Coeur d'Alene Mines Corporation

Published : August 04th, 2015

5:21 pm Coeur d'Alene Mines beats by $0.11, reports revs in-line; raises FY15 production guidance by ~2%

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5:21 pm Coeur d'Alene Mines beats by $0.11, reports revs in-line; raises FY15 production guidance by ~2%

6:04 pm Global Indemnity plc announces pricing of $100 mln offering of 7.75% Subordinated Notes due 2045 (GBLI) :  

6:01 pm Alliant Energy beats by $0.07, reports revs in-line; reaffirms FY15 EPS guidance (LNT) : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.60; revenues fell 4.4% year/year to $717.2 mln vs the $710.98 mln consensus.

Co reaffirms guidance for FY15, sees EPS of $3.40-3.60, excluding non-recurring items, vs. $3.63 Capital IQ Consensus Estimate.

6:01 pm Grupo Aeroportuario reports July traffic +16% (OMAB) :  

5:58 pm Colliers acquires Pointe Gruop Advisors; terms not disclosed (CIGI) : Co announces the acquisition of Pointe Group Advisors, a commercial real estate services firm specializing in property management, project management and sales and lease brokerage. Founded in 2003 by Peter Gardner, who will continue to lead Colliers property management operations in South Florida, this acquisition brings a portfolio of more than 7 million sq. ft. of office, industrial and retail space in South Florida and more than 70 professionals operating from two offices in the state. Details of the transaction were not disclosed.

5:54 pm PAREXEL beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; reaffirms FY15 EPS guidance, revs guidance (PRXL) : Reports Q4 (Jun) earnings of $0.79 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.74; revenues rose 2.4% year/year to $522.98 mln vs the $526.75 mln consensus.

  • Gross new business wins of $818 million, up 11%; net book-to-bill of 1.19; backlog at $5.3 billion
Co issues downside guidance for Q1, sees EPS of $0.59-0.65, excluding non-recurring items, vs. $0.72 Capital IQ Consensus Estimate; sees Q1 revs of $505-515 mln vs. $522.22 mln Capital IQ Consensus Estimate.

Co reaffirms guidance for FY15, sees EPS of $3.02-3.38 vs. $2.74 Capital IQ Consensus Estimate; sees FY15 revs of $2.16-2.21 bln vs. $2.02 bln Capital IQ Consensus Estimate.

5:51 pm WGL Holdings beats by $0.31, misses on revs; raises FY15 EPS guidance above consensus (WGL) : Reports Q3 (Jun) earnings of $0.22 per share, $0.31 better than the Capital IQ Consensus Estimate of ($0.09); revenues fell 5.6% year/year to $441.17 mln vs the $466.9 mln consensus.

Co issues upside guidance for FY15, sees EPS of $2.90-3.10, excluding non-recurring items, (raised from $2.70-2.90) vs. $2.88 Capital IQ Consensus Estimate.

5:40 pm Axiall beats by $0.13, misses on revs (AXLL) : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of $0.20; revenues fell 14.4% year/year to $1.06 bln vs the $1.12 bln consensus.

Outlook:
Compared sequentially to the second quarter, the company expects the following factors to impact its third-quarter results:

  • In the Chlorovinyls segment, Axiall expects the ECU pricing environment to remain challenging. The co expects an increase in caustic soda sales volumes and flat sales volumes for vinyl resins. Maintenance costs are expected to be somewhat lower.
  • Natural gas and ethylene costs are expected to largely track changes in market prices for these products as the co does not expect any material changes in the components of its ethylene supply portfolio during Q3 and the impact of natural gas hedges is expected to be similar to Q2 of 2015. As a result of all these factors the co expects modest improvement in Chlorovinyls Adjusted EBITDA for Q3 of 2015 compared to Q2 of 2015.
  • The co expects Q3 2015 results for its Building Products and Aromatics segments to be similar to the results for Q2 of 2015, subject to shifts in raw materials pricing that could cause inventory holding losses or gains in the Aromatics segment.

5:39 pm Terra Nitrogen Q2 EPS $3.31 vs. $3.16 last year; rev -8% to $153.6 mln (no estimates) (TNH) :  

5:37 pm Tracon Pharmaceuticals reports Q2 results; discusses pcoming development milestones (TCON) :

  • Co reports Q2 EPS of ($0.24) vs ($0.45) estimate; revs $4.2 mln vs $1 mln estimate. 
  • Upcoming Development Milestones
    • initiate four additional clinical studies of TRC105 before the end of 2015: multicenter Phase 1b/2 trial of TRC105 and Nexavar in patients with HCC. Phase 1b trial of TRC105 with Avastin and carboplatin and paclitaxel in patients with non-small cell lung cancer. Phase 1b/2 trial of TRC105 with Afinitor and Femara in patients with advanced breast cancer. Phase 1b trial of TRC105 with Stivarga in patients with colorectal cancer.
    • Co expects the NCI to initiate four additional clinical studies of TRC102 in the next nine months: A Phase 2 trial of TRC102 and Temodar in glioblastoma. A Phase 1b trial of TRC102 and Alimta (pemetrexed) and cisplatin in patients with refractory solid tumors. A Phase 2 trial of TRC102 and Alimta in patients with mesothelioma. A Phase 1b trial of TRC102 and chemoradiation therapy in patients with lung cancer.
    • Co expects to present data at the World Congress on Gestational Trophoblastic Neoplasia in September 2015 from a single patient Phase 2 study combining TRC105 and Avastin in a patient with refractory and metastatic choriocarcinoma. Choriocarcinoma is a tumor type, like angiosarcoma, known to express high levels of endoglin.

5:35 pm American Residential Properties misses by $0.04, beats on revs (ARPI) : Reports Q2 (Jun) core funds from operations of $0.16 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.20; revenues rose 54.5% year/year to $32.05 mln vs the $30.76 mln consensus.

  • Increased the leased rate on the total portfolio to 93.6%, up 4.6% from 89.0% as of Q1 of 2015.
  • Reached a leased rate of 94.1% on stabilized properties, up from 92.9% as of Q1 of 2015.
  • Achieved rent increases averaging 3.7% on renewals with an overall resident retention rate of 75.2%.

5:35 pm CF Industries misses by $0.01, reports revs in-line (CF) : Reports Q2 (Jun) earnings of $1.49 per share, $0.01 worse than the Capital IQ Consensus Estimate of $1.50; revenues fell 10.9% year/year to $1.31 bln vs the $1.32 bln consensus.

  • Outlook: CF Industries entered the third quarter with an excellent order book for ammonia and UAN, supporting an expectation of 2016 fertilizer year demand consistent with 2015 levels...

    Wet weather and reduced yield estimates, especially for corn, had driven price increases in grains, giving farmers opportunities to lock in positive returns for the 2015 crop. As a result, the company forecasts farmers to plant 89.5 million acres of corn next year, compared to 88.9 million acres in the current year. This is expected to support steady North American nitrogen fertilizer demand, including direct application of ammonia in the fall season.

    Given current projections for total urea demand and supply from outside of China, Chinese urea exports are expected to surpass 12 million tons in 2015. Additionally, new operating capacity for urea outside of China is estimated at 5.5 million tons in 2015, which will be the largest single-year volume increase since the mid-1980s. Even with the additional capacity, Chinese anthracite coal-based production will continue to be the marginal global supplier. The global capacity additions will keep pressure on urea and other nitrogen fertilizer prices, particularly UAN. North American demand for UAN is projected essentially unchanged in 2016 compared to 2015."

5:35 pm Agrium beats by $0.11, misses on revs; lowers FY15 EPS guidance (AGU) :

  • Reports Q2 (Jun) earnings of $4.90 per share, $0.11 better than the Capital IQ Consensus of $4.79; revenues fell 4.7% year/year to $6.99 bln vs the $7.29 bln consensus. 
  • Co lowers guidance for FY15, to $7.00-7.50 from $7.00-8.25 vs. $7.45 Capital IQ Consensus Estimate. 
    • "We have narrowed the guidance range due primarily to the impact of low crop prices on grower decisions and lower expected potash and phosphate pricing in the second half of the year relative to our previous guidance. We are assuming a normal fall season, recognizing there is risk to fall nutrient applications in regions impacted by drought or a delay in the North American harvest. As a result, our Retail EBITDA(4) for 2015 is now expected to be from $1.00-billion to $1.05-billion. This incorporates challenges that our Canadian retail operations face in 2015 due to the drought and lower crop prices, while our U.S. Retail operations is expected to achieve earnings in-line with 2014 levels. Our annual nitrogen and potash production targets remain unchanged. However, strong sales in the second quarter resulted in low beginning inventories to start the third quarter, which will impact sales volumes in this period. We have updated our finance costs range for 2015 to $240-million to $255-million to reflect a higher than anticipated cost of financing for our customer pre-payment programs. Our estimates of the Canada and U.S. foreign exchange rates and NYMEX for 2015 have been narrowed from our previous estimates based on current market conditions.

5:33 pm Resource Capital's subsidiary Resource Capital Corp announces it will issue $223.735 mln in non-recourse, floating-rate notes (RSO) : The notes will be issued at a weighted average cost of LIBOR +171 basis points, and include both Class A and B notes. The Company will retain the subordinated notes and the preferred shares in the transaction, totaling $89.2 million, or 28.5% of the deal and is expected to close on August 20, 2015

5:31 pm Neptune Technologies announces the appointment of Mario Paradis as Chief Financial Officer, effective on August 24,2015 (NEPT) : Paradis was formerly Vice President and Chief Financial Officer at Atrium, which was acquired in 2014

5:28 pm RSP Permian prices its upsized offering of $200 mln in aggregate principal amount of its 6.625% Senior Notes due 2022 in a private placement (RSPP) :  

5:27 pm Hawaiian Holdings reports July 2015 traffic statistics showing RPMS up 3.8% Y/Y to 1,362,731 (HA) :

  • Co also reported Available Seat Miles (ASMs) increased 3.9% Y/Y to 1,612,312
  • The prior inaccurate comment, citing RPMs of -5.2% has been removed and replaced

5:26 pm Noranda Aluminum reports that aluminum production continues at co New Madrid plant following damage to casthouse (NOR) :

  • Although the incident affected the Company's production of extrusion billet, the Company is redirecting that portion of the plant's molten aluminum output to other saleable products such as redraw rod and aluminum ingot.
  • No estimates are available at this time regarding the financial impact of the incident. Noranda expects that some or all of the financial impact will be mitigated by property and business interruption insurance.

5:25 pm AG Mortgage Investment Trust beats by $0.03 (MITT) : Reports Q2 (Jun) core earnings of $0.65 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.62.

  • Book value declined $0.66 or 3.3% from last quarter
  • Hedge ratio at quarter end of 84% of Agency RMBS repo notional, or 47% of financing
  • 11.4% constant prepayment rate ("CPR") on the Agency RMBS investment portfolio for the second quarter, excluding net TBA position
  • 3.64x leverage and 2.86% net interest margin as of June 30, 2015

5:25 pm Barrick Gold misses by $0.07, reports revs in-line (ABX) :

  • Reports Q2 (Jun) loss of $0.01 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.06; revenues fell 9.2% year/year to $2.23 bln vs the $2.25 bln consensus. 
  • Gold production guidance for 2015 has been adjusted to 6.1-6.4 million ounces to reflect the impact of divestments, with production 55 percent weighted to the second half of the year. Costs are expected to be 10 percent lower in the second half of 2015. Full-year all-in sustaining cost guidance is $840-$880 per ounce, down from $860-$895 per ounce. 
  • Total copper guidance for 2015 remains unchanged at 480-520 million pounds at C1 cash costs of $1.75-$2.00 per pound.
Cost Cutting
  • "With a $4 billion undrawn credit facility and $2.1 billion in cash on hand at the end of the second quarter, we will continue to pursue our debt reduction target in a disciplined manner and will take only those actions that make sense for the business, on terms we consider favorable to our shareholders".
  • "Anticipating the potential for weaker gold prices in the second half of 2015, we challenged our leaders to cut spending by $1 billion. We have now increased this target. By the end of 2016, we are targeting $2 billion in reduced expenditures across the company. These reductions will come from operating expenses, capital spending and corporate overhead. We have identified $1.4 billion in potential opportunities to date. This will strengthen the resilience of our portfolio in a lower gold price environment, while positioning us to deliver stronger margins when gold prices recover".

5:24 pm New Residential Investment reschedules Q2 earnings release and conference call to August 10, 2015 prior to the open (NRZ) : In addition, the Company is rescheduling its previously announced conference call to Monday, August 10, 2015 at 8:00 A.M. Eastern Time.

5:24 pm Murphy USA misses by $0.17, misses on revs (MUSA) : Reports Q2 (Jun) earnings of $0.59 per share, $0.17 worse than the Capital IQ Consensus Estimate of $0.76; revenues fell 25.5% year/year to $3.5 bln vs the $3.81 bln consensus.

  • During the second quarter of 2015, Murphy USA opened nine retail locations. The co also has 39 sites currently under construction that will be added to its network in the near future.
  • "Our non-core Hereford and CAM Pipeline assets have been significantly improved and are now more attractive to prospective future buyers."

5:23 pm American Capital announces its intent to establish a $450 mln CLO Fund (ACAS) : The Fund, which will be comprised entirely of third party investors, will purchase $300 million of American Capital's existing CLO equity portfolio at its fair value. The transaction is expected to increase the company's AUM by 3%.

5:22 pm Multi-Fineline beats by $0.19, beats on revs; guides Q3 revs in-line (MFLX) : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, $0.19 better than the Capital IQ Consensus Estimate of $0.30; revenues rose 16.8% year/year to $152.8 mln vs the $150 mln consensus.

  • Co issues in-line guidance for Q3, sees Q3 revs of $155-185 mln vs. $174.54 mln Capital IQ Consensus Estimate. 
  • "We anticipate a sequential increase in net sales driven by the new programs we expect to ramp during the third quarter. As is typical of new program ramps, our results will be highly dependent on the timing of the ramps across our customer base. We believe sequential net sales growth will continue into the December quarter, which has historically been our strongest quarter, supporting our expectations for healthy year-over-year sales growth and significant profitability for full year 2015."

5:21 pm Transocean beats by $0.60, beats on revs (RIG) : Reports Q2 (Jun) earnings of $1.11 per share, excluding non-recurring items, $0.60 better than the Capital IQ Consensus Estimate of $0.51; revenues fell 19.1% year/year to $1.88 bln vs the $1.71 bln consensus.

  • "Despite the challenging market conditions, Transocean delivered strong operating results and underlying cash flow in the period due to exceptional revenue efficiency and a relentless emphasis on cost management."

5:21 pm Vectren beats by $0.02, beats on revs; reaffirms FY15 EPS guidance (VVC) : Reports Q2 (Jun) earnings of $0.43 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.41; revenues rose 1.6% year/year to $551 mln vs the $526.03 mln consensus.

Co reaffirms guidance for FY15, sees EPS of $2.40-2.55 vs. $2.47 Capital IQ Consensus Estimate.

5:20 pm ION Geophysical misses by $0.04, misses on revs (IO) :

  • Reports Q2 (Jun) loss of $0.27 per share, $0.04 worse than the Capital IQ Consensus Estimate of ($0.23); revenues fell 69.7% year/year to $36.8 mln vs the $45.63 mln consensus. 
  • "In our first quarter call, we indicated that we expected our second quarter results to be similar to the first quarter, but expected an increase to our revenues in second half of the year. Our second quarter results and outlook for the remainder of the year are playing out as we originally anticipated..."

5:19 pm Albemarle beats by $0.02, reports revs in-line; reaffirms FY15 EPS guidance, in-line (ALB) : Reports Q2 (Jun) earnings of $0.84 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.82; revenues rose 54.0% year/year to $931.5 mln vs the $922.96 mln consensus. "All of Albemarle's core businesses, with the exception of Clean Fuels Technologies, delivered outstanding results in the second quarter. EBITDA margins in our core businesses were 30% for the quarter and 29% for the first half of the year."

  • Co reaffirms guidance for FY15, sees EPS of $3.65-4.05 vs. $3.86 Capital IQ Consensus Estimate.

5:18 pm Party City prices its offering of $350 million in senior notes due 2023 at 6.125% (PRTY) : Net proceeds from the sale of the Notes, together with borrowings under its senior credit facilities, will be used to redeem all of the $700 million outstanding aggregate principal amount of the 8.875% senior notes due 2020 issued by the company's subsidiary Party City Holdings.

5:18 pm China Biologic Products beats by $0.17, beats on revs; guides FY15 revs in-line (CBPO) : Reports Q2 (Jun) earnings of $1.06 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus Estimate of $0.89; revenues rose 31.6% year/year to $79.06 mln vs the $71.16 mln consensus. Co issues in-line guidance for FY15, sees FY15 revs of $290-295 mln vs. $295.08 mln Capital IQ Consensus Estimate. Non-GAAP adjusted net income is expected to be in the range of $95-97 mln.

5:17 pm Turquiose Hill Resources misses by $0.01, beats on revs; continues to expect signing of financing by end of year (TRQ) : Reports Q2 (Jun) earnings of $0.02 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.03; revenues fell 8.3% year/year to $421.3 mln vs the $412.72 mln consensus.

  • Turquoise Hill continues to expect signing of project financing by the end of 2015. The 2015 Oyu Tolgoi Feasibility Study, which was submitted to the Mongolian Minerals Council in March 2015, has been tentatively accepted pending an update of schedules and alignment with the Underground Plan.
  • A planned concentrator shutdown at Oyu Tolgoi was successfully completed in July 2015. Initial assessment of the improvement projects completed appears positive. Production of higher-grade ore is expected to continue into the second half of 2015. Oyu Tolgoi's metal production, especially gold, is strongly dependent on the proportion of ore treated from the high-grade zone. During the second half of the year, copper production is expected to be higher than the first half while gold production is expected to moderate as grades begin to decline in the later part of Q3'15. Turquoise Hill continues to expect Oyu Tolgoi to produce 175,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates in 2015. Sales contracts have been signed for 100% of Oyu Tolgoi's expected 2015 concentrate production. 
  • Oyu Tolgoi began accessing higher-grade material in Q2'15. Record-setting concentrate production for Q2'15 increased 64.6% over Q1'15 due to a 20.1% increase in concentrator throughput and higher head grades. Throughput for Q2'15 also set records for Oyu Tolgoi. Copper and gold in concentrates increased 64.6% and 176.7% respectively over Q1'15.

5:14 pm Kadant beats by $0.05, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY15 EPS in-line, revs below consensus (KAI) : Reports Q2 (Jun) earnings of $0.78 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.73; revenues fell 6.2% year/year to $98.3 mln vs the $97.3 mln consensus.

  • Co issues downside guidance for Q3, sees EPS of $0.70-0.72 vs. $0.84 Capital IQ Consensus Estimate; sees Q3 revs of $95-97 mln vs. $106.3 mln Capital IQ Consensus Estimate. 
  • For FY15, co sees EPS of $3.05-3.11 vs. $3.10 Capital IQ Consensus Estimate and vs prior guidance of $3.05-3.15; sees FY15 revs of $395-400 mln vs. $406.8 mln Capital IQ Consensus Estimate and vs prior guidance of $403-410 mln.
  • FY15 guidance was lowered because co expects the shipment dates for several capital projects in China to be delayed into 2016.

5:13 pm Energy Transfer beats by $0.26, misses on revs (ETP) : Reports Q2 (Jun) earnings of $0.67 per share, $0.26 better than the Capital IQ Consensus Estimate of $0.41; revenues fell 18.1% year/year to $11.54 bln vs the $12.41 bln consensus.

5:13 pm Geron reports EPS in-line, misses on revs (GERN) : Reports Q2 (Jun) loss of $0.06 per share, in-line with the Capital IQ Consensus Estimate of ($0.06); revenues fell 26.4% year/year to $0.25 mln vs the $0.4 mln consensus.

  • The company expects research and development expenses to increase during the remainder of the year as the development of imetelstat continues in collaboration with Janssen. 
Status of Imetelstat Collaboration with Janssen 
  • In June 2015, the United States Food and Drug Administration (:FDA) granted orphan-drug status to imetelstat for the treatment of myelofibrosis. 
  • In July 2015, the IMbark study, a Phase 2 clinical trial to evaluate the activity of two dose levels of imetelstat in patients with DIPSS intermediate-2 or high-risk myelofibrosis who have relapsed after or are refractory to a JAK inhibitor, opened to patient enrollment at the first study site. Multiple medical centers across North America, Europe and Asia are planned to participate in this clinical trial. 
  • "We expect our transition activities for the imetelstat program to Janssen to be completed in the third quarter and have been pleased with the progress Janssen has made with imetelstat

5:11 pm Marathon Oil reports EPS in-line, misses on revs; reaffirma total Company and U.S. resource play production growth (MRO) : Reports Q2 (Jun) loss of $0.23 per share, in-line with the Capital IQ Consensus Estimate of ($0.23); revenues fell 47.9% year/year to $1.53 bln vs the $1.61 bln consensus. Total Company net production from continuing operations (excluding Libya) averaged 407,000 net boed, up 6% over the year-ago quarter; U.S. resource play net production of 220,000 net boed up nearly 30% over year-ago quarter.

  • Reaffirming total Company and U.S. resource play production growth rates of 5-7% and 20%, respectively, year over year. 
  • For third quarter 2015, the Company expects North America E&P production available for sale to average 260,000 to 270,000 net boed, reflecting a full quarter at reduced drilling activity levels across the U.S. resource plays. Importantly, however, Marathon Oil confirms the resource plays remain on track to achieve annual growth in available for sale volumes of 20 percent year-over-year. 
  • Third quarter International E&P production available for sale (excluding Libya) is expected to be within a range of 105,000 to 115,000 net boed. 
  • The Company is raising the lower end of its full-year 2015 E&P production guidance range, resulting in a new range of 375,000 to 390,000 net boed. Full-year 2015 guidance for the total Company production growth rate remains 5-7 percent.

5:11 pm Alliance One reports Q1 loss of $2.58 a share vs yr-ago loss of $2.12; revs rose 5.9% to $263.8 mln; no estimates available (AOI) :  

5:10 pm IAMGOLD reports Q2 (Jun) results, misses on revs (IAG) : Reports Q2 (Jun) loss of $0.08 per share, may not be comparable to the Capital IQ Consensus Estimate of ($0.06); revenues fell 2.1% year/year to $226.5 mln vs the $233.76 mln consensus.

5:10 pm Healthcare Realty beats by $0.03, reports revs in-line (HR) : Reports Q2 (Jun) funds from operations of $0.39 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.36; revenues rose 5.5% year/year to $96.7 mln vs the $97.24 mln consensus. Same store occupancy improved to 89.5% from 87.8% a year ago.

5:10 pm Atmos Energy beats by $0.03; guides FY15 EPS in-line (ATO) : Reports Q3 (Jun) earnings of $0.54 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.51. Co issues raised guidance for FY15, sees EPS of $3.00-3.10 from $2.90-3.058 vs. $3.03 Capital IQ Consensus Estimate. 

  • Net income from regulated operations is now expected to be in the range of $290 million to $305 million, and net income from nonregulated operations is now expected to be in the range of $14 million to $18 million. Capital expenditures for fiscal 2015 are expected to continue to range between $900 million and $1 billion.

5:09 pm Avalon Rare Metals receives continued listing notice from NYSE (AVL) : Pursuant to Section 1003(f)(v) of the Exchange's Company Guide, the Company's continued listing is contingent upon the Company effecting a share consolidation within a reasonable period of time or upon a sustained increase in its share price. The co notes a potential share consolidation, if required, will need to be approved by the Company's shareholders at the Company's next annual general meeting currently planned for February, 2016.

5:08 pm Heritage Financial Corp. enters into an agreement with the FDIC to terminate all existing loss share agreements; settled via a $7.1 mln payment to the FDIC (HFWA) : The termination results in a pre-tax gain of ~$1.7 million during the third quarter of 2015 and the elimination of the FDIC indemnification asset and the FDIC clawback liability

5:07 pm Mattersight beats by $0.01 (MATR) : Reports Q2 (Jun) loss of ($0.17) per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.18); revenues rose 33% year/year to $9.7 mln vs the $9.60 mln consensus.

5:07 pm Brunswick announces an extension of its joint venture with Commercial Distribution Finance, a division of GE Capital, through 2019 (BC) : The joint venture, Brunswick Acceptance Company, was formed in 2002 and the current agreement was to expire at the end of 2016.

5:04 pm Marina Biotech granted Fast Track designation by the FDA for CEQ508, an investigational RNAi therapeutic for the treatment of Familial Adenomatous Polyposis (MRNA) : Currently, there is no pharmaceutical approach available to treat FAP, which affects an estimated one in 10,000 people worldwide and is associated with a near 100% risk of colon cancer if untreated. With the support of a development/marketing partner or the receipt of sufficient direct funding, the company expects to initiate Cohort 3 in 2016.

5:03 pm Royal Gold announces an agreement to purchase Barrick Gold's (ABX) 60% interest in its Pueblo Viejo mine, for $610 mln (RGLD) : Co entered into a $610 million Precious Metals Purchase and Sale Agreement with Barrick Gold (ABX) Corporation to purchase a percentage of the gold and silver production attributable to Barrick's 60% interest in the Pueblo Viejo mine located in the Dominican Republic. Pueblo Viejo is an open-pit mining operation located 100 kilometers northwest of Santo Domingo.

  • On a 100% basis, 2014 gold production was approximately 1.11 million ounces, silver production was 3.85 million ounces, and all-in sustaining costs were $588 per ounce. Total mine proven and probable reserves were 15.50 million ounces of gold and 97.20 million ounces of silver, while measured and indicated resources2 were 10.50 million ounces of gold and 61.20 million ounces of silver

5:03 pm RLJ Lodging Trust misses by $0.01, reports revs in-line (RLJ) : Reports Q2 (Jun) funds from operations of $0.74 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.75; revenues rose 2.1% year/year to $301.25 mln vs the $302.79 mln consensus. 

  • Lowers 2015 Pro forma Consolidated Hotel EBITDA guidance to $400-415.0 mln from $405-425.0 mln

5:02 pm Chimera Investment misses by $0.04, misses on revs; confirms internalization of management; announces $250 mln buyback (CIM) : Reports Q2 (Jun) earnings of $0.57 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.61; revenues rose 31.8% year/year to $149.76 mln vs the $160.24 mln consensus.

  • In connection with the internalization, Chimera entered into a transition services agreement with its external manager, Fixed Income Discount Advisory Company, a wholly owned subsidiary of Annaly (NLY). Under the transition services agreement, FIDAC will continue to provide the Company with certain transition services related to business support through the end of the year. No termination fee was paid by Chimera in connection with internalization
  • As part of the agreement, Chimera will purchase Annaly's 4.4% stake in Chimera for a purchase price of $126.4 million ($14.05 per share) as part of a new $250 million share repurchase program authorized by the Chimera Board. 
  • Managed assets down to $15.4 billion from $16.0 billion at March 31, 2015 based on amortized cost 

4:58 pm American Capital beats by $0.02, beats on revs (ACAS) : Reports Q2 (Jun) earnings of $0.24 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 68.0% year/year to $168 mln vs the $154.08 mln consensus. As of June 30, 2015, net asset value ("NAV") per share was $20.35, a $0.23 per share increase from the March 31, 2015 NAV per share of $20.12.

4:58 pm C&J Energy beats by $0.07, misses on revs (CJES) : Reports Q2 (Jun) adjusted loss of $0.46 per share, $0.07 better than the Capital IQ Consensus Estimate of ($0.53); revenues rose 39.0% year/year to $511.2 mln vs the $562.01 mln consensus.

  • Adjusted EBITDA was $31.8 million for the first quarter of 2015 and $52.8 million for the second quarter of 2014.

  • Co states: "In response to market conditions, and also as part of our integration plan, late in the first quarter we began to scale back our operations and align our cost structure with activity levels. We stacked idle equipment, reduced headcount, implemented strict cost control measures and negotiated substantial price reductions with suppliers to lower our operating costs..."

4:56 pm W.R. Grace files a form-10 registration in connection with its spin off its Construction Products and Darex Packaging Technologies businesses (GRA) : The planned separation, which is expected to be tax-free to Grace's U.S. shareholders, remains on track to be completed in the first quarter of 2016

4:56 pm Terreno Realty authorized by its Board to repurchase up to 2 mln shares of its common stock through December 31, 2016 (TRNO) :  

4:55 pm Equity Commonwealth beats by $0.02, misses on revs (EQC) : Reports Q2 (Jun) funds from operations of $0.52 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.50; revenues fell 5.3% year/year to $203.69 mln vs the $208.87 mln consensus.  

The company continues to pursue its previously announced plan to sell $2 to $3 billion of assets through 2017, creating capacity for future opportunities. As of August 5, co has sold $1.5 billion of assets at a weighted average cap rate in the mid 7% range.

4:55 pm Northwest Pipe misses by $0.45, misses on revs; co sees revenue growth of 10-15% in Water Transmission business (NWPX) : Reports Q2 (Jun) loss of $0.71 per share, excluding non-recurring items, $0.45 worse than the Capital IQ Consensus Estimate of ($0.26); revenues fell 47.3% year/year to $53.8 mln vs the $69.4 mln consensus.

Outlook:

  • "In the coming quarter, we expect revenue growth of 10-15% in our Water Transmission business as we start production on the next segment of the Integrated Pipeline Project in Texas. Third quarter margins are expected to remain compressed in the mid-single digits. Nevertheless, bidding activity is expected to grow in the third and fourth quarters, leading to improving results in this business," said Scott Montross, President and Chief Executive Officer of the Company.
  • "With the recently announced decision to explore the transformative sale of our remaining energy Tubular Products business, we should now be able to sharpen our focus on enhancing shareholder value through a variety of initiatives, including organic growth and M&A in our core Water Transmission business."

4:55 pm LHC Group beats by $0.10, beats on revs; guides FY15 EPS above consensus, revs above consensus (LHCG) : Reports Q2 (Jun) earnings of $0.51 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.41; revenues rose 6.0% year/year to $200.2 mln vs the $193.75 mln consensus. Co issues upside guidance for FY15, sees EPS of $1.70-1.80 (Prior $1.55-1.70) vs. $1.67 Capital IQ Consensus Estimate; sees FY15 revs of $780-795 mln (Prior $765-780 mln) vs. $778.20 mln Capital IQ Consensus Estimate.

4:55 pm Kindred Healthcare beats by $0.07, slight miss on revs; reaffirms FY15 EPS guidance, revs guidance (KND) : Reports Q2 (Jun) core earnings of $0.39 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 45.4% year/year to $1.83 bln vs the $1.85 bln consensus. Co reaffirms guidance for FY15, sees core EPS of $1.25-1.45, excluding non-recurring items, vs. $1.31 Capital IQ Consensus Estimate; sees FY15 revs of approximately $7.20 bln vs. $7.23 bln Capital IQ Consensus Estimate.

4:55 pm PennyMac reports EPS in-line, beats on revs (PFSI) : Reports Q2 (Jun) earnings of $0.59 per share, in-line with the Capital IQ Consensus Estimate of $0.59; revenues rose 50.6% year/year to $196.4 mln vs the $183.52 mln consensus.

4:55 pm American Water Works beats by $0.01, misses on revs; reaffirms FY15 EPS guidance (AWK) : Reports Q2 (Jun) earnings of $0.68 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.67; revenues rose 3.6% year/year to $782.1 mln vs the $799.67 mln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $2.55-2.65 vs. $2.61 Capital IQ Consensus Estimate.

4:55 pm TeleTech reports EPS in-line, revs in-line; reaffirms FY15 revs guidance (TTEC) : Reports Q2 (Jun) earnings of $0.34 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.34; revenues rose 5.0% year/year to $310.22 mln vs the $310.67 mln consensus.

  • During the second quarter 2015, TeleTech signed an estimated $100 million in annualized contract value revenue from new and expanded client relationships. The bookings mix was diversified across all verticals with 92 percent from existing clients, 72 percent from emerging businesses, and 20 percent from clients based outside of the United States.
Co reaffirms guidance for FY15, sees FY15 revs of $1.315-1.325 bln vs. $1.32 bln Capital IQ Consensus Estimate. Co also reaffirms guidance for FY15 operating margin of 8.25% and CapEx of ~6% of revenue.

4:54 pm Hillenbrand beats by $0.01, reports revs in-line; guides FY15 EPS in-line (HI) :

  • Reports Q3 (Jun) adj. earnings of $0.52 per share, $0.01 better than the Capital IQ Consensus of $0.51; revenues fell 4.3% year/year to $398.7 mln vs the $396.6 mln consensus. 
  • Co issues in-line guidance for FY15, sees EPS of low end of $2.05-2.15 vs. $2.04 Capital IQ Consensus Estimate. 
    • Hillenbrand affirmed guidance with estimated full-year constant currency revenue growth of 2-4%.
    • Order backlog grew 4% from the second quarter to $540 million, as order intake was higher in the third quarter.

4:54 pm Tesoro Logistics LP misses by $0.11, reports revs in-line (TLLP) : Reports Q2 (Jun) earnings of $0.60 per share, $0.11 worse than the Capital IQ Consensus Estimate of $0.71; revenues rose 106.8% year/year to $275 mln vs the $273.89 mln consensus. 

  • Expects Rockies natural gas business to contribute $275 million EBITDAin 2015
  • Expects to deliver $640-680 million of EBITDA in 2015
  • TLLP maintains its expectation to invest growth capital of $380 million, net ofreimbursements in 2015.
  • TLLP expects Tesoro (TSO) to offer the opportunity to acquire crude oil and refinedproduct storage and pipeline assets in Los Angeles in the fourth quarter of2015, which could add $50 million to $75 million of annual EBITDA. TLLPanticipates full year 2015 EBITDA of $640 million to $680 million.

4:53 pm Tesoro beats by $0.57, beats on revs; approved a 18% increase to regularly quarterly dividend to $0.50 per share (TSO) : Reports Q2 (Jun) earnings of $4.59 per share, $0.57 better than the Capital IQ Consensus Estimate of $4.02; revenues fell 25.9% year/year to $8.23 bln vs the $7.12 bln consensus. 

Strategic Update

  • The Company is confident in achieving its 2015 plan of delivering approximately $670 million of business improvements. During the first half of 2015, we estimate that we delivered $325 million towards our ongoing initiatives around synergies and business improvement objectives, including approximately $70 million related to West Coast improvements, approximately $100 million related to capturing margin improvements, and approximately $155 million from growing our logistics operations.

4:52 pm WPX Energy misses by $0.01, misses on revs (WPX) : Reports Q2 (Jun) loss of $0.11 per share, $0.01 worse than the Capital IQ Consensus Estimate of ($0.10); revenues fell 60.9% year/year to $284 mln vs the $565.23 mln consensus. 

  • Total liquids production hit a new high for the company, averaging 52,400 barrels per day in the second quarter. Oil and natural gas liquids (NGL) volumes accounted for 32% of the company's overall production and 57% of product revenues. 
  • Second-quarter 2015 results were primarily impacted by significantly lower commodity prices and a net unrealized derivatives loss related to the company's hedging positions, partially offset by the benefit of higher oil and NGL volumes and lower expenses. Total product revenues in the second quarter and the first half of 2015 were both 42 percent lower than the same periods a year ago.

4:52 pm AMERCO beats by $1.40, beats on revs (UHAL) : Reports Q1 (Jun) earnings of $8.74 per share, $1.40 better than the Capital IQ Consensus Estimate of $7.34; revenues rose 8.0% year/year to $884.8 mln vs the $825.5 mln consensus.

