Yingli Green Energy Holding Co. Ltd.

Published : April 20th, 2015

6:59 am Yingli Green Energy has obtained a $48 mln financing facility for a 50 megawatt PV power plant in China

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6:59 am Yingli Green Energy has obtained a $48 mln financing facility for a 50 megawatt PV power plant in China

7:56 am S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +19.80. (:WRAPX) : U.S. equity futures hold modest gains amid upbeat action overseas. The S&P 500 futures hover seven points above fair value.

Today represents the first busy day of Q1 earnings with more than 75 results crossing between yesterday's closing bell and today's open. So far, most of the reports have beat on the bottom line, but positive revenue growth has not been nearly as common.

Investors did not receive any economic data today.

Treasuries hold gains with the 10-yr yield down two basis points at 1.87%.

In U.S. corporate news of note:

  • Credit Suisse (CS 26.37, -0.73): -2.7% despite beating earnings and revenue estimates. 
  • DuPont (DD 72.92, +0.08): +0.1% following its bottom-line beat on light revenue. The Dow component raised its quarterly dividend to $0.49 from $0.47. 
  • IBM (IBM 167.25, +1.09): +0.7% after beating earnings estimates and reaffirming its guidance. 
  • Lam Research (LRCX 79.00, +7.01): +9.7% in reaction to better than expected results and above-consensus guidance. 
  • SAP (SAP 74.25, +1.93): +2.7% after missing bottom-line estimates on better than expected revenue. 
  • Travelers (TRV 104.02, -2.12): -2.0% despite beating bottom-line estimates on light revenue, increasing its buyback, and boosting its quarterly dividend by 11.0% to $0.61. 
  • Under Armour (UA 83.65, -4.11): -4.4% after reporting in-line results and guiding below analyst expectations. 
  • United Technologies (UTX 117.75, +1.24) +1.1% after better than expected earnings overshadowed below-consensus revenue.
Reviewing overnight developments:
  • Asian markets ended mixed, but Japan's Nikkei +1.4%, China's Shanghai Composite +1.8%, and Hong Kong's Hang Seng +2.8% posted gains. 
    • In economic data: 
      • Japan's Leading Index slipped to 104.8 from 105.0 (expected 105.3) 
      • Hong Kong's March CPI +4.5% year-over-year, as expected (prior 4.6%) 
    • In news: 
      • The Reserve Bank of Australia released its latest minutes, which called for allowing more data to come in before making the next policy move. The RBA held its key rate at 2.25% at its most recent meeting.
  • Major European indices have climbed off their lows in recent action. Germany's DAX +0.9%, UK's FTSE +0.1%, and France's CAC +0.3%. Elsewhere, Italy's MIB -0.4% and Spain's IBEX +0.6%. 
    • Economic data was limited: 
      • Eurozone ZEW Economic Sentiment rose to 64.8 from 62.4 (expected 63.7) 
      • Germany's April ZEW Economic Sentiment fell to 53.3 from 54.8 (consensus 55.3) while ZEW Current Conditions improved to 70.2 from 55.1 (expected 56.0) 
    • Among news of note: 
      • The European Central Bank is reportedly looking at forcing haircuts on Greek banks that have accessed Emergency Liquidity Assistance in order to encourage more reform progress by the country's government.

7:53 am Brinker beats by $0.01, reports revs in-line (EAT) : Reports Q3 (Mar) earnings of $0.94 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.93; revenues rose 3.3% year/year to $784.2 mln vs the $791.81 mln consensus.

  • Comparable restaurant sales increased 2.6% excluding the impact of Christmas Day moving to the third quarter. Restaurant operating margin, as a percent of company sales, improved ~30 basis points to 18.9 percent compared to 18.6% for the third quarter of fiscal 2014
Guidance Policy:
  • Brinker provides annual guidance as it relates to comparable restaurant sales, earnings per diluted share, and other key line items in the comprehensive income statement and will only provide updates if there is a material change versus the original guidance. Consistent with prior practice, management will not discuss intra-period sales or other key operating results not yet reported as the limited data may not accurately reflect the final results of the period or quarter referenced.

7:52 am Mechel Steel reports the signing a four-year contract on locomotive maintenance works between Mecheltrans-East OOO and Sinara Transport Machines OAO (MTL) : According to the agreement, STM's subsidiary STM-Service will fully service and repair TE8 locomotives manufactured at STM's Lyudinovsky Locomotive Plant to Mecheltrans's order. According to the contract, servicing will cost 120 million rubles annually.

7:49 am Calithera Biosciences announces the intended release of pre-clinical data for CB-839 at an upcoming American Association for Cancer Research meeting (CALA) : Co stated: "We have identified KRAS and EGFR mutation status as potential biomarkers correlated to enhanced sensitivity of CB-839, which could ultimately direct our development of CB-839 in non-small cell lung cancer. In addition, based on our synergy studies, CB-839 in combination with signal transduction inhibition may offer a novel therapeutic strategy for the treatment of non-small cell lung cancer and renal cell carcinoma." It additionally noted that:

  • Data will be presented demonstrating that lung cancer cell lines carrying EGFR or KRAS mutations have enhanced sensitivity to CB-839. Signaling through mTOR is down regulated by CB-839, demonstrating a relationship between signal transduction pathways and cancer metabolism. CB-839 also synergizes with the mTOR inhibitor everolimus in renal clear cell carcinoma lines. 
  • In addition, CB-839 has synergistic activity with the MEK inhibitor selumetinib in KRAS mutant lung cancer cell lines both in vitro and in vivo, and with the EGFR inhibitor erlotinib in EGFR mutant lung cancer cell lines as well as in erlotinib-resistant EGFR mutant animal models lacking the T790M mutation.

7:49 am Arch Coal misses by $0.04, misses on revs (ACI) : Reports Q1 (Mar) loss of $0.54 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of ($0.50); revenues fell 8.0% year/year to $677 mln vs the $731.7 mln consensus.

  • Quarterly Adj. EBITDA increases threefold versus the prior-year quarter
  • Arch's first quarter cash margin per ton expands 12% versus the prior quarter
  • Strong operational quarter drives down Appalachian 2015 cost-per-ton guidance
  • As of March 31, 2015, Arch had available liquidity of $1.1 bln, including cash and short-term investments of $939 mln and undrawn borrowings on its credit facilities. "We are focused on managing our available liquidity through these difficult conditions," said John T. Drexler, Arch's senior vice president and chief financial officer.
  • Arch now expects thermal sales volumes for 2015 to be in the range of 120-130 mln tons.
  • The co has lowered its metallurgical coal sales guidance, and now expects to ship between 6.0-6.8 mln tons for 2015.
  • Using this revised volume guidance, Arch is more than 95% committed on thermal sales and 75% committed on metallurgical sales for the full year.

7:41 am Sonoco Products announces the appointment of Barry Saunders as SVP and CFO (SON) :  

7:37 am Verizon beats by $0.07, reports revs in-line; Wireless revs +6.9% YoY (VZ) : Reports Q1 (Mar) earnings of $1.02 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.95; revenues rose 3.8% year/year to $31.98 bln vs the $32.26 bln consensus.

  • Wireless Highlights: 
    • Total revenues were $22.3 billion in first-quarter 2015, up 6.9% year over year. 
      • Service revenues totaled $17.9 billion, down 0.4% year over year, while equipment revenues increased $1.5 billion compared with first-quarter 2014 as more customers chose Verizon Edge pricing. 
    • Verizon Wireless had 565,000 retail postpaid net additions in first-quarter 2015, a 4.8% increase compared with first-quarter 2014.
      • At the end of first-quarter 2015, the company had 108.6 million retail connections, a 5.1% year-over-year increase, and had 102.6 million retail postpaid connections.

7:35 am Ariad Pharm announces the results of a series of preclinical studies on its investigational tyrosine kinase inhibitor (ARIA) : A poster presentation shows that brigatinib, at clinically achievable concentrations, has potent anti-tumor activity against a panel of 17 distinct ALK mutants known to confer resistance to other ALK inhibitors. In a separate study designed to model the occurrence of brain metastases in ALK+ lung cancer patients, brigatinib significantly reduced the tumor burden in mice with ALK+ brain tumors compared to the tumors in mice treated with crizotinib. Survival of brigatinib-treated mice was also markedly enhanced compared to the survival duration of crizotinib-treated mice.

