4:57 pm Raytheon declares quarterly cash dividend and increases share repurchase authorization by $2.0 billion (RTN) : ...

4:53 pm Swisher Hygiene receives Nasdaq non-compliance notice (SWSH) : The co announced that it received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC indicating that, in accordance with Nasdaq Listing Rule 5100, the Staff believes the Company is a "public shell" and, as a result, the continued listing of the Company's securities on Nasdaq is no longer warranted. The Company intends to timely request a hearing before the Nasdaq Listing Qualifications Panel to address the Staff's determination, which request will automatically stay any delisting action by the Staff. The Company's Board of Directors will continue to determine when and whether to proceed with the Plan of Dissolution approved by the Company's stockholders on October 15, 2015

4:45 pm DHT announces an adjustment to conversion price of its 4.5% convertible senior notes due 2019 (DHT) :

• Co announces cash dividend of $0.18 per share of common stock to be paid on November 25, 2015 to stockholders of record as of the close of business on November 17, 2015, the Conversion Price of the Company's 4.5% Convertible Senior Notes due 2019 was adjusted, effective November 13, 2015.
• The Conversion Price was adjusted from $7.7453 per share to $7.5627, which represents a Conversion Rate of approximately 132.2279 shares of common stock per $1,000 principal amount of Notes.

4:37 pm GAMCO Investors commences a redemption offer for $100 mln of its 5.875% Senior Notes due 2021; $1,010 to be paid for each $1,000 principal (GBL) :  

4:34 pm Semtech misses by $0.05, reports revs in-line; guides Q4 EPS below consensus, revs in-line (SMTC) :

• Reports Q3 (Oct) earnings of $0.19 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.24; revenues fell 22.2% year/year to $115.8 mln vs the $115.07 mln Capital IQ Consensus. Q3 GAAP Gross Profit Margin of 60.1% and 60.3% on a Non-GAAP Basis. 
• Co issues guidance for Q4, sees EPS of $0.14-0.18, excluding non-recurring items, vs. $0.23 Capital IQ Consensus Estimate; sees Q4 revs of $113-119 mln vs. $114.25 mln Capital IQ Consensus Estimate. Co sees Q4 Non-GAAP gross profit margin is expected to be in the range of 59.0% to 60.0%.

4:33 pm SINA beats by $0.17, reports revs in-line (SINA) :

• Reports Q3 (Sep) earnings of $0.39 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus of $0.22; revenues rose 13.9% year/year to $226.3 mln vs the $226.5 mln Capital IQ Consensus. Non-GAAP net revenues increased 14% year over year to $223.7 million.
  • Advertising revenues grew 16% year over year to $193.5 million.
  • Non-advertising revenues were $32.8 million. Non-GAAP non-advertising revenues were $30.2 million.
  • Gross margin for the third quarter of 2015 was 63%, at similar level for the same period last year.

4:33 pm Reynolds American commences exchange offer for various Senior Notes (RAI) : Complete list of offering

4:33 pm Habit Restaurants announces a 5 mln share follow-on offering of common stock by selling stockholders (HABT) :  

4:32 pm Weibo beats by $0.04, beats on revs; guides Q4 revs in-line (WB) :

• Reports Q3 (Sep) earnings of $0.10 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.06; revenues rose 48.3% year/year to $124.7 mln vs the $121.85 mln Capital IQ Consensus.
• Co issues in-line guidance for Q4, sees Q4 revs of $146-149 mln vs. $146.28 mln Capital IQ Consensus Estimate.

4:32 pm Delta Air Lines announces its intention to acquire up to an additional 32% of the outstanding capital stock of Grupo Aeromexico S.A.B. through a cash tender offer for MXP$43.59/share (DAL) : Delta believes this investment will strengthen the airlines' partnership, provide more travel options for customers in the U.S. and Mexico and deliver the industry's best customer experience. Currently, Delta owns approximately 4.1 percent of the outstanding shares of Grupo Aeromexico and holds an option to acquire an additional 8.1 percent. Separately, the Delta pension trust holds options to acquire approximately 4.6 percent of Grupo Aeromexico. Following completion of the tender offer, Delta and the Delta pension trust collectively would own and/or have options to acquire up to a total of 49 percent of the outstanding shares of Grupo Aeromexico.

4:31 pm Motorola Solutions announces it will voluntarily delist its shares from the Chicago Stock Exchange; will continue to list on NYSE (MSI) :  

4:30 pm Fulton Fincl declares special cash dividend of $0.02/share (FULT) :  

4:27 pm Fiserv announces a 15 mln share repurchase program (FISV) :  

4:26 pm Community Bank and Oneida Financial (ONFC) receive approval from the Office of the Comptroller of the Currency and the Federal Reserve System for the merger (CBU) : Cos have set Friday, December 4, 2015 as the closing date for the merger. 

4:26 pm Hillenbrand reports EPS in-line, misses on revs; guides FY16 (HI) :

• Reports Q4 (Sep) earnings of $0.55 per share, in-line with the Capital IQ Consensus of $0.55; revenues fell 16.4% year/year to $392 mln vs the $426.35 mln Capital IQ Consensus.
• Co issues guidance for FY16, sees EPS of $2.10-2.25 vs. $2.22 Capital IQ Consensus Estimate. The co also said it expects 2016 constant currency revenue growth of 2-4%, with constant currency organic growth of 0-2% and an incremental 2% from the acquisition of ABEL. Current revenue estimates for FY16 call for $1.675 bln (or ~3.1% growth y/y)

4:25 pm OFG Bancorp declared quarterly cash dividend of $0.06/share on its common stock, down from prior $0.10/share (OFG) :  

4:23 pm Maiden Holdings prices its offering of $150 mln in 7.125% Series C Non-Cumulative Preference Shares, with a liquidation preference at $25/share (MHLD) : Co expects to use the net proceeds from the offering for continued support and development of its reinsurance business and for other general corporate purposes, which may include acquisitions, working capital and repaying outstanding indebtedness, including Maiden Holdings North America, Ltd.'s outstanding $107.5 million aggregate principal amount of 8.25% senior notes due 2041. Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers for the offering, Keefe

4:22 pm L Brands reports Q3 EPS above raised guidance range; rev in-line with preannouncement; guides Q4 EPS below consensus (raises FY16 EPS) (LB) :

• Reports Q3 (Oct) earnings of $0.55 per share, $0.03 better than the Capital IQ Consensus of $0.52; revenues rose 7.0% year/year to $2.48 bln vs the $2.5 bln Capital IQ Consensus. 
• Raised Q3 EPS to $0.51-0.53 from $0.40-0.45; preannounced rev $2.48 bln vs. $2.50 bln consensus on Nov 5, with comps +7%
  • Victoria's Secret comps +7%; Bath & Body Works comps +6%.
• Co issues downside guidance for Q4, sees EPS of $1.85-1.95 vs. $1.98 Capital IQ Consensus Estimate.
• Co raises FY16 EPS to $3.69-3.79 from $3.58-3.73 vs. $3.79 Capital IQ Consensus Estimate.

4:21 pm Bright Horizons announces secondary offering of 3.65 mln Shares of common stock by selling stockholders; co to repurchase from the underwriter 150K shares of common stock. (BFAM) : Co intends to fund the share repurchase with cash on hand and/or borrowings under its revolving credit facility.

4:16 pm Valero Energy Partners announces an underwritten public offering of 4.25 mln units (VLP) : Co expects to use the net proceeds from this offering for general partnership purposes, which may include funding future acquisitions, investments and other capital expenditures, and repayment of its outstanding indebtedness. J.P. Morgan is acting as the sole underwriter for the offering

4:16 pm Charles River acquires Oncotest GmbH for ~$36 mln; transaction expected to be neutral to slightly accretive to non-GAAP EPS in 2016 (CRL) :

Co announces that it has acquired Oncotest GmbH, a Germany-based contract research organization (:CRO) providing discovery services for oncology, one of the largest therapeutic areas for biopharma R&D spending. Oncotest offers an integrated portfolio of target discovery and validation services for preclinical oncology researchers.

The purchase price was approximately 34 million in cash (approximately US$36 mln based on current exchange rates). The acquisition will have a negligible impact on Charles River's consolidated revenue and non-GAAP EPS in Q4. In 2016, Oncotest is expected to represent approximately 1% of Charles River's revenue and be neutral to slightly accretive to non-GAAP EPS.

4:16 pm Vitae Pharmaceuticals announces positive top-line results from a Phase 1 multiple ascending dose trial of VTP-43742; shown to be safe and generally well tolerated in healthy human volunteers (VTAE) :

Co reports top-line results from the healthy human volunteer part of the multiple ascending dose Phase 1 clinical trial of VTP-43742. In this double-blind, randomized, placebo-controlled trial examining the safety, tolerability, pharmacokinetic and pharmacodynamic profile of multiple oral doses of VTP-43742 in 40 healthy human volunteers, VTP-43742 was shown to be safe and generally well tolerated at all dose levels assessed.

• No serious adverse events were reported, and all study subjects completed the full 10 days of dosing.
• Top-line clinical efficacy results from the second part of the Phase 1 clinical trial, which is a proof-of-concept trial in patients with moderate to severe psoriasis, are expected in the 1Q16.

4:15 pm Horizon Technology Finance closes new $5.5 mln venture loan facility to Skyword (HRZN) : Skyword is a content marketing software and services company. Skyword will use the proceeds of the venture loan for working capital purposes.

4:15 pm Limelight Networks CFO Pete Perrone to resign effective December 4 (LLNW) : Limelight's Board of Directors will conduct a search for a new CFO. Sajid Malhotra, Limelight's chief strategy officer, has been named interim CFO, effective December 4, 2015, until a permanent CFO is named.

4:12 pm Salesforce.com beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs above consensus; guides FY16 EPS above consensus, revs above consensus; guides FY17 revs above consensus (CRM) :

• Reports Q3 (Oct) earnings of $0.21 per share, $0.02 better than the Capital IQ Consensus of $0.19; revenues rose 23.7% year/year to $1.71 bln vs the $1.7 bln Capital IQ Consensus.
  • Cash generated from operations for the third quarter was $118 million, a decrease of 4% year-over-year.
  • Deferred revenue on the balance sheet as of October 31, 2015 was $2.85 billion, an increase of 28% year-over-year, and 30% in constant currency. Unbilled deferred revenue, representing business that is contracted but unbilled and off balance sheet, ended the quarter at approximately $6.7 billion, up 24% year-over-year.
  • Expanding non-GAAP operating margin by 221 basis points.
• Co issues guidance for Q4, sees EPS of 0.18-0.19, excluding non-recurring items, vs. $0.19 Capital IQ Consensus Estimate; sees Q4 revs of $1.782-1.792 bln vs. $1.78 bln Capital IQ Consensus Estimate.
• Co issues upside guidance for FY16, sees EPS of $0.74-0.75 (Prior $0.70-0.72), excluding non-recurring items, vs. $0.73 Capital IQ Consensus Estimate; sees FY16 revs of $6.64-6.65 bln (Prior $6.000-6.625 bln) vs. $6.62 bln Capital IQ Consensus Estimate.
• Co issues upside guidance for FY17, sees FY17 revs of $8.0-8.1 bln vs. $7.99 bln Capital IQ Consensus Estimate.

4:11 pm Keurig Green Mtn beats by $0.15, reports revs in-line; guides FY16 EPS towards low end of expectations with sales below; raises dividend 13% (GMCR) :

• Reports Q4 (Sep) earnings of $0.85 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $0.70; revenues fell 13.3% year/year to $1.04 bln vs the $1.03 bln Capital IQ Consensus.
• Co issues in-line guidance for FY16, sees EPS of $3.25-3.45, excluding non-recurring items, vs. $3.44 Capital IQ Consensus; FCF $420-500 mln.
  • Currency neutral net sales growth of flat to low single digits compared to fiscal year 2015. At current exchange rates, foreign currency is expected to negatively impact net sales growth by ~1%. Consensus calls for rev +1.7%.
• While we expect marketplace conditions will remain challenging in the near term, we have a stronger product line-up and price positioning as we enter the new holiday season." Mr. Kelley continued, "Our priorities for 2016 are to reinvigorate our hot system and continue the disciplined rollout of our Kold system."
• Co announced a 13% increase in its indicated annualized dividend to $1.30 per share from $1.15. The increase will take effect with the February 16, 2016 quarterly dividend payment of $0.325 declared by the Board payable to shareholders of record as of the close of business on January 15, 2016.

4:11 pm State Bank Financial increases quarterly dividend from $0.07/share to $0.14/share (STBZ) :  

4:07 pm NetApp beats by $0.05, reports revs in-line; guides JanQ EPS in-line, revs in-line (NTAP) :

• Reports Q2 (Oct) earnings of $0.61 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.56; revenues fell 6.4% year/year to $1.45 bln vs the $1.43 bln Capital IQ Consensus.
• Co issues in-line guidance for Q3 (Jan), sees EPS of $0.66-0.71, excluding non-recurring items, vs. $0.69 Capital IQ Consensus Estimate; sees Q3 revs of $1.40-1.50 bln vs. $1.48 bln Capital IQ Consensus Estimate.
• Co announces that Robert Salmon has decided to retire from his position as President of the Company, effective as of the end of the fiscal year (Apr).
• Product revenue of $815 mln, up 23% quarter-over-quarter.
• All Flash FAS units grew 246% quarter-over-quarter.
• Flash capacity grew 80% quarter-over-quarter.

