4:39 pm CEL-SCI Corp reports FY15 results and clinical/corporate developments (CVM) :

• FY15 EPS ($0.42) vs ($0.49) year ago. The rise in operating loss was largely attributable to an increase in research and development expenses to $20.95 million in fiscal year 2015 compared to $17.0 million in fiscal year 2014. This expense increased based on the additional activity level of the Phase 3 clinical trial, including more clinical centers joining the study and more patients enrolled.
• "We are rapidly enrolling patients in our Phase 3 trial in head and neck cancer and the trial date for our arbitration is near. Both of these efforts are proceeding well, and we look forward to a positive 2016."

4:34 pm Archer-Daniels appoints its CEO/President Juan Luciano as Chairman of the Board, effective Jan. 1, 2016 (ADM) :  

4:32 pm St. Jude Medical reports results of its Accurate study, confirming benefits of DRG stimulation over traditional SCS for patients with complex regional pain syndrome or peripheral causalgia (STJ) :

The study has confirmed dorsal root ganglion (DRG) stimulation with the St. Jude Medical Axium Neurostimulator System provides sustained and superior pain relief over traditional spinal cord stimulation (SCS) in patients with complex regional pain syndrome or peripheral causalgia. In addition, patients receiving DRG stimulation reported better therapeutic targeting and a reduction in paresthesia compared to traditional tonic SCS.

• After 12 months, the ACCURATE study demonstrated a statistically significantly number of patients receiving DRG stimulation achieved meaningful pain relief and greater treatment success when compared to patients receiving traditional SCS (74.2 percent vs. 53 percent).

4:22 pm This week's biggest % gainers/losers (SCANX) :

The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

• Healthcare:CPPL (15.87 +14.34%),PLUS (96.98 +9.84%),
• Materials:TERP (10.88 +28%),SQQQ (19.57 +11.51%),CERS (6.41 +10.9%),
• Industrials:AVAV (28.64 +14.42%),
• Consumer Discretionary:GMCR (88.96 +72.07%),TXMD (8.87 +29.11%),SWHC (23.45 +23.49%),INST (20.31 +16.26%),FNSR (14.23 +14.21%),
• Information Technology:VRA (15.97 +38.39%),FIVN (7.57 +13.83%),
• Financials:HMY (0.93 +27.67%),NTRA (10.39 +11.72%),SHLD (22.15 +10.92%),
• Energy:SRG (41.24 +17.96%),
• Consumer Staples:AXDX (21.43 +17.88%),NRG (10.14 +12.67%),
• Utilities:SUNE (4.15 +14.01%)

• Healthcare:VNR (2.56 -42.6%),NGL (9.69 -28.43%),
• Materials:UDF (8.55 -51%),SDLP (4.31 -33.59%),FGP (14.81 -23.58%),
• Industrials:SIGM (6.3 -29.13%),GBT (33.11 -27.5%),
• Consumer Discretionary:MW (14.81 -29.31%),BLUE (59.52 -28.85%),RPTP (4.54 -25.08%),TGTX (10.75 -23.87%),
• Financials:BNED (8.7 -32.92%),ONTY (2.34 -31.18%),TROX (3.99 -28.88%),NAV (8.85 -26.98%),BTE (2.9 -26.02%),SWN (5.9 -23.77%),
• Energy:RAS (2.49 -40%),OUTR (41.43 -30.04%),NIHD (4.69 -24.84%)

4:17 pm FXCM reports update regarding relationship with Leucadia and its stock repurchase program; discussions with Leucadia remain ongoing (FXCM) :

As previously stated, both FXCM and Leucadia (LUK) remain committed to restructuring their existing Letter Agreement in a manner that is consistent with a sustainable long-term and value-enhancing strategy for both companies. These discussions remain ongoing.

• In addition, as has also been previously stated, FXCM's Board of Directors has authorized a stock repurchase program of up to $130 mln, of which there is $65.8 mln remaining. Members of senior management also have informed FXCM that they, too, may purchase shares independently of FXCM and each other.

4:16 pm Ultrapetrol Eduardo Ojea Quintana replaces Horacio Reyser as Chairman of the Board (ULTR) : Horacio Reyser resigned to take a senior position in Argentina's incoming government

4:16 pm Rhino Resource Partners announces it intends to voluntarily transfer trading of its common units to the OTCQB Marketplace from the NYSE (RNO) : After considering the available options to continue compliance with the NYSE's listing standards and the costs associated with Rhino's continued listing on the NYSE, the Partnership determined that continued listing on the NYSE is not in the best interest of the Partnership and its unitholders. The Partnership anticipates that the Common Units will begin trading on the OTCQB on or about January 4, 2016.

4:10 pm Closing Market Summary: Stocks Slide Ahead of Fed Week (:WRAPX) :

The stock market ended a defensive week on a woeful note with the S&P 500 (-1.9%) diving below its 100-day moving average (2,031). The benchmark index lost 3.8% since last Friday, while the Nasdaq (-2.2%) underperformed, falling 4.1% for the week.

The bulk of today's weakness unfolded during the first half of the day while afternoon action saw the key indices slip to fresh lows. The early weakness followed an overnight session, which featured news from China, indicating the People's Bank of China nudged the yuan to a four-year low against the dollar (6.4553). This stoked up concerns about China's deflation being exported to other economies while continued weakness in commodities compounded those worries.

Furthermore, reports of trouble in the junk bond arena weighed on sentiment after it came to light that Third Avenue Management is liquidating its high-yield Focused Credit Fund and barring investor withdrawals while it is doing so. This invited fears about other bond funds with similar exposure while junk bonds faced daylong pressure that sent the iShares iBoxx $ High Yield Corporate ETF (HYG 79.52, -1.62) to its lowest close since July 2009.

All ten sectors ended the day in negative territory and the market saw no dip-buying during the afternoon. To be fair, the lack of an afternoon rebound was not a shock considering the Federal Reserve is likely to introduce another wrinkle into the fold next week when the central bank is widely expected to announce the first fed funds rate hike since June 2006.

The continued weakness in commodity prices took its toll on cyclical energy (-3.4%) and materials (-2.7%) sectors. The energy space widened this week's loss to 6.5% while crude oil also struggled, falling 3.2% to $35.62/bbl, to end the week lower by 10.9%.

Meanwhile, the remaining cyclical sectors fared a bit better, but that was a small victory considering the "best" performing growth-sensitive sector still lost 1.6%. The industrial sector settled just a step ahead of the broader market thanks to strength in select railroad names after it was reported Berkshire Hathaway (BRK.B 130.31, -1.40) is considering a bid for Norfolk Southern (NSC 89.53, +1.85). On a related note, the Dow Jones Transportation Average ended in line with the S&P 500.

The 1.9% gain in the shares of NSC represented one of few bright spots in the market as declining issues at the NYSE outpaced advancers by a 7:1 margin.

Treasuries rallied throughout the day, ending on their highs with the 10-yr yield sliding ten basis points to 2.13%.

The Friday retreat invited above-average volume as nearly a billion shares changed hands at the NYSE floor.

Economic data included PPI, Retail Sales, Michigan Sentiment, and Business Inventories:

• The Producer Price Index report for November produced some better than expected readings, with both total PPI and core PPI, which excludes food and energy, increasing 0.3%
  • The median estimate of economists polled by Briefing.com called for a 0.1% decline in total PPI and a 0.1% increase in core PPI
  • On a year-over-year basis, the index for final demand is down 1.1%, which is the tenth consecutive 12-month decline. Core PPI is up 0.5%
• The November Retail Sales report showed a below-consensus increase of 0.2% (Briefing.com consensus +0.3%), yet sales excluding autos (+0.4%) were stronger than expected (Briefing.com consensus +0.3%) while core retail sales, which exclude autos, gasoline station, and building materials sales, were up a healthy 0.6%
  • Core retail sales factor into the goods component of personal consumption expenditures in the GDP report, so this November data can be thought of as a positive input
• The preliminary reading for the University of Michigan Index of Consumer Sentiment for December was 91.8, which was up slightly from the final November reading of 91.3 and nearly matched the Briefing.com consensus estimate of 91.6
  • The improvement stemmed from a better feeling about current conditions, evidenced by a jump in the Current Economic Conditions Index to 107.0 from 104.3
• Total business inventories were unchanged in October following a downwardly revised 0.1% increase (from 0.3%) in September
  • The Briefing.com consensus expected business inventories to be up 0.1%
  • Manufacturer inventories (-0.1%) and merchant wholesaler inventories (-0.1%) were already known. Retailer inventories were the only unknown and they increased 0.1% in October on top of a 0.8% increase in September

Investors will not receive any economic data on Monday.

• Nasdaq Composite +4.2% YTD
• S&P 500 -2.3% YTD
• Dow Jones Industrial Average -3.1% YTD
• Russell 2000 -6.6% YTD

Week in Review: Stocks and Commodities Slide

The major averages began the trading week on a cautious note with the Dow (-0.7%), Nasdaq (-0.8%), and S&P 500 (-0.7%) registering comparable losses. Equity indices retreated through the first two hours of the Monday session and the lack of intraday bargain hunting kept the key averages near their lows into the afternoon. The S&P 500 erased a third of its advance from Friday, but managed to settle above its 200-day moving average (2,065). Cyclical sectors were at the forefront of the retreat with energy (-3.7%) diving to the bottom of the leaderboard at the start of the trading day. The growth-sensitive group accelerated its slide during the late morning as crude oil cracked a new low for the year, dipping beneath the $38.00/bbl mark. The energy component settled lower by 5.9% at $37.63/bbl after sliding from its overnight high near $39.75/bbl.

The stock market endured a shaky session on Tuesday, but the key indices managed to recover a portion of their losses by the close. The S&P 500 settled in the middle of its trading range, surrendering 0.7%, while the Nasdaq Composite (-0.1%) outperformed throughout the day. Equities began the day under heavy pressure after the overnight session featured some disappointing economic data from China. Specifically, the country's November trade surplus narrowed to $54.10 billion from $61.64 billion (expected surplus of $63.30 billion) as exports fell 6.8% year-over-year (consensus -5.0%; previous -6.9%) and imports declined 8.7% (expected -12.6%; last -18.8%). The smaller than expected trade surplus re-invited the same global growth concerns that have been plaguing the market throughout the year. Accordingly, commodities retreated with crude oil falling more than 2.0% before pulling back. The energy component made a brief appearance in the green, but could not avoid a lower close, slipping 0.3% to $37.51/bbl after marking a session low near $36.64/bbl. The rebound in crude helped alleviate some of the pressure in the stock market, but the S&P 500 could not return above its 200-day moving average (2,064), which served as resistance.

On Wednesday, the market ended 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 the midweek 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.

Thursday ended on a higher note with the market putting an end to its three-day skid. The S&P 500 climbed 0.2%, but could not hold posture above its 50-day moving average (2,054). Meanwhile, the Dow (+0.5%) and Nasdaq (+0.4%) settled ahead of the benchmark index. The Thursday advance did not occur without some theatrics as the S&P 500 marked a morning high during the first 90 minutes of the day and followed that with a return to its flat line. The benchmark index charged to a fresh high in the early afternoon, but backtracked from that level to end in the lower third of today's range. Equity indices spent the first hour of action near their flat lines, but the energy sector (+0.6%) displayed relative strength from the start, which underpinned the advance. The sector narrowed this week's loss to 3.2%, ending in the lead even though crude oil fell 1.0% to $36.80/bbl. The energy component continued sliding in electronic trade, which forced some backtracking in the sector and the broader market.

