Hess Corporation

Published : April 29th, 2015

7:32 am Hess beats by $0.09, beats on revs

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7:32 am Hess beats by $0.09, beats on revs

12:57 pm Midday Market Summary: Stocks Near Lows (:WRAPX) : The major averages trade near their lows at midday with the Nasdaq Composite (-1.0%) trading behind the S&P 500 (-0.7%).

Equity indices have spent the entire first half in the red after a lower open was ensured by a disappointing advance reading of Q1 GDP. According to this morning's report, the economy grew just 0.2% while the Briefing.com consensus expected a reading of 1.0%.

Interestingly, the report was met with just a brief rally in Treasuries that was followed by a slide to new session lows. At this juncture, the 10-yr note sits just above its low with the benchmark yield higher by six basis points at 2.06%. Meanwhile, the Dollar Index (94.87, -1.22) retreated following the data, and is now on course for its sixth consecutive decline. The Index is lower by 1.4% with the euro adding 1.7% against the greenback (1.1158).

Conversely, the dollar weakness has underpinned crude oil while today's inventory data has provided secondary support. WTI crude is currently higher by 3.7% at $59.19/bbl while the energy sector (+0.7%) is the only group trading in the green at this time.

Nine sectors display midday losses with health care (-1.2%) at the bottom of the leaderboard. The sector accelerated its decline during the past hour as biotech names fell to lows. The iShares Nasdaq Biotechnology ETF (IBB 342.68, -1.82) is lower by 0.5%.

Elsewhere, another heavily-weighted sector-technology (-1.0%)-also appears among the laggards. Large cap components fared relatively well in the early going, but that has changed with the likes of Apple (AAPL 128.92, -1.65), Intel (INTC 32.66, -0.36), and Oracle (ORCL 43.90, -0.60) down between 1.1% and 1.3%.

Also of note, the industrial sector (-0.7%) sits just behind the broader market, but that masks significant weakness among transport stocks. The Dow Jones Transportation Average is lower by 1.8% with all but two components in the red.

Economic data included advance Q1 GDP, Pending Home Sales, and MBA Mortgage Index:

  • According to the advance estimate, Q1 2015 GDP increased 0.2% after increasing 2.2% in Q4 2014 while the Briefing.com consensus expected an increase of 1.0% 
    • Even more disappointing, the downside miss on the top-line growth number masked an even worse overall trend. If not for an increase in inventories, GDP would have been negative in the first quarter. Real final sales declined 0.5% in the first quarter after increasing 2.3% in Q4 2014. That was the worst quarter since real final sales declined 1.0% in Q1 2014. 
    • Personal consumption expenditures increased 1.9% in the first quarter, down from a 4.4% increase in Q4 2014 
    • Goods spending increased a modest 0.2%, down from 4.8% in the fourth quarter o Services spending increased 2.8% after increasing 4.3% in the fourth quarter 
  • Pending home sales for March rose 1.1% while the Briefing.com consensus expected an increase of 1.2% 
  • The weekly MBA Mortgage Index fell 2.3% to follow last week's 2.3% increase 
The FOMC will release its latest policy directive at 14:00 ET.

12:55 pm Minor push off midday lows -- Dow -125 edged up 40 points, S&P -14, Nasdaq Comp -49 (:TECHX) :  

12:51 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

  • BRFS (22 +8.11%): Reported Q1 results; net operating revenue for continued ops rose 5.1% yr/yr to R$7.0 bln driven by higher avg prices.
  • HOT (86.91 +7.56%): Beat Q1 consensus EPS estimates by $0.09, beat on revs; guided Q2 EPS below consensus; guided FY15 EPS in-line; announced that its Board has determined to explore a full range of strategic and financial alternatives.
  • MDLZ (38.56 +4.77%): Beat Q1 consensus EPS estimates by $0.03, reported revs in-line; reaffirmed FY15 guidance
Large Cap Losers
  • WYNN (109.5 -16.08%): Missed Q1 consensus EPS estimates by $0.63, missed on revs; Cut dividend to $0.50 from $1.50 last quarter; Downgraded at Susquehanna.
  • HUM (168.49 -6.97%): Reported Q1 (Mar) earnings of $2.47 per share, $0.09 worse than the Capital IQ Consensus Estimate of $2.56; reaffirmed guidance for FY15, sees EPS of $8.50-8.90 vs. $8.87 Capital IQ Consensus Estimate.
  • TWTR (39.97 -5.44%): Beat Q1 consensus EPS estimates by $0.03, missed on revs, MAU in-line; guided Q2 below consensus; lowered FY15 guidance; announced DoubleClick partnership with Google, acquired TellApart; Downgraded Barclays, Axiom Capital, Janney, others.
Mid Cap Gainers
  • XPO (48.31 +13.8%): Announced it was acquiring Norbert Dentressangle SA for ~$3.53 bln; acquisition expected to more than triple XPO's EBITDA.
  • HELE (89.35 +11.9%): Reported Q4 (Feb) results, beat on revs; guided FY16 EPS below consensus, revs above consensus; Upgraded to Overweight from Neutral at Piper Jaffray.
  • FI (20.45 +8.78%): Reported Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 4.7% year/year to $277 mln vs the $266.89 mln consensus.
Mid Cap Losers
  • SSYS (41.1 -19.88%): Sees Q1 revenue, EPS below consensus; expects to report first quarter revenue in the range of $171 to $173 million, Capital IQ consensus $199.3 mln; expects EPS of $0.02-0.04 per diluted share, Capital IQ consensus $0.28; Downgraded at Dougherty & Company, Citigroup, BofA/Merrill, others.
  • BWLD (158.23 -13.86%): Reported Q1 (Mar) earnings of $1.52 per share, $0.11 worse than the Capital IQ Consensus Estimate of $1.63; revenues rose 19.8% year/year to $440.6 mln vs the $452.72 mln consensus; Price tgt lowered at Barclays and Miller Tabak.
  • X (24.06 -10.16%): Reported Q1 (Mar) loss of $0.07 per share, excluding non-recurring items, $0.30 worse than the Capital IQ Consensus Estimate of $0.23; revenues fell 26.4% year/year to $3.27 bln vs the $3.4 bln consensus.

12:32 pm Downside extension in midday trade -- Dow -153, S&P -17, Nasdaq Comp -53 (:TECHX) :  

12:12 pm Dow -109 and S&P -12.4 join Nasdaq Comp -38 at new session low (:TECHX) : Relative sector weakness in recent trade has been noted in: Retail XRT, Biotech IBB, Health XLV, Internet FDN, Semi SMH, Technology XLK.

11:54 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (87) outpacing new lows (60) (:SCANX) : Stocks that traded to 52 week highs: ALSK, AMG, AVY, BANR, BGCP, BK, BKSC, CATY, CBG, CEB, CFNL, CISG, CLGX, CMT, COL, CRI, CUBI, CYN, CYNO, CYOU, DDC, DHIL, DOVR, DOX, EBF, EEFT, ETFC, EVI, FAC, GNE, GSH, GT, HELE, HLT, HOT, HQY, HTLF, ING, INTL, IPWR, JBSS, JYNT, KALU, KMG, KTCC, LMAT, LOGM, LQ, LVLT, MA, MCGC, MSTR, NORD, NRZ, NTES, OEC, OMAM, OSHC, PKT, PNFP, QTM, RNG, SAR, SBBX, SBCF, SC, SEIC, SFG, SSB, SYKE, SYUT, TOWN, TPX, TRCB, TREE, TRQ, TSS, UBSI, USAT, USCR, VNTV, VRSK, VRX, WD, WTBA, WVVI, XPO

Stocks that traded to 52 week lows: AGNC, AHC, AIXG, AKAO, AMCF, ANIK, ASND, BAGR, BV, CALX, CBAY, CBLI, CEL, CIDM, CLDN, CPTA, DAR, DEST, DRYS, DXM, EMES, EOX, ESBK, FREE, FTK, FUEL, GLRI, GOV, HGT, HURN, ICON, IF, IKAN, LL, LPTN, LXP, MOBL, MSL, MTGE, NLY, NNVC, NVTA, OTEL, PESI, PKY, PRTS, PTNR, RYN, SAIA, SPW, SSYS, STRM, TGEN, UTIW, VIDE, VRS, VTNR, WPG, WYNN, XOMA

ETFs that traded to 52 week highs: TAO

ETFs that traded to 52 week lows: none

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

  • UK's FTSE:-1.2%
  • Germany's DAX:-3.2%
  • France's CAC:-2.6%
  • Spain's IBEX:-1.9%
  • Portugal's PSI:-1.4%
  • Italy's MIB Index:-2.3%
  • Irish Ovrl Index:-3.1%
  • Greece ASE General Index: -1.0%

11:48 am Minor new session low for Nasdaq Comp -27 -- Dow -77, S&P -9.5 holding above their morning lows (:TECHX) :  

11:32 am W.W. Grainger announces an increase in its quarterly dividend by 8% to $1.17/share from $1.08/share (GWW) :  

11:32 am New Supply on the Way (BONDX) : Treasury Auction Preview

  • $29 billion 7-year note auction (results at 13:00 ET)
    • Prior 7-year auction results:
      • High yield: 1.792%
      • Bid-to-cover: 2.32
      • Indirect bid: 50.5%
      • Direct bid: 12.3%
    • Prior 12-auction averages:
      • High yield: 2.027%
      • Bid-to-cover: 2.49
      • Indirect bid: 49.0%
      • Direct bid: 14.8%

11:21 am Misonix has entered into an exclusive three-year national supply contract with MedAssets (MDAS) (MSON) : "With MedAssets serving four out of five U.S. hospitals and approximately 123,000 non-acute healthcare providers, we are very excited to enter into this exclusive agreement for our BoneScalpel and SonicOne surgical technologies."

11:15 am RADA Electronic Industries reports FY14 EPS $0.02 vs ($0.30) last year; rev +3% to $22.5 mln (RADA) :  

11:14 am Ballard Power announces the receipt of an initial 100 unit order from Reliance Jio Infocomm (BLDP) : Co announced that it has received a purchase order from Reliance Jio Infocomm Limited for 100 ElectraGen-ME fuel cell backup power systems to be deployed in its wireless telecom network in India. Shipment of the initial 100 systems is expected to be completed in 2015.

11:13 am SPDR S&P Bank ETF extends to new session / weekly high (KBE) : Noted relative strength in BAC earlier with the KBE continuing to work higher. It has established a new session / weekly high of 34.26 in recent trade leaving it modestly below its April and March/52-wk highs at 34.33/34.35.

11:06 am New rebound highs for major averages -- Dow -26, S&P -4.4, Nasdaq Comp -13 (:TECHX) : Relative sector strength in recent action has been noted in: Energy XLE, Oil Service OIH, Crude Oil USO, Materials XLB, Silver SLV, Coal KOL, Bank KBE, Reg Bank KRE

11:03 am Perrigo confirms its rejection of the revised unsolicited offer from Mylan (MYL) to acquire all of the outstanding shares of Perrigo for $75.00 per share in cash and 2.3 Mylan ordinary shares (PRGO) : The co noted that today's announcement from Mylan (MYL) continues to propose a price lower than the previously rejected proposal. Based on Mylan's unaffected price of $55.31 per share on March 10, 2015, the last day of trading prior to widespread public speculation that Teva was considering an offer for Mylan, the value of the revised Offer is $202.20 per Perrigo share.

11:02 am U.S. Oil Fund ETF extends to new post-data session high of 20.12 (USO) : Its April high and two week range top is at 20.22 with the near four month high/range top from Feb slightly above at 20.29.

10:58 am Currency Commentary: Dollar Falls to Two Month Lows (:SUMRX) :

  • The Dollar Index tumbled to two month lows following the release of the Q1 GDP number. The first look at GDP came in at +0.2%, lower than the expected 1.0%. The number comes ahead of this afternoon's FOMC (2pm) and led to aggressive selling in the greenback. The Fed is not expected to take any action but markets are looking for any small tweaks to the statement to provide clues on the FOMC mindset. Comments on the economy and whether or not the Fed views the weak Q1 as being due to transitory issues will be of particular interest. The DXY is testing its 100 sma (94.75).
  • The euro broke above the 1.10 resistance level. The single currency is now trading at 1.1117, its best level since March 5. Inflation data in Germany came in lower than expected but is being overshadowed by the weak U.S. GDP number. 
  • The pound remains one of the strongest currencies in the market as it rips above 1.54. Sterling has rallied 6% against the dollar since hitting a 52-week low three weeks ago. Housing Prices came in a little better than expected but otherwise it was a quiet morning in the U.K.. 
  • The Swedish krona broke above its 50 sma and rallied 18 pips to 8.33 against the dollar. This marked its best valuation since March 5. The move came after the Swedish central bank surprised markets and left interest rates unchanged a -0.25%. Economists were expecting the bank to push the rate deeper into negative territory. 
  • The yen continues to hold steady and is straddling the 119 level . Yen fell to 119.35 but was able to reverse earlier losses and rally back above 119 in response to the poor U.S. GDP number. Japanese markets were closed for a holiday. The Bank of Japan will be meeting this evening but the central bank is not expected to take any further action at this time (BONDX, FOREX).

10:25 am RingCentral (+3%) breaks out to 52 week high following upside Q1 results (RNG) :  

10:10 am Universal Truckload Services reports Q1 EPS, revs in-line with prelim Q1 results (UACL) : Reports Q1 (Mar) earnings of $0.27 per share, in-line with the Capital IQ Consensus Estimate of $0.27; revenues fell 5.7% year/year to $263.56 mln vs the $263.67 mln consensus.

  • As a note, earlier this month, the company issued preliminary Q1 results below expectations. At the time the company announced it sees Q1 EPS of $0.26-0.29 vs $0.36 Capital IQ Consensus Estimate, revs of $260-266 mln vs $299.94 mln consensus
  • The company's CEO commented, "For the rest of 2015, I think these revenue trends will continue, with some upside for our value-added operations as new operations begin later this year. Although I am pleased with the incremental margin improvement reflected in our first quarter results, it is clear we need to continue our focus on capacity development and customer acquisition to achieve our goal of profitable growth.""

10:08 am Dow -84 and S&P -9 slide to new session lows -- Nasdaq Comp -20 holding slightly above its opening low (:TECHX) :  

10:07 am Bank of America edges slightly above last week's high, vacillating near its 50 sma/ema at 15.81/15.82 (BAC) : Note that its April recovery highs, which were capped by the 50 day averages, come into play modestly above at 15.94/15.95.

10:04 am Honeywell's Aerospace division announces it was selected to provide comprehensive cockpit technologies for Southwest Airlines' current fleet of Boeing 737NG, and future fleet of Boeing 737 MAX aircraft (HON) :  

9:56 am Cleveland Biolabs has entered into an agreement to sell its equity stake in Incuron for up to $4 mln (CBLI) : The co announced that it has entered into an agreement to sell its equity stake in Incuron, LLC (Incuron) to Dr. Mikhail Mogutov, Chairman of the Board of Directors of Incuron, LLC and Chairman of the Investment Committee and founder of Bioprocess Capital Ventures and/or his designee.

  • The transaction has been split into two tranches, with 75% of the Company's equity stake in Incuron being sold for approximately $3 million on April 29, 2015, and an option being given to Dr. Mogutov to purchase CBLI's remaining ownership interest in Incuron for approximately $1 million before the end of 2015. In addition, Cleveland BioLabs has assigned its remaining intellectual property for Curaxin CBL0137 to Incuron in exchange for a 2% royalty on the future commercialization, licensing or sale of the Curaxin CBL0137 technology.

9:52 am UPS pushes up toward yesterday's multi-week high and its 200 day sma at 101.77 and 101.96 -- session high 101.68 (UPS) :  

9:52 am HMS Holdings announces appointment of Gary Call, M.D. as Chief Medical Officer (HMSY) : Call most recently spent 18 years in a variety of leadership roles at Molina Healthcare

9:48 am Relative sector strength (:TECHX) : Sectors that have outperformed on the push off opening lows include: Biotech IBB, Finance XLF, Bank KBE, Reg Bank KRE, Technology XLK.

