McEwen Mining

Published : April 21st, 2015

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

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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

7:02 pm Columbia Banking increases quarterly dividend 13% to $0.18 from $0.16 per share; declares special cash dividend of $0.16 per share (COLB) : Co's Board of Directors declared a special cash dividend of $0.16 per common share, and per common share equivalent for holders of preferred stock, which will also be paid on May 20, 2015 to shareholders of record as of the close of business on May 6, 2015.

6:56 pm Rowan Cos provides fleet contract status update: Co continues to estimate planned out-of-service time for Q1 and FY15 to range of 3-6% for its jack-ups and drillships (RDC) : Co announced today that its report of drilling rig status and contract information has been updated as of April 22, 2015. Notable events in the current report include:

  • Rowan Reliance: Rig is currently in operation on the North Platte #3 well. 
  • Rowan Relentless: Rig was delivered from Hyundai Heavy Industries on March 31, 2015 and is currently mobilizing to the Gulf of Mexico. 
  • Rowan Renaissance: Rig is expected to mobilize to the U.S. Gulf of Mexico from West Africa by 3Q 2015. 
  • Hank Boswell: Revised operating rate to $163,000 from $180,000 beginning March 1, 2015. Resume operating rate of $180,000 on March 1, 2016.
The Company continues to estimate planned out-of-service time for the first quarter and full-year of 2015 to range from 3% to 6% for its jack-ups and drillships, subject to fleet repositioning and market conditions. No operational downtime is included in projected out-of-service days, but the Company estimates jack-up operational downtime to account for approximately 2.5% of in-service days in current and future quarters. The Company continues to expect drillship operational downtime to be approximately 5% after a break-in period of approximately six months up to one year (during which drillship operational downtime will likely be higher).

6:55 pm Weatherford misses by $0.05, misses on revs (WFT) : Reports Q1 (Mar) loss of $0.04 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.01; revenues fell 22.3% year/year to $2.79 bln vs the $3.02 bln consensus.

  • International operating income margins improved 120 basis points sequentially, led by Latin America and the Middle East/North Africa/Asia Pacific region
Outlook:
  • "Due to the rapidly changing market conditions, we will continue aligning and reducing our cost as well as organizational structures to match the new environment. We have now increased our 2015 reduction in force exercise to target 10,000 positions, in place of the previously announced 8,000, with the bulk of the increase coming in North America. By the end of the first quarter of 2015, 6,449 terminations had been completed resulting in expected annualized savings of over $422 million. We expect to complete the entire revised program of 10,000 terminations by the end of the second quarter generating expected annualized savings of $640 million."
  • "Looking ahead, we expect positive free cash flow in the second quarter to largely offset the consumption of cash in the first quarter with further reductions in working capital balances, reduced severance cash payments, a positive cash outcome on the Zubair project in Iraq as milestones are achieved and continued control of capital expenditures. The full year forecast for capital expenditures has now been revised downwards by $50 million to $850 million which is 41% lower than 2014 levels."

6:30 pm Fluor awarded engineering, procurement, fabrication and construction contract by Suncor (FLR) : Co was awarded an engineering, procurement, fabrication and construction (:EPFC) contract by Suncor Energy Oil Sands Limited Partnership for a tank farm development project in the Athabasca oil sands region in Alberta, Canada. Fluor booked the contract for an undisclosed value in the first quarter of 2015.

6:22 pm Highwoods Prop announces that Mike Harris will retire as Chief Operating Officer on August 31, 2015; Tod Klinck to become Chief Operating Officer and Investment Officer (HIW) :  

6:21 pm GW Pharma announces new physician reports of clinical effect and safety associated with the Epidiolex expanded access program (GWPH) : Physician reports of clinical effect and safety data have been presented on 137 children and young adults with treatment-resistant epilepsy who have been treated with GW's investigational cannabidiol (CBD) product candidate, Epidiolex, for a period of at least 12 weeks. These data are from eleven hospital sites in the United States and were generated under expanded access Investigational New Drug applications authorized by the FDA. In addition, physician reports of safety data were presented on 213 patients (137 patients with 12 weeks treatment effect data plus additional patients still in their first 12 weeks of treatment or who withdrew from treatment). Highlights:

  • Promising signals of efficacy with median 54% reduction in seizures after 12 weeks treatment and maintenance of clinical effect at 24 weeks 
  • Epidiolex was well tolerated and 90% of patients remained on treatment
GW Pharmaceuticals will host a conference call and broadcast a slide show to discuss these data today at 6:30 p.m. EDT.

6:15 pm Safeguard Sci announces its partner company, DriveFactor, was acquired for ~$22 mln; co expects to receive cash proceeds of ~$10 mln (SFE) : Co announced that its partner company, DriveFactor, Inc., was acquired by an undisclosed strategic buyer for approximately $22 million. Safeguard expects to receive cash proceeds of approximately $10 million, representing an approximate 2x cash-on-cash return. Approximately $1.1 million of such proceeds will be held in escrow until April 2016.

6:01 pm Tribune Media prices secondary offering of ~9.24 mln shares of common stock at $56 per share (TRCO) : Co announced the pricing of the secondary offering of 9,240,073 shares of Class A common stock by stockholders affiliated with Oaktree Capital Management, L.P., Angelo, Gordon & Co., L.P. and JPMorgan Chase Bank, N.A. at a public offering price of $56 per share. The Company will not receive any proceeds from the secondary offering. The offering is being made through an underwriting group led by Morgan Stanley and J.P. Morgan Securities LLC, who are acting as joint book-running managers and as representatives of the underwriters for the offering.

6:00 pm Rockwell Collins increases quarterly dividend 10% to $0.33 from $0.30 per share (COL) :  

5:41 pm CVB Financial misses by $0.05 (CVBF) : Reports Q1 (Mar) earnings of $0.15 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.20. Earnings were impacted by the Bank's decision to prepay a $200 mln Federal Home Loan Bank advance, recognizing a one-time pre-tax debt termination expense of $13.9 million.

  • Noninterest-bearing deposits increased by $260.6 million for the quarter, or 9.09%, and totaled $3.13 billion, or 53.02% of total deposits. 
  • Total loans and leases, net of deferred fees and discount, decreased by $101.0 million for the quarter, or 2.65%. Dairy borrowings declined by $106.6 million for the quarter, mostly due to seasonal repayments. 
  • The allowance for loan losses was $60.7 million at quarter-end, or 1.63% of total loans.

5:39 pm Gran Tierra Energy acknowledges West Face Capital has provided notice of intent to nominate 6 candidates for Board; (GTE) : Co stated that West Face Capital has provided notice of its intent to nominate six candidates to stand for election to Gran Tierra's Board of Directors at the 2015 Annual Meeting of Stockholders. Highlights from statement issued by Gran Tierra:

  • "We believe that Gran Tierra's current strategy of retaining balance sheet strength by minimizing or eliminating expenditures that have no immediate value at current oil prices and making significant operating and general and administrative cost reductions and eliminations through resource re-allocation initiatives is the best path to maximize stockholder value and realize the full potential of our assets."
  • "Gran Tierra's Board at present is composed of four highly-qualified and proven leaders, three of whom are independent."
  • "The Gran Tierra Board will consider West Face's nominations in due course, will continue to look for other qualified nominees and will present details regarding the Board's recommended slate of director nominees in the Company's definitive proxy statement and other materials, to be filed with the Securities and Exchange Commission and mailed to all stockholders eligible to vote at the 2015 Annual Meeting, the date of which has yet to be announced."

5:36 pm Valmont misses by $0.21, misses on revs; announces restructuring plan (VMI) : Reports Q1 (Mar) earnings of $1.28 per share, $0.21 worse than the Capital IQ Consensus Estimate of $1.49; revenues fell 10.8% year/year to $670.4 mln vs the $715.36 mln consensus.

  • "Given that market conditions in a number of our businesses are not expected to improve over the near-term, our Board of Directors has authorized a broad restructuring plan of up to $60 million. The initial restructuring actions will involve the consolidation of operations and other cost reduction activities, resulting in pre-tax charges of approximately $30 million. The charges will include $19 million of cash expenses and $11 million of non-cash charges. These actions will take place over the remainder of 2015."
Outlook: "None of the long term positive drivers of our businesses have changed. Current market conditions remain challenging, but what we can control is our cost structure and organization to be as competitive as we can. Our focus on lean activities and operational excellence should better position us to be prepared for when our markets recover. Our planned restructuring will consolidate operations and lower costs without affecting our ability to serve our customers and maintain our leadership positions in the markets we serve."

5:33 pm IMRIS announces receipt of Nasdaq notice of bid price deficiency (IMRS) :  

5:33 pm HNI misses by $0.01, misses on revs; guides Q2 EPS below consensus, revs in-line; raises low end of FY15 EPS guidance (HNI) : Reports Q1 (Mar) earnings of $0.21 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.22; revenues rose 15.8% year/year to $523.48 mln vs the $541.81 mln consensus.

Co issues mixed guidance for Q2, sees EPS of $0.47-0.52, excluding non-recurring items, vs. $0.53 Capital IQ Consensus Estimate; sees Q2 revs +12-16% (~$570.2-590.6 mln) vs. $578.95 mln Capital IQ Consensus Estimate.

Co issues in-line guidance for FY15, sees EPS of $2.50-2.65, excluding non-recurring items, (narrowed from $2.45-2.65) vs. $2.57 Capital IQ Consensus Estimate.

5:11 pm Brookline Bancorp beats by $0.02 (BRKL) : Reports Q1 (Mar) earnings of $0.17 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.15. Net interest income increased 2.1% y/y to $48.5 mln.

  • Total assets of $5.8 billion at March 31, 2015 decreased $45.8 million from December 31, 2014, and increased $335.7 million from March 31, 2014.

  • Total deposits of $4.1 billion at March 31, 2015 increased $156.7 million from December 31, 2014 and increased $267.1 million from March 31, 2014.

  • Total borrowings at March 31, 2015 were $924.9 million, a decrease of $201.5 million as compared to December 31, 2014 due to maturities of advances from the FHLBB.

5:08 pm SL Green Rlty beats by $0.02, beats on revs (SLG) : Reports Q1 (Mar) funds from operations of $1.51 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.49; revenues rose 9.3% year/year to $396.3 mln vs the $345.63 mln consensus.

  • Combined same-store cash NOI increased 3.0 percent for the first quarter as compared to the same period in prior year. The Company still expects same-store cash NOI to increase by 3.5 to 4.0 percent for the full year.

5:05 pm Oceaneering Intl beats by $0.08, reports revs in-line; guides Q2 EPS below consensus; lowers FY15 EPS guidance (OII) : Reports Q1 (Mar) earnings of $0.70 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.62; revenues fell 6.4% year/year to $786.77 mln vs the $789.11 mln consensus.

Co issues downside guidance for Q2, sees EPS of $0.64-0.70 vs. $0.84 Capital IQ Consensus Estimate.

Co issues in-line guidance for FY15, sees EPS of $2.80-3.20 (lowered from $3.10-3.50) vs. $3.17 Capital IQ Consensus Estimate.

  • "Since our last earnings release, our oilfield business outlook for the remaining quarters of this year has weakened for Remotely Operated Vehicles, Subsea Projects, and Asset Integrity. We are challenged with materially lower demand, customers demanding price concessions, and competitors willing to dramatically reduce prices to secure utilization for their assets."

5:03 pm Clean Energy Fuels's NG Advantage company has signed a contract to work with International Paper (IP) to deliver compressed natural gas to International Paper's Ticonderoga, N.Y. mill (CLNE) :  

5:02 pm NewMarket beats by $0.39, beats on revs (NEU) : Reports Q1 (Mar) earnings of $5.26 per share, $0.39 better than the Capital IQ Consensus Estimate of $4.87; revenues fell 2.9% year/year to $559.6 mln vs the $549.42 mln consensus; record shipments +1.5%.

5:01 pm Polaris Inds announces acquisition of snowbike producer Timbersled Products; financial terms not disclosed (PII) :  

4:50 pm Willis Group announces it has made a firm offer to acquire the remaining 70% that it does not currently own of Gras Savoye for EUR 550 mln (WSH) : Co announced that it has made a firm offer to acquire the remaining 70 per cent that it does not currently own of Gras Savoye, the leading French insurance broker, and to accelerate closing. The purchase price of the 70 per cent stake, including the repayment of outstanding third party debt (estimated to be 40 million), is approximately 550 million. The Gras Savoye board of directors has received the offer positively. The transaction is expected to close on or around December 31, 2015, subject to customary regulatory consents and approvals, and acceptance of the firm offer by Gras Savoye's shareholders, which can only occur after consultation with Gras Savoye's workers' councils.

4:49 pm Sallie Mae beats by $0.03; guides FY15 EPS above consensus (SLM) : Reports Q1 (Mar) core earnings of $0.10 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.07.

  • Co results that reflected increased private education loan originations, positive private education loan portfolio performance and greater net interest income. 
  • The company originated $1.7 billion in private education loans for the quarter, up 9 percent from the year-ago quarter.
  • At March 31, 2015, the private education loan portfolio totaled $9.7 billion, a 34-percent increase from March 31, 2014.
  • Net interest income for the first-quarter 2015 was $171 million, a 23-percent increase from first-quarter 2014. 
  • Co issues upside guidance for FY15, sees core EPS of $0.57-0.59, excluding non-recurring items, vs. $0.52 Capital IQ Consensus Estimate.

4:48 pm Perceptron announces the resignation of CFO Keith Marchiando, effective May 8, 2015 (PRCP) : Co announced that Marchiando has accepted a position with a private firm. Until his departure, Marchiando will continue his current responsibilities for the Company and will work on transition matters. The Company will commence a comprehensive search for a new Chief Financial Officer immediately 

4:47 pm Texas Capital reports EPS in-line (TCBI) : Reports Q1 (Mar) earnings of $0.70 per share, in-line with the Capital IQ Consensus Estimate of $0.70. 

  • Net interest income was $130.0 mln, compared to $108.3 mln in the yr-ago qtr
  • Average loans, excluding mortgage finance loans, rose 20% yr/yr to $10.5 bln

4:43 pm Blackstone prices its $350 mln, Senior Notes Offering due 2045 at 4.45%; Co to use the proceeds for general corporate purposes (BX) :  

4:36 pm Houghton Mifflin Harcourt: Q Investments asks shareholders to wait to vote on its proxy proposal until after may 12 investor day; (HMHC) : Q Investments hopes that shareholders will listen carefully to the company's plans during the Investor Day and, if they do not like what they hear, vote accordingly on Q Investments' proxy proposal at the upcoming annual shareholders meeting on May 19, 2015.

4:35 pm Texas Instruments misses by $0.01, misses on revs; guides Q2 EPS and rev below consensus (TXN) : Reports Q1 (Mar) earnings of $0.61 per share, $0.01 worse than the Capital IQ Consensus of $0.62; revenues rose 5.6% year/year to $3.15 bln vs the $3.2 bln consensus.

  • "Automotive and industrial markets were strong, as we expected they would be. Revenue, however, was in the bottom half of our range for two reasons. First was weak demand in the last month of the quarter in our personal electronics market, particularly PCs, and in our communications equipment market, particularly wireless infrastructure equipment. Second was a steep decline in the currency exchange rate for the euro relative to the U.S. dollar."
Co issues downside guidance for Q2, sees EPS of $0.60-0.70 vs. $0.73 Capital IQ Consensus Estimate; sees Q2 revs of $3.12-3.38 bln vs. $3.44 bln Capital IQ Consensus Estimate. 
  • "Our estimates assume continuing weakness in our communications equipment and personal electronics markets, particularly for wireless infrastructure equipment and PCs, respectively. We also do not expect a near-term rebound in foreign currency exchange rates." 

4:35 pm O'Reilly Auto beats by $0.13, beats on revs; guides Q2 EPS below consensus; guides FY15 EPS below consensus, revs in-line (ORLY) : Reports Q1 (Mar) earnings of $2.06 per share, $0.13 better than the Capital IQ Consensus Estimate of $1.93; revenues rose 10.1% year/year to $1.90 bln vs the $1.85 bln consensus. Co issues downside guidance for Q2, sees EPS of $2.17-2.21 vs. $2.25 Capital IQ Consensus Estimate. For FY15, co sees EPS of $8.42-8.52 vs. $8.55 Capital IQ Consensus Estimate; sees FY15 revs of $7.60-7.80 bln vs. $7.74 bln Capital IQ Consensus Estimate.

  • Comparable store sales increase of 7.2%.
  • "Demand in our industry remained strong throughout the quarter...yielded a very strong 7.2% increase in comparable store sales, which was on top of an increase of 6.3% in 1Q14."
  • Co had record Q1 operating margin of 18.4%.

4:34 pm Susquehanna Bank reports EPS in-line (SUSQ) :

  • Reports Q1 (Mar) earnings of $0.18 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.18. 
  • On March 13, 2015 Susquehanna shareholders voted to approve the agreement and plan of merger under which Susquehanna will merge with and into BB&T Corporation (BBT). Completion of the merger is subject to customary closing conditions, including receipt of necessary regulatory approvals. Upon completion of the merger, which is expected to occur in the second half of 2015, Susquehanna shareholders will receive 0.253 shares of BB&T common stock and $4.05 in cash for each share of Susquehanna common stock. 

4:34 pm Astoria Fincl beats by $0.02 (AF) : Reports Q1 (Mar) earnings of $0.17 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.15. Net interest income for the quarter ended March 31, 2015 totaled $85.7 million compared to $83.9 million for the previous quarter and $88.0 million for the 2014 first quarter. The net interest margin for the quarter ended March 31, 2015 was 2.34%, compared to 2.30% for the previous quarter and 2.36% for the 2014 first quarter. Mr. Redman commented, "In a period where interest rates are under pressure and many of our competitors are experiencing shrinking margins, we are encouraged by the fact that our net interest margin expanded in the first quarter

4:33 pm MKS Instruments beats by $0.13, beats on revs; guides Q2 EPS in-line, revs in-line (MKSI) : Reports Q1 (Mar) earnings of $0.66 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.53; revenues rose 3.9% year/year to $214 mln vs the $206.03 mln consensus.

  • Guidance: Co issues in-line guidance for Q2, sees EPS of $0.53-$0.66 vs. $0.56 Capital IQ Consensus Estimate; sees Q2 revs of $200-$220 mln vs. $212.29 mln Capital IQ Consensus Estimate.

4:32 pm Core Labs beats by $0.01, beats on revs; guides Q2 EPS & revs in-line (CLB) : Reports Q1 (Mar) earnings of $0.86 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.85; revenues fell 18.7% year/year to $213.64 mln vs the $210.15 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of 0.76-0.81 vs. $0.78 Capital IQ Consensus Estimate; sees Q2 revs of $192-202 mln vs. $195.31 mln Capital IQ Consensus Estimate.  
"Core's view for the remainder of the year continues to be constructive, yet uncertain, while the Company's customers are prioritizing operating plans for conducting their activities in this environment. Consequently, Core is not able to provide quantitative guidance for the remainder of the year at this time, although from a qualitative perspective, the Company's sense is that industry activity levels will flatten in the third and fourth quarters of 2015, with a V-shaped recovery in activity levels starting in the first quarter of 2016."

4:32 pm CoreLogic beats by $0.15, beats on revs (CLGX) :

  • Reports Q1 (Mar) earnings of $0.46 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus Estimate of $0.31; revenues rose 11.9% year/year to $364.8 mln vs the $358.39 mln consensus. 
  • "CoreLogic is off to an outstanding start in 2015 with strong growth in revenues, operating profits, free cash flow and diluted earnings per share. Importantly, we successfully captured the benefits of an uptick in mortgage market activity while we continued to expand our product offerings, technology and operational capabilities and market share..." 

4:31 pm Interdigital Comm confirms its Delaware District Court infringement trial against ZTE (ZTCOF) has reached a conclusion; the jury verdict found no patent infringement by ZTE (IDCC) : In an earlier trial in October 2014, a jury found that ZTE 3G and 3G/4G devices had infringed on IDCC patents. Co stated:

  • "While we're disappointed by today's jury decision, we feel overall that our Delaware actions against ZTE are successful in highlighting the strength of InterDigital's contributions to worldwide core wireless technology, and supporting our longstanding licensing program."

4:31 pm Cathay Bancorp beats by $0.01 (CATY) : Reports Q1 (Mar) earnings of $0.45 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.44. 

  • Total loans increased $309.7 million, or 3.5%, in the first quarter of 2015, to $9.2 billion at March 31, 2015, compared to $8.9 billion at December 31, 2014.

4:31 pm Arris to acquire Pace plc for $2.1 bln in stock and cash; expected to be accretive to non-GAAP EPS in first 12 months (stock halted) (ARRS) : Co and Pace plc jointly announced that they have agreed that ARRIS will acquire Pace for aggregate stock and cash consideration of $2.1 billion (1.4 billion).

Transaction details:

  • The transaction will result in the formation of New ARRIS, which will be incorporated in the U.K., and its operational and worldwide headquarters will be in Suwanee, GA USA. New ARRIS is expected to be listed on the NASDAQ stock exchange under the ticker ARRS.
  • Under the agreed upon terms, Pace shareholders will receive 1.325 of cash and a fixed exchange ratio of 0.1455 New ARRIS shares for each Pace share, reflecting aggregate consideration as of April 21, 2015 of 4.265 per share, representing a 28% premium to the Pace closing share price as of April 21, 2015.
Key benefits of the transaction:
  • ~$8B Pro forma revenues
  • $0.45 to $0.55 accretive in the first 12 months after close to Non-GAAP EPS
  • Reduces Non-GAAP tax rate to approximately 26% - 28%

4:30 pm ABM Industries announces that ABM Government Services has been awarded two task orders under different contract vehicles for services at the Ireland Army Community Hospital at Fort Knox, KY (ABM) : This task order was awarded through the Mobile District of the U.S. Army Corp of Engineers and is expected to generate approximately $3 million in revenue the base year and potentially $12 million over the life of the four-year contract. 

  • Additionally, ABM Government Services was the major subcontractor on an EAGLE Task Order to provide logistic support services at Fort Knox under the U.S. Army's Enhanced Army Global Logistics Enterprise program. This task order was awarded through the Army Contracting Command at Rock Island, IL with an ABM Government Services value of approximately $2.4 million in revenue in the base year and potentially $14 million over the life of this five-year contract. 

4:30 pm Raymond James misses by $0.05, beats on revs (RJF) : Reports Q2 (Mar) earnings of $0.77 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.82; revenues rose 9.1% year/year to $1.29 bln vs the $1.27 bln consensus.

  • "While we generated record net revenues this quarter, our profitability was negatively impacted by seasonal expenses and other factors, including fewer days than the preceding quarter," explained CEO Paul Reilly. "Notwithstanding the items that impacted our fiscal second quarter results, we had the strongest start ever to a first half of our fiscal year, as net revenues of $2.54 billion grew 7 percent and pre-tax income of $383.2 million grew 11 percent over the first half of fiscal 2014."

4:26 pm Flotek Industries misses by $0.18, misses on revs; cites rapid deterioration in oilfield activity (FTK) : Reports Q1 (Mar) GAAP loss of $0.03 per share, $0.18 worse than the Capital IQ Consensus Estimate of $0.15; revenues fell 19.7% year/year to $82.4 mln vs the $101.8 mln consensus.

  • "While we are disappointed in our first quarter results and are laser-focused on identifying best practices that will further improve our business, the rapid deterioration in oilfield activity was the primary contributor to both the decline in overall activity and resulting pricing pressures."
  • "Even as we approach the nadir of the cycle, we see plenty of opportunities to gain new customers for our cutting-edge technologies, especially our hallmark suite of Complex nano-Fluid completion chemistries."
  • "While our lenses are clouded when it comes to short-term commodity price direction and, as a result, activity forecasts, we believe we are well positioned to take advantage of opportunities as they present themselves....The second quarter always presents challenges for Flotek and other industry participants with Canadian break-up and a moderation in activity during April and May. However, as we work through the cyclical trough, we are well positioned with a strong financial profile..."