7:35 am Liberty Property Trust beats by $0.08, beats on revs (LPT) : Reports Q1 (Mar) FFO of $0.70 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.62; revenues rose 4.7% year/year to $206.9 mln vs the $203.7 mln consensus.

7:33 am S&T Bancorp misses by $0.01 ex-merger costs (STBA) : Reports Q1 (Mar) earnings of $0.46 per share, excluding $0.05 in merger costs, $0.01 worse than the Capital IQ Consensus Estimate of $0.47. 

  • The merger with Integrity Bancshares, Inc. (Integrity) closed on March 4, 2015. 
  • S&T now has $6.0 billion in assets and a market cap of ~$1.0 billion. 
  • Net interest income increased $2.2 million to $40.3 million compared to $38.1 million for the fourth quarter of 2014. The increase in net interest income primarily related to the merger. Net interest margin on a fully taxable equivalent basis (:FTE) increased 5 basis points to 3.48% compared to 3.43% in the fourth quarter of 2014.

7:32 am Lincoln Electric beats by $0.05, reports revs in-line (LECO) : Reports Q1 (Mar) earnings of $0.89 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.84; revenues fell 4.0% year/year to $657.9 mln vs the $656.3 mln consensus.

  • Earnings of $0.03/share was from the co's Venezuelan operations in the first quarter 2015.
  • Revenue fell in the quarter primarily due to unfavorable foreign currency translation and lower volumes in the Asia Pacific segment.
  • "We achieved volume growth in Europe Welding and The Harris Products Group on solid execution of their commercial initiatives, and maintained steady volume performance in North America. As anticipated, we experienced weakness in South American end-markets and continued to strategically reposition our business in Asia Pacific for long-term profitable growth. Our first quarter profitability margins remained strong on operational initiatives and favorable mix, helping offset unfavorable foreign exchange translation."

7:32 am Sonic Automotive misses by $0.01, reports revs in-line (SAH) : Reports Q1 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.38; revenues rose 4.6% year/year to $2.24 bln vs the $2.24 bln consensus. 

  • Record Q1 new retail units of 31,334, up 4.3%, over the prior year quarter.

7:32 am Northern Trust beats by $0.07, reports revs in-line (NTRS) : Reports Q1 (Mar) earnings of $0.94 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.87; revenues rose 9.0% year/year to $1.13 bln vs the $1.13 bln consensus.

  • "We are pleased with our financial performance in [Q1], which reflects continued growth in our business serving personal and institutional clients. Trust, investment and other servicing fees, which represent two-thirds of our revenue, increased 7% compared to last year. New business and higher equity markets contributed to growth in assets under custody and under management of 6% and 5%, respectively."

7:32 am TD Ameritrade reports EPS in-line, misses on revs; Declares $0.15 dividend (AMTD) : Reports Q2 (Mar) earnings of $0.35 per share, in-line with the Capital IQ Consensus Estimate of $0.35; revenues fell 1.1% year/year to $803 mln vs the $820.84 mln consensus.

  •  Net new client assets of approximately $16.3 billion, an annualized growth rate of 10 percent 
  • Average client trades per day of approximately 477,000, an activity rate of 7.4 percent 
  • Investment product fee revenues of $85 million, up 13 percent year-over-year
  • The Company has declared a $0.15 per share quarterly cash dividend, payable on May 15, 2015 to all holders of record of common stock as of May 1, 2015

7:31 am Manpower beats by $0.04, beats on revs; guides Q2 EPS in-line (MAN) : Reports Q1 (Mar) earnings of $0.83 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.79; revenues fell 7.4% year/year to $4.54 bln vs the $4.47 bln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $1.21-1.29, which includes an estimated unfavorable currency impact of $0.29, vs. $1.27 Capital IQ Consensus Estimate.
  • "2015 is off to a strong start as we built on the progress we made last year delivering good results in the first quarter. It is encouraging to see the early signs of more broad based improvement in Europe, setting the stage for what we believe could be a slow but sustained labor market recovery in that region. The strong start to the year gives us confidence that we are on the right track and that our focus on permanent recruitment and our market leading solutions offerings continues to pay off. We are well placed to seize further opportunities as economic trends improve."

7:31 am McEwen Mining announces drill results that are expected to extend the mine life and improve the gold grade of El Gallo 1 (MUX) : Drilling is ongoing and an updated resource estimate for El Gallo 1 will be released in Q3 2015. The 2015 exploration budget for Mexico is $5.5 million. The drill assay results highlighted below are from the most advanced deposits being explored, San Jose del Alamo and Twin Domes. As well, we continue to explore several regional prospects with strong indications of gold and silver.

7:31 am CSI Compressco LP increases quarterly distribution 2% to $0.495/share from $0.485/share (CCLP) :  

7:31 am ChinaNet Online announces investment in Beijing Saturday Educational Technology Company (CNET) : CNET provided Beijing Saturday full support to enhance Saturday Children's with brand management, brand channel expansion, marketing and advanced marketing chain management systems. Co helped to properly manage each franchise store through its management system and used Baidu Wallet to facilitate online payment. CNET is also currently implementing its new "Business Direct 3.0" service with Beijing Saturday. The service will use Baidu Direct Reach mobile platform to attract customers online through mobile search, accounts, maps, personalized recommendations and other ways to direct these online attentions to offline stores and create revenue.

7:30 am Biogen announces the presentation of PLEGRIDY three-year data; interim results affirm its safety profile and effect on clinical, MRI, and NEDA outcomes (BIIB) : Co announced new data from the ATTAIN study which demonstrate the long-term safety and efficacy of PLEGRIDY over three years in people with relapsing-remitting multiple sclerosis. The study results will be presented at the 67th American Academy of Neurology's Annual Meeting in Washington, DC.The efficacy data from the first year of the ATTAIN study represent patients who have three years of continuous, fixed-dose treatment with PLEGRIDY:

  • Patients with RRMS who were administered PLEGRIDY subcutaneously every two weeks over the three year period maintained positive efficacy results on clinical outcomes including annualized relapse rate, the proportion of patients suffering a relapse, and the proportion of patients with 24-week confirmed disability progression. 
  • PLEGRIDY also showed continued efficacy over the three year period across important MRI measures. 
  • Additionally, the results from the study included a post-hoc analysis on NEDA outcomes, which in ATTAIN were defined as no evidence of disease activity on clinical and MRI measures, indicating no relapses and no onset of 24-week disability progression, no Gd+ lesions, and no new or enlarging T2-hyperintense lesions.

7:28 am Lockheed Martin beats by $0.25, misses on revs; guides FY15 EPS in-line, reaffirms FY15 revs guidance (LMT) : Reports Q1 (Mar) earnings of $2.74 per share, excluding non-recurring items, $0.25 better than the Capital IQ Consensus Estimate of $2.49; revenues fell 5.1% year/year to $10.11 bln vs the $10.24 bln consensus. Co issues mixed guidance for FY15, sees EPS of $10.85-11.15 (Prior $10.80-11.10), excluding non-recurring items, vs. $11.14 Capital IQ Consensus Estimate; sees FY15 revs of $43.50-45.00 bln vs. $44.66 bln Capital IQ Consensus Estimate; Reaffirms orders in the range of $43.50-45.00 bln; Reaffirms expectations of Greater than $5.0 bln for Cash from operations.

7:28 am Halcon Resources announces offering of $500 mln in Senior Secured Notes due 2020 (HK) : Notes will be secured by second-priority liens on substantially all of Halcn's and its subsidiary guarantors' assets that secure the Company's senior secured revolving credit facility. Co intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its senior secured revolving credit facility and for general corporate purposes

7:22 am Allegheny Tech beats by $0.01, beats on revs (ATI) : Reports Q1 (Mar) earnings of $0.09 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.08; revenues rose 14.0% year/year to $1.13 bln vs the $1.08 bln consensus.

