6:01 pm Community Bank announces it completed the process of determining the allocation and proration of the Oneida Financial (ONFC) merger consideration (CBU) :

• Under the terms of the Merger Agreement, Oneida Financial (ONFC) stockholders were entitled to elect the form of merger consideration to be received in the transaction. Each stockholder who submitted a completed Letter of Election and Transmittal prior to the election deadline of November 25, 2015 had the ability to elect to receive, for each share of Oneida Financial common stock, (a) cash at the rate of $20.00/share, (b) 0.5635 shares of Community Bank System common stock, or (c) a combination of 60% Community Bank System common stock and 40% cash, using the same 0.5635 exchange ratio and $20.00/share cash price.

5:44 pm Spark Networks announces the appointment of Shailen Mistry as Chief Technology Officer, effective January 4, 2016 (LOV) :

• Mistry is joining the Company from Dun & Bradstreet (DNB) where he served as the Vice President of Engineering.

5:38 pm Chevron announces a $26.6 bln capital and exploratory investment program for FY16 (CVX) :

• Co announces a $26.6 bln capital and exploratory investment program for 2016. Included in the 2016 program are $4.5 bln of planned expenditures by affiliates. The 2016 budget is 24% lower than total expected investments for 2015.
• For Upstream, ~$9 bln of planned capital spending is for existing base producing assets, which includes shale and tight resource investments.

5:36 pm Men's Wearhouse reports EPS in-line with pre-announcement, misses on revs; quarter to date comps down 35.1% at Jos A Bank through week 1 of December (MW) :

• Reports Q3 (Oct) earnings of $0.50 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.50; revenues fell 2.8% year/year to $865.5 mln vs the $877.81 mln Capital IQ Consensus. Co pre-announced EPS of $0.46-0.51  and Jos. A. Bank comps of -14.6%
• As reported in the Company's preliminary results release on November 5, 2015, Q3 comparable sales increased 5.3% at Men's Wearhouse with clothing comps of 7.2% driven by higher transactions per store and rental comps of 0.7%. K&G comparable sales for the quarter increased 3.7% driven by higher transactions per store. Moores comparable sales decreased 5.4% primarily driven by weakening macro-economic conditions in Canada. Overall adjusted margin was down driven by the clearance of merchandise through the e-commerce channel, primarily at our Men's Wearhouse brand.  Comparable sales decreased 14.6% at Jos. A. Bank (pre-announced)
• "With the topline resetting to a lower level for the near-term, we are looking at every opportunity for cost reduction including store rationalization, labor, advertising and all relevant shared service costs and we are partnering with Alix Partners on specific elements of this work. We are challenging all assumptions and are fully focused on accelerating the Jos. A. Bank recovery."
• Through the first week of December, the quarter-to-date comps Jos. A. Bank were down 35.1% while our other brands average comparable sales were up 5.5%.

5:33 pm Brown & Brown announces the asset acquisition of Smith Insurance; financial terms not disclosed (BRO) :  

5:31 pm MediciNova announces positive findings from a clinical trial of mn-166 in alcohol use disorder; Ibudilast, but not placebo, significantly decreased basal, daily alcohol craving over the course of the study (MNOV) :

• Major highlights from the presentation, "Ibudilast, a Novel Neuroimmune Modulator, Decreases Alcohol Craving and Increases Positive Mood in an AUD Population," include the following: Ibudilast, but not placebo, significantly decreased basal, daily alcohol craving over the course of the study; Ibudilast did not affect cue- and stress-induced alcohol craving, however, ibudilast increased positive mood during both the cue reactivity and stress procedures; Ibudilast was safe and well-tolerated during the study.
• "Based on this and other positive findings reported at ACNP, we are now considering the next step in the development process to further evaluate ibudilast's potential utility in the treatment of AUD."
  

5:28 pm AK Steel is increasing spot market base prices for all carbon flat-rolled steel products; hot rolled now $420/ton (AKS) : For commodity sheet and strip, specialty sheet and strip, and pipe and tube sheet and strip products, the increase will be achieved through a reduction in the functional discount of four percentage points.

5:25 pm Student Transportation announces that from December 4, 2015 to December 8, 2015, it purchased ~116K common shares pursuant to the normal course issuer bid program (STB) :  

5:08 pm NACCO Industries, Inc. announces that its Bisti Fuels subsidiary has entered into a 15-year, cost-plus Contract Mining Agreement with Navajo Transitional Energy Company (NC) :

Under the agreement, Bisti Fuels will act as NTEC's contract miner at NTEC's Navajo Mine, a surface coal mine located within the Navajo Nation near Fruitland, San Juan County, New Mexico. Production is expected to be approximately 5.9 million tons of coal per year. Pursuant to a separate agreement, NTEC will deliver that coal to the third-party owners of the nearby Four Corners Generating Station. Similar to most of North American Coal's other agreements, the agreement between Bisti Fuels and NTEC is a cost-plus arrangement, under which NTEC will pay Bisti Fuels' costs and a profit margin per ton.

• The agreement consists of a transition period and a production period. During the transition period, which will commence on January 1, 2016, Bisti Fuels will transition into the contract miner role. The production period is scheduled to commence when NTEC completes a pending commercial transaction with the existing contract miner, which is expected to occur during the second half of 2016.

5:07 pm The Medicines Co President and CFO Glenn Sblendorio to retire effective March 31 (MDCO) : As of January 1, 2016, Mr. Sblendorio will be relinquishing his seat on the Board of Directors and his operational responsibilities will be assumed by others within the company. William O'Connor, Senior Vice President & Chief Accounting Officer, who has been with The Medicines Company since 2006, will succeed Mr. Sblendorio as Chief Financial Officer. Mr. Sblendorio will continue as a strategic advisor to Clive Meanwell, MD, PhD, Chief Executive Officer of the company, until the end of March.

5:00 pm EnCana to hold conference call outlining 2016 capital budget and guidance on Monday December 14 at 9am ET (ECA) :  

5:00 pm Novogen names Dr. James Garner as CEO effective February 1 (NVGN) : Garner is currently Head of the Unit Development Office, AP R&D with Sanofi (SNY) and is based in Singapore.

4:52 pm Express announces a new share repurchase program for up to $100 mln (EXPR) : This new program succeeds the Company's prior share repurchase program, which expired on November 28, 2015 and under which the Company repurchased approximately 2.1 million shares for a total cost of $40 million.

4:51 pm Willis Group reaffirms commitment to the existing terms of its merger with Towers Watson (TW), urges shareholders to vote FOR the proposed transaction (WSH) :  

4:36 pm Constellium's subsidiary Wise Alloys reports that it will explore alternatives to refinance its existing Asset Based Lending facility (CSTM) : Co's subsidiary Wise Alloys is exploring alternatives to refinance its existing Asset Based Lending facility, including engaging in discussions with both current and potential new lenders. Wise currently intends to seek to refinance its existing ABL with a facility that will have a maturity of five years and will be secured by the same collateral as the existing ABL, but which will not be guaranteed by Constellium. Goldman Sachs has been engaged to assist in arranging the new ABL facility.

4:35 pm Restaurant Brands Int'l announces that shareholder Holdings L115 LP will offer 17,542,410 common shares for sale via an underwritten public offering (QSR) :  

4:32 pm Boston Scientific voluntarily recalls its Chariot Guiding Sheath globally (BSX) : These devices are intended for the introduction of interventional devices during peripheral vascular procedures, and were recalled on November 19th due to the risk of shaft separation. The U.S. Food and Drug Administration has classified the action as a Class-1 recall. To date, Boston Scientific has received fourteen complaints for shaft separation, four of which involved separation of the distal shaft. These events occurred during device preparation or use. The most severe outcome of this failure is embolism of device fragments, which could lead to obstruction of blood flow or additional intervention to remove a device fragment. Obstruction of blood flow can result in injuries such as stroke, kidney damage or damage to the intestines or limbs. To date, no permanent injuries or patient deaths have been reported.

4:32 pm Quotient enters into a construction contract with MW High Tech Projects, for a new product development and manufacturing facility in Edinburgh, Scotland (QTNT) : The Contract provides for the first phase of the project, encompassing product manufacturing, which is expected to be completed by August 2017. The estimated cost of the first phase is approximately 15 million, or $23 million at current exchange rates, with funding expected to be provided primarily from the proceeds of a sale and leaseback transaction. Quotient has also entered into an arrangement to purchase the Biocampus Site upon completion of construction of the first phase of the new facility for a total consideration of 986,000, or approximately $1.5 million at current exchange rates.

4:32 pm CyrusOne prices public offering of 1.35 mln shares being offered by Cincinnati Bell (CBB) at $35.85/share (CONE) :  

4:31 pm Anthem names President and CEO Joseph R. Swedish as Chairman of the Board effective today (ANTM) : Swedish succeeds George A. Schaefer, Jr., who will continue on the board and serve as independent Lead Director.

4:30 pm Gladstone appoints Nicole Schaltenbrand as Chief Accounting Officer, effective December 7, 2015 (GLAD) : Schaltenbrand served as a Senior Manager -- SEC Reporting and Accounting Policy at National Rural Utilities Cooperative Finance Corporation

4:30 pm Innocoll announces supervisory board approval to move the company's legal domicile from Germany to Ireland (INNL) :

Co additionally stated: "We expect Innocoll to have a transformative year in 2016. Our two lead product candidates are well advanced in their Phase 3 efficacy trials. We expect the Phase 3 data from XaraColl and Cogenzia to be available in the first half and in the third quarter of 2016, respectively. We expect to commence a clinical program in the US for CollaGUARD, our third product in the pipeline, which helps fight post-surgical adhesions, after a pre-submission meeting planned for the first quarter of 2016 with the FDA.We intend to build commercial capabilities in the U.S. to effectively support our brands, and we will evaluate the benefits of select partnerships or co-promotions outside the U.S. Finally, we have started to expand our manufacturing capabilities in our facility in Saal, Germany, in order to supply our late-stage products."

• The proposed change in domicile is subject to approval from Innocoll's shareholders at an extraordinary general meeting anticipated to occur in January 2016, the final approval of Innocoll's management board, and the satisfaction of other customary closing conditions. If approved, the re-domicile merger and share exchange are expected to close in March 2016.

4:26 pm General Electric reports that it has completed more than $100 billion in GE Capital divestitures as part of its goal to drop the SIFI designation (GE) : Co has completed more than $100 billion in previously announced portfolio and business unit sales as part of its strategy to significantly reduce the size of GE Capital and apply for de-designation as a systemically important financial institution. With progress to-date on the GE Capital Exit Plan, GE is on track to return more than $90 billion to investors from 2015 to 2018 with more than 90% of earnings coming from high-return industrial businesses.

4:26 pm Almaden Minerals reports positive results from an updated National Instrument 43-101 compliant Preliminary Economic Assessment on its 100% owned Ixtaca Gold-Silver deposit (AAU) :  

4:24 pm Artisan Partners Asset Mgmt reports that its AUM as of November 30 totaled $102.5 bln (APAM) :  

4:20 pm Lamar Advertising affirms $0.69/share quarterly dividend, plans to make regular quarterly distributions in 2016 in an aggregate annual amount of $3.02/share, up from $2.75/share in 2015 (LAMR) :  

4:20 pm Ollie's Bargain Outlet beats by $0.03, reports revs in-line; guides FY16 EPS above consensus, raises FY16 rev guidance but still below consensus; same store comps +3.2% (OLLI) :

• Reports Q3 (Oct) earnings of $0.11 per share, $0.03 better than the Capital IQ Consensus of $0.08; revenues rose 16.4% year/year to $174.57 mln vs the $173.26 mln Capital IQ Consensus.
• Co issues mixed guidance for FY16, sees non-GAAP EPS of approx $0.66 vs. $0.62 Capital IQ Consensus Estimate and vs prior guidance of $0.62-0.63; sees FY16 revs of approximately $745 mln vs. $755.3 mln Capital IQ Consensus Estimate and vs prior guidance of $738-741 mln.
• Comparable store sales increased +3.2% in Q3; co raises full year comp guidance to +4% from prior guidance of +3.3-3.8%.
• Co opened 13 new stores, ending the quarter with 200 stores in 17 states. This represents an increase of 15.6% YoY in total number of stores.
• "We had another strong quarter and are pleased with our results. Once again, the increase in comparable store sales was across the majority of our merchandise categories and all of our geographic regions. With the business continuing to grow and the improved visibility from the IPO, we have seen better access to merchandise. This is allowing our buying team to be more selective in their purchases and we can offer our customers even greater value every time they step into one of our stores. We believe our merchandise selection has led to increased traffic, ticket, and merchandise margin, therefore driving our top and bottom lines."

4:19 pm American Superconductor raises Q3 guidance (AMSC) :

• Co issues upside guidance for Q3 (Dec), raises EPS to better than ($0.54) from better than ($0.62), excluding non-recurring items, vs. ($0.61) Capital IQ Consensus; raises Q3 (Dec) revs to $22-24 mln from $19-22 mln vs. $20.17 mln Capital IQ Consensus.
• The improved outlook on third quarter revenues is driven primarily by higher than anticipated revenues in the company's Wind segment. "As a result of these higher than anticipated revenues and improved collections, we now expect our cash flows in the third fiscal quarter to be roughly neutral, resulting in an expected ending balance of cash, cash equivalents and restricted cash at the end of the third fiscal quarter to be roughly equivalent to the balance at the end of the second fiscal quarter."

4:19 pm Media General responds to this morning's statement from Nexstar Broadcastin (NXST), believes the current Nexstar proposal 'materially undervalues' it (MEG) :

"Media General's Board of Directors is focused on maximizing shareholder value, and we have been negotiating in good faith with Nexstar over the past several weeks, with the goal of reaching an agreement that adequately reflects the inherent value in Media General, as well as the synergies that would result from such a combination. Our Board remains open to discussing and reviewing an improved proposal from Nexstar that would appropriately value the Company....In its December 6, 2015 letter, Media General explicitly asked Nexstar to provide its 'best and final' proposal to Media General. Rather than providing a revised proposal and continuing private negotiations, we are surprised that Nexstar issued today's press release reiterating its previous proposal which our Board had already unanimously rejected. We note that it is unclear from Nexstar's press release if its current proposal is indeed its best and final proposal."

• As previously announced on September 8, 2015, Media General entered into a definitive merger agreement with Meredith Corporation (MDP) under which Media General will acquire all of the outstanding common stock of Meredith in a cash and stock transaction. The Board of Directors of Media General continues to recommend the proposed transaction with Meredith.

4:16 pm Relmada Therapeutics announces topline results of a proof-of-concept pharmacokinetic study in healthy volunteers using its BuTab to treat both addiction and chronic pain (RLMD) : The clinical study conducted by INC Research, a leading global contract research organization, was designed to assess the safety, tolerability, and pharmacokinetics of BuTab in approximately 30 healthy volunteers. The key objective of the study was to assess if buprenorphine can be delivered orally and reach safe and effective blood levels through the gastrointestinal route of administration, which was achieved based on the topline analysis.

4:16 pm Invesco reports November prelim AUM of $791.1 bln, down from $791.3 bln M/M (IVZ) : Net long-term flows were positive and more than offset the negative impact from FX, which decreased AUM by $2.9 billion. Preliminary average total AUM for the quarter through November 30 were $785.3 billion, and preliminary average active AUM for the quarter through November 30 were $646.0 billion.