4:06 pm StemCells reports six-month interim results for the first cohort in its ongoing Phase II Pathway Study in cervical spinal cord injury; data showed motor improvements in both strength and function (STEM) :

Based on six-month follow-up, for the first cohort, an overall pattern of motor improvement was detected in four of the six patients as measured by gains in both strength and function on the collective ISNCSCI and GRASSP outcomes.

• "The emerging data are the first clinical evidence of a treatment effect improving muscle strength and function following cellular transplant in spinal cord injuries. These findings are even more compelling given that all the patients are between one and two years post injury.... These are the results we have been waiting to see in our spinal cord injury program. For the first time, we have seen improvements in strength and motor function. While preliminary, these results should come as really exciting news for spinal cord injury patients and their families."

4:06 pm Barrett Business confirms the delayed filing of its Q3 Form 10-Q, and receipt of a letter from Nasdaq related to the delay (BBSI) :

Co has confirmed that the filing of its Form 10-Q for the quarter ended September 30, 2015 with the Securities and Exchange Commission will be delayed.

• As reported last week, at the request of BBSI's independent auditors, BBSI's audit committee has retained independent legal counsel to conduct a thorough and prompt independent investigation related to its second quarter 2014 workers' compensation reserve. BBSI intends to file its Form 10-Q for the 2015 third quarter as soon as practicable after the independent investigation has been completed and its independent auditors have had an opportunity to review and assess the findings of the investigation.
• Under the Rules, BBSI has 60 calendar days from November 12, 2015, or until January 11, 2016, to submit a plan to Nasdaq to regain compliance with the Rules. BBSI intends to submit a compliance plan on or prior to January 11, 2016 if it is still unable to file its third quarter Form 10-Q by that date.

4:04 pm Closing Market Summary: Biotechnology Leads Stocks Higher (:WRAPX) :

The stock market ended the midweek session on a broadly higher note with the Nasdaq Composite leading the way. The tech-heavy Index spiked 1.8% while the S&P 500 (+1.6%) followed not far behind, charging back above its 200-day moving average (2,065).

Equity indices climbed out of the gate, continuing their steady charge into the afternoon and through the release of FOMC minutes from the October meeting, which left little doubt that the Fed is poised to raise rates at the December meeting. Specifically, the minutes indicated that "it may well become appropriate to initialize the normalization process at the next meeting, provided that unanticipated shocks do not adversely affect the economic outlook."

To be fair, it would be hard to categorize the statement as hawkish if one were to judge solely based on the market's reaction to the commentary as Treasuries charged back to unchanged (10-yr yield 2.27%) while the dollar ticked lower against the euro.

All ten sectors ended the day in positive territory with eight groups adding more than 1.0%. The financial sector (+1.8%) settled near the top of the leaderboard, driven higher by solid gains among the likes of Bank of America (BAC 17.84, +0.41), Citigroup (C 54.98, +1.49), and JPMorgan Chase (JPM 67.45, +1.32). The three names gained between 2.0% and 2.8%, benefiting from rising rate hike expectations.

Elsewhere, the energy sector (+1.6%) also posted a solid gain, but not before seeing some intraday volatility. The commodity-sensitive group led at the start, but made a brief appearance in the red amid a late-morning pullback in crude oil. WTI crude ended higher by 0.4% at $41.95/bbl after sliding from its session high near $41.53/bbl. Interestingly, the pullback developed after the latest storage report from the Energy Information Administration showed a smaller than expected inventory build (252,000 barrels; expected 2.0 million barrels).

Staying on the cyclical side, the top-weighted technology sector (+1.6%) settled in line with the broader market, masking a 3.2% spike in the shares of Apple (AAPL 117.29, +3.60), which was brought on by news that Goldman Sachs added the stock to its Conviction Buy List. Also of note, the PHLX Semiconductor Index gained 1.0%, overshadowing an 8.5% surge in Fairchild Semiconductor (FCS 19.40, +1.52) after the company agreed to be acquired by ON Semiconductor (ON 9.89, -0.85) for $20/share.

Over on the countercyclical side, the health care sector (+2.0%) spent the bulk of the session in a position of relative strength while consumer staples (+1.4%), telecom services (+0.8%), and utilities (+0.7%) underperformed. As for health care, the sector was boosted by biotechnology, evidenced by a 2.9% spike in iShares Nasdaq Biotechnology ETF (IBB 338.74, +9.60), which registered its fourth consecutive advance.

Today's participation was ahead of average as more than 850 million shares changed hands at the NYSE floor.

Economic data reported this morning was limited to Housing Starts and MBA Mortgage Index:

• The October Housing Starts report was a disappointment as starts declined 11.0% to a seasonally adjusted annual rate of 1.060 million units from a downwardly revised 1.191 million in September (from 1.206 million)
  • The Briefing.com consensus expected a reading of 1.173 million
  • The downturn was driven by a 25.1% decline in multifamily starts, which followed on the heels of an 18.1% increase in September. A natural pullback was expected after the big September increase, yet the drop was more pronounced than many had thought.
  • There wasn't a pickup in single-family starts either as they dropped 2.4% to 722,000, led by a 6.9% decline in the South
• The weekly MBA Mortgage Index rose 6.2% to follow last week's 1.3% decline

Tomorrow, weekly Initial Claims (Briefing.com consensus 272,000) and the November Philadelphia Fed Survey (expected -1.0) will be reported at 8:30 ET while the October Leading Indicators report (consensus 0.6%) will be released at 10:00 ET.

• Nasdaq Composite +7.2% YTD
• S&P 500 +1.2% YTD
• Dow Jones Industrial Average -0.5% YTD
• Russell 2000 -2.6% YTD

4:03 pm Endologix announces expiration of the HSR waiting period for its merger with TriVascular (TRIV); closure expected in 1Q16 (ELGX) :  

4:02 pm TICC Capital sells $117 mln in syndicated corporate loans; intends to use proceeds to pay off its outstanding borrowings (TICC) :  

4:01 pm Planet Payment signs multi-currency processing agreement with BBVA Bancomer and launches its integrated payments hospitality solution for BBVA Bancomer merchants (PLPM) : As part of the agreement, Planet Payment's Dynamic Currency Conversion service, Pay in Your Currency, will also be integrated into the hospitality solution, as well as BBVA Bancomer's point-of-sale terminals in 2016.

4:00 pm State Auto Fin appoints President/CEO Michael LaRocco as its Chairman, to succeed Robert Restrepo (STFC) :  

3:44 pm CPS Tech files a registration statement for up to $10 mln in common stock, preferred stock and warrants (CPSH) :  

3:36 pm Treasury Market Summary (BONDX) :

Yield Curve Flattens

• The yield curve flattened today as housing data for October was slightly weaker than expected and the October FOMC minutes failed to satisfy the most hawkish expectations. The S&P 500 index of large-cap U.S. stocks gained 1.33% to 2,077.6 and the U.S. Dollar Index reversed early gains to fall 0.09% to 99.55
  
• Yield Check:
  
  • 2-yr: +3 bps to 0.88%
    
  • 5-yr: +2 bps to 1.68%
    
  • 10-yr: unch at 2.27%
    
  • 30-yr: -2 bps to 3.03%

• News:
  
  • Residential housing starts fell to a 1060K mln annualized rate in October, short of the Briefing.com consensus of 1173K. September's reading was 1191K
    
    • Multi-family housing starts, which tend to be much more volatile than starts on single-family homes, declined 25.1%
      
    • Single-family starts fell by 18.6% in the South and 16.2% in the West
      
    • New building permits reached 1150K in October versuss the Briefing.com consensus for 1137K. There were 1105K new permits issued in September
      
  • Atlanta Fed President Lockhart (FOMC voter until end of 2015) said this morning that the criteria for a rate hike have been met and that the economy is on a reasonably solid trajectory
    
  • Cleveland Fed President Mester (will begin voting in January 2016) said that the U.S. economy can handle a 25 basis point hike
    
  • The minutes from the October FOMC meeting showed that a large majority of Federal Reserve officials were open to a December rate hike
    
    • A dovish minority of the FOMC thought that the use of the phrase "next meeting" was not warranted

• Commodities:
  
  • WTI crude: +0.52% to $40.88/bbl.
    
  • Gold: +0.17% to $1,070.4/troy oz.
    
  • Copper: -1.40% to $2.07/lb.

• Currencies:
  
  • EUR/USD: +0.09% to $1.0655
    
  • USD/JPY: +0.09% to 123.52

• Data out Thursday:
  
  • Initial Jobless Claims for the week ending 11/14 and Continuing Jobless Claims for the week ending 11/07 (08:30 ET)
    
  • November Philadelphia Fed (08:30 ET)
    
  • October Leading Indicators (10:00 ET)
    
  • Natural Gas Inventories for the week ending 11/14 (10:30 ET)
    
• Treasury Auction:
  
  • 10-year TIPS auction reopening (results at 13:00 ET)
    
• Fed Speaker:
  
  • Cleveland Fed President Mester (will vote on FOMC in 2016) appears on CNBC (08:30 ET)
    
  • Atlanta Fed President Lockhart (FOMC voter) (12:30 ET)
    
  • Fed Vice Chair Fischer (FOMC voter) (16:45 ET)

3:34 pm Earnings Calendar (:SUMRX) :

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

• LB, CRM, NTAP, GMCR, CTRP, HI, ZPIN, FGL, SINA, WB, SMTC, GEOS

Tomorrow before the open look for the following companies to report:

• BBY, SJM, SPB, BONT, JKS, SSI, SMRT, BKE, BRC, CATO, PERY, KIRK, LQDT, IKGH

3:33 pm Pericom Semi's Board unanimously rejects the revised acquisition offer from Montage Technology Group Limited; says offer 'still suffers from fundamental flaws and significant risks' (PSEM) :

The Board noted:

• "The increased $17.75 per share purchase price provided by the Diodes (DIOD) transaction represents a substantial premium which is backed by fully committed financing from a U.S. bank. After months of negotiations and repeated opportunities to revise its offer, Montage has proven unable or unwilling to obtain fully committed financing, instead presenting Pericom with inadequate one-page financing letters that, despite the Company's numerous requests, Montage has failed to make available to Pericom shareholders.
• Despite Montage's revised offer, these inadequate one-page financing letters have remained unchanged and no new financing commitments have been presented to Pericom. Considering these and other factors, the Pericom Board unanimously reaffirmed its recommendation that shareholders vote the WHITE proxy card "FOR" the Diodes Merger Agreement to lock in the substantial premium that would be realized upon the prompt closing of the Diodes Merger Agreement."

3:09 pm Fidelity & Guaranty Life beats by $0.20; being acquired by Anbang for $26.80/share in cash (FGL) :

• Reports Q4 (Sep) operating earnings of $0.72 per share, $0.20 better than the Capital IQ Consensus of $0.52. 
• Anbang will acquire all outstanding shares of FGL for $26.80 per share in cash, without interest. The Merger is expected to close in the second quarter of 2016.

3:07 pm LegacyTexas Group prices $75 mln of 5.50% fixed-to-floating rate subordinated notes due in 2025 (LTXB) :

Co announces the pricing of its previously announced public offering of $75 mlnof fixed-to-floating rate subordinated notes due in 2025.

• The Notes have an initial fixed interest rate of 5.50%, payable semi-annually, and a ten-year term.
• Co plans to use the net proceeds from this offering for general corporate purposes, potential strategic acquisitions and investments in Co as regulatory capital.

3:05 pm Another round of new session highs for the major averages -- Dow +193, S&P +25, Nasdaq Comp +71 (:TECHX) : As noted earlier was watching the midday range highs after the S&P filled last week's gap and slipped back. It held right at this area and has pushed slightly above the post Fed high. Next resistance is at the 62% retracement of the Nov decline and congestion (2079/2080).

3:01 pm GigaMedia CEO Collin Hwang purchases 858,412 shares of Co stock at an average price of $0.58 (GIGM) :

Co CEO Collin Hwang has purchased a total of 858,412 shares of GigaMedia stock at an average price of $0.58 during the period between November 9, 2015 and November 16, 2015.

• Hwang stated, "At present, our company's net cash value is about US$1.2 per share and around 90% of the cash is in US dollar which is getting strong but we are able to minimize the loss on currency exchange. In addition to the aforementioned, I do believe that our company's current stock price is far more undervalued."