  • "Aerospace market sales increased 14% in [1Q15] compared to [4Q14}. We saw double-digit demand growth from both jet engine and airframe customers of 14% and 22%, respectively."
  • "In our High Performance Materials & Components segment, we expect to see demand for our mill products, forgings and investment castings grow throughout 2015, and over the next several years, due to strong demand from airframe and jet engine OEMs. In this segment, demand from the oil & gas market, primarily for exploration applications, is expected to remain soft for the balance of 2015. We also expect segment results to continue to be negatively impacted by low operating rates at the Rowley facility throughout 2015 as we steadily increase titanium sponge production throughout the year."
  • "In our Flat Rolled Products segment, we expect improved volume and a better product mix in [2Q15] as we begin to realize the range of capabilities of the HRPF."

7:19 am Kimberly-Clark beats by $0.09, beats on revs; reaffirms FY15 EPS guidance (KMB) : Reports Q1 (Mar) earnings of $1.42 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $1.33; revenues fell 4.0% year/year to $4.69 bln vs the $4.61 bln consensus.

  • Changes in foreign currency exchange rates reduced sales 9 percent as a result of the weakening of most currencies relative to the U.S. dollar. Organic sales rose 5 percent, as volumes increased 3 percent and net selling prices and product mix/other were each favorable by 1 percent. 
  • Performance benefited from organic sales growth, cost savings and a lower share count. Comparisons were negatively impacted by unfavorable foreign currency exchange rate effects and a higher adjusted effective tax rate.
Co reaffirms guidance for FY15, sees EPS of $5.60-5.80, excluding non-recurring items, vs. $5.64 Capital IQ Consensus.
  • Foreign currency translation effects are expected to negatively impact net sales by 9 to 10 percent and operating profit by 10 to 11 percent. Both of these ranges are 1 point more negative than prior assumptions. 

7:15 am Echo Global Logistics reports EPS in-line, misses on revs; reaffirms FY15 revs guidance; Co announces acquisition of Command Transportation (ECHO) : Reports Q1 (Mar) earnings of $0.15 per share, in-line with the Capital IQ Consensus Estimate of $0.15; revenues rose 14.3% year/year to $283 mln vs the $295.31 mln consensus. Co reaffirms guidance for FY15, sees FY15 revs of $1.30-1.38 bln vs. $1.35 bln Capital IQ Consensus Estimate. 

  • Co also announced the acquisition of Command Transportation (Please see 7:01 comment for details).

7:14 am Harris sees Q3 EPS above consensus; revs slighly below; raises FY15 EPS guidance, lowers FY15 rev guidance (HRS) :

  • Co issues guidance for Q3 (Mar), sees adj EPS of $1.32 vs. $1.22 Capital IQ Consensus Estimate; sees Q3 (Mar) revs of $1.19 bln vs. $1.23 bln Capital IQ Consensus Estimate; sees orders of $1.21 bln
  • Co issues guidance for FY15 (Jun), raises adj EPS of $5.00-5.10 from $4.95-5.05 vs. $5.01 Capital IQ Consensus Estimate; sees FY15 (Jun) lowers revs to decline of 4% from decline of 1-3% prior to ~$4.759 bln vs. $4.88 bln Capital IQ Consensus Estimate
  • Both GAAP and non-GAAP amounts benefited from a lower than expected tax rate estimated to be 30.0 percent, adding approximately $.07 per diluted share.

7:10 am Harley-Davidson beats by $0.03, misses on revs; lowers FY15 shipment guidance, reaffirms margin guidance (HOG) : Reports Q1 (Mar) earnings of $1.27 per share, $0.03 better than the Capital IQ Consensus Estimate of $1.24; revenues fell 3.9% year/year to $1.51 bln vs the $1.58 bln consensus. 

  • In the second quarter, the company expects to ship 83,000 to 88,000 motorcycles, compared to 92,217 motorcycles shipped in the year-ago period. 
  • The company now expects motorcycle shipments to grow ~2 percent to 4 percent in 2015, compared to its previous forecast of ~4 percent to 6 percent shipment growth. 
  • The company continues to expect full-year 2015 operating margin of ~18 to 19 percent for the Motorcycles segment. 
  • "Given the first-quarter retail results, and ongoing, increased levels of aggressive competitive discounting in the U.S. which we expect will continue, we are taking the precautionary step of lowering our estimated growth rate for full-year motorcycle shipments in order to manage supply in line with demand and protect the premium nature of our brand." 
In Q1, worldwide retail sales of new Harley-Davidson motorcycles decreased 1.3% YoY. Dealers worldwide sold 56,661 new Harley-Davidson motorcycles in the first quarter of 2015 compared to 57,415 motorcycles in the year-ago quarter.

7:09 am Rovi sends letter to stockholders; outlines its attempts to reach resolution with Engaged Capital, urges stockholders to vote BLUE Proxy card today (ROVI) :  

7:09 am Mueller Industries misses by $0.10, misses on revs (MLI) : Reports Q1 (Mar) earnings of $0.39 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.49; revenues fell 6.5% year/year to $537.2 mln vs the $582.77 mln consensus.

  • Despite unit volume increase of 3.6% over the same period in 2014, net sales decreased due primarily to lower copper costs that impacted the selling prices of the Company's core products.
  • Copper prices decreased 18% from the prior year averaging $2.66 per pound in the first quarter of 2015 compared with $3.24 per pound in the first quarter of 2014.
  • Regarding the outlook for 2015, Greg Christopher, CEO, said, "As we head into Q2, demand remains healthy as the economy continues its upward trend. We expect to fully catch up production and service in the second quarter for the businesses hindered by the aforementioned weather related challenges."

7:08 am MGIC Investment beats by $0.09, beats on revs (MTG) : Reports Q1 (Mar) earnings of $0.32 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 14.9% year/year to $270.2 mln vs the $243.78 mln consensus.

  • At March 31, 2015, the percentage of loans that were delinquent, excluding bulk loans, was 5.98%, compared with 6.65% at December 31, 2014, and 7.92% at March 31, 2014. Including bulk loans, the percentage of loans that were delinquent at March 31, 2015 was 7.44%, compared to 8.25% at December 31, 2014, and 9.67% at March 31, 2014.

7:08 am Pentair reports EPS in-line, revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY15 EPS below consensus, revs in-line (PNR) : Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.65; revenues fell 10.3% year/year to $1.48 bln vs the $1.48 bln consensus. 

  • Co issues downside guidance for Q2, sees EPS of $0.95-0.96, excluding non-recurring items, vs. $1.05 Capital IQ Consensus Estimate; sees Q2 revs of approx $1.64 bln vs. $1.7 bln Capital IQ Consensus Estimate. 
  • Co issues mixed guidance for FY15, sees EPS of approx $3.80 (Prior guidance $4.10-4.25)  vs. $3.86 Capital IQ Consensus Estimate; sees FY15 revs of approx $6.5 bln vs. $6.61 bln Capital IQ Consensus Estimate. 
  • "We started the year much slower than we had originally anticipated as a decline in oil prices and the strengthening dollar have led many of our customers to delay business in what feels like a global capital spending pause," said Randall J. Hogan, Pentair Chairman and Chief Executive Officer.

7:07 am Celestica misses by $0.03, misses on revs; guides Q2 EPS in-line, revs in-line; co intends to commence up to $350 mln substantial issuer bid (CLS) : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.22 but within prior guidance of $0.18-0.24; revenues fell 1.1% year/year to $1.30 bln vs the $1.33 bln consensus and vs guidance of $1.275-1.375 bln. Co issues in-line guidance for Q2, sees EPS of $0.20-0.26, excluding non-recurring items, vs. $0.26 Capital IQ Consensus Estimate; sees Q2 revs of $1.35-1.45 bln vs. $1.45 bln Capital IQ Consensus Estimate.

  • Operating margin (non-IFRS): 3.1%, flat compared to 1Q14.
  • "Despite a challenging demand environment, we also delivered year-over-year improvement in free cash flow, driven by our continued strong operational performance throughout our global network."
  • "In addition, our board of directors has authorized a substantial issuer bid to repurchase for cancellation up to $350 million of our subordinate voting shares. Our intention to launch an issuer bid, along with the investments we are making to support the future growth and profitability of our business, reinforce our confidence in our strategy and ability to generate free cash flow to support our growth, while continuing to return capital to our shareholders through share repurchases."