4:16 pm Capella Education increases quarterly cash dividend by $0.02/share to $0.39/share and authorizes $50 mln increase of share repurchase program (CPLA) : Co announced that its board of directors has approved a 2 cent increase in its quarterly cash dividend to $0.39 per outstanding share of common stock. The board of directors also approved a $50 million increase to its share repurchase program. This increase is in addition to the $6.2 million that currently remains under the share repurchase program.

4:11 pm Diamond Foods misses Q1 estimates; reaffirms FY16 -- Acquisition by Snyder's-Lance (LNCE) on track (DMND) :

• Reports Q1 adj. EPS $0.28 vs $0.32 Capital IQ Consensus; revs -9% $224.8 mln vs $234.18 mln Capital IQ Consensus.
• Diamond stockholders will receive 0.775 shares of Snyder's-Lance (LNCE) common stock and $12.50 in cash, per share of Diamond common stock upon the closing of the transaction.
• While the co continues to expect that the proposed merger will close in the first quarter of calendar 2016, if the co were to remain independent for all of fiscal 2016, it would still expect annual adjusted EBITDA of $131 million to $136 million and non-GAAP diluted EPS of $1.21 to $1.32.

4:11 pm Colliers declares inaugural semi-annual cash dividend of $0.04/share of common stock (CIGI) :  

4:10 pm Closing Market Summary: Stocks Register Third Consecutive Decline After Surrendering Early Gains (:WRAPX) :

The stock market ended the midweek affair on a broadly lower note with the S&P 500 surrendering 0.8% after being up 0.8% in the early going. The benchmark index returned below its 200-day moving average (2,064) while the Nasdaq (-1.5%) underperformed throughout the day.

The early portion of today's session appeared to have the makings of a rebound, but the opening strength was entirely due to significant gains in two commodity-related sectors. The materials space (+3.1%) ended comfortably in the lead after it was reported that Dow Chemical (DOW 56.97, +6.07) and DuPont (DD 74.49, +7.89) are in advanced merger talks. Both names surged 11.9% with DuPont's strength keeping the Dow ahead of the broader market.

Similar to materials, the energy sector (+1.3%) ended well ahead of the broader market, but it is worth noting that today's gain occurred after the growth-sensitive group gave up 4.8% over the past two days. Crude oil, however, could not remain in the green, ending the day lower by 0.9% at $37.18/bbl even though the latest storage report from the Energy Information Administration showed the biggest inventory draw in four months.

That storage report briefly propelled crude into the $39.00/bbl area, but the ensuing reversal in oil coincided with the turn in the equity market that left just three sectors in the green when the closing bell rang.

The late morning slide from highs was paced by the technology sector (-1.5%), which struggled from the start. The top-weighted group kept the Nasdaq behind the S&P 500 while biotechnology also weighed on the tech-heavy index. The iShares Nasdaq Biotechnology ETF (IBB 325.20, -5.39) settled lower by 1.6% while the health care sector lost 1.0%.

Similar to technology, heavily-weighted financials (-1.2%) and consumer discretionary (-1.2%) contributed to the intraday selloff. Lululemon (LULU 45.31, -6.84) was among the notable laggards in the discretionary space, falling 13.1%, after below-consensus earnings and revenue guidance overshadowed a bottom-line beat.

Staying on the retail theme, Costco (COST 159.72, -9.15) fell 5.4% after missing earnings and revenue estimates while the broader consumer staples sector (-0.9%) settled just behind the broader market.

The cautious posture exhibited in the market was not unique to stocks as currency traders also displayed some unease, evidenced by a rally in the yen that caused the dollar/yen pair to slide 1.3% to 121.35. Similarly, the euro rallied 1.2% against the dollar to 1.1020, suggesting some carry trades were unwound intraday.

Treasuries retreated during the morning advance in stocks, but they climbed to highs in the afternoon, sending the 10-yr yield lower by a basis point to 2.21%.

Today's participation was better than average with more than 975 million shares changing hands at the NYSE floor.

Economic data was limited to Wholesale Inventories and MBA Mortgage Index:

• October Wholesale Inventories fell 0.1% while the Briefing.com consensus expected an increase of 0.2%
  • The September reading was revised down to 0.2% from 0.5%
  • The inventories/sales ratio was 1.31 in October, up from 1.22 in October 2014
• The weekly MBA Mortgage Index rose 1.2% to follow last week's 0.2% downtick

Tomorrow, weekly Initial Claims (Briefing.com consensus 269K) and November Import/Export Prices will be reported at 8:30 ET while the November Treasury Budget will be released at 14:00 ET.

• Nasdaq Composite +6.1% YTD
• S&P 500 -0.6% YTD
• Dow Jones Industrial Average -1.9% YTD
• Russell 2000 -4.6%

4:08 pm NASDAQ releases November end-of-month open short interest position data (NDAQ) : Short interest in all 3,056 Nasdaq securities totaled 8,894,079,211 shares at the November 30, 2015 settlement date, compared with 3,053 issues and 8,884,564,891 shares at the end of the previous reporting period. This is 4.79 days average daily volume, compared with an average of 4.44 days for the previous reporting period.

4:08 pm Charter Finl completes its existing stock repurchase program and adopts a new 800K share buyback program (CHFN) :  

4:07 pm 1st Source Corp announces the commencement of an underwritten offering of ~1.1 mln shares of its common stock by certain of the Morris Family Trusts (SRCE) : 1st Source Corporation is not selling any shares and will not receive any of the proceeds from the offering.

4:06 pm IMAX reports that in the six months following the IMAX Private Theatre Palais launch, it has signed agreements for more than 80 committed systems (IMAX) : Additional showrooms are scheduled to open in the coming months on the Chinese resort island of Hainan, Beijing, London, Los Angeles, New York and Dubai.

4:06 pm athenaHealth reaffirms FY15 guidance; sees FY16 EPS above consensus with rev just below (ATHN) :

• Co reaffirms guidance for FY15 (Dec), sees EPS of above high end of $1.10-1.20, excluding non-recurring items, vs. $1.32 Capital IQ Consensus Estimate; sees FY15 (Dec) revs of at or above midpoint of $905-925 mln vs. $925.04 mln Capital IQ Consensus Estimate.
• Co issues guidance for FY16 (Dec), sees EPS of $1.65-1.85, excluding non-recurring items, vs. $1.58 Capital IQ Consensus Estimate; sees FY16 (Dec) revs of $1.085-1.115 bln vs. $1.13 bln Capital IQ Consensus Estimate.

4:06 pm Anika Therapeutics announces that the FDA's Office of Combination Products has assigned CINGAL to the Center for Drug Evaluation and Research as the lead center for premarket review (ANIK) : "While we strongly disagree with the FDA's decision, as our position of CINGAL's device-lead classification is supported by both regulations and scientific data, we intend to proceed expeditiously to move CINGAL through regulatory review. We have already been in contact with CDER to start the NDA process, and are confident that the definitive results from two clinical studies provide the essential foundation for marketing approval of CINGAL."

4:05 pm Delta Apparel increases its share repurchase authorization by $10 mln to $40 mln (DLA) : Co increases share repurchase authorization by an additional $10 million, bringing the total amount authorized to date under the program to $40 million.

4:05 pm First Solar Guides for 2016; Sees EPS in the range of $4.00-4.50, Capital IQ consensus $3.94; Revenues in the range of $3.98-4.1 bln, Capital IQ consensus $4.05 bln (FSLR) :

• Net sales of $3.9 to $4.1 bln Capital IQ consensus $4.05 bln
• with solar power systems net sales expected to comprise 90% to 95% of the total and third party module sales the remainder (Approx the same as 2015).
• Earnings per fully diluted share of $4.00 to $4.50 , Capital IQ consensus $3.94.
• Ending 2016 net cash of $2.0 to $2.3 billion.
• Capital expenditures of $300 to $400 million are higher than 2015 forecasted levels as the Company invests in further advancements in its cost and technology roadmap (FY15 gudiance is $175-200 mln).
• Gross Margin % 16% to 18% (FY15 guidance is 24-25%)
• Operating Expenses $380-400 mln (FY15 guidance is $395-405 mln)
•  Operating Income $260-330 mln
• Effective Tax Rate 16% to 18%  
• Operating Cash Flow $500-700 mln
• Shipments 2.9GW to 3.0GW (2015 guidance is 2.8-2.9 GW)

4:05 pm MedAssets and Pamplona Capital Management announce early termination of the HSR waiting period (MDAS) : MedAssets and Pamplona Capital anounce that the FTC granted early termination of the waiting period under the Hart-Scott-Rodino Act in connection with Pamplona's proposed acquisition of MedAssets. The proposed acquisition is now expected to close by the end of January 2016.

4:04 pm Hospitality Props partially exercises the accordion feature under its unsecured credit agreement (HPT) : HPT received an increase in commitments under the credit agreement's revolving credit facility to $1 billion from its previous amount of $750 million.

4:03 pm TICC Capital announces that a District Court issued an order decisively rejecting NexPoint's request to stay the court's decision while NexPoint pursues an appeal (TICC) :  

4:02 pm Parsley Energy announces an acquisition of undeveloped acreage and producing oil and gas properties in the Midland Basin, for $148.5 mln in cash (PE) :

Co has entered into an agreement to acquire certain undeveloped acreage and producing oil and gas properties located adjacent to the Company's existing operating areas in Upton, Reagan, and Glasscock Counties, TX for an aggregate purchase price of $148.5 million in cash. The property includes 238 net horizontal drilling locations across 5,274 net surface acres in the Company's core operating area.

• Estimated net production is 1,000 barrels of oil equivalent per day during the month of November from three producing horizontal wells. Acquisition also includes one drilled horizontal well that is anticipated to be completed by the seller prior to the closing of the transaction, scheduled for early January 2016.

4:02 pm Intra-Cellular Therapies announces additional efficacy/safety data from first Phase 3 clinical trial of ITI-007; to host a conference call December 10 at 8:30 am ET to discuss data (ITCI) :

• Co announces additional data from the first Phase 3 clinical trial of ITI-007 for the treatment of patients with schizophrenia (ITI-007-301) and the ITI-007 Positron Emission Tomography study in patients with schizophrenia. ITI-007 60 mg improved symptoms of schizophrenia and met the primary endpoint demonstrating statistically significant superiority over placebo at Day 28 as measured by the Positive and Negative Syndrome Scaletotal score.
• The 40 mg dose approximated the trajectory of improvement seen with the 60 mg dose, but the effect with 40 mg did not reach statistical significance on the PANSS total score. Both the 60 mg and 40 mg doses of ITI-007 significantly reduced the PANSS positive symptom subscale score versus placebo at study endpoint and at earlier time points.
• ITI-007 60 mg met the key secondary endpoint demonstrating statistically significant improvement on the Clinical Global Impression scale for Severity of Illness (CGI-S). ITI-007 40 mg also demonstrated a statistically significant improvement versus placebo on the CGI-S. The Company believes existing data suggest that ITI-007 does not impact these metabolic, cardiovascular and motoric parameters in patients with schizophrenia. ITI-007 was well-tolerated and demonstrated a safety profile that did not differ from placebo. The only treatment-emergent adverse events considered at least possibly related to ITI-007, administered orally once daily in the morning, occurring in greater than 5% of patients and at least twice the rate of placebo were somnolence, sedation, and fatigue, all predominantly mild.

4:02 pm Spark Therapeutics earns $15 mln milestone payment from Pfizer (PFE) under their global collaboration for the potential development and commercialization of SPK-FIX product candidates for the treatment of hemophilia B (ONCE) : Under the terms of the collaboration agreement, Spark received a $20 million upfront payment and is eligible to receive up to $245 million in aggregate additional development and commercial milestones, as well as royalties calculated as a low-teen percentage of net product sales. Spark maintains responsibility for the clinical development of SPK-FIX product candidates through the completion of Phase 1/2 trials. Thereafter, Pfizer has responsibility for further clinical development, any regulatory approvals and potential commercialization.

4:02 pm Parsley Energy announces a 9.35 mln share public offering of class A common stock (PE) : Co announces that it has commenced an underwritten public offering of 8.5 mln shares of its Class A common stock by the company and 850,000 shares by NGP X US Holdings, one of the company's stockholders. Co recently entered into a purchase agreement for 6,040 gross (5,274 net) acres located in Upton, Reagan and Glasscock Counties, Texas, with 238 associated net horizontal drilling locations, for $148.5 mln in cash, which the co intends to fund with a portion of the net proceeds of the offering.

4:00 pm Home Federal Bancorp Inc of Louisiana announces approval of a 102K share stock repurchase program (HFBL) :  

3:54 pm TapImmune confirms the FDA granted Orphan Drug Designation to TPIV 200 in treatment of ovarian cancer; co is preparing for Phase II ovarian cancer trial based on positive data in Mayo Clinic Phase I trial (TPIV) : The TPIV 200 ovarian cancer clinical program will now receive benefits including tax credits on clinical research and 7-year market exclusivity upon receiving marketing approval.

3:46 pm CSX will transfer stock exchange listing to Nasdaq from NYSE effective Dec 21 after market close (CSX) :  

3:24 pm S&P -15 and Dow -78 edged slightly above tight afternoon range highs -- Nasdaq Comp -78 (:TECHX) :  

2:27 pm Moody's acquires the residential MBS data and analytics assets of BlackBox Logic; terms not disclosed (MCO) : The acquisition is not expected to have a material impact on co's EPS in 2015 or 2016, and will be funded through US cash on hand.

2:23 pm Espey Mfg. & Electronics reports a current sales backlog of $43.3 mln, vs. a $33.6 mln backlog in September, 2015 (ESP) : Co stated: "In announcing our quarterly financial results for the period ending September 30, 2015 we disclosed, but did not include in our backlog, a $10.1 million delivery order attributable to the recent award of a significant contract from the Federal government. The award to Espey had been protested to the United States Government Accountability Office by a competing bidder. I am pleased to report that the protest has been withdrawn. Accordingly, we are now able to include the $10.1 million in our current sales backlog."

2:02 pm Accenture acquires Cyber Security firm Cimation; terms not disclosed (ACN) :  

2:01 pm Stock indices slightly extend push off midday lows -- Dow -79, S&P -17, Nasdaq Comp -78 (:TECHX) : Noted the non-confirmation of new lows in the major averages by small-/mid-caps and the A/D Line at 13:12 with the stabilization extended in recent trade.

1:28 pm Accor buys the Fairmont, Raffles and Swisstel brands for $840 mln in cash and 46.7 mln common shares; transaction to be accretive to EPS in the second year following closing (ACRFF) :

Co announced the signing of an agreement with the Qatar Investment Authority, Kingdom Holding Company of Saudi Arabia and Oxford Properties, an Ontario Municipal Employees Retirement System company for the acquisition of FRHI Holdings, parent of Fairmont, Raffles, and Swisstel.

• Co will pay for the acquisition by issuing 46.7 million new Accor shares and a cash payment of $840 million (768 million)- with the Qatar Investment Authority and Kingdom Holding Company of Saudi Arabia to become major shareholders, with 10.5% and 5.8% of the share capital respectively.
• The transaction will be accretive to earnings per share from the second year with 65 million in revenue and cost synergies identified in the medium term

1:12 pm Major averages set new lows -- Dow -126, S&P -22, Nasdaq Comp -89 (:TECHX) : Thus far the small-/mid-cap indices and the A/D Line have not confirmed the new lows. 