4:26 pm Informatica reports EPS in-line, misses on revs (INFA) : Reports Q1 (Mar) earnings of $0.34 per share, in-line with the Capital IQ Consensus Estimate of $0.34; revenues rose 3.0% year/year to $250.5 mln vs the $257.42 mln consensus. Deferred revenue for the first quarter of 2015 was $345.4 million, up from $312.1 million in the first quarter for 2014.

4:25 pm Kofax beats by $0.01, misses on revs (KFX) :

  • Reports Q3 (Mar) earnings of $0.07 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.06; revenues rose 6.5% year/year to $75.3 mln vs the $77.84 mln consensus. 
  • "... We expect Lexmark's acquisition of Kofax to close in the second calendar quarter of 2015..."

4:25 pm MobileIron lowers Q1 Non_GAAP revenue guidance (MOBL) :

  • Co issues lowered guidance for Q1 (Mar), sees Q1 (Mar) revs of $32-33 mln from $34-37 mln vs. $36.26 mln Capital IQ Consensus Estimate. Gross billings for the quarter are expected to be in the range of $35.5-$37.0 mln, below the company's guidance of $40.0-$42.0 mln.
  • "Near the end of the quarter, we witnessed multiple large deals from North American customers that did not close as expected. Further, we saw a large shift by customers to our monthly subscription offering, which resulted in lower billings and revenue." 

4:23 pm Xilinx beats by $0.07, reports revs in-line; guides Q1 revs below consensus (XLNX) : Reports Q4 (Mar) earnings of $0.58 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.51; revenues fell 8.2% year/year to $567 mln vs the $569.53 mln consensus; gross margin 70%.

Co issues downside guidance for Q1, sees Q1 revs flat to down 4% QoQ to ~$544.2-567 mln vs. $584.86 mln Capital IQ Consensus; gross margin 69-70%.

4:23 pm Allied World Assurance beats by $0.44, beats on revs (AWH) : Reports Q1 (Mar) earnings of $1.27 per share, $0.44 better than the Capital IQ Consensus Estimate of $0.83; revenues rose 0.1% year/year to $772.52 mln vs the $759.92 mln consensus. The combined ratio was 88.1% compared to 79.9% in the first quarter of 2014. The loss and loss expense ratio was 57.2% in the first quarter of 2015 compared to 51.9% in the prior year quarter.

4:22 pm Aspen Insurance beats by $0.03, misses on revs (AHL) : Reports Q1 (Mar) earnings of $1.39 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $1.36; revenues rose 4.8% year/year to $593.6 mln vs the $672.27 mln consensus.

  • Operating Return on Equity of 12.4%
  • Diluted Book Value Per Share of $46.02, up 2.0% from December 31, 2014 
Outlook:
  • Aspen continues to expect to achieve an operating return on equity of 11% in 2015.

4:21 pm Sears Hldg announces that Benjamin Schall has been named CEO of Seritage Growth Properties effective May 4, 2015 (SHLD) : Most recently, since March 2012, Schall served as Chief Operating Officer of Rouse Properties (RSE), where he oversaw the operations of 35 malls in 21 states encompassing approximately 25 million square feet of space.

4:21 pm eBay beats by $0.07, reports revs in-line; guides Q2 EPS in-line, revs below consensus; reaffirms FY15 EPS, lowers rev (EBAY) : Reports Q1 (Mar) earnings of $0.77 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.70; revenues rose 4.4% year/year to $4.45 bln vs the $4.42 bln consensus.

  • Payments: Net revenue: $2.11 bln vs $2.08 bln Briefing.com consensus -- Net total payment volume (:TPV): $61.41 bln vs $61.40 bln Briefing.com consensus
  • Marketplaces: Net revenue: $2.07 bln vs $2.07 bln Briefing.com consensus -- Gross merchandise volume (:GMV): $20.20 bln vs $20.16 bln Briefing.com consensus
  • Enterprise: Net revenue: $288 mln vs $275.56 mln Briefing.com consensus -- Gross merchandise sales (:GMS): $1.01 bln vs $1.02 bln Briefing.com consensus
Co issues guidance for Q2, sees EPS of $0.71-0.73, excluding non-recurring items, vs. $0.71 Capital IQ Consensus Estimate; sees Q2 revs of $4.4-4.5 bln vs. $4.58 bln Capital IQ Consensus Estimate.

Co issues guidance for FY15, reaffirms EPS of $3.05-3.15, excluding non-recurring items, vs. $3.09 Capital IQ Consensus Estimate; lowers FY15 revs to $18.35-18.85 bln from $18.6-19.1 bln vs. $18.97 bln Capital IQ Consensus.

4:20 pm Brandywine Realty reports FFO in-line, beats on revs; narrows FY15 FFO guidance (BDN) : Reports Q1 (Mar) funds from operations of $0.32 per share, in-line with the Capital IQ Consensus Estimate of $0.32; revenues fell 1.1% year/year to $150.4 mln vs the $146.27 mln consensus.

  • Co issues in-line guidance for FY15, narrows FFO to $1.40-1.46 from $1.39-1.48 vs. $1.44 Capital IQ Consensus Estimate. 
  • In the first quarter of 2015, our Net Operating Income excluding termination revenues and other income items increased 2.2% on a GAAP basis and increased 0.6% on a cash basis for our 185 same store properties, which were 90.2% and 88.9% occupied on March 31, 2015 and March 31, 2014, respectively.

4:19 pm Tyler Tech beats by $0.03, beats on revs; guides FY15 EPS in-line, revs in-line (TYL) : Reports Q1 (Mar) earnings of $0.59 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.56; revenues rose 19.9% year/year to $135 mln vs the $131.27 mln consensus.

  • Total backlog was $689.6 mln, up 27.6% from $540.3 mln at March 31, 2014. Software-related backlog (excluding appraisal services) was $633.4 mln, an increase of 24.5% compared to $508.8 mln at March 31, 2014. 
Co issues in-line guidance for FY15, sees EPS of $2.46-2.54, excluding non-recurring items, vs. $2.48 Capital IQ Consensus Estimate; sees FY15 revs of $568-575 mln vs. $570.63 mln Capital IQ Consensus Estimate.
  • Co raised bottom of guidance range on both revs and EPS
  • Capex are expected to be between $13.5-$14.5 mln, and total depreciation and amortization expense is expected to be between $15.5-$16.5 mln, including ~$6.5 mln of amortization of acquisition intangibles.

4:18 pm Cheesecake Factory beats by $0.08, reports revs in-line; same restaurant sales +4.2% (CAKE) : Reports Q1 (Mar) earnings of $0.56 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.48; revenues rose 7.6% year/year to $517.97 mln vs the $520.23 mln consensus.

  • Comparable restaurant sales at The Cheesecake Factory restaurants increased 4.2% in Q1.
  • "We delivered a remarkable comparable sales increase at The Cheesecake Factory in [Q1], beginning our sixth consecutive year of achieving positive quarterly comparable sales. Importantly, we experienced a solid increase in guest traffic during the quarter on the strength of our brand and highly differentiated guest experience. We also performed particularly well from a competitive standpoint, considerably outpacing the industry and increasing our market share."

4:18 pm Eagle Bancorp beats by $0.06, beats on revs (EGBN) : Reports Q1 (Mar) earnings of $0.61 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.55; revenues rose 40.4% year/year to $62.5 mln vs the $54.93 mln consensus.

4:18 pm Popeyes Louisiana Kitchen issues statement in response to a story that ran on Houston Television Station KHOU (PLKI) : "We recently became aware of a story in Houston involving a Popeyes restaurant and employee. The restaurant is operated by an independent franchisee of the Popeyes brand. We have spoken to the local franchise owner of the restaurant, and he has taken immediate action to reach out to the employee to apologize and rectify the situation. While the facts are gathered, we will closely monitor this until it is appropriately resolved. We deeply regret the distress this situation has caused."

4:18 pm United Stationers beats by $0.01, reports revs in-line (USTR) : Reports Q1 (Mar) earnings of $0.52 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 6.2% year/year to $1.33 bln vs the $1.35 bln consensus.

4:17 pm Horace Mann beats by $0.12, beats on revs (HMN) : Reports Q1 (Mar) earnings of $0.72 per share, $0.12 better than the Capital IQ Consensus Estimate of $0.60; revenues rose 3.4% year/year to $270.1 mln vs the $263.91 mln consensus.

  • Total property and casualty written premiums of $140.5 million increased 2% compared to the three months ended March 31, 2014. The growth was driven by increases in average premium per policy for both auto and property accompanied by reductions in catastrophe reinsurance costs.

4:16 pm Liquid Holdings Group announces receipt of NASDAQ non-compliance notification letter relating to the timely filing of its 10-K (LIQD) : Co intends to submit to the Staff a plan as to how it plans to regain compliance with NASDAQ's continued listing requirements. Co stated:

  • "On March 31, 2015, the Company filed a Form 12b-25 with the SEC stating that it was unable to file the Form 10-K with the SEC within the prescribed time period because the Audit Committee of the Company's Board of Directors, with the assistance of outside legal counsel, is conducting an investigation into certain issues raised by counsel to one of our shareholders, including allegations about the Company's former senior management. 
  • The Company is working diligently to complete the review process, and intends to file the annual report as soon as practicable once this process has been completed. 
  • In the interim, the Company remains focused on its business and continues to execute on its strategic initiatives and growth strategy."

4:15 pm Eastern Virginia Bank has completed a private placement of $20 mln in aggregate principal amount of fixed-to-floating rate subordinated notes (EVBS) :  

4:15 pm Equifax beats by $0.05, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY15 EPS above consensus, revs in-line (EFX) : Reports Q1 (Mar) earnings of $1.07 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $1.02; revenues rose 11.5% year/year to $651.8 mln vs the $635.51 mln consensus.

  • Co issues upside guidance for Q2, sees EPS of $1.09-1.11 vs. $1.08 Capital IQ Consensus Estimate; sees Q2 revs of $655-665 mln vs. $650.00 mln Capital IQ Consensus Estimate.
    • Foreign exchange is expected to negatively impact revenue growth by 3% and Adjusted EPS by $0.02.
  • Co issues upside EPS guidance for FY15, sees EPS of $4.28-4.35 vs. $4.27 Capital IQ Consensus Estimate; sees FY15 revs in-line at $2.59-2.64 bln vs. $2.59 bln Capital IQ Consensus Estimate.
    • Given the recent strength of the US dollar, at current exchange rates, we expect foreign currency to negatively impact 2015 revenue growth by 3%, and Adjusted EPS by ~$0.09.

4:15 pm MobileIron announces CFO resignation to join another company; Will be staying through submission of the 10-Q filing no later than May 4, 2015 (MOBL) :

  • MobileIron will conduct a search for a permanent replacement and expects to name an interim CFO shortly.

4:14 pm Quiksilver: Consac President reiterates his call for Quiksilver management to explore options to sell the company (ZQK) : Ryan Drexler, president and shareholder of Consac, LLC, has called for Quiksilver to immediately explore options to sell the company as operating income and the share price continue to plummet. Drexler's Consac owns in excess of 3.5 million shares of Quiksilver. Drexler's letter highlights included:

  • Call on the Board of Directors to sell the company in order to preserve diminishing shareholder value before Quiksilver's conditions get even worse. 
  • Despite the company's management-created problems, Drexler contended in the letter that there is still value in Quiksilver, especially to a strategic buyer such as Nike Inc. or VF Corp. 
    • "The market capitalization of less than $300 million- almost a fifth of the market cap from barely two years ago- is nowhere near a reflection of the inherent value of the company's brands."

4:14 pm Emergent Biosolutions completes investigation and resumes biothrax manufacturing activities; re-affirms previous full-year 2015 financial outlook (EBS) : Internal investigation completed; implementing targeted corrective and preventive actions announced today that it has resumed full manufacturing operations of BioThrax (Anthrax Vaccine Adsorbed) after completing its internal manufacturing investigation of foreign particles discovered in a limited number of vials in two manufactured BioThrax lots.

Full year 2015 outlook re-affirmed 

  • Total revenues of $510-$540 million, single analyst estimate $470 mln
  • Net income of $50-$60 million (:GAAP) and $60-$70 million (adjusted) 
  • Preliminary Q1 2015 revenues anticipated to be $62-$64 million, single analyst estimate $53 mln; net loss of $21-$23 million
  • Company to conduct a conference call on May 7, 2015 to discuss Q1 financial results

4:14 pm Graco beats by $0.35, reports revs in-line (GGG) : Reports Q1 (Mar) earnings of $1.14 per share, $0.35 better than the Capital IQ Consensus Estimate of $0.79; revenues rose 5.7% year/year to $306.5 mln vs the $309.36 mln consensus.

  • Gross margin rate was 2 percentage points lower than the comparable period last year due to currency translation (accounting for more than half of the decrease), purchase accounting and changes in mix.

  • Changes in currency translation rates reduced sales and net earnings by approximately $13 million and $4 million, respectively, for the quarter.

  • Outlook: "We remain committed to achieving mid-single digit organic sales growth, on a constant currency basis, for the full year 2015 as well as growth in every reportable segment and geography. Continued investments in our long-term growth initiatives are a priority in 2015, which support our organic sales growth expectations but will hamper near-term profitability. Ongoing currency headwinds and geopolitical instability remain a concern. At current exchange rates, unfavorable changes in foreign currency translation rates create a full-year headwind of approximately 5 percent on sales and 11 percent on earnings in 2015."

4:14 pm Con-way employees at Con-way Freight's facility in Buffalo, NY vote to reject representation by the Teamsters Union (CNW) :  

4:14 pm Clearwater Paper beats by $0.08, misses on revs (CLW) : Reports Q1 (Mar) earnings of $0.36 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.28; revenues fell 10.5% year/year to $434 mln vs the $441.76 mln consensus.

4:14 pm CYS Investments misses by $0.01 (CYS) : Reports Q1 (Mar) core earnings plus drop income of $0.30 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.31.

4:13 pm F5 Networks announces appointment of Manny Rivelo to CEO, effective July 1, 2015 (FFIV) : Previously, Rivelo served as F5's Executive Vice President of Strategic Solutions. He succeeds CEO, John McAdam, who will become Chairman of the Board of Directors upon his retirement on July 1st. 

4:13 pm Torchmark misses by $0.01 (TMK) : Reports Q1 (Mar) earnings of $1.04 per share, $0.01 worse than the Capital IQ Consensus Estimate of $1.05. ROE (excluding net unrealized gains on fixed maturities) was 14.7%. Book Valuer per Share was $28.44.

4:12 pm Closing Market Summary: Technology Sector Leads Stocks Higher (:WRAPX) : The major averages registered modest midweek gains with the S&P 500 (+0.5%) ending ahead of the Nasdaq Composite (+0.4%).

Overall, the Wednesday session was very quiet as the key indices spent the day in a slow advance. Intraday trading volume highlighted that dynamic, but more than 735 million shares changed hands at the NYSE floor by the close, representing the highest total of the week.

All ten sectors registered gains with the top-weighted technology sector (+1.1%) ending in the lead. The influential group was underpinned by daylong strength in shares of MasterCard (MA 91.20, +3.43) and Visa (V 68.01, +2.66) after it was reported China will allow foreign card processors to compete with UnionPay, which is the only company that processes yuan-denominated card payments at this time. Meanwhile, tech heavyweights like Apple (AAPL 128.62, +1.71), Google (GOOGL 549.18, +6.25), and Microsoft (MSFT 42.98, +0.35) joined the rally in progress.

On the earnings front, Broadcom (BRCM 46.18, +2.20) and VMWare (VMW 91.00, +5.60) posted respective gains of 5.0% and 6.6% after beating estimates while EMC (EMC 27.13, +0.81) rallied 3.1% despite missing estimates and guiding lower.

Elsewhere among cyclical sectors, financials (+0.7%) and energy (+0.6%) outperformed while the remaining sectors settled closer to their flat lines. Notably, the energy sector finished among the leaders even though crude oil fell 0.6% to $56.28/bbl.

Moving to the countercyclical side, the health care sector (+0.2%) was among the early leaders after Amgen (AMGN 169.10, +0.64) beat earnings estimates and guided higher; however, the stock narrowed its gain to 0.4% by the close after being up more than 2.5% at the start. Similarly, the iShares Nasdaq Biotechnology ETF (IBB 363.84, -0.66) surrendered its early gain and ended lower by 0.2%, which contributed to the underperformance of the Nasdaq Composite.

Going back to earnings, three Dow components reported their results today with Coca-Cola (KO 41.31, +0.53) and McDonald's (MCD 97.84, +2.97) posting respective gains of 1.3% and 3.1%. Shares of KO rallied in reaction to a bottom-line beat while McDonald's advanced despite missing earnings expectations. Also of note, Boeing (BA 151.19, -2.14) fell 1.4% after below-consensus revenue overshadowed better than expected earnings.

Treasuries slumped during morning action and extended their losses in the afternoon, sending the 10-yr yield higher by seven basis points to 1.98%.

Economic data included Existing Home Sales, FHFA Housing Price Index, and MBA Mortgage Index:

  • Existing home sales for March were reported to have increased 6.1% from February to an annualized rate of 5.19 million units while the Briefing.com consensus expected a reading of 5.05 million 
  • The FHFA Housing Price Index for February rose 0.7%, which followed an unrevised increase of 0.3% in January 
  • The weekly MBA Mortgage Index rose 2.3% to follow last week's 2.3% decline 
Tomorrow, weekly Initial Claims will be released at 8:30 ET (Briefing.com consensus 288K) while the New Homes Sales report for March will cross the wires at 10:00 ET (consensus 520K).
  • Nasdaq Composite +6.3% YTD 
  • Russell 2000 +5.1% YTD 
  • S&P 500 +2.4% YTD 
  • Dow Jones Industrial Average +1.2% YTD

4:12 pm Las Vegas Sands misses by $0.06, misses on revs (LVS) : Reports Q1 (Mar) earnings of $0.66 per share, excluding non-recurring items, $0.06 worse than  the Capital IQ Consensus Estimate of $0.72; revenues fell 24.9% year/year to $3.01 bln vs the $3.22 bln consensus. 

  • Consolidated adjusted property EBITDA of $1.05 billion decreased 29.0% in Q1. On a hold-normalized basis, adjusted property EBITDA decreased 25.2% to $1.02 billion in the first quarter of 2015. 
    • On a GAAP basis, total net revenues for Sands China Ltd. decreased 34.9% to $1.77 billion in Q1. Adjusted property EBITDA for Sands China Ltd. decreased 43.4% to $531.0 million.
    • In Singapore, adj property EBITDA decreased to $415.3 million in Q1, reflecting modest growth in mass gaming and retail mall revenues, offset by a decrease in Rolling Chip win during the current quarter. Adj Property EBITDA was up 0.2% on a constant-currency basis

4:12 pm Polycom beats by $0.03, reports revs in-line (PLCM) : Reports Q1 (Mar) earnings of $0.23 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.20; revenues rose 0.7% year/year to $330.7 mln vs the $333.86 mln consensus.

  • "Operating margins grew significantly on both an absolute dollar and percentage basis versus the year ago period. Polycom also generated $30 mln in operating cash flow and repurchased $40 mln in common stock during 1Q15."

4:12 pm Exponent beats by $0.04, reports revs in-line (EXPO) :

  • Reports Q1 (Mar) earnings of $0.75 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.71; revenues rose 4.2% year/year to $76.1 mln vs the $76.17 mln consensus. 
  • "For the full year of 2015, we continue to expect growth in revenues before reimbursements to be in the low to mid-single digits and the EBITDA margin to be approximately flat with the 25% we achieved in 2014. Our underlying growth remains in the high single digits but will be partially offset by a significant decline in defense work and a major project stepping down in the second half of 2015..."

4:11 pm Citrix Systems beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY15 EPS in-line, revs below consensus (CTXS) : Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.64; revenues rose 1.3% year/year to $760.8 mln vs the $757.38 mln consensus. Note: co guided Q1 lower on April 9 as follows: revenue of $755-760 mln from $780-790 mln; non-GAAP EPS lowered to $0.63-0.65 from $0.70-0.72.

Guidance:

  • Co issues downside guidance for Q2, sees EPS of $0.80-0.83, excluding non-recurring items, vs. $0.85 Capital IQ Consensus Estimate; sees Q2 revs of $785-795 mln vs. $805.73 mln Capital IQ Consensus Estimate. 
  • Co issues guidance for FY15, sees EPS of $3.55-3.60, excluding non-recurring items, vs. $3.55 Capital IQ Consensus Estimate; sees FY15 revs of $3.22-3.25 bln vs. $3.28 bln Capital IQ Consensus Estimate. 
Commentary:
  • "While I'm disappointed in our Q1 results, our confidence in the financial, operational and strategic initiatives that we announced last quarter remains strong...While these changes position us for our next phase of growth, they had a greater near-term impact on our execution than we anticipated. Our commitment to margin expansion, however, remains unchanged."

4:10 pm Skechers USA beats by $0.09, beats on revs (SKX) : Reports Q1 (Mar) earnings of $1.10 per share, $0.09 better than the Capital IQ Consensus Estimate of $1.01; revenues rose 40.5% year/year to $768 mln vs the $702.89 mln consensus. 

"The net sales growth of 40.5 percent, which was against a previous record first quarter net sales in 2014, is attributable to the continued strong demand for our lifestyle, performance and kids' footwear from both our customers and consumers around the world... Our record 2015 first quarter and a strong start to April in terms of revenues and backlogs, including double-digit domestic and international retail comps, leads us to believe that our accelerated growth trend will continue through the second quarter and into the back half of 2015. We are looking forward to what we believe will be record sales for a second quarter, delivering our back-to-school product, and a new annual sales record. We are comfortable with analysts' estimates for the second quarter, and we see upside opportunity in the third quarter."

4:10 pm Exponent announces a two-for-one stock split, to take effect upon shareholder approval on May 28, 2015 (EXPO) :  

4:10 pm AT&T misses by $0.03, misses on revs (T) : Reports Q1 (Mar) earnings of $0.63 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.66; revenues rose 0.3% year/year to $32.58 bln vs the $33.16 bln consensus. 

  • Direct TV (DTV) Update: The company still expects the acquisition of DirecTV to close in the second quarter of this year. The company now expects cost synergies from this transaction to reach at least $2.5 bln on an annual run rate by year three after closing. 
  • Total wireless revenues were up 1.8 percent year over year to $18.2 bln. 
  • About 1.2 mln branded smartphones added to base, including 700,000 prepaid 1.2 mln total wireless net adds, including 441,000 postpaid and 684,000 connected cars.

4:09 pm Covanta misses by $0.05, reports revs in-line; reaffirms FY15 adjusted EBITDA and Free Cash Flow guidance (CVA) : Reports Q1 (Mar) loss of $0.13 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of ($0.08); revenues fell 4.5% year/year to $383 mln vs the $386.43 mln consensus. Adjusted EPS was driven by lower operating income and a higher effective tax rate, partially offset by the elimination of non-cash convertible debt related expense incurred in 2014.

Co reaffirms guidance for FY15 adjusted EBITDA of $450-490 mln and Free Cash Flow of $200-240 mln.

4:09 pm Qualcomm beats by $0.07, reports revs in-line; guides Q3 below consensus; guides FY15 EPS & rev midpoints below consensus (QCOM) :

  • Reports Q2 (Mar) earnings of $1.40 per share, $0.07 better than the Capital IQ Consensus Estimate of $1.33; revenues rose 8.2% year/year to $6.89 bln vs the $6.83 bln consensus. 
  • Co issues downside guidance for Q3, sees EPS of $0.85-1.00 vs. $1.14 Capital IQ Consensus Estimate; sees Q3 revs of $5.4-6.2 bln vs. $6.47 bln Capital IQ Consensus Estimate. 
  • Co issues downside guidance for FY15, sees EPS of $4.60-5.00 vs. $5.00 Capital IQ Consensus Estimate; sees FY15 revs of $25.0-27.0 bln vs. $27.14 bln Capital IQ Consensus Estimate. 
  • "We are pleased with our second quarter results, with record licensing revenues and earnings driven by all-time high 3G/4G device shipments reported by our licensees. We continue to see robust global demand for 3G/4G devices, including in China where our licensing business is now better positioned to participate in the rapidly accelerating adoption of our 3G/4G technology. While we remain confident in the significant growth opportunities ahead, we are reducing our QCT (semiconductor business) outlook for fiscal 2015, primarily due to the increased impact of customer share shifts within the premium tier and a decline in our share at a large customer. In addition to our ongoing expense management initiatives, we have initiated a comprehensive review of our cost structure to identify opportunities to improve operating margins while at the same time extending our technology and product leadership positions."