4:51 pm General Cable beats by $0.10, misses on revs; guides Q3 EPS in-line, revs below consensus (BGC) : Reports Q2 (Jun) earnings of $0.36 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.26; revenues fell 19.7% year/year to $1.11 bln vs the $1.18 bln consensus.

Co issues guidance for Q3, sees EPS of $0.02-0.22, excluding non-recurring items, vs. $0.21 Capital IQ Consensus Estimate; sees Q3 revs of $0.975-1.025 bln vs. $1.16 bln Capital IQ Consensus Estimate. Guidance assumes copper (:COMEX) and aluminum (:LME) prices of $2.36 and $0.72, respectively, and constant foreign currency exchange rates.

4:51 pm Northern Oil & Gas beats by $0.08, misses on revs (NOG) : Reports Q2 (Jun) earnings of $0.19 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.11; revenues fell 45.3% year/year to $40.8 mln vs the $92.39 mln consensus. 

  • Production averaged 16,610 barrels of oil equivalent per day, for a total of 1,511,554 Boe, an 8% increase over the second quarter of 2014. Northern's 2015 guidance remains unchanged, with 2015 total production expected to be essentially flat with 2014 based on Northern's planned $140 million capital budget. Lower net well additions during the second half of 2015 will be partially offset by an increase in per well productivity. 
  • During the second quarter of 2015, Northern incurred $30.3 million of capital expenditures on drilling and completion and capitalized workover costs.

4:51 pm PennyMac Mortgage misses by $0.13, misses on revs (PMT) : Reports Q2 (Jun) earnings of $0.36 per share, $0.13 worse than the Capital IQ Consensus Estimate of $0.49; revenues fell 42.1% year/year to $69.8 mln vs the $77.89 mln consensus. 

  • Book value per share of $20.39, down from $20.68 at March 31, 2015 
  • Return on average equity of 7 percent, up from 2 percent for the prior quarter

4:50 pm SandRidge Energy beats by $0.04, misses on revs (SD) : Reports Q2 (Jun) loss of $0.03 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of ($0.07); revenues fell 38.7% year/year to $229.6 mln vs the $268.31 mln consensus.

  • Second quarter total production of 89.0 MBoepd (33% Oil, 17% NGLs), up 27% vs. second quarter 2014 
  • "With the highgrading of our drilling program in 2015, production has outpaced expectations and we are raising the lower end of our production guidance by one million barrels, with a midpoint now at 29.8 MMBoe (to 29.0-30.5, up from 28.0-30.5 MMBoe). Further, our per lateral well costs have decreased by 20% year to date, including $290,000 of efficiency gains, which is $30,000 more than projected in the first quarter of 2015. These efficiencies evidence our team's focus on continually improving the cost structure of the business and will continue to drive value, as they are durable across any price environment. These cost reduction efforts, consistent production results and lower infrastructure spending preserve program returns." said James Bennett, SandRidge's Chief Executive Officer and President.

4:50 pm Fidelity & Guaranty Life misses by $0.07, beats on revs (FGL) : Reports Q3 (Jun) earnings of $0.43 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.50; revenues fell 11.4% year/year to $326 mln vs the $254.17 mln consensus.

  • Asset purchases during the quarter were $1.7 billion at an average yield of 4.76% and included new business, as well as cash flows from portfolio repositioning and tax planning activities.

  • During the quarter, FGL repurchased the remaining 48,997 shares authorized under the repurchase program at an average price of $20.93.

  • GAAP book value per share at June 30, 2015 excluding accumulated other comprehensive income ("AOCI") was $23.55, an increase of 8% year over year. GAAP book value per share on a reported basis was $26.53, or 8% lower year over year. 

4:49 pm Callon Petroleum misses by $0.11, misses on revs (CPE) : Reports Q2 (Jun) loss of $0.11 per share, $0.11 worse than the Capital IQ Consensus Estimate of ($0.00); revenues fell 3.1% year/year to $39.24 mln vs the $40.44 mln consensus. 

  • Co raises 2015 Production Guidance outlook to 9450-9750 BOE/d from 8800-9300 BOE/d

4:49 pm Apollo Residential Mortg beats by $0.06, beats on revs (AMTG) : Reports Q2 (Jun) earnings of $0.56 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.50; revenues rose 9.0% year/year to $33.38 mln vs the $27.65 mln consensus.

  • Book value per share of common stock of $18.31 at June 30, 2015, as compared to book value per share of common stock of $19.21 at March 31, 2015
  • Quarter-end leverage multiple of 4.2x

4:49 pm UIL Holdings reports EPS in-line; guides FY15 EPS in-line (UIL) :

  • Reports Q2 (Jun) earnings of $0.28 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.28; revenues fell 6.8% year/year to $312 mln vs the $339.75 mln consensus. 
  • Co issues in-line guidance for FY15, sees EPS of $2.30-2.45, excluding non-recurring items, vs. $2.40 Capital IQ Consensus Estimate.

4:49 pm Vectrus beats by $0.08, beats on revs; guides FY15 EPS in-line, revs above consensus (VEC) : Reports Q2 (Jun) earnings of $0.56 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.48; revenues fell 1.1% year/year to $309.51 mln vs the $279.9 mln consensus.

  • Co raises FY15 EPS to $1.85-2.23 vs. $1.95 Capital IQ Consensus Estimate and prior guidance of $1.76-2.23; sees FY15 revs of $1.15-1.20 bln vs. $1.13 bln Capital IQ Consensus Estimate and prior guidance of $1.1-1.2 bln.

4:49 pm Approach Resources reports EPS in-line, misses on revs (AREX) : Reports Q2 (Jun) loss of $0.07 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of ($0.07); revenues fell 47.4% year/year to $38.6 mln vs the $45.9 mln consensus.

4:49 pm Boeing announces that EL AL Israel Airlines intends to purchase and lease up to 15 787 Dreamliners; with purchase rights for 13 additional airplanes (BA) :  

4:48 pm Golub Capital beats by $0.04 (GBDC) : Reports Q3 (Jun) earnings of $0.36 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.32; adj. NII $0.32; NAV $15.74.

4:47 pm Nektar Therapeutics reports EPS in-line, beats on revs (NKTR) : Reports Q2 (Jun) loss of $0.40 per share, in-line with the Capital IQ Consensus Estimate of ($0.40); revenues fell 20.5% year/year to $22.66 mln vs the $21.15 mln consensus.

  • Cash and investments in marketable securities at June 30, 2015 were $279.7 million as compared to $325.8 million at March 31, 2015. 
  • "AstraZeneca plans to launch MOVANTIK in both Europe and Canada in the second half of this year. The SUMMIT-07 efficacy study of NKTR-181 in patients with chronic low back pain is well underway and proceeding ahead of schedule. We recently signed an important clinical collaboration with MD Anderson Cancer Center for our immuno-oncology therapy, NKTR-214, which is scheduled to enter a Phase 1 / 2 clinical study before year-end. Finally, Baxalta's ADYNOVATE, or BAX 855, continues on track to be approved and launched in the U.S. by the end of 2015."

4:46 pm Cross Country beats by $0.04, reports revs in-line; guides Q3 EPS above consensus, revs below consensus (CCRN) :

  • Reports Q2 (Jun) earnings of $0.10 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.06; revenues rose 57.0% year/year to $192.6 mln vs the $190.81 mln consensus. 
  • Co issues guidance for Q3, sees EPS of $0.10-0.12, excluding non-recurring items, vs. $0.09 Capital IQ Consensus Estimate; sees Q3 revs of $192-197 mln vs. $200.79 mln Capital IQ Consensus Estimate.

4:46 pm MYR Group misses by $0.03, beats on revs (MYRG) : Reports Q2 (Jun) earnings of $0.38 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.41; revenues rose 20.8% year/year to $276.5 mln vs the $261.04 mln consensus. 

  • As of June 30, 2015, MYR's backlog was $410.7 mln, consisting of $275.8 mln in the T&D segment and $134.9 mln in the C&I segment. 
  • Total backlog at June 30, 2015 was $12.3 mln higher than the $398.4 mln reported at March 31, 2015, due primarily to the acquisition of ESB. 
  • T&D backlog at June 30, 2015 increased $0.1 mln, or 0.1 percent, from March 31, 2015, while C&I backlog increased $12.2 mln, or 9.9 percent, over the same period.
  • Total backlog at June 30, 2015 increased $12.8 mln, or 3.2 percent, from the $397.9 mln reported at June 30, 2014.

4:46 pm OraSure beats by $0.02, beats on revs; guides Q3 EPS in-line, revs above consensus (OSUR) : Reports Q2 (Jun) earnings of $0.03 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.01; revenues rose 14.9% year/year to $30.34 mln vs the $28.96 mln consensus.

  • Net domestic product revenues for the Company's OraQuick rapid HCV test were $1.7 million for the second quarter of 2015, representing a 39% increase over the second quarter of 2014. 
  • Net domestic product revenues for the OraQuick rapid HCV test were $2.9 million for the six months ended June 30, 2105, a 53% increase from the comparable period in 2015.
Co issues guidance for Q3, sees EPS of ($0.01)-0.00 vs. $0.00 Capital IQ Consensus Estimate; sees Q3 revs of $29.5-30.0 mln vs. $29.35 mln Capital IQ Consensus Estimate.

4:45 pm Marchex reports EPS in-line, beats on revs (MCHX) : Reports Q2 (Jun) earnings of $0.02 per share, in-line with the Capital IQ Consensus Estimate of $0.02; revenues fell 24.9% year/year to $35.3 mln vs the $34.69 mln consensus.

4:45 pm Schweitzer-Mauduit beats by $0.01, misses on revs; reaffirms FY15 EPS guidance (SWM) : Reports Q2 (Jun) earnings of $0.97 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.96; revenues fell 10.7% year/year to $181.9 mln vs the $203.71 mln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $3.50 vs. $3.50 Capital IQ Consensus Estimate. Excluded from guidance are non-cash amortization expenses associated with intangible assets and non-cash inventory step-up charges associated with the Filtration segment, restructuring and impairment expenses, and potential transaction costs associated with future acquisitions. The Company now expects capital spending for 2015 to be approximately $25 million, versus the previous expectation of $30 million to $35 million.

4:45 pm Federal Realty Invst Trust beats by $0.08, reports revs in-line; guides FY15 FFO above consensus (FRT) :

  • Reports Q2 (Jun) funds from operations of $1.33 per share, $0.08 better than the Capital IQ Consensus Estimate of $1.25; revenues rose 8.0% year/year to $181.5 mln vs the $182.24 mln consensus. 
  • Co issues upside guidance for FY15, sees FFO of $5.29-5.33 vs. $5.27 Capital IQ Consensus Estimate.

4:44 pm CenturyLink misses by $0.05, reports revs in-line; lowers FY15 EPS and rev guidance (CTL) : Reports Q2 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.60; operating revenues fell 2.7% year/year to $4.42 bln vs the $4.43 bln consensus.

  • Co issues in-line guidance for FY15, lowers EPS to $2.35-2.55 from $2.50-2.70 vs. $2.52 Capital IQ Consensus Estimate; lowers FY15 revs to $17.7-17.9 bln from $17.9-18.1 bln vs. $17.83 bln Capital IQ Consensus Estimate. 
  • Guidance: The Company anticipates the potential incremental impact of CAF Phase 2 on the guidance provided above to be an additional $50-$200 million of operating revenues and operating cash flow and an additional $0.05-$0.21 of Adjusted Diluted EPS. Since any significant capital expenditures related to the CAF Phase 2 program are not expected to begin until 2016, the Company also expects an additional $30-$115 million of free cash flow in full-year 2015.

4:43 pm Annaly Capital Mgmt beats by $0.14; Announces $1 bln share repurchase (NLY) : Reports Q2 (Jun) earnings of $0.41 per share, $0.14 better than the Capital IQ Consensus Estimate of $0.27. Net interest margin, inclusive of TBA dollar rolls, for the quarters ended June 30, 2015, March 31, 2015, and June 30, 2014 was 2.01%, 1.26% and 1.57%, respectively.

4:42 pm Power Solutions reports EPS in-line, beats on revs; guides Q3 revs below consensus; guides Q4 revs below consensus (PSIX) : Reports Q2 (Jun) earnings of $0.19 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.19; revenues rose 13.5% year/year to $94.6 mln vs the $87.0 mln consensus.

  • Co issues downside guidance for Q3, sees Q3 revs of $110-130 mln vs. $148.8 mln Capital IQ Consensus Estimate. 
  • Co issues downside guidance for Q4, sees Q4 revs of $140-160 mln vs. $181.95 mln Capital IQ Consensus Estimate.
  • The reduced guidance reflects challenging conditions in the oil and gas end market, a delay in one new heavy duty program, and a slower than expected recovery at the 3PI subsidiary.

4:42 pm Heritage Insurance beats by $0.02, misses on revs (HRTG) : Reports Q2 (Jun) earnings of $0.84 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.82; revenues rose 112.9% year/year to $99.09 mln vs the $103.83 mln consensus.

  • Book value per share increased 22% from $8.56 at December 31, 2014 to $10.42 at June 30, 2015.
  • Gross premiums written were $135.6 million for the second quarter of 2015 compared to $99.3 million for the second quarter of 2014.

4:42 pm Surgical Care Affiliates announces a secondary public offering of 4 mln shares of common stock, by affiliates of TPG Global (SCAI) :  

4:42 pm Air Transport Services Group beats by $0.01, reports revs in-line (ATSG) :

  • Reports Q2 (Jun) earnings of $0.16 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.15; revenues fell 0.8% year/year to $148.4 mln vs the $149.77 mln consensus. 
  • As a result of strong first-half performance and a positive outlook for the rest of 2015, the co now projects that its baseline Adjusted EBITDA from Continuing Operations for 2015 will be in a range of $190-195 million.

4:40 pm Tesla Motors beats by $0.11, beats on revs; lowers FY15 delivery guidance; Model X on track for late Q3 launch, will reveal Model 3 design in 1Q16 with first deliveries in late 2017 (TSLA) : Reports Q2 (Jun) loss of $0.48 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus  of ($0.59); revenues rose 39.6% year/year to $1.2 bln vs the $1.18 bln consensus. 

  • Delivered 11532 Model S EVs vs. 11,507 preannouncment and 10-11K initial guidance
  • In Q3, we expect to produce just over 12,000 vehicles, representing a more than 60% increase from a year ago, and deliver ~the same number of vehicles as in Q2, despite having one week of planned shutdown in Q3. This includes a small number of Model X deliveries. 
  • We are now targeting deliveries of between 50,000 and 55,000 Model S and Model X cars in 2015. While our equipment installation and final testing of Model X is going well, there are many dependencies that could influence our Q4 production and deliveries. We are still testing the ability of many suppliers to deliver high quality production parts in quantities sufficient to meet our planned production ramp. Since production ramps rapidly late in Q4, a one-week push out of this ramp due to an issue at even a single supplier could reduce Model X production by ~800 units for the quarter. Furthermore, since Model S and Model X are produced on the same general assembly line, Model X production challenges could slow Model S production. 
    • Simply put, in a choice between a great product or hitting quarterly numbers, we will take the former.
  • Looking ahead to next year, we are highly confident of a steady state production and demand of 1,600 to 1,800 vehicles per week combined for Model S and Model X. 
  • We expect the Model S average selling price to decline by more than 100 basis points in Q3 as the dollar has continued to strengthen against currencies in our key markets and delivery mix shifts towards our lower priced 70 and 70D models. We plan to partially offset this pressure with lower production costs, and as a result we expect non-GAAP automotive gross margin, excluding ZEV credits, to be just slightly below the Q2 level. 
  • We are on track to start production of Tesla Energy products this quarter at our Fremont factory, with a plan to ramp up production in Q4.
The next few years at Tesla will be transformational from a product perspective, starting with significant new Autopilot features and the launch of Model X later this quarter. In Q4, we will ramp production and delivery of Tesla Energy products, and in Q1 2016 we plan to reveal the Model 3 design, with first deliveries expected in late 2017.

4:40 pm Goldman Sachs BDC reports receiving a rating of BBB- and a Stable outlook from S&P (GSBD) :  

4:40 pm Inovalon reports EPS in-line, misses on revs; guides Q3 EPS below consensus, revs below consensus; lowers FY15 EPS below consensus, raises low end of FY15 revs guidance (INOV) : Reports Q2 (Jun) earnings of $0.18 per share, in-line with the Capital IQ Consensus Estimate of $0.18; revenues rose 16.5% year/year to $117.62 mln vs the $121.19 mln consensus.

  • Co issues downside guidance for Q3, sees EPS of $0.08-0.10 vs. $0.11 Capital IQ Consensus Estimate; sees Q3 revs of $97-105 mln vs. $106.04 mln Capital IQ Consensus Estimate. 
  • Co issues mixed guidance for FY15, sees EPS of $0.51-0.54 vs. $0.55 Capital IQ Consensus Estimate (Lowered from $0.54-0.57); sees FY15 revs of $425-445 vs. $437.53 mln Capital IQ Consensus Estimate (Narrowed from $415-445 mln).Non-GAAP net income and Non-GAAP diluted net income per share guidance were adjusted to reflect the effect of intra-quarter changes in New York City tax and other statutory tax regulation changes 
  • Inovalonialso affirmed the general guidance with respect to full-year 2015 Data Analytics and Data-Driven Intervention Revenue Mix previously released on May 6, 2015.

4:40 pm Ladder Capital beats by $0.03 (LADR) : Reports Q2 (Jun) earnings of $0.51 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.48. Net interest income increased 12% y/y to $31.8 million.

  • Originated over $1.0 billion of commercial mortgage loans, including $740.3 million of mortgage loans held for sale and $275.6 million of mortgage loans held for investment, and made $37.0 million of net leased and other equity investments during the quarter.

  • As of June 30, 2015, it had total assets of $5.7 billion, including $2.2 billion of commercial real estate loans, $2.3 billion of commercial real estate-related securities, $846.3 million of real estate, $147.3 million of cash and $177.1 million of other assets. 

4:39 pm Xenoport misses by $0.05, misses on revs; reaffirms FY15 revs guidance (XNPT) :

  • Reports Q2 (Jun) loss of $0.39 per share, $0.05 worse than the Capital IQ Consensus Estimate of ($0.34); revenues rose 62.3% year/year to $8.6 mln vs the $9.77 mln consensus. 
  • In Q2, net product sales for HORIZANT (gabapentin enacarbil) Extended-Release Tablets were $8.2 million, an increase of 67% compared to the second quarter of 2014 and an increase of 24% compared to the first quarter of 2015.
  • Co reaffirms guidance for FY15, sees FY15 revs of $39-43 mln vs. $43.35 mln Capital IQ Consensus Estimate. 
  • "In the second quarter, we saw strong growth of HORIZANT prescriptions and net sales. With the recent addition of approximately 50 new Neuroscience Health Specialists to educate a broader pool of healthcare providers about HORIZANT, we believe that there will be an acceleration of growth in HORIZANT sales in the second half of the year and that we are on track to meet our net sales guidance of $39 to $43 million for 2015. We are excited that the NIAAA has initiated its AUD study of HORIZANT. This large study of approximately 350 subjects will provide important information about HORIZANT as a potential treatment for patients with AUD. Our XP23829 Phase 2 clinical trial in patients with moderate-to-severe chronic plaque-type psoriasis is nearing completion and, as previously indicated, we look forward to reporting the top-line results by the end of the third quarter..."

4:39 pm Questar beats by $0.01, misses on revs; reaffirms FY15 EPS guidance (STR) : Reports Q2 (Jun) earnings of $0.23 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.22; revenues fell 1.0% year/year to $199.3 mln vs the $268.85 mln consensus. Adjusted EBITDA for the quarter were down 5% to $130.1 million compared to $137.3 million in the year-ago period.

  • Co reaffirms guidance for FY15, sees EPS of $1.20-1.30 vs. $1.28 Capital IQ Consensus Estimate. 
  • Guidance Commentary: "We expect to deliver solid results for the full year within the guidance range given earlier. Questar Gas's continuing customer growth and infrastructure spending bodes well for its continued strong performance. As you know, Wexpro and Questar Pipeline's core businesses remain challenged due to very low commodity prices that have limited traditional growth opportunities.

4:39 pm Natl Hlth Investors beats by $0.01, beats on revs; guides FY15 FFO below consensus (NHI) : Reports Q2 (Jun) funds from operations of $1.17 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.16; revenues rose 27.5% year/year to $56.31 mln vs the $55.3 mln consensus. Co issues downside guidance for FY15, sees FFO of $4.55-4.59 vs. $4.62 Capital IQ Consensus Estimate.

4:38 pm Intercept Pharma beats by $0.01, misses on revs (ICPT) : Reports Q2 (Jun) loss of $1.99 per share, $0.01 better than the Capital IQ Consensus Estimate of ($2.00); revenues were unchanged from the year-ago period at $0.45 mln.

Summary of Key Development Programs, Updates and Anticipated Milestones:

  • PBC Program: Completed NDA/MAA filings for PBC in June 2015; Phase 3b COBALT confirmatory outcomes trial enrolling
  • NASH Program: Phase 3 REGENERATE initiation anticipated in 3Q 2015; Phase 2 lipid metabolism trial initiation anticipated in 2H 2015
  • Primary Sclerosing Cholangitis (:PSC) Program: Double-blind phase 2 trial enrolling - First clinical trial of OCA in this orphan indication with high unmet medical need
  • Biliary Atresia Program: Phase 2 trial initiation anticipated in 2H 2015 
  • INT-767 Phase 1 Trial Initiation Anticipated by Year-end 2015

4:38 pm Compass Group beats by $0.15, beats on revs (CODI) : Reports Q2 (Jun) GAAP earnings of $0.40 per share, $0.15 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 5.8% year/year to $284.7 mln vs the $271.5 mln consensus.

4:38 pm SandRidge Energy appoints Julian Bott as EVP and Chief Financial Officer, effective August 17th, 2015 (SD) : Bott, who most recently served as Chief Financial Officer at Texas American Resources Company since 2009, assumes the CFO role from Eddie M. LeBlanc

4:38 pm Rayonier misses by $0.01, misses on revs (RYN) : Reports Q2 (Jun) net of breakeven, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.01; revenues fell 29.0% year/year to $115.8 mln vs the $122.98 mln consensus.

  • Outlook: "We remain on track to achieve our full-year Adjusted EBITDA guidance. In our Southern Timber segment, we anticipate continued strong pulpwood demand and prices in our key market areas. We continue to expect that the gradual improvement in U.S. housing demand will drive increases in Southern sawtimber prices over the long term; however, we expect limited upside to current prices through the remainder of 2015. In our Pacific Northwest and New Zealand segments, we anticipate near-term weakness in the China export market will weigh on prices but that export demand will gradually improve, although likely at a slower pace than we expected earlier in the year. In our Real Estate segment, we continue to see steady demand for rural properties and increasing interest in selected development properties as we execute on our strategy and develop catalysts for demand."

4:36 pm US Ecology misses by $0.09, misses on revs; reaffirms FY15 EPS guidance (ECOL) : Reports Q2 (Jun) earnings of $0.40 per share, excluding non-recurring items, $0.09 worse than the Capital IQ Consensus Estimate of $0.49; revenues rose 111.7% year/year to $139.7 mln vs the $147.0 mln consensus. Co reaffirms guidance for FY15, sees EPS of $1.76-1.92, excluding non-recurring items, vs. $1.82 Capital IQ Consensus Estimate. However, co now sees FY15 EPS at the high end of this range.

  • "US Ecology delivered another strong quarter on solid results from the Environmental Services segment and significant year-over-year improvements in our Field and Industrial Services segment on a pro forma basis...Our results, however, still fell short of our expectations primarily on the underperformance of our industrial services business. As expected, the legacy US Ecology business was down compared to a very strong second quarter of 2014 with a 23% decline in project-driven Event Business partially offset by a 3% increase in recurring Base Business."

4:36 pm Triangle Capital reports EPS in-line (TCAP) : Reports Q2 (Jun) earnings of $0.49 per share, in-line with the Capital IQ Consensus Estimate of $0.49. 

  • NAV at June 30 was $15.47 per share as compared to $16.11 per share at December 31, 2014. 
  • Weighted average yield on outstanding, currently yielding debt investments was approx 12.6%.

4:35 pm IMS Health Holdings announces secondary public offering of 20 mln shares of its common stock by selling shareholders (IMS) : IMS Health is not offering any stock in this transaction and will not receive any proceeds from the sale of the shares by the Selling Shareholders.

  • J.P. Morgan and Morgan Stanley are acting as the joint book-running managers.

4:35 pm Regency Centers beats by $0.02; guides FY15 FFO in-line (REG) : Reports Q2 (Jun) funds from operations of $0.75 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.73.

  • Co issues in-line guidance for FY15, sees FFO of $2.93-2.97 vs. $2.96 Capital IQ Consensus Estimate.

4:35 pm Jones Energy misses by $0.05, misses on revs; raises FY15 production guidance (JONE) : Reports Q2 (Jun) loss of $0.03 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.02; revenues fell 49.3% year/year to $53.92 mln vs the $81.09 mln consensus.

  • Average daily net production for the quarter was 25.3 MBoe/d, above the top end of guidance
Co raises guidance for FY15 total production to 8.4-9.4 MMBoe (from 7.9-8.7), average daily production of 23.0-24.5 MBoe/d (raised from 21.7-23.7).

Co sees Q3 total production of 2.0-2.1 MMBoe, Average daily production of 22.0-23.0 MBoe/d.

4:34 pm Omega Protein beats by $0.19, beats on revs (OME) : Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.19 better than the Capital IQ Consensus Estimate of $0.24; revenues rose 29.6% year/year to $93.2 mln vs the $84.99 mln consensus.

4:34 pm Acxiom reports EPS in-line, beats on revs; reaffirms FY16 EPS guidance, revs guidance (ACXM) :

  • Reports Q1 (Jun) earnings of $0.09 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.09; revenues rose 5.5% year/year to $196.9 mln vs the $189.09 mln consensus. 
  • Co reaffirms guidance for FY16, sees EPS of $0.45-0.50 vs. $0.47 Capital IQ Consensus Estimate; sees FY16 revs of $815-840 mln vs. $823.87 mln Capital IQ Consensus Estimate.

4:34 pm ShoreTel beats by $0.08, beats on revs; guides Q1 revs in-line (SHOR) : Reports Q4 (Jun) earnings of $0.12 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.04; revenues rose 6.5% year/year to $94.39 mln vs the $87.56 mln consensus.

  • Co issues in-line guidance for Q1, sees Q1 revs of $86-91 mln vs. $88.32 mln Capital IQ Consensus Estimate.
  • Non-GAAP gross margin, which excludes approximately one and one-half percentage points in stock-based compensation charges, amortization of acquisition-related intangibles and other adjustments, is expected to be in the range of 62 percent to 63 percent. GAAP total gross margin is expected to be in the range of 60.5 percent to 61.5 percent. 
  • Non-GAAP operating expenses, which exclude approximately $2.5 million in stock-based compensation expenses, amortization of acquisition-related intangibles and other adjustments, are expected to be in the range of $52 million to $53 million. GAAP total operating expenses are expected to be in the range of $54.5 million to $55.5 million.

4:33 pm Interval Leisure Group misses by $0.04, beats on revs; lowers top end of revenue guidance FY15, in-line (IILG) : Reports Q2 (Jun) earnings of $0.29 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.33; revenues rose 21.0% year/year to $173.7 mln vs the $167.19 mln consensus.

  • Co lowers top end of guidance for FY15, sees FY15 revs of $690-705 mln vs. $702.05 mln Capital IQ Consensus Estimate, from $690-720 mln.

4:33 pm PowerSecure beats by $0.02, beats on revs (POWR) : Reports Q2 (Jun) earnings of $0.04 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.02; revenues rose 87.7% year/year to $107.2 mln vs the $93.46 mln consensus.

  • Gross Margin: Gross margin as a percentage of revenue was 22.5% in 2Q 2015, compared to 25.1% in 2Q 2014. The decrease in y-o-y gross margin was due to a greater mix of revenue from the solar energy business in 2Q 2015 as compared to 2Q 2014.

  • Backlog: The company's revenue backlog stands at an all-time high of $468 million, as of the company's last new business press release dated July 21, 2015. This includes a total of $165 million in new business from awards announced on May 26, 2015, July 10, 2015 and July 21, 2015. The company's revenue backlog represents revenue expected to be recognized after June 30, 2015, for periods including the third quarter of 2015 onward.

4:32 pm Polycom reports that VVX Business Media Phones and the CX8000 room system have both received UC APL certification (PLCM) :  

4:32 pm Primerica misses by $0.01, reports revs in-line (PRI) : Reports Q2 (Jun) earnings of $0.93 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.94; revenues rose 6.0% year/year to $350.86 mln vs the $348.43 mln consensus.

4:32 pm Redwood Trust misses by $0.08 (RWT) :

  • Reports Q2 (Jun) earnings of $0.31 per share, $0.08 worse than the Capital IQ Consensus Estimate of $0.39. 
  • Co reported a book value per share of $14.96, as compared to $15.01 at March 31, 2015, and $15.03 at June 30, 2014.

4:31 pm LDR Hldg misses by $0.03, beats on revs; raises FY15 revs above consensus (LDRH) : Reports Q2 (Jun) loss of $0.22 per share, $0.03 worse than the Capital IQ Consensus Estimate of ($0.19); revenues rose 19.6% year/year to $41.5 mln vs the $39.21 mln consensus. Adjusted EBITDA for the second quarter of 2015 was $(0.7) million compared to adjusted EBITDA of $0.7 million for the second quarter of 2014.

  • Co issues raised guidance for FY15, sees FY15 revs of $168.1-169.5 mln from $166.7-168.1 mln vs. $162.07 mln Capital IQ Consensus Estimate. Guidance revenues are before any foreign exchange impact.

4:31 pm Corcept Therapeutics beats by $0.02, beats on revs; raises bottom end of FY15 rev guidance (CORT) : Reports Q2 (Jun) loss of $0.02 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.04); revenues rose 104.4% year/year to $11.96 mln vs the $11.67 mln consensus.

  • Co issues in-line guidance for FY15, sees FY15 revs of $49-53 mln vs. $50.52 mln Capital IQ Consensus Estimate (vs. prior guidance of $47-53 mln).
  • Corcept continues to dose patients in the efficacy portion of its Phase 1/2 open label trial of Korlym in combination with eribulin (Halaven) to treat GR-positive TNBC. Efficacy results are expected by the end of 2015. If the trial's outcome is positive, the company plans to begin a Phase 3 study in early 2016.
  • Unblinded data from its Phase 1 study confirms that CORT125134, the lead compound in Corcept's portfolio of next-generation selective GR modulators, is well-tolerated and shares Korlym's ability to potently reverse the effect of excess cortisol activity, an important quality in treating metabolic disorders such as Cushing's syndrome. CORT125134 is inactive at the progesterone receptor. In addition, studies in transgenic mice have shown CORT125134 to be even more potent than Korlym in treating certain solid tumor cancers. Corcept plans to advance the compound to Phase 2 as a potential treatment for Cushing's syndrome and an oncology indication in early 2016.

4:31 pm Silver Bay Realty Trust beats by $0.02, beats on revs (SBY) : Reports Q2 (Jun) funds from operations of $0.18 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.16; revenues rose 57.6% year/year to $30.18 mln vs the $28.95 mln consensus.  

During the qtr Co repurchased and retired 300,000 shares for a total cost of $4.7 mln, at an average purchase price of $15.53.

4:30 pm CoBiz announces Chairman Jonathan Lorenz to retire as of Dec. 20, 2015 (COBZ) : No successor has been named yet.

4:30 pm Anthem appoints Craig Samitt, MD as its Chief Clinical Officer, effective September 21, 2015 (ANTM) : The co. announced that Craig Samitt, MD, MBA will join the company as Chief Clinical Officer, effective September 21, 2015. In this newly established role, Dr. Samitt will report directly to Joseph R. Swedish, President and Chief Executive Officer, Anthem, and will also serve as a member of the company's Executive Leadership Team. Dr. Samitt currently serves as a Partner and Global Provider Practice Leader of the Health & Life Sciences Practice for Oliver Wyman, the international management consulting firm.

4:30 pm Applied Optoelectronics beats by $0.01, reports revs in-line; guides Q3 EPS above consensus, revs above consensus (AAOI) : Reports Q2 (Jun) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 51.7% year/year to $49.6 mln vs the $49.6 mln consensus.

  • Co issues upside guidance for Q3, sees EPS of $0.37-0.42, excluding non-recurring items, vs. $0.33 Capital IQ Consensus Estimate; sees Q3 revs of $51-54 mln vs. $46.80 mln Capital IQ Consensus Estimate.

4:29 pm Alder BioPharmaceuticals misses by $0.07 (ALDR) : Reports Q2 (Jun) loss of $0.46 per share, $0.07 worse than the Capital IQ Consensus Estimate of ($0.39); revenues fell 100.0% year/year to $0 mln vs the $0.23 mln consensus.

4:29 pm Kennedy Wilson misses by $0.05, reports revs in-line (KW) : Reports Q2 (Jun) earnings of $0.29 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.34; revenues rose 52.7% year/year to $140.5 mln vs the $139.96 mln consensus.

4:29 pm Financial Engines reports EPS in-line, revs in-line; guides FY15 revs in-line (FNGN) : Reports Q2 (Jun) earnings of $0.23 per share, in-line with the Capital IQ Consensus Estimate of $0.23; revenues rose 12.0% year/year to $78.2 mln vs the $78.73 mln consensus.

  • Operating Metrics: Assets under contract ("AUC") were $1.014 trillion ... Assets under management ("AUM") were $114.5 billion ... Members in Professional Management were over 891,000.

  • Guidance: Co issues in-line guidance for FY15, sees FY15 revs of $314-$320 mln vs. $319.57 mln Capital IQ Consensus Estimate. Sees 2015 non-GAAP adjusted EBITDA in the range of $96 million to $100 million.

4:28 pm Ducommun beats by $0.01, misses on revs (DCO) : Reports Q2 (Jun) earnings of $0.16 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.15; revenues fell 6.3% year/year to $174.85 mln vs the $180.77 mln consensus.

  • The Company's firm backlog as of April 4, 2015 was approximately $538 million.

4:27 pm Marin Software beats by $0.02, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY15 EPS in-line, revs below consensus (MRIN) : Reports Q2 (Jun) loss of $0.20 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.22); revenues rose 12.1% year/year to $26.8 mln vs the $27.01 mln consensus.

  • Co issues downside guidance for Q3, sees EPS of ($0.18)-($0.16) vs. ($0.13) Capital IQ Consensus Estimate; sees Q3 revs of $25.5-26.0 mln vs. $29.52 mln Capital IQ Consensus Estimate. 
  • Co issues  guidance for FY15, sees EPS of ($0.60)-($0.57) vs. ($0.57) Capital IQ Consensus Estimate; sees FY15 revs of $105-106.5 mln vs. $114.72 mln Capital IQ Consensus Estimate.

4:27 pm Allergan: FDA approves 28 additional styles of co's Natrelle 410 breast implants (AGN) : The FDA approval of additional Natrelle 410 shaped gel implant styles is based on 3-year data from a study of over 350 women who underwent breast reconstruction, augmentation or revision surgery with the previously approved range of Natrelle 410 breast implants.

  • These additional implant styles will be available to surgeons and patients in October 2015.

4:27 pm DCP Midstream beats by $0.07 (DPM) : Reports Q2 (Jun) earnings of $0.62 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.55.

4:27 pm Aerohive Networks beats by $0.06, beats on revs (HIVE) : Reports Q2 (Jun) loss of $0.15 per share, $0.06 better than the Capital IQ Consensus Estimate of ($0.21); revenues fell 2.1% year/year to $36.8 mln vs the $35.06 mln consensus. 