12:57 pm Midday Market Summary: Nasdaq Lags (:WRAPX) :

The major averages trade near their lows at midday after sliding from their morning highs. The Nasdaq Composite (-1.8%) has paced the retreat while the S&P 500 (-1.1%) and Dow Jones Industrial Average (-0.8%) hold slimmer losses. Given this time of the year, tax-loss selling has likely factored into the retreat, but it is difficult to assess the magnitude of those outflows.

Equities began the trading day on an upbeat note thanks to early strength in the two commodity-related sectors. Most notably, the materials space (+2.5%) was up more than 4.0% at the start amid reports that Dow Chemical (DOW 56.15, +5.25) and DuPont (DD 73.88, +7.28) have engaged in merger talks. The two names hold respective gains of 10.3% and 10.9% with DuPont's strength keeping the Dow Jones Industrial Average ahead of the broader market.

Similar to materials, the energy sector (+0.5%) has displayed strength since the opening bell, but the group has retreated from its high alongside crude oil. The energy component is currently lower by 1.6% at $36.91/bbl after marking a session high just below the $39.00/bbl mark. WTI crude spiked into that area after the Energy Information Administration storage report showed the biggest draw in four months, but the resulting gain has evaporated in a flash.

The pullback in crude oil has coincided with renewed selling in the stock market. As a result, eight sectors display midday losses with heavily-weighted technology (-1.7%), consumer discretionary (-1.5%) financials (-1.4%), and health care (-1.2%) trading behind the broader market.

For its part, the technology sector has struggled since the opening bell, which has kept the Nasdaq behind the broader market. In addition, the index has been pressured by biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 324.10, -6.49) trades lower by 2.0% at this juncture. Large cap tech names have also contributed to the weakness in the Nasdaq with the likes of Apple (AAPL 115.65, -2.58), Alphabet (GOOGL 759.00, -16.14), and Microsoft (MSFT 54.80, -0.99) all down near 2.0% apiece.

Treasuries have climbed off their lows in recent action, but they remain in the red with the 10-yr yield up one basis point at 2.23%.

Today's economic data was limited to Wholesale Inventories and MBA Mortgage Index:

• October Wholesale Inventories fell 0.1% while the Briefing.com consensus expected an increase of 0.2%
  • The inventories/sales ratio was 1.31 in October, up from 1.22 in October 2014
  • The September reading was revised down to 0.2% from 0.5%
• The weekly MBA Mortgage Index rose 1.2% to follow last week's 0.2% downtick

12:56 pm Floor Talk (:TALKX) :

There has been a noticeable reversal in the stock market that has been precipitated by a host of factors.  The first, and most notable, expedient was the reversal in oil prices.  They were up nearly 4.0% to $38.99 shortly after the 10:30 a.m. release of the weekly inventory data, which showed a draw of 3.568 million barrels.   Oil prices are now down 1.1% at $37.11 per barrel.

The slide in oil cracked the door open for broader selling efforts, although the broader market had already been throwing off signs of cracking with the early underperformance of the Nasdaq and many of its most widely-held stocks, namely Facebook (FB 104.39, -2.10), Amazon.com (AMZN 664.87, -12.46), Netflix (NFLX 123.92, -3.06), Alphabet (GOOG 747.10, -15.27), and Apple (AAPL 115.76, -2.47) to name a few heavyweights.

The relative ease and speed with which the market reversed, though, cast a pall on investor sentiment and led to increased selling that has qualified today as a distribution day.

Other factors/fears feeding into the weakness include the following:

• Carry-trade unwinding as the euro continues to fly against the dollar (+1.0% to 1.0998)
• Potential liquidation requests among hedge fund investors
• Margin calls
• Tax-loss selling; and
• The S&P 500 falling below its 50-day simple moving average (2051)

It also isn't sitting well in investors' psyche that the Fed may be on the cusp of a policy mistake by raising the fed funds rate at next week's meeting as the global economy continues to look weak and high-yield spreads continue to widen. That concern admittedly isn't registering much at all today in the Treasury market.  The 2-yr note yield is unchanged at 0.93%, yet it has manifested itself this week in the underperformance of the financial (-3.4%) and industrials (-2.6%) sectors, along with the Russell 2000 (-3.1%).

12:42 pm Major averages break last week's trough to set new lows for the month -- Nasdaq Comp -94, S&P -23, Dow -141 (:TECHX) :  

12:26 pm S&P -14 slides to new low for the week (SPY) : The index cleared yesterday's low (2052) and its 50 sma (2051) to set a new low for the week at 2048 which is near the Dec close low and 100 ema (2049/2048). Congestion and the Dec intraday low are at 2044/2042.

12:21 pm Dow -45 joins S&P -12 and Nasdaq Comp -63 below first hour lows (:TECHX) :  

12:17 pm Small-/Mid-Caps set new session lows, Nasdaq Comp -47 and S&P -6.6 are range trading near their session lows -- Dow -1.9 near its pullback low (:TECHX) :  

12:04 pm TEGNA issues guidance at UBS Conf. (TGNA) :

Sees FY15 adj. EBITDA over $1 bln with rev over $3 bln vs. $3.27 bln consensus.

• CFO discussed the company's expected fourth quarter and 2015 results, its capital allocation program, and certain operating and financial assumptions for 2016. "Based on current trends, we are very comfortable with the First Call consensus of earnings per share estimates."
• Sees Tegna media rev growth high teens to low 20s%
  • Careerbuilder: "We expect revenue growth to be in the low to mid-single digits in 2016 and to reach double-digit growth by the end of 2017."
  • Cars.com: "We have a unique, highly predictable business model and we expect that the expansion of our product suite will drive market share gain, increase our customer count and drive revenue growth. We feel very good about the trajectory of the Cars.com business and expect to see revenue growth of 10 percent or more in 2016."

11:51 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:-0.1%
• Germany's DAX:-0.8%
• France's CAC:-1.0%
• Spain's IBEX:+0.2%
• Portugal's PSI:+0.1%
• Italy's MIB Index:-0.2%
• Irish Ovrl Index:-0.5%
• Greece ASE General Index: -3.8%

11:49 am Intraday bias continues with top performing Dow -14 back in the red (:TECHX) :  

11:45 am Tribune Media: Dose Media announces closing on a $25 mln Series B round of funding, led by Tribune Media Company (TRCO) :  

11:45 am KC Southern enters new $800.0 mln revolving credit facility (KSU) : The KCS Revolving Credit Facility is expected to be used primarily to support issuance of commercial paper by KCS under a new $800.0 million commercial paper program entered into on December 9, 2015.

11:40 am Daimler AG decides to make an extraordinary contribution to its pension fund of EUR 1 billion (DDAIF) :  

11:36 am Nasdaq Comp -27 back near opening low -- Dow +79 slips back 123 points off high, S&P +1.6 (:TECHX) :  

11:31 am Advance Auto BoD retains Spencer Stuart for CEO search (AAP) :  

11:31 am Caterpillar maintains its quarterly cash dividend of $0.77/share (CAT) :  

11:24 am DuPont extends to 75.72 to close its March 2015 gap (DD) : Gap higher amid M&A chatter extends to close the March 2015 gap at 75.49. The March 2015 close and intraday highs are at 75.47 and 76.61. These are the highest levels since May 1998.

11:17 am Carrol's Restaurant Group reports completing the acquisition of 46 Burger King restaurants across 7 states in 4Q15 (TAST) :  

11:16 am Infosys: CloudEndure announces closing a $7 mln funding round led by Infosys (INFY) :  

11:10 am Market averages slip back off morning highs -- Dow +138, S&P +9, Nasdaq Comp -9 (:TECHX) : Underperforming sectors on a relative basis vs. the S&P in recent trade include: Internet FDN, Discretionary XLY, Housing XHB, Finance/Bank XLF / KBE, Airline JETS, Transports IYT, Telecom IYZ, Medical Supplies, Restaurant.

11:07 am Currency Commentary: DXY Eyes Test of 50-sma (:SUMRX) :

• The Dollar Index has dipped back below the 98 level and is preparing for a test of its 50-sma (97.53). The 100-sma and 200-sma (96.71-96.83) also lie below as potential support. The move lower in the dollar is intriguing as we see Fed Funds Futures move to an 87% likelihood that the Fed will raise rates at next Wednesday's FOMC meeting. Economic data remains light as a lower than expected Wholesale Inventory number is the only item of particular interest.
• The euro is seeing a bid as it tests its 50-sma (1.0961). This is where it ran out of stream on Thursday following the ECB meeting. Market participants will be watching this move closely as the potential for a squeeze setting off additional stops in the 1.0950-1.1050 area could set off a larger move. Germany's trade balance saw a higher than expected surplus this morning, highlighting the benefit the weak euro is having on trade.
• The pound has seen a bid this morning as it once again held the 1.50 level for support. Sterling has rallied to 1.5180, marking its best level since November 23.
• The yen is seeing a bid as it rallied to 121.83 in early trade. This marked its best level since November 6. The move was particularly notable as it did not suggest a risk off bid given the rally in U.S. equities. Rather the currency moves in general appear to be technical in nature with some stops being triggered. Core Machine Orders came in better than expected and the preliminary look at Machine Tool Orders continued to slow but at a better pace than the previous month. This is likely lowering expectations that the Bank of Japan will provide furtehr easing tomorrow and helping facilitate a portion of today's rally.  (BONDX, FOREX).

11:02 am Jones Lang LaSalle acquires Big Red Rooster; terms not disclosed (JLL) :

Big Red Rooster is a brand experience and retail design services co.

• Expected to close in January 2016.

11:01 am Pfizer and Merck KGaA (MKGAY) initiate two Phase III studies of avelumab in treating advanced or metastatic gastric/gastro-esophageal junction (:GEJ) cancers (PFE) :  

10:46 am Wyndham Worldwide issues a statement following its FTC settlement (WYN) :

Co stated: "We are pleased to reach this settlement with the FTC, which does not hold Wyndham liable for any violations, nor require Wyndham to pay any monetary relief. We chose to defend against this litigation based on our strong belief that we have had reasonable data security in place, and that the FTC's position could have had a negative impact on the franchise business model."

• Co will be granted a Safe Harbor if it continues to meet certain requirements for "reasonable information security" outlined in the FTC's consent order.

10:43 am Raytheon receives $543 mln contract to produce and deliver up to 17 Standard Missile-3 Block IIA interceptors from U.S. Missile Defense Agency (RTN) : Co receives a $543 mln contract to produce and deliver up to 17 Standard Missile-3 Block IIA interceptors for operational testing and initial deployment from the U.S. Missile Defense Agency

10:35 am Stock indices run to fresh highs -- Dow -188, S&P +15, Nasdaq Comp +6 (:TECHX) : Sectors outperforming the S&P include: Energy XLE, Oil Service OIH, Crude Oil USO, Retail XRT, Internet FDN, Casino BJK, Utility XLU.

10:33 am Sanofi-Aventis announces that its Dengvaxia vaccine has received marketing authorization from Mexican authorities, for the prevention of dengue (SNY) :  

10:11 am Nasdaq Comp +2 joins Dow +149 and S&P +11 in positive territory (:TECHX) :  

10:07 am New session high for Dow +102 and S&P +6.3 with Nasdaq Comp -10 range trading just under its morning rebound high (:TECHX) :  

10:05 am Insignia elects Board Member Edward Corcoran as Chairman of the Board (ISIG) :  

10:02 am Apple underperforming, pulls back near yesterday's weekly low at 116.86 and attempts to stabilize -- session low 116.94 (AAPL) :  

10:02 am Teck Resources plans LNG haul truck pilot project (TCK) :

• Co is piloting the use of liquefied natural gas as a fuel source in six haul trucks at its Fording River steelmaking coal operation in southeast B.C. - marking the first use of LNG as a haul truck fuel at a Canadian mine site. 
• "There is the potential to eliminate approximately 35,000 tonnes of CO2 emissions annually at Teck's steelmaking coal operations and potentially reduce fuel costs by more than $20 mln annually"
• The pilot is expected to run until mid-year 2016

10:01 am Wi-LAN entered into a multi-year license agreement to WiLAN's wireless patent portfolio including Wi-Fi, Bluetooth, HSPA and LTE-related technologies (WILN) : The royalty amount to be paid to WiLAN and all other terms of the license agreement are confidential.

10:01 am THL Credit announces a public offering of Notes due 2022; size not disclosed (TCRD) : Co expects to use the net proceeds of this offering to repay outstanding indebtedness under its revolving credit facility.

10:00 am Relmada Therapeutics: Shareholders for Value Creation sends a letter that outlines views regarding Relmada's business, voicing serious concerns regarding current strategy (RLMD) :

Group's letter stated:

• "We have a substantial financial stake in the outcome of the Relmada board's decisions and a clear economic incentive to increase shareholder value for the benefit of all shareholders.
• Plainly speaking, Relmada is in trouble. Despite Relmada's impressive, high-potential assets, Relmada continues to lack a feasible strategy for optimizing its assets, engage in flawed capital allocation and lack certain critical skills at the board and management levels. In our view, Relmada's chronic underperformance and failure to optimize its assets is due principally to two factors: Relmada's failure to appropriately prioritize its development pipeline to invest principally behind candidates with the best balance of product commercial potential versus development and regulatory risk and Relmada's failure to attract the high-quality, healthcare-focused institutional investors necessary to alleviate Relmada's current capital shortfall and provide the capital infusion needed to develop Relmada's core assets.
• We would have preferred to work cooperatively with Relmada to address the issues it is facing, and we remain open to working cooperatively with Relmada, but Relmada's recent letter demonstrates that its leadership is focused more on its own entrenchment than on developing a plan for addressing Relmada's chronic underperformance.
• We intend to nominate five highly qualified, independent directors for election or appointment to Relmada's board of directors."

9:59 am Genmab A/S reaches a $5 mln milestone in its daratumumab collaboration with Janssen Biotech (GNMSF) : The milestone payment was triggered by progress in the ongoing Phase II study of daratumumab in NHL. The study evaluates daratumumab monotherapy in three different types of NHL, diffuse large B-cell lymphoma (:DLBCL), follicular lymphoma (FL) and mantle cell lymphoma (:MCL). This milestone is related to progress in the arm of the study treating patients with DLBCL.

9:53 am Stock indices continue to work off opening lows -- Dow +83, S&P +5, Nasdaq Comp -6 (:TECHX) : Sectors displaying relative strength vs. the S&P include: Casino (WYNN +12%), Restaurant, Staples XLP, Retail XRT, Oil Service OIH, Energy XLE, Industrial XLI, Materials XLB.

9:44 am TerraForm Power confirms revised terms for acquisition of Vivint Solar's (VSLR) portfolio of installed residential rooftop solar systems (TERP) :

The co announced that it has revised and improved the terms of its agreement to acquire the Vivint Solar portfolio of installed residential rooftop solar systems in connection with the planned merger of Vivint Solar (VSLR) with a subsidiary of SunEdison (SUNE).Under the revised agreement, the consideration paid will be calculated based on the number of megawatts of installed solar system in the acquired portfolio multiplied by $1.70 per watt, rather than the previously contemplated pre-set amount of $922 million before fees. At the estimated 470 MW portfolio size at closing, this would result in a purchase price of approximately $799 million before fees.

