6:03 pm Microsoft and ASUSTeK announce expansion of an earlier patent licensing agreement (MSFT) : Co and ASUSTeK Computer (ASUUY) announce the expansion of an earlier patent licensing agreement between the companies. The deal includes a broad cross-license covering, for example, ASUS Android-based phones and tablets and Microsoft software, devices and services. It paves the way for closer integration between the two companies, including pre-installation by ASUS of Microsoft Office productivity services on ASUS Android smartphones and tablets. The agreement also facilitates technology sharing toward the development of new, innovative product solutions.

5:31 pm PDC Energy announces it has extended the maturity of its revolving credit facility by two years to May 2020; borrowing base reaffirmed at $700 mln (PDCE) :  

5:21 pm Barracuda Networks announces its Board has authorized the purchase of up to $50 mln of its common stock through September 30, 2017 (CUDA) :  

5:10 pm VEREIT announces that Michael J. Bartolotta has been named CFO and Treasurer, effective October 5, 2015 (VER) : Co announces that Michael J. Bartolotta, CPA, has been named Executive Vice President, Chief Financial Officer and Treasurer effective October 5, 2015. Mr. Bartolotta most recently served as Executive Vice President and CFO for global real estate services firm Cushman & Wakefield.

5:09 pm Spark Networks announces Q3 subscriber metrics: Total average paying subs declined 23.5% from prior year to 197,109 (LOV) :

• Jewish networks subscribers of 64,144 at the end of Q3, up 1.8% from the end of Q2
• Christian networks subscribers of 122,068 at the end of Q3, up 0.4% from end of Q2

5:07 pm REGENXBIO announces the FDA has granted Orphan Drug Designation to RGX-111 for the treatment of mucopolysaccharidosis Type I (RGNX) : Co announces that the FDA has granted Orphan Drug Designation to REGENXBIO's investigational gene therapy product candidate RGX-111 for the treatment of mucopolysaccharidosis Type I (MPS I). REGENXBIO intends to file an Investigational New Drug Application (IND) with the FDA in the first half of 2016 to support the initiation of a dose-escalation Phase I/II clinical trial of RGX-111 beginning in the first half of 2016.

5:07 pm CBIZ announces acquisition of Pension Resource Group, a provider of pension administration solutions (CBZ) : Co announces that it has acquired Pension Resource Group ("PRG"), based in Woodstock, GA, effective October 1, 2015. Co-founded by Michael Croyle in 1995, PRG provides pension administration solutions including defined benefit administration, data warehousing, benefit communication, compensation statement and human capital services to clients ranging in size from 500 to over 60,000 participants. PRG has 35 employees and recorded approximately $4.8 million in revenue over the past twelve months.

5:06 pm OSI Systems selected as a supplier on a 5-year Indefinite Delivery Indefinite Quantity (:IDIQ) contract by the U.S. Customs and Border Protection; received $19 mln initial delivery order (OSIS) : Co announces that its security division, Rapiscan Systems, was selected as a supplier on a 5-year Indefinite Delivery Indefinite Quantity (:IDIQ) contract by the U.S. Customs and Border Protection (:CBP) agency valued at up to $293 million to provide Medium Energy Cargo and Vehicle Inspection (CVI) Systems. Rapiscan is one of four suppliers selected by CBP for this IDIQ award. The Company also received its first significant delivery order from this IDIQ contract valued at approximately $19 million to provide one of the Company's newest and most advanced Mobile Detection systems - the Eagle M25 Medium Energy Mobile CVI System.

5:02 pm RigNet announces agreement with Inmarsat to offer Fleet Xpress, the maritime version of its Global Xpress service, to the oil and gas maritime sector (RNET) : The agreement will enable RigNet to extend high-speed communications to offshore service and supply vessels within the oil and gas industry across the globe.

5:00 pm Geospace Tech. announces it has entered into a rental contract with an international seismic contractor to rent 5,000 stations of its cableless ocean bottom nodal system (GEOS) : Delivery of the OBX system is expected to occur in Geospace's second fiscal quarter ending March 31, 2016. The rental term is expected to last for up to nine months, resulting in revenues of up to $17.1 million. The contract is cancellable by the customer at any time which, in such case, would result in minimum revenues of at least $1.3 million.

4:59 pm McEwen Mining announces that Perry Ing, VP & CFO, will be resigning on October 30, 2015 (MUX) :  

4:57 pm AAC Holdings announces completion of acquisition of Sunrise House Foundation for $6.6 mln (AAC) : Co announces it has completed the previously announced acquisition of the operating assets of Sunrise House Foundation, Inc., a non-profit corporation operating a 110-bed substance abuse treatment center, 30 halfway house beds and two outpatient programs all in Western New Jersey, for a total purchase price of $6.6 million in cash. 

4:53 pm American Electric to sell its commercial barge transportation subsidiary, AEP River Operations LLC, to American Commercial Lines, owned by Platinum Equity, for ~$550 mln (AEP) :

Co has signed an agreement to sell its commercial barge transportation subsidiary, AEP River Operations LLC, to American Commercial Lines (:ACL), owned by Platinum Equity, for approximately $550 million.

• AEP River Operations is a commercial inland barge company delivering about 45 million tons of products annually, including 10 million tons of coal. AEP River Operations has 56 towboats, 2,301 barges and 1,090 employees. The company is headquartered in Chesterfield, Missouri, with operations in Paducah, Kentucky, and Convent, Algiers and Belle Chasse, Louisiana. AEP announced in March that the company was exploring strategic alternatives for AEP River Operations, including a potential sale.
• AEP expects to net approximately $400 million in cash after taxes, debt retirement and transaction fees. The company will invest the proceeds in its regulated business. AEP expects to record a net gain of approximately $125 million from the sale in the fourth quarter of 2015, subject to working capital and other adjustments.
• AEP is still conducting an independent strategic evaluation of its competitive generation business. No decision has been made about the future of that business.

4:50 pm Premier confirms acquisition of InflowHealth, a SaaS-based software developer, for $6 mln in cash; not expected to have a material impact on Premier's FY16 results (PINC) : Co announces it has acquired InflowHealth LLC, a SaaS-based software developer that specializes in improving the operational and financial performance of physician practices. Premier acquired InflowHealth, founded in 2013, for $6.0 million in cash. The business and its employees will become part of the company's Performance Service segment. The acquisition provides selling owners an earn-out opportunity of up to $26.9 million based on InflowHealth's future annual revenues through 2019. The selling owners also received restricted stock units of Premier with an aggregate equity grant value of $2.1 million, with a three-year vesting period. The acquisition is not expected to have a material impact on Premier's fiscal 2016 financial results.

4:49 pm McEwen Mining announces 15 mln share stock repurchase program (MUX) : Management and the Board of Directors believe that prevailing market conditions have resulted in McEwen Mining's shares being undervalued, and the stock repurchase program is an opportunity to minimize the adverse effects of market volatility and recapture value for shareholders.

4:36 pm Goodyear Tire dissolves its global alliance with Sumitomo Rubber Industries (GT) :

Under terms of the agreement, Goodyear retains exclusive rights to sell Dunlop-brand tires in the replacement market and to non-Japanese auto manufacturers in the United States, Canada and Mexico.

• Goodyear also retains exclusive rights to sell Dunlop-brand tires in replacement and original equipment markets in European countries where the former joint venture exclusively served the market.
• Additionally, Goodyear regains exclusive rights to serve Japanese markets with Goodyear-brand tires. The completion of the transaction will resolve the pending arbitration filed in January 2014.

4:36 pm Pacific Biosciences announces its technology will be featured in 36 presentations at next week's American Society of Human Genetics (ASHG) 2015 annual meeting taking place in Baltimore, Maryland (PACB) : The company will also display its new instrument, the Sequel System, which was launched yesterday.

4:35 pm New Relic Chief Revenue Officer Hilarie Koplow-McAdams, has been promoted to the role of President (NEWR) : Co also announced that after more than four years in the role of President and Chief Operating Officer, Chris Cook is resigning so that he may pursue opportunities in a CEO role at another organization. 

4:35 pm Carver Bancorp announces that the Federal Reserve Bank of Philadelphia has lifted the Order to Cease and Desist originally issued by the Office of Thrift Supervision (CARV) : Co announces that the Federal Reserve Bank of Philadelphia, under the delegated authority of the Board of Governors of the Federal Reserve System, has lifted the Order to Cease and Desist ("C&D") originally issued by the Office of Thrift Supervision for Carver Bancorp, Inc. and in effect since February 7, 2011. The removal was effective September 24, 2015. As previously announced, the Office of the Comptroller of the Currency lifted a similar C&D Order for Carver Federal Savings Bank in November 2014.

4:33 pm Apollo Commercial Real Estate deploys over $346.3 million of capital into four new commercial real estate loan transactions (ARI) : Co has deployed over $346.3 million of capital into four new commercial real estate loan transactions and for the funding of previously closed loans. In addition, the Company announced ARI received ~$225 million from loan repayments and sales, including the repayment of $112 million of loans securing New York City residential properties, resulting in a net capital deployment of ~$121.3 million. With the closing of these transactions, ARI has committed to over $1 billion of investments year-to-date.

4:33 pm Sealed Air agrees to sell its European food trays business to Faerch Plast A/S (SEE) : Co announces it has entered into an agreement for the potential sale of its European food trays business to Faerch Plast A/S, a European food packaging solutions provider. The transaction will include Sealed Air's manufacturing facilities in Poole, UK and Bunol, Spain, and is contingent on customary closing conditions which are anticipated to occur in the fourth quarter of 2015. Sealed Air's European food trays businesses generated approximately $71 million USD in sales for fiscal year 2014.

4:31 pm Sarepta Therapeutics announced a four year collaborative research agreement, to establish the Sarepta Translational Laboratory with Murdoch University in Western Australia (SRPT) :

• Co announced a four year collaborative research agreement to establish the Sarepta Translational Laboratory with Murdoch University, Perth, Western Australia.
• The Laboratory, led by Murdoch University professors Steve Wilton, Ph.D. and Sue Fletcher, Ph.D., will explore the applicability of the Company's phosphorodiamidate morpholino oligomer technology for disease targets beyond Duchenne muscular dystrophy, such as cystic fibrosis and spinal muscular atrophy.

4:21 pm Dover Downs Gaming regains compliance with the NYSE's minimum bid requirement (DDE) :  

4:19 pm Progress Software beats by $0.02, misses on revs; guides Q4 EPS in-line, revs below consensus; announces new $100 mln buyback (PRGS) :

• Reports Q3 (Aug) earnings of $0.39 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.37; revenues rose 27.0% year/year to $100.7 mln vs the $102.79 mln consensus.
• Co issues guidance for Q4, sees EPS of $0.47-0.51, excluding non-recurring items, vs. $0.48 Capital IQ Consensus; sees Q4 revs of $113-118 mln, excluding non-recurring items, vs. $121.63 mln Capital IQ Consensus Estimate. 
• Board of Directors has authorized a new $100 million share repurchase program
• Michael Benedict, previously President of the Data Connectivity and Integration Business Unit, has been appointed Chief Product Officer, effective immediately

4:19 pm KEYW Holding announces the selection of HawkEye G by a leading energy provider; representing first seven-figure deal for HawkEye G 3.0 (KEYW) : Co announced that one of the nation's leading energy providers has selectedHawkEye G. HawkEye will be deployed across tens of thousands of endpoints in the customer's environment. The selection represents the first seven-figure deal for the recently released HawkEye G 3.0.

4:19 pm TransAtlantic Petroleum provided an operational update on its current production and drilling program (TAT) :

• Production Update: The current average 7-day net production rate is ~6,220 BOEPD, comprised of ~5,360 BOPD and ~5.2 MMCFPD of natural gas. Q3 had average net production of ~5,340 BOEPD, +3% y/y and -9% q/q. Q3 Net production was comprised of ~4,270 BOPD and 6.4 MMCFPD of natural gas.
• In the third quarter of 2015, the Company drilled and began completion operations, which are ongoing, on the Bahar-9 well (100% working interest). The South Goksu-1 well (50% working interest), a 5,900 foot exploratory well drilled two miles south of the Goksu field, is currently undergoing completion, but has tested non-commercial amounts of hydrocarbons to date. The Company expects all drilled wells to be completed during the fourth quarter of 2015.
• Hedge Update: On September 14, 2015, CO monetized a portion of its hedges, resulting in net proceeds of $12.8 mln. The proceeds were used to pay down debt under the Company's senior secured credit facility (the "Senior Credit Facility") with BNP Paribas (Suisse) SA and the International Finance Corporation. Pursuant to requirements under the Senior Credit Facility, the Company acquired Brent puts with a $50 strike price in replacement of a portion of the unwound volumes. On September 30, 2015, the overall hedge portfolio was valued at ~$32 mln.
  

4:19 pm Autobytel announces acquisition of AutoWeb in an all-stock and warrant transaction; transaction accretive to FY15 non-GAAP EPS; co updates FY15 outlook (ABTL) :

Co announces it has acquired AutoWeb, Inc. in an all-stock and warrant transaction, effective today. Prior to the acquisition, Autobytel owned approximately 15% of the outstanding capital stock of AutoWeb.

• The transaction consideration consists of approximately 170,000 newly issued shares of Autobytel series B junior participating convertible preferred stock and warrants exercisable for approximately 150,000 shares of series B preferred stock.
  • The series B preferred stock is non-voting and, subject to the approval by the company's stockholders, each share of series B preferred stock is convertible into 10 shares of the company's common stock.
  • The warrants have an exercise price equal to $184.47, which is 10 times the $16.77 closing price of the company common stock on the NASDAQ stock exchange yesterday, plus a 10% premium.
• Co sees Q3 revs of ~$39 mln, may not compare to $37.64 mln Capital IQ consensus estimate; co increases FY15 rev guidance to $132-134 mln (raised from $128-132 mln), may not compare to $129.45 mln Capital IQ consensus estimate, sees FY15 adjusted EPS of $1.17-1.23 (lowered from $1.21-1.27), may not compare to $1.25 Capital IQ consensus estimate. The decrease from the company's previously disclosed adjusted EPS guidance was entirely driven by the additional shares outstanding as a result of today's transaction.
• In addition to being appointed to the company's board of directors, Matas de Tezanos, Autoweb's CEO and director, was appointed to the new position of Autobytel's chief strategy officer.

4:17 pm Thor Industries increases quarterly dividend 11% to $0.30 from $0.27 per share (THO) : The regular dividend is payable on October 30, 2015, to shareholders of record at the close of business on October 16, 2015.

4:17 pm Natural Alternatives International promotes Kenneth Wolf to President and Michael Fortin to CFO (NAII) :

Wolf has been the Chief Financial Officer and the Treasurer of the Company since February 2008, Secretary of the Company since February 2009 and Chief Operating Officer since June 2010. Fortin has been NAI's Director of Accounting and SEC Reporting since April 2008

4:17 pm Graphic Packaging acquires the converting assets of Carded Graphics (GPK) :

Co announces that its wholly owned subsidiary, Graphic Packaging International, has acquired the converting assets of Carded Graphics, a printed folding carton producer with a regional position in the food, craft beer and other consumer product markets.

• The transaction will be funded with existing cash and borrowings from GPK's revolving line of credit.
  
  
• Co states, "...The addition of this state-of-the-art converting facility increases our east coast presence allowing us to better service new and existing customers in that region, specifically the growing craft beer markets..."
  

4:17 pm Travelzoo announces Holger Bartel as global CEO; current CEO, Chris Loughlin, will leave on December 31, 2015 at his own request to pursue other opportunities (TZOO) :

• Co announced the appointment of Holger Bartel as global chief executive officer (CEO) and the appointment of Vivian Hong as president, Asia Pacific effective January 1, 2016, and the appointment of Mike Stitt as president, North America effective October 1, 2015.
• The company's current CEO, Chris Loughlin, will leave on December 31, 2015 at his own request to pursue other opportunities.  
• Holger Bartel who is the chairman of Travelzoo's board of directors since 2010, was CEO from 2008 to 2010.
• Holger Bartel is the brother of founder Ralph Bartel.

4:16 pm Nordstrom announces the closing of its credit card transaction, w/ $1.8 bln in net proceeds to be returned to shareholders through dividend and share repurchase (JWN) :

Co closed its credit card transaction with TD Bank, including the sale of its credit card portfolio and the initiation of the long-term agreement under which TD is the exclusive U.S. issuer of Nordstrom-branded Visa and private label consumer credit cards.

• The Company sold its credit card portfolio to TD for $2.2 billion, representing the gross value of the outstanding receivables. In conjunction with the transaction, the Company prepaid $325 million of secured debt due October 2016 to provide the receivables free and clear.
• The Company intends to deploy net proceeds of $1.8 billion, after $325 million in debt reduction and transaction costs between $35 million and $45 million, directly to shareholders through dividend and share repurchase. In connection with the closing, its board of directors authorized a special cash dividend and an additional $1 billion share repurchase program:
  • A special cash dividend of $4.85 per share of outstanding common stock will be payable on October 27, 2015, to shareholders of record at the close of business on October 12, 2015.
  • Nordstrom will provide additional details on the overall financial impact of the transaction, including an update to its fiscal 2015 outlook, in its upcoming earnings release

4:16 pm Home Properties announces its stockholders voted to approve the previously announced acquisition of Home Properties by Lone Star Funds (HME) : Subject to the satisfaction or waiver of all other closing conditions related to the transaction, the transaction is expected to close in October 2015 on a date to be specified by Lone Star.

4:15 pm Cartesian appoints John Ferrara as CFO effective October 15, 2015; promoted SVP of business development William Hill to the new position of presid (CRTN) : Ferrara previously served as CFO for TheStreet (TST)

4:11 pm Supervalu CEO Sam Duncan announces his plan to retire in February 2016 and Bruce Besanko promoted to COO; does not impact the continued exploration of a separation of its Save-A-Lot business (SVU) : Co also announced that Bruce Besanko has been promoted to the newly-created role of Executive Vice President, Chief Operating Officer, reporting to Sam Duncan, and that Susan Grafton has been promoted to Executive Vice President, Chief Financial Officer, reporting to Bruce Besanko. Today's announcement does not impact the Company's continued exploration of a separation of its Save-A-Lot business.