  • Non-GAAP gross margin was 67.7%, compared with 67.8% in the year-ago period.

4:26 pm Pennant Investment beats by $0.01 (PNNT) : Reports Q3 (Jun) earnings of $0.28 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.27.

4:26 pm XPO Logistics reports Q2 results including three weeks of Norbert Dentressangle SA; updated long term guidance (XPO) : Reports Q2 (Jun) loss of $0.16 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of ($0.14); revenues rose 109.3% year/year to $1.22 bln vs the $1.06 bln consensus, including 22 days of financial performance from the operations of Norbert Dentressangle SA.

  • The company issued new long-term financial targets to reflect its expanded platform for global growth. For the full year 2019, the targets are: Revenue of ~$23 billion; and EBITDA of ~$1.5 billion.

4:25 pm Sangamo BioSci misses by $0.04, misses on revs; reaffirms FY15 revs guidance (SGMO) : Reports Q2 (Jun) loss of $0.17 per share, $0.04 worse than the Capital IQ Consensus Estimate of ($0.13); revenues fell 19.5% year/year to $8.36 mln vs the $15.06 mln consensus.

  • Collaboration revs $7.8 mln vs $9.7 mln in prior year. The decrease in collaboration agreement revenues was primarily due to a decrease in revenues under the Company's collaboration and license agreement with Shire, partially offset by an increase in revenues from the collaboration and licensing agreement with Biogen.
Co reaffirms guidance for FY15, sees FY15 revs of $60-70 mln vs. $61.76 mln Capital IQ Consensus Estimate. Co expects that its cash, cash equivalents and marketable securities will be at least $180 million at the end of 2015.

4:25 pm IntraLinks Holdings beats by $0.01, beats on revs; guides Q3 EPS in-line, revs in-line; raises FY15 EPS in-line, revs in-line (IL) : Reports Q2 (Jun) earnings of $0.01 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.00); revenues rose 8.5% year/year to $68.98 mln vs the $68 mln consensus.

  • Co issues in-line guidance for Q3, sees EPS of $0.01-0.02 vs. $0.02 Capital IQ Consensus Estimate; sees Q3 revs of $68-69 mln vs. $68.30 mln Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY15, sees EPS of $0.05-0.07 vs. $0.05 Capital IQ Consensus Estimate (raised from prior guidance of $0.03-0.06); sees FY15 revs of $272-275 mln vs. $272.37 mln Capital IQ Consensus Estimate (raised from prior guidance of $269-273 mln).

4:25 pm Conatus Pharma beats by $0.03 (CNAT) : Reports Q2 (Jun) loss of $0.31 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.34); the company reported no revenues, as expected.

4:25 pm Workiva beats by $0.03, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY15 EPS in-line, revs in-line (WK) : Reports Q2 (Jun) loss of $0.21 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.24); revenues rose 28.3% year/year to $34 mln vs the $33.12 mln consensus.

  • Operating Metrics:  Customers: WK had 2,390 customers as of June 30, 2015, a net increase of 287 customers from 2,103 as of June 30, 2014 ... Revenue Retention Rate: As of June 30, 2015, Workiva's revenue retention rate (excluding add-on revenue) was 96.3%, and the revenue retention rate (including add-on revenue) was 108.4%.

  • Guidance: Co issues mixed guidance for Q3, sees EPS of ($0.37)-($0.36) vs. ($0.33) Capital IQ Consensus Estimate; sees Q3 revs of $35.1-$35.6 mln vs. $35.21 mln Capital IQ Consensus Estimate.

    Co issues in-line guidance for FY15, sees EPS of ($0.95)-($0.90) vs. ($0.92) Capital IQ Consensus Estimate; sees FY15 revs of $141.5-$143 mln vs. $141.91 mln Capital IQ Consensus Estimate.

4:23 pm Rexford Industrial Realty misses by $0.01, reports revs in-line (REXR) : Reports Q2 (Jun) recurring funds from operations of $0.19 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.20; revenues rose 51.5% year/year to $22.72 mln vs the $22.83 mln consensus.

4:23 pm Tetraphase Pharmaceuticals misses by $0.09, beats on revs (TTPH) :

  • Reports Q2 (Jun) loss of $0.72 per share, $0.09 worse than the Capital IQ Consensus Estimate of ($0.63); revenues rose 153.8% year/year to $3.3 mln vs the $2.82 mln consensus. 
  • "We made significant progress against our 2015 objectives in the second quarter. We reported detailed positive results from IGNITE1, the Company's pivotal phase 3 clinical trial evaluating the safety and efficacy of eravacycline for the treatment of complicated intra-abdominal infections (cIAI) at ECCMID 2015, and completed enrollment in the pivotal portion of IGNITE2, our second phase 3 clinical trial of eravacycline for the treatment of complicated urinary tract infections (cUTI). We look forward to receiving the results from the pivotal portion of IGNITE2 and remain on track to report the top-line data this quarter."

4:23 pm zulily beats by $0.02, beats on revs; guides Q3 revs in-line; reaffirms FY15 revs guidance (ZU) : Reports Q2 (Jun) earnings of $0.06 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.04; revenues rose 4.4% year/year to $297.6 mln vs the $293.95 mln consensus.

  • Co issues in-line guidance for Q3, sees Q3 revs of $300-325 mln vs. $313.71 mln Capital IQ Consensus Estimate. Co sees Q3 Non-GAAP adjusted EBITDA between $5.0 mln and $15.0 mln. 
  • Co reaffirms guidance for FY15, sees FY15 revs of $1.3-1.4 bln vs. $1.34 bln Capital IQ Consensus Estimate. Co sees FY15 Non-GAAP adjusted EBITDA between $55.0 mln and $70.0 mln.
  • Active customers grew to 4.9 mln by the end of Second Quarter 2015, an increase of 19% year over year. Total orders placed increased to 5.8 mln for the Second Quarter 2015, an increase of 7% year over year. 

4:23 pm PGT Inc. reports EPS in-line, misses on revs; guides Q3 revs in-line (PGTI) : Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.17; revenues rose 23.5% year/year to $100.8 mln vs the $102 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $99-101 mln vs. $100.6 mln Capital IQ Consensus Estimate.

4:23 pm Gulfport Energy beats by $0.17, misses on revs; Gulfport reaffirms CapEx (GPOR) : Reports Q2 (Jun) net of breakeven, excluding non-recurring items, $0.17 better than the Capital IQ Consensus Estimate of ($0.17); revenues fell 2.1% year/year to $112.3 mln vs the $146.13 mln consensus.

  • Gulfport reaffirms its expectation that exploration and production capital expenditures will be in the range of $561-$611 million, with ~96% allocated to its activity in the Utica Shale. Additionally, excluding the pending Paloma acquisition and the recently completed AEU acquisitions, Gulfport anticipates spending ~$85 million to $95 million on leasehold acquisitions in the Utica Shale during 2015, with its efforts primarily focused on bolt-on acquisitions to existing units included in its long-term development plans
  • Gulfport increased its 2015 production guidance and now estimates that 2015 average daily production will be in the range of 517 MMcfe per day to 541 MMcfe per day, an increase of 115% to 125% over its 2014 average daily production. Production is forecasted to be 75% to 85% natural gas.

4:22 pm Freightcar America (halted) beats by $0.26, beats on revs; narrows FY15 deliveries (RAIL) : Reports Q2 (Jun) earnings of $0.60 per share, $0.26 better than the Capital IQ Consensus of $0.34; revenues rose 68.6% year/year to $235.6 mln vs the $193.28 mln consensus. 

  • "Given our improved visibility for production over the remaining five months of 2015, we now expect full-year deliveries to be ~9,500 railcars." 
  • The Company delivered 2,611 railcars in the second quarter of 2015, which included 1,861 new and 750 rebuilt railcars. This compares to 1,635 railcars delivered in the second quarter of 2014, which included 510 new, 325 leased and 800 rebuilt cars.

4:21 pm Performant Financial beats by $0.05, beats on revs; guides FY15 revs in-line (PFMT) : Reports Q2 (Jun) earnings of $0.05 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of ($0.00); revenues fell 28.1% year/year to $41.26 mln vs the $37.47 mln consensus. Co issues in-line guidance for FY15, sees FY15 revs at the upper end of its prior guidance of $150-160 mln vs. $156.73 mln Capital IQ Consensus Estimate.

4:21 pm Diamondback Energy beats by $0.04, misses on revs (FANG) : Reports Q2 (Jun) earnings of $0.41 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.37; revenues fell 5.8% year/year to $119.63 mln vs the $123.6 mln consensus. 

  • Co is currently running four horizontal rigs and intends to pick up a fifth rig later in the third quarter of 2015.
2015 Outlook
  • Diamondback now expects to complete 60 to 70 gross (49 to 57 net) horizontal wells in 2015. 
  • The Company has also raised its production guidance for 2015 from a range of 29.0 to 31.0 Mboe/d to a range of 30.0 to 32.0 Mboe/d. 
  • Despite the increased completion activity, the Company continues to expect capital spend in 2015 at the high end of the $400 to $450 million guidance range as well costs are trending below the $6.2 to $6.7 million well cost guidance for a 7,500 foot lateral. 
Balance Sheet
  • As of June 30, 2015, the Company had approximately $268.0 million drawn on its credit facility. In connection with its Spring 2015 redetermination, Diamondback's lenders under its revolving credit facility approved a borrowing base of $725 million; however, the Company has elected to limit the lenders' aggregate commitment to $500 million.

4:21 pm Fox Factory Holding beats by $0.01, beats on revs; guides Q3 EPS in-line, revs above consensus; Raises FY15 EPS & rev guidance, inline with CapIQ Consensus (FOXF) : Reports Q2 (Jun) earnings of $0.26 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 12.5% year/year to $97.2 mln vs the $93.08 mln consensus.

  • Gross margin decreased 50 basis points to 30.7% compared to 31.2% in the same period last fiscal year. 
  • Guidance: Co issues mixed guidance for Q3, sees EPS of $0.33-$0.37 vs. $0.37 Capital IQ Consensus Estimate; sees Q3 revs of $103-$108 mln vs. $102.72 mln Capital IQ Consensus Estimate.

    Co issues raises guidance for FY15, sees EPS of $0.91-$1.00 vs. $0.95 Capital IQ Consensus Estimate and vs prior guidance of $0.88-$1.00; sees FY15 revs of $347-$363 mln vs. $348.22 mln Capital IQ Consensus Estimate and vs prior guidance of $333-$357 mln.

4:21 pm Rocket Fuel beats by $0.26, reports revs in-line; guides Q3 non-GAAP revs (FUEL) : Reports Q2 (Jun) loss of $0.17 per share, $0.26 better than the Capital IQ Consensus Estimate of ($0.43); revenues rose 29.6% year/year to $120.06 mln vs the $119.87 mln consensus.

  • Co issues guidance for Q3, sees Q3 non-GAAP revs of $68-73 mln, may not be comparable to the GAAP $124.92 mln Capital IQ Consensus Estimate. 
  • Active customer count expanded to 1,592, up from 1,444 in the second quarter of 2014.
  • Rocket Fuel continues to have a financial goal of achieving positive non-GAAP adjusted EBITDA for the full fiscal year 2015.

4:20 pm MercadoLibre misses by $0.26, beats on revs (MELI) : Reports Q2 (Jun) earnings of $0.44 per share, $0.26 worse than the Capital IQ Consensus Estimate of $0.70; revenues rose 17.0% year/year to $154.31 mln vs the $148.4 mln consensus.

  • Items sold in the second quarter of 2015 accelerated to 27.8%, reaching 30.2 million. Gross Merchandise Volume was $1,653.5 million, accelerating to 84.6% in local currencies and an 8.4% decrease in USD, affected by year over year changes in foreign exchange rates. 
  • MercadoPago's Total Payment Transactions accelerated for the seventh consecutive quarter to a record 18.1 million, a 75.8% growth year-over-year. Total Payment Volume was $1,206.0 million, a year-over-year growth of 108.3% in local currencies and 53.5% in USD.

4:20 pm PDL BioPharma misses by $0.02, reports revs in-line (PDLI) : Reports Q2 (Jun) earnings of $0.47 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.49; revenues fell 15.2% year/year to $138.1 mln vs the $137.7 mln consensus.

4:20 pm NN Inc beats by $0.02, reports revs in-line (NNBR) : Reports Q2 (Jun) earnings of $0.37 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 54.5% year/year to $164.86 mln vs the $166.21 mln consensus.

4:19 pm Herbalife beats by $0.13, beats on revs; guides Q3 ~in-line; raises FY15 EPS, reaffirms FY15 revs guidance (HLF) :

  • Reports Q2 (Jun) earnings of $1.24 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus of $1.11; revenues fell 11.0% year/year to $1.16 bln vs the $1.14 bln consensus. 
  • Co issues in-line guidance for Q3, sees EPS of $1.00-1.10, excluding non-recurring items, vs. $1.01 Capital IQ Consensus; sees Q3 revs of (10)-(7%) to ~$1.13-1.17 bln vs. $1.17 bln Capital IQ Consensus. 
  • Co issues guidance for FY15, raises EPS to $4.50-4.70, excluding non-recurring items, from $4.30-4.60 vs. $4.54 Capital IQ Consensus; reaffirms FY15 revs (9.5)-(6.5%) ~$4.49-4.64 bln vs. $4.55 bln Capital IQ Consensus.

4:19 pm FleetCor beats by $0.02, reports revs in-line; guides FY15 above consensus (FLT) :

  • Reports Q2 (Jun) earnings of $1.48 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $1.46; revenues rose 47.9% year/year to $404.6 mln vs the $404.93 mln consensus. 
  • Co issues upside guidance for FY15, sees EPS of $6.17-6.27 vs. $6.14 Capital IQ Consensus Estimate; sees FY15 revs of $1.69-1.73 bln vs. $1.65 bln Capital IQ Consensus Estimate.

4:19 pm Annaly Capital Mgmt announces Board authorization for a $1 bln common stock share repurchase program (NLY) : The co. announced that its Board of Directors has authorized the repurchase of up to $1 bln of its outstanding common shares through December 31, 2016

4:18 pm Silver Spring Networks beats by $0.07, beats on revs (SSNI) : Reports Q2 (Jun) earnings of $0.02 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of ($0.05); revenues rose 8.6% year/year to $69.1 mln vs the $67.82 mln consensus.

4:18 pm US Ecology signs an agreement to divest Allstate Power-Vac, to a private investor group for $58 mln in cash (ECOL) : Consideration in the transaction is expected to include approximately $58.0 mln cash, subject to adjustments for working capital and capital expenditures. Cash proceeds from the transaction are expected to be used to reduce indebtedness. Co expects the transaction to be accretive to diluted earnings per share, after giving effect to interest expense savings from expected debt repayment and excluding the impact of any non-recurring or extraordinary charges. In conjunction with co's evaluation and this agreement, the co evaluated the recoverability of the assets associated with its entire Industrial Services business. Based on this analysis, co recorded a non-cash goodwill impairment charge of $6.7 mln, or $0.31 per diluted share, in the second quarter of 2015. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2015.

4:17 pm Annaly Capital Mgmt and Chimera Investment Corporation (CIM) announce the internalization of Chimera mgmt; Chimera will purchase Annaly's stake in the company for $126.4 mln (NLY) : Co and Chimera Investment Corporation (CIM) announced that Chimera has entered into an agreement with Fixed Income Discount Advisory Company, a subsidiary of Annaly, to internalize the management of Chimera.

  • In connection with the transaction, Chimera will purchase Annaly's 4.4% stake in Chimera for a purchase price of $126.4 million ($14.05 per share).
    • The internalization will be effective August 5, 2015.

4:17 pm Bruker Corp. beats by $0.02, beats on revs (BRKR) : Reports Q2 (Jun) earnings of $0.19 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.17; revenues fell 13.4% year/year to $396 mln vs the $390.82 mln consensus.  

"We faced a challenging year-over-year comparison due to high gross margin revenue recorded for a research magnet in Q2 of 2014, and a less profitable revenue mix in Q2 of 2015. In the second quarter, we have received the necessary approvals to fully implement our BIOSPIN restructuring plan in the second half of this year, which is expected to contribute to further margin improvements by the second quarter of 2016."

4:16 pm RealPage reports EPS in-line, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY15 EPS in-line, revs in-line (RP) : Reports Q2 (Jun) earnings of $0.12 per share, in-line with the Capital IQ Consensus Estimate of $0.12; revenues rose 20.8% year/year to $114.8 mln vs the $113.36 mln consensus.

  • Guidance: Co issues in-line guidance for Q3, sees EPS of $0.12-$0.13 vs. $0.12 Capital IQ Consensus Estimate; sees Q3 revs of $118-$120 mln vs. $119.36 mln Capital IQ Consensus Estimate.

    Co issues in-line guidance for FY15, sees EPS of $0.47-$0.49 vs. $0.47 Capital IQ Consensus Estimate; sees FY15 revs of $461-$466 mln vs. $463.83 mln Capital IQ Consensus Estimate.

  • Commentary: "The total number of units using one or more RealPage solutions increased sequentially from 9.7 million to 10.3 million at the end of the second quarter, primarily due to the acquisition of Indatus, the largest smart answer automation platform in the multifamily industry. This is critical, as it provides a signficant number of new units to cross-sell our existing platform of solutions..."

4:16 pm Arena Pharm beats by $0.03, misses on revs (ARNA) : Reports Q2 (Jun) loss of $0.11 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.14); revenues fell 28.1% year/year to $9.2 mln vs the $10.86 mln consensus.

4:16 pm EVERTEC beats by $0.01, reports revs in-line; guides FY15 EPS in-line, revs in-line; Co increases buyback program to $100 mln from $75 mln (EVTC) : Reports Q2 (Jun) earnings of $0.44 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.43; revenues rose 2.1% year/year to $93.2 mln vs the $93.69 mln consensus. Co issues in-line guidance for FY15, sees EPS of $1.68-1.72 vs. $1.70 Capital IQ Consensus Estimate; sees FY15 revs of $368-372 mln vs. $372.34 mln Capital IQ Consensus Estimate.

4:16 pm RealD misses by $0.01, misses on revs (RLD) : Reports Q1 (Jun) earnings of $0.14 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.15; revenues fell 2.9% year/year to $53.6 mln vs the $62.33 mln consensus.

4:16 pm Sequenom misses by $0.03, misses on revs (SQNM) : Reports Q2 (Jun) loss of $0.08 per share, $0.03 worse than the Capital IQ Consensus Estimate of ($0.05); revenues fell 17.6% year/year to $32.77 mln vs the $35.59 mln consensus.

  • Unrecorded accounts receivable for tests performed are estimated to be $27 to $30 million as of June 30, 2015. This range has declined by $2 million, compared to the estimates in the prior quarter. 
  • Gross margin for the second quarter of 2015 was 49%, as compared to gross margin of 44% for the second quarter of 2014. 
  • Sequenom remains on track to launch a liquid biopsy test for research use in the second half of 2015.

4:15 pm Enersys misses by $0.03, misses on revs (ENS) : Reports Q1 (Jun) earnings of $1.00 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $1.03; revenues fell 11.4% year/year to $562.1 mln vs the $606.21 mln consensus.

4:15 pm Andersons beats by $0.10, misses on revs (ANDE) : Reports Q2 (Jun) earnings of $1.09 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.99; revenues fell 7.9% year/year to $1.21 bln vs the $1.24 bln consensus.

  • Rail Group has continued strong performance
  • Ethanol Group earnings improve significantly from the first quarter
  • Plant Nutrient Group acquires the nutrient business of Kay Flo Industries
  • Unusually wet weather negatively impacts the Plant Nutrient Group
Outlook:
  • The Rail Group is expected to deliver another great year.
  • The demand for ethanol is expected to remain strong as lower gasoline prices support base demand for gasoline. The Ethanol Group believes export demand will support margins into the fall when domestic gasoline demand falls off.
  • Barring further unusual weather the Plant Nutrient Group should have a typical second half of the year. Significant volume improvement should be seen in 2016, as farmers address their soil nutrient demands created by an abnormally wet spring. The benefits from the Kay Flo acquisition should also begin to be seen in 2016. 
  • The wet weather slightly reduced the likely size of fall crops of corn and beans, and degraded wheat quality in some of our draw territory. We will continue to look for other income opportunities resulting from market volatility to somewhat offset this lower volume. 

4:14 pm Masonite International misses by $0.11, misses on revs (DOOR) : Reports Q2 (Jun) earnings of $0.42 per share, $0.11 worse than the Capital IQ Consensus Estimate of $0.53; revenues fell 2.8% year/year to $476.42 mln vs the $512.52 mln consensus.

4:14 pm Intersect ENT beats by $0.03, beats on revs (XENT) : Reports Q2 (Jun) loss of $0.23 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.26); revenues rose 77.6% year/year to $15.2 mln vs the $14.74 mln consensus.

4:14 pm Medifast reports EPS in-line, revs in-line; guides Q3 below consensus; guides FY15 below consensus (MED) :

  • Reports Q2 (Jun) earnings of $0.48 per share, in-line with the Capital IQ Consensus Estimate of $0.48; revenues fell 3.3% year/year to $72.2 mln vs the $72.79 mln consensus. 
  • Co issues downside guidance for Q3, sees EPS of $0.40-0.43 vs. $0.47 Capital IQ Consensus Estimate; sees Q3 revs of $65-68 mln vs. $71.50 mln Capital IQ Consensus Estimate. 
  • Co issues downside guidance for FY15, sees EPS of $1.70-1.80 vs. $1.87 Capital IQ Consensus Estimate; sees FY15 revs of $270-280 mln vs. $285.55 mln Capital IQ Consensus Estimate.

4:14 pm Continental Resources beats by $0.09, beats on revs (CLR) : Reports Q2 (Jun) earnings of $0.13 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.04; revenues fell 30.6% year/year to $790.1 mln vs the $732.41 mln consensus. 

  • Q2 net production totaled 20.6 million Boe, or 226,547 Boe per day, a sequential increase of 10% from first quarter 2015 and 35% higher than second quarter 2014.
  • Guidance: Based on strong operating results in first half 2015, the Company is increasing its production growth guidance to a range of 19% to 23% for 2015, compared with earlier guidance of 16% to 20% growth over the previous year. Concurrently, Continental has issued lower 2015 expense guidance for production cost, general and administrative cost and non-cash equity compensation per barrel of oil equivalent (Boe) of production, reflecting increased operating efficiencies companywide. In total, the guidance on cash costs for 2015 has been reduced by $1.00 per Boe of production. Production expense is now expected to be in a range of $4.75 to $5.25 per Boe for the year, and G&A expense is expected to be in a range of $1.75 to $2.25 per Boe.

4:14 pm Weight Watchers beats by $0.01, reports revs in-line; guides FY15 EPS above consensus (WTW) : Reports Q2 (Jun) earnings of $0.42 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.41; revenues fell 22.1% year/year to $309.8 mln vs the $312.46 mln consensus.

  • Co issues upside guidance for FY15, sees EPS of $0.57-0.72 vs. $0.56 Capital IQ Consensus Estimate, up from prior guidance of $0.40-0.70.
  • "In the second quarter, our member recruitment trends improved, particularly in North America where Online sign-ups were positive year-over-year," commented Jim Chambers, the Company's President and Chief Executive Officer. "Late this year, we will be launching a significant and comprehensive program innovation in all of our major markets that we believe will return the Company to recruitment growth."

4:13 pm Closing Market Summary: S&P 500 Snaps Three-Day Skid While Dow Lags (:WRAPX) : The stock market snapped its three-day skid on Wednesday with the S&P 500 climbing 0.3%. The benchmark index settled behind the Nasdaq Composite (+0.7%), but ahead of the Dow Jones Industrial Average (-0.1%), which ended in the red.

Equity indices began the day with gains, but the early strength was just a mirage for the Dow Jones Industrial Average as the price-weighted index retreated from its opening high and spent the afternoon near its flat line. Most notably, shares of Disney (DIS 110.53, -11.16) pressured the index throughout the day after the company reported earnings. Disney delivered a three-cent beat, but that was overshadowed by a poor showing from its media and parks & resorts segments.

In addition to pressuring the Dow, Disney's results broadsided other media names, resulting in a 1.1% decline for the consumer discretionary sector even as retailers outperformed with SPDR S&P Retail ETF (XRT 98.99, +1.10) climbing 1.1%. Furthermore, Time Warner (TWX 79.80, -7.85) reported better than expected results, but the stock fell victim to industry-wide selling pressure, ending lower by 9.0%.

Discretionary sector notwithstanding, the energy space (-0.8%) finished in the red while seven of the remaining eight groups posted gains. As for energy, the growth-sensitive sector was among the early leaders, but slumped alongside crude oil, which settled lower by 1.4% at $45.11/bbl. Interestingly, the late-morning turn in oil coincided with the reversal in equities.

Despite the intraday reversal, the Nasdaq was able to end the day with more than half of its original gain thanks to the relative strength in the technology sector (+1.0%). The top-weighted group was underpinned by large cap names while Apple (AAPL 115.40, +0.76) erased an early loss to end higher by 0.7% after yesterday's drop widened its decline from mid-July highs to 13.8%. On the earnings front, Motorola Solutions (MSI 64.01, +3.79) spiked 6.3% after better than expected results overshadowed cautious guidance for Q3.

Moving to the countercyclical side, consumer staples (+0.9%) and health care (+0.7%) settled well ahead of the broader market while telecom services (unch) underperformed and utilities (+0.3%) ended in-line. For its part, the health care sector rallied alongside biotechnology with iShares Nasdaq Biotechnology ETF (IBB 386.72, +2.91) climbing 0.8%.

Treasuries notched their lows shortly after the opening bell on Wall Street, but they retraced about a third of their losses with the 10-yr yield rising four basis points to 2.27%.

Today's participation was ahead of recent averages with more than 890 million shares changing hands at the NYSE floor.

Economic data included ADP Employment, Trade Balance, ISM Services, and MBA Mortgage Index:

  • The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 185K in July while the Briefing.com consensus expected a reading of 220K 
    • The June reading was revised down to 229,000 from 237,000 
  • The U.S. trade deficit widened to $43.80 billion in June from a downwardly revised $40.90 billion (from $41.90 billion) in May while the Briefing.com consensus expected a deficit of $42.70 billion 
    • The goods deficit increased to $63.50 billion in June from $60.60 billion in May while the services surplus was virtually unchanged at $16.70 billion 
  • The ISM Non-manufacturing Index increased to 60.3 in July from 56.0 in June while the Briefing.com consensus expected an increase to 56.3 
    • That was the strongest reading since hitting 61.4 in August 2005 
  • The weekly MBA Mortgage Index rose 4.7% to follow last week's uptick of 0.8% 
Tomorrow, the Challenger Job Cuts report for July will be released at 7:30 ET while weekly Initial Claims will be reported at 8:30 ET (Briefing.com consensus 271,000).
  • Nasdaq Composite +8.5% YTD 
  • S&P 500 +2.0% YTD 
  • Russell 2000 +2.2% YTD 
  • Dow Jones Industrial Average -1.6% YTD

4:13 pm Castlight Health misses by $0.01, beats on revs; guides Q3 EPS in-line, revs below consensus; reaffirms FY15 (CSLT) :

  • Reports Q2 (Jun) loss of $0.19 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.18); revenues rose 76.2% year/year to $18.5 mln vs the $17.82 mln consensus. 
  • Co issues guidance for Q3, sees EPS of ($0.18-0.17), excluding non-recurring items, vs. ($0.17) Capital IQ Consensus Estimate; sees Q3 revs of $19.2-19.5 mln vs. $19.80 mln Capital IQ Consensus Estimate. 
  • Co issues guidance for FY15, reaffirms EPS of ($0.71-0.66), excluding non-recurring items, vs. ($0.68) Capital IQ Consensus Estimate; sees FY15 revs of $74-77 mln vs. $76.08 mln Capital IQ Consensus Estimate.

4:12 pm Manitex Intl misses by $0.06, reports revs in-line (MNTX) : Reports Q2 (Jun) earnings of $0.02 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.08; revenues rose 54.4% year/year to $105.6 mln vs the $105.31 mln consensus. 

"Results for the second quarter were significantly impacted by the reduced demand for our higher tonnage crane product that has been created by the energy sector slowdown and the redeployment of equipment into other markets."

4:12 pm GoDaddy misses by $0.25 on a GAAP basis, reports revs in-line; guides Q3 revs slightly below consensus; reaffirms FY15 revs guidance, raises FY15 adjusted EBITDA guidance (GDDY) : Reports Q2 (Jun) GAAP loss of $0.46 per share, $0.25 worse than the Capital IQ Consensus GAAP Estimate of ($0.21); revenues rose 16.5% year/year to $394.5 mln vs the $392.95 mln consensus.

  • Total Bookings of $475.9 million, up 16.0% year over year
  • Adjusted EBITDA of $82.3 million, up 29.0% year over year
  • Customers were 13.3 million at quarter end, up 9.1% year over year; Annual average revenue per user of $118, up 8.6% year over year
Co issues downside guidance for Q3, sees Q3 revs of $405-410 mln vs. $410.48 mln Capital IQ Consensus Estimate. Co sees Q3 adjusted EBITDA of $82-85 mln.

Co reaffirms guidance for FY15, sees FY15 revs of $1.595-1.605 bln vs. $1.6 bln Capital IQ Consensus Estimate. Co sees FY15 adjusted EBITDA of $328-333 mln (raised from $322-327 mln).

4:12 pm Hortonworks beats by $0.04, beats on revs; guides Q3 revs above consensus; guides FY15 revs above consensus (HDP) : Reports Q2 (Jun) loss of $0.80 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.84); revenues rose 153.7% year/year to $30.7 mln vs the $23.28 mln consensus.

  • Non-GAAP gross margin was 59% for the second quarter 2015, compared to 46% during the same period last year.

  • Guidance: Co issues upside guidance for Q3, sees Q3 revs of $29-$31 mln vs. $24.55 mln Capital IQ Consensus Estimate. Sees Adjusted EBITDA resulting in a loss between $22.0 million and $24.0 million

    Co issues upside guidance for FY15, sees FY15 revs of $114-$117 mln vs. $97.41 mln Capital IQ Consensus Estimate. Sees Adjusted EBITDA resulting in a loss between $82.0 million and $88.0 million.

4:12 pm Ironwood Pharma misses by $0.12, misses on revs; reaffirms FY15 guidance (IRWD) : Reports Q2 (Jun) loss of $0.34 per share, $0.12 worse than the Capital IQ Consensus Estimate of ($0.22); revenues rose 307.9% year/year to $27.74 mln vs the $37.26 mln consensus.

2015 guidance reaffirmed

  • Ironwood continues to expect its 2015 total operating expenses to be in the range of $220-250 mln, which includes $105-120 mln in R&D expenses and $115-130 mln in SG&A expenses. 
  • Ironwood continues to expect combined Allergan and Ironwood total 2015 marketing and sales expenses for LINZESS to be in the range of $230-260 mln. 

4:12 pm Echo Global Logistics beats by $0.05, misses on revs; guides FY15 revs below consensus (ECHO) : Reports Q2 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 21.9% year/year to $372 mln vs the $378.82 mln consensus. Co issues downside guidance for FY15, sees FY15 revs of $1.525-1.575 bln, excluding non-recurring items, vs. $1.68 bln Capital IQ Consensus Estimate. Co increases its long term targets to revenue of $3 bln and Non-GAAP EBITDA of $150 mln by 2018.

4:12 pm ePlus reports Q1 EPS of $1.21 vs $1.25 Capital IQ Consensus Estimate; revs -0.9% y/y to $269.9 mln vs $285.8 mln Captial IQ Consensus Estimate. (PLUS) : "We continue to work to adjust our sales mix to emphasize profitability, including growing our services business and recurring revenue. We will continue to invest in sales and engineering resources to meet the demand for transformative and emerging technologies. Finally, we ended the quarter with over $88 million in cash, providing us with ample balance sheet flexibility to pursue both organic growth and growth through acquisition."

4:11 pm GAMCO Investors announces Board approval for the repurchase of up to an additional 500,000 shares of its common stock (GBL) : The co. announced that its Board of Directors approved a quarterly dividend of $0.07 per share (The Q2 distribution was $0.16/share) to all of its Class A and Class B shareholders, payable on September 29, 2015 to its Class A and Class B shareholders of record on September 15, 2015. In addition, the Board of Directors authorized the repurchase of up to an additional 500,000 shares of its Class A Common Stock at such times, prices and amounts to be determined by the company. After this most recent authorization, there are 814,502 shares available for repurchase under GAMCO's stock repurchase program.

4:11 pm Jazz Pharma reports EPS in-line, revs in-line; reaffirms FY15 guidance (JAZZ) :

  • Reports Q2 (Jun) earnings of $2.41 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $2.41; revenues rose 14.6% year/year to $333.7 mln vs the $335.82 mln consensus. 
  • For Q2, Xyrem net sales increased by 30% to $247.8 million, and the average number of active Xyrem patients in the U.S. increased to approximately 12,475.
  • Co reaffirms guidance for FY15, sees EPS of $9.45-$9.75, excluding non-recurring items, vs. $9.62 Capital IQ Consensus Estimate; reaffirms FY15 revs of $1.31-1.37 bln vs. $1.36 bln Capital IQ Consensus Estimate; reaffirms Xyrem net sales of $950-$970 million.

4:11 pm Epizyme appoints Robert Bazemore as the company's President and CEO, effective September 10, 2015 (EPZM) : Prior to joining Epizyme, Bazemore served as Chief Operations Officer of Synageva through its acquisition in July 2015 by Alexion (ALXN) for $8.4 billion

4:11 pm Craft Brew Alliance misses by $0.03, misses on revs (BREW) : Reports Q2 (Jun) earnings of $0.07 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.10; revenues rose 3.2% year/year to $58.5 mln vs the $59.48 mln consensus. Net sales and total beer shipments increased 3% and 2%, respectively, compared to the second quarter of 2014, reflecting continued progress to align shipments and depletions, while managing inventory levels in preparation for the peak summer season.

4:10 pm TTM Tech beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs in-line (TTMI) : Reports Q2 (Jun) earnings of $0.17 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 49.7% year/year to $445.45 mln vs the $441.13 mln consensus.

  • Co issues mixed guidance for Q3, sees EPS of $0.14-0.21 vs. $0.29 Capital IQ Consensus Estimate; sees Q3 revs of $640-680 mln vs. $677.27 mln Capital IQ Consensus Estimate.

4:10 pm Clean Energy Fuels misses by $0.02, misses on revs (CLNE) : Reports Q2 (Jun) loss of $0.29 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of ($0.27); revenues fell 11.4% year/year to $86.9 mln vs the $97.93 mln consensus.

  • Gallons delivered for the second quarter of 2015 increased 15% to 74.4 mln gallons, compared to 64.8 mln gallons delivered in the same period a year ago.
    • Gallons delivered for the six months ended June 30, 2015 increased 21% to 149.6 mln gallons, compared to 124.1 mln gallons delivered in the same period a year ago.
  • Approximately $5.6 mln of the decrease was the result of lower fuel prices which were driven by lower commodity costs in 2015 compared to 2014. Construction revenue in the second quarter of 2015 was $5.2 mln less than construction revenue in the second quarter of 2014, principally due to timing of revenue recognition.