7:07 am United Tech beats by $0.05, misses on revs; reaffirms FY15 EPS guidance, revs guidance (UTX) : Reports Q1 (Mar) earnings of $1.51 per share, $0.05 better than the Capital IQ Consensus Estimate of $1.46; revenues fell 1.4% year/year to $14.54 bln vs the $14.87 bln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $6.85-7.05 vs. $6.97 Capital IQ Consensus Estimate; sees FY15 revs of $65-66 bln vs. $65.38 bln Capital IQ Consensus Estimate. 
  • Foreign currency had an unfavorable impact of $0.07. New equipment orders in the quarter increased 8 percent over the prior year at constant currency.

7:06 am Under Armour reports EPS in-line, revs in-line; raises 2015 outlook (still below estimates) (UA) :

  • Reports Q1 (Mar) earnings of $0.05 per share, in-line with the Capital IQ Consensus Estimate of $0.05; revenues rose 25.4% year/year to $804.9 mln vs the $802.18 mln consensus. UA reports Q1 gross margin of 46.9% primarily reflecting favorable product margins in apparel and footwear offset by the impacts of higher air freight and foreign exchange rates (vs estimate of ~21 bps expansion to 47.1%). 
  • Outlook: UA sees 2015 op income +13-15% $400-408 mln, prior guidance +12-15% to $397-407mln, vs +17% to ~$415 mln estimate; revenues +23% $3.78 bln, prior guidance +22% to ~$3.76 bln, vs +24% to $3.82 bln consensus. The 2015 guidance continues to reflect the net dilutive impact from the Connected Fitness acquisitions, including one-time deal-related costs, as well as the impact of the strong dollar negatively impacting operating margin within international businesses.

7:06 am Omnicom beats by $0.01, reports revs in-line (OMC) : Reports Q1 (Mar) earnings of $0.83 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.82; revenues fell 0.9% year/year to $3.47 bln vs the $3.49 bln consensus. The change in organic revenue in the first quarter of 2015 as compared to the first quarter of 2014 in the four fundamental disciplines was as follows: advertising increased 7.7%, CRM increased 2.6%, public relations increased 3.1% and specialty communications increased 2.6%.

7:06 am Astec Industries beats by $0.08, beats on revs (ASTE) : Reports Q1 (Mar) earnings of $0.65 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.57; revenues rose 20.9% year/year to $288.7 mln vs the $257.38 mln consensus.

  • "Our backlog was off 6% versus last year. All of the decline was contained in international backlog primarily due to the strength of the United States dollar and the slowdown in mining globally. Despite our backlog being down versus the first quarter of 2014, our backlog remains strong and we are optimistic on our first half 2015."

7:04 am Dover beats EPS ests, reports revs in-line; reaffirms FY15 guidance (DOV) : Reports Q1 (Mar) earnings of $0.72 per share, including restructuring charges of $0.10, $0.01 better than the Capital IQ Consensus Estimate of $0.71; revenues fell 4.8% year/year to $1.72 bln vs the $1.72 bln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $4.20-4.40 vs. $4.21 Capital IQ Consensus Estimate, inclusive of $0.15 to $0.18 of restructuring charges. Sees full-year revenue to decline 4% to 6%. Within our revenue forecast, organic growth is anticipated to decline 2% to 4%, completed acquisitions will provide approximately 2% growth, and FX is expected to be a 4% headwind.

7:04 am Mellanox Tech beats by $0.12, beats on revs; guides Q2 revs above consensus (MLNX) : Reports Q1 (Mar) earnings of $0.60 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $0.48; revenues rose 48.2% year/year to $146.7 mln vs the $142.66 mln consensus; adj. gross margin 73.4%.

Co issues upside guidance for Q2, sees Q2 revs of $155-160 mln vs. $149.20 mln Capital IQ Consensus; adj. gross margin 71-72%. 

"The transition to 40 Gigabit Ethernet by some of our leading customers continued and contributed to our revenue growth. We see significant growth opportunities in the Ethernet market and are pleased that our revenue and market share have increased. Our InfiniBand solutions grew 46 percent over the first quarter of 2014. Today, we are the only company shipping full end-to-end 100 Gigabit solutions."

7:03 am Celestica announces an expanded relationship with Honeywell (HON) Aerospace (CLS) :

  • Co announced that Honeywell Aerospace has subcontracted to Celestica final assembly and test, and repair and overhaul (R&O) for certain product lines, including electric power, and air and thermal management systems at Honeywell's facility in Mississauga, Ontario, Canada.
  • The assembly and test operations continue to be based at the Mississauga location, but are now managed by Celestica.

7:03 am GW Pharma initiates second phase 3 pivotal trial for Epidiolex in Dravet Syndrome (GWPH) : Co initiates the second Phase 3 clinical trial of Epidiolex (cannabidiol or CBD) for the treatment of Dravet syndrome, a rare and catastrophic treatment-resistant form of childhood epilepsy. This follows GW's recent announcement of the commencement of the first Phase 3 clinical trial of Epidiolex in Dravet syndrome. GW expects to complete patient recruitment into this second trial in 2015 and to report top-line results in early 2016. Co also expects to commence two Phase 3 clinical trials in Lennox-Gastaut syndrome in 2Q15.

7:03 am Natus Medical announces receipt of 510(k) FDA clearance for its Quantum Amplifier; with applications in epilepsy and seizure monitoring, along with research applications (BABY) :  

7:02 am NeuroMetrix reports Q1 revenue of $1.4 mln, flat with prior year; reports a net loss of $2.07 mln or $0.25 per share compared to a net loss of $1.22 mln or $0.21 per share (NURO) : Gross profit was 50.3 percent of total revenues compared to 53.8 percent in Q1 2014 with the contraction attributable to unabsorbed manufacturing costs during commissioning of the new manufacturing facility.

7:02 am GasLog has agreed to charter to Methane Services, Ltd. a subsidiary of BG Group plc (:BGRRY), three of GasLog's uncontracted newbuilds that are currently under construction (GLOG) : MSL also has an option to elect to charter an additional six newbuilds provided it makes that election within 2015. The highlights of this transaction are as follows:

  • MSL will charter three newbuildings commencing mid-2018 and early 2019 for average initial terms of approximately 9.5 years at attractive rates 
  • These charters will add approximately $845 million of fixed rate revenue to GasLog's existing contracted revenue backlog 
  • MSL has an option exercisable within 2015 to charter an additional six newbuildings for average initial terms of approximately 10 years 
  • The six option vessels would add approximately $1.8 billion of fixed rate contracted revenue should MSL exercise its option

7:01 am AstraZeneca and Bina Technologies, a member of the Roche Group (RHHBY), announce an agreement to globally deploy Bina's Genomic Management Solution (AZN) : Cos announced that they have entered into an agreement for AstraZeneca to become the first member to join the Bina Alliance Program and to further develop the Bina Genomic Management Solution. AstraZeneca will utilize the Bina GMS as an enterprise platform to support its development work across three main therapeutic areas: oncology, cardiovascular and metabolic disease, and respiratory, inflammation and autoimmunity.

7:01 am Echo Global Logistics to acquire Command Transportation for ~$420 mln; expects that the transaction will be accretive to earnings per share (shares halted) (ECHO) : The co announced that it has entered into a definitive agreement to acquire Command Transportation, LLC, one of the largest privately held truckload brokers and non-asset based transportation providers in the United States. Echo will acquire all of the outstanding membership units of Command for ~$420 million, subject to post-closing adjustments for working capital and cash. $25 million of the purchase price will be paid in the form of Echo common and restricted stock. Command had 2014 revenues of $561 million.

  • Following the completion of the transaction, Echo expects to have a strong financial profile with a solid balance sheet, enhanced cash flow and significant growth prospects. Echo will have the ability to realize revenue, cost, operational and purchasing power synergies. In addition, an expanded customer base will provide significant cross-selling opportunities, while the talent acquired, including a long-tenured sales force, will further drive increased revenue. Echo expects that the transaction will be accretive to earnings per share.

7:00 am Mellanox Tech announces the retirements of SVP Roni Ashuri and COO Shai Cohen for personal reasons (MLNX) : Ashuri's and Cohen's day-to-day employment with the Company will continue into the fourth quarter of 2015 as part of an orderly transition process. 

7:00 am Travelers beats by $0.03, misses on revs; adds $5 bln to buyback, raises dividend 11% (TRV) : Reports Q1 (Mar) earnings of $2.53 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $2.50; revenues rose 1.1% year/year to $5.89 bln vs the $6 bln consensus. 