4:10 pm Closing Market Summary: Stocks Eke Out Slim Gains Amid Rebound in Biotechnology (:WRAPX) :

The stock market ended Thursday on a modestly higher note after climbing off its intraday low. The S&P 500 (+0.20%) settled within four points of its unchanged level while the Dow (-0.08%) and Nasdaq (+0.15%) underperformed.

Equities began the first session of Q4 just above their flat lines after a pre-market retreat caused S&P 500 futures to surrender a 25-point gain. The early morning slide from pre-market highs gathered steam following a Bloomberg report indicating the Bank of Japan does not plan to introduce additional stimulus at this time.

In addition to pressuring stocks, the report gave a boost to the yen, sending the dollar/yen pair to a session low near 119.50; however, the currency pair was able to claw its way back into the 120.00 range in the afternoon while stocks also climbed off their lows.

Five sectors ended the day in the green with the health care sector (+0.9%) finishing among the leaders. Biotechnology, meanwhile, struggled to keep pace with the broader sector, but a late rally in the iShares Nasdaq Biotechnology ETF (IBB 305.60, +2.27) helped the ETF end higher by 0.8% after being down as much as 2.1% at its lowest point.

The early underperformance in biotechnology kept the Nasdaq behind the broader market into the afternoon while the technology sector also struggled. To be fair, the tech sector trimmed its loss to 0.1% during the afternoon, while high-beta chipmakers could not follow suit, sending the PHLX Semiconductor Index lower by 1.2%. As for top-weighted tech names, Apple (AAPL 109.58, -0.72) lost 0.7% while Google (GOOGL 642.00, +3.63) added 0.6%.

Elsewhere among cyclical groups, the materials sector (+1.1%) held the lead throughout the session while the consumer discretionary space (+0.7%) rallied behind automakers and homebuilders. Ford (F 13.67, +0.10) and General Motors (GM 30.67, +0.65) posted respective gains of 0.7% and 2.2% after reporting solid September sales while the iShares Dow Jones US Home Construction ETF (ITB 26.45, +0.35) climbed 1.3%.

Also of note, the energy sector (+0.1%) settled just behind the broader market after being up more than 2.0% at the start. That early strength was brought on by a sharp morning spike in crude oil, but the energy component surrendered its entire gain, ending lower by 0.9% at $44.75/bbl after briefly crossing above $47.00/bbl. The intraday turnaround developed shortly after it was reported the Senate Banking Committee approved a bill to roll back the ban on crude oil exports.

Treasuries registered slim gains after spending the day near their flat lines with the 10-yr yield ticking down one basis point to 2.04%.

Today's participation was ahead of recent averages with more than 950 million shares changing hands at the NYSE floor.

Economic data included Initial Claims, Construction Spending, and ISM Index:

• Weekly initial claims increased to 277,000 from an unrevised 267,000 while the Briefing.com consensus expected an increase to 270,000
  • Despite the larger-than-expected increase, the four-week moving average declined to 271,000 from 272,000, which is a level consistent with an employment sector nearing full employment
  • The continuing claims level declined to 2.191 million from an upwardly revised 2.244 million (from 2.242 million), representing the lowest reading since November 2000
• The ISM Manufacturing Index declined to 50.2 in September from 51.1 while the Briefing.com consensus expected a decline to 50.6
  • If there is one bit of solace in the data, it is that manufacturing conditions -- nationally -- managed to stay in an expansion mode, albeit barely. The same could not be said for the regional data from the Federal Reserve manufacturing surveys, which showed sharp contractions in every area of the country.
  • With the exception of Customer Inventories -- which are reportedly too high -- all of the sub-indices either declined or were unchanged in September. That included a notable drop in both the Production (51.8 from 53.6) and New Orders (50.1 from 51.7).
• Construction spending increased 0.7% in August after increasing a downwardly revised 0.4% (from 0.7%) while the Briefing.com consensus expected an increase of 0.5%
  • Private construction spending increased 0.7% in August, down from a 1.1% increase in July
  • Most of the August private construction gain came from the residential sector as residential construction spending rose a solid 1.3% in August after increasing 0.6% in July

Tomorrow, the September Nonfarm Payrolls report will be released at 8:30 ET (Briefing.com consensus 205,000) while August Factory Orders (consensus -1.0%) will be reported at 10:00 ET.

• Nasdaq Composite -2.3% YTD
• S&P 500 -6.6% YTD
• Dow Jones Industrial Average -8.7% YTD
• Russell 2000 -8.9% YTD

4:10 pm Coherus BioSciences reported the results from its pharmacokinetic and pharmacodynamic clinical study of CHS-1701, a pegfilgrastim (Neulasta) biosimilar candidate. This study met its primary PD endpoints (CHRS) :

Co reports results from its pharmacokinetic and pharmacodynamic (PK/PD) clinical study of CHS-1701, a pegfilgrastim (Neulasta) biosimilar candidate. This study met its primary PD endpoints of absolute neutrophil count.

• In terms of PK parameters, the study also met bioequivalence for Cmax. The Area Under the Curve portion of the PK results are still under review. Given these overall positive results, Coherus remains on track for its planned BLA filing in the first quarter of 2016.
  
  
• This randomized, double-blind, single-dose, two-period crossover study in healthy subjects assessed PK, PD, and safety of a single 6 mg subcutaneous injection of CHS-1701 compared with a single 6 mg SC dose of Neulasta. A total of 116 healthy volunteer subjects were randomized to one of two treatment sequences; Neulasta (Period 1) then CHS-1701 (Period 2) or CHS-1701 (Period 1) then Neulasta (Period 2).
  
  
• In terms of any drug-related adverse events, the safety profile was equivalent between the CHS-1701 and Neulasta treatment arms.
  

4:09 pm Realty Income announced that it has commenced an underwritten public offering of 10,000,000 shares of common stock (O) : The company also plans to grant the underwriters a 30-day option to purchase up to 1,500,000 additional shares of common stock. The company expects to use the net proceeds from the offering to repay borrowings under its $2.0 billion unsecured revolving credit facility and for other general corporate purposes and working capital, which may include acquisitions.

4:08 pm Regeneron Pharms announced a collaboration with Mitsubishi Tanabe Pharma; providing MTPC with exclusive development and commercial rights to fasinumab (REGN475) in Asia ex-China (REGN) :

Co announce a collaboration with Mitsubishi Tanabe Pharma (TSE: 4508) (:MTPC) providing MTPC with exclusive development and commercial rights to fasinumab (REGN475), Regeneron's NGF antibody in late-stage development for musculoskeletal pain. MTPC will obtain exclusive development and commercial rights to fasinumab in Japan, Korea and nine other Asian countries, excluding China.

• Regeneron will receive up to $55 million in upfront and other near-term payments. The agreement provides for additional payments to Regeneron of up to $170 million in R&D reimbursement payments and development milestones.
• Upon commercialization, Regeneron will supply the product at a range of purchase prices depending on net sales, such that Regeneron shares in a significant portion of any potential profits.
• Regeneron is also eligible for additional one-time purchase price adjustment payments of up to $100 million total upon achievement of specified annual net sales.

4:08 pm Xenoport seeks to focus on and maximize the value of its commercial product Horizant; will discontinue development of XP23829 on its own and seek a partner (XNPT) :

In connection with the decision to focus on commercializing HORIZANT, Ronald W. Barrett, Ph.D., has retired as Chief Executive Officer and as a Director of XenoPort, effective immediately. Vincent J. Angotti, Executive Vice President and Chief Operating Officer, who has spearheaded the commercialization of HORIZANT, has been named Chief Executive Officer.

• Angotti has nearly 25 years of operations and commercialization experience in both large and start-up specialty pharmaceutical companies. Prior to joining XenoPort in May 2008, Angotti held several positions with Reliant Pharmaceuticals, Inc., the most recent of which was Senior Vice President of Sales and Marketing.
• In connection with XenoPort's strategic shift, the company also announced that it will be implementing a reduction in work force. Restructuring costs, primarily related to compensation and benefit expenses as well as severance costs related to its departing CEO, are expected to be approximately $3.2 million and result in annual future cash savings of approximately $6.7 million. In addition, future expenses will be reduced due to the discontinuation of late-stage development of XP23829.
• The company ended the second quarter of 2015 with $170.4 million in cash, cash equivalents and short-term investments.

4:05 pm Providence Service Corp appoints David Shackelton as Chief Financial Officer, effective immediately (PRSC) : Co announced that it has named David Shackelton as the Company's new Chief Financial Officer, effective immediately. Mr. Shackelton has served as Interim Chief Financial Officer since August 2015 and succeeds James M. Lindstrom in this position.

4:04 pm Opko Health extends the conversion ability of its 3% Convertible Senior Notes due 2033 through December 31, 2015 (OPK) :  

4:04 pm CalAmp beats by $0.01, beats on revs; guides Q3 EPS in-line, revs in-line; narrows FY16 rev guidance in-line with consensus (CAMP) :

Reports Q2 (Aug) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 17.9% year/year to $69.81 mln vs the $68.06 mln consensus.

• Consolidated gross margin was 36.2% in the fiscal 2016 second quarter, compared to 34.6% in the second quarter last year.

Co issues in-line guidance for Q3, sees EPS of $0.26-0.30, excluding non-recurring items, vs. $0.28 Capital IQ Consensus Estimate; sees Q3 revs of $71-76 mln vs. $72.94 mln Capital IQ Consensus Estimate.

Co issues in-line guidance for FY16, sees FY16 revs of $281-289 mln (narrowed from $280-290 mln) vs. $283.00 mln Capital IQ Consensus Estimate. "Our increasing scale, impressive roster of global enterprise customers and ongoing strategic investments position us well to sustain our momentum into fiscal 2017 and beyond."

4:04 pm Micron beats by $0.05, beats on revs (MU) :

Reports Q4 (Aug) earnings of $0.37 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.32; revenues fell 14.8% year/year to $3.6 bln vs the $3.56 bln consensus.

Revenues for the fourth quarter of fiscal 2015 were 7 percent lower compared to the third quarter of fiscal 2015 primarily due to a 7 percent decline in DRAM average selling prices and relatively flat DRAM sales volume. Non-Volatile trade revenues for the fourth quarter of fiscal 2015 also declined 7 percent compared to the third quarter primarily as a result of lower sales volume. The company's overall consolidated gross margin of 27 percent for the fourth quarter of fiscal 2015 was 4 percent lower compared to the third quarter of fiscal 2015 primarily due to lower average selling prices for DRAM.

4:04 pm FutureFuel extends the supply of NOBS, a bleach activator laundry additive, to Procter & Gamble (PG) through 2018 (FF) :

Co announces that on September 30, 2015, its subsidiary, FutureFuel Chemical Company, signed a contract amendment to extend the supply of NOBS, a bleach activator laundry additive, to Procter & Gamble (PG) through 2018.

• P&G previously expressed its intent to terminate the NOBS supply arrangement effective December 31, 2015, but it has now been reinstated on amended terms. The amendment provides for sales of NOBS to PG in reduced volumes with adjusted pricing during 2015-2018 to account for revised market conditions.
  
  
• Co states: "FFCC also has acquired certain intellectual property rights relating to NOBS laundry detergent formulations which will support sales to other laundry detergent manufacturers... FFCC already has evaluated NOBS in multiple commercial laundry detergent applications from around the world and demonstrated improved cleaning performance in particular at lower wash temperatures."

4:03 pm Agree Realty announces YTD acquisition activity, showing 59 net lease properties for $160.1 mln (ADC) : uring the nine months ended September 30, 2015, the Company acquired 59 net lease properties for an aggregate purchase price of $160.1 million. The properties are leased to 32 retail tenants operating across 19 sectors and located in 21 states. The transactions were completed at a weighted-average cap rate of 8.0% and have a weighted-average remaining lease term of 12.6 years.

4:02 pm Rentrak announces a group-wide local tv ratings expansion with the CBS (CBS) television stations (RENT) : Co announces a group-wide local TV ratings expansion with the CBS Television Stations. All 27 CBS-owned television stations will now have access to Rentrak traditional household and age/sex ratings, as well as the full suite of Advanced Demographics for automotive purchase behaviors and political behavioral segments.

4:00 pm bebe stores announces a workforce reorganization; authorizes a$5 million share repurchase program (BEBE) :

Co announces that, as a result of the Company's focus on more streamlined lifestyle assortments and increased efficiencies across business functions, it has implemented a workforce reorganization. This reorganization will include the reduction of over 50 positions primarily in the design, merchandising, and production areas. The Company expects pre-tax costs associated with this initiative to be approximately $1.5 million, and anticipates annual cost savings of approximately $4.8 million.

In addition, Manny Mashouf, Chairman of the Board of bebe, will be re-engaged with the Company, working closely with the design and merchandise teams to help guide this initiative. bebe also announced today that the Company's Board of Directors has authorized a $5 million share repurchase program.

• Effective October 16, 2015 Susan Powers, Senior Vice President of Stores, will be leaving the Company.

3:54 pm TEGNA issued a statement regarding the TGNA/DISH negotiations (TGNA) :

TGNA noted,

• "TEGNA and DISH have agreed to an eight day contract extension through Friday, October 9 at 7 p.m. ET as talks continue on a new agreement. With Hurricane Joaquin forecast to potentially impact several TEGNA markets, this extension ensures that critical programming remains available to all viewers."

3:46 pm Houston Wire & Cable's subsidiary HWC Wire & Cable Company amends and restates its security agreement (HWCC) : The 2015 Loan Agreement is a $100 mln asset based facility provided by Bank of America Merrill Lynch. Under certain circumstances the Company may request an increase in the commitment by an additional $50 mln. The 2015 Loan Agreement has a five-year term which expires on September 30, 2020 and is secured by a lien on substantially all the property of the Company, other than real estate

3:36 pm CBOE Holdings reports September 2015 trading volume, showing total trading volume for options contracts was 104 mln, down 5% Y/Y (CBOE) :

Co reported that total trading volume in September for options contracts on Chicago Board Options Exchange and C2 Options Exchange (C2) and futures contracts on CBOE Futures Exchange was 104 mln contracts, a decrease of 5%  from September 2014 and 17% from August 2015.

• Total options and futures average daily volume (:ADV) at CBOE Holdings for September was 5 million contracts, a decrease of 5% from September 2014 and 17 % from August 2015.

3:36 pm Treasury Market Summary (BONDX) :

Treasuries Trade Sideways After Weak ISM

• The U.S. Treasury market ended mostly unchanged today, with the 30-year bond closing modestly higher while 2's and 5's lost ground. The ISM Manufacturing Index missed estimates, falling to 50.2 in September, a level just barely indicating expansion. Construction spending for August beat expectations but was accompanied by a downward revision to the July number
  
• Yield Check:
  
  • 2-yr: +1 bp to 0.64%
    
  • 5-yr: unch at 1.37%
    
  • 10-yr: unch at 2.04%
    
  • 30-yr: -1 bp to 2.85%
    
• News:
  
  • The ISM Index fell to 50.2 in September from 51.1 in August. The Briefing.com consensus was for 50.6. Readings above 50 indicate expansion
    
    • With the exception of Customer Inventories -- which are reportedly too high -- all of the sub-indices either declined or were unchanged in September. That included a notable drop in both the Production (51.8 from 53.6) and New Orders (50.1 from 51.7) Indices
      
    • Backlog levels suffered the biggest monthly decline as the index dropped to 41.5 in September from 46.5 in August. That was the fourth consecutive monthly contraction.
    • Without a steady supply of backlogs, production growth will be difficult
      
  • Construction spending in August grew 0.7%, better than the Briefing.com consensus of 0.5% and the downwardly-revised 0.4% from July
    
  • Initial Jobless Claims for the week ending 9/26 rose to 277K from 267K in the prior week. The Briefing.com consensus was for 270K initial claims
    
    • Continuing Jobless Claims dropped to 2191K for the week ending 9/19 from an upwardly-revised prior reading of 2244K. The Briefing.com consensus was 2242K
      
    • That was the lowest level for continuing claims since 2000

• Commodities:
  
  • WTI crude: -0.31% to $44.95/bbl.
    
  • Gold: -0.16% to $1,113.40/troy oz.
    
  • Copper: -1.45% to $2.307/lb.
    
  • Natural Gas: -3.68% to $2.431/mbtu
    
    • Natural gas inventories for the week ending 9/26 climbed 98 bcf versus expectations for +100 bcf

• Currencies:
  
  • EUR/USD: +0.11% to $1.1184
    
  • USD/JPY: -0.01% to 119.90

• Data Out Friday:
  
  • September Employment Situation Report (08:30 ET)
    
  • August Factory Orders (10:00 ET)
    
• Fed Speakers:
  
  • Boston Fed President Eric Rosengren (non-FOMC voter) (08:30 ET)
    
  • Minneapolis Fed President Kocherlakota (non-FOMC voter) is a panelist in "Should U.S. Monetary Policy have a Ternary Mandate?" (09:00 ET)
    
  • St. Louis Fed President Bullard (non-FOMC voter) (09:00 ET)
    
  • Cleveland Fed President Mester (non-FOMC voter) participates in panel, "Micro Prudential Versus Macro Prudential: Problems with Supervisory Control" (11:00 ET)
    
  • Fed Vice Chair Fischer (FOMC voter) (13:00 ET)

3:33 pm Earnings Calendar (:SUMRX) :

Today after the close look for the following companies to report:

• MU, PRGS, CAMP

Tomorrow before the open no companies are scheduled to report earnings.

3:31 pm Standex International acquires Wisconsin-based Northlake Engineering; expected to be $0.04 to $0.06 per share accretive in FY 2017 (SXI) :

Co has acquired Wisconsin-based Northlake Engineering, Inc., a designer, manufacturer and distributor of electromagnetic products and solutions serving the North American power distribution and medical equipment markets. Northlake recorded revenue of ~$10 million for the trailing 12 months ended August 2015.

• The acquisition is expected to be breakeven including purchase accounting expenses in the current fiscal year, and to be $0.04 to $0.06 per share accretive to earnings in FY17

3:30 pm Apple continues afternoon extension (AAPL) : Noted this morning that the stock had held in the vicinity of its early Sep low at 107.36 (session low 107.31) with its initial rebound high at 107.99. It broke above this rebound high and retested midday and early afternoon before running as high as 109.57 in recent action.