2:59 pm Currency Market Summary (BONDX) :

Dollar Trims Gains on FOMC Minutes

• The U.S. Dollar Index fell 0.02% to 99.62 today, giving back earlier gains after the FOMC statement produced no hawkish surprises. While the October statement did say that the committee would assess progress on its employment and inflation goals at its "next" meeting to determine if it was appropriate to hike rates, the minutes from the meeting did not produce anything more conclusive. The FOMC also discussed the tools at its disposal to provide more monetary stimulus if the current recovery should falter, including negative policy rates
  
• EUR/USD: +0.09% to $1.0655
  
• GBP/USD: +0.10% to $1.5230
  
  • Deputy Governor of the Bank of England, Ben Broadbent, said that investors should not focus obsessively on the BoE's forecasts, saying that economic conditions could change quickly. Markets are not pricing in a rate hike from the Bank of England until 2017
    
• USD/CHF: +0.44% to 1.0188
  
  • Switzerland's ZEW Expectations Index fell to 0.0 in November from 18.3 in October
    
• USD/JPY: +0.09% to 123.52
  
• USD/CAD: +0.14% to 1.3341
  
• AUD/USD: -0.26% to $0.7093
  
  • Australia's Wage Price Index climbed 0.6% m/m (2.3% y/y) in Q3, in line with expectations and the Q2 reading
    
  • The Conference Board's Leading Index fell 0.1% m/m in September after falling 0.4% in August
    
• NZD/USD: -0.45% to $0.6445

2:48 pm S&P +23 and Dow +179 hold near midday range top on post Fed pullback and edge toward upper end of range (:TECHX) :  

2:33 pm OSI Systems receives a multi-year framework contract, to provide the RTT 110 explosives detection system to airports in France (OSIS) :  

2:32 pm SPY up 1.00%; Financials and healthcare are the top performing, and Utilities are only sector in the red (SPY) :

2:22 pm S&P +22 fills last week's gap at 2074/2075 and pauses (SPY) : Intraday support is at 2070 and the midday high (2068). The recent pullback reached 2071. Next resistance is at the 62% retracement of the Nov decline and congestion (2079/2080).

2:14 pm Dec crude oil back at flat line at $40.67/barrel after inching higher (:COMDX) :  

2:14 pm New session highs across the board for market averages -- Dow +166, S&P +22, Nasdaq Comp +62 (:TECHX) :  

2:03 pm Limited reaction to Fed headlines with market averages continuing to drift -- Dow +117, S&P +15, Nasdaq Comp +47 (:TECHX) :  

1:32 pm Sears (-4%) drops ahead of Q3 results expected to be released tomorrow morning (SHLD) :  

1:30 pm Nasdaq Comp +52 and S&P +18 edge to fresh session highs (:TECHX) : The Dow +193 and the A/D Line have not yet confirmed the move suggesting some intraday loss of momentum.

1:20 pm Hopfed Bancorp, Inc announces approval for a new 300K common share repurchase program (HFBC) :  

1:18 pm New session highs for Nasdaq Comp +48 and S&P +16, Dow +132 still range trading near its morning high (:TECHX) :  

1:01 pm Meridian Bioscience receives FDA clearance for new claims for its illumigene Pertussis molecular amplification test (VIVO) :  

1:00 pm Am Natl Bankshares increases quarterly dividend 4.3% to $0.24 from $0.23 per share (AMNB) :  

1:00 pm Index Changes Reminder: Illumina (ILMN) will replace Sigma-Aldrich (SIAL) in the S&P 500 after the close of trading (:INDXCH) :  

12:58 pm Stock indices drifting in upper end of ranges -- Dow +132, S&P +15, Nasdaq Comp +43 (:TECHX) : The indices stalled in late morning trade (S&P at initial thrust low off Nov peak at 2068) and drifted laterally. The pullback were constructive as they held above first hour range highs.

12:55 pm Midday Market Summary: Biotechnology Leads (:WRAPX) :

The major averages hover near their best levels of the day with the Dow, Nasdaq, and S&P 500 all showing gains between 0.8% and 0.9%.

Equity indices have climbed since the opening bell with cyclical sectors pacing the rally. The energy sector (-0.1%) was up as much as 1.5% at the start of the trading day, but the commodity-sensitive group has stumbled amid a turnaround in crude oil. To that point, WTI crude trades down 1.3% at $40.15/bbl after diving from its high near $41.53/bbl. The intraday turnaround occurred after the release of the latest Energy Information Administration storage report, even though the report showed a smaller than expected inventory build (252,000 barrels; expected 2.0 million barrels). Accordingly, the energy sector has pulled back, but other groups have filled the void.

Staying on the cyclical side, the financial sector (+1.1%) trades comfortably ahead of the broader market while the top-weighted technology sector (+0.8%) has kept pace with the benchmark index. High-beta chipmakers underperform with the PHLX Semiconductor Index trading higher by 0.3%, but that relative weakness has been offset by a 2.6% spike in the shares of Apple (AAPL 116.67, +2.98) after Goldman Sachs added the stock to its Conviction Buy List.

Also of note, the modest gain in the chipmaker space has masked an 8.5% surge in Fairchild Semiconductor (FCS 19.40, +1.52) after the company agreed to be acquired by ON Semiconductor (ON 9.96, -0.78) for $20/share.

Moving to the countercyclical side, telecom services (-0.3%) and utilities (-0.6%) have struggled since the start while the health care sector (+1.2%) holds the lead thanks to a solid showing from the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 334.10, +4.96) is higher by 1.5%, looking to register its fourth consecutive gain.

Economic data reported this morning was limited to Housing Starts and MBA Mortgage Index:

• The October Housing Starts report was a disappointment as starts declined 11.0% to a seasonally adjusted annual rate of 1.060 million units from a downwardly revised 1.191 million in September (from 1.206 million)
  • The Briefing.com consensus expected a reading of 1.173 million
  • The downturn was driven by a 25.1% decline in multifamily starts, which followed on the heels of an 18.1% increase in September. A natural pullback was expected after the big September increase, yet the drop was more pronounced than many had thought.
  • There wasn't a pickup in single-family starts either as they dropped 2.4% to 722,000, led by a 6.9% decline in the South
• The weekly MBA Mortgage Index rose 6.2% to follow last week's 1.3% decline

The Federal Reserve will release the minutes from its October meeting at 14:00 ET.

12:51 pm C&F Financial Corporation increases quarterly dividend $0.02/share to $0.32/share (CFFI) :  

12:24 pm Vitamin Shoppe comments on yesterday's DoJ announcement: 'The Vitamin Shoppe continues to support strong steps by the appropriate regulatory bodies in oversight and to ensure compliance to protect consumers' (VSI) :

Highlights from statement:

• "The health and safety of our customers, who place their trust in us when shopping at the Vitamin Shoppe, and the quality of the products we sell, are our top priorities. The Vitamin Shoppe continues to support strong steps by the appropriate regulatory bodies in oversight and to ensure compliance to protect consumers. The Vitamin Shoppe has a strong track record of regulatory compliance and oversight and we are committed to working alongside government agencies and other regulatory bodies towards a common goal of ensuring product quality and consumer safety."

12:04 pm Front-month Dec WTI crude oil futures momentarily drop below $40/barrel... now -1.4% at $40.10/barrel (:COMDX) :  

12:01 pm Bristol-Myers announces new long-term data of Opdivo in treatment-nave BRAF wild-type advanced melanoma from CheckMate -066; safety profile of Opdivo was consistent with prior studies (BMY) :

• In the trial, Opdivo continued to demonstrate superior overall survival versus dacarbazine with 57.7% of patients alive at two years compared to 26.7% of patients treated with dacarbazine.
• The safety profile of Opdivo was consistent with prior studies and continued to be acceptable at two years
• These data will be presented as a late-breaking presentation at the Society for Melanoma Research 2015 International Congress in San Francisco, CA from November 18 to 21.
• Co is also presenting updated data from various Phase 1 cohorts of Study 004 evaluating the Opdivo + Yervoy Regimen in patients with unresectable or metastatic melanoma, including up to three-year overall survival.
• The frequency of treatment-related AEs in the study were similar between Cohorts 1-3 and Cohort 8, and was consistent with the Phase 2 and 3 trials for the combination therapy.
• Across all concurrent cohorts, the incidence of treatment-related Grade 3-4 AEs was 56% and the incidence of treatment-related AEs leading to discontinuation was 27%.

12:01 pm 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: -0.1%
• France's CAC: -0.6%
• Spain's IBEX: -1.0%
• Portugal's PSI: + 0.8%
• Italy's MIB Index: -1.0%
• Irish Ovrl Index: -0.6%
• Greece ASE General Index: + 2.1%

11:43 am S&P +16 vacillating between its 200 day sma and the first thrust down off the Nov peak at 2064/2068 -- session high 2066 (:TECHX) :  

11:42 am Currency Commentary: Markets Await Fed Minutes (:SUMRX) :

• The Dollar Index remains strong as it presses on toward the 100-psyche level. We had a few Fed speakers with Dudley, Mester and Lockhart all speaking earlier today. They did not deviate from past comments and continue to point toward a Fed ready to take action at its December meeting. Of course the data dependent them remains a key caveat in that outlook. The comments come ahead of this afternoon's FOMC minutes. The minutes are always closely watched but, given the amount of Fed speakers over the past two weeks, we are not sure it will provide any new clues. Housing data this morning was mixed and is unlikely to have a major influence on the Fed decision.
• The euro is under selling pressure as it breaks to fresh multi-month lows. The euro is now trading at 1.0625, its lowest level since early April. The mutli-year low of 1.0462 is now squarely on trader radars. The single currency is likely to see continued pressure ahead of the December 3 ECB meeting. The recent Paris attacks have likely increased the potential for Draghi and Co to increase its asset purchase program as they try and spur growth and inflation in the region.
• The pound has slipped back below the 1.52 level in the face of the dollar strength. Sterling remains weak and is showing some early signs of giving up gains from its recent bounce. The general belief is that the weakness from Europe will weigh on the U.K. and keep the Bank of the England on the sidelines.
• The yen continues to slide lower as it is now at 13.54. The Bank of Japan is meeting tonight and there are growing expectations it will take action at the meeting following news that the economy once again slipped into recession (BONDX, FOREX).

11:40 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (162) outpacing new highs (51) (SCANX) :

Stocks that traded to 52 week highs: AAME, ACRS, AGRO, ANGI, ARG, AYI, BCOM, CAC, CCRN, CMN, CWST, DMTX, EBS, EDUC, EFX, EGHT, ESLT, FBC, FBHS, FCLF, FLIC, FRBK, GAME, GDEN, HCKT, HD, IDTI, IGLD, MAS, MITK, MPWR, MSI, NCTY, OC, OLBK, OMI, OSIS, OVBC, PARR, PBF, PCBK, PCL, PE, RIVR, RNG, STZ, TAP, TTI, VC, VII, VRSN                                                                                                                

Stocks that traded to 52 week lows: AAMC, AAN, ABUS, ACSF, ACTG, AGI, AIQ, ANGO, APT, ARC, ARDC, ARES, ASA, ASNA, ASTC, ATOS, AUPH, AZUR, BBW, BEBE, BGI, BGX, BIOD, BNTC, BOBE, BONT, BSI, BSL, BVN, CARB, CDE, CEF, CETC, CGIX, CLUB, CMLS, CNAT, CNIT, CPRX, CPST, CREG, CTIC, CYRX, DELT, DSX, DYN, EGLE, ENI, ENRJ, ENSV, ENVA, EQT, ESEA, EVAR, EVER, EXC, FINL, FRGI, FSAM, FTAI, FTGC, FWM, GARS, GASS, GFI, GILT, GLBL, GLPI, GLRE, GOGL, GPOR, GPRO, GSI, HBIO, HIE, HNI, HNSN, HOS, HSGX, HSNI, ICLD, ICON, IPHS, JCS, JYNT, KKD, KLXI, KOOL, LLNW, MCUR, MIK, MSTX, MUA, MXPT, NAO, NETE, NMBL, NMM, NRG, NSL, NTCT, NVGS, ONTX, OSTK, OZM, PAAC, PBYI, PED, PEG, PEIX, PERF, PETX, PGLC, PQ, PRGN, QCOM, QUAD, RACE, RADA, RBY, RCII, REV, RKDA, RLJ, RMGN, ROKA, RRGB, RUN, SALT, SB, SBLK, SBRA, SEMI, SGNL, SJT, SKUL, SMCI, SRG, SSH, SSI, STR, STRP, STV, SUNE, TAT, TERP, THR, TLN, TLYS, URG, UUUU, VCEL, VMEM, VRX, VSLR, WING, WIW, WPG, WRES, WSM, WTT, XHR 

ETFs that traded to 52 week highs: none

ETFs that traded to 52 week lows: DBB, DBC, DJP, FXF, JJC, JJG, PPLT, RJA

11:36 am Sector relative strength (:TECHX) : The indices have notched new session highs in recent trade with relative sector strength (outperforming the S&P) noted in: Biotech IBB (BLUE, VRX, GILD, BIIB, JUNO, CELG, NBIX, ILMN, ALXN), Health XLV, Pharma PPH, Housing XHB, Industrial XLI, Transports/Rail IYT.

11:21 am Indices edge slightly above first hour highs -- Dow +108, S&P +12, Nasdaq Comp +34 (:TECHX) :  

11:07 am Stock indices continue to drift slightly under highs after opening advance -- Dow +82, S&P +9.2, Nasdaq Comp +26 (:TECHX) :  

10:37 am Indices edge back off early highs, small-caps pacing the way -- Dow +73, S&P +8, Nasdaq Comp +20 (:TECHX) :  

10:19 am Dow +83 sets new high for the week of 17605, holding for second day in the vicinity of its 200 sma (:TECHX) : Thus far the S&P +10 and Nasdaq Comp +24 have not confirmed the new high for the week.