4:01 pm Lake Shore Bancorp announces new 117,701 share repurchase program (LSBK) :

• Under the repurchase program, co may repurchase up to 117,701 shares of its common stock, or ~5% of its outstanding shares.
• The existing repurchase plan was terminated as a result of the new plan.
• Co repurchased 115,100 shares under the existing repurchase plan at an average cost of $11.82/share since the plan's inception in November 2010.

3:54 pm Energy (XLE -3.6%), airlines (JETS -3.4%) and biotech (IBB -2.9%) the hardest hit as we approach the close with market (SPY -2%, IWM -2.3%) at seven week low (XLE) :  

3:09 pm Major averages sliding back toward lows -- Dow -289, S&P -36, Nasdaq Comp -99 (:TECHX) : The S&P failed to make any headway after flirting with the Nov intraday/close lows 2019/2023 on the slow afternoon drift off the midday low (2013). An equality target is at 2007 prior to the 2000 psych level. 

3:06 pm Exxon Mobil elects Darren W. Woods as President (XOM) : Woods currently is SVP at co.

3:02 pm Ford Motor reports Nov European sales +20%; market share increases on strength of new cars, SUVs, CVs (F) :

• Ford sold 101,500 vehicles in its 20 traditional European markets last month. 
• Ford's total vehicle market share in the 20 markets grew 0.4 percentage points to 7.9% in November, and by 0.1 percentage point to 8.1% year-to-date. Across all 50 European markets, Ford's market share improved by 0.7 percentage points to 7.6% in November, and by 0.5 percentage points to 7.7 percent year-to-date.

3:01 pm Vulcan Materials Chairman Donald M. James retires, effective December 31, 2015 (VMC) : J. Thomas Hill, Vulcan's President and CEO, will succeed James as Chairman.

2:33 pm St. Jude Medical announces that its Sunburst study has demonstrated that Burst stimulation is superior to traditional tonic spinal cord stimulation in relieving chronic pain (STJ) : The Sunburst study also found patients preferred Burst stimulation to traditional SCS and that a vast majority of patients experienced a reduction in paresthesia (a tingling sensation common during traditional SCS), or were paresthesia free when receiving Burst stimulation. The vast majority (91 percent) of patients reported a decrease in paresthesia during treatment with Burst stimulation relative to tonic SCS. In addition, 65 percent of Sunburst patients were paresthesia free while using Burst stimulation from St. Jude Medical.

2:15 pm Slow climb back to midday bounce highs for major averages -- S&P -31, Nasdaq Comp -84, Dow -254 (:TECHX) :  

2:07 pm Willis Group reports that following the merger with Towers Watson (TW), the combined company will trade under 'WLTW' on the Nasdaq Stock Market exchange (WSH) :  

1:57 pm S&P affirms United Kingdom ratings at 'AAA/A-1+'; Outlook remains Negative on EU referendum uncertainties (EWU) : In S&P opinion, the possibility that the U.K. could leave the EU as a consequence of a planned "leave or remain" referendum (due before end-2017 but more likely for 2016) represents a risk to the U.K. economy, in particular to its large financial services sector and exports. If the U.K. were to leave the EU, this may also challenge the financing of its "twin" deficits, and would likely lead to demands for another referendum on Scottish independence. On balance, S&P believes that a "remain" vote remains the more likely outcome, in which case the U.K. economy is likely to broadly maintain its status quo.

1:34 pm Dyadic International shareholders approved sale of industrial technology business to DuPont Industrial Biosciences; expected to close on December 31, 2015 (DYAI) :  

1:18 pm ModusLink Global Solutions reports Q1 EPS ($0.29) vs $0.00 year ago; revs -24.7% y/y to $141.1 mln (no estimates) (MLNK) : Gross margin of 8.8% vs 10.0% in the same period in the prior year.

1:08 pm Whole Foods edges back toward early high (WFM) : Strong performance after positive commentary with it hitting 33.76 during the first hour. Range trade near the highs followed with it back near the early peak. The next level of note above is at its four month close high from Oct is at 34.24 (intraday high 34.50).

1:05 pm Roche Hldg's Genentech announces FDA granted accelerated approval to Alecensa for treatment of people with ALK positive metastatic non-small cell lung cancer (RHHBY) :  

1:01 pm Ashland acquires OCH International; terms not disclosed (ASH) : OCH operates and franchises a total of 89 quick-lube stores in six states. Acquisition expected to be completed in the first quarter of calendar 2016

1:00 pm Index Changes Reminder: j2 Global (JCOM) will replace Cytec (:CYT) in the S&P MidCap 400, and Installed Building Products (IBP) will replace JCOM in the S&P SmallCap 600 after the close (:INDXCH) :  

12:55 pm Midday Market Summary: Stocks Face Heavy Pressure (:WRAPX) :

The major averages sit near their lows at midday after facing heavy selling pressure through the first half of the session. The Nasdaq (-2.1%) has paced the retreat while the Dow (-1.7%) and S&P 500 (-1.8%) trade a little ahead.

Overnight, the People's Bank of China took steps to weaken the yuan, sending the currency to a four-year low against the dollar (6.4553). This stoked up concerns about China's deflation being exported to other economies while continued weakness in commodities has not helped matters either.

In addition, the Wall Street Journal reported this morning that Third Avenue Management is liquidating its high-yield Focused Credit Fund and not permitting investor withdrawals while it is doing so. The article cites Third Avenue as saying poor bond market trading conditions have made it very difficult to raise cash to meet redemption requests without resorting to fire sales of assets. Junk bonds have been pressured in response with the iShares iBoxx $ High Yield Corporate ETF (HYG 79.11, -2.03) diving to its lowest level since October 2011.

All ten sectors trade in the red at midday with four heavily-weighted groups showing relative weakness. The energy sector (-3.1%) is the weakest performing group, extending this week's loss to 6.2%. On a related note, crude oil is down 3.3% at $35.56/bbl today and down 11.0% for the week.

Similar to energy, most cyclical sectors have struggled to keep pace with the market while the industrial sector (-1.4%) outperforms slightly thanks to strength among railroads after it was reported Berkshire Hathaway (BRK.B 130.17, -1.54) is considering a bid for Norfolk Southern (NSC 88.76, +1.08). Shares of NSC have climbed 1.2% while the broader Dow Jones Transportation Average trades down 1.7%.

Today's selling has been far-reaching with declining issues outpacing advancers by a 7-1 margin.

Treasuries have surged, sending the 10-yr yield lower by eight basis points to 2.15%.

Economic data included PPI, Retail Sales, Michigan Sentiment, and Business Inventories:

• The Producer Price Index report for November produced some better than expected readings, with both total PPI and core PPI, which excludes food and energy, increasing 0.3%
  • The median estimate of economists polled by Briefing.com called for a 0.1% decline in total PPI and a 0.1% increase in core PPI
  • On a year-over-year basis, the index for final demand is down 1.1%, which is the tenth consecutive 12-month decline. Core PPI is up 0.5%
• The November Retail Sales report showed a below-consensus increase of 0.2% (Briefing.com consensus +0.3%), yet sales excluding autos (+0.4%) were stronger than expected (Briefing.com consensus +0.3%) while core retail sales, which exclude autos, gasoline station, and building materials sales, were up a healthy 0.6%
  • Core retail sales factor into the goods component of personal consumption expenditures in the GDP report, so this November data can be thought of as a positive input
• The preliminary reading for the University of Michigan Index of Consumer Sentiment for December was 91.8, which was up slightly from the final November reading of 91.3 and nearly matched the Briefing.com consensus estimate of 91.6
  • The improvement stemmed from a better feeling about current conditions, evidenced by a jump in the Current Economic Conditions Index to 107.0 from 104.3
• Total business inventories were unchanged in October following a downwardly revised 0.1% increase (from 0.3%) in September
  • The Briefing.com consensus expected business inventories to be up 0.1%
  • Manufacturer inventories (-0.1%) and merchant wholesaler inventories (-0.1%) were already known. Retailer inventories were the only unknown and they increased 0.1% in October on top of a 0.8% increase in September

12:45 pm Color on weakness in high-yield bond market (HYG) :

• High yield bonds are getting hit very hard today, as can be seen in the junk bond ETFs HYG (-3.0%) and JNK (-2.8%). They have bounced off their lows but remain volatile.
• The move follows yesterday's announcement from Third Avenue Management that it barred investors in a high-yield bond fund from redeeming their shares on Thursday. The company will liquidate the fund, but found that it couldn't meet redemption requests except at fire-sale prices. 
• The high-yield debt market and, in fact, the entire corporate bond market has seen weakness today as a result. 
• HYG and JNK, the two largest high-yield bond ETF's, hit post-crisis lows today. High yield bonds tend to be the most volatile, given their lower liquidity and riskier nature, and today's move is very large relative to the typical fluctuations in this market. 
• Energy companies account for about 1/6 of the high-yield bond market, and lower oil prices have been causing many issuers in the United States great hardship.
• Moody's, the credit ratings agency, is calling for the corporate default rate to rise to 3.8% in 2016 from 2.8% in 2015.
  
  

12:43 pm S&P -35 drops to lowest level since Mid-Oct (SPY) : The index has broken its Nov low to reach 2013. The next near term technical support is at 2007 (equality target) prior to the 2000 psych level. Intraday resistance to monitor is at the Nov intraday/close lows (2019/2023)

12:35 pm Walt Disney drops for the fifth day in a row to set a new two month low (DIS) : New two month low for DIS today at 107.73, attempting to stabilize in recent trade at probing its 200 ema at 107.61 -- session low 107.73.

12:26 pm New S&P -36 low breaks below it Nov range low, Dow -292 Nov low at 17210 -- session low 17269 (:TECHX) :  

12:17 pm Dow -291 joins the other averages below early lows -- S&P -35, Nasdaq Comp -98 (:TECHX) :  

12:07 pm Nasdaq continues to underperform, Comp -83 and 100 -81 sets new session lows (:TECHX) : Haven't seen the major averages move in unison as the Dow -261 is still slightly above its early low but there continues to be no bargain hunting interest.

11:53 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:-2.2%
• Germany's DAX:-2.4%
• France's CAC:-1.8%
• Spain's IBEX:-1.4%
• Portugal's PSI:-1.7%
• Italy's MIB Index:-1.8%
• Irish Ovrl Index:-0.8%
• Greece ASE General Index: +0.3%

11:46 am MSA Safety elects Kenneth D. Krause as VP, CFO, and Treasurer (MSA) : Interim CFO Kerry Bove will resume his normal responsibilities as Senior Vice President and Chief Strategy Officer. In August Krause was elected an officer of the company and promoted to the position of Vice President, Strategic Finance and Treasurer.

11:45 am UnitedHealth sets new session high (UNH) : Healthcare/Insurance (CI) have displayed some relative strength this morning.  In recent trade UNH has set a new session high above its three day range top at 117.05 (session high 117.25). 

11:38 am S&P -30 joins Nasdaq Comp -80 at a new session low -- Dow -245 still holding above its early low (:TECHX) : The new low in the S&P again probes support noted earlier at its Nov close/intraday lows at 2023/2019 -- session low 2020.