  • Board of Directors approves 11% increase in the company's regular quarterly cash dividend to $0.61 per share, and authorizes an additional $5.0 billion of share repurchases 
  • Combined ratio of 88.9% reflected very strong underwriting results. 
  • Decline in operating income from prior year quarter primarily attributable to lower net investment income ($104 million after-tax), a benefit from a change in state assessment law in the prior year ($49 million after-tax), and lower net favorable prior year development ($32 million after-tax). 
  • Book value per share of $77.96 increased 7% from the prior year quarter end and 1% from year-end 2014. Adjusted book value per share of $71.45 increased 5% and 1%, respectively, from the same dates.

6:56 am ENGlobal announces board approval for a stock repurchase program of up to $2 mln (ENG) :  

6:55 am Brainstorm Cell Therapeutics to present results from its phase 2a study of NurOwn in amyotrophic lateral sclerosis at a poster session today at the American Academy of Neurology annual meeting (BCLI) : In addition to previously disclosed topline results, further data and analyses are being presented for the first time today.

  • Among the new results is a piecewise linear regression analysis of all subjects who received intrathecal (IT) administration in the phase 2a study and the prior phase 1/2 study. At six months post-treatment, there was a statistically significant improvement in the estimated rate of decline in Forced Vital Capacity (:FVC), from -5.1% per month pre-treatment to -1.2% per month post-treatment (two-sided p=0.036) and a nearly significant improvement in the rate of ALS Functional Rating Score-Revised (ALSFRS-R) decline, from -1.2 points per month pre-treatment to -0.6 points per month post treatment (two-sided p=0.052).
  • Also being reported for the first time are local positive effects of intramuscular administration. 3D volumetric analysis using MRI revealed an improvement in the rate of decline in muscle mass in the right arm, the site of NurOwn administration, through one month post-treatment, as compared to the left arm. Electromyography demonstrated a trend of stabilization of the compound motor axon potential in the right musculocutaneous nerve as compared to deterioration observed in the left.

6:51 am Asian Markets Close: Japan's Nikkei +1.4%; Hong Kong's Hang Seng +2.8%; China's Shanghai Composite +1.8% (:SUMRX) : Bolstered by Wall Street's rally on Monday, which flowed from the policy stimulus provided by the People's Bank of China over the weekend, markets in Japan, Hong Kong, and China registered big gains in Tuesday's trading. Regional markets were mixed.

Economic data

  • Japan
    • Leading Index 104.8 (expected 105.3; prior 105.0)
  • Hong Kong
    • March CPI +4.5% year-over-year (expected 4.5%; prior 4.6%)
Equity Markets
  • Japan's Nikkei increased 1.4% on steady buying efforts and closed at its highs for the session. The utilities (+2.3%), financial (+1.9%) and industrial (+1.9%) sectors led the gains. Individual standouts included Tokyu Corp (+6.0%), Credit Saison Co (+5.1%), Daiichi Sankyo Co (+4.4%), T&D Holdings (+4.1%), and Astellas Pharma (+4.0%). Yaskawa Electric (-2.5%) led decliners and was one of only six stocks that declined more than 1.0%. Out of the 225 index members, 178 ended higher, 36 finished lower, and 11 were unchanged.
  • Hong Kong's Hang Seng increased 2.8%, breaking its two-day losing streak in convincing fashion. The consumer cyclical (+8.8%), communication (+5.5%), and financial (+2.5%) sectors powered the advance. Leading gainers included China Resources Enterprise (+55.9%), whose controlling shareholder is going to purchase all of its non-retail assets, China Mobile (+7.5%), Ping An Insurance Group (+5.2%), and Hong Kong Exchanges & Clearing (+5.1%). Hengan Intl (-1.8%) and China Shenhua Energy (-1.7%) were the only stocks that fell more than 1.0%. Out of the 50 index members, 47 ended higher and 3 finished lower.
  • China's Shanghai Composite increased 1.8% as Wall Street's positive showing helped Chinese investors refocus on the stimulative effects of the PBOC's cut to the reserve requirement ratio. The consumer non-cyclical (+5.0%), communications (+4.7%), and financial (+3.6%) sectors helped drive a broad-based advance that left the Shanghai Composite up 115% over the last year.
  • India's Sensex declined 0.8% with losses in the consumer non-cyclical (-3.7%) and consumer cyclical (-1.4%) sectors weighing on matters. Sun Pharmaceutical (-8.5%), Hindustan Unilever (-4.0%), Maruti Suzuki India (-3.0%), Hindalco Industries (-2.9%), and Dr Reddy's Laboratories (-2.7%) topped the list of declining issues. Axis Bank (+1.7%) led the list of winners.
  • Australia's S&P/ASX 200 increased 0.7% on the back of strength in the metals & mining (+2.2%), information technology (+2.2%), and materials (+1.9%) sectors. Separately, it was reported by CNBC that RBA Governor Stephens acknowledged overnight that the bank is willing to cut rates again if necessary but is cautious about the impact on house prices and debt levels.
  • Regional advancers: Singapore +0.2%, Malaysia +0.8%, Thailand +0.6%, Indonesia +1.1% 
  • Regional decliners: Taiwan -0.2%, South Korea -0.1%, Philippines -0.2%, Vietnam -0.5%
FX
  • USD/CNY unch at 6.2019
  • USD/INR -0.5% at 62.856
  • USD/JPY +0.2% at 119.43

6:39 am Asbury Automotive beats by $0.12, beats on revs (ABG) : Reports Q1 (Mar) earnings of $1.30 per share, $0.12 better than the Capital IQ Consensus Estimate of $1.18; revenues rose 13.7% year/year to $1.54 bln vs the $1.49 bln consensus. 

  • "The overall automotive retail, service and lending environments remain strong... Although we experienced some weather related issues early in the quarter, we were able to drive growth across all of our business lines."

6:35 am Fifth Third beats by $0.07 (:GAAP) (FITB) : Reports Q1 (Mar) GAAP earnings of $0.44 per share, including items, $0.07 better than the Capital IQ Consensus Estimate of $0.37. 

  • "Our loan growth, especially in the C&I category, was weaker at the end of last year which impacted the starting balances early in the quarter, but we were encouraged by better activity in February and March. Average loans increased 2 percent compared with the year ago quarter with continued strength in C&I lending, which was up 3 percent, and growth in commercial real estate and bankcard loans of 4 percent each.
  • NIM -10 bps QoQ and 36 bps YoY at 2.86%
  • Book value per share of $17.85 up 3 percent from 4Q14 and up 10 percent from 1Q14; tangible book value per share** of $14.87

6:32 am China Unicom reports operational statistics for the month of March 2015 (CHU) :

  • For its Mobile Business:
    • Aggregate Number of Mobile Subscribers totaled 294.751 mln. Net additions of Mobile Subscribers were (1.609 mln)
  • For its Fixed-Line Business: 
    • Aggregate Number of Fixed-Line Broadband Subscribers totaled 69.599 mln. Net additions were 0.375 mln
    • Aggregate Number of Local Access Subscribers were 80.305 mln. Net Additions were (0.579 mln)

6:31 am Synovus beats by $0.02 (SNV) : Reports Q1 (Mar) earnings of $0.38 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.36. 

  • Total average loans grew $254.1 million or 4.9% annualized from the previous quarter and $1.03 billion or 5.1% as compared to the first quarter 2014.
  • "Growth in average loans and core deposits, continued improvement in credit quality, and a disciplined focus on expense management contributed to a solid first quarter."

6:30 am Vical announces that presentation of preclinical data for Congenital CMV, demonstrates vaccines encoding gB provided both fibroblast and epithelial entry neutralizing titers (VICL) : Co presented data from preclinical studies testing several combinations of Vaxfectin- formulated glycoprotein-B (gB)-encoding DNA vaccines for neutralizing antibody responses. The data were featured at the 5th International Congenital CMV Conference held April 20-24, 2015, in Brisbane, Australia.

  • The studies found that vaccines encoding gB provided both fibroblast and epithelial entry neutralizing titers that were comparable to those observed in sera from humans with naturally-acquired CMV infections. The data suggest that CyMVectin has the potential to induce neutralizing antibodies against a broad range of cells.

