CAR, CCM, CCO, CEQP, CGG, CHCI, CHOP, CHS, CMI, CNP, CNXR, COG, CTRN, CVGI, DAKT, DB, DCIX, DOM, DTRM, EMMS, ENBL, EQT, ERB, ESEA, ESSX, EVLV, EVOL, EXC, FELP, FTSL, FULL, FUR, FXCM, GLP, GLPI, GNOW, GOGL, GPOR, GPRO, GROW, GTIM, HHY, HIE, HTS, I, IDT, INTT, INVT, IPI, JSD, KEN, KIN, LBTYA, LBTYK, LHO, LIFE, LUK, LYG, MCC, MEMP, MOKO, NAO, NBY, NMBL, NMIH, NNI, NRZ, NWPX, NXTD, OBCI, OEC, OGE, OPY, PEB, PERF, PFMT, PSTI, QKLS, R, RACE, RAS, RBCN, RBS, RESI, RICE, RLJ, RMGN, RNO, ROYL, RTIX, RVP, RWT, RYI, SATS, SCOR, SGNT, SNMX, SRF, STML, SVVC, SXE, SYRX, TAS, TCI, TCS, TERP, TMST, UNXL, USEG, UTG, VGGL, VHC, VKTX, WMLP, X, XBIT, XCRA, XRA 

ETFs that traded to 52 week highs: none

ETFs that traded to 52 week lows: EPOL, KOL, PPLT, UNG

11:51 am Ethan Allen affirms preliminary results from annual shareholder meeting indicate all of its nominees were elected (ETH) :

• "With the Annual Meeting behind us, we look forward to continuing to execute onour transformation strategy, which we expect will generate in excess of $1 billion in sales supported by our well-positioned retail and manufacturingfootprint, completion of our phase 3 and phase 4 initiatives and enhancedmarketing and e-commerce strategies to continue driving value for all EthanAllen stockholders."

11:33 am Further recovery for major averages -- Dow -6, S&P -4, Nasdaq Comp -21 (:TECHX) : Noted supports at 09:36 which were probed on the drop to new lows (10:56). Suggested potential for a rebound attempt based on non-confirmations at that time with new recovery highs set in recent trade.

11:31 am Carnival announces initiation of repurchases under a $1 billion share repurchase program (CCL) :  

11:31 am Aeterna Zentaris issues statement, says there are no corporate developments that would cause the recent movements in its share price (AEZS) :  

11:16 am Adaptimmune Therapeutics initiates a study of its affinity enhanced T-cell therapy targeting the NY-ESO-1 cancer antigen in patients with Stage IIIb or Stage IV non-small cell lung cancer (ADAP) : Adaptimmune is developing the affinity enhanced T-cell therapy targeting NY-ESO-1 under a collaboration agreement with GlaxoSmithKline (GSK). This is an open label clinical study in up to 10 patients with locally advanced or metastatic NSCLC and whose disease has progressed or not responded to prior therapies. The company expects to begin dosing of patients shortly.

11:02 am EDAP TMS SA announces data from a high intensity focused ultrasound trial, showing encouraging outcomes in treating patients with unilateral localized prostate cancer (EDAP) :

Co announced data from a multicenter trial demonstrating encouraging outcomes of focal HIFU as a new treatment strategy for patients with unilateral localized prostate cancer. Data from the abstract demonstrated the potential of hemiablation (removal of half the prostate) using focal HIFU to achieve a local control of the tumor in patients with unilateral prostate cancer.

• The study, which was conducted at 10 centers throughout France, was sponsored and designed by the French Urological Association (:AFU). The aim of the study was to assess the effectiveness and side effect profile of prostatic hemiablation using Ablatherm HIFU to treat the pathologically affected lobe.
• Co stated: "The data from the trial are highly encouraging in comparison to other existing treatments: 88% of the study patients showed no significant findings on biopsy after Focal HIFU, while 97% of patients maintained continence and 78% retained sexual function. We believe that hemiablation HIFU will be an attractive treatment option for many patients."

10:56 am S&P -14 and Dow -92 flirt with/hold near secondary supports (:TECHX) : Noted secondary support in The Technical Take (09:36 update) with these levels probed in recent trade at 2069/2066 S&P (session low 2070) and 17690/17681 Dow (session low 17683). Some initial signs of a stabilization attempt in recent action as A/D Line did not confirm the new low. 

10:42 am Ethan Allen: Sandell issues statement, says preliminary results indicate that none of their nominees were ultimately elected to the Board, will maintain 'intense level' of scrutiny of the company (ETH) :  

10:37 am Jones Lang LaSalle acquires Avenue9; terms undisclosed (JLL) : Avenue9 is a start-up business providing IT Consulting services for the hotels and hospitality sector.

10:36 am Dow -89 joins S&P -14 and Nasdaq Comp -50 below its opening low (:TECHX) :  

10:32 am S&P -12 and Nasdaq Comp -41 slide to new session lows, Dow -74 slightly outperforming -- CVX +1.3%, XOM +0.9%, AAPL +0.4% (:TECHX) :  

10:13 am Travel stocks lower as tensions rise in middle east after Turkey shoots down Russian war plane (JETS) : SAVE -3.98%, UAL -4.01%, LUV -3.46%, AAL -3.29%, DAL -3.24%, JBLU -3.06%, VA -2.86%, SKYW -3.10%, RCL -2.6%, PCLN -2.4%, CCL -2.3%, RJET -2.29%, EXPE -2.1%, JETS -2.01%, ALGT -2.36%, ALK -2.08%, NCLH -1.7%.

10:08 am Alcoa enters into a 3.5 yr agreement with New York State, to improve the competitiveness of the Massena West smelter (AA) :

The Company had previously announced plans to curtail the facility amid prevailing market conditions. The agreement will help maintain hundreds of jobs in New York's North Country, improve the cost position of the smelter and support growth projects for the casthouse. New York State's incentive package will help maintain approximately 600 jobs at the Massena West facility through the term of the agreement. The plant has 130,000 metric tons of smelting capacity.

• Revised total restructuring-related charges in the fourth quarter of 2015 associated with actions announced in November will be between $130 million and $150 million after-tax, or $0.10 to $0.11 per share, of which approximately 40 percent would be non-cash.

10:05 am S&P -7.5 recovery attempt stalls (:TECHX) : The index cut the opening slide in half at 2081 (yesterday's low 2081) but has stalled and drifted back slightly. Secondary support under the low, if unable to sustain a push through this initial intraday resistance, is at 2069/2066 (09:36 update).

9:58 am Valspar announces a 10% quarterly dividend increase to $0.33/share from $0.30/share (VAL) :  

9:56 am Cree continues to display relative strength (CREE) : Cree broke below its Sep/Oct trade range to establish a new multi-year low on 11/13 at 22.10 (2012 close low 22.45). It began to stabilize the next session and closed back above its October low with a steady advance following leaving it up for the seventh session in a row. Today's extension has probed the top of a Nov bear gap at 26.71 (session high 26.68). The Nov intraday high comes into play at 27.44.

9:55 am Aduro Biotech testing support near the $28 level after disclosing patient taking CRS-207 tested positive for listeria; patient remains in the trial after taking antibiotics (ADRO) :

• From 10-Q: "a Grade 3 serious adverse event has been reported for a patient being treated with CRS-207 and GVAX Pancreas, with low-dose cyclophosphamide. The event was diagnosed by the treating investigator as being a case of listeriosis. With respect to this event, our understanding is that, in violation of the protocol, the patient's central line port had been accessed during infusion of CRS-207 being given through a separate line. Several weeks after the CRS-207 infusion, the patient developed symptoms suggestive of an infection; therefore, per institutional practice, urine, stool and blood samples (from both the patient's central line port site and from a peripheral vein) were collected. The blood culture from the port site was positive for Listeria monocytogenes, and was determined subsequently to be CRS-207 while all other cultures, including from the peripheral vein, were negative. The patient was administered intravenous antibiotics and follow-up cultures taken from both port and peripheral vein of blood as well as samples of sputum, stool and urine were negative for Listeria. At the request of the patient and the investigator, this patient continues to receive study treatment."
• Stock testing support near the $28 level.

9:45 am Cadiz announces an agreement with its senior lenders, to extend the maturity date of the first tranche of its mortgage debt (CDZI) :

Co has entered into an agreement with its senior lenders, including MSD Credit Opportunity Master Fund, which grants the Company the right to extend the maturity date of the $40 million first tranche of its mortgage debt from March 2016 to June 2017.

• Additionally, the Company has also entered into agreements with a majority of its convertible note holders to exchange a minimum of $40 million in outstanding convertible notes presently due in March 2018 for substantially similar convertible notes due in March 2020. In exchange for the maturity extension, the conversion rate on the new convertible notes will be reduced from $8.05 to $6.75 per share. Interest will continue to accrue at 7% with no payment due until maturity.

9:42 am Opening Market Summary: Financials Lead Opening Retreat (:WRAPX) :

As expected, the major averages have stumbled out of the gate with the S&P 500 trading lower by 0.3% amid losses in nine of ten sectors.

The heavily-weighted financial sector (-0.8%) is the weakest performer in the early going while other influential groups like health care (-0.4%), technology (-0.3%), and industrials (-0.5%) hold slimmer losses.

On the upside, the energy sector (+1.2%) has charged higher as crude oil trades up 3.3% at $43.13/bbl.

Elsewhere, Treasuries have surrendered almost all of their gains with the 10-yr yield now down just one basis point at 2.24%.

The November Consumer Confidence (Briefing.com consensus 99.6) report will be released at 10:00 ET.

9:42 am Relative sector strength (:TECHX) : Sectors that are performing well this morning include: Gold Miners GDX, Copper JJC, Crude Oil USO, Oil Service OIH, Mining XME, Energy XLE, Silver SLV, Solar TAN, Semi SMH.

9:39 am Relative sector weakness (:TECHX) : Underperforming sectors in early trade include: Transports IYT, Airline JETS, Travel/Leisure, Medical Supplies, Finance XLF, Broker IAI, Pharma PPH, Utility XLU, Software IGV, Internet FDN.

9:36 am Stock indices slide below initial supports in early trade -- Nasdaq Comp -21, S&P -9.7, Dow -89 (:TECHX) : Secondary support are at 5067/5059 Nasdaq Comp (session low 5070), 2069/2066 S&P (session low 2076) and 17690/17681 Dow (session low 17701).

