7:56 am On the Wires (:WIRES) :

• Aehr Test Systems (AEHR) announced the company has received its first order for its FOX-XP Wafer Level Test and Burn-in System including multiple FOX-XP WaferPak Contactors and application development services.
• Rare Element Resources (REE) announced that it has completed the 2015 condemnation drill program at the planned physical upgrade plant site for the Bear Lodge Project. The program consisted of six reverse circulation drill holes for a total of 3,000 feet and geotechnical work that included six shallow holes and three test pits in the area of the PUG. The drill program confirmed the absence of meaningful mineralized material under the site while the program identified the characteristics of the soils for foundation design.
• Fred's (FRED) announced that John Foley has been named as EVP of Store Operations, effective October 7, 2015.

7:54 am S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +32.00. (:WRAPX) :

U.S. equity futures hold solid pre-market gains after climbing steadily overnight. The S&P 500 futures hover ten points above fair value after hitting pre-market highs shortly after the start of the overnight session.

Meanwhile, Treasuries sit near their lows with the 10-yr yield up three basis points at 2.07%.

On the economic front, the weekly MBA Mortgage Index surged 25.5% to follow last week's 6.7% decline while the Consumer Credit report for August will be released at 15:00 ET (Briefing.com consensus $19.50 billion).

In U.S. corporate news of note:

• Yum! Brands (YUM 70.75, -12.67): -15.2% after reporting below-consensus results and issuing guidance well below analyst expectations.
• Constellation Brands (STZ 134.99, +3.67): +2.8% after beating bottom-line estimates and raising its earnings guidance above consensus estimates.
• RPM International (RPM 42.00, -1.35): -3.1%in reaction to disappointing results and lowered guidance.

Reviewing overnight developments:

• Asian markets ended higher. Hong Kong's Hang Seng +3.1%, Japan's Nikkei +0.8%, and China's Shanghai Composite remained closed for Golden Week.
  • In economic data:
    • Japan's August Leading Index -1.5% month-over-month (prior -1.7%) and Coincident Indicator -0.6% (prior -0.2%)
    • Australia's September AIG Construction Index 51.9 (prior 53.8)
  • In news:
    • The Bank of Japan made no changes to its monetary policy, leaving the key interest rate at 0.10%

• Major European indices trade higher across the board. Germany's DAX +1.1%, France's CAC +0.7%, and UK's FTSE +0.6%. Elsewhere, Italy's MIB +0.2% and Spain's IBEX +0.8%
  • Participants received several data points:
    • Germany's August Industrial Production -1.2% month-over-month (expected 0.2%; prior 1.2%)
    • UK's August Industrial Production +1.0% month-over-month (consensus 0.3%; last -0.3%); +1.9% year-over-year (expected 1.2%; prior 0.7%). Separately, August Manufacturing Production +0.5% month-over-month (consensus 0.3%; prior -0.7%); -0.8% year-over-year (expected -0.1%; last -1.2%)
    • France's August Trade Deficit narrowed to EUR3.00 billion from EUR3.20 billion (expected deficit of EUR3.50 billion)
    • Spain's August Industrial Production +2.7% year-over-year (expected 4.6%; last 5.2%)
  • Among news of note:
    • Today's session has featured more disappointing data from Europe with Germany's Industrial Production coming in below estimates following yesterday's below-consensus Factory Orders report.

7:45 am Overnight Treasury Summary (BONDX) :

Yields Rise as Global Equities Rally

• The U.S. Treasury market gave back its Tuesday afternoon gains overnight as the global risk rally rolled on, with the losses concentrated in the longer maturities. WTI crude is up 2.06% to $49.53 and the U.S. Dollar Index is unchanged at 95.46. The S&P 500 futures are indicating an open at 1,990.9, up 0.5% from Tuesday's close
• Yield Check:
  
  • 2-yr: +1 bp to 0.61%
    
  • 5-yr: +3 bps to 1.36%
    
  • 10-yr: +4 bps to 2.07%
    
  • 30-yr: +4 bps to 2.91%

• International News:
  
  • San Francisco Fed President John Williams said in a speech Tuesday afternoon that "it shouldn't be the case that no one is expecting a rate increase" when the FOMC finally decides to lift off
    
    • Fed fund futures are now expecting the first rate hike in March, so FOMC members will have to do significant jawboning to get markets ready for a rate hike by the end of 2015
      
    • Williams went on to say that "we are essentially at full employment" and that since the FOMC's September meeting, consumer spending has exceeded his expectations
      
    • He again referred to a strong housing market and mentioned that "the price-to-rent ratio is where it was in 2003, and house prices are rapidly rising"
      
  • German industrial output fell 1.2% m/m in August versus consensus expectations for a small gain. Industrial output saw an upwardly-revised gain of 1.2% in July
    
    • As with the weaker-than-expected factory order data released on Tuesday, the German Economy Ministry cited summer holidays as a factor in the miss
      
  • Industrial production growth in Britain cruised past expectations, hitting 1% m/m in August after declining an upwardly-revised 0.3% in July
    
    • Strong automobile production after July shutdowns and the energy sector contributed to the beat
      
    • The U.K.'s manufacturing output, a more narrow measure than industrial production, grew by 0.5% m/m in August after falling an upwardly-revised 0.7% in July
      
  • Spanish industrial production fell 1.4% m/m, worse than expectations
    
  • The European Central Bank lowered its cap on the Emergency Liquidity Assistance (ELA) program for Greek banks from EUR 88.9 bln to EUR 87.9 bln
    
    • In a statement, the Greek central bank said that the reduction was in response to improving prospects for Greek banks including stabilization in deposits
      
  • The Bank of Japan met and maintained its current JPY 80 tln/year asset purchase program
    
    • The accompanying statement said that the Japanese economy continues to recover "moderately, although exports and production are affected by the slowdown in emerging economies."
      