11:34 am CIGNA extends to new session / weekly high (CI) : Solid move higher after weaker start led to a new session / weekly high at 141.45. The stock is higher for the second day in a row with the push leaving it modestly under the early Dec / seven week high at 142.13. Bigger picture CI has formed a four month trade range off of its Aug low with the high from Oct at 143.14 and the Sep high at 144.60.

11:09 am Nasdaq Comp -69 sets a new session low (:TECHX) : Thus far the Dow -234, S&P -27 and A/D Line have not confirmed the new low suggesting some loss of momentum. If this divergence is maintained there is potential for further intraday upside action. 

10:46 am Puma Biotech. reports 3-year disease free survival data from its Phase III Trial of PB272; trial demonstrated a 26% reduction in invasive disease recurrence (Shares Halted) (PBYI) :

Co announced the presentation of updated results from the Phase III clinical trial of Puma's investigational drug PB272 (neratinib) for the extended adjuvant treatment of breast cancer.

• The primary endpoint of the trial was invasive disease free survival (DFS). The results of the trial demonstrated that treatment with neratinib resulted in a 33% reduction of risk of invasive disease recurrence or death versus placebo (hazard ratio = 0.67, p = 0.009). The 2-year DFS rate for the neratinib arm was 93.9% and the 2-year DFS rate for the placebo arm was 91.6%.
• The presentation at SABCS involved an exploratory sensitivity analysis of the 3-year disease free survival data to examine the durability of treatment effect beyond the 2-year data included in the primary analysis. This analysis was not a pre-planned analysis in the statistical analysis plan for the trial. For the primary endpoint of the trial, invasive disease free survival (DFS), the results of the trial demonstrated that treatment with neratinib resulted in a 26% reduction of risk of invasive disease recurrence or death versus placebo (hazard ratio = 0.74, two sided p = 0.023). The 3-year DFS rate for the neratinib arm was 92.0% and the 3-year DFS rate for the placebo arm was 89.9%.
• Co stated; "This exploratory analysis shows that the results of the ExteNET study demonstrate that we may be able to provide this type of improvement with neratinib to further help the patients with this disease and that the treatment effect of neratinib appears to be maintained over time. We look forward to proceeding with the regulatory filings for neratinib for the extended adjuvant treatment of breast cancer in the United States and Europe, currently anticipated in the first quarter and first half of 2016, respectively."

10:35 am U.S. Oil Fund ETF attempting to edge off low after retesting yesterday's trough at 11.15 -- session low 11.15 (USO) :  

10:34 am Puma Biotech. shares halted for news pending (PBYI) :  

10:20 am LinkedIn displays relative strength (LNKD) : The stock is holding at / near its 50 day ema (230 today) for the third session in a row (session low 230). It has displayed some relative strength this morning with it testing yesterday's high at 234.00 (session high 234.00).

10:18 am Abbott Labs increases quarterly dividend to $0.26/share from $0.24/share (ABT) :  

10:06 am S&P -21 and Nasdaq Comp -51 attempting to stabilize after probing supports (:TECHX) : Noted earlier the S&P test of its Nov close/intraday lows at 2023/2019 (session low 2021) and the Nasdaq Comp test of its 200 day sma at 4976 (session low 4974) with some upside developing in recent action. 

10:00 am Relative sector strength (:TECHX) : The market is broadly lower with the major averages just mildly off morning lows. Sectors that are displaying some relative strength vs. the S&P in recent trade include: Semi SMH, Technology XLK, Utility XLU, Gold Miners GDX, Gold GLD, Silver SLV, Medical Supplies.

9:53 am S&P -30 probes the Nov close/intraday lows at 2023/2019 -- session low 2021 (SPY) :  

9:50 am Dow -261 and S&P -28 slide back below opening troughs, Nasdaq Comp -63 near opening low and 200 day sma at 4979/4976 (:TECHX) :  

9:45 am Restoration Hardware drops to new 10 month low after reporting but rotates higher (RH) : Hit hard after reporting earning but has rebounded roughly 4% off the opening low at 85.45. 

9:40 am Adobe Systems gaps up after earnings to set a new all time intraday high of 93.65 but quickly pulls back 2.5% amid market weakness (ADBE) :  

9:38 am Opening Market Summary: Cyclical Sectors Pace Opening Slide (:WRAPX) :

As expected, the major averages have stumbled out of the gate with the Dow (-1.3%), Nasdaq (-1.1%), and S&P 500 (-1.2%) showing comparable losses.

The opening weakness has encompassed all ten sectors. Growth-sensitive materials (-2.6%), energy (-2.1%), and financials (-1.3%) are among the early laggards while the utilities sector (-0.7%) trades ahead of its peers.

With the entire market backtracking, Treasuries have marked new highs, pressuring the 10-yr yield to 2.18% (-5 bps).

October Business Inventories (expected +0.1%) and the preliminary reading of the Michigan Sentiment Index for December (consensus 91.6) will both be released at 10:00 ET.

9:35 am Sector Watch (:TECHX) : Broad based selling pressure off the open with the weakest performers on a percentage basis led by: Coal KOL, Mining XME, Solar TAN, Materials XLB, Airline JETS, Silver SLV, Reg Bank KRE, Broker IAI, Bank KBE, Energy XLE, Ag/Chem MOO, Casino, Oil Service OIH, Retail XRT, Insurance KIE.

9:32 am Stock indices drop to new lows for the week/month off the open -- Dow -197, S&P -20, Nasdaq Comp -54 (:TECHX) :  

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

• Final results evaluating the Boston Scientific Corporation (BSX) Precision Spectra Spinal Cord Stimulator System demonstrates that the device provides more than 70% greater low back pain relief than w/ the previous generation Precision Plus SCS System. The study showed a significant decrease in average pain scores sustained over a two-year period. Additionally, when the Precision Spectra SCS was used with the Boston Scientific CoverEdge Surgical Lead, 12-month data demonstrated further pain relief in patients with low back pain.
• Cerecor (CERC) announced the publication of data regarding the human brain receptor occupancy of CERC-501. In this study of healthy volunteers, CERC-501 demonstrated reproducible penetration of the blood-brain barrier and target engagement, as shown through PET (positron emission tomography) imaging. Co expects to initiate a Phase 2 proof-of-concept study of CERC-501 in heavy smokers in the near future with top-line data expected before the end of 2016.

9:28 am Sprint appoints Roger Sol as Chief Marketing Officer, effective immediately (S) : Currently, Sol is senior vice president, advertising and acquisition, Hispanic market, innovation, and president of Puerto Rico.

9:27 am Clean Diesel Technologies closes its manufacturing facility in Markham, Ontario; expects to save ~$3 mln in annual costs (CDTI) :

• The shutdown is expected to be completed during 1Q16.
• Following the facility closure, co intends to consolidate certain commercial and supply chain activities to its Oxnard, CA facility and work with vendor partners to cost-effectively outsource other activities.
• Co anticipates recording ~$1.8 mln in expenses during 4Q15 to complete these actions.

9:27 am Gladstone Land prices its 900K share common stock offering at $8.82/share (LAND) : Co intends to use the net proceeds from this offering to repay existing indebtedness, fund pending and future property acquisitions and for other general corporate purposes.

9:12 am S&P futures vs fair value: -18.90. Nasdaq futures vs fair value: -29.40. (:WRAPX) :

The stock market is on track for a lower open with S&P 500 futures trading 19 points below fair value after spending the entire night in negative territory.

Yesterday, the S&P 500 ticked up 0.2% to narrow this week's loss to 1.9%, but the benchmark index is on course to erase that uptick and then some once today's opening bell rings. The overnight session featured more selling in Asia while European markets have not fared much better. Weakness in commodities prices has contributed to the defensive sentiment with crude oil trading lower by 1.1% at $36.34/bbl.

On a separate note, the Wall Street Journal reported that Third Avenue Management is liquidating its high-yield Focused Credit Fund and not permitting investor withdrawals while it is doing so. The article cites Third Avenue as saying poor bond market trading conditions have made it very difficult to raise cash to meet redemption requests without resorting to fire sales of assets. The question for many is this: Is Third Avenue an isolated case or a sign of more difficulties to come in the high-yield space? Time will tell, as it always does, but for now it's a source of headline angst that is weighing further on investor sentiment.

The cautious action in the futures market has masked some pre-market strength in a handful of names. For instance, Norfolk Southern (NSC 89.49, +1.81) is indicated 2.1% higher after Bloomberg reported the company has been approached by Berkshire Hathaway (BRK.B 131.00, -0.71) about a potential acquisition.

Treasuries have climbed during overnight action, pressuring the 10-yr yield five basis points to 2.18%.

9:03 am Rite Aid and Walgreens Boots Alliance (WBA) as expected, receive a request for additional information from the FTC related to their acquisition (RAD) : Cos have each received a request for additional information from the Federal Trade Commission in connection with Walgreens Boots Alliance's (WBA) proposed acquisition of Rite Aid. The effect of the second request is to extend the waiting period imposed by the HSR Act until 30 days after Walgreens Boots Alliance and Rite Aid have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC. Both companies expect the transaction to close in the second half of calendar 2016.

9:02 am China XD Plastics subsidiary enters into a cooperation agreement with the Institute of Chemistry, Chinese Academy of Sciences for the R&D of high-end polymer materials (CXDC) :  

9:00 am Carlisle Cos appoints D. Christian Koch as CEO, effective January 1, 2016 (CSL) : David A. Roberts, co's current Chairman and CEO, will become Executive Chairman on January 1, 2016 and remain a board member and an officer of the co. Koch was elected President and COO as part of the Board's executive succession plan in 2014.

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

• EDAP TMS SA (EDAP) announced that Russia's Federal Service for Surveillance in Healthcare (Roszdravnadzor) has approved Focal One for sale in Russia. Russia is currently the largest market for EDAP's Ablatherm robotic HIFU technology.
• OncoMed (OMED) presented new data related to the development of a novel predictive biomarker for vantictumab (anti-Fzd7, OMP-18R5) at the SABCS. In preclinical testing, the six-gene biomarker assay has been strongly predictive of anti-tumor responses to treatment with vantictumab in Her2-negative breast cancers. In collaboration with Almac Diagnostics, the assay has been successfully developed and is being deployed in OncoMed's ongoing Phase 1b study of vantictumab in Her2-negative breast cancer.
• Dorian LPG (LPG) reported that it took delivery of the ECO VLGC Challenger from Hyundai Samho Heavy Industries.
• BioTime (BTX) announced that its Board of Directors has set the record date, the distribution ratio, and expected distribution date for the distribution of a portion of the shares of common stock of BioTime's subsidiary OncoCyte Corporation to BioTime shareholders. The record date for determining holders of BioTime common shares entitled to receive shares of OncoCyte common stock in the distribution will be the close of business on December 21, 2015. BioTime expects the distribution to occur on December 31, 2015

8:56 am DISH Network appoints EVP Erik Carlson as President/COO (DISH) : Co announced that EVP of Operations, Erik Carlson, has been named President and Chief Operating Officer.Current DISH COO and EVP Bernie Han was named EVP of Strategic Planning and will continue reporting to DISH Chairman and CEO Charlie Ergen, who is relinquishing the role of DISH President.

8:54 am S&P futures vs fair value: -15.90. Nasdaq futures vs fair value: -23.50. (:WRAPX) :

The S&P 500 futures trade 16 points below fair value.