10:14 am Stanley Black & Decker issues a redemption call for its 4.75% Series B Perpetual Cumulative Convertible Preferred Stock at $100.49/share (SWK) :  

10:03 am Dunkin Brands confirms it is testing on-the-go ordering and delivery service in certain markets (DNKN) :  

10:01 am Cheetah Mobile announces it is using Yahoo's (YHOO) mobile search and native advertising platform; has seen a ~30% increase in day to day Yahoo generated CM Security rev so far (CMCM) :  

9:46 am Apple gaps back above its 50/200 ema -- session high 116.90 (AAPL) : Addition to GS Conviction Buy List provides a boost to gap and extend above the 50/200 ema. An initial level above is at 117.41, the 50% retracement of the Nov decline with the bottom of last week's bear gap at 118.07 (top of gap 120.05).

9:41 am Relative sector strength (:TECHX) : Sectors providing leadership in early trade include: Steel SLX, Oil Service OIH, Rail, Mining XME, Energy XLE, Crude Oil USO, Social Media SOCL, Casino, Transports IYT.

9:39 am Opening Market Summary: Energy Sector Paces Opening Advance (:WRAPX) :

Equity indices have jumped out of the gate amid early strength in most sectors. The S&P 500 trades higher by 0.5% with the energy sector (+1.6%) pacing the opening move.

The energy sector has rallied alongside crude oil, which trades up 1.4% at $41.25/bbl, while other cyclical groups hold gains between 0.3% (consumer discretionary) and 0.6% (technology).

On the downside, telecom services (-0.2%) and utilities (-0.1%) hover just below their flat lines.

Treasuries have ticked up off their lows, but they remain in the red with the 10-yr yield higher by two basis points at 2.28%.

9:36 am Johnson Controls increases quarterly dividend to $0.29/share from $0.26/share (JCI) :  

9:35 am Firmer tone during initial action -- S&P +8, Dow +71, Nasdaq Comp +18 (:TECHX) : S&P probing first level resistance at 2060/2061.

9:33 am National Cinemedia announces an agreement that will bring Fandango's original video content to NCM's cinema advertising pre-show (NCMI) :  

9:32 am Ollie's Bargain Outlet names Jay Stasz as Chief Accounting Officer (OLLI) : Stasz comes to Ollie's following 17 years with Sports Authority, where he held several positions, most recently the Senior Vice President of Finance and Accounting.

9:29 am MarkWest Energy reports that proxy advisory firm ISS recommends unit holders vote for its combination with MPLX (MWE) :  

9:29 am BofI Holding completes its 4-1 forward stock split (BOFI) :  

9:28 am Pericom Semi issues an open letter to shareholders, urging them to vote for its White proxy card, for the merger proposal with Diodes (DIOD) (PSEM) :  

9:28 am Eisai subsidiary Morphotek has enrolled the first patient in the randomized, double-blind ARTEMIS trial (ESALY) :  

9:23 am Trinseo CFO John A. Feenan to leave the Company to pursue other opportunities effective December 31 (TSE) : Effective immediately, Christopher D. Pappas, President and Chief Executive Officer, will serve as interim Chief Financial Officer until a replacement has been selected. Feenan will continue to assist the Company in an advisory capacity for the remainder of 2015.

9:21 am Sally Beauty announces an offering of $750 mln in Senior Notes due 2025 (SBH) : Co intends to use the net proceeds from this offering, together with cash on hand and/or additional borrowings, to redeem all $750 million of its 6.875% senior notes due 2019 at a redemption premium equal to 103.438% of the outstanding principal

9:16 am Rentech reports an update on its wood pellet production; Atikokan facility achieves record production of 1,850 metric tons (RTK) :

Co provided an update on its wood pellet production facilities in Ontario, Canada. The Atikokan facility achieved record production of 1,850 metric tons of pellets for the week ended November 14th. The plant's design capacity is 110,000 metric tons per year, or 2,115 metric tons per week.

• The Wawa facility resumed pellet production this past Friday, having been offline to modify the log in-feed system and complete the most critical phase of its conveyer replacements. Co stated: "We expect to complete the second phase of conveyance replacements at Wawa in the first quarter of 2016, with the goal of operating at full capacity in the second half of the 2016."

9:16 am Systemax: PCM (PCMI) announces acquisition of Certain B2B assets of Systemax's N Am Technology Group including the TigerDirect Brand (SYX) :

• Under the terms of the agreement, PCM will acquire the right to hire approximately 400 B2B sales representatives located across the United States and Canada, all rights to the NATG B2B customer list (and not any consumer customer list), certain B2B customer and vendor contracts, trademarks and other intellectual property rights including the TigerDirect brand, and certain fixed assets and equipment. At closing, the parties will enter into a transition services agreement to facilitate an orderly transition of the purchased assets. PCM expects that the acquisition will significantly enhance PCM's footprint in the small-medium-business marketplace, as well as in the educational and public sector markets.
• "After we absorb the costs of bringing on this sales team, we expect their performance to ramp during 2016, and we expect the acquisition to contribute nicely to our revenue and to be meaningfully accretive to our 2016 bottom line operating results beginning in the second quarter."
• Systemax will close its three remaining retail stores and its NATG distribution center, and after the sale and transition services agreements with PCM are completed, will completely exit its remaining NATG operations.

9:15 am On The Wires (:WIRES) :

• Cracker Barrel Old Country Store (CBRL) announced they expect to serve more than 1.4 mln Turkey n' Dressing meals during the nine-day Thanksgiving holiday period.
• RiT Technologies (RITT) has entered into a strategic alliance with Yoga Automation Private Limited to provide RiT's solutions locally in India.
• Ooredoo Group has signed a frame supply agreement with Alcatel-Lucent (ALU), extending and reinforcing the existing long-term collaboration between both companies. The agreement covers the technology evolution and latest innovations relating to ultra-broadband IP and transport networks.

9:12 am TowerJazz acquires Maxim's (MXIM) 8-inch fabrication facility in San Antonio for ~$40 mln worth of Co shares (TSEM) :  

9:11 am SolarCity and Silver Lake Kraftwerk confirm a strategic investment of $113 mln, via SolarCity Zero Coupon Convertible Senior Notes (SCTY) :

Co and Silver Lake Kraftwerk announced that they have agreed to a strategic investment of $113 million in aggregate principal amount of SolarCity's Zero Coupon Convertible Senior Notes.

• Silver Lake Kraftwerk has agreed to invest $100 million, SolarCity Chairman Elon Musk will invest $10 million and CEO Lyndon Rive will invest $3 million. The investment by Silver Lake Kraftwerk is almost quadruple the size of its initial investment in SolarCity made in February 2012, which it subsequently exited in September 2013.
• The notes will be senior, unsecured obligations of the Company, will not bear ordinary interest and the principal amount of the notes will not accrete. It is expected that the notes will be convertible into shares of SolarCity's common stock, based on an initial conversion rate of 30.303 shares of common stock per $1,000 principal

9:10 am S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +21.80. (:WRAPX) :

The stock market is on track for a modestly higher open as S&P 500 futures trade eight points above fair value. Index futures held modest losses through the bulk of the night, but they have climbed off their lows after European markets opened for the day.

This morning has been very quiet on the economic front with data limited to the weekly MBA Mortgage Index (+6.2%; previous -1.3%) and October Housing Starts (1.060 million; Briefing.com consensus 1.173 million)/Building Permits (1.150 million; expected 1.137 million). It is also worth noting that the minutes from the October FOMC meeting will be released at 14:00 ET.

As for corporate news, Fairchild Semiconductor (FCS 19.48, +1.60) is on track to open higher by 8.8% after agreeing to be acquired by ON Semiconductor (ON 10.50, -0.24) for $20/share.

9:01 am Tetra Tech receives $46 mln task order from the USAID (TTEK) : Co announces that the U.S. Agency for International Development has awarded the Company a five-year, $46 mln single-award task order under Co's existing Rule of Law contract to support continued improvement of government and social systems in Jordan.

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

• Finjan Holdings (FNJN) announced that the US Patent and Trademark Office has granted Co w/ U.S. Patent No. 9,189,621 covering malicious mobile code runtime monitoring system and methods.
• Fleetmatics Group (FLTX) added a record fifty new mid-market customers in the third quarter of 2015.
• OpGen (OPGN) announced that Washington DC's public health departments will oversee a comprehensive citywide evaluation, HARP-DC to gauge the prevalence of the multidrug-resistant Gram-negative bacteria Carbapenem-resistant Enterobacteriaceae in healthcare facilities throughout DC.

8:57 am IMS Health Holdings forecasts drug spending to increase 30% by 2020, to $1.4 trillion (IMS) :

Co forecast that more than half of the world's population will live in countries where medicine use will exceed one dose per person per day by 2020, up from 31 percent in 2005, as the "medicine use gap" between developed and pharmerging markets narrows.

• It expects total spending on medicines to reach $1.4 trillion by 2020 due to greater patient access to chronic disease treatments and breakthrough innovations in drug therapies. Global spending is forecast to grow at a 4-7 percent compound annual rate over the next five years. It also expects that:
  • More than 90 percent of U.S. medicines will be dispensed as generics by 2020.
  • Global spending will grow by 29-32 percent through 2020, compared with an increase of 35 percent in the prior five years
  • More than 225 medicines will be introduced by 2020, with one-third focused on treating cancer

8:57 am Viggle to acquire SportsTradex's database of customers for the DraftDay platform (VGGL) : As part of the agreement, SportsTradex's customers are being transferred to the DraftDay platform. Other terms of the agreement were not disclosed.

8:57 am S&P futures vs fair value: +8.40. Nasdaq futures vs fair value: +23.40. (:WRAPX) :

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

Asian markets ended the midweek session on a mixed note with markets in China (-1.0%) and Hong Kong (-0.3%) posting losses while Japan's Nikkei (+0.1%) eked out a slim gain. Also of note, the Japanese yen climbed against the dollar during the early portion of the night, but that entire move has been retraced, returning the dollar/yen pair to 123.45.

• In economic data:
  • China's October House Prices +0.1% year-over-year (previous -0.9%) Australia's CB Leading Index -0.1% month-over-month (prior -0.4%) while Q3 Wage Price Index +0.6% quarter-over-quarter, as expected

------

• Japan's Nikkei (+0.1%) settled just above its flat line thanks to relative strength among growth-sensitive names. Furukawa Electric, Sumitomo Electric, and Advantest Corp gained between 2.3% and 6.6%. On the downside, Pioneer lost 3.7% and Toho Zinc fell 4.0%.
• Hong Kong's Hang Seng (-0.3%) opened higher, but retreated into the close. Casino and gaming names paced the retreat with Galaxy Entertainment and Sands China lost 4.6% and 3.4%, respectively. On the upside, Li & Fung gained 2.9%.
• China's Shanghai Composite fell 1.0% amid weakness in securities names as the government expands its probe into the industry. Founder Securities and Pacific Securities both lost near 7.0% apiece. Bank of China outperformed, adding 0.3%.

Major European indices trade mostly lower while UK's FTSE (+0.1%) outperforms. European equities have struggled in the early going while the euro has rebounded from a seven month low against the dollar. The pair currently hovers near 1.0670 after hitting a session high around 1.0690.

• Economic data was limited:
  • Swiss November ZEW Expectations fell to 0.0 from 18.3

------

• UK's FTSE is higher by 0.1% with airlines on the defensive. International Consolidated Airlines and easyJet hold respective losses of 2.5% and 1.3% while miners outperform. Antofagasta, Anglo American, and Glencore show gains between 1.4% and 2.6%.
• Germany's DAX has returned to its flat line with help from exporters. Daimler, Volkswagen, and BMW hold gains between 0.4% and 2.3%. On the downside, Linde is the weakest performer, trading lower by 1.7%.
• In France, the CAC has given up 0.6% with Air Liquide trading down 6.5% following yesterday's acquisition of Airgas. On the upside, ArcelorMittal leads with a gain of 3.7% while Credit Agricole has climbed 1.2%.

8:48 am Ethan Allen letter to stockholders highlights 'significant strategic progress and stockholder value creation'; expecting positive sales trends to continue in November (annual mtg Nov 24) (ETH) :

• Ethan Allen urges stockholders to vote for its seven director nominees: James B. Carlson, Clinton A. Clark, John J. Dooner, Jr., Domenick J. Esposito, M. Farooq Kathwari, James W. Schmotter and Tara I. Stacom. In October 2015, following receipt by Design Centers of the phase 3 new product offerings, the co accelerated advertising and recorded record written orders for the month of October 2015 that exceeded any prior month of October.
• Co is also pleased to share that it is expecting positive sales trends to continue in November.
• Co believes it is important to remind stockholders of the following as it relates to record October orders: Total written orders in the Company's Retail Division increased by 33.9%, and comparable written orders increased by 32.3% compared to October 2014; On an annualized basis, October written order results indicate that Ethan Allen can generate revenues at the $1 bln level within its current structure; At revenues of $1.1 billion, co has the opportunity to achieve gross margin of 56% and op margin of 15%, resulting in a significant increase to earnings per share; retail network in North America demonstrated that it is equipped to service annual sales more than $1 billion; and manufacturing centers are prepared to support these increased volumes, an accomplishment believe is critical given that 70% of products are manufactured in own North American workshops, and 80% of furniture products are custom-made to order.