9:31 am York Water announces an increase in its quarterly dividend to $0.1555/share from $0.1495/share (YORW) :  

9:30 am Oritani Financial announces a $0.50/share special dividend (ORIT) :  

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

• Impax Laboratories (IPXL) announced that on November 20, the co's development and manufacturing partner received final approval by the FDA for a generic version of dutasteride capsules, 0.5 mg. The Company immediately initiated commercialization activities through its generic division. This is the 13th generic product launched in 2015 by Impax's generic division. Avodart (dutasteride) capsules are marketed by GlaxoSmithKline (GSK).
• Aviat Networks (AVNW) announced that it has reached an agreement to supply CTR 8611 microwave routers to a leading utility in the Northeast United States. The gas and electric company will take delivery of all CTR 8611 microwave routers before the end of calendar year 2015.
• comScore (SCOR) and Rentrak Corporation (RENT) announced that the waiting period for the Hart-Scott-Rodino Antitrust Improvement Act of 1976, has expired in connection with their merger proposal. comScore and Rentrak expect the deal to close in January 2016.
• Duke Energy (DUK) announced that a 61 MW solar project will be constructed in Rutherford County in Duke Energy Carolinas' service territory. Under a power purchase agreement with the Rutherford Farms solar project, Duke Energy will secure power to meet new energy demand from Google's expanded data center.
• Hyundai Motor (HYMTF) America has selected AeroVironment (AVAV) as the preferred provider for charging system installation at its dealerships across North America for its all-new 2016 Hyundai Sonata Plug-in Hybrid.
• ACETO (ACET) announced that Rising Pharmaceuticals, its finished dosage form generics subsidiary, is launching Dutasteride Softgel Capsules 0.5mg, an FDA-approved generic version of GlaxoSmithKline (GSK) LLC's Avodart.
• Press Ganey Holdings (PGND) announced it has been approved by the Centers for Medicare & Medicaid Services to administer the 2016 Outpatient and Ambulatory Surgery Consumer Assessment of Healthcare Providers and Systems Survey

9:26 am SunEdison sells the equity interests in a 425 MW portfolio of solar projects located in India to TerraForm Global (GLBL) for $231 mln (SUNE) :

The co and TerraForm Global (GLBL) announced that they have entered into an agreement for SunEdison to sell TerraForm Global a series of projects located in India for the aggregate equity consideration of $231 mln subject to purchase price adjustments in favor of both SunEdison and TerraForm Global. These projects will replace a portion of the projects and the associated CAFD that were part of TerraForm Global's initial portfolio, which have subsequently been terminated acquisitions.

• Commenting on the transaction, GLBL stated "We are pleased to be able to add these accretive assets with 20 year contracted cash flows to TerraForm Global's portfolio and believe they are critical to achieving our 2016 dividend guidance.""

9:23 am Bank of the James to sell 1 mln shares of common stock to certain institutional investors at a price of $11.52/share in a private placement (BOTJ) : The Company intends to use $10,000,000 to prepay in full notes issued in the second quarter of 2012

9:21 am Whiting Petroleum issues a redemption call for Kodiak Oil & Gas Corp's $789 mln in 8.125% Senior Notes Due 2019 at 104.063% of par (WLL) : Co intends to fund the redemption of the notes with borrowings under its $3.5 billion credit agreement. 

9:19 am Vaalco Energy: Group 42 and Bradley Radoff issue a statement, saying the co's recent 'statements are aimed at confusing shareholders and derailing a valid consent solicitation process' (EGY) : Group stated; "We do not agree that any Delaware Board has a duty to shut down shareholder action in order to enforce an invalid provision in violation of the state statute. We do not desire litigation, however, should the Board attempt to enforce invalid charter provisions, we will most vigorously defend our right and the rights of all VAALCO shareholders to replace the Company's directors as permitted by the Delaware statute."

9:17 am S&P futures vs fair value: -10.70. Nasdaq futures vs fair value: -25.50. (:WRAPX) :

The stock market is on track for a lower open with S&P 500 futures trading 11 points below fair value.

The pre-market weakness comes amid global risk aversion that has taken hold after it was reported that the Turkish military shot down a Russian fighter jet, which allegedly violated Turkish airspace on the country's border with Syria. Both pilots were able to eject, but they were later killed by Syrian opposition, according to reports. A furious Vladimir Putin has made a public statement, denying the incursion into Turkey, saying the plane was shot down over Syrian territory. Mr. Putin went further, calling the action "backstabbing by accomplices of terrorists."

Following this morning's events, the U.S. has issued a Worldwide Travel Alert and NATO is scheduled to hold an extraordinary meeting at 11:00 ET.

Geopolitical news has taken center stage this morning, but investors have also received the second estimate of third quarter GDP, which pointed to an expansion of 2.1% (Briefing.com consensus 2.0%), up from the 1.5% increase observed in the preliminary reading. The third quarter GDP Deflator was left unchanged at 1.3% while the consensus expected a revision to 1.2%.

Interestingly, the dollar has ticked lower against other currencies in the wake of the report while Treasuries have pulled back after a brief spike to new highs. The 10-yr note currently trades roughly in the middle of its range with the benchmark yield down two basis points at 2.23%.

On the corporate front, Tiffany & Co (TIF 73.90, -2.65) and Signet Jewelers (SIG 132.75, -7.90) are on track to open lower by 3.5% and 5.6%, respectively, after reporting earnings. Tiffany missed estimates and guided Q4 earnings towards the low end of expectations while Signet is set for an opening dive after below-consensus revenue and lowered earnings guidance masked a one-cent beat. Elsewhere, the consumer staples sector is likely to receive a boost from Campbell Soup (CPB 50.50, +0.71) with the stock on track to open higher by 1.4% after the company reported better than expected earnings and boosted its earnings guidance; however, the company has lowered its sales guidance due to currency headwinds.

The November Consumer Confidence (Briefing.com consensus 99.6) report will be released at 10:00 ET.

9:15 am You On Demand and Bruno Wu's Sun Seven Stars Media reach definitive agreement regarding the previously announced investment proposal; Transaction expected to close December 2015 (YOD) :  

9:10 am SunEdison announces that its SUNE ML 1 subsidiary has repaid substantially the entire balance of its margin loan agreement (SUNE) : Following the payment, $5 million remains outstanding under the Margin Loan Agreement. 

9:08 am Kandi Technologies announces that its joint venture has signed a direct sales contract with Pang Da Automobile Trade Co, for 1,000 Kandi-brand model K10 pure electric vehicles (KNDI) : Co's joint venture has signed a direct sales contract with Tianjin Pang Da, a subsidiary of Pang Da Automobile Trade, for an initial order of 1,000 Kandi-brand model K10 pure electric vehicles. The delivery of the 1,000 EV units is expected to be completed by the end of 2015. Pang Da Company plans to launch an EV-sharing program with the purchased vehicles in Tianjin.

9:06 am RIT Technologies reports Q3 results (RITT) :

• Q3 EPS $0.00 vs. ($0.14) last year; rev +115% to $4.3 mln (no estimates).
• "We continue to experience strong momentum in the CIS segment of our business, and we anticipate an increase in sales in India and China, thanks in large part to the recent signing of a strategic alliance with Yoga Automation in India... We also see increasing backlog of Connectivity and Software solutions that will enable us to achieve our Q4 targets and provides us with a good foundation for fiscal 2016."

9:02 am QTS Realty Trust priced upsized 2.175 mln share secondary offering by selling stockholders; price not disclosed (QTS) :

• Co priced offering of ~2.175 mln shares of its Class A common stock by a selling stockholder affiliated with General Atlantic. The offering was upsized from the previously announced 2 mln shares. The selling stockholder has also granted the underwriter a 30-day option to purchase an aggregate of up to an additional 326,250 shares of common stock.

9:01 am Vascular Solutions receives 510(k) clearance for new version of the R350 guidewire (VASC) : The new version of the R350 will replace the original R350 guidewire that was launched in 2012 and will now be discontinued.

9:00 am TASER secures bid to outfit 22,000 London metropolitan police officers with axon body cameras (TASR) :

• Co announces the selection of the Axon body-worn video platform by the London Metropolitan Police Service.
• The new cameras will be deployed to all frontline officers. Final contract details are still being negotiated at this time.  
• (Briefing Note: Potential Related Peers: DGLY)

9:00 am Eaton Vance misses by $0.06, misses on revs (EV) :

• Reports Q4 (Oct) earnings of $0.53 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus of $0.59; revenues fell 7.3% year/year to $341.5 mln vs the $351.8 mln Capital IQ Consensus. 
• Consolidated net inflows of $4.6 billion in the fourth quarter of fiscal 2015 represent a 6 percent annualized internal growth rate.
• "The fourth quarter of fiscal 2015 proved to be a difficult earnings period for the Company due to product mix and market-driven declines in revenue."

8:59 am Uni-Pixel prices its offering of 9.6 mln units at $0.85/unit (UNXL) : Each Unit consists of one share of UniPixel common stock and one warrant to purchase one share of Common Stock at an exercise price of $1.50 per share, exercisable for a period of five years from the date of the closing of the Offering.

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

• National Gas & Electric has entered into agreements for the purchase of a Northeast retail customer base from an undisclosed seller operating in over twenty gas and power markets. Spark Energy (SPKE) an affiliated company, successfully closed on its first dropdown acquisition of Oasis Energy, from the parent-level on July 31, 2015. NG&E intends to offer the acquired customers to Spark, subject to negotiation and necessary board approvals.
• Turtle Beach (HEAR) allowed for issuance in China and Japan for its HyperSound technology.
• Imprimis Pharmaceuticals (IMMY) entered into an agreement to provide NVISION Eye Center patients with Dropless Therapy following cataract surgery and LessDrops topical drops following cataract, LASIK and other ocular procedures.
• WellCare Health Plans (WCG) announced that the New York Department of Health has approved WellCare of New York, Inc.'s expansion of its Medicaid Managed Care and Child Health Plus programs. The expansion adds five new counties to the company's service area: Nassau, Niagara, Schenectady, Schuyler and Steuben, effective Nov. 3.
• Tata Motors (TTM) announced that Jaguar Land Rover will double the size of its Engine Manufacturing Center as part of a GBP 450 mln expansion program.

8:56 am CDW announces pricing for an 8 mln common share offering of its stock by selling stockholders, at $44.05/share (CDW) :  

8:56 am S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -31.50. (:WRAPX) :

The S&P 500 futures trade 13 points below fair value.

The Asian session closed on a mixed note with both the Shanghai Composite and Nikkei finishing slightly higher on the day. Regional macro data was light with only Japan's preliminary PMI figure indicating an improvement from last month to 52.8 versus 52.4 in October. As for China, the recent weakness in commodities has taken a toll on sentiment, keeping a lid on gains in the Shanghai Composite. The most significant news item out of the Mainland was a comment from a top NCRC official who suggested China may face deep economic pressures in 2016.

• Economic data was limited:
  • Japan's preliminary November Manufacturing PMI 52.8 (expected 52.1; previous 52.4)

------

• Japan's Nikkei increased 0.2% with Health Care (+1.0%) and Consumer Discretionary (+0.5%) pacing the way, while losses in Telecommunication (-1.6%) and Financials (0.3%) kept upward momentum at bay. The Nikkei was held in a very tight range for majority of the session, until buyers stepped in toward the last hour of trading to close near session highs. Shares of Sharp shot up over 20% after reports surfaced that some of the co's major debt holders may forgive its outstanding loans.
• Hong Kong's Hang Seng lost 0.4% but finished at session highs. The trade virtually mimicked that of the Nikkei, with a range bound session with buying picking up in the late stages of the day. Financials (-0.5%) were weak early on, following reports that China's Asset Management Association determined that a dozen of registered private funds may be declared abnormal, after these funds were unable to be contacted by the organization. On a more positive note, Skyworth Digital rose by 2.8% after the co reported its first half results. Shares of Tianneng Power (+6.1%) also rose on the back of reports that the co is considering the possibility of a spin-off
• China's Shanghai Composite rose 0.2% after seeing early weakness until a buying surge in small-caps in the final hour managed tip the market back into positive territory. Commodity-related stocks including Baoshan Iron and Steel Corp (-2.1%), Aluminum Corp of China (-1.9%) and Yunan Copper Co (-1.0%) fell following the recent weakness in the underlying prices. The reports from the NDRC took its toll on Banking stocks, with Bank of Communications falling 1.3% and Bank of China dropping 0.9%.