Markets in the Asia-Pacific region ended Friday mostly lower, with only Japan managing to close in the green. The Nikkei's 1.0% gain can be widely attributed to the downward reversal seen in the yen during US hours versus the prior day. Comments from Japanese Finance Minister were glossed over by market participants after he indicated that there are no plans to delay the proposed consumption tax, scheduled to go into effect in 2017. In China, the Shanghai Composite fell 0.6% on another session lacking in macro data. A major theme coming out of the Mainland was news that the chairman of Fosun has gone missing (he is often referred to as the Warren Buffett of China). Separately, the CNY came into focus after the PBoC set the currency to its lowest level in 4 years. Elsewhere, gaming stocks took a hit after local press suggested regulators will investigate illegal transactions through UnionPay. After the Shanghai Composite closed, China released its November New Yuan Loans, which came in below expectations at CNY708.9 bln vs CNY735.0 bln expected.

• In economic data:
  • New Zealand's November Business PMI 54.7 (previous 53.3) and November FPI -0.2% month-over-month (expected -0.3%; previous 1.2%)
  • South Korea's November Import Price Index -15.6% year-over-year (previous -14.9%) and Export Price Index -8.6% year-over-year (last -6.5%)
  • India's Industrial Production +9.8% year-over-year (consensus 7.8%; previous 3.6%)

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• Japan's Nikkei increased 1.0%. The Nikkei shot up shortly after the opening bell and maintained a steady bid for the duration of the session and closed near the session highs. Sectors leading the way were Health Care (+1.4%) and IT (+1.4%), while Energy (-0.1%) was the only sector to close negative. Shares of Sharp, saw a sharp move higher by 4.0% after reports the co may receive additional lending support. Not all stocks fared as well, considering Sekisui House fell 4.1% after the co reported its Q3 results.
• Hong Kong's Hang Seng declined by 1.1%. As mentioned above, Gaming stocks were under fire with reports of crack downs on illegal UnionPay transactions. As such, Sands China fell by 1.9%, while Galaxy Entertainment was not far behind with a 1.7% decline. Some of the financial names were spooked by the news of the Fosun Chairman's disappearance. Trading chatter suggest shares of China Minsheng Banking Corp (-1.7%) fell in response to the news.
• China's Shanghai Composite declined 0.6%. The index was underwater the whole session and closed right about where it started. A late day push to get the index over the unchanged level was refuted in the last hour. The jitters of the mysterious disappearance of the Fosun Chairman seemed to keep a steady lid on the market. Speculation was all over the map, with reports of foul-play to an alleged probe gave traders reason to refrain from aggressive buying. Fosun's shares were suspended following the reports. Among Fosun's holdings that saw weakness was Healthcare company Shandong Weigao Group Medical Polymer, which gave up 3.6% in response.

Major European indices trade lower across the board with Germany's DAX (-1.6%) at the bottom of the leaderboard. Greek officials have reportedly reached an agreement with EU representatives on a second set of reforms, but that has not alleviated any of the pressure seen in regional equity markets.

• Economic data was limited:
  • Germany's November CPI +0.1% month-over-month, as expected; +0.4% year-over-year, as expected
  • France's October Current Account -EUR1.40 billion (previous surplus of EUR300 million)
  • Italy's October Industrial Production +0.5% month-over-month (expected 0.3%; previous 0.2%); +2.9% year-over-year (consensus 2.0%; last 1.8%). Separately, Quarterly Unemployment Rate 11.7% (expected 11.9%; previous 12.3%)

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• Germany's DAX is lower by 1.6% with all 30 components trading in the red. Heavyweights Deutsche Bank, Daimler, BMW, Commerzbank, and BASF are down between 2.0% and 3.5%. Meanwhile, countercyclical names like Fresenius and Beiersdorf trade ahead of their peers, but both are down near 1.0% apiece.
• France's CAC trades down 1.3% amid broad weakness. Renault has tumbled 4.9% while ArcelorMittal, Valeo, Airbus, Michelin, and Carrefour trade a bit ahead with losses between 2.3% and 3.1%.
• UK's FTSE outperforms with a loss of 1.3%, but that has not stopped all but two components from trading in the red. Miners and energy names have paced the slide as commodities remain weak. Anglo American, BHP Billiton, and Royal Dutch Shell are down between 2.9% and 4.9%.

8:51 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: NDSN -3.8%, OHRP -3.6%, GWR -2.7%, RH -2.4%, VNCE -1.6%

M&A news: DD -5.7% (DuPont and Dow (DOW) confirm plan to merge, creating DowDuPont (DOW receives 1 DowDuPont share, DD receives 1.282 DowDuPont shares), DOW -2.4% (DuPont and Dow (DOW) confirm plan to merge), HZNP -1% (to acquire Crealta Holdings for $510 million in cash)

Select financial related names showing weakness: DB -2.8%, BCS -1.4%, HSBC -1.2%, C -0.9%

Select metals/mining stocks trading lower: AU -4.2%, BBL -4%, BHP -3.3%, RIO -2.8%, VALE -1.5%, GDX -1.3%, GOLD -1.1%, SLV -1.1%, ABX -0.9%

Select oil/gas related names showing early weakness: SDRL -3.4%, STO -1.8%, RDS.A -1.7%, BP -1.5%

Other news: UDF -14.6% (provides a response to market rumors; believes hedge fund is manipulating and depressing share price), LAND -4.2% (announces a 1.1 mln share offering of common stock ), SYT -4.2% (cont vol surrounding M&A spec), ARIA -3.2% (reports continuing negotiations of Iclusig pricing with the Economic Committee on Health Care Products in France; revises Iclusig rev 2015 rev guidance down to $110-115 mln), EQY -1.9% (Gazit-Globe commences a public offering of 4.2 mln shares of Equity One owned by its subsidiaries), JBLU -1.9% (reports November traffic, RPMs of 3,399,688 (+14.2% Y/Y); sees Q4 PRASM down 2-3%), CMG -1.8% (provides updates on E coli exposure, no new reports of exposure, states additional cases may still be reported), TRCH -1.6% (filed for 4.36 mln share common stock offering by selling stockholders), UPS -1.2% (struggling to keep pace with increase in orders, according to reports), DE -1.1% (light volume; reports November 2015 Retail Sales update)

Analyst comments: TCS -6.5% (downgraded to Underperform at BofA/Merrill ), SPLS -3.7% (downgraded to Underperform at BofA/Merrill), PRTY -3.2% (downgraded to Neutral from Buy at BofA/Merrill), STOR -2.3% (downgraded to Underperform from Neutral at Credit Suisse), GPRO -0.7% (downgraded to Neutral from Buy at Citigroup)

8:47 am Gapping up (SCANX) : Gapping up
In reaction to earnings/guidance: FNSR +12.5%, ADBE +5.7%, PPHM +4.9%, DTEA +3.8%, KMG +3.3%, (light volume), AGX +0.8%

M&A news: TAOM +6.3% (enters into a definitive agreement and plan of merger with Orient TM Parent Limited; TAOM to be acquired for $$3.767/ADS ), NSC +2.2% (Berkshire Hathaway (BRK.B) considering bid on Norfolk Southern, according to reports -- Berkshire bought Class I Western Rail BNSF in 2010)

Other news: HMY +23.5% (extending this week's move higher),TLGT +8.8% (receives FDA approval of the co's sNDA for CEFOTAN for injection; hopes to launch the product in U.S. in early 2016 ),SUNE +7.3% (SunEdison announced that it has agreed to sell 333 megawatts of wind-power assets to Terra Nova Renewable Partners for $209 million),OTIC +7.3% (announces FDA approval for Otiprio),PBMD +5.8% (announces progress in its collaboration with NEC Corporation and Yamaguchi University in Japan),SGMO +2.2% (presents Phase 2 clinical data from two SB-728-T HIV studies),CSX +2.1% (in symp with NSC),EA +1% (disclosed COO Peter Moore is moving into a new role as Exec VP and Chief Competition Officer, leadingEA's new Competitive Gaming Division)

Analyst comments: CVC +2% (upgraded to Overweight at JP Morgan)

8:46 am Towers Watson and Willis Group Holdings (WSH) shareholders approve merger; expect that the transaction will close very early in 2016 (TW) :  

8:33 am Imprimis Pharmaceuticals release results of a third party potency analysis of its customizable compounded formulation of pyrimethamine and leucovorin for physicians to consider prescribing as a lower cost alternative to Daraprim (IMMY) : The sample met USP potency requirements.

8:32 am November PPI Hotter Than Expected; Retail Sales Miss Expectations...S&P futures vs fair value: -15.80. Nasdaq futures vs fair value: -22.90. (:WRAPX) :

The S&P 500 futures trade 16 points below fair value.

November producer prices rose 0.3% while the Briefing.com consensus expected a downtick of 0.1%. Core producer prices increased 0.3% while the consensus expected an increase of 0.1%.

Separately, November retail sales rose 0.2% while the Briefing.com consensus expected an increase of 0.3%. The prior month's reading was left unrevised at 0.1%. Excluding autos, retail sales increased 0.4% while the consensus expected an increase of 0.3%.

8:31 am Compugen halted with news pending (CGEN) :  

8:31 am Medtronic announces FDA approval for additional spine surgery indications of its Infuse Bone Graft; expects to begin marketing these expanded indications in early calendar year 2016 (MDT) : The new indications for Infuse Bone Graft are for use in OLIF51 with certain sizes of the PEEK Perimeter, OLIF25 with certain sizes of the PEEK Clydesdale, and ALIF with certain sizes of the PEEK Perimeter Implant

8:31 am NGL Energy Partners announces capital plans and distribution policy; firm is not contemplating a distribution cut (NGL) :

Co is not contemplating a distribution cut. However it anticipates not increasing its distributions per common unit during calendar year 2016.

• NGL expects total CAPEX requirements of $350-$400 million over the next 12-18 months to fund organic projects, including Grand Mesa. NGL anticipates that during this period, its acquisition activity will be curtailed to the extent that the higher cost of capital in the current commodity price environment would result in acquisitions not being accretive.
• The Partnership expects to have sufficient liquidity to fund its capital needs through a combination of preferred equity, asset sales, bank debt, and unsecured indebtedness.

8:31 am CDK Global announces that Brian MacDonald will be appointed CEO, to succeed Steven Anenen by June 30, 2016 (CDK) : Effective January 1, 2016, MacDonald will assume the role of President and will work closely with Anenen to ensure a smooth transition. MacDonald most recently served as President and Chief Executive Officer of Hertz Rental Equipment Corporation, and, from September 2014 to November 2014, as interim CEO of Hertz Corporation (HTZ).

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

• ZIOPHARM Oncology (ZIOP) will host a conference call and webcast slide presentation on December 16, 2015 at 4:30 PM ET to provide a corporate update and discuss the co's 2016 outlook.
• CytomX Therapeutics (CTMX) announced that it has selected its second clinical candidate from its Probody therapeutic pipeline: The candidate, CX-2009, is a Probody drug conjugate targeting CD166.
• BioPharmX (BPMX) will present results suggesting that BPX-01 topical minocycline could be more effective in treatment of acne than other topical treatments at ASCB 2015 in San Diego
• Medtronic plc (MDT) and Samsung (SSNLF) Electronics America announced a broad-based strategic alliance to accelerate the development of digital health solutions. The agreement will leverage Samsung's understanding of consumer technology and mobility to develop advanced tools, based on the Android operating system, aimed at improving how patients and physicians interact with and receive data from Medtronic's neuromodulation systems.
• Micronet Enertec Technologies (MICT) reports that the U.S. Department of Transportation's Federal Motor Carrier Safety Administration announced the publication of the final rule and implementation schedule of its Electronic Logging Mandate. With full implementation of the rules, industry analysts anticipate that the number of ELD-equipped trucks on the road will increase from 1 mln to ~2.7 mln in 2017.