9:43 am Opening Market Summary: Stocks Slip Out of the Gate (:WRAPX) : Equity indices slumped out of the gate amid weakness in all ten sectors. The S&P 500 trades lower by 0.2% with materials (-0.6%), industrials (-0.4%), and consumer discretionary (-0.3%) pacing the opening decline.

That being said, a handful of influential sectors like financials (-0.1%), energy (-0.1%), and technology (-0.1%) have spent the early minutes near their flat lines.

Elsewhere, Treasuries have ticked up off their lows, but the 10-yr note remains firmly in the red with its yield higher by four basis points at 2.04%. Also of note, the Dollar Index (95.52, -0.58) is lower by 0.6% after setting a new session low in recent action.

The Pending Home Sales report for March will be released at 10:00 ET (consensus 1.2%).

9:41 am GoDaddy -1.2% after announcing it will exit NASCAR sponsorship at the end of the 2015 season, notes it is working to retain Danica Patrick as a spokeswoman (GDDY) : The co noted that while it is not renewing its primary sponsorship of the No. 10 NASCAR Sprint Cup Series team of Stewart-Haas Racing and driver Danica Patrick, the company is negotiating to keep Patrick as a GoDaddy spokeswoman under a personal services agreement.

9:40 am Solidly negative bias / breadth but indices attempt to stabilize shortly after open -- S&P -4.4, Nasdaq Comp -9, Dow -49 (:TECHX) :  

9:25 am Qunar appoints Chief Strategy Officer Yilu Zhao to CFO; Sam Hanhui Sun, previous CFO to President effective May 1, 2015 (QUNR) :  

9:25 am FelCor Lodging Correction: Beats FFO consensus by $0.04; raises FY15 FFO guidance (FCH) : Reports Q1 (Mar) FFO of $0.14 per share, $0.14 better than Capital IQ Consensus of $0.10; revenues fell 3.5% year/year to $213.7 mln vs the $218.35 mln consensus.

  • Co preannounced Q1 Occupancy, ADR, RevPAR.
  • Sold three non-strategic hotels for gross proceeds of $93.1 mln in the quarter and four additional non-strategic hotels are expected to be sold during 2Q15.
Co issues in-line guidance for FY15 (Dec), raises funds from operations to $0.84-0.90 from $0.80-0.88 vs. $0.85 Capital IQ Consensus Estimate; RevPAR for same-store hotels will increase 8.5 - 9.5%.

9:22 am B&G Foods priced its offering of 4.2 mln shares of its common stock at a price to the public of $30.60 per share (BGS) :  

9:20 am Perrigo: Mylan (MYL) raises its offer to acquire Perrigo to $75 per share in cash and 2.3 Mylan ordinary shares (PRGO) : Co announced it has increased its offer to acquire the shares of Perrigo. Under the terms of the increased offer, Perrigo shareholders will receive $75 in cash and 2.3 Mylan (MYL) ordinary shares for each Perrigo ordinary share.

  • Based on Mylan's closing stock price of $68.36 on April 8, 2015, the first day of market reaction to the initial proposal, the value of today's offer is $232.23 per Perrigo share, which represents a multiple of approximately 25x calendar year 2014 EBITDA. 
  • As a result of the Increased Offer, it is expected that, following the consummation of the transaction, Mylan shareholders will own approximately 60.7% of the outstanding Mylan ordinary shares on a fully diluted basis and former Perrigo shareholders will own approximately 39.3% of the outstanding Mylan ordinary shares on a fully diluted basis

9:18 am Amgen announces that the Endocrinologic and Metabolic Drugs Advisory Committee of the FDA will review data supporting the BLA for Repatha for the treatment of high cholesterol at a meeting on June 10, 2015 (AMGN) : The FDA has set a Prescription Drug User Fee Act (:PDUFA) target action date of Aug. 27, 2015, for the Repatha BLA.

9:15 am GrubHub beats by $0.01, beats on revs; guides Q2 revs in-line; raises FY15 guidance (GRUB) : Reports Q1 (Mar) earnings of $0.12 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 50.5% year/year to $88.2 mln vs the $85.54 mln consensus.

  • Active Diners were 5.60 million, a 46% year-over-year increase from 3.85 million YoY. 
  • Daily Average Grubs were 234,700, a 30% year-over-year increase from 181,200 Daily Average Grubs in the first quarter of 2014.
Co issues in-line guidance for Q2, sees Q2 revs of $83.5-85.5 mln vs. $84.01 mln Capital IQ Consensus; EBITDA $23-25 mln.

Co issues in-line guidance for FY15, raises FY15 revs to $346-361 mln from $343-358 mln vs. $353.81 mln Capital IQ Consensus; raises EBITDA to $101-109 mln from $100-108 ml

9:14 am Avalon Rare Metals has entered into an agency agreement with Secutor Capital Management Corp to offer shares for up to $5 mln in gross proceeds (AVL) : The Offering is comprised of up to 7,352,941 Units at a price of $0.34 per Unit, and up to 6,410,256 Flow-Through Shares at a price of $0.39 per Flow-Through Share. Each Unit consists of one common share and one-half of one non-transferrable common share purchase warrant. Each Warrant entitles the holder to purchase one common share of the Company at a price $0.425 per share, for a period of 18 months following the issuance of the Warrants.

9:12 am Millicom International Cellular issues statement regarding the status of its proposed merger with Telecable Costa Rica (MIICF) : Millicom has confirmed that its petition to merge with TeleCable Econmico TVE, S.A has not been sanctioned by regulators Superintendencia de Telecomunicaciones. The co is now reviewing the information provided by SUTEL including its option to appeal.

9:09 am S&P futures vs fair value: -10.20. Nasdaq futures vs fair value: -18.30. (:WRAPX) : The stock market is on track for a lower open with futures on the S&P 500 trading ten points below fair value. Index futures spent the bulk of the night near their flat lines and fell to lows following a disappointing advance reading of Q1 GDP.

According to the report, first quarter GDP grew only 0.2% while the Briefing.com consensus expected growth of 1.0%. In all likelihood, the disappointing growth will be used as an argument for the Fed to remain at the zero-bound for longer.

Interestingly, Treasuries spiked off their lows immediately following the report, but that was retraced in short order with the 10-yr note sliding to a fresh low, sending its yield higher by six basis points to 2.06%. Investors will hear from the Fed today with the latest policy statement set to be released at 14:00 ET.

On the earnings front, several consumer names like Buffalo Wild Wings (BWLD 163.20, -20.50), Kraft Foods (KRFT 85.35, -0.53), Lumber Liquidators (LL 28.20, -5.22), and Wynn Resorts (WYNN 117.57, -12.91) are on track for early losses after disappointing with their earnings/guidance.

9:05 am Integrated Silicon misses by $0.02, misses on revs (ISSI) : Reports Q2 (Mar) earnings of $0.18 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.20; revenues fell 1.0% year/year to $80.1 mln vs the $82.62 mln consensus.

  • "Revenue in Q2 reflected softer than anticipated demand across our end markets as well as reduced flash sales due to the ongoing wafer shortage. However, design activity in the quarter was strong, including a number of large DDR3 and mobile DRAM wins for automotive and industrial applications. We also secured our first design wins for RLDRAM3 memory and for our flash products in an automotive application. Additionally, analog revenue increased in the quarter compared to Q1 as we continue to gain customer traction with key new products, in particular for our higher margin business outside of China."
  • Co will not be providing financial guidance due to the pending acquisition.

9:04 am Eleven Biotherapeutics publishes clinical data on EBI-005 in the May issue of Eye and Contact Lens; results demonstrate statistically significant and clinically meaningful improvements with EBI-005 use (EBIO) : announced the publication of clinical data in the May 2015 issue of Eye and Contact Lens on EBI-005, its novel, protein therapeutic which is in late-stage clinical development for dry eye disease and allergic conjunctivitis. data demonstrate statistically significant improvements with EBI-005 in ocular itching, ocular tearing and associated nasal symptoms and confirm the clinical benefit of EBI-005 in the late phase inflammatory response.

  • In the modified direct conjunctival allergen challenge model, EBI-005--treated subjects showed clinically meaningful, statistically significant improvements in ocular itching compared with vehicle control at the final 2 efficacy time points, visit 6 and visit 7. 
  • In the allergy chamber model, the prespecified primary endpoint of ocular itching was not met. EBI-005--treated subjects utilizing the modified direct conjunctival allergen challenge model also showed statistically significant improvement compared with vehicle control in ocular tearing and nasal symptoms at visit 6 and visit 7. 
  • EBI-005 was well tolerated with no treatment related serious adverse events 
  • Based on these results, the company plans to initiate a Phase 3 clinical study in the second half of 2015 in patients with moderate to severe allergic conjunctivitis.

9:03 am Lifevantage announces that Darren Jensen has been named President and CEO effective May 18, 2015 (LFVN) : Jensen most recently served as President of the Americas and Chief Sales Officer at Jeunesse Global, a personal care and nutrition network marketing company.

9:02 am CytRx announces publication of Glioblastoma clinical case study in Journal of Nuclear Medicine & Radiation Therapy (CYTR) : Co announces that a case study, titled "Albumin-Linked Doxorubicin as Treatment for Relapsed Glioblastoma: A Case Report," has been published online in the Journal of Nuclear Medicine & Radiation Therapy (Volume 6, Issue 2). 

  • The paper reviews the case of a 54 year old male patient with recurrent left parietal lobe glioblastoma multiforme, a deadly form of brain cancer. According to both clinical and radiological assessments performed four and six weeks after aldoxorubicin therapy, the patient appeared to experience tumor progression. However, histopathological assessment of the tissue following a subsequent tumor debulking procedure showed no evidence of recurrent glioblastoma throughout the entire surgical specimen. 

9:02 am Cullen/Frost beats by $0.01 (CFR) :

  • Reports Q1 (Mar) earnings of $1.10 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.09. 
  • Net-interest income on a taxable equivalent basis for the first quarter of 2015 totaled $216.7 million, an increase of 15.4 percent, compared to $187.8 million for the same period a year ago.

9:02 am Comerica announces that Curtis C. Farmer has been named President (CMA) : In his new role, Farmer will maintain leadership responsibility for the Retail Bank and Wealth Management, and additionally will oversee the Business Bank.

9:01 am Harris announces the award of an FAA contract, with a potential value of $238 Million (HRS) : The Federal Aviation Administration (:FAA) has selected Harris Corporation (HRS) for an eight-year, single-award IDIQ contract with a potential value of $238 million to design and implement a system that will disseminate real-time, comprehensive weather pictures to all aviation users across the National Airspace System

9:00 am Hannon Armstrong Sust. Infr. priced its public offering of 4,000,000 shares of common stock at a price of $18.50 per share (HASI) :  

8:57 am Gildan Activewear announces appointment of Rhodri Harries at CFO and Chief Administrative Officer (GIL) : Prior to joining Gildan, Harries was the Chief Financial Officer of Rio Tinto Alcan, a subisidiary of Rio Tinto (RIO) since 2014

8:57 am S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -16.80. (:WRAPX) : The S&P 500 futures trade six points below fair value.

Markets in the Asia-Pacific region were mostly lower on Wednesday, led by Indonesia (-2.6%) and Australia (-1.9%). The former was pinched by foreign-led selling and weakness in bank stocks, according to reports, while the latter was reportedly hit by concerns that Australia's central bank may be done with its easing cycle. For its part, China's Shanghai Composite was down more than 1.5% in the early going after China Securities Regulatory Commission reminded retail investors about the risks associated with the market. This comes after more than four million new trading accounts were opened last week, according to China Securities Depository and Clearing Corporation.

  • In economic data: 
    • South Korea's May Manufacturing BSI Index held at 76 
    • New Zealand's April ANZ Business Confidence slowed to 30.2% from 35.8% while March Trade Balance surplus widened to NZD631 million from NZD50 million (expected NZD341 million) 
------
  • Japan's Nikkei was closed in observance of Showa Day 
  • Hong Kong's Hang Seng declined 0.2%. Most sectors finished lower with the energy sector (-1.3%) leading the way. The technology sector (+1.5%) was the best-performing area on Wednesday. Individual standouts included Hang Lung Properties (+7.8%), New World Development Co (+2.5%), and China Resources Power Holdings (+2.1%). Wharf Holdings Ltd (-5.7%), China Shenhua Energy (-2.4%), and China Mengniu Dairy (-2.3%) paced the decliners. Out of the 50 index members, 23 ended higher, 26 finished lower, and 1 was unchanged. 
  • China's Shanghai Composite overcame early losses and finished unchanged amid reports that local government debt could possibly be used as collateral by commercial banks seeking liquidity from the People's Bank of China. The news overshadowed some disappointing earnings results from Agricultural Bank of China and Bank of Communications, according to a CNBC report. 
Major European indices trade in negative territory with Germany's DAX (-1.5%) leading the pullback. Elsewhere, Greece remains in a precarious liquidity position with the European Central Bank increasing the Emergency Liquidity Assistance allowance for Greek banks by EUR1.40 billion to EUR76.90 billion.
  • In economic data: 
    • Eurozone April Business and Consumer Survey ticked down to 103.7 from 103.9 (expected 103.9). 
    • UK's April CBI Distributive Trades Survey fell to 12 from 18 (consensus 25) while April Nationwide HPI rose 1.0% month-over-month (expected 0.2%; prior 0.1%) 
    • Spain's March Retail Sales rose 2.8% year-over-year (last 2.5%) 
    • Italy's April Business Confidence rose to 104.1 from 103.7 (expected 103.7) while Consumer Confidence slipped to 108.2 from 110.7 (consensus 110.5) 
------
  • UK's FTSE is lower by 0.7% with miners showing weakness. Antofagasta, BHP Billiton, and Rio Tinto are down between 1.3% and 3.1%. Consumer names outperform with Coca-Cola, Next, and Marks & Spencer Group showing gains between 1.4% and 2.7%. 
  • France's CAC has surrendered 1.2%. Technip is the weakest performer, down 5.6%. Other growth-sensitive names also lag with ArcelorMittal and Total down 3.3% and 1.7%, respectively. On the upside, Credit Agricole has added 0.6%. 
  • Germany's DAX trades down 1.5% as more than 20 of its 30 members sit in the red. Basic materials names lag with BASF, HeidelbergCement, ThyssenKrupp, and K+S down between 1.4% and 3.0%. Financials trade in mixed fashion with Commerzbank up 0.9% and Deutsche Bank down 1.3%.

8:57 am Dynex Capital misses by $0.01, misses on revs (DX) : Reports Q1 (Mar) earnings of $0.23 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.24; revenues fell 6.4% year/year to $18.73 mln vs the $19.02 mln consensus.

8:56 am Rosetta Genomics announces that the European Patent Office has upheld the validity of the Company's European Patent No. 2126078, following the oral proceedings in the Opposition Proceeding held on April 23, 2015 in Munich, Germany (ROSG) : Since the grant of Rosetta's patent in April 2012, two opposition requests were filed by anonymous parties. Rosetta was able to overcome the grounds for revocation presented by the parties and maintain the patent on the therapeutic use of miR-34a, which has been proven to have significant effects in cancer therapy.

8:54 am Cameco misses by $0.04, misses on revs; guides FY15 revs in-line (CCJ) : Reports Q1 (Mar) earnings of CC$0.18 per share, excluding non-recurring items, CC$0.04 worse than the Capital IQ Consensus Estimate of CC$0.22; revenues rose 32.7% year/year to CC$556 mln vs the CC$577.23 mln consensus.