• This would represent a reduction of approximately $123 million in consideration paid for the portfolio compared to the original agreement -- with approximately $30 million in savings from lower price per watt, and approximately $93 million from reduced MW volume, with the exact amount of such savings depending on the date of the closing of the merger between SunEdison and Vivint Solar, Inc., which is expected to occur in the first quarter of 2016. As a result of the amendment, TerraForm Power will no longer receive the originally contemplated short-term interest bearing note from SunEdison for residential solar systems that are not delivered on the closing date.
• TerraForm Power also expects to be able to assume the aggregation facility that is already in place for the portfolio, thereby reducing its expected cash payment obligation by approximately $236 million to an estimated $563 million. TerraForm Power continues to maintain an unsecured bridge financing commitment from its lenders with respect to its payment obligations under the purchase agreement. In addition, TerraForm Power is actively evaluating selling some or all of this initial portfolio to a third party.
• Finally, based on SunEdison's projections the term loan is expected to be repaid in full by December 31, 2016, at which point any obligations under the Take/Pay agreement would be extinguished. This anticipated repayment date is earlier than previously planned, as the term loan amount has been reduced from $500 million in the original financing to $300 million.

9:43 am Opening Market Summary: Materials Sector Displays Opening Strength (:WRAPX) :

As expected, the major indices have opened under moderate selling pressure, but they have climbed off their opening lows. The S&P 500 is near its flat line while the Nasdaq (-0.2%) underperforms.  

The materials (+3.5%) and energy sectors (+1.6%) are showing strength with materials at the top of the leaderboard after two days of heavy selling. The sector has received a boost from DuPont (DD 77.30) and Dow Chemical (DOW 56.64) as the two sport solid gains after news of merger talks.

Elsewhere, Treasuries remain near their lows with the 10-yr yield up two basis points to 2.24%.

9:39 am Sector leadership as major averages improve -- Dow +28, S&P +0.4, Nasdaq Comp -14 (:TECHX) : The major averages have worked off opening lows with outperforming sectors led by: Materials XLB (Dow +5.6%, DD +7.3% amid M&A chatter), Gold Miners GDX, Steel SLX, Casino, Solar TAN, Mining XME, Oil service OIH, Energy XLE.

9:35 am Early sector laggards (:TECHX) : Weaker groups in early trade include: Staples XLP, Housing XHB, REITs IYR, Biotech IBB, Technology XLK, Broker IAI, Trucking, Internet FDN.

9:34 am Modestly weaker bias with Nasdaq Comp -22 underperforming -- Dow -25, S&P -5.5 (:TECHX) :  

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

• Streamline Health Solutions (STRM) announced a new reseller agreement to provide its Looking Glass CDI and Coding solutions to himagine solutions, inc.
• Magellan Midstream Partners (MMP), Plains All American Pipeline (PAA) and Anadarko Petroleum Corporation (APC) announced that Saddlehorn Pipeline Company has launched a supplemental open season to seek additional transportation commitments
• Diana Shipping Inc. (DSX) announced that it has entered into a time charter contract with SwissMarine Services for one of its Newcastlemax dry bulk vessels, the m/v Los Angeles. The gross charter rate is $7,750 per day, for a period of about 12 months to about 15months. It also announced that it entered into a time charter contract with Dampskibsselskabet Norden A/S, Copenhagen, for one of its Panamax dry bulk vessels, the m/v Danae. The gross charter rate is $4,900 per day, for a period of minimum 11months to maximum 15months. The employments of Los Angeles and Danae are anticipated to generate ~$4.3 mln of gross revs for the minimum scheduled period of the time charters.
• DS Healthcare Group (DSKX) announced its flagship products are now selling in Walmarts in Brazil
• Statoil (STO) has, on behalf of the Johan Sverdrup partners, awarded contracts for the linepipe, coating and pipe installation of the Johan Sverdrup export pipelines. Wasco Coatings Malaysia Sdn Bhd was awarded the contract for external anti-corrosion treatment and concrete weight coating for the oil and gas pipelines, as well as internal flow coating for the gas pipeline. The total contract value is estimated at slightly less than NOK 2.5 bln

9:16 am Edwards Lifesciences guides FY16 in-line (EPS near low end of expectations); reaffirms FY15 at Investor Conf. (EW) :

Co sees FY16 $4.60-4.80 vs $4.79 Capital IQ Consensus; sales $2.50 to $2.75 billion vs. $2.7 bln consensus, representing underlying growth of 7 to 11%

• Projected 2016 THVT sales of $1.2 to $1.4 billion, representing underlying growth of 10 to 18%
• Global TAVR opportunity now estimated to exceed $5 billion in 2021
• Upcoming anticipated THVT milestones include late 2016 intermediate risk U.S. approval and initiation of a low-risk trial during the year
• Reaffirming current 2015 financial guidance $4.43-4.53 vs. $4.50 consensus; rev $2.3-2.5 bln vs. $2.48 bln consensus.
• 2:1 split effective on Monday.

9:15 am SunEdison and Vivint Solar (VSLR) amend merger agreement, Blackstone (BX) to provide a $250 mln credit facility to fund SunEdison's ongoing growth (SUNE) :

The co and Vivint Solar (VSLR) have reached an agreement to amend and modify the terms of the definitive merger agreement previously announced on July 20, 2015. SunEdison also announced that 313 Acquisition LLC, the vehicle controlled by private equity funds managed by Blackstone (BX), has entered into a commitment to provide a $250 million credit facility to fund the ongoing growth of SunEdison. The merger is anticipated to close in the first quarter of 2016.

• Under the terms of the amended merger agreement, Vivint Solar stockholders will receive merger consideration per share consisting of $7.89 per share in cash without interest, plus the number of shares of SunEdison common stock they would have received under the terms of the original deal (presently 0.120 shares of SunEdison common stock per share of Vivint Solar common stock based on the application of the collar), plus an additional number of shares of SunEdison common stock intended to have a value equal to $0.75, plus $3.30 in principal amount of SunEdison convertible notes (modified from the original deal to have a maturity of four years rather than five years).
• This represents a reduction in the cash merger consideration to be received by Vivint Solar stockholders of $2.00 per share from the original deal and an increase in SunEdison common stock of $0.75 per share.
• Under this option, the Public Stockholders would receive, for each share of Vivint Solar common stock, $7.89 per share in cash and an additional cash amount representing the fair market value of the convertible note consideration and the stock consideration otherwise payable to the Public Stockholders in the merger as determined by Vivint Solar (and as approved by Vivint Solar's board of directors in consultation with outside counsel and an independent financial advisor).
• The amended merger agreement provides that in no event will SunEdison be required to complete the merger or consummate the transactions contemplated thereby prior to January 29, 2016.
• To support the merger transaction, SunEdison has entered into a second amended and restated commitment letter with Goldman Sachs Bank USA, Barclays Bank PLC, Citigroup Global Markets Inc. and UBS Securities LLC for a $300 million secured term loan facility to be provided to a wholly-owned, indirect subsidiary of SunEdison that will hold certain development assets of the expanded SunEdison residential and small commercial platform following the merger with Vivint Solar.
• Also, in connection with the amendment of the merger agreement, SunEdison and TerraForm Power (TERP) have amended and restated their existing purchase agreement to provide that concurrently with the completion of SunEdison's acquisition of Vivint Solar, TerraForm Power will acquire Vivint Solar's then-installed rooftop solar portfolio for a purchase price of $799 million based on the number of installed megawatts, expected to be delivered at closing
• The board of directors of Vivint Solar may accept a competing offer that it determines to be "superior" (as further described in the merger agreement) to the merger with SunEdison, and terminate the merger with SunEdison if the Vivint Solar board determines that its fiduciary obligations require it to do so and if Vivint Solar pays a termination fee to SunEdison of $34 million.
• Complete release detailing all of the adjustments to the pending merger agreement

9:15 am Curtiss-Wright announces a new $200 million share repurchase authorization; will repurchase at least $100 million in shares in 2016 (CW) : Co announced it will repurchase at least $100 million in shares in 2016 under a newly authorized$200 million share repurchase program. The Company expects to initiate the new $100 million share repurchase program by utilizing a 10b5-1 program beginning in January 2016.

9:15 am S&P futures vs fair value: -8.70. Nasdaq futures vs fair value: -22.90. (:WRAPX) :

U.S. stock index futures point to a lower open following a defensive overnight sessions. The S&P 500 futures trade nine points below fair value.

On the corporate front, shares of Dow Chemical (DOW 55.94, +5.04) and DuPont (DD 72.34, +5.74) have spiked in pre-market following reports that the two are in advanced merger talks.

Elsewhere, Lululemon (LULU 46.40, -5.76) is down sharply in pre-market trading following the company's release of Q3 results, which showed disappointing revenue and earnings.

Once again, this morning has been quiet on the economic front with data limited to the weekly MBA Mortgage Index, which showed a rise of 1.2% to follow last week's 0.2% decline. One more report will be released today with October Wholesale Inventories (Briefing.com consensus 0.1%) set to cross the wires at 10:00 ET.

Treasuries hold slim losses with the 10-yr yield up one basis point at 2.23%.

9:08 am Astrotech extends its share repurchase plan for an additional year, through December 31, 2016; to date firm has repurchased 188K shares worth ~$492K (ASTC) :  

9:05 am Pinnacle Foods commences a tender offer for Boulder Brands (BDBD) shares at $11/share, pursuant to their merger agreement (PF) :  

9:03 am Sunrun files lawsuit against Nevada Governor Brian Sandoval for failing to provide any text messages in response to a public records request filed in June (RUN) :  

9:03 am NetList files an opening brief in the US court of appeals, regarding the judgement in its trade secret dispute with Diablo Technologies (NLST) : Netlist has asked the Federal Circuit to reverse the judgment of the District Court and remand the case for a trial on damages and injunction proceedings.

9:02 am SkyWest reports November November 2015 traffic, showing block hours of -9.7% to 162,989 (SKYW) :

Co reported 162,989 block hours in November 2015, compared to 180,507 block hours in November 2014, a decrease of 17,518, or 9.7%. The net decrease was consistent with SkyWest's fleet transition plan to improve the mix of aircraft in its fleet by adding new dual class aircraft to its fleet, while reducing its 50-seat and 30-seat aircraft.

• The year-over-year net change was primarily driven by 8,700 additional block hours from its incremental 76-seat E175 aircraft and a decrease of approximately 26,800 block hours from fewer 50-seat jet (CRJ200s and ERJ135s/145s) and 30-seat turboprop (EMB-120) aircraft.
• RPMs for SkyWest were -4% to 2,337,528,226

9:01 am Synopsys initiates $200 mln in accelerated share repurchase agreements (SNPS) :

• Under the terms of the ASRs, Synopsys will receive an aggregate initial share delivery of ~3.5 mln shares, with the remainder to be settled on or before April 29, 2016

9:00 am Fusion Telecom Int'l acquires Fidelity Voice and Data for $30 mln in cash and stock; transaction is immediately accretive to Fusion (FSNN) :

Fidelity provides cloud voice, cloud connectivity, security, data center and cloud storage services in the Midwest.

• Fusion expects to complete the integration of Fidelity by the end of 2Q16.
• Adds ~$6 mlnin annual pro forma Adj EBITDA after giving effect to projected cost synergies.

9:00 am PGT Inc. provides WinDoor acquisition and general business updates; raises Q4 sales guidance to $90-92 mln from $88-92 mln vs. $90.12 mln Capital IQ Consensus Estimate (PGTI) :

• On November 30, 2015 the Company announced it entered into a definitive agreement to acquire WinDoor -2015 revenues are expected to be ~$41 mln. The transaction is valued at ~$102 mln and is expected to close in the first quarter of 2016. The acquisition of WinDoor will be immediately accretive on an operational basis as its EBITDA margins range from 20-22%. The timing of bottom-line accretion will be determined by the final cost of financing and amortization of purchase price intangibles but is expected in 12-18 month's time.
• PGT Windows & Doors is in the final phase of a multi-year ERP ("Enterprise Resource Planning") implementation. The Main Glass Processing portion of the implementation, which includes cutting, laminating, and tempering, has been completed and fully operational since January 2015. As discussed on the Company's third quarter earnings results conference call, the Company encountered difficulties with the sequencing portion of the Insulated Glass implementation which impacted third quarter operations. The Company believes all material issues have now been resolved.
• Guidance: Orders continue to come in strong, and co is updating our sales guidance. Co continues to see improvements in other key metrics including: Average shipments per week at PGT of $7.0M (up 6% from September);  ncreased daily production in our new WinGuard Vinyl and EnergyVue lines up to 350 per day Third Laminating line up and running, increasing laminating capacity by 50% Lastly, key scrap metrics has all shown improvement over the past six weeks

9:00 am Delcath reports that results from its Phase 3 clinical study of the Delcath Hepatic Delivery System; patients in the PHP arm had a statistically significant longer median hPFS of 7.0 months compared to 1.6 months in the BAC control group (DCTH) :

• Patients assigned to the PHP arm were eligible to receive up to six cycles of treatment at approximately four to eight week intervals. Patients randomized to the BAC arm were permitted to cross-over into the PHP arm at radiographic documentation of hepatic disease progression; a majority of the patients in the BAC arm did, in fact, cross over to the PHP arm.
• Patients who received PHP were given stem cell support in the form of platelet and red blood cell infusions to mitigate toxic side effects of melphalan. The study's primary endpoint was hepatic progression-free survival; secondary endpoints included overall progression free survival, overall survival, hepatic objective response rate, and safety. In the 93 patient study, results showed that patients in the PHP arm had a statistically significant longer median hPFS of 7.0 months compared to 1.6 months in the BAC control group, according to independent imaging review.
• The most common post-procedure adverse events were related to grade 3 and 4 bone marrow suppression, and included neutropenia (85.7%), thrombocytopenia (80%) and anemia (62.9%).
• The more recent data from European experience presented at several medical congresses this fall provide us with confidence that an improved safety profile can be demonstrated in the new, pivotal global trial we expect to launch in the coming weeks."
  

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

• OPKO Health (OPK) announced through its subsidiary GeneDx, results from a retrospective review of molecular diagnostic testing by Whole Exome Sequencing. Results show that WES is successful in providing a definitive diagnosis for patients with rare and complex genetic conditions when parents or other affected family members are included in the analysis.
• IAC (IACI) announced the new formation of IAC Publishing, a digital media operating entity. Leading the new group, which includes web brands such as About.com, Dictionary.com, Investopedia and The Daily Beast, is IAC Publishing CEO Doug Leeds, who previously led IAC-owned Ask.com, as well as IAC's acquisition of many businesses.
• Capstone Turbine Corporation (CPST) announced a strategic partnership with MultiChill Technologies. The partnership will allow Capstone to deliver air-cooled absorption chillers and water making systems to end users in conjunction with its flagship C30 and C65 microturbines

8:55 am Amtech Systems authorizes new stock repurchase program of up to $4 mln (ASYS) :  

8:54 am S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -20.20. (:WRAPX) :

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

Markets in the Asia-Pacific region ended Wednesday mostly lower. The Shanghai Composite put in another uninspiring day, closing up just 0.1%. Investors may be taking a cautious approach after recent macro data has suggested reason to at least be concerned about the near-term outlook on the domestic economy. Today was no exception after the state issued inflation data for November, which was largely in line with expectations. Both the central government and the People's Bank of China have been quiet as of late, thus not lending investors much insight as to how the powers that be view the recent data. Elsewhere, Japanese equities were under pressure with much of that attributed to the Nikkei (-1.0%) echoing the downward trajectory seen in the US on Tuesday.