4:09 pm F5 Networks beats by $0.09, reports revs in-line; guides Q3 EPS in-line, revs in-line (FFIV) : Reports Q2 (Mar) earnings of $1.59 per share, $0.09 better than the Capital IQ Consensus Estimate of $1.50; revenues rose 12.4% year/year to $472.1 mln vs the $471.1 mln consensus.

  • Guidance: Co issues in-line guidance for Q3, sees EPS of $1.57-$1.60 vs. $1.59 Capital IQ Consensus Estimate; sees Q3 revs of $475-$485 mln vs. $489.30 mln Capital IQ Consensus Estimate.

  • Co states: "We recognize that the US dollar's strength relative to the Euro and other currencies likely had an impact on the demand environment in EMEA and APAC in Q2. While it is difficult to assess future movements in exchange rates, we believe it is prudent to factor this impact into our revenue guidance for the current quarter..."

4:09 pm Alliance Fiber Optic beats by $0.02, beats on revs; guides Q2 revs above consensus (AFOP) : Reports Q1 (Mar) earnings of $0.29 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.27; revenues fell 12.9% year/year to $21.7 mln vs the $21.39 mln consensus. Non-GAAP gross margin for the quarter ended March 31, 2015 was 41%, compared to 40% in the fourth quarter of 2014 and 41% in the year ago quarter.

  • Co issues upside guidance for Q2, sees Q2 revs of $22.5-24.5 mln vs. $22.42 mln Capital IQ Consensus Estimate.

4:07 pm LaSalle Hotel increases quarterly dividend 20% to $0.45 from $0.375/share (LHO) :  

4:07 pm Facebook beats by $0.02, reports revs in-line (FB) : Reports Q1 (Mar) earnings of $0.42 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.40; revenues rose 41.6% year/year to $3.54 bln vs the $3.56 bln consensus. 

Key Metrics

  • Daily active users (DAUs) were 936 million an increase of 17% y/y; Mobile DAUs were 798 million an increase of 31% y/y.
  • Monthly active users (MAUs) were 1.44 billion an increase of 13% y/y; Mobile MAUs were 1.25 billion an increase of 24% y/y.
Revenue
  • Revenue totaled $3.54 billion, an increase of 42%, ex FX would have increased 49%.
  • Revenue from advertising was $3.32 billion, a 46% y/y increase.
  • Mobile advertising revenue represented approximately 73% of advertising revenue. 
Costs and expenses 
  • Non-GAAP costs and expenses were $1.70 billion in the first quarter of 2015, up 57% y/y. 
  • Non-GAAP operating margin was 52% compared to 57% for the first quarter of 2014. 
  • Free cash flow for the first quarter of 2015 was $1.20 billion.

4:07 pm Monolithic Power beats by $0.01, beats on revs; guides Q2 revs above consensus (MPWR) : Reports Q1 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.36; revenues rose 22.3% year/year to $73.5 mln vs the $72.03 mln consensus.

Co issues upside guidance for Q2, sees Q2 revs of $79-83 mln vs. $78.56 mln Capital IQ Consensus Estimate.

  • GAAP gross margin between 53.7% and 54.7%. Non-GAAP(1) gross margin between 54.5% and 55.5%. This excludes an estimated impact of stock-based compensation expenses of 0.3% and amortization of acquisition-related intangible assets of 0.5%. 
  • Other income of $200,000 to $300,000 before foreign exchange gains or losses. 

4:06 pm Tractor Supply beats by $0.01, beats on revs; guides FY15 EPS & revs in-line (TSCO) : Reports Q1 (Mar) earnings of $0.42 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.41; revenues rose 12.4% year/year to $1.33 bln vs the $1.32 bln consensus.

  • Co issues in-line guidance for FY15, sees EPS of $2.95-3.05 vs. $3.05 Capital IQ Consensus Estimate; sees FY15 revs of $6.2-6.3 bln vs. $6.29 bln Capital IQ Consensus Estimate.  
"The momentum of the business has continued into April with more normalized spring weather, and we believe we are well positioned to continue to meet our customers' ongoing needs."

4:06 pm ISIS Pharm reports positive data from its ISIS-TTR Rx study to treat patients with TTR Amyloidosis, demonstrating up to a 92% reduction in transthyretin proteins (ISIS) : Co announced that FAP patients completing the ongoing Phase 3 study are eligible to enroll in this OLE study in which all patients receive ISIS-TTRRx.

  • An analysis conducted on the first group of patients to reach three months of treatment in the OLE study showed a reduction in transthyretin protein levels up to 92 % with a median reduction of 78%compared to patients' baseline TTR levels at entry into the Phase 3 study. 
  • Patients continue to be enrolled as they complete dosing in the Phase 3 study. These data will be presented today at the American Academy of Neurology meeting in Washington, DC.

4:06 pm Northern Trust announces an increase in its quarterly dividend to $0.36/share from $0.33/share and Board approval of a new stock repurchase authorization of up to 15 mln shares (NTRS) :  

4:05 pm CONMED misses by $0.01, beats on revs; reits constant currency guidance (CNMD) : Reports Q1 (Mar) earnings of $0.42 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.43; revenues fell 2.2% year/year to $177.9 mln vs the $175.65 mln consensus.

  • Co issues in-line guidance for FY15, sees EPS of $1.82-1.92 vs. $1.86 Capital IQ Consensus Estimate; sees FY15 revs of $723-738 mln vs. $733.12 mln Capital IQ Consensus Estimate. The Company reiterated its previously disclosed constant currency sales guidance, which calls for organic sales growth in 2015 to be in the range of 1% to 3%. 

4:05 pm Plexus reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs above consensus (PLXS) : Reports Q2 (Mar) earnings of $0.69 per share, in-line with the Capital IQ Consensus Estimate of $0.69; revenues rose 16.8% year/year to $651.3 mln vs the $645.06 mln consensus.

  • Co issues guidance for Q3, sees EPS of $0.71-0.79 vs. $0.77 Capital IQ Consensus Estimate; sees Q3 revs of $670-700 mln vs. $665.25 mln Capital IQ Consensus Estimate. 
  • "While we guided sequential contraction in our Networking/Communications and Healthcare/Life Sciences sectors, both outperformed our expectations due to better than anticipated end-market demand."

4:05 pm Prestige Brands announces that Matthew M. Mannelly, President and CEO will retire effective June 1, 2015; expects to achieve upper end of previously announced fourth fiscal quarter and year end 2015 revenue and adjusted EPS outlook (PBH) : Following his retirement, the Board of Directors has appointed Ron Lombardi, Chief Financial Officer, to succeed Mr. Mannelly as President and Chief Executive Officer. The company has commenced a search for a new Chief Financial Officer.

  • The co also announced that based on preliminary fourth fiscal quarter results, the company expects to achieve the upper end of the previously issued FY 2015 Revenue and Adjusted Earnings Per Share outlook which was $1.82 to $1.85 for Adjusted Earnings Per Share and revenue growth of 15-18%. In addition, the company expects to exceed its previously issued Adjusted Free Cash Flow projection of approximately $155 million for fiscal year 2015 which is enabling the company to continue its rapid de-levering and continue to build meaningful M & A capacity.

4:05 pm Agilent announces resolution to U.S. FDA warning letter for Dako Denmark; FDA completes evaluation in Denmark, indicates issues have been addressed (A) :

  • The warning letter, issued by the FDA's Center for Devices and Radiological Health, focused on Dako's quality management processes for complaint handling, corrective and preventive actions, statistical techniques and process validation. 
  • The letter was the result of an inspection the FDA performed at Dako's facility in Glostrup, Denmark, in March 2013.

4:04 pm Sangamo BioSci beats by $0.05, beats on revs (SGMO) : Reports Q1 (Mar) loss of $0.08 per share, $0.05 better than the Capital IQ Consensus Estimate of ($0.13); revenues rose 66.7% year/year to $13.5 mln vs the $12.23 mln consensus.

  • First quarter 2015 revenues were generated from the company's collaboration agreements with Shire International GmbH, Biogen Inc., and Sigma-Aldrich Corporation, enabling technology agreements and research grants.

4:04 pm Allegiant Travel beats by $0.22, beats on revs; purchases three additional A320 aircraft (ALGT) : Reports Q1 (Mar) earnings of $3.74 per share, $0.22 better than the Capital IQ Consensus Estimate of $3.52; revenues rose 8.8% year/year to $329.24 mln vs the $322.57 mln consensus.

  • "We have had recent labor/legal issues with the representative of our pilots, the IBT. We expect a successful outcome on our Preliminary Injunction request before the Las Vegas Federal court in the coming weeks. In conjunction with these labor activities, our local FAA office has stepped up surveillance of our operations. We are not aware of any findings from the FAA related to this increased surveillance. However, the FAA has indicated their heightened focus and surveillance associated with the labor activity will continue until the outcome of the litigation is known. While this increased surveillance is in place, the FAA has indicated it will not process any current or additional requests for work that may relate to our planned growth. At the current time, we do not expect any immediate effect on our operations."
  • Co has purchased three additional A320 aircraft. The aircraft were most recently operated by a carrier in Europe and are scheduled to enter the Allegiant operating fleet in 2015.

4:03 pm Lazard announces an increase in its quarterly dividend to $0.35/share from $0.30/share (LAZ) :  

4:00 pm Rouse has promoted Brian Harper, former Executive Vice President of Leasing & Acquisitions, to Chief Operating Officer (RSE) : Ben Schall, Rouse's prior Chief Operating Officer, is leaving the Company to pursue a new opportunity.

3:42 pm Niska Gas Storage responds to press accounts; confirms that strategic alternatives are being considered (shares halted) (NKA) : The co announced it is aware of press accounts that it is exploring a sale, is working with EvercorePartners, Inc. to find a buyer and that such activities are part of a broaderrestructuring effort.

  • The co confirms that strategic alternatives, including asale of the interests of affiliates of Carlyle/Riverstone Energy and Power FundII and Carlyle/Riverstone Energy and Power Fund III or, potentially, a sale ofthe entire company, are being considered along with refinancing its indebtednessand other actions that could improve its liquidity. 
  • Evercore has been engagedby an affiliate of Niska's Managing Member to assist the Managing Member's ownerwith respect to certain of these strategic alternatives.
  • Here is a copy of the earlier report that NKA has put itself up for sale. 

3:34 pm Windstream has been awarded a nine-year, multi-million dollar contract by the General Services Administration as part of the Public Building Service green buildings initiative (WIN) :  

3:32 pm Pep Boys announces receipt of director nominations notice from GAMCO Asset Management, indicating the shareholder's intention to nominate five candidates at the co's upcoming annual meeting (PBY) : Co stated:

  • "The Board of Directors and management team are committed to acting in the best interests of the Company and all Pep Boys' shareholders. since last November, when GAMCO first publicly disclosed the possibility of nominating directors, we have held several discussions with GAMCO's representatives to hear their views and concerns. 
  • Despite indicating to GAMCO months ago that we were receptive to considering individuals who may further enhance the depth and breadth of our Board, GAMCO declined to provide us with any suggested candidates until delivering yesterday's notice. 
  • Our Board is comprised of nine very experienced and highly qualified directors, eight of whom are independent, and all of whom are actively engaged in overseeing management as it executes on its plans for enhancing shareholder value. 
  • The Board will present its recommended slate of director nominees in Pep Boys' definitive proxy statement."

3:30 pm Earnings Calendar (:SUMRX) : Today after the close look for the following companies to report:

  • CATY, CCI, CVBF, EBAY, EGBN, FFIV, LOGI, PLXS, RJF, SLM, SUSQ, TCBI, XLNX, PLCM, GGG, TXN, CNMD, FTK, T, AF, ALGT, AMP, BRKL, CLB, CTXS, FB, IBKC, LVS, MKSI, QCOM, SLG, TSCO, NEU, TMK, AFOP, AWH, BDN, CLW, EXPO, MPWR, ORLY, TYL, WFT, AHL, HMN, SGMO, CAKE, CVA, CYS, EFX, HNI, OII, SCSS, SKX, USTR, VMI, LHO, CLGX
Tomorrow before the open look for the following companies to report:
  • WNS, BBT, ALK, AVT, BKU, DLX, FNB, GMT, JCI, JNS, LUV, ORI, UAL, UNP, COL, ERIC, NVS, BTU, CAT, DHR, FCX, MMM, NUE, PG, PII, AEP, MDP, UTL, ALXN, BAX, BEAV, BMS, CAM, CLFD, CMS, DGX, DOW, DST, HP, HSY, HUB.B, HZO, MJN, MTH, NDAQ, PENN, PHM, RTN, SWK, SXC, WCC, ABBV, IR, LLY, MO, PSTB, BHE, MHO, GM, BNCL, CFX, CSL, DNKN, EQM, EQT, GPK, GRA, IVC, LAZ, MDSO, PJC, PRLB, PTEN, SNA, SQNS, TBI, USG, UTEK, KKR, PEP, CAB, COR, DPS, FAF, JAH, NWE, PNK, POOL, RTIX, STC, WBC, ADPT, BCC, CLI, DAN, RS, SYNT, DPZ, SUI, IQNT, LTM, SFE, ASPS

3:25 pm Major averages notch minor new highs -- Dow +99, S&P +12, Nasdaq Comp +25 (:TECHX) :  

3:17 pm Northrop Grumman announces that its X-47B Unmanned Combat Air System aircraft successfully completed the first successful autonomous aerial refueling demonstration in history (NOC) :  

3:03 pm Phillips 66 Partners announces a 9% increase in its quarterly distribution to $0.37/unit from $0.34/unit (PSXP) :  

3:02 pm Cardinal Financial beat by $0.01 (CFNL) : Reported Q1 (Mar) earnings of $0.30 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.29.

2:58 pm White Mountains Ins. Grp.: OneTitle National Guaranty Company announces that White Mountains has agreed to buy a minority stake in the company for $13 mln (WTM) :  

2:31 pm Nasdaq 100 / Comp +21 set minor new highs -- Dow +78 and S&P +10 have not confirmed (:TECHX) : Some relative sector strength in recent trade in Biotech IBB and Semi SMH has helped to underpin Nasdaq. Other sectors displaying relative strength include: Defense PPA, Casino, Retail XRT.

2:15 pm Cadiz updates water project status; provides detailed guidance about next milestones (CDZI) : The co confirms it posted a detailed update on the status of the Cadiz Valley Water Conservation, Recovery and Storage Project, an approved water supply project that will conserve native groundwater that is presently being lost to evaporation at the Company's property in California's eastern Mojave Desert and create a new supply of 2.5 million acre-feet for beneficial use throughout Southern California over 50 years. The Project is a public--private partnership with local water purveyors, including the Santa Margarita Water District, and will serve the needs of approximately 400,000 individuals across the Southern California region. The update can be seen here

2:14 pm Tekmira Pharma announces the publication of pre-clinical data highlighting positive results against Ebola in Nature magazine (TKMR) : Data was published in a paper titled, "Lipid Nanoparticle siRNA Treatment of Ebola Virus Makona-infected Nonhuman Primates." Co  along with its collaborators at the University of Texas jointly conducted a preclinical study demonstrating 100% survival of nonhuman primates infected with the West Africa Makona strain of Ebola virus, previously referred to as the Guinea strain. Complete survival was observed even when treatment did not begin until three days after viral exposure, a time point at which animals were five to six days away from death.

2:05 pm Synacor stockholders vote with management to reelect Himesh Bhise, Andrew Kau and Jordan Levy to Board of Directors and ratify stockholder rights agreement (SYNC) :  

2:05 pm BlackRock Infrastructure Investment Group announces the purchase of a 90% interest in an 80MW Wind Portfolio; consisting of the 42.5MW Elk and 37.5MW Hawkeye Wind Projects in Iowa (BLK) :  

2:01 pm Tempur Sealy Int'l management sends open letters to shareholders recommending its director nominees for election in co's upcoming annual meeting (TPX) : Co announced that Egan Jones Proxy Services, a proxy advisory firm, has recommended that shareholders vote for all of the Tempur Sealy director nominees on the  White proxy card. Co stated with regard to an earlier report from Institutional Shareholder Services:

  • "We find it concerning that ISS has recommended in favor of an activist shareholder with no plan for value creation at a critical time in the execution of Tempur Sealy's strategy. ISS bases the majority of its opinion on issues stemming from changes in the competitive environment in 2012, ignoring the fact that in the time since, the Tempur Sealy Board and management team have taken decisive action to address those challenges and realized meaningful results for shareholders. 
  • Consequently, Tempur Sealy questions the merit of the ISS report and believes that it demonstrates a lack of understanding of the fundamentals of our industry and the benefits of the diverse perspectives that our directors bring to the Board, including experience as private equity investors."

1:46 pm Dow +81 and Nasdaq Comp +15 join S&P +10 above morning highs (:TECHX) :  

1:14 pm DuPont earlier announced it agreed to acquire Taxon Biosciences, a microbiome discovery company; terms not disclosed (DD) :  

1:09 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

  • ASML (108.4 +10.89%): Announced it has reached an agreement for delivery of minimum of 15 EUV lithography systems; upgraded to Buy at Rabobank.
  • VALE (6.41 +8.74%): Reported Q1 production; Vale's own iron ore production reached a record for a first quarter of 74.5 Mt in 1Q15.
  • STJ (73.32 +6.08%): Beat Q1 consensus EPS estimates by $0.02, beat on revs; guided Q2 EPS in-line; raised constant FX rev growth; lowered EPS, in-line.
Large Cap Losers
  • CMG (645 -6.86%): Beat Q1 consensus EPS estimates by $0.23, missed on revs; Q1 comps +10.4%; reaffirmed FY15 comp guidance; Price tgt lowered at Credit Suisse, Barclays, Piper Jaffray, others.
  • DHI (26.81 -6.13%): Beat Q2 consensus EPS estimates by $0.02, beat on revs; narrowed FY15 gross margin lower.
  • ISRG (519.03 -5.07%): Reported Q1 (Mar) earnings of $3.57 per share, excluding non-recurring items, $0.32 worse than the Capital IQ Consensus Estimate of $3.89; revenues rose 14.5% year/year to $532.1 mln vs the $535.1 mln consensus.
Mid Cap Gainers
  • SFUN (7.87 +9.61%): Outperforming on the heels of strength in Chinese ADR's and also notable activity in the August $8 calls.
  • FTI (40.68 +7.82%): Reported Q1 (Mar) earnings of $0.63 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.59; revenues fell 7.1% year/year to $1.7 bln vs the $1.82 bln consensus.
  • RARE (68.33 +6.4%): Announced positive data from its investigator-sponsored trial of triheptanoin
Mid Cap Losers
  • CREE (32.2 -9.04%): Missed Q3 consensus EPS estimates by $0.01, beat on revs; guided Q4 EPS below consensus, revs in-line; Price tgt lowered at Canaccord Genuity.
  • TRN (33.19 -8.44%): Under pressure following reports of a criminal probe over guardrails.
  • HTLD (22.22 -4.92%): Reported Q1 (Mar) earnings of $0.20 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.22; operating revenues fell 16.5% year/year to $187.52 mln vs the $210.3 mln consensus.

12:54 pm Midday Market Summary: Technology Leads (:WRAPX) : The major averages hold modest midday gains with the S&P 500 (+0.3%) trading ahead of the Nasdaq Composite (+0.2%).

Once again, the first half of today's session has been very quiet with the market respecting a narrow range. To that point, the S&P 500 surrendered its opening four-point gain during the initial hour, but was able to climb to a fresh high just an hour after hitting its session low. Since then, the index has bounced around a three-point range.

Seven sectors trade in the green at midday while the three decliners show losses of no more than 0.1% (consumer staples). On the flip side, the technology sector (+0.8%) leads with card processors MasterCard (MA 91.80, +4.03) and Visa (V 68.51, +3.16) showing respective gains of 4.6% and 4.8% after it was reported China will allow foreign card processors to compete with UnionPay, which is the only company that processes yuan-denominated card payments at this time.

Similar to the tech sector, the PHLX Semiconductor Index is higher by 0.9% thanks to better than expected results from Broadcom (BRCM 46.05, +2.07) with the stock trading higher by 4.7%.

However, another high-beta group-biotechnology-has surrendered its early gain even though Amgen (AMGN 169.04, +0.58) beat earnings and revenue estimates. Shares of AMGN remain higher by 0.4% while the iShares Nasdaq Biotechnology ETF (IBB 363.62, -0.88) has dipped into negative territory. Similarly, the health care sector hovers just below its flat line.

In other earnings of note, Dow component Boeing (BA 149.99, -3.34) has given up 2.2% after reporting a bottom-line beat on below-consensus revenue.

Treasuries hover near their lows with the 10-yr yield higher by six basis points at 1.97%.

Economic data included Existing Home Sales, FHFA Housing Price Index, and MBA Mortgage Index:

  • Existing home sales for March were reported to have increased 6.1% from February to an annualized rate of 5.19 million units while the Briefing.com consensus expected a reading of 5.05 million 
  • The FHFA Housing Price Index for February rose 0.7%, which followed an unrevised increase of 0.3% in January 
  • The weekly MBA Mortgage Index rose 2.3% to follow last week's 2.3% decline

12:50 pm Deutsche Bank announcing litigation costs for Q1 will be approx $1.5 bln; Bank will be profitable in Q1, and expects to report near record revenue (DB) : Co announced that it expects to report litigation costs of approximately EUR 1.5 billion for the first quarter 2015. The majority of these litigation costs are not tax-deductible. Despite these costs Deutsche Bank will be profitable in the first quarter and will report near record revenues.