Major European indices trade lower across the board with the focus on news indicating the Turkish military has shot down a Russian warplane, which reportedly had violated Turkish airspace. Both pilots were able to eject, but they were later killed by Syrian opposition, according to reports. A furious Vladimir Putin has denied the incursion into Turkey, saying the plane was shot down over Syrian territory, calling the action "backstabbing by accomplices of terrorists."

• Participants received several data points:
  • Germany's Q3 GDP rose 0.3% quarter-over-quarter, as expected; +1.8% year-over-year, as expected. Separately, November Ifo Business Climate Index rose to 109.0 from 108.2 (expected 108.2) as Business Expectations improved to 104.7 from 103.9 (expected 104.0) and Current Assessment rose to 113.4 (consensus 112.4; last 112.7)
  • France's November Business Survey slipped to 102 from 103 (expected 103)
  • UK's CBI Distributive Trades Survey fell to 7 from 19 (consensus 25)
  • Italy's October Wage Inflation +1.2% year-over-year (previous +1.2%)

------

• UK's FTSE is lower by 1.1% with all but ten components trading in the red. Consumer names have paced the retreat with International Consolidated Airlines, Burberry, Barratt Developments, easyJet, and InterContinental Hotels down between 2.8% and 4.0%. On the upside, miners outperform with Anglo American, Glencore, and Randgold Resources up between 0.6% and 2.3%.
• Germany's DAX trades down 1.8% amid losses in 29 of 30 index members. Infineon Technologies is the weakest performer, down 5.2%, while Lufthansa, Bayer, Continental, Adidas, and Merck show losses between 2.5% and 3.5%. On the flip side, Volkswagen outperforms, trading higher by 4.8%.
• In France, the CAC has given up 2.1% with consumer names pacing the slide. Accor, Louis Vouitton, Kering, L'Oreal, and Carrefour are down between 2.4% and 5.8%. Peugeot outperforms, trading higher by 0.3%.

8:47 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: DAKT -13.7%, CERE -11%, CHS -9.7%, BRCD -6.9%, SIG -6.1%, TIF -3.6%, YY -3.4%, DLTR -2.9%, TOUR -2.6%, DANG -1.9%, POST -1.5%, SFL -1.3%

M&A news: MSCC -2% (enters into a definitive agreement to acquire PMC-Sierra (PMCS) for $9.22 in cash and 0.0771 shares of MSCC stock), PMCS -1.5%

Select travel related names showing weakness after geo-political events over Syria : IHG -2.1%, CCL -2.1%, RCL -2.1%, PCLN -1.9%, DAL -1.7%

Other news: UNXL -33.2% (commences a public offering of units, each unit consisting of one share of common stock and a warrant to purchase one share of common stock), XBIT -32.1% (provides update on Phase III oncology study in Europe; datarevealed a fewer number of per protocol patients available for primary endpoint evaluation), NBG -18% (cont weakness), ASTI -14.6% (reaches an agreement with its existing senior secured note holder, to restructure its outstanding senior secured convertible notes), KBIO -12.5% (cont volatility), AKS -4.3% (in symp with peer X), MBT -4.2% (slight pull back following last weeks gains), YNDX -2.9% (may be related to geo-political events surrounding Russia), SJM -2.2% (announces a ~3.86 mln share secondary offering on behalf of selling shareholder Blue Holdings), QTS -1.3% (announced a 2 mln share public offering of common shares by a selling stockholder affiliated with General Atlantic LLC)

Analyst comments: BLOX -9.5% (downgraded to Sell from Hold at Deutsche Bank ), X -3.8% (target lowered to $3 from $7 at BofA/Merrill), GME -2.2% (downgraded to Perform from Outperform at Oppenheimer; downgraded to Neutral from Buy at BofA/Merrill), HTS -0.8% (downgraded to Neutral from Buy at Nomura)

8:44 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance: BZUN +7.3%, AMWD +6%, TEDU +5.1%, CPRT +4.9%, ADI +4.3%, DY +4.1%, PANW +2.6%, DSW +1.8%, BURL +1.8%, SWKS +1.6%, CBRL +1.2%, ENTA +1%, HRL +0.7%, CPB +0.6%

M&A news: BDBD +8.6% (Pinnacle Foods (PF) to acquire Boulder Brands for $11/share; Pinnacle expects accretion to EPS beginning in 2016)

Select metals/mining stocks trading higher: HMY +9.1%, AUY +5.1%, SBGL +4.9%, GDX +1.8%, GG +1.8%, GOLD +1.4%, NEM +1.4%, FCX +0.5%, MT +0.5%

Other news: AEZS +29.7% (Low-float micro-cap biotech stock seeing continued momentum this morning),NVGN +22.3% (engages Novotech as the CRO to conduct its Phase 1 clinical study for Cantrixil, which will commence in 2016),AJRD +13.2% (awarded a contract by NASA to restart production of the RS-25 engine for the Space Launch System),SUNE +7.7% (planning to sell $350 mln worth of solar power capacity in India, according to Reuters), LPL +6.5% (still checking),IMI +4.6% (announced that its Collaborative Development Program agreement with Micron Technology (MU) will conclude on April 1 ),SYN +3.5% (receives a patent from the USPTO that covers a range of compound, including the active agent of SYN-010, used to treat irritable bowel syndrome with constipation),VRX +2.8% (Ackman's Pershing Square discloses increased 9.9% stake in amended 13D filing),TEX +1.8% (still checking),TERP +1.6% (SunEdison amends Margin Loan and Letter Agreement, reducing and waiving for a specified time period the market value trigger price of the Class A common stock of TerraForm Power),NVEE +1.5% (announces 5 contracts since August totaling ~$2 mln in fees),XRX +1.4% (Carl Icahn disclosed 7.13% active stake in 13D, intends to have discussions with management relating to improving operational performance and pursuing strategic alternatives)

Analyst comments: AVP +7% (upgraded to Buy from Neutral at Citigroup),SCHN +4% (upgraded to Equal-Weight from Underweight at Morgan Stanley),NMBL +3.4% (upgraded to Neutral at DA Davidson ),QCOM +0.5% (added to US 1 List at BofA/Merrill)

8:41 am European Markets Update: FTSE -1.2%, DAX -1.9%, CAC -2.2% (:SUMRX) :

Major European indices trade lower across the board with the focus on news indicating the Turkish military has shot down a Russian warplane, which reportedly had violated Turkish airspace. Both pilots were able to eject, but they were later killed by Syrian opposition, according to reports. A furious Vladimir Putin has denied the incursion into Turkey, saying the plane was shot down over Syrian territory, calling the action "backstabbing by accomplices of terrorists."

• Participants received several data points:
  • Germany's Q3 GDP rose 0.3% quarter-over-quarter, as expected; +1.8% year-over-year, as expected. Separately, November Ifo Business Climate Index rose to 109.0 from 108.2 (expected 108.2) as Business Expectations improved to 104.7 from 103.9 (expected 104.0) and Current Assessment rose to 113.4 (consensus 112.4; last 112.7)
  • France's November Business Survey slipped to 102 from 103 (expected 103)
  • UK's CBI Distributive Trades Survey fell to 7 from 19 (consensus 25)
  • Italy's October Wage Inflation +1.2% year-over-year (previous +1.2%)

------

• UK's FTSE is lower by 1.2% with all but ten components trading in the red. Consumer names have paced the retreat with International Consolidated Airlines, Burberry, Barratt Developments, easyJet, and InterContinental Hotels down between 2.8% and 4.0%. On the upside, miners outperform with Anglo American, Glencore, and Randgold Resources up between 0.6% and 2.3%.
• Germany's DAX trades down 1.9% amid losses in 29 of 30 index members. Infineon Technologies is the weakest performer, down 5.2%, while Lufthansa, Bayer, Continental, Adidas, and Merck show losses between 2.5% and 3.5%. On the flip side, Volkswagen outperforms, trading higher by 4.8%.
• In France, the CAC has given up 2.2% with consumer names pacing the slide. Accor, Louis Vouitton, Kering, L'Oreal, and Carrefour are down between 2.4% and 5.8%. Peugeot outperforms, trading higher by 0.3%.

8:37 am Ship Finance Intl Q3 EPS $0.49 vs $0.60 Capital IQ Consensus; rev +20% QoQ to $110.7 mln vs. $108.2 mln consensus; raises quarterly dividend $0.01 to $0.45/share (SFL) :  

8:33 am Entegra Financial acquires Oldtown Bank for $13.5 mln; transaction expected to be significantly accretive to EPS (ENFC) :

Entegra expects the transaction to be significantly accretive to EPS and ROE w/ an estimated earn back period for book value dilution of ~2.5 years.

• Transaction expected to close in 1Q16.

8:32 am Sabre agrees to acquire the Trust Group of Companies for $154 mln; expected to be accretive to adj. EBITDA in 2016 (SABR) :

Co has entered into a definitive agreement to acquire the Trust Group of Companies, a central reservations, revenue management and hotel marketing provider with a significant presence in EMEA and Asia Pacific. 

• At closing, Sabre will purchase the Trust Group from Battery Ventures, for $154 million, using proceeds from recently issued notes and cash on hand. The acquisition is expected to contribute $40 million of incremental revenue to Sabre in 2016 and to be accretive to Sabre's Adjusted EBITDA and neutral to its Adjusted EPS, assuming a first quarter 2016 closing date.

8:31 am Aurinia Pharma announces that the independent Data and Safety Monitoring Board has recommended that continuation of the Phase 2b lupus nephritis study without any modifications (AUPH) :

The co announced that the independent Data and Safety Monitoring Board for its Phase 2b lupus nephritis study, known as AURA-LV, has completed its third pre-planned safety review of patients enrolled in the study and recommended continuation of the trial without any modifications. The AURA-LV DSMB has been established according to the FDA Guidance for Clinical Trial Sponsors and is guided by its charter. Aurinia remains blinded to the actual safety and efficacy results.

• The DSMB reviewed all the safety data from more than 200 patients that had been enrolled and randomized at the time the data was requested. This included adverse events, laboratory results and compliance with the study protocol.
• Aurinia anticipates completion of patient enrollment in the AURA-LV study around the end of 2015. Additionally, the Company continues to recruit patients into its AURION study and expects to review data early in 2016.

8:31 am Q3 GDP Revised Up to 2.1%...S&P futures vs fair value: -15.20. Nasdaq futures vs fair value: -36.10. (:WRAPX) :

The S&P 500 futures trade 15 points below fair value.