4:10 pm Fitbit beats by $0.12, beats on revs; guides Q3, FY15 EPS and rev above consensus (FIT) :

  • Reports Q2 (Jun) adj. earnings of $0.21 per share, $0.12 better than the Capital IQ Consensus of $0.09; revenues rose 252.5% year/year to $400.4 mln vs the $318.98 mln consensus. 
    • Sold 4.5 million connected health and fitness devices in the second quarter of 2015 
    • International revenue increased 250% year-over-year for the second quarter of 2015, driven by EMEA and APAC year-over-year revenue growth of 301% and 292%, respectively, for the second quarter of 2015
  • Co issues upside guidance for Q3, sees EPS of $0.07-0.10, excluding non-recurring items, vs. $0.07 Capital IQ Consensus; sees Q3 revs of $335-365 mln vs. $262.92 mln Capital IQ Consensus Estimate. 
  • Co issues upside guidance for FY15, sees EPS of $0.69-0.77, excluding non-recurring items, vs. $0.61 Capital IQ Consensus; sees FY15 revs of $1.6-1.7 bln vs. $1.41 bln Capital IQ Consensus Estimate.

4:09 pm Jack In The Box beats by $0.03, reports revs in-line; guides FY15 EPS in-line (JACK) : Reports Q3 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.73; revenues rose 3.2% year/year to $359.5 mln vs the $359.0 mln consensus. Co issues in-line guidance for FY15, sees EPS of $2.97-3.03, excluding non-recurring items, vs. $2.99 Capital IQ Consensus Estimate.

  • Jack in the Box system same-store sales increased +7.3% for the quarter, and company same-store sales increased 5.5%. Qdoba same-store sales increased +7.7% system-wide and +6.6% for company restaurants as the simplified menu pricing structure continued to drive average check growth.
  • Q4 (Sep) guidance: Same-store sales increase of approximately +3.5-5.5% at Jack in the Box company restaurants; Co sees same-store sales increase of approximately +5.0-7.0% at Qdoba company restaurants.

4:09 pm Prudential beats by $0.44, beats on revs (PRU) : Reports Q2 (Jun) earnings of $2.91 per share, $0.44 better than the Capital IQ Consensus Estimate of $2.47; revenues rose 12.5% year/year to $12.5 bln vs the $11.11 bln consensus.

4:08 pm Keurig Green Mtn beats by $0.01, misses on revs; guides Q4 EPS below consensus; Announces $1 bln share repurchase, Cost cutting program; Stock halted, will resume trade at 16:30 ET (GMCR) : Reports Q3 (Jun) earnings of $0.80 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.79; revenues fell 5.2% year/year to $969.6 mln vs the $1.04 bln consensus. 

  • For the quarter, 1.36 million Keurig system brewers were sold including 1.3 million sold by Keurig and 0.05 million reported sold by Keurig's licensed brewer partners. This brewer shipment number does not account for consumer returns. The 26% decline in Keurig's brewer and accessory net sales compared to the prior year period was primarily due to a 18% decline in brewer sales volume, driven by high levels of inventory at retail and timing of restocking the MINI Plus brewer.
    • Brewer net price realization declined by 6 percentage points due to promotional efforts to reduce brewer inventory levels.
Co issues downside guidance for Q4, sees EPS of $0.70-0.75, excluding non-recurring items, vs. $0.97 Capital IQ Consensus Estimate.  See revenues decline of low teens y/y.

Co announced it authorized an additional $1 billion share repurchase 

Cost Saving Program
  • The Company announced a multi-year productivity program intended to reduce structural costs and streamline organization structures to drive efficiency. The program is expected to generate approximately $300 million in savings over the next three years with approximately $100 million of savings in fiscal 2016. The program is expected to reduce the company's workforce by approximately 5%. Implementation of the productivity program is expected to result in cumulative pre-tax charges of $30-$35 million, beginning with an approximately $26 million charge in the fourth quarter of fiscal 2015. 
Fiscal Year 2016 Outlook 

Co expects its hot business to deliver modest non-GAAP earnings per share growth over fiscal 2015 inclusive of the expected productivity savings. The Company expects that its investment in Keurig KOLD in 2016 will be at least $100 million and could be higher depending largely on pod manufacturing efficiencies and channel mix.
  • With regard to the first quarter of fiscal 2016, the Company expects non-GAAP earnings per share to decline versus the prior year quarter as the Company ships more hot appliances year over year, ships KOLD appliances, ramps production on KOLD pods and faces a significant coffee cost headwind in the first quarter of fiscal 2016. 
  • The Company will update its outlook and provide more details related to fiscal 2016 on its fourth quarter earnings announcement.

4:08 pm Cardiovascular Systems beats by $0.03, misses on revs; guides Q1 EPS below consensus, revs in-line (CSII) : Reports Q4 (Jun) loss of $0.27 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.30); revenues rose 22.5% year/year to $48.45 mln vs the $50.03 mln consensus.

  • Co issues mixed guidance for Q1, sees EPS of ($0.38-0.40) vs. ($0.24) Capital IQ Consensus Estimate; sees Q1 revs of $48.5-50 mln vs. $50.53 mln Capital IQ Consensus Estimate.

4:08 pm Habit Restaurants beats by $0.03, beats on revs; guides FY15 revs in-line (HABT) : Reports Q2 (Jun) earnings of $0.09 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.06; revenues rose 36.6% year/year to $56.7 mln vs the $55.91 mln consensus.

  • Company-wide comparable restaurant sales increased 8.9%.

  • The company opened four new restaurants during the second quarter and finished the quarter with 117 company-owned locations and one licensed location.

  • Guidance: Co issues in-line guidance for FY15, sees FY15 revs of $225-$227 mln vs. $227.30 mln Capital IQ Consensus Estimate. Sees comparable restaurant sales growth of approximately 5.0% ... Expects the opening of 26 to 28 company-owned restaurants and three to five franchised/licensed restaurants ... Sees restaurant contribution margin of 21.0% to 21.5%. 

4:08 pm Coupons.com misses by $0.10, reports revs in-line; lowers FY15 guidance; announces management change (COUP) : Reports Q2 (Jun) loss of $0.11 per share, $0.10 worse than the Capital IQ Consensus Estimate of ($0.01); revenues rose 8.1% year/year to $55.9 mln vs the $55.4 mln consensus.

  • Co issues in-line guidance for FY15, sees FY15 revs of $255-270 mln from $270-280 mln vs. $269.81 mln Capital IQ Consensus. Sees adjusted EBITDA for the full year of 2015 of $30-40 mln from $35-45 mln. 
  • The Company also announced updates to the Executive management team. Mir Aamir, current CFO and COO, is being promoted to President and COO, enabling him to focus full time on strategy and operations. He will continue to report to Steven Boal. The Company expects to name a new CFO soon, at which point the promotion will be effective. In the interim, Mr. Aamir will continue to serve as CFO until a new CFO is named.

4:07 pm Tornier misses by $0.05, misses on revs (TRNX) : Reports Q2 (Jun) loss of $0.19 per share, $0.05 worse than the Capital IQ Consensus Estimate of ($0.14); revenues fell 4.2% year/year to $83.22 mln vs the $85.15 mln consensus.

4:07 pm Stone Energy misses by $0.07, misses on revs (SGY) : Reports Q2 (Jun) loss of $0.17 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus Estimate of ($0.10); revenues fell 27.8% year/year to $149.5 mln vs the $151.89 mln consensus.

Co sees Q3 production at 39-41 MBoe/day, sees full year at 42-44 MBoe/day.

4:07 pm Fed Agricult Mortg announces the planned retirement of COO Tom Stenson, to take effect on August 7, 2015 (AGM) (AGM) : The co. announced that its Executive Vice President and Chief Operating Officer, Tom Stenson, will retire on August 7, 2015. Farmer Mac has no plans to name a successor. Instead, the company has been transitioning Mr. Stenson's responsibilities to Curt Covington, Senior Vice President -- Agricultural Finance, who joined Farmer Mac earlier this year, and to Dale Lynch, Executive Vice President and Chief Financial Officer.

4:07 pm Mistras Group misses by $0.03, misses on revs; lowers FY15 revenue guidance (MG) : Reports Q4 (May) earnings of $0.20 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.23; revenues fell 2.5% year/year to $174.7 mln vs the $184.23 mln consensus. Gross margin for the fourth quarter was 25.7% of revenues vs. 25.9% in the prior year.

  • Co issues lowered guidance for FY15, sees FY15 revs of $710-725 mln from $720-740 mln vs. $721.71 mln Capital IQ Consensus Estimate. 
  • Revenue Guidance representing an increase over 2015 of from 0% to 2%, including the expected adverse impact of FX and dispositions, or 2% to 4% exclusive of these factors. Total Adjusted EBITDA is expected to be between $72 million and $78 million, representing an increase of from 1% to 9% over fiscal year 2015 results.

4:06 pm Whitestone REIT beats by $0.03, beats on revs; guides FY15 FFO in-line (WSR) : Reports Q2 (Jun) funds from operations of $0.35 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 27.5% year/year to $22 mln vs the $21.75 mln consensus.

  • Co issues in-line guidance for FY15, sees FFO of $1.27-1.32 vs. $1.30 Capital IQ Consensus Estimate.

4:06 pm InspireMD enters into a partnership with Penumbra to distribute its carotid CGuard EPS, through a direct commercialization team (NSPR) :  

4:06 pm CSG Systems beats by $0.04, misses on revs; reaffirms FY15 EPS guidance, revs guidance (CSGS) :

  • Reports Q2 (Jun) earnings of $0.61 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.57; revenues fell 1.1% year/year to $182.6 mln vs the $187 mln consensus. 
  • Co reaffirms guidance for FY15, sees EPS of $2.33-2.40, excluding non-recurring items, vs. $2.36 Capital IQ Consensus Estimate; sees FY15 revs of $755-770 mln vs. $761.25 mln Capital IQ Consensus Estimate. 
  • "While we had a slower than expected start to the first half of the year, we continue to make progress on our longer-term initiatives as we migrate new accounts and clients to our solutions, which increases our recurring revenue base. The scale benefits of growing our recurring revenues, and our attention to cost management, has allowed us to reach the low end of our long-term non-GAAP operating margin target of 18-20%. We continue to generate strong cash flows enabling us to continue to invest in our business while continuing to return cash to our shareholders."

4:06 pm 21st Century Fox beats by $0.02, misses on revs (FOXA) : Reports Q4 (Jun) earnings of $0.39 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.37; adj. revenues fell 9.3% year/year to $6.21 bln vs the $6.5 bln consensus. 

  • Adjusted OIBDA increased 3% to $6.49 billion.
  • Cable Network Programming quarterly segment OIBDA of $1.22 billion increased 1% over the result reported in the corresponding period of the prior year. A 7% increase in revenues from higher affiliate and advertising revenues was offset by a 10% increase in segment expenses, principally driven by higher sports programming costs at FS1 related to both new events, including the FIFA Women's World Cup and the U.S. Open Golf Championship, and NASCAR. Segment OIBDA growth was adversely impacted by 4% from foreign exchange rate fluctuations. 
  • Television generated quarterly segment OIBDA of $113 million compared to the $145 million reported in the prior year quarter as higher retransmission consent revenues were more than offset by lower advertising revenues and higher sports programming costs principally from the U.S. Open Golf Championship and FIFA Women's World Cup events. Quarterly advertising revenues declined 14% from the corresponding period in the prior year due to lower general entertainment ratings, led by American Idol and The Following.

4:05 pm Itron Nnmes Tom Deitrich executive vice president and chief operating officer (ITRI) : The co. announced that Tom Deitrich has been appointed executive vice president (EVP) and chief operating officer (COO). Deitrich will join Itron in October. Deitrich most recently served as Senior Vice President and General Manager for Digital Networking at Freescale and has been in this position since 2012. Deitrich will succeed John Holleran as Itron COO. On May 4, 2015, Itron announced Holleran's departure from the company. He will remain with Itron through 2015 to facilitate a smooth transition.

4:05 pm Legacy Reserves misses by $0.54, misses on revs (LGCY) : Reports Q2 (Jun) loss of $0.63 per share, $0.54 worse than the Capital IQ Consensus Estimate of ($0.09); revenues fell 36.0% year/year to $87.8 mln vs the $104.9 mln consensus. 

  • "In addition to the lower costs and flat production, we posted record quarterly distribution coverage of 1.64 times. Regarding our balance sheet, in conjunction with our East Texas acquisitions, our bank group increased our borrowing base from $700 million to $950 million. Today we have approximately $400 million of availability under our revolver which we believe leaves us ample room for our business. Our banks have been valuable partners throughout our history and we appreciate their continued efforts and support. We have already added hedges to cover the production from the East Texas assets and will continue to monitor commodity futures prices to add additional hedges as warranted. In spite of the drop in commodity prices, we expect to achieve our 1.3 times 2015 distribution coverage goal stated earlier this year with the second half averaging nearly 1.2 times. Our $850 million of long-term capital raised in 2014 will prove helpful in this difficult environment as we continue to try to balance prudent protection with pragmatic progress."

4:05 pm Pacific Biosciences misses by $0.02, misses on revs (PACB) : Reports Q2 (Jun) loss of $0.16 per share, $0.02 worse than the Capital IQ Consensus Estimate of ($0.14); revenues rose 118.2% year/year to $24.94 mln vs the $26.37 mln consensus.

4:04 pm Itron reports Q2 results, beats on revs; guides FY15 EPS, revs above consensus (ITRI) : Reports Q2 (Jun) loss of $0.38 per share. The net losses for the quarter were primarily attributable to the Water segment warranty charge and decreased contribution from the Gas segment.  The Capital IQ Consensus Estimate is ($0.00); revenues fell 3.9% year/year to $470 mln vs the $450 mln consensus.

  • Quarterly bookings of $398 million.
  • Twelve-month backlog of $791 million and total backlog of $1.4 billion. 
  • Guidance: Co issues guidance for FY15, sees EPS of $1.00-$1.30. The CapIQ Consensus is $1.33; sees FY15 revs of $1.85-$1.95 vs. $1.85 bln Capital IQ Consensus Estimate.

4:04 pm Rayonier enters into $550 million of new credit facilities (RYN) : Co has entered into a credit agreement for $550 million of new credit facilities, including a five-year $200 million revolving credit facility and a nine-year $350 million term loan facility. The new credit facilities will be used to refinance the company's existing revolving credit facility and senior exchangeable notes (due in August 2015), as well as fund an anticipated capital infusion into the company's New Zealand joint venture for repayment of JV indebtedness

4:03 pm Strategic Hotels & Resorts beats by $0.01, misses on revs; guides FY15 FFO in-line (BEE) : Reports Q2 (Jun) funds from operations of $0.25 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.24; revenues rose 29.2% year/year to $356.9 mln vs the $362.93 mln consensus.

  • Co issues in-line guidance for FY15, sees FFO of $0.88-0.94 vs. $0.91 Capital IQ Consensus Estimate, prior range $0.88-0.94.

4:03 pm Tumi beats by $0.06, beats on revs; guides FY15 EPS in-line (TUMI) : Reports Q2 (Jun) earnings of $0.25 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.19; revenues rose 11.2% year/year to $138.5 mln vs the $133 mln consensus.

  • Co issues in-line guidance for FY15, sees EPS of $0.90-0.95 vs. $0.93 Capital IQ Consensus Estimate; sees net sales to increase between 6% and 9%, in-line with +7% consensus estimate. 
  • "Our strong financial results in the second quarter were driven by sales growth of 11%, gross margin expansion of 100 basis points, operating income growth of 27%, and net income growth of 37%. Our performance was led by strength in our retail business worldwide, as well as the continued momentum in our international wholesale segment. We remain focused on continuing to execute our growth initiatives, including introducing innovative new products and growing our footprint worldwide, driving brand awareness and attracting new consumers to the Tumi brand globally. Overall, we are well positioned to drive sustainable sales and earnings growth over the long term."

4:03 pm Argan enters into a Turnkey Engineering, Procurement and Construction Contract with Exelon Generation Company and Exelon Corporation (EXC) valued at $100 mln (AGX) : Co has entered into a Turnkey Engineering, Procurement and Construction Contract with Exelon Generation Company and Exelon Corporation (EXC) and received a limited notice to proceed to commence early activities for the construction of a dual-fuel 200 MW simple cycle peaking power plant at Exelon's West Medway Generating Station. The contract value is ~ $100 million and has an expected completion date of mid-2018.

4:02 pm CBS beats by $0.02, reports revs in-line (CBS) : Reports Q2 (Jun) earnings of $0.74 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.72; revenues rose 1.0% year/year to $3.22 bln vs the $3.21 bln consensus.

  • Affiliate and subscription fees grew 28%, driven by Showtime's distribution of the highest-grossing pay-per-view boxing event of all time, as well as 40% growth in retransmission revenues and fees from CBS Television Network-affiliated television stations. Advertising revenues decreased 3%, and content licensing and distribution revenues were down 10%, primarily reflecting lower domestic television licensing revenues, which were partially offset by higher international television licensing revenues. Adjusted operating income was $641 million for the second quarter of 2015 compared with operating income of $730 million for the same prior-year period, reflecting higher investment in programming and digital distribution initiatives.

4:02 pm Opko Health misses by $0.04, misses on revs (OPK) :

  • Reports Q2 (Jun) loss of $0.09 per share, $0.04 worse than the Capital IQ Consensus Estimate of ($0.05); revenues rose 80.4% year/year to $42.4 mln vs the $44.73 mln consensus. 
  • "The first half of 2015 was transformational for OPKO. We believe that the closing of the Pfizer transaction, the acquisition of EirGen and our pending transaction with Bio-Reference will result in OPKO having significant revenue opportunities and an expanded commercial presence to broadly sell and market our products and services. The submission and acceptance of our NDA filing for Rayaldee were also important parts of bringing to market a new therapeutic option for patients with stage 3 or 4 chronic kidney disease and vitamin D insufficiency. We expect the initiation of our important clinical development programs for Factor VIIa-CTP and oxyntomodulin, products with great commercial potential, during the second half of the year. The 4Kscore Test's addition to the NCCN guideline represents a major step towards its becoming the standard of care for early detection of aggressive prostate cancer as well as obtaining reimbursement from the healthcare providers."

4:02 pm Silicon Graphics beats by $0.08, beats on revs; guides FY16 EPS in-line, revs below consensus (SGI) : Reports Q4 (Jun) loss of $0.12 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of ($0.20); revenues rose 7.6% year/year to $152.9 mln vs the $133.7 mln consensus. For FY16, co sees EPS of $0.25-0.35, excluding non-recurring items, vs. $0.33 Capital IQ Consensus Estimate; sees FY16 revs of $600-625 mln vs. $627.6 mln Capital IQ Consensus Estimate.

4:01 pm Aerie Pharma and GrayBug enter into a research collaboration and license agreement to deliver certain of Aerie's preclinical product candidates to both the front and back of the eye using GrayBug's technology (AERI) : AERI and GrayBug, Inc., a venture-stage pharmaceutical company developing microparticle controlled release drug delivery technologies for the treatment of ocular diseases including wet age-related macular degeneration (AMD) and glaucoma, announced a research collaboration and license agreement to deliver certain of Aerie's preclinical product candidates to both the front and back of the eye using GrayBug's proprietary technology

4:01 pm Old Line Bancshares announces an agreement to acquire Regal Bancorp (RGBM) for $5.6 mln, or $12.68 per Regal share (OLBK) : Co announced the execution of a definitive merger agreement that provides for the acquisition of Regal Bancorp by Old Line Bancshares for ~$5.6 million, or  $12.68 per share of common stock, in cash and stock, plus $1.0 million in cash to be paid to the holders of Regal Bancorp preferred stock.

  • Under the terms of the Merger Agreement, Old Line Bancshares will acquire each of the outstanding shares of Regal Bancorp common stock for either 0.7718 shares of Old Line Bancshares common stock or cash consideration of $12.68 per share, and the outstanding shares of Regal Bancorp preferred stock for cash consideration of $2.00 per share.
  • Pursuant to the terms of the Merger Agreement, Regal Bancorp, with assets of $133.7 million and three banking locations, will be merged with and into Old Line Bancshares. 
  • The Merger is anticipated to close in the fourth quarter of 2015 or the first quarter of 2016. It is expected to be accretive to its earnings, including merger expenses, within the first year, with a payback period of about half a year.

3:59 pm Associated Estates shareholders approve acquisition by Brookfield Asset Management (BAM) (AEC) :  

3:37 pm Earnings Calendar for tomorrow before the open (:SUMRX) : Tomorrow before the open look for the following companies to report:

  • NVO, MFC, DUK, AGN, BCE, GLP, VIAB, BDX, CNQ, CORE, MYL, APA, TA, HII, CC, WIN, OA, TAP, SBH, MPEL, KORS, HSNI, THS, SATS, EAT, CNK, GTS, CTB, BECN, TDC, OGE, STN, AMCX, TK, MMS, MMP, PRIM, HGG, KOP, NRF, SUNE, HMHC, SEAS, LEAF, NYT, ENR, VER, ZEUS, LAMR, IPCC, MEG, GNRC, FSV, BBEP, MITL, SPH, OWW, ROCK, SNH, AGO, NXST, CNSL, RDEN, PBH, AYR, EMES, DDD, CRZO, LPI, CCC, ROLL, RSTI, RICE, EXTR, BDBD, GOGO, NRP, LCUT, TECH, HL, NRZ, EBS, GCAP, TNK, SSTK, GLOG, ETM, AINV, CCOI, LQDT, AAON, WPP, ORN, CECE, HWCC, USPH, HCLP, NXTM, BBW, SGM, TESO, FSYS, INSY, NWHM, CSG, CNXC, SFY, ENOC, FOGO, HILL, SNOW, EXK, IRC, MBLY, TLP, ONE, ACTA, RVLT, PLUG, NGS, AGIO, ICD, AXAS, RGEN, DX, RMP, GWPH, INFI, OTIV, CRIS, PGNX, RWLK, SRPT, RDUS, GTXI

3:37 pm Treasury Market Summary (BONDX) : Treasuries Decline, Curve Steepens

  • Treasuries moved lower today despite weaker-than-expected ADP data for July which missed the Briefing.com consensus by 35K jobs and included a downward revision of 8K jobs to the June number. A report from the Treasury Borrowing Advisory Committee spooked some of the curve-flattening positions, although the members only discussed the possibility of selling more long-dated Treasuries and decided on nothing. The ISM's Services Index blew past expectations, blunting the pessimism induced by the ADP report
  • Yield Check:
    • 2-yr: unch at 0.74%
    • 5-yr: +4 bps to 1.64%
    • 10-yr: +5 bps to 2.27%
    • 30-yr: +4 bps to 2.94%
  • News:
    • On Tuesday, the Wall Street Journal reported on an interview with Atlanta Fed President Dennis Lockhart
      • In the interview, Lockhart (an FOMC voter and monetary centrist) said that "It will take a significant deterioration in the economic picture for me to be disclined to move ahead"
      • His remarks sent Treasury yields higher. The weak Employment Cost Index for Q2, released on July 31st, caused some market observers to push back their guesses on the date of the first rate hike
    • The Treasury Borrowing Advisory Committee (:TBAC) met on August 4th and discussed the possibility of the Treasury issuing more long-dated debt to take advantage of "low absolute interest costs"
    • The Institute of Supply Management's Services Index soared past estimates in July, jumping to 60.3 from 56.0 in June. The Briefing.com consensus had been looking for 56.3
    • The ADP report showed that the U.S. economy added only 185K jobs in July, much less than the Briefing.com consensus of 220K and June's reading of 229K (which was revised down from 237K)
    • The U.S. trade deficit widened to $43.8 bln in June from a downwardly-revised $40.9 bln (from $41.9 bln) in May. The Briefing.com consensus expected the trade deficit to increase to $42.7 bln
  • Commodities:
    • WTI crude: -1.27% to $45.16/bbl.
    • Gold: -0.62% to $1,083.90/troy oz.
    • Copper: -0.53% to $2.3495/lb.
  • Currencies:
    • EUR/USD: +0.09% to $1.0901
    • USD/JPY: +0.48% to 124.89
  • Data out Thursday:
    • July Challenger Job Cuts (07:30 ET)
    • Initial Jobless Claims for the week ending 8/1 and Continuing Jobless Claims for the week ending 7/25 (08:30 ET)
    • Natural Gas Inventories for the week ending 8/1 (10:30 ET)

3:37 pm Earnings Calendar for today after the close (:SUMRX) : Today after the close look for the following companies to report:

  • ETE, ETP, PRU, AGU, TSO, SLF, FOXA, CTL, MUSA, CBS, SXL, ABX, KND, TS, RIG, MRO, SUN, CF, ANDE, TSLA, BGC, HLF, AXLL, XPO, GMCR, FMC, ATO, ALB, UHAL, AWK, BWXT, CLR, LNT, DPM, ENS, WPX, CJES, PRXL, VVC, DOOR, WGL, ITRI, TTMI, CXW, TRQ, DNB, FLT, HI, GDDY, BRKR, FTD, ECHO, BEE, JACK, PRI, UIL, JAZZ, FIT, WTW, TTEC, RLJ, ZU, VEC, TLLP, CODI, STR, SD, MYRG, NLY, FGL, CDI, IAG, NP, PHH, EQC, SWM, SEMI, LHCG, RAIL, CCRN, ACXM, CSGS, MG, PFSI, FRT, DCO, IILG, NNBR, ACAS, SGY, MFLX, ATSG, MELI, ECOL, GPOR, KW, PDLI, REG, SGI, WTI, TUMI, JRVR, FANG, RYN, INOV, FUEL, RP, MNTX, LGCY, HRTG, PGTI, CLNE, KAI, HR, EVTC, POWR, FOXF, NOG, SHOR, PSIX, TRNX, LADR, OME, DXCM, JONE, FNGN, PMT, RGLD, MED, NWPX, IL, SSNI, AEGR, RLD, BREW, HABT, COUP, NHI, LMOS, CSII, AAOI, AREX, IO, RST, OPK, RWT, CPE, LDRH, PNNT, PFMT, IRWD, SQNM, HIVE, MCHX, WK, GBDC, MITT, TCAP, OSUR, SBY, AMTG, MRIN, PACB, HDP, REXR, WSR, CUTR, NKTR, CSLT, SGMO, XENT, CORT, ARNA, XNPT, TTPH, ICPT, ALDR, CNAT

3:18 pm Baxter issues a statement following the Schedule 13D filed by Third Point; has engaged in various discussions with Third Point and expects to continue a constructive dialogue (BAX) : Co stated:

  • "Baxter maintains open communication with its shareholders and values constructive input toward enhancing value. Baxter has engaged in various discussions with representatives of Third Point and expects to continue a constructive dialogue. 
  • Baxter's Board and management team are committed to enhancing value for all Baxter shareholders. Baxter will continue to evaluate shareholder input, assess opportunities and make decisions to further achieve that objective."

3:01 pm Medtronic announces the US launch of its Entrust delivery system (MDT) :  

2:39 pm Coupons.com down 6% ahead of earnings after the bell and following disappointing results from RetailMeNot (SALE -35%) (COUP) :  

2:23 pm Currency Market Summary (:FOREX) : Pound Sterling Rallies

  • U.S. Dollar Index: -0.07% to 97.86
    • The July ADP Employment Change was +185K versus the Briefing.com consensus of +220K, but July ISM Services beat expectations at 60.3 versus the consensus for 56.3
  • The British pound moved higher this morning ahead of Thursday's interest rate decision from the Bank of England and the Quarterly Inflation Report
    • GBP/USD: +0.29% to $1.5612
    • The Services PMI for the U.K. fell to a worse-than-expected 57.4 in July from 58.5 in June
  • EUR/USD: +0.13% to $1.0905
    • Retail Sales in the eurozone disappointed the market with a 0.6% fall in July versus a 0.1% gain in June
    • The Markit Composite PMI beat expectations, climbing to 53.9 in July versus 53.7 in June
    • The Services PMI rose to a better-than-expected 54.0 in July versus 53.8 in June
  • USD/JPY: +0.37% to 124.75
  • USD/CHF: +0.06% to 0.9785
    • Switzerland's CPI fell 0.6% m/m in July versus a 0.1% gain in June
  • USD/CAD: -0.09% to 1.3181
  • AUD/USD: -0.33% to $0.7356
    • Australia's AIG Services Index rose to 54.1 in July from 51.2 in June
  • NZD/USD: -0.33% to $0.6516
    • New Zealand's employment change for Q2 was +0.3%, less than expected and worse than the +0.6% in Q1

2:00 pm Index Changes Reminder: Express (EXPR) will replace Associated Estates (AEC) in the S&P SmallCap 600 after the close of trading (:INDXCH) :  

1:46 pm Revolution Lighting acquires LED lighting project provider, Energy Source for $30 mln (RVLT) : Co announced it has acquired Energy Source, LLC, a provider of LED lighting based energy savings projects within the commercial, industrial, hospitality, retail, education and municipal sectors. Energy Source's revenue and EBITDA are expected to be $30 million and $4.5 million, respectively, for the 2015 full year.

  • Under the terms of the agreement, RVLT paid a total purchase price of $30 million for 100 percent of the outstanding ownership interests of Energy Source: comprised of $10 million in cash, $10 million in RVLT common stock (~8.8 million shares), and $10 million in the form of a promissory note (due on the one year anniversary of the acquisition with an annual interest rate of 5%) together with a 3 year earnout based on Adjusted EBITDA of Energy Source. 
  • The $10 million upfront cash portion has been financed through the issuance of RVLT common shares (~8.7 million shares) to a non-affiliated investor. 
  • The transaction has been structured so that the entire purchase price will be tax deductible for federal and state income tax purposes. 
  • Co expects the transaction to be accretive to earnings per share in the second half of 2015

1:24 pm Windstream is awared $175 million annually for seven years, from the Phase II of the Connect America Fund to expand and support broadband services in rural areas (WIN) : Under that program, Windstream received ~$100 million in annual support in 2014, which will be replaced by the Connect America Fund Phase II receipts of $175 million each year starting in 2015.

1:23 pm Stock indices extend pullback -- Dow -25, S&P +5, Nasdaq Comp +33 (:TECHX) :  

1:23 pm Opko Health reports additional data from its hGH-CTP pediatric Phase 2 clinical trial has been selected for presentation, at the annual Meeting of the Eur. Society for Paediatric Endocrinology (OPK) : The data to be presented include results for 52 patients completing twelve months of weekly treatment with hGH-CTP. This phase 2 study was a one year, dose finding study administering hGH-CTP to growth hormone deficient children once a week using Genotropin administered daily as a comparator arm.

  • The twelve months data confirm comparable response of hGH-CTP to Genotropin injected daily as reflected by the twelve months serum insulin-like growth factor-1 standard deviation score (IGF-1SDS) profile, annual height velocity (:HV), height velocity standard deviation score (HV SDS) and safety profile. 
  • The data affirm the selection of an optimal dose that would be used to demonstrate non-inferiority compared to daily administered hGH in the upcoming phase 3 study.

1:14 pm Mylan Labs announces the US launch of its 20 and 40 mg Esomeprazole Magnesium Delayed-release Capsules; generics of AstraZeneca's (AZN) Nexium (MYL) :  

1:08 pm Notable movers of interest (SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume). 

Large Cap Gainers

  • ATVI (29.08 +13.28%): Beat Q2 consensus EPS estimates by $0.05, beat on revs; guided Q3 EPS in-line, revs above consensus; guided FY15 EPS & revs above consensus; price tgt raised at Brean Capital, Mizuho, Jefferies, others.
  • CTSH (67.26 +6.27%): Beat Q2 consensus EPS estimates by $0.06, beat on revs; guided Q3 EPS and rev above consensus; raised FY15 guidance.
  • PCLN (1352.96 +5.37%): Beat Q2 consensus EPS estimates by $0.60, reported revs in-line; guided Q3 EPS in-line, with the midpoint slightly ahead of consensus estimates.
Large Cap Losers
  • PAGP (19.58 -19.71%): Reported Q2 (Jun) earnings of $0.27 per share, $0.14 better than the Capital IQ Consensus of $0.13; revenues fell 40.5% year/year to $6.66 bln vs the $7.2 bln consensus; cautious commentary on oil outlook weighs.
  • DISCA (29.79 -9.34%): Beat Q2 consensus EPS estimates by $0.02, missed on revs; reaffirmed FY15 guidance
  • S (3.2 -8.45%): Price tgt lowered to $3.75 from $5 at Canaccord Genuity.
Mid Cap Gainers
  • FSLR (51.64 +16.04%): Beat Q2 consensus EPS estimates by $0.85, beat on revs; guided FY15 EPS above consensus, revs above consensus; upgraded at Cowen.
  • AMSG (83.14 +13.47%): Beat Q2 consensus EPS estimates by $0.13, beat on revs; raised FY15 guidance above consensus.
  • WCG (87.58 +9.31%): Beat Q2 consensus EPS estimates by $0.37, reported revs in-line; guided FY15 EPS above prior range.
Mid Cap Losers
  • ETSY (14.99 -22.05%): Reported Q2 (Jun) GAAP loss of $0.07 per share, $0.01 better than the Capital IQ Consensus of ($0.08); revenues rose 44.5% year/year to $61.4 mln vs the $59.54 mln consensus; warned about higher spending, effects of FX on results.
  • ABCO (49.47 -16.66%): Beat Q1 consensus EPS estimates by $0.08, missed on revs; guided Q2 EPS below consensus, revs below consensus; price tgt lowered at Canaccord Genuity.
  • TRMB (19.28 -15.62%): Beat Q2 consensus EPS estimates by $0.01, reported revs in-line; guided Q3 EPS below consensus, revs below consensus; downgraded at MKM Partners.

12:58 pm Midday Market Summary: Energy and Discretionary Sectors Weigh (:WRAPX) : The major averages have backed away from their session highs, but the Nasdaq (+0.9%) and S&P 500 (+0.4%) remain near their opening levels while the Dow Jones Industrial Average (-0.1%) has turned negative.

Equity indices began the day on an upbeat note thanks to an overnight boost received from the futures market; however, the market has struggled to stay near its early high due to relative weakness in several influential names.

The price-weighted Dow has trailed the broader market since the early going due to a 9.2% plunge in the shares of Disney (DIS 110.53, -11.16). Last evening, the company reported a three-cent beat, but that was overshadowed by a poor showing from Disney's media and parks & resorts segments.

Similar to Disney, other media names have retreated, which has kept the consumer discretionary sector (-1.1%) in the red through the first half of the session. Time Warner (TWX 81.71, -5.93) has followed the pack, sliding 6.8%, despite beating earnings and revenue expectations.

Unlike the discretionary sector, the growth-sensitive energy space was among the early leaders, but the sector is now down 0.5% amid an intraday dive in crude oil. The energy component trades down 1.9% at $44.88/bbl after being up as much as 2.1% earlier. It is worth noting that the turnaround in oil has coincided with a reversal in the stock market. Movements in the currency market have not had much impact on oil as the Dollar Index (988.08, +0.14) remains just below its overnight high.

Meanwhile, the remaining eight sectors trade in the green with top-weighted technology (+1.2%) doing yeomen's work, keeping the S&P 500 out of the red. The sector has received a measure of support from Apple (AAPL 116.32, +1.66) as the stock trades higher by 1.4% after ending yesterday's session down 13.8% from its mid-July high. Also of note, high-beta chipmakers trade ahead of the broader market with the PHLX Semiconductor Index up 1.0%.

Elsewhere, Treasuries hit their lows shortly after the opening bell before trimming their losses. That being said, the 10-yr note remains in the red with its yield higher by four basis points at 2.26%.