    • 42% of economists expect an expansion of the program at the BoJ's October 30th meeting, according to a Bloomberg survey
      
    • The BoJ will release new forecasts for output and inflation at that meeting

• Data Out Today:
  
  • MBA Mortgage Index for the week ending 10/03 (07:00 ET)
    
  • Crude Inventories for the week ending 10/03 (10:30 ET)
    
  • August Consumer Credit (15:00 ET)
    
• Treasury Auction:
  
  • $21 bln 10-year auction -- reopening (results at 13:00 ET)

7:38 am Constellation Brands beats by $0.24, reports revs in-line; raises FY16 EPS above consensus (STZ) :

• Reports Q2 (Aug) earnings of $1.56 per share (driven by beer business and favorable quarterly tax rate, excluding non-recurring items), $0.24 better than the Capital IQ Consensus of $1.32; revenues rose 7.8% year/year to $1.73 bln vs the $1.73 bln consensus. 
  • For the quarter, the co generated consolidated organic net sales growth on a constant currency basis of nine percent.
  • Beer net sales increased 14%, primarily due to volume growth. Beer depletions grew 10 percent, reflecting strong consumer demand for the beer portfolio.
  • Wine and spirits net sales on an organic constant currency basis increased three percent. This primarily reflects volume growth within the spirits portfolio. 
• Co issues upside guidance for FY16, raises adj. EPS to $5.00-5.20 from $4.80-5.00 vs. $4.98 Capital IQ Consensus, driven primarily by strong beer business results
  • For fiscal 2016, the beer business continues to expect net sales growth of ~10% but now expects operating income growth in the 15 - 18% range.
  • For the wine and spirits business, the co continues to expect net sales and operating income growth to be in the low-to-mid single- digit range before any benefit from the Meiomi acquisition. 

7:36 am Neonode prices its underwritten public offering of 3.2 mln shares of common stock at $1.90/share (NEON) : Per Bystedt (Chairman), Thomas Eriksson (CEO), and Mats Dahlin, members of Neonode's Board of Directors, intend to purchase an aggregate of $300,000 of shares of common stock from the underwriter in the offering at the public offering price per share. Neonode anticipates using its net proceeds from the offering primarily for general corporate purposes, including capital expenditures and working capital.

7:32 am TICC Capital: Benefit Street Partners a sends letter to TICC shareholders, reiterating its agreement to acquire TICC Management (TICC) : Group stated: "We believe a tender offer or share repurchase program of between $50 million and $100 million would be in the best interests of TICC's stockholders. Subsequent to the Special Meeting and approval of the BSP transaction, we will recommend that the company undertake this initiative. BSP and affiliates intend to fund any tender offer. The purpose of such a program would be to immediately reduce or eliminate the market price discount of TICC's shares to net asset value."

7:32 am Adeptus Health closes on $175 mln in new senior secured credit facilities (ADPT) :

• The new senior credit facilities include a $50 mln revolving facility and a $125 mln term loan facility. Both facilities have five-year terms.

7:31 am AXIS Capital announces a restructuring initiative; anticipating a workforce reduction of ~100 positions, with the expectation of taking a reorganization charge of ~$51 mln in Q3 (AXS) :

Co announced initiatives designed to support profitable growth and enhance shareholder value. As a result of these initiatives, the co anticipates a workforce reduction of ~100 positions, primarily in its corporate and select insurance operations.

• The Company will wind down its retail insurance operations in Australia and continue to serve the Australian market through its international wholesale insurance and global reinsurance platforms. 
• The actions will result in a pre-tax reorganization charge of ~$51 million, or $0.51 per share during the third quarter of 2015, with anticipated annual run-rate pre-tax cost savings of ~$30 million to be substantially realized in 2016. The charge in the quarter includes staff severance and related costs, the write-off of certain information technology assets, and lease cancellation costs. In addition, co recognized an impairment of certain customer-based intangibles following the closure of its retail insurance operations in Australia.

7:31 am Dermira presents DRM01 Phase 2a trial data, showing the topline met all primary efficacy endpoints (DERM) :

Co announces the presentation of data for DRM01, a novel, topical sebum inhibitor in development for the treatment of acne.

• Topline data from the company's Phase 2a study showed that DRM01 met all of the primary efficacy endpoints, demonstrating statistically significant improvements relative to vehicle in the reduction of lesion counts and the proportion of patients who achieved a successful improvement in Investigator's Global Assessment (IGA) score at week 12.
• In addition, newly presented data suggest that a treatment difference in these endpoints was observed as early as the first efficacy assessment, which was conducted after four weeks of the 12-week treatment period.
• The most frequently reported adverse event was nasopharyngitis, which was reported in 13 (24.5%) of the patients treated with DRM01 and in 7 (12.7%) of the patients who received vehicle and which was considered unrelated to treatment.