The second estimate of third quarter GDP pointed to an expansion of 2.1%, up from the 1.5% increase observed in the preliminary reading. The Briefing.com consensus expected a reading of 2.0%. The third quarter GDP Deflator was left unchanged at 1.3% while the consensus expected a revision to 1.2%.

8:31 am Aeterna Zentaris announces that the remaining 11k post-share consolidation Series B Common Share Purchase Warrants were exercised, which will result in the issuance of 365,518 additional Common Shares (AEZS) : After giving effect to the issuance of such shares, there will be approximately 6.9 million Common Shares issued and outstanding.

8:30 am Capstone Turbine regains compliance with the Nasdaq minimum bid price listing rule (CPST) : Co receives a letter from Nasdaq notifying the company that it has regained compliance with its minimum bid price listing requirement. The matter is now closed.

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

• Ocular Therapeutix (OCUL) enrolled its first patients in a second Phase 3 clinical trial to evaluate the safety and efficacy of DEXTENZA for the treatment of allergic conjunctivitis. The primary endpoint to be evaluated is ocular itching at day 7 following insertion. If the Co meets the primary efficacy endpoint for ocular itching in the second Phase 3 trial and subject to the approval of the NDA submitted for DEXTENZA for the treatment of post-surgical ocular pain, the Co expects to submit an NDA supplement to the FDA for ocular itching associated with allergic conjunctivitis.
• Wix.com (WIX) announced a partnership through which WixHotels' users around the world can participate in instant booking on TripAdvisor (TRIP). WixHotels is expanding its existing partnership with TripAdvisor to power instant booking for hotel clients, making it possible for properties to acquire bookings directly on TripAdvisor.
• The Bon-Ton Stores (BONT) announced its exclusive online only Cyber Monday offers. Customers can shop Cyber Monday deals Sunday, November 29 through Monday, November 30 and receive $50 off their $100 or more online purchase. Shoppers will also receive free standard shipping with no minimum purchase if they use promo code FREESHIP.
• Comstock Mining (LODE) announced that in conjunction with American Mining and Tunneling, it has completed construction of the first phase of the entire 800 foot underground exploration drift at the north end of the existing Lucerne Surface Mine.
• Harmony Gold Mining Company Limited (HMY) announced a maiden Mineral Resource estimate for the Kili Teke copper-gold deposit on its 100% owned exploration licence EL2310, containing 506 000 tons of copper, 1.2 mln ozs of gold and 22 000 tons of molybdenum.
• Sutor Technology Group (TOR) announced that the management is considering to review the Co's current steel business and intends to sell its low-valued steel manufacturing business in order to reorganize its business portfolio.

8:08 am NV5 Holdings announces 5 contracts since August totaling ~$2 mln in fees (NVEE) : The contracts represent synergies among all five verticals and services were provided in California, Colorado, Florida, New Jersey and Ohio. Some of the services provided to clients included forensic engineering, occupational health and safety services such as asbestos testing, geotechnical engineering, environmental monitoring, and stormwater management. Co stated, "Our capacity for cross-selling has expanded considerably throughout the integration of The RBA Group and we expect organic growth from cross-selling efforts to continue to increase"

8:07 am Global markets lower on geopolitical concerns after Turkish forces shot down Russian jet (SPY) :

• U.S. equity futures are pointing to a lower start to the day, amid deeper weakness in Europe following news that Turkish forces shot down a Russian military jet near the Syrian border.
  • S&P futures are down around 15 points (-0.7%), but Europe is the weakest region as a result of the Turkey-Russia situation, with losses of more than 1.2% in the major European markets.
• Russia's equity market is down around 3%, and recent headlines indicate President Putin is calling the incident "backstabbing" by "accomplices of terrorists", and that there will be "serious consequences."
• Turkey's ISE index is -1.8%.
  • The Turkey ETF (TUR) isn't seeing much volume in the pre-market; Turkcell (TKC) is ticking lower in the pre-market.
• Russia's equity market is down around 3%. 
  • The Russia ETF (RSX) is lower by 2.5% in pre-market trading. 
• On top of the incident between Russia and Turkey, the U.S. has issued a Worldwide Travel Alert due to increased terrorist threats in multiple regions.

8:06 am Cracker Barrel beats by $0.11, reports revs in-line; reaffirms FY16 EPS guidance, revs guidance (CBRL) :

• Reports Q1 (Oct) earnings of $1.70 per share, $0.11 better than the Capital IQ Consensus of $1.59; revenues rose 2.8% year/year to $702.6 mln vs the $704.69 mln Capital IQ Consensus. 
  • Comparable store restaurant sales increased 2.5%, as a 3.2% increase in average check was partially offset by a 0.7% reduction in traffic. The average menu price increase for the quarter was ~2.8%.
  • Comparable store retail sales increased 2.4% for the quarter.
• Co reaffirms guidance for FY16, sees EPS of $7.15-7.30 vs. $7.29 Capital IQ Consensus; sees FY16 revs $2.90-2.95 bln vs. $2.94 bln Capital IQ Consensus; restaurant and retail comps +2-3% (previously rest. +2.5-3.5%, retail +2-3%).

8:04 am Analog Devices beats by $0.20, beats on revs; guides Q1 EPS in-line, revs in-line (ADI) :

• Reports Q4 (Oct) earnings of $1.03 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus of $0.83; revenues rose 20.2% year/year to $978.7 mln vs the $910.14 mln Capital IQ Consensus.
• Co issues in-line guidance for Q1, sees EPS of $0.65-0.73, excluding non-recurring items, vs. $0.71 Capital IQ Consensus Estimate; sees Q1 revs of $805-855 mln vs. $838.66 mln Capital IQ Consensus Estimate.
• Co notes that Q1 is their seasonally slower quarter

8:03 am Beacon Roofing Supply beats by $0.06, reports revs in-line (BECN) :

• Reports Q4 (Sep) earnings of $0.75 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.69; revenues rose 8.4% year/year to $787.7 mln vs the $789.8 mln Capital IQ Consensus.
• Gross margin improved to 24.3% from 22.5% last year.
• ""We also had very good gross margin growth versus the prior year. Adding to our solid financial results was the RSG acquisition, which helps us launch 2016 with 85 new branches, over $1.2 billion in pro forma revenue, an experienced and highly regarded workforce, and a broad new customer base. We are making great progress with the integration process and are on track to achieve expected synergies targets in 2016 and beyond."

8:03 am Cheviot Finl: Mainsource Financial Group (MSFG) announces it will acquire Cheviot Financial in a cash and stock transaction valued at $107.4 million (CHEV) :

Under the terms of the agreement, which was unanimously approved by the boards of both companies, stockholders of Cheviot may elect to receive either 0.6916 shares of MainSource (MSFG) common stock or $15.00 in cash for each share of Cheviot common stock owned, subject to proration provisions specified in the merger agreement that provide for a targeted aggregate split of 50% of Cheviot shares being exchanged for common stock and 50% for cash. Based upon the November 20, 2015 closing price of $23.56 per share of MainSource common stock, the transaction is valued at approximately $107.4 million.

• MainSource expects the transaction to be accretive to 2017 diluted earnings per share by approximately $0.12. It is projected to be approximately 3.8% dilutive to tangible book value per share at closing, inclusive of $7.5 million in pre-tax restructuring charges, with an earnback period of approximately 4.2 years.
• The merger is expected to be completed in the second or third quarters of 2016.

8:02 am S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -29.90. (:WRAPX) :

U.S. equity futures trade near their pre-market lows amid cautious action overseas. The S&P 500 futures hover 13 points below fair value after sliding from their highs in reaction to news indicating the Turkish military has shot down a Russian warplane, which reportedly had violated Turkish airspace. Both pilots were able to eject, but they were later killed by Syrian opposition, according to reports. A furious Vladimir Putin has denied the incursion into Turkey, saying the plane was shot down over Syrian territory, calling the action "backstabbing by accomplices of terrorists." In immediate response, NATO is scheduled to hold an extraordinary meeting at 11:00 ET and the U.S. has issued a Worldwide Travel Alert.

Treasuries spiked in reaction to the news and they remain in the green with the 10-yr yield down three basis points at 2.22%.

On the economic front, the second estimate of Q3 GDP will be released at 8:30 ET (Briefing.com consensus 2.0%) while September Case-Shiller 20-city Index (expected 5.2%) and November Consumer Confidence (consensus 99.6) will be reported at 9:00 ET and 10:00 ET, respectively.

In U.S. corporate news of note:

• Tiffany & Co (TIF 73.30, -3.25): -4.3% after below-consensus revenue and lowered earnings guidance masked a one-cent beat.
• Signet Jewelers (SIG 139.44, -1.21): -0.9% after missing estimates and guiding Q4 earnings towards the low end of expectations.
• Campbell Soup (CPB 50.97, +1.18): +2.4% in reaction to better than expected earnings and improved earnings guidance; however, the company lowered its sales guidance due to currency headwinds.
• Dollar Tree (DLTR 70.10, +0.55): +0.8% after better than expected revenue overshadowed below-consensus earnings and cautious guidance.
• Palo Alto Networks (PANW 177.77, +5.75): +3.3% after beating estimates and guiding Q2 revenue above analyst expectations.
• YY (YY 58.00, -1.61): -2.7% after missing bottom-line estimates on above-consensus revenue.

Reviewing overnight developments:

• Asian markets ended mixed. Japan's Nikkei +0.2%, Hong Kong's Hang Seng -0.4%, and China's Shanghai Composite +0.2%
  • Economic data was limited:
    • Japan's preliminary November Manufacturing PMI 52.8 (expected 52.1; previous 52.4)
  • In news:
    • The Japanese yen inched higher last night following the better than expected PMI report, spiking to highs on safe-haven demand following the news from Turkey's border with Syria. Currently, the dollar/yen pair trades near 122.56

• Major European indices trade lower across the board. France's CAC -2.0%, Germany's DAX -1.4%, and UK's FTSE -1.2%. Elsewhere, Italy's MIB -1.7% and Spain's IBEX -2.0%
  • Participants received several data points:
    • Germany's Q3 GDP rose 0.3% quarter-over-quarter, as expected; +1.8% year-over-year, as expected. Separately, November Ifo Business Climate Index rose to 109.0 from 108.2 (expected 108.2) as Business Expectations improved to 104.7 from 103.9 (expected 104.0) and Current Assessment rose to 113.4 (consensus 112.4; last 112.7)
    • France's November Business Survey slipped to 102 from 103 (expected 103)
    • UK's CBI Distributive Trades Survey fell to 7 from 19 (consensus 25)
    • Italy's October Wage Inflation +1.2% year-over-year (previous +1.2%)
  • Among news of note:
    • European investors have kept a close eye on the aftermath of Turkey shooting down a Russian warplane while the euro has essentially held its ground at 1.0645 against the dollar.

8:02 am PetroQuest Energy's COO Todd Zehnder resigns to continue his career outside of the Oil and Gas industry (PQ) :  

8:01 am Omnicell to discuss Aesynt acquisition at Piper Jaffray Health Care Conference on Dec 1 at 2:30 pm ET (OMCL) : Omnicell previously announced on Oct 29 that it had entered into a definitive agreement to acquire Aesynt.