8:48 am AVG Tech to present, reaffirming 2015 EPS at ~$1.80 vs $1.80 Capital IQ Consensus Est, reaffirms revenue at $426-430 mln vs $427.1 mln consensus; Co also issues 2016 revenue outlook at $440-460 mln vs $460.6 mln consensus (AVG) :

• Co announced that it will be presenting at the Goldman Sachs US Emerging & SMID Capital Growth Conference in New York City, on Thursday, November 19th, 2015 at 2:30 p.m. EST, during which Gary Kovacs, chief executive officer, will be discussing the company's performance and outlook, including reviewing business trends and initiatives related to strategic objectives for growth.
• Management will also discuss its current views on the company's 2016 outlook, which, as noted on its third quarter 2015 earnings conference call held on November 4, 2015, is expected to be impacted by rapidly changing market dynamics in its search business.

8:46 am Towers Watson adjourns its Special Meeting of Stockholders from November 18th to November 20th, 2015 'to provide additional time for stockholders to vote' (TW) :  

8:46 am European Markets Update: FTSE +0.1%, DAX UNCH, CAC -0.6% (:SUMRX) :

Major European indices trade mostly lower while UK's FTSE (+0.1%) outperforms. European equities have struggled in the early going while the euro has rebounded from a seven month low against the dollar. The pair currently hovers near 1.0670 after hitting a session high around 1.0690.

• Economic data was limited:
  • Swiss November ZEW Expectations fell to 0.0 from 18.3

------

• UK's FTSE is higher by 0.1% with airlines on the defensive. International Consolidated Airlines and easyJet hold respective losses of 2.5% and 1.3% while miners outperform. Antofagasta, Anglo American, and Glencore show gains between 1.4% and 2.6%.
• Germany's DAX has returned to its flat line with help from exporters. Daimler, Volkswagen, and BMW hold gains between 0.4% and 2.3%. On the downside, Linde is the weakest performer, trading lower by 1.7%.
• In France, the CAC has given up 0.6% with Air Liquide trading down 6.5% following yesterday's acquisition of Airgas. On the upside, ArcelorMittal leads with a gain of 3.7% while Credit Agricole has climbed 1.2%.

8:45 am Net Element gets shareholder approval for reverse stock split (NETE) :

• Co announces that it held a special meeting of stockholders. Shareholders approved the reverse stock split of the Company's common stock at a ratio of between 1 for 10 and 1 for 30, inclusive, which ratio will be selected at the sole discretion of the Company's board of directors.

8:43 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: RADA -9.1%, SBLK -5.7%, SPLS -5.2%, CTXS -4%, (updates on its operations review, offers FY16 guidance, announces plan to spin off GoTo businesses, names new Chief Marketing Officer), SFUN -2.7%, SQM -2.1%, GILT -1.9%, MTSI -1.1%, AMCN -0.7%, GBDC -0.5%.

Other news: KBIO -12% (cont volatility pre-mkt), NBG -8.2% (cont volatility pre-mkt), SYT -4.8% (may be related to Reuters story regarging Bayer stating its crop chem business is not for sale), CLGX -3.8% (still checking), OME -3.3% (Wynnefield filed an amended 13D disclosing letter sent as follow up to several earlier communications detailing concerns and doubts related to the credibility of the 'purported strategic review process'),, QCOM -2.6% (announces receipt of report from Korea Fair Trade Commission alleging it violates Korean competition law), IBN -2.3% (Sensex down overnight), INFY -1.4% (Sensex down overnight), WMGI -0.9% (announced a secondary offering of 4.5 mln shares by an affiliate of Warburg Pincus), .

Analyst comments: DSX -4.6% (downgraded to Hold from Buy at Deutsche Bank), GPRO -3.8% (target lowered to $15 from $20 at Piper Jaffray), SGEN -3.2% (initiated with a Sell at Goldman)

8:42 am Gapping up (SCANX) :

Gapping up
In reaction to strong earnings/guidance: MCUR +10% (reports Q3 results and withdraws guidance given recently announced clinical trial results; commences a process to review all strategic alternatives ), DQ +6.1%, VIPS +4.2%, JACK +3.9%, LOW +2.1%, TGT +1.4%.

M&A news: FCS +8.7% (to be acquired by ON Semiconductor (ON) for $20/share in cash, or ~$2.4 bln), NSC +6.6% (Canadian Pacific proposes to acquire Norfolk Southern), CP +5.1% (Canadian Pacific proposes to acquire Norfolk Southern), AHS +3.5% (signs an agreement to acquire B.E. Smith for $160 mln in cash; expected to be immediately accretive to Co's GAAP and adjusted EPS), PSEM +3.2% (Montage Technology Group increases cash offer for Pericom Semiconductor Corporation to $19.00/share), CAG +2.9% (announces plans to separate into two independent public companies), PMCS +2.1% (Microsemi (MSCC) has increased its offer to acquire PMC-Sierra; new offer valued at $12.05/ PMCS share), .

Select Brazil related names showing strength: SID +15.2%, GGB +8.8%, EPR +2.6%, PBR +2.5%, BAK +2.2%, .

Select metals/mining stocks trading higher: VALE +3.2%, MT +3.1%, NEM +2.4%, RIO +1.7%, BBL +1.3%, BHP +1%, FCX +0.7%, .

Select oil/gas related names showing strength: SDRL +4.5%, RIG +2.1%, BP +1.7%, RDS.A +1.7%, TOT +1.6%, OAS +1.5% .

Other news: AVXL +27.5% (announces that it is moving forward with the development program for ANAVEX 2-73 in a larger double-blinded, randomized, placebo-controlled Phase 2/3 trial), MIFI +11.5% (announced that Wells Fargo Bank has increased the Company's five-year senior secured revolving credit facility to $48 million), UVE +8.7% (co issued a statement 'correct misleading allegations and misinformation presented by Lakewood Capital'), THLD +7.1% (enters into definitive co-promotion agreement for Evofosfamide w/ Merck KGaA (MKGAY)), DBVT +6.4% (presents preclinical Data on its Viaskin technology), DEPO +4.3% (acquired the rights to Cebranopadol from Grnenthal GmbH), RAX +4.1% (prices upsized offering of $500 mln of 6.500% senior notes due 2024), RDEN +3.6% (co's President of Global Fragrances, Joel B. Ronkin, resigned to accept a position as CEO of a privately-held personal care organization), COMM +2.1% (Maverick Capital's Lee Ainslie long recommendation), CSX +2% (on CP / NSC news), AXLL +1.7% (appointed Timothy Mann as CEO), STM +1.7% (semi peer), NVS +1% (Co's unit Sandoz receives FDA acceptance for proposed biosimilar pegfilgrastim), UNP +0.8% (on CP / NSC news).

Analyst comments: BLUE +4.6% (initiated with a Buy at Goldman), FARO +3.8% (upgraded to Buy from Hold at Canaccord Genuity), KITE +3.5% (initiated with a Buy at Goldman), TASR +3.3% (upgraded to Buy from Neutral at Ladenburg Thalmann), SBH +3.1% (upgraded to Buy from Neutral at Goldman), HALO +2.9% (initiated with a Buy at Citigroup), GPRE +2.8% (resumed with a Outperform at Credit Suisse), AAPL +1.6% (added to Conviction Buy List at Goldman), CGNX +1.5% (upgraded to Buy from Hold at Canaccord Genuity), MIDD +1.5% (upgraded to Outperform from Market Perform at BMO Capital Markets), INCY +1.3% (initiated with a Buy at Goldman)

8:36 am Medtronic acquires privately-held Aircraft Medical for $110 mln in cash (MDT) :

Aircraft Medical is a privately-held medical device company based in Edinburgh, Scotland, that develops handheld video laryngoscopes used by anesthesiologists and critical care professionals to intubate patients.

• Medtronic expects the net impact from this transaction to be earnings neutral in fiscal year 2016 and neutral to accretive to earnings thereafter

8:34 am Aeterna Zentaris announces shareholder approval for a 100 to 1 consolidation of its common shares, to regain compliance with the $1 minimum price bid rule (AEZS) :  

8:33 am Black Hills Corp prices 5.5 mln share offering at $40.25/share (BKH) : The Company intends to use the proceeds from these offerings, which are expected to be ~$465.8 million in the aggregate or approximately $535.7 million in the aggregate if the options to purchase additional shares and equity units are exercised in full (after deducting underwriting discounts and commissions but before deducting estimated offering expenses), to partially fund the pending acquisition of SourceGas Holdings LLC. The acquisition is expected to close in the first half of 2016.

8:33 am Progressive October EPS $0.16 vs. $0.17 last year; net premiums written +11% to $1.95 bln (PGR) :  

8:32 am S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +15.80. (:WRAPX) :

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

Housing starts fell to a seasonally adjusted annualized rate of 1,060,000 units in October, which was down from a revised 1,191,000 units in September (from 1,206,000). The Briefing.com consensus expected starts to decrease to 1,173,000 units.

Building permits rose to a seasonally adjusted annualized rate of 1,150,000 in October from an unrevised 1,105,000 for September while the Briefing.com consensus expected a reading of 1,137,000.

8:31 am Vringo announces that a Brazilian Court has denied ZTE's request to overturn the preliminary injunction which was granted on April 15, 2014 for the 12th time (VRNG) :  

8:31 am Market View: Dec. E-mini stock-index futures hold a bid above fair values following the 8:30 am ET economic data point (:TECHX) :

• ESz5 now +3.00
  
  
• YMz5 now +27
  
  
• NQz5 now +10.75

8:30 am Idera Pharma appoints Joanna Horobin as Chief Medical Officer (IDRA) : Horobin was most recently the Chief Medical Officer of Verastem, and previously served as Chief Executive Officer of Syndax Pharmaceuticals.

8:30 am Flour and Empresas ICA's (ICA) joint venture signs a $1.1 bln contract with Pemex Transformacion Industrial for engineering, procurement and construction services (FLR) :

Cos announced today that signed a contract with Pemex Transformacion Industrial to supply detail engineering, procurement and construction services for the utilities and offsites that are part of the Tula Refinery upgrade at Hidalgo, Mexico. The total contract value is $1.1 billion.

• Once the upgrade project is completed, the refinery's processing capacity will increase from 315,000 barrels per day to 340,000 barrels per day.
• The project's mechanical completion is scheduled for the second quarter of 2018.

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

• Saddlehorn Pipeline Company announced that it is combining projects with Grand Mesa Pipeline for the construction of a 20-inch undivided joint interest pipeline which begins 20 miles north of Saddlehorn's Platteville, Colorado origin at a junction near Grand Mesa's Lucerne, Colorado origin. Saddlehorn is owned 40% by Magellan Midstream Partners (MMP), 40% by Plains All American Pipeline (PAA) and 20% by Anadarko Petroleum Corporation (APC). Grand Mesa is owned 100% by NGL Energy Partners LP (NGL)
• GoPro (GPRO) announced it's bringing the GoPro Channel to SkyQ, the entertainment system from entertainment company, Sky. SkyQ will launch early next year in the UK and Ireland.
• ARRIS Group (ARRS) announced that international cable company Liberty Global (LBTYA) has selected the ARRIS Touchstone TG2492 Gateway for widescale deployment across the Liberty footprint.
• Centene Corporation (CNC) announced that it plans to release its 2016 financial guidance at approximately 6:00 AM ET on Friday, December 18, 2015, and host an investor meeting, including a question-and-answer session, to discuss the details of its guidance.

8:24 am CB Richard Ellis acquires Forum Analytics, LLC for undisclosed sum (CBG) : Forum Analytics, LLC is a provider of modeling and mapping solutions.

8:17 am Oragenics announces it met FDA reps in a Pre-IND meeting concerning OG253 (OGEN) :

• Through its Exclusive Channel Collaboration, Oragenics has partnered with Intrexon Corporation Inc. (XON), in the use of their proprietary bio-engineering capabilities to develop its lantibiotics compounds pipeline which could provide an important new tool in the fight against bacterial antibiotic resistance. "I am pleased with the guidance they received and the clarification and concurrence of the work that we will need to complete in order to file an Investigational New Drug Application."

8:14 am Autodesk and ZWCAD Software settle outstanding litigation (ADSK) :

The co and ZWCAD Software have agreed to settle lawsuits pending in The Hague and the U.S. District Court for the Northern District of California.

• After discovering evidence indicating that ZWSoft had improperly used AutoCAD intellectual property in developing its ZWCAD+ products, Autodesk filed suit before The Hague in the Netherlands on February 19, 2014 (Case No. C/09/460412 / KG ZA 14-178) and in the U.S. District Court for the Northern District of California on March 26, 2014 (Case No. 14-cv-1409-EJD). In these lawsuits, Autodesk alleged that the AutoCAD source code had been misappropriated and improperly used when developing ZWCAD+.
  Although ZWSoft initially denied the allegations, ZWSoft subsequently discovered that an employee had, in fact, improperly used AutoCAD intellectual property developing ZWCAD+.
• As a result of this discovery, ZWSoft's CEO, Truman Du, has publicly acknowledged ZWSoft's error and agreed to stop selling, licensing, or otherwise making available ZWCAD+ from all markets, effective immediately. The parties have entered into a binding settlement to resolve their pending lawsuits, with an undisclosed sum provided to Autodesk.

8:10 am BIND Therapeutics announces that AstraZeneca (AZN) has initiated patient dosing in a phase 1 clinical trial of the Accurin AZD2811 drug candidate in solid tumors; Co receives a $4.0 mln milestone for dosing of the first patient (BIND) :

The phase 1 trial is enrolling patients with advanced solid tumors, including patients with small cell lung cancer, and is being conducted by AstraZeneca under the companies' 2013 collaboration agreement with Co managing all chemistry, manufacturing and control activities.