7:28 am On the Wires (:WIRES) :

• Xenetic Biosciences (XBIO) announced that several of its major shareholders including Baxalta (BXLT), SynBio LLC and Serum Institute of India Limited have entered into Lock-up Letter Agreements. Under the Lock-up each of the shareholders has agreed to not sell any of its shares currently held before June 30, 2016 and then further to limit the sale of its shares in the Company for an additional six months (to December 2016) to a price of no less than $1.25 per share. The Lock-up covers more than 58% of the issued shares of co's common stock
  
• Invitae Corporation (NVTA) announced that it has more than doubled the size of its genetic testing platform to include more than 600 genes and will release the new content between now and the end of the year. The company is on target to reach its near-term goal of offering a test menu that includes more than 1,000 genes for under $1,000 per indication in the middle of 2016.
• MMA Capital Management (MMAC) announced that its subsidiary, MMA Energy Capital, closed a $55 million financing facility with Conergy to be used for the construction of its 36 MW North Carolina solar portfolio.

7:28 am On the Wires (:WIRES) :

• Myriad Genetics (MYGN) announced that it has signed a three-year contract with Tufts Health Plan through which the plan will provide coverage of Prolaris for members diagnosed with localized prostate cancer. Prolaris is the first and only biopsy test validated against prostate cancer specific mortality
• Applied Genetic Technologies Corporation (AGTC) announced that data from a study evaluating the natural history of X-linked retinoschisis will be presented at The Retina Society 48th Annual Scientific Meeting. The presentation included results from 55 participants with XLRS and confirmed mutations in the retinoschisin gene. Preliminary data suggest that patients with XLRS show a spectrum of visual function, with baseline visual acuity ranging from 0 to 82 ETDRS letters. There was a weak correlation between decreased visual acuity and age
• AppDirect, a cloud service commerce company, announced that during the AppDirect Partner Summit that it has raised $140 million in funding led by an investment fund advised by J.P. Morgan (JPM), with participation from all existing institutional investors
• Five Prime Therapeutics (FPRX) announced that preliminary data from rheumatoid arthritis patients in part 3 of Five Prime's ongoing Phase 1 trial of FPA008 will be presented during the upcoming 2015 American College of Rheumatology/Association of Rheumatology Health Professionals Annual Meeting

7:20 am Inventergy concludes agreement with holders of its preferred stock to exchange their Series A-1, Series A-2, and Series B Preferred Stock into shares of common stock (INVT) : Under the terms of the agreement, the Company will issue to such holders, in the aggregate, 5,379,492 shares of common stock. As part of the agreement, each exchanging holder has agreed with the Company to certain limitations on each holder's right to sell the shares issued in the exchange over at least the next four months.

7:15 am Neonode sees Q3 rev below consensus (NEON) :

• Co sees Q3 rev $2.9-3.1 mln vs $3.51 mln Capital IQ Consensus
• Neonode's expected Q3 revenue includes license fee revenue estimated to range from $2.0 million to $2.1 million, an increase of ~219% to 235% compared to same period in 2014, and non-recurring engineering (:NRE) revenue estimated to range from $0.9 million to $1.0 million, an increase of ~78% to 98% compared to the same period in 2014.
• In addition, Neonode announced that an All-in-One PC containing Neonode's zForce technology completed a preproduction build in Taiwan. Neonode believes this All-in-One PC will be the first of these large screen devices produced by an Original Equipment Manufacturer (:OEM) with Neonode technology to come to market.

7:13 am PacWest Bancorp completes acquisition of Square 1 Financial (SQBK); Combined entity has over $21 bln in assets (PACW) :  

7:07 am Corbus Pharma doses the first subject in the Phase 2 clinical study of Resunab for the treatment of diffuse cutaneous systemic sclerosis; expects to report Top-Line Phase 2 data in systemic sclerosis at end of 2016 (CRBP) :  

7:05 am Benitec Biopharma and Lonza Houston enter into a Manufacturing Services Agreement to develop a scalable manufacturing process for Benitec's Adeno-Associated Virus-delivered products intended for therapeutic use in humans (BNTC) :  

7:05 am Can-Fite BioPharma to deliver 2 presentations on its cancer drug CF102 on Oct 8-10 in Athens (CANF) :

Co's Director of Molecular Biology Labs, Shira Cohen, will deliver the following two scientific presentations at the 20th World Congress on Advances in Oncology and 18th International Symposium on Molecular Medicine on October 8-10, 2015 in Athens, Greece:

• Presentation title: "The anti-liver cancer drug CF102 protects against hepatic ischemia-reperfusion injury" Date: Thursday, October 8th
• Presentation title: "CF102, an A3 Adenosine Receptor Agonist, from in vitro to clinical trials" Date: Friday, October 9th

7:04 am Pfizer and Merck KGaA (MKGAY) granted Fast Track designation by the FDA for avelumab for the treatment of metastatic Merkel cell carcinoma (PFE) :

• Merck KGaA, Darmstadt, Germany, and Pfizer announced that the US Food and Drug Administration (:FDA) has granted avelumab, an investigational fully human anti-PD-L1 IgG1 monoclonal antibody, Fast Track designation for the treatment of metastatic Merkel cell carcinoma (MCC), a rare and aggressive type of skin cancer. This announcement builds on the recent FDA Orphan Drug designation that was granted for avelumab on Sept 21, 2015 for the treatment of MCC.

7:03 am Global Payment beats by $0.14, beats on revs; guides FY16 EPS above consensus (GPN) :

Reports Q1 (Aug) earnings of $1.57 per share, $0.14 better than the Capital IQ Consensus Estimate of $1.43; revenues rose 6.2% year/year to $748.8 mln vs the $740.37 mln consensus.

• Co raises guidance for FY16, sees EPS of $5.77-5.92 vs. $5.73 Capital IQ Consensus Estimate; sees FY16 net revs of $2.06-2.10 bln. Co now expect annual fiscal 2016 core cash operating margins to expand by as much as 50 basis points on a constant currency basis.
• Co announces 2-for-1 stock split, payable on November 2, 2015 to all shareholders of record as of October 21, 2015.