3:30 pm Bank of the Ozarks increases its quarterly cash dividend to $0.145/share, up from $0.14/share prior (OZRK) :  

3:19 pm BioTime completes its registered direct offering of 6,530,612 shares, for total proceeds of $20.35 million; sale was at $3.13/share (BTX) :  

3:14 pm Currency Market Summary (:FOREX) :

Dollar Index Drops on ISM

• The U.S. Dollar Index lost 0.18% to 96.18 today after the ISM Index missed estimates for September
  
  • The ISM Index fell to 50.2 in September from 51.1 in August. The Briefing.com consensus was for 50.6. Readings above 50 indicate expansion
    
  • Construction spending in August grew 0.7%, better than the Briefing.com consensus of 0.5% and the downwardly-revised 0.4% from July
    
• EUR/USD: +0.12% to $1.1185
  
  • The eurozone's manufacturing PMI fell to 52.0 in September from 52.3 in August
    
    • On a national basis, Spain's manufacturing PMI fell to 51.7 from 53.2, Germany's dipped to 52.3 from 52.5, France's unexpectedly rose to 50.6 from 50.4 in August, and Italy's dropped to 52.7 from 53.8
      
• GBP/USD: +0.03% to $1.5130
  
  • The U.K.'s manufacturing PMI was unchanged from August at 51.5 in September, according to the latest revision
    
• USD/CHF: +0.33% to 0.9777
  
  • Swiss retail sales fell 0.3% y/y in August after climbing an upwardly-revised 0.1% in July
    
• USD/JPY: +0.01% to 119.93
  
  • Japan's Tankan index for large manufacturers fell to a lower-than-expected 12 in the third quarter from 15 in Q2
    
    • The corresponding index for large services companies jumped to 25 in Q3 from 23 in Q2. Analysts had forecast a decline
      
• USD/CAD: -0.49% to 1.3258
  
  • The RBC Manufacturing PMI fell to 48.6 in September from 49.4 in August
    
• AUD/USD: +0.35% to $0.7031
  
  • The AIG Manufacturing Index rose to 52.1 in September from 51.7 in August
    
• NZD/USD: +0.23% to $0.6403
  
• USD/RUB: +0.64% to 65.77
  
  • Russia's Markit Manufacturing PMI rose to 49.1 in September from 47.9 in August

3:01 pm Stock indices continue working higher this afternoon -- Dow -34, S&P +0.8, Nasdaq Comp -6 (:TECHX) :  

2:25 pm Index Changes Reminder: The following changes will be instituted post-close in the S&P SmallCap 600 and MidCap 400 (:INDXCH) :

• Standard Pacific (SPF) will replace Helix Energy (HLX) in the S&P 500 MidCap 400
  • HLX will then replace SPF in the S&P SmallCap 600
• Rambus (RMBS) also will replace Ryland Group (RYL) in the S&P SmallCap 600

2:23 pm BB&T Corp's BB&T IHC International acquires stake in Miller Insurance Services from Willis Group (WSH); terms not disclosed (BBT) :

Co announced it has reached an agreement to enter into a partnership with Willis Group Holdings (WSH), the global risk advisor, re/insurance broking and human capital and benefits firm, and Miller Insurance Services LLP, a specialist wholesale insurance broker operating internationally and a top five Lloyd's broker.

• BB&T has agreed to acquire 19.9 percent of Miller 2015 Limited from Willis, resulting in a 16.9 percent interest in Miller Insurance Services LLP.

1:59 pm S&P 500 down almost 0.85% as defensive sectors are leading to the downside (SPY) :

1:48 pm Dominion's subsidiary Dominion Virginia Power files a proposal with the Virginia State Corporation Commission, to build 56 MW of large-scale solar facilities in Powhatan, Louisa and Isle of Wight counties (D) :  

1:29 pm Daimler AG's Mercedes Benz unit reports September 2015 sales increased 6.0% YoY to 32,087 units (DDAIF) :  

1:24 pm Kia Motors America reports September 2015 sales increased 22.6% YoY to 49,820 units : Kia Motors America release

1:21 pm Porsche Cars North America reports September 2015 US sales increased 22.7% YoY to 4,424 vehicles (POAHY) : Porsche Cars North America release

1:05 pm Barnes Group acquires privately-held Priamus System Technologies; terms not disclosed (B) :  Priamus System Technologies develops advanced process control systems for the plastic injection molding industry

1:05 pm AbbVie will present new data from Phase 3b studies of Viekira Pak, and other HCV pipeline medicines at the Annual Meeting of the AASLD (ABBV) : Presentations will highlight new data from Phase 3b studies of AbbVie's FDA-approved VIEKIRA PAK (ombitasvir, paritaprevir, ritonavir tablets; dasabuvir tablets), taken with or without ribavirin (:RBV), for adults with genotype 1 (GT1) chronic HCV infection, including studies of GT1 patients with chronic kidney disease and genotype 1b (GT1b) patients with compensated cirrhosis. Additionally, new clinical studies will be presented on AbbVie's HCV pipeline medicines, ABT-493 and ABT-530, focused on investigating pan-genotypic, ribavirin-free, once-daily treatment options that may allow for shorter treatment durations of as little as eight weeks.

12:58 pm Midday Market Summary: Industrials and Technology Weigh (:WRAPX) :

The major averages hover near their session lows at midday with the Dow Jones Industrial Average (-1.0%) and Nasdaq Composite (-0.9%) trading behind the S&P 500 (-0.7%)

Equity indices have spent the first half of the session in a steady retreat from their opening highs. To be fair, the turn in sentiment occurred early this morning after Bloomberg reported the Bank of Japan is not looking to add to its stimulus at this time. The news was notable, considering some had expected the BoJ would expand its quantitative and qualitative easing program as early as this month.

The report was met with a quick 30-pip pullback in the dollar/yen pair (119.70) while equity futures accelerated their retreat from overnight highs.

Nine of ten sectors display midday losses while the materials space (+0.2%) holds a slim gain after surrendering 7.6% in September. Meanwhile, last month's second-weakest performing sector-energy (-0.5%)-trades a bit ahead of the broader market after being up 2.0% at the start. The early strength was associated with gains in crude oil, but the energy component has returned to unchanged at $45.12/bbl after briefly breaking through the $47.00/bbl area. The retreat from highs followed news indicating the Senate Banking Committee has approved a bill to roll back the ban on crude oil exports.

Elsewhere among cyclical sectors, industrials (-1.0%) and technology (-1.0%) underperform, which has kept the market under steady pressure. The industrial sector has suffered from losses among large cap names like Boeing (BA 129.39, -1.56), General Electric (GE 24.93, -0.29), and Caterpillar (CAT 63.87, -1.49) while transport stocks have held up relatively well with the Dow Jones Transportation Average trading flat.

For its part, technology has endured broad-based weakness with the likes of Apple (AAPL 108.80, -1.50), Microsoft (MSFT 43.82, -0.43), and Facebook (FB 89.32, -0.58) down between 0.6% and 1.3% while high-beta chipmakers also underperform. The PHLX Semiconductor Index is lower by 2.3%, turning its week-to-date gain into a 0.9% loss since last Friday.

The underperformance in technology has kept the Nasdaq Composite behind the broader market while continued weakness in biotechnology has not helped. Currently, the iShares Nasdaq Biotechnology ETF (IBB 299.48, -3.85) is lower by 1.3%.

Economic data included Initial Claims, Construction Spending, and ISM Index:

• Weekly initial claims increased to 277,000 from an unrevised 267,000 while the Briefing.com consensus expected an increase to 270,000
  • Despite the larger-than-expected increase, the four-week moving average declined to 271,000 from 272,000, which is a level consistent with an employment sector nearing full employment
  • The continuing claims level declined to 2.191 million from an upwardly revised 2.244 million (from 2.242 million), representing the lowest reading since November 2000
• The ISM Manufacturing Index declined to 50.2 in September from 51.1 while the Briefing.com consensus expected a decline to 50.6
  • If there is one bit of solace in the data, it is that manufacturing conditions -- nationally -- managed to stay in an expansion mode, albeit barely. The same could not be said for the regional data from the Federal Reserve manufacturing surveys, which showed sharp contractions in every area of the country.
  • With the exception of Customer Inventories -- which are reportedly too high -- all of the sub-indices either declined or were unchanged in September. That included a notable drop in both the Production (51.8 from 53.6) and New Orders (50.1 from 51.7).
• Construction spending increased 0.7% in August after increasing a downwardly revised 0.4% (from 0.7%) while the Briefing.com consensus expected an increase of 0.5%
  • Private construction spending increased 0.7% in August, down from a 1.1% increase in July
  • Most of the August private construction gain came from the residential sector as residential construction spending rose a solid 1.3% in August after increasing 0.6% in July

12:51 pm Hyundai Motor America reports September 2015 sales increased 14.3% YoY to 64,015 units (HYMTF) : "We had a record September, driven by strong demand for our crossover vehicles. The all-new Tucson had a stellar showing this month with sales more than doubling over last year," said Derrick Hatami, vice president of national sales for Hyundai Motor America. "The Tucson's striking new design, along with its advanced technology and safety features, is resonating with our customers." Tucson sales were 7,925 units, an increase of 121 percent over September 2014.

12:48 pm Tobira Therapeutics will be presenting at the AASLD Annual Meeting (Nov 13-17) PK and safety data from Ph 1 study of cenicriviroc co-administered with pioglitazone, an insulin sensitizer that has demonstrated activity in NASH (TBRA) : "These data will be an important first step in showing that cenicriviroc, which directly targets inflammation and fibrogenesis, can potentially be combined with metabolically-directed agents in NASH. In the meantime, we continue preparing for the initiation of further combination studies in 2016."

12:34 pm S&P -13 edges off support (:TECHX) : Noted intraday support for the S&P (12:12) at 1900/1899 (psych / 50% retrace -- session low 1900). The index has pushed mildly off the low with an initial barrier to monitor at 1909/1910 (first hour range low / congest).

12:32 pm Fiat Chrysler confirms UAW voted not to ratify the tentative agreement (FCAU) : Co says "While significant progress has been made since the events of less than seven years ago, much more work remains to be done and challenges remain while new, significant ones surface.... The tentative agreement was designed to yield a strong and competitive FCA US, thus providing stability for our workforce and opportunity for future growth and investment in an increasingly complex global marketplace. The Company will make decisions, as always, based on achieving our industrial objectives, and looks forward to continuing a dialogue with the UAW."

12:31 pm BMW Group U.S. reports September 2015 sales increased 4.0% YoY to 36,608 vehicles (BAMXY) : BMW Group U.S. release

12:25 pm Mitsubishi Motors North America reports September 2015 sales increased 35.9% YoY to 7,556 units : Mitsubishi Motors North America release

12:20 pm Interactive Brokers reports Sept DARTs +15% y/y but -10% m/m (IBKR) :

Highlights for the month included:

• 662 thousand Daily Average Revenue Trades (DARTs), 15% higher than prior year and 10% lower than prior month.
• Ending client equity of $62.1 bln, +13% y/y and -1% m/m. Ending client margin loan balances of $15.8 bln, -9% y/y and -3% m/m. Ending client credit balances of $35.0 bln, +18% y/y  and 2% lower m/m.
• 322 thousand client accounts, 18% higher than prior year and 1% higher than prior month. 475 annualized average cleared DARTs per client account.
• Average commission per cleared client order of $3.92 including exchange, clearing and regulatory fees.

12:12 pm S&P -17 extends back toward supports (:TECHX) : After finally breaking under its first hour low the S&P has extended back toward supports. The psych and 50% retrace of the jump off this week's low (1871-1927) are at 1900/1899 with yesterday's midday pullback low/congest at 1897/1895 -- session low 1900.

12:07 pm Floor Talk (:TALKX) :

Following September's fast end, October is off to a slow start.  The major indices attempted to build on Wednesday's rally effort, but have languished on renewed selling interest.  Factors preventing any real follow through to this point include:

• Apple's (AAPL 108.13, -2.14) continued underperformance  
  • A DigiTimes article said its sources noted a major analog integrated circuit supplier indicated Apple "slightly lowered" its demand for supplies for the new iPhone 6s and 6s Plus for the month of December.
  • There is also some conjecture that AAPL is getting pinned as an easy cash-raising source for mutual funds looking to build cash levels to meet future redemption requests without having to sell stock in a down market.
• Richmond Fed President Lacker (the lone dissenter at the September FOMC meeting) tried to serve notice that an October rate hike is still a possibility
• The manufacturing PMI reports from around the globe painted a general picture of deceleration, highlighted by the weaker-than-expected ISM Index out of the U.S.
• The lack of follow through from Wednesday's rally effort has cast a pall on bullish sentiment
  • The biotech group is a leading laggard again
  • Every S&P 500 sector is in negative territory
• Crude oil, up as much as 4.5% earlier, has rolled over and is now up just 0.2% at $45.20/bbl

12:01 pm Mazda Motor reports September 2015 US sales increased 6.8% YoY to 25,616 vehicles (MZDAY) :

Key September 2015 sales notes:

• Mazda CX-5 had its best September ever with 9,107 vehicles sold. YOY sales up 12.5 percent (8,097 vehicles sold in September 2014). Inventory challenges faced during August were addressed, leading to the record sales result.
• Mazda's all-new CX-3 sold 1,340 vehicles. This was the first full month of sales.
• Mazda CX-9 had its best September sales since 2012 with 1,559 vehicles sold, representing an increase of 27.1 percent YOY.

12:01 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (221) outpacing new highs (20) (SCANX) : Stocks that traded to 52 week highs: AAP, ABCB, CBNJ, CBOE, CVC, FCVA, GSBC, HRB, JAXB, JE, LABL, LKFN, NCI, NVDA, PACEU, PSEM, RAI, SLP, TYL, ULBI

Stocks that traded to 52 week lows: ACAT, ACPW, ACTA, ADSK, AEGR, AEY, AIN, AIQ, AIRM, AJX, AMBC, AMBR, ANGO, APPY, ARAY, ARCO, ARG, ARTW, ASEI, ASTE, ASYS, AT, ATEC, ATRO, AVNW, AXE, AXLL, BBEP, BCC, BCEI, BGX, BITI, BLT, BLX, BNTCW, BOBE, BRKR, BRS, BWINB, CATB, CBK, CBYL, CDI, CECE, CETC, CG, CGG, CHSP, CIR, CKP, CLCD, CLMS, CLNT, CNFR, CNX, COHR, CPST, CRDC, CRR, CSAL, CSG, CSLT, CVGI, DAR, DCA, DCIX, DDS, DE, DNAI, DO, EFF, ESL, EVH, EYES, FBRC, FDEU, FENX, FES, FHY, FLXN, FNSR, FOE, FRGI, FSYS, FULL, FXCM, GCO, GGN, GI, GIGM, GLDD, GSIT, GSM, HCLP, HH, HMY, HNSN, HSGX, HSNI, HWCC, HY, HYF, I, IGT, IILG, IMN, INPH, IO, JCTCF, KAMN, KEG, KHI, KKD, KND, KONA, KSS, LNN, LORL, LXU, MAT, MCRB, MITL, MOS, MSM, MT, NANO, NAV, NAVI, NC, NEWS, NNI, NSM, NSPR, OUT, OXGN, OZM, PCO, PCRX, PDFS, PEBO, PETX, PGH, PHIIK, PIR, PJC, PLM, POZN, PPG, PPSI, PRSN, PRTY, PSTI, PVA, PW, QLTI, QUAD, R, RAIL, RAX, RBC, RCG, RCII, REDF, RELV, RESI, RGLS, RIBT, RKDA, RMGN, ROYT, RRTS, RTK, RWT, RXN, SAIA, SBLK, SCON, SFE, SFY, SGNL, SIF, SIFY, SKUL, SKY, SLM, SMT, SMTC, SONS, SSE, SSYS, STV, SWFT, TBIO, TBPH, TCS, TDY, TEF, TESO, THR, TKC, TTHI, TTPH, TUMI, UCP, UEIC, USLM, UTI, VECO, VGGL, VLT, VMI, VSI, VTA, WGO, WING, WSTC, WWW, X, YECO, YLCO, ZINC

ETFs that traded to 52 week highs: none

ETFs that traded to 52 week lows: HYG, JNK, UNG

12:01 pm Insight Enterpr to acquire BlueMetal; no financial terms disclosed (NSIT) : BlueMetal has expertise in financial services, healthcare, education, government and retail and generated revenue of approximately $25 million over the last twelve months.

11:58 am Subaru of America reports September 2015 sales increased 27.8% YoY to 53,070 vehicles : Subaru of America

11:58 am S&P -15 and Nasdaq Comp -48 join Dow -174 at new session lows (:TECHX) : Relative sector weakness in intraday action has been noted in: Reg Bank KRE, Bank KBE, Utility XLU, Materials XLB, Crude Oil USO, Casino, Medical Supplies.

11:54 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE: + 0.2%
• Germany's DAX: -1.6%
• France's CAC: -0.7%
• Spain's IBEX: + 0.1%
• Portugal's PSI: + 1.2%
• Italy's MIB Index: -0.7%
• Irish Ovrl Index: -0.5%
• Greece ASE General Index: -1.8%

11:53 am Dow -134 drops to new session low -- S&P -9 and Nasdaq Comp -34 (:TECHX) : The S&P / Nasdaq Comp have not confirmed the new low but are hovering slightly above their first hour lows.

11:30 am Apple holds in the vicinity of its Sep low at 107.36 -- session low 107.31 (AAPL) : Only a limited rebound to 107.99 thus far. 

11:20 am Currency Commentary: DXY Testing 96 Ahead of Jobs (:SUMRX) :

• The Dollar Index is coming under selling pressure following the ISM mix. The ISM came in at 50.2, which was just slightly above the key 50 level, signalling growth but at a very slow pace. The whisper number was for this to fall into contraction (sub 50) so it could be viewed as better than feared. But the forward looking survey is raising doubt about the Fed's ability to raise rates in 2015. Construction Spending actually outpaced expectations but that is being overshadowed. Now focus will turn to tomorrow's BLS report.
• The euro is marching back to test 1.12 in light of the dollar selling. The move comes despite a relatively poor performance in regional Manufacturing PMI surveys. The news will add to expectations that the ECB will expand its current purchase program later this month.
• The pound continues to hold the 1.5150 area as markets debate the potential for a rate increase. Sterling has been under pressure the past few weeks as market participants doubt the Bank of England's ability to raise rates. Weak inflation remains a key data point against any potential increases. Sterling has hit a 5-month low this week but some of the selling does appear to be cooling off at these levels.
• The yen is holding the 120 level and has edged up a little in early trade. The move comes more as a risk off proxy but the Manufacturing PMI beat should ease some worries over the state of the economy. The country's quarterly Tankan survey was mixed with Manufacturing falling short and Services beating expectations (FOREX, BONDX).