8:17 am European Markets Update: DAX -1.9%, CAC -1.6%, FTSE -1.4% (:SUMRX) :

Major European indices trade lower across the board with Germany's DAX (-1.9%) at the bottom of the leaderboard. Greek officials have reportedly reached an agreement with EU representatives on a second set of reforms, but that has not alleviated any of the pressure seen in regional equity markets.

• Economic data was limited:
  • Germany's November CPI +0.1% month-over-month, as expected; +0.4% year-over-year, as expected
  • France's October Current Account --EUR1.40 billion (previous surplus of EUR300 million)
  • Italy's October Industrial Production +0.5% month-over-month (expected 0.3%; previous 0.2%); +2.9% year-over-year (consensus 2.0%; last 1.8%). Separately, Quarterly Unemployment Rate 11.7% (expected 11.9%; previous 12.3%)

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• Germany's DAX is lower by 1.9% with all 30 components trading in the red. Heavyweights Deutsche Bank, Daimler, BMW, Commerzbank, and BASF are down between 2.0% and 3.5%. Meanwhile, countercyclical names like Fresenius and Beiersdorf trade ahead of their peers, but both are down near 1.0% apiece.
• France's CAC trades down 1.6% amid broad weakness. Renault has tumbled 4.9% while ArcelorMittal, Valeo, Airbus, Michelin, and Carrefour trade a bit ahead with losses between 2.3% and 3.1%.
• UK's FTSE outperforms with a loss of 1.4%, but that has not stopped all but two components from trading in the red. Miners and energy names have paced the slide as commodities remain weak. Anglo American, BHP Billiton, and Royal Dutch Shell are down between 2.9% and 4.9%.

8:16 am Franco-Nevada initiated with a Hold at Deutsche Bank; $52 tgt (FNV) :  

8:04 am Cogentix Medical approves a change in its fiscal year end to December 31 from March 31; confirms prior guidance of FY16 revs $49-51 mln vs $50.2 mln two analyst estimate (CGNT) :

Board of Directors has approved a change in the fiscal year-end to December 31 from March 31 -- will result in a stub period from April 1, 2015, to December 31, 2015. As a result of the change, the first full fiscal year will end on December 31, 2016.

• The Company currently expects to report results for the quarter and stub year ending December 31, 2015 during the second half of February 2016. At that time, the Company will provide guidance for its new fiscal year starting January 1, 2016. In the meantime, the Company confirmed its previously provided guidance for the 12 months ending March 31, 2016 for total revenue of between $49 and $51 mln and cash operating loss of $1 mln to $2 mln.

8:03 am CRH Medical purchases majority stake in Macon Gastroenterology Anesthesia Associates; sees deal accretive (CRHM) : Co has completed a new, accretive transaction whereby CRH has acquired 65% ownership of Macon Gastroenterology Anesthesia Associates, LLC). MGAA provides anesthesia services to an ambulatory surgical center in the Macon, Georgia area; the transaction builds on CRH's significant presence in Georgia. MGAA is expected to generate total annual revenue of US$3.5 million. The purchase price for the transaction was funded with cash on hand.

8:02 am Teligent receives FDA approval of the co's sNDA for CEFOTAN for injection; hopes to launch the product in U.S. in early 2016 (TLGT) :

Co receives approval of the co's sNDA from the FDA for CEFOTAN for Injection.

• Co is working closely w/ manufacturing partner to launch the product in early 2016

8:02 am Hydrogenics prices its upsized, underwritten public offering of 2,129,031 common shares at $7.75/share (HYGS) : Co intends to use its net proceeds from the offering primarily for general corporate purposes, including to support any negative cash flows from operating activities. Co elected to increase the size of the Offering from the previously announced $15 million to $16.5 million.

8:02 am TTM Tech announces restructuring; will reduce its workforce by approximately 80 employees worldwide (TTMI) :

• Co announced changes to its operating model that will create individual business units ("BU") focused on customer end markets.
• Effective January 1, 2016, TTM's PCB Segment will be comprised of three BUs: Communications and Computing; Automotive, Medical, Industrial and Instrumentation; and Aerospace, Defense, and Specialty. The Electro-Mechanical Solutions Segment will be a single BU.
• As the Company transitions to the new operating model, it will reduce its workforce by approximately 80 employees worldwide. The Company anticipates it will incur one-time termination costs of approximately $3 to 4 million associated with the work force reduction.

8:02 am XBiotech announces plan to develop a Phase II study of Xilonix; proposed study is expected to launch in Canada in Q2 2016 (XBIT) :

Co announced a letter of agreement with the NCIC Clinical Trials Group to develop a Phase II study to assess Xilonix in combination with Tarceva for treatment of NSCLC.

• The proposed study, which will enroll approximately 75 patients, is projected to launch in Canada in Q2 2016.

8:01 am Great Basin Scientific announces 1:60 reverse stock split effective today, to trade post-split on Monday (GBSN) :  

8:01 am Moko Social Media receives a notice of non-compliance from Nasdaq for failure to meet the $50 mln market cap requirement; has until Jun 6, 2016 to regain compliance (MOKO) : MOKO's management is reviewing various options available to the Company, including regaining compliance and continued listing on the Global Market and applying for a transfer to The NASDAQ Capital Market, the next market tier of the NASDAQ.

8:00 am W.W. Grainger November daily sales -2% YoY, -3% organic (GWW) : Co reported daily sales results for the month of November 2015. Company daily sales declined 2% in November of 2015 versus November of 2014. The sales performance included a 4 % point contribution from Cromwell Group (Holdings) Limited, acquired Sept 1, 2015, and a 3 % point reduction from foreign exchange. Excluding acquisitions and foreign exchange, organic daily sales declined 3% driven by a 1 % point decline in price and a 2 % point decline from lower sales of seasonal and safety products.

8:00 am Apollo Education acquires German co Career Partner GmbH for $105 mln, plus a contingent cash payment (APOL) : Co announced it acquired Career Partner GmbH, a full service provider of human resource development and private higher education in Germany, on December 10, 2015, for approximately 96 million (approximately $105 million as of the transaction date), plus a contingent cash payment of up to 11 million (approximately $12 million as of the transaction date) calculated principally based on Career Partner's operating results for calendar year 2016.

7:59 am S&P futures vs fair value: -21.60. Nasdaq futures vs fair value: -39.00. (:WRAPX) :

U.S. equity futures trade near their pre-market lows amid cautious action overseas. The S&P 500 futures trade 22 points below fair value after spending the night in negative territory with cautious sentiment enveloping global equity markets. Contributing to this morning's weakness is a Wall Street Journal report, which indicated that Third Avenue Management has barred redemptions while the company raises cash.

The overnight retreat in equity futures has been met with some demand for Treasuries, pressuring the 10-yr yield three basis points to 2.20%.

November CPI (Briefing.com consensus +0.1%) and November Retail Sales (consensus +0.3%) will be reported at 8:30 ET while October Business Inventories (expected +0.1%) and the preliminary reading of the Michigan Sentiment Index for December (consensus 91.6) will both be released at 10:00 ET.

In U.S. corporate news of note:

• Norfolk Southern (NSC 90.50, +2.82): +3.2% after Bloomberg reported the company has been approached by Berkshire Hathaway (BRK.B 131.00, -0.71) about a potential acquisition.
• Restoration Hardware (RH 86.25, -1.34): -1.5% after reporting a bottom-line beat on light revenue. The company guided Q4 earnings in line with estimates and reaffirmed its long-term guidance.
• Staples (SPLS 9.56, -0.40): -4.0% after the stock was downgraded to 'Underperform' at Bank of America/Merrill Lynch.
• SunEdison (SUNE 4.31, +0.22): +5.4% after the company agreed to sell 333 megawatts of wind-power assets to Terra Nova Renewable Partners for $209 million.

Reviewing overnight developments:

• Asian markets ended mostly lower. Hong Kong's Hang Seng -1.1%, China's Shanghai Composite -0.6%, and Japan's Nikkei +1.0%
  • In economic data:
    • New Zealand's November Business PMI 54.7 (previous 53.3) and November FPI -0.2% month-over-month (expected -0.3%; previous 1.2%)
    • South Korea's November Import Price Index -15.6% year-over-year (previous -14.9%) and Export Price Index -8.6% year-over-year (last -6.5%)
    • India's Industrial Production +9.8% year-over-year (consensus 7.8%; previous 3.6%)
  • In news:
    • In China, the chairman of Fosun Group, Guo Guangchang, has been reported missing, which has invited speculation about a potential anticorruption investigation into the company

• Major European indices trade lower across the board. Germany's DAX -2.0%, France's CAC -1.6%, and UK's FTSE -1.4%. Elsewhere, Italy's MIB -1.5% and Spain's IBEX -0.9%
  • Economic data was limited:
    • Germany's November CPI +0.1% month-over-month, as expected; +0.4% year-over-year, as expected
    • France's October Current Account -EUR1.40 billion (previous surplus of EUR300 million)
    • Italy's October Industrial Production +0.5% month-over-month (expected 0.3%; previous 0.2%); +2.9% year-over-year (consensus 2.0%; last 1.8%). Separately, Quarterly Unemployment Rate 11.7% (expected 11.9%; previous 12.3%)
  • Among news of note:
    • Greek officials have reportedly reached an agreement with EU representatives on a second set of reforms

7:50 am Alibaba confirms acquisition of South China Morning Post and other media assets of SCMP Group; terms not disclosed (BABA) : Co issued a letter stating: "The SCMP is resonant with the history, heritage and culture of the region, just as Alibaba has its place in the new age of digital technology. We at Alibaba are both humbled and excited to be the new owner. We see a compelling business case for the acquisition because we believe that Alibaba is best positioned to take the SCMP to the next level. The foundation for this work must be the quality of the content. To help achieve our vision, we plan to make the SCMP more readily available. In this spirit, with enough preparation time after we take over operations, the pay wall on SCMP.com will come down, and you will be able to access its content for free on the Internet and on your mobile device."

7:37 am Ariad Pharm reports continuing negotiations of Iclusig pricing with the Economic Committee on Health Care Products in France; revises Iclusig rev 2015 rev guidance down to $110-115 mln (ARIA) :

Co announced that it will continue negotiations with the Economic Committee on Health Care Products in France regarding pricing and reimbursement for Iclusig (ponatinib) into 2016. The Company had previously anticipated reaching agreement by year-end 2015.

• As a result, ARIAD now expects its global product revenue for Iclusig in 2015 to be $110 million to $115 million, excluding France, compared to our previous guidance of $130 million to $140 million. The Company estimates shipments of Iclusig to patients in France for 2015 to be a $9 million, and the cumulative value of shipments through year-end 2015 to be $26 million.