  • Co issues in-line guidance for FY15, sees FY15 revs growth of +5%, which equates to ~C$2.52 bln vs. C$2.53 bln Capital IQ Consensus Estimate.
Uranium market update:
  • The market in the first quarter of 2015 changed little from the last quarter of 2014. The modest level of contracting activity was comparable to the previous quarter, with no significant strength or weakness emerging. On the positive side, China started approving new reactor projects after a hiatus following the 2011 events in Japan, and four reactors under construction in China joined the grid.
  • Co's outlook for uranium revenue and for fuel services revenue has changed to an increase of up to 5% for each (previously decreases of 5% to 10%, and up to 5% respectively) due to further weakening of the Canadian dollar.
  • As a result consolidated revenue is also now expected to increase by up to 5% (previously a decrease of up to 5%). We have adjusted our outlook for the tax rate to a recovery of 45% to 50% (previously a recovery of 60% to 65%) due to a change in the distribution of earnings between jurisdictions. 
  • "We now expect capital expenditures to be $405 mln (previously $370 mln). The increase is primarily due to an increase in the cost to modify AREVA's McClean Lake mill to allow it to operate at 18 mln pounds annually, as well as the timing of expenditures on projects at McArthur River and Key Lake. See Operations Updates section for more information."

8:46 am PG&E beats by $0.18, misses on revs; guides FY15 EPS above consensus (PCG) : Reports Q1 (Mar) earnings of $0.87 per share, $0.18 better than the Capital IQ Consensus Estimate of $0.69; revenues rose 0.2% year/year to $3.9 bln vs the $3.99 bln consensus.

  • Co issues upside guidance for FY15, sees EPS of $3.50-3.70 vs. $3.51 Capital IQ Consensus Estimate.

8:45 am Sterling Construction announces an SCRWA award worth $13 mln, to expand the capacity of the water treatment facility in Gilroy, California (STRL) : Co was awarded a $13.4 million South County Regional Water Authority (:SCRWA) project to expand the capacity of the water treatment facility in Gilroy, California. The expansion will involve the three primary areas of the plant including the construction of additional pre-anoxic basins, blower and aeration improvements to the oxidation ditch systems, and construction of a third secondary clarifier and RAS pump station. The project, which will utilize a bid-build delivery method, will commence in May 2015 and take approximately one year to complete.

8:42 am European Markets Update: FTSE -0.9%, CAC -1.3%, DAX -1.5% (:SUMRX) : Major European indices trade in negative territory with Germany's DAX (-1.5%) leading the pullback. Elsewhere, Greece remains in a precarious liquidity position with the European Central Bank increasing the Emergency Liquidity Assistance allowance for Greek banks by EUR1.40 billion to EUR76.90 billion.

  • In economic data: 
    • Eurozone April Business and Consumer Survey ticked down to 103.7 from 103.9 (expected 103.9). 
    • UK's April CBI Distributive Trades Survey fell to 12 from 18 (consensus 25) while April Nationwide HPI rose 1.0% month-over-month (expected 0.2%; prior 0.1%) 
    • Spain's March Retail Sales rose 2.8% year-over-year (last 2.5%) 
    • Italy's April Business Confidence rose to 104.1 from 103.7 (expected 103.7) while Consumer Confidence slipped to 108.2 from 110.7 (consensus 110.5) 
------
  • UK's FTSE is lower by 0.9% with miners showing weakness. Antofagasta, BHP Billiton, and Rio Tinto are down between 1.3% and 3.1%. Consumer names outperform with Coca-Cola, Next, and Marks & Spencer Group showing gains between 1.4% and 2.7%. 
  • France's CAC has surrendered 1.3%. Technip is the weakest performer, down 5.6%. Other growth-sensitive names also lag with ArcelorMittal and Total down 3.3% and 1.7%, respectively. On the upside, Credit Agricole has added 0.6%. 
  • Germany's DAX trades down 1.5% as more than 20 of its 30 members sit in the red. Basic materials names lag with BASF, HeidelbergCement, ThyssenKrupp, and K+S down between 1.4% and 3.0%. Financials trade in mixed fashion with Commerzbank up 0.9% and Deutsche Bank down 1.3%.

8:41 am Alliqua priced offering of 6,593,407 shares of common stock at $4.55 per share (ALQA) :  

8:40 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: IG -26.8%, (has submitted its second abbreviated New Drug Application of 2015 with the FDA; brings total pending ANDA submissions to 24 for the company ), INAP -18.5%, SSYS -18.1%, LL -15.6%, (also CFO Daniel Terrell will leave company and DOJ indicated it is seeking criminal charges under the Lacey Act with respect to laminate flooring allegations) GPRE -11.2%, WYNN -10.8%, (also cuts dividend), BWLD -10.2%, BLDP -9.8%, NVDQ -7.8%, OTEX -7%, RES -6.3%, AKAM -5.2%, X -4.4%, SLCA -3.6%, SAVE -3.6%, PNRA -3.3%, CRUS -3.2%, ARLP -3.1%, ULTI -3%, TWTR -2.6%, (late move lower on early earnings release), BBVA -2.3%, AFL -2.2%, AUY -2%, FARO -1.9%, WDC -1.9%, LINE -1.9%, ACGL -1.7%, FUN -1.5%, SO -1.3%, CALX -1.2%, AIZ -1%, (exploring strategic alternativces for employee benefits and health business segment; Provides Q1 Outlook), GRMN -1%, BMR -0.9%, KRFT -0.8%, PSEM -0.8%, WM -0.8%

Select metals/mining stocks trading lower: MT -3.3%, BHP -2.5%, BBL -2.2%, RIO -1.6%, FCX -1.4%

Other news: ASND -9.5% (announced results from Phase 1 study of TransCon Treprostinil, stating that injection-site tolerability issues did not meet the criteria defined in the target product profile), SVU -7.5% (Stephen Feinberg (Cerberus Capital) discloses 8.0% active stake in 13D filing; filing did not mention any plans to hold discussions with management), RES -6.3% (announces a reduction in its quarterly dividend to $0.05/share from $0.105/share), MGM -4.5% (following WYNN earnings/guidance), HASI -4.3% (announces commencement of a 4 mln share, public offering of common stock), BGS -4.1% (announces its intention to offer 4.2 mln shares of its common stock ), MPEL -4.1% (following WYNN earnings/guidance), DDD -4% (following SSYS guidance), LVS -4% (following WYNN earnings/guidance), ALQA -3.9% (announces proposed public offering of common stock), XONE -3.5% (following SSYS guidance), POST -1.5% (reported information regarding an avian influenza incident at one of its Michael Foods Group segment third party contracted egg suppliers), SO -1.3% (disclosed it will record pre-tax charge to income for the estimated probable losses on the Kemper IGCC of ~$5.6 mln after tax in Q1), LEAF -1.2% (upsizes and prices 27,864,525 shares of its common stock at a public offering price of $51.50 per share)

Analyst comments: AKS -1.9% (removed from Short-Term Buy List at Deutsche Bank), DB -1.4% (downgraded to Sell at Berenberg), GLW -1.1% (downgraded to Sell from Underperform at Credit Agricole)

8:38 am Airmedia issues reponse to cautious MoxReports write-up from yesterday, believes that the allegations and accusations set forth in the article are false and inaccurate (AMCN) : The Company believes that the allegations and accusations in the article are false and inaccurate and contain numerous errors of facts, misleading speculations and malicious interpretations of events.

8:38 am Market View: Jun. index futures move to new lows now following Q1 GDP miss---> ESm5 -11.75, NQm5 -26.00, YMm5 -105 (:TECHX) :  

8:37 am Gapping up (:SCANX) : Gapping up
In reaction to disappointing earnings/guidance
: GPRO +12.2%, (also agreed to acquire Kolor), HERO +12.2%, MCGC +10.7%, SNCR +7.7%, GNW +7.6%, AMED +6.9%, AMED +6.9%, HAWK +6.1%, LOGM +5.8%, AMCC +5.8%, HELE +4%, BGFV +4%, MDLZ +3.3%, SMSI +3.2%, CLDX +3.1%, KTCC +2.7%, EEFT +2.5%, CLF +2.2%, NOC +2.1%, ICON +2.1%, TPX +2%, VRSK +1.9%, IACI +1.9%, HLT +1.9%, MA +1.9%, CCUR +1.8%, ESRX +1.7%, ANTM +1.7%, TWX +1.6%, WEX +1.6%, LFUS +1.4%, GD +1.4%, SLAB +1.3%, HES +1.3%, MTSI +1.1%, CRI +1.1%, XOOM +0.9%, ACHC +0.9%, ETN +0.9%, FCAU +0.9%, TAHO +0.7%

M&A news: XPO +13.1% (to Acquire Norbert Dentressangle),MCGC +12.2% ( to be acquired by PennantPark Floating Rate Capital (PFLT) for ~$4.75 per share),HOT +8.8% (Board has determined to explore a full range of strategic and financial alternatives to increase shareholder value, and has retained Lazard to assist in the process, also reported earnings)

Other news: UNXL +8.1% (files for $75 mln mixed securities shelf offering; also files for ~4.89 mln share offering of common stock by selling stockholders ),IHG +4.9% (in symp with HOT),ARIA +3.5% (Chariman, CEO and President Harvey Berger to retire in connection with settlement agreement with Sarissa Capital),AGIO +3.3% (announces that it plans to advance into AG-881 clinical development in collaboration with its cancer metabolism partner Celgene),MHR +2.5% (clarifies that in accordance with the recent amendment and waiver to the first lien credit facility, it is required to raise, by May 29, 2015, and not by any earlier date, $65 mln of aggregate net cash proceeds)

Analyst comments: VOD +1.7% (upgraded to Buy from Hold at Berenberg),LLY +1.7% (upgraded to Buy from Neutral at Citigroup)

8:37 am Avery Dennison beats by $0.12, beats on revs; raises FY15 EPS guidance by $0.05, in-line (AVY) : Reports Q1 (Mar) earnings of $0.81 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $0.69; revenues fell 1.4% year/year to $1.53 bln vs the $1.48 bln consensus.

  • Co raises FY15 guidance, sees EPS of $3.25-3.45, excluding non-recurring items, vs. $3.25 Capital IQ Consensus Estimate, up from $3.20-3.40.

8:33 am Franklin Resources beats by $0.12, misses on revs (BEN) : Reports Q2 (Mar) earnings of $0.98 per share, $0.12 better than the Capital IQ Consensus Estimate of $0.86; revenues fell 4.1% year/year to $2.01 bln vs the $2.06 bln consensus.

  • Total AUM were $880.6 bln at March 31, 2015, up $0.5 bln during the quarter. Market appreciation of $14.7 bln was substantially offset by a $7.7 bln decrease due to the impact of foreign exchange revaluation and $5.6 bln of net new outflows. AUM decreased $6.3 bln or 1% year over year, primarily due to a $17.4 bln decrease from foreign exchange revaluation and $6.6 bln of net new outflows, substantially offset by $22.8 bln of market appreciation.

8:31 am S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -10.70. (:WRAPX) : The S&P 500 futures trade two points above fair value.

The advance estimate of first quarter GDP pointed to an expansion of 0.2%, while the Briefing.com consensus expected a reading of 1.0%. Meanwhile, the fourth quarter GDP Deflator came in at -0.1%, while the consensus expected an increase of 0.5%.

8:31 am Market View: Jun. stock-index futures lower versus fair values but off pre-market lows following the 8:30 am ET Q1 GDP print (:TECHX) :

  • ESm5 now @ 2105.25 -6.75

  • YMm5 now @ 17995 -63

  • NQm5 now @ 4499.00 -17.00

8:20 am European Yields (BONDX) : Sovereign Yields Spike

  • The European sovereign debt screen is swamped in red today with German 10-year Bund yields up 10 basis points
  • The proximate cause may have been a lackluster auction for German 5-year Bobls, but U.S. governments were weak yesterday and eurozone growth has been improving for some time
  • Yield check:
    • France, 10-yr OAT: +11 bps to 0.53%
    • Germany, 10-yr Bund: +10 bps to 0.27%
    • Greece, 10-yr note: +19 bps to 11.02%
    • Italy, 10-yr BTP: +8 bps to 1.46%
    • Portugal, 10-yr note: +16 bps to 2.12%
    • Spain, 10-yr note:+7 bps to 1.40%
    • U.K., 10-yr Gilt: +9 bps to 1.81%

8:18 am Goodyear Tire beats by $0.10, misses on revs (GT) : Reports Q1 (Mar) earnings of $0.54 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.44; revenues fell 10.0% year/year to $4.02 bln vs the $4.09 bln consensus. 

  • Company reaffirms the following guidance: Segment Operating Income growth of between 10 percent and 15 percent per year; Annual positive Free Cash Flow from Operations and, An Adjusted Debt to EBITDAP ratio of 2.0x to 2.1x.

8:16 am Viking Therapeutics (Nasdaq: VKTX) priced its upsized 3 mln share IPO at $8.00 per share, the mid point of the expected $7.00-$9.00 range (VKTX) : The company increased its offering from initial plans to sell 2.5 mln shares

8:15 am Marathon Petroleum announces a two-for-one stock split, to take effect on June 11, 2015, and a pre-split quarterly dividend of $0.50/share (MPC) :  

8:11 am Hudson City Banc misses by $0.01; Co does not declare a dividend for Q1 (dividend last quarter was $0.04) (HCBK) : Reports Q1 (Mar) earnings of $0.01 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.02.

The Company's Board of Directors (the "Board") did not declare a dividend for the first quarter of 2015.

  • The Board made this decision after considering the level of earnings for the first quarter, the importance of paying dividends out of current earnings and the regulatory evaluation of any dividend request. The Company is required to seek regulatory approval prior to declaring a dividend.
"Net income for the quarter reflects the continued decrease in the Co's net interest margin that is the result of our elevated level of low-yielding short-term liquid assets combined with our high-cost borrowings. Over the last several quarters, we have managed our balance sheet on a dual-track strategy which includes the implementation of our strategic plan initiatives and preparing for the completion of the merger with M&T Bank Corporation."

8:11 am Iconix Brand misses by $0.14, misses on revs; reaffirms FY15 EPS guidance, revs guidance (ICON) : Reports Q1 (Mar) earnings of $0.54 per share, excluding non-recurring items, $0.14 worse than the Capital IQ Consensus Estimate of $0.68; revenues fell 17.8% year/year to $95.4 mln vs the $113.79 mln consensus.

  • Licensing revenue for 1Q15 was ~$95.4 mln, a 15% decrease as compared to ~$112.2 mln in 1Q14.
  • Other revenue was $0 in 1Q15 as compared to $4.0 mln of other revenue recorded in 1Q14
Co reaffirms guidance for FY15, sees EPS of $3.00-3.15 vs. $3.07 Capital IQ Consensus Estimate; sees FY15 revs of $490-510 mln vs. $500.50 mln Capital IQ Consensus Estimate.

8:08 am Level 3 beats by $0.01, reports revs in-line, raises FY15 Adj. EBITDA Growth & Free Cash Flow Guidance (LVLT) : Reports Q1 (Mar) earnings of $0.35 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.34; revenues rose 2.5% year/year to $2.05 bln vs the $2.06 bln consensus.

  • Free Cash Flow was positive $51 million for the first quarter 2015, compared to negative $9 million on a pro forma basis for the first quarter 2014. For the first quarter 2015, capital expenditures were $254 million.

  • Co raisesFY15 Adj. EBITDA Growth & Free Cash Flow guidance. Sees Adj. EBITDA growth of 14-17% compared to prior outlook of 12-16%. Sees free cash flow of $600-$650 million vs. prior outlook of $550-$600 million.

8:07 am Norfolk Southern reports Q1 in-line with lowered expectations (NSC) : Reports Q1 (Mar) earnings of $1.00 per share, in-line with the Capital IQ Consensus of $1.00; revenues fell 4.5% year/year to $2.57 bln vs the $2.58 bln consensus, due to lower fuel surcharge revenue in each of NS' three commodity groups, lower coal volumes and lower average revenue per unit related to the mix of business.

  • Co guided for EPS of $1.00 on rev of $2.6 bln on April 13; consensus was $1.29 and $2.68 bln at the time.
  • Total volume increased 2 percent, or about 40,000 units, reflecting gains in intermodal and merchandise traffic. 
    • General merchandise revenues were $1.5 billion, 2 percent lower than the same period last year. Volume grew by 3 percent, led by increases in chemicals and automotive shipments.
    • Coal revenues were $455 million, 16 percent lower compared with the first quarter of 2014. A weak global export market and fewer shipments of coal to utilities combined to decrease volume by 7 percent. 