7:02 am Genocea Biosciences announces positive durability data from its analysis of a Phase 2 clinical trial of GEN-003, used to treat genital herpes (GNCA) :

Co announced positive results from a planned interim analysis of data collected six months after dosing from its ongoing Phase 2 dose optimization trial evaluating GEN-003 for the treatment of genital herpes.

• At its best performing dose of 60 g per protein / 75 g of Matrix-M2TM adjuvant, GEN-003 demonstrated a statistically significant 58 percent reduction from baseline in the viral shedding rate (p
• A further secondary analysis measuring the time to first recurrence after completion of dosing showed a range of 152 days to greater than 180 days among dose groups. The Phase 2 trial continues to show that GEN-003 is safe and well tolerated by patients, with no serious adverse events related to the vaccine.
• Co stated: "We look forward to this data in the first quarter of 2016 and to advancing GEN-003 towards an end-of-Phase 2 meeting with the FDA in late 2016."

7:02 am Immune Pharma submits an Investigational New Drug Application in the US, to expand recruiting for Bertilimumab, for the treatment of Bullous Pemphigoid (IMNP) : Immune recently initiated a Phase IIa open label clinical trial in BP in Israel. Upon approval of the IND, Immune will have the opportunity to treat BP patients in clinical trials conducted in the U.S.

7:01 am Cyber-Ark Software acquires privately held Viewfinity for $30.5 mln in cash; expected to be accretive to non-GAAP EPS for 2016 (CYBR) :

Co signs definitive agreement to acquire Viewfinity, Inc., a Waltham, Mass.-based provider of Windows least privilege management and application control software for $30.5 mln in cash.

• Co expects the acquisition to have an immaterial impact on revs and non-GAAP EPS in Q4.
• Co believes that Viewfinity will contribute approximately $7-9 mln in revs and will be accretive to non-GAAP EPS for 2016.
• The transaction is expected to close in the Q4.

7:00 am Horizon Pharma announces that three proxy advisory firms recommend Depomed (DEPO) shareholders provide consent FOR the special meetings requests (HZNP) :

• Proxy Mosaic recommended that shareholders of Depomed provide consent for Horizon Pharma's solicitation for the calling of the special meetings by submitting their white and blue proxy cards to Horizon Pharma's proxy solicitor, MacKenzie Partners Proxy Mosaic is the third proxy advisory service to make that recommendation.
• Proxy Mosaic concluded that: "...the [Depomed] board's 'scorched earth' approach to corporate governance over the past few months suggests that the [Depomed] board's intention is to delay and obstruct this deal to the fullest extent possible."
• Proposals to be considered at the special meetings would include removal and replacement of entire Depomed Board of Directors and Repeal of Depomed's Recently adopted bylaw amendments.
  

7:00 am Asian Markets Close: Japan's Nikkei +0.8%; Hong Kong's Hang Seng +3.1%; China's Shanghai Composite closed for holiday (:SUMRX) :

Markets in the Asia-Pacific region stayed on their rally track Wednesday, bolstered by the rebound in oil prices, which lifted energy stocks, and continued enthusiasm over the idea that the Federal Reserve will not raise rates in the near term. On a related note, the Bank of Japan kept its key policy rate unchanged at 0.10%, as expected. Japan's Nikkei faltered early Wednesday, but rallied late to finish with a 0.8% gain. China's stock market remained closed for holiday, but will re-open Thursday after a seven-day closure.

Economic data

• Japan
  • Bank of Japan leaves policy rate unchanged at 0.10%, as expected
  • August Leading Index -1.5% month-over-month (prior -1.7%)
    • Coincident Indicator -0.6% (prior -0.2%)
• Australia
  • September AIG Construction Index 51.9 (prior 53.8)

Equity Markets

• Japan's Nikkei increased 0.8%, having rallied 1.6% over the final two hours of trading. Wednesday's gains were forged in the wake of the BOJ's expected decision to leave its key policy rate unchanged at 0.10%. Pacing the gains were the industrials (+2.2%), materials (+1.9%), and financials (+1.4%) sectors. OKUMA Corp (+8.7%), Mitsubishi Corp (+7.3%), and Inpex Corp (+7.2%) were the top-performing issues. Alps Electric (-3.7%), Toray Industries (-2.7%), and Chugai Pharmaceutical (-2.7%) were the biggest laggards. Out of the 225 index members, 178 ended higher, 44 finished lower, and 3 were unchanged.
• Hong Kong's Hang Seng surged 3.1% and finished at its highs for the day. A huge boost in energy shares, which followed the spike in oil prices, helped power the advance. CNOOC (+13.7%), China Shenhua Energy (+9.3%), PetroChina (+9.2%), and Kunlun Energy (+8.5%) topped the list of Wednesday's winners. Sands China (-0.5%) led a very small group of losers. Out of the 50 index members, 46 ended higher and 4 finished lower.
• China's Shanghai Composite: closed for holiday (National Day)
• India's Sensex increased 0.4% in a seesaw session that ended on an upswing. The modest gains were underpinned by the materials (+5.0%), energy (+2.3%), and consumer discretionary (+1.2%) sectors. Hindalco Industries (+9.1%), Vedanta (+5.9%), and Oil & Natural Gas Co. (+4.2%) led individual gainers while Wipro (-2.0%), Infosys (-1.9%), and Bharti Airtel (-1.6%) brought up the rear. Out of the 30 index members, 21 ended higher and 9 finished lower.
• Australia's S&P/ASX 200 increased 0.6% and ended at its highs for the day, led by strength in the energy sector. Out of the 200 index members, 100 ended higher, 83 finished lower, and 17 were unchanged.
• Regional advancers: South Korea +0.8%, Taiwan +1.2%, Malaysia +1.6%, Indonesia +0.9%, Singapore +2.2%, Thailand +2.3%, Philippines +0.8%
• Regional decliners: Vietnam -0.3%