11:06 am Valmont acquires American Galvanizing Company -- increases Valmont Coatings' network to 33 facilities located in 6 countries around the world; no financial terms disclosed (VMI) :  

11:02 am John Wiley & Sons elects Matthew Kissner to succeed Peter Booth Wiley as Chairman of the Board (JW.A) : Kissner is a former Executive Vice President and Group President of Pitney Bowes (PBI)  

10:56 am Dow -108 slides to new session low, S&P -7 and Nasdaq Comp -28 have not yet confirmed (:TECHX) : Relative sector weakness in recent trade in Crude Oil USO, Oil Service OIH, Energy XLE, Semi SMH, Gold Miners GDX.

10:53 am Mobileye N.V. +3% as General Motors discusses autonomous efforts with investors (MBLY) :

From GM release today:

• "Autonomous Vehicle Deployment: GM announced that late in 2016 it will add a fleet of 2017 Chevrolet Volts designed to drive autonomously within its renovated Warren Technical Center campus. GM employees will reserve a Volt using a car-sharing app, then select a destination. GM's autonomous technology will bring the vehicle to its destination and park it. The program will serve as a rapid-development laboratory to provide data and lessons to accelerate the company's technical capabilities in autonomous vehicles. GM has been testing its "Super Cruise" autonomous driving technology since 2012, and confirmed today the feature will be available in the 2017 Cadillac CT6."

GM licences MBLY technology; MBLY works with over 90% of automakers.

10:48 am New York REIT: Land and Buildings responds to the firm's strategic initiatives, reiterating its belief that 50% of the Board should be comprised of new independent Directors (NYRT) :

Group stated:

• "We are encouraged that Apollo Global Mgmt (APO) is starting to take steps to address the significant concerns regarding NYRT's corporate governance that we have shared with you. However, we are disappointed that the initiatives announced today would appear to result in a Board with five of seven members having significant ties to the external advisor of NYRT, stretching what we view as the definition of an independent Board.
• Land and Buildings believes that at least 50 percent of the Board should be comprised of new independent Directors. The people we recommended as Board candidates in the course of our previous conversations with you and the Company have these characteristics and we urge you to seriously consider them."

10:41 am Choppy trade in the red but losses limited -- Dow -45, S&P -0.2, Nasdaq Comp -13 (:TECHX) : Watching the recovery highs at 1922 S&P, 16273 Dow and 4611 Nasdaq Comp 

10:32 am Wi-LAN's Collabo Innovations announces license agreement with ON Semiconductor (ON) (WILN) :

• The license resolves litigation pending in the District of Delaware. The consideration to be paid to WiLAN and all other terms of the license agreement are confidential.

10:31 am Enterprise Products announces an increase in its quarterly cash distribution to $0.385/unit, and report that affiliates of Enterprise Products Company intend to purchase $50 mln of its common stock (EPD) :

Co declared an increase in the quarterly cash distribution paid to partners to $0.385 per common unit, or $1.54 per unit on an annualized basis.

• Affiliates of privately held Enterprise Products Company, which collectively own Enterprise's general partner and ~34 percent of its outstanding limited partner interests, have indicated to Enterprise management that they intend to purchase $50 million of common units through Enterprise's distribution reinvestment plan in November 2015. This would bring EPCO's total investment in Enterprise common units to $200 million for 2015.

10:20 am General Motors +1.5% after reporting Sept sales +12%; co also outlined plans to capitalize on future of personal mobility (GM) :

• Co outlined the co's plans to capitalize on the future of personal mobility by owning the customer relationship beyond the vehicle, building upon nearly two decades of connectivity leadership, via Autonomous Vehicle Deployment, Car sharing, eBikes (GM unveiled an electric bike, or eBike, concept during the conference), Fuel Cell Propulsion (GM confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe)
• GM also said it plans to strengthen its core business through global growth initiatives and an aggressive product launch cadence, while continuing to focus on driving cost efficiencies. As a result, the company expects to increase its earnings per share and generate significant shareholder value. The company shared its plans with investors during a conference at its Milford Proving Ground. 
• In 2015, about 26 percent of GM's global sales volume has come from vehicles new or refreshed within the previous 18 months. This percentage is projected to be 39 percent in 2016, 40 percent in 2017, 31 percent in 2018, and reach 40 percent in 2019 and 2020.
• CNBC reported co guided for FY15 EPS $5.00-5.50 -- consensus calls for EPS of $4.48.

10:13 am Major averages attempting to climb back from modest morning dip into the red -- Dow -29, S&P -1, Nasdaq Comp -18 (:TECHX) :  

10:09 am Audi of America reports September 2015 sales increased 16.2% YoY to 17,340 vehicles :

September results were bolstered by sales of Audi luxury SUVs, with a 44.3% increase for the Audi Q3, Q5 and Q7 models combined. The Q5 posted a 58.9% increase from last year, marking its best-ever sales month in the U.S. The Q7 posted a 42.2% increase from last September, and the Q3 posted a 3.5% increase over last year.

Audi of America release

10:05 am Arbutus Biopharma announced it will present TKM-HBV data at the 2015 AASLD liver meeting (ABUS) :

• Data will show that TKM-HBV effectively removed viral antigens from both the intrahepatic and peripheral compartments within days after treatment initiation in hydrodynamic injection (:HDI) mice. These viral elements include immunomodulatory surface and core proteins which are implicated in mediating the immune-repressed condition of chronic HBV infection.
• Also Results show that TKM-HBV and nucleos tide analog modes of action are complementary, and combination therapy allows effective disease targeting at multiple critical nodes of the viral life cycle.
• Finally, it will be noted that A direct hepatitis delta virus (HDV)-targeted siRNA-LNP approach can effectively suppress positive and negative strand HDV RNAs and hepatitis D antigen (HDAg) protein in vitro, and provides a promising novel strategy to treat HDV infection. The efficacy of direct HDV targeting relative to indirect effects from HBV gene silencing are currently under investigation.

10:02 am Stock indices drop to new lows in unison -- Dow -90, S&P -10, Nasdaq Comp -43 (:TECHX) :  

10:02 am Apple announces that former Boeing (BA) CFO James Bell will join its Board of Directors (AAPL) : During his 38-year career at Boeing (BA), Bell also oversaw Boeing Capital Corporation and Boeing Shared Services, and was interim CEO of The Boeing Company in 2005.

9:55 am Nissan Motor reports September 2015 US sales increased 18% YoY to 121,782 units (NSANY) :

Nissan highlights:

• Nissan Division finished September with 111,562 sales, up 17 percent and also a September record
• Overall sales of Nissan crossovers, trucks and SUVs set a September record, up 22 percent
• Overall sales of Nissan cars set a September record, up 14 percent
• Sales of the Nissan Rogue crossover set a September record at 25,064, an increase of 46 percent
• Sales of the Versa subcompact set a September record at 18,053, an increase of 50 percent
• Nissan's best-selling vehicle -- Altima -- 24,224 sales, an increase of 12 percent

9:54 am Limited dip into the red thus far for Dow +7 and S&P +1 -- Nasdaq Comp -17 (:TECHX) : Sectors that has outperformed thus far this morning have been led by: Crude Oil USO, Steel SLX, Mining XME, Casino BJK, OI Service OIH, Energy XLE, Rail, Coal KOL, Materials XLB, Solar TAN.

9:43 am Dow -19 and S&P -3.3 join underperforming Nasdaq Comp -27 in the red (:TECHX) : Sectors weighing on the action include: Biotech IBB, Retail XRT, Semi SMH, Restaurant, Internet FDN, Health XLV, Social Media SOCL, Technology XLK.

9:41 am Opening Market Summary: Biotechnology and Technology Pace Retreat From Opening Highs (:WRAPX) :

The major averages have retreated from their opening levels due to relative weakness in technology (-0.4%) and biotechnology. To that latter point, the iShares Nasdaq Biotechnology ETF (IBB 299.39, -3.94) trades lower by 1.3% while the broader health care sector is down 0.5%.

Elsewhere among influential sectors, consumer discretionary (-0.1%) also lags while financials (+0.3%) outperform.

Also of note, the energy sector (+2.0%) trades well ahead of other groups thanks to a 4.2% surge in crude oil, which currently trades near $46.97/bbl.

Treasuries hold modest gains with the 10-yr yield down one basis point at 2.03%.

9:38 am Major averages mildly extend this week's bounce and stall with Nasdaq Comp -17 underperforming -- Dow +14, S&P +0.5 (:TECHX) :  

9:32 am Microsoft gaps higher, probes 200 day ema/sma at 44.70/44.84 with its Sep range top high at 45.00 -- session high 44.75 (MSFT) :  

9:32 am General Motors reports September 2015 US sales up 12% YoY to 251,310 vehicles (GM) : General Motors release

9:31 am LTC Properties increases it quarterly common stock dividend to $0.18/share, up from $0.17/share Q/Q (LTC) :  

9:29 am Amazon and CBS (CBS) announced a multi-year, multi-series agreement to make Prime Video the exclusive subscription streaming platform, for several CBS series (AMZN) : Co announced a new multi-year, multi-series agreement to make Prime Video the exclusive subscription streaming home for three new CBS (CBS) summer series through 2018. The first new CBS series included in this deal will be next summer's comic-thriller BrainDead. The deal will also extend and expand CBS and SHOWTIME titles available to Prime members

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

• First American Financial Corporation (FAF) announced the newly expanded ability to license its comprehensive real estate data that spans 99.9 percent of U.S. housing stock and includes more than 5.5 billion recorded document images.
• Mountain Valley Pipeline and RGC Midstream announced their intent to deliver natural gas to several Virginia communities along the proposed Mountain Valley Pipeline route. As part of the agreement, RGC Midstream a subsidiary of RGC Resources (RGCO), will acquire a 1% ownership interest in Mountain Valley Pipeline, which is a joint venture between EQT Midstream Partners, (EQM), majority owner and operator of the proposed pipeline; and affiliates of NextEra Energy (NEE); WGL Holdings (WGL); and Vega Energy Partners, Ltd. In addition, Roanoke Gas Company will become a shipper on the pipeline in order to supply and expand its southwest Virginia customer base.

9:26 am On the Wires (:WIRES) :

• Kulicke and Soffa Industries, Inc. (KLIC) announced that effective immediately, Assemblon branded equipment and solutions will begin to use the Kulicke & Soffa name
• IEH Biopharma, a subsidiary of Icahn Enterprises L.P. (IEP) has affirmed its previously announced cash tender offer for any and all of the outstanding 4.50% Convertible Senior Notes due 2020
• Dipexium Pharmaceuticals, Inc. (DPRX) announced that its OneStep-2 pivotal Phase 3 clinical trial has reached the 50% enrollment milestone
• Rand Logistics, Inc. (RLOG) announced that it has taken delivery of its newest Canadian self-unloading vessel. Co stated: "Since we announced the project, we have been incurring higher debt and interest costs without the benefit of any earnings from this investment. We estimate that the new vessel will increase our overall return on invested capital by approximately 1% and our free cash flow per basic shares outstanding at the current Fx rate by between $0.18 and $0.22 on a full year basis."
• Community West Bancshares (CWBC) announced that the Federal Reserve Bank approved the company's request for permission to redeem the remaining $5,574,000 of its 9%, Cumulative Perpetual Preferred Stock, Series A
• Hansen Medical, Inc. (HNSN) announced that it has signed an exclusive agreement with AB Medica Sagl for distribution of the Magellan Robotic System in Switzerland. AB Medica, s.p.a. is the company's exclusive distributor for Italy. As part of the agreement, Hansen Medical sold and shipped a Magellan system to AB Medica on September 30, 2015.
• DuPont (DD) has named Jon Kemp as president of its Electronics & Communications business, effective Nov. 1, 2015

9:25 am Archer-Daniels agrees to purchase Eatem Foods Company; terms not disclosed (ADM) : Eatem Foods is a developer and producer of premium traditional, natural and organic savory flavor systems. Eatem, which was founded in 1983, is based in Vineland, New Jersey, and is privately held. The company's annual revenues have been in the mid-$40 million range.

9:18 am Dunkin Brands down 9% premarket after co reaffirms FY15 EPS $1.87-1.91, below the $1.92 consensus at ongoing Analyst Day (DNKN) :  

9:16 am Axiall to sell its Aromatics division and Pasadena Texas, manufacturing facility to INEOS Americas, for ~$62.9 million in cash (AXLL) :

Co has sold its Aromatics division and Pasadena, Texas, manufacturing facility to INEOS Americas LLC for approximately $62.9 million in cash, of which $52.4 million was paid at closing and an additional $10.5 million may be payable upon satisfaction of certain conditions.

• Axiall retained its phenol facility located in Plaquemine, La., which is integrated with other Axiall facilities at Plaquemine, along with the associated net working capital. The company plans to conduct a safe wind-down of that facility by year-end 2015.

9:16 am Ford Motor reports September 2015 US sales increased 23% YoY to 221,599 vehicles (F) :

Retail sales increases were broad-based with passenger car sales up 15 percent, SUVs up 23 percent and trucks up 29 percent.

• F-Series sales of 69,651 trucks posted a 16 percent increase overall, with retail sales increasing 28 percent. This represents the best September sales for F-Series since 2006, with EcoBoost representing 64 percent of F-150 retail sales last month.

9:16 am Tractor Supply announces a settlement with the EPA, relating to the sale of small-engine merchandise (TSCO) : Under the agreement, Tractor Supply Company will implement a formal compliance program designed to ensure that all small-engine products purchased by the Company for resale comply with the Clean Air Act. The compliance plan is similar to one adopted voluntarily by the Company in 2012. The Company also agreed to pay a civil penalty of $775,000, most of which is being reimbursed by a vendor who sold the small engine products at issue to the Company.

9:16 am S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +4.00. (:WRAPX) :

The stock market is on track for a slightly higher open as S&P 500 futures trade within three points of fair value.

Futures on the benchmark index held a 30-point gain at their highest point, but they have retreated from those levels with the pullback accelerating after Bloomberg reported the Bank of Japan is not looking to add to its stimulus at this time. This was notable, considering some had expected the BoJ would expand its quantitative and qualitative easing program as early as this month.

The report from Bloomberg has weighed on equity futures while the dollar/yen pair has slipped into the 119.75 area after trading near 120.00 since yesterday afternoon.

U.S. Treasuries held modest losses during overnight action, but a steady climb off those lows has the 10-yr trading right above its flat line with the benchmark yield at 2.04%.

On the economic front, the weekly initial claims level increased to 277,000 from an unrevised 267,000 while the Briefing.com consensus expected an increase to 270,000. Despite the larger-than-expected increase, the four-week moving average declined to 271,000 from 272,000, which is a level consistent with an employment sector nearing full employment.

August Construction Spending (consensus 0.5%) and September ISM Index (consensus 50.6) will both be reported at 10:00 ET.

9:15 am Gray Television swaps TV stations with Sinclair (SBGI) (GTN) : Co has reached agreements to sell television stations in three markets to Sinclair (SBGI) to facilitate regulatory approvals for its recently announced acquisition of the television and radio stations owned by Schurz Communications. Gray also announced the acquisition of three additional television stations that will result in Gray operating in one additional market. Upon the closing of all previously announced transactions, Gray will own and/or operate network affiliated television stations serving 50 markets across the country. The transactions with Sinclair and Legacy will close simultaneously with the Gray/Schurz transaction. After completion of the swap, Sinclair's television group (SBGI) will reach 37.6% of U.S. television households.

9:12 am SFX Entertainment sets an initial bid deadline of October 14, 2015, for third-parties to submit their proposals to acquire the company (SFXE) : The committee's decision results in a two week extension to the initial target bid date of October 2, 2015 in an attempt to give all parties sufficient time to complete their due diligence review following events occurring in September 2015.  Pursuant to a voting agreement between Sillerman and his affiliates and the Company, Sillerman has agreed to vote all shares beneficially owned by him in favor of a transaction involving the sale of the Company that is recommended by the special committee.

9:12 am Transalta will continue to execute plan to strengthen financial position and remains committed to financial and operating goals for 2015, including its plan to further reduce debt levels (TAC) : Co reiterated today that it will continue to focus on strengthening its balance sheet despite Moody's Investor Services decision to place the Company's rating of its senior unsecured debt under review for possible downgrade. TransAlta continues to maintain $2.1 billion in committed credit facilities with approximately $1.0 billion in available liquidity as of June 30, 2015 and no material debt maturity until 2017.

9:10 am Jamba announces that CEO James White will retire, with a search committed being formed to find his replacement; co also reports estimated Q3 system-wide SSS to be between 4-5% (JMBA) :

Co announced that James D. White will be retiring as the Company's President, Chief Executive Officer and Chairman of its Board of Directors. The Board has formed a search committee and hired The Elliott Group, an internationally recognized executive search firm, to identify a successor CEO.

• Co also gave an update on the Company's estimated same-store sales for the third quarter. Jamba expects third quarter 2015 same store system-wide sales growth to be in the range of 4-5% and company owned same store sales growth to be in the range of 5-6%.

9:06 am Newtech declares special dividend of $3.29 per share payable on December 31, 2015 to Newtek shareholders of record as of November 18, 2015; to hold a conference call today at 4:15 pm ET to discuss the special dividend (NEWT) :  

9:05 am Silver Standard enters into an agreement with Golden Arrow Resources Corporation to explore, evaluate and seek to develop the Chinchillas project in Argentina (SSRI) :

• Co announces that it has entered into an agreement with Golden Arrow Resources Corporation whereby Silver Standard will explore, evaluate and seek to develop the Chinchillas project in Jujuy Province, Argentina.

9:04 am Medgenics prices its ~6.16 mln share public offering of common stock at $6.50/share (MDGN) :  

9:02 am Superior Drilling Products restructures its long-term debt (SDPI) : Co announced that it has executed an amendment agreement to its previously amended seller-carried promissory note for the acquisition of Hard Rock Solutions in 2014 which was effective September 28, 2015. The principal amount remaining due on the Note is $10.0 million. The amended Note extends the term of the agreement to four years maturing July 15, 2019 from its previous date of July 14, 2017. Under the terms of the amended and restated agreement, interest on the Note accrued at its previous rate of 5.25% per year through June 30, 2015 and increased to an annual rate of 5.75% as of July 1, 2015.