8:06 am O2Micro reports EPS in-line, misses on revs (OIIM) : Reports Q1 (Mar) loss of $0.12 per share, in-line with the Capital IQ Consensus Estimate of ($0.12); revenues fell 20.6% year/year to $13.1 mln vs the $13.67 mln consensus.  Co sees Q2 revs of 10-16% QoQ vs +11.2% Capital IQ consnsus

8:05 am Mondelez Int'l beats by $0.03, reports revs in-line; reaffirms FY15 guidance (MDLZ) :

  • Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.38; revenues fell 10.2% year/year to $7.76 bln vs the $7.75 bln consensus. 
  • For 2015, the company continues to expect Organic Net Revenue growth of at least 2%, Adjusted Operating Income margin of approximately 14%, Adjusted EPS growth at a double-digit rate on a constant-currency basis, and Free Cash Flow of $1.2 billion.

8:04 am Amgen announces it will discuss data supporting the Biologics License Application for talimogene laherparepvec monotherapy, at a joint meeting with the US FDA (AMGN) : announced that the Company will discuss the data supporting the Biologics License Application for talimogene laherparepvec monotherapy for the treatment of patients with injectable regionally or distantly metastatic melanoma at today's joint meeting of the U.S. Food and Drug Administration's  Cellular, Tissue and Gene Therapies Advisory Committee and Oncologic Drugs Advisory Committee.

  •  At the meeting, Amgen will present the results of the pivotal Phase 3 OPTiM study, which showed that talimogene laherparepvec monotherapy is the first oncolytic immunotherapy to demonstrate therapeutic benefit in a Phase 3 pivotal trial for patients with metastatic melanoma.

8:04 am BGC Partners reports EPS in-line, beats on revs (BGCP) : Reports Q1 (Mar) earnings of $0.18 per share, in-line with the Capital IQ Consensus Estimate of $0.18; revenues rose 26.5% year/year to $563.9 mln vs the $555.73 mln consensus. 

  • "While the front office operations of GFI and BGC will remain separately branded, we have already begun integrating the support functions, technology, and infrastructure of these two companies. By the first quarter of 2016, we expect to reduce our expense run rate by at least $50 million a year on items including network infrastructure, telephone lines, data centers, vendors, disaster recovery, and interest expense. We anticipate producing at least $40 million in further annualized cost savings by the second anniversary of the transaction, for a total of at least $90 million in savings.[4] We also expect to increase productivity per broker and to continue converting voice and hybrid broking to higher margin fully electronic trading, all of which should lead to increased revenues and profitability."

8:04 am Level 3 beats by $0.01, reports revs in-line; Raises Adjusted EBITDA guidance (LVLT) : Reports Q1 (Mar) earnings of $0.35 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.34; revenues rose 27.6% year/year to $2.05 bln vs the $2.06 bln consensus. 

  • "We now expect full year 2015 Adjusted EBITDA growth of 14 to 17 percent, compared to our previous outlook of 12 to 16 percent. In addition, we expect to generate Free Cash Flow of $600 to $650 million for the full year 2015. This compares to our prior outlook of $550 to $600 million. "Additionally, given the capital markets activity in the second quarter, we are updating our interest expense outlook for the full year 2015, and now expect GAAP interest expense of approximately $660 million and net cash interest expense of approximately $645 million, compared to our prior outlook of $680 million and $640 million, respectively. All other outlook measures remain unchanged."

8:04 am VCA Antech reports EPS in-line, revs in-line; reaffirms FY15 EPS guidance, revs guidance (WOOF) : Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.50; revenues rose 11.1% year/year to $499.5 mln vs the $497.7 mln consensus. Co reaffirms guidance for FY15, sees EPS of $2.17-2.27, excluding non-recurring items, vs. $2.23 Capital IQ Consensus Estimate; sees FY15 revs of $2.08-2.09 bln vs. $2.10 bln Capital IQ Consensus Estimate.

  • "Our Animal Hospital business segment same-store revenue growth rate continues to accelerate, driven by an increase in both the number of orders and the average revenue per order. Our Laboratory business segment experienced 6.1% internal revenue growth resulting in a 250 basis point increase in gross profit margin. Accordingly, we are very optimistic with respect to our results for the full year."
  • "Animal Hospital revenue in the current quarter increased 11.8%, to $393.0 million, driven by acquisitions made during the past 12 months and same-store revenue growth of 5.3%....Laboratory internal revenue in the first quarter increased 6.1%, to $94.0 million."

8:04 am Celsion announces update on its clinical development plans for GEN-1; to expand GEN-1 IL-12 program in Ovarian Cancer (CLSN) : The co plans to expand its ovarian cancer development program to include a Phase 1 dose escalating trial evaluating GEN-1 in combination with Avastin and Doxil in platinum-resistant ovarian cancer patients, expected to begin in the second half of 2015. As previously reported, Celsion intends to commence a Phase 1b dose escalating trial in newly diagnosed ovarian cancer patients in the third quarter of this year. 

  • The new combination study in platinum-resistant ovarian cancer is supported by two preclinical studies demonstrating that the combination of GEN-1 with Avastin may result in significant clinical benefit with a favorable safety profile, as well as a prior Phase 1b trial of GEN-1 plus Doxil in platinum resistant ovarian cancer patients. 
  • Celsion intends to conduct additional preclinical studies to support an Investigational New Drug filing with the U.S. Food and Drug Administration for the planned Phase 1 combination study.  The study will be designed to optimize the dosing regimen for GEN-1 in combination with Avastin and is expected to enroll approximately 12 to 18 patients.  

8:04 am Exelon beats by $0.02, beats on revs (EXC) : Reports Q1 (Mar) earnings of $0.71 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.69; revenues rose 6.8% year/year to $8.64 bln vs the $7.04 bln consensus.

Earnings in the first quarter of 2015 primarily reflected the following favorable factors:

  • Lower storm costs at PECO
  • Higher revenue net of purchased power and fuel at Generation as a result of the lower costs to serve load, the Integrys acquisition, and the cancellation of the Department of Energy spent nuclear fuel disposal fees
  • Favorable weather and volume at PECO 
  • Higher distribution revenue pursuant to increased rates effective in December 2014 at BGE.

8:03 am Aerocentury: Shareholder Lee Beaumont announces ISS recommendation for his election to the board (ACY) : Lee Beaumont, one of the largest stockholders of AeroCentury (ACY) comments on the recommendation from Institutional Shareholder Service (:ISS), a proxy advisory service, that AeroCentury stockholders vote on the GOLD proxy card FOR Mr. Beaumont's election to AeroCentury's Board of Directors at the upcoming Annual Meeting on May 7. ISS also recommended that AeroCentury stockholders vote AGAINST the advisory proposal approving executive compensation. "ISS concluded that Mr. Beaumont has made a compelling case that change is warranted due to, among other things, AeroCentury's record of poor company performance and the adoption of a non-shareholder approved poison pill. ISS noted that AeroCentury's long-standing fixed fee arrangement with its management company may not effectively link executives' interests with company performance."

8:03 am Arena Pharm announces positive results from Phase 1 clinical trial of APD371, indicating results support advancement of the drug candidate to the next stage of development (ARNA) : Co announced favorable results from a Phase 1 single-ascending dose clinical trial of APD371, a highly selective and potent agonist of the cannabinoid 2 (CB2) receptor currently in development for the treatment of pain and potentially fibrotic diseases. Dose responsive exposure was observed over the explored dose range of 10-400 mg with good tolerability at all doses administered.

8:03 am Synchronoss Tech beats by $0.01, reports revs in-line (SNCR) : Reports Q1 (Mar) earnings of $0.49 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.48; revenues rose 34.9% year/year to $133.1 mln vs the $131.95 mln consensus.

  • Cloud Services revenue of $71.3 mln increases 63% year-over-year
  • Activation Services revenue of $61.8 mln increases 12% year-over-year

8:03 am BOK Financial beats by $0.04, Net interest revenue decreased 1.1% y/y to $167.7 mln (BOKF) : Reports Q1 (Mar) earnings of $1.08 per share, $0.04 better than the Capital IQ Consensus Estimate of $1.04. Net interest revenue decreased 1.1% y/y to $167.7 mln.

  • Net interest margin was 2.55 percent for the first quarter of 2015 and 2.61 percent for the fourth quarter of 2014.
  • Average loans increased by $673 million over the previous quarter due primarily to growth in commercial and commercial real estate loans.
  • Average deposits increased $551 million over the previous quarter, primarily due to an increase in interest-bearing transaction accounts.
  • No provision for credit losses was recorded in the first quarter of 2015 or fourth quarter of 2014.

8:03 am MasterCard beats by $0.09, misses on revs -- co will update guidance on the call at 9:00 (MA) : Reports Q1 (Mar) earnings of $0.89 per share, $0.09 better than the Capital IQ Consensus of $0.80; revenues rose 2.7% year/year to $2.23 bln vs the $2.28 bln consensus. 

  • An increase in cross-border volumes of 19%; 
  • A 12% increase in gross dollar volume, on a local currency basis, to $1.1 trillion; and 
  • An increase in processed transactions of 12%, to 11.0 billion. 
  • These factors were partially offset by an increase in rebates and incentives, primarily due to new and renewed agreements and increased volumes. 
  • Worldwide purchase volume during the quarter was up 12% on a local currency basis versus the first quarter of 2014, to $783 billion

8:02 am InterCloud Systems announces award of a professional services contract by a global telephone company, worth ~$ 3 mln (ICLD) : Work is expected to begin immediately with a majority of the work to take place during this calendar year

8:02 am China Cord Blood has formed a special committee of independent directors who are not affiliated with Golden Meditech to evaluate the previously announced acquisition proposal (CO) : The Special Committee intends to retain advisors, including an independent financial advisor and U.S. and Cayman Islands legal counsel, to assist it in its evaluation.

8:02 am General Steel regains compliance with the NYSE minimum share price listing requirement (GSI) : Co announced that it has regained compliance with the continued listing standard of the New York Stock Exchange relating to minimum pricing of its common stock. In a letter dated April 27, 2015, the NYSE notified the co that the closing price, as well as average stock price of its common stock for the 30 trading days ended April 24, 2015, which was the last day of the six-month cure period from receipt of the previous non-compliance of the minimum share price notification on October 24, 2014, was at or above the NYSE's minimum pricing standard of $1.00. Accordingly, co has successfully regained compliance with the NYSE minimum pricing standard.

8:02 am Endurance Specialty announces the expiration of HSR waiting period and requisite non-objection by the Bermuda Monetary Authority with respect to acquiring Montpelier Re Holdings (MRH) (ENH) : Co expects to complete the acquisition early in the third quarter of 2015

8:01 am NuVasive announces agreement in principle with the DOJ, related to its subpeona by the OIG in 2013; company agrees to pay $13.8 mln (NUVA) : Co announced that it has reached an agreement in principle with the U.S. Department of Justice  related to the previously disclosed subpoena issued to the Company in 2013 by the Office of Inspector General of the Department of Health and Human Services.

  • Subject to completion of a definitive written settlement agreement, the Company has agreed to pay $13.8 million, including fees, to the United States to resolve this matter. The Company does not currently anticipate entering into a corporate integrity agreement with the OIG as part of the settlement. 
  • Finalizing the written settlement agreement could take several months

7:57 am S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -3.90. (:WRAPX) : U.S. equity futures trade slightly lower amid cautious action overseas. The S&P 500 futures hover within a point of fair value.

Meanwhile, the Dollar Index (95.99, -0.10) holds a slim loss, and is now on track for its sixth consecutive decline. The modest weakness has not stopped crude oil from retreating 0.5% to $56.80/bbl.

Treasuries sit near their lows with the 10-yr yield higher by three basis points at 2.03%.

The weekly MBA Mortgage Index fell 2.3% to follow last week's 2.3% increase.

The advance reading of Q1 GDP will be reported at 8:30 ET (Briefing.com consensus 1.0%); the Pending Home Sales report for March will cross at 10:00 ET (consensus 1.2%); and the latest policy directive from the FOMC will be released at 14:00 ET.

In U.S. corporate news of note:

  • Buffalo Wild Wings (BWLD 165.00, -18.70): -10.2% following disappointing results. 
  • Cliffs Natural Resources (CLF 6.16, +0.29): +4.9% after beating earnings and revenue expectations. 
  • General Dynamics (GD 135.50, +2.02): +1.5% after beating on both metrics. 
  • GoPro (GPRO 52.60, +5.58): +11.9% in reaction to better than expected results. 
  • Kraft Foods (KRFT 83.76, -2.12): -2.5% after reporting a bottom-line beat on below-consensus revenue. 
  • Lumber Liquidators (LL 27.40, -6.02): -18.0% after missing estimates and announcing the departure of its CFO. 
  • Western Digital (WDC 95.25, -2.65): -2.7% after missing earnings and revenue estimates. 
  • Wynn Resorts (WYNN 115.75, -14.73): -11.1% after reporting below-consensus results and cutting its dividend to $0.50/share from $1.50. 
  • U.S. Steel (X 25.25, -1.53): -5.7% after missing on both metrics. 
Reviewing overnight developments:
  • Asian markets ended mostly lower. Hong Kong's Hang Seng -0.2%, China's Shanghai Composite settled flat, and Japan's Nikkei was closed for Showa Day. 
    • In economic data: 
      • South Korea's May Manufacturing BSI Index held at 76 
      • New Zealand's April ANZ Business Confidence slowed to 30.2% from 35.8% while March Trade Balance surplus widened to NZD631 million from NZD50 million (expected NZD341 million) 
    • In news: 
      • China's Shanghai Composite was down more than 1.5% in the early going after China Securities Regulatory Commission reminded retail investors about the risks associated with the market. This comes after more than four million new trading accounts were opened last week, according to China Securities Depository and Clearing Corporation.
  • Major European indices trade in negative territory. UK's FTSE -0.3%, Germany's DAX -0.5%, and France's CAC -0.7%. Elsewhere, Spain's IBEX -0.5% and Italy's MIB -0.7% 
    • In economic data: 
      • Eurozone April Business and Consumer Survey ticked down to 103.7 from 103.9 (expected 103.9). 
      • UK's April CBI Distributive Trades Survey fell to 12 from 18 (consensus 25) while April Nationwide HPI rose 1.0% month-over-month (expected 0.2%; prior 0.1%)
      • Spain's March Retail Sales rose 2.8% year-over-year (last 2.5%) 
      • Italy's April Business Confidence rose to 104.1 from 103.7 (expected 103.7) while Consumer Confidence slipped to 108.2 from 110.7 (consensus 110.5) 
    • Among news of note: 
      • Greece remains in a precarious liquidity position with the European Central Bank increasing the Emergency Liquidity Assistance allowance for Greek banks by EUR1.40 billion to EUR76.90 billion.

7:56 am Cedar Fair misses by $0.20, beats on revs; the company anticipates record-setting performance in 2015. Co has new target of hitting Adj. EBITDA of at least $500 mln by 2018 (FUN) : Reports Q1 (Mar) loss of $1.50 per share, $0.20 worse than the Capital IQ Consensus Estimate of ($1.30); revenues rose 15.6% year/year to $46.8 mln vs the $42 mln consensus.

  • Strong revenue trends were driven by the continued solid performance of Knott's Berry Farm, the co's only year-round park, and strong opening weekends at Carowinds, Kings Dominion and Great America.
  • In the quarter, the co generated record attendance, along with increases in all revenue categories, including admissions, food and beverage, merchandise and games, and accommodations. 
  • "We expect our focus on these growth drivers will enable us to reach our new target Adjusted EBITDA of at least $500 million by 2018, which implies an average growth rate of 4% over the next four years and is consistent with our original FUNforward growth rates," Ouimet concluded. "Our sustainable and growing distribution remains a top priority as we strive to maximize value for our unitholders in both the near and long term."