• In economic data:
  • China's November CPI 0.0% month-over-month (expected -0.1%; previous -0.3%); +1.5% year-over-year (consensus 1.4%; last 1.3%). Separately, November PPI -5.9% year-over-year, as expected (prior -5.9%)
  • Japan's October Core Machinery Orders +10.7% month-over-month (expected -1.5%; previous 7.5%); +10.3% year-over-year (consensus 1.4%; last -1.7%). Separately, M2 Money Stock +3.3% year-over-year (consensus 3.5%; prior 3.7%) and Machine Tool Orders -17.9% year-over-year (previous -22.9%)
  • Australia's October Home Loans -0.5% month-over-month (expected -1.0%; previous 2.0%) and December Westpac Consumer Sentiment -0.8% (prior 3.9%)
  • South Korea's December M2 Money Supply +9.0% (previous 9.2%)

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• Japan's Nikkei declined 1.0%. The market saw declines from the opening bell and was never able to find any footing, with selling pressure dominating the action for the duration of the session. All sectors closed the day in the red, albeit with "safe haven" names pacing the way with Consumer Staples and Health Care down 1.8% and 1.7%, respectively. Not far behind were Consumer Discretionary stocks, down 1.1%. With that said, a couple of notable contrary plays for the day were Sharp (+0.8%) and Toshiba (+0.9%).
• Hong Kong's Hang Seng declined 0.5%. The index was unable to find any traction with sentiment continuing to lean downward. Many of the major names within a sector were mixed, with the likes of Want Want closing the day 1.2% lower, while Tencent managed to post a 0.7% gain. The same held true in Energy names after CNOOC took back some of yesterday's losses to finish 1.5% higher, while PetroChina saw sellers in control, falling 1.3%. On a more positive note, China Galaxy Securities (+2.6%) bucked the trend of the broader market after it released its metrics for November.
• China's Shanghai Composite gained 0.1%. Property stocks were in focus after local reports suggested the central government may take additional measures to help support demand. The RE index closed up over 5.0% on the speculation. China Vanke Co (+5.8%) was one of the major beneficiaries of that move, but also saw support after the co announced that it continues to add to its stake in Anbang Insurance Group (currently ~5% owned).

Major European indices trade lower across the board with France's CAC (-0.9%) showing relative weakness. The euro has rallied about 0.6% against the dollar this morning, climbing to 1.0950, which puts the pair near its Thursday spike high (1.0981)

• Economic data was limited:
  • Germany's October trade surplus expanded to EUR20.80 billion from EUR19.20 billion (expected surplus of EUR20.00 billion) as exports fell 1.2% month-over-month (expected -0.5%; previous 2.6%) and imports declined 3.4% month-over-month (consensus -1.0%; last 3.8%)
  • Swiss November Unemployment Rate held at 3.4%, as expected

------

• UK's FTSE is lower by 0.1% with roughly half of its components trading in the red. Miners are among the weakest performers with Anglo American, Fresnillo, and Antofagasta down between 1.2% and 7.3%. On the upside, homebuilders Barratt Developments and Persimmon are both up near 0.7%.
• Germany's DAX trades down 0.8% with heavyweights Adidas, Bayer, Deutsche Bank, and Merck showing losses between 1.1% and 3.4%. On the upside, shares of Volkswagen have surged 7.3% after the company said that about 36,000 of its vehicles have been involved in the emissions scandal, which is down from the early estimates of 800,000.
• In France, the CAC has given up 1.0% amid losses in most of its components. Growth-sensitive Alstom, Saint Gobain, Schneider Electric, and ArcelorMittal lead the retreat with loses between 1.7% and 2.2%.

8:47 am Neogen receives approval from the AOAC Research Institute for its E. coli O157:H7 test (NEOG) :  

8:45 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: LULU -11%, KFY -8%, SWHC -3%, OXM -2.7%, COST -2.7%, KMI -2%, (DCF per share growing as businesses expected to generate slightly over $5 billion of cash in 2016; KMI expects to declare dividends of $.50 per share for 2016 and use excess cash to fund growth investments), FGP -1.6%, GTIM -0.6%

Other news: AEZS -26.8% (prices its underwritten public offering of common shares and warrants at $5.55/unit for net proceeds of ~$15 mln), ONTY -24.6% ( presents updated data from its ongoing trials of ONT-380, an orally active, reversible and selective small-molecule HER2 inhibitor being developed for the treatment of HER2-positive metastatic breast cancer ), CHRS -11.3% (updates on its CHS-1701 program, estimates that the follow-on study will cost less than $4 mln and entail about a quarter delay in projected BLA filing timing ), SPLS -1.5% (Staples and Office Depot (ODP) issue open letter after the Canadian Competition Bureau recently announced that it will seek to block Staples' acquisition of Grand & Toy), KITE -1.3% (announced $250 mln public offering of common stock), CONE -0.6% (CyrusOne announced that a subsidiary of Cincinnati Bell plans to sell 1.35 MLN of its shares of CyrusOne's common stock in an underwritten public offering)

Analyst comments: FFIV -2.4% (downgraded to Reduce from Neutral at Nomura), CME -0.9% (initiated with a Underperform at RBC Capital Mkts)

8:42 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance: VRA +19.8%, CARA +12.6%, AVAV +11.4%, PLAY +7.2%, FRAN +6.2%, KKD +3.1%, EMKR +2.6%, HELI +1.2%

M&A news: DOW +11.5% (Dow Chemical and Dupont (DD) are considering merger, according to WSJ),DD +10.2% (Dow Chemical and Dupont are considering merger, according to WSJ),MEG +2.9% (Nexstar Broadcasting (NXST) announces it has reached an impasse in its negotiations with Media General after it rejected its revised offer valued at $16.31/share)

Select metals/mining stocks trading higher: HMY +5.5%, RIO +4.7%, BHP +2.4%, BBL +2.3%, NEM +2.1%, VALE +1.9%, AA +1.3%, ABX +0.9%

Other news: OHGI +15.8% (One Horizon signs an agreement to deliver its VoIP service to Globecomm Asia Pte),CARA +15.3% (announces positive top-line results from Phase 2a trial of oral CR845 in chronic pain patients with osteoarthritis of the knee or hip),ICLD +13% (receives over $3 mln in new contracts for professional and managed services in connection with deployment of next generation network solutions as well as Distributed Antenna Systems),OGXI +12.8% (announces that the Data Safety Monitoring Board at the Dana-Farber/Harvard Cancer Center has recommended continuing the Phase 2 Borealis-2 trial),SBLK +12.7% (announced it will sell two modern Capesize vessels and two modern Kamsarmax vessels for $122 mln to unaffiliated 3rd parties; expected to be delivered to the Buyers during 1Q16),WYNN +8.3% (announced CEO purchases 1 mln shares on open market),FC +6.6% (to conduct a $35 mln modified Dutch auction tender offer for shares of its common stock),WPRT +4.9% (awarded $900,000 towards a program to advance natural gas combustion technology),SYT +2.5% (peer to DOW and DD),HTZ +2.2% (Carl Icahn increased active stake to 14.34%),YHOO +1.9% (announces that its Board has unanimously decided to suspend work on the pending plan to spinoff its stake in Alibaba (BABA); will evaluate alternate transaction structures)KBIO +1.8% (discloses various corporate updates in regulatory filing; enters into services agreement with Turing Pharma, approves new auditor, discloses offer of funding from Armistice Capital),STM +1.2% (STM and Synology announced that ST's HD and UltraHD multimedia server-box platform (STiH412) has been selected for Synology's DS216play high-value NAS server for homes and businesses),SUNE +0.9% (signed a 20 year PPA w/ the city of San Diego that will see 6.6 megawatts of solar installed across 25 city-owned sites),MA +0.8% (announces increase in quarterly dividend and $4 billion Class A share repurchase program)

Analyst comments: AXTI +2.4% (upgraded to Buy from Neutral at B. Riley & Co),MXIM +2.2% (upgraded to Buy from Neutral at Nomura)

8:36 am S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -14.70. (:WRAPX) :

U.S. equity futures remain near their recent levels with S&P 500 futures trading five points below fair value.

On the corporate front, Kinder Morgan (KMI 15.47, -0.25) has ticked up off its pre-market low, but the stock remains down 1.6% after the company announced its 2016 outlook, which included a call to cut the annual dividend to $0.50/share from $2.04/share, as the company struggles to reconcile the effects of lower oil prices.

On that note, oil has retreated from its pre-market high, but the energy component remains up 0.8% at $37.80/bbl. It is worth noting today's uptick comes after oil surrendered 4.9% over the past two days. The EIA is set to announce weekly crude inventories at 10:30 ET.

Treasuries continue to post moderate losses with the 10-yr yield up two basis points to 2.24%

8:35 am Cerus announces that the INTERCEPT Blood System for platelets and plasma has been approved for commercialization in Brazil by the Agncia Nacional de Vigilncia Sanitria (CERS) :  

8:33 am Metaldyne Performance announces that Co-President Thomas Amato will resign to pursue other interests, effective at the end of 2015 (MPG) : Co announced today that Thomas Amato, Co-President of MPG, will leave the company to pursue other interests, effective at the end of 2015. Concurrent with Amato's departure, Douglas Grimm, currently Co-President of MPG, has been named President & Chief Operating Officer with responsibility for all operating activities of the various MPG operations and Russell Bradley has been named Executive Vice President of Sales with responsibility for coordinating the sales efforts of the operating divisions.

8:32 am Cellectar Biosciences reports it will provide performance data from the first cohort of its Phase 1 study of CLR 131, in January 2016 (CLRB) :  

8:32 am Halozyme Therapeutics and Eisai (ESALY) to present data evaluating the antitumor effects of PEGPH20 in combination with eribulin mesylate in preclinical breast cancer models (HALO) :

• The research showed the potential impact for PEGPH20-mediated hyaluronan (HA) removal on concentrations of eribulin and antitumor effects of breast cancer therapy in preclinical models. Halozyme's investigational new candidate drug, PEGPH20 targets the degradation of HA, a glycosaminoglycan or chain of natural sugars that may accumulate in certain tumors.
• "We are encouraged by these preclinical data and look forward to enrolling patients in the clinical trial early next year."

8:32 am Ferro's Nubiola subsidiary to implement a worldwide price increase of its Ultramarine pigment product line by 6%, effective with new orders placed March 1 (FOE) : The Company said the increase is due to labor and key raw material cost increases.

8:31 am Minerva Neurosciences provides a year-end update on MIN-101, MIN-202 and MIN-117 (NERV) :

Co provides a year-end update on clinical trials testing MIN-101 for schizophrenia, MIN-202 for insomnia disorder and adjunctive treatment of major depressive disorder (MDD) and MIN-117 for MDD. "Our primary focus during 2015 has been on clinical trial execution, and we are pleased with the pace of patient recruitment that has taken place in all four ongoing trials."

• MIN-101: In the Phase IIb trial with MIN-101 for schizophrenia, the co has reached its patient screening target and expects to achieve its enrollment target of 234 patients in late December 2015. The primary objective is to evaluate the efficacy of MIN-101 compared to placebo in improving the negative symptoms of schizophrenic patients. Topline results are expected in 2Q16.
• MIN-202 (JNJ-42847922): Patient enrollment has been completed in two trials with MIN-202, under joint development with Janssen Pharmaceutica. These include a Phase IIa trial in insomnia disorder and a Phase Ib trial in adjunctive treatment of MDD.
• MIN-117: Co is continuing to screen and randomize patients in a Phase IIa trial with MIN-117 to treat MDD. Target enrollment is 80 patients. The primary endpoint is the efficacy of MIN-117 vs placebo in reducing depressive symptoms. Topline results are expected in 1H16.

8:30 am Pep Boys announces that its Board has determined the offer from Icahn Enterprises (IEP) at $15.50/share in cash constitutes a superior proposal (PBY) :

The co announced that its Board of Directors, after consultation with its independent legal and financial advisors, determined that the proposal from Icahn Enterprises (IEP) to acquire Pep Boys for $15.50 per share in cash constitutes a "Superior Proposal" as defined in the Company's agreement and plan of merger with Bridgestone Retail Operations, LLC. As part of its proposal, Icahn delivered to the Company a merger agreement signed by Icahn that is not subject to due diligence or financing conditions and contains a "hell or high water" anti-trust covenant.

• Also on December 8, 2015, the Company delivered notice to Bridgestone of the Pep Boys Board's determination and intention to effect a change of recommendation and to terminate the Bridgestone agreement. Such notice commenced a three business day period that will expire at 5:00pm New York City time, on Friday December 11, 2015, during which the Company may not change the recommendation nor terminate the Bridgestone agreement, and Bridgestone has the right to make proposals to the Company. As previously announced on October 26, 2015, the Company entered into the Bridgestone agreement pursuant to which Bridgestone commenced, on November 16, 2015, a tender offer for all outstanding shares of Pep Boys at $15.00 per share in cash.

8:29 am Noble Energy increases its 4Q15 sales volumes to range between 405K and 415K MBoe/d (NBL) :

Co increased its fourth quarter 2015 sales volumes to range between 405 and 415 thousand barrels of oil equivalent per day, with the midpoint of the new estimate representing a 15 MBoe/d increase over the prior midpoint.

• Actual volumes sold in October and November 2015 exceeded expectations due to improved completion practices in the Eagle Ford and DJ Basin, as well as the accelerated ramp-up and early performance of Big Bend and Dantzler in the Gulf of Mexico. Combined, the two deepwater fields have already achieved their targeted peak production rate of 20 MBoe/d, net to Noble Energy.
• In addition, fourth quarter volumes in the Company's other U.S. Onshore, West Africa and Israel assets is consistent with to slightly better than prior expectations.

8:27 am On the Wires (:WIRES) :

• LivaNova PLC (LIVN) announced the appointment of Berenberg as Corporate Broker to the co w/ immediate effect.
• Catabasis Pharma (CATB) announced that the first patient has been dosed in a Phase 2a trial of CAT-2054 for the treatment of hypercholesterolemia
• PTC Therapeutics, Inc. (PTCT) has entered into a research collaboration with Massachusetts General Hospital for the treatment of rare genetic disorders resulting from pre-mRNA splicing defects. Under the terms of the agreement, PTC gains an exclusive worldwide license to compounds that modulate alternative splicing of the IKBKAP pre-mRNA. PTC will pay an upfront license fee, make payments upon successful completion of certain development and commercialization milestones, as well as royalties on worldwide product sales. PTC will fund collaborative research and licensing activities
• NantKwest (NK) will present preclinical results from the company's HER2.taNK program at the San Antonio Breast Cancer Symposium
• Genomic Health (GHDX) will present results from eight Oncotype DX breast cancer test studies at the San Antonio Breast Cancer Symposium
• Zayo Group Holdings (ZAYO) announced that it has sold dark fiber services to a major content company on its new Phoenix to Dallas route. The sale creates a positive unlevered return on the expected net capital investment and a positive cash flow yield since the initial anchor customer sale in early 2015.
• International Game Technology PLC (IGT) announced that it has reached a licensing agreement with Gamesys, providing the entertainment online gaming company with intellectual property usage rights for certain game features offered in IGT's innovative patent portfolio.

8:25 am Aeterna Zentaris prices its underwritten public offering of common shares and warrants at $5.55/unit for net proceeds of ~$15 mln (AEZS) : The warrants will be exercisable immediately and expire five years following issuance at an exercise price of $7.10/share. Co intends to use the net proceeds from the Offering to continue to fund its ongoing drug development activities, for the potential addition of commercialized products to the Company's portfolio, and for general corporate purposes, for working capital and to fund negative cash flow.