8:01 am Hongli Clean Energy discontinues its coking business by terminating a coke agreement with Pingdingshan Hongfengxuanmei Coking and Chemical Company (CETC) :  

7:57 am On The Wires (:WIRES) :

• CenturyLink (CTL) and Cogent Communications (CCOI) entered into a long-term, bilateral interconnection agreement for their public IP networks.
• SunEdison (SUNE) signed 20-year PPAs w/ LA County in a deal that will see nine government facilities powered with 6.2 megawatts DC of solar energy. Construction for all nine projects is targeted for completion during the second half of 2016.
• Bristol Meyers Squibb (BMY) announced that the European Commission has approved reconciliation of indications for nivolumab under the Opdivo European Marketing Authorization application.
• JetBlue (JBLU) and Amazon (AMZN) announced that unlimited streaming entertainment on Amazon Video will be available beginning this week on over 150 JetBlue aircraft equipped with free Fly-Fi broadband Internet, in time to entertain travelers for the holiday travel season. As part of the multiyear year agreement, Amazon on JetBlue has been integrated into The Hub, JetBlue's entertainment portal that customers access on their personal devices.

7:54 am Fred's reports EPS in-line, revs in-line with preannouncement; guides Q4 EPS in-line; rev above consensus (FRED) :

• Reports Q3 (Oct) earnings of $0.10 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.10; revenues rose 13.6% year/year to $541 mln vs the $538.28 mln Capital IQ Consensus.
• Co guided Q3 rev $541 mln vs. $538 mln consensus, comps +2.7% on Nov 5.
• Co issues guidance for Q4, sees EPS of $0.13-0.17, excluding non-recurring items, vs. $0.16 Capital IQ Consensus; sales +13-15% to ~$570-580 mln vs. $567.5 mln consensus.
  • Comparable store sales for the fourth quarter are expected to increase in the range of 1% to 3% compared with flat comparable store sales in the fourth quarter last year.
  • Adjusted EBITDA for the fourth quarter is forecasted to be in the range of $22.0 million to $26.0 million.

7:37 am Dollar Tree misses by $0.14, beats on revs; guides Q4 revs below consensus; guides FY16 EPS below consensus (DLTR) :

• Reports Q3 (Oct) adj. earnings of $0.38 per share, $0.14 worse than the Capital IQ Consensus of $0.52; revenues rose 136.0% year/year to $4.95 bln vs the $4.84 bln Capital IQ Consensus.
  • The increase was the result of $2.67 billion in sales from the Family Dollar segment, and a same-store sales increase of 2.1% on a constant currency basis for the Dollar Tree segment.
  • Same-store sales increased 5.9% in the prior-year period for the Dollar Tree segment. Adjusted for the impact of Canadian FX, the same-store sales increase was 1.7%. The positive same-store sales were driven by increases in customer count and average ticket.
  • Gross margin decreased to 28.3% compared to 34.6% in the prior year. The primary contributors to the decrease were the impact of the overall lower-margin product mix for the Family Dollar business, an additional $13 mln of markdown expense for Family Dollar related to SKU rationalization and planned liquidations, and $38.4 million for Family Dollar related to the amortization of the stepped up inventory basis.
• Co issues downside guidance for Q4, sees Q4 revs of $5.32-5.42 bln vs. $5.44 bln Capital IQ Consensus Estimate, with low single digit comps.
• Co issues guidance for FY16, sees EPS of $2.32-2.51 vs. $2.81 Capital IQ Consensus Estimate; sees FY16 revs $15.45-15.55 bln from $15.3-15.5 bln vs. $15.46 bln Capital IQ Consensus.  
• "Our integration project is on schedule and we are on track to achieve our stated synergy goals. As we entered the fourth quarter, both Dollar Tree and Family Dollar stores were well-stocked and prepared for the upcoming holiday season."

7:34 am Valspar beats by $0.05, reports revs in-line; guides FY16 EPS below consensus (VAL) :

• Reports Q4 (Oct) earnings of $1.35 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $1.30; revenues fell 8.9% year/year to $1.15 bln vs the $1.16 bln Capital IQ Consensus.
  • Sales results includes the effects of foreign currency translation that negatively impacted net sales by 6%; the estimated impact of the extra week in fiscal fourth quarter 2014 that reduced sales by 3%; and acquisitions that added 4% to net sales in the quarter. Total volume declined 2% in fiscal fourth quarter 2015.
• Co issues downside guidance for FY16, sees EPS of $4.80-5.00, excluding non-recurring items, vs. $5.08 Capital IQ Consensus Estimate
• On the top line, the co sees sales growth in the "mid-single digits" in constant currency in FY16 (sales including the impact of foreign currency translation expected to be "up slightly" compared to fiscal 2015)

7:34 am Daktronics misses by $0.12, misses on revs; comments on outlook (DAKT) :

• Reports Q2 (Oct) earnings of $0.07 per share, $0.12 worse than the Capital IQ Consensus of $0.19; revenues fell 8.9% year/year to $157.67 mln vs the $174.83 mln Capital IQ Consensus.
• "Although the financial performance for the first half of the year did not meet our expectations, we remain committed to achieving our financial goals over the long-term. Our backlog and market demand remains strong. Our order pipeline in the International, Live Events, and Transportation business units remains very active. Our order activity in the Commercial and High School Park and Recreation business units tends to be lower during our third quarter; however, we expect to see the typical increases for next spring and summer deliveries. Looking longer-term, we remain optimistic about future global sales opportunities and expansion in our business. Digital technology opportunities continue to develop. Our on-premise and out-of-home customers continue to turn to digital messaging solutions to advertise or communicate information to their audiences....To match the projected demand, we continue to focus on developing customer-centric solutions, using our industry knowledge to leverage our development, customer support, manufacturing, and process expertise. Improved profitability and product performance remain the focus of new solutions and enhanced product lines. We continue to drive our key initiatives forward to increase profitability by reducing costs as we improve our processes, products, and systems."

7:34 am Chico's FAS misses by $0.07, misses on revs; Announces $300 mln share buyback (CHS) :

• Reports Q3 (Oct) earnings of $0.13 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus of $0.20; revenues fell 3.7% year/year to $641.2 mln vs the $666.66 mln Capital IQ Consensus. 
• Comp store sales decreased 3.3% y/y compared to a decrease of 1.6% in prior year period, reflecting a decrease in average dollar sale and transaction count.
• Gross margin was 54.7% of net sales in the third quarter, in line with the same period last year.
• Total inventories decreased 4.8% compared to $294.2 million in last year's third quarter, primarily reflecting improved inventory management.
• Co approved a new $300 million share repurchase authorization for the Company's common stock and canceled the remainder of its December 2013 share repurchase program.

7:33 am Boulder Brands: Pinnacle Foods (PF) to acquire Boulder Brands for $11/share; Pinnacle expects accretion to EPS beginning in 2016 (BDBD) :

Pinnacle Foods (PF) and Boulder Brands announced that they have entered into a definitive agreement for the acquisition of Boulder Brands by Pinnacle Foods. Under the terms of the agreement, Pinnacle Foods intends to launch a tender offer to acquire all of the outstanding shares of Boulder Brands for $11.00 per share, in a transaction valued at approximately $975 million, including approximately $265 million of net debt. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2016. Pinnacle expects the transaction to be accretive to EPS beginning in 2016. 

• The transaction will be funded with cash on hand and new debt. Pinnacle anticipates that, over the next two years, it will increase Boulder Brands' 2015 consensus Adjusted EBITDA of $62 million by approximately 50%, through a combination of synergies and previously identified cost savings.  
• The anticipated 2017 pro-forma Adjusted EBITDA, combined with the net present value of tax benefits totaling $47 million, implies a purchase price multiple of 10x and Adjusted cash EPS accretion of approximately 8%.

7:31 am Mylan Labs launches Clozapine Orally Disintegrating Tablets, 25 mg and 100 mg, the generic version of Jazz Pharmaceutical's (JAZZ) FazaClo in the U.S. (MYL) :  

7:29 am Chico's FAS announces New $300 Million Share Repurchase Program and Declares Cash Dividend of $0.0775 Per Share (CHS) :  

7:23 am Campbell Soup beats by $0.19, reports revs in-line; raises FY16 EPS above consensus; lowers sales due to FX (CPB) :

• Reports Q1 (Oct) earnings of $0.95 per share, excluding non-recurring items, $0.19 better than the Capital IQ Consensus of $0.76; revenues fell 2.3% year/year to $2.2 bln vs the $2.21 bln Capital IQ Consensus, primarily due to the adverse impact of currency translation.
  • Organic sales were comparable to the prior year as higher selling prices and a reduction in promotional spending were offset by volume declines.
• Co issues guidance for FY16, raises EPS to $2.75-2.83, excluding non-recurring items, from $2.53-2.58 vs. $2.59 Capital IQ Consensus. Sales are now expected to change by -1 to 0% to $8.0-8.08 bln vs. $8.1 bln consensus (previously 0 to +1%), adjusted EBIT to grow by 4 to 7 percent (previously 3 to 5 percent) and adjusted EPS to grow by 4 to 7% (previously 3 to 5%). 
  • Reflecting an improved outlook for margin performance and the increased negative impact of currency translation, Campbell has revised its fiscal 2016 guidance. This revised guidance is now based off recasted 2015 results for adjusted EBIT and adjusted EPS due to the previously discussed change in accounting for pension and postretirement benefits.
  • "Given an improved margin outlook for the year, we raised guidance for adjusted EBIT and EPS, while we lowered sales guidance to reflect increased currency headwinds." 

7:09 am Xcerra misses by $0.02, misses on revs; guides Q2 EPS below consensus, revs below consensus (XCRA) :

• Reports Q1 (Oct) loss of $0.01 per share, $0.02 worse than the Capital IQ Consensus of $0.01; revenues fell 23.2% year/year to $78.4 mln vs the $88.12 mln Capital IQ Consensus.
• Co issues downside guidance for Q2, sees EPS of ($0.13)-($0.08) vs. ($0.06) Capital IQ Consensus Estimate; sees Q2 revs of $70-75 mln vs. $77.70 mln Capital IQ Consensus Estimate.
• "We see business conditions continuing to remain challenging through our fiscal second quarter, but overall, we expect calendar 2016 to be a growth year for the Company. Several factors contribute to this outlook including customer feedback, share gains in our core businesses, and expected revenues from new market opportunities. While we continue to keep tight control over expenses, our resources are deployed to aggressively compete and win the new business opportunities currently underway."

7:08 am Crestwood Equity Partners completes 1-10 reverse split (CEQP) : As adjusted for the reverse split, Crestwood's common unit count was reduced from approximately 685.5 million outstanding to approximately 68.6 million outstanding

7:07 am DSW reports Q3 in-line with November 03 warning; reaffirms previously lowered FY16 EPS gudiance, sees flat FY16 comps (DSW) :

• Reports Q3 (Oct) earnings of $0.44 per share, in-line with the Capital IQ Consensus of $0.44; revenues fell 0.6% year/year to $666 mln vs the $664.93 mln Capital IQ Consensus.
• Co warned on Nov 3: guided EPS $0.41-0.44 vs. $0.56 consensus; rev $665 mln vs. $707.6 mln consensus
  
  • Comparable sales decreased by 3.9% compared to last year's increase of 2.6%.
  • Gross profit decreased by 270 bps driven by markdown activity and a valuation reserve on a special inventory purchase.
• Co issues guidance for FY16, reaffirms EPS of $1.40-1.50 (lowered to $1.40-1.50 from $1.80-1.90 on Nov 3) vs. $1.48 Capital IQ Consensus Estimate; sees FY16 revs of +4% to ~$2.57 bln vs. $2.58 bln Capital IQ Consensus; comps flat.