Economic data included ADP Employment, Trade Balance, ISM Services, and MBA Mortgage Index:

  • The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 185K in July while the Briefing.com consensus expected a reading of 220K 
    • The June reading was revised down to 229,000 from 237,000 
  • The U.S. trade deficit widened to $43.80 billion in June from a downwardly revised $40.90 billion (from $41.90 billion) in May while the Briefing.com consensus expected a deficit of $42.70 billion 
    • The goods deficit increased to $63.50 billion in June from $60.60 billion in May while the services surplus was virtually unchanged at $16.70 billion 
  • The ISM Non-manufacturing Index increased to 60.3 in July from 56.0 in June while the Briefing.com consensus expected an increase to 56.3 
    • That was the strongest reading since hitting 61.4 in August 2005 
  • The weekly MBA Mortgage Index rose 4.7% to follow last week's uptick of 0.8%

12:54 pm Relative sector strength (:TECHX) : Sectors that are outperforming the S&P on a relative basis include: Utility XLU, Health XLV, Medical Supplies, Pharma PPH, Staples XLP, Gold GLD, Silver SLV.

12:40 pm ProPhase establishes a 3.2 mln share equity line with Dutchess Opportunity Fund (PRPH) : The co announced that as of July 30, 2015, it entered into an Investment Agreement with Dutchess Opportunity Fund. Pursuant to the Investment Agreement, Dutchess committed to purchase, subject to certain restrictions and conditions, up to 3,200,000 shares of the Company's common stock, over a period of 36 months from the first trading day following the effectiveness of the registration statement registering the resale of shares purchased by Dutchess pursuant to the Investment Agreement.

  • The Company may in its discretion draw on the facility from time to time, as and when the Company determines appropriate in accordance with the terms and conditions of the Investment Agreement. The maximum number of shares that the Company is entitled to put to Dutchess in any one draw down notice shall not exceed 500,000 shares with a purchase price calculated in accordance with the Investment Agreement.

12:34 pm Further backtracking for market averages with the Dow -12 pacing the way -- S&P +6.4, Nasdaq Comp =38 (:TECHX) :  

12:18 pm Stock indices continue pullback off morning highs -- Dow +24, S&P +9.8, Nasdaq Comp +49 (:TECHX) : The S&P has reached back to the previous session's rebound high at 2102.

12:04 pm WTI crude oil falls below $45/barrel, now -1.7% at $44.97/barrel (:COMDX) :  

12:04 pm Lithia Motors acquires Bitterroot Ford in Missoula, Montana (LAD) : The store will be renamed Lithia Ford of Missoula and will add $50 million in estimated annual revenues.

11:55 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:+1.0%
  • Germany's DAX:+1.6%
  • France's CAC:+1.7%
  • Spain's IBEX:+1.2%
  • Portugal's PSI:+0.8%
  • Italy's MIB Index:+1.9%
  • Irish Ovrl Index:+1.1%
  • Greece ASE General Index: -2.5%

11:43 am Dow +72 and S&P +15 slightly extend slip off high -- Nasdaq Comp +63 (:TECHX) : The Dow, S&P and A/D Line did not confirm the new Nasdaq Comp high at 10:25 suggesting some loss of momentum with minor corrective trade developing. The Dow has slipped a modest 38 points off its high.

11:40 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (248) outpacing new lows (199) (SCANX) : Stocks that traded to 52 week highs: AAP, ABCB, ABMD, ACFC, ACHC, ACN, ADPT, AFG, AHS, AIZ, ALDW, ALGT, ALJ, ALK, AMED, AMSF, AMSG, ARMK, ASR, ATR, ATVI, AYI, AZO, BAX, BCR, BDGE, BDX, BF.A, BF.B, BFAM, BHLB, BK, BLKB, BNCL, BNCN, BOFI, BOH, BTI, BTO, BWLD, BYD, CAKE, CARA, CASY, CBM, CDNS, CDW, CFMS, CFNL, CHD, CHDN, CHE, CHUY, CINF, CLX, CMG, CMN, CMRX, CPB, CRH, CRWN, CSFL, CTLT, CTSH, CTXS, CYT, DHR, DPS, DSGX, DXCM, DXJS, EA, EFOI, EFX, EGRX, EL, ELLI, ELNK, EMKR, EVER, EVH, EXEL, EXPE, EXPR, FAF, FCFP, FCSC, FDS, FFBC, FISV, FIT, FIX, FL, FNF, FNFG, FOLD, FTNT, G, GIS, GNC, GNCMA, GPN, GSL, GSOL, GWB, HAIN, HCSG, HD, HIG, HLS, HOMB, HPY, HRB, HRG, HRL, HRS, HTBI, HTBK, HTLF, HW, IBCP, ICLR, INGR, INSY, IRL, IT, JCOM, JKHY, JLL, JRVR, KAR, KFRC, LDRH, LGIH, LGND, LHCG, LII, LMCA, LMT, LNCE, MASI, MBTF, MD, MDLZ, MKC, MKC.V, MLM, MMI, MMS, MOH, MORN, MRNS, MSTR, NBHC, NBTB, NFLX, NKE, NTT, NUVA, NWL, OCR, OFIX, PAC, PCLN, PCTY, PFBC, PFG, PFS, PLAY, PLL, PLPM, PN, PPBI, PRMW, PSCH, PUB, QGEN, QLTY, QTS, QVCA, RAD, RDY, RMAX, ROL, RRGB, RSG, RTRX, SCHW, SCI, SCMP, SCOR, SEE, SEIC, SFST, SIGI, SKX, SKYW, SNA, SNFCA, SNPS, SNV, SPB, SPNS, SPR, SRCL, STZ, SUPN, TAST, TBNK, TDG, TDOC, TFSL, TISI, TMH, TMK, TMUS, TOWN, TREE, TRU, TTWO, TWC, UA, UBSH, UEPS, UHS, ULTI, USNA, UVE, UVV, VGR, VLRS, VMC, VR, VRSN, VRTX, VRX, VSTO, W, WBA, WDFC, WETF, WNS, WSM, WTM, WWAV, WWE, XXIA, ZLTQ

Stocks that traded to 52 week lows: ABAC, ADAT, ADRO, AG, AGZD, AMSC, AMTG, AP, APT, ARCI, ARCW, AREX, ARP, ATEC, ATLS, AUO, AUY, AVAL, AVH, AXON, BBD, BBG, BLIN, BLT, BOXC, BVX, BXE, CANF, CBT, CC, CCM, CDE, CEF, CERE, CGG, CHK, CIG, CIO, CLCD, CMLP, CMO, CNAT, CNIT, CNS, CPAH, CVR, DAVE, DLNG, DMLP, DNOW, DNR, DQ, DRD, DTLK, DWSN, DX, EC, EDD, EEP, EGRW, ENLC, ENVA, EPC, ERF, EROC, ETR, EVOL, EXAR, FAM, FBZ, FCEL, FCH, FI, FOSL, FREE, FSTR, GCA, GHDX, GLT, GNW, GOV, GPRK, GSM, GULTU, H, HART, HES, HIIQ, HOV, HPJ, HSC, HST, HTGM, HYH, HZN, ICAD, ICL, IDSY, INVE, INVN, IVR, JGH, JIVE, KERX, KOOL, LAQ, LF, LINE, LL, LNCO, MDU, MEIP, MEMP, MGH, MHF, MHGC, MTGE, MTR, NBW, NDP, NDRO, NEWP, NGLS, NMI, NNVC, NOV, NR, NRCIA, NSLP, NSPH, NSU, NTC, NXRT, NXTD, NYLD, NYLD.A, NYMT, OIBR, OIBR.C, ONDK, ONE, ONVO, ORIG, PAA, PCTI, PGH, PSTI, PTX, PTXP, PWR, QRHC, QUAD, REN, RRC, RSO, RTK, SALE, SBR, SGF, SGI, SINO, SMLP, SNI, SODA, SOFO, STB, STON, STXS, SWN, TAC, TAHO, TAL, TGC, TGD, TGH, TINY, TNGO, TRCO, TROX, TRS, TSU, TWIN, UNT, UPL, VHI, VIA, VIAB, VNR, VOC, VPCO, VRS, VSH, VTNR, VXUP, WLFC, WMC, WNRL, XCO, ZA

ETFs that traded to 52 week highs: FDN, IGV, IHI, IYK, XLP, XLY

ETFs that traded to 52 week lows: BWX, EWS, PALL, PPLT, SGG, VXX, VXZ

11:23 am Currency Commentary: Dollar Hits Multi-month Highs (:SUMRX) :

  • The Dollar Index was able to rally to 98.20 in trade today, its best level since April 23. The DXY has been able to move above its 20-, 50-, and 100 sma to hit the multi-month high. The strength comes following comments yesterday by Atlanta Fed president Lockhart that suggested the Fed was still moving towards a rate hike in September despite the recent bout of weak economic data. This was notable as Mr. Lockhart is viewed as a centrist with a dovish tilt. As far as the economic data goes we saw the ADP number miss expectations which will help put a bearish tilt on the Friday jobs report. But the miss was offset by comments from Moody's Mark Zandi who stated that some of the weakness was temporary due to the layoffs in the energy industry and that the labor market is 'fast approaching full employment'. Trade Balance also fell short with a higher than expected deficit but some of this was offset by the better than expected ISM Services number. 
  • The euro saw a spike to the 1.09 area on the jobs number but it was unable to hold that level. The single currency is now trading at 1.0875. It was a busy day on the economic front in the region. We saw the Eurozone Retail Sales and Italian Industrial Production numbers miss. Services PMI figures were generally in line with expectations. Some peripheral numbers were strong with the 27% y/y jump in Irish Industrial production being a notable move. As well as the move lower in Irish and Portuguese Unemployment Rates. The strong peripheral data will be welcomed by markets despite some of the bigger top line misses. 
  • The pound has held up well in the face of the dollar strength. Sterling has climbed back to 1.56 and will sit below the key 1.57-58 resistance level ahead of tomorrow's Bank of England interest rate decision and inflation report. The central bank is not expected to take any action so the inflation numbers will be of greater importance to markets. BoE Governor Mark Carney is set to speak at 7:45am with participants looking for follow on comments to inflation numbers. Mr. Carney has been hawkish with his push ahead on rate hikes by the end of 2015 which has allowed for cable to remain bid in the face of a strong dollar. 
  • The yen saw significant weakening as the greenback rallied. Yen has been attempting to hold the 124 level over the past few weeks but saw the first signs of a potential loss with that support level. Yen fell to 125.01which marked its first visit to that level in two months. The multi-year low of 125.85 set on June 5 is now squarely on the radar for traders (BONDX, FOREX).

11:21 am New session highs for Nasdaq 100 +64 and Nasdaq Comp +67, thus far the Dow +85 and S&P +16 have not confirmed (:TECHX) :  

11:08 am Carlisle Cos declares a 20% increase in its quarterly dividend to $0.30/share, up from $0.25/share (CSL) :  

10:58 am Oil showing some volatility, quick reverse following post-storage data rally (:COMDX) :

  • Front-month Sept crude oil rallied to a new HoD following the EIA weekly storage data
  • Sept crude oil rallied as high as $46.70/barrel, hitting that mark at 10:33am ET
  • However, these gains quickly disappeared after oil reversed and fell as low as $45.72/barrel by 10:51am ET
  • WTI crude is currently trading +0.4% at $45.92/barrel

10:45 am Perrigo: Mylan (MYL) provides update on conditions to Perrigo offer, says includes the condition that the offer be accepted in respect of not less than 80% of the Perrigo ordinary shares (PRGO) : Mylan (MYL) provides an update with regard to the conditions of its offer to acquire Perrigo:

  • Specifically, Mylan's offer for Perrigo includes the condition that the offer be accepted in respect of not less than 80% of the Perrigo ordinary shares. 
  • As set out in its announcement of its firm intention to make the offer of April 24, 2015, Mylan has the discretion to lower this acceptance condition from 80% to greater than 50% of the Perrigo ordinary shares. 
  • Mylan has received confirmations from the required majority of its existing bank group under the bridge credit facility financing the cash consideration component of the proposed offer that they currently are supportive of financing the transaction in the event that Mylan elects to lower the acceptance condition. 
  • With that said, Mylan confirms that this announcement does not constitute a reduction of the acceptance condition below 80%.

10:45 am Stock indices edge back slightly off morning highs -- Dow +86, S&P +16, Nasdaq Comp +62 (:TECHX) :  

10:31 am Oil prices spike following EIA storage data (:COMDX) :  

10:15 am Major averages edge slightly above early highs -- Dow +83, S&P +16, Nasdaq Comp +57 (:TECHX) :  

10:06 am TV/Media stocks getting hit after earnings from DIS/DISCA/TWX show continued weak domestic advertising results (DIS) :

  • DIS -8.5%, DISCA -4.6%, FOXA -5%, TWX -4%, SNI -3%, VIAB -2%, CMCSA -2%, CBS -0.3%
  • Meanwhile, Netflix (NFLX +5%) hits another new all time high 

10:03 am S&P 14 climbs to secondary resistance and pauses (:TECHX) : Secondary resistance from The Technical Take at 2109/2110 was tested in recent action (session high 2110) with the index edging back slightly. Intraday supports are at 2105 and 2102.

10:02 am Actinum Pharma releases letter to shareholders providing an update on the progress it has made to advance its two drug candidates, Iomab-B and Actimab-A, towards commercialization (ATNM) : The co says that with a stronger balance sheet following financing activity that yielded cash in excess of $25 million at June 30, 2015, it believes it is well positioned to propel forward its research activities and transition its key programs with Iomab-B and Actimab-A through value creating milestones.Highlights of the letter include:

  • Successfully completed the third cohort of AML (Acute Myeloid Leukemia) patients in Phase 1/2 trial for Actimab-A, in which patients received two doses of Actimab-A at 1.5 Ci/kg per dose compared to a lower dose of 1.0 Ci/kg that patients received in Cohort 2. Two out of three Actimab-A treated patients achieved complete remission in Cohort 3, with different degrees of hematological recovery (CRi). By comparison, one patient achieved Cri in Cohort 2.
  • Launched the enrollment process for Cohort 4 for Actimab-A and activated more medical centers to facilitate patient enrollment. With encouraging results observed as Phase 1 progressed, the Company anticipates strong support from this network as it enrolls patients for Phase 2.
  • Resolved an unexpected manufacturing problem through increased oversight of the production process. This has also generated valuable intellectual property, know-how and trade secrets that will further protect the Iomab-B process.
  • Submitted a request to the FDA (Food and Drug Administration) for a pre-IND meeting for Iomab-B. The FDA typically responds within 60 days of receiving an application.
  • Ramped up business development efforts to find suitable partners for both products to support their development and future commercial launch. 

9:51 am Apple turns positive after filling Jan gap (AAPL) :  

9:48 am Sector Watch (:TECHX) : Broad based gain in the early going with top performers led by: Solar TAN, Steel SLX, Mining XME, Oil Service OIH, Energy XLE, Gold Miners GDX, Networking IGN, Casino BJK, Software IGV, Internet FDN, Materials XLB, Crude Oil USO, Semi SMH. Weakness has been noted in Media (DIS -8.6%) and Discretionary XLY.

9:46 am B.O.S. Better Online Solutions RFID and Mobile Division received an order from Sion that amounts to ~$120,000 (~$90,000 expected to be delivered in 2015) (BOSC) :  

9:40 am Outperforming Nasdaq Comp +43 nears last week's high at 5155 -- session high 5151 (:TECHX) : Dow +53, S&P +14.

9:40 am Opening Market Summary: Cyclical Sectors Lead Opening Advance (:WRAPX) : As expected, the major averages began the day in the green. The S&P 500 trades higher by 0.7% while the Dow Jones Industrial Average (+0.3%) underperforms due to early weakness in Apple (AAPL 112.80, -1.84) and Disney (DIS 111.41, -10.28) with the latter struggling after announcing earnings last evening.

Nine sectors hold early gains with energy (+1.3%) and materials (+1.3%) in the lead. On a related note, crude oil is higher by 1.1% at $46.25/bbl. On the downside, the discretionary sector is the lone decliner as Disney weighs.

Treasuries have marked new lows not long ago with the 10-yr yield now up four basis points at 2.27%.

The ISM Services Index for July (expected 56.3) will be reported at 10:00 ET.

9:38 am Apple gaps lower and fills its Jan gap at 112.48 and starts to bounce -- session low 112.10 (AAPL) :  

9:37 am Stock indices extend firmer start -- Dow +55, S&P +13, Nasdaq Comp +40 (:TECHX) :  

9:36 am H & R Block and BofI Holding (BOFI) received regulatory approvals from the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to proceed with the purchase and assumption agreement (HRB) : The transaction is expected to close no later than September 30, 2015.

  • H&R Block expects the ongoing annual net financial impact to be dilutive by approximately $0.08 to $0.10 per share beginning in fiscal year 2016. The company also expects to incur one-time charges for transaction and related costs of approximately $0.02 to $0.03 per share in fiscal year 2016. All per share amounts are based on current fully diluted shares outstanding. 

9:36 am AVG Tech beats by $0.01, reports revs in-line; reaffirms FY15 EPS guidance, revs guidance (AVG) : Reports Q2 (Jun) earnings of $0.47 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.46; revenues rose 22.5% year/year to $107.8 mln vs the $107.71 mln consensus. Mobile revenue increased 10x when compared to same period last year.

  • Co reaffirms guidance for FY15, sees EPS of $1.80-1.90 vs. $1.87 Capital IQ Consensus Estimate; sees FY15 revs of $420-440 mln vs. $431.89 mln Capital IQ Consensus Estimate.

9:32 am Sabre prices its 19 mln share secondary common stock offering by stockholders affiliated with TPG Global and Silver Lake Management, at $26.85/share (SABR) :  

9:28 am On the Wires (:WIRES) :

  • CME Group (CME) and China Foreign Exchange Trade System announced they have signed a Memorandum of Understanding in Shanghai. The MOU was signed with a view to establish a joint venture in the United States to implement the outcome from the 7th US and China Strategic Economic Dialogue, to facilitate the development of both countries' markets
  • Xplore Technologies Corp. (XPLR) announced it has retained Tom Wilkinson as interim CFO. Wilkinson was a founding partner of the audit firm PMB Helin Donovan
  • ACADIA Pharmaceuticals (ACAD) announced the following senior management appointments: James A. Nash, Senior Vice President, Technology Development and Operations Ryan E. Brown, Vice President, Chief Compliance Officer Fred W. Manak, Jr., Vice President, Access and Reimbursement Bob Mischler, Vice President, Strategy and Business Development. Co stated: "We look forward to their contributions as we prepare for our New Drug Application submission and planned commercial launch of NUPLAZID for Parkinson's disease psychosis in the US"
  • Banorte, GFNorte's banking subsidiary and one of the largest banks in Mexico, has selected Phoenix, a Diebold company (DBD), as the new software provider for its entire ATM network
  • Marin Software (MRIN) and Boost Media announced an enhanced partnership whereby Marin Software customers will be able to leverage Boost Media's marketplace of copywriters and testing technology to optimize search, social, and display campaigns
  • Ultragenyx Pharmaceutical Inc. (RARE) announced the dosing of the first patient in a Phase 2 study of investigational recombinant human beta-glucuronidase in patients under five years old with mucopolysaccharidosis 7
  • Cordia Bancorp (BVA), parent of Bank of Virginia, announced the hiring of O.R. Barham, Jr. as President and Chief Executive Officer of the Bank of Virginia
  • Ritter Pharmaceuticals, Inc. (RTTR) announced that William Merino has been retained as a senior clinical and regulatory advisor to the company

9:25 am Ironwood Pharma enters into an agreement with Allergan plc (AGN) for the U.S. co-promotion of VIBERZI (IRWD) : The co announced an agreement with Allergan plc (AGN) for the U.S. co-promotion of VIBERZI (eluxadoline), Allergan's new treatment for adults suffering from irritable bowel syndrome with diarrhea (IBS-D). This arrangement is separate from and complementary to the companies' ongoing co-development and co-commercialization of LINZESS(linaclotide) for the treatment of adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (:CIC).

  • Under the terms of the agreement, Ironwood's clinical sales specialists will detail VIBERZI to the approximately 25,000 health care practitioners to whom they currently detail LINZESS and Cologuard. LINZESS will remain the first-position product for the Ironwood sales team. Ironwood's promotional efforts will be compensated based on the volume of calls delivered by Ironwood's sales force, as well as agreed upon performance metrics. Allergan will be responsible for all other costs relating to the commercialization of VIBERZI. The co-promotion will begin as soon as VIBERZI is commercially available. 

9:14 am PG&E says that following the completion of its $350 mln stock offering, it has completed its currently planned market issuances of equity for calendar year 2015 (PCG) :  

9:13 am PFSWeb acquires eCommerce system integrator CrossView, for $38 mln and contingency payments (PFSW) : CrossView delivers strategy and technology services to brand manufacturers and retailers. It unifies websites, brick-and-mortar stores, call centers and other channels on the IBM WebSphere Commerce and SAP/hybris platforms. Crossview expects to generate ~$35 million of revenue in 2015. The transaction was financed by Regions Bank through a newly established $40 million credit facility.

  • Co also increased its 2015 service fee equivalent revenue guidance to range between $175 million to $185 million, up from $160 million to $170 million. 
  • Co has also increased its adjusted EBITDA guidance to range between $18 million to $20 million, up from $16 million to $18 million.

9:12 am Grupo Aeroportuario Del Sureste announces that total passenger traffic for July 2015 increased by 15.5% when compared to July 2014 (ASR) :  

9:11 am S&P futures vs fair value: +11.40. Nasdaq futures vs fair value: +32.70. (:WRAPX) : The stock market is on track for a higher open with S&P 500 futures trading 11 points above fair value. Index futures have climbed throughout the night, picking up steam once markets in Europe opened for action with the overseas move bolstered by better than expected earnings from Societe Generale and Unicredit.

Meanwhile, U.S. futures were not done there, setting new highs during the past hour after the ADP Employment Report for July (185K; Briefing.com consensus 215K) missed expectations, fueling some speculation that the Fed may delay its first rate hike. That being said, Friday's Nonfarm Payrolls report should provide some more clarity. Unlike equity futures, Treasuries barely budged, remaining near their overnight lows with the 10-yr yield higher by a two basis points at 2.24%.

On the earnings front, the consumer discretionary sector will be in focus after two large components reported earnings. Priceline (PCLN 1385.00, +101.01) has spiked 7.9% in pre-market in reaction to a bottom-line beat while Dow component Disney (DIS 110.88, -10.81) has tumbled 8.9% after disappointing results in the company's media and parks & resorts segments overshadowed a three-cent beat.

9:08 am MarkWest Energy reports Q2 (Jun) results (MWE) : Reports Q2 (Jun) loss of $0.55 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.16; revenues fell 11.3% year/year to $459.6 mln vs the $540.98 mln consensus. 

  • Q2 distribution of $0.92 per common unit will be paid to unitholders on August 14, 2015 and represents a $0.01 increase over the Q1 distribution. 
  • On July 13, 2015, MWE announced that it has entered into a definitive merger agreement, whereby it would become a wholly owned subsidiary of MPLX LP (MPLX).

9:08 am Tecumseh Products shares to resume trading at 09:50 ET (TECU) :  

9:06 am Advaxis is awarded two research grants for its ADXS-PSA candidate, valued at $1 mln each from the Movember Foundation and the Prostate Cancer Foundation (ADXS) : The grants amounting to $1 million each have been awarded to two ADXS-PSA teams conducting innovative large-scale research projects concerning metastatic, treatment-resistant prostate cancer.

9:03 am PG&E prices its 6.8 mln common stock offering at $51.90/share (PCG) : Co expects to contribute all of the net proceeds from the offering to its regulated utility subsidiary, Pacific Gas and Electric Company, which will use such proceeds primarily to satisfy payment of a portion of certain fines and penalties imposed by the California Public Utilities Commission.

9:02 am Tecogen announces the sale of 1.25 million shares of common stock at $4.00/share in a private placement (TGEN) : The $5 mln in proceeds of the private placement will be used as working capital to support the continued expansion of direct sales and production

9:01 am Orbital ATK increases share repurchase program to $100 mln from $75 mln (OA) :  

8:58 am Tecumseh Products to be acquired by an affiliate of Mueller Industries (MLI) and Atlas Holdings for $5/share in cash (shares halted) (TECU) : Co announced a definitive merger agreement under which an affiliate of Mueller Industries (MLI) and Atlas Holdings will acquire Tecumseh in a transaction valued at ~$123 mln, including the assumption of net debt. The offer price is for $5.00 per share in cash.

  • Co's Board of Directors has unanimously approved the merger agreement.
  • Senior management is expected to remain in place post transaction close and the transaction is expected to be completed in the third quarter of 2015
  • The co announced that it will cancel its second quarter 2015 earnings conference call as a result of the merger announcement

8:57 am Party City to offer $350 mln aggregate principal amount of senior notes due 2023 (PRTY) : The net proceeds from the sale of the Notes, together with borrowings under Party City Holdings' senior credit facilities, will be used to redeem all of the $700 million outstanding aggregate principal amount of the 8.875% senior notes due 2020 issued by PCHI and to pay accrued interest, premiums, fees and expenses related thereto.

8:57 am S&P futures vs fair value: +13.40. Nasdaq futures vs fair value: +34.70. (:WRAPX) : The S&P 500 futures trade 13 points above fair value.

Outside of China's Shanghai Composite (-1.7%) and Australia S&P/ASX 200 (-0.4%), markets in the Asia-Pacific region finished higher on Wednesday, staging a comeback effort with the help of an uplifting Services PMI reading out of China.

  • In economic data: 
    • China's July Caixin Services PMI 53.8 (expected 52.2; prior 51.8) 
    • Hong Kong's July Manufacturing PMI 48.2 (prior 49.2) 
    • Australia's July AIG Services Index 54.1 (prior 51.2) 
    • India's July Nikkei Services PMI 50.8 (prior 47.7) 
    • New Zealand's Q2 Employment Change +0.3% quarter-over-quarter (expected +0.5%; prior +0.6%), Q2 Unemployment Rate 5.9% (expected 5.9%; prior 5.8%), and Q2 Labor Cost Index +0.5% quarter-over-quarter (expected +0.5%; prior +0.3%); +1.8% year-over-year (prior 1.8%) 
------
  • Japan's Nikkei increased 0.5%, led by strength in the industrials (+2.5%), health care (+2.5%), and financials (+1.1%) sectors. Nippon Suisan Kaisha (+18.6%), Terumo Corp (+12.9%), and Kajima Corp (+6.8%) led all gainers. Marui Group (-11.0%), Minebea (-6.3%), IHI Corp (-5.6%), and Fast Retailing (-4.7%) were the biggest decliners. Out of the 225 index members, 164 ended higher, 53 finished lower, and 8 were unchanged. 
  • Hong Kong's Hang Seng increased 0.4%, ending much closer to its high for the session than to its low. China Mengniu Diary (+5.0%), Tingyi Cayman Islands Holdings (+4.0%), and CNOOC (+2.8%) topped the list of winners while Li & Fung (-2.7%), Bank of East Asia (-1.6%), and Henderson Land Development (-1.4%) brought up the rear. Out of the 50 index members, 25 ended higher, 24 finished lower, and 1 was unchanged. 
  • China's Shanghai Composite declined 1.7% and ended close to its lows for the day, shedding most of what it lost in the final hour of trading and despite the Caixin Services PMI report showing the fastest pace of expansion in 11 months. Banks, brokerages, and property developers were among the weak links. The CSI 300 Index fell 2.1%. 
Major European indices trade higher across the board with Italy's MIB (+1.5%) showing relative strength. Elsewhere, European Commission President Jean-Claude Juncker said that bailout talks with Greece are making satisfactory progress with a deal expected by August 20, in time for Greece to repay EUR3.40 billion to the European Central Bank.
  • Participants received several data points: 
    • Eurozone July Services PMI 54.0 (expected 53.8; prior 53.8) while June Rteail Sales -0.6% month-over-month (expected -0.3%; prior 0.1%); +1.2% year-over-year (consensus 1.9%; last 2.6%) 
    • Germany's July Services PMI 53.8 (consensus 53.7; prior 53.7) 
    • UK's July Services PMI 57.4 (consensus 58.0; prior 58.5) 
    • France's July Services PMI 52.0 (expected 52.0; last 52.0) 
    • Italy's July Services PMI 52.0 (expected 53.0; prior 53.4) 
    • Spain's July Services PMI 59.7 (consensus 55.5; last 56.1) 
    • Swiss July CPI -0.6% month-over-month (expected -0.4%; prior 0.1%); -1.3% year-over-year (consensus -1.1%; last -1.0%) 
------
  • UK's FTSE trades higher by 1.0% with roughly 75% of its components in the green. Miners appear among the leaders with Antofagasta, BHP Billiton, Glencore, and Rio Tinto up between 2.4% and 4.9%. Meanwhile, industrials lag with Ashtead Group, Meggitt, and Smiths Group down between 0.6% and 0.9%. 
  • Germany's DAX has climbed 1.3% with all but four components showing gains. Exporters lead with BMW, Daimler, and Volkswagen up between 2.6% and 3.0%. On the downside, Fresenius SE is the weakest performer, trading lower by 0.4%. 
  • In France, the CAC trades up 1.4% amid broad strength. Societe Generale has soared 8.6% in reaction to better than expected results while peers BNP Paribas and Credit Agricole show gains close to 1.1% apiece. Other growth-sensitive names have also shown strength with ArcelorMittal, Valeo, and Airbus up between 2.1% and 4.6%. 
  • Italy's MIB outperforms with a gain of 1.5% as financials lead. BMPS, Mediobanca, Unicredit, Mediobanca, and UBI Banca are up between 1.9% and 6.5%. Unicredit leads the bunch after reporting better than expected results.

8:53 am On the Wires (:WIRES) :

  • Energy Transfer Partners (ETP) announced that its affiliate, ETP Crude will commence a binding Open Season for a new pipeline, the Delaware Basin Crude Gathering Pipeline, that will have the capacity to accept ~120K barrels per day of crude oil from receipt points located in Reeves County, Texas and Lea County, New Mexico for transportation to delivery points in Texas and New Mexico
  • Jamba, Inc. (JMBA) announced the launch of a new line of organic, non-GMO, ready-to-drink Cold Pressed Juice Blends
  • Iteris, Inc. (ITI) has entered into an agreement with the Minnesota Wheat Research and Promotion Council to provide custom weather and soil data to localize wheat disease models via its ClearAg precision farming data delivery platform
  • Elanco Animal Health, a subsidiary of Eli Lilly & Co (LLY), announced the launch of its Osurnia product, a treatment for canine otitis externa

8:47 am SL Green Rlty expands its unsecured corporate credit facility by $500 million, to $2.533 billion (SLG) :  

8:41 am Graham reports Q2 results; beats revs single estimate (GHC) : Reports income from continuing operations or $9.87 per share (no estimate); revs increased 1% YoY to $879.6 mln vs $704.1 mln single estimate.

Divisions

  • Education division revenue totaled $523.6 million for the second quarter of 2015, down 4% from revenue of $543.0 million for the same period of 2014. Kaplan reported operating income of $15.8 million for the second quarter of 2015, compared to operating income of $17.6 million for the second quarter of 2014.
  • Cable division revenue declined 1% in the second quarter of 2015 to $198.7 million, from $200.8 million for the second quarter of 2014, due to 4% fewer customers and 8% fewer Primary Service Units

8:39 am European Markets Update: FTSE +1.1%, DAX +1.4%, CAC +1.5%, MIB +1.6% (:SUMRX) : Major European indices trade higher across the board with Italy's MIB (+1.6%) showing relative strength. Elsewhere, European Commission President Jean-Claude Juncker said that bailout talks with Greece are making satisfactory progress with a deal expected by August 20, in time for Greece to repay EUR3.40 billion to the European Central Bank.

  • Participants received several data points: 
    • Eurozone July Services PMI 54.0 (expected 53.8; prior 53.8) while June Rteail Sales -0.6% month-over-month (expected -0.3%; prior 0.1%); +1.2% year-over-year (consensus 1.9%; last 2.6%) 
    • Germany's July Services PMI 53.8 (consensus 53.7; prior 53.7) 
    • UK's July Services PMI 57.4 (consensus 58.0; prior 58.5) 
    • France's July Services PMI 52.0 (expected 52.0; last 52.0) 
    • Italy's July Services PMI 52.0 (expected 53.0; prior 53.4) 
    • Spain's July Services PMI 59.7 (consensus 55.5; last 56.1) 
    • Swiss July CPI -0.6% month-over-month (expected -0.4%; prior 0.1%); -1.3% year-over-year (consensus -1.1%; last -1.0%) 
------
  • UK's FTSE is higher by 1.1% with roughly 75% of its components in the green. Miners appear among the leaders with Antofagasta, BHP Billiton, Glencore, and Rio Tinto up between 2.4% and 4.9%. Meanwhile, industrials lag with Ashtead Group, Meggitt, and Smiths Group down between 0.6% and 0.9%. 
  • Germany's DAX has climbed 1.4% with all but four components showing gains. Exporters lead with BMW, Daimler, and Volkswagen up between 2.6% and 3.0%. On the downside, Fresenius SE is the weakest performer, trading lower by 0.4%. 
  • In France, the CAC trades up 1.5% amid broad strength. Societe Generale has soared 8.6% in reaction to better than expected results while peers BNP Paribas and Credit Agricole show gains close to 1.1% apiece. Other growth-sensitive names have also shown strength with ArcelorMittal, Valeo, and Airbus up between 2.1% and 4.6%. 
  • Italy's MIB outperforms with a gain of 1.6% as financials lead. BMPS, Mediobanca, Unicredit, Mediobanca, and UBI Banca are up between 1.9% and 6.5%. Unicredit leads the bunch after reporting better than expected results.

8:36 am HCA reports Q2 results in-line with July 15 upside preannouncement; reaffirms FY15 EPS/EBITDA guidance at high end, reaffirms revs guidance (HCA) :

  • Reports Q2 (Jun) earnings of $1.37 per share, $0.03 better than the Capital IQ Consensus of $1.34; revenues rose 7.2% year/year to $9.9 bln vs the $9.84 bln consensus.
    • Co preannounced upside Q2 results on July 15. 
    • Adjusted EBITDA totaled $2.008 billion compared to $2.000 billion in the second quarter of 2014. Same facility admissions for the second quarter of 2015 increased 4.1 percent, while same facility equivalent admissions increased 4.9 percent. Same facility revenue per equivalent admission increased 1.2 percent for the second quarter of 2015.
  • Co reaffirms guidance for FY15, sees EPS of high end $4.90-5.30, excluding non-recurring items, vs. $5.28 Capital IQ Consensus Estimate; sees FY15 revs of $39-40 bln vs. $39.53 bln Capital IQ Consensus.

8:35 am GSI Group reports EPS in-line, beats on revs; guides Q3 EPS below consensus, revs above consensus; guides FY15 EPS in-line (GSIG) : Reports Q2 (Jun) earnings of $0.20 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.20; revenues fell 0.4% year/year to $96.5 mln vs the $93.5 mln consensus.

  • Co issues guidance for Q3, sees EPS of $0.18-0.20 vs. $0.23 Capital IQ Consensus Estimate; sees Q3 adjusted revs of $92-94 mln vs. $89.90 mln Capital IQ Consensus Estimate. For the third quarter of 2015, the Company expects Adjusted EBITDA to be ~$14 mln.
  • Co issues lowered guidance for FY15, sees EPS of $0.85-0.89 from $0.87-0.91 vs. $0.88 Capital IQ Consensus Estimate; continues to expect Adjusted EBTIDA to be in the range of $60 mln to $62 mln.

8:33 am American Superconductor misses by $0.03, beats on revs; guides Q2 EPS above consensus, revs in-line (AMSC) : Reports Q1 (Jun) loss of $0.72 per share, $0.03 worse than the Capital IQ Consensus Estimate of ($0.69); revenues rose 102.6% year/year to $23.7 mln vs the $22.83 mln consensus.