• Co earned a $4.0 mln clinical milestone for dosing of the first patient.
• The phase 1 clinical trial is designed to evaluate the safety and tolerability of AZD2811 at increasing doses.
• The first part of the two-part study will evaluate the maximum tolerated dose (MTD) and the recommended phase 2 dose will be identified.
• The study will also characterize the pharmacokinetic (:PK) profile of AZD2811 and will explore the potential biological activity by assessing anti-tumor activity.
• The second part of the study will begin upon determination of the MTD and will further explore PK parameters, safety, tolerability and preliminary anti-tumor activity of AZD2811.

8:06 am Target reports EPS in-line, revs in-line with comps at high end of guidance; guides Q4 EPS in-line (raises low end of FY16 EPS guidance) (TGT) :

• Reports Q3 (Oct) earnings of $0.86 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.86; revenues rose 2.1% year/year to $17.61 bln vs the $17.57 bln Capital IQ Consensus. 
  • Q3 comps +1.9% vs. +1-2% guidance, driven by traffic growth of 1.4 percent. On a two-year stacked basis, sales and traffic growth were stronger in the third quarter than either of the first two quarters of the year.
    • Comparable sales in signature categories (Style, Baby, Kids and Wellness) grew more than 2.5 times faster than the company average.
    • Digital channel sales increased 20 percent, contributing 0.4 percentage points to comparable sales growth.
  • Third quarter gross margin rate was 29.4% vs. 29.5%, as benefits from a favorable merchandise mix and the comparison over last year's intense promotional markdowns were offset by reimbursement pressure in Healthcare and the impact of investments in quality and innovation on the company's owned and exclusive brands.
• Co issues in-line guidance for Q4, sees EPS of $1.48-1.58, excluding non-recurring items, vs. $1.54 Capital IQ Consensus Estimate.
• Co raises FY16 EPS to $4.65-4.75, excluding non-recurring items, from $4.50-4.65 vs. $4.72 Capital IQ Consensus.

8:04 am Aduro Biotech receives milestone payment from Janssen for submission of IND Application for ADU-741 in Prostate Cancer (ADRO) :  

8:04 am Genomic Health confirms the CMS final 2016 clinical lab fee schedule including gap-fill pricing for Oncotype DX Colon Cancer Test (GHDX) :

On Tuesday, November 17, 2015, the Centers for Medicare and Medicaid Services, which administers the Medicare program, issued its final Clinical Laboratory Fee Schedule for 2016, which will allow the Medicare Administrative Contractor to continue to set payment for the Oncotype DX colon cancer test through 2016, as has been done since initiation of coverage in 2011.

• "The MAC-established rates for Genomic Health's Oncotype DX tests are consistent with the market-based rate-setting policies and procedures enacted by Congress under the Protecting Access to Medicare Act (:PAMA), which are currently scheduled to go into effect in 2017."

8:03 am Sysco increases quarterly dividend to $0.31/share from $0.30/share (SYY) :  

8:02 am Bridgeline Digital President & CEO Thomas Massie to resign effective December 1 to pursue other opportunities (BLIN) : Massie will remain President & CEO until December 1, 2015. At that time, the Board will create a temporary "Office of the CEO" whereby Co's current COO, Roger Kahn and EVP & CFO, Michael Prinn, will act as Interim CEOs.

8:01 am Pericom Semi: Montage Technology Group increases cash offer for Pericom Semiconductor Corporation to $19.00/share (PSEM) : Montage Technology Group Limited announced that it has increased its cash offer to acquire all of the outstanding shares of Pericom Semiconductor Corporation to $19.00/share from $18.50/share, valuing the transaction at ~$442 mlnand representing a 56% premium to Co's unaffected closing price on September 2, 2015.

8:01 am BioTime announces the appointment of Russell Skibsted as Chief Financial Officer (BTX) : Co announced that the Company's Board of Directors has appointed Russell Skibsted to the position of Chief Financial Officer, succeeding Robert Peabody. Immediately prior to joining the BioTime team, Russell was CFO at Proove Biosciences, a commercial-stage diagnostics and personalized medicine company.

8:00 am Pfizer reports positive topline results from Phase 3 trial comparing XALKORI (crizotinib) to chemotherapy in previously untreated East Asian patients with ALK-Positive advanced non-small cell lung cancer (PFE) : Co announced that PROFILE 1029, a Phase 3 study of anaplastic lymphoma kinase (ALK) inhibitor XALKORI (crizotinib), met its primary objective of significantly prolonging progression-free survival (PFS) in previously untreated East Asian patients with ALK-positive advanced non-small cell lung cancer (:NSCLC) when compared to a standard chemotherapy doublet. The adverse events observed with XALKORI in the study were generally consistent with findings from previous trials. No unexpected adverse events were observed. Efficacy and safety data from PROFILE 1029 will be submitted for presentation at a future medical meeting.

7:58 am Gilat Satellite reports Q3 EPS of ($0.20) vs $0.07 year ago; revs -9% to $40.3 mln (no estimates) (GILT) : "Looking forward, given the growing demand we see for our IFC offering, the expected new HTS business, and the pickup of our Fitel projects in Peru, we anticipate continued growth in 2016, and a strong fourth quarter in 2015 with a substantial increase in revenues and EBITDA."

7:58 am On The Wires (:WIRES) :

• W. P. Carey (WPC) announced that it has acquired a portfolio of six Courtyard by Marriott (MAR) hotels for $52 mln.
• Endologix (ELGX) announced the start of a physician-initiated registry of the Nellix EndoVascular Aneurysm Sealing System used with aortic branch stent grafts for the treatment of patients with complex abdominal aortic aneurysms. The ASCEND Registry will enroll 200 patients with complex AAAs at up to 10 international centers. It will be an open-label, single-arm, observational real-world registry with no prospective screening. The endpoints of the ASCEND Registry include overall and aneurysm related mortality, major adverse events, endoleak and secondary intervention rates, Nellix and aortic branch stent graft patency, renal function and durability.
• CounterPath (CPAH) received a letter from the Nasdaq Stock Market LLC notifying the Company that it has regained full compliance with the Nasdaq Capital Market's minimum bid price continued listing requirement.
• AmerisourceBergen (ABC) announced that, following Richard C. Gozon's retirement as Chairman of the Board at the annual meeting of stockholders in March 2016, Steven H. Collis, President and Chief Executive Officer, will succeed Mr. Gozon as Chairman of the Board, and Jane E. Henney, M.D., will become the Board's Lead Independent Director.
• Bottomline Technologies (EPAY) announced a strategic alliance with Visa (V) that will create a way for businesses to pay and get paid. Visa's commercial card solution, Visa Payables, and Bottomline's payment network, Paymode-X, will join to create Paymode-X with Visa Payables.
• Nokia (NOK) announced today that it has commenced a public exchange offer to exchange all outstanding ordinary shares of Alcatel-Lucent (ALU)and OCEANE convertible bonds.
• Husky Energy (HUSKF) announced it has sanctioned Rush Lake 2, a new 10,000 barrels per day (bbls/day) heavy oil thermal development in Saskatchewan, as it continues to advance its resilient portfolio of low sustaining capital projects. The Company's heavy oil thermal production is expected to reach about 80,000 bbls/day by the end of 2016, from about 18,000 bbls/day in 2010.
• Prima BioMed Ltd (PBMD) announced a new clinical trial of IMP321, to be called 'TACTI-mel', short for 'Two ACTive Immunotherapeutics in melanoma'. In the study, IMP321 will be combined with an approved checkpoint inhibitor in patients with metastatic melanoma. The Human Research Ethics Committee at the Greenslopes Private Hospital in Greenslopes, Queensland has approved Prima's Phase I clinical trial protocol, and it is expected that the first patient in the TACTI-mel study will be dosed in the first half of 2016.
• MetLife (MET) issued a statement on the Trans-Pacific Partnership, stating "We are confident that ratification of the TPP will lead to faster economic growth, greater choice and lower costs for consumers in the markets where we do business, and more high-paying jobs in the U.S."

7:55 am S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +14.10. (:WRAPX) :

U.S. equity futures trade near their pre-market highs amid mixed action overseas. The S&P 500 futures hover five points above fair value after climbing off their lows around the start of the European session.

Meanwhile, Treasuries hold slim losses with the 10-yr yield up one basis point at 2.27%.

On the economic front, the weekly MBA Mortgage Index rose 6.2% to follow last week's 1.3% decline while October Housing Starts (Briefing.com consensus 1.173 million) and Building Permits (consensus 1.137 million) will be reported at 8:30 ET. Also of note, the Federal Reserve will release the minutes from its October meeting at 14:00 ET.

In U.S. corporate news of note:

• Lowe's (LOW 74.50, +1.65): +2.3% after reporting a one-cent beat and reaffirming its guidance.
• Staples (SPLS 12.45, 0.00): UNCH after reporting in-line earnings on below-consensus revenue.

Reviewing overnight developments:

• Asian markets ended mixed. China's Shanghai Composite -1.0%, Hong Kong's Hang Seng -0.3%, and Japan's Nikkei +0.1%.
  • In economic data:
    • China's October House Prices +0.1% year-over-year (previous -0.9%)
    • Australia's CB Leading Index -0.1% month-over-month (prior -0.4%) while Q3 Wage Price Index +0.6% quarter-over-quarter, as expected
  • In news:
    • China's President Xi Jinping spoke overnight at the APEC summit, saying the Chinese economy is dealing well with temporary headwinds
• Major European indices trade in mixed fashion. France's CAC -0.7%, Germany's DAX -0.4%, and UK's FTSE +0.1%. Elsewhere, Italy's MIB -1.0% and Spain's IBEX -1.0%
  • Economic data was limited:
    • Swiss November ZEW Expectations fell to 0.0 from 18.3
  • Among news of note:
    • European equities have struggled in the early going while the euro has rebounded from a seven month low against the dollar. The pair currently hovers near 1.0670 after hitting a session high around 1.0690

7:34 am ARAMARK Holdings beats by $0.04, reports revs in-line; guides FY16 EPS in-line; raises dividend 10% (ARMK) :

• Reports Q4 (Sep) earnings of $0.44 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.40; revenues fell 10.2% year/year to $3.55 bln vs the $3.57 bln Capital IQ Consensus; organic sales flat.
• Co issues in-line guidance for FY16, sees EPS of $1.65-1.75, excluding non-recurring items, vs. $1.72 Capital IQ Consensus Estimate.
• Raises quarterly dividend 10% to $0.095.

7:30 am Anavex announces that it is moving forward with the development program for ANAVEX 2-73 in a larger double-blinded, randomized, placebo-controlled Phase 2/3 trial (AVXL) : Guidance received from the FDA confirms the Company's strategy to advance ANAVEX 2-73 for the treatment of Alzheimer's disease in a larger double-blinded, randomized, placebo-controlled Phase 2/3 trial.

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

• Bay Valley Foods, a wholly-owned subsidiary of TreeHouse Foods (THS) announced its intention to close its City of Industry, California facility. The closure of the facility was determined after carefully reviewing the operation and identifying opportunities to lower production costs. Production is expected to cease in the first quarter of 2016 with full closure of the facility expected in the third quarter of 2016. Total costs to close the facility are expected to be approximately $11.9 million, or $0.17 per fully diluted share, of which approximately $7.7 million, or $0.11 per fully diluted share, is expected to be in cash. The Company expects approximately $1.1 million of the charges to be incurred in the fourth quarter of this year and approximately $2.1 million, $4.9 million and $3.8 million in the first, second and third quarters of 2016, respectively.
• Hanwha Q CELLS (HQCL) announced it will be supplying a total of 35MW of its high quality modules to SunEnergy. The crystalline solar modules will be used across three project sites in Hertford and Martin counties in North Carolina and are scheduled for delivery in Q4 2015.
• Otonomy (OTIC) announced the enrollment of the first patients in the U.S. Phase 3 clinical trial of OTO-104 in Mnire's disease. A second Phase 3 trial is expected to be initiated in the EU in the first quarter of 2016.

7:24 am Stock Yards Bancorp increases dividend $0.01/share Q/Q to $0.25/share (SYBT) :  

7:23 am On The Wires (:WIRES) :

• ChromaDex Corp (CDXC) announced a Materials Cooperative R&D Agreement (MCRADA) with the National Institute on Aging, a part of the National Institutes of Health.Under the terms of the MCRADA, the NIA will use ChromaDex's NIAGEN nicotinamide riboside to further investigate the effects of NR on wild type and DNA repair deficient mouse models. Specifically, NIA will study effects of supplementation with NIAGEN NR on Cockayne syndrome and Ataxia Telangiectasia.
• Melco Crown Entertainment Limited (MPEL) announced that its subsidiary, Studio City Company Limited, as the borrower under the US$1.4 billion Studio City term loan and revolving credit facility, has received the requisite lender consent to amend the loan documentation as proposed by the Studio City borrowing group. The amendments, which are in effect as of today, include changing the Studio City project opening date condition from 400 to 250 tables, consequential adjustments to the financial covenants, and rescheduling the commencement of financial covenant testing. Studio City will continue its operations and obtain disbursements from the $1.4 billion Studio City loan, as scheduled.
• LSI Industries (LYTS) announced a new strategic relationship between LSI Lighting Solutions, LSI's lighting fixture manufacturing division, and PNC Equipment Finance to provide financing solutions to LSI's petroleum customers. Pursuant to this agreement, LSI's current and prospective petroleum customers (gas stations and convenience stores) will have the option to apply for financing from PNCEF in order to upgrade both their lighting and petroleum equipment
• Pentair plc (PNR) will release its outlook for full-year 2016 financial performance before the opening of the New York Stock Exchange on Thursday, December 17, 2015.
• ITT Corporation (ITT) announced that its C'treat brand has been awarded a contract from Shell Offshore Inc. C'treat will supply reverse osmosis (:RO) watermakers for the Appomattox development located approximately 80 miles from the nearest Louisiana shoreline in the U.S. Gulf of Mexico.