7:32 am New Media Investment sells DB Nevada Holdings for $140 mln and acquires two local media assets in separate transactions; transactions result in an increase of over $90 mln of cash to the balance sheet (NEWM) :

• Co sells DB Nevada Holdings, publisher of the Las Vegas Review-Journal, for $140 mln.
• Co acquires the Business Information Division of Dolan LLC and substantially all of the publishing operations of a dominant, local daily newspaper for undisclosed sums.
• Co anticipates both Dolan and the other local daily newspaper acquisition will close at the end of 2015 or in early 2016

7:31 am Otonomy announces FDA approval for Otiprio, to treat pediatric patients undergoing tympanostomy tube placement surgery; lowers FY15 op-ex guidance (halted) (OTIC) :

• The FDA has approved OTIPRIO (ciprofloxacin otic suspension) for the treatment of pediatric patients with bilateral otitis media with effusion undergoing tympanostomy tube placement. OTIPRIO is a single-dose, physician-administered antibacterial and the first product approved by the FDA for this indication.
• GAAP and Non-GAAP operating expenses are expected to be below the previous guidance of $70-$75 million and $65-$70 million, respectively, as a result of program cost savings and expense timing differences. The total of cash, cash equivalents, and short-term investments as of Dec 31, 2015 is expected to be in the range of $180-$185 million versus previous guidance of $165-$170 million.
• Co maintained its expectation for 2016 non-GAAP operating expenses in the range of $90-$95 million.

7:31 am Chevron reports that its subsidiaries have started production from the deepwater development Moho Bilondo Phase 1b, offshore the Republic of Congo (CVX) :  

7:30 am Nielsen announces a new $500 million share repurchase authorization (NLSN) : The authorization is expected to be largely executed by the end of 2017 and is in addition to approximately $350 million that is expected to be available for repurchase as of December 31, 2015 under an existing authorization.

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

• CME Group (CME) announced that one million contracts have now been traded on its London-based derivatives exchange, CME Europe. CME Europe launched in April 2014, and the total volume of contracts traded since launch stood at 1,002,497 as of 10 December 2015
• AstraZeneca (AZN) and its global biologics research and development arm, MedImmune, announced a three-year collaboration with the newly established Wallenberg Centre for Protein Research. The collaboration aims to develop new technologies for biologics production and to identify new targets for disease research in the area of the Secretome

7:15 am MetLife files slides for today's Outlook Call; revises cash-flow-to-operating earnings target up to 55-65% (MET) :

• Expects growth in operating premiums, fees and other revenues of 3-5% in 2016, with acceleration in 2017-2018.
• Sees P&C combined ratio of 96.8%.
• Revises cash-flow-to-operating earnings target up to 55-65%.

7:07 am 58.com converts US$125 mln in loans into Class A Shares (WUBA) : Co announced that it issued 4,267,344 Class A ordinary shares at a price of US$62.0 per ADS (one ADS represents two Class A ordinary shares) to an existing shareholder in exchange for the cancellation of US$125 million principal amount of a loan from such shareholder previously announced on August 3, 2015, together with accrued but unpaid interest on the principal amount of US$400 million as of December 11, 2015. 

7:05 am Galena Biopharma announces the departure of CFO Ryan Dunlap (GALE) : Co announced the departure of the Company's Chief Financial Officer (CFO), Mr. Ryan Dunlap, effective December 31, 2015. Mr. Dunlap was unable to relocate his family to the new Company headquarters in San Ramon, California and, therefore, has resigned as of the end of the year. In order to facilitate an orderly transition, the Company and Mr. Dunlap are negotiating a consulting arrangement. The Company has instituted a search for a CFO.

7:04 am Prima Biomed announces progress in its collaboration with NEC Corporation and Yamaguchi University in Japan; will progress the IMP321 vaccine into clinical research (PBMD) : the Yamaguchi/Prima collaboration resulted from evidence that IMP321 at low doses can be used as a T cell adjuvant for cancer vaccines because of IMP321's ability to activate dendritic cells. Under the original May 2015 agreement, scientists at Yamaguchi University and NEC have designed and conducted in vivo studies of the combination, in work supported by NEC Corporation. Favourable safety data from these studies has now resulted in a decision to progress the vaccine into clinical research. Under a new Material Transfer Agreement , Yamaguchi University will now work towards clinical research in cancer patients, which will be initiated in Japan in the first quarter of 2016. As with the in vivo work, this proof-of-concept research will be supported by NEC Corporation.

7:04 am Cytori Therapeutics to present a plan to Hearing Panel on Jan 21 that will allow it to remain on Nasdaq (CYTX) : Co has received formal confirmation from The Nasdaq Stock Market LLC that Cytori's request for an oral hearing with the Nasdaq Hearing Panel has been granted. The hearing will occur on January 21, 2016 at Nasdaq's Washington, D.C. offices. During the period prior to the hearing, Cytori's common stock will continue to trade on The Nasdaq Global Market. Cytori intends to present a plan to the Hearing Panel that will allow it to remain on the NGM. As an alternative, Cytori believes that it is fully eligible to transfer to The Nasdaq Capital Market, in which case it would be entitled to rely on a second 180-day period (retroactively measured from Dec 1, 2015). During this second 180-day period, if required Cytori will be in a position to effect a reverse stock split to bring the bid price of its common stock above the minimum $1 threshold.

7:02 am Taomee Holdings enters into a definitive agreement and plan of merger with Orient TM Parent Limited; TAOM to be acquired for $$3.767/ADS share (TAOM) :

Co announced that it has entered into a definitive Agreement and Plan of Merger with Orient TM Parent Limited and Orient TM Merger Limited. Orient will acquire Taomee for cash consideration equal to $0.1884 per ordinary share of the Company or $3.767 per American depositary share of the Company, each representing 20 Shares, in a transaction valuing the Company at $134 million. 

• The Company's board of directors, acting upon the unanimous recommendation of the special committee formed by the board of directors, approved the Merger Agreement and resolved to recommend that the Company's shareholders vote to authorize and approve the Merger Agreement.

7:02 am Cambium Learning announces a new $135 million credit facility (ABCD) : Co's agreement consists of a $70.0 million term loan A, a $35.0 million term loan B, and a $30.0 million revolving credit facility. Funds will be used to redeem in full its existing 9.75% Senior Secured Notes due 2017. 

7:01 am ISIS Pharm reports that partner Biogen (BIIB) has initiated a Phase 1/2 clinical study of ISIS-SOD1 in patients with amyotrophic lateral sclerosis (ISIS) : As the study progresses, Isis has the opportunity to earn a $2.5 million milestone payment from Biogen. Biogen is conducting the randomized, placebo-controlled, dose escalation Phase 1/2 clinical study that will evaluate the safety and activity of ISIS-SOD1Rx in patients with ALS, including patients with SOD1-ALS. In this study, ISIS-SOD1Rx will be administered intrathecally as an injection directly into the cerebral spinal fluid.

7:01 am Reliv International announces $500K stock repurchase plan; expected to be completed over the next 24 months (RELV) :  

7:01 am Summit Midstream Partners: Energy Capital Partners has concluded its previously announced strategic review process regarding Summit Investments; sees adjusted EBITDA at or slightly below its previous guidance (SMLP) :

Co announces that Energy Capital Partners, the PE firm that controls Summit Investments, has concluded its previously announced strategic review process regarding Summit Investments.

• EGP continues to evaluate specific drop-down alternatives including, among other things, materially accelerating the timing of Summit Investments' previously announced plan to execute $400.0 million to $800.0 million of drop-down transactions each year through 2017.
• Summit Investments has had preliminary discussions with the Conflicts Committee of SMLP's general partner concerning the evaluation of Summit Investments' portfolio of midstream assets in the context of a potential offer for SMLP to acquire all, or a portion of, such assets as early as the first quarter of 2016.
• Neither the board of managers of Summit Investments nor ECP has made a formal proposal to SMLP with respect to such a transaction.
• ECP has approved a unit purchase program at Summit Investments of up to $100 million of common units of SMLP.
• SMLP expects adjusted EBITDA for the full 2015 calendar year and distribution growth per unit to be at or slightly below its previously issued guidance of $210-220 mln for adjusted EBITDA and 4.0-6.0% for distribution growth per unit.
• SMLP expects to provide financial guidance for fiscal 2016 in the first quarter of 2016.

7:01 am Sangamo BioSci presents Phase 2 clinical data from two SB-728-T HIV studies; suggests Adenoviral delivery method superior for immune stimulation and control of viral load in the absence of antiretroviral therapy (SGMO) :

Co announces the presentation of Phase 2 data from two of the Company's ongoing clinical trials (SB-728-1101 Cohort 3 and SB-728-mR-1401) of SB-728-T, which is being developed for the functional control of HIV/AIDS. The preliminary comparative data suggest that adenoviral delivery of zinc finger nucleases (ZFNs) to T-cells may be uniquely immune-stimulatory for both acute control of infection, and importantly, HIV reservoir reduction.

• "Adenoviral delivery of ZFNs to T cells may be uniquely immune-stimulatory for both acute control of infection and, based on our earlier studies, reservoir reduction, in HIV. We look forward to receiving data from an additional five Cohort 3* subjects in 2016."

7:00 am Horizon Pharma to acquire Crealta Holdings for $510 million in cash (HZNP) : Co has entered a definitive agreement to acquire Crealta Holdings for $510 million in cash. Co anticipates the transaction to add $70 to $80 million in net sales and $45 to $50 million in adjusted EBITDA in the first twelve months following closing. The acquisition is structured as an all cash purchase with no external financing necessary. The transaction has been approved by the boards of directors of both companies. 

6:56 am Advanced Drainage Systems expects that it will complete the restatement/filing of its FY15 Form 10-K on or about Feb. 1, 2016 (WMS) :  

6:48 am CNX Coal Resources LP increases 2016 sold position in Pennsylvania Mining Complex to 93%; updated previously announced 2016 estimated price range to $49-$54 per ton for committed and priced tons (CNXC) :

• Co increased the sold position for its 20% undivided ownership interest in Pennsylvania Mining Complex (PMC) for 2016-18 period through a series of long-term deals totaling 1.95 million tons. These agreements along with additional commitments of 130,000 tons increase its sold position to ~93%, 61%, and 49% for 2016, 2017 and 2018 respectively, assuming the midpoint of our 2016 sales guidance range of 5.0-5.4 million tons.
• Co also updated its previously announced estimated price range to $49-$54 per ton for committed and priced tons in 2016. For 2017 and 2018, where it has committed pricing, the pricing is in steady contango. For sold tons in 2017 and 2018 that are not priced, its agreements are structured so that increases will be realized as natural gas pricing improves and the new market realities begin to bring coal supply and demand into equilibrium.

6:47 am CONSOL Energy signs term coal deals totaling 10.8 mln tons over a 3-year period; reaffirms the previous estimated price range across the entire Coal Division for committed and priced tons in 2016 of $50-55 per ton (CNX) :

Co signs several term coal deals totaling 10.8 million tons over a 3-year period.

• These agreements, along with 650 thousand tons of additional commitments for 2016, increase CONSOL's Pennsylvania Operations 2016, 2017, and 2018 sold positions to 93%, 61%, and 49%, respectively, assuming the midpoint of the guidance range of 26 million tons.
• Co reaffirms the previous estimated price range across the entire Coal Division for committed and priced tons in 2016 of $50-$55 per ton.