12:47 pm S&P +7.1 edges to minor new session high, Dow +56 and Nasdaq Comp +9.8 are hovering near their morning recovery highs (:TECHX) :  

12:26 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (144) outpacing new lows (52) (:SCANX) : Stocks that traded to 52 week highs: ABT, ABTL, ACIW, ADPT, ADRA, ADXS, AEC, AKAM, AKRX, AMGN, AN, APB, ATRA, AVEO, AYR, BABY, BBNK, BCV, BDC, BK, BLKB, BLUE, BRCM, BSX, CAF, CAMB, CARZ, CCD, CDW, CFG, CHU, CISG, CJJD, CMT, CO, COWN, CYOU, DDC, DFP, DOVR, DRRX, DVA, DXCM, DXJS, EBSB, ECHO, EQIX, EURN, EWBC, FCHI, FLKS, FLTX, GAME, GNE, GOGO, GPN, HBOS, HF, HNP, HRS, HSKA, IBKR, IMAX, INCY, INFN, INS, INTL, JOF, KEN, KFX, KYO, LAD, LGND, LO, LXFT, LXU, MACK, MANH, MCO, MIFI, MLNX, MTU, MYL, NAN, NRZ, NTRS, OC, OCR, OEC, PANW, PFBC, PKI, PKT, PNFP, PNQI, PULB, QQQC, QQXT, QUNR, RARE, RDWR, SAGE, SAR, SBNY, SCI, SCMP, SIX, SKX, SKYY, SLAB, SMFG, SNE, SOCB, SOCL, SOHU, SORL, SQNM, STJ, STRZA, SYA, TNP, TSCO, TTHI, TWOU, TXMD, TYL, TYPE, USCR, V, VAR, VASC, VIMC, VLRS, VLTC, WAB, WAL, WBC, WOOF, WPPGY, WUBA, WVVI, XLS, XRM, YUM

Stocks that traded to 52 week lows: ACTG, ADTN, AI, AIXG, AKAO, ATL, BDR, CACQ, CHEK, CRD.A, CVSL, DAR, DEST, DYNT, EMMS, ESIO, FBRC, FELP, FPO, FREE, GLRE, HELI, HGT, HTR, INOV, INVT, IPDN, IRG, KOF, LMIA, MCF, MERU, MNI, NNVC, NRP, NVTA, OSGB, PCH, PERF, PESI, PFBX, PKY, PNX, PRGN, PRTS, RCAP, SHOS, SPDC, VPG, VRA, WPG, ZEUS

ETFs that traded to 52 week highs: EWJ, FDN, GXC, IHI, SKYY, SOCL

ETFs that traded to 52 week lows: RJA

12:17 pm DISH Network and Motel 6 have completed a multi-year agreement through which DISH and World Cinema will deliver HD satellite TV service and high speed internet access to the motel chain's more than 500 corporately owned and operated properties (DISH) :  

11:54 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:-0.5%
  • Germany's DAX:-0.6%
  • France's CAC:+0.4%
  • Spain's IBEX:-0.2%
  • Portugal's PSI:-1.0%
  • Italy's MIB Index:+0.3%
  • Irish Ovrl Index:-0.5%
  • Greece ASE General Index: +2.4%

11:51 am Amira Nature Foods announces that it has completed its target of establishing distribution centers in fifteen major cities across India (ANFI) :  

11:50 am Valspar announces the expansion of its production capability for the Valspar Pipeclad family of fusion-bonded epoxy powder products in Europe (VAL) :  

11:48 am Medtronic announces that its Inspire Upper Airway Stimulation therapy has been approved for inclusion in the Government Services Administration Federal Supply Schedule (MDT) :  

11:32 am LifeLock announces its availability for sale at Sam's Club with select services available at discount (LOCK) :  

11:23 am Currency Commentary: DXY Testing 98 (:SUMRX) :

  • The Dollar Index fell below the 98 level overnight but is now attempting to climb back above after reversing its losses. 98 was set to hold resistance but strong Existing Home Sales data helped reverse that move and is now pushing the dollar back above 98. The 10-year yield is pushing off the 1.85 level and is pushing to its highest level over the past week. Market participants will be watching this closely for hints on the dollar direction. 
  • The euro saw an overnight rally in the early morning. This may be surprising given the drop in equities and cautious headlines about Greece. Comments form ECB Couere about bank solvency, local Greek governments complaining about giving funds to the central government, and potential haircut demand by the ECB on Greek debt were all circulating. None of them were particularly new but it appeared to hurt equity markets. The curious item was that the euro rallied in the face of this to the 1.08 area. It has since reversed course and is now threatening to test the 1.07 level. Market focus will turn to tomorrow's PMI data. 
  • The pound made its first constructive run above the 1.50 level for the first time since March 19. Sterling was boosted by the Bank of England minutes which saw the rate decision as 'finely balanced'. Really both hawks and doves could take something out from the minutes. But given the weakness in cable the past few month, hawks and pound bulls are winning the day. 1.50 will remain a key level. 
  • The yen moved to 119.35 during risk off trading but has reversed course and is threatening to test 120. The country swung to its first surplus since 2012 (BONDX, FOREX).

11:03 am Umpqua Holdings announces the appointment of David Shotwell to Chief Credit Officer, effective July 1, 2015, following the retirement of Mark Wardlow (UMPQ) :  

11:03 am Dow +46 and S&P +4.7 edge slightly above opening session highs -- Nasdaq Comp +2.7 (:TECHX) :  

11:02 am TJX announces Bernard Cammarata to retire as Chairman; will name Carol Meyrowitz as new Chairman (TJX) : Co announced that Bernard (Ben) Cammarata has decided to retire as Chairman of the Board of The TJX Companies - will be effective on the date of the  next annual meeting of stockholders, June 11, 2015. After his retirement from the Board, Mr. Cammarata will remain with the Company in an advisory role as Founder and Executive Advisor. The Board intends to elect Carol Meyrowitz, Chief Executive Officer of TJX since 2007 and a Director of the Board since 2006, to the additional position of Chairman of the Board immediately following Mr. Cammarata's retirement at the annual meeting.

11:01 am Archer-Daniels's ADM Crop Risk Services has received regulatory approval from the FAA to operate unmanned aerial vehicles to expedite and improve claims processing (ADM) :  

11:01 am Associated Estates: Land and Buildings Comments on sale of Associated Estates to Brookfield (BAM); believe is an outstanding outcome for all shareholders (AEC) :

  • "We are encouraged that the Board of Associated Estates has chosen to enter into this transaction, which we believe is an outstanding outcome for all shareholders. Our goal at AEC was always to unlock the substantial discount the Company has traded at relative to net asset value, and we are confident that this has now been achieved. "We are pleased to have played an important role in maximizing value for shareholders of AEC, and believe today's announcement clearly reflects that Associated Estates' Board recognized that there was a need to act to address the persistent valuation discount." 
  • As previously announced, Land and Buildings has nominated three candidates to the AEC board at the Company's 2015 annual meeting of shareholders. Land and Buildings anticipates that AEC will schedule its next annual meeting only in the event that the transaction does not close.

10:56 am Aspen Insurance declared quarterly cash dividend of $0.21 per ordinary share, up from $0.20 per ordinary share (AHL) :  

10:49 am Relative sector strength (:TECHX) : Sectors that have outperformed as the S&P extends its recovery include: Oil Service OIH, Energy XLE, Finance XLF, Bank KBE, Reg Bank KRE, Technology XLK, Rail, Casino.

10:45 am Stock indices extend recovery Dow +44 and S&P +3.7, Nasdaq Cop -6.9 (:TECHX) :  

10:43 am Housing / Home Const XHB / ITB slide to new session lows (:TECHX) : DHI, PHM, TOL, BZH, KBH, SPF, LEN, RYL, LL.

10:41 am Heartland Express misses by $0.02, misses on revs (HTLD) : Reports Q1 (Mar) earnings of $0.20 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.22; operating revenues fell 16.5% year/year to $187.52 mln vs the $210.3 mln consensus. 

  • The average age of the Company's tractor fleet was 1.7 years as of March 31, 2015 compared to 2.6 years at March 31, 2014. During the first quarter of 2015 the Company took delivery of approximately 250 new tractors and has approximately 1,300 new tractors scheduled for delivery prior to the end of the year. The average age of tractors is currently expected to decrease throughout the remainder of 2015. 
  • The average age of the Company's trailer fleet was 4.5 years at March 31, 2015 compared to 4.8 years at March 31, 2014. During the first quarter of 2015 the Company took delivery of 50 new trailers and has 450 new trailers scheduled for delivery prior to the end of 2015. It is currently estimated that the Company's dry-van trailer fleet, excluding specialty equipment, will be 100% 2011 and newer model years by the end of 2015.

10:31 am Bayer AG: FDA accepts filing of sBLA for BETACONNECT, another delivery option for BETASERON, a treatment for relapsing-remitting multiple sclerosis (BAYRY) : Co announced that the FDA has accepted the filing for Bayer's supplemental Biologics License Application (sBLA) for BETACONNECT (proposed name), another delivery option for BETASERON (interferon beta-1b), a treatment for relapsing-remitting multiple sclerosis. 

10:26 am S&P -2.4 cuts rally off last week's low in half and attempts to stabilize (SPY) : This morning's downside extension has reached support at the 50% retracement of the rally off Friday's low to yesterday's high at 2091 (The Technical Take, session low 2091). Some minor recovery has developed (hit 2095) but sustained gains through 2097/2098 would be the initial step to improving the short term price patterns.

10:13 am Chipotle Mexican Grill extend gap down start (CMG) : Stock has been hit after reporting with the gap down start recently extended below is early April trough at 645 (session low 642.08). Congestive support is in the 640 zone with its six month close/intraday lows from Dec at 633/632.

10:04 am New session lows for major averages -- Nasdaq Comp -15 and S&P -3.7, , Dow -34 (:TECHX) :  

10:03 am Macy's announces the exclusive U.S. launch of HEIDI by Heidi Klum; collection consists of 30 pieces (M) : HEIDI by Heidi Klum is currently available at more than 100 Macy's stores nationwide and on macys.com.

10:00 am Trimas announces that a Federal District Court entered multiple summary judgment rulings, all in favor of TriMas' Cequent Americas business, and against Wyers Products Group in a patent infringement lawsuit (TRS) : The Federal Court further determined that Cequent did not infringe, as a matter of law, the two patents that Wyers raised in this dispute, U.S. Patent Nos. 7,121,121 and 6,672,115.

9:48 am Relative sector weakness (:TECHX) : Sectors that have underperformed the S&P on a relative basis as the index slipped off opening highs include: Biotech IBB, Health XLV, Housing XHB, Finance XLF, Bank KBE, Reg Bank KRE, Retail XRT, Industrial XLI.

9:46 am Stock indices fail to build on opening gains and drop into the red -- Dow -10, S&P -0.2, Nasdaq Comp -1.9 (:TECHX) :  

9:45 am Cellular Biomedicine has signed a new five-year lease for a 15,000 square feet site slated for its third GMP facility which will also expanded staffing in the Life Science Park, Changping District, Beijing, China (CBMG) : Approximately half of the site will be a GMP equipped facility to support clinical batch production and commercial scale manufacturing. The co expects to complete the state-of-the-art GMP facility in Q3 this year.

9:44 am Abbott Labs nearing two month range/multi-year highs (ABT) : Very strong advance over the last three days leaves ABT up near its Feb-April range top and multi-year close/intraday highs at 47.83/47.88.

9:42 am Opening Market Summary: Health Care and Technology Display Opening Strength (:WRAPX) : The stock market began the day with a slight gain. The S&P 500 trades higher by 0.2% with five sectors in the green.

Heavily-weighted health care (+0.3%) and technology (+0.3%) have shown opening strength while materials (-0.3%) and utilities (-0.3%) occupy the bottom of the leaderboard. It is worth mentioning that, together, the two laggards represent just 6.5% of the entire market, while health care and technology account for nearly a third of the entire market.

Elsewhere, Treasuries have slid to new lows, sending the 10-yr yield higher by two basis points to 1.93%.

The Existing Home Sales report for March will be released at 10:00 ET (Briefing.com consensus 5.05 million).

9:40 am Early relative sector strength (:TECHX) : Sectors displaying relative strength in early action include: Semi SMH (ASML, BRCM, ARMH), Biotech IBB (BLUE, REGN, AMGN, ICPT, PRGO, MDVN, ALXN, BMRN, NBIX), Steel SLX, Coal KOL, Software IGV (INTU, SYMC, ADBE, CRM, CTXS), Restaurant, Social Media SOCL.

9:37 am Major averages slipping back off opening highs -- Dow +8, S&P +1.4, Nasdaq Comp +7.8 (:TECHX) :  

9:29 am On The Wires (:WIRES) :

  • Rand Logistics (RLOG) announced the launch of its new vessel forebody. As previously disclosed, the new forebody will be affixed to the aft section of the Company's recently acquired Danish-flagged vessel and is set to become the first new Canadian-flagged river class self-unloader introduced into service on the Great Lakes in over 40 years.
  • Calithera Biosciences (CALA) announced that clinical data for its lead drug candidate CB-839, the Company's novel, orally bioavailable glutaminase inhibitor, will be presented at the 51st Annual Meeting of the American Society of Clinical Oncology, which is being held from May 29 to June 2, 2015 in Chicago, Illinois
  • Duke Energy (DUK) announced that additional workers are arriving and construction activities are ramping up at three Duke Energy solar facilities, a part of the company's $500 million commitment to solar energy in North Carolina.
  • Yahoo's (YHOO) announced the launch of two new video advertising products: native video and video app install ads.
  • Cleveland BioLabs (CBLI) announced that findings from a Phase 1 clinical study of entolimod have been accepted for poster presentation at the 2015 annual meeting of the American Society of Clinical Oncology, which will be held from May 29 - June 2 in Chicago, Illinois.
  • Incipio announced a multi-territory, multi-year licensing agreement with TUMI (TUMI) to produce a range of premium mobile device accessories.
  • Novo Nordisk (NVO) announced that Saxenda (liraglutide [rDNA origin] injection) is now available in the United States.
  • South State (SSB) announced that it has entered into an agreement to purchase 12 South Carolina branch locations and one Georgia branch location from Bank of America. South State anticipates assuming approximately $580 Million in deposits and purchasing approximately $3 Million in loans from this acquisition.
  • Prudential Financial (PRU) unit Prudential Retirement announced that it has added new plan sponsor client Metropolitan Water Reclamation District of Greater Chicago. MWRD has 1,818 participants in its defined contribution plan with $220 million in assets 
  • Hansen Medical (HNSN) announced it will exhibit its Magellan Robotic System at the 2015 Charing Cross International Symposium April 28- May 1 at the Olympia Grand in London, UK. The company will highlight the Magellan 6Fr Robotic Catheter and the Magellan 10Fr Robotic Catheter, both of which have more recently received CE Mark.

9:25 am Grupo Aeroportuario Del Sureste reports Q1 EPS of $1.63 per share; revs increased 29.9% year/year to Ps.1,796.60 mln (ASR) :

  • Total passenger traffic was up 12.35% 
  • Commercial revenues per passenger increased by 5.95% to Ps.82.59 
  • Operating profit increased by 22.61% 

9:18 am Oi SA confirmed EC approval of acquisition by Altice Portugal (ATCEY unit) of all PT Portugal, SGPS, S.A. shares held by Oi S.A. (OIBR) : Oi would like to reiterate that, as previously disclosed to the market, prior to the consummation of the sale of PT Portugal and as a condition precedent to its closing, a corporate reorganization, which is currently taking place, is required in order to delineate the operations to be transferred as well as to separate PT Portugal's investments which will not be included in the sale, including the investments in Africatel GmbH & Co. KG and Timor Telecom S.A., as well as all or part of PT Portugal's indebtedness.

9:17 am NuStar Energy beats by $0.17; raises BITDA guidance (NS) : Reports Q1 (Mar) earnings of $0.76 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus Estimate of $0.59; revenues fell 34.6% year/year to $555 mln vs the $780.11 mln consensus. 

  • "Due to higher than expected first quarter throughputs for our South Texas Crude Oil Pipeline System, we now anticipate our pipeline segment EBITDA to be $35 to $55 million higher than 2014 (from +25-45 mln). Our storage segment EBITDA is still expected to be $10 to $30 million higher than 2014, while our fuels marketing segment is still projected to be in the range of $20 to $30 mln."

9:16 am Associated Estates to be acquired by Brookfield Asset Management (BAM) affiliate for $28.75 per share in cash, or ~$2.5 bln including assumption of debt (AEC) : Completion of the transaction is contingent upon customary closing conditions. The Company will convene a special meeting to seek the approval of Associated Estates shareholders, and the annual meeting previously scheduled for May 22, 2015 has been postponed indefinitely. The transaction is not contingent on receipt of financing by Brookfield. Closing is expected to occur in the second half of 2015.

9:14 am Blackstone announces its intention to offer 30-year senior notes of Blackstone Holdings Finance Co., its indirect subsidiary (BX) : Blackstone intends to use the proceeds from the notes offering for general corporate purposes.

9:14 am FirstService announces its shareholders overwhelmingly approve plan to separate into two independent public companies (FSRV) : Completion of the Arrangement remains subject to certain conditions, including final court approval. If the final court order is granted and all other conditions precedent to the Arrangement are satisfied or waived, FirstService expects to complete the Arrangement on June 1, 2015.

9:11 am S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +11.40. (:WRAPX) : The stock market is on track for a modestly higher open as futures on the S&P 500 trade four points above fair value. Index futures have returned into the green during recent action after sliding from highs at the start of the session in Europe, where most indices have climbed off their lows.

Turning back to the U.S., investors have received a heavy dose of earnings since yesterday's closing bell with most results coming in ahead of estimates. Furthermore, year-over-year revenue growth has been a bit more common than what was observed in recent days. Dow components Coca-Cola (KO 41.60, +0.82) and Boeing (BA 151.57, -1.76) beat their respective bottom-line estimates while McDonald's (MCD 97.15, +2.28) reported below-consensus results that included an 11.1% year-over-year decline in revenue.

Also of note, biotechnology names are on track for a higher open after Amgen (AMGN 173.60, +5.14) reported better than expected results and issued upbeat guidance.

Treasuries are little changed with the 10-yr yield at 1.90%.

The Existing Home Sales report for March will be released at 10:00 ET (Briefing.com consensus 5.05 million).

9:03 am Knight Transportation beats by $0.05, misses on revs (KNX) : Reports Q1 (Mar) earnings of $0.36 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.31; revenues rose 16.5% year/year to $290.3 mln vs the $295.05 mln consensus. 

  • "Our trucking segment grew revenue, excluding fuel surcharge, 25.0% as a result of adding capacity through acquisition, growing organically, and improving contract rates. This segment also expanded margins 280 basis points and operated with a 79.2% operating ratio. This represents the fourth consecutive quarter with an operating ratio below 80%. Our logistics segment grew revenue 25.7%, as we continue to expand our partner carrier base."

9:02 am Balchem has appointed Theodore L. Harris as President and CEO (BCPC) : Harris succeeds Balchem's President and Chief Executive Officer, Dino A. Rossi, who will remain Chairman of the Board. Harris will also join the Balchem Board of Directors. These changes will become effective April 28, 2015. Harris most recently served as Senior Vice President and President, Performance Materials of Ashland (ASH).

9:02 am HSN announces the appointment of John Aylward to Chief Marketing Officer for HSN (HSNI) : Aylward most recently served as senior vice president and head of marketing, brand engagement and media for DSW (DSW).

9:01 am Libbey announces an exclusive agreement with Spiegelau for the distribution of glassware lines, effective July 1,2015 (LBY) : The new portfolio will include lines of fine stemware, premium drinkware and other specialty glasses. In July Libbey will begin offering a full array of Spiegelau barware items to retail outlets including the popular wine collections such as Authentis, Style, Willsberger and Vino Grande stemware, as well as craft beer glassware, including Wheat

9:01 am S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +10.40. (:WRAPX) : The S&P 500 futures trade four points above fair value.

The FHFA Housing Price Index for February rose 0.7%, which followed an unrevised increase of 0.3% in January.

8:44 am ConocoPhillips announces an update on its Angola and Gulf of Mexico drilling results (COP) : Co announced the Omosi-1 deepwater exploration well in Block 37 offshore Angola in the Kwanza Basin has been drilled to a total depth of 20,666 feet. A gas column of approximately 525 feet was encountered in the primary objective reservoir. No further activity is planned. The well has been plugged and abandoned.

  • In the deepwater Gulf of Mexico, the Harrier prospect in Mississippi Canyon Block 118 has been drilled to a total depth of 19,400 feet. No commercial hydrocarbons were encountered. The well will be plugged and abandoned. 
  • An after-tax charge relating to the two wells of approximately $142 million net to ConocoPhillips will be recorded to dry hole expense in the first quarter of 2015. 
  • The total before-tax exploration expense for the quarter is estimated to be $482 million, which includes dry hole, leasehold impairment, G&A, and G&G expense.

8:41 am Inventergy announces appointment of John Niedermaier to CFO (INVT) : Niedermaier has become Inventergy's new CFO, under a consulting arrangement with The Brenner Group, and the previous internal Investor Relations (IR) role has been replaced with an enhanced relationship with IRTH Communications. The change in the Company's financial management is also intended to address recent recommendations made by the Company's auditors.

8:41 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: CREE -5.2%, CMG -4.8%, IRBT -4.7%, URI -4%, ISRG -3.4%, SMCI -2.3%, DFS -2.3%, TMO -1.8%, PFPT -1.5%


Other news: LOOK -11.1% (following 250%+ move higher yesterday), NRP -7.5% (announces plan to strengthen balance sheet, reduce debt and enhance liquidity; Reduce quarterly distribution), NVGN -4.9% (confirms Cantrixil receives orphan drug designation from FDA), GSK -1.4% (still checking), OREX -1% (received notification of a Paragraph IV certification for certain patents for Contrave which are listed in the FDA's Orange Book), VRA -0.5% (disclosed that Karen Peters, EVP of Retail and Wholesale has accepted another position and will be leaving the Company effective April 24, 2015)

Analyst comments: RF -1.5% (downgraded to Sector Perform from Outperform at RBC Capital Mkts ), AGU -1.3% (downgraded to Sell from Neutral at Citigroup), WIBC -1.1% (downgraded to Outperform from Strong Buy at Raymond James)

8:38 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance
: CAMP +12.7%, ZHNE +11.1%, ANGI +9.1%, VASC +6.9%, BRCM +6.6%, OC +4.9%, YUM +3.3%, AN +3.2%, DLB +3.1%, INFN +2.9%, AMGN +2.5%, IBKR +2.5%, KO +2.5%, MCD +2.2%, ZIXI +1.9%, TRCB +1.7%, DWCH +1.5%, ABT +1.4%, NBR +1.3%, WAB +1.3%, BABY +1.2%, BABY +1.2%, UCFC +1.1%, YHOO +1.1%, INTU +1%, (reports TurboTax Online units grew 13% from prior year; now expects FY15 consumer tax rev growth of ~8%, above prior guidance of +5-7% ), BK +1%, STJ +0.7%

M&A news: PKT +20.3% (to be acquired by Francisco Partners for ~$240 mln, or $11.50/share in cash; reports preliminary Q1 revenues that exceed consensus estimates)

Select biotech/pharma related names showing strength with many peers releasing data this morning: ONCY +28.6%, ENZN +4.7%, AVEO +3.6%, AMGN +2.4%

Other news: GBSN +39.3% (receives FDA clearance for Group B Strep molecular diagnostic test; plans to launch commercially in 2Q15),ONVO +19.5% (reported earnings, but also entered into a multi-year research collaboration agreement with Merck Sharp & Dohme Corp),ATOS +11.1% (secures in-network contract With Meridian Health Plan of Michigan),ASML +10.7% (reaches agreement for delivery of minimum of 15 EUV lithography systems),VICL +5.8% (announces a $4 million contract with the IPPOX Foundation to manufacture HIV-antigen plasmid DNA),CTIC +5.4% (CTI BioPharma and Baxter (BAX) announce Phase 3 data of Pacritinib in patients with Myelofibrosis to be presented in late-breaking session at ASCO),NAVB +5.3% (reports data demonstrating that the Manocept molecule selectively binds to, and is continuously internalized by, tumor-associated macrophages and Kaposi's sarcoma tumor cells in a preclinical model),VLTC +4.7% (following 50%+ move higher yesterday),THLD +4.7% (announces preclinical data on TH-4000 suggesting that TH-4000 may overcome resistance to therapy with conventional EGFR-TKIs ),SALT +3.8% (announces agreements to sell seven newbuildings for $290 mln and the financing of an Ultramax Newbuilding for $17 mln),CAPR +3.1% (announces FDA Orphan Drug Designation for Allogeneic Cardiosphere-Derived Cells for the treatment of Duchenne Muscular Dystrophy),GDOT +2.9% (announces the award of a new mobile patent, directed to secure and private location sharing for location-aware mobile communication devices ),BTX +2.8% (Beckman Research Institute of City of Hope to manufacture clinical grade stem cells),BHP +2.7% (reports 9-month operational results; emains on track to deliver Group production growth of 16%),RIO +2.4% (in symp with BHP),VALE +1.9% (reports Q1 production),CRIS +1.8% (presents preclinical data on CUDC-427 at AACR),INTU +1% (reported TurboTax Online units grew 13% from prior year; expects FY15 consumer tax rev growth of ~8%, above prior guidance of +5-7%)

Analyst comments: PTX +4.1% (initiated with a Overweight at Piper Jaffray),ALU +2.7% (upgraded to Outperform from Market Perform at Bernstein),ZGNX +2.4% (initiated with a Overweight at Piper Jaffray),NOK +2% (upgraded to Outperform from Market Perform at Bernstein),PKG +1.4% (upgraded to Buy from Hold at Deutsche Bank),YELP +1.2% (target raised to $58 at Brean Capital),BDSI +1.2% (assumed with a Overweight at Piper Jaffray),SCSS +1.2% (assumes/upgrades to Outperform from Neutral at Wedbush),MAS +0.9% (upgraded to Outperform from Mkt Perform at FBR Capital),GXP +0.9% (initiated with a Buy at Guggenheim)

8:36 am Volaris Aviation Holding reports EPS per ADS of $0.20 vs $0.05 Capital IQ consensus; total operating revs of MXN 3.768 bln vs MSN 3.567 bln Capital IQ consensus (+35.8% YoY) (VLRS) :

  • Total operating revenue per available seat mile increased to Ps.123.8 cents for the first quarter, an increase of 22.4% year over year. 
  • Non-ticket revenues increased 64.6% for the first quarter year over year

8:35 am Country Style Cooking sees Q1 revs of at least +1.9% to RMB 350-370 mln ($56.5-$59.7 mln), negative comps and positive op income and net income (CCSC) : Co expects to achieve positive op income and net income in spite of single digit negative same store sales in the first quarter which was attributable to customer traffic dilution as co further penetrates the local market.