7:20 am SouFun Holdings reports Q3 net loss; reaffirms FY15 rev (SFUN) :

• Reports Q3 non-GAAP EPS ($0.08) vs. $0.02 consensus; rev +30% to $248.5 mln vs. $249.6 mln, primarily driven by the growth in e-commerce services, partially offset by the decline in marketing services and listing services; GMV +56% to $10.6 mln.
• Reaffirms FY15 rev +20% to $843 mln vs. $867 mln consensus

7:17 am 6D Global Technologies reports Q3 EPS ($0.22) vs $0.00 year ago; revs +15% y/y to $3.1 mln (SIXD) :

• Ended the quarter with cash of $8.80 mln, current assets of $11.63 mln and total assets of $21.41 mln versus $6.88 mln in the year ago.
• Business Outlook:"While we are generally pleased with the results, 6D will continue to prove its ability to contribute to the disruption of the enterprise digital marketing sector with its unique value proposition and multi-faceted growth strategy.... We will also expand through our previously stated acquisition strategy, which entails pursuing both products and services plays key to contributing to the future roll out of our branded service offering geared primarily towards Chief Marketing Officers. The integration of our two most recently closed acquisitions earlier this year is now near complete, and we have already begun to experience synergies from both cross marketing and cost standpoints, both of which should continue to improve. To that end, it remains our goal and commitment to shareholders to continue to improve revenue mix and gross margins over the next twelve months, as well as scale our top line efforts to expand operating margins and improve our overall bottom line. We look forward to sharing meaningful business development updates in the near to intermediate future."

7:08 am Norfolk Southern: Canadian Pacific (CP) discloses full details of offer letter to Norfolk Southern; NSC shareholders would receive $46.72 in cash and 0.348 shares of stock in a new company (NSC) :

Co disclosed the contents of the offer letter it sent to Norfolk Southern Corp (NSC).

• Co stated: "We believe that combining our two great organizations will allow us to form an integrated transcontinental railroad with the scale and reach to deliver unsurpassed levels of safety and service to our customers and communities while also increasing competition and creating significant shareholder value.
• We propose a 50% cash 50% stock transaction based on Friday's closing stock price for both CP and NSC in which NSC shareholders would receive $46.72 in cash and 0.348 shares of stock in a new company which would own CP and NSC. This proposal to NSC shareholders has the following additional potential benefits:
  • More than US$1.8 billion in annual operating synergies achieved over the next several years.
  • Up to 45% pro forma EPS accretion with run-rate synergies.
  • Financing commitment of US$14.2 billion from J.P. Morgan Securities LLC

7:07 am Mortgage apps +6.2% vs. -1.3% last week (:ECONX) :  

7:07 am CA Technologies increases dividend, accelerates stock repurchase program, and announces additional $750M stock repurchase authorization (CA) : Co announced that it intends to increase the dividend per share in Fiscal Year 2017, subject to quarterly board approval, to $1.02 per share for the year, or $0.255 per share on a quarterly basis. This is up from the current $1.00 per share annual dividend, or $0.25 per share on a quarterly basis. The company has accelerated its Common Stock Repurchase Program, having agreed to repurchase 22 mln shares of its Common Stock from Careal Holding AG, its largest shareholder, in a private transaction valued at $590 mln(with an effective share repurchase price of $26.81 per share).

7:05 am Pfizer and Merck KGaA (MKGAY) receive FDA breakthrough Therapy Designation for Avelumab to treat Metastatic Merkel Cell Carcinoma (PFE) : Co announced that the US Food and Drug Administration has granted avelumab, an investigational fully human anti-PD-L1 IgG1 monoclonal antibody, Breakthrough Therapy designation for the treatment of patients with metastatic Merkel cell carcinoma (MCC) who have progressed after at least one previous chemotherapy regimen. Breakthrough Therapy designation is designed to accelerate the development and review of medicines that are intended to treat a serious condition, and preliminary clinical evidence indicates that the therapy may demonstrate a substantial improvement over current available therapies.

7:04 am Threshold Pharma enters into a definitive co-promotion agreement for Evofosfamide w/ Merck KGaA (MKGAY) (THLD) :

Co announced that it finalized a definitive Co-Promotion Agreement for evofosfamide with Merck KGaA (MKGAY), pursuant to the companies' License and Co-Development Agreement entered into on February 2, 2012. Under the terms of the License and Co-Development Agreement, Threshold may co-promote evofosfamide in the U.S. subject to Food and Drug Administration approval of evofosfamide.

• Under the commercial leadership of Merck KGaA, Darmstadt, Germany, the terms of the License and Co-Development Agreement give Threshold the right, at its own cost, to field and be responsible for its own sales force in collaboration with Merck KGaA, Darmstadt, Germany's sales force in the U.S. pursuant to the terms of the new Co-promotion Agreement.
• Merck KGaA, Darmstadt, Germany remains responsible for all other commercial and medical affairs functions associated with the launch and promotion of evofosfamide.
• The development milestone payment and royalty payment portions of the License and Co-Commercialization Agreement remain the same.
• To date Threshold has received upfront and milestone payments of $110 million and can earn additional potential milestone payments of up to $440 million.

7:02 am PMC-Sierra: Microsemi (MSCC) increases its offer to acquire PMC-Sierra; new offer valued at $12.05/ PMCS share (PMCS) :

Microsemi Corporation (MSCC) announced that it has increased its proposal to acquire PMC-Sierra in a cash and stock transaction.

• Under the terms of Microsemi's proposal, PMC shareholders would receive $9.22 in cash and 0.0771x of a share of Microsemi common stock for each share of PMC common stock. Based on the closing stock price of Microsemi on Nov. 17, 2015, the transaction is valued at $12.05 per PMC share. 
• The revised proposal is expected to be immediately accretive to Microsemi's non-GAAP EPS and free cash flow. Microsemi anticipates achieving more than $100 million in annual cost synergies with greater than $75 million of those to be realized in the first full quarter of combined operations. Microsemi estimates approximately $0.60 of non-GAAP EPS accretion in the first full year after closing the transaction.

6:58 am NQ Mobile sells 100% of the equity interest in Beijing Tianya Co. to Tack Fiori International Group Limited for $40 mln in cash (NQ) :  

6:56 am eHi Car Services reported Q3 results (EHIC) :

• Co reported Q3 earnings per ADS of RMB0.09 vs (RMB33.15); non-GAAP adj EBITDA of RMB165.3 mln vs RMB76.4 mln year ago; revs +78.9% y/y to RMB393.8 mln.
• Outlook: Co estimates FY15 net revenues will be +76% to ~RMB1.5 bln. Co estimates that its total period-end fleet size as of December 31, 2015 will reach ~ 38,000 vehicles, which would represent an increase of ~92% from 19,746 vehicles as of December 31, 2014.

6:51 am Shanghai ...-1.0% (FXI) :  

6:50 am S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +9.00. :

6:50 am European Markets : FTSE...10908.82...-17.20...-0.30%.  DAX...10908.82...-62.20...-0.60%.

6:50 am Asian Markets : Nikkei...19649.18...+18.60...+0.10%.  Hang Seng...22188.26...-76.00...-0.30%.

6:39 am Leju Holdings beats by $0.02, misses on revs; reaffirms FY15 revs guidance (LEJU) :

• Reports Q3 (Sep) earnings of $0.16 per share, $0.02 better than the Capital IQ Consensus of $0.14; revenues rose 17.8% year/year to $151.2 mln vs the $167.15 mln Capital IQ Consensus.
• Co reaffirms guidance for FY15, sees FY15 revs of $600-620 mln vs. $616.01 mln Capital IQ Consensus Estimate.

6:31 am Lowe's beats by $0.01, reports revs in-line; reaffirms FY16 EPS guidance, revs guidance (LOW) :

• Reports Q3 (Oct) earnings of $0.80 per share, $0.01 better than the Capital IQ Consensus of $0.79; revenues rose 5.0% year/year to $14.36 bln vs the $14.35 bln Capital IQ Consensus.
• Co reaffirms guidance for FY16, sees EPS of ~$3.29 vs. $3.31 Capital IQ Consensus Estimate; sees FY16 revs of +4.5-5.0% to ~$58.75-59.0 bln vs. $58.99 bln Capital IQ Consensus Estimate.
  • Comparable sales are expected to increase 4 to 4.5%
  • The company expects to add 15 to 20 home improvement and hardware stores

6:31 am ConAgra announces plans to separate into two independent public companies (CAG) :

Co announced plans to pursue the separation of the Company into two independent public companies: one comprising its robust consumer portfolio of diverse and leading brands and the other comprising its market leading foodservice portfolio of innovative frozen potato products.

• The consumer brands business will be renamed Conagra Brands and the frozen potato business will operate under the Lamb Weston name.
• Immediately following the transaction, which is expected to be completed in the fall of 2016, ConAgra Foods shareholders will own shares of both independent companies.
• The transaction is expected to be structured as a spin-off of the Lamb Weston business, tax-free to the Company and its shareholders.
• Throughout the separation process, ConAgra Foods management will remain highly focused on driving strong business performance, and delivering on its previously announced $300 million efficiency plan.
• ConAgra Foods also reiterated its plans to utilize the net proceeds from the pending sale of its Private Brands business primarily for debt reduction.
  

6:27 am Staples reports EPS in-line, misses on revs; guides Q4 EPS in-line (SPLS) :

• Reports Q3 (Oct) earnings of $0.35 per share, in-line with the Capital IQ Consensus of $0.35; revenues fell 6.2% year/year to $5.59 bln vs the $5.66 bln Capital IQ Consensus.
• Comparable sales, which combines comparable store sales and Staples.com sales growth excluding the impact of changes in foreign exchange rates, decreased two percent versus the prior year.
• Co issues in-line guidance for Q4, sees EPS of $0.26-0.30 vs. $0.28 Capital IQ Consensus Estimate. For the fourth quarter of 2015, the company expects sales to decrease versus the fourth quarter of 2014 vs. estimates for sales to be down ~3.28% to $5.48 bln

6:16 am Qualcomm announces receipt of report from Korea Fair Trade Commission alleging it violates Korean competition law (QCOM) :

The co confirmed that it has recently received the Korea Fair Trade Commission's staff-generated Case Examiner's Report, which commences a process that affords Qualcomm the ability to respond to allegations and defend itself. The ER alleges, among other things, that we do not properly negotiate aspects of our licenses, and that our practice of licensing our patents only at the device level and requiring that our chip customers be licensed to our intellectual property violate Korean competition law. The ER proposes remedies including modifications to certain business practices and monetary penalties.

• Qualcomm states the allegations and conclusions contained in the ER are not supported by the facts and are a serious misapplication of law and it intends to vigorously defend itself at the Commission hearings and remain hopeful that the Commission will reject the conclusions of the Examiner's Report. The company expects the process to take some time.

6:16 am Shanda Games shareholders approve the previously announced 'going private' transaction, deal expected to close within the month (GAME) :  

6:15 am PostRock Energy announced that the borrowing base on its bank credit facility was set at $39 million as of November 1 (PSTR) :

This reflects a $37 million reduction from the $76 million borrowing base which was last re-determined as of May 1, 2015. The reduction on the borrowing base is due to the decline in oil and natural gas prices, the roll off of hedges, and production of reserves since May 1, 2015. This new borrowing base will remain in effect until the next date the borrowing base is re-determined pursuant to the bank credit facility.

• On November 12, 2015, PostRock had $76.18 million (including issued but undrawn letters of credit) utilized on its bank credit facility resulting in a borrowing base deficiency of $37.18 million.

6:15 am Petrobras Brasileiro reports October oil and gas production, updates on the oil workers' strike (PBR) :

The co announced that its average oil and natural gas production in October in Brazil and abroad reached 2.76 million barrels of oil equivalent per day (boed), 1.6% higher than the 2.72 million boed recorded in September.

• Petrobras also announced that the unions are analyzing the proposal presented by the Company and until now, 10 of the 17 unions communicated their approval of its proposal and the end of the strike in their respective bases. Nevertheless, there are still ongoing manifestations in certain units.
• Since November 09, the impact on oil daily output stabilized at around 100,000 barrels, corresponding to approximately 5% of total production in Brazil. Daily natural gas production was reduced by 1.5 million cubic meters or 3% of the market's availability. Despite the effect on Brazil's oil and gas production, market supply is not being affected.

Petrobras separately announced that the drilling of an extension well proved the occurrence of oil in the Pitu area. The 3-BRSA-1317-RNS well, informally known as Pitu North 1, is the first extension well in the Pitu Discovery Evaluation Plan and is located 60 km off the coast of Rio Grande do Norte state at a water depth of 1,844 m and final well depth of 4,200 m.