6:45 am DuPont and Dow (DOW) confirm plan to merge, creating DowDuPont (DOW receives 1 DowDuPont share, DD receives 1.282 DowDuPont shares -- Intend to subsequently spin into three separate comanies: Ag, Material Science and Specialty Products (DD) :

DOW and DD will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

• Dow shareholders will receive a fixed exchange ratio of 1.00 share of DowDuPont for each Dow share, and DuPont shareholders will receive a fixed exchange ratio of 1.282 shares in DowDuPont for each DuPont share. Dow and DuPont shareholders will each own ~50 percent of the combined company, on a fully diluted basis, excluding preferred shares.
• The transaction is expected to deliver ~$3 billion in cost synergies, with 100 percent of the run-rate cost synergies achieved within the first 24 months following the closing of the transaction. Additional upside of ~$1 billion is expected from growth synergies.

The cos will include a leading global pure-play Agriculture company; a leading global pure-play Material Science company; and a leading technology and innovation-driven Specialty Products company. Upon completion of the transaction, Liveris, President, Chairman and CEO of Dow, will become Executive Chairman of the newly formed DowDuPont Board of Directors and Breen, Chair and CEO of DuPont, will become Chief Executive Officer of DowDuPont.

• The merger transaction is expected to close in the second half of 2016.

DuPont Restructuring/guidance: Co also announced a 2016 global cost savings and restructuring plan designed to reduce $700 million in costs compared with 2015. The 2016 cost reductions include a range of structural actions across all businesses and staff functions globally to operate more efficiently by further consolidating businesses and aligning staff functions more closely with the businesses. The new plan builds on the company's previous operational redesign initiative. Sees $780 mln pre tax charge.

• Given global economic conditions in agriculture and emerging markets, the company expects sales growth in 2016 to be challenging. Currency headwinds are expected to be about $0.25 per share, due to the continued strengthening of the U.S. dollar primarily against the Brazilian Real. The company also expects $0.05 to $0.10 per share of pressure from a higher base tax rate, reflecting expectations of the geographic mix of earnings and cost savings that will be recognized primarily in the United States. The company plans to provide full-year 2016 guidance during its fourth-quarter 2015 earnings announcement scheduled for Jan. 27, 2016.

6:41 am Dow Chemical announces transaction to restructure ownership of Dow Corning JV; Corning (GLW) receives $4.8 bln in cash and retains 40% of Hemlock Semiconductor (DOW) :

Dow will become the 100% owner of Dow Corning, currently a 50:50 joint venture between Dow (DOW) and Corning (GLW). Dow and Corning will maintain their current equity stake in Hemlock Semiconductor Group. With Dow and Dow Corning coming together, Dow will extend its participation in Consumer Solutions and Infrastructure Solutions segments by increasing Dow's product offerings in several attractive end use applications such as building and construction, consumer care, and automotive.

• GLW will exchange its 50% interest in Dow Corning Corporation for 100% of the stock of a newly formed entity that will become a wholly owned subsidiary of Corning Incorporated. The newly formed entity will hold ~40% ownership in Hemlock Semiconductor Group and ~$4.8 billion in cash. Corning expects the realignment to be substantially tax-free.
• Dow is uniquely positioned to capture $400 million in run rate annual cost and growth synergies from the restructured ownership of Dow Corning. The transaction is expected to yield more than $1 billion in additional annual EBITDA at full run-rate synergies and is expected to be accretive to Operating EPS, cash flow from operations and free cash flow in the first full year after the close of the transaction. The transaction structure enables Dow to maintain a net debt-to-equity ratio consistent with third quarter 2015 levels (prior to the closing of the sale of Dow's U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics, and Global Epoxy business units to Olin Corporation), in line with the Company's focus of retaining an investment grade credit rating. The transaction is expected to close in the first half of 2016. Dow Corning's corporate headquarters will remain in Auburn, Michigan.

6:38 am Fuel Systems Solutions misses Q3 estimates; lowers rev guidance, reaffirms EBITDA and margins; sees WPRT deal closing in 1Q16 (FSYS) :

• Q3 adj. EPS ($0.48) vs ($0.09) Capital IQ Consensus; revs -23% to $65.6 mln vs $66.40 mln Capital IQ Consensus
• The Company expects: 2015 revenue outlook in the range of between $255-265 mln, a reduction from the Company's prior outlook due a long-term construction project in Latin America that the co now anticipates may not be completed in the fourth quarter and continued automotive market weakness.
• And continues to expect: 2015 gross margin in the range of 21% to 23%; adj. EBITDA outlook for 2015 of $5.0 million to $10.0 million.
• "End markets around the world are beginning to show some signs of stabilizing, with pressure from economic conditions beginning to diminish. Fuel Systems continues to see improvement in certain markets and geographies, including the start of our OEM conversions for Honda Turkey, incoming orders at Cubogas, as well as continued strength in our APU business. Finally, we are continuing to work on our pending merger transaction with Westport Innovations [WPRT] and we are targeting its completion in the first quarter of 2016."

6:38 am AAC Holdings subsidiary acquires Solutions Recovery for an aggregate $6.75 million in cash and $6.25 million of common stock (AAC) :

Co through its operating subsidiary, American Addiction Centers, signs a definitive agreement to acquire Solutions Recovery, its affiliates and associated real estate assets for an aggregate $6.75 mln in cash and $6.25 mln AAC Holdings' common stock.

• Solutions Recovery provides detoxification, residential, and intensive outpatient treatment as well as sober living services in the greater Las Vegas area.
• The purchase is expected to be completed during the first half of 2016.
• Solutions Recovery generated revenue of ~$4.5 mln for the nine months ending September 30, 2015. While EBITDA is currently minimal, the Company expects to generate ~$2 mln of EBITDA in the first twelve months of ownership.

6:31 am Genesee & Wyoming sees Q4 EPS $0.10 below prior $0.90-0.95 range vs $0.94 Capital IQ Consensus on weak shipments (GWR) :

• In Q4 through November, G&W's shipments have been weaker than expected. In G&W's North American Operations, shipments of steam coal, agricultural products and metals are below expectations by approximately 8,000, 3,000 and 3,000 carloads, respectively. In G&W's U.K./European Operations, steam coal shipments are ~4,000 carloads below expectations. In G&W's Australian Operations, metallic ores shipments are approximately 1,000 carloads below expectations largely due to the recent suspension of rail shipments from a customer manganese mine.
• As a result, G&W currently expects its consolidated earnings per diluted share to be ~$0.10 below its prior guidance of $0.90 to $0.95 provided on October 30, 2015.
• G&W's traffic in November 2015 was 239,558 carloads, an increase of 78,889 carloads, or 49.1%, compared with November 2014. G&W's same-railroad traffic in November 2015 was 138,348 carloads, a decrease of 22,321 carloads, or 13.9%, compared with November 2014.

6:31 am AAC Holdings subsidiary American Addiction Centers acquires Wetsman Forensic Medicine and its affiliates for $12.75 mln in cash and $8.50 mln in common stock and announce the shutdown of two centers (AAC) :

Co through its operating subsidiary, American Addiction Centers signs a definitive agreement to acquire Wetsman Forensic Medicine dba Townsend and its affiliates for $12.75 mln in cash and $8.50 mln in restricted shares of co's common stock.

• The total purchase price is subject to an escrow of $2.0 mln (split evenly between cash and restricted stock) that is contingent upon a minimum adj EBITDA threshold of $3.0 mln for 2016.
• The purchase is expected to be completed during the first half of 2016.
• Townsend generated revenue of ~$10.9 mln for the nine months ended September 30, 2015.
• While EBITDA is currently minimal, the co expects to generate ~$3 mln of EBITDA in the first twelve months of ownership.
• Co also disclosed that the co's FitRx and The Academy operations will cease operations as of December 31, 2015 due to their continued unprofitability and management's realignment to focus solely on adult addiction treatment.
• FitRx had 20 beds and The Academy had 18 beds, and collectively the two operations accounted for ~$4.2 mln of revs and a combined operating loss of ~$1.2 mln through the twelve months ended September 30, 2015.

6:03 am Kennedy Wilson enters into an unsecured $475 mln revolving credit facility (KW) :  

6:03 am Statoil and Repsol (REPYY) engage asset transactions spanning in Norway, UK, US and Brazil (STO) :

Statoil (STO) and Repsol (REPYY) announce a series of asset transactions including:

• Statoil farms down to Repsol a 15% interest in the Gudrun field on the Norwegian Continental Shelf. Statoil remains the operator and largest equity holder with a 36% interest
• Pending Repsol partner approval, Statoil will acquire a 31% equity share in the UK licence for Alfa Sentral, a field which spans the UK-Norway maritime border.
• Statoil acquires from Repsol a 13% interest in the Eagle Ford joint venture and becomes its sole operator
• In agreement with its licence partners, Statoil will assume operatorship of the BM-C-33 licence in Brazil's Campos basin, pending approval from authorities

6:01 am Trina Solar announces its withdrawal from the European Union Price Undertaking; will continue to service EU customers through its overseas manufacturing facilities (TSL) :

Co stated: "On December 5, 2013, the European Council imposed anti-dumping and anti-subsidy duties on solar cells and solar panels imported from China. Subsequently, the European Commission accepted a UT whereby Chinese companies would sell solar cells and solar panels in the EU at a price above a fixed Minimum Import Price . Chinese manufacturers that did not accept the terms of the agreement faced high AD and AS duties, which for Trina Solar were 47.7% and 3.5%, respectively, to be applied for a period of two years beginning on December 6, 2013. At the time, Trina Solar chose to join the UT as a participating company and has duly complied with its terms and conditions.

• However, the current interpretations of the UT agreement by EU Commission unfairly limit the Company's growth potential in the European region, and are disruptive to the Company's ongoing global expansion strategy. Furthermore, the EU Commission announced recently to initiate review investigation during which the AD&AS and the UT measures will remain in force. Trina Solar believes this is contrary to the principles of free and fair trade and it is in its best interest to exit the UT."

5:58 am Ladbrokes appoints Richard Snow as acting CFO (LDBKY) :

Co announces today that following the departure of Chief Financial Officer, Ian Bull, at the end of February 2016, announced in September, Richard Snow will take over as Acting CFO. He will not be a director of Ladbrokes plc.

• Snow will be in post until the proposed merger with Coral completes next year following clearance by the CMA, at which point as previously announced Paul Bowtell will become Ladbrokes Coral's CFO and a director of the Company.

5:49 am S&P futures vs fair value: -16.50. Nasdaq futures vs fair value: -32.00 :  

5:49 am European Markets : FTSE...6048.78...-39.30...-0.70%.  DAX...10498.83...-100.10...-0.90%.

5:49 am Asian Markets : Nikkei...19230.48...+183.90...+1.00%.  Hang Seng...21464.05...-240.60...-1.10%.

