4:42 am On The Wires (:WIRES) :

• MiX Telematics (MIXT) announced the launch of MiX Journey Management - a comprehensive electronic journey risk management solution that integrates with the company's fleet management platform.
• Cornerstone OnDemand (CSOD) announced that leading global manufacturer Hitachi (HTHIY) has implemented Cornerstone's cloud-based talent management software solution to deliver a best-in-class learning and development experience to more than 350,000 Hitachi employees across nearly 1,000 group companies.
• Toshiba (TOSBF) announced the launch of "TB9044FNG", a general-purpose system power IC with multiple outputs achieving functional safety for automotive applications. Sample shipments start today, with the mass production scheduled to start in October, 2017.
• PointGrab announced an investment totaling $5 million from ABB (ABB) Technology Ventures, EcoMachines Ventures, and Flex Lab IX. Through this investment, PointGrab fuels its expansion into the rapidly growing $30 billion home and building-automation market.
• IBM (IBM) announced the opening of its global headquarters for Watson Internet of Things, launching a series of new offerings, capabilities and ecosystem partners designed to extend the power of cognitive computing to the billions of connected devices, sensors and systems that comprise the IoT.
• SAP (SAP) announced that Wipro (WIT) is extending its SAP footprint by deploying SAP's next-generation business suite, SAP Business Suite 4 SAP HANA, and other solutions from SAP.
• Technip (TKPPY) has been awarded a lump sum contract by Deep Gulf Energy II, LLC for the development of the Odd Job field. This ultra deepwater field is located in Mississippi Canyon, offshore New Orleans, in the Gulf of Mexico, in water depths ranging from 1,330 to 1,825 meters.

4:33 am Sanofi-Aventis and Boehringer Ingelheim enter asset swap negotiations; expected to be business EPS neutral in 2017 and accretive in subsequent years (SNY) :

Sanofi and Boehringer Ingelheim announced that the companies have entered into exclusive negotiations to swap businesses.

• The proposed transaction would consist of an exchange of Sanofi animal health business with an enterprise value of 11.4 bn and Boehringer Ingelheim consumer healthcare business with an enterprise value of 6.7 bn. Boehringer Ingelheim CHC business in China would be excluded from the transaction.
• The transaction would also include a gross cash payment from Boehringer Ingelheim to Sanofi of 4.7 bn.
  • Sales of Boehringer Ingelheim CHC business (excluding China) are estimated at about 1.6 bn for 2015 and are highly complementary with those of Sanofi CHC, both in terms of products and geographies.
  • Boehringer Ingelheim CHC would improve the position of Sanofi in Germany and Japan where Sanofi CHC presence is limited, and expand Sanofi presence in its Priority Categories.
• Taking into account the anticipated CHC results, share buybacks and potential synergies, the overall transaction is expected to be business EPS neutral in 2017 and accretive in subsequent years.

4:29 am Fiat Chrysler reports European unit sales for Nov rose 18.3% YoY (FCAU) :

Co reports it posted European sales of 68,500 units for the month of November, representing an 18.3% year-over-year increase and outperforming the industry average (+13.7%) for the eleventh consecutive month.

• For the eleven months year-to-date, sales were up 13.4% (+8.6% for the industry) to more than 807,000 units.

4:25 am General Electric divests its Japanese commercial lending and leasing business to Sumitomo Mitsui Finance (SMFG) for ~$4.8 bln (GE) :

GE has signed an agreement today to sell its commercial lending and leasing business in Japan, including Capital Finance, Fleet Service and Vendor Finance, to Sumitomo Mitsui Finance and Leasing, a member of Sumitomo Mitsui Financial Group (SMFG).

• The transaction includes employees of the business and represents aggregate GE ending net investment of ~$4.6 billion. The sale price is ~$4.8 billion.

4:22 am Turquiose Hill Resources announces Oyu Tolgoi has signed a $4.4 bln project finance facility (TRQ) :

Turquoise Hill Resources, whose primary operation is its 66% interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia, announced that Oyu Tolgoi has signed a $4.4 billion project finance facility, one of the largest in the mining industry.

• The facility is being provided by a syndicate of international financial institutions and export credit agencies representing the governments of Canada, the United States and Australia, along with 15 commercial banks.
• As part of the project finance agreements, Rio Tinto (RIO) has agreed to provide a completion support undertaking in favour of the project finance lenders. In consideration for providing completion support, and as contemplated by previous agreements, Oyu Tolgoi and Turquoise Hill have agreed to pay Rio Tinto an annual completion support fee equal to 2.5% of the amounts drawn under the facility, of which 1.9% is payable by Oyu Tolgoi and 0.6% is payable by Turquoise Hill.
• The parties have agreed to a debt capacity of $6.0 billion for Oyu Tolgoi, providing the option for an additional $1.6 billion of supplemental debt in the future
  

4:18 am Pacira Pharma receives favorable resolution for EXPAREL; formal FDA rescission of 2014 warning letter (PCRX) :

Co announced that it has achieved an amicable resolution with the United States in its lawsuit filed on September 8, 2015, Pacira Pharmaceuticals vs FDA.