  • Co issues upside guidance for Q2, sees EPS of

8:33 am Suburban Propane announces that COO Mark Wienberg will move to a newly created position of Chief Development Officer (SPH) : The co announced a re-alignment of senior leadership positions (effective September 27, 2015 -- the beginning of the Partnership's next fiscal year), expected to support long-term strategic initiatives.

  • Mark Wienberg will move from his current role as Chief Operating Officer to a newly created position of Chief Development Officer, responsible for corporate development activities in line with the Partnership's strategic objectives. 
  • Steven C. Boyd will move from his current role as Senior Vice President of Field Operations to Senior Vice President -- Operations, responsible for overseeing all of the operations; including several operational support functions.

8:33 am Investors Real Estate Trust announces stock repurchase authorization of up to $50 million after completing $250 mln sale of 34 commercial office properties (IRET) :  

8:32 am American Caresource Holdings acquires urgent care services firm Medac Health Services for $5.6 mln (ANCI) :  

8:32 am Solar3D's SUNworks division secures a $3.52 mln contract to design and install a photovoltaic system for Rivermaid Trading Company (SLTD) : SUNworks will be tasked with the design and installation of a 1.477MW SunPower roof mount solar system.

8:32 am Teekay Tankers acquires a fleet of 12 modern Suezmax tankers for $662 mln; sees transaction as accretive to earnings, free cash flow and net asset value per share (TNK) : Co announced that it has agreed to acquire a fleet of 12 modern Suezmax tankers currently owned by Principal Maritime Tankers (Principal), a portfolio company of funds managed by affiliates of Apollo Global Management (APO), for an aggregate purchase price of $662 million.

  • The acquisition is expected to be immediately accretive to Teekay Tankers' earnings, free cash flow and net asset value per share. 
  • The vessels included in the transaction are scheduled to deliver to Teekay Tankers by the end of October 2015 and are expected to operate in the spot tanker market upon or soon after delivery. 
  • Co has received commitments from four of its lenders to provide a new debt facility of ~$400 million to be secured by the acquired vessels. In addition, co has agreed to issue new Class A common shares in the amount of $50 million to Principal, $30 million to Teekay Corporation and $60 million to a group of institutional investors, at a weighted average price of $6.76 per share. The remaining amount of the purchase price will be funded from Teekay Tankers' existing liquidity.

8:31 am S&P futures vs fair value: +14.00. Nasdaq futures vs fair value: +38.70. (:WRAPX) : The S&P 500 futures trade 14 points above fair value.

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 185K in July. That was below the increase of 220K expected by the Briefing.com consensus. The June reading was revised down to 229,000 from 237,000.

Separately, the June trade balance showed a deficit of $43.80 billion while the Briefing.com consensus expected the deficit to come in at $42.70 billion. The prior month's deficit was revised down to $40.90 billion from $41.90 billion.

8:31 am Finjan announces a ruling in favor of it for nearly $40 mln as Blue Coat trial concludes (FNJN) :

  • Co announced that the jury in Finjan, Inc. v. Blue Coat Systems Inc. (5:13-cv-03999-BLF) returned a unanimous verdict that Finjan's U.S. Patent Nos. 6,154,844 (the "'844 Patent"), 6,804,780 (the "'780 Patent"), 6,965,968 (the "'968 Patent"), and the 7,418,731 (the "'731 Patent") were literally infringed by Blue Coat. Further, the jury found that U.S. Patent No. 7,647,633 (the "'633 Patent") was infringed by Blue Coat under the Doctrine of Equivalents.
  • Moreover, the jury found each of Finjan's asserted patents valid. The verdict, reached on August 04, 2015, followed a two-week trial before the Honorable Beth Labson Freeman of the U.S. District Court for the Northern District of California.
  • Finjan alleged that Blue Coat's products or combination of products, namely, WebPulse, ProxySG, CAS (or Content Analysis System), MAA (or Malware Analysis Appliance), and ProxyAG infringed one or more of the asserted claims of the asserted patents. 
  • The jury also decided that Finjan was entitled to $39,528,487.00 damages as reasonable royalties for Blue Coat's infringement.

8:31 am Market View: Sep. eMini stock-index futures trade bid above fair values following the 8:30 am ET economic data point (:TECHX) :

  • ESu5 now @ 2101.00 +18.00

  • YMu5 now @ 17569 +115

  • NQu5 now @ 4596.50 +44.75

8:30 am Signal Genetics signs agreement with America's Choice Provider Network for its MyPRS assay (SGNL) : Under the terms of the agreement, the Signal Genetics MyPRS assay will be offered through ACPN's proprietary network which covers over 22 million patients across the United States.

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

  • CACI International Inc (CACI) announced that it was awarded a five year, $46 million Army Force Management System contract to continue providing software engineering support for the U.S. Army's Program Executive Officer Enterprise Information Systems
  • Atossa Genetics Inc. (ATOS) announced that it has signed manufacturing and quality agreements with AAIPharma Services Corp/Cambridge Major Laboratories for the manufacturing of a clinical supply for 4-Hydroxytamoxifen, the active pharmaceutical ingredient (:API) in Atossa's leading drug candidate, Afimoxifene Gel
  • IBM (IBM) and Tractor Supply Company (TSCO) announced a partnership to revamp and migrate the company's online retail operation to the IBM cloud
  • API Technologies Corp. (ATNY) has extended its manufacturing partnership with Blighter Surveillance Systems for the production of Blighter's latest radar, the Blighter A400 Series

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

  • 2K, a subsidiary of Take-Two Interactive Software, Inc. (TTWO) revealed details on its next upcoming product, entitled Mafia III
  • WageWorks, Inc. (WAGE) announced that it has been selected by the Oregon Educators Benefit Board to administer their Health Savings Accounts, Flexible Spending Accounts and commuter benefits
  • Palo Alto Networks (PANW) and Tanium announced the formation of a strategic alliance to provide an integrated offering, that automates and accelerates the otherwise manual and time-consuming process of threat detection and incident response
  • Lockheed Martin Corporation (LMT), has been selected by EchoStar Corporation (SATS) to provide commercial launch services for the EchoStar XIX communications satellite. The satellite is scheduled to launch in late 2016
  • Morgan Stanley's (MS) Real Estate Investing platform announced that it has raised aggregate commitments of$1.7 billion for North Haven Real Estate Fund VIII Global and related co-investment vehicles
  • The Hackett Group, Inc. (HCKT) announced that it has signed an agreement with ADP (ADP) that will add a dedicated Hackett best practices advisory program to ADP's Vantage HCM solution
  • Medley Management Inc. (MDLY) announced that Medley Capital Corporation's (MCC) MCC Senior Loan Strategy JV and Sierra Income Corporation's Sierra Senior Loan Strategy JV each closed on a $100 million 7-year senior secured credit facility

8:28 am Xplore Tech retains Tom Wilkinson as interim CFO (XPLR) : Wilkinson was a founding partner of PMB Helin Donovan and left the firm as Managing Partner in December 2013. Wilkinson replaces departing CFO Michael Rapisand. "Tom is uniquely positioned to lead Xplore's finance and accounting function and is one of the leading candidates in our search for a permanent CFO."

8:22 am RSP Permian announces a private placement offering of $150 mln in Senior Notes due 2022 at 6.625% (RSPP) : Co intends to use the net proceeds from the offering to fund a portion of the purchase price of the Martin Glasscock Acquisitions, and the remainder for general corporate purposes

8:22 am European Sovereign Debt (BONDX) : European Yields Rise After Lockhart Interview

  • Atlanta Fed President Lockhart's hawkish remarks yesterday, in an interview with the Wall Street Journal, have sent yields higher on both sides of the Atlantic
    • He said that the U.S.'s economic picture would have to deteriorate significantly for the Fed not to hike rates in September. He is an FOMC voter and a monetary centrist
  • European economic data released earlier this morning showed a mixed picture for eurozone economic growth, while the U.K. continues to outperform
  • The Swiss CPI missed expectations in July, falling 0.6% versus a 0.1% rise in June
  • Services PMI's showed that the Spanish economy continues to outperform its eurozone peers on the growth front:
    • Spain: Actual 59.7, prior 56.1
    • France: Actual 52.0, prior 52.0
    • Italy: Actual 52.0, prior 53.4
    • U.K.: Actual 57.4, prior 58.5
    • Eurozone: Actual 54.0, prior 53.8
    • The composite PMI for the eurozone showed increasing economic activity in July, rising to 53.9 from 53.7 in June
    • June Retail Sales in the single-currency bloc fell short of expectations, sinking 0.6% versus an increase of 0.1% in May
  • Yield Check:
    • France, 10-yr OAT: +4 bps to 0.99%
    • Germany, 10-yr Bund: +4 bps to 0.65%
    • Greece, 10-yr note: -9 bps to 11.52%
    • Italy, 10-yr BTP: +5 bps to 1.82%
    • Portugal, 10-yr note: +3 bps to 2.42%
    • Spain, 10-yr ODE: +4 bps to 1.90%
    • U.K., 10-yr Gilt: +5 bps to 1.95%

8:16 am Equity futures see little initial reaction to weaker-than-expected ADP employment change (SPY) :

  • The July ADP Employment Change was 185K vs 220K Briefing.com consensus.
  • S&P futures remain higher by around 10 points vs. fair value.  DJ futures remain higher by 57 points vs. fair value.

8:16 am Intellipharmaceutics Intl announces the US FDA has reinstated a previously-imposed requirement for the strength of its generic Focalin XR capsules (IPCI) : Co announced that the United States Food and Drug Administration  has reinstated a previously-imposed (and then subsequently rescinded) requirement that the Company's tentatively-approved strengths of its generic Focalin XR capsules will have to meet new conditions for bioequivalence prior to receiving final approval.

  • The strengths affected are 5 mg, 10 mg, 20 mg and 40 mg. The already-approved 15 mg and 30 mg strengths of its generic Focalin XR capsules now in the market are not affected. The co intends to consider and pursue appropriate courses of action towards achieving final approval for each of the affected strengths.

8:16 am Ship Finance Intl to sell a 1995 built Suezmax Front Glory to an unrelated third party (SFL) : The vessel is expected to be delivered to its new owner at the end of the third quarter, 2015. Net sales price is agreed to approximately $16 million, and Ship Finance will receive a net amount of approximately $13.8 million, after compensation of approximately $2.2 million to Frontline for the termination of the current charter. The vessel is currently debt free.

8:13 am El Paso Electric misses by $0.02; guides FY15 EPS in-line (EE) :

  • Reports Q2 (Jun) earnings of $0.52 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.54. 
  • Co adjusts its FY15 EPS guidance to $1.75-2.05 vs the $2.01 Capital IQ Consensus Estimate, and vs the previous range of $1.75-2.15.

8:12 am Famous Dave's misses by $0.08, misses on revs (DAVE) : Reports Q2 (Jun) earnings of $0.18 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus Estimate of $0.26; revenues fell 10.7% year/year to $37.4 mln vs the $38.7 mln consensus.

  • "Over the last several quarters, prior management made multiple changes to the company restaurants throughout the corporate system. The changes included smaller portions, different plateware, and changes to iconic items such as cornbread muffins and other poor decisions. Ultimately, the significant changes made by prior management were not received well by our guests, extended beyond the restaurants and led to this poor second quarter and Adam Wright's appointment as interim CEO with a few days left in the quarter. Despite these challenges, the Co's long term growth prospects remain intact. In just a few weeks, the new board has taken significant action at the Company."

8:08 am Cone Midstream Partners misses by $0.01, beats on revs (CNNX) :

  • Reports Q2 (Jun) earnings of $0.25 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.26; revenues rose 71.6% year/year to $47.7 mln vs the $43.46 mln consensus. 
  • "... Although the first year projections in the IPO prospectus did not include any increase in the quarterly cash distributions, in light of our actual performance to date and the outlook for the balance of this year and 2016, the Board felt it was appropriate to make an initial distribution increase earlier than originally anticipated. The announced distribution of $0.22 per unit represents a quarterly increase of 3.5%. This is our first increase, it's earlier than projected, and it should not be viewed as indicative of the rate of future distribution increases. We remain committed to what we have communicated previously, which is to grow cash distributions at annual rate of between 15% and 20%."

8:07 am Polo Ralph Lauren beats by $0.10, reports revs in-line; reaffirms FY16 guidance; Q1 comps -2% in constant currency (RL) : Reports Q1 (Jun) adj earnings of $1.09 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.99; revenues fell 5.3% year/year to $1.62 bln vs the $1.61 bln consensus. Consolidated comparable store sales decreased 2% on a constant currency basis during the first quarter and declined 8% on a reported basis.

  • In Q2, co expects consolidated net revenues to be up 3-5% in constant currency, and based on current exchange rates, foreign currency will have an approximate 550 basis point negative impact on revenue growth. The Company continues to expect consolidated net revenues for Fiscal 2016 to increase by mid-single digits in constant currency. 
  • Based on current exchange rates, foreign currency will have an approximate 450 basis point negative impact on Fiscal 2016 revenue growth. Operating margin for Fiscal 2016 is still expected to be 180-230 basis points below the prior year's level due to negative foreign currency effects. The full year Fiscal 2016 tax rate is estimated at 30%.

8:07 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: LL -20.2%, ETSY -19.9%, RSO -19.5%, INVE -17%, BOOT -15.4%, TRMB -13.3%, GEVO -8.8%, FWM -8.3%, LNTH -7.7%, PWR -7.6%, ABCO -7.3%, CERN -6.8%, DIS -6.7%, PZZA -5.8%, SODA -5.6%, NYMT -5.5%, GNW -5.1%, LF -5%, PBPB -4.5%, CZR -4.5%, CVG -4.3%, GDOT -2.5%, NC -2.5%, TRIV -2%, MEMP -2%, TWO -1.9%, MHLD -1.9%, EPAM -1.4%, TWX -1.3%, TWX -1.3%, VIRT -1.1%, RXN -0.9%, INVN -0.8%

Other news: OHGI -24% (priced $3 mln public offering of common stock and warrants), NBG -11.5% (cont vol in Greece mkts), GLUU -10.1% (to partner with Nicki Minaj on the development of a new mobile game), DRAM -3.7% (disclosed the sale of 500K shares of common stock at $1.00/share in a private placement; appoints Anthony Lougee as CFO), ROIC -3.6% (upsizes offering by 300K shares prices 4,800,000 shares of common stock at a price of $16.55 per share ), AEL -2% (announced an offering of 8.6 mln shares of common stock),  MPW -2%  (announced a 43.75 mln share public offering of common stock), PCG -1.7% (announces a 6.8 mln share public offering of common stock ), EXP -1.3% (disclosed it and an employee received grand jury subpoenas seeking information regarding an investigation of the gypsum drywall industry by the DOJ)

Analyst comments: H -0.9% (downgraded to Hold from Buy at Deutsche Bank), AAPL -0.8% (downgraded to Neutral from Buy at BofA/Merrill)

8:06 am Chatham Lodging misses by $0.02; guides Q3 FFO below consensus; guides FY15 FFO below consensus (CLDT) : Reports Q2 (Jun) funds from operations of $0.71 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.73. Increased hotel RevPAR 6.4 percent to $139 for Chatham's 35, wholly owned hotels, within the company's guidance range of 6-8 percent. Portfolio RevPAR increased 7.0 percent, excluding the Homewood Suites Orlando-Maitland.

  • Co issues downside guidance for Q3, sees FFO of $0.75-0.78 vs. $0.81 Capital IQ Consensus Estimate. 
  • Co issues downside guidance for FY15, sees FFO of $2.33-2.38 vs. $2.45 Capital IQ Consensus Estimate.

8:06 am Lincoln Educational Services beats by $0.04, misses on revs; lowers FY15 guidance (limited coverage) (LINC) :

  • Reports Q2 (Jun) loss of $0.33 per share, $0.04 better than the Capital IQ Consensus of ($0.37); revenues fell 5.2% year/year to $72.4 mln vs the $75.65 mln consensus. 
    • This was a result of a 6.6% decline in average student population, which decreased to ~12,700 from ~13,600. The revenue decline from lower student population was partially offset by a 1.5% increase in average revenue per student primarily related improved student retention.
  • Co issues downside guidance for FY15, lowers EPS to ($0.50)-(0.45), excluding non-recurring items, from ($0.47-0.32) vs. ($0.44) Capital IQ Consensus; sees FY15 revs of ~$300 mln from $310-320 mln vs. $314.56 mln Capital IQ Consensus, and student starts are now expected to decline ~10% for 2015. This guidance excludes the Fern Park, FL campus and previously merged Las Vegas, NV and Hamden, CT campuses. 

8:05 am Frontline agrees with Ship Finance International (SFL) to terminate the long term charter for the 1995 built Suezmax tanker Front Glory (FRO) :

  • Ship Finance has simultaneously sold the vessel to an unrelated third party.
  • The charter with Ship Finance is expected to terminate at the end of the third quarter of 2015.
  • Frontline will receive a compensation payment of ~$2.2 million from Ship Finance for the termination of the current charter.
  • Following this termination, the number of vessels on charter from Ship Finance will be reduced to 16 vessels, including 12 VLCCs and four Suezmax tankers.

8:05 am Thermon Group acquires the equity interests of Industrial Process Insulators, for $21.75 mln in cash (THR) : IPI is an insulation contractor serving the refining, petrochemical, power and energy, marine, and pulp and paper industries in the US, with a significant presence in the Texas and Louisiana Gulf Coast region. For the unaudited twelve month period ended June 30, 2015, IPI generated revenue of ~$22 million. The consideration paid in the Transaction was $21.75 million in cash, which was funded using a combination of cash on hand and borrowing under the Company's revolving credit facility

8:05 am Thermon Group misses by $0.06, misses on revs (THR) : Reports Q1 (Jun) earnings of $0.18 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.24; revenues fell 3.7% year/year to $65.2 mln vs the $68.91 mln consensus. 

  • Gross margin percentage of 47.1% compared to 50.0% in Q1 2015 due to higher Greenfield mix.
     
  • Outlook: "Our current fiscal 2016 revenue expectation is for mid-single digit revenue growth, inclusive of the recently completed acquisition of Industrial Process Insulators." 

8:04 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance
: RATE +29.3%, MB +17.7%, ZEN +17.4%, RLOC +15.6%, USNA +15.1%, ( announced BoDs appointed Dave Wentz and Kevin Guest as Co-Chief Executive Officers effective immediately), SCMP +13.5%, ECOM +13.4%, CHUY +12.3%, Z +11.7%, ACLS +9.8%, FSLR +9.7%, ZAGG +8.1%, PLPM +8.1%, OCLR +7.5%, SCMP +7.5%, AWAY +7.3%, PAYC +6.9%, ATVI +6.9%, TSEM +6.9%, SMCI +6.6%, OFIX +6.4%, OFIX +6.4%, TTOO +6.3%, COKE +6.1%, KATE +6%, LC +5.9%, AMSG +5.8%, MSI +5.6%, GNRT +5.2%, WD +5.2%, REXX +5.1%, SPNS +4.7%, ENPH +4.6%, OXGN +4.5%, DNOW +4.4%, AHS +4.2%, RMTI +4%, RTRX +4%, XXIA +3.9%, EYES +3.7%, OAS +3.6%, TSE +3.1%, RDC +2.9%, SYNC +2.5%, CSV +1.8%, UVE +1.6%, CDE +1.5%, CWEI +1.3%, TROX +1.2%, ACHC +1.2%, HZN +1.2%, TRUP +1%, RLH +1%, BXE +1%, PRGO +1%, DVN +0.9%, ATHM +0.9%, DVA +0.7%

M&A news: MSI +7.8% (Silver Lake planning $1 bln investment in MSI, according to NY Times Dealbook; also reported earnings ),SCTY +2% (to acquire ILIOSS, to expand into Mexico)

Select metals/mining stocks trading higher: CLF +4.5%, VALE +2.7%, FCX +2.3%, GOLD +1.9%

Select oil/gas related names showing strength: SDRL +3.9%, LINE +3.8%, RDS.A +1.3%, TOT +1.0%, BP +0.9%

Other news: BIOC +10.5% (announced the launch of its proprietary quantitative Target Selector assay targeting KRAS mutations utilizing a patient's blood sample),ARRY +7.9% (mentioned positively by Jim Cramer),ATEN +6.9% (disclosed that on June 5, 2015, Founder and CEO Lee Chen entered into a written stock trading plan in accordance with Rule 10b5-1 to purchase up to an aggregate of $2 mln of common stock),LC +5.9% ( announces a 43.75 mln share public offering of common stock),ADAT +4.6% (disclosed it will explore strategic and financial alternatives in an effort to enhance shareholder value), AAC +3.8% (Chairman and CEO Michael Cartwright disclosed the purchase of 16.66k shares for ~$343k; Director Darrell Freeman purchases 15k shares for $331k),SPWR +3% (in sympathy with FSLR after earnings),JKS +2.8% (in sympathy with FSLR after earnings),SUNE +2.4% (in sympathy with FSLR after earnings),EA +1.7% (in symp with ATVI earnings),PLUG +1.1% (Axane S.A. (L'Aire Liquide) disclosed 5.64% active stake in 13D filing)SNSS +0.7% (announces that results from its Phase 3 VALOR trial of vosaroxin and cytarabine were published in The Lancet Oncology)

Analyst comments: BHP +4.6% (upgraded to Hold at Liberum),RIO +4.2% (upgraded to Hold at Liberum ),JCP +0.7% (upgraded to Hold from Sell at Evercore ISI )

8:04 am Spark Therapeutics reports Q2 results (ONCE) : Reports Q2 (Jun) loss of $0.60 per share, $0.36 worse than the Capital IQ Consensus Estimate of ($0.24) - two estimates; revenues rose to $1.3 mln from zero last year and vs the $5 mln single estimate. Its revenue is associated with its Pfizer (PFE) collaboration.

  • "During the past quarter we've made great strides in advancing our clinical programs and we are reaffirming our guidance to report top-line results from our pivotal Phase 3 trial of SPK-RPE65 before the end of the year...We also expanded our preclinical pipeline with both the selection of a lead program in the area of neurodegenerative diseases and a lead product candidate in our hemophilia A program."

8:04 am Osiris Therapeutics misses by $0.03, reports revs in-line (OSIR) :

  • Reports Q2 (Jun) earnings of $0.03 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.06; revenues rose 78.2% year/year to $23.7 mln vs the $23.6 mln consensus. 
  • "Despite the expiration of pass-through status for Grafix in early January, the wound care business continues to grow revenue by double-digits. The team has made tremendous progress in opening more accounts and increasing the number of patients treated with Grafix."

8:04 am Ohr Pharma appoints Jason Slakter CEO; CEO/Founder Taraporewala becomes CTO (OHRP) :

  • Jason Slakter, MD, has been appointed Chief Executive Officer, effective August 7, 2015. He succeeds CEO and founder Dr. Irach Taraporewala, who will become Chief Technology Officer and be responsible for the leadership and execution of the Company's sustained release drug development programs, among other responsibilities. Dr. Taraporewala will continue to serve on the Company's board of directors.

8:04 am ZAIS Financial reports Q2 core EPS of $0.38 vs $0.50 Capital IQ Consensus Estimate (ZFC) :  

8:04 am NorthStar Asset Mgmt appoints David Hamamoto as its Executive Chairman, effective immediately (NSAM) : NSAM announced that David Hamamoto has been appointed Executive Chairman, effective immediately, and will continue to serve as Chairman of NorthStar Realty Finance Corp. (NRF). Al Tylis will assume the role of Chief Executive Officer of NSAM and become a member of both NSAM and NRF's Board of Directors.

8:03 am Freeport-McMoRan provides update on its progress in reducing costs and capital spending; In response to current oil and gas market conditions, FCX is deferring investments in several long-term projects (FCX) : Co provides an update on its progress in reducing costs and capital spending. In response to current oil and gas market conditions, Freeport-McMoRan Oil and Gas (FM O&G) is deferring investments in several long-term projects. In addition, FM O&G has revised its estimate of the start-up of initial production from its recent drilling success in the Horn Mountain area to 2016 from the previously estimated start-up in 2017. This will allow FM O&G to continue to grow production and enhance cash flow in a weak oil and gas price environment. The revised plans, together with the previously announced potential IPO a minority interest in FM O&G and potential other actions, will be pursued as required to fund oil and gas capital spending within cash flow for 2016 and subsequent years. FCX is also completing a review of operating plans at each of its global copper and molybdenum operations and will revise operating and capital plans to strengthen its financial position in a weak copper price environment.

8:02 am Comstock beats by $0.05 (CRK) : Reports Q2 (Jun) loss of $1.11 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of ($1.16). Comstock produced 924,000 barrels of oil and 11.1 billion cubic feet of natural gas or 16.6 billion cubic feet of natural gas equivalent ("Bcfe") in the second quarter of 2015. Oil production in the second quarter of 2015, which averaged 10,200 barrels of oil per day, declined 17% from the 12,200 barrels per day produced in the second quarter of 2014. The lower oil volumes reflect normal declines due to the cessation of oil directed drilling activity in 2015 due to low oil prices. Natural gas production in the second quarter of 2015 grew by 10% from natural gas production of 10.1 billion cubic feet in the second quarter of 2014 and 35% from 8.2 billion cubic feet in the first quarter of 2015 due to the Haynesville shale drilling program which was restarted in early 2015.

8:02 am Avnet beats by $0.08, misses on revs; guides Q1 EPS in-line, revs in-line (AVT) : Reports Q4 (Jun) earnings of $1.16 per share, $0.08 better than the Capital IQ Consensus Estimate of $1.08; revenues fell 3.6% year/year to $6.8 bln vs the $6.89 bln consensus.

  • Co issues in-line guidance for Q1, sees EPS of $0.97-1.07 vs. $1.03 Capital IQ Consensus Estimate; sees Q1 revs of $6.40-7.00 bln vs. $6.82 bln Capital IQ Consensus Estimate.

8:02 am Kythera Biopharma and Allergan (AGN) amend merger agreement to revise structure of the consideration to be all-cash, expect closing in Q3 (AGN) :

  • Co announced that they have amended and restated their merger agreement with respect to Allergan's (AGN) pending acquisition of Kythera to provide for all-cash consideration to KYTHERA's stockholders. The agreement amends and restates the original merger agreement entered into by the parties on June 17, 2015, as amended on July 1, 2015.
  • Pursuant to the amended and restated agreement, Allergan and KYTHERA have agreed to revise the structure of their previously announced transaction to provide that the $75 per share merger consideration to be paid to KYTHERA stockholders will be paid entirely in cash, instead of 80% cash and 20% stock as provided for under the original agreement. The other terms of the amended and restated agreement are substantially similar to those in the original agreement.

8:02 am Arch Coal announces the extension of private debt exchange offers for several Senior Note issuances, to August, 2015 (ACI) :  

8:02 am Delcath reports Q2 EPS ($0.30) vs ($0.52) year ago; revs 66.7% y/y to $0.5 mln (no estimates) (DCTH) : "We continue to advance our plans for a global pivotal Phase 3 clinical trial in ocular melanoma (:OM) that has metastasized to the liver with overall survival as the primary endpoint. We hope to initiate this trial by the end of 2015."

8:02 am La Jolla Pharm announces signing two exclusive worldwide license agreements for its gentamicin derivatives, LJPC-30Sa and LJPC-30Sb (LJPC) : The first license agreement is with the Indiana University Research and Technology Corporation (:IURTC), and the second is with the IURTC and the University of Alabama at Birmingham (:UAB). The license agreements, which follow from the previously announced option agreements, cover the use of LJPC-30Sa and LJPC-30Sb as antimicrobial agents and for the potential treatment of rare genetic disorders. The company plans to pursue a dual development strategy with its next-generation gentamicin derivative program. Specifically, La Jolla plans to develop LJPC-30Sa and LJPC-30Sb not only for the potential treatment of serious bacterial infections but also for the potential treatment of rare genetic disorders

8:01 am AMAG Pharma announces a proposed offering of $450 mln in Senior Notes due 2023 (AMAG) : Co announced that it intends, subject to market and other considerations, to offer $450 mln aggregate principal amount of Senior Notes due 2023. Co intends to use the net proceeds from this offering to finance its previously announced acquisition of Cord Blood Registry, to refinance certain existing indebtedness, to pay various fees and expenses incurred in connection with the CBR acquisition and related financing transactions, and for general corporate purposes.

8:01 am Del Taco announces refinancing of senior credit facility; estimated interest expense savings to exceed $5 mln annually (TACO) : Co announced the closing of a new five-year $250 mln senior credit facility. The new revolving credit facility bears an initial interest rate of LIBOR plus 200 bps. Co utilized $164 mln of proceeds from the new facility to refinance in whole its existing senior secured debt and pay costs associated with the refinancing. The refinancing represents a 305 bps reduction in the co's borrowing costs based on current market conditions, and is expected to reduce annual interest expense by approximately $5.4 mln per year.

7:59 am Famous Dave's appoints Abelardo Ruiz as its COO (DAVE) : Ruiz was previously employed as Chief Operating Officer of Colon Gerena Restaurant Group, Famous Dave's franchise partner in Puerto Rico

7:56 am S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +24.80. (:WRAPX) : U.S. equity futures hold solid pre-market gains following a steady advance that accelerated once markets in Europe opened for action. The S&P 500 futures currently hover nine points above fair value.

Yesterday was very quiet on the economic front, but more reports will be released today. The weekly MBA Mortgage Index rose 4.7% to follow last week's uptick of 0.8%.

The ADP Employment Change report for July (Briefing.com consensus 220K) will be announced at 8:15 ET while the Trade Balance for June (consensus -$42.70 billion) will cross the wires at 8:30 ET. The ISM Services Index for July (expected 56.3) will be the last data point of the day, set to be reported at 10:00 ET.

Treasuries hold modest losses with the 10-yr yield higher by a basis point at 2.24%.

In U.S. corporate news of note:

  • Activision Blizzard (ATVI 27.45, +1.78): +6.9% in reaction to better than expected results and upbeat guidance. 
  • Disney (DIS 113.20, -8.49): -7.0% after disappointing results in the company's media and parks & resorts segments overshadowed a three-cent beat. 
  • First Solar (FSLR 49.09, +4.59): +10.3% after beating estimates and guiding above analyst expectations. 
  • Motorola Solutions (MSI 63.77, +3.55): +5.9% after better than expected results overshadowed cautious guidance for Q3. 
  • Lumber Liquidators (LL 14.90, -3.46): -18.9% in reaction to disappointing results and uncertain guidance. 
  • Priceline (PCLN 1370.00, +86.01): +6.7% in reaction to a bottom-line beat. 
  • Time Warner (TWX 87.70, +0.05): +0.1% following better than expected results. 
  • Virtu Financial (VIRT 23.00, -0.26): -1.1% after missing earnings estimates on better than expected revenue. 
  • Zillow (Z 83.01, +8.81): +11.9% after reporting a bottom-line loss that may not be comparable to estimates.
Reviewing overnight developments:
  • Asian markets ended mostly higher. Japan's Nikkei +0.5%, Hong Kong's Hang Seng +0.4%, and China's Shanghai Composite -1.7% 
    • In economic data: 
      • China's July Caixin Services PMI 53.8 (expected 52.2; prior 51.8) 
      • Hong Kong's July Manufacturing PMI 48.2 (prior 49.2) 
      • Australia's July AIG Services Index 54.1 (prior 51.2) 
      • India's July Nikkei Services PMI 50.8 (prior 47.7) 
      • New Zealand's Q2 Employment Change +0.3% quarter-over-quarter (expected +0.5%; prior +0.6%), Q2 Unemployment Rate 5.9% (expected 5.9%; prior 5.8%), and Q2 Labor Cost Index +0.5% quarter-over-quarter (expected +0.5%; prior +0.3%); +1.8% year-over-year (prior 1.8%) 
    • In news: 
      • The International Monetary Fund was expected to make a decision regarding a possible inclusion of the yuan in the SDR basket, but that decision has been postponed until October of next year.
  • Major European indices trade higher across the board. UK's FTSE +0.9%, France's CAC +1.4%, and Germany's DAX +1.4%. Elsewhere, Italy's MIB +1.5% and Spain's IBEX +0.9% 
    • Participants received several data points: 
      • Eurozone July Services PMI 54.0 (expected 53.8; prior 53.8) while June Rteail Sales -0.6% month-over-month (expected -0.3%; prior 0.1%); +1.2% year-over-year (consensus 1.9%; last 2.6%) 
      • Germany's July Services PMI 53.8 (consensus 53.7; prior 53.7) 
      • UK's July Services PMI 57.4 (consensus 58.0; prior 58.5) 
      • France's July Services PMI 52.0 (expected 52.0; last 52.0) 
      • Italy's July Services PMI 52.0 (expected 53.0; prior 53.4) 
      • Spain's July Services PMI 59.7 (consensus 55.5; last 56.1) 
      • Swiss July CPI -0.6% month-over-month (expected -0.4%; prior 0.1%); -1.3% year-over-year (consensus -1.1%; last -1.0%) 
    • Among news of note: 
      • European Commission President Jean-Claude Juncker said that bailout talks with Greece are making satisfactory progress with a deal expected by August 20, in time for Greece to repay EUR3.40 billion to the European Central Bank

7:56 am Tahoe Resources appoints Executive Chair Kevin McArthur, as its new CEO (TAHO) :  

7:51 am Perrigo beats by $0.22, reports revs in-line (PRGO) : Reports Q4 (Jun) earnings of $2.18 per share, excluding non-recurring items, $0.22 better than the Capital IQ Consensus Estimate of $1.96; revenues rose 33.9% year/year to $1.53 bln vs the $1.52 bln consensus.

7:50 am On the Wires (:WIRES) :

  • WestRock Company (WRK) announced that D. Michael Wilson will be the chief executive officer of the company's specialty chemicals business that is expected to become a publicly traded company, Ingevity. He will join the company on September 1, 2015
  • Imprimis Pharmaceuticals, Inc. (IMMY) has expanded the availability of its proprietary ophthalmic and urologic compounded formulations to physicians and patients in Texas. The company's New Jersey compounding pharmacy also received licenses to dispense in Texas and Virginia
  • SunEdison, Inc. (SUNE) announced that it has closed financing and begun construction on one of its largest wind farms to date, the 300-megawatt South Plains II wind farm in Floyd County, Texas

7:49 am Biocept up 12% after confirming launch of its first liquid biopsy diagnostic test for colorectal cancer (see 7:25) (BIOC) :  

7:49 am SodaStream misses by $0.15, misses on revs (SODA) : Reports Q2 (Jun) earnings of $0.17 per share, $0.15 worse than the Capital IQ Consensus Estimate of $0.32; adj. revenues fell 28.0% year/year to $101.7 mln vs the $106.31 mln consensus. 

  • "Our second quarter performance was in-line with our expectations. As we previously discussed, the first half of 2015 would be a challenging period due to implementation of our global restructuring and growth plan combined with changes in foreign currency exchange rates. That said, we are proud to have achieved an all-time record of CO2 refills"

7:48 am IntercontinentalExchange reports monthly statistics for July 2015, showing futures and options ADV increased 1% Y/Y (ICE) :

  • ICE's July 2015 futures and options average daily volume (:ADV) increased 1% compared to July 2014.
  • Commodity ADV increased 4% led by gasoil, other oil, natural gas and sugar ADV up 25%, 7%, 6% and 15% respectively, from the prior July. Financials ADV declined 2% Y/Y
  • NYSE's U.S. cash equities ADV increased 23%, while U.S. equity options ADV declined 14% Y/Y

7:44 am Ophthotech reports Q2 results; provides update on clinical developments (OPHT) : Reports Q2 (Jun) loss of $(1.08) per share, $0.03 worse than the Capital IQ Consensus Estimate of $(1.05) - two estimates; collaboration revenue rose to $1.6 mln vs zero last year.