7:07 am Laclede Group reports wider than expected loss; guides FY16 EPS in-line; raises dividend (LG) :

• Reports Q4 (Sep) loss of $0.43 per share, $0.08 worse than the Capital IQ Consensus of ($0.35).
• Co issues in-line guidance for FY16, sees EPS of $3.34-3.44 vs. $3.37 Capital IQ Consensus Estimate.
• As a result of the strong performance in fiscal 2015, and expectations for continued growth in 2016, the board of directors of The Laclede Group increased the quarterly common stock dividend by 6.5% to $0.49 per share, up from $0.46 per share, raising the annualized rate to $1.96 per share.

7:06 am Dangdang misses by $0.04, misses on revs; Q3 active customers +12% and new customers +25% y/y (DANG) :

• Reports Q3 (Sep) loss of $0.05 per ADS, $0.04 worse than the Capital IQ Consensus of ($0.01). Gross margin in the third quarter of 2015 was 15.6%, compared to 18.9% in the third quarter of 2014 and 14.8% in the second quarter of 2015. Non-GAAP net margin was negative 1.1%, compared to a non-GAAP net margin of 1.4% in the corresponding period in 2014.
• The year-over-year decrease in gross margin was due to a larger contribution of general merchandise sales as a percentage of total net revenues and a decline in revenue from third-party merchants. The quarter-over-quarter increase in gross margin was due to strong gross margin contribution from books and media products. 

7:05 am Patterson Companies misses by $0.03, reports revs in-line; reaffirms FY16 EPS guidance (PDCO) :

• Reports Q2 (Oct) earnings of $0.56 per share, $0.03 worse than the Capital IQ Consensus of $0.59; revenues rose 42.0% year/year to $1.39 bln vs the $1.4 bln Capital IQ Consensus.
• Co reaffirms guidance for FY16, sees EPS of $2.40-2.50 vs. $2.45 Capital IQ Consensus Estimate.

7:03 am NJ Resources beats by $0.02, misses on revs; guides FY16 EPS below consensus (NJR) :

• Reports Q4 (Sep) loss of $0.06 per share, $0.02 better than the Capital IQ Consensus of ($0.08); revenues fell 26.0% year/year to $438.3 mln vs the $611.31 mln two analyst estimate.
• Sees FY16 EPS of $1.55-1.65 vs. $1.70 Capital IQ Consensus Estimate. 
  • NJR expects New Jersey Natural Gas (:NJNG) to be the largest contributor to fiscal 2016 NFE, with its regulated businesses contributing 65 to 80 percent of total NFE. Assuming a return to more normal weather this year, the company expects NJR Energy Services (:NJRES) to generate between 5 to 15 percent of total NFE in fiscal 2016. The following chart represents NJR's current expected contributions from its subsidiaries:

7:02 am Canadian Solar announces it will supply 112 MW of Canadian Solar CS6P-265P PV modules to Sunrun (RUN) (CSIQ) :  

7:01 am PMC-Sierra: Microsemi Corporation (MSCC) enters into a definitive agreement to acquire PMC-Sierra for $9.22 in cash and 0.0771 shares of MSCC stock (PMCS) :

Microsemi Corporation (MSCC) and PMC-Sierra announced that they have entered into a definitive agreement under which Microsemi will acquire PMC for $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock through an exchange offer. The transaction is valued at $2.5 billion.

• The transaction is expected to be immediately accretive to Microsemi's non-GAAP EPS and free cash flow. Microsemi anticipates achieving more than $100 million in annual cost synergies with greater than $75 million of those expected to be realized in the first full quarter of combined operations. Microsemi currently estimates approximately $0.60 of non-GAAP EPS accretion in the first full year after closing the transaction.
• Microsemi intends to fund the transaction and repay its existing credit facility with existing cash, $2.7 billion in new transaction debt and $0.6 billion in Microsemi common stock. The transaction is expected to close in 1Q16

6:59 am Signet Jewelers misses by $0.06, misses on revs; guides Q4 EPS towards the low end of expectations (SIG) :

• Reports Q3 (Oct) adj. earnings of $0.33 per share, $0.06 worse than the Capital IQ Consensus of $0.39; revenues rose 3.3% year/year to $1.22 bln vs the $1.23 bln Capital IQ Consensus. 
  • Comps +3.3% vs. +3-4% guidance.
  • Adj. gross margin was $373.8 million or 30.6% of adjusted sales compared to the prior year adjusted gross margin rate of 30.6%. The flat adjusted gross margin rate was unfavorably impacted by the credit mix resulting from softer sales at Jared compared to Kay. As Jared typically has higher credit quality customers than Kay, this led to greater net bad debt expense. 
• Co issues guidance for Q4, sees adj. EPS of $3.40-3.60 vs. $3.58 Capital IQ Consensus Estimate.
  • "We are currently experiencing an encouraging start to November particularly at Jared and Zales. The implementation of store operations initiatives in the third quarter combined with significant investment in our recently launched innovative merchandising and marketing programs have positioned Signet for a strong fourth quarter.

6:59 am Movado Group misses by $0.01, misses on revs; reaffirms FY16 EPS / sales guidance (MOV) :

• Reports Q3 (Oct) earnings of $0.92 per share, $0.01 worse than the Capital IQ Consensus of $0.93; revenues fell 1.6% year/year to $185.6 mln vs the $190.27 mln Capital IQ Consensus.
• Gross profit was $100.1 mln, or 53.9% of sales, compared to $99.8 mln, or 53.0% of sales, in the third quarter last year. The increase in gross margin percentage was primarily due to channel and product mix, selective price increases and certain sourcing improvements, partially offset by the unfavorable impact of changes in foreign currency exchange rates.
• Co reaffirms guidance for FY16, sees EPS of $2.00-2.10 vs. $2.04 Capital IQ Consensus Estimate; sees FY16 revs of $590-600 mln vs. $594.02 mln Capital IQ Consensus Estimate. The Company's guidance reflects its current outlook and does not take into account a potential worsening in the global economies or retail environment. This guidance also assumes no further significant fluctuations from prevailing foreign currency exchange rates as well as no unusual items for fiscal 2016.

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

• Minnesota Power, a division of ALLETE (ALE), and ArcelorMittal have agreed to a new 10-year electric service agreement through December 2025 to supply electricity to the steelmaker's Minorca mine near Virginia, Minn.
• KBR (KBR) awarded a contract by G2 LNG, LLC. Under the terms of the contract, KBR will perform FEED engineering for a two train LNG facility using Air Products and Chemicals, Inc. AP-C3MR Technology. Additionally, KBR will provide the technical documentation required by the FERC during the pre-filing process. Revenue associated with this project was not disclosed and was booked into backlog of unfilled orders for KBR's E&C Business Segment in 2Q15.

6:58 am Synthetic Biologics receives a patent from the USPTO that covers a range of compound, including the active agent of SYN-010, used to treat irritable bowel syndrome with constipation (SYN) :  

6:51 am Burlington Stores beats by $0.02, reports revs in-line; guides Q4 just below consensus (lowers FY16 sales guidance) (BURL) :

• Reports Q3 (Oct) earnings of $0.25 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.23 vs. $0.20-0.23 guidance; revenues rose 6.4% year/year to $1.23 bln vs the $1.24 bln Capital IQ Consensus.
  • Comps +2.8% vs. +2-3% guidance.
• Co issues downside guidance for Q4, sees EPS of $1.44-1.48, excluding non-recurring items, vs. $1.49 Capital IQ Consensus Estimate; sees Q4 revs of +3.7-4.7% to ~$1.55-1.56 bln vs. $1.58 bln Capital IQ Consensus Estimate. Sees FY16 EPS $2.28-2.32 from $2.27-2.32; rev +5.8-6.3% from +6.5-7%; comps +2-2.5% from +2.5-3%.

6:48 am Citi Trends misses by $0.01, misses on revs; Comparable store sales decreased 0.5% (CTRN) :

• Reports Q3 (Oct) earnings of $0.04 per share, $0.01 worse than the Capital IQ Consensus of $0.05; revenues rose 1.4% year/year to $158.9 mln vs the $166.2 mln Capital IQ Consensus.
• Comparable store sales decreased 0.5% in the quarter; up 1.7% year-to-date.

6:47 am Tiffany & Co beats by $0.01, misses on revs; lowers FY16 EPS to slightly below consensus (TIF) :

• Reports Q3 (Oct) earnings of $0.76 per share, excluding items, $0.01 better than the Capital IQ Consensus of $0.75; revenues fell 2.2% year/year to $938.2 mln vs the $971.07 mln Capital IQ Consensus. 
• In the Americas, on a constant-exchange-rate basis total sales and comparable store sales in the third quarter were 5% and 6% below the prior year, respectively, (compared with an 11% comparable store sales increase last year), and year-to-date total and comparable store sales declined 1% and 2%, respectively. Gross margin (gross profit as a percentage of net sales) in the third quarter rose to 60.2%, from 59.5% a year ago. 
• In light of third quarter results, negative effects from the strong U.S. dollar and increased global uncertainties, co lowers guidance for FY16 EPS to be 5-10% below last year's $4.20 per diluted share (excluding the loan impairment charge in the second quarter of 2015 and a debt extinguishment charge in 2014), or ~$3.78-3.99, prior guidance down 2-5% to ~$3.99-4.1 vs. $4.03 Capital IQ Consensus Estimate.
• This forecast does not assume recording any additional loan impairment charges; continues to assume improving inventory productivity; assumes capital expenditures of $260 mln; and projects free cash flow in excess of $500 mln ($100 mln higher than the previous forecast). All assumptions and expectations are approximate and may or may not prove valid.

6:46 am Leidos receives contract w/ total ceiling value of $661.8 mln by the U.S. Army (LDOS) : Co receives a prime contract by the U.S. Army to design, produce, integrate and test for the Airborne Reconnaissance Low-Enhanced program of record. The contract has a five-year period of performance and a total ceiling value of $661.8 mln.

6:39 am Bombardier to outline 2020 targets at Investor Day; sees FY16 EBIT lower (BDRBF) :

Bombardier will hold its 2015 Investor Day in New York City starting at 8:00 a.m. today and review five-year strategic objectives for its business segments and overarching transformation initiatives.