6:28 am On The Wires (:WIRES) :

  • Hollysys Automation Technologies (HOLI) announced that it signed a contract to provide the ground-based high-speed rail signaling system and equipment to Xi'an - Chengdu high-speed rail line Xi'an - Jiangyou Section, valued at ~ $10.8 million with total construction length of 507 km. This Line is expected to be operated by the end of year 2017.
  • ServiceSource (SREV) announced the appointment of software and technology veteran Gregory Hopkins as Chief Customer Officer, effective April 20. Previously, Hopkins was the executive vice president of global sales for Stream Global Services. Transitioning out of this role over the next several weeks will be outgoing Chief Customer Officer, Ashley Fieglein Johnson, who will be leaving the company to pursue other opportunities.
  • Teradata (TDC) and the Ural Federal University in Russia announced the delivery and deployment of the Teradata Aster Big Analytics Appliance 3H. The co also announced that LCL, a retail bank and subsidiary of Groupe Credit Agricole SA, has selected the Teradata Data Warehouse Appliance and associated software as the cornerstone of its data warehouse project and the enabler of its migration to big data analytics. The co further announced that Yodel, the UK parcel carrier, is overhauling its data management strategy using the co's data solutions
  • Pitney Bowes (PBI) and JBA Risk Management announce a collaboration. JBA's portfolio of flood risk management products is now available from Pitney Bowes, which adds value with its per-record tagging of customer and asset data.
  • Siemens (SIEGY) introduces VersiCharge Smartgrid, the first Wi-Fi enabled electric vehicle charging station that allows residential owners to monitor and control usage remotely through a mobile or web app.
  • ADTRAN (ADTN) announced Nouveau Solutions is using ADTRAN ProCloud service to transition to a managed service provider model.
  • Workday (WDAY) announced that Northern & Shell, a magazine and newspaper publisher in the United Kingdom, has selected Workday Financial Management.
  • Secure Channels has teamed up with Ingram Micro (IM) on a distribution partnership that will make Secure Channels portfolio of patented encryption technologies and IT security solutions, available to Ingram Micro's entire IT security reseller channel.
  • Brother Mobile Solutions announced an alliance with PeopleNet, a subsidiary of Trimble (TRMB), to deliver leading-edge solutions to the transportation and fleet industries.

6:26 am Rio Tinto announces a Q1 production update (RIO) : Co announced Q1 production:

  • Global iron ore shipments of 72.5 million tonnes were 9% higher Y/Y
  • Production of 74.7 million tonnes were 12% higher Y/Y
  • Record first quarter bauxite production was 4% than the 1Q14 at 10,484 kt
  • Aluminium production in the first quarter was in line Y/Y despite the partial shutdown at Kitimat, at 809 kt
  • Mined copper production was 12% higher than the fourth quarter of 2014 at 144.1 kt
  • Higher first quarter coal production was primarily driven by improved production rates at Kestrel South, with hard coking coal at 2,002 kt and semi-soft and thermal coal at 5,660 kt.

6:22 am Teck Resources misses by $0.06, misses on revs (TCK) : Reports Q1 (Mar) earnings of CAD $0.11 per share, CAD $0.06 worse than the Capital IQ Consensus Estimate of CAD $0.17; revenues fell 2.9% year/year to CAD $2.02 bln vs the CC$2.06 bln consensus. 

  • "We are expecting coal sales in the second quarter of 2015 to be around 6 million tonnes. Although demand remains good outside of China, downward trending price assessments may be delaying purchasing decisions in other markets, which could affect sales for the quarter."

6:15 am Delhaize Group: JP Morgan Asset Mgmt notifies co that it now owns less than 3% of Delhaize Group's voting rights (DEG) :  

6:12 am DuPont beats by $0.03, misses on revs; sees FY15 EPS at low end of range; raises dividend 4% (DD) : Reports Q1 (Mar) earnings of $1.34 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $1.31; revenues fell 9.4% year/year to $9.17 bln vs the $9.39 bln consensus, primarily due to impacts from currency (6 percent), portfolio changes (2 percent) and expected near-term industry-wide challenges in Agriculture and Performance Chemicals.

  • Delivered volume growth and operating margin improvement in Performance Materials, Safety & Protection, Nutrition & Health, and Industrial Biosciences
  • DuPont also announced that its board of directors approved a second quarter dividend of 49 cents per share, a 4 percent increase over the 47 cents paid last quarter.
Co issues in-line guidance for FY15, sees EPS of low end of $4.00-4.20, excluding non-recurring items, vs. $4.06 Capital IQ Consensus Estimate. 
  • FX headwind $0.80/share from $0.60/share 
  • The 2015 outlook does not reflect the planned separation of the Performance Chemicals segment or the impact of the expected return of capital related to the separation.

6:11 am Archer-Daniels announces an agreement to purchase several assets of Eaststarch C.V., its 50-50 joint venture with Tate & Lyle (ADM) : Under the terms of the agreement, ADM will take full ownership of corn wet mills in Bulgaria and Turkey, and will own a 50% stake in a wet mill in Hungary. Tate & Lyle will receive a cash consideration of 240 million, subject to customary closing adjustments, including for net cash and working capital, and take full ownership of the Eaststarch facility in Slovakia.

6:09 am Turquiose Hill Resources announces the first quarter 2015 production for Oyu Tolgoi (TRQ) : Concentrate production in Q1'15 decreased approximately 30% over Q4'14. Production was impacted by lower mill head grades as well as a planned shutdown to reline both SAG mills and undertake modification and improvement work. The shutdown was completed on time and with no injuries. Material mined in Q1'15 increased approximately 16% over Q4'14 mainly due to improvements driven by a range of productivity initiatives in the open pit partially offset by longer haul distances. Head grades declined in Q1'15 as high-grade material from the open pit was largely processed in Q4'14. Open-pit development for 2015 is proceeding to schedule with higher-grade material expected to be processed by the concentrator starting in Q2'15. Concentrator milling rates increased through Q1'15 as improvements started to take effect, particularly in the pebble crushing circuit.

  • As previously disclosed, the Company expects production distribution to be relatively similar to 2014, with production levels significantly higher in the second half of 2015. Based on the current mine schedule, Oyu Tolgoi is expected to produce 175,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates in 2015.

6:08 am Regions Fincl misses by $0.02, beats on revs (RF) : Reports Q1 (Mar) earnings of $0.16 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.18; revenues rose 0.9% year/year to $1.28 bln vs the $1.26 bln consensus. 

  • Ending loans totaled $78 billion, an increase of $2.6 billion or 3% as production increased 11%. 
  • Net interest margin improved 1 basis point to 3.18 percent.

6:02 am JAKKS Pacific beats by $0.06, beats on revs; reaffirms FY15 EPS guidance, revs guidance (JAKK) : Reports Q1 (Mar) loss of $0.40 per share, $0.06 better than the Capital IQ Consensus Estimate of ($0.46); revenues rose 38.4% year/year to $114.2 mln vs the $103.43 mln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $0.71-0.75 vs. $0.73 Capital IQ Consensus Estimate; sees FY15 revs of $730-740 mln vs. $739.09 mln Capital IQ Consensus Estimate. Co sees Fy15 Adjusted EBITDA in the range of ~$56 million to $58 million.

6:00 am DuPont increases quarterly dividend to $0.49/share from $0.47/share (DD) :  

6:00 am Alnylam Pharma announces one year clinical data from its phase 2 OLE study of Patisiran (ALNY) : Study results showed a mean 2.5 point decrease in modified Neuropathy Impairment Score at 12 months in patients who had reached the 12-month endpoint  at the time of data cutoff. This decrease in neuropathy progression compares favorably to the 13 to 18 point increase in mNIS+7 at 12 months that can be estimated from the literature in untreated FAP patients with similar baseline characteristics.