FX

• USD/CNY -0.02% at 6.3561
• USD/INR -0.6% at 65.0300
• USD/JPY -0.2% at 120.03

6:55 am RPM Inc misses by $0.07, misses on revs; lowers FY16 EPS below consensus (RPM) :

• Reports Q1 (Aug) earnings of $0.74 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.81; revenues rose 3.2% year/year to $1.24 bln vs the $1.27 bln consensus.
  • The continuing strength of the U.S. dollar against most foreign currencies, coupled with rainy weather in North America, dampened performance for the fiscal 2016 first quarter ended August 31, 2015. Unseasonably wet weather during June and early July had a particularly negative impact on the company's consumer segment.
  • The company anticipates a return to solid growth in the consumer segment for the balance of the year
• Co issues downside guidance for FY16, lowers EPS to $2.50 from $2.50 vs. $2.56 Capital IQ Consensus; which reflects the poor weather-driven first-quarter results in the consumer segment, along with continuing negative foreign currency issues. When you factor out the noise created by the strong U.S. dollar, our great entrepreneurial businesses are competing and winning with solid growth in constant dollars in every region of the world."
• RPM made the determination to combine the former RPM2 industrial operating segment and the former SPHC operating segment into a single operating segment, called the "Specialty Products Group."

6:55 am On the Wires (:WIRES) :

• Philippine Long Distance (PHI), through PLDT Capital, has entered into a joint venture with Phunware. The new partnership involves a total investment of $10 million that will enable PLDT's subsidiary, ePLDT, to market and exclusively distribute Phunware's targeted mobile and multiscreen solutions in Southeast Asia.
• AgustaWestland, part of Finmeccanica (FINMY), extended its relationship with XPO Logistics (XPO) under which XPO global forwarding teams will be responsible for transporting the eight Lynx helicopters to the UK for a phased upgrade programme. Upon completion of each upgrade, XPO Logistics will be responsible for returning the refurbished helicopters back to Brazil by air and sea freight solutions

6:51 am Brookfield Asset Mgmt to spin off ~35% of Brookfield Business Partners L.P. by distributing special dividend estimated to be worth $0.50/share in the form of units of BBP (BAM) :

BBP will be the primary vehicle through which Brookfield will own and operate the business services and industrial operations of its private equity platform. In aggregate, based on Brookfield's proportionate ownership interest, these businesses generated approximately $200 million of funds from operations for Brookfield last year and had an equity value of approximately $2 billion as at June 30, 2015. 

• Pursuant to the spin-off, a portion of BBP's units will be distributed to holders of Brookfield's Class A and B limited voting shares through a special dividend, with Brookfield expected to hold an approximate 65% equity interest, along with the general partner interest, in BBP. BBP intends to apply to list its units in Canada and the United States. Subject to the receipt of normal course regulatory approvals, Brookfield anticipates completing the spin-off of BBP in Q1 2016.

6:46 am Genesis Energy, L.P. increases its quarterly distribution to $0.64/unit, up from $0.625/unit Q/Q (GEL) :  

6:39 am Platform Specialty Products provides timing update on OM Group (OMG) businesses acquisitions and lowers FY15 adj. EBITDA guidance to $550-$570 mln from $620-650 mln (PAH) :

Co provided an update on the timing of the expected closings of its previously announced acquisitions of Alent plc and the Electronic Chemicals and Photomasks businesses of OM Group. The closing of Platform's proposed acquisitions of the OM EC and PM Businesses will take place in two stages with the first stage expected within thirty days and the second in early 2016.

• Co provided a revision to its 2015 adjusted EBITDA guidance, which is now expected to be within the range of $550 million to $570 million (down from $620-650 mln prior), excluding any impact from the OM EC and PM Businesses and Alent. This updated outlook reflects the latest foreign exchange rates, lower specialty chemical consumption in some agricultural market segments, and the impact of a change in Platform's approach to its distribution strategy in its Agricultural Solutions business segment. The impact of foreign exchange is ~$25 million. The impact from a weaker agricultural specialty chemical market is ~$10 million, and the expected impact from the change in its distribution strategy in its Agricultural Solutions business segment is ~$40 million.
• Co also has decided to change its distribution strategy and limit "pre-season" lower margin selling of its products in order to improve the overall margin of these products, as "pre-season" sales often come at a discount.
• Finally, co announced that Benjamin Gliklich has been promoted to Chief Operating Officer, effective immediately. Gliklich was most recently Vice President, Corporate Development, Finance and Investor Relations.

6:33 am Haverty Furniture reports Q3 sales of +5.7% Y/Y to $209.9 million, on comps of +3% Y/Y (HVT) :

Co's sales for the third quarter 2015 increased 5.7% to $209.9 mln, compared with $198.5 mln for the third quarter of 2014. On a comparable store basis, sales for the quarter rose 3.0%. Total written sales for the third quarter of 2015 increased 5.2% and written comparable store sales rose 2.3% over the same period last year.

• Sales for the first nine months of 2015 totaled $589 mln, compared with $555.4 mln in 2014, representing an increase of 6%. On a comparable store basis, sales rose 3.8% for the first nine months.

6:32 am Cosi Q3 comps decline 0.3% YoY (COSI) :

Q3 comps decline 0.3% YoY.