7:52 am Omnicare beats by $0.01, beats on revs; reaffirms FY15 EPS guidance, revs guidance (OCR) : Reports Q1 (Mar) adjusted cash earnings of $1.02 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $1.01; revenues rose 5.7% year/year to $1.66 bln vs the $1.64 bln consensus. Co reaffirms guidance for FY15, sees adjusted cash EPS of $4.08-4.16, excluding non-recurring items, vs. $4.15 Capital IQ Consensus Estimate; sees FY15 revs of $6.50-6.70 bln vs. $6.68 bln Capital IQ Consensus Estimate.

7:44 am NextEra Energy Partners misses by $0.16, revs fall short (NEP) : Reports Q1 (Mar) earnings of $0.08 per share, $0.16 worse than the Capital IQ Consensus Estimate of $0.24; revenues rose 25.4% year/year to $74 mln vs the $88.3 mln consensus.

Outlook:

  • For the full year 2015, NextEra Energy Partners expects to grow its portfolio through additional asset acquisitions to generate adjusted EBITDA of $400-440 million and CAFD of $100-120 million.
  • NextEra Energy Partners expects these results to support a distribution level at an annualized rate of at least $1.13 per unit, which corresponds to the upper tier of the IDR fee splits, by the end of 2015 or possibly slightly earlier. After 2015, the partnership expects 12-15% per year growth in limited-partner distributions for at least the next five years.

7:38 am Treasuries Lower (BONDX) : Selling Resumes After European Open

  • The Treasury complex fell further overnight, extending losses after bond yields made a fresh 1-month high yesterday afternoon. Today is a big day for data with the first official estimate of Q1 GDP released at 08:30 ET and the FOMC rate decision and statement at 2:00 ET
  • Yield check:
    • 2-yr: +1 bp to 0.57%
    • 5-yr: +3 bps to 1.41%
    • 10-yr: +4 bps to 2.02%
    • 30-yr: +5 bps to 2.72%
  • International News:
    • The United Kingdom's Nationwide House price index rose a better-than-expected 5.2% y/y in April versus a 5.1% rise in April
      • The U.K. auctioned 10-year Gilts at a yield of 1.88%
    • Italy auctioned 10-year BTP's at a yield of 1.40%
    • Germany held a 3.274 billion euro 5-year Bobl auction that was met with weak demand
      • The German 10-year Bund yield is up over 7 basis points to 0.24%
    • Doubleline Capital's Jeffrey Gundlach has been making headlines talking about shorting negative-yielding German debt with leverage. Bill Gross made similar remarks earlier this month
    • According to the European Commission, business and industrial sentiment fell short of expectations, declining to 103.7 in April from 103.9 in March
  • Data Out Today:
    • MBA Mortgage Index for the week ending 4/25: Actual -2.3%, Prior +2.3%
    • Q1 GDP-Advanced Estimate (08:30 ET)
    • Q1 Chain Deflator-Adv (08:30 ET)
    • March Pending Home Sales (10:00 ET)
    • Crude Inventories for the week ending 4/25 (10:30 ET)
    • April FOMC Rate Decision (14:00 ET)
  • New Supply:
    • $29 billion 7-year note auction (results at 13:00 ET)

7:36 am NextEra Energy beats by $0.14; reaffirms FY15 EPS guidance; reaffirms FY16 EPS guidance (NEE) :

  • Reports Q1 (Mar) earnings of $1.41 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus Estimate of $1.27. 
  • Co reaffirms guidance for FY15, sees EPS of $5.40-5.70 vs. $5.64 Capital IQ Consensus Estimate. 
  • Co reaffirms guidance for FY16, sees EPS of $5.75-6.25 vs. $6.06 Capital IQ Consensus Estimate.

7:35 am Meritor beats by $0.07, misses on revs; guides FY15 EPS in-line, revs in-line (MTOR) : Reports Q2 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.31; revenues fell 9.4% year/year to $864 mln vs the $928.64 mln consensus. Co issues in-line guidance for FY15, sees EPS of $1.30-1.40 (Prior $1.20-1.30), excluding non-recurring items, vs. $1.32 Capital IQ Consensus Estimate; sees FY15 revs of $3.50-3.55 bln vs. $3.67 bln Capital IQ Consensus Estimate; Reiterates expects Free Cash Flow of $100 mln.

7:34 am WEX beats by $0.11, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY15 EPS in-line, revs in-line (WEX) : Reports Q1 (Mar) earnings of $1.10 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus Estimate of $0.99; revenues rose 11.1% year/year to $202.3 mln vs the $198.82 mln consensus.

  • Average number of vehicles serviced worldwide was ~9.3 mln, an increase of 19% from the 1Q14. 
  • Total fuel transactions processed increased 6% from 1Q14 to 98.1 mln. Payment processing transactions increased 12% to 81.9 mln. 
  • Average expenditure per payment processing transaction decreased 24% from 1Q14 to $65.23. 
  • U.S. retail fuel price decreased 29% to $2.57 per gallon from $3.64 per gallon in the 1Q14. 
  • Total corporate card purchase volume grew 37% to $5.0 bln, from $3.7 bln for the 1Q14.
Co issues downside guidance for Q2, sees EPS of $1.18-1.26, excluding non-recurring items, vs. $1.34 Capital IQ Consensus Estimate; sees Q2 revs of $211-220 mln vs. $221.56 mln Capital IQ Consensus Estimate.
Co issues in-line guidance for FY15, sees EPS of $4.92-5.22, excluding non-recurring items, vs. $5.05 Capital IQ Consensus Estimate; sees FY15 revs of $867-897 vs. $875.03 mln Capital IQ Consensus Estimate.

7:34 am Waste Mgmt reports EPS in-line, misses on revs; reaffirms FY15 EPS guidance (WM) : Reports Q1 (Mar) earnings of $0.49 per share, in-line with the Capital IQ Consensus Estimate of $0.49; revenues fell 10.5% year/year to $3.04 bln vs the $3.18 bln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $2.48-2.55 vs. $2.51 Capital IQ Consensus Estimate. 
  • The annual impact from the recycling business is now anticipated to be closer to $0.10 per diluted share. We will continue to work to improve our recycling contracts and to implement additional operational improvements. Despite the increased recycling headwind, we still anticipate adjusted earnings per diluted share to be within the guidance range.

7:34 am General Dynamics beats by $0.20, beats on revs (GD) : Reports Q1 (Mar) earnings of $2.14 per share, $0.20 better than the Capital IQ Consensus Estimate of $1.94; revenues rose 7.1% year/year to $7.78 bln vs the $7.43 bln consensus. 

  • Company-wide operating margins for Q1 were 13.2%, a 120 basis points improvement YoY.
  • Funded backlog at the end of first-quarter 2015 grew to $56 billion, and total backlog was $70.5 billion. In addition to total backlog, estimated potential contract value, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (:IDIQ) contracts and unexercised options, was $25.6 billion. Total potential contract value, the sum of all backlog components, was $96.1 billion at the end of the quarter.

7:34 am Southern misses by $0.02, misses on revs (SO) : Reports Q1 (Mar) earnings of $0.56 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.58; revenues fell 9.9% year/year to $4.18 bln vs the $4.52 bln consensus.

7:33 am Silgan Holdings misses by $0.01, misses on revs; guides Q2 EPS below consensus; lowers FY15 EPS in-line (SLGN) : Reports Q1 (Mar) earnings of $0.54 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.55; revenues fell 4.6% year/year to $816.6 mln vs the $841.81 mln consensus.

  • Co issues downside guidance for Q2, sees EPS of $0.65-0.75 vs. $0.76 Capital IQ Consensus Estimate.
  • Co lowers FY15 EPS guidance, which is a result of a stronger U.S. dollar and the impact of the purchase of fewer shares than expected in the tender offer and which excludes rationalization charges, to $3.10-3.30 vs. $3.28 Capital IQ Consensus Estimate, from $3.20-3.40.

7:32 am Brunswick misses by $0.02, misses on revs; guides FY15 EPS in-line (BC) :

  • Reports Q1 (Mar) earnings of $0.59 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.61; revenues rose 10.1% year/year to $985.7 mln vs the $998.8 mln consensus. 
  • Co issues in-line guidance for FY15, sees EPS of $2.75-2.85 vs. $2.84 Capital IQ Consensus Estimate. 
  • "We continue to target 2015 to be another year of strong earnings growth with outstanding cash flow generation. Our plan reflects 6 percent to 8 percent sales growth, which includes benefits from the success of our new products and the continuation of solid growth in the U.S., partially offset by the negative impact of a stronger U.S. dollar and weakness in certain international markets. Our guidance assumes that no additional acquisitions will be made in 2015. Our earnings growth will be more heavily weighted to the second-half of the year. For the full-year, we continue to anticipate a slight improvement in gross margin levels and solid gains in operating margins. While we plan to continue to benefit from volume leverage and modest positive product mix factors, our sales and earnings growth will be negatively affected by foreign exchange headwinds, both from a translation as well as competitive risk basis..."

7:32 am Spirit Aerosystems beats by $0.08, beats on revs; reaffirms FY15 EPS guidance, revs guidance (SPR) : Reports Q1 (Mar) earnings of $1.00 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.92; revenues rose 0.8% year/year to $1.74 bln vs the $1.67 bln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $3.60-3.80 vs. $3.67 Capital IQ Consensus Estimate; sees FY15 revs of $5.6-6.7 bln vs. $6.73 bln Capital IQ Consensus Estimate.

7:32 am Hess beats by $0.09, beats on revs (HES) : Reports Q1 (Mar) loss of $0.98 per share, $0.09 better than the Capital IQ Consensus Estimate of ($1.07); revenues fell 40.2% year/year to $1.55 bln vs the $1.48 bln consensus. 

  • Oil and gas production increased to 361,000 barrels of oil equivalent per day (boepd) compared to 318,000 boepd in the first quarter of 2014. Oil and gas production in the Bakken increased to 108,000 boepd, up from 63,000 boepd in the year-ago quarter. Initial cost reduction efforts will reduce full year 2015 capital and exploratory spend by $300 million to $4.4 billion, and reduce cash operating costs by $250 million, or $2 per barrel.

7:32 am Saia reports EPS in-line, misses on revs (SAIA) : Reports Q1 (Mar) earnings of $0.49 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.49; revenues fell 2.2% year/year to $293.02 mln vs the $311.99 mln consensus.

7:31 am Meritor announces that Ivor Evans has been named Executive Chairman of the Board, with Jeff Craig succeeding him as CEO (MTOR) : Co announced that Ivor  Evans, Chairman of the Board of Directors and Chief Executive Officer, has been appointed to the role of Executive Chairman. Jeffrey Craig, President and Chief Operating Officer, succeeds Evans as Chief Executive Officer and will remain President. Craig has also been appointed to the Board of Directors, effective immediately.

7:31 am Rollins beats by $0.01, reports revs in-line (ROL) : Reports Q1 (Mar) earnings of $0.14 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 5.8% year/year to $331 mln vs the $329.91 mln consensus.

7:31 am Fifth Street Senior Floating Rate funds initial $86.6 mln portfolio in its FSFR Glick Joint Venture (FSFR) : The co announced that FSFR Glick JV LLC, a joint venture between FSFR and entities controlled by members of the Glick Family, has initially invested $86.6 million of its anticipated investment capacity of approximately $300 million in a diversified portfolio of senior secured loans. The joint venture should be accretive to FSFR's earnings and expands its investment capacity to originate and underwrite middle market loans. FSFR believes that funding this initial portfolio of assets should generate a low-teens return on its investment, which is higher than the return on FSFR's current portfolio. FSFR expects to continue funding FSFR Glick JV to its target size of $300 million over the next few quarters. 

7:31 am MeadWestvaco reports EPS in-line, misses on revs (MWV) : Reports Q1 (Mar) earnings of $0.27 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.27; revenues fell 3.0% year/year to $1.28 bln vs the $1.31 bln consensus.

  • Pending merger with RockTenn on track to close in the second quarter
  • Specialty Chemicals spinoff to shareholders on track to occur this year

7:30 am Biogen and AbbVie (ABBV) announce that the US FDA has accepted the companies' Biologics License Application for review, requesting marketing approval for ZINBRYTA to treat relapsing MS (BIIB) :  

7:30 am ContraFect has commenced screening of healthy volunteers in its Phase 1 clinical trial of CF-301 (CFRX) : CF-301 is being developed to be used in combination with standard of care antibiotics for the treatment of Staph bloodstream infections, including infective endocarditis, caused by drug-sensitive and drug-resistant Staph aureus.

7:24 am Iberdrola SA reports Q1 Funds from operations were 6.6% higher at 1,658.5 mln, exceeding investments which came to 593 mln across all businesses; Revenues rose 5.5% to 8,780.7 million (IBDRY.PK) :

  • These results were made possible by growth in international businesses, which increased their contribution to EBITDA by 14.5%, and to strong operating performance during the period.
  • Gross margin rose 6.8% to 3,613.7 million, with a 21.6% rise in renewables and one of 17.3% in networks. EBITDA was 8.8% higher at 2,136.3 million, driven by international business and exchange rate effects. Of the total, 70% came from regulated businesses. By business area, networks and renewables stood out with EBITDA rises of 24.1% and 24.7% respectively, offsetting an 11.4% decline in generation and supply.

7:22 am RPC misses by $0.07, misses on revs; cuts quarterly dividend 52% to $0.05 (RES) : Reports Q1 (Mar) earnings of $0.04 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.11; revenues fell 19.0% year/year to $406.3 mln vs the $468.33 mln consensus. 

  • Revenues decreased compared to the prior year due to lower activity levels and pricing in our major service lines. 
  • Declines in pricing for our services have accompanied declining activity levels, commensurate with the oversupply of equipment and service capacity in the current operating environment.
  • Co cuts quarterly dividend to $0.05 from $0.105.

7:16 am RPC announces a reduction in its quarterly dividend to $0.05/share from $0.105/share (RES) : Co states: "This reduced dividend strengthens our capital structure and enhances our ability to maintain a conservative balance sheet."

7:12 am Silicon Labs beats by $0.08, beats on revs; guides Q2 EPS in-line, revs in-line (SLAB) : Reports Q1 (Mar) earnings of $0.54 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.46; revenues rose 12.4% year/year to $163.7 mln vs the $159.16 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $0.50-0.56, excluding non-recurring items, vs. $0.53 Capital IQ Consensus Estimate; sees Q2 revs of $164-169 mln, and anticipates another record in its IoT products, vs. $167.14 mln Capital IQ Consensus Estimate.

7:11 am Frank's International beats by $0.03, beats on revs (FI) : Reports Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 4.7% year/year to $277 mln vs the $266.89 mln consensus.

7:11 am Genesis Energy, L.P. misses by $0.15, misses on revs (GEL) : Reports Q1 (Mar) earnings of $0.21 per share, $0.15 worse than the Capital IQ Consensus Estimate of $0.36; revenues fell 48.3% year/year to $526.9 mln vs the $990.26 mln consensus. 

  • "Our first quarter results were achieved in spite of the challenges we previously discussed in our fourth quarter conference call. These challenges, including mandatory drydockings on two of our ocean going barges, fewer days relative to the prior quarter and the effects of the increase."

7:11 am Amedisys beats by $0.10, reports revs in-line (AMED) : Reports Q1 (Mar) earnings from continuing operations of $0.30 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.20; revenues rose 1.0% year/year to $301.57 mln vs the $300.2 mln consensus.

7:09 am Ametek reports EPS in-line, misses on revs; reaffirms FY15 EPS guidance (AME) : Reports Q1 (Mar) earnings of $0.63 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.63; revenues rose 0.9% year/year to $984.05 mln vs the $1030.66 mln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $2.58-2.63 vs. $2.60 Capital IQ Consensus Estimate.

7:08 am KBR beats by $0.13, beats on revs; reaffirms FY15 EPS guidance (KBR) : Reports Q1 (Mar) earnings of $0.30 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.17. Co reaffirms guidance for FY15, sees EPS of $1.07-1.22 vs. $1.04 Capital IQ Consensus Estimate.

Co reaffirms 2016 targets set forth at its analyst day.