  • In May 2015, the co provided updates on its two Phase 3 trials of Fovista in combination with Lucentis in patients with wet Age-Related Macular Degeneration (AMD). Completion of enrollment of the first Phase 3 trial was announced. 
  • The co currently anticipates that enrollment of the second Phase 3 trial should be completed in 4Q15. The co continues to expect to report initial, topline data from both Phase 3 trials by the end of 2016. This timeline could be subject to an adjustment to a slightly later time point if the recruitment rate is on the lower end of expectations. 
  • The third Phase 3 trial, which is investigating Fovista in combination with either Eylea or Avastin continues to enroll patients and the recruitment is on track. This third Phase 3 trial was initiated approximately nine months after the Fovista in combination with Lucentis trials. 
  • The Fovista Expansion Studies (FES) investigating the rationale for Fovista in combination with multiple anti-VEGF agents to reduce retinal fibrosis and treatment burden in wet AMD patients are progressing well. The company expects initial interim data from the Fovista retinal fibrosis study by the end of 2015. The planning process for a study in monotherapy anti-VEGF resistant patients with wet AMD is on track, with the study expected to commence this year.

7:40 am Ariad Pharm misses by $0.06, misses on revs; updates 2015 guidance (ARIA) :

  • Reports Q2 (Jun) loss of $0.33 per share, $0.06 worse than the Capital IQ Consensus Estimate of ($0.27); total revenues rose 141.3% year/year to $29.2 mln vs the $31.89 mln consensus. 
  • Net product revenues from Iclusig were $27.8 mln, an increase of 134% vs 2Q14 and 16% vs 1Q15. Q2 Iclusig product revenues are comprised of revenues of $21.6 million in the U.S. and $6.2 million in Europe.
  • Co expects Iclusig revenues for 2015 to be in the range of $130-140 million. 
  • Co expects its cash & cash equivalents at December 31, 2015 to be at least $240 million. 

7:37 am Valero Energy Partners beats by $0.09, beats on revs (VLP) : Reports Q2 (Jun) earnings of $0.54 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.45; revenues rose 89.3% year/year to $60.2 mln vs the $54.65 mln consensus.

  • On July 24, 2015, the board of directors of VLP's general partner declared a second quarter 2015 cash distribution of $0.2925 per unit. This distribution represents a 5.4 percent increase from the first quarter of 2015 and an increase of 31.5 percent from the second quarter of 2014.

7:36 am SurModics beats by $0.09, beats on revs; raises FY15 EPS guidance above consensus, raises lower end of revs guidance, in-line (SRDX) : Reports Q3 (Jun) earnings of $0.30 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 8.9% year/year to $15.9 mln vs the $14.87 mln consensus.

  • Co raises guidance for FY15, sees EPS of $0.95-1.00 vs. $0.90 Capital IQ Consensus Estimate, from $0.85-0.95; raises lower end of FY15 revs to $58-60 mln vs. $58.69 mln Capital IQ Consensus Estimate, from $57-60 mln

7:36 am Rowan Cos beats by $0.13, reports revs in-line (RDC) :

  • Reports Q2 (Jun) earnings of $0.68 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.55; revenues rose 20.3% year/year to $508.7 mln vs the $509.09 mln consensus. 
  • "We are pleased with the completion of our ultra-deepwater newbuild program and the early contract commencement of the Rowan Relentless, our fourth drillship. The additional operating days from our drillships coupled with continued cost control efforts provided solid results in the second quarter. Our industry is in the midst of a difficult downturn with an uncertain duration, but we believe our contractual backlog and strong balance sheet remain key strengths that will safeguard us until market recovery."

7:35 am Clean Harbors beats by $0.21, beats on revs by wide amount as co participated in several major emergency response efforts (CLH) : Reports Q2 (Jun) earnings of $0.72 per share, excluding non-recurring items, $0.21 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 9.1% year/year to $936.2 mln vs the $813.1 mln consensus.

  • "During Q2, we participated in several major emergency response efforts to address natural disasters, pipeline spills, avian flu, rail-related accidents and damage to fixed facilities...activity related to this work generated revenue of approximately $170 million."
  • Co says the substantial emergency response activity and strong contributions from several of its businesses more than offset weakness in its energy-related businesses and the adverse effects of foreign currency translation.
  • Co reaffirms prior guidance for 2015: adjusted EBITDA of $530-570 mln. For Q3, co expects adjusted EBITDA of $165-170 mln.

7:35 am iCAD reports Q2 EPS ($1.77) vs ($0.07) year ago; revs 14.8% y/y to $11.1 mln (no estimates) (ICAD) : Due to uncertainty regarding the change in reimbursement for the treatment of non-melanoma skin cancer in the United States, the Company is not providing financial guidance at this time.

7:35 am HollyFrontier beats by $0.59, beats on revs (HFC) : Reports Q2 (Jun) earnings of $1.88 per share, $0.59 better than the Capital IQ Consensus Estimate of $1.29; revenues fell 31.1% year/year to $3.7 bln vs the $3.25 bln consensus.

7:34 am Sinclair Broadcast beats by $0.12, beats on revs (SBGI) : Reports Q2 (Jun) earnings of $0.48 per share, $0.12 better than the Capital IQ Consensus Estimate of $0.36; revenues rose 1117.8% year/year to $5.54 bln vs the $0.54 bln consensus.

Q3 Outlook

  • Net broadcast revenues, before barter, are expected to be approximately $483.3 million to $486.5 million

7:34 am IntercontinentalExchange beats by $0.13, reports revs in-line (ICE) : Reports Q2 (Jun) earnings of $2.90 per share, $0.13 better than the Capital IQ Consensus Estimate of $2.77; revenues rose 6.3% year/year to $797 mln vs the $797.85 mln consensus. 

  • Guidance: 
    • Sees Q3 and Q4 adjusted operating expenses in the range of $330-335 mln per quarter. 
    • ICE expects second half 2015 consolidated tax rate in the range of 28% to 31%. 
    • ICE's diluted share count for the third quarter and full year 2015 is expected to be in the range of 110-112 mln weighted average shares outstanding, including share repurchases through July 2015.

7:33 am Dominion beats by $0.01; guides Q3 EPS in-line (D) : Reports Q2 (Jun) earnings of $0.73 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.72. The increase in second-quarter 2015 operating earnings per share as compared to second-quarter 2014 operating earnings per share is primarily attributable to the absence of a planned refueling outage at Millstone Power Station, higher revenues from growth projects and weather offset by normal operating expense growth. Co issues in-line guidance for Q3, sees EPS of $0.95-1.10 vs. $1.07 Capital IQ Consensus Estimate.

7:33 am Overnight Treasury Summary (BONDX) : Yields Edge Higher

  • U.S. Treasuries are weaker ahead of their open this morning as abating risk aversion in Europe allows investors to focus on handicapping the odds of a September rate hike from the Federal Reserve
  • Yield Check:
    • 2-yr: unch at 0.74%
    • 5-yr: +2 bps to 1.63%
    • 10-yr: +2 bps to 2.25%
    • 30-yr: +2 bps to 2.92%
  • News:
    • European Services PMI's for July were released earlier this morning, with Spain beating expectations, France matching, and Italy and the U.K. disappointing. The eurozone as a whole exceeded consensus estimates:
      • Spain: Actual 59.7, prior 56.1 
      • France: Actual 52.0, prior 52.0
      • Italy: Actual 52.0, prior 53.4
      • U.K.: Actual 57.4, prior 58.5
      • Eurozone: Actual 54.0, prior 53.8
    • The eurozone's composite PMI for July showed increasing economic activity, rising to 53.9 from 53.7 in June
    • June Retail Sales in the eurozone missed estimates, falling 0.6% versus a 0.1% rise in MayIn a Wall Street Journal interview yesterday, Atlanta Fed President Lockhart (FOMC voter and centrist) said that there would have to be "a significant deterioration in the economic picture" to convince the Fed not to raise rates at the September meeting
  • Data out Today:
    • MBA Mortgage Index for the week ending 8/1: Actual +4.7%, Prior +0.8%
    • July ADP Employment Change (08:15 ET)
    • June Trade Balance (08:30 ET)
    • July ISM Services (10:00 ET)
    • Crude Inventories for the week ending 8/1 (10:30 ET)

7:33 am Superior Ind beats by $0.07, misses on revs; reaffirms FY15 revs guidance (SUP) :

  • Reports Q2 (Jun) earnings of $0.24 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.17; revenues fell 7.6% year/year to $183.9 mln vs the $188.2 mln consensus. 
  • Co reaffirms guidance for FY15, sees FY15 revs of $725-800 mln vs. $746.97 mln Capital IQ Consensus Estimate. 
  • "We expect that shipment volumes will improve in the second half of the year and we remain confident in the guidance targets that we provided in January..."

7:31 am Kelly Services misses by $0.02, misses on revs (KELYA) : Reports Q2 (Jun) earnings of $0.18 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.20; revenues fell 1.8% year/year to $1.39 bln vs the $1.43 bln consensus.

7:31 am MobileIron announces a favorable jury verdict in its patent case with Good Technology (MOBL) : In the verdict, the jury:

  • Upheld MobileIron's Enterprise App Store patent, U.S. Patent No. 8,359,016, as valid
  • Held that two of Good Technology's patents are invalid
  • Held that MobileIron's products do not infringe any of the Good Technology patents in the case
  • Rejected Good Technology's Lanham Act claim for false advertising
  • Awarded no damages to either side.

7:30 am TherapeuticsMD announces that it has received a patent allowance from the USPTO for its VVA candidate TX-004HR (TXMD) : The newly allowed patent application relates to solubilized compositions encapsulated in vaginal suppositories for local delivery of bio-identical estradiol

7:30 am PMFG Inc is awarded large contracts for two projects, with a combined value of $8.3 million (PMFG) : Co announced that it has been awarded large contracts for two projects with a combined value of $8.3 mln. The first project includes Ultra Filter Separators for a new, grassroots natural gas pipeline located in the Gulf Coast region of the United States. The equipment will be delivered by June 2016. The second project includes multi-unit SCR systems for new combined cycle power generation units being built in the United States to meet growing regional electric power demands. The equipment will be installed in a power generation plant located in the mid-Atlantic region of the United States in the fall of calendar 2016 through the spring of calendar 2017.

7:30 am Transgenomic announces that it is launching a new pilot clinical study of its Multiplexed ICE COLD-PCR liquid biopsy technology (TBIO) : Four leading global biopharmaceutical firms have joined the pilot program, which was initiated with an undisclosed market-leading oncology company earlier this year. The primary aim of the study is to validate the accuracy and utility of using MX-ICP-based liquid biopsies, which analyze circulating tumor DNA in the blood to guide and monitor cancer clinical trials. The study will include a variety of cancers and several different sequencing platforms.

In this pilot study, co will have access to patient blood samples from the participating companies' relevant clinical trials, allowing it to generate supporting data to show the correlation between genomic analyses from FFPE tissue samples and those obtained using plasma samples enriched with Multiplexed ICE COLD-PCR.

7:26 am Oil prices begin the day higher; prices up following API crude oil storage data late yesterday/ ahead of EIA oil storage data (out at 10:30am EST) (:COMDX) : In current trade:

  • WTI crude oil is +0.6% at $46.00/barrel
  • Brent crude oil +0.8% at $50.38/barrel
  • Sept nat gas +0.4% at $2.82/MMBtu
  • Dec gold -0.4% at $1086.50/oz
  • Sept silver -0.2% at $14.53/oz
  • Sept copper -0.8% at $2.34/lb

7:25 am On the Wires (:WIRES) :

  • Silver Standard Resources Inc. (SSRI) announced the closing of a new $75 million senior secured revolving credit facility
  • Bellicum Pharmaceuticals, Inc. (BLCM) announced that a patent has been issued to Baylor College of Medicine for methods of inducing apoptosis in cells that have been infused in patients. Bellicum, which exclusively licensed the worldwide rights to the technology from Baylor, has incorporated the invention into BPX-501
  • Biocept, Inc. (BIOC) announced the launch of its proprietary quantitative Target Selector assay targeting KRAS mutations utilizing a patient's blood sample

7:23 am Enova International misses by $0.14, misses on revs; guides Q3 revs below consensus; guides FY15 revs below consensus (ENVA) : Reports Q2 (Jun) earnings of $0.33 per share, $0.14 worse than the Capital IQ Consensus Estimate of $0.47; revenues fell 27.4% year/year to $146.28 mln vs the $157.03 mln consensus.

  • Co issues downside guidance for Q3, sees Q3 revs of $165-185 mln vs. $186.03 mln Capital IQ Consensus Estimate. 
  • Co issues downside guidance for FY15, sees FY15 revs of $650-700 mln vs. $715.76 mln Capital IQ Consensus Estimate.

7:22 am Kate Spade misses by $0.03, misses on revs; raises low end of FY15 adj. EBITDA guidance (KATE) : Reports Q2 (Jun) earnings of $0.08 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.11; revenues rose 5.6% year/year to $281 mln vs the $291.84 mln consensus. Net sales for the second quarter of 2015, excluding sales for wind-down operations, were $273 million, an increase of $46 million, or 20.1% compared to the second quarter of 2014, adjusting 2014 net sales for wind-down operations and excluding changes in foreign currency exchange rates and 2015 strategic initiatives.

  • Raises low end of full year Adjusted EBITDA range, with revised guidance of $190 million to $200 million, excluding wind-down operations

7:17 am Laclede Group beats by $0.18, misses on revs (LG) : Reports Q3 (Jun) earnings of $0.32 per share, excluding non-recurring items, $0.18 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 13.9% year/year to $275.5 mln vs the $347.45 mln consensus.

  • The Company reaffirms its long-term NEE per share growth target of 4-6% annually, with growth in fiscal 2015 and 2016 anticipated to be above that target range
  • For 2015, the operating loss for the fourth quarter is expected to be just above the top end of the 9-11% range of full year net economic earnings per share introduced late last year

7:16 am Primero Mining misses by $0.01, misses on revs (PPP) : Reports Q2 (Jun) loss of $0.04 per share, $0.01 worse than the Capital IQ Consensus Estimate of ($0.03); revenues fell 15.4% year/year to $67.36 mln vs the $70.26 mln consensus.

7:15 am Frank's International misses by $0.06, misses on revs (FI) : Reports Q2 (Jun) earnings of $0.14 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.20; revenues fell 8.3% year/year to $254.3 mln vs the $257.4 mln consensus.

  • Co has nearly $500 million in cash and investments and virtually no debt as of June 30, 2015
  • CEO said, "Despite difficult market conditions, our Q2 results were generally in line with what we expected. Activity levels outside of the U.S. land market mostly trended with our expectations, and internal efforts to control costs and improve efficiencies began to take hold. Our revenue declined 8% sequentially. Lower activity and price reductions impacted our EBITDA as total co adjusted EBITDA margin was 31%, down 5 percentage points from Q1."
  • Activity levels, outside of U.S. land, remain close to forecast; with some areas holding and others experiencing slight declines as projects get cancelled or deferred. In addition, co is also seeing a second round of pricing discount requests, as initial discounts agreements expire or new discounts are being sought.
  • Both of these will lead to further headwinds to its revenue and EBITDA for the rest of the year.

7:15 am Taylor Morrison Home beats by $0.02, beats on revs; provides Q3 & FY15 outlook (TMHC) : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.31; revenues rose 17.4% year/year to $701 mln vs the $648.72 mln consensus.

Q3 Outlook

  • Average community count -- expected to be 265 to 275 
  • Home closings -- expected to be between 1,685 and 1,785 
  • Adjusted home closings margin -- expected to be around 21%
FY15 Outlook
  • Average community count -- expected to be 260 to 270 
  • Home closings -- expected to be between 6,600 and 6,800 
  • Adjusted home closings margins -- expected to be just under 22% 
  • SG&A -- expected to be under 10% 
  • Income from unconsolidated joint ventures -- expected to be between $2 and $4 million 
  • Land and development spend -- expected to be approximately $1 billion (without giving effect to recently acquired markets) 
  • Effective tax rate -- expected to be between 32% and 35%

7:13 am Keryx Biopharma reports EPS in-line, misses on revs (KERX) : Reports Q2 (Jun) loss of $0.26 per share, in-line with the Capital IQ Consensus Estimate of ($0.26); revenues of $2.5 mln vs the $2.64 mln consensus (co reported no revs last year)

  • Net U.S. Auryxia product revenue of $1.8 million
  • License revenue of $756,000 associated with royalties received on ferric citrate sales in Japan related to their net sales during the first quarter of 2015. 
  • Cash: At June 30, 2015, the company had cash and cash equivalents of $131.3 million.

7:12 am Harsco misses by $0.01, misses on revs; guides Q3 EPS below consensus; guides FY15 EPS below consensus (HSC) : Reports Q2 (Jun) earnings of $0.08 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.09; revenues fell 14.9% year/year to $455.7 mln vs the $472 mln consensus. 

  • Co issues downside guidance for Q3, sees EPS of $0.05-0.09 vs. $0.24 Capital IQ Consensus Estimate. 
  • Co issues lowered guidance for FY15, sees EPS of $0.41-0.55 from $0.68-0.82 vs. $0.74 Capital IQ Consensus Estimate. 
  • The 2015 Outlook has been revised for the year to reflect current expectations for lower steel production, weaker commodity prices and demand, the impact of site exits and start-ups and additional operating costs in Metals & Minerals. Additionally, this outlook reflects reduced end-market consumption for the Company's Industrial products as a result of capital spending trends among U.S. energy companies and a higher effective tax rate given the geographic distribution of anticipated earnings.
  • 2015 operating income outlook reduced to range of $120 million to $135 million mainly due to external changes in commodity demand; free cash flow expected to be between $60 million to $80 million

7:12 am LGI Homes beats by $0.01, reports revs in-line; raises basic EPS guidance for FY15 (LGIH) : Reports Q2 (Jun) earnings of $0.66 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.65; revenues rose 49.3% year/year to $158.82 mln vs the $159.6 mln consensus.

  • The Company believes it will close between 3,000-3,300 homes during 2015 and generate basic EPS between $2.15 and $2.50 per share, prior guidance $1.85-2.25.

7:11 am CyrusOne beats by $0.04, misses on revs (CONE) : Reports Q2 (Jun) funds from operations of $0.51 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 9.1% year/year to $89.1 mln vs the $90.49 mln consensus.

  • Co issues guidance for FY15, sees FFO of $2.10, including the impact of the Cervalis acquisition, may not be comparable to $2.01 Capital IQ Consensus Estimate; sees FY15 revs of $398-404 mln, may not be comparable to $395.11 mln Capital IQ Consensus Estimate.

7:11 am Inventure Foods misses by $0.06, beats on revs (SNAK) : Reports Q2 (Jun) loss of $0.02 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.04; revenues fell 7.6% year/year to $66.4 mln vs the $64.04 mln consensus.

7:10 am Discovery beats by $0.02, misses on revs; reaffirms FY15 guidance (DISCA) :

  • Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 2.7% year/year to $1.65 bln vs the $1.67 bln consensus, led by 5% growth at U.S. Networks and 1% growth at International Networks. Adjusted OIBDA decreased 2% to $680 million, as 7% growth at U.S. Networks was more than offset by an 11% decline at International Networks and a small operating loss at Education and Other. Total Company revenues grew 11% and Adjusted OIBDA grew 6% excluding currency effects.
    • U.S. Networks' revenues in the second quarter of 2015 increased 5% to $814 million, driven by 12% distribution growth. The 12% distribution revenue growth was primarily driven by higher rates and the consolidation of Discovery Family. Advertising revenues were relatively flat, as higher pricing was offset by lower delivery.
    • International Networks' revenues for the second quarter increased 1% to $801 million. Changes in foreign currency exchange rates reduced both second quarter international revenue and Adjusted OIBDA growth by 18%. Excluding currency effects and Eurosport, total revenues were up 7%.
  • Reaffirms: For the full year ending December 31, 2015, Discovery expects total revenue excluding currency to grow in the high single to low double digit range, Adjusted OIBDA excluding currency to grow in the low to mid-single digit range and Adjusted EPS excluding currency to grow low double digits.

7:09 am Priceline beats by $0.60, reports revs in-line; guides Q3 EPS in-line (PCLN) : Reports Q2 (Jun) earnings of $12.45 per share, $0.60 better than the Capital IQ Consensus Estimate of $11.85; revenues rose 7.4% year/year to $2.28 bln vs the $2.27 bln consensus. 

  • Second quarter gross travel bookings for The Priceline Group were $15.0 billion, an increase of 11% over a year ago.
Guidance
  • Co issues in-line guidance for Q3, sees EPS of $22.95-24.45 vs. $23.37 Capital IQ Consensus Estimate.
  • Total gross travel bookings ranging from a decrease of 1% to an increase of approximately 6% year-over-year (an increase of approximately 13% - 20% on a constant currency basis). 
  • Year-over-year increase in international gross travel bookings of approximately 0% - 7% (an increase of approximately 16% - 23% on a constant currency basis). 
  • U.S. gross travel bookings are expected to be about the same as 3rd quarter 2014. 
  • Year-over-year increase in revenue of approximately 1% - 8%. 
  • Year-over-year increase in gross profit of approximately 3% - 10% (an increase of approximately 19% - 26% on a constant currency basis).
  • Adjusted EBITDA of approximately $1,425 million to $1,525 million.

7:08 am Avista misses by $0.04, beats on revs; guides FY15 EPS in-line; confirms EPS guidance for FY15 (AVA) : Reports Q2 (Jun) earnings of $0.40 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.44; revenues rose 7.9% year/year to $337.3 mln vs the $304.56 mln consensus.

  • Co confirms guidance for FY15, sees EPS of $1.86-2.06 vs. $1.97 Capital IQ Consensus Estimate.
  • Avista Utilities' earnings for Q2 of 2015 decreased (EPS fell to $0.40 from $0.52 in the prior year) primarily due to expected increases in other operating expenses, depreciation and amortization, taxes other than income taxes and income tax expense.
  • The higher expenses were partially offset by improved gross margin that resulted from an increase in electric cooling loads (due to warmer weather) net of lower natural gas heating loads.
  • The new electric and natural gas decoupling mechanisms in Washington (implemented Jan. 1, 2015) partially offset the improved electric gross margin and the lower gas gross margin, respectively.
  • Avista Utilities' earnings were also positively impacted by general rate increases in Washington and Oregon.
  • Earnings were also impacted by the timing of the recognition of the benefit under the ERM in Washington

7:08 am Visteon beats by $0.03, beats on revs (VC) : Reports Q2 (Jun) earnings of $0.38 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 61.4% year/year to $812 mln vs the $747.6 mln consensus. Note: On June 9, VC sold its 70% stake in Halla Visteon Climate Control in order to focus on being a technology-focused enterprise dedicated to vehicle cockpit electronics and the connected car -- one of the fastest-growing segments in the automotive industry.

7:07 am Goodrich Petroleum reports Q2 results (GDP) : Reports Q2 (Jun) loss of $0.33 per share, $0.04 worse than the Capital IQ Consensus Estimate of ($0.29); revenues fell 25.7% year/year to $37.3 mln vs the $34.3 mln consensus. Production for the quarter totaled 758,000 barrels of oil equivalent ("Boe") (50% oil), which was affected by deferred completions.

  • Since the end of the quarter, the company announced the agreement to sell its proved reserves and associated acreage in the Eagle Ford Shale for $118 million, subject to customary closing and post-closing adjustments. The transaction has an effective date of July 1, 2015 and is expected to close on or before September 4, 2015. The Company expects to book a gain of $50-60 million on the sale, pay off its bank revolver and retain the balance in cash from the sales proceeds. 
  • Guidance: The Company previously issued full year 2015 production guidance of an average of 4,800 -- 5,200 barrels of oil and 23,000 -- 26,000 Mcf of natural gas per day. When factoring in the sale of the Eagle Ford Shale production and proved reserves, estimated to close September 4, 2015, as well as completion deferrals in the TMS, third quarter production is expected to average approximately 4,000 -- 4,300 barrels per day and full year oil production is expected to be lower by 15 - 20% from previous guidance. Natural gas production, when factoring in the sale of the Eagle Ford production and proved reserves, is expected to average approximately 20,500 -- 22,500 Mcf per day in the third quarter and be lower by 10 - 15% for the year versus previous guidance. 

7:06 am Motorola Solutions beats by $0.14, beats on revs; guides Q3 EPS below consensus, revs below consensus; reaffirms FY15 EPS guidance, revs guidance (MSI) : Reports Q2 (Jun) earnings of $0.68 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus Estimate of $0.54; revenues fell 1.8% year/year to $1.37 bln vs the $1.34 bln consensus.

  • Co issues downside guidance for Q3, sees EPS of $0.68-0.73 vs. $0.83 Capital IQ Consensus Estimate; sees Q3 revs down 2-3% yr/yr or roughly $1.39-1.42 bln vs. $1.43 bln Capital IQ Consensus Estimate. 
  • Co reaffirms guidance for FY15, sees EPS of $3.20-3.40 vs. $3.27 Capital IQ Consensus Estimate; sees FY15 rev flat to down 2% or roughly $5.76-5.88 bln vs. $5.81 bln Capital IQ Consensus Estimate.

7:05 am Time Warner beats by $0.22, beats on revs; reaffirms FY15 EPS guidance (TWX) :

  • Reports Q2 (Jun) earnings of $1.25 per share, excluding non-recurring items, $0.22 better than the Capital IQ Consensus Estimate of $1.03; revenues rose 8.2% year/year to $7.35 bln vs the $6.9 bln consensus, due to growth across all operating divisions. Adjusted Operating Income grew 15% to $1.9 billion due to increases at Turner and Warner Bros., partially offset by a decline at Home Box Office.
  • Co reaffirms guidance for FY15, sees EPS of $4.60-4.70, excluding non-recurring items, vs. $4.66 Capital IQ Consensus.  
    • HOME BOX OFFICE Revenues increased 1% ($21 million) to $1.4 billion, due to an increase of 4% ($40 million) in Subscription revenues, partially offset by a decline of 7% ($19 million) in Content and other revenues. Subscription revenues grew due to higher domestic rates, partially offset by lower international revenue, which included the impact of the transfer to Turner of the operation of HBO's basic cable network in India. The decrease in Content and other revenues reflected lower home entertainment revenues. 
    • TURNER Revenues increased 3% ($77 million) to $2.8 billion, benefiting from growth of 48% ($69 million) in Content and other revenues and 2% ($20 million) in Subscription revenues, partially offset by a decline of 1% ($12 million) in Advertising revenues.

7:05 am Synacor and Windstream (WIN) sign multiyear renewal agreement that includes Synacor's Next-Gen Portal, and Search & Discovery Metadata Platform for Multiscreen TV (SYNC) :  

7:04 am Spectrum Brands misses by $0.01, reports revs in-line; reaffirms sales outlook (SPB) : Reports Q3 (Jun) earnings of $1.42 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $1.43; revenues rose 10.5% year/year to $1.25 bln vs the $1.24 bln consensus.

  • Co reiterated expectations for FY15 net sales, as reported, to increase in the mid-single digit range compared to FY14, including the positive impact of the acquisitions of Tell Manufacturing on Oct 1, 2014, the European pet food business on Dec 31, 2014, Salix Animal Health on Jan 16, 2015 and Armored AutoGroup on May 21, 2015, along with an anticipated negative impact from foreign exchange of ~500-600 basis points based on current spot rates.
  • Fiscal 2015 free cash flow is projected to be up to $440 mln compared to $359 mln in FY14.
  • Capital expenditures, which were $73 mln in FY14, are expected to be in the range of $75-85 mln. These incremental investments are expected to increase both the Co's margin structure and accelerate its organic sales growth rate in future years.

7:04 am Endo Health announces the divestiture of non-core products from its Litha Healthcare Group; terms not disclosed (ENDP) : Co announced today the strategic divestiture of a portfolio of device, vaccine and other non-core products from its international subsidiary in South Africa, Litha Healthcare Group, to a consortium comprised of Westrate Trade and Invest Proprietary Limited and Immunotek Limited. The transaction is expected to be completed in the fourth quarter of 2015

7:04 am Chesapeake Energy reports EPS in-line, beats on revs (CHK) : Reports Q2 (Jun) loss of $0.11 per share, in-line with the Capital IQ Consensus Estimate of ($0.11); revenues fell 41.1% year/year to $3.03 bln vs the $2.8 bln consensus. 

Production

  • Chesapeake's daily production for the 2015 second quarter averaged approximately 703,000 barrels of oil equivalent (boe), a year-over-year increase of 13%, adjusted for asset sales.Average daily production in the 2015 second quarter consisted of approximately 119,500 barrels (bbls) of oil, 3.0 billion cubic feet (bcf) of natural gas and 79,200 bbls of NGL, which represent year-over-year increases of 11%, 11% and 24%, respectively, adjusted for asset sales.
Guidance
  • 2015 total production guidance increased to 667 -- 677 mboe per day, up 4% from midpoint of prior guidance 
  • 2015 production and general and administrative expense guidance lowered 
  • 2015 capital guidance maintained at $3.5 -- $4.0 billion 

7:03 am NICE Systems announces it has won an eight figure contract from the NYC Dept. of IT (NICE) : Co has won an 8-figure contract from New York City's Department of Information Technology and Telecommunications in association with the City's ongoing Emergency Communications Transformation Program

  • Under the contract, NICE will expand its support for the ECTP by equipping the City's new 9-1-1 facility with NICE's public safety call recording and incident management solutions

7:03 am SolarCity to acquire ILIOSS, to expand into Mexico; terms not disclosed (SCTY) : ILIOSS is one of the largest commercial and industrial solar developers in Mexico. The transaction is expected to be completed in August 2015

7:02 am Motorola Solutions confirms $1 bln investment from Silver Lake, announces its intent to repurchase up to $2 bln of stock through a tender offer (MSI) : The company expects to use the Silver Lake investment to accelerate growth in its smart public safety solutions and services businesses through new partnerships, investments and acquisitions.

  • The co also announced its intent to repurchase up to $2 bln of stock through a tender offer. The company will fund the tender offer with a combination of existing cash on the company's balance sheet and a portion of the proceeds from the $1 billion strategic investment by Silver Lake.
  • Under the terms of the agreement, Silver Lake is purchasing $1 billion aggregate principal amount of 2% convertible senior notes due 2020 with an initial conversion price of $68.50 per share. The initial conversion price represents a conversion premium of 17% over the volume-weighted average price of the company's common stock sale price of $58.55 per share on the New York Stock Exchange during the 30 trading days ended Aug. 4, 2015.

7:02 am Now misses by $0.04, beats on revs (DNOW) : Reports Q2 (Jun) loss of $0.16 per share, $0.04 worse than the Capital IQ Consensus Estimate of ($0.12); revenues fell 21.2% year/year to $750 mln vs the $685.72 mln consensus. Also included in our results is a $7 million charge, the impact approximating $(0.04) per fully diluted share, resulting from high-steel-content inventory cost adjustments, related to falling steel prices.

7:02 am AVEO Oncology enters into an exclusive license agreement with a subsidiary of Pharmstandard Group, for Tivozanib (AVEO) : Co announced that it has entered into an exclusive license agreement with a subsidiary of Pharmstandard Group, the largest Russian pharmaceutical group, for the development, manufacturing and commercialization of AVEO's small molecule vascular endothelial growth factor tyrosine kinase inhibitor tivozanib in the territories of Russia, Ukraine and the Commonwealth of Independent States.

  • Under the terms of the agreement, Pharmstandard is obligated to pay AVEO an upfront payment of $1.5 million. AVEO is also eligible to receive up to $7.5 million in connection with the first marketing authorization of tivozanib in Russia, $3 million for each additional approved indication thereafter and a high single-digit royalty on net sales in the above mentioned territories.

7:01 am Main Street Capital increases quarterly dividend to $0.18/share from $0.175/share (MAIN) :  

7:01 am Vanda Pharma reports that Phase III SET and RESET trial results of Hetlioz, were published in The Lancet (VNDA) :

  • In the SET study, HETLIOZ achieved the primary endpoints of entrainment of the melatonin rhythm as compared to placebo and clinical response as measured by entrainment plus a score of greater than or equal to 3 on the Non-24 Clinical Response Scale. HETLIOZ also demonstrated significant improvement versus placebo across a number of sleep and wake parameters including measures of total sleep time, daytime sleep duration, and timing of sleep, as well as in the Clinical Global Impression of Change, an overall global functioning scale. 
  • The RESET study demonstrated that continued treatment with 20mg of HETLIOZ is required to maintain entrainment of the master body clock as measured by melatonin and cortisol circadian rhythms in individuals with Non-24. Patients treated with HETLIOZ maintained their clinical benefits while patients who received placebo showed significant deterioration in measures of nighttime sleep, daytime sleep and timing of sleep. Furthermore, discontinuation of HETLIOZ resulted in a rapid loss of circadian entrainment and a return to non-entrained circadian rhythms, reinforcing the importance of chronic therapy.

7:00 am Townsquare Media to sell 43 towers to a subsidiary of Vertical Bridge Holdings for ~$22.8 mln in cash (TSQ) : The Company will retain ownership of more than 250 towers following the Tower Sale.

  • The 43 towers being divested are located on 41 sites in 28 markets and presently house antenna which broadcast certain of the Company's radio stations, together with third party tenants who pay rent for similar space on such towers. For a period of 35 years following the closing, including an initial term of twenty years and three optional five-year renewal periods, the Company will pay $41 of rent per annum ($1 per site per annum) to Vertical Bridge for the right to house its existing antenna on the divested towers. The Company has also entered into an agreement with Vertical Bridge whereby Vertical Bridge will serve as the exclusive marketing agent for the towers retained by the Company. The Tower Sale will reduce the Company's annual net revenue and Adjusted EBITDA by approximately $1.5 million and $1.3 million, respectively.

7:00 am Asian Markets Close: Japan's Nikkei +0.5%; Hong Kong's Hang Seng +0.4%; China's Shanghai Composite -1.7% (:SUMRX) : Outside of China's Shanghai Composite (-1.7%) and Australia S&P/ASX 200 (-0.4%), markets in the Asia-Pacific region finished higher on Wednesday, staging a comeback effort with the help of an uplifting Services PMI reading out of China.