9:02 am Star Bulk Carriers states no affiliation with Daiichi Chuo Kisen Kaisha and its wholly owned subsidiary named 'Star Bulk Carrier Co' (SBLK) :  

9:00 am Atwood Oceanics announces that one of its subsidiaries agreed to a one-year extension and rate adjustment to its existing contract with Kosmos Energy Ventures (KOS) for the ultra- deepwater rig, the Atwood Achiever (ATW) :

• Co announces that, effective today, one of its subsidiaries agreed to a one-year extension and rate adjustment to its existing contract with Kosmos Energy Ventures for the ultra- deepwater rig, the Atwood Achiever. The Atwood Achiever commenced its three- year drilling services contract with Kosmos Energy on November 12, 2014, for operations offshore Northwest Africa.
• The agreement adjusts the operating day rate to ~$495,500, net of taxes, and extends the contract end date to November 12, 2018. As part of the agreement, Kosmos Energy has an option, which may be exercised at any time through October 1, 2016, to revert the contract to the original operating day rate and original end date. 

9:00 am S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +2.00. (:WRAPX) :

The S&P 500 futures trade one point above fair value.

The Chinese market was closed for the National Holiday on Thursday, yet China still made a splash as its official Manufacturing PMI report was slightly better than expected at 49.8, albeit still in contraction territory, and up from the prior month's level of 49.7. That helped put a bid in most markets in the Asian-Pacific region on Thursday, which were also bolstered by Wall Street's strong showing on Wednesday, first-of-the-month inflows, and continued policy stimulus expectations.

• In economic data:
  • Japan's Q3 Tankan Large Manufacturers Index 12.0 (expected 13.0; prior 15.0), Q3 Tankan Large Non-Manufacturers Index 25.0 (expected 20.0; prior 23.0), and September Final Manufacturing PMI 51.0 (expected 50.9; prior 50.9)
  • China's September Official Manufacturing PMI 49.8 (expected 49.6; prior 49.7), September Official Non-Manufacturing PMI 53.4 (prior 53.4), September Final Caixin Manufacturing PMI 47.2 (expected 47.2; prior 47.0), and September Final Caixin Services PMI 50.5 (expected 51.2; prior 51.5)
  • South Korea's September Trade Balance KRW 8.90 bln (expected KRW 6.06 bln; prior KRW 4.30 bln) as Exports -8.3% year-over-year (expected -10.0%; prior -14.9%) and Imports -21.8% (expected -18.1%; prior -18.3%). Separately, September Nikkei Manufacturing PMI 49.2 (prior 47.9), August Industrial Production +0.4% month-over-month (expected -1.1%; prior -0.3%); +0.3% year-over-year (expected -2.0%; prior -3.2%), Retail Sales +1.9% month-over-month (prior +2.0%), and August Service Sector Output +0.4% (prior +1.7%)
  • Australia's September AIG Manufacturing Index 52.1 (prior 51.7)
  • India's September Nikkei Markit Manufacturing PMI 51.2 (expected 52.0; prior 52.3)

------

• Japan's Nikkei increased 1.9% on the heels of a weaker than expected Tankan Large Manufacturers Index that continued to feed policy stimulus expectations. Gains were led by the financials (+3.0%), industrials (+2.7%), and materials (+2.7%) sectors. GS Yusa Corp (+6.7%), Sumitomo Realty & Development Co (+6.5%), and Mitsubishi Electric (+5.7%) led all gainers while Taisei (-3.5%), Japan Tobacco (-3.3%), and Shimizu Corp (-2.8%) were the biggest losers. Out of the 225 index members, 191 ended higher, 29 finished lower, and 5 were unchanged.
• Hong Kong's Hang Seng: closed for holiday (National Day)
• China's Shanghai Composite: closed for holiday (National Day)

Major European indices trade in mixed fashion with UK's FTSE (+0.8%) showing relative strength. The euro has essentially held its ground against the dollar after the release of regional PMI readings that were mostly disappointing. Currently, the single currency hovers near 1.1150 against the dollar after spending the night in a tight range.

• Participants received several data points:
  • Eurozone September Manufacturing PMI held at 52.0, as expected
  • Germany's September Manufacturing PMI 52.3 (expected 52.5; prior 52.5)
  • France's September Manufacturing PMI 50.6 (expected 50.4; previous 50.4)
  • Italy's September Manufacturing PMI 52.7 (consensus 53.3; last 53.8)
  • Spain's September Manufacturing PMI 51.7 (expected 52.8; last 53.2)
  • Swiss Retail Sales -0.3% month-over-month (expected 0.3%; last 0.1%) and September SVME PMI 49.5 (consensus 53.3; previous 53.8)

------

• UK's FTSE trades higher by 0.8% with more than 80% of its components in the green. Energy and mining names lead with Anglo American, BHP Billiton, Fresnillo, BP, and Royal Dutch Shell up between 1.0% and 3.3%. Glencore has continued its recent struggles, trading lower by 1.9%.
• In France, the CAC trades up 0.2% with Renault and Technip both up near 4.0%. Meanwhile, financials underperform with AXA, BNP Paribas, Societe Generale, and Credit Agricole down between 0.2% and 1.0%.
• Germany's DAX is lower by 0.6% as Commerzbank and Deutsche Bank weigh with losses close to 1.3% apiece. Automakers also lag with BMW and Volkswagen both down near 0.8%.

8:59 am On the Wires (:WIRES) :

• CEL-SCI Corporation (CVM) announced that in the month of September it has enrolled 30 patients in its ongoing Phase 3 trial of its investigational immunotherapy Multikine (Leukocyte Interleukin, Injection) in patients with advanced primary head and neck cancer. Total patient enrollment is now 570. A total of 880 patients are expected to be enrolled in over 20 countries.
• One Horizon Group, Inc. (OHGI) announced that it will commence the rollout of its simple Multi-User Family-Phone for China
• Bombardier (BDRBF) announced today that it has closed the sale of its Military Aviation Training activities to CAE Inc. (CAE) for a total consideration of $19.8 million Cdn
• Sanofi (SNY) US announced the availability of an authorized generic version of Arava, Leflunomide tablets through Winthrop, the company's US generics division
• Allegheny Technologies Incorporated (ATI) announced that ATI Flat Rolled Products has successfully rolled coils of stainless steel across its Hot-Rolling and Processing Facility utilizing the repaired Rotary Crop Shear. The repair and installation of the RCS was completed on schedule. First coils were successfully rolled on September 29, 2015.
• The GEO Group (GEO) announced the signing of a new contract with U.S. Immigration and Customs Enforcement for the continued management of the company-owned, 1,575-bed Northwest Detention Center in Tacoma, Washington. The contract for the continued management of the Center will have a term of nine years and six months inclusive of renewal options. The Center is expected to generate ~$57 million in annualized revenues at full occupancy.
• Orexigen Therapeutics, Inc. (OREX) announced that Kwang Dong Pharmaceutical Company, Ltd., has filed a New Drug Application with the Ministry of Food and Drug Safety in South Korea for Contrave (naltrexone HCl and bupropion HCl) as a monotherapy for weight management in overweight or obese adult patients.

8:56 am China Techfaith Wireless receives a letter from private investors, requesting the implementation of a broad plan to maximize shareholder value (CNTF) :

Highlights from the letter from John Romero and Patrick Small, stated:

• "We applaud you for maintaining such balance sheet discipline and strength over a tumultuous period for wireless hardware manufacturers and are aware of the difficulty you have had in your operating business since year end 2011. However, The fact remains, however, SHAREHOLDERS HAVE SUFFERED ENORMOUSLY under your leadership. THIS IS MANAGEMENTS' OBLIGATION TO SHAREHOLDERS which we view as a shareholder "Advocacy" program and request, as a minimum, that the following to be included in the study:
  • Reinstate the existing $10 MM share buyback program, only 61K shares have been purchased under this authorization since 2009
  • Hire an external advisor to divest the wireless business and IP in order to become a pure play CRE business
  • Articulate to investors whether you are a CRE business with a plan to deliver returns back to shareholders or simply just a collection of CRE assets with no monetization plan.
  • Study the benefits of a one-time special dividend
  • Study the benefits of a one-time tender offer to buy back 25% of the outstanding ADS."

8:47 am Laboratory Corp reports the conversion right has been triggered for its Zero Coupon Convertible Subordinated Notes Due 2021; convertible into cash or common stock (LH) :  

8:39 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: MKC -3.5%


Other news: MDGN -16.9% ( announces public offering of common stock), CXO -4.8% (prices its upsized public offering of 7.7 mln shares for gross proceeds of ~$712 mln), ASML -2.2% (still checking), FOLD -1.7% (filed for ~5.92 mln share common stock offering by selling shareholders), AAPL -1.4% (iPhone chipmakers said to worry Apple may trim orders, according to Digitimes), CHK -1.1% (announces amendment to $4 bln revolving credit facility; initial borrowing base confirmed at $4 bln)

Analyst comments: AGCO -3.5% (downgraded to Sell from Neutral at UBS), ILMN -2.2% (downgraded to Mkt Perform from Outperform at Leerink Partners), CROX -1.4% (downgraded to Neutral from Overweight at Piper Jaffray)

8:37 am Daxor Corporation presented heart failure research from the Mayo Clinic utilizing the BVA-100 blood volume analyzer (DXR) : The study demonstrated that the majority of congestive heart failure patients deemed anemic by the usual serum hemoglobin measurements in fact had pseudo-anemia, an appearance of anemia arising from excessive plasma volume. Of these low-hemoglobin patients, 32% had normal red blood cell volume, 47% had excess red blood cell volume, and only 21% had true anemia. The research by Dr. Miller is a clear signal that direct blood volume measurement with the Daxor BVA-100 Blood Volume Analyzer enables physicians to accurately quantify the blood volume derangement underlying congestive heart failure presentation and offers the potential to calibrate treatment more precisely than has been possible in the past.

8:37 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance: MLNX +3%, CAFD +1.3%, USAT +0.5%

M&A news: TEVA +2.3% (will acquire Mexican pharma Rimsa for $2.3 bln; accretive to non-GAAP earnings starting in 1Q17), .

Select oil/gas related names showing strength: PTEN +4.1%, SDRL +2.5%, BP +2.3%, TOT +2.3%, RDS.A +2.3%, STO +2.3%, LINE +2.2%, RIG +1.8%, KMI +1.2%

Other news: XOMA +54.3% (has exclusively licensed the global development and commercialization rights, to its growth factor-beta antibody program to Novartis (NVS)), SRPT +17.4% (announces additional long-term efficacy and safety data from pivotal Phase IIb program of Eteplirsen), VRSK +5.5% (to replace JOYG in the S&P 500), PBF +5% (PBF Energy announces purchase of 155,000 barrel-per-day Torrance refinery and related logistics assets from ExxonMobil (XOM) for $537.5 mln), HUN +3.2% (authorization of a $150 mln repurchase program), IMAX +2.1% (announces the pricing of its IMAX China IPO; expects to receive proceeds of $85.7 mln), DDR +2.1% (reports the disposition of 21 assets totaling $302 million, during the third quarter of 2015), AVP +1.5% (still checking), HL +1.5% (increases stake in Dolly Varden Silver), PRGO +1.4% (in symp with TEVA), AYA +1.4% (receives authorization from the New Jersey Division of Gaming Enforcement to operate the PokerStars and Full Tilt brands in New Jersey ), FCAU +1.1% (September US sales rise 14%), MAC +1% announced $1.2 bln share repurchase program), MYL +1% (in symp with TEVA)

Analyst comments: SGYP +7.5% (initiated with a Buy at H.C. Wainwright; tgt $20), JD +2.6% (upgraded to Buy from Hold at Deutsche Bank), SNDK +1.5% (upgraded to Overweight from Equal-Weight at Morgan Stanley), CELG +1.4% (upgraded to Overweight from Neutral at JP Morgan), DVN +1.3% (upgraded to Outperform at Bernstein)

8:35 am Central European Media secures funding for the refinancing of its 2015 convertible notes, with the nearest debt maturity at the end of 2017 (CETV) : Co entered into a EUR 235,340,000 senior unsecured term credit facility agreement with Time Warner (TWX). Loan proceeds under the Credit Agreement will be drawn and used to repay the outstanding principal amount of CME's 5.0% senior secured convertible notes due 2015 at maturity on November 15, 2015.The Credit Agreement will bear interest at three-month EURIBOR plus a margin between 1.07% and 1.90% and will mature on November 1, 2019

8:35 am Bear State Financial completes its acquisition of Metropolitan National Bank, and names Mark McFatridge as its new CEO (BSF) : The Bear State Board of Directors announced the appointment of Mark McFatridge, previously CEO of Metropolitan National Bank, as CEO and a director of both Bear State and Bear State Bank, effective immediately

8:35 am Marathon Patent Group's subsidiary Signal IP, receives a favorable order, denying the motion to stay filed by Ford Motor (F) and Fiat Chrysler Automobiles US (FCAU) (MARA) : Co announced that on it received an order in The District Court of the Eastern District of Michigan denying defendants Ford Motor Company's (F) and Fiat Chrysler Automobiles US (FCAU) joint motion to stay all proceedings pending reexamination and Inter Partes Reviews. The present denial of the defendant's motion to stay by Judge Mark A. Goldsmith of the EDMI follows the denial of the motion to stay by Judge John A. Kronstadt in the CDCA on May 26th, 2015. Trials for the eight cases currently progressing in the CDCA are expected to commence on March 15th, 2016.

8:34 am Capstone Turbine trading is currently halted, set to resume 9:00 a.m. ET (CPST) :

• See 8:31 comment for details regarding delayed shipments, guidance comments

8:33 am European Markets Update: FTSE +0.8%, CAC +0.3%, DAX -0.4% (:SUMRX) :

Major European indices trade in mixed fashion with UK's FTSE (+0.8%) showing relative strength. The euro has essentially held its ground against the dollar after the release of regional PMI readings that were mostly disappointing. Currently, the single currency hovers near 1.1150 against the dollar after spending the night in a tight range.

• Participants received several data points:
  • Eurozone September Manufacturing PMI held at 52.0, as expected
  • Germany's September Manufacturing PMI 52.3 (expected 52.5; prior 52.5)
  • France's September Manufacturing PMI 50.6 (expected 50.4; previous 50.4)
  • Italy's September Manufacturing PMI 52.7 (consensus 53.3; last 53.8)
  • Spain's September Manufacturing PMI 51.7 (expected 52.8; last 53.2)
  • Swiss Retail Sales -0.3% month-over-month (expected 0.3%; last 0.1%) and September SVME PMI 49.5 (consensus 53.3; previous 53.8)

------

• UK's FTSE trades higher by 0.8% with more than 80% of its components in the green. Energy and mining names lead with Anglo American, BHP Billiton, Fresnillo, BP, and Royal Dutch Shell up between 1.0% and 3.3%. Glencore has continued its recent struggles, trading lower by 1.9%.
• In France, the CAC trades up 0.3% with Renault and Technip both up near 4.0%. Meanwhile, financials underperform with AXA, BNP Paribas, Societe Generale, and Credit Agricole down between 0.2% and 1.0%.
• Germany's DAX is lower by 0.4% as Commerzbank and Deutsche Bank weigh with losses close to 1.0% apiece. Automakers also lag with BMW and Volkswagen both down near 0.8%.

8:33 am European Yields (BONDX) :

Sovereign Bonds Rally

• Eurozone sovereign yields fell sharply this morning with Italian and French 10-year yields hitting four-month lows. After the eurozone's headline CPI released Wednesday showed that prices continue to fall in the single currency bloc, the final reading of September's manufacturing PMI confirmed today that growth in the factory sector had declined from August. The European Central Bank's president, Mario Draghi, said in September that the central bank is reading and willing to act if the emerging market growth slowdown reaches the shores of the eurozone
  
• The eurozone's manufacturing PMI for September fell to 52.0 from August's reading of 52.3, in line with the flash estimate
  
  • On a national basis, Spain's manufacturing PMI fell to 51.7 from 53.2, Germany's dipped to 52.3 from 52.5, France's unexpectedly rose to 50.6 from 50.4 in August, and Italy's dropped to 52.7 from 53.8
    
• The U.K.'s manufacturing PMI was unchanged from August at 51.5 in September, according to the latest revision
  
• Yield Check:
  
  • France, 10-yr OAT: -4 bps to 0./86%
    
  • Germany, 10-yr Bund: -3 bps to 0.56%
    
  • Greece, 10-yr note: -16 bps to 8.04%
    
  • Italy, 10-yr BTP: -3 bps to 1.69%
    
  • Portugal, 10-yr note: -5 bps to 2.35%
    
  • Spain, 10-yr ODE: -5 bps to 1.84%
    
  • U.K., 10-yr Gilt: unch at 1.66%

8:32 am Versartis presents confirmatory 18-month data from its ongoing Somavaratan extension study (VSAR) :

Co released confirmatory data from its ongoing Extension Study of somavaratan in pre-pubertal GHD children at the 54th Annual Meeting of the European Society for Paediatric Endocrinology (:ESPE). These data were previously disclosed in the poster abstract, and today is the first time the results are being shared as a poster presentation.

• Results from the analysis showed that an increase in the twice-monthly dose from 2.5 mg/kg to 3.5 mg/kg increased mean peak IGF-I SDS.
• The number of peak IGF-I SDS results greater than 2.0 for all subjects receiving the 3.5 mg/kg twice-monthly dosing regimen was limited to three individual values.
• The increased dose demonstrated a stabilized height velocity consistent with the initial 12 months of treatment.
• Adverse events (AE) continued to be mild and transient in nature at the 3.5 mg/kg dose.
• There were no new or unexpected AE occurrences and injection site discomfort decreased with time on treatment, with only four subjects reporting discomfort after 18 months.

8:31 am Cellectar Biosciences is awarded a $2.3 mln National Cancer Institute Fast-Track SBIR Grant to advance its PDC delivery platform (CLRB) : Co announced it has received initial notice of award for a Phase I-II Fast-Track Small Business Innovation Research (:SBIR) grant. This SBIR grant provides up to $2.3 million from the National Cancer Institute (NCI) to fund development of Cellectar's PDC platform for targeted delivery of I-125, a radiotherapeutic isotope that may be uniquely suited to treat micro-metastatic disease.