8:34 am Capstone Turbine receives order for a C600 microturbine to upgrade an office tower in downtown Melbourne, Australia (CPST) :  

8:33 am Solera to acquire DMEautomotive; terms not disclosed (SLH) : DMEautomotive provides data-driven customer retention and marketing solutions for the retail automotive industry. Transaction is expected to close in the fourth quarter of Solera's fiscal year ending June 30, 2015.

8:33 am SEI Investments reports EPS in-line ex-gain, revs in-line (SEIC) : Reports Q1 (Mar) earnings of $0.49 per share, excluding $0.01 pre-tax gain from sale of SEI Asset Korea, in-line with the Capital IQ Consensus of $0.49; revenues rose 7.6% year/year to $325.4 mln vs the $327.72 mln consensus, primarily driven by higher Asset management, administration, and distribution fees from market appreciation and improved cash flows from new and existing clients.

8:33 am GoDaddy confirms acquisition of the domain name portfolio business of Marchex (MCHX) for $28.1 mln (GDDY) : The transaction included ~200,000 domain names and was completed for $28.1 mln in cash with additional earn out considerations.

8:32 am Humana realigns financial reporting segments ahead of earnings April 29 (HUM) :

  • Co renamed its Employer Group segment the Group segment. The company's three reportable segments remain Retail, Group, and Healthcare Services. 
  • The more significant realignments of the company's businesses included reclassifying Medicare benefits offered to groups to the Retail segment from the Group segment, bringing all of Humana's Medicare offerings, which are now managed collectively, together in one segment, recognizing that in some instances we market directly to individuals that are part of a group Medicare account. In addition, the company realigned its military services business, primarily its TRICARE South Region contract previously included in the Other Businesses category, to its Group segment as the company considers this contract with the government to be a group account.

8:32 am ZBB Energy secures energy management and storage system contract for Cayman Islands commercial property (ZBB) :

  • Co announced the signing of a contract to provide an advanced energy management system for the largest "off-grid" renewable energy installation in the Cayman Islands.
  • The Cayman Technology Centre (CTC), a 38,000 square foot office and retail complex in George Town, Grand Cayman, owned by NCB Group, will be "self-sustaining", designed to operate independent of the utility grid.
  • The system's integration is composed of ten 50kWh ZBB's EnerStore V3.3 ZnBr flow batteries, a ZBB EnerSection energy management system, a 380kW PV installation and an 800kW diesel generator.

8:31 am S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -6.10. (:WRAPX) : The S&P 500 futures trade three points below fair value.

Wednesday produced a mixed outing for Asian-Pacific markets, yet the Big Three -- the Nikkei, the Hang Seng, and the Shanghai Composite -- all traded higher. The Shanghai was the big mover with a 2.4% gain, yet the Nikkei stole many of the headlines with a close above 20,000 and a push to its highest level in 15 years that followed Japan reporting its first trade surplus in nearly three years.

  • In economic data: 
    • Japan's March Adjusted Trade Balance JPY0.00 trillion (expected -JPY410 billion; prior -JPY570 billion) as Exports +8.5% year-over-year (expected +8.5%; prior +2.4%) and Imports -14.5% year-over-year (expected -12.8%; prior -3.6%) 
    • Australia's Q1 CPI +0.2% quarter-over-quarter; +1.3% year-over-year. Both figures matched estimates 
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  • Japan's Nikkei increased 1.3%, closing above the psychologically-important 20,000 level and at a 15-year high. Trade was bolstered by the report showing the country's first trade surplus in nearly three years. The financial sector (+2.4%) led a broad-based advance that saw only the energy sector (-1.1%) not participate. Leading gainers included Sony Financial Holdings (+6.7%), Tokyo Dome Corp (+5.4%), Nitto Boseki Co (+4.6%), Nomura Holdings (+4.5%), and Kawasaki Heavy Industries (+4.5%). Out of the 225 index members, 168 ended higher, 49 finished lower, and 8 were unchanged. 
  • Hong Kong's Hang Seng increased 0.3%, led by strength in the financial (+1.1%) and diversified (+1.0%) sectors. China Resources Power Holdings (+12.3%), China Merchants Holdings (+7.4%), China Resources Land (+5.6%), China Overseas Land & Investment (+5.4%), and Hong Kong Exchanges and Clearing (+2.7%) topped the list of winners. Belle Intl (-3.5%), Sands China (-2.3%), CNOOC (-1.2%), and China Mobile (-1.2%) paced the decliners. Out of the 50 index members, 27 ended higher, 21 finished lower, and 2 were unchanged. 
  • China's Shanghai Composite increased 2.4% and finished at its high for the day. The Shanghai Composite is up 2.6% week-to-date and 36.0% since the end of 2014. The Chinese market was paced by strength in the financial (+4.0%), technology (+3.2%), and consumer cyclical (+2.5%) sectors. 
Major European indices trade mostly lower with Germany's DAX (-0.8%) pacing the decline. The European Central Bank has raised Greece's Emergency Liquidity Assistance allowance by EUR1.50 billion to EUR75.50 billion, according to Germany's Handelsblatt.
  • Economic data was limited: 
    • Italy's February Retail Sales -0.2% month-over-month (expected 0.3%; prior 0.2%); +0.1% year-over-year (last 1.2%). Separately, Industrial Sales +0.4% month-over-month (expected -1.6%; last -1.7%) 
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  • Germany's DAX trades lower by 0.8% with all but five names in the red. Health care names are among the laggards with Bayer and Merck down 1.4% and 1.0%, respectively. Meanwhile, financials outperform with Commerzbank and Deutsche Bank holding respective gains of 1.7% and 1.2%. 
  • UK's FTSE is lower by 0.7% amid broad weakness. Financials, Hargreaves Lansdown, Schroders, and Standard Chartered are down between 1.4% and 5.0% while Rolls-Royce outperforms with a gain of 3.3% after appointing Warren East as the new Chief Executive Officer. 
  • In France, the CAC trades down 0.2% with consumer names under pressure. Accor, Kering, LVMH, and L'Oreal are down between 0.8% and 5.2% while financials outperform. BNP Paribas has jumped 2.9% while Credit Agricole trades higher by 1.6%.

8:31 am Global Partners increases quarterly cash distribution 2.26% to $0.68/share (GLP) :  

8:31 am Intelligent Systems to commence a modified 'Dutch auction' tender offer to purchase for cash shares of its common stock for an aggregate purchase price of no more than $5 mln (INS) : Pursuant to the tender offer, company shareholders may tender all or a portion of their shares (1) at a price specified by the tendering shareholder of not less than $2.55 and not more than $3.00 per share or (2) without specifying a purchase price, in which case their shares will be purchased at the purchase price determined in accordance with the tender offer.

8:30 am Marchex announces the sale of the bulk of its domain portfolio for $34.8 mln, as well as additional earn-out considerations (MCHX) : The $34.8 million total includes a $28.1 million transaction detailed below, as well as $6.7 million in direct domain sales by Marchex since January 2015.

  •  The company has entered into a definitive agreement to sell more than 200,000 domains to GoDaddy Inc. (GDDY). 
  • Under the agreement, Marchex received cash consideration of $28.1 million upon closing plus additional earn-out payments subject to certain sales targets.

8:30 am Mylan Labs: Teva files for Hart-Scott-Rodino notification regarding proposed acquisition of Mylan, reiterates commitment to consummating the combination of Teva and Mylan (MYL) :

  • Co announced that it has filed for premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (:HSR) with the U.S. Department of Justice Antitrust Division and the Federal Trade Commission regarding its proposed acquisition of Mylan N.V. (MYL).
  • As announced on April 21, 2015, Teva proposed to acquire Mylan for $82.00 per Mylan share, with the consideration to be comprised of ~50% cash and 50% stock.
  • Teva's proposal for Mylan implies a total equity value of ~$43 billion and an enterprise value of ~$50 billion.
  • The Teva Board and management team are committed to consummating a transaction as soon as possible.

8:23 am Summer Infant completes debt refinancing; new facilities expected to result in savings of $0.04 per share annually (SUMR) : The co announced that it has completed a restructuring of its debt to include a $60 million revolving credit facility, a $5 million "first in last out" facility and $10 million term loan facility, replacing the $80 million revolving credit facility and $15 million term loan in place since February, 2013.

  • The asset-based revolver will initially bear interest at a rate equal to LIBOR plus 225 basis points and the FILO facility will bear interest at a rate equal to LIBOR plus 400 basis points.
  • One-time cash expenses of approximately $1.0 million, to be recognized in the second quarter of fiscal 2015, were incurred to consummate this agreement and replace the prior facilities. However, the new debt is expected to save Summer Infant approximately $1.0 million in interest expense annually, or $0.04 per share.

8:20 am Yahoo!- Color on Qtr: Analysts Upbeat on Yahoo Japan news, Fundamentals Remain a Concern (YHOO) :

  • Pivot Research notes Yahoo reported 1Q15 results that were in-line with guidance, if still very weak on an underlying basis. Guidance for the second quarter wasn't much stronger. However, once again the most critical considerations to come out of the call for the stock were unrelated to operating results, as Yahoo management indicated it would hire advisers in association with a prospective sale of the company's stake in Yahoo Japan. Firm continues to rate Yahoo Hold; tgt raised to $49 from $48. 
  • FBR Capital notes Yahoo! Inc.'s 1Q results were a touch light. While there were definitely some metrics that improved, revenue growth ex-TAC and profitability were not among them. Firm is appreciative of the size of the ship and the wide berth it needs to turn, so it is inclined to respect notable progress in still proportionately small MaVeNS. Once again, YHOO's Asian assets appear to be coming to the rescue to support the stock as management shared that it has retained advisors to evaluate value maximizing strategies for Yahoo! Japan where a full tax shield could be worth ~$3.50/share. Firm is updating it's tgt to $50 (previously $58) to reflect Alibaba's year-to-date stock price decline.
  • Axiom Capital notes Yahoo!'s 1Q15 missed estimates and consensus due to higher than expected TAC and higher cash opex than we had modeled. The Core PC business continues to decline, is posing a challenge for management, and is limiting Yahoo's valuation. However, Yahoo is showing continued strong growth in investment areas of mobile, video, native and social (MaVeNS) that it hopes can provide an offset. The tax-free spin-off of the Alibaba shares, a potential monetization of Yahoo Japan, efforts to improve the Core business, continued equity shrink, and a potential tie-up with Google are all reasons to own the shares.
  • RBC Capital is maintaining Sector Perform; tgt $52 in wake of In-Line Q1 results. Lots of moving pieces and a few 1X items, but the 4% Y/Y Net Revenue decline was the biggest since 2011. There is still deteriorating asset risk here. Display revenue came in nicely ahead of estimate, while Search revenue came in in-line. EBITDA of $231MM came in roughly in-line with RBC, the Street & guidance. Q2 guidance bracketed RBC and Street estimates.
  • Oppenheimer notes it is reducing target to $58 from $59, following modestly weaker 2Q guidance. Most importantly, mgmt reiterated a 4Q tax-free spin-off of BABA, and continues wait for favorable IRS ruling. Mgmt also suggested it would address tax efficient strategies for YJ, in the future. Search investments focused on mobile & "contextual searches," and will continue to depend on MSFT for "deepreference" searches. Mgmt acknowledged challenges in programmatic display, noting competitive pressure on pricing, and its focus on "Mavens" +58% y/y, but largely driven by BrightRoll acquisition.
  • Needham Research notes it sees YHOO's share price is a battle between investors focused on upside from tax-advantaged asset disposals vs weak fundamentals. YHOO announced on its 1Q15 earnings call that it had hired advisors to maximize the value of Yahoo Japan. If this asset is divested tax-free, firm's calculations indicate that shareholders own the core business for "free" at current trading levels. Firm values YHOO's core business at 4-7x FY15E EBITDA, suggesting 14-22% potential upside from current price levels. Retain Buy rating and $55 target price.
Shares of YHOO are up approx 1% in pre-market trade; Tested and held 200-sma last night following results.

8:19 am European Markets Update: DAX -0.8%, FTSE -0.7%, CAC -0.2% (:SUMRX) : Major European indices trade mostly lower with Germany's DAX (-0.8%) pacing the decline. The European Central Bank has raised Greece's Emergency Liquidity Assistance allowance by EUR1.50 billion to EUR75.50 billion, according to Germany's Handelsblatt.

  • Economic data was limited: 
    • Italy's February Retail Sales -0.2% month-over-month (expected 0.3%; prior 0.2%); +0.1% year-over-year (last 1.2%). Separately, Industrial Sales +0.4% month-over-month (expected -1.6%; last -1.7%) 
------
  • Germany's DAX trades lower by 0.8% with all but five names in the red. Health care names are among the laggards with Bayer and Merck down 1.4% and 1.0%, respectively. Meanwhile, financials outperform with Commerzbank and Deutsche Bank holding respective gains of 1.7% and 1.2%. 
  • UK's FTSE is lower by 0.7% amid broad weakness. Financials, Hargreaves Lansdown, Schroders, and Standard Chartered are down between 1.4% and 5.0% while Rolls-Royce outperforms with a gain of 3.3% after appointing Warren East as the new Chief Executive Officer. 
  • In France, the CAC trades down 0.2% with consumer names under pressure. Accor, Kering, LVMH, and L'Oreal are down between 0.8% and 5.2% while financials outperform. BNP Paribas has jumped 2.9% while Credit Agricole trades higher by 1.6%.

8:17 am Coca-Cola announces agreements with three US bottlers for continued distribution and territory allocation (KO) : Co has agreed in principle with three U.S. bottlers to continue granting new, expanded territories. These bottlers are Coca-Cola Bottling Company High Country, Coca-Cola Bottling Company United and Swire Coca-Cola USA.

  •  Additionally, The Coca-Cola Company has agreed in principle to the granting of expanded territories to four new expanding U.S. bottlers. These bottlers are Atlantic Coca-Cola Bottling Company, Chesterman Company, The Odom Corporation and Ozarks Coca-Cola Bottling Company.

8:08 am Wabtec beats by $0.04, beats on revs; raises FY15 EPS above consensus, reaffirms revenue guidance, in-line (WAB) : Reports Q1 (Mar) earnings of $0.99 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.95; revenues rose 17.8% year/year to $818.6 mln vs the $799.03 mln consensus.

  • Co raises EPS guidance for FY15, sees EPS of $4.10 vs. $4.09 Capital IQ Consensus Estimate, up from $4.05
  • Co reaffirms FY15 revs growth of about 10%, which equates to ~$3.35 bln vs. $3.36 bln Capital IQ Consensus Estimate.

8:06 am GeoPark announces a Q1 operational update indicating that oil and gas production in averaged 19,586 boepd, representing an 18% increase Y/Y (GPRK) : oil and gas production in 1Q2015 averaged 19,586 boepd, which represents an 18% increase Y/Y, led by the strong production growth in the Llanos 34 Block in Colombia which also compensated the temporary shut-in of marginal fields in Colombia and Argentina.

  • Co also noted overall cost reduction efforts and results include estimated operating costs reduction of more than 20% and up to 30% reduction in drilling along with other services costs as compared to 2014 mainly derived from: 
    • Renegotiation and reduction of oil and gas service contracts, including drilling and civil work contractors, as well as transportation costs 
    • Deferment of some capital commitments with regulatory authority and partner agreements

8:05 am Curis presents preclinical data on CUDC-427 at AACR (CRIS) : Co announced data presented from in vitro and in vivo studies for CUDC-427, an antagonist of inhibitor of apoptosis (:IAP) proteins, at the American Association for Cancer Research (:AACR) 2015 Annual Meeting.

  • CUDC-427 is being studied in a Phase 1 trial in patients with advanced solid tumors or lymphoma. 
  • Curis' collaborator, Aurigene Discovery Technologies Limited, also reported preclinical data on its interleukin-1 receptor association kinase-4 (IRAK-4) inhibitor program at AACR.

8:05 am Biolase: Federico Pignatelli Withdraws His Name as a BIOLASE Director Nominee (BIOL) : Federico Pignatelli, former Chairman and Chief Executive Officer of BIOLASE, announces the withdrawal of his name from nomination as a Director.  Pignatelli said he is "disheartened by the management -- or more accurately, the unabashed mismanagement -- of BIOLASE, and I recently sold all but 1,000 shares of my previous holdings of 1.5 million shares and surrendered all of my stock options."

8:04 am Sysco files memorandum opposing FTC's motion to block proposed US foods merger (SYY) : Co emphasized the following points:

  • A market for broadline foodservice distribution services for "national customers" does not exist
  • Local markets are highly competitive.
  • Synergies will reduce SYY's annual costs by at least $600 mln.
  • A robust, binding divestiture package with Performance Food Group creates a stronger competitor.

8:04 am AZZ beats by $0.04, misses on revs; guides FY16 EPS in-line, revs in-line (AZZ) : Reports Q4 (Feb) earnings of $0.63 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.59; revenues rose 0.7% year/year to $182.3 mln vs the $187.41 mln consensus. Co issues in-line guidance for FY16, sees EPS of $2.75-3.25 vs. $2.97 Capital IQ Consensus Estimate; sees FY16 revs of $875-925 mln vs. $889.95 mln Capital IQ Consensus Estimate. 

Industry Comments

"As I noted on the last call, our markets remained mixed during the fourth quarter and our Galvanizing and Energy businesses were impacted by severe weather conditions resulting in delays. Within the Energy segment, WSI was impacted by the refinery strikes that slightly reduced the amount of work completed during available turnarounds. We are seeing improvements in our quoting activity within our Energy business segment, resulting in improved backlog and we anticipate further improvements in our core markets during fiscal 2016. Although we are seeing a slight impact on a couple of our businesses due to lower oil prices and reduced rig count, we continue to see a number of opportunities for growth in most of our businesses".

8:04 am Threshold Pharma announces preclinical data on TH-4000 suggesting that TH-4000 may overcome resistance to therapy with conventional EGFR-TKIs (THLD) : In a xenograft model of non-small cell lung cancer in which both wild-type (normal) EGFR and mutant EGFR are present (a heterozygous model), TH-4000 was more active than the conventional EGFR-TKI erlotinib. Complete tumor control was observed in this model using human-equivalent doses of TH-4000 that were less than 15% of the maximum-tolerated dose defined previously in a Phase 1 clinical trial. The company believes the data support its planned Phase 2 clinical trials of TH-4000, including one in patients with EGFR-positive, T790M-negative NSCLC and the other in patients with recurrent/metastatic head and neck (H&N) cancer. The data were reported at the annual meeting of the American Association for Cancer Research (:AACR) on Wednesday, April 22, 8 AM - 12 PM EDT (Abstract #5358 in Poster Section #28) in Philadelphia, Pennsylvania.

8:04 am McDonald's misses by $0.05, reports revs in-line; sees April comps negative after falling 2.3% in Q1; will unveil initial turnaround plans on May 4 (MCD) : Reports Q1 (Mar) earnings of $1.01 per share, ex-$0.17 in strategic charges, $0.05 worse than the Capital IQ Consensus Estimate of $1.06; revenues fell 11.1% year/year to $5.96 bln vs the $5.97 bln consensus. 

  • Global comparable sales decrease of 2.3%, reflecting negative guest traffic in all major segments, vs. ests near -1.9%.
  • April global comparable sales are expected to be negative." 
"We are developing a turnaround plan to improve our performance and deliver enduring profitable growth. We look forward to sharing the initial details of this plan on May 4, 2015."
  • In the U.S., first quarter comparable sales decreased 2.6% reflecting negative sales and guest traffic as the segment's product and promotional offers did not overcome the competitive activity. During the quarter, the U.S. continued to simplify its menu and focus on local menu initiatives to be more responsive to consumers' preferences.
  • APMEA's first quarter comparable sales decreased 8.3% primarily due to the impact of prolonged, broad-based consumer perception issues in Japan, along with negative but improving performance in China

8:04 am Ballantyne Strong and Fundamental Global Investors announce settlement of proxy contest (BTN) : Co and Fundamental Global Investors announce the settlement of FGI's proxy contest. Key terms of the settlement are as follows:

  • Board of Directors will be expanded from seven members to nine members. Five of the members of the Board of Directors will come from FGI's slate of proposed directors.
  • FGI agrees not to acquire more than 20% of the outstanding shares for two years.
  • FGI has withdrawn its proxy contest, and the combined slate of nine directors will stand for election at the company's 2015 Annual Meeting of Stockholders to be held on May 13, 2015.

8:04 am Amphenol beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY15 EPS in-line, revs in-line (APH) : Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.56; revenues rose 6.5% year/year to $1.33 bln vs the $1.32 bln consensus.

  • Co issues downside guidance for Q2, sees EPS of $0.56-0.58 vs. $0.61 Capital IQ Consensus Estimate; sees Q2 revs of $1.32-1.36 bln vs. $1.39 bln Capital IQ Consensus Estimate.
  • Co issues in-line guidance for FY15, sees EPS of $2.41-2.47 vs. $2.47 Capital IQ Consensus Estimate; sees FY15 revs of $5.50-5.62 bln vs. $5.62 bln Capital IQ Consensus Estimate.

8:04 am Gentex beats by $0.01, reports revs in-line; reaffirms FY15 revs & gross margin guidance (GNTX) : Reports Q1 (Mar) earnings of $0.26 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 9.9% year/year to $368.9 mln vs the $367.33 mln consensus. The gross profit margin in the first quarter of 2015 was 38.8%, compared with a gross profit margin of 39.1% in the first quarter of 2014.

  • Co reaffirms guidance for FY15, sees FY15 revs of $1.47-1.54 bln vs. $1.51 bln Capital IQ Consensus Estimate; reaffirms 2015 gross margin guidance for 38.5% - 39.5%.
  • The Company expects continued growth in a flat worldwide light vehicle production environment, driven by continued penetration into B and C segment vehicles. Recent new product introductions are designed and expected to sustain this long term growth.

8:03 am Atossa Genetics secures in-network contract With Meridian Health Plan of Michigan (ATOS) : Co announced today that its wholly-owned subsidiary, The National Reference Laboratory for Breast Health Inc. (:NRLBH), has been credentialed as an in-network provider for its Pharmacogenetic and Nipple Aspirate Fluid cytology laboratory procedures by Meridian Health Plan of Michigan (:MHPM), which includes its commercial HMO Network as well as MHPM Medicaid Managed Care Network, Meridian Advantage Plan of Michigan (HMO SNP) Medicaid MA-PD Plan Network, MHPM Michigan MI Health Link Network and MHPM MICHILD Network.

8:03 am Celator Pharma announces the presentation of data for CPX-351 at the AACR annual meeting: studies examined the impact of combining CPX-351 with approved anti-leukemia drugs such as fludarabine, in both cases, the combined agents complemented each other's anti-leukemic properties, resulting in an enhanced overall effect. (CPXX) : Studies showed that when fludarabine and CPX-351 were exposed to leukemia cells, intracellular concentrations of cytarabine triphosphate were increased by two to three fold. This is important since Ara-CTP is the active form of cytarabine that kills the leukemia cells. Chk1 inhibitors and CPX-351 synergized to induce increased DNA fragmentation and apoptosis, leading to increased leukemia cell kill in a number of AML lines as well as in AML patient blasts.