Economic data

  • China
    • July Caixin Services PMI 53.8 (expected 52.2; prior 51.8)
  • Hong Kong
    • July Manufacturing PMI 48.2 (prior 49.2)
  • Australia
    • July AIG Services Index 54.1 (prior 51.2)
  • India
    • July Nikkei Services PMI 50.8 (prior 47.7)
  • New Zealand
    • Q2 Employment Change +0.3% quarter-over-quarter (expected +0.5%; prior +0.6%)
    • Q2 Unemployment Rate 5.9% (expected 5.9%; prior 5.8%)
    • Q2 Labor Cost Index +0.5% quarter-over-quarter (expected +0.5%; prior +0.3%); +1.8% year-over-year (prior 1.8%)
Equity Markets
  • Japan's Nikkei increased 0.5%, led by strength in the industrials (+2.5%), health care (+2.5%), and financials (+1.1%) sectors. Nippon Suisan Kaisha (+18.6%), Terumo Corp (+12.9%), and Kajima Corp (+6.8%) led all gainers. Marui Group (-11.0%), Minebea (-6.3%), IHI Corp (-5.6%), and Fast Retailing (-4.7%) were the biggest decliners. Out of the 225 index members, 164 ended higher, 53 finished lower, and 8 were unchanged.
  • Hong Kong's Hang Seng increased 0.4%, ending much closer to its high for the session than to its low. China Mengniu Diary (+5.0%), Tingyi Cayman Islands Holdings (+4.0%), and CNOOC (+2.8%) topped the list of winners while Li & Fung (-2.7%), Bank of East Asia (-1.6%), and Henderson Land Development (-1.4%) brought up the rear. Out of the 50 index members, 25 ended higher, 24 finished lower, and 1 was unchanged.
  • China's Shanghai Composite declined 1.7% and ended close to its lows for the day, shedding most of what it lost in the final hour of trading and despite the Caixin Services PMI report showing the fastest pace of expansion in 11 months. Banks, brokerages, and property developers were among the weak links. The CSI 300 Index fell 2.1%.
  • India's Sensex increased 0.5%, bolstered by leadership from the technology (+2.0%), consumer discretionary (+1.4%), and health care (+1.2%) sectors. Wipro (+2.8%), Infosys (+2.8%), and Bajaj Auto (+2.6%) were the best-performing stocks. Tata Motors (-1.1%), State Bank of India (-1.1%), and Coal India (-1.1%) were the only stocks to lose more than 1.0%. Out of the 30 index members, 21 ended higher, 7 finished lower, and 2 were unchanged.
  • Australia's S&P/ASX 200 declined 0.4%, pressured by weakness in the energy (-1.6%), telecom services (-1.0%), and consumer discretionary (-1.0%) sectors. Out of the 200 index members, 64 ended higher, 123 finished lower, and 13 were unchanged.
  • Regional advancers: South Korea +0.1%, Taiwan +0.4%, Malaysia +0.1%, Indonesia +1.5%, Singapore +0.01%, Thailand +0.3%, Vietnam +1.1%, Philippines +0.9%
  • Regional decliners: None 
FX
  • USD/CNY -0.01% at 6.2097
  • USD/INR +0.1% at 63.7575
  • USD/JPY +0.04% at 124.43

6:59 am Loxo Oncology reports Q2; announce plans for a Phase 2 trial for LOXO-101 (LOXO) :

  • "Last week, we achieved an important milestone with the peer-reviewed publication of the first clinical response to LOXO-101, our tropomyosin receptor kinase (TRK) inhibitor. This important early result validates the potential of Loxo's drug development approach -- that selective, purpose-built medicines in genetically well-defined populations can show dramatic and early evidence that justifies continued and rapid drug development. Today we are excited to announce plans for a Phase 2 trial for this program, which accelerate development timelines ahead of previous plans. In addition, we have made significant progress with our preclinical pipeline, allowing us to prioritize our Rearranged during Transfection (:RET) and our isoform-sparing Fibroblast Growth Factor Receptor (:FGFR) programs, positioning them as our likely next IND filings."
  • Q2 EPS ($0.49) vs ($0.41) Capital IQ Consensus

6:59 am Seadrill Partners announces that Graham Robjohns has decided to step down as CEO as of September 1, 2015 (SDLP) : Robjohns will be succeeded by Mr. Mark Morris who was recently appointed as Seadrill Limited's CFO. Mr. John Roche will continue as CFO for Seadrill. Robjohns will however remain on the Board

6:56 am Astronics beats by $0.09, beats on revs; guides FY15 revs below consensus (ATRO) : Reports Q2 (Jun) earnings of $0.77 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.68; revenues fell 0.8% year/year to $173.15 mln vs the $168.26 mln consensus.

  • Co issues downside guidance for FY15, sees FY15 revs of $680-715 mln vs. $716.74 mln Capital IQ Consensus Estimate.

6:56 am On the Wires (:WIRES) :

  • ReneSola Ltd (SOL)  announced that it has entered into a definitive agreement with Pristine Sun, to form a joint-venture, Baynergy, to develop, build and operate over 300 MW of solar projects in the United States
  • Novogen (NVGN) announced it had taken steps to augment its intellectual property position on its anti-tropomyosin technology platform with the lodgement of final specifications for two new patents covering its pioneering platform. According to Group Vice President of Drug Discovery and Development, Dr Andrew Heaton, these patent specifications cover a wide range of novel ATM compounds, including the Company's lead ATM drug candidate, Anisina. These patents add to the two previous ATM patents lodged in May 2015.
  • Taboola announced an exclusive, three-year strategic partnership with Gannett Co (GCI), whereby Taboola's recommendations will be integrated across Gannett's network of digital publishing assets

6:49 am Sabre announces the public offering of 19 mln shares of common stock by existing stockholders (SABR) : The co announced the public offering of 19,000,000 shares of common stock by existing stockholders affiliated with TPG Global, LLC and Silver Lake Management Company II, L.L.C. No shares are being sold by the Company.

6:47 am Bavarian Nordic A/S announced that Chief Development Officer James B. Breitmeyer resigned effective July 31, 2015 due to personal reasons (BVNRY) : Dr. Breitmeyer served as Executive Vice President of Bavarian Nordic A/S and as a member of its Executive Management since February 2013.

6:38 am Forestar beats by $0.05, misses on revs (FOR) : Reports Q2 (Jun) earnings of $0.06 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.01; revenues fell 30.8% year/year to $57.43 mln vs the $60.03 mln consensus.

6:37 am WellCare Group beats by $0.37, reports revs in-line; guides FY15 EPS above prior range (WCG) : Reports Q2 (Jun) earnings of $1.34 per share, ex items, $0.37 better than the Capital IQ Consensus Estimate of $0.97; revenues rose 10.5% year/year to $3.48 bln vs the $3.46 bln consensus.

  • Co issues raises in-line guidance for FY15, sees EPS of $3.30-3.45 vs. $3.35 Capital IQ Consensus Estimate, prior guidance $3.15-3.40

6:36 am Spectra Energy beats by $0.06 (SE) : Reports Q2 (Jun) earnings of $0.23 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.17. 

  • "Our second quarter results once again underline our resilient business model, which is anchored by our robust portfolio of fee-based assets and growth projects," said Greg Ebel, chief executive officer, Spectra Energy. "Our ongoing earnings not only exceeded our results for the same quarter last year, they exceeded our own expectations. Even in a challenging energy market, Spectra Energy's business mix continues to demonstrate its ability to generate solid earnings and cash flows, allowing us to drive value for our investors through the ongoing growth in our dividend. Our strong performance in the first and second quarters of the year confirms our confidence in achieving our full year distribution coverage target of at least 1.2.

6:35 am Volaris Aviation total demand for July, measured in Revenue Passenger Miles increased 17.3% Y/Y, reaching 1.2 bln (VLRS) : During the month of July 2015, the co increased total capacity, as measured in Available Seat Miles, by 17.4% Y/Y, primarily by way of fleet up gauging and through high aircraft utilization.

  • Co transported a record 1.3 million passengers in the month, an increase of 20.6% Y/Y 
  • Total demand for July measured in Revenue Passenger Miles (RPMs) increased 17.3% Y/Y, reaching 1.2 billion.

6:33 am Gran Tierra Energy misses by $0.08, misses on revs (GTE) : Reports Q1 (Mar) loss of $0.13 per share, $0.08 worse than the Capital IQ Consensus Estimate of ($0.05); revenues fell 53.1% year/year to $69.73 mln vs the $74.8 mln consensus.

6:33 am Mirati Therapeutics and AstraZeneca's (AZN) MedImmune enter into an exclusive clinical trial collaboration for non-small cell lung cancer (MRTX) : The Phase I/II study will evaluate the safety and efficacy of MedImmune's investigational anti-PDL1 immune checkpoint inhibitor, durvalumab (MEDI4736), in combination with mocetinostat, Mirati's investigational spectrum-selective histone deacetylase inhibitor. This novel combination will initially be evaluated in patients with non-small cell lung cancer, with the potential to explore additional indications in the future.

  • Under the terms of the agreement, Mirati will conduct and fund the initial Phase I/II clinical trial, which is expected to start in 2016, and MedImmune will supply durvalumab for the trial. The parties have established a Joint Steering Committee to oversee the trial. In the event that the initial clinical trial demonstrates positive results, MedImmune will have an exclusive period of time in which to negotiate a commercial license for the combination in this indication.

6:33 am Caesarstone beats by $0.04, misses on revs; lowers FY15 revs below consensus, reaffirms FY15 EBITDA (CSTE) :

  • Reports Q2 (Jun) earnings of $0.65 per share, $0.04 better than the Capital IQ Consensus of $0.61; revenues rose 9.8% year/year to $127.5 mln vs the $133.23 mln consensus. 
    • On a constant currency basis, second quarter revenue growth was 20.2% compared to the same period last year. 
    • Growth in revenue was primarily driven by the United States, which increased by 19.2% to $57.1 million, and Canada, which increased by 24.4% to $19.1 million despite pressure from foreign exchange rate changes.
  • Co issues downside guidance for FY15, lowers FY15 revs to $495-505 mln from $515-525 mln vs. $520.96 mln Capital IQ Consensus as a result of slightly lower-than-expected U.S. growth and the further negative impact of foreign exchange rates. 
  • The Company today reiterated its guidance for full-year adjusted EBITDA of $123 to $129 million and commented that it now expects to achieve that range with better than previously expected margins. 

6:33 am Sucampo Pharma beats by $0.06, beats on revs; guides FY15 EPS above consensus (SCMP) : Reports Q2 (Jun) earnings of $0.21 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.15; revenues rose 44.8% year/year to $34.9 mln vs the $31.93 mln consensus.

  • Co issues upside guidance for FY15, sees EPS of $0.65-0.75 vs. $0.62 Capital IQ Consensus Estimate. 
  • "Based on our solid performance in the first half of this year and our expectations for the rest of 2015, we are raising our full year guidance. Our financial strength will fuel the continued transformation of our business, enabling expansion of the AMITIZA franchise via sustained revenue growth, new markets, and lifecycle management programs; development of cobiprostone in two therapeutic areas of significant unmet need; and execution of business development transactions to diversify our business and pipeline."

6:31 am Quanta Services misses by $0.20, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY15 EPS below consensus, revs below consensus (PWR) : Reports Q2 (Jun) earnings of $0.24 per share, $0.20 worse than the Capital IQ Consensus Estimate of $0.44; revenues rose 1.9% year/year to $1.87 bln vs the $1.99 bln consensus.

Guidance
Co issues downside guidance for Q3, sees EPS of $0.34-0.40 vs. $0.67 Capital IQ Consensus Estimate; sees Q3 revs of $1.9-2.0 bln vs. $2.32 bln Capital IQ Consensus Estimate. Co issues downside guidance for FY15, sees EPS of $1.32-1.47 vs. $2.01 Capital IQ Consensus Estimate; sees FY15 revs of $7.5-7.7 bln vs. $8.37 bln Capital IQ Consensus Estimate.

Commentary on outlook:
"Short-term financial results have been impacted by adverse weather conditions, execution challenges on certain larger projects, a higher effective tax rate, the adverse effect of currency translation, and project delays due to regulatory, permitting and other challenges. Some of these issues are expected to continue to impact results in the near term. Therefore, Quanta's financial outlook for revenues, margins and earnings reflects management's efforts to properly align these uncertainties with the backlog the company is executing on and the opportunities expected to materialize during the remainder of 2015.

Buyback
Additionally, co announced that the Board of directors authorized a new $1.25 billion stock repurchase program, and the company intends to execute a $750 million accelerated stock repurchase arrangement as part of this program.

6:31 am Dorian LPG misses by $0.02, misses on revs (LPG) : Reports Q1 (Jun) earnings of $0.24 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.26; revenues rose 28.1% year/year to $20.3 mln vs the $33.96 mln consensus.

6:30 am Cosi reports 2015 period 7 comps: up 1.4% system-wide, on +1.8% growth for company owned stores and +0.3% for franchises (COSI) :  

6:27 am LPL Financial beats by $0.01, misses on revs (LPLA) : Reports Q2 (Jun) earnings of $0.65 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.64; revenues fell 0.2% year/year to $1.09 bln vs the $1.1 bln consensus. 

  • "Collectively, solid business expansion, share repurchases, and year-over-year reductions in regulatory and promotional expense added $0.08 to adjusted earnings per share. These factors were offset by slower sales commissions and decreased cash sweep revenue, which combined to lower adjusted earnings per share by $0.04."
  • Net new advisory assets, which exclude the impact of market movement, were $4.3 billion for the three months ended June 30, 2015, primarily driven by solid recruiting and advisor productivity. 
  • Advisory and brokerage assets grew 4% year-over-year to $486 billion 

6:26 am Spectra Energy LP announces an increase in its quarterly cash distribution to $0.61375/unit, up from $0.60125 Q/Q (SEP) :  

6:24 am DISH Network beats by $0.24, beats on revs (DISH) : Reports Q2 (Jun) earnings of $0.70 per share, $0.24 better than the Capital IQ Consensus of $0.46; revenues rose 3.9% year/year to $3.83 bln vs the $3.79 bln consensus. 

  • DISH activated approximately 638,000 gross new Pay-TV subscribers compared to ~656,000 gross new Pay-TV subscribers in the prior year's second quarter. Net Pay-TV subscribers declined ~81,000 in the second quarter compared to a loss of ~44,000 in the second quarter 2014. 
  • The company closed the second quarter with 13.932 million Pay-TV subscribers, compared to 14.053 million Pay-TV subscribers at the end of second quarter 2014. 
  • Pay-TV ARPU for the second quarter totaled $87.91, compared to second quarter 2014 Pay-TV ARPU of $84.15. Pay-TV subscriber churn rate was 1.71 percent versus 1.66 percent for second quarter 2014. DISH added ~4,000 net broadband subscribers in the second quarter, bringing its broadband subscriber base to ~595,000.

6:21 am Vitamin Shoppe beats by $0.03, misses on revs; guides FY15 EPS in-line (VSI) : Reports Q2 (Jun) earnings of $0.57 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.54; revenues rose 5.3% year/year to $322.3 mln vs the $325.63 mln consensus.

  • Comps - Total comparable sales were down 1.1%, retail comparable sales were down 0.6%
  • Retail comparable sales were down 0.6% and e-commerce comparable sales were down 6.0%. 
  • The company opened 13 stores in the quarter and closed 4.
Guidance
Co issues in-line guidance for FY15, sees EPS of $2.05-2.20 vs. $2.09 Capital IQ Consensus Estimate.
  • Total comparable sales growth, including e-commerce, flat to 1%

6:21 am Leidos beats by $0.11, beats on revs; raises FY15 guidance (LDOS) : Reports Q2 (Jul) adj earnings of $0.73 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus Estimate of $0.62; revenues fell 3.8% year/year to $1.26 bln vs the $1.22 bln consensus.

  • Co issues guidance for FY16, raises EPS to $2.40-2.60 from $2.20-2.45 vs. $2.64 Capital IQ Consensus Estimate; raises FY16 revs to $4.8-5.0 bln from $4.6-5.0 bln vs. $5.07 bln Capital IQ Consensus Estimate. 
  • New business bookings totaled $4.0 billion in the quarter, representing a book-to-bill ratio of 3.19.

6:20 am Stock Building Supply Holdings misses by $0.01, misses on revs (STCK) : Reports Q2 (Jun) earnings of $0.25 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.26; revenues rose 1.6% year/year to $350.1 mln vs the $367.29 mln consensus. The Company estimates net sales increased ~5.0% related to increased volume but was offset by reduced selling prices on commodity products.

  • "we feel the Company is very well positioned for further growth and earnings expansion through the housing recovery."

6:18 am Walker & Dunlop beats by $0.14, beats on revs (WD) : Reports Q2 (Jun) earnings of $0.67 per share, $0.14 better than the Capital IQ Consensus Estimate of $0.53; revenues rose 33.5% year/year to $113.9 mln vs the $102.43 mln consensus.

  • Loan origination volume of $3.5 billion, up 45% from Q2'14 
  • Servicing portfolio of $47.7 billion at June 30, 2015

6:16 am Voya Financial misses by $0.05 (VOYA) : Reports Q2 (Jun) earnings of $0.78 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.83. 

  • Book value per share (excluding AOCI) of $56.33. 
  • "we remained focused on the execution of our long-term plan to drive further profitable growth and Adjusted Operating ROE improvement at Voya," said Rodney O. Martin, Jr., chairman and chief executive officer, Voya Financial. "Our Adjusted Operating ROE remained strong at 12.6% and we had solid underlying performance in several businesses, including positive net flows in Retirement and Investment Management (excluding VA), as well as continued strong loss ratios in Employee Benefits. In addition, we continued to return capital to shareholders by repurchasing $128 million of our common stock. "In the quarter, we also began to execute on our plans to make $350 million in strategic investments through 2018 to drive further Adjusted Operating ROE improvement at Voya, as well as reduce costs and improve the customer experience."

6:16 am Denbury Resources beats by $0.01, misses on revs (DNR) : Reports Q2 (Jun) earnings of $0.13 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.12; revenues fell 44.1% year/year to $374 mln vs the $491.13 mln consensus.

PRODUCTION

  • Denbury's total production for the second quarter of 2015 averaged 73,716 barrels of oil equivalent per day, which included 42,584 barrels of oil per day  from tertiary properties and 31,132 BOE/d from non-tertiary properties. 
  • Total production during the second quarter of 2015 decreased 2% compared to second quarter of 2014 levels and less than 1% compared to those in the first quarter of 2015, due primarily to weather-related downtime caused by flooding at Thompson Field in south Texas, which impacted quarterly production by approximately 500 BOE/d, and minor downtime at other fields. 
Capex
Denbury's full-year 2015 capital expenditure budget remains unchanged from the previously disclosed amount of $550 million. 

6:12 am RetailMeNot misses by $0.04, misses on revs; guides Q3 below consensus; lowers FY15 below consensus (SALE) :

  • Reports Q2 (Jun) earnings of $0.09 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus of $0.13; revenues fell 10.6% year/year to $53.2 mln vs the $57.31 mln consensus. 
    • Adjusted EBITDA was $10.6 million, compared to $19.7 million and representing 20% of total net revenues. Total visits grew to 164.0 million, up 6%.
  • Co issues downside guidance for Q3, sees Q3 revs of $47.5-50.0 mln vs. $63.29 mln Capital IQ Consensus; EBITDA $5-7 mln. 
  • Co issues downside guidance for FY15, lowers FY15 revs to $231-239 mln from $275-285 mln vs. $280.82 mln Capital IQ Consensus; lowers EBITDA to $56-64 mln.

6:10 am Lumber Liquidators misses by $0.78, misses on revs; cannot estimate FY outlook at this time (LL) : Reports Q2 (Jun) loss of $0.75 per share, $0.78 worse than the Capital IQ Consensus Estimate of $0.03; revenues fell 5.8% year/year to $247.9 mln vs the $258.36 mln consensus.

  • Comps fell 10.0% due to a 7.6% decrease in the number of customers invoiced and a 2.4% decrease in the average sale. 
  • Guidance: At this time, the company cannot estimate a full year outlook, but does expect the following for the full year 2015: The opening of a total of 20 to 25 new store locations in the expanded showroom format. The remodeling of a total of 10 to 15 existing stores in the expanded showroom format. Capital expenditures between $20 mln and $25 mln.

6:09 am Avolon Holdings beats by $0.07, beats on revs; raises outlook (AVOL) : Reports Q2 (Jun) earnings of $0.75 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.68; revenues rose 38.2% year/year to $183.9 mln vs the $180.62 mln consensus.

Outlook

  • Re-affirm 2015 full year expectations to deliver aircraft with a net book value of $1.67 billion 
  • Upgrading guidance on aircraft trading for 2015 full year - expected full year Net Trading Gains for 2015 of $60 million to $65 million increased from $55 million to $60 million range as at March 31, 2015 
  • Guidance on 2015 returns unchanged: expected to deliver Adjusted Return on Equity of 14.7% to 15.0%1 or a Return on Equity of 12.8% to 13.1%

6:09 am Cognizant Tech beats by $0.06, beats on revs; guides Q3 EPS and rev above consensus; raises FY15 guidance (CTSH) :

  • Reports Q2 (Jun) earnings of $0.79 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.73; revenues rose 22.6% year/year to $3.08 bln vs the $3.03 bln consensus. 
  • Co issues upside guidance for Q3, sees EPS of at least $0.75, excluding non-recurring items, vs. $0.75 Capital IQ Consensus; sees Q3 revs of at least $3.14 bln vs. $3.13 bln Capital IQ Consensus Estimate. 
  • Co issues upside guidance for FY15, raises EPS to at least $3.00 from at least $2.93, excluding non-recurring items, vs. $2.96 Capital IQ Consensus; raises FY15 revs to at least $12.33 bln from at least $12.24 bln vs. $12.3 bln Capital IQ Consensus.

6:08 am Quanta Services announces board authorization for a new $1.25 billion common stock repurchase program (PWR) : To implement a portion of the program, the company intends to enter into a $750 million accelerated stock repurchase arrangement in the near term

6:08 am Prima Biomed terminates its investment facility with Bergen Global Opportunity Fund (PBMD) : Bergen provided a total of approximately $4 mln in funding to Prima through its convertible security and investment facility, which was entered into in October 2014. Following the shareholder approval, Prima now advises that it has received cleared funds from Ridgeback and will issue the Further Securities which will be detailed in the Appendix 3B lodged with the ASX today. As at 30 June 2015 Prima held A$6.76m in cash. The combined A$25m from the Ridgeback transaction and the Share Purchase Plan leaves Prima well-funded for further development of its lead compound, IMP321, which is expected to enter its Phase IIb study in metastatic breast cancer in the fourth quarter of this year.

6:05 am Autohome beats by $0.05, beats on revs; guides Q3 revs above consensus (ATHM) : Reports Q2 (Jun) earnings of $0.45 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.40; revenues rose 70.0% year/year to $138.87 mln vs the $135.84 mln consensus.

  • Co issues upside guidance for Q3, sees Q3 revs of $137.1-142.6 mln vs. $136.75 mln Capital IQ Consensus Estimate.
  • "As we move into the second half of the year, we will focus on leveraging our success to date by making investments to achieve the multiple-year growth opportunities ahead of us. We will invest further to build out our mobile capabilities and we will also speed up our headcount expansion in our lead generation business. Most importantly, we will focus on further building out our transaction capabilities related to both new cars and used cars."

6:01 am Patterson-UTI reports drilling activity for July 2015, showing the co had an average of 111 drilling rigs operating in the US and four rigs in Canada (PTEN) :  

5:57 am Virtu Financial misses by $0.05, beats on revs (VIRT) : Reports Q2 (Jun) earnings of $0.27 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.32; revenues rose 11.7% year/year to $181.98 mln vs the $124.75 mln consensus.

  • Adjusted Net Trading Income increased 12.0% to $105.9 million for this quarter, compared to $94.5 million for the same period in 2014. 
  • "Our business continued to perform well in the second quarter of 2015. Global volumes in general did not compare to the prior two quarters. However, volumes in general compare favorably to the second quarter of last year."

5:48 am S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +8.40. :

5:48 am European Markets : FTSE...6694.18...+7.60...+0.10%.  DAX...11571.83...+116.00...+1.00%.

5:48 am Asian Markets : Nikkei...20614.06...+93.70...+0.50%.  Hang Seng...24514.16...+108.00...+0.40%.

5:47 am Sunrun (Nasdaq: RUN) priced its 17.9 mln share IPO at $14.00, the midpoint of the expected $13.00-$15.00 range (RUN) :  

4:59 am On The Wires (:WIRES) :

  • Activision Publishing, a wholly owned subsidiary of Activision Blizzard (ATVI), announced its latest game line-up with some next-generation gaming releases. Among the titles are: Call of Duty: Black Ops III, Destiny: The Taken King, Skylander SuperChargers and Guitar Hero. 
  • WCC Smart Search & Match announced its strategic partnership with technology and consulting corporation IBM (IBM). The partnership involves the integration of WCC's software platform ELISE with the IBM Social Program Management Employment solution, WCC and IBM will work closely together developing the market for these solutions. 
  • Visa (V) announced the opening of a new technology development center in Bangalore, India, that will play a central role in the company's efforts to accelerate digital commerce globally. 

4:53 am TowerJazz beats on top and bottom lines; guides Q3 revs in-line (TSEM) : Reports Q2 EPS of $0.70 vs $0.52 Capital IQ consensus; revs grew 35% YoY to $236 mln vs $225.2 mln consensus.

Business Outlook
TowerJazz expects revenues for the third quarter of 2015 ending September 30, 2015 to increase to $244 million (vs $243.9 mln consensus) with an upward or downward range of 5%, reflecting 8% revenue growth as compared with the third quarter of 2014.

4:47 am Bellatrix Exploration misses by CAD0.04; beats on revs (BXE) : Reports Q2 net loss of CAD0.13 per share vs (CAD0.09) Capital IQ consensus; revs of CAD89.9 mln vs CAD79.3 mln consensus.

UPDATED CORPORATE GUIDANCE
"In light of the current protracted weak commodity prices, Bellatrix is honing its 2015 net capital budget from up to $200 million to a maximum of $160 million. With the majority of facilities and infrastructure spending now complete in 2015, our revised budget contemplates a focus in the second half of the year drilling 20 gross (9.5 net) wells..."

4:39 am Constellium beats by $0.26, reports revs in-line (CSTM) : Reports Q2 (Jun) earnings of 0.45 per share, 0.26 better than the Capital IQ Consensus Estimate of 0.19; revenues rose 49.5% year/year to 1.38 bln vs the 1.36 bln consensus.

  • EPS excluding unrealized gains on derivatives of 0.61
  • Shipments of 386 thousand metric tons, up 38% 
  • Automotive rolled shipments up 18%; Automotive extruded shipments up 16% 
  • Muscle Shoals operational integration progressing well, still working through metal management issues

4:15 am Amtrust Financial to acquire N.V. Nationale Borg-Maatschappij for EUR154 mln (AFSI) : AmTrust Financial Services announced that it has entered into an agreement to acquire Amsterdam based, N.V, Nationale Borg-Maatschappij and its affiliates from Egeria and HAL Investments.

  • The cash purchase price of 154 million is subject to adjustment based upon Nationale Borg's tangible book value at time of closing. Nationale Borg is a 120 year old, Amsterdam-based international direct writer and reinsurer of surety and trade credit insurance in over 70 countries. 
  • In 2014, Nationale Borg generated premiums of 91 million. 

4:13 am Elbit Systems receives $45 mln contract from a European country for the supply of military communications systems (ESLT) : The contract will be performed over a two-year period.

4:09 am Wix.com reports EPS in-line, revs in-line; narrows FY guidance, revs in-line (WIX) : Reports Q2 (Jun) loss of $0.21 per share, in-line with the Capital IQ Consensus Estimate of ($0.21); revenues rose 43.4% year/year to $48.6 mln vs the $48.6 mln consensus.

Guidance
Co issues in-line guidance for Q3, sees Q3 revs of $52-53 mln vs. $52.57 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY15, sees FY15 revs of $201-203 mln vs. $203.06 mln Capital IQ Consensus Estimate. This was narrowed from $200 - $204 million prior.

4:00 am Supernus Pharma beats by $0.01, reports revs in-line; reaffirms FY15 revs guidance (SUPN) : Reports Q2 (Jun) earnings of $0.03 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.02; revenues rose 15.5% year/year to $34.3 mln vs the $34.56 mln consensus.

Guidance
Co reaffirms guidance for FY15, sees FY15 revs of $135-140 mln vs. $138.70 mln Capital IQ Consensus Estimate, and operating income ranging from $8 million to $10 million. This compares to prior guidance of net product sales of $130 million to $140 million and operating income of $6-$10 million.

3:53 am Sapiens Int'l beats by $0.02, reports revs in-line; raises FY15 rev guidance (SPNS) : Reports Q2 (Jun) earnings of $0.11 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.09; revenues rose 12.4% year/year to $43.4 mln vs the $43.2 mln consensus.

Guidance:
Co raises guidance for FY15, sees FY15 revs of $176-180 mln vs. $176.32 mln Capital IQ Consensus Estimate, up from previous guidance of $174-$178
million

  • Operating margins in the range of 14%-14.5%, up from previous guidance of 12%-13%.

3:38 am General Electric announces plans to enter the cloud services market with Predix Cloud (GE) : Co states Predix Cloud will drive the next phase of growth for the Industrial Internet and enable developers to rapidly create, deploy and manage applications and services for industry. With $4B in software revenues in 2014 and projected software revenues of $6B in 2015, GE continues to grow its investment in software.

2:49 am Parker Drilling beats by $0.01, beats on revs (PKD) : Reports Q2 (Jun) loss of $0.11 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.12); revenues fell 26.9% year/year to $185.9 mln vs the $167.41 mln consensus.

  • U.S. (Lower 48) Drilling revenues were $6.8 million, a 51.4% decrease from 2015 first quarter revenues of $14.1 million. Gross margin was a $2.0 million loss as compared with 2015 first quarter gross margin of $0.1 million. 
  • The declines in revenues and gross margin were primarily the result of lower utilization and dayrates, partially offset by lower operating costs, for the Company's barge drilling rig fleet in the U.S. Gulf of Mexico.

2:29 am IntercontinentalExchange reports monthly average daily transaction value rose 38% YoY (ICE) : Co announced trading volumes for July 2015.

  • The July 2015 average daily transaction value on the Euronext cash order book stood at 7,911 million (+38% compared with July 2014). Activity on ETFs remained particularly dynamic last month with an average daily transaction value at 513 million, up 81% compared to July 2014.
  • In July, the average daily volume on equity index derivatives was slightly down at 208,718 contracts (-8% compared with July 2014), and the average daily volume on individual equity derivatives was down at 215,648 contracts (-21% compared with July 2014). 

2:27 am Retail Opportunity Investments upsizes offering by 300K shares prices 4,800,000 shares of common stock at a price of $16.55 per share (ROIC) :  

2:26 am Equinix to invest in second Second Phase Expansion of its Largest Asia-Pacific Data Center in Singapore (EQIX) : Co announced announced the second phase expansion of its third International Business Exchange data center in Singapore, known as SG3.

  • When complete, phase two of SG3 will see an additional 2,000 cabinets, bringing its total operational capacity to 3,000 cabinets. 
  • This brings Equinix's total investment in Singapore to over $350M. The second phase expansion is an indicator of Equinix's continued commitment to the region, where market demand for leading data center services from cloud and financial sectors is growing.

2:25 am Birks Group and Rideau announce strategic alliance; Rideau acquires Birks Corporate Sales Division; enters into supply and licensing agreements (BGI) : Birks Group (BGI) and Rideau Recognition Solutions announce that they have executed a definitive asset purchase agreement whereby Birks Group sold its Corporate Sales Division, also known as "Birks Business", to Rideau for CAD5.625 million (or ~$4.3 million).

  • The Corporate Sales Division services business customers by providing them with unique items for recognition programs, service awards and business gifts.
  • Rideau acquired the existing inventory of the Birks Corporate Sales Division and will continue the employment of the existing employees of the Corporate Sales Division. 
  • In addition, as part of the agreement, Birks will supply Rideau with Birks-branded jewelry and watches and Birks will receive ongoing royalty payments from Rideau related to the license of the Birks Business Brand and future sales of Birks-branded products.

2:24 am RSP Permian upsizes offering by 1 mln shares and prices 7,000,000 shares of its common stock at $22.50 per share (RSPP) :  

2:24 am Resource Capital approves a one-for-four reverse stock split of the Company's common stock (RSO) :  The reverse stock split is expected to take place after the market close on August 31, 2015

2:23 am LGI Homes reports July closings rose 7~79% YoY (LGIH) : Co announced announced 311 homes closed in July 2015, up from 174 home closings in July 2014, representing year-over-year growth of 78.7%. As of the end of July 2015, the Company had 49 active selling communities.

2:23 am GNC Holdings prices offering of $250 mln of 1.5% Convertible Senior Notes (GNC) :  

Read the rest of the article at finance.yahoo.com

Coeur d'Alene Mines Corporation

PRODUCER
CODE : CDE
ISIN : US1921085049
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Coeur d'Alène is a producing silver and gold company based in United states of america.

Coeur d'Alène produces silver, gold, copper, lead and zinc in Argentina, in Australia, in Bolivia, in Mexico and in USA, develops gold and silver in Argentina and in Bolivia, and holds various exploration projects in Mexico.

Its main assets in production are ROCHESTER MINE - NEVADA PACKARD in USA, ENDEAVOR and BROKEN HILL in Australia, PALMAREJO in Mexico, MARTHA MINE in Argentina and SAN BARTOLOME in Bolivia, its main assets in development are ROCHESTER and KENSINGTON in Bolivia and JOAQUIN in Argentina and its main exploration properties are KENSINGTON/JUALIN in Argentina, LAKE VICTORIA GOLD BELT in Tanzania and EL REALITO, GUADALUPE and LA PATRIA in Mexico.

Coeur d'Alène is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 903.1 millions as of today (€ 807.6 millions).

Its stock quote reached its highest recent level on November 21, 1997 at US$ 99.38, and its lowest recent point on January 22, 2016 at US$ 1.62.

Coeur d'Alène has 185 442 526 shares outstanding.

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Corporate Presentations of Coeur d'Alene Mines Corporation
9/15/2016Coeur to Present at Upcoming Conferences
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Annual reports of Coeur d'Alene Mines Corporation
An annual report to security holders.
Annual report
Annual report which provides a comprehensive overview of the...
2005 Annual Report
Nominations of Coeur d'Alene Mines Corporation
3/11/2008 Appoints Bibiana Betancourt as Director of Corporate Social...
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Financials of Coeur d'Alene Mines Corporation
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2/29/2008 REPORTS FOURTH QUARTER AND YEAR-END 2007 RESULTS
Project news of Coeur d'Alene Mines Corporation
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6/5/2008(Rochester) RETAIN OWNERSHIP OF ROCHESTER MINE
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5/12/2008(San Bartolome)San Bartolome in Final Stages of Startup, Fueling Nearly 40%...
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4/14/2008(Kensington)Announce Memorandum of Understanding on Marine Transportatio
4/14/2008(Kensington)ANNOUNCE MEMORANDUM OF UNDERSTANDING ON MARINE TRANSPORTATIO
4/8/2008(Cerro Bayo)'S CERRO BAYO MINE BEGINS UPGRADES OF ELECTRICAL SYSTEMS
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1/29/2008(Rochester) Reviewing Strategic Alternatives for Its Coeur Rochester Su...
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12/31/2006(Cerro Bayo)Producir y proteger
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Corporate news of Coeur d'Alene Mines Corporation
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1/11/20167:05 am Coeur d'Alene Mines reports FY15 silver production a...
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6/5/2013ALERT: New Coeur d'Alene Mines SEC Filing
5/13/2013ALERT: New Coeur d'Alene Mines SEC Filing
4/16/2013ALERT: New Coeur d'Alene Mines Presentation
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4/28/2008 Reports Favorable Exploration Results From Expanded Program...
4/24/2008Present at 7th International Mining Conference
4/21/2008Statement of changes in beneficial ownership of securities
4/21/2008Statement of changes in beneficial ownership of securities
4/18/2008FAQ Regarding Convertible Notes
4/2/2008Official notification to shareholders of matters to be broug...
3/25/2008Statement of changes in bebeficial ownership of securities
3/18/2008ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION FOR CONVERTIBLE ...
3/14/2008 Form of prospectus disclosing information, facts, events co...
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3/13/2008PRICES UPSIZED OFFERING OF $200 MILLION OF CONVERTIBLE SENIO...
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3/12/2008 Initial statement of benefiacial ownership of securities
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1/21/2008 Initial statement of beneficial ownership of securities
1/15/2008 ADDS KEY MANAGEMENT DEPTH IN MEXICO, BOLIVIA AND ALASKA
1/7/2008Statement of changes in beneficial ownership of securities
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12/5/2007Additional proxy soliciting materials - definitive
12/4/2007 ADJOURNS SPECIAL MEETING OF SHAREHOLDERS TO FRIDAY, DECEMBE...
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