7:08 am Hercules Offshore beats by $0.05, beats on revs (HERO) : Reports Q1 (Mar) loss of $0.35 per share, $0.05 better than the Capital IQ Consensus Estimate of ($0.40); revenues fell 52.2% year/year to $122.6 mln vs the $111.97 mln consensus

  • Revenue generated from Domestic Offshore for the first quarter 2015 decreased 63% to $52.9 mln from $143.3 mln in the first quarter 2014, driven by lower utilization and dayrates on a reduced marketed rig fleet.
    • Operating days during the first quarter 2015 declined to 533 days with utilization of 60.1% as we exited the quarter with 9 marketed rigs, compared to 1,344 days on 18 marketed rigs at 83.0% utilization during the first quarter 2014. Average revenue per rig per day decreased to $99,203 in the first quarter 2015 from $106,596 in the comparable 2014 period.
  • International Offshore revenue declined to $51.6 mln in the first quarter 2015, from $80.9 mln in the first quarter 2014, driven largely by reduced utilization and partially offset by slightly higher dayrates.
    • Utilization decreased to 47.9% in the first quarter 2015 from 88.1% in the first quarter 2014, largely due to scheduled downtime for equipment recertification on the Hercules 262, as well as idle time on the Hercules Triumph, Hercules Resilience and Hercules 260. Average revenue per rig per day increased to $149,704 in the first quarter 2015 from $136,030 in the first quarter of 2014, driven in part by a demobilization fee of $4.5 mln received for the Hercules 208 following its contract conclusion, as well as higher dayrates on the Hercules 261 and Hercules 262 as these rigs rolled to new contracts. 

7:07 am Time Warner beats by $0.10, beats on revs; reaffirms FY15 EPS guidance (TWX) : Reports Q1 (Mar) earnings of $1.19 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $1.09; revenues rose 4.8% year/year to $7.13 bln vs the $6.99 bln consensus, due to growth across all divisions. Adjusted Operating Income grew 12% to $1.8 billion due to growth at Turner, offset in part by declines at Warner Bros. and Home Box Office.

Co reaffirms guidance for FY15, sees EPS of $4.60-4.70, excluding non-recurring items, vs. $4.65 Capital IQ Consensus Estimate.

  • "HBO once again grew domestic subscribers in the quarter while continuing to gain acclaim for groundbreaking programming such as the recent documentaries Going Clear: Scientology and the Prison of Belief and The Jinx: The Life and Deaths of Robert Durst. The return of Game of Thrones reached a new premiere high, while also providing the backdrop for the highly-anticipated launch of HBO NOW, our standalone streaming version of HBO -- which is off to a great start. Reflecting our strong commitment to provide direct returns to shareholders, we returned more than $1.4 billion in dividends and share repurchases year-to-date."

7:06 am Starwood Hotels beats by $0.09, beats on revs; guides Q2 EPS below consensus; guides FY15 EPS in-line (HOT) : Reports Q1 (Mar) earnings of $0.65 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.56; revenues fell 2.9% year/year to $1.42 bln vs the $1.38 bln consensus. Worldwide Systemwide REVPAR for Same-Store Hotels increased 5.2% in constant dollars (1.9% in actual dollars) compared to 2014. Systemwide REVPAR for Same-Store Hotels in North America increased 6.8% in constant dollars (5.8% in actual dollars).

  • Co issues downside guidance for Q2, sees EPS of $0.70-0.74 vs. $0.79 Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY15, sees EPS of $2.94-3.04 vs. $2.95 Capital IQ Consensus Estimate. FY15 Guidance: REVPAR increases at Same-Store Systemwide Hotels Worldwide of 5% to 7% in constant dollars (approximately 450 basis points lower in actual dollars at current exchange rates).
 

7:06 am ACCO Brands beats by $0.01, misses on revs; reaffirms FY15 EPS guidance (ACCO) : Reports Q1 (Mar) loss of $0.05 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.06); revenues fell 12.0% year/year to $290 mln vs the $296.5 mln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $0.70-0.74 vs. $0.72 Capital IQ Consensus Estimate.

7:06 am Northrop Grumman beats by $0.14, beats on revs; guides FY15 EPS in-line, revs in-line (NOC) : Reports Q1 (Mar) earnings of $2.41 per share, $0.14 better than the Capital IQ Consensus Estimate of $2.27; revenues rose 1.9% year/year to $5.96 bln vs the $5.77 bln consensus.

  • Co issues in-line guidance for FY15, sees EPS of $9.40-9.60 vs. $9.47 Capital IQ Consensus Estimate; sees FY15 revs of $23.4-23.8 bln vs. $23.66 bln Capital IQ Consensus Estimate.

7:04 am Intl Paper beats by $0.04, misses on revs (IP) : Reports Q1 (Mar) earnings of $0.84 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.80; revenues fell 3.6% year/year to $5.52 bln vs the $5.82 bln consensus.

  • "Our North American Packaging businesses, as well as our Ilim joint venture, performed very well. Looking ahead, we will continue to focus on long term value creation by generating strong free cash flow, making sound strategic investments and returning cash to shareholders."

7:04 am DHI Group reports EPS in-line, misses on revs; guides Q2 & FY15 below consensus (DHX) : Reports Q1 (Mar) earnings of $0.09 per share, in-line with the Capital IQ Consensus Estimate of $0.09; revenues rose 5.1% year/year to $63.8 mln vs the $64.52 mln consensus.

  • Co issues downside guidance for Q2, sees EPS of $0.09-0.10 vs. $0.14 Capital IQ Consensus Estimate; sees Q2 revs of $64-65.5 mln vs. $67.81 mln Capital IQ Consensus Estimate. 
  • Co issues downside guidance for FY15, sees EPS of $0.56-0.50 vs. $0.53 Capital IQ Consensus Estimate; sees FY15 revs of $263-271 mln vs. $272.04 mln Capital IQ Consensus Estimate.

7:04 am Asian Markets Close: Japan's Nikkei closed for holiday; Hong Kong's Hang Seng -0.2%; China's Shanghai Composite unch (:SUMRX) : Markets in the Asia-Pacific region were mostly lower on Wednesday, led by Indonesia (-2.6%) and Australia (-1.9%). The former was pinched by foreign-led selling and weakness in bank stocks, according to reports, while the latter was reportedly hit by concerns that Australia's central bank may be done with its easing cycle. China's Shanghai Composite had a roller-coaster session and ended the day flat.

Economic data

  • South Korea
    • May Manufacturing BSI Index 76 (prior 76)
  • New Zealand
    • April ANZ Business Confidence 30.2% (prior 35.8%)
    • March Trade Balance NZD 631 mln (expected NZD 341 mln; prior NZD 50 mln)
      • Exports NZD 4.93 bln (expected NZD 4.40 bln; prior NZD 3.92 bln)
      • Imports NZD 4.30 bln (expected NZD 4.06 bln; prior NZD 3.87 bln) 
Equity Markets
  • Japan's Nikkei was closed in observance of Showa Day
  • Hong Kong's Hang Seng declined 0.2%. Most sectors finished lower with the energy sector (-1.3%) leading the way. The technology sector (+1.5%) was the best-performing area on Wednesday. Individual standouts included Hang Lung Properties (+7.8%), New World Development Co (+2.5%), and China Resources Power Holdings (+2.1%). Wharf Holdings Ltd (-5.7%), China Shenhua Energy (-2.4%), and China Mengniu Dairy (-2.3%) paced the decliners. Out of the 50 index members, 23 ended higher, 26 finished lower, and 1 was unchanged.
  • China's Shanghai Composite overcame early losses and finished unchanged amid reports that local government debt could possibly be used as collateral by commercial banks seeking liquidity from the People's Bank of China. The news overshadowed some disappointing earnings results from Agricultural Bank of China and Bank of Communications, according to a CNBC report.
  • India's Sensex declined 0.6% and finished near its low for the day. The weakest link was the communications sector (-3.3%) followed by the energy (-1.2%) and basic materials (-1.0%) sectors. Bharti Airtel (-3.3%), ITC Ltd (-2.8%), and Sesa Sterlite (-2.3%) were the worst-performing issues. Axis Bank (+3.2%), GAIL India (+2.2%), and Wipro (+1.8%) led individual gainers.
  • Australia's S&P/ASX 200 declined 1.9% in a broad-based retreat that was led by the health care (-2.6%), financial (-2.3%), and information technology (-2.2%) sectors. Reportedly, a stronger Australian Dollar and thoughts that the RBA's easing cycle may have run its course weighed on sentiment.
  • Regional advancers: None
  • Regional decliners: Taiwan -1.0%, South Korea -0.2%, Singapore -0.2%, Malaysia -0.7%, Thailand -0.6%, Indonesia -2.6%, Philippines -0.8%, Vietnam -0.6%
FX
  • USD/CNY -0.1% at 6.2002
  • USD/INR +0.4% at 63.326
  • USD/JPY +0.5% at 119.33

7:04 am Garmin misses by $0.02, misses on revs; reaffirms FY15 EPS guidance, revs guidance (GRMN) : Reports Q1 (Mar) earnings of $0.55 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.57; revenues rose 0.3% year/year to $585 mln vs the $606.17 mln consensus, with fitness, outdoor, aviation and marine delivering 63% of total revenue and collectively growing 9% over the year ago quarter The relative strength of the US Dollar compared to other major currencies negatively impacted revenue by ~$38 million, or 7%, in the first quarter of 2015.

Co reaffirms guidance for FY15, sees EPS of ~$3.10, excluding non-recurring items, vs. $3.10 Capital IQ Consensus Estimate; sees FY15 revs of ~$2.9 bln vs. $2.88 bln Capital IQ Consensus Estimate.

7:04 am Thomson Reuters misses by $0.01, reports revs in-line; Reaffirms 2015 outlook (TRI) : Reports Q1 (Mar) earnings of $0.44 per share (Includes $0.06 negative FX impact), $0.01 worse than the Capital IQ Consensus Estimate of $0.45; revenues fell 2.7% year/year to $3.04 bln vs the $3.03 bln consensus. 

For 2015 the company continues to expect: 

  • Positive organic revenue growth; 
  • Adjusted EBITDA margin to range between 27.5% and 28.5%; 
  • Underlying operating profit margin to range between 18.5% and 19.5%; 
  • Free cash flow to range between $1.550 billion and $1.750 billion in 2015.

7:03 am PowerSecure announces awards of $35 mln in new distributed generation business (POWR) : Award total includes: An ~$20 million energy storage project that supports a microgrid and enables a customer to integrate solar and other generation sources with PowerSecure's control solutions. ~$10 million in new data center projects, including new electrical infrastructure work for a previously announced data center customer planning to add 200 MW of new capacity in the next several years, and expanded business with another existing data center customer. ~$5 million in new DG business for hospital customers.

7:02 am Wi-LAN beats by $0.01, misses on revs (WILN) : Reports Q1 (Mar) earnings of $0.06 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.05; revenues fell 21.4% year/year to $20.4 mln vs the $25.62 mln consensus. 

  • For the second quarter 2015 ending June 30, 2015, the Company expects revenue to be at least $18.3 million, vs. $27.8 mln consensus. This revenue guidance does not include the potential impact of any additional reports yet to be received, new agreements that may be signed during the balance of the second quarter of 2015 or the potential impact of any royalties identified in audits conducted by the Company. This guidance is provided prior to the completion of the first month of this fiscal quarter and as such, a number of reports that normally are submitted at or shortly after the month end have yet to be received by the Company. Operating expenses for the second quarter are expected to be in the range of $11.7 million to $12.9 million of which $3.8 million to $4.8 million is expected to be litigation expense. For the second quarter of 2015, and assuming no additional agreements are signed, adjusted earnings are expected to be in the range of $5.5 million to $6.7 million.

7:02 am CollabRx announces that it had received notice from Nasdaq that the proposed transaction with Medytox Solutions (MMMS) when completed would constitute a business combination that results in a change of control (CLRX) : Accordingly, the post-transaction entity would be required to successfully complete the Nasdaq listing application process and satisfy all criteria for initial listing on Nasdaq.

7:02 am Sprague Resources increases quarterly distribution to $0.4725/unit from $0.4575/unit (SRLP) :  

7:01 am Agios Pharma vannounces that it plans to advance into AG-881 clinical development in collaboration with its cancer metabolism partner Celgene (CELG) (AGIO) : The companies have entered into a new joint worldwide development and profit share collaboration for AG-881 and plan to initiate clinical development of AG-881 in the second quarter of 2015. AG-881 will be the third IDH mutant inhibitor discovered by Agios to enter clinical development.

  •  Under the terms of the new AG-881 collaboration, Agios will receive an initial payment of $10 million in the second quarter of 2015 and is eligible to receive regulatory milestone payments of up to $70 million. 
  • Agios and Celgene (CELG) will jointly collaborate on the worldwide development program for AG-881, sharing development costs 50/50 worldwide. 
  • The two companies have agreed to share any worldwide profits 50/50, with Celgene booking worldwide commercial sales. Agios would lead commercialization in the U.S. with both companies sharing equally in field-based commercial activities, and Celgene would lead commercialization ex-U.S. with Agios providing one third of field-based commercial activities in the major E.U. markets

7:01 am Starwood Hotels announces that its Board has determined to explore a full range of strategic and financial alternatives to increase shareholder value, and has retained Lazard to assist in the process (HOT) : The Company does not intend to make any further public comment regarding the review until it has been completed.

7:01 am ICF International announces it was awarded a 12 month contract extension with the U.S. Department of State, worth up to $19.4 mln (ICFI) : ICF will continue to support CA/CST under the Enterprise Strategy and Management task order. Support services cover eight program areas, including IT governance and planning, enterprise architecture, process improvement, knowledge management, portfolio management, program control and reporting, budgeting and procurement oversight and program management training.

7:00 am Penn Natl Gaming announces entrance into an agreement to acquire the Tropicana Las Vegas Casino Hotel Resort from its shareholders for $360 mln (PENN) : Penn National intends to fund the acquisition through an expansion of its existing credit facilities and cash on hand and the transaction is expected to be completed by year-end 2015

7:00 am MCG Capital to be acquired by PennantPark Floating Rate Capital (PFLT) for ~$4.75 per share, or ~$175 mln (MCGC) : Under the terms of the transaction, MCGC stockholders will receive $4.521 in PFLT shares for each MCGC share, resulting in approximately 11.8 million PFLT shares expected to be issued in exchange for the approximately 36.9 million MCGC shares expected to be outstanding at closing. Additionally, each MCGC shareholder will receive $0.226 per share in cash from PennantPark Investment Advisers, LLC. To the extent PFLT's 10-day volume-weighted average price is less than PFLT's NAV, the Adviser will pay up to an additional $0.25 per PFLT share issued in this transaction.

  • Following the transaction, PFLT stockholders are expected to own approximately 56% of the combined company and MCGC stockholders will own approximately 44%.
  • PFLT expects, over time, to deploy most of MCGC's cash into an investment portfolio consistent with that of PFLT's existing loan portfolio. The combined company is expected to have an equity base of approximately $376 million.

6:53 am Carlyle reports Q1 (Mar) results (CG) : Reports Q1 (Mar) earnings of $0.54 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.70. Financial results for the first quarter were negatively impacted by an adverse court judgment in a previously disclosed French tax court proceeding relating to a transaction that Carlyle Europe Real Estate Partners I (CEREP I) exited between 2007 and 2009. The judgment, which included taxes, interest and penalties of 105 million, or $112 million, negatively impacted pre-tax U.S. GAAP income and Economic Net Income by $34 million (or $0.11 ENI per unit after tax) since the judgment exceeded a previously recorded loss reserve. The ruling negatively impacted Distributable Earnings by $80 million (or $0.24 DE per unit after tax) as we realized the amount by which the French tax liability exceeds the $32 million of cash available in CEREP I. Co is appealing the judgment and if we prevail, any refund would be reflected in quarterly results at that time.

6:50 am Linn Energy misses by $0.85 (LINE) : Reports Q1 (Mar) loss of $1.03 per share, $0.85 worse than the Capital IQ Consensus Estimate of ($0.18). 