8:31 am S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +10.30. (:WRAPX) :

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

The latest weekly initial jobless claims count totaled 277,000 while the Briefing.com consensus expected a reading of 270,000. Today's tally was above the unrevised prior week count of 267,000. As for continuing claims, they fell to 2.191 million from 2.224 million.

8:31 am Market View: Front-month Dec. eMini stock-index futures post a modest advance but are trading well off of overnnight hgihs following the 8:30 am ET economic data points (:TECHX) :

• ESz5 now +4.50
  
  
• YMz5 now +46
  
  
• NQz5 now +14.50

8:31 am Capstone Turbine (halted, will resume at 9:00) guides Q2 earnings below consensus as continued headwinds in the oil and gas market and a strong USD delayed orders and shipments (CPST) :

• Q2 earnings were notably below management's expectations and analysts' consensus estimates (-$0.01) as continued headwinds in the oil and gas market and a strong U.S. dollar delayed orders and shipments in the quarter.
• Capstone experienced a significant slowdown in both product shipments and new order flow in the most recent quarter ended September 30, 2015.
• In addition, the Company received no significant payments from its Russian distributor, who until recently was one of their largest customers.
• As a result of the lower than expected revenue and increased inventory levels, cash burn for the quarter was higher than anticipated prompting management to look at additional areas within the business where operating expenses can be immediately reduced. Management has therefore decided to indefinitely postpone an upcoming employee merit increase, cut hourly overtime, eliminate temporary employees and convert all variable cash compensation to stock grants. These actions are in addition to the recent flattening of the Capstone executive organizational structure which eliminated three executive positions back in April 2015. These most recent actions combined with the April restructuring will save approximately $3.3 million in cash annually.

8:30 am XBiotech receives FDA fast track designation for its novel true human therapeutic antibody (XBIT) : Co announced today that the U.S. FDA has granted Fast Track Designation for its novel True Human monoclonal antibody therapy intended to treat all forms of Staphylococcus aureus infections, including Methicillin-resistant S. aureus. 

8:23 am On the Wires (:WIRES) :

• Enstar Group Limited (ESGR) announced that through its wholly owned subsidiaries, it has entered into two 100% reinsurance agreements with Sun Life Assurance Company of Canada and its U.S. Branch. Enstar has assumed total net discounted reinsurance reserves and payable balances of approximately $139.4 million in the transaction
• IPC Healthcare, Inc. (IPCM) announced that it has acquired the following practices in Ocala, Florida: Ocala Hospital Group, PA; Hospitalists of Ocala, LLC; and Ocala Geriatric Services
• Marine Products Corporation (MPX) announced that during the third quarter of 2015 it purchased 17,930 shares under its share repurchase program
• Fifth Street CLO Management, a wholly-owned subsidiary controlled by Fifth Street Asset Management (FSAM) announced the closing of Fifth Street SLF II, a $416.6 million collateralized loan obligation. FS SLF II represents FSAM's second actively managed CLO
• Momenta Pharmaceuticals (MNTA) announced the upcoming presentation of three posters summarizing the key data developed to demonstrate equivalence between Glatopa and daily COPAXONE 20 mg at the 31st Congress of the European Committee for Treatment and Research in Multiple Sclerosis
• Move Inc, a subsidiary of News Corp (NWS) and operator of realtor.com, announced it has acquired Reesio, a San Francisco-based document and transaction management platform

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

• Merck (MRK) and DNAtrix announced they have entered into an oncology clinical study collaboration to evaluate the efficacy and safety of DNX-2401, DNAtrix's oncolytic immunotherapy, in combination with Keytruda (pembrolizumab), Merck's anti-PD-1 therapy, in a Phase 2, multi-centered study of patients with recurrent glioblastoma, the most aggressive form of brain cancer for which there is no cure.
• American Express (AXP) announced that its Cards are now accepted at the more than 650 Sam's Club (WMT) locations in the U.S. and Puerto Rico. In conjunction with the launch of Card acceptance, American Express is providing a special offer to eligible Card Members for use at Sam's Club locations from October 1-31. Card Members can receive a one-time $25 statement credit after they use an enrolled, eligible American Express Card to spend $45 or more.
• Masonite International Corporation (DOOR) announced that it has completed the acquisition of USA Wood Door. USA is a wholesaler and fabricator of architectural and commercial wood doors in the Eastern US. USA's net sales for the twelve months ended August 31, 2015 were ~$18 million. The purchase price for 100% of the outstanding shares was ~$13 million

8:09 am Pulmatrix announces the National Institutes of Health has awarded a three-year, $1.7 mln fast track small business innovation research grant to the co (PULM) :

• Co announced that the National Heart Lung and Blood Institute of the National Institutes of Health has awarded a three-year, $1.7 mln Fast Track Small Business Innovation Research grant to fund the companies' development of an inhaled biologic to treat idiopathic pulmonary fibrosis.
• The biologic, CM-YJH01, targets a novel pathway intended to prevent epithelial cell death. Celdara Medical will combine CM-YJH01 with Pulmatrix's novel iSPERSE dry powder technology, which facilitates efficient administration of macromolecules to the lungs.
• The goal is to design an inhaled treatment candidate that addresses progressive scar tissue build up (fibrosis) directly at the affected disease site of patients' lungs.

8:09 am Casella Waste issues an additional letter to stockholders, urging them to vote for its director nominees at its upcoming annual meeting (CWST) : As previously disclosed, JCP Investment Management, LLC and the other participants in its solicitation are conducting a proxy contest and are seeking the election at the 2015 Annual Meeting of two director candidates in opposition to nominees unanimously recommended by the Casella Board.

8:08 am Tyler Tech acquires New World Systems Corporation for $670 mln cash and stock; expects deal to be immediately accretive to non-GAAP EPS (TYL) :

TYL agrees to acquire privately held New World Systems Corporation for $670 million in cash and stock.

• Co will acquire all of the equity in New World Systems for $360 mln in cash and ~2.1 mln shares of its common stock
• The cash portion of the purchase price will be funded from cash on hand and proceeds from a new revolving credit facility
• Co expects the transaction to be immediately accretive to non-GAAP earnings per diluted share, with an expected impact to non-GAAP revenues of ~$134 million, to adjusted EBITDA of ~$49 million, and to non-GAAP earnings per diluted share of ~$0.56 for the year ending December 31, 2016.

8:08 am InspireMD announced one-for-ten reverse split of its common stock effective October 1 2015 (NSPR) :  

8:07 am Teva Pharma will acquire Mexican pharma Rimsa for $2.3 bln; accretive to non-GAAP earnings starting in 1Q17 (TEVA) :

• Co will acquire Representaciones e Investigaciones Mdicas, S.A. de C.V. (Rimsa), a leading pharmaceutical manufacturing and distribution company in Mexico, along with a portfolio of products and cos, intellectual property, assets and pharmaceutical patents in Latin America and Europe in a debt-free, cash free set of transactions, for an aggregate of $2.3 billion.
• Through this acquisition, Teva will become a leading pharmaceutical company in Mexico, the second largest market in Latin America and one of the top five emerging markets globally.
• Teva expects the deal will yield substantial and achievable synergies and offer a platform for growth in the region.
• The acquisition is not expected to impact 2016 non-GAAP earnings and is expected to be accretive starting Q1 2017. The transactions will be funded through a combination of cash on hand and lines of credit.

8:06 am MaxLinear announces that it has emerged favorably from an international trade commission patent investigation (MXL) :

• Co announces that the ITC has terminated Investigation No. 337-TA-910, requested by Cresta Technology.The ITC issued its Final Determination finding that MaxLinear did not violate Section 337 of the Tariff Act of 1930, as amended, a result in favor of MaxLinear and MaxLinear's customers.

8:05 am ReneSola repurchased $36 mln of its convertible notes due on March 2018 with a put option, and also repurchased ~807K ADSs (SOL) : Co repurchased $36 million notional amount of its convertible notes due on March 15, 2018 with a put option on March 15, 2016. Co also repurchased approximately 807,000 American depositary shares following its announcement of the authorization by its Board of Directors, of a share repurchase program of up to $20 millionof its outstanding ADS'

8:04 am Kosmos Energy provides financial and operational update; borrowing base remains unchanged (KOS) :

• Co announced two developments that together strengthen the company's liquidity and better position Kosmos for continued success in a lower commodity price environment
• In addition, the company provided an update on its exploration drilling program
• Co announced that the borrowing base under its reserves-based lending facility remains unchanged at $1.5 bln following its lenders' semi-annual redetermination process which concluded on Sept 30, 2015.
• Co also announced an amendment to its contract for the Atwood Achiever drillship. The agreement reduces the operating day rate and extends the contract end date by one year.
• Kosmos' second exploration well offshore Mauritania, Marsouin-1, was spud on August 28, 2015, with results anticipated in the middle of the fourth quarter.

8:04 am Monmouth Real Estate approves a 6.7% increase in its quarterly common stock dividend, raising it to $0.16 per share from $0.15 per share (MNR) :

Co announces a 6.7% increase in the Company's quarterly common stock dividend, raising it to $0.16 per share from $0.15 per share.

• The dividend is payable December 15, 2015, to shareholders of record at the close of business on November 16, 2015.
• This represents an annualized dividend rate of $0.64 per share. Monmouth has maintained or increased its cash dividend for 24 consecutive years.

8:03 am Macau Gaming Inspection and Coordination Bureau reports September gross gaming rev -33% YoY to lowest level since 2010 (WYNN) :

• Macau Gaming Inspection and Coordination Bureau reports September gross gaming rev (:GGR) -33% YoY at 17.1 bln patacas (or $2.15 bln), vs. -11.7% in Sept 2014
  • The lowest level since Sept of 2010. 
  • Macau gross gaming rev is now -36.2% YTD.
  • Comps will continue to ease as GGR peaked in May 2014.
  • The Golden Week Holiday which started today is one of the busiest weeks of the year.
• Casino stocks with exposure to Macau: MPEL, WYNN, LVS, MGM, IKGH; BJK is a more diversified gaming ETF.

8:03 am DDR announced that it closed on the disposition of 21 assets totaling $302 mln at 100% ownership, $145 mln at DDR's share, during Q3 of 2015 (DDR) :  

8:02 am Ball Corp and Rexam (REXMY) provide update on EC Phase II proceedings; received a Statement of Objections (BLL) :

• Ball confirms that it received a Statement of Objections (SO) from the European Commission in relation to its proposal to buy Rexam. Ball takes note of the European Commission's provisional objections and concerns as outlined in the SO. Furthermore, Ball values the insight which the SO brings on the on-going EU regulatory process. It is the view of Ball that the concerns raised in the SO allow the parties to develop the appropriate and adequate remedy package to bring about the successful clearance by the EU's competition authority of this proposed acquisition. It is expected that all necessary regulatory clearances will be obtained to enable the proposed acquisition to close during the first half of 2016. Following closing of the transaction, Ball will remain a New York Stock Exchange listed company domiciled in the U.S. Terms used in this announcement which are otherwise undefined have the same meaning as those defined in the Offer Announcement.

8:02 am Fiat Chrysler reports September 2015 U.S. sales +14% YoY to 193,019 units (FCAU) :

The Dodge, Jeep, Ram Truck and FIAT brands each posted year-over-year sales gains in September. The Jeep brand's 40 percent increase was the largest sales gain of any FCA US brand during the month. The company extended its streak of year-over-year sales gains to 66-consecutive months.

• FCA US finished September with a 76-day supply of inventory (590,503 units). U.S. industry sales figures for September are internally projected at an estimated 18.4 million units Seasonally Adjusted Annual Rate (:SAAR).

8:01 am Dave & Busters prices 6 mln share offering at $37/share (PLAY) :

• Additionally, stockholders have granted the underwriters the option to purchase up to 900,000 additional shares of common stock at the Offering price. The closing of the Offering is expected to occur on or about October 6, 2015. 

8:01 am XOMA trading resumes here in the premarket, shares see quick pop to $1.20, holding steady here about +54% (XOMA) :  

7:56 am S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +14.80. (:WRAPX) :

U.S. equity futures trade in the green, but they have backed away from their pre-market highs notched around 3:30 ET. The S&P 500 futures hover four points above fair value after showing a 25+ point gain earlier.

Meanwhile, U.S. Treasuries are little changed with the 10-yr yield at 2.04%.

On the economic front, weekly Initial Claims (Briefing.com consensus 270K) will be released at 8:30 ET while August Construction Spending (consensus 0.5%) and September ISM Index (consensus 50.6) will both be reported at 10:00 ET.

In U.S. corporate news of note:

• Celgene (CELG 110.57, +2.40): +2.2% in reaction to a JP Morgan upgrade to 'Overweight' from 'Neutral.'
• SanDisk (SNDK 55.85, +1.52): +2.8% after Morgan Stanley upgraded the stock to 'Overweight' from 'Equal-Weight.'

Reviewing overnight developments:

• Asian markets ended mostly higher, but China's Shanghai Composite and Hong Kong's Hang Seng were closed for National Day. Meanwhile, Japan's Nikkei gained 1.9%
  • In economic data:
    • Japan's Q3 Tankan Large Manufacturers Index 12.0 (expected 13.0; prior 15.0), Q3 Tankan Large Non-Manufacturers Index 25.0 (expected 20.0; prior 23.0), and September Final Manufacturing PMI 51.0 (expected 50.9; prior 50.9)
    • China's September Official Manufacturing PMI 49.8 (expected 49.6; prior 49.7), September Official Non-Manufacturing PMI 53.4 (prior 53.4), September Final Caixin Manufacturing PMI 47.2 (expected 47.2; prior 47.0), and September Final Caixin Services PMI 50.5 (expected 51.2; prior 51.5)
    • South Korea's September Trade Balance KRW 8.90 bln (expected KRW 6.06 bln; prior KRW 4.30 bln) as Exports -8.3% year-over-year (expected -10.0%; prior -14.9%) and Imports -21.8% (expected -18.1%; prior -18.3%). Separately, September Nikkei Manufacturing PMI 49.2 (prior 47.9), August Industrial Production +0.4% month-over-month (expected -1.1%; prior -0.3%); +0.3% year-over-year (expected -2.0%; prior -3.2%), Retail Sales +1.9% month-over-month (prior +2.0%), and August Service Sector Output +0.4% (prior +1.7%)
    • Australia's September AIG Manufacturing Index 52.1 (prior 51.7)
    • India's September Nikkei Markit Manufacturing PMI 51.2 (expected 52.0; prior 52.3)
  • In news:
    • The dollar/yen pair has slid into the 119.75 area from 120.00 after Bloomberg reported that the Bank of Japan is not looking to add to its monetary stimulus at this time. This comes after some had expected the BoJ would expand its quantitative easing program by year's end.

• Major European indices trade in mixed fashion. UK's FTSE +0.9%, France's CAC +0.4%, and Germany's DAX -0.3%. Elsewhere, Italy's MIB -0.1% and Spain's IBEX +1.1%.
  • Participants received several data points:
    • Eurozone September Manufacturing PMI held at 52.0, as expected
    • Germany's September Manufacturing PMI 52.3 (expected 52.5; prior 52.5)
    • France's September Manufacturing PMI 50.6 (expected 50.4; previous 50.4)
    • Italy's September Manufacturing PMI 52.7 (consensus 53.3; last 53.8)
    • Spain's September Manufacturing PMI 51.7 (expected 52.8; last 53.2)
    • Swiss Retail Sales -0.3% month-over-month (expected 0.3%; last 0.1%) and September SVME PMI 49.5 (consensus 53.3; previous 53.8)
  • Among news of note:
    • The euro has essentially held its ground against the dollar after the release of regional PMI readings that were mostly disappointing. Currently, the single currency hovers near 1.1150 against the dollar after spending the night in a tight range.

7:48 am On the Wires (:WIRES) :

• Blackstone (BX) announced the final close of its latest global real estate fund, Blackstone Real Estate Partners VIII, at $15.8 billion
• The Board of Directors of Hewlett-Packard Company (HPQ) approved the previously announced separation of HP into two independentcompanies: Hewlett Packard Enterprise (HPE) Company and HP Inc. The separation is expected to be completed on November 1, 2015. Following the split, each HP stockholder will receive one share of HPE common stock for every one share of HP common stock held. Hewlett Packard Enterprise shares will begin trading on the NYSE November 2, 2015
• Paratek Pharmaceuticals (PRTK) has expanded its senior leadership team with two new hires. The company announced that Regina Paglia has joined as Senior Vice President, Human Resources and Stephen Villano, M.D. has joined as Vice President, Clinical and Medical Affairs.
• HTG Molecular Diagnostics (HTGM) announced the commercial availability of the HTG EdgeSeq Immuno-Oncology Assay for digitally measuring the mRNA expression of 549 genes implicated in the host immune response to tumors

7:46 am Overnight Treasury Summary (BONDX) :

Treasury Yields Edge Higher

• The U.S. Treasury market is nursing only minor losses from the overnight session despite higher oil prices and a stock market that looks ready to rally for a second straight day. Estimates for the September ISM Index, to be released at 10:00 ET, were downwardly revised following yesterday's weak reading for the Chicago PMI. China's factory sector performed better than expected in September, according to official statistics, but remained in contraction. The eurozone's manufacturing sector contracted modestly from August. The closely-watched Tankan Index showed that Japan's factory sector did worse than expected in the third quarter while the service sector index beat estimates. WTI crude is 2.33% higher to $46.14/bbl. despite bearish supply data out on Wednesday and the U.S. Dollar Index is down 0.03% to 96.32. The S&P 500 futures are indicating an open at 1,922.6, up 0.25% from yesterday's close
  
• Yield Check:
  
  • 2-yr: +3 bps to 0.66%
    
  • 5-yr: +2 bps to 1.38%
    
  • 10-yr: +1 bp to 2.05%
    
  • 30-yr: +1 bp to 2.87%

• International News:
  
  • China's official manufacturing PMI rose to a better-than-expected 49.8 in September from 49.7 in August. Readings below 50 indicate contraction
    
    • The Caixin/Markit PMI for China's services sector dropped to 50.5 in September from 51.5 in August
      
    • The final reading for the Caixin/Markit manufacturing PMI was 47.2 in September, up from the flash reading of 47.0 released last week. That was down from 47.3 in August
      
    • The composite PMI dropped to 50.5 in September from 51.5 in August, the worst reading since records began in 2012
      
  • Japan's Tankan index for large manufacturers fell to a lower-than-expected 12 in the third quarter from 15 in Q2
    
    • The corresponding index for large services companies jumped to 25 in Q3 from 23 in Q2. Analysts had forecast a decline
      
  • The eurozone's manufacturing PMI for September was unchanged from its initial estimate at 52.0, but down from August's reading of 52.3
    
    • On a national basis, Spain's manufacturing PMI fell to 51.7 from 53.2, Germany's dipped to 52.3 from 52.5, France's unexpectedly rose to 50.6 from 50.4 in August, and Italy's dropped to 52.7 from 53.8
      
  • The U.K.'s manufacturing PMI was unchanged from August at 51.5 in September, according to the latest revision

• Data Out Today:
  
  • September Challenger Job Cuts (07:30 ET)
    
  • Initial Jobless Claims for the week ending 9/26 and Continuing Jobless Claims for the week ending 9/19 (08:30 ET)
    
  • September ISM Index (10:00 ET)
    
  • August Construction Spending (10:00 ET)
    
  • Natural Gas Inventories for the week ending 9/26 (10:30 ET)
    
  • September Auto and Truck Sales (17:00 ET)
    
• Fed Speaker:
  
  • San Francisco Fed President Williams (FOMC voter) (14:30 ET)

7:43 am XOMA shares scheduled to resume trading at 8:00 a.m. ET (XOMA) :  

7:36 am Biogen will present new clinical data for Tecfidera, demonstrating its strong and sustained efficacy in relapsing-remitting multiple sclerosis (BIIB) :

Co will present new clinical data for its multiple sclerosis (MS) portfolio of therapies, including the most-prescribed oral treatment, Tecfidera(dimethyl fumarate), at the 31st meeting of the European Committee for Treatment and Research in Multiple Sclerosis in Barcelona. Tecfidera data will demonstrate its strong and sustained efficacy in relapsing-remitting multiple sclerosis (RRMS) among patients who were early in the course of their disease or newly diagnosed.