6:14 am On The Wires (:WIRES) :

• Ericsson (ERIC) has been selected by U-Ming Marine Transport Corporation, a marine transportation company headquartered in Taipei, Taiwan, to deliver end-to-end connected vessel and voyage optimization solutions.
• Vigilant Biosciences, an innovator and developer of solutions that aid in the early detection and intervention of cancer, announced that it has selected Cardinal Health (CAH), as its third party logistics provider for its OncAlert Oral Cancer System.
• Oracle (ORCL) introduced a series of new innovations within the Oracle Marketing Cloud. The new innovations enable marketers to orchestrate relevant mobile interactions for consumers and salespeople, clearly attribute revenue to marketing activities and optimize the experience for individual customers.
• InterOil (IOC) reported that wireline logging from the Antelope-4 sidetrack-1 well in Petroleum Retention License 15 in Papua New Guinea has confirmed a southern extension of the Elk-Antelope field's high-quality, gas-bearing dolomite.
• Growmobile, Perion's (PERI) social and mobile marketing division, announced the launch of its expanded mobile marketing solution in Europe, adding mobile user acquisition and mobile engagement automation to its award winning social advertising. Growmobile has established offices in Paris, Barcelona and Milan, to be followed by additional locations during 2016.
• Tata Motors (TTM) and Ashok Auto Sales inaugurated a new 3S facility at Firozabad, providing customers with a complete experience of sales, service and spares, all under one roof. The new facility is one of the five facilities operated by Ashok.
• iPic, a 'pioneering industry leader' of award-winning night-out entertainment destinations that include luxury movie theaters and restaurants, sued Regal Entertainment (RGC) and AMC Entertainment (AMC) charging these two national movie distributors with anti-competitive activities as part of their ongoing efforts to illegally prevent the fair distribution of first-run movies to all theaters for moviegoers across the country.
• United Insurance Holdings (UIHC) announced that Ms. Judy Copechal has stepped down from the position of Chief Underwriting Officer of the Company effective November 13, 2015. Deepak Menon, Vice President of Operations and Business Development, will oversee the Underwriting and Product Management teams at the Company while the Company conducts a search for Copechal's replacement.
• Veracyte (VCYT) issued a statement in response to the Centers for Medicare and Medicaid Services' decision to use a "gapfill" approach to pricing the Afirma Gene Expression Classifier. CMS's final decision was published in its 2016 Clinical Laboratory Fee Schedule Final Determinations and reverses the agency's previous proposal to "crosswalk" the price of the Afirma GEC to that of a very different test, which would have resulted in a lower 2016 Medicare reimbursement rate for the Afirma GEC.

6:11 am Fairchild Semi to be acquired by ON Semiconductor (ON) for $20/share in cash, or ~$2.4 bln (FCS) :

Following consummation, the transaction is expected to be immediately accretive to ON Semiconductor's non-GAAP earnings per share and free cash flow, excluding any non-recurring acquisition related charges, the fair value step-up inventory amortization, and amortization of acquired intangibles. ON Semiconductor anticipates achieving annual cost savings of $150 million within 18 months after closing the transaction.

• The transaction is not subject to a financing condition. ON Semiconductor intends to fund the transaction with cash from the combined companies balance sheet and $2.4 billion of new debt. The debt financing commitment also includes provisions for a $300 million revolving credit facility which will be undrawn at close. ON Semiconductor remains committed to its share repurchase program, and the agreed upon financing provides flexibility to continue share repurchases going forward.
• The transaction has been unanimously approved by ON Semiconductor's and Fairchild's boards of directors and is expected to close late in the second quarter of 2016.

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

• NXP Semiconductors (NXPI) announced the launch of NHS315x, a therapy adherence improvement platform. This marks NXP's commitment to the Smart Health sector and showcases the pivotal role technology can play in long-term patient therapy.
• Intercontinental Exchange (ICE), the leading global network of exchanges and clearing houses, announced the successful launch of trading and clearing for ICE Futures Singapore and ICE Clear Singapore on Tuesday, November 17, 2015. Total volume of 8,847 contracts traded and cleared on November 17, across energy, gold and FX.
• Ericsson (ERIC), with Vodafone (VOD) and Qualcomm (QCOM), conducted world's first live testing of advanced LTE Carrier Aggregation of LTE in licensed and unlicensed bands on a commercial mobile network.
• Stratasys (SSYS) announced that automotive giant, Opel, is slashing manufacturing tool production costs by up to 90% using its Stratasys 3D Printers, as well as 3D printing assembly tools in less than 24 hours.
  

4:42 am Vertex Pharma receives 2 EU approvals for KALYDECO; Country-by-country reimbursement processes will now begin (VRTX) :

Co announced that the European Commission has approved expansion of the indication for KALYDECO to include children ages 2 to 5 with cystic fibrosis who have one of nine gating mutations in the cystic fibrosis transmembrane conductance regulator gene and to include people with CF ages 18 and older who have an R117H mutation.

• Ivacaftor was previously approved in the European Union for use in people with CF ages 6 and older who have one of nine gating mutations.
• In Europe, approximately 125 children with CF ages 2 to 5 have one of the nine gating mutations included in today's approval and approximately 350 adults with CF have an R117H mutation.
• Vertex will now begin the country-by-country reimbursement approval processes for each new indication.

4:37 am Spectrum Pharma sells rights ZEVALIN in Japan and select countries to Mundipharma; to receive an up-front payment of $15 mln (SPPI) :

Spectrum Pharmaceuticals announced the divestment of ZEVALIN rights in Japan and other countries in Asia Pacific (excluding China and India), Middle East, Africa and Latin America, to Mundipharma.

• Spectrum will receive an up-front payment of $15 million plus $5 million in profits on initial ZEVALIN supply.
• Spectrum will continue to own ZEVALIN rights for US, Canada, and Europe

4:33 am VimpelCom to divest stake in Zimbawe subsidiary for $40 mln (VIP) :

VimpelCom announced that its 51.9% owned subsidiary, Global Telecom, has entered into an agreement with ZARNet to sell its stake in Telecel International for $40 mln.

• Telecel International owns 60% of Telecel Zimbabwe.
• Transfer of ownership to ZARNet will occur after customary conditions are satisfied.

4:23 am DBV Technologies presents preclinical Data on its Viaskin technology (DBVT) :

Co presented new preclinical data on the use of its Epicutaneous Immunotherapy, Viaskin patch technology for vaccination against respiratory syncytial virus at the RSV Vaccines.

• In the preclinical study, co observed an immunogenic response in mice and swine treated with Viaskin with a patented formulation containing an N-FsII antigen, and that Viaskin-N-FsII promoted a Th1/Th17 oriented immune response.
• Due to Viaskin's novel delivery mechanism, which does not require any injection or skin preparation before application, the Viaskin- N-FsII epicutaneous vaccine could potentially provide a safe solution for vaccination against RSV in newborns.
• However, further preclinical and clinical studies will need to support the safety and efficacy of this treatment.

4:11 am On The Wires (:WIRES) :

• Polaris Industries (PII) introduced the Polaris GENERAL, the new off-road vehicle.
• Amazon.com (AMZN) announced holiday deals start on Friday, November 20, with new deals added as often as every five minutes for eight straight days at www.amazon.com/blackfriday. Customers will have access to 10 coveted Deals of the Day starting at midnight on Thanksgiving, and up to 10 more on Black Friday.
  

4:09 am BCE reports results of conversion of its series R preferred shares into series Q preferred shares; none of its fixed rate Cumulative Redeemable First Preferred Shares will be converted into floating rate Cumulative Redeemable First Preferred Shares on Dec 1 (BCE) :  

4:03 am Opus Bank prices secondary offering of 5,479,452 shares of its common stock by selling shareholders at $36.50 per share (OPB) : Offering is offerred by investment funds affiliated with Fortress Investment Group (FIG), Elliott Associates, Starwood Capital Group Global, Abrams Capital Management, PMG Ventures Holdings, and Mount Kellett Master Fund.

4:00 am Teck Resources announces $650 mln in cost reduction measures; to cut ~2K jobs over 18 months; slashes quarterly dividend (TCK) :

In response to persistent low commodity prices, Teck is implementing additional measures to reduce costs and conserve capital:

• Reduction in total spending of $650 million in 2016, to be achieved through $350 million of capital spending reductions and deferrals and $300 million of operating cost savings identified as part of the 2016 operating budget.
• Elimination of an additional 1,000 positions across Teck's global offices and operations, through a combination of layoffs and attrition. This will include a reduction in senior management positions and brings total labour force reductions over the past 18 months to approximately 2,000 positions.
• Withdrawal of the Coal Mountain Phase 2 (CMO Phase 2) project from the Environmental Assessment process and suspension of further work on the project.
• The co also announced it has lowered its quarterly dividend to $0.05/share from $0.12/share

3:51 am Rackspace prices upsized offering of $500 mln of 6.500% senior notes due 2024 (RAX) : The offering size was increased to $500 million from $350 million

3:50 am Time Warner prices $600 mln of 3.875% senior notes due 2026 and $300 mln of 4.85% debentures due 2045 (TWX) :  

3:48 am GNC Holdings issues statement regarding Federal Enforcement Actions (GNC) : Co issued the following statement today in response to enforcement actions announced by federal authorities.

"We are aware of the actions taken today by the Department of Justice (:DOJ) and other federal agencies with respect to USP Labs. As soon as GNC was made aware of this investigation, the Company provided its full cooperation...We also demand that all GNC employees adhere to the highest legal and ethical standards and have a zero tolerance policy for actions that deviate from those standards. Any employee in violation of our compliance policies would be immediately dismissed from the Company..."

3:46 am Ashland announces $500 mln accelerated share repurchase through Dec 2017 (ASH) :  

3:43 am DDR announces final conversion price for its 1.75% convertible notes due 2040 (DDR) :  

3:42 am EZchip: Raging Capital comments on shareholder opposition to proposed EZchip merger; views 'Go Shop' a victory for shareholders (EZCH) :

Raging Capital Management, the largest shareholder of EZchip Semiconductor (EZCH), owning ~7.2% of the ordinary shares outstanding, commented today on EZchip's decision to postpone the shareholder vote on the Company's proposed sale to Mellanox Technologies (MLNX) and to include a "Go Shop" provision in its agreement with Mellanox

• "EZchip's decision to amend the agreement with Mellanox to allow for a Go Shop provision supports our strong belief that the original process to sell EZchip was both flawed and incomplete. While we believe EZchip should not have entered into the contract with Mellanox to begin with, now that they have belatedly agreed to a Go Shop process, we intend to hold the Board and management accountable if this process is not conducted in a manner that gives other interested parties a full and fair opportunity to make superior proposals."
  

3:37 am Norfolk Southern confirms Canadian Pacific's (CP) acquisition interest, says will carefully evaluate (NSC) :

Norfolk Southern (NSC) confirmed that it has received an unsolicited, low-premium, non-binding and highly conditional indication of interest from Canadian Pacific (CP) to acquire the Company for $46.72 in cash and a fixed exchange ratio of 0.348 Canadian Pacific shares per Norfolk Southern share, representing a premium of less than 10% based on closing prices

• The Company's board of directors, in consultation with its financial and legal advisors, will carefully evaluate and consider this indication of interest in the context of Norfolk Southern's strategic plans, and its ongoing review of opportunities to enhance stockholder value through strategic, financial and operational measures and pursue the best interests of the Company and its stockholders.

3:02 am CareDx: CMS determines reimbursement for AlloMap to remain at previous level (CDNA) :

CareDx commended the Centers for Medicare and Medicaid Services (CMS) for revising the 2016 pricing determinations for AlloMap in the final Clinical Laboratory Fee Schedule, released by CMS on November 17 2015.

• Final pricing determinations for the 2016 CLFS include a payment rate for AlloMap of $2,821, which is the same as the existing rate set by a number of Medicare Administrative Contractors

2:59 am Novartis unit Sandoz receives FDA acceptance for proposed biosimilar pegfilgrastim (NVS) :

Sandoz, a Novartis company and the global leader in biosimilars, announced today that the FDA has accepted its Biologics License Application (:BLA) under the 351 (k) pathway for its proposed biosimilar to Amgen's US-licensed Neulasta (pegfilgrastim) - a recombinant human granulocyte colony-stimulating factor.

• Sandoz is seeking approval for the same indication as the reference product.
• Pegfilgrastim is a prescription medicine used to help reduce the chance of infection due to a low white blood cell count, in patients with cancer who receive chemotherapy that can cause fever and a low blood cell count

2:38 am Ameren prices offering of $700 mln of senior notes, consisting of $350 mln of 2.700% senior notes due 2020 and $350 mln of 3.650% senior notes due 2026 (AEE) :  

2:18 am On The Wires (:WIRES) :

• Channell Commercial (CHNL) announced that it has resolved its patent infringement lawsuit against PenCell Plastics, Hubbell and Hubbell Power Systems. The lawsuit generally related to Channell's patented grade level vaults and pits for underground closure connections and fiber storage.
• Garmin International, a unit of Garmin (GRMN), announced Terminal Safety Solutions, a unique set of technologies that provide a better state of situational awareness to pilots throughout the airport terminal environment, including SurfaceWatch, TerminalTraffic and SafeTaxi.