  • Grew average daily production by two percent to approximately 1,201 MMcfe/d for the first quarter 2015, compared to the estimated year-end 2014 exit rate of approximately 1,180 MMcfe/d, while decreasing the budget for total oil and natural gas capital expenditures by approximately 65 percent for 2015 compared to 2014.

6:48 am SPX Corp misses by $0.03, misses on revs; lowers FY15 revs below consensus; spin off of Flor Business on track (SPW) : Reports Q1 (Mar) earnings of $0.05 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.08; revenues fell 12.1% year/year to $946.9 mln vs the $984.2 mln consensus.

Co issues downside guidance for FY15, lowers FY15 revs to -6 to -10% (from -5 to -1%) to ~$4.25-4.44 bln vs. $4.51 bln Capital IQ Consensus Estimate; organic to -4%.

  • Spin-Off of Flow Business On Track and Expected to be Completed in Q3 2015

6:46 am Spirit Airlines reports EPS in-line, revs in-line (SAVE) : Reports Q1 (Mar) earnings of $0.96 per share, in-line with the Capital IQ Consensus Estimate of $0.96; revenues rose 12.7% year/year to $493.4 mln vs the $495.49 mln consensus. 

  • Total revenue per available seat mile ("RASM") for the first quarter 2015 decreased 9.9% compared to the first quarter 2014 on a capacity increase of 25.0%. The RASM decrease was primarily driven by a 7.8% decrease in average yield due to the ramp up of our growth in new and mature markets, overall fare compression in many of our markets, and increased capacity from other carriers in the Dallas markets.

6:40 am Eaton beats by $0.03, misses on revs; guides Q2 EPS below consensus; lowers FY15 EPS mostly on FX, in-line (ETN) : Reports Q1 (Mar) earnings of $1.01 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.98; revenues fell 4.9% year/year to $5.22 bln vs the $5.29 bln consensus.

  • "Our 5 percent sales decline in the first quarter consisted of 1 percent organic growth offset by negative 6 percent from currency translation."
Co issues downside guidance for Q2, sees EPS of $1.10-1.20, excluding non-recurring items, vs. $1.20 Capital IQ Consensus.

Co issues in-line guidance for FY15, lowers EPS to $4.65-4.95, excluding non-recurring items, from $4.75-5.05 vs. $4.82 Capital IQ Consensus.

6:40 am CBIZ beats by $0.02, misses on revs; reaffirms FY15 guidance (CBZ) : Reports Q1 (Mar) earnings of $0.40 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.38; revenues rose 4.5% year/year to $213.9 mln vs the $219.73 mln consensus. Same-unit revenue increased by $4.6 million, or 2.2%, for the first quarter of 2015, compared with the same period a year ago.

  • Co reaffirms guidance for FY15, sees EPS of $0.68-0.70 vs. $0.66 Capital IQ Consensus Estimate. Continues to project total revenue growth in a 5% to 7% range for the full year 2015, in line with consensus expectation for +6%.

6:39 am CGI Group misses by $0.02, misses on revs (GIB) : Reports Q2 (Mar) earnings of CAD $0.78 per share, CAD $0.02 worse than the Capital IQ Consensus Estimate of CAD $0.80; revenues fell 3.8% year/year to CAD $2.6 bln vs the CC$2.65 bln consensus. 

  • Co reproted Bookings of $2.3 billion & Backlog of $20.0 billion, up $524 million.

6:36 am Littelfuse beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line (LFUS) : Reports Q1 (Mar) earnings of $1.08 per share, $0.03 better than the Capital IQ Consensus Estimate of $1.05; revenues rose 1.6% year/year to $210.3 mln vs the $207.61 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $1.20-1.30 vs. $1.29 Capital IQ Consensus Estimate; sees Q2 revs of $221-231 mln vs. $222.89 mln Capital IQ Consensus Estimate. 
  • "Three months ago, when the euro-dollar rate was 1.13, we stated that we believed we could achieve earnings of $5.00 per share or more in 2015," said Phil Franklin, chief financial officer. "Our business fundamentals have not changed since then, and so far execution has been good; however, currencies (particularly the euro) have moved further against us. Our current view is that at a euro-dollar rate of 1.13, $5.00 per share or more would still be achievable, but each 1% move in the euro has a full-year earnings impact of approximately $.024 per share."

6:35 am Cenovus Energy misses by $0.04 (CVE) : Reports Q1 (Mar) operating loss of $0.11 per share, $0.04 worse than the Capital IQ Consensus Estimate of ($0.07). 

  • Combined oil sands production averaged more than 144,000 barrels per day (bbls/d) net in the first quarter, up 20% from the same period in 2014. Total oil production was more than 218,000 bbls/d, 11% higher than in 2014.

6:33 am CB Richard Ellis beats by $0.06, misses on revs; reaffirms FY15 EPS guidance (CBG) : Reports Q1 (Mar) earnings of $0.32 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 10.3% year/year to $2.05 bln vs the $2.08 bln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $1.90-1.95 vs. $1.95 Capital IQ Consensus Estimate. 
  • "We are pleased with our strong start to 2015. However, it is important to bear in mind that the first quarter comprises a relatively small portion of our annual revenue and earnings, and as such, may not be an effective barometer of full-year performance," Mr. Sulentic said. "There is good underlying momentum in our business and the advantages we enjoy as the global market leader are becoming more pronounced as we continue to invest in our people, platform and service offering. Increasingly, investors and occupiers are gravitating to CBRE due to our ability to deliver high-quality, globally integrated solutions that leverage the industry's top talent to create real competitive advantages for our clients around the world."

6:32 am Valeant Pharma beats by $0.02, beats on revs; guides Q2 in-line; raises FY15 guidance to include Salix; CFO to step down (VRX) : Reports Q1 (Mar) earnings of $2.36 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $2.34; revenues rose 16.2% year/year to $2.19 bln vs the $2.16 bln consensus.

  • Excluding negative impact of foreign exchange and last year's divestiture of the aesthetics injectable business, revenue increased 27% over the prior year. Same Store Sales Organic Growth was 15%
Co issues in-line guidance for Q2, sees EPS of $2.40-2.50, excluding non-recurring items, vs. $2.43 Capital IQ Consensus Estimate; sees Q2 revs of $2.45-2.55 bln vs. $2.56 bln Capital IQ Consensus Estimate.

Co issues guidance for FY15, raises EPS to $10.90-11.20, excluding non-recurring items, from $10.10-10.40 vs. $10.75 Capital IQ Consensus; raises FY15 revs to $10.4-10.6 bln from $9.2-9.3 bln vs. $10.37 bln Capital IQ Consensus. 
  • Expect Salix Revenue of ~$1.0 billion in 2015; reflects implementation of wholesaler inventory reduction program; plan to reduce Salix wholesaler inventory levels to ~1.5 months by year-end. 
  • Expect Same Store Sales Organic Growth of >10% for the second through fourth quarters of 2015. 
  • Salix and Dendreon integrations largely complete Salix to exceed $530 million in synergies and will achieve $500 million run rate synergies by the end of Q2 
  • Dendreon, profitable in Q1, to exceed $130 million in synergies and achieve 90% run rate by year-end 
  • Valeant currently in labeling discussions with the FDA regarding IBS-D indication for Xifaxan, ahead of the May 28, 2015 PDUFA date
Howard B. Schiller has advised the Company of his decision to step down as Chief Financial Officer once a successor is appointed. In order to facilitate a smooth transition, Mr. Schiller will remain in his current position as the search for his replacement proceeds; he will remain on the Board.

6:32 am United Micro beats by $0.04, reports revs in-line (UMC) : Reports Q1 (Mar) earnings of $0.32 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.28; revenues rose 18.8% year/year to $37.65 bln vs the $37.73 bln consensus.

  • Foundry revenue from advanced nodes: 9% from 28nm, 24% from 40nm
  • Foundry capacity utilization rate: 93% During 1Q15, wafer shipments increased 3.5% sequentially, which led to foundry revenue of NT$36.00 billion. 
Quarter-over-Quarter Guidance:
  • Foundry Segment Wafer Shipments: To remain flat
  • Foundry Segment ASP in US$: To remain flat
  • Foundry Segment Profitability: Gross profit margin will be in the mid-20 percentage range
  • Foundry Segment Capacity Utilization: Approximately 90%
  • 2015 CAPEX for Foundry Segment: $1.8bn
  • Guidance to New Business Segment: Revenue to be approximately NT$1.75bn and operating loss to be ~NT$280mn

6:31 am Carter Holdings beats by $0.23, beats on revs; guides Q2 EPS in-line; reaffirms FY15 EPS guidance, revs guidance (CRI) : Reports Q1 (Mar) earnings of $0.97 per share, $0.23 better than the Capital IQ Consensus Estimate of $0.74; revenues rose 5.1% year/year to $684.8 mln vs the $673.76 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $0.61 vs. $0.67 Capital IQ Consensus Estimate. Sees net sales up approximately 6%, in line with consensus expectations. The adjusted earnings per share forecast excludes anticipated expenses of approximately $2 million related to the amortization of acquired tradenames, approximately $0.5 million related to the revaluation of the Bonnie Togs contingent consideration, and other items the Company believes to be non-representative of underlying business performance.
  • Co reaffirms guidance for FY15, sees EPS of $4.32-4.48 vs. $4.47 Capital IQ Consensus Estimate; sees FY15 revs +5% to roughly $3.04 bln vs. $3.05 bln Capital IQ Consensus Estimate.

6:30 am Oncolytics Biotech announces it has received Orphan Drug Status for Reolysin, from the European Medicines Agency to treat pancreatic cancer (ONCY) :  

6:28 am Hilton Hotels reports EPS in-line, beats on revs; guides Q2 EPS in-line; slightly raises bottom end of FY15 EPS in ilne (HLT) : Reports Q1 (Mar) earnings of $0.12 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.12; revenues rose 10.0% year/year to $2.6 bln vs the $2.48 bln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $0.21-0.23, excluding non-recurring items, vs. $0.23 Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY15, raises bottom end of EPS to $0.79-0.83 from $0.78-0.83, excluding non-recurring items, vs. $0.82 Capital IQ Consensus Estimate. 
  • Adjusted EBITDA for the first quarter increased 18 percent from the same period in 2014 to $599 million and Adjusted EBITDA margin increased 320 basis points. 
  • System-wide comparable RevPAR increased 6.6 percent for the first quarter on a currency neutral basis from the same period in 2014.

6:28 am Euronet beats by $0.02, misses on revs; guides Q2 EPS above consensus (EEFT) : Reports Q1 (Mar) earnings of $0.56 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.54; revenues rose 11.9% year/year to $395.2 mln vs the $403.75 mln consensus. Co issues upside guidance for Q2, sees EPS of ~$0.70 vs. $0.68 Capital IQ Consensus Estimate.

6:23 am Quintiles Transnational beats by $0.01, reports revs in-line; reaffirms FY15 EPS guidance, lowers FX-adj. rev growth; adds to buyback; refinances debt (Q) : Reports Q1 (Mar) earnings of $0.72 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.71; service revs rose 2.5% year/year to $1.03 bln vs the $1.04 bln consensus.

Co reaffirms guidance for FY15, sees EPS of $3.02-3.13, excluding non-recurring items, vs. $3.09 Capital IQ Consensus Estimate. The Company is updating its full year 2015 constant currency service revenue growth guidance to a range of 7.0% to 8.0% (from +7.5-9.0%).

  • On April 28, 2015 the Company's Board of Directors increased the Company's share repurchase authorization by $300 million for repurchase of the Company's outstanding common stock. The total authorization available for share repurchases is ~$360 million. 
  • Co is proposing, subject to market and other conditions, to enter into $1.75 billion of new senior secured credit facilities consisting of a $500 million revolving credit facility and $1.25 billion of term loans, and to issue $800 million aggregate principal amount of unsecured debt. The Company intends to use the net proceeds of the offering of the unsecured debt, together with the new term loans, to refinance its existing credit facilities, as well as for general corporate purposes, including corporate transactions and equity repurchases.

6:23 am Avianca Holdings reports March traffic (AVH) : In March, the subsidiary companies of Avianca Holdings S.A. transported 2,269,381 passengers, up 7.4% compared to March 2014. Capacity, measured in ASKs (available seat kilometers), increased 6.8%, while passenger traffic, measured in RPKs (revenue passenger kilometers), increased 7.4%. The load factor for the month was 77.0%.

6:19 am EverBank Financial beats by $0.02 (EVER) : Reports Q1 (Mar) earnings of $0.31 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.29. 

  • Net interest margin increased to 3.09% for the first quarter of 2015 from 3.00% in the fourth quarter of 2014. 
  • Total originations of $3.1 billion, an increase of 2% compared to the prior quarter and 52% year over year.

6:18 am Praxair misses by $0.01, misses on revs; guides Q2 EPS in-line; lowers FY15 guidance (PX) : Reports Q1 (Mar) earnings of $1.43 per share, $0.01 worse than the Capital IQ Consensus of $1.44; revenues fell 8.9% year/year to $2.76 bln vs the $2.96 bln consensus, due to the impact of negative currency translation of 8% and lower cost pass-through of 2%.

  • Organic sales growth of 1% was driven by higher price. Overall volumes were comparable to the prior-year quarter as volume growth in North America and Asia was offset by lower volumes in South America. Europe volumes remained stable.
Co issues downside guidance for Q2, sees EPS of $1.40-1.48 vs. $1.56 Capital IQ Consensus; EPS guidance assumes a negative currency translation impact of ~11% year-over-year and 2%.

Co issues downside guidance for FY15, lowers EPS to $5.90-6.15 from $6.15-6.50 vs. $6.26 Capital IQ Consensus; lowers FY15 revs to $11.4-11.7 bln from $12.0-12.4 bln vs. $12.15 bln Capital IQ Consensus Estimate. This sales guidance assumes a negative currency impact of ~10%  sequentially.

6:17 am Ballard Power misses by $0.02, misses on revs (BLDP) : Reports Q1 (Mar) earnings of $0.05 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.07; revenues fell 33.6% year/year to $9.3 mln vs the $15.22 mln consensus.

  • Total revenue of $9.3 million, a decrease of 34% due to an expected decline in Technology Solutions. 
  • Gross margin of 11%, a decrease due to the absence of high margin licensing revenue as well as higher unabsorbed overhead and related costs from significantly lower Telecom Backup Power shipments.

6:17 am Ariad Pharm: Chariman, CEO and President Harvey Berger to retire in connection with settlement agreement with Sarissa Capital (ARIA) : On April 28, 2015, Sarissa Capital Management and Aria entered into an agreement to settle the proxy contest in respect of the 2015 annual meeting of stockholders

  • In connection with the Settlement Agreement, Harvey J. Berger has decided to retire as Chairman, CEO and President of the Issuer effective upon a successor CEO being appointed by the co's board of directors but in no event later than December 31, 2015.  The Board has formed a CEO search committee chaired by Alex Denner of Sarissa Capital to promptly find a successor CEO.
  • In addition, under the terms of the Settlement Agreement, the Board has appointed Anna Protopapas to fill a current vacancy on the Board and Sarissa will withdraw their proposed slate of director nominees, which included Ms. Protopapas, for election at the 2015 Annual Meeting.  Sarissa has also agreed to vote all of their Shares in favor of the Board's nominees at the 2015 Annual Meeting.

6:16 am Education Realty Trust beats by $0.03, beats on revs; reaffirms FY15 FFO guidance (EDR) : Reports Q1 (Mar) core funds from operations of $0.50 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 17.6% year/year to $64.1 mln vs the $58.19 mln consensus.

  • Co reaffirms guidance for FY15, sees FFO of $1.74-1.82 vs. $1.79 Capital IQ Consensus Estimate. 
  • Same-community NOI increased 5.8% for the quarter on a 6.8% increase in revenue and an 8.4% increase in operating expenses.

6:15 am Aegion reports EPS in-line, beats on revs (AEGN) : Reports Q1 (Mar) earnings of $0.13 per share, in-line with the Capital IQ Consensus Estimate of $0.13; revenues rose 1.0% year/year to $309.2 mln vs the $298.63 mln consensus.