• The resolution confirms that EXPAREL is, and has been since 2011, broadly indicated for administration into the surgical site to provide postsurgical analgesia.
• The FDA approved a labeling supplement which amends the EXPAREL Package Insert (:PI) to clarify and reinforce that:
  • The use, efficacy and safety of EXPAREL is not limited to any specific surgery type or site
  • The proper dosage and administration of EXPAREL is based on various patient and procedure-specific factors, with the two surgical models utilized in the pivotal trials provided as examples for the purpose of providing general guidance
• The September 2014 Warning Letter is formally withdrawn via a "Rescission Letter"
• The United States acknowledges that the rescission of the Warning Letter and approval of the Labeling Supplement reflect the scope of the indication in the NDA that FDA approved on October 28, 2011.
• Pacira and FDA agree that, in future interactions, they will deal with each other in an open, forthright and fair manner
  

4:12 am Boeing and China Postal agree on purchase order of 10 Next-Generation 737 Boeing Converted Freighters (BA) : There were no specific financial details and is pending a program launch

4:10 am EZchip: Raging Capital Management issues statement; concerned over commitment to a successful go shop process (EZCH) :

Raging Capital Management, the largest shareholder of EZchip Semiconductor (EZCH) owning ~7.9% of the ordinary shares outstanding, commented on the Go Shop process that EZchip initiated after the Company postponed the shareholder vote on the Company's proposed sale to Mellanox Technologies (MLNX)

• "Despite EZchip's last minute maneuvers, the postponed merger with Mellanox and the establishment of an additional Go Shop provision was a victory for EZchip shareholders. And while it confirmed to Raging Capital our strong belief that the original process to sell EZchip was both flawed and incomplete, it ultimately provided the Company with an opportunity to engage other interested parties to make a fulsome bid..."
• "...it has come to our attention that Mr. Fruchter has recently been posting comments on a private subscription-based message board which paint a negative picture of the business. In our opinion, Mr. Fruchter's imprudent comments are intentionally sabotaging the Go Shop process..."
• "...Raging Capital continues to believe that EZchip should not have entered into the agreement to sell to Mellanox at $25.50 per share because we believe the Company is worth much more..."
  

4:06 am M/A-COM Tech acquires Aeroflex's (:ARX) diode business for $38 mln in cash (MTSI) :

M/A-COM Technology Solutions Holdings announced that it has acquired 100% of Aeroflex's diode business for $38 million in cash.

• The business had ~$37 million in revenue for the fiscal year ended December 31, 2014.

4:04 am The Medicines Co reports publication of MDCO-216 data; demonstrates pronounced effect on ABCA1-mediated cholesterol efflux (MDCO) :

Co announced that the European Heart Journal -- Cardiovascular Pharmacotherapy has published results of its Phase 1 study for MDCO-216, a compound under development for the reduction of atherosclerotic plaque burden and related life-threatening cardiovascular events in patients with coronary artery disease

• The publication highlights: "The results reported by Kallend et al. are preliminary but promising and should encourage further confirmation in larger randomized trials assessing the effects of MDCO-216 on atherosclerosis and cardiovascular outcomes. Its intravenous administration and the duration of the effects suggest that it might be more suitable for patients with acute or unstable cardiovascular disease rather than giving repeated infusions over time in subjects who are otherwise stable."
• Co also announced that it has recruited and dosed the first patient in a proof-of-concept intravascular ultrasound study, MILANO-PILOT, to measure the effect of MDCO-216 on atherosclerotic plaque burden and continue to evaluate the agent's impact on cholesterol efflux.
• The study will involve up to 120 patients with ACS and will assess the safety and efficacy of weekly 20mg/kg MDCO-216 infusions over a five-week period. The first interim analysis is projected for the first half of 2016.

4:00 am RigNet reduces personel by 21 positions in Q4 cost saving effort (RNET) :

Co announced a reduction of 21 personnel to reduce costs in line with lower activity levels in the upstream energy market.

• In connection with this action, RigNet expects to achieve annualized savings from personnel reductions of ~$2.5 million after taking a restructuring charge of ~$0.7 million in the fourth quarter of 2015 for employee severance expenses and related matters.
• Expected to be substantially completed by January 31, 2016, the plan involves a reduction across the organization of approximately 4% of the employee base.

3:58 am Bluelinx's Board approves a 1-for-10 reverse stock split; (BXC) : Co announced that the Company's Board of Directors has approved a 1-for-10 reverse stock split of the Company's common stock, and plans to seek stockholder approval of the reverse stock split at its 2016 annual stockholders' meeting in an effort to meet the minimum per share market price requirements for continued listing on the New York Stock Exchange.