• The impact to the 4 Weeks Ended September 28, 2015, resulting from the YOY shift of the Labor Day holiday, on comp restaurant sales of Company-owned and franchise restaurants has been estimated to be -2.3% and -1.7%, respectively.
• Business interruptions resulting from the Pope's visit on September 22--26, 2015 negatively impacted 30% of the Co. The estimated impact to the 4 Weeks Ended September 28, 2015, and the 13 Weeks Ended September 28, 2015, on comparable restaurant sales of locations has been estimated to be -0.9% and -0.3%, respectively.
• Termination of a Franchise Agreement resulted in the closure of two franchise locations in California prior to the end of the 2015 third quarter. The estimated impact to the 13 Weeks Ended September 28, 2015, on comparable restaurant sales of franchise locations has been estimated to be -0.7%. These restaurants have been excluded from the Period 9 2014 and 2015 comparable restaurants base.

6:26 am RSP Permian commences an underwritten public offering of 6 mln shares of its common stock (RSPP) : Co intends to use the net proceeds from this offering first to fund a portion of the purchase price of this possible acquisition, if consummated, and the balance for general corporate purposes, which may include funding our drilling and development program.

6:25 am RSP Permian signs a letter of intent to acquire acreage and oil and natural gas producing properties in the Midland Basin for ~$137 mln in cash; also provides a production update (RSPP) :

The privately negotiated transaction between RSP and Wolfberry Partners Resources LLC, an entity owned in part by affiliates of the company, was for ~4,100 net surface acres and 15,000 net effective horizontal acres.

• The properties include 86 net horizontal drilling locations in 5 zones, 21 in the Middle Spraberry, 34 in the Lower Spraberry, 10 in the Wolfcamp A, 10 in the Wolfcamp B and 11 in the Wolfcamp D. Net production averaged ~1.9 MBoe/d in August
• For the third quarter of 2015, co's net daily production is expected to average between 23,500-24,000 Boe/d (approximately 75% oil), a 110% - 114% increase over average net daily production for the third quarter of 2014 and an 18%-21% sequential quarterly growth rate over average net daily production for the second quarter of 2015.
• Based on continued strong well performance and successful spacing pilots, co is increasing its internal estimates for type curves and estimated ultimate recovery for wells drilled in the Middle Spraberry, Lower Spraberry and Wolfcamp A zones

6:14 am Luminex receives FDA clearance for its ARIES System and ARIES HSV 1&2 Assay (LMNX) : The company anticipates market launch in the next few weeks and a formal introduction at the Association for Molecular Pathology annual meeting in Austin, Texas, November 4-7, 2015.

6:06 am GigaMedia enters into a mutual termination agreement with the shareholders of Strawberry Cosmetics; will pay $2 mln termination fee (GIGM) :

The co announced that it has entered into a mutual termination agreement with the shareholders of Strawberry Cosmetics Holding Limited, a global cosmetics e-commerce company, to terminate a share purchase agreement that the parties previously entered into on June 26, 2015 for GigaMedia to acquire a 70% equity interest in Strawberry Cosmetics. The total consideration payable by the GigaMedia for the Acquisition was approximately $93.1 million.

• The co noted that due to the recent and drastic slowdown in global economy and stock market that resulted in a change in business development strategy on the part of GigaMedia, the board of directors of GigaMedia concluded that the mutual termination of the Acquisition was in the best interests of GigaMedia stockholders.
• In connection with the termination, the parties have entered into a mutual termination agreement, whereby GigaMedia will pay $2.0 million consideration to the shareholders of Strawberry Cosmetics and the parties, in turn, have agreed to release each other from any claims relating to the proposed Acquisition.

6:02 am Teck Resources enters long-term streaming agreement with Franco-Nevada Corporation (FNV) linked to production at the Antamina mine; FNV to make a $610 mln upfront payment (TCK) :

The co announced that it and a subsidiary have entered into a long-term streaming agreement with Franco-Nevada Corporation (FNV) linked to production at the Antamina mine. Teck holds a 22.5% interest in Compania Minera Antamina S.A. which owns and operates Antamina.

• Franco-Nevada will make an upfront payment of US$610 million to Teck and will pay 5% of the spot price at the time of delivery for each ounce of silver delivered under the agreement. Teck will deliver silver to Franco-Nevada equivalent to 22.5% of payable silver sold by CMA, using a silver payability factor of 90%. After 86 million ounces of silver have been delivered under the agreement, the stream will be reduced by one third.

6:01 am Aimmune Therapeutics receives European Medicines Agency decision endorsing its pediatric investigation plan for AR101 for the treatment of peanut allergy (AIMT) : The approved PIP includes Aimmune's planned Phase 3 trial of AR101 for the treatment of peanut allergy, expected to commence in early 2016.

6:01 am Baker Hughes reports September 2015 rig counts; showing an average of 1,140 international and 848 US rigs in operation during the month (BHI) : The international rig count for September 2015 was 1,140, up 3 from 1,137 M/M and down 183 Y/Y. The average U.S. rig count for September 2015 was 848, down 35 M/M, and down 1,082 from 1,930 Y/Y

6:00 am Biogen to present new data, that reinforce the efficacy and safety profile of Tecfidera in a broad range of people with relapsing-remitting multiple sclerosis (BIIB) :

The data will be presented at the 31st Congress of the European Committee for Treatment and Research in Multiple Sclerosis. The data show that TECFIDERA significantly reduced multiple sclerosis relapses and delayed disability progression in patients who are newly diagnosed and those early in their disease course; these effects were sustained over six years of follow-up.