8:03 am BioTime licenses Beckman Research Institute of City of Hope to manufacture clinical grade stem cells (BTX) : Co announces a nonexclusive License Agreement between BTX's subsidiary ES Cell International and Beckman Research Institute of the City of Hope through which ESI's clinical-grade human embryonic stem (hES) cells will be manufactured and provided to BRICOH's clinical collaborators, including medical research organizations intent on using the hES cells to develop and commercialize therapeutic products to treat human disease.

  • The agreement is a critical part of BTX's strategy to leverage third party funding and generate future revenues by placing its hES cells in programs developing a wide array of therapeutic applications made possible with pluripotent stem cell technology, products that are currently not being developed by BTX or its subsidiaries.

  • Successful medical research organizations will need to obtain separate licenses from BTX in order to advance their products based on ESI's hES cells into clinical trials and commercialization.

  • BTX and BioTime subsidiaries will retain the rights to manufacture their own stem cell-based products as well as to license rights to other third parties.

8:02 am Natural Resource announces plan to strengthen balance sheet, reduce debt and enhance liquidity; Reduce quarterly distribution (NRP) : The plan consists of the following strategic goals and initiatives:

  • Improve consolidated Debt/Adjusted EBITDA from 4.9x at December 31, 2014 to 3.5x by the end of 2017; 
  • Reduce NRP's quarterly distribution to $0.09/unit, a 75% decrease from the distribution paid with respect to the prior quarter that will increase NRP's estimated distribution coverage ratio for 2015 to over 4.0x based on NRP's current guidance and result in additional cash available for debt reduction of ~$130 mln annually; 
  • Utilize excess cash to pay off ~$500 mln of debt by the end of 2017, including $41 mln paid in the first quarter 2015; '
  • Enhance and extend the partnership's liquidity profile with the establishment of a new NRP Operating $300 mln revolving bank credit facility that will mature in October 2017 and replace NRP Operating's existing $300 mln revolver that matures in August 2016. 

8:02 am Celanese announces intent to reduce production capacity at its Lanaken, Belgium, acetate tow plant (CE) :

  • Co proposed to employee representatives at the company's Lanaken, Belgium, facility the reduction of acetate tow production capacity at the site by 50%.

8:02 am Navidea Biopharma reports data demonstrating that the Manocept molecule selectively binds to, and is continuously internalized by, tumor-associated macrophages and Kaposi's sarcoma tumor cells in a preclinical model (NAVB) : Preliminary results from a clinical study also demonstrated that a single, subcutaneous injection of Technetium Tc 99m tilmanocept (Lymphoseek), an FDA-approved Manocept-based imaging agent, detects and localizes in KS tumors and the lymph nodes involved in draining the KS tumor fields.

  • Collectively, the data demonstrate the potential for Manocept-based molecules to be used therapeutically to treat Kaposi's sarcoma. Manocept is designed to target CD206, which is expressed on TAMs and KS tissue. Modulation, including killing or modification of macrophage and KS expression profiles, represents a potential for a paradigm-shifting immunotherapeutic strategy. 

8:02 am Werner Enterprises beats by $0.01, misses on revs (WERN) : Reports Q1 (Mar) earnings of $0.32 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.31; revenues rose 0.8% year/year to $495.7 mln vs the $510.74 mln consensus.

  • Average revenues per tractor per week, net of fuel surcharge, increased 5.5% in first quarter 2015 compared to first quarter 2014.

  • In first quarter 2015, WERN averaged 7,013 trucks in service in the Truckload segment and 50 intermodal drayage trucks in the VAS segment.

  • Diesel fuel prices were $1.30 per gallon lower in first quarter 2015 than in first quarter 2014 and were 67 cents per gallon lower than in fourth quarter 2014.

8:02 am BIND Therapeutics announces the presentation of BIND-014 and AZD2811 data at the AACR annual meeting (BIND) : Co announced preclinical data demonstrating that the Accurin BIND-014 provided prolonged circulation and controlled release of encapsulated docetaxel when compared to conventional docetaxel consistently across multiple species. The controlled biodistribution and potential for targeted and preferential tumor accumulation may result in increased efficacy and decreased toxicity with BIND-014.

  • BIND-014 preclinical and clinical pharmacokinetics  demonstrated monophasic plasma concentration-time profiles well differentiated from solvent-based docetaxel. 
  • The Accurin BIND-014 displayed higher peak plasma concentration [Cmax] and area under the curve [AUC] with reduced clearance [CL] and volume of distribution [V(d)] for total docetaxel compared to solvent-based docetaxel. 
  • In all species, the V(d) of BIND-014 was close to the blood volume. Cmax and AUC in human patients with solid tumors demonstrated dose linearity with an R2= 0.98; repeat dosing did not have a significant effect on Cmax. 
Co also presented data demonstrating that the Accurin nanoparticle AZD2811 exhibits promising in vivo and in vitro tumor growth inhibition as monotherapy in diffuse large B-cell lymphomas and small cell lung cancer. Data also indicated that the Accurin nanoparticle AZD2811 has the flexibility to be delivered with different doses/schedules.
  • Models of DLBCL and SCLC show sensitivity to monotherapy Aurora B kinase inhibitors and AZD2811, with increased time of exposure resulting in greater cell death. 
  • In vivo, Accurin nanoparticle AZD2811 inhibited tumor growth or resulted in tumor regression in multiple DLBCL and SCLC models.
  • At 25mg/kg dosed on day 1 and 3, Accurin nanoparticle AZD2811 provided either equivalent or superior activity to AZD1152 delivered at 25mg/kg on days 1, 2, 3 and 4.

8:02 am Great Basin Scientific receives FDA clearance for Group B Strep molecular diagnostic test; plans to launch commercially in 2Q15 (GBSN) : Co announced the FDA has granted clearance for its molecular diagnostic test for Group B Streptococcus (:GBS). GBSN plans to launch the GBS assay commercially in the second quarter of 2015, and says menu expansion on track with first of three new molecular assays planned for this year.

8:01 am Capricor Therapeutics confirms FDA Orphan Drug Designation for Allogeneic Cardiosphere-Derived Cells for the treatment of Duchenne Muscular Dystrophy (CAPR) : Co announces it has been granted orphan drug designation by the FDA for its cell therapeutic product candidate, CAP-1002, for the treatment of cardiomyopathy associated with Duchenne muscular dystrophy.

  • Pre-clinical data demonstrated that cardiac function and exercise capacity improved in CDC-treated mdx mice, accompanied by attenuation of inflammation, improved mitochondrial function and a reduction in collagen content and fibrosis in CDC-treated mdx hearts. The findings raise the possibility that CDCs may be useful therapeutically for heart failure in patients with Duchenne muscular dystrophy.

8:01 am CymaBay Therapeutics confirms the FDA has granted orphan drug designation for MBX-8025 to treat patients with hyperlipoproteinemia types I or V (CBAY) : Co announced that the U.S. Food and Drug Administration has granted the co orphan drug designation for MBX-8025 to treat patients with hyperlipoproteinemia types I or V (Fredrickson classification). MBX-8025 is a potent and selective peroxisome proliferator-activated receptor delta (PPARd) agonist being evaluated by the co in high unmet need and orphan diseases. Recently, the FDA also granted orphan drug designation for MBX-8025 to treat patients with homozygous familial hypercholesterolemia (HoFH). Orphan drug designation was created to encourage the development of products that demonstrate promise for the diagnosis and/or treatment of rare diseases or conditions. Among other benefits, the designation potentially qualifies the sponsor for seven years marketing exclusivity period upon approval, as well as exemption from FDA application fees, and tax credits for qualified clinical trials.

8:01 am Tempur Sealy Int'l: ISS recommends TPX shareholders vote 'Against' all three directors targeted by H Partners (TPX) :  

8:00 am CACI Intl awarded $32 mln contract to provide appeals case processing system for U.S. Department of Health & Human Services (CACI) : Co announces it was awarded a $32 mln task order contract to support the Electronic Case Adjudication and Processing Environment for the Office of Medicare Hearings and Appeals within the U.S. Department of Health & Human Services.

  • This five-year task order was issued on the General Services Administration Alliant Government-wide Acquisition Contract vehicle. It represents new business in CACI's Healthcare market area.

  • Under this task order contract, CACI will implement ECAPE using a comprehensive case management solution designed to streamline and increase the efficiency of the Medicare appeals process, from request for appeal to the final disposition of each case. CACI will provide full lifecycle support for ECAPE, from requirements validation to program sustainment.

8:00 am Gold Resource Q1 gold production up 23% over 2014 (GORO) : Co reports preliminary production results for Q1 of approximately 19,300 ounces precious metal gold equivalent (AuEq). Co maintains its 2015 outlook to produce 80,000 to 90,000 ounces AuEq.

8:00 am Richmont Mines Inc. Q1 gold production up 23% over 2014; 2015 production guidance & development plans at Island Gold confirmed (RIC) : Co announces first quarter 2015 gold production of 25,859 ounces, a 23% year over year increase, and gold sales of 24,791 ounces, a 21% increase over the prior year. The Co's cash position at March 31, 2015 was approximately $70.7 mln, as a result of a 21% increase in gold sales and a 4% increase in average realized price in Canadian dollars, compared to $67.5 mln at February 11, 2015 following the successful closing of the bought deal financing announced in mid-January 2015.

7:59 am Ryder System beats by $0.08, misses on revs; guides Q2 EPS below consensus; guides FY15 EPS above consensus (R) : Reports Q1 (Mar) earnings of $1.08 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $1.00; revenues fell 2.7% year/year to $1.57 bln vs the $1.63 bln consensus. 

  • Co issues downside guidance for Q2, sees EPS of $1.58-1.63 vs. $1.64 Capital IQ Consensus Estimate.
  • Co raises guidance for FY15, sees EPS of $6.40-6.55 vs. $6.37 Capital IQ Consensus Estimate, up from $6.25-6.40.
  • "We now expect to exceed our original 2015 forecast, driven by strength in our Fleet Management Solutions business. We anticipate continued strong performance in commercial rental, efficiencies from our maintenance productivity initiatives, and accelerated growth in our full service lease fleet. Based on strong sales performance, we are now raising our full-year estimate for lease fleet growth by 1,000 to a new target of 5,000 vehicles. We are also adding rental capacity based on the strong demand trends we've seen to date."

7:57 am S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: -5.60. (:WRAPX) : U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover three points below fair value after sliding into the red at the start of the European session.

This week has gotten off to a quiet start on the economic front, but today's session will be a bit different. The weekly MBA Mortgage Index rose 2.3% to follow last week's 2.3% decline.

Moving on, the February FHFA Housing Price Index will be released at 9:00 ET while the Existing Home Sales report for March will cross at 10:00 ET (Briefing.com consensus 5.05 million).

Treasuries are little changed with the 10-yr yield at 1.91%.

In U.S. corporate news of note:

  • Amgen (AMGN 172.31, +3.85): +2.3% after beating estimates and guiding higher. 
  • AutoNation (AN 66.50, +1.60): +2.5% after beating expectations. 
  • Boeing (BA 153.65, +0.32): +0.2% in reaction to above-consensus earnings on light revenue. 
  • Broadcom (BRCM 46.70, +2.72): +6.2% following better than expected earnings and revenue. 
  • Chipotle Mexican Grill (CMG 657.00, -35.52): -5.1% after beating bottom-line estimates on light revenue. 
  • Coca-Cola (KO 42.05, +1.27): +3.4% after beating earnings expectations. 
  • DR Horton (DHI 28.56, 0.00): UNCH following above-consensus results. 
  • EMC (EMC 25.77, -0.55): -2.1% after missing estimates and lowering its guidance due to currency headwinds. 
  • Yahoo! (YHOO 45.10, +0.61): +1.4% despite missing earnings and revenue estimates.
  • Yum! Brands (YUM 84.40, +3.55): +4.4% in reaction to a bottom-line beat. 
  • VMware (VMW 86.00, +0.60): +0.7% after reporting a two-cent beat. 
Reviewing overnight developments:
  • Asian markets ended mixed, but the major indices posted gains. Hong Kong's Hang Seng +0.3%, China's Shanghai Composite +2.4%, and Japan's Nikkei +1.1%. 
    • In economic data: 
      • Japan's March Adjusted Trade Balance JPY0.00 trillion (expected -JPY410 billion; prior -JPY570 billion) as Exports +8.5% year-over-year (expected +8.5%; prior +2.4%) and Imports -14.5% year-over-year (expected -12.8%; prior -3.6%) 
      • Australia's Q1 CPI +0.2% quarter-over-quarter; +1.3% year-over-year. Both figures matched estimates 
    • In news: 
      • Australia's CPI came in well below the Reserve Bank of Australia's target of 2-3%, leading to increased expectations that the central bank will cut its cash rate at the May 5 policy meeting. 
  • Major European indices trade mostly lower. Germany's DAX -0.6%, UK's FTSE -0.6%, and France's CAC -0.3%. Elsewhere, Italy's MIB +0.5% and Spain's IBEX -0.6%. 
    • Participants received several data points: 
      • Italy's February Retail Sales -0.2% month-over-month (expected 0.3%; prior 0.2%); +0.1% year-over-year (last 1.2%). Separately, Industrial Sales +0.4% month-over-month (expected -1.6%; last -1.7%) 
    • Among news of note: 
      • The Bank of England released the minutes from its latest meeting, but there were no surprises in the document with all nine members voicing continued support for staying on hold.
      • The European Central Bank has raised Greece's Emergency Liquidity Assistance allowance by EUR1.50 billion to EUR75.50 billion, according to Germany's Handelsblatt.

7:50 am Nevsun Resources provides zinc expansion project update; Overall nearly 60% complete with zinc plant commissioning on-schedule for mid-2016 (NSU) : Co provides an update on the Bisha zinc expansion project which will average over 100,000 tonnes (225 mln pounds) of zinc and 24,000 tonnes (55 mln pounds) of copper per year for 10 years after start up in mid-2016.

Some highlights:

  • Overall nearly 60% complete with zinc plant commissioning on-schedule for mid-2016
  • Foundations and civil work complete with steel erection underway
  • Flotation cells transported to site, regrind mills soon in country
The overall forecast to complete the project is US$92 mln inclusive of US$6 mln contingency. Combined concentrate production will average ~300,000 tonnes per year, not dissimilar to 2014 production rates. No additional capital is therefore required for the land transport or port infrastructure to export the copper and zinc concentrates produced from the zinc expansion starting in mid-2016.

7:50 am Abbott Labs beats by $0.05, beats on revs; reaffirms FY15 EPS in-line (ABT) : Reports Q1 (Mar) earnings of $0.47 per share (above previous guidance range), excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.42; revenues rose 3.0% year/year to $4.9 bln vs the $4.85 bln consensus.

  • Co reaffirms FY15 guidance, sees EPS of $2.10-2.20, excluding non-recurring items, vs. $2.14 Capital IQ Consensus Estimate.

7:48 am Jacobs acquires a controlling interest in Suzhou Han's Chemical Engineering Co; terms not disclosed (JEC) : SHCE has two specialty Class A design licenses in China's Chemical, Petrochemical and Pharmaceutical industry, which allow the firm to provide engineering design for all types of chemical projects in China irrespective of project size; plus procurement and project management services for various projects in China. The company is now Jacobs Engineering (Suzhou) Co., Ltd.

7:36 am T. Rowe Price misses by $0.01, reports revs in-line (TROW) : Reports Q1 (Mar) earnings of $1.13 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $1.14; revenues rose 7.6% year/year to $1.03 bln vs the $1.03 bln consensus.

  • AUMs at March 31, 2015 were $772.7 bln, an increase of $25.9 bln year/year, including market appreciation and income of $24.0 bln and net cash inflows of $1.9 bln

7:36 am Coca-Cola beats by $0.06, reports revs in-line (KO) : Reports Q1 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.42; revenues rose 1.3% year/year to $10.71 bln vs the $10.7 bln consensus.

  • Coca-Cola maintains underlying full-year currency neutral growth expectations.
  • Co estimate that the net impact of structural items on full-year 2015 results will be a slight headwind on net revenue growth, and the co has no material changes to its prior guidance on income before taxes.
  • Co expects fluctuations in foreign currency exchange rates to have an unfavorable impact on its reported results in 2015.
  • Based on current spot rates, co's existing hedge positions, and the cycling of its prior year rates, the co estimates that currency will be an ~6 point headwind on net revenues, a 10 point headwind on operating income, and a 7 point headwind on income before taxes for the full year.
  • For Q2 of 2015, the co estimates that currency will be an ~7 point headwind on net revenues, a 10 point headwind on operating income and a 5 to 6 point headwind on income before taxes.

7:36 am Boeing beats by $0.16, misses on revs; reaffirms FY15 guidance (BA) : Reports Q1 (Mar) earnings of $1.97 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus Estimate of $1.81; revenues rose 8.3% year/year to $22.15 bln vs the $22.5 bln consensus. 

  • Commercial Airplanes first-quarter revenue increased 21 percent to $15.4 billion on higher delivery volume (+14% to 184) and mix. First-quarter operating margin was 10.5% (-130 bps), reflecting the dilutive impact of higher 787 deliveries.
  • Defense, Space & Security's first-quarter revenue was $6.7 bln (-12%) with an operating margin of 11.1% (+90 bps). 
Co reaffirms guidance for FY15, sees EPS of $8.20-8.40 vs. $8.48 Capital IQ Consensus Estimate; FY15 revs of $94.5-96.5 bln vs. $94.82 bln Capital IQ Consensus; 750-755 deliveries.
  • Total company backlog at quarter-end was $495 bln, down from $502 billion at the beginning of the year, and included net orders for the quarter of $15 billion.

7:35 am Ariad Pharm announces the issuance of its first U.S. patent on brigatinib, ARIAD's investigational ALK inhibitor (ARIA) : The United States Patent and Trademark Office granted U.S. Patent No. 9,012,462 under the title, "Phosphorous Derivatives as Kinase Inhibitors." The patent provides composition-of-matter protection through at least December 30, 2030 for ARIAD's investigational ALK inhibitor, brigatinib. Additional patent applications covering brigatinib are pending in the U.S. and in other countries.

7:32 am Lithia Motors beats by $0.17, beats on revs; guides Q2 EPS in-line; guides FY15 EPS in-line, revs in-line (LAD) : Reports Q1 (Mar) earnings of $1.39 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus Estimate of $1.22; revenues rose 66.0% year/year to $1.79 bln vs the $1.76 bln consensus. Total same store sales increased 11% y/y. Co issues in-line guidance for Q2, sees EPS of $1.55-1.59 vs. $1.61 Capital IQ Consensus Estimate. Co issues in-line guidance for FY15, sees EPS of $6.20-6.30 vs. $6.19 Capital IQ Consensus Estimate; sees FY15 revs of $7.5-7.7 bln vs. $7.77 bln Capital IQ Consensus Estimate.

7:31 am Ultragenyx Pharma announces positive data from its investigator-sponsored trial of triheptanoin (RARE) : Co announced the presentation of positive data from an investigator-sponsored trial of triheptanoin for the treatment of movement disorders associated with glucose transporter type-1 deficiency syndrome. Based on the study results, Ultragenyx intends to initiate a confirmatory randomized double-blind placebo-controlled study of triheptanoin in the Glut1 DS movement disorder phenotype and anticipates discussions with the FDA on final study design details in the second half of 2015.

  • During the baseline phase without triheptanoin, patients experienced on average 31 paroxysmal manifestations, including 16 dystonic events. During the triheptanoin treatment phase, patients reported a statistically significant 90% reduction in these events to an average of three paroxysmal manifestations, including two dystonic events. 
  • In the withdrawal phase, when triheptanoin treatment was discontinued, the rate of paroxysmal manifestations increased substantially to an average of 24 events per patient, including 12 dystonic events. 
  • In addition, patients reported an improvement in the clinical global impression scale during the treatment phase with triheptanoin and a worsening after withdrawal. 
  • This improvement was also associated with a normalization of induction of brain energy metabolism during visual stimulation in patients receiving triheptanoin as measured by 31P-NMR spectroscopy. Triheptanoin was well tolerated in all patients

7:30 am Juniper Pharma announces formation of scientific advisory board (:JNP) :

  • Co announced the creation of a Scientific Advisory Board comprised of internationally renowned physicians and scientists, whose mission will be to provide scientific and clinical advice on the identification and advancement of product candidates for Juniper's women's health portfolio.

7:30 am Orexigen Therapeutics announces it has received notification of a Paragraph IV certification for certain patents for Contrave which are listed in the FDA's Orange Book (OREX) : The certification resulted from the filing by Actavis Laboratories FL, Inc. (ACT) of an Abbreviated New Drug Application challenging such patents for Contrave. The co notes it and Takeda (TKPYY) plan to vigorously enforce Contrave intellectual property rights.

  • In accordance with the Hatch-Waxman Act, Takeda and Orexigen have 45 days after effective notice of the Paragraph IV certification to file suit against the ANDA filer in order to obtain an automatic stay of FDA approval of the ANDA until the earlier of (i) 30 months from Takeda's receipt of the notice or (ii) a District Court decision finding that the identified patents are invalid, unenforceable or not infringed.

7:30 am Furmanite urges stockholders to vote on the GOLD proxy card 'FOR' ALL of Furmanite's and director nominees (FRM) :  

7:30 am Owens Corning beats by $0.06, misses on revs (OC) : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.13; revenues fell 5.6% year/year to $1.21 bln vs the $1.23 bln consensus. 

  • Outlook: 
    • In Composites, the company previously expected EBIT improvement of $50 million less foreign currency impact of $20 million associated with a stronger U.S. dollar. Based on a strong start to the year, the company now anticipates a full-year EBIT improvement of up to $70 million less foreign exchange impact of $25 million at current exchange rates. 
    • In Roofing, the company continues to expect the full year market demand to be in line with last year. Market dynamics in the first quarter positioned the business for stronger volumes at better margins for the remainder of the year.

7:30 am Acorda Therapeutics announces the presentation of data from its Phase 1 clinical trial of rHIgM22, indiciating rHIgM22 was well-tolerated at all tested doses (ACOR) : Co presented data from a Phase 1 clinical trial of rHIgM22, a remyelinating antibody being studied for the treatment of multiple sclerosis. Safety data showed rHIgM22 was well-tolerated in each of the five tested doses, supporting additional clinical development. In addition, testing detected rHIgM22 in cerebrospinal fluid, indicating the drug's access to the central nervous system.

  •  rHIgM22 was well-tolerated at all doses tested, with no safety signals identified. There were no dose-limiting toxicities and no serious adverse events in any of the five rHIgM22 dose levels in the study. 
  • The most commonly observed adverse events  reported in the study were: headache, contact dermatitis, multiple sclerosis relapse, infusion site hematoma, fatigue, arthralgia, back pain, muscular weakness, neck pain, pain in an extremity, pruritus, contusion, and flushing. No participants withdrew due to adverse events. 
  • No safety signals were identified by standard clinical MRI evaluations

7:20 am St. Jude Medical beats by $0.02, beats on revs; guides Q2 EPS in-line; raises constant FX rev growth; lowers EPS, in-line (STJ) : Reports Q1 (Mar) earnings of $0.93 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.91; revenues fell 1.3% year/year to $1.35 bln vs the $1.32 bln consensus.

Co issues in-line guidance for Q2, sees EPS of $0.99-1.01 vs. $0.99 Capital IQ Consensus; expects revenue to grow in the range of 4 percent to 5 percent on a constant currency basis compared to the second quarter of 2014 with currency negatively impacting second quarter revenue by ~$125 million to $135 million..

Co issues in-line guidance for FY15, sees EPS of $3.92-3.97 vs. $3.95 Capital IQ Consensus, total revenue to grow in the range of 4 percent to 5 percent on a constant currency basis with currency negatively impacting full-year 2015 revenue by ~$385 million to $410 millionSt. J

7:19 am Diana Containerships announces the delivery of a panamax container vessel; holds a gross charter rate of $21K/day (DCIX) :

  • Co announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v YM New Jersey, a 2006-built Panamax container vessel of ~5,000 TEU capacity that the co entered into an agreement to purchase on March 19, 2015.
  • As previously announced, the "YM New Jersey" is chartered to Yang Ming (:UK) Ltd., at a gross charter rate of US$21,000/day less US$350 per day commission paid to third parties. The charterer has the option to redeliver the vessel at any time between September 24, 2016 and January 24, 2017.
  • The charterer has the option to employ the vessel for a further 22-26 month period at the same daily gross charter rate less US$350/day commission paid to third parties. The optional period if exercised will start on Nov 24, 2016 and must be declared six months prior to this date.