• Biogen will also present additional findings from studies of its marketed and investigational MS therapies that aim to improve patient outcomes. Highlights include results from new analyses of the Phase 3 study of Zinbrytatm (daclizumab high-yield process) and additional Phase 2 results for anti-LINGO-1 (BIIB033) in acute optic neuritis.

7:36 am ConAgra announces $300 mln restructuring, cutting ~1,500 positions or ~30% of corporate workforce (CAG) :

ConAgra Foods expects to realize at least $300 mln of efficiency benefits within the next three years through a combination of reductions in SG&A and enhancements to trade spend processes and tools

• Cost savings of approximately $200 mln are expected to be derived from a combination of lower headcount (Cutting ~1,500 positions or ~ 30% of the company's global office-based workforce) and non-headcount costs which will be achieved by aggressively embracing zero-based budgeting, simplifying organizational structure by increasing spans of control and reducing layers, and outsourcing technology and back office functions to improve scalability
• Co expects the plan to provide a modest benefit to fiscal year 2016 earnings. More than half the savings are anticipated to be realized by the end of fiscal year 2017 with the balance achieved in fiscal year 2018.
• Co estimates it will incur total non-recurring charges of ~ $345 mln, substantially all of which are expected to be cash charges, over the next two to three years related with the restructuring
• Relocating its headquarters to Chicago

7:35 am Atlantic Tele-Network agrees to acquire all of the membership interests of Caribbean Assets Holdings, for $145 mln (ATNI) :

Co has entered into an agreement to acquire all of the membership interests of Caribbean Assets Holdings LLC, the holding company for the Innovative group of companies operating cable TV, Internet and landline services primarily in the U.S. Virgin Islands ("Innovative") from the National Rural Utilities Cooperative Finance Corporation. ATN will purchase the Innovative operations for a purchase price of ~$145 million. Co will make the purchase with $85 million payable in cash and the option to finance the remaining $60 million of the purchase price with a loan from an affiliate of CFC.

• Innovative's company-wide operations had approximately $100 million in revenue. ATN expects the combined company to have aggregate annual revenues of around $110 million and initial EBITDA margins between 20% and 25% for the first full year of operations.
• Subject to an ongoing review of asset values and the application of purchase accounting, the Company currently expects the transaction to be modestly accretive to net income for the first full year following close.

7:34 am Acceleron Pharma reports results from preclinical studies of ACE-083 and ACE-2494; ACE-083 produced significant increases in muscle mass (XLRN) :

• After 4 weeks of treatment, ACE-2494 (10 mg/kg twice weekly) generated substantial increases in muscle mass: 41% (rectus femoris), 53% (gastrocnemius), and 87% (pectoralis).
  
• ACE-083 produced significant increases in muscle mass of roughly 75% in the injected muscle with no observed effect on either the uninjected contralateral muscle or on whole body mass. These results are consistent with a local effect only in the injected muscle.
  

7:31 am XOMA has exclusively licensed the global development and commercialization rights, to its growth factor-beta antibody program to Novartis (NVS); will receive a $37 million upfront payment (shares halted) (XOMA) :

Co has exclusively licensed the global development and commercialization rights to its anti-transforming growth factor-beta (TGFb) antibody program to Novartis (NVS).

• Under the terms of the agreement, XOMA will receive $37 million in the form of an upfront payment and is eligible to receive up to $480.0 million if all development, regulatory, and commercial milestones are met. In addition, XOMA is eligible to receive royalties on product sales that range from the mid-single digits to the low double digits. In connection with the license agreement, Novartis has agreed to extend the maturity date on the ~$13.5 million of outstanding debt under the secured note agreement, which bears interest at the six-month LIBOR plus 2% (currently 2.53%), to September 30, 2020.
• Co additionally stated: "With this non-dilutive liquidity of essentially $50.5 million, we currently project this capital, in combination with our planned cost savings measures, will fund operations into 2017. We remain on track to begin our XOMA 358 Phase 2 clinical program this fall and fully anticipate we will have the data from these studies during that timeframe."

7:31 am Mellanox Tech raises Q3 rev guidance; sees gross margin and op-ex at high end (MLNX) :

• Co raises Q3 revs to $169-171 mln from $165-170 mln vs $167.72 mln Capital IQ Consensus;
• Tracking to mid-point or better of its previous guidance for non-GAAP gross margins;
• Non-GAAP operating expenses for the quarter are expected to increase towards the higher end of the co's earlier guidance.
• The company plans to announce its third quarter 2015 financial results and its fourth quarter 2015 guidance on October 21, 2015.

7:30 am WebMD Health reaffirms FY15 guidance; sees Q3 EBITDA and rev at or slightly above prior guidance (WBMD) :

• WebMD mgmt plans to reaffirm the financial guidance for the year ending Dec 31, 2015 (EBITDA $185-190 mln; rev $625-635 mln vs. $629.5 mln consensus).
• Co expects revenue and EBITDA for Q3 to be at or slightly above the high end of the range of the guidance provided at that time (EBITDA $41-43 mln, rev $148.5-151.5 mln vs. $150.4 mln consensus).

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

• Cesca Therapeutics (KOOL) announced that it has entered into a collaboration agreement with St. Jude Children's Research Hospital, Memphis, Tennessee. Under the terms of the agreement, St. Jude Children's Research Hospital will evaluate a prototype for a new CellWerks device under Cesca's "Early Technology Access Program". The new device will specifically address the need for reduced red blood cell content in stem cell preparation for patients at risk of major blood-type mismatches. Commercial launch of the new device is expected in late 2016.
• Mark J. Servodidio has begun his new role as President, International, for Avis Budget Group (CAR), as part of a senior management succession plan announced on September 16, 2015
• Myriad Genetics, Inc. (MYGN) announced that Jan Schlchter, Ph.D., has joined the Company as chief commercial officer (CCO) of Myriad Genetics GmbH, effective Oct. 15, 2015
• Novadaq Technologies Inc (NVDQ) announced that it has entered into a Co-Marketing Agreement with Arthrex. The Agreement allows the two companies to combine their expertise and devices to offer an endoscopic system for a wide variety of surgical specialties, including orthopaedic, general, colorectal and gynecological surgeries
• BiondVax Pharmaceuticals (BVXV) announced that it has entered into a Development and Manufacturing Agreement for the production of clinical batches of its universal flu vaccine, M-001, with Cytovance Biologics Inc. Under the terms of the Agreement, Cytovance Biologics will scale up and optimize the small-scale cGMP manufacturing process of M-001, previously developed by BiondVax for its phase I and phase II clinical trials. The technology transfer will start immediately, with the initial clinical batches expected to be manufactured by the end of 2016
• Kratos Defense & Security Solutions (KTOS) announced that its RT Logic subsidiary has delivered multiple SpectralNet systems to Inmarsat to support the mission critical Inmarsat L-band TACSAT (L-TAC) mobile satellite communications system

7:26 am XOMA trading halted, news pending (XOMA) :  

7:19 am Tata Motors reports September sales were lower by 2% YoY at 45,215 units; demostic sales flat at 40813 units (TTM) :

• The domestic sale of Tata commercial and passenger vehicles for September 2015 were flat at 40,813 nos over 40,908 vehicles sold in September 2014.
• In September 2015, Tata Motors passenger vehicles sales were flat at 11,774 nos., compared to 11,931 nos.

7:07 am National Research promotes Steve Jackson to the position of President (NRCIA) : Jackson was appointed President after serving as National Research Group President from October 2014 to September 2015

7:06 am Ameris Bancorp signs an agreement to acquire Jacksonville Bancorp (JAXB) (ABCB) :

Upon completion of the transaction, the combined company will have ~$5.7 billion in assets, $4.0 billion in loans and $4.9 billion in deposits. 

• Under the terms of the merger agreement, Jacksonville Bancorp (JAXB) shareholders will receive either 0.5861 shares of Ameris common stock or $16.50 in cash for each share of Jacksonville Bancorp common stock or nonvoting common stock. 
• The merger agreement has been unanimously approved by the board of directors of each company and is expected to close in the first quarter of 2016

7:06 am Sarepta Therapeutics announces additional long-term efficacy and safety data from pivotal Phase IIb program of Eteplirsen (SRPT) :

Co announces additional clinical efficacy and safety data from the Company's Phase IIb program of eteplirsen in patients with Duchenne muscular dystrophy (DMD).

• The data demonstrated that eteplirsen provided a statistically significant advantage of 151 meters in the ability of study participants to walk at three years, compared with external controls.
• Further, the fourth biopsy data confirmed the mechanism of action of eteplirsen, demonstrating exon skipping in all patients and dystrophin production in nearly all patients.
• Safety data remained consistent with prior results.
• The FDA granted eteplirsen Priority Review status and assigned a Prescription Drug User Fee Act (:PDUFA) action date of February 26, 2016.

7:06 am Philip Morris International's HM Sampoerna announces exercise price of Rp. 77,000 for rights issue (PM) :

Philip Morris International announced that PT HM Sampoerna, an indirect subsidiary of PMI in which PMI has to date held a 98.18% interest through PT Philip Morris Indonesia,  disclosed on its web site the pricing details for its ongoing rights issue.

• The exercise price for the rights has been set at Rp. 77,000, a 1.349% premium to the closing price on the IDX of Rp. 75,975 on September 30, 2015.
• In connection with the Rights Issue, PMID is selling 264,209,711 of the rights to which it is entitled in a placement to institutional investors

7:05 am The Medicines Co announces Barda exercises next option on contract for support of the development of Carbavance (MDCO) :

• Co announces that Rempex Pharmaceuticals, a wholly owned subsidiary, has been awarded the next option on a contract by the Biomedical Advanced Research and Development Authority to support the development of Carbavance.
• Carbavance is the combination of a carbapenem antibiotic with a novel beta-lactamase inhibitor that is targeted for treatment of multi-drug resistant gram-negative infections, including those due to carbapenem-resistant Enterobacteriaceae.

7:04 am Broadwind Energy announces $6 mln in new gearing orders to be produced by its Brad Foote Gear Works subsidiary (BWEN) :  

7:04 am Alnylam Pharma announces that Genzyme has opted into the ALN-AT3 hemophilia program, for development and commercialization outside of North America and Western Europe (ALNY) :

This marks the first product from Alnylam's Genetic Medicines pipeline to which Genzyme, a Sanofi (SNY) company, has opted in since the formation of the companies' global alliance in January 2014, and the third product opt-in overall.

• Per their agreement, Alnylam will receive R&D funding for programs where Genzyme has elected to opt in for development and commercialization. For "regional" programs where Genzyme will develop and commercialize in their ROW territory, such as patisiran and ALN-AT3 as currently structured, Genzyme pays 20% of global development costs. In the case of ALN-AT3, such cost sharing is expected to begin in January 2016.
• For "co-develop/co-promote" programs such as revusiran (and possibly ALN-AT3 in the future), Genzyme pays 50% of global development costs. For "global" programs (e.g., possibly ALN-AS1 if selected), Genzyme will pay 100% of global development costs.
• In addition, Alnylam is eligible to receive milestones totaling up to $75 million per product for regional and co-develop/co-promote programs. In the case of global Genzyme programs, Alnylam is eligible to receive up to $200 million in milestones per product.
• Finally, Alnylam is also eligible to receive tiered double-digit royalties up to 20% on net sales on all products commercialized by Genzyme in its territories.

7:03 am Viavi announces settlement agreement with Sandell Asset Management; co to engage investment banking and operational consulting firms to aid in review (VIAV) :

Co and Sandell Asset Management, which beneficially owns ~5.1% of the Company's outstanding shares, announced that they have reached an agreement that in part will include two new candidates joining the Board of Directors.

• The Company will recommence its previously announced share repurchase program for total proceeds equal to the unused dollar amount remaining from the Company's $100 million share repurchase program which was authorized on May 21, 2014, which is expected to be approximately $40 million.
• The Company has also agreed that it will propose new equity compensation arrangements based on stock price appreciation as adjusted for share repurchases and dividends.
• Additionally, co will engage investment banking and operational consulting firms to aid in review
  

7:03 am STAG Industrial announces a $150 mln upsize of its unsecured revolving credit facility, and a new $150 mln, five year, unsecured term loan (STAG) :

The result of these transactions is $300 mln in additional debt capacity, which results in ~$575 mln in current, aggregate available debt capacity.

• The new $150 mln Term Loan C provides the Company additional committed debt capital. The loan includes a twelve month delay-draw feature with no amount drawn to date. Term Loan C bears a current interest rate of LIBOR plus a spread of 1.30% and matures in September of 2020
  

7:02 am Chesapeake Energy notifies holders of its 2.75% contingent convertible senior notes due 2035 of their repurchase option (CHK) :

• Co announces that it is notifying holders of its 2.75% Contingent Convertible Senior Notes due 2035 that they have the option, pursuant to the terms of the Notes, to require Chesapeake to purchase on November 15, 2015 all or a portion of such holders' Notes. The repurchase price is equal to 100% of the aggregate principal amount of the Note, together with accrued but unpaid interest.

7:01 am Apricus Biosciences and Ferring Pharma sign an exclusive distribution agreement to market Vitaros in Latin America; Apricus eligible to receive up to $18.25 mln in upfront and milestone payments (APRI) :

• Co has signed an exclusive distribution agreement with Ferring Pharma to market Vitaros (alprostadil), its topical on-demand product for the treatment of erectile dysfunction, in Latin American countries. Under the terms of the agreement, Apricus will receive $2.25 million from Ferring in an upfront payment. Apricus is also eligible to receive up to $16 million in regulatory and sales milestone payments, in addition to royalties based on Ferring's net sales of the product in the Territory.
• In exchange, Ferring will have the exclusive right to commercialize Vitaros in the Territory, which covers Latin America, including certain Caribbean countries. Ferring will be responsible for obtaining all necessary regulatory approvals.

7:01 am Allergan receives FDA approval for JUVEDERM ULTRA XC (AGN) :

Co received approval from the FDA to market JUVEDERM ULTRA XC for injection into the lips and perioral area for lip augmentation in adults over the age of 21.

• In clinical trials of JUVEDERM ULTRA XC, the majority of subjects reported improvement in the softness, smoothness and natural look and feel of their lips through one year. In clinical trials, 79% of subjects showed a meaningful improvement in lip fullness three months after treatment.
• Additionally, more than 78% of subjects reported an improvement in their overall satisfaction with the look and feel of their lips at one year after treatment.
  

7:01 am First Capital Bancorp and Park Sterling (PSTB) to merge in at $82.5 mln deal; FCVA to receive either $5.54 in cash or 0.7748 PSTB shares (FCVA) :

Park Sterling will acquire First Capital for a total transaction value of ~$82.5 mln, based on Park Sterling's closing share price of $6.80 on September 30, 2015.

• First Capital common shareholders will have the right to receive either $5.54 in cash or 0.7748 Park Sterling shares for each First Capital share they hold, subject to the limitation that the total consideration for shareholders will consist of 30.0% in cash and 70.0% in Park Sterling shares. First Capital warrant holders will have the right to receive either $1.77 in cash or 0.24755 Park Sterling shares for each First Capital warrant they hold, subject to the limitation that the total consideration for warrant holders will consist of 30.0% in cash and 70.0% in Park Sterling shares. 
• The new Co will have ~$3.1 bln in total assets, $2.2 bln in total loans, $2.4 bln in total deposits and a network of 60 offices in the Carolinas, Virginia and North Georgia.

7:01 am Bridgepoint Education appoints Kevin Royal as CFO effective Oct 1 2015 (BPI) : Most recently, Royal served as Chief Financial Officer, Treasurer and Secretary for Maxwell Technologies (MXWL). Former Chief Financial Officer Dan Devine will remain with the organization through 2015 to assist with the transition

7:00 am NewLink Genetics awarded an $18 mln contract option from BARDA (NLNK) :

• The Biomedical Advanced Research and Development Authority (:BARDA) of the United States Department of Health and Human Services (HHS) has exercised an $18 million option on NewLink Genetics' existing contract to support the scale-up of the manufacturing process relating to its investigational rVSV-ZEBOV GP (Ebola) vaccine candidate. BARDA made an initial $30 million contract award to NewLink in late 2014 and is now providing additional funding to continue development of the Ebola vaccine candidate.
• Merck (MRK), known as MSD outside the United States and Canada, has the license for research, development, manufacturing and commercialization of the rVSV-ZEBOV GP (Ebola) vaccine.