• New data to be presented also include a post-hoc analysis in which TECFIDERA significantly reduced key inflammatory disease outcomes compared to glatiramer acetate (:GA)1 and, in a separate analysis, TECFIDERA demonstrated a favorable benefit-risk profile throughout six years of follow-up from the ENDORSE study. Highlights from the presentation include:
• An analysis of the Phase 3 Define and Confirm studies shows that TECFIDERA had significant effects on clinical outcomes in RRMS patients who initiated treatment early in their disease course, defined as those patients with a baseline Expanded Disability Status Scale (:EDSS) score of =2.0 (indicating minimal to no disability). Compared to patients treated with placebo, TECFIDERA reduced annualized relapse rate (ARR) by 63 percent (p
• A post-hoc analysis of the MRI population from the Phase 3 CONFIRM study found that TECFIDERA significantly reduced key inflammatory disease outcomes compared to GA (20 mg subcutaneous daily injection). CONFIRM investigated TECFIDERA against placebo and included a reference comparator arm of GA versus placebo.

5:49 am S&P futures vs fair value: +12.30. Nasdaq futures vs fair value: +32.40. :

5:49 am European Markets : FTSE...6365.45...+39.30...+0.60%.  DAX...10013.95...+111.10...+1.10%.

5:49 am Asian Markets : Nikkei...18322.98...+136.90...+0.80%.  Hang Seng...22515.76...+684.10...+3.10%.

5:45 am AU Optronics announces series of mgmt changes; Chairman/Pres to assume CEO role (AUO) :

Co announced top level personnel changes. AUO's Board of Directors has approved the following appointments.

• Chairman Paul Peng will resign from his concurrent position as President and assume the position of Chief Executive Officer
• Michael Tsai will advance to President and Chief Operation Officer. He now serves as Senior Vice President and General Manager of AUO's Video Solutions Business Group
• Additionally, the current Chief Financial Officer, Andy Yang will change his role and serve as Chief Strategy Officer.
• Benjamin Tseng, Associate Vice President of Finance, will be appointed as AUO's new CFO.
• The new personnel changes will be effective on November 1, 2015.

5:27 am SABMiller plc confirms revised proposal from Anheuser-Busch InBev SA/NV (BUD), says its Board will meet to consider as soon as practicable (SBMRY) :

SABMiller in commenting on the revised, official offer, provided details regarding previous discussions with BUD, including:

• On 22 September 2015, AB InBev made a highly conditional proposal to acquire the entire issued share capital of SABMiller for GBP 62 billion, comprising an all-cash offer of GBP 40 per SABMiller share and a partial unlisted share and cash alternative of GBP 35.59 per SABMiller share. On 24 September 2015, the full Board of SABMiller subsequently reviewed the GBP 40 Proposal made by AB InBev and unanimously concluded that it very substantially undervalues SABMiller
• The next contact from AB InBev was a meeting on 5 October 2015 at which AB InBev tabled the same GBP 40 Proposal again. During the meeting, its CEO also indicated the possibility, subject to recommendation by the SABMiller Board and approval by the AB InBev Board, of increasing its offer for the entire issued share capital of SABMiller to GBP 65 billion, including an all-cash offer of GBP 42 per SABMiller share alongside a partial unlisted share and cash alternative. The full Board of SABMiller met on 5 October 2015 and unanimously reconfirmed its rejection of the GBP 40 Proposal.
• The co notes that the all-cash offer within the new proposal announced today is only GBP 0.15 higher than the GBP 42 Proposal considered and rejected on 5 October 2015. The Board will, of course, meet formally to consider the GBP 42.15 Proposal as soon as practicable and a further announcement will be made thereafter.
  

5:18 am B2Gold provides update on its El Limon Mine after insurrection; mining ops halted (BTG) :

B2Gold Nicaragua provides the following update on the ongoing illegal blockade. Unfortunately, today violence broke out when members of the Nicaraguan National Police attempted to clear access to the mining operation's main entrance. As a result of the confrontation there were several injuries and significant material damages.

• As a result of the illegal blockade mining operations have been halted. The illegal blockade is a result of a small group of people protesting contract cancellation of three former workers. The contract cancellation was approved by the Ministry of Labor, for just cause.
  

4:35 am Altria issues statement on Anheuser-Busch InBev's (BUD) proposal for SABMiller (SBMRY) (MO) :

Altria Group (MO), SABMiller plc's (SBMRY) largest shareholder, notes that Anheuser-Busch InBev (BUD) has announced a proposal for a cash offer for SABMiller at 42.15 per ordinary share, with a partial share alternative, as described in AB InBev's announcement.

• Altria believes that a combination of these two companies would create significant value for all SABMiller shareholders. Altria supports a proposal of 42.15, or higher, with a partial share alternative, and, subject to finalization of terms, would be prepared to elect the partial share alternative. Altria urges SABMiller's board to engage promptly and constructively with AB InBev to agree on the terms of a recommended offer
• Altria currently owns ~27% percent of SABMiller's ordinary shares 

4:31 am On The Wires (:WIRES) :

• OmniVision Technologies (OVTI) announced that it has received notice from the Committee on Foreign Investment in the United States that it has concluded its review of the proposed acquisition of OmniVision
• NETGEAR (NTGR) is launching two new quad-mode business-class 802.11ac wireless Access Points that support four different modes of management.
• KeepItSafe, providers of online disaster recovery and data backup, and a brand of j2 Global (JCOM), announced that the company has been selected as the official online data backup partner of Hull City Association Football Club. 
• Autoliv (ALV) announced the market introduction of its Electronic Horizon module which provides beyond-line-of-sight road context and information to safety and efficiency systems at the 22nd Intelligent Transportation Systems World Congress being held this week in Bordeaux, France.
• Zayo Group Holdings (ZAYO) announced it's been selected by ServerChoice, a leading UK secure hosting specialist, to connect to one of its key Hertfordshire data centres. The project, which will be complete in January 2016
  

4:23 am Taseko Mines acquires 12,426,757 common shares of Yellowhead Mining (TGB) :

Co announces that it has acquired 12,426,757 common shares of Yellowhead Mining at a cost of $0.045 per share pursuant to a rights offering.