7:06 am Tupperware beats by $0.04, reports revs in-line; guides Q2 and FY15 EPS below consensus (TUP) : Reports Q1 (Mar) earnings of $1.02 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.98; revenues fell 12.2% year/year to $582 mln vs the $579.75 mln consensus.

  • Co issues downside guidance for Q2, sees EPS of $1.14-1.19 vs. $1.24 Capital IQ Consensus Estimate. Sees Q2 sales down 11-13% YoY vs. -11% consensus.
  • Co issues downside guidance for FY15, sees EPS of $4.60-4.70 vs. $4.81 Capital IQ Consensus Estimate. Sees FY15 sales down 8-10% YoY vs. -8% consensus.

7:05 am Corbus Pharma announces a $5 mln development award from the Cystic Fibrosis Foundation Therapeutics for its Advance Resunab clinical program (CRBP) : The development award will help support a first-in-patient Phase 2 clinical trial of the Company's oral anti-inflammatory drug Resunab in adults with cystic fibrosis. Corbus has submitted its Phase 2 clinical protocol for the treatment of cystic fibrosis with Resunab to the U.S. Food and Drug Administration and anticipates beginning this study this quarter pending FDA approval of the protocol.

7:05 am Sonus Networks beats by $0.04, beats on revs; guides Q2 EPS below consensus, revs below consensus; mixed guidance for FY15 (Co preannounced March 24) (SONS) : Reports Q1 (Mar) loss of $0.27 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.31); revenues fell 29.1% year/year to $50.1 mln vs the $48.44 mln consensus. 

Co issues downside guidance for Q2, sees EPS of ($0.18)-($0.1$), excluding non-recurring items, vs. ($0.10) Capital IQ Consensus Estimate; sees Q2 revs of $53-55 mln vs. $60.57 mln Capital IQ Consensus Estimate. Co issues mixed guidance for FY15, sees EPS of ($0.15)-($0.10), excluding non-recurring items, vs. ($0.31) Capital IQ Consensus Estimate; sees FY15 revs of $245-250 mln vs. $247.62 mln Capital IQ Consensus Estimate.

  •  The Company's first quarter results reflect shifts in expected customer activity and ordering patterns, including the deferral of certain customer purchasing decisions that had been expected to be made at the back end of the first quarter as well as a reduction in customer spend compared to what had been forecast. The Company is now seeing lengthening decision cycles for both Tier 1 and midsize customers, primarily in North America.
March 24 Preannouncement details
  • For the first quarter ending March 27, 2015, revenue is now expected to be in the range of $47 million to $50 million compared to previous guidance of $74 million. First quarter non-GAAP loss per share is expected to be in the range of $0.29 to $0.34 compared to previous guidance of non-GAAP diluted earnings per share of $0.03. The Company currently anticipates that revenue for the full year will be up to 25% below the midpoint of its previous annual guidance of $326 million to $330 million.

7:05 am Angie's List beats by $0.07, misses on revs; reaffirms FY15 guidance (ANGI) : Reports Q1 (Mar) GAAP earnings of $0.07 per share, $0.07 better than the Capital IQ Consensus Estimate of ($0.00); revenues rose 14.9% year/year to $83.5 mln vs the $84.63 mln consensus.

  • Membership revenue in the first quarter of 2015 was $17.3 million, a decrease of 5 percent compared to the prior year period. Service provider revenue remains the largest and fastest growing component of total revenue at $66.2 million for the quarter, representing a 22 percent growth rate year over year. Service provider revenue includes revenue from advertising contracts and fees from e-commerce transactions. Market expense -31% to $7.2 mln. 
Co reaffirms guidance for FY15, sees FY15 revs of $357-363 mln, excluding non-recurring items, vs. $359.40 mln Capital IQ Consensus; co raised EBITDA guidance to $30-32 mln from $28-30 mln on April 15 when CEO stepped down.

7:03 am DR Horton beats by $0.02, beats on revs (DHI) : Reports Q2 (Mar) earnings of $0.40 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.38; revenues rose 37.8% year/year to $2.34 bln vs the $2.24 bln consensus.

  • Net sales orders increased 33% in value to $3.2 billion and 30% in homes to 11,135
  • Homes closed increased 38% in value to $2.3 billion and 33% in homes to 8,243
  • Sales order backlog increased 27% in value to $3.6 billion and 21% in homes to 12,177
  • "The spring selling season at D.R. Horton is off to a strong start...Our sales increased by double-digit percentages in all three of our brands, reflecting strong performance in our core D.R. Horton communities and the expansion of our luxury brand, Emerald Homes, and our entry-level brand, Express Homes."

7:03 am NGL Energy Partners increases adj EBITDA guidance for Fiscal 2015 and 2016 (NGL) :

  • Co reports an expected increase in the Adjusted EBITDA guidance for fiscal 2015 to $425 mln or greater (prior guidance $410-425 mln for the fiscal year ending March 31, 2015). In addition, NGL also increases its Adjusted EBITDA guidance for fiscal 2016 to $500 mln or greater (prior guidance of $485-500 mln).

7:03 am Citizens Financial Group beats by $0.04, reports revs in-line (CFG) : Reports Q1 (Mar) earnings of $0.39 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 1.5% year/year to $1.18 bln vs the $1.18 bln consensus. 

  • Net interest margin remained relatively stable at 2.77%, down three basis points from fourth quarter 2014. 
  • Adjusted efficiency ratio of 68% compared to 67% in fourth quarter 2014.

7:03 am Sanchez Energy provides operations update; Estimated average daily production of 45,217 BOE/D during Q1 2015 and anticipates that capital spending in 2015 will trend toward the lower end of the $600-650 mln range (SN) :

  • Estimated average daily production of 45,217 BOE/D during Q1 2015, which represents a 141% increase over Q1 2014, exceeding the high side of initial guidance of 40,000 to 44,000 BOE/D.
  • Operational efficiencies and service cost reductions continue to drive substantial cost savings across Sanchez Energy's asset base, with average well costs in Catarina, where the co is focusing the majority of its drilling and completion budget in 2015, currently trending below $4.5 mln. 
  • The co is now targeting three distinct vertical productive Eagle Ford zones at Catarina and believes that potential for stacked development exists in the Lower, Middle, and Upper Eagle Ford.
  • Results from the co's first stacked development location, a ten well pad in Western Catarina, have exceeded initial expectations and the wells are performing above the Lower Eagle Ford type curve. Sanchez Energy currently has 544 gross producing wells with 24 gross wells in various stages of completion. 
  • Based on operating results during Q1 2015, SN anticipates that capital spending in 2015 will trend toward the lower end of the $600-650 mln range provided for its 2015 capital plan.
  • Production is expected to trend toward or exceed the upper end of the 40,000-44,000 BOE/D range provided for average 2015 production, despite the recent sale of ~1,000 BOE/D of production which closed on March 31, 2015.

7:02 am Citizens Financial Group beats by $0.04, reports revs in-line (CFG) : Reports Q1 (Mar) earnings of $0.39 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 1.5% year/year to $1.18 bln vs the $1.18 bln consensus.

7:02 am Noble Energy announces an agreement with the EPA, the DOJ and the State of Colorado to improve emission control systems on a number of oil storage tanks located within the Denver-Julesberg Basin that may no longer comply with air regulations (NBL) : Based on the EPA and Colorado's initial review of a relatively small number of older tank batteries, Noble Energy elected to expand the consent decree to identify additional opportunities to reduce emissions within the DJ Basin.

  • In accordance with the agreement's schedule, Noble Energy will evaluate, monitor, verify, and report on the adequate design, operation and maintenance of certain aspects of its storage tank systems. This process, which is anticipated to continue into 2019, will result in expenditures to upgrade storage tank systems. The system upgrade expenditures cannot yet be quantified but are not expected to be material for our operations in the DJ Basin. Noble Energy will also pay $4.95 million in civil penalties, provide $4 million in funding for supplemental environmental projects and $4.5 million in mitigation projects.

7:01 am Optibase announces listing of its ordinary shares on the Tel Aviv Stock Exchange in connection with a potential public debt offering in Israel (OBAS) : Co announces that it has published today a Listing Document in Israel for the listing of all of its ordinary shares on the Tel Aviv Stock Exchange (TASEF). Shares may begin trading on the TASE as of April 29, 2015. The co has published such Listing Document in connection with a potential public debt offering of the company in Israel.

7:01 am SteadyMed announces the issuance of a new patent from the United States Patent and Trademark Office and receipt of a Patent Term Extension (STDY) : The patent provides additional intellectual property protection through June 2028 for SteadyMed's PatchPump platform technology, which is the drug administration system for its lead drug product candidate Trevyent, for the potential treatment of the orphan disease pulmonary arterial hypertension.

7:00 am AVEO Oncology names Keith Ehrlich as CFO (AVEO) :

  • Co announced the appointment of Keith S. Ehrlich to the position of chief financial officer. In this role, Mr. Ehrlich will be responsible for the company's financial and administrative strategy and management, and will serve on the executive leadership team which governs corporate strategy.
  • He will report to Michael Bailey, AVEO's president and chief executive officer.
  • Ehrlich, who is a C.P.A., most recently served as Chief Financial Officer of Synta Pharmaceuticals. Prior to Synta, Mr. Ehrlich served in various senior finance and audit roles, including Chief Financial Officer of Argentys, Dyax and OraVax, Director of Finance of Vertex Pharmaceuticals and senior audit manager with PricewaterhouseCoopers, LLP 

7:00 am Horizon Pharma announced that the USPTO has granted a Notice of Allowance for RAYOS (HZNP) : Co announced that the United States Patent and Trademark Office has granted a Notice of Allowance for U.S. patent application entitled "Delayed Release Tablet With Defined Core Geometry" that covers Horizon's U.S. approved product RAYOS delayed release tablets. The U.S. patent scheduled to issue from this application will expire in 2024. After issuance, Horizon plans to list the patent in the FDA's Approved Drug Products with Therapeutic Equivalence Evaluations, or Orange Book.

7:00 am Ducommun has been selected by Rolls-Royce Holdings (RYCEY) to produce complex interconnect systems for the Trent 1000-Ten engine, which will power all variants of the Boeing 787 Dreamliner (DCO) :  

6:57 am Huntington Banc reports EPS in-line; announces dividend & buyback (HBAN) : Reports Q1 (Mar) earnings of $0.19 per share, in-line with the Capital IQ Consensus Estimate of $0.19. For 2015, HBAN says excluding Significant Items and net MSR activity, they expect to deliver positive operating leverage in 2015. Co expects noninterest expense growth of 2-4%, excluding Significant Items and the recurring expense related to the Macquarie acquisition.

HBAN also announced two capital actions approved by the Board of Directors:

  1. The Board declared a quarterly cash dividend on the company's common stock of $0.06 per common share. 
  2. The Board authorized the repurchase of up to $366 million of common shares over the five quarters through the 2016 second quarter. Both actions were proposed in the January 2015 CCAR capital plan, which received no objections from the Federal Reserve. 

6:57 am EMC misses by $0.05, misses on revs; lowers FY15 guidance on FX (EMC) : Reports Q1 (Mar) earnings of $0.31 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.36; revenues rose 2.4% year/year to $5.61 bln vs the $5.73 bln consensus.

Co issues downside guidance for FY15, lowers EPS to $1.91 from $1.98, excluding non-recurring items, vs. $1.97 Capital IQ Consensus; lowers FY15 revs to $25.7 bln from $26.1 bln vs. $25.91 bln Capital IQ Consensus to reflect the impact of foreign currency exchange rates as of March 31, 2015.

  • "We are pleased that we slightly exceeded our first-quarter non-GAAP EPS expectations; however, we fell a bit short on first-quarter storage revenue due to geo-political factors in Russia and China and not executing as crisply as we had expected in the first quarter."

6:56 am Asian Markets Close: Japan's Nikkei +1.3%; Hong Kong's Hang Seng +0.3%; China's Shanghai Composite +2.4% (:SUMRX) : Wednesday produced a mixed outing for Asian-Pacific markets, yet the Big Three -- the Nikkei, the Hang Seng, and the Shanghai Composite -- all traded higher. The Shanghai was the big mover with a 2.4% gain, yet the Nikkei stole many of the headlines with a close above 20,000 and a push to its highest level in 15 years that followed Japan reporting its first trade surplus in nearly three years.

Economic data

  • Japan
    • March Adjusted Trade Balance JPY 0.00 tln (expected JPY -0.41 tln; prior JPY -0.57 tln)
      • Exports +8.5% year-over-year (expected +8.5%; prior +2.4%)
      • Imports -14.5% year-over-year (expected -12.8%; prior -3.6%)
  • Australia
    • Q1 CPI +0.2% quarter-over-quarter (expected +0.2%; prior +0.2%); +1.3% year-over-year (expected +1.3%; prior +1.7%)
Equity Markets
  • Japan's Nikkei increased 1.3%, closing above the psychologically-important 20,000 level and at a 15-year high. Trade was bolstered by the report showing the country's first trade surplus in nearly three years. The financial sector (+2.4%) led a broad-based advance that saw only the energy sector (-1.1%) not participate. Leading gainers included Sony Financial Holdings (+6.7%), Tokyo Dome Corp (+5.4%), Nitto Boseki Co (+4.6%), Nomura Holdings (+4.5%), and Kawasaki Heavy Industries (+4.5%). Out of the 225 index members, 168 ended higher, 49 finished lower, and 8 were unchanged.
  • Hong Kong's Hang Seng increased 0.3%, led by strength in the financial (+1.1%) and diversified (+1.0%) sectors. China Resources Power Holdings (+12.3%), China Merchants Holdings (+7.4%), China Resources Land (+5.6%), China Overseas Land & Investment (+5.4%), and Hong Kong Exchanges and Clearing (+2.7%) topped the list of winners. Belle Intl (-3.5%), Sands China (-2.3%), CNOOC (-1.2%), and China Mobile (-1.2%) paced the decliners. Out of the 50 index members, 27 ended higher, 21 finished lower, and 2 were unchanged.
  • China's Shanghai Composite increased 2.4% and finished at its high for the day. The Shanghai Composite is up 2.6% week-to-date and 36.0% since the end of 2014. The Chinese market was paced by strength in the financial (+4.0%), technology (+3.2%), and consumer cyclical (+2.5%) sectors.
  • India's Sensex was in negative territory entering its final hour of trading, but staged a closing rally that left it up 0.8% for the session. The industrial (+3.2%), consumer non-cyclical (+2.6%), and financial (+1.3%) sectors led the way. Individual standouts included Hindustan Unilever (+4.2%), Axis Bank (+3.6%), Larsen & Toubro (+3.5%), Hero MotoCorp (+3.5%), and Dr Reddy's Laboratories (+3.0%). Wipro (-5.9%) was the biggest loser.
  • Australia's S&P/ASX 200 declined 0.6% with some firm first quarter CPI data quelling rate cut speculation. Losses were led by the energy (-1.0%), financial (-0.9%), and utilities (-0.6%) sectors.
  • Regional advancers: Taiwan +0.8%, Vietnam +0.05%
  • Regional decliners: South Korea -0.04%, Singapore -0.4%, Malaysia -0.4%, Thailand -1.1%, Indonesia -0.4%, Philippines -0.2%
FX
  • USD/CNY -0.1% at 6.1957
  • USD/INR +0.1% at 62.886
  • USD/JPY -0.2% at 119.46

6:48 am Potlatch misses by $0.05, beats on revs (PCH) : Reports Q1 (Mar) earnings of $0.14 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.19; revenues fell 3.9% year/year to $134.1 mln vs the $131.85 mln consensus. 

  • "We believe that the U.S. housing recovery will continue and that building activity will increase to at least 1.1 million starts this year as the weather improves. We expect lumber prices will recover and that we will post stronger results in the second half of the year."

6:46 am AutoNation beats by $0.08, beats on revs (AN) : Reports Q1 (Mar) earnings of $0.97 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.89; revenues rose 13.3% year/year to $4.94 bln vs the $4.82 bln consensus, driven by stronger performance in all business sectors -- new vehicles, used vehicles, parts and service, and finance and insurance.

  • In Q1, AutoNation's retail new vehicle unit sales increased 10% overall and 9% on a same store basis, while retail used vehicle unit sales increased 12% overall and 11% on a same store basis.

6:41 am Autoliv beats by $0.10, reports revs in-line (ALV) : Reports Q1 (Mar) earnings of $1.42 per share, $0.10 better than the Capital IQ Consensus Estimate of $1.32; revenues fell 5.3% year/year to $2.17 bln vs the $2.18 bln consensus. 

  • Q2 guidance: 
    • Expects organic sales for the second quarter of 2015 to grow by around 6% compared to the same quarter of 2014. Currency translations are expected to have a negative effect of more than 10%, resulting in a consolidated sales decline of more than 4% (consensus represents a 3% decline). 
    • The adjusted operating margin, excluding costs for capacity alignments and antitrust matters, is expected to be around 9%.
  • FY15 guidance: 
    • The indication for the full year is for an organic sales growth of more than 6%. Consolidated sales are expected to decline by around 2% as effects from currency translations are expected to be negative by more than 8% (consensus is for roughly flat rev growth in 2015). 
    • The indication for the adjusted operating margin is around 9.5%, excluding costs for capacity alignments and antitrust matters.

6:34 am BNY Mellon beats by $0.07, beats on revs (BK) : Reports Q1 (Mar) earnings of $0.67 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.60; revenues rose 5.6% year/year to $3.85 bln vs the $3.73 bln consensus. 

  • Investment services fees increased 3% reflecting net new business, largely driven by Global Collateral Services and securities lending, and higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar. 
  • AUM of a record $1.74 trillion, increased 7% driven by higher equity market values, the Cutwater acquisition and net new business, partially offset by the unfavorable impact of a stronger U.S. dollar.

6:32 am Marketaxess reports EPS in-line, beats on revs (MKTX) : Reports Q1 (Mar) earnings of $0.65 per share, in-line with the Capital IQ Consensus Estimate of $0.65; revenues rose 21.0% year/year to $76.7 mln vs the $75.63 mln consensus. 

  • Record total trading volume of $243.7 billion, up 30.0%.

6:31 am Nielsen misses by $0.01, misses on revs; increases dividend 12% (NLSN) : Reports Q1 (Mar) earnings of $0.46 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.47; revenues fell 2.1% year/year to $1.46 bln vs the $1.49 bln consensus.  

  • Board of Directors approved an increase in the company's quarterly cash dividend of 12% to $0.28 per common share, payable on June 18, 2015 to shareholders of record on June 4, 2015.

6:31 am Trimble Navigation has acquired the assets of HarvestMark, a provider of food traceability and quality inspection solutions; terms not disclosed (TRMB) : The HarvestMark portfolio includes four software-as-a-service products: PTI & Item Level Traceability, DC Insights, Retail Insights and Connect.

6:31 am Vical announces a $4 million contract with the IPPOX Foundation to manufacture HIV-antigen plasmid DNA (VICL) : IPPOX is a Swiss non-profit foundation that participates in the conduct of HIV vaccine clinical trials under the auspices of the Pox-Protein Public-Private Partnership. The new contract builds upon Vical's 2010 agreement with IPPOX to manufacture plasmid DNA for HIV vaccine clinical trials and recent encouraging clinical data. Vical expects material delivery to begin in the fourth quarter of 2015.

6:30 am Procera Networks to be acquired by Francisco Partners for ~$240 mln, or $11.50/share in cash; reports preliminary Q1 revenues that exceed consensus estimates (PKT) : Under the terms of the definitive agreement, Francisco Partners will commence a tender offer no later than May 5, 2015 to acquire all outstanding shares of Procera's common stock for $11.50 per share in cash. Procera's Board of Directors has unanimously approved the transaction.

  • The co also reported prelim Q1 revs of $19.5-20.5 mln vs $16.84 mln Capital IQ Consensus Estimate. The company expects the gross margin percentage to be approximately 60% and to incur a net operating loss on a GAAP and non-GAAP basis for the first quarter of 2015. The company is not revising its previously announced guidance for the full year.

6:24 am Natus Medical beats by $0.02, reports revs in-line; guides Q2 in-line; raises FY15 guidance (BABY) : Reports Q1 (Mar) earnings of $0.31 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 4.4% year/year to $89.4 mln vs the $89 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $0.31-0.33 vs. $0.32 Capital IQ Consensus Estimate; sees Q2 revs of $89.5-97.5 mln vs. $91.33 mln Capital IQ Consensus Estimate. 
  • Co raises guidance for FY15, sees EPS of $1.47-1.51 vs. $1.45 Capital IQ Consensus Estimate, and up from $1.42-1.46 prior guidance; sees FY15 revs of $376-378 mln vs. $374.60 mln Capital IQ Consensus Estimate and up from $373-375 mln prior guidance.
  • Announces five-year, $32.5 mln contract to provide hearing screening coordination services for the state of California. 

6:18 am Gravity announces a 1 for 8 reverse ADS split, effective May 11, 2015 (GRVY) :  

6:14 am Volvo announced that Martin Lundstedt has been appointed as CEO, effective in October 2015 (VOLVY) : Jan Gurander, the Group CFO, will be acting President and Chief Executive Officer in the interim. Lundstedt has spent his career at Scania where he held a number of executive positions

6:12 am United Comm Banks reports EPS in-line (UCBI) : Reports Q1 (Mar) earnings of $0.29 per share, in-line with the Capital IQ Consensus Estimate of $0.29. 

  • Net interest margin holds steady at 3.31 percent. 
  • Loans up $116 million, or 10 percent annualized.

6:09 am Thermo Fisher beats by $0.02, misses on revs; raises bottom end of FY15 EPS in-line, lowers Fy15 revs below consensus (TMO) : Reports Q1 (Mar) earnings of $1.63 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $1.61; revenues rose 0.4% year/year to $3.92 bln vs the $4.01 bln consensus.

  • Co issues in-line guidance for FY15, sees EPS of $7.25-7.40 from $7.22-7.40 prior vs. $7.27 Capital IQ Consensus Estimate; lowers FY15 revs to $16.67-16.83 bln from $16.80-17.00 bln vs. $16.89 bln Capital IQ Consensus Estimate. 
  • Expanded adjusted operating margin by 60 basis points to 21.9%. 

6:05 am Evercore beats by $0.01, misses on revs (EVR) : Reports Q1 (Mar) earnings of $0.56 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.55; revenues rose 59.7% year/year to $238 mln vs the $240.6 mln consensus. 

  • "We have seen meaningful opportunities to add senior talent in 2015. To date, eleven senior bankers have committed to join our firm, including six Advisory bankers focused on M&A and Restructuring, two bankers focused on Equity Capital Markets, one senior research analyst and two Senior Advisors. These professionals will strengthen our Technology, Energy, Chemicals, Power and Utilities and Financial Institutions teams and extend our capabilities in Restructuring and ECM."

6:00 am SunEdison announces the appointment of Pancho Perez as COO (SUNE) : Perez has previously served as President of SunEdison Europe, Middle East, and Latin America

6:00 am Cambridge Capital Acquisition announces entrance into an amendment of its merger agreement with Parakou Tankers (CAMB) : Under the terms of the Amendment, the number of common shares of Holdco to be issued to Mr. Por Liu in exchange for all of the common shares of Parakou, in connection with the Transactions is reduced from 5,800,000 to 3,800,000, the Cambridge initial stockholders will agree to cancel an aggregate of 1,612,500 of their shares of common stock of Cambridge, immediately prior to the consummation of the Cambridge Merger, and  each of Mr. Por Liu and the Sponsors will have the right to receive additional Holdco Common Shares  if, beginning on January 1, 2018, Holdco achieves certain Earnings Per Share and Net Asset Value Per Share targets over a minimum three year period, or Holdco undergoes a Change of Control

5:48 am European Markets : FTSE...7020.13...-42.80...-0.60%.  DAX...11850.67...-92.00...-0.80%.