8:23 am European Markets Update: FTSE -0.2%, DAX -0.6%, CAC -0.9% (:SUMRX) :

Major European indices trade lower across the board with France's CAC (-0.9%) showing relative weakness. The euro has rallied about 0.6% against the dollar this morning, climbing to 1.0950, which puts the pair near its Thursday spike high (1.0981).

• Economic data was limited:
  • Germany's October trade surplus expanded to EUR20.80 billion from EUR19.20 billion (expected surplus of EUR20.00 billion) as exports fell 1.2% month-over-month (expected -0.5%; previous 2.6%) and imports declined 3.4% month-over-month (consensus -1.0%; last 3.8%)
  • Swiss November Unemployment Rate held at 3.4%, as expected

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• UK's FTSE is lower by 0.2% with roughly half of its components trading in the red. Miners are among the weakest performers with Anglo American, Fresnillo, and Antofagasta down between 1.2% and 7.3%. On the upside, homebuilders Barratt Developments and Persimmon are both up near 0.7%.
• Germany's DAX trades down 0.6% with heavyweights Adidas, Bayer, Deutsche Bank, and Merck showing losses between 1.1% and 3.4%. On the upside, shares of Volkswagen have surged 7.3% after the company said that about 36,000 of its vehicles have been involved in the emissions scandal, which is down from the early estimates of 800,000.
• In France, the CAC has given up 0.9% amid losses in most of its components. Growth-sensitive Alstom, Saint Gobain, Schneider Electric, and ArcelorMittal lead the retreat with loses between 1.7% and 2.0%.

8:10 am Stock Building Supply Holdings posts updated investor presentation highlighting initiatives to drive shareholder value (STCK) :

The presentation highlights the Company's strategy to create shareholder value by driving profitable growth; highlights include:

• Market leadership position with national scale and local expertise in a highly fragmented industry with significant expansion opportunities
• Differentiated, value-added product and service capabilities such as its proprietary Ready-Frame and eBusiness platform to accelerate profitable growth
• Low cost, high service integrated supply chain and diverse customer base
• Flexible capital structure to support efficient new market entry and growth opportunities
• Significant anticipated cost synergy potential of $30 million to $40 million annually within two years
• Seasoned leadership team committed to executing the Company's strategic initiatives

8:07 am InterCloud Systems receives over $3 mln in new contracts for professional and managed services in connection with deployment of next generation network solutions as well as Distributed Antenna Systems (ICLD) :  

8:05 am Freeport-McMoRan announces reduction in capital spending; suspending dividend (FCX) :

Co announced additional actions in response to market conditions, including further revisions to its oil and gas capital spending plans, additional curtailments in copper and molybdenum production and the suspension of its common stock dividend.

Oil & Gas Review

• As previously reported, co is deferring investments in several long-term projects in response to oil and gas market conditions. Following an ongoing review, capital expenditures for 2016 and 2017 have been reduced further from $2.0 billion per year in 2016 and 2017 to $1.8 billion in 2016 and $1.2 billion in 2017, including idle rig costs.  Initiatives are expected to add low cost oil production, enabling cash production costs to decline from $19 per barrel of oil equivalents (BOE) in 2015 to less than $16 per BOE in 2016 and 2017. Under the revised plans, FM O&G's cash flows would substantially fund its capital expenditures at $45 per barrel of Brent crude oil in 2017.
  • As previously reported, the FCX Board is engaged in a strategic review of its oil and gas business to evaluate alternative courses of action

Mining Review

• FCX previously announced a 25 percent reduction in its capital spending for its mining business for 2016. FCX is undertaking further actions involving plans for a full shut-down of its Sierrita mine in Arizona and adjustments to its operating plans from its primary molybdenum mines, which will increase its curtailments to approximately 350 million pounds of copper and 34 million pounds of molybdenum per annum.
  • FCX is also evaluating other financing alternatives, the potential sale of minority interests in certain mining assets and other actions to provide additional proceeds for debt reduction.

Dividend on Common Stock

• FCX also announced that its Board has suspended its annual common stock dividend of $0.20 per share. This action will provide cash savings of approximately $240 million per annum and further enhance FCX's liquidity during this period of weak market conditions. FCX's Board will review its financial policy on an ongoing basis and authorize cash returns to shareholders as market conditions improve.
  • Assuming prices of $2.00 per pound for copper and $45 per barrel Brent crude oil for 2016, FCX estimates consolidated operating cash flow would exceed capital expenditures by more than $600 million.

Amendment to Bank Credit Facility

• Following recent declines in prices for its primary products, FCX has reached agreement with its bank group to amend the Leverage Ratio (Net Debt/EBITDA) under its revolving credit facility and $4 billion term loan from the previous limit of 4.75x to 5.5x at December 31, 2015, 5.9x for the first half of 2016, and stepping down to 5.0x by year-end 2016 and 4.25x in 2017. The Leverage Ratio is unchanged at 3.75x thereafter.

8:04 am Vera Bradley beats by $0.07, beats on revs; guides Q4 above consensus; announces $50 mln buyback after completing previous $40 mln program (VRA) :

• Reports Q3 (Oct) earnings of $0.27 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.20 and $0.19-0.21 guidance; revenues rose 1.2% year/year to $126.7 mln vs the $121.14 mln Capital IQ Consensus and $120-123 mln guidance. 
  • Current year third quarter Direct segment revenues totaled $84.1 million, a 7.9% increase from $77.9 million in the prior year third quarter.
  • Comparable sales (including e-commerce) decreased 9.5% for the quarter (reflecting a 2.0% decline in comparable store sales and a 19.1% decrease in e-commerce sales), which was offset by new store growth (the Company opened 17 full-line and 13 factory outlet stores during the past 12 months). Third quarter comparable sales were negatively impacted by year-over-year declines in store and e-commerce traffic, largely resulting from reduced promotional activity.
  • Indirect segment revenues decreased 10.0% to $42.5 million from $47.3 million in the prior year third quarter, primarily due to lower average order size from the Company's specialty retail accounts and a modest year-over-year reduction in the total number of specialty retail accounts.
• Co issues upside guidance for Q4, sees EPS of $0.40-0.43 vs. $0.39 Capital IQ Consensus Estimate; sees Q4 revs of $151-155 mln vs. $149.19 mln Capital IQ Consensus Estimate.
• Q3 repurchases completed the balance of the Company's $40 mln share repurchase program (~2.82 million shares at an average repurchase price of $14.19 over the life of the plan).
• Company's board of directors approved another share repurchase program authorizing up to $50 million in common stock repurchases. The new share repurchase program expires in Dece 2017.

8:03 am Westport Innovations is awarded $900,000 towards a program to advance natural gas combustion technology (WPRT) : Co announces that, together with the Gas Technology Institute (:GTI), it has been awarded US$900,000 towards a program to advance state-of-the-art natural gas combustion technology. The work will feature Westport's enhanced spark ignited (ESI) natural gas engine technology and demonstrate "High Frequency Corona Discharge Ignition" on an original equipment manufacturer (:OEM) partner's engine.

8:03 am SITO Mobile amends its patent licensing agreement with Zoove Corporation (SITO) : Under the amended agreement, which was signed December 4, 2015, SITO Mobile received a payment of $550,000 which consisted of $100,000 in exchange for an amendment to the original licensing agreement and the acceleration of the remaining payments due to SITO Mobile under the original agreement which totaled $450,000.

8:02 am Medtronic announces that its Activa portfolio of Deep Brain Stimulation neurostimulators has received FDA approval for full-body Magnetic Resonance Imaging under specific conditions of use (MDT) :  

8:01 am Evolution Petroleum Board approved a majority transfer of its GARP oilfield technology operations to NGST employees; announced executive promotions pursuant to its succession plan (EPM) :

• Over the past several months, co has conducted a strategic review of its oilfield technology operations operated within its NGS Technologies subsidiary ("NGST") and marketed as Gas Assisted Rod Pump, or GARP. In addition to the task of marketing a new technology, the prolonged downturn in commodity prices, which appears likely to extend into calendar 2016 and potentially beyond, has increased the challenge of commercializing GARP. Furthermore, the ownership of this technology by an oil producer creates a potential conflict of interest. From a strategic standpoint, co has always viewed this operation as a candidate for an ultimate spinoff or sale in order to maximize the value for our shareholders. The goal with the strategic review has been to enhance the potential for the success of GARP and reduce related capital and operating expenditures, while retaining an interest in the potential upside from the future success of this technology for our shareholders.
  • As a result of this review, Company management recommended and the Board has approved a majority transfer of our GARP oilfield technology operations to the NGST employees, including the lead executive and inventor of the technology, Daryl Mazzanti, who is currently our Senior Vice President of Operations. Evolution will retain a minority equity interest in NGST and will have the option to convert part of our initial funding into a substantially increased equity stake in the future. In addition, the Company will retain a 5% royalty on all future gross revenues associated with the GARP technology.
  • The separation of NGST is expected to reduce the ongoing general and administrative costs by ~$1 mln per year. The combined costs of severance and other related expenses are expected to result in a one-time restructuring charge in the second fiscal quarter ended December 31, 2015, with a preliminary estimate of ~$700,000. The specific terms of the transaction are subject to definitive legal agreements, and certain provisions may be modified for legal, tax, accounting or other business purposes. The above estimates are subject to revision accordingly.
• Randy Keys, the current Pres/CFO, has been appointed President and CEO. This appointment is part of the planned transition of the leadership team of Evolution, which began last year with Randy's promotion to the dual role of President and CFOr. Robert Herlin, the current Chief Executive Officer, Board Chair and co-founder of the Company, will continue to serve as Executive Chairman of the Board and will work closely with the management team on strategic and litigation issues. David Joe, the current Vice President, Controller, Chief Administrative Officer and Corporate Secretary, has been appointed Senior Vice President, Chief Financial Officer and Treasurer, and will serve as the Principal Financial Officer.

8:01 am Carolina Financial prices its 1.967 mln share public offering of its common stock at $15.25/share for gross proceeds of ~$30.0 mln (CARO) :  

8:01 am American Airlines reports record November traffic results, RPMS were +4.3% to 16.9 billion (AAL) :

• American Airlines Group's total revenue passenger miles (RPMs) were 16.9 billion, up 4.3% y/y.
• Total capacity was 20.8 billion available seat miles (ASMs), down 0.2% y/y.
• Total passenger load factor was 81.2 percent, up 3.5% y/y.
• Co continues to expect its fourth quarter 2015 consolidated passenger revenue per available seat mile (:PRASM) to be down approximately 5 to 7 percent year-over-year.

8:00 am Ocular Therapeutix announces FDA acceptance of NDA filing for Dextenza for the treatment of post-surgical ocular pain (OCUL) : Co announces that the New Drug Application (:NDA) for DEXTENZA (sustained release dexamethasone), Intracanalicular Depot, for the treatment of ocular pain following ophthalmic surgery, has been accepted for review by the FDA. The acceptance indicates that the application permits a substantive review and there are no issues that have been identified at present that would delay the FDA's review progress. The FDA has set a target action date under PDUFA of July 24, 2016 for potential FDA approval of DEXTENZA.

8:00 am Great Basin Scientific stockholders approve a reverse stock split at a ratio of between 1 for 50 and 1 for 60 (GBSN) : On the record date the shares will begin trading based on the reverse split ratio, this will also cure the Company's previously announced Authorized Share Failure and the Series C Warrants will become exercisable for the following 25 trading days as previously announced on December 7, 2015. Shareholders did not approve the proposal to increase the Company's authorized shares from 200 million to 950 million.

7:58 am AerCap closes on $1.3 bln in new credit facilities; will be used to acquire new aircraft as they deliver from Boeing (BA) and Airbus (EADSY) through the end of 2016 (AER) :  

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

• Transgenomic (TBIO) reported on the status of insurance reimbursement for its genomic cancer tests currently available for the detection of key mutations in lung cancer and colorectal cancer. At the end of 2015, more than 110 million people in the US had health insurance that covered Transgenomic's cancer tests. The company also reported that it expects coverage to increase by more than 50 million lives in 2016, through revisions to existing contracts and expected signings of new contracts with additional insurers.
• Celgene (CELG) will present new results from the neoadjuvant randomized GeparSepto study of nab-paclitaxel at a dose of 125mg/m2 weekly compared to 150mg/m2 at the San Antonio Breast Cancer Symposium at 5 PM.
• The Coca-Cola Company (KO) announced that it has signed Letters Of Intent with three U.S. bottlers to grant expanded distribution territories in five states as it continues to accelerate the pace of territory refranchising. Agreements include territory in FL, AL, MN, MS, NE, IA and MD

7:57 am S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -19.20. (:WRAPX) :

U.S. equity futures trade in the red amid cautious action overseas. The S&P 500 futures hover seven points below fair value after slipping from their highs around the start of the European session.

Treasuries hold modest losses with the 10-yr yield up two basis points at 2.24%.

Once again, today's session will be very quiet on the economic front. The weekly MBA Mortgage Index rose 1.2% to follow last week's 0.2% downtick while the October Wholesale Inventories report (Briefing.com consensus 0.1%) will be released at 10:00 ET.

In U.S. corporate news of note:

• Costco (COST 163.09, -5.78): -3.4% after the retailer missed earnings and revenue estimates.
• DuPont (DD 74.56, +7.96): +11.9% amid reports the company is considering a merger with Dow Chemical (DOW 55.00, +4.10).
• Smith & Wesson (SWHC 20.00, -1.39): -6.5% despite beating estimates and raising its guidance above analyst estimates.
• Lululemon (LULU 47.46, -4.70): -9.0% after below-consensus earnings and revenue guidance overshadowed a bottom-line beat.
• Kinder Morgan (KMI 14.86, -0.86): -5.5% after the energy company announced its 2016 outlook which calls for an annualized dividend cut to $0.50/share from $2.04/share.

Reviewing overnight developments:

• Asian markets ended mostly lower. Japan's Nikkei -1.0%, Hong Kong's Hang Seng -0.5%, and China's Shanghai Composite +0.1%.
  • In economic data:
    • China's November CPI 0.0% month-over-month (expected -0.1%; previous -0.3%); +1.5% year-over-year (consensus 1.4%; last 1.3%). Separately, November PPI -5.9% year-over-year, as expected (prior -5.9%)
    • Japan's October Core Machinery Orders +10.7% month-over-month (expected -1.5%; previous 7.5%); +10.3% year-over-year (consensus 1.4%; last -1.7%). Separately, M2 Money Stock +3.3% year-over-year (consensus 3.5%; prior 3.7%) and Machine Tool Orders -17.9% year-over-year (previous -22.9%)
    • Australia's October Home Loans -0.5% month-over-month (expected -1.0%; previous 2.0%) and December Westpac Consumer Sentiment -0.8% (prior 3.9%)
    • South Korea's December M2 Money Supply +9.0% (previous 9.2%)
  • In news:
    • Japan's Government Pension Investment Fund may be permitted to invest directly in stocks, according to press reports

• Major European indices trade lower across the board. France's CAC -0.8%, Germany's DAX -0.4%, and UK's FTSE -0.2%. Elsewhere, Italy's MIB -0.4% and Spain's IBEX -1.0%
  • Economic data was limited:
    • Germany's October trade surplus expanded to EUR20.80 billion from EUR19.20 billion (expected surplus of EUR20.00 billion) as exports fell 1.2% month-over-month (expected -0.5%; previous 2.6%) and imports declined 3.4% month-over-month (consensus -1.0%; last 3.8%)
    • Swiss November Unemployment Rate held at 3.4%, as expected
  • Among news of note:
    • The euro has rallied about 0.4% against the dollar, climbing to 1.0939, which puts the pair near its best level from Thursday (1.0981)

7:46 am ABM Industries acquires technical engineering services firm Westway Services Holdings; terms not disclosed (ABM) : Westway is a provider of technical engineering services to customers in the United Kingdom. It has annual revenues of 54 million ($81 million).