• Prior to the rights offering, Taseko held 10,469,507 shares of Yellowhead representing approximately 10.6% of Yellowhead's issued and outstanding shares. As a result of its participation in this rights offering, Taseko now holds a total of 22,896,264 shares of Yellowhead, representing approximately 18.5% of Yellowhead's issued and outstanding shares.
  

4:10 am TPG Specialty Lending extends senior secured revolving credit facility; commitments to the amended facility increased from $781.3 million to $821.3 million (TSLX) :  

4:01 am On The Wires (:WIRES) :

• NXP Semiconductors N.V. (NXPI) and Siemens AG (SIEGY) announced a partnership for secure, intelligent vehicle networking. Siemens will use technology from NXP Semiconductors and Cohda Wireless for secure communication of vehicles with surrounding traffic infrastructure.
• HP (HPQ) unveiled the details of Partner First and Partner Ready, the new partner programs for HP Inc. and Hewlett Packard Enterprise respectively. Both Partner First and Partner Ready will build upon HP's industry-leading PartnerOne program to help partners of both new organizations capture and capitalize on opportunities through customer-oriented, solutions-led sales.
  

3:59 am Heineken raises ownership and licensing arrangements in Jamaica, Malaysia and Singapore and Ghana regions (HEINY) :

Co announced that HEINEKEN and Diageo plc (DEO) have completed a transaction to bring increased focus to their respective beer businesses and certain licensing arrangements in Jamaica, Malaysia and Singapore and Ghana. The transaction comprises:

• HEINEKEN has taken control of Desnoes & Geddes by acquiring Diageo's 57.9% shareholding in this company.
• HEINEKEN now has full ownership of GAPL, having acquired Diageo's shareholding, which was slightly lower than 50%. GAPL owns 51% of the issued share capital of Guinness Anchor Berhad, which is listed on the Malaysian Stock Exchange. GAPL is also the licensee for Guinness and ABC Stout distribution for the Singapore market.
• HEINEKEN has sold its 20% ownership stake in Guinness Ghana Breweries to Diageo.
• HEINEKEN and Diageo have entered into licensing agreements for each other's brands currently in the respective portfolios in Jamaica and Ghana.

3:54 am Nokia announces leadership structure for combination of NOK and Alcatel-Lucent (ALU) (NOK) :

Nokia announced the planned leadership and organizational structure that it intends to implement after and subject to the successful closing of the public exchange offer for Alcatel-Lucent

• Timo Ihamuotila, currently Executive Vice President and Group Chief Financial Officer, Nokia, would serve as Chief Financial Officer
• Marc Rouanne, currently Executive Vice President, Mobile Broadband, Nokia Networks, would serve as Chief Innovation & Operating Officer

3:35 am Anheuser-Busch InBev increases offer to acquire SABMiller (SBMRY) for GBP42.15 per share (BUD) :

The revised proposal that AB InBev has made today is to acquire SABMiller for GBP42.15 per share in cash, with a partial share alternative available for approximately 41% of the SABMiller shares. AB InBev has made two prior written proposals in private to SABMiller, the first at GBP38.00 per share in cash and the second at GBP40.00 per share in cash. AB InBev is disappointed that the Board of SABMiller has rejected both of these prior approaches without any meaningful engagement.

• AB InBev believes that this revised proposal should be highly attractive to SABMiller shareholders and provides an extremely compelling opportunity for them. The cash proposal represents a premium of ~44% to SABMiller's closing share price of GBP29.34 on 14 September 2015 (being the last business day prior to renewed speculation of an approach from AB InBev).
• Pre-conversion into AB InBev ordinary shares, SABMiller shareholders who elect for the partial share alternative will hold 0.483969 Restricted Shares for every SABMiller share. SABMiller shareholders who elect for the partial share alternative would also receive GBP2.37 in cash for each SABMiller share

3:33 am Sanofi-Aventis presents new data indicating Aubagio slows brain atrophy in people with relapsing multiple sclerosis (SNY) :

Genzyme, a Sanofi company, announced that magnetic resonance imaging data from the Phase III TEMSO study demonstrate that Aubagio significantly slowed brain volume loss vs. placebo over two years in people with relapsing multiple sclerosis

Results presented include:

• By month 12, median% reduction from baseline in brain volume was 0.39, 0.40, and 0.61 for Aubagio 14 mg, 7 mg, and placebo, respectively. This change was lower for both Aubagio groups vs. placebo: 14 mg by 36.9%
• The significant difference in reduction of brain atrophy for Aubagio vs. placebo was maintained at month 24. Median% reduction in brain volume from baseline was 0.90, 0.94, and 1.29 for Aubagio 14 mg, 7 mg, and placebo, respectively. This change was lower for both Aubagio groups vs. placebo: 14 mg by 30.6%
  

3:15 am NW Natural Gas increases annual dividend by $0.01 to $1.87 per share; quarterly div at $0.4675 per share (NWN) :