  • In addition, patisiran treatment achieved a sustained mean serum TTR knockdown at the 80% target level for approximately 16 months, with an up to 88% mean knockdown achieved between doses.In aggregate, these results are consistent with the therapeutic hypothesis that TTR knockdown has the potential to halt neuropathy progression in patients with FAP. 
  • Patisiran was also found to be generally well tolerated out to 17 months of drug administration, with no drug-related serious adverse events to date; all 27 patients enrolled in the study continue to receive patisiran. Alnylam has also announced today that it plans to report 18-month OLE data in late 2015

5:58 am Tate & Lyle PLC announced an update on its business re-alignment process (TATYY) : Co announcds the exit from the substantial part of its European Bulk Ingredients business and the re-structuring of its SPLENDA Sucralose business to further focus on and strengthen Speciality Food Ingredients. Highlights included:

  • Re-alignment of Eaststarch European joint venture
    • Tate & Lyle signs an agreement with ADM to re-align their Eaststarch corn wet milling joint venture in Europe. Under the re-alignment, Tate & Lyle will: 
    • Strengthen its Speciality Food Ingredients business by acquiring full ownership of the more speciality-focused plant in Slovakia  
    • Substantially reduce its European Bulk Ingredients footprint by exiting the predominantly Bulk Ingredients plants in Bulgaria, Turkey and Hungary 
    • Receive 240 million in cash on completion of the transaction. 
  • Re-focus and re-structure SPLENDA Sucralose to maximise returns
    • SPLENDA Sucralose business to pursue a rigorous value-based strategy
    • Future cost base to be materially lower by consolidating all SPLENDA Sucralose production into our facility in Alabama, US and closing the Singapore facility in Spring 2016. 
    • SPLENDA Sucralose business is expected to be around breakeven in the year ending 31 March 2016 and to return to modest profitability in the year ending 31 March 2017. 
  • Overall financial impact of Eaststarch re-alignment and sucralose re-structuring will include a receipt of 240 million in cash on completion of the transaction, expected in the summer

5:52 am European Markets : FTSE...7049.95...-2.20...0.00%.  DAX...11948.06...+56.20...+0.50%.

5:52 am Asian Markets : Nikkei...19909.09...+274.60...+1.40%.  Hang Seng...27850.49...+755.60...+2.80%.

5:52 am S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +17.30. :

5:49 am Applied DNA Sciences announces that it was it issued an additional patent by the US Patent and Trademark Office titled 'Optical Reporter Compositions' on April 14, 2015 (APDN) : This patent broadens the claims of previously granted US Patent No. 8,372,648, and allows the patent to cover a broader range of optical marker formulation composition

5:46 am ARM Holdings reports EPS in-line, beats on revs (ARMH) : Reports Q1 (Mar) earnings of GBP0.07 per share, in-line with the Capital IQ Consensus Estimate of GBP0.07; revenues rose 21.9% year/year to GBP227.5 mln vs the GBP224.2 mln consensus. 

  • Normalised gross margins in Q1 2015 were 95.6% compared to 95.9% in Q4 2014 and 95.6% in Q1 2014. 
  • Outlook: "ARM has made an encouraging start to 2015 with more leading companies choosing to deploy ARM technology in their products. Assuming that the macroeconomic backdrop remains supportive of consumer spending, we expect group dollar revenues for the full-year 2015 to be at least in line with current market expectations. Relevant industry data for Q1 2015, being the shipment period for ARM's Q2 royalties, points to a sequential decrease in industry-wide revenues, broadly consistent with normal seasonality. In this context we expect group dollar revenues for the second quarter to be in line with current market expectations."

5:28 am Signature Bank beats by $0.05 (SBNY) : Reports Q1 (Mar) earnings of $1.64 per share, $0.05 better than the Capital IQ Consensus Estimate of $1.59.

  • Net Interest Margin was 3.26%, Compared with 3.23% for the 2014 Fourth Quarter and 3.39% for the 2014 First Quarter. 
  • Core Net Interest Margin Excluding Loan Prepayment Penalty Income Increased Four Basis Points to 3.17%, Compared with 3.13% for the 2014 Fourth Quarter. 
  • Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based, and Total Risk-Based Capital Ratios were 9.25%, 12.27%, 12.27%, and 13.08%, Respectively, at March 31, 2015. 
  • Signature Bank Remains Significantly Above FDIC "Well Capitalized" Standards. Tangible Common Equity Ratio was 9.16%

4:59 am Sapiens Int'l announces announces $7.2 mln dividend (SPNS) : Co announced today that its Board of Directors has approved the distribution of a cash dividend of $0.15 per share. The dividend, which is ~$7.2 million in the aggregate, will be distributed on Monday, June 1, 2015 to its shareholders of record as of Thursday, May 21, 2015.

4:52 am New Oriental Education & Technology promotes Stephen Zhihui Yang, the current Vice President of Finance, to Chief Financial Officer (EDU) : Co announced a transition in the role of the Company's Chief Financial Officer. Stephen Zhihui Yang, the current Vice President of Finance, will be promoted to Chief Financial Officer of the Company, effective April 21, 2015. Louis T. Hsieh, the current Chief Financial Officer, will remain as the Company's President, overseeing overall corporate strategy and business development, and will continue to serve as a member of the board of directors. 

4:32 am On The Wires (:WIRES) :

  • HARMAN (HAR) announced that it has finalized a multi-year agreement with GAC Fiat to supply several new vehicle models with HARMAN integrated infotainment systems. In the last nine months, HARMAN has been awarded more than $300 million in new business with Chinese automakers. 
  • Toshiba Corporation (TOSBF) today announced that it has received an order to supply a large scale battery energy storage system for a power frequency regulation project in Hamilton, Ohio. 
  • Tipiel S.A., Technip's (TKPPY) subsidiary in Colombia, was awarded by the Consorcio Constructor Ductos del Sur, a front-end engineering design and detailed engineering design contract, on a lumpsum basis. This covers the development of a new gas pipeline to transport gas from the Camisea field to Southern Peru.

4:02 am Peugot SA to increase output in Europe by More than 60,000 vehicles (PEUGY.PK) : Co announced that it will be increasing output in its European plants in order to capitalise on growth in Europe's markets and meet demand from its customers. More than 60,000 additional vehicles will be produced in Europe by the end of August 2015, meaning that volumes will be 10% higher than initially planned for the period.

  • Volumes will increase for all three of the Group's brands -- Peugeot, Ctiron and DS. For example, the number of Citron C4 Cactus cars manufactured in Madrid -- a model which exceeds its targets with orders totalling nearly 30,000 since January -- will be increased by 9,000 units over the period. 
  • The Peugeot line-up will also be ramped up, with additional volumes planned in particular for the 208, 2008 and 308, including the 308 SW version. 

4:00 am New Oriental Education & Technology beats by $0.04, beats on revs; guides Q4 revs in-line (EDU) : Reports Q3 (Feb) earnings of $0.29 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 13.1% year/year to $287.7 mln vs the $283.8 mln consensus. Co issues in-line guidance for Q4, sees Q4 revs of $322-333.5 mln vs. $331.83 mln Capital IQ Consensus Estimate.

  • Total student enrollments in academic subjects tutoring and test preparation courses increased slightly to 603,000 for the third fiscal quarter of 2015.

3:16 am Inovio Pharma and Roche (RHHBY) initiate clinical trial for Inovio's DNA immunotherapy to treat chronic hepatitis b infection (INO) : Inovio Pharmaceuticals (INO) announced that it has initiated a phase I trial to evaluate Inovio's DNA immunotherapy in patients who are chronically infected with hepatitis B. In 2013, Roche (RHHBY) and Inovio entered into a partnership to co-develop and commercialize Inovio's hepatitis B immunotherapy. This trial initiation triggers a $3 million milestone payment from Roche to Inovio.