5:48 am Asian Markets : Nikkei...20133.90...+224.80...+1.10%.  Hang Seng...27933.85...+83.40...+0.30%.

5:48 am S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -11.80. :

5:46 am InfuSystem announced yesterday the closing of the acquisition by its subsidiary of substantially all of the assets of Ciscura Holding Company; terms not disclosed (INFU) : Ciscura is a provider of ambulatory infusion pumps and services to medical facilities and was the result of the previous merger of Ciscura Infusion Services and Triad Medical Supply.

5:04 am BHP Billiton reports 9-month operational results; emains on track to deliver Group production growth of 16% (BHP) : Reports Group production increased by 9% for the nine months ended March 2015 with records achieved for 10 operations and five commodities. Co states it remains on track to deliver Group production growth of 16% over the two years to the end of the 2015 financial year.

  • Petroleum production increased by 6% to a record 193 MMboe supported by a 76% increase in Onshore US liquids volumes to 40.2 MMboe. Guidance for the 2015 financial year remains unchanged at 255 MMboe. 
  • Copper production(2) increased by 2% to 1.3 Mt as strong underlying operating performance at Escondida more than offset the impacts of severe weather in Northern Chile, lower grades at Antamina and a mill outage at Olympic Dam. Production for the 2015 financial year is now expected to be 1.7 Mt. 
  • Western Australia Iron Ore (:WAIO) production increased by 16% to a record 188 Mt (100% basis) underpinned by continued improvements in our integrated supply chain. WAIO production for the 2015 financial year is now expected to be 250 Mt (100% basis). The potential of our installed infrastructure continues to exceed expectations and as a result we are deferring the Inner Harbour Debottlenecking project. While this will lead to a slower path to system capacity of 290 Mtpa, it will come at a lower capital cost. 
  • Metallurgical coal production increased by 14% to 38 Mt and reflected record volumes at both Queensland Coal and Illawarra Coal. Production for the 2015 financial year is now expected to be 49 Mt

4:23 am Volvo reports Q1 results; beats on sales (VOLVY) : Reports Q1 Operating income amounted to SEK 7,066 mln; revs increased 1% YoY to SEK74.8 bln vs SEK72.0 bln Consensus.

  • Truck order intake increased by 3% while order intake of construction equipment decreased by 24%

4:04 am Roche Hldg reports Q1 sales beat; confirms 2015 targets (RHHBY) : Reports Q1 sales +5% YoY to CHF11.83 bln vs CHF11.57 bln Capital IQ consensus.

  • Pharmaceuticals Division sales up 4%: strong growth in oncology (HER2-positive breast cancer medicines, Avastin, MabThera/Rituxan) and immunology (Actemra/RoActemra, Xolair
  • Full-year outlook confirmed
Outlook for 2015
In 2015, Roche continues to expect sales to grow low- to mid-single digit, at constant exchange rates2. Core earnings per share are targeted to grow ahead of sales at constant exchange rates . Roche expects to further increase its dividend in Swiss francs.

3:37 am Rolls Royce announces Warren East to succeed John Rishton as CEO (RYCEY) : Co announces today that John Rishton has decided to retire as Chief Executive on 2 July 2015. He will be succeeded by Warren East, whose appointment follows an extensive international search. Warren East was CEO of ARM Holdings from 2001 to 2013. Under his leadership ARM became one of the world's leading developers of semi-conductors with an outstanding record of innovation and a strong commitment to R&D. Warren has been a Non-Executive Director of Rolls-Royce since January 2014.

3:21 am Alibaba Group establishes collaborative relationships with BMW MINI (BAMXY) and Jaguar Land Rover (TTM) (BABA) : Alibaba Group's automobile business unit today established collaborative relationships with BMW MINI (BAMXY) and Jaguar Land Rover (TTM) aimed at enhancing customers' online car buying experience, while building a complete automobile value chain for China's car industry.

  • Under the Memorandum of Understanding signed between MINI and Alibaba Group, Alibaba Group's Tmall.com platform will become the main e-commerce platform for MINI online car sales in China. MINI will conduct pre-sale launches of new cars and roll out special edition models in China through its flagship Tmall store. MINI and Alibaba Automotive will collaborate in developing and testing customized online-to-offline services and work together on branding and online marketing initiatives. 
  • In a separate MoU signed with Jaguar Land Rover, Alibaba Automotive and Jaguar Land Rover agreed to collaborate on big data research and e-commerce initiatives aimed at providing efficient and convenient customer service.

3:04 am CGG acquires Taurus Reservoir Solutions (CGG) : CGG announced that its GeoConsulting Business Line has acquired Taurus Reservoir Solutions, based in Calgary.

  • Taurus offers reservoir and geomechanical simulation and engineering technology along with consulting services to the global petroleum industry. With an offering that spans single-well to large field-scale solutions, Taurus brings new subsurface understanding to both conventional and unconventional reservoirs.
  • The addition of Taurus will strengthen CGG's G&G expertise and help clients make more informed decisions across the E&P lifecycle, from where to drill and how to best complete wells, to optimizing production over the life of the field.

2:44 am Natl Oilwell Varco announces Jeremy Thigpen leaving NOV to become CEO at Transocean (RIG) names Scott Duff named as interim Chief Financial Officer (NOV) : National Oilwell Varco (NOV) announced that Jeremy Thigpen has informed the Company of his resignation as Senior Vice President and Chief Financial Officer, in order to become Chief Executive Officer of Transocean (RIG), one of NOV's largest customers. Scott Duff, NOV's Vice President and Chief Accounting Officer has been named as Interim Chief Financial Officer, effective immediately.

1:51 am Nobilis Health announces increase of previously announced bought deal financing to C$65.9 mln (:HLTH) : Co announced that in connection with its previously announced bought deal private placement offering, it has entered into an amendment agreement with a syndicate of underwriters to upsize the Offering from $40,005,000 to $65,880,000. The underwriters have agreed to purchase, on a bought-deal private placement basis, 7,320,000 units of Nobilis at a price of $9.00 per Unit, for gross proceeds of $65,880,000 million.

1:31 am On The Wires (:WIRES) :

  • HP (HPQ) announced its latest generation of Pavilion and Envy convertibles and Pavilion notebooks for back to school. These new platforms offer more processor, graphics and display options while continuing to deliver great value to the customer. 
  • ACE Global Markets, the London-based wholesale insurance division of ACE Group (ACE) announced that it will offer increased capacity of up to $100 million for clients seeking fine art and specie insurance coverage as client demand for this type of cover grows. 
  • AVG Technologies N.V. (AVG), the online security company for 200 million active users, today announced the immediate availability of the most comprehensive version of AVG Business Managed Workplace, AVG's fully integrated, open ecosystem remote monitoring and management platform.

1:05 am CTI BioPharma and Baxter (BAX) announce Phase 3 data of Pacritinib in patients with Myelofibrosis to be presented in late-breaking session at ASCO (CTIC) : CTI BioPharma (CTIC) and Baxter International (BAX) announced that data from the randomized Phase 3 PERSIST-1 trial evaluating the investigational agent pacritinib in patients with myelofibrosis will be highlighted in a late-breaking oral presentation at the upcoming American Society of Clinical Oncology (TATD)

1:01 am Novogen confirms Cantrixil receives orphan drug designation from FDA (NVGN) : Co announced that its subsidiary joint venture company with Yale University, CanTx, Inc, has received notification from the FDA that its chemotherapy candidate drug, Cantrixil, has been granted Orphan Drug Designation for ovarian cancer. Cantrixil is on track to enter the clinic in Australia in late-2015/early-2016 in patients with the condition, malignant ascites, a terminal condition associated with cancers such as ovarian cancer and for which no effective long-term therapies exist. The Company sees this as a logical entry point into the clinic for the Cantrixil as being a clinical indication without any approved therapies in the U.S. and Australia, and as a prelude to the ultimate objective of using Cantrixil much earlier in the cancer process as a first-line therapy following diagnosis of ovarian cancer.

12:50 am Eurasian Minerals states is not aware of any adverse material changes in its business after increase in stock volatility (EMXX) :  

12:47 am On The Wires (:WIRES) :

  • Astellas Pharma (ALPMY) and Potenza Therapeutics announced an exclusive research and development collaboration. The goal of the collaboration is to advance a portfolio consisting of programs with novel mechanisms of action targeting immune checkpoint pathways, co-stimulatory signals and regulatory T cells. 
  • Japan Electric Power eXchange has announced that they will enhance their market oversight capabilities with Nasdaq's (NDAQ) leading SMARTS Market Surveillance platform. 
  • Sierra Wireless (SWIR) and L&T Technology Services today announced that they have entered into a strategic collaboration to provide joint solutions to customers developing products and services for the Internet of Thing

12:39 am TRW Automotive signs definitive agreement to divest its linkage and suspension business (TRW) : TRW Automotive Holdings announced that its subsidiary, TRW Automotive Inc., signed a definitive agreement to divest its Linkage and Suspension business for $400 million in cash, subject to working capital and other adjustments, to THK Co. The planned divestiture, with annual sales of approximately $550 million, is expected to close by the end of TRW's fiscal third quarter and is subject to customary conditions, including regulatory approvals. Proceeds from the sale will be used for general corporate purposes.

12:32 am ADTRAN misses by $0.02, misses on revs (ADTN) : Reports Q1 (Mar) earnings of $0.10 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.12; revenues fell 2.9% year/year to $142.8 mln vs the $145.69 mln consensus.

Read the rest of the article at finance.yahoo.com

McEwen Mining

PRODUCER
CODE : MUX
ISIN : US58039P1075
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McEwen Mining is a gold development stage company based in Canada.

McEwen Mining produces gold, silver in Argentina and in Mexico, develops gold and silver in Mexico, and holds various exploration projects in Mexico.

Its main assets in production are MAGISTRAL MINE in Mexico and SAN JOSE ARGENTINA in Argentina, its main asset in development is EL GALLO MEXICO in Mexico and its main exploration properties are PALMARITO, GOLD PICK AND GOLD RIDGE, TONKIN PROJECT and MAGISTRAL in Mexico and LOS AZULES ARGENTINA and LIMO in Argentina.

McEwen Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 337.1 millions as of today (€ 299.7 millions).

Its stock quote reached its highest recent level on April 08, 2011 at US$ 9.87, and its lowest recent point on March 20, 2020 at US$ 0.53.

McEwen Mining has 337 054 594 shares outstanding.

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Corporate Presentations of McEwen Mining
4/16/2010El Gallo Discovery Featured in The Northern Miner
In the News and Medias of McEwen Mining
3/7/2019McEwen Mining halts payout over "much lower revenue" this qu...
1/15/2019Canada's McEwen Mining 2018 production exceeds guidance
8/27/2018Rob McEwen and McEwen Mining acquire 18.8% of Canadian miner
5/30/2013Vicious Gold Moves Insignificant for Long-Run
7/21/2010The Mysterious 380-Tonne Gold Swap and Genius Gold Bugs
3/23/2010Bob Prechter Reveals the Most Dangerous Gold & Silver Myths
8/26/2009U.S. Dollar Versus Gold, the Flea on a Bull's Back
5/28/2009US Gold Corporation completes over-allotment of common stock
Financings of McEwen Mining
2/14/2011Announces Common Stock Offering
Nominations of McEwen Mining
7/27/2011Appoints William Faust Chief Operating Officer
3/31/2008Appoints Perry Ing as Chief Financial Officer
Financials of McEwen Mining
7/27/2017NOTICE OF Q2 2017 FINANCIAL RESULTS CONFERENCE CALL=C2=A0
5/5/2016Q1 2016 OPERATING & FINANCIAL RESULTS
5/4/2016Q1 2016 FINANCIAL RESULTS CONFERENCE CALL=C2=A0
11/5/2015Q3 2015 OPERATING & FINANCIAL RESULTS
8/6/2015REPORTS 2015 SECOND QUARTER OPERATING & FINANCIAL RESULTS
Project news of McEwen Mining
4/19/2017Reports Q1 2017 Production Results
7/25/2016REPORTS Q2 PRODUCTION RESULTS
5/2/2016(El Gallo Mexico)BUYS ATTRACTIVE EXPLORATION TARGET NEAR EL GALLO MINE=C2=A0
4/19/2016REPORTS Q1 PRODUCTION RESULTS ROYALTY ACQUISITION
8/12/2015Fresnillo denies reports 300 kg of gold stolen from Mexico m...
4/21/20157:31 am McEwen Mining announces drill results that are expec...
4/7/2015McEwen Mining says robbers stole 7,000 ozs of gold from Mexi...
2/20/2014El Gallo 1 Mine Expansion Nears Completion
5/29/2012Attention US Gold Canadian Acquisition Corporation Exchangea...
3/26/2012Canadian Acquisition Corporation Announces Redemption of All...
1/4/2012(El Gallo Mexico)Provides El Gallo Complex Construction & Exploration Update
10/25/2011(El Gallo Mexico)El Gallo Drilling Intersects Impressive Silver Mineralizatio...
8/31/2011(El Gallo Mexico)to Begin Phase 1 Development at El Gallo Project in Mexico
8/11/2011(El Gallo Mexico)oration: El Gallo Infill Drill Results & High Grade Minerali...
6/29/2011(El Gallo Mexico) Drilling Around El Gallo Continues to Build on the Open Pit...
5/31/2011(Limo)Nevada Exploration Update-New Encouraging Results at Limo & ...
4/26/2011(El Gallo Mexico)Encouraging Drill Results Continuefrom El Gallo & Surroundin...
3/30/2011(El Gallo Mexico)El Gallo Continues to Expand East & South
3/13/2011(El Gallo Mexico)El Gallo Extended in Multiple Directions
8/16/2010(El Gallo Mexico) El Gallo Drilling Expan
7/27/2010(El Gallo Mexico)Continues to Grow Regional Drilling Encounters Early Suc
6/23/2010(El Gallo Mexico)El Gallo Expanded at Depth & to the West
6/9/2010(El Gallo Mexico)El Gallo Drilling Continues to Deliver Impressive Results
5/10/2010(Palmarito)Regional Drilling in Mexico Returns 213=2E9 gpt Silver Over ...
5/3/2010(El Gallo Mexico)El Gallo: Drilling 350 Meters Away From Kn
4/6/2010(El Gallo Mexico)El Gallo Continues to Grow Rapidly More Thick Intercepts & G...
3/24/2010(El Gallo Mexico)Significant Grades & Widths Continue at US Gold's El Gallo S...
3/1/2010(El Gallo Mexico)El Gallo: Thick Intersections of Good Grade Continue
2/11/2010(El Gallo Mexico) El Gallo Best Drill Results to Date
1/28/2010(El Gallo Mexico)El Gallo Exploration Off to Excellent Start in 2010
9/9/2009Nevada Cortez Trend Drilling Intersects New Zone
7/15/2009(Limo)Boosts Resources with Limo Project Estimate (Nevada, USA)
7/7/2009(El Gallo Mexico)Continues to Expand 7.9 opt Silver Over 179 Feet
6/11/2009(El Gallo Mexico)Exploration News Release: El Gallo Drilling Continues to Ret...
3/2/2009(El Gallo Mexico)El Gallo Delivers Exceptional High-Grade Core Drill Results ...
2/12/2009(El Gallo Mexico)El Gallo Drill Results Continue to Shine; Initial Four Core ...
2/9/2009(El Gallo Mexico)El Gallo Continues to Grow, Delivering More High-Grade Silve...
1/6/2009El Gallo: Two New High-Grade Areas Discovered
12/17/2008Intersects Impressive High-Grade
12/4/2008(Gold Pick And Gold Ridge)Adds Gold Resources in Nevada
11/26/2008(Magistral)El Gallo Returns Good Results: 43=2E6 optSilver & 0=2E45 opt...
11/19/2008(Magistral)Hits Significant Intercepts in Mexico
11/5/2008(Magistral) Gold & Silver Mineralization Expands at Two Sites in Mexico
9/25/2008(Magistral)Drilling in the Magistral District Returns 23=2E7 Opt Silver...
9/17/2008(Magistral)New Discovery for US Gold in Magistral District
8/6/2008(Magistral)oration: Drill Results Continueto Shine in Mexico's Magistra...
5/20/2008(Tonkin) Tonkin Resource Estimate Increases to 1.76 Million Oz Gold
5/9/2008(Magistral)Provides Mexico & Nevada Exploration Update
2/21/2008(Magistral)Mexico Delivering Positive Results Magistral Mine Exploratio...
1/23/2008(Magistral)Mexico Regional Exploration Update: Ea =?ISO-8859-1?Q?rly=20...
Corporate news of McEwen Mining
8/10/2017TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
7/25/2016McEwen Mining Reports Q2 Production Results, Cash and Bullio...
7/14/2016Coverage Initiated on Select Gold Stocks
6/16/2016McEwen Mining Inc. Announces Change of Security Position in ...
6/15/2016Market Signals Coverage MeetMe and McEwen Mining Hit 52 week...
2/2/2016McEwen Mining Regains Compliance With NYSE Listing Standards
2/2/20167:01 am McEwen Mining has regained compliance with the NYSE'...
1/30/2016Information Purposes Only: NV Gold Reaches Agreement With Mc...
1/27/2016Evaluating Variations in Equity Market Trading - Complementa...
1/13/2016McEwen Mining Reports Record Production in 2015, Q4 Producti...
1/4/2016McEwen Mining Announces Management Appointment – Colin Suthe...
1/4/201610:15 am McEwen Mining appoints Colin Sutherland as Presiden...
1/4/2016Gold Stocks under Review -- McEwen Mining, Harmony Gold Mini...
12/29/2015Edited Transcript of MUX earnings conference call or present...
12/15/2015McEwen Mining New Financial Management Appointments
11/6/2015McEwen Mining Appoints Interim CFO
11/6/20159:55 am McEwen Mining appoints Rob McEwen as Interim Chief F...
11/5/2015McEwen posts 3Q profit
11/5/2015McEwen Mining Q3 2015 Operating & Financial Results
10/27/20156:31 am McEwen Mining reports Q3 production, showing 43,390 ...
10/21/2015McEwen Mining Announces Positive Feasibility Study for Gold ...
10/15/2015McEwen Mining (MUX) Jumps: Stock Adds 10.2% in Session
10/1/2015McEwen Mining Announces Management Change
10/1/2015McEwen Mining Announces Stock Repurchase Program
10/1/20154:49 pm McEwen Mining announces 15 mln share stock repurchas...
9/9/2015McEwen Mining Increases Production Guidance for 2015
8/27/2015Edited Transcript of MUX earnings conference call or present...
8/5/2015McEwen Mining Reports 2015 Second Quarter Operating & Financ...
7/22/2015Edited Transcript of MUX earnings conference call or present...
7/16/2015McEwen Mining Receives Insurance Proceeds
7/15/2015McEwen Mining Announces Record Quarterly Production at El Ga...
7/5/20154:32 pm McEwen Mining confirms that it has fallen below the ...
6/23/2015McEwen Mining Inc.: Production Update
6/23/20159:34 am McEwen Mining announces that production at the El Ga...
4/22/2015Global Demand Means the World's Most Important Base Metal Ma...
4/21/2015London Metal Exchange Copper Inventory Sees On-Warrant Stock...
4/21/2015McEwen Mining Announces Exploration Update for El Gallo 1, M...
4/16/2015McEwen Mining Announces Q1 2015 Production Results; Full Yea...
4/13/2015Statement by Rob McEwen- Cartel Confusion: Clarification of ...
4/10/2015Mining co. in Mexico has 'good relationship' with cartels
4/7/2015Armed Robbers Steal $8.5 Million of Gold From McEwen Mexico ...
4/7/2015McEwen Mining Reports Armed Robbery at El Gallo 1 Mine
4/7/20155:06 pm McEwen Mining reports armed robbery at El Gallo 1 mi...
3/20/2015BHP Billiton Boosts Growth on Higher Yield, Runs Risks - Ana...
3/10/2015McEwen Mining 2014 Operating & Financial Results
3/9/2015McEwen reports 4Q loss
3/9/2015McEwen Mining 2014 Operating & Financial Results
3/9/2015Announcement: Mcewen Mining Q4 & Full-Year 2014 Conference C...
3/9/2015Announcement: Mcewen Mining Q4 & Full-Year 2014 Conference C...
2/24/2015BHP Billiton 1H15 Results Weak, Down Y/Y on Headwinds - Anal...
2/13/2015Rio Posts Weak 2014 Results, Falls Y/Y on Market Headwinds -...
1/15/2015McEwen Mining Reports Record Production in 2014
1/15/2015McEwen Mining Reports Record Production in 2014
1/2/2015Rob McEwen, Chairman & Chief Owner Exercises Stock Options i...
12/22/2014Rob McEwen, Chairman & Chief Owner Exercises Stock Options i...
1/20/2012and Minera Andes Shareholders Vote to Approve Business Combi...
1/14/2012Responds to Settlement Offer Regardi
12/21/2011Rob McEwen Letter to Shareholders of US Gold and Minera Ande...
11/28/2011Announces Positive Preliminary Feasibi =?ISO-8859-1?Q?lity=2...
9/23/2011and Minera Andes Enter Into Arrangement Agreement to Form Mc...
5/18/2011Exploration Continues to Deliver Growth at El Gallo & Surrou...
7/19/2010Options Listed on Chicago Board of Options Exchange
6/7/2010Annual General Meeting of Shareholders
5/25/2010El Gallo MetallurgicalResults Demonstrate Excellent Silver R...
5/18/2010El Gallo Drilling Expands Silver Mineralization 100 Meters t...
4/26/2010El Gallo Continues to Impress
4/16/2010Announces Positive Preliminary Economi =?ISO-8859-1?Q?c=20As...
4/1/2010Announces 26% Increase in Measured and Indicated Resources a...
10/14/2009Nevada Delivers Good Drill Results
9/15/2009Added to the S&P/TSX Global Gold Index & S&P/TSX Global Mini...
8/5/2009Impressive Results Continue at El Gallo in Three Areas
6/10/2009Rob McEwen Invites Investors to US Gold's =?ISO-8859-1?Q?=20...
5/31/2009in New York City
5/26/2009Announces the Closing of Over-Allotment of Common Stock
5/19/2009Announces the Closing of Its Public Offering of Common Stock
12/3/2008Luncheon Dec 17, 2008
11/21/2008Dow Jones Article: US Gold
8/25/2008Exploration News Release
8/6/2008Outlines Nevada Exploration Program
7/7/2008Mexico Exploration Update
6/24/2008Mexico Exploration Update
5/14/20082008 US Gold AGM
3/25/2008Mexico Exploration Update
11/20/2007 Ann Carpenter has stepped down as President
10/5/2007Nevada Exploration Update
7/3/2007Completes Acquisitions of Target Companies!
7/4/2007& Lexam CEO Rob McEwen Appointed to the Order of Canada; Can...
6/12/2007Open Letter to US Gold Shareholders
6/12/2007Intriguing Grab Sample: Metal Value $2,200 Per Ton(i)
6/5/2007Announces Annual General Meeting
4/13/2007Canadian Acquisition Corporation TSX Listing Approved
4/10/2007Encouraging Results; Best Grade: 0.73 Opt Over 5 Ft.
3/13/2007 Reminds Shareholders of White Knight Resources, Nevada Paci...
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NYSE (MUX)TORONTO (MUX.T)
1.00+1.01%
NYSE
US$ 1.00
07/02 16:10 0.010
1.01%
Prev close Open
0.990 1.00
Low High
0.980 1.05
Year l/h YTD var.
0.580 -  1.30 -21.26%
52 week l/h 52 week var.
0.580 -  2.08 -41.18%
Volume 1 month var.
4,227,292 1.01%
24hGold TrendPower© : 24
Produces Gold - Silver
Develops Gold - Silver
Explores for Copper - Gold - Silver
 
 
 
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2020-18.03%1.370.53
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2016175.57%4.920.96
 
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