• As is its usual practice, Bombardier will provide its official guidance for the fiscal year ending Dec 31, 2016 during its Q4 2015 earnings conference call to be held in February 2016.
• In short, 2016 will be a year of transition:  
  • Bombardier expects its liquidity position to be strong, driven by the previously announced investments from the Caisse de depot et placement du Quebec (:CDPQ) in Bombardier Transportation and from the Government of Quebec in the C Series program, in each case once completed upon satisfaction of their respective conditions to completion;
  • cash usage is expected to improve as a result of Bombardier Transportation deliveries and the previously announced reset of the production rate for the Global 5000 and Global 6000 aircraft;
  • the reset of the Global 5000 and Global 6000 production rates will be driving revenue down;
  • EBIT will be lower (consensus -6%) due to these same factors as well as from the C Series program ramp-up.

6:38 am On The Wires (:WIRES) :

• Technip (TKPPY) has been awarded a lump sum contract to supply its proprietary technology, detailed engineering and procurement services for a reformer for a hydrogen plant. The plant is located near the STAR Aegean Refinery to be built in Izmir, Aliaga, Turkey.
• Boeing (BA) and EVA Airways today finalized a historic order for up to 24 787-10 Dreamliners and two 777-300ER jetliners. The order, valued at more than $8 billion at current list prices, marks the largest single commercial airplane purchase in Taiwan aviation.
• Magic Software Enterprises (MGIC) announced that Fukushima Bank has deployed an iPad sales force automation solution powered by the Magic xpa Application Platform.

6:36 am Cott amends various prior financials noting an internal control process material weakness; the changes resulted in no restatement or revision to annual or quarterly financial statements (COT) : The co states it performs goodwill impairment tests on the following business units that have goodwill or indefinite lived intangibles: North America, DS Services, RCI, and U.K. Europe. While reviewing the valuation completed for its North America business unit in relation to the goodwill recorded on its books as of January 3, 2015, the co noted that there were errors included within the inputs used to complete the valuation. After revising said inputs, the valuation resulted in no change to its conclusion that its business unit value was in excess of its carrying value and no change in goodwill was required.

6:34 am Hormel Foods beats by $0.06, misses on revs; guides FY16 EPS above consensus (HRL) :

• Reports Q4 (Oct) earnings of $0.74 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.68; revenues fell 5.6% year/year to $2.4 bln vs the $2.51 bln Capital IQ Consensus.
  • Grocery Products operating profit up 57%; volume up 5%; dollar sales up 4%. Excluding incremental net sales of MegaMex Foods products, volume down 2% and dollar sales down 2%.
  • Refrigerated Foods operating profit up 27%; volume up 2% (volume flat excluding sales of APPLEGATE natural and organic meats); dollar sales down 5% (dollar sales down 12% excluding sales of APPLEGATE natural and organic meats).
  • Jennie-O Turkey Store operating profit down 23%; volume down 21%; dollar sales down 18%. Decreases reflect the substantial impact of the avian influenza outbreak, as flocks lost earlier in the year created large volume shortfalls in operations and sales.
• Co issues upside guidance for FY16, sees EPS of $2.85-2.95 vs. $2.83 Capital IQ Consensus Estimate. 
  • "I am pleased with our momentum heading into fiscal 2016, and we should enjoy renewed revenue growth as the year proceeds," remarked Ettinger. "We expect lower input costs to provide a tailwind for our Grocery Products and Refrigerated Foods value-added businesses next year, offsetting modestly lower pork operating margins. Strong demand for our APPLEGATE natural and organic products will be an additional growth catalyst for the Refrigerated Foods segment. We look for Jennie-O Turkey Store to return to growth in the back half of fiscal 2016 if there are no significant recurrences of avian influenza, benefitting from strong demand for branded JENNIE-O products and low grain costs. Specialty Foods should deliver increases through the growth of its MUSCLE MILK protein nutrition products, and we expect International to achieve year-over-year improved results through the expansion of our business in China along with increased sales of our SPAM and SKIPPY family of products." 

6:32 am American Woodmark beats by $0.31, beats on revs; adds $20 mln to repurchase program (AMWD) :

• Reports Q2 (Oct) earnings of $1.10 per share, $0.31 better than the Capital IQ Consensus of $0.79; revenues rose 17.7% year/year to $256.29 mln vs the $241.39 mln Capital IQ Consensus.
• On November 19, 2015, the Board of Directors authorized an additional stock repurchase program of up to $20 million of the Company's outstanding common shares. This authorization is in addition to the stock repurchase program authorized on November 20, 2014.

6:31 am 500.Com announces investing $35.6 mln in Zhejiang Shangmeng Technology Limited Company for 63% of the firm's equity (WBAI) : Co announced that it has agreed to invest in Zhejiang Shangmeng Technology Limited Company, a company licensed to provide third-party payment services in China. 500.com is investing in ordinary shares representing 63% of equity interest in the firm for a cash consideration of $35.6 million.

6:27 am On The Wires (:WIRES) :

• NXP Semiconductors N.V. (NXPI) announced that the company has received clearance on the proposed transaction of the sale of its RF Power business to Jianguang Asset Manangement from the Committee on Foreign Investment in the United States. The divesture of the RF Power business is a condition for NXP's merger with Freescale Semiconductor (FSL).
• Constellium N. V. (CSTM) announced that it will construct a new manufacturing facility in Bartow County, Georgia, in response to growing demand for its automotive structures in North America. The project represents a $20 mln investment by Constellium and an additional $12 mln investment by developer Seefried Properties, for a total project value of $32 million. Construction of the plant will begin in early 2016 with start of production anticipated in 2017.
• Aegon (AEG) announced the appointment of Allegra van Hvell-Patrizi as Chief Risk Officer and member of the Management Board, effective as of January 1, 2016. Her responsibilities will include managing Aegon's Risk and Actuarial functions, together with overseeing the Group's Risk Structuring & Transfer capabilities.

6:15 am Magal Security reports Q3 results (MAGS) :

• Q3 EPS $0.05 vs. $0.22 last year; rev -21% to $17 mln (no estimates).
• "We are pleased with the results and the continued sequential and steady growth in sales we have seen over the past two quarters, in particular our high level of gross margins. Furthermore, as we move into the latter part of 2015, we are seeing increased interest in our security solutions, especially from European and North American markets. We are seeing strong interest for our new and sophisticated technological solutions such as our fiber-optic sensors as well as Roboguard. We are also seeing increasing demand for hybrid physical and cyber security, and booked a major order in the US for one of the world's largest chemical manufacturers."

6:10 am Tech Data misses by $0.09, misses on revs; guides Q4 revs below consensus (TECD) :

• Reports Q3 (Oct) earnings of $1.28 per share, excluding non-recurring items, $0.09 worse than the Capital IQ Consensus of $1.37; revenues fell 4.9% year/year to $6.43 bln vs the $6.54 bln Capital IQ Consensus. On a constant currency basis, and excluding from the prior period net sales generated in Chile, Peru and Uruguay due to the Company's previously announced exit from those countries, consolidated net sales increased ~5%. The Americas: Net sales were $2.6 billion (40% of worldwide net sales), a decrease of 3% from the prior-year quarter.
• Co issues downside guidance for Q4, sees Q4 revs of $7.05-7.25 bln vs. $7.39 bln Capital IQ Consensus Estimate. This assumes year-over-year constant currency sales growth of mid-single digits in both regions. This outlook excludes ~$78 million of sales from the previous year's fourth quarter, due to the Company's exit from Chile, Peru and Uruguay. The Company also expects the gross margin % to be in line with recent levels, a non-GAAP effective tax rate of 25 to 27% and the average U.S. dollar to euro currency exchange rate to be $1.07 to 1.00.

6:06 am EVINE Live misses by $0.06, beats on revs; offers Q4 outlook (EVLV) :

• Reports Q3 (Oct) loss of $0.09 per share, $0.06 worse than the Capital IQ Consensus of ($0.03); revenues rose 3.3% year/year to $162.26 mln vs the $157.47 mln Capital IQ Consensus.
• The Company expects fourth quarter year-over-year sales growth and net income profitability. Estimates called for rev growth of 33% to $209.5 mln and GAAP EPS of $0.06

6:03 am Copart commences a modified dutch auction tender offer for 7,317,073 common shares between $38-41/share (CPRT) :  

6:02 am BBCN Bancorp confirms receipt of a business combination proposal from Hanmi Financial (HAFC), will evaluate the proposal (BBCN) :  

5:55 am Banco Bilbao Vizcaya Argentaria invests ~EUR 64 mln for a 29.5% stake in Atom (BBVA) : Atom is the UK's first mobile-only bank, which will launch in early 2016. The investment is part of BBVA's strategy to lead financial services in the digital age.

5:49 am S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -22.00. :

5:49 am European Markets : FTSE...6254.98...-51.10...-0.80%.  DAX...10999.76...-92.60...-0.80%.

5:49 am Asian Markets : Nikkei...19924.89...+45.10...+0.20%.  Hang Seng...22587.63...-78.30...-0.40%.

5:40 am Novogen engages Novotech as the CRO to conduct its Phase 1 clinical study for Cantrixil, which will commence in 2016 (NVGN) : This first-in-human study will investigate the safety and feasibility of Cantrixil administered via the intraperitoneal route for patients with refractory /recurrent peritoneal malignancies with malignant ascites. The co said it was continuing to progress Cantrixil through the necessary preclinical regulatory requirements and safety evaluations and was on track to complete the 'in-life' phase of the toxicity studies by the end of 2015. The Company expected to receive the final report in early 2016 once a comprehensive pathology review was completed.

5:38 am Volkswagen issues statement on Audi's discussions with the US environmental authorities EPA and CARB; to install new software when approved by authorities (VLKAY) :

Co announced Audi will revise, document in detail, and resubmit for US approval certain parameters of the engine-management software used in the V6 TDI 3 liter diesel engine. That is the result of the discussions held between a delegation from AUDI AG and the US Environmental Protection Agency and the California Air Resources Board.

• The updated software will be installed as soon as it is approved by the authorities. The three brands Audi, Porsche and Volkswagen are affected. Audi estimates that the related expense will be in the mid-double-digit millions of euros.

5:35 am On The Wires (:WIRES) :

• WNS (WNS) and NIIT University announced the launch of a two-year specialized and unique work-integrated MBA Program in Business Analytics.
• Fiserv (FISV) announced that National Bonds, the leading sharia'a-compliant savings and investments company in the United Arab Emirates, has selected AML Risk Manager for the effective detection, investigation and resolution of financial crimes and to ensure regulatory compliance.
• Methode Electronics' Data Solutions Group, a division of Methode Electronics (MEI), announced London-based Critical Power Supplies Ltd. as its latest value added reseller for Methode's AC6000 lithium-ion uninterruptable power supply
• Exa (EXA) revealed its patent-pending FIND (Flow-Induced Noise Detection) capability within Exa PowerACOUSTICS.
• Progress (PRGS) announced the latest release of its rapid application development platform, Progress Rollbase.
• everBe, a management consulting and cloud services company, has been selected by Unibail-Rodamco to lead its deployment of Workday Human Capital Management and provide subsequent support services. everBe is a Workday (WDAY) Services Partner. 
• Novo Nordisk (NVO) announced a new ambition to only use electricity from renewable sources at all its global production sites by 2020. Once implemented, there will be no CO2 emissions from the electricity used at the company's plants. Already today, the company's production sites in Denmark, Brazil and Japan use electricity from renewable sources
  

5:33 am Rolls Royce presents update on review of operations; targeting incremental gross cost savings of 150-200m per annum (RYCEY) :

Co presents its review of operations including further details on the actions being taken to improve disclosure and transparency. Highlights include:

• Proposals to increase revenue segmentation, business by business gross margin and trading cash flow analysis
• Major restructuring will simplify the organisation, streamline senior management, reduce fixed costs and add greater pace and accountability to decision making
• Incremental gross cost savings of 150-200m per annum, with benefits accruing from 2017 onwards, targeting a 1-2 year payback
  

5:29 am Fifth Street Asset Management misses by $0.01; revs inline (FSAM) :

Reports Q3 EPS of $0.18 vs $0.19 Capital IQ consensus; revs increased 3.4% YoY to $25.0 mln vs $25.0 mln consensus.