2:26 am SAP AG misses by EUR0.05, beats on revs (SAP) : Reports Q1 (Mar) earnings of 0.58 per share, 0.05 worse than the Capital IQ Consensus Estimate of 0.63; revenues rose 21.7% year/year to 4.5 bln vs the 4.33 bln consensus.
First Quarter 2015 Regional Revenue

  • SAP showed a strong performance in the EMEA region in both the core and the cloud business. Cloud traction was exceptional with cloud subscriptions and support revenue growing by 114% driven by a very strong performance in the UK. As expected the macro and political environment continued to weigh on SAP's business in Russia and Ukraine but double-digit software licenses revenue growth in Germany pushed EMEA to a 13% increase in non-IFRS cloud and software revenue.
  • In the Americas region, non-IFRS cloud subscriptions and support revenue grew by 136%. Non-IFRS cloud and software revenue increased 34% year-over-year, driven by triple-digit growth in cloud subscriptions and support revenue in the United States. Brazil bounced back with strong double-digit software license revenue growth.
  • The Company had an exceptional quarter in APJ. Non-IFRS cloud subscriptions and support revenue grew by 137% driven by a very strong quarter in India. Non-IFRS cloud and software revenue increased by 38%. Japan stood out with strong double-digit growth in software licenses revenue.
The Company reiterates the following 2015 outlook:
  • Based on the strong momentum in SAP's cloud business the Company expects full-year 2015 non-IFRS cloud subscriptions and support revenue to be in a range of 1.95 - 2.05 billion at constant currencies (2014: 1.10 billion). The upper end of this range represents a growth rate of 86% at constant currencies. Concur and Fieldglass are expected to contribute approximately 50 percentage points to this growth. 
  • The Company expects full year 2015 non-IFRS cloud and software revenue to increase by 8% - 10% at constant currencies (2014: 14.33 billion). 
  • The Company expects full-year 2015 non-IFRS operating profit to be in a range of 5.6 billion - 5.9 billion at constant currencies (2014: 5.64 billion). 

2:15 am Credit Suisse beats by $0.11, beats on revs (CS) : Reports Q1 (Mar) earnings of $0.79 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.68; revenues rose 2.8% year/year to $6.65 bln vs the $6.5 bln consensus.

  • Reported net income of CHF 1.1 billion, up 23% year-on-year
  • Strong performance from Wealth Management Clients with improved margins and profits
  • Consistent strategic returns in Investment Banking; sales and trading benefitted from increased market volatility
  • Further significant leverage reduction; on track to meet targets
  • Limited impact from changed currency and interest rate environment post SNB announcement due to mitigating actions and improved market activity
Outlook:
"Looking at the second quarter to date, the momentum in the businesses has carried over from the first quarter, with an improving trend in underwriting and advisory. We remain committed to our capital and leverage goals and expect to make further progress in executing our strategic initiatives over the balance of 2015."

2:13 am Novartis reports data at AAN showing Gilenya high efficacy in achieving 'no evidence of disease activity' in previously-treated highly-active MS patients (NVS) : Novartis announced new analysis from the phase III FREEDOMS and FREEDOMS II trials. These data showed that previously-treated patients with highly-active relapsing multiple sclerosis (:RMS) who were treated with Gilenya had a six-times greater likelihood of achieving 'no evidence of disease activity' across four key measures of disease activity compared to placebo over two years. This is referred to as NEDA4 and is achieved when a patient with RMS has no relapses, no new MRI lesions, no MS-related brain shrinkage and no disability progression.

1:59 am Whirlpool increases quarterly dividend 20% (WHR) : Co declared a 20% increase in the quarterly dividend on the company's common stock to $0.90 cents per share from $0.75 cents per share. The dividend is payable June 15, 2015, to stockholders of record at the close of business on May 15, 2015.

1:56 am LRR Energy: Vanguard Natural Resources announces deal to Acquire LRR Energy for $539 mln (LRE) : Vanguard Natural Resources, LLC (VNR) and LRR Energy, L.P. (LRE) announced that they have entered into a Purchase Agreement and Plan of Merger pursuant to which a subsidiary of Vanguard will merge into LRR Energy, L.P. and, at the same time, Vanguard will acquire LRE GP, LLC, the general partner of LRR Energy, L.P. for total consideration of $251 million in Vanguard common units and the assumption of LRE's net debt of $288 million.

  • As a result of the transaction, LRR Energy and its general partner will become wholly owned subsidiaries of Vanguard. The transaction, which has been approved by the boards of directors of both companies, including the Conflicts Committee of the Board of Directors of LRR Energy, will be a tax-free unit-for-unit transaction with an exchange ratio of 0.55 Vanguard common units per LRE common unit. 
  • In addition, Vanguard will acquire all of the limited liability company interests in LRE GP, LLC in exchange for 12,320 Vanguard common units. 
  • The consideration to be received by LRE unitholders is valued at $8.93 per LRR Energy common unit based on Vanguard's closing price as of April 20, 2015, representing a 13% premium to LRR Energy's closing price on April 20, 2015, and a 19% premium to LRR Energy's ten day volume weighted average price. Vanguard and LRR Energy expect the transaction to close in the third quarter of 2015. 
  • The merger is subject to customary closing conditions, including the approval of the LRR Energy unitholders. Affiliates of Lime Rock Resources, LRE's largest unitholder (owning over 30% of its outstanding equity), have agreed to support and vote in favor of the transaction.

1:46 am Sensient beats by $0.03; misses on revs; guides 2015 EPS in-line (SXT) : Reports Q1 EPS of $0.76 vs $0.73 Capital IQ consensus; revs were $346.2 mln vs $359.3 mln consneus.

2015 OUTLOOK

  • Foreign currency will have a significant impact on the Company's 2015 results. 
  • The Company's initial estimate of the currency impact on 2015 earnings was ~23 cents per share. Since the beginning of the year, the U.S. dollar has continued to strengthen compared to most currencies, and our updated estimate of the currency impact is now ~29 cents per share. 
  • While the outlook for the Company's operating performance has not changed, Sensient is revising its adjusted earnings per share guidance to a range of $3.00-3.09 (vs $3.06 consensus) due to the increased currency impact. The previous guidance was $3.02 to $3.12. 

1:33 am On The Wires (:WIRES) :

  • Infinera (INFN) announced that Japan Internet Exchange, an Internet Exchange provider in Japan, has deployed the Infinera Cloud Xpress to help accommodate bandwidth growth in its network in the metropolitan Tokyo area in Japan. 
  • Data I/O (DAIO) announced the release of the PSV5000 automated programming system. The PSV5000 is the newest automated programming solution in Data I/O's award winning PSV family.

12:52 am LRR Energy reduces quarterly dividend by 62% to $0.1875 per outstanding unit from $0.4975 prior (LRE) : Co announces Board of Directors of its general partner declared a cash distribution for the first quarter of 2015 of $0.1875 per outstanding unit, or $0.75 on an annualized basis. The distribution will be paid on May 15, 2015, to all unitholders of record as of the close of business on May 1, 2015. The distribution represents a 62% reduction from LRR Energy's last quarterly distribution which was $0.4975 per outstanding unit, or $1.99 on an annualized basis.

12:43 am Grupo Aeroportuario del Pacifico announces acquisition of Desarollo de Concesiones Aeroportuarias (PAC) : Grupo Aeroportuario del Pacfico announced the completion of a transaction with Spanish company Abertis Airports, S.A. for the acquisition of 100% of the shares of Spanish company Desarrollo de Concesiones Aeroportuarias, S.L.

  • The acquisition is the result of a private and confidential bidding process among various participants, leading to an agreement with Abertis as per the press release issued by the Company on April 17, 2015. 
  • GAP concluded the agreement with Abertis for the acquisition of DCA by executing the legal documents and transferring a total payment of $190.8 million. 

12:39 am Dominion Diamond reports Diavik Diamond mine First Quarter production (DDC) : Co reports Diavik Diamond Mine production results for the first calendar quarter of 2015:

  • Processing volumes in the first calendar quarter of 2015 were 19% lower than the same quarter of the prior year, which was principally as a result of three factors. First, additional stockpile ore was available and processed during the comparable quarter of the prior year which was fully exhausted in calendar 2014. 
  • Second, production was negatively impacted as mining progressed through an area of higher than normal dilution in the A-418 ore body, which reduced ore availability from this pipe. 
  • The high dilution is a result of minor geotechnical rock falls encountered last year. Third, during the quarter there were upgrades to the crusher plant to improve throughput, which led to a reduction in processing capacity during the quarter. 
  • Diamonds recovered in the first calendar quarter were 20% lower than the same quarter of the prior year due to the lower volume of ore available for processing as described above.
Read the rest of the article at finance.yahoo.com

Yingli Green Energy Holding Co. Ltd.

CODE : YGE
ISIN : US98584B1035
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Yingli Green is based in China.

Yingli Green is listed in Germany and in United States of America. Its market capitalisation is US$ 261.7 millions as of today (€ 224.0 millions).

Its stock quote reached its highest recent level on May 15, 2009 at US$ 9.62, and its lowest recent point on November 30, 2012 at US$ 1.25.

Yingli Green has 181 764 000 shares outstanding.

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NYSE (YGE)
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