5:32 am IEA releases Oil Market Report for December; Indications of slowing growth in current quarter confirm 1.2 mb/d increase in demand forecast for 2016 (:COMDX) :

• World oil demand growth of 1.2 million barrels per day (mb/d) is forecast in 2016, as first signs of a slowdown appear, accordint o IEA Oil Market Report (:OMR) for December.
• The confirmation of the IEA outlook of the previous two OMRs comes as early indicators for the current quarter show growth easing to 1.3 mb/d from a year earlier, from a peak of 2.2 mb/d last quarter. The resulting annual growth of 1.8 mb/d for 2015 is led by China, the United States, India and -- somewhat surprisingly -- Europe.
• Slightly higher OPEC crude output accounted for the lion's share of the 50 000 barrels per day (50 kb/d) increase in global oil supply in November, to inch up to a total of 96.9 mb/d, or 1.8 mb/d above a year earlier. Non-OPEC supply held at 58.5 mb/d in November, and annual growth slowed to below 300 kb/d from 2.2 mb/d at the start of 2015.
• OPEC crude output edged up to 31.73 mb/d as record production from Iraq and higher supply from Kuwait offset losses from African members. The OMR's "call on OPEC crude and stock change" for 2016 was unchanged from the November issue at 31.3 mb/d -- a substantial rise of 1.6 mb/d on this year.

5:30 am Concord Medical Services declares special dividend of $0.33 per ordinary share (or $0.99 per ADS) (CCM) : The dividends are payable on or about January 30, 2016, to shareholders of record at the close of business on December 28, 2015. The ex-dividend date is expected to be on December 23, 2015.

4:39 am Chipmos Technology to sell 25% of ChipMOS Taiwan to Tsinghua Unigroup through private placement at a price of NT$40.00 per common share (IMOS) :

ChipMOS announced that the Board of Directors of its 58.0% owned subsidiary ChipMOS has authorized and signed a share purchase agreement to sell 299,252,000 common shares of ChipMOS Taiwan to Tsinghua Unigroup through private placement at a price of NT$40.0 per common share.

• ChipMOS Taiwan today also executed a Strategic Alliance Agreement with Tsinghua Unigroup designed to strengthen the long-term cooperation relationship between the two companies.
• The proposed Private Placement is also subject to ChipMOS Taiwan shareholder approval and routine regulatory approvals in Taiwan. The proposed transaction would be valued at ~NT$12.0 billion (~$368.3 million).
• After the issuance of the Private Placement Shares, Tsinghua Unigroup would own approximately 25.0% of ChipMOS Taiwan.
• Parent company ChipMOS's ownership in its subsidiary ChipMOS Taiwan would be 43.7% post-placement compared to the current 58.0%.

4:09 am Siliconware Precision and Tsinghua Unigroup enter into a strategic alliance agreement and share subscription agreement (SPIL) :

Siliconware Precision Industries and Tsinghua Unigroup entered into a Strategic Alliance Agreement and Share Subscription Agreement

• SPIL will continue to increase the scale of global operation, invest in advanced processing R&D, and expand high-end packaging and testing capacity. The majority of funds raised from this cooperation are expected to be used for investments in Taiwan, including hardware development and cultivation of local talent to sustain long-term development in Taiwan. In addition, SPIL will cooperate with leading foundry players to capture more market share in the advanced packaging and testing industry.
• SPIL plans to invite Unigroup to subscribe, through its affiliate company, to newly issued SPIL shares by means of a private placement as a strategic investor.
  • Unigroup will subscribe 1,033 million newly issued SPIL shares priced at NT$55 per share and own 24.9% of the total shareholding of SPIL after the capital injection.

3:50 am Chipotle Mexican Grill provides update on recent E. coli incidences; no evidence of exposures after the period of mid-October to early-November (CMG) :

Co issues a statement pertaining to the recent E. coli incidences

• There is no evidence of E. coli exposures after the period of mid-October to early-November and no new illnesses have occurred since then. This includes the original cases in Washington and Oregon, as well as those later reported in California, Ohio, New York, Minnesota, Illinois, and Maryland.
• Officials at the Centers for Disease Control and Prevention have indicated that additional cases may still be reported as they make their way through various state health departments to the federal health officials.
• The enhanced food safety program is the product of a comprehensive reassessment of food safety practices conducted with IEH Laboratories that included a farm-to-fork assessment of each ingredient we use with an eye toward establishing the highest standards for safety. Specifically, program components include:
  • Implementing high-resolution testing of all fresh produce in which a series of DNA-based tests will ensure the quality and safety of ingredients before they are shipped to restaurants, a testing program that far exceeds requirements of state and federal regulatory agencies, as well as industry standards.
  • Initiating end-of-shelf-life testing where ingredient samples will be tested to ensure that quality specifications are maintained throughout the shelf life of an ingredient.
  • Pursuing continuous improvements throughout our supply chain using data from test results to continuously measure the performance of each of its vendors and suppliers.
  • Enhancing internal training to ensure that all employees thoroughly understand our high standards for food safety and food handling.

3:42 am On The Wires (:WIRES) :

• GE (GE) revealed that its Power business's Digital Power Plant has led to the signing of 15 Predix customers over the past 90 days with a software-related bookings of $100 million.
• Total (TOT) has brought on stream the Moho Phase 1b project, located 75 kilometers off the coast of Pointe-Noire in the Republic of the Congo. The project is operated by Total and has a production capacity of 40,000 barrels oil equivalent per day
• KKR (KKR) announced the closing of two transactions, Casual Dining Group and Sarquavitae, an elderly care operator based in Spain. Both Casual Dining Group and Sarquavitae will use the capital to fund further growth and strengthen their existing capital structures.

3:40 am Eli Lilly and Adocia reports BioChaperone Lispro study met all endpoints; Adocia receives a $10 million milestone payment from Lilly (LLY) :

Adocia and Eli Lilly announced the successful completion of a preliminary Phase 1 clinical trial evaluating BioChaperone Lispro U200, a concentrated formulation of BioChaperone Lispro, the ultra-rapid formulation of insulin lispro licensed to Lilly. This completed pilot study aimed to determine the potential for bioequivalence of BioChaperone Lispro U200 to BioChaperone Lispro U100 in healthy volunteers.

• BioChaperone Lispro U200, a BioChaperone Lispro formulation at twice the standard insulin concentration, met all pre-specified endpoints, delivering an ultra-rapid profile equivalent to BioChaperone Lispro U100 in an initial pilot study.
• Adocia receives a $10 million milestone payment from Lilly after successful completion of this clinical pilot study.
  

3:37 am Federal Signal to divest its Bronto Skylift business for ~$88 mln (FSS) :

Federal Signal announced that it has signed a definitive agreement to sell its Bronto Skylift business to Morita Holdings for 80 million in cash (or ~$88 million).

• The transaction is subject to customary closing conditions and is expected to be completed during the first quarter of 2016.
• Upon completion of the transaction, Federal Signal will no longer operate the Fire Rescue Group.

3:35 am Marine Harvest to build a new greenfield feed factory in Scotland (MHG) :

Marine Harvest announced it has approved the development of a new feed factory in Scotland.

• The investment is estimated to ~GBP 80 million and will be phased over the years 2016-2018, with approximately 95% of the capital expenditure falling within 2017-2018.
• The investment is expected to yield good results, with a capital return target in the range of 15%.
• The investment is subject to acquiring land, obtaining relevant permissions and consents. The construction phase is planned to commence in 2017 and expected completion of the feed plant during the first half of 2018.

3:33 am Sanofi-Aventis and Regeneron (REGN) announces UnitedHealth (UNH) will provide preferred access to Praluent Injection (SNY) :

Sanofi (SNY) and Regeneron Pharmaceuticals (REGN) announced that UnitedHealth Group (UNH) will provide preferred access to Praluent Injection through OptumRx and UnitedHealthcare for Commercial, Medicare, and Managed Medicaid patients.

• This decision, when combined with prior favorable coverage decisions at Express Scripts, Aetna and other insurers, provides for access to flexible dosing with Praluent on formularies covering more than 100 million patients in the United States.

3:29 am Bellicum Pharmaceuticals obtains rights to develop adoptive cell therapies targeting tumors expressing PSCA from Astellas (ALPMY) (BLCM) : Bellicum Pharmaceuticals (BLCM) and Astellas Pharma (ALPMY) announced that Agensys, an affiliate of Astellas, and Bellicum have entered into a global license agreement, granting Bellicum rights to develop and commercialize adoptive cell therapies, including CAR-T cells, for tumors expressing Prostate Stem Cell Antigen using PSCA technology, both in-licensed and developed at Agensys.

• Agensys will receive an upfront license fee, and is eligible for clinical and sales milestones, as well as single-digit royalties on the sales of any products developed pursuant to the license.
• Astellas or Agensys retains the option for commercialization of any product targeting PSCA based on Bellicum's CAR-T cell technology in Japan. If the option is exercised, Bellicum would receive an option fee from Astellas or Agensys, and the amount for certain clinical and sales milestones to be paid to Agensys would be reduced.
• Bellicum would also receive royalties from Astellas or Agensys based upon sales of such product in Japan.
  

3:26 am Douglas Emmett secures $115 mln term loan fixed at 2.76% through Dec 2020 (DEI) :  

3:24 am Sequenom appoints current interim Pres/CEO Dirk van den Boom as permanent President and CEO, effective immediately (SQNM) :  

3:22 am United Development Funding IV provides a response to market rumors; believes hedge fund is manipulating and depressing share price (UDF) :

United Development Funding III and United Development Funding IV are aware that a hedge fund has created a significant short position in United Development Funding IV shares (UDF).

• Co believe that this hedge fund is trying to unlawfully profit by manipulating and depressing the price of United Development Funding IV shares.

3:20 am PNM Resources increases annual dividend by 10% to annoual rate of $0.88 per share (PNM) :

Co voted to increase the company's annual dividend payment by $0.08, a 10.0% increase, to an indicated annual rate of $0.88 per share of common stock.

• The board has declared the resulting quarterly stock dividend of $0.22 per share, payable Feb. 12, 2016, to shareholders of record at the close of business Jan. 25, 2016.

3:17 am National Holdings provides comments on B. Riley's acquisition offer; hires outside advisor (NHLD) :

Co commented on the 13D filed by B. Riley Financial, wherein that firm disclosed an ownership interest in National Holdings and an unsolicited $3.25 per share stock for stock acquisition offer.

• "The Company agreed to the 30-day exclusivity period to give us time to evaluate the merits of the B. Riley offer, engage in negotiations and, as the proposal is for a stock transaction, to do our due diligence on B. Riley and allow them to complete their due diligence process on National. A committee of independent directors will evaluate this offer to determine what course of action it believes would be in the best interests of our shareholders. To assist them in this evaluation process, we have hired an outside advisor."
  

3:13 am Atlas Resource Partners commences consent solicitations for outstanding 7.750% Senior Notes due 2021 and 9.25% Senior Notes due 2021 (ARP) :  

3:09 am LPL Financial completes accelerated share buy back ahead of schedule (LPLA) :

Co announced early completion of its previously announced accelerated share repurchase plan.

• Co completed the first step of previously announced $500 million share repurchase program several months ahead of expected timeline
• Co purchased 5.6 mln of shares for $250 million resulting in an average purchase price of $44.46 per share.

2:41 am On The Wires (:WIRES) :

• Southern California Gas Company (SRE) announced the opening of a new community resource center for Porter Ranch residents Wednesday and said important progress has been made to stem the flow of natural gas at the Aliso Canyon Storage Field. Work began Friday, December 4 to drill a relief well that will enable SoCalGas to pump fluids and cement through the relief well into the leaking well to stop the flow and permanently seal it.
• Webster Financial (WBS) announced that Webster Bank will open 14 banking centers in mid-January in the greater Boston area.