• Fee-earning AUM of $4.5 billion at September 30, 2015
• Management fees represented 94.6% of total revenues for the quarter ended September 30, 2015
  

5:19 am Skyworks reaffirms guidance following termination of merger agreement with PMCS (SWKS) :

• Co reaffirms guidance for Q1 (Dec), sees EPS of $1.60 vs. $1.60 Capital IQ Consensus Estimate.
• Skyworks' upwardly revised mid-term target operating model remains unchanged from the annualized non-GAAP earnings per share of $8.00 it provided on its Q4 FY2015 earnings conference call on November 5, 2015.
  

4:38 am Boeing receives order for twenty-two 737s from BOC Aviation (BA) :

Boeing and BOC Aviation, announced an order for twenty-two 737 airplanes, building on the leasing company's existing order book to fulfill customer demand.

• The order, consisting of 11 Next-Generation 737-800s and 11 737 MAX 8 airplanes, will be posted to Boeing's Orders and Deliveries website once finalized

4:34 am On The Wires (:WIRES) :

• Bridgestone Americas announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act has been terminated with respect to the cash tender offer to purchase all of the outstanding shares of The Pep Boys (PBY). Accordingly, the tender offer condition with respect to the expiration or termination of the applicable waiting period under the HSR Act has been satisfied.
• IMAX (IMAX), IMAX China Holding and Hengdian Entertainment announced an agreement for five new IMAX theatres across China. The theatres will be installed in new construction projects, including one in a new complex in Fengxian, marking the first IMAX theatre in this suburban district of Shanghai.
• Publicis Groupe (PUBGY) has announced the acquisition of a majority stake in Glickman Shamir Samsonov, one of Israel's largest creative agencies, adding to Publicis Groupe's presence in Israel.
• Ericsson (ERIC) announced that it is supporting operator requirements for field trials as early as 2016 with the introduction of 5G Radio Prototypes that operators can deploy in live field trial environments.
• Advanced Energy Industries (AEIS) announced it will unveil the Thyro-PX SCR thyristor power controller at the annual SPS IPC Drives event in Nuremberg
• Accedian Networks announced that Telefnica (TEF) has selected Accedian's network performance assurance to deliver a new level of customer experience to their mobile subscribers, business and residential customers across Telefnica's global footprint.
  

4:21 am Amgen receives EC approval for BLINCYTO (AMGN) :

Co announced that the European Commission has granted conditional marketing authorization for BLINCYTO for the treatment of adults with Philadelphia chromosome-negative relapsed or refractory B-precursor acute lymphoblastic leukemia.

• The conditional marketing authorization for BLINCYTO is based on results of two Phase 2 studies, study '211 and '206. In the pivotal '211 trial, 42.9 percent of patients achieved complete remission (CR) or CR with partial hematological recovery with single-agent BLINCYTO.
• The most serious adverse reactions that occurred during BLINCYTO treatment in the pivotal '211 trial included infections, neurologic events, neutropenia/febrile neutropenia, cytokine release syndrome and tumor lysis syndrome
  

4:18 am Biogen's ELOCTA approved in Europe; product to launch in initial EU countries in early 2016 (BIIB) :

Swedish Orphan Biovitrum and Biogen announced that the European Commission has approved ELOCTA for the treatment of haemophilia A in all 28 European Union member states, as well as Iceland, Liechtenstein and Norway.

• ELOCTA, a recombinant factor VIII Fc fusion protein with an extended half-life, will be the first haemophilia A treatment in the EU to offer prolonged protection against bleeding episodes with prophylactic injections every three to five days.

4:12 am CTI BioPharma announces UK National Cancer Research Institute AML Cooperative Group advances Tosedostat to next stage of LI-1 trial (CTIC) :

CTI BioPharma announced that the United Kingdom's National Cancer Research Institute Haematological Oncology Clinical Studies Group has chosen to advance tosedostat, the Company's investigative oral aminopeptidase inhibitor, to the second stage of a randomized clinical trial of low-dose cytarabine plus or minus tosedostat in older patients with Acute Myeloid Leukemia or high risk Myelodysplastic Syndrome.

• The AML Less Intensive (LI-1) trial is designed as a "Pick-a-Winner" trial to be able to simultaneously test a number of promising agents added to standard therapy with low-dose cytarabine in older patients with AML or MDS who are unfit for standard aggressive induction therapy. Nine regimens have been tested in the Pick-a-Winner program, of which only 4, including tosedostat, have passed the initial hurdle for progression (which requires evidence of an improvement in remission rate with acceptable safety).
• The ultimate aim of the trial is to identify treatments that can double the 2-year survival of patients in this group. Based on the randomized Phase 2 interim analysis, the trial management group determined that tosedostat should proceed to the next stage of the study.
• It is anticipated that an additional 110 patients will be required in such phase. A further evaluation will take place before the intended expansion to a 400 patient Phase 3 trial.

3:49 am Novartis Entresto receives EU approval (NVS) :

Novartis announced that the European Commission has approved Entresto for the treatment of adult patients with symptomatic chronic heart failure with reduced ejection fraction.

• Entresto is a twice a day tablet and has a unique mode of action which is thought to reduce the strain on the failing heart.
• The approval is based on results from the 8,442-patient PARADIGM-HF study in patients with HFrEF, which was stopped early when it was shown Entresto significantly reduced the risk of cardiovascular death versus ACE-inhibitor enalapril.
• At the end of the study patients who were given Entresto were more likely to be alive and less likely to have been hospitalized for heart failure than those given enalapril. Analysis of safety data showed that Entresto had a similar tolerability profile to enalapril.

3:48 am Regeneron Pharms and Sanofi reports 18,000-Patient ODYSSEY OUTCOMES trial of Praluent; trial expected to be completed in 2017 (REGN) :

Sanofi (SNY) and Regeneron Pharmaceuticals (REGN) announced that the companies have completed enrollment in the global Phase 3 ODYSSEY OUTCOMES trial, which is prospectively evaluating the potential cardiovascular benefits of Praluent Injection after an acute coronary syndrome.

• The 18,000- patient ODYSSEY OUTCOMES trial is expected to be completed in 2017. ODYSSEY OUTCOMES is designed to determine whether the addition of Praluent to intensive statin therapy reduces major adverse cardiac events among patients who had previously experienced an ACS, such as a heart attack or unstable angina.
• The primary endpoint evaluates the time to first occurrence of coronary heart disease death, acute myocardial infarction, hospitalization for unstable angina, or fatal and non-fatal ischemic stroke.

3:42 am ZTE: Investment fund Fund to acquire 24% shareholding in co's unit, ZTE Microelectronics (ZTCOF) :

ZTE announced that its ZTE Microelectronics Technology Company subsidiary had agreed to a proposed RMB 2.4 billion ($376 million) investment by National Integrated Circuit Industry Investment Fund Corporation.

• National Integrated Circuit Industry Investment Fund will acquire 24% of the enlarged shareholding of ZTE Microelectronics.
• The new investment will enhance ZTE Microelectronics' research and development capabilities, and strengthen its offerings in advanced semiconductor technologies, as well as broaden its marketing and distribution channels in China and in international markets.

3:39 am KC Southern tenders exchange offers and consent solicitations early results for $2.125 bln of Senior Notes; ~94% of total outstanding senior notes tendered (KSU) :  

3:30 am Bristol-Myers confirms FDA approval for Opdivo or the treatment of patients with advanced renal cell carcinoma (BMY) :

Co announced that the FDA has approved Opdivo injection, for intravenous use, for the treatment of patients with advanced renal cell carcinoma who have received prior anti-angiogenic therapy.

• The announcement marks the approval of the first and only PD-1 inhibitor to deliver significant overall survival in patients with advanced RCC who have received prior anti-angiogenic therapy
• Approval based on CheckMate -025, which demonstrated median OS benefit of 25 months for Opdivo vs. 19.6 months for everolimus

3:26 am Tuniu beats by RMB1.90, beats on revs; guides Q4 revs below two analyst estimate (TOUR) :

• Reports Q3 (Sep) loss of RMB 1.51 per share, RMB 1.90 better than the Capital IQ Consensus of (RMB 3.41); revenues rose 128.6% year/year to RMB 3 bln vs the RMB 2.7 bln Capital IQ Consensus.
  • Gross bookings which include organized tours and self-guided tours, increased by 122.2% to RMB4.0 billion (US$621.7 million) year-over-year in the third quarter of 2015.
  • Total number of trips from organized tours (excluding local tours) increased by 142.1% year-over-year and the total number of trips from self-guided tours increased by 181.8% year-over-year in the third quarter of 2015.
• Co issues downside guidance for Q4, sees Q4 revs of RMB1.81-1.86 bln vs. RMB 1.91 bln two analyst estimate.

3:20 am Royal Gold provides update on Pueblo Viejo; reports no material impact to December 15 shipment (RGLD) :

Co announced that Barrick Gold (ABX) reported a mechanical issue at the Pueblo Viejo mine in the Dominican Republic is expected to result in reduced production at the operation until mid-January 2016. Royal Gold confirmed with Barrick that the Company's December 15 delivery will not be impacted materially by this development.

• Royal Gold expects to receive its first delivery of gold with respect to Pueblo Viejo on December 15 for the period July 1 to November 30, 2015.
• Barrick informed the Company that the first delivery will include ~8,900 ounces relating to July and August 2015 production, in addition to delivery of gold for the period including September, October and November 2015.

3:18 am Stifel Financial prices offering of $300 million of 3.50% Senior Notes due 2020 (SF) :  

3:06 am PMC-Sierra: Skyworks (SWKS) terminates offer to acquire PMC-Sierra (PMCS) :

Skyworks Solutions (SWKS) announced that it decided not to modify its amended and restated merger agreement with PMC-Sierra (PMCS), entered into on October 29, 2015.

• PMC terminated the amended and restated merger agreement and, as a result, Skyworks is entitled to an $88.5 million termination fee from PMC

2:48 am On The Wires (:WIRES) :

• Vedicis and Alcatel-Lucent's (ALU) managed services business announce an industry-unique service and business model to launch an innovative smart data as a service. Smart Data as a Service is a Managed Information Service that complements or replaces the traditional CAPEX model based on tech and analytics.
• ITG (ITG) announced the addition of trading in India and Taiwan equities to the award-winning POSIT Alert crossing network. ITG now offers POSIT Alert in ten Asia Pacific markets.