7:41 am Orbotech receives $57 million in orders for multiple Sigma fxP PVD systems, from a leading semiconductor manufacturing company (ORBK) : System deliveries and revenue recognition are expected to commence in the fourth quarter of 2015 and continue throughout the first half of 2016. Orbotech's fourth quarter and full year 2015 revenue guidance included the initial revenues expected to be recognized from these orders during this period.

7:36 am Francesca's reports Q3 in-line with upside preannouncement; guides Q4 above consensus (FRAN) :

• Reports Q3 (Oct) earnings of $0.16 per share, in-line with the Capital IQ Consensus of $0.16; revenues rose 19.1% year/year to $103.7 mln vs the $98.85 mln Capital IQ Consensus. 
  • On Nov 20, co raised Q3 EPS to $0.15-0.16 from $0.12-0.15, sales $103.4 mln vs. $98.9 mln consensus and comps +4%.
  • This increase was driven by the 4% increase in comparable sales as well as the opening of 81 new boutiques since the comparable prior year quarter. We opened 11 boutiques during the quarter bringing our total boutique count to 619 at the end of the third quarter. The increase in comparable sales was primarily driven by an increase in average transaction value compared to prior year. Each of our merchandise category posted double digit sales increase during the quarter, with strongest growth in apparel and accessories. DTC sales increased 12% to $3.8 million during the quarter compared to $3.4 million in the same period last year. Gross profit, as a percentage of net sales, decreased to 46.6% compared to 47.3% in the prior year quarter.
• Co issues upside guidance for Q4, sees EPS of $0.31-0.33 vs. $0.31 Capital IQ Consensus Estimate; sees Q4 revs of $127-130 mln vs. $123.50 mln Capital IQ Consensus; mid single digit comps

7:36 am One Horizon signs an agreement to deliver its VoIP service to Globecomm Asia Pte (OHGI) : Globecomm will purchase pre-paid calling cards from One Horizon and resell to ship crews through its network of maritime distribution channels. Globecomm has a global operation covering thousands of vessels. The revenue possibilities of One Horizon for this service are significant with observed monthly revenue per vessel of $150.

7:33 am Tesoro to report strategic initiatives and growth strategies at its analyst and investor day (TSO) : Co stated: "Tesoro has a proven track record of delivering on our commitments. We are ontrack to report record results for 2015. Further, we expect $400 million to $500 million of business improvements in 2016. By focusing on our strategic priorities, businessimprovements and growth in our logistics and marketing businesses, we expect todeliver $3.5 billion to $4.0 billion of EBITDA in 2018."

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

• Myriad Genetics (MYGN) announced it will highlight three scientific presentations related to its myRisk Hereditary Cancer test at the 2015 San Antonio Breast Cancer Symposium in San Antonio, Texas. Data include results from studies that advance the understanding of hereditary cancer testing using multi-gene panels to evaluate patients at risk for or diagnosed with breast cancer.
• Soligenix (SNGX) received ~$490K, net of transaction costs, in non-dilutive financing via the state of New Jersey's Technology Business Tax Certificate Transfer Program.

7:15 am Korn/Ferry misses by $0.01, beats on revs; guides Q3 EPS in-line (KFY) :

• Reports Q2 (Oct) earnings of $0.51 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $0.52; revenues rose 10.0% year/year to $291.3 mln vs the $283.4 mln two analyst estimate. 
  • Fee revenue was $280.6 million in Q2 FY'16, an increase of $24.9 million, or 9.7% ($41.3 million, or 16.2% on a constant currency basis), compared to Q2 FY'15, primarily due to increases of $10.1 million, $7.5 million, and $7.3 million in fee revenue in Futurestep, Executive Recruitment, and Leadership & Talent Consulting, respectively. The overall fee revenue increase was driven by fee revenue growth in certain of our major markets -- financial services, life science/healthcare, technology and education/non-profit, partially offset by a decline in industrial and consumer goods.
• Co issues in-line guidance for Q3, sees adj. EPS of $0.48-0.56, including Hay Group vs. $0.53 Capital IQ Consensus, adj. fee rev $343-359 mln.

7:10 am Media General: Nexstar Broadcasting (NXST) announces it has reached an impasse in its negotiations with Media General after it rejected its revised offer valued at $16.31/share (MEG) :

Nexstar Broadcasting (NXST) disclosed that it has reached an impasse in its negotiations to acquire Media General (MEG), following the rejection by Media General's Board of Directors of Nexstar's revised proposal that is currently valued at $16.31 per Media General share, based on Nexstar's closing share price on December 8. Nexstar's revised proposal consists of $11.00 per share in cash (less the value of the break fee liability of approximately $0.46 per share related to Media General's Board's agreement to acquire Meredith Corporation, or a cash payment of $10.54 per Media General share) and a fixed exchange ratio of 0.1024 Nexstar shares per Media General share, up from the previous ratio of 0.0898.

• Media General's Board has rejected Nexstar's revised offer, which also included an agreement in principle to offer a net contingent value right that would provide Media General shareholders with cash based on the net proceeds received from the sale of its spectrum in the upcoming auctions, less any benefit that Media General shareholders would otherwise be entitled to as Nexstar shareholders from the sale of Nexstar spectrum.
• Media General responded with a counter proposal consisting of $11.00 per share in cash, an exchange ratio of 0.135 Nexstar shares per Media General share and the CVR. Excluding the value of the CVR, the current value of Media General's counter proposal is $18.61 per Media General share, representing a premium of approximately 66.9% over Media General's closing share price on September 25 and an enterprise value multiple of approximately 10.6x Media General's projected blended 2015/2016 EBITDA.

"Our current proposal is at the limits of reasonable multiples for Media General's projected blended 2015/2016 EBITDA based upon analysts' consensus estimates as well as recent precedent transactions in the broadcast sector.....The counter proposal from Media General is unreasonable. As a disciplined acquirer, we will only consummate a transaction that makes sense for both companies' shareholders. Given factors such as the current interest rate environment and the impending commencement of high levels of political advertising, time is of the essence and further delays in reaching reasonable terms for a transaction could impact the value creation we outlined at the time we announced our original proposal. We believe Media General shareholders will be disappointed with their Board's unreasonable negotiating position given the immediate and long-term strategic and economic benefits a combination with Nexstar would provide, and that they will urge Media General to engage with us to reach a transaction on reasonable economic terms."

7:03 am OncoGenex Pharma announces that the Data Safety Monitoring Board at the Dana-Farber/Harvard Cancer Center has recommended continuing the Phase 2 Borealis-2 trial (OGXI) :

Co announced that the independent Data Safety Monitoring Board at Dana-Farber/Harvard Cancer Center has recommended that the Phase 2 Borealis-2 trial continue as planned after completing the pre-specified futility analysis.

• In addition to Borealis-2, OncoGenex expects to announce progression-free survival results for the Phase 2 Spruce trial in the first quarter of 2016 with continued overall survival follow up.
• The company's other asset, custirsen, is currently being evaluated in two ongoing Phase 3 clinical trials. Based on current enrollment projections, ENSPIRIT results could be available in the second half of 2016.

7:03 am Hanwha Q CELLS nearly triples solar module supply agreement with Sunrun (RUN) for 2016 (HQCL) : Through the partnership, Hanwha Q CELLS will become one of Sunrun's main suppliers next year providing up to 135 MW of modules, nearly three times their previously signed module supply agreement in 2015.

7:03 am CST Brands: Engine Capital expresses 'concerns regarding CST Brands' poor stock performance since spinoff from Valero Energy (VLO)' (CST) : Highlights from Engine letter to the Board: "At this point, Engine has certainly not reached the conclusion that the Company should be sold. We have raised it as a value-maximizing alternative given our uncertainty at this stage as to whether senior management and the Board would commit to executing on the standalone initiatives.... In conclusion, we think CST is significantly undervalued. There are many levers for management and the Board to significantly enhance shareholder value. In order to justify remaining a standalone public company and not taking advantage of this unprecedented period of M&A, CST must act quickly and make the necessary changes to improve its operations... Alternatively, CST could evaluate all strategic alternatives to maximize shareholder value and explore what one of the large consolidators would pay for the Company's valuable assets. The one thing that is certain is that the status quo is unworkable and the Board needs to act with a sense of urgency. We intend to monitor closely the developments at the Company. We reserve our rights to take whatever actions in the future we believe may be required to protect the best interests of shareholders."

7:02 am Titan Pharma and Braeburn Pharma announce that the FDA scheduled Psychopharmacologic Drugs Advisory Committee meeting on Jan 12 2016 to review the NDA for Probuphine (TTNP) :

• An agency action date has been set for Feb 27 2016.
  

7:02 am Assembly Biosciences reports clinical study that shows Assembly Biosciences' Oral Gemicel technology can achieve targeted delivery to the lower GI Tract for microbiome and other applications (ASMB) : Co reports a successful clinical study that demonstrates that Gemicel can effectively release a bolus therapeutic payload to specific portions of the lower GI tract. Cois planning to initiate a Phase lb clinical trial in recurrent CDI in 2H16.

7:01 am Ignyta initiates a STARTRK-NG Phase 1/1b pediatric clinical trial of Entrectinib, in children and adolescents with recurrent or refractory extracranial solid tumors (RXDX) : Co announced the initiation of STARTRK-NG, a new pediatric Phase 1/1b clinical trial of entrectinib. It will be a multicenter, open label, dose-escalation and expansion study designed to determine the maximum tolerated dose and recommended Phase 2 dose, tolerability, pharmacokinetics and preliminary clinical activity of entrectinib in children and adolescents with recurrent or refractory extracranial solid tumors or primary central nervous system tumors, including indications such as neuroblastoma.

7:01 am Applied Genetic Technologies and Synpromics Limited enter into a broad, multi-target collaboration agreement for enhanced gene therapy candidates (AGTC) :

Co enters into a broad, multi-target collaboration agreement.

• Potential payments to be made by AGTC to Synpromics under the Agreement include a $1.5 mln upfront payment, research funding for the collaboration, option exercise fees for each promoter and milestone payments based on clinical and commercial success followed by royalties on sales of products incorporating the covered promoters.
• As part of the collaboration, the companies plan to utilize Synpromics' proprietary technology to develop and optimize synthetic promoters for multiple cell types that will be used in the development of new gene therapy candidates.

7:01 am Harmonic prices a $125 mln private placement of 4% convertible senior notes due 2020 (HLIT) : Harmonic expects to use up to $70.0 million of the net proceeds of the offering to pay a portion of the costs associated with its previously announced acquisition of Thomson Video Networks SAS. Harmonic also intends to use approximately $50.0 million of the net proceeds from the offering to repurchase shares of its common stock from purchasers of the notes in the offering. Note: The initial conversion rate for the notes is 173.9978 shares of common stock per $1,000 principal amount of notes

7:00 am Cara Therapeutics announces positive top-line results from Phase 2a trial of oral CR845 in chronic pain patients with osteoarthritis of the knee or hip (CARA) :

Co announced positive top-line results from a Phase 2a trial of an oral tablet formulation of the Company's peripherally selective kappa opioid agonist, CR845, in patients with osteoarthritis (OA) of the knee or hip.

• Integrated AUC analysis of the overall NRS score for the entire treatment period indicated a statistically significant reduction in the 5.0 mg dose group compared to the three lower doses used in the trial (Wilcoxon Rank Sum Test: p=0.02).
• The reduction in pain score in the 5.0 mg dose group was accompanied by a statistically significant reduction in mean rescue medication of ~80 percent (ANOVA: p= 0.02, for 5.0 mg vs lower dose groups). 59 percent of patients in the 5.0 mg dose group used no rescue medication in Week 2 of the trial. The effectiveness of the 5.0 mg dose was further supported by statistically significant, dose-related increases in the proportion of patients whose OA was "very much improved" or "much improved" as indicated by patient global assessment. An overall improvement in WOMAC scores was observed over time for all four tablet strengths, with the 5.0 mg dose group exhibiting a mean -38 percent improvement in WOMAC Index from baseline.
• All tablet strengths were generally well tolerated with no drug-related SAEs.

7:00 am Uranium Energy provides results from the recently completed drilling campaign in Burke Hollow (UEC) :

• The Eastern Lower B trend is expected to be the first production-area within the mine permit application, currently under advanced-stage technical review. The Eastern Lower B trend is one of seven trends discovered to date at the Burke Hollow project by the Company.
• For the first phase of the campaign, the Company drilled a core hole within the established Eastern Lower B trend for uranium recovery analysis by an independent laboratory. Leaching results from independent laboratory analysis indicate uranium recoveries well above 90%. The second phase of the drilling campaign involved drilling and completing three baseline monitor wells for use in upcoming pumping tests in order to facilitate permitting and future wellfield planning. In addition, BHC-1 Core hole was also completed as a baseline monitor well, for a total of four new wells.
• As part of the accelerated permitting program for the Burke Hollow Project, the Company completed an ecological assessment of the eastern trend last month to accommodate the large first area now being planned for potential production. The Mine Area Permit, Aquifer Exemption and Radioactive Material License applications continue to progress through the technical review stages as planned.

7:00 am Yahoo! announces that its Board has unanimously decided to suspend work on the pending plan to spinoff its stake in Alibaba (BABA); will evaluate alternate transaction structures (YHOO) :

The co announced that its Board of Directors, after careful review and consideration of how to best drive long-term value for shareholders, has unanimously decided to suspend work on the pending plan, announced in January of 2015, to spin off the company's remaining holdings in Alibaba Group Holding Limited (BABA). The Board will now evaluate alternative transaction structures to separate the Alibaba stake, focusing specifically on a reverse of the previously announced spin transaction.

• "We believe that the previously announced spin off would be tax free to Yahoo and its shareholders," said Maynard Webb, Chairman of Yahoo's Board of Directors. "However, in consideration of developments since the original spin off plan was announced and after significant deliberations, we are suspending work on the Aabaco spin off. Among other factors, we were concerned about the market's perception of tax risk, which would have impaired the value of Aabaco stock until resolved. Informed by our intimate familiarity with Yahoo's unique circumstances, the Board remains committed to accomplishing the significant business purposes and shareholder benefits that can be realized by separating the Alibaba stake from the rest of Yahoo. To achieve this, we will now focus our efforts on the reverse spin off plan."
• The reverse spin off is expected to require, among other things, third party consents, preparation of audited financial statements, shareholder approval, and SEC filings and clearance, including under the Investment Company Act of 1940. While the company intends to move expeditiously to complete the transaction, it is advised that complex transactions of this kind can take a year or more to conclude.
• Yahoo also disclosed in a regulatory filing that Max Levchin had resigned from the Board effective immediately 'due to his other professional commitments and demands on his time'

6:58 am On The Wires (:WIRES) :

• SunEdison (SUNE) signed a 20 year PPA w/ the city of San Diego that will see 6.6 megawatts of solar installed across 25 city-owned sites. that will see 6.6 megawatts of solar installed across 25 city-owned sites. SunEdison plans to start construction during 2Q16, w/ completion targeted by Q4.
• JA Solar Holdings (JASO) announced that it has won a contract to supply 100 MW of photovoltaic modules to one of the first three large-scale ground-mounted solar power facilities in Zimbabwe. The projects will have a combined installed capacity of 300 MW and the three contractors for these projects are ZTE, China MCC17 Group and Intratrek Zimbabwe. JA Solar will supply its PV modules to China MCC17 Group for the project it is constructing.