7:00 am Bristol-Myers receives FDA approval for Opdivo in combination with Yervoy (BMY) :

Co announced that the FDA approved Opdivo in combination with Yervoy, for the treatment of patients with BRAF V600 wild-type unresectable or metastatic melanoma.

• This marks the first and only FDA approval of a Regimen of two Immuno-Oncology agents in cancer
• Pivotal study CheckMate -069 demonstrates significantly superior responses and progression-free survival with the Opdivo + Yervoy Regimen vs. Yervoy alone
• This indication is approved under accelerated approval based on tumor response rate and durability of response.
  
• Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials

6:59 am Asian Markets Close: Japan's Nikkei +1.9%; India's Sensex +0.3%; Australia's S&P/ASX 200 +1.8% (:SUMRX) :

The Chinese market was closed for the National Holiday on Thursday, yet China still made a splash as its official Manufacturing PMI report was slightly better than expected at 49.8, albeit still in contraction territory, and up from the prior month's level of 49.7. That helped put a bid in most markets in the Asian-Pacific region on Thursday, which were also bolstered by Wall Street's strong showing on Wednesday, first-of-the-month inflows, and continued policy stimulus expectations.

Economic data

• Japan
  • Q3 Tankan Large Manufacturers Index 12.0 (expected 13.0; prior 15.0)
  • Q3 Tankan Large Non-Manufacturers Index 25.0 (expected 20.0; prior 23.0)
  • September Final Manufacturing PMI 51.0 (expected 50.9; prior 50.9)  
• China
  • September Official Manufacturing PMI 49.8 (expected 49.6; prior 49.7)
  • September Official Non-Manufacturing PMI 53.4 (prior 53.4)
  • September Final Caixin Manufacturing PMI 47.2 (expected 47.2; prior 47.0)
  • September Final Caixin Services PMI 50.5 (expected 51.2; prior 51.5)
• South Korea
  • September Trade Balance KRW 8.90 bln (expected KRW 6.06 bln; prior KRW 4.30 bln)
    • Exports -8.3% year-over-year (expected -10.0%; prior -14.9%)
    • Imports -21.8% (expected -18.1%; prior -18.3%)
  • September Nikkei Manufacturing PMI 49.2 (prior 47.9)
  • August Industrial Production +0.4% month-over-month (expected -1.1%; prior -0.3%); +0.3% year-over-year (expected -2.0%; prior -3.2%)
  • Retail Sales +1.9% month-over-month (prior +2.0%)
  • August Service Sector Output +0.4% (prior +1.7%)
• Australia
  • September AIG Manufacturing Index 52.1 (prior 51.7)
• India
  • September Nikkei Markit Manufacturing PMI 51.2 (expected 52.0; prior 52.3)

Equity Markets

• Japan's Nikkei increased 1.9% on the heels of a weaker than expected Tankan Large Manufacturers Index that continued to feed policy stimulus expectations. Gains were led by the financials (+3.0%), industrials (+2.7%), and materials (+2.7%) sectors. GS Yusa Corp (+6.7%), Sumitomo Realty & Development Co (+6.5%), and Mitsubishi Electric (+5.7%) led all gainers while Taisei (-3.5%), Japan Tobacco (-3.3%), and Shimizu Corp (-2.8%) were the biggest losers. Out of the 225 index members, 191 ended higher, 29 finished lower, and 5 were unchanged.
• Hong Kong's Hang Seng: closed for holiday (National Day)
• China's Shanghai Composite: closed for holiday (National Day)
• India's Sensex jumped 0.3%, which was down from its opening 1.1% gain. The index was underpinned by strength in the health care (+1.9%), technology (+1.6%), and industrials (+1.0%) sectors. The top individual leaders were Lupin Ltd (+3.2%), Sun Pharmaceuticals (+2.3%), and Tata Consultancy Services (+2.1%). Bharat Heavy Electricals (-3.3%), GAIL India (-2.9%), and Maruti Suzuki India (-2.3%) were the worst-performing issues. Out of the 30 index members, 13 ended higher and 17 finished lower.
• Australia's S&P/ASX 200 increased 1.8%, paced by gains in the energy (+2.5%), utilities (+2.3%), and resources (+2.0%) sectors. Out of the 200 index members, 170 ended higher, 26 finished lower, and 4 were unchanged.
• Regional advancers: South Korea +0.8%, Taiwan +1.4%, Malaysia +0.8%, Indonesia +0.7%, Singapore +0.4%, Vietnam +0.2%
• Regional decliners: Thailand -0.2%, Philippines -0.04%

FX

• USD/CNY unch at 6.3571
• USD/INR -0.05% at 65.5550
• USD/JPY +0.1% at 119.98

6:57 am Scorpio Bulkers announces that it has purchased 700K shares of its common stock at an avg. price of $1.48/share, since Sept. 28, 2015 (SALT) :  

6:56 am CBIZ announces settlement method of 4.875% convertible senior subordinated notes due October 1, 2015 (CBZ) :

• CBZ has received notice of conversion from all holders of the $48.4 million Notes outstanding. Holders will receive $1,000 in cash for each $1,000 principal amount of Notes.

6:52 am Parkway Prop updates property sales/purchases and FY15 guidance (PKY) :

• Co has completed the sale of two additional non-core assets and has reached an agreement to sell 7000 Central Park, located in the Central Perimeter submarket of Atlanta, Georgia. Additionally, the Company completed the purchase of Harborview Plaza, a Class A office property located in the Westshore submarket of Tampa, Florida. As a result of increased net disposition activity, Parkway has also updated its 2015 Funds from Operations (:FFO) outlook range.
• Sees FY15 FFO $1.29-1.33 (from $1.32-1.38), not comparable to $1.40 Capital IQ Consensus; recurring cash NOI $192.5-198.5 mln from $195-201 mln.

6:40 am FXCM comments on a cybersecurity incident involving the company (FXCM) :

• Co announced that it was the victim of a criminal cybersecurity incident involving unauthorized access to customer information. At this time FXCM has identified a small number of unauthorized wire transfers from customer accounts; however, all funds have been returned to the appropriate accounts and the customers have been contacted. FXCM immediately notified the FBI of the threat and is cooperating with the FBI's investigation.
• Note a 1:10 (reverse) split went into effect today.

6:39 am McCormick misses by $0.02, reports revs in-line; sees FY15 EPS at low end of range; sales at high end (MKC) :

• Reports Q3 (Aug) earnings of $0.85 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of $0.87; revenues rose 1.6% year/year (+7% ex-FX) to $1.06 bln vs the $1.06 bln consensus.
  • In constant currency, consumer business sales rose 7% due to increased volume and product mix driven by product innovation, brand marketing support and expanded distribution, as well as the impact of acquisitions completed in 2015. The increase was broad-based with growth in each region, including the U.S. market where actions have been underway to improve performance. In constant currency, industrial business sales grew 8% both from higher volume and product mix, pricing actions to offset higher material costs and an acquisition completed in 2015.
• Co issues downside guidance for FY15, sees EPS of low end $3.47-3.54 vs. $3.52 Capital IQ Consensus Estimate.
  • Co now expects to increase 2015 adjusted operating income at the lower end of its 6% to 7% guidance range, from adjusted operating income of $608 million in 2014. This more conservative view is due in part to weak Kohinoor results. The co has increased its expected 2015 cost savings to at least $95 million and has also raised its planned brand marketing support to a high single-digit year-on-year increase.
  • Based on McCormick's strong year-to-date sales growth, the completion of three acquisitions and a positive fourth quarter outlook, fiscal year 2015 sales are expected to grow at the upper end of its 4% to 6% guidance range in constant currency. The co anticipates that currency will lower this fiscal year sales growth range by 5 percentage points based on prevailing rates.

6:32 am Men's Wearhouse declared a quarterly cash dividend of $0.18 per share on its common stock (MW) : Dividend is payable on December 24, 2015 to shareholders of record at the close of business on December 14, 2015

6:32 am Penn West Energy agrees to sell its non-operated 9.5% working interest in the Weyburn Unit in Southeast Saskatchewan, for $205 million in cash (PWE) :

Co intends to use the proceeds from this disposition to reduce our senior debt. Upon the completion of the sale of our Weyburn Unit working interest, it will have raised ~ $810 million in total proceeds this year through our non-core asset disposition program.

• Co stated: "As a result of the divestiture of both our Weyburn Unit working interest and our Mitsue properties, previously announced on September 15, we have updated our annual production guidance range to 84,000 -- 88,000 boe/d from 86,000 -- 90,000 boe/d. Our capital budget for the year remains unchanged at $500 million. We continue to expect our operating costs for the year to be between $19.25/boe and $19.75/boe with our G&A for the year to be between $2.80/boe and $3.05/boe."

6:30 am ITC Holdings' Board approves a $115 million accelerated share repurchase program (ITC) : Under the terms of the ASR, ITC has agreed to repurchase up to $115 million of its common stock from Barclays with an initial delivery of ~2.8 million shares.

6:28 am AstraZeneca announces the New England Journal of Medicine has published Brodalumab study results (AZN) :

The New England Journal of Medicine has published positive results from two pivotal, multi-centre, Phase III studies-AMAGINE-2 and AMAGINE-3-demonstrating that treatment with brodalumab resulted in significant clinical improvements in patients with moderate to severe psoriasis and was superior to both placebo and ustekinumab. The studies were funded by AstraZeneca and Amgen (AMGN), the former sponsor of the brodalumab programme.

• At week 12, the PASI 75 response rates were higher with brodalumab at the 210-mg and 140-mg doses than with placebo (86% and 67%, respectively, vs. 8% [AMAGINE-2] and 85% and 69%, respectively, vs. 6%; P
• The week 12 PASI 100 response rates were significantly higher with 210 mg of brodalumab than with ustekinumab Mild or moderate candida infections were more frequent with brodalumab than with ustekinumab or placebo.
• Through week 52, the rates of serious infectious episodes were 1.0 (AMAGINE-2) and 1.3 (AMAGINE-3) per 100 patient-years of exposure to brodalumab

6:06 am Mosaic reaches settlement with the federal/state governments in Florida and Louisiana; will pay a penalty of $8 mln (MOS) :

Co has reached settlements with federal and state environmental agencies to resolve claims about how the company has managed certain onsite waste materials at its fertilizer manufacturing facilities in Florida and Louisiana.

• When the settlements become effective, the company will invest at least $170 million at its fertilizer manufacturing facilities to modify certain onsite waste management practices and implement innovative procedures to recover and beneficially use resources. The company also will place $630 million of cash into trust as financial assurance to support the closure and long-term care of its phosphogypsum stack systems.
• As part of the agreements with the government, Mosaic will pay a penalty of $8 million and will conduct two environmental projects valued at $2.2 million in Florida and Louisiana. The company does not expect the settlements or resulting operational changes to adversely impact production rates or volumes.

6:05 am Acacia Research enters into a settlement and patent license agreement with Alcatel Lucent (ALU); terms not disclosed (ACTG) :  

6:03 am Pacific Premier announces an agreement to acquire Security California Bancorp; sees modest accretion to EPS in 2016 (PPBI) :

Co has entered into a definitive agreement to acquire Security California Bancorp, the holding company of Security Bank of California, a Riverside, California based state-chartered bank with $733.6 million in total assets, $470.4 million in gross loans and $653.7 million in total deposits.

• The Company expects that the transaction will result in modest EPS accretion in 2016 and EPS accretion of approximately 5.0% in 2017. The Company expects tangible book value dilution of approximately 2.3% at close to be earned-back within 2.7 years.
• Under the terms of the definitive agreement, upon consummation of the acquisition, holders of Security common stock will have the right to receive 0.9629 shares of Pacific Premier common stock for each share of Security common stock they own. Based on a $20.32 closing price of Pacific Premier's common stock on September 30, 2015, the aggregate merger consideration is approximately $118.9 million or $19.57 per share of Security common stock.
• The transaction is expected to close early in the first quarter of 2016

6:02 am New York REIT is in the process of implementing a joint venture arrangement with American Realty Capital New York City REIT (NYRT) :

• The Board appointed Marc Rowan as a Director; The Board is conducting a search to identify additional independent director candidates, and plans to appoint two independent directors in the near future
• The Company engaged the Eastdil Secured division of Wells Fargo Securities, a leading real estate investment banking group, as strategic advisor to identify and consider potential strategic transactions at the asset or entity level
• The Company continues to pursue its previously announced plan to sell non-core, outer-borough assets
• Proceeds of any joint venture investments or dispositions may be used to execute on NYRT's previously announced $150 million share repurchase program and/or to make new investments. The joint venture will replace the existing allocation agreement and will be structured as a 50/50 joint venture with the ability to adjust ownership of any transaction based on available capital. The Boards of both companies will need to approve the terms of the joint venture.

5:54 am S&P futures vs fair value: +14.00. Nasdaq futures vs fair value: +39.00. :

5:54 am European Markets : FTSE...6150.18...+88.60...+1.50%.  DAX...9682.65...+22.20...+0.20%.

5:54 am Asian Markets : Nikkei...17722.42...+334.30...+1.90%.  Hang Seng...Holiday.........

5:40 am TrueCar revises its 2015 US auto sales forecast by 200K units to 17.4 mln (TRUE) :  

5:32 am CUI Global delivers its first three mercury detection units, valued at $450K each (CUI) :

Co announced that its wholly-owned UK energy subsidiary, Orbital Gas Systems, has successfully delivered the first three mercury detection units to a large liquid natural gas project under construction in Australia. The units, valued at almost 300,000 ($450,000)

• The company can also confirm that it has now delivered two redundant GasPTi systems to a large Asian natural gas turbine operator.
• These units are part of a pilot program to determine a potentially much broader deployment of the technology by this customer for process control of its large-frame power generation turbines worldwide

5:28 am On The Wires (:WIRES) :

• Capgemini announced a global alliance partner relationship with Fortinet (FTNT)
• LyondellBasell (LYB) announced the acquisition of SJS Plastiblends, thereby advancing the Company's position in India's expanding automotive market.
• ACE Group (ACE) announced the launch of Private Equity and Venture Capital Liability Insurance in Hong Kong and Singapore. The product offers market-leading coverage to address the evolving regulatory and volatile economic environments as well as increasingly complex deal structures.
• Lumenis (LMNS) announced the launch of Lumenis Pulse 100H and Lumenis Pulse 50H
• Ball Corporation (BLL) opened an aluminum aerosol can plant in India, located in the northwest city of Ahmedabad.
• Taco Bell, a unit of Yum (YUM) is now the first QSR to offer menu items certified by the American Vegetarian Association
• Toshiba (TOSBF) announced that it has developed a new 2-megapixel CMOS image sensor for automotive cameras, "CSA02M00PB", equipped with the industry's first LED flicker mitigation function. Sample shipments start in March, 2016
  

5:26 am Altice issues up to 69,997,600 of class A shares and up to 24,832,500 of B shares (ATCEY) :  

5:22 am Kite Pharma reports publication product candidate targeting HPV-16 E6 (KITE) :

Co announced the publication of non-clinical findings describing the discovery and characterization of a novel T cell receptor product candidate targeting HPV-16 E6.

• The findings published online by Clinical Cancer Research, show that this TCR is highly selective and has high affinity for the HPV-16 E6, an oncoprotein that is associated with the majority of HPV-mediated cancers.
• The study also showed T cells engineered with HPV-16 E6 TCR selectively destroyed HPV-16 positive tumor cells.
• The National Cancer Institute is conducting a Phase 1/2 clinical trial of this TCR product candidate under a Cooperative Research and Development Agreement between Kite and the NCI.

5:16 am Johnson Outdoors raises quarterly dividend by 6.7% to $0.08 per share (JOUT) : The quarterly cash dividend is payable on October 29, 2015 to shareholders of record at the close of business on October 15, 2015

4:09 am On The Wires (:WIRES) :

• CTI BioPharma (CTIC) and Fred Hutchinson Cancer Research Center announced the establishment of a new $1.5 million research endowment fund intended to foster international collaboration in translational research and support advancements in the fields of hematology and immunobiology.
• Johnson Controls (JCI) and Hitachi (HTHIY) announced the companies have completed their global joint venture agreement and will immediately commence operations of Johnson Controls-Hitachi Air Conditioning to provide global customers with a full range of world class air conditioning products and technology.
• Freescale Semiconductor (FSL) announces that its analog MC33907 and MC33908 system basis chips have received ISO 26262 functional safety assessments up to the ASIL D level from one of the world's foremost automotive safety assessment organizations.
• Deere & Company (DE) announced the company has reached a tentative agreement with the UAW to replace the six-year master labor contract that expired September 30th at midnight. The tentative agreement is for six years and will now be presented to members for a ratification vote. Other terms of the agreement will not be made public.

4:04 am Hecla Mining increases stake in Dolly Varden Silver (HL) :

Co announced that a wholly owned subsidiary of Hecla has entered into a credit agreement with Dolly Varden Silver Corporation and another significant shareholder of Dolly Varden, Robert Gipson providing for a senior, non-revolving secured loan of CDN$1,500,000.

• Hecla Sub will act as agent on behalf of the Lenders and the Lenders have severally and not jointly agreed to advance CAD750,000 each to Dolly Varden.
• Hecla has acquired control over 1,250,000 warrants of Dolly Varden, constituting 50% of the Warrants issued by Dolly Varden pursuant to the Credit Agreement.

3:36 am Biomarin Pharm acquires the rights to Phenylketonuria franchise from Merck (MKGAY) Serono; updates rev guidance (BMRN) :

BioMarin Pharmaceutical announced that it has acquired all global rights to Kuvan and pegvaliase from Merck Serono.

• BioMarin will provide Merck with an upfront payment of 340 million. An additional 60 million in milestones will be paid to Merck if combined sales of Kuvan and pegvaliase reach undisclosed cumulative sales thresholds.
• In addition, 125 million will be paid to Merck for regulatory milestones related to pegvaliase.
• 2016 Full-year Guidance for Kuvan expected to be between $320-350 mln including $70-80 mln in new revenue from ROW territories
  
  

2:58 am Technip receives contract by ENI (E) to supply umbilicals to the Block 15/06 East Hub Development offshore Angola (TKPPY) :