  • 2015 Outlook: Infrastructure Solutions
    Supporting the favorable outlook for Infrastructure Solutions is backlog of $354.2 million at March 31, 2015, a 6.7% increase over March 31, 2014. Excluding the restructured cured-in-place pipe contracting markets in Europe and Asia, backlog increased by $33.1 million to $346.3 million at March 31, 2015, a 10.6% increase from March 31, 2014. Contract backlog in North America was a record for backlog in the first quarter and provides the foundation for strong performance in the second quarter and the second half of 2015.

6:13 am On The Wires (:WIRES) :

  • Enphase Energy (ENPH) has been selected by Pretty Green Energy, a Wakefield-based company that installs solar PV systems, solar thermal, and other renewable energy solutions, to be its sole supplier for solar energy systems in the residential and commercial solar photovoltaic market.
  • Mirth, a subsidiary of Quality Systems (QSII), announced that Health First Network, an Independent Physicians Association, has selected Mirth Care Enterprise as a critical component of their healthcare information technology strategy.
  • AkzoNobel (AKZOY) has signed an extension to its agreement with McLaren Automotive which will see the company continue to provide high-performance coatings, working as a technical partner.
  • Adobe (ADBE) and Microsoft (MSFT) announced a strategic partnership that will redefine how enterprises manage their marketing, sales and services to better engage with customers across all touch points. Adobe also announced it has acquired the Tumri advertising technology (also known as Ensemble) from Collective; terms were not disclosed
  • Nobilis Health (HLTH) announced that it has entered into a 'Strategic Alliance Agreement' with Renew Spinal Care, LLC, a healthcare facility management and marketing firm with a specialty in procedures under workers compensation plans and letters of protection. This relationship permits Renew to perform its procedures in Nobilis Health Facilities, as well as to share research, development, and technology. Additionally, as Renew expands its geographic footprint, Nobilis has right of first refusal to become the exclusive health facility for Renew's procedures in each new market.
  • MobileIron (MOBL) announced the publication of a white paper about how IT organizations can secure Microsoft Office 365 using the MobileIron platform

6:13 am Humana misses by $0.09; reaffirms FY15 EPS guidance (HUM) : Reports Q1 (Mar) earnings of $2.47 per share, $0.09 worse than the Capital IQ Consensus Estimate of $2.56.

  • Co reaffirms guidance for FY15, sees EPS of $8.50-8.90 vs. $8.87 Capital IQ Consensus Estimate. 
  • 2015 individual Medicare Advantage membership growth estimate reaffirmed at 300,000 to 350,000, up approximately 13 percent versus 2014.

6:10 am Lumber Liquidators misses by $0.44, rev in-line with preannouncement; April comps -7.2%; CFO Terrell to leave; appoints Gregory Whirley interim CFO; amends credit facilty (LL) : Reports Q1 (Mar) loss of $0.29 per share, $0.44 worse than the Capital IQ Consensus Estimate of $0.15; revenues rose 5.6% year/year to $260 mln.

  • Co preannounced Q1 sales $260 mln with comps -1.8% and March comps -17.8% on April 2.
  • Thus far in the second quarter of 2015, net sales through April 27, 2015 decreased 1.9%, resulting in a two-year compound annual growth rate of 1.3% in comparison to the same period in 2013. Net sales at comparable stores decreased 7.2% as a result of a 5.9% decrease in the number of customers invoiced and a 1.3% decrease in the average sale. 
    • April gross margin is currently expected to range from 31.0% to 32.0%. Gross margin in April 2014 was 38.7% and gross margin for the second quarter of 2014 was 40.4%. Gross margin in April 2015 continues to be adversely impacted by certain planned changes in the marketing of the Company's value proposition, changes in the sales mix of flooring and greater promotional pricing to drive customer traffic. 
  • Daniel E. Terrell's role as the Company's Chief Financial Officer will terminate effective June 1, 2015. In connection with Mr. Terrell's departure, the Company has appointed Gregory A. Whirley, Jr. as Senior Vice President, Finance and he will serve as interim Chief Financial Officer beginning on June 1, 2015. 
  • The Company also announced it has entered into an agreement with Bank of America, N.A. for a senior secured $100 million asset-based revolving credit facility, which amends and restates the Company's existing $50 million revolving credit facility.

6:06 am Anthem beats by $0.45, misses on revs; guides FY15 EPS above consensus (ANTM) : Reports Q1 (Mar) earnings of $3.14 per share, excluding non-recurring items, $0.45 better than the Capital IQ Consensus Estimate of $2.69; revenues rose 6.8% year/year to $18.85 bln vs the $19.28 bln consensus.

  • Co issues upside guidance for FY15, sees EPS of more than $9.90, excluding non-recurring items, vs. $9.85 Capital IQ Consensus Estimate. Medical membership is now expected to be in the range of 38,200,000 -- 38,400,000. Fully insured membership is expected to be in the range of 14,750,000 -- 14,850,000 and self-funded membership is now expected to be in the range of 23,450,000 -- 23,550,000.
  • Medical membership is now expected to be in the range of 38,200,000 -- 38,400,000. Fully insured membership is expected to be in the range of 14,750,000 -- 14,850,000 and self-funded membership is now expected to be in the range of 23,450,000 -- 23,550,000. The benefit expense ratio was 80.2 percent in the first quarter of 2015, a decrease of 250 basis points from 82.7 percent in the prior year quarter. 

6:03 am Medtronic announces presentation analysis regarding its Endurant AAA Stent Graft System; system delivered strong results in Abdominal Aortic Aneurysms (MDT) : Prof. Hence Verhagen, chief of vascular surgery at Erasmus Medical Center in Rotterdam, the Netherlands, presented an analysis of these results today at the Charing Cross International Symposium. His presentation focused on the influence of neck length on patient outcomes through four years of follow up.

  • Verhagen's analysis included a total of 1,237 patients from the ENGAGE registry -- 137 with a short neck, defined as 8-15 mm in length, and 1,100 patients with a standard neck of 15 mm or greater. 
  • Delivery and deployment was successful in 99.4 percent of the patients with a standard neck and in 100 percent of the patients with a short neck. The rate of uncorrected Type 1 endoleak rate was 1.3 percent for patients with a standard neck and 0 percent for patients with a short neck. 
  • At follow- up, there were no significant differences between the two groups in terms of Type 1 endoleaks and more specifically Type 1a endoleaks. 
  • Through four years, the two groups showed similar results in terms of secondary endovascular procedures, ruptures or conversions to open repair

6:02 am Valeant Pharma announces that Howard B. Schiller has advised of his decision to step down as CFO once a successor is appointed (VRX) : In order to facilitate a smooth transition, Mr. Schiller will remain in his current position as the search for his replacement proceeds. With the support of Valeant's Board of Directors, Mr. Schiller will remain on the Valeant Board and, with the Board's continued recommendation, intends to stand for re-election as a director at the annual shareholder meeting in May. The Company also announced today that Anne C. Whitaker, former President and Chief Executive Officer of Synta Pharmaceuticals, will join Valeant's Executive Management Team as Executive Vice President and Company Group Chairman.

6:01 am DuPont: Trian sends further letter to shareholders highlighting ISS's recommendation to vote the Gold proxy card for Trian Nominees Nelson Peltz and John H. Myers (DD) :  

6:01 am Lumber Liquidators announces that CFO Daniel Terrell will leave company effective June 1, 2015; Gregory Whirley named Interim CFO (LL) :  

5:59 am Brasil Foods S.A. announces that its Board approved the company's share buyback program (BRFS) : The Share Buyback Program will provide the acquisition of up to 16,600,000 common shares, all book-entry shares and without face value, corresponding to 2.03% of the Company's share capital, excluding shares held by the administrators and treasury shares. The term of the Share Buyback Program will be of 90 days from April 29, 2015, until July 28, 2015, and the Executive Board will be responsible to set the dates on which the buyback will be effectively executed.

5:52 am S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: -0.40. :

5:52 am European Markets : FTSE...7033.22...+2.30...+0.00%.  DAX...11818.95...+7.30...+0.10%.

5:52 am Asian Markets : Nikkei...Holiday.........  Hang Seng...28400.34...-42.40...-0.20%.

5:43 am ABB Ltd misses by $0.04, beats on revs (ABB) : Reports Q1 (Mar) operational earnings of $0.31 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.35; revenues fell 9.7% year/year to $8.55 bln vs the $8.34 bln consensus. 

  • Total orders received in the quarter were up 15 percent on a like-for-like basis (flat in US dollars). The appreciation of the US dollar in Q1 2015 versus the prior year period resulted in a negative translation impact on reported orders of 13 percent; divestitures had an impact of 2 percent. 
  • Outlook: In the short term, macroeconomic and geopolitical developments are signaling a mixed picture with increased uncertainty. Some macroeconomic signs in the US remain positive and growth in China is expected to continue, although at a slower pace than in 2014. At the same time, the market remains impacted by modest growth in Europe and geopolitical tensions in various parts of the world.

5:37 am AstraZeneca announces that the FDA has accepted a supplemental new drug application and granted Priority Review for BRILINTA tablets for patients with a history of heart attack (AZN) : The sNDA is based on the results of the PEGASUS-TIMI 54 study, a large-scale outcomes trial in more than 21,000 patients that investigated ticagrelor tablets plus low dose aspirin, compared to placebo plus low dose aspirin, for the chronic secondary prevention of atherothrombotic events in patients who had experienced a heart attack one to three years prior to study enrolment. The Prescription Drug User Fee Act goal date will be in the third quarter of 2015.

4:41 am On The Wires (:WIRES) :

  • Dialog Semiconductor plc (DLGNF) announced that its DA9210 IC will deliver precision power management to the MediaTek processor in HTC's latest smartphones, the HTC One M9+ and HTC One E9+
  • ARRIS Group (ARRS) announced that it will offer Akamai Technologies' (AKAM) Aura Licensed Content Delivery Network as part of its end-to-end IP video portfolio.
  • Accenture (ACN) has been selected by Statnett, Norway's transmission system operator, to develop, maintain and operate a central data hub designed to simplify the country's electricity market by improving cost and process efficiency, as well as transparency of customer data.

3:50 am On The Wires (:WIRES) :

  • California Water Service, the largest subsidiary of California Water Service Group (CWT), filed its Schedule 14.1 with the California Public Utilities Commission. Cal Water's Schedule 14.1 provides for household and business water budgets and associated enforcement measures to reduce water use in its districts.
  • Foresight Energy LP (FELP) announced that air readings have remained stabilized near ambient or normal historical levels for the past thirteen days, at its Deer Run Mine. Company personnel are working with federal and state officials on a reentry plan. As previously reported, elevated carbon monoxide levels at the mine in excess of action levels forced an evacuation of the mine on March 26. 
  • AOL (AOL) and NBCUniversal (CMCSA) announced an expansive content distribution and development agreement of both exclusive and non-exclusive content. The announcement was made at AOL's Digital Content NewFronts event at The World Trade Center, in front of more than 800 senior-level brand, agency and partner clients.

3:10 am CNOOC announces pricing of guaranteed notes offering (CEO) : Co prices offering of $3,800,000,000 aggregate principal amount of guaranteed notes. The offering consists of:

  • $1,500,000,000 of 2.625% guaranteed notes due 2020
  • $2,000,000,000 of 3.500% guaranteed notes due 2025 
  • $300,000,000 of 4.200% guaranteed notes due 2045

2:48 am Provident Fincl authorizes the repurchase of up to 5% of common stock, or ~430,651 shares (PROV) : The April 2015 stock repurchase plan will become effective once the Company has completed the October 2014 stock repurchase plan by purchasing the remaining 105,899 shares available under the October 2014 plan.

2:38 am Oracle prices $10 billion aggregate principal amount of investment grade notes (ORCL) : Co announced the pricing of its sale of:

  • $2,500,000,000 of 2.500% Notes due 2022
  • $2,500,000,000 of 2.950% Notes due 2025
  • $500,000,000 of 3.250% Notes due 2030
  • $1,250,000,000 of 3.900% Notes due 2035
  • $2,000,000,000 of 4.125% Notes due 2045
  • $1,250,000,000 of 4.375% Notes due 2055

2:14 am Grana y Montero reports Q1 results (GRAM) : Reports Q1 Net Income registered a decrease of 75.2%, reaching S/. 17.9 mln; achieved revenues of S/. 1,703.0 mln in 1Q2015, a 11.9% growth compared to 1Q2014

  • Backlog amounted to $3,461.2 mln as of 1Q2015, equivalent to 1.55x the annual revenues, and the recurrent businesses amounted to $500.1 mln, reaching a total of $3,961.3 mln

2:11 am Yingli Green Energy announces pre-funding for full payment of RMB1.2 bln medium-term notes (YGE) :  

2:05 am Align Tech announces $70 mln accelerated stock repurchase agreement as part of previously announced $300 mln program (ALGN) :  

1:32 am On The Wires (:WIRES) :

  • Paycom Software (PAYC) unveiled corporate expansion plans to add an approximately $16 million, fully equipped building adjacent to its current headquarters in Oklahoma City, subject to the completion of financing arrangements. The new building is scheduled for completion by mid-2016.
  • MasterCard (MA) announced that it was chosen to be the transaction processor and network gateway for all Green Dot Bank-issued deposit accounts, including the bank's debit card products. Through this new relationship, Green Dot's (GDOT) debit and prepaid products will be processed through MasterCard's platform which represents the latest in state-of-the-art processing solutions, with safety and security as top priorities.

1:05 am Pinnacle Finl announces agreement to acquire Magna Bank in Memphis (PNFP) : Pinnacle Financial Partners and Magna Bank jointly announced today the signing of a definitive agreement for Pinnacle to acquire Magna via merger. Magna, which is headquartered in Memphis, TN, reported $595.0 million in total assets and $452.1 million in deposits as of March 31, 2015

  • The transaction is currently valued at approximately $83.4 million based on Pinnacle's closing price on April 28, 2015, based on the issuance of approximately 1.325 million shares of PNFP common stock and $20.7 million in cash, in each case assuming none of the options are exercised prior to closing.
  • Pinnacle expects its fully diluted earnings per share to be reduced in the fourth quarter of 2015 by less than 1.0 percent, while 2016 earnings should be increased by ~3.0%. 
  • Pinnacle's tangible book value per share should increase as of the merger date.

1:01 am UMB Financial Corporation authorizes the repurchase of up to 2 mln shares of common stock through 2016 annual meeting (UMBF) :  

12:45 am Provident Fincl increases quarterly cash dividend by $0.01 to $0.12 per share (PROV) :  

12:40 am Southcross Energy Partners announces First Quarter distribution (SXE) : Co announced that the board of directors of its general partner has declared a cash distribution for the first quarter of 2015 of $0.40 per common unit. The distribution will be paid on May 14, 2015 to unitholders of record on May 8, 2015.

  •  In addition, the board of directors of the Partnership's general partner declared a $0.3257 per unit distribution for the first quarter of 2015 on the Partnership's Class B convertible units. The distribution on the Class B convertible units will be paid in the form of additional Class B convertible units.

12:38 am GW Pharma prices 1,600,000 ADSs, representing 19,200,000 ordinary shares of GW, at a price to the public of $112.00 per ADS (GWPH) :  

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

Hess Corporation

CODE : HES
ISIN : US42809H1077
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Hess Corp. is a and oil exploration company based in United states of america.

Hess Corp. is listed in Germany and in United States of America. Its market capitalisation is US$ 42.1 billions as of today (€ 37.9 billions).

Its stock quote reached its lowest recent point on November 17, 1989 at US$ 10.06, and its highest recent level on September 19, 2024 at US$ 133.74.

Hess Corp. has 315 053 615 shares outstanding.

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NYSE (HES)FRANKFURT (AHC.F)
133.74+1.79%118.54+0.59%
NYSE
US$ 133.74
09/19 11:58 2.35
1.79%
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131.39 133.76
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132.42 134.41
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Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+0.67%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.07+0.49%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 13.41+5.84%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.90+7.34%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.88+1.26%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
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