6:46 am PowerSecure is awarded $55 million in new business; includes $39 million of new utility infrastructure business (POWR) : Co has been awarded $55 million in new business, including $39 million of new utility infrastructure business, $8 million of new distributed generation (DG) business, $5 million of new energy efficiency business and $3 million of new solar business.

6:46 am PolyOne acquires Magenta Master Fibers from BASF (BASFY) for $22 mln; acquisition expected to add $16 mln to revs and be accretive to EPS in 2016 (POL) : Magenta Master Fibers is a developer of specialty solid color concentrates for the global fiber industry.

6:44 am Allete guides FY16 EPS ~in-line; reaffirms FY15 EPS (ALE) :

• Allete sees FY16 $3.10-3.40 vs $3.34 Capital IQ Consensus Estimate
  • 2016 guidance reflects strong cost control efforts and increased cost recovery rider revenue at Minnesota Power, as well as continued growth at both ALLETE Clean Energy from owned facilities and U.S. Water Services
• Reaffirms FY15 EPS $3.35-3.50 vs. $3.36 consensus.

6:33 am Liberty Tax beats by $0.14, beats on revs (limited coverage) (TAX) :

• Reports Q2 (Oct) loss of $0.71 per share, $0.14 better than the two analyst estimate of ($0.85); revenues rose 2.6% year/year to $7.9 mln vs the $7.28 mln two analyst estimate. 
• "We are looking forward to the coming tax season," said John Hewitt, CEO. "We expect to see expansion in our store count and strong growth in existing store return counts reflecting a good market environment for paid tax preparation and new product offerings."

6:31 am Cosi reports system-wide comps of +0.7% for Period 11, 2015 (COSI) : Company owned comps were +0.1% and franchised comps were +1.9%. For the 2015 Period 11, the Hearthstone locations recorded an aggregate increase in comparable restaurant sales of 3.6% compared to the 2014 Period 11.

6:30 am Ensign Group announces a two-for-one stock split (ENSG) :

• Upon completion of the split, the outstanding shares of co's common stock will increase to ~51,357,502 mln, respectively, based on the outstanding shares as of December 8, 2015. 
• Co expects its common stock to begin trading at the split-adjusted price on December 24, 2015.
• Co also notes that previously announced guidance FY 2016 adj EPS has been adjusted to reflect the impact of the two-for-one split with no other changes.

6:18 am Correction: Costco misses by $0.08, misses on revs (COST) :

• Reports Q1 (Nov) earnings of $1.09 per share, $0.08 worse than the Capital IQ Consensus of $1.17; revenues rose 1.3% year/year to $27.22 bln vs the $27.73 bln Capital IQ Consensus.
• Total Company Comparable sales were -1% (US +2%, Can -9%, Int'l -5%) 
  • As previously reported in last weeks Nov comps release
• Briefing note: An earlier post indicated Q1 revs of $26.63 bln (which excluded membership fees). That prior post has been removed.

6:01 am Bio Blast Pharma reports a R&D update; co intends to conduct a Phase 2b study of Cabaletta (ORPN) :

• Based on the positive data from the HOPEMD study, co intends to conduct a double-blind, placebo-controlled, Phase 2b study to augment the existing data package for Cabaletta and to further guide the design of a future pivotal Phase 3 study.
• Therefore, at this time, and in advance of discussions with regulatory authorities, co does not anticipate commencing a Phase 3 Cabaletta clinical study in 2016 in either OPMD or spinocerebellar ataxia type 3 patients.
• Following the conclusion of an ongoing assessment, coanticipates providing updated guidance on its overall R&D strategy in early 2016.

5:53 am Samsung Elect launches annual structural reorganization, announces the establishment of an automotive components team (SSNLF) :

Samsung announced its annual structural reorganization to pre-emptively respond to business uncertainties while maintaining its three business divisions namely IM (IT & Mobile Communications), CE (Consumer Electronics), and DS (Device Solutions). Samsung established new organizations that target and pursue new business initiatives to prepare for future growth.

• The company established an automotive components team, which will initially focus on building its competencies in infotainment and autonomous driving vehicles. The operation will be headed by Executive Vice President Jonghwan Park and overseen by Vice Chairman & CEO Oh-Hyun Kwon.
• In addition, the Visual Display Business established an AV business team, and the Mobile Communications Business established Mobile Enhancing team focusing on wearables and mobile-related accessories.
• In response to the growth of online channel sales, the company is establishing online operations teams in Korea and Southwest Asia. It will also create dedicated online organizations within key business units.
• In addition, the company strengthened its product planning and R&D organizations with a focus on emerging markets. A product strategy center was established in China with the aim of creating an end-to-end product planning and R&D platform for locally developed products. The company will also expand its local product planning and R&D functions in India.
• The Device Solutions Division plans to prepare for rapidly changing market conditions in the semiconductor industry by focusing on streamlining internal operations and increasing productivity while seizing new business opportunities.

5:49 am On The Wires (:WIRES) :

• Vale S.A. (VALE) and a consortium led by ICBC FinancialLeasing, a 100% owned subsidiary of the Industrial and Commercial Bank ofChina, concluded the sale and purchase of four very large ore carriers of400,000 tons deadweight owned and currently operated by Vale. The transactiontotaled $423 million and this amount was received by Vale upon the delivery ofthe vessels to the new owners.
• Hutchison China MediTech Limited (Pending: HCM) announcesthat Shanghai Hutchison Pharmaceuticals Limited , its 50:50 joint venture witha subsidiary of Shanghai Pharmaceuticals Holding, has entered into an agreementwith the Shanghai government for the surrender of SHPL's remaining 36 yearsland-use rights on its approximately 58,000 square metres old factory site at2098 Zhennan Road, Taopu Town, Putuo District, Shanghai
• The Australian Department of Defence has awarded the AIR5428 Pilot Training System contract to Lockheed Martin (LMT)-led Team 21 totrain the next generation of Australian Defence Force pilots. The initial sevenyear program is valued at AU$1.2 bln.
• JLL (JLL) announced the acquisition of Trussard PropertyConsultants, a leading local real estate leasing and investment agencybusiness, based in Johannesburg. The addition of Trussard will furtheraccelerate the strong growth momentum in JLL's South Africa business which isbased in Rosebank, Johannesburg.
  

5:46 am lululemon athletica beats by $0.01, reports revs in-line; guides Q4 EPS below consensus, revs below consensus (LULU) :

Reports Q3 (Oct) earnings of $0.38 per share, $0.01 better than the Capital IQ Consensus of $0.37; revenues rose 14.4% year/year to $479.69 mln vs the $482.27 mln Capital IQ Consensus.

• Total comparable sales, which includes comparable store sales and direct to consumer, increased by 9% ex-FX vs. high single digit guidance. Comparable store sales for the third quarter increased by 6% on a constant dollar basis and direct to consumer revenue increased 21% on a constant dollar basis.
• Co issues downside guidance for Q4, sees EPS of $0.75-0.78 vs. $0.85 Capital IQ Consensus Estimate; sees Q4 revs of $670-685 mln vs. $690.20 mln Capital IQ Consensus Estimate. The Q4 guidance is based on total comparable sales in the mid-single digits on a constant dollar basis.

5:45 am S&P futures vs fair value: -7.30. Nasdaq futures vs fair value: -20.80. :

5:45 am European Markets : FTSE...6125.39...-9.80...-0.20%.  DAX...10614.73...-58.90...-0.50%.

5:45 am Asian Markets : Nikkei...19301.07...-191.50...-1.00%.  Hang Seng...21803.76...-101.40...-0.50%.

5:39 am Sunshine Heart amends its debt agreement with Silicon Valley Bank to modify the requirement that it raise $20 mln by March 31 (SSH) : On December 8, 2015, the Company entered into an agreement with Silicon Valley Bank to modify the loan and security agreement that was signed on February 18, 2015, which had required that the Company complete an equity financing resulting in unencumbered net cash proceeds of at least $20.0 million by March 31, 2016. The amendment eliminates this requirement, replaces it with a requirement that the Company maintain eight months of cash and cash equivalents on its balance sheet and also increases the fees the Company will pay Silicon Valley Bank in connection with prepayments.

5:16 am On The Wires (:WIRES) :

• MarketAxess Holdings (MKTX) announced that it has added the ability to trade local currency Asian bonds to its electronic trading platform.
• Desktop Genetics announced that it has received investment funding from Illumina (ILMN). The investment will be used to fund the continued development and commercialization of the DESKGEN platform with a particular focus on integration with NGS pipelines. The investment from Illumina follows DTG's recent fundraising from a syndicate of venture capitalists and angel investors.
• NTT Communications (NTT) announced the opening of its Tier IV ready1 FDC2 - the second phase of its Hong Kong Financial Data Center. FDC2 marks the completion of the HKD 4 billion purpose-built data center complex offering a total of 7000+ racks, which is currently the city's largest in capacity
• The Chicago Board Options Exchange (CBOE) launched the first international extension of the world-renowned CBOE Options Institute at Singapore Exchange.
• STMicroelectronics (STM) and Synology announced that ST's HD and UltraHD multimedia server-box platform (STiH412) has been selected for Synology's DS216play high-value NAS server for homes and businesses.
• Silver Spring Networks (SSNI) announced the launch of Starfish, an international wireless IPv6 network service for the Internet of Things.
• Advantest (ATE) has announced a new RECT550EX HIFIX unit to enhance the capabilities of its T2000 system-on-chip test platform in performing highly parallel testing.
• Qunar (QUNR) announced that, following Qunar's announcement of an exchange program for its employees on October 26, 2015 and the management's voluntary undertaking to seek the consent of its shareholders, it has received consent for the employee exchange program from Qunar shareholders representing the majority of all the outstanding fully diluted shares of Qunar, including convertible bonds on an as converted basis, that were not owned by Baidu (BIDU), Ctrip (CTRP), or Qunar management.

5:05 am Goodrich Petroleum extends tender offer to exchange co's 10.00% Series E Cumulative Convertible Preferred Stock to Dec 15 (GDP) :  

4:59 am BP to acquire additional interest in the West Nile Delta project (BP) :

BP Egypt has announced the completion of its acquisition of 22.75% in the North Alexandria Concession and 2.75 per cent in the West Mediterranean Deep Water Concession from Hamburg-based DEA Deutsche Erdoel AG. The acquisition will bring BP's working interest in both concessions of the West Nile Delta project to 82.75%.

• The West Nile Delta project agreement, concluded in March 2015, involves the development of 5 trillion cubic feet of gas resources and 55 million barrels of condensates.
• Production from WND is expected to be around 1.2 billion cubic feet a day (bcf/d), equivalent to about 25% of Egypt's current gas production.
• All the produced gas will be fed into the country's national gas grid. Production is expected to start in 2017.

4:16 am Computer Sciences to acquire Xchanging for $720 mln (CSC) :

Computer Sciences (CSC) and Xchanging announced that the boards of each company have agreed to terms of a recommended transaction under which CSC would acquire Xchanging at a price of 1.90 per share in cash, implying an equity value of 480 million, or ~$720 million.

• The acquisition is expected to close in the next six months pending receipt of regulatory approvals.
• The combination represents an attractive opportunity to combine CSC's global scope in insurance, business process outsourcing (:BPO) and IT services with Xchanging's specific expertise and leading software products that support the commercial insurance industry

4:11 am Electrolux initiates cost reduction program within Small Appliances; provides update on costs related to GE Appliances (ELUXY) :

Co announced measures to structurally reduce costs within the business area Small Appliances. Operations continue to be negatively impacted by reduced volumes in several key markets, as well as unfavorable currency movements.

• Measures to restore profitability are now being taken, including staff reductions and downsizing of activities, mainly in the U.S., Sweden and China. Consultations have been initiated with the Swedish Unions.
• These actions are expected to reach full effect from end of 2016, with estimated annual cost savings of SEK 120 mln. Costs related to the program are expected to amount to SEK 190 mln.

Costs related to GE Appliances

• As announced on December 7, 2015, Electrolux planned acquisition of GE Appliances will not be completed as General Electric has terminated the agreement and requested pay-out of the termination fee of $175 mln, corresponding to ~SEK 1,490 mln.
• In accordance with the terms of the transaction agreement, Electrolux will pay the termination fee of $175m to General Electric.
  • Transaction and integration costs are expected to ~SEK 175 mln for the fourth quarter 2015. In addition, the finance net for the fourth quarter will be impacted by costs arising from the bridge facility of ~SEK 225 mln.

4:08 am Novo Nordisk submits NDA for faster-acting insulin aspart for the treatment of type 1 and 2 diabetes to FDA (NVO) :

Co announced the submission of the New Drug Application (:NDA) for faster-acting insulin aspart to the FDA.

• Faster-acting insulin aspart is a mealtime insulin for improved control of postprandial glucose excursions and has been developed for the treatment of people with type 1 and type 2 diabetes.
• Novo Nordisk intends to make faster-acting insulin aspart available in the prefilled delivery device FlexTouch

4:04 am On The Wires (:WIRES) :

• Cogent Communications Holdings (CCOI) principal operating subsidiary, Cogent Communications, sued Deutsche Telekom (DTEGY) in U.S. federal court in Virginia for breach of contract.
• ServiceSource (SREV) announced plans to fill approximately 100 new positions by mid-2016 based in the company's new service delivery center located in the heart of Bonifacio Global City. Opening in January of 2016, the new state-of-the-art facility will bring a potential of up to 500 new positions to the area over the next year.
  

4:02 am USANA increases share buyback by $100 mln (USNA) :

Co announces that it has authorized an additional $100 million in funding for share repurchases by the Company of its outstanding common stock.

• As of December 4, 2015, the Company has repurchased approximately 456,790 shares during the fourth quarter of 2015 for a total investment of $61.2 million, which completes the Board of Directors' previous share repurchase authorization.

3:57 am Foresight Energy reports of accident at Sugar Camp Energy mine (FELP) : Co announced that an accident occurred this evening at Sugar Camp Energy LLC's MC#1 Mine, operated by M-Class Mining LLC, resulting in the death of an employee. There were no other injuries.

2:59 am Spectranetics submits Bridge Occlusion Balloon to FDA (SPNC) :

Co announced FDA Premarket Notification 510(k) submission of the Bridge Occlusion Balloon.

• Bridge Occlusion Balloon is designed to dramatically reduce blood loss in the rare event of a tear in the superior vena cava during a lead extraction procedure, providing a "bridge" to surgical intervention.

2:49 am On The Wires (:WIRES) :

• Semiconductor Manufacturing International (SMI) announced that its subsidiary company SMIC Holdings, obtained approval from the Shanghai municipal government to set up its regional headquarters in Shanghai.
• Lindblad Expeditions Holdings (LIND) announced that it has signed definitive agreements with Nichols Brothers Boat Builders ("Nichols Brothers") for the new build of two U.S. flagged coastal vessels.