5:46 pm GAMCO Investors announces that following the expiration of its offer to purchase for cash up to $100 mln of its outstanding 5.875% Senior Notes due June 1, 2021 ~$75.79 mln notes were tendered (GBL) :

• Co announces that following the expiration of its offer to purchase for cash up to $100 mln aggregate principal amount of its outstanding 5.875% Senior Notes due June 1, 2021 $75,775,000 of the Notes were tendered pursuant to the Offer.

5:12 pm iRobot announces new 1 mln share anti-dilutive program to repurchase stock (IRBT) :

• Co announces that its Board of Directors has authorized a new share repurchase program to mitigate the dilutive impact of shares issued under the company's various employee stock and stock option plans. The company may purchase up to one million shares of its common stock beginning January 4, 2016 through December 31, 2016. This program replaces the current plan which will end January 3, 2016.

4:58 pm HollyFrontier announces that planned Q4 maintenance on the El Dorado and Cheyenne Distillate Hydrotreating units and the Tulsa West Crude and Lubricants units was complete (HFC) :

• Co announces that planned Q4 maintenance on the El Dorado and Cheyenne Distillate Hydrotreating units and the Tulsa West Crude and Lubricants units was complete. During the quarter, the Tulsa refinery also experienced an unplanned shutdown of its Fluid Catalytic Cracking Unit.
• Repairs have been completed and the FCCU has successfully restarted. Extreme weather conditions in New Mexico have also impacted crude rate at the Navajo Refinery due to crude availability constraints.
• As a result of the weather and both planned and unplanned maintenance, HollyFrontier Corporation expects crude oil throughput for the Q4 to average between 395,000 and 405,000 barrels per day.

4:43 pm Pep Boys: Icahn raises cash bid to $18.50 per share; above Bridgestone's $17.00 per share cash offer (PBY) : From filing: "On December 28, 2015, Icahn Enterprises delivered to the Issuer a proposal to acquire all of the outstanding Shares for $18.50 per Share in cash in a negotiated transaction that would not be subject to any due diligence, financing or antitrust conditions. In the Proposal, Icahn Enterprises stated that, as one of the Issuer's largest shareholders, Icahn Enterprises believes it is contrary to the best interests of all of the Issuer's shareholders for the Issuer to agree to any increase of the termination fee payable to Bridgestone Retail Operations, LLC ("Bridgestone") pursuant to the Agreement and Plan of Merger, dated as of October 26, 2015, by and among the Issuer, Bridgestone and TAJ Acquisition Co. (as amended through December 24, 2015, the "Bridgestone Agreement"), because it would prevent a truly robust auction. Icahn Enterprises also indicated in the Proposal that it could be willing to bid in excess of $18.50 per Share for the Issuer. However, Icahn Enterprises also stated in the Proposal that it does not intend to bid any higher than $18.50 per Share if the Issuer agrees to any increase of Bridgestone's termination fee."

4:34 pm BankFinancial extends and expands share repurchase program; increases the number of shares that can be repurchased by ~1.046 mln shares (BFIN) :

• Co announces that its Board of Directors has extended the expiration of the Company's current share repurchase authorization from December 31, 2015 to December 31, 2016, and has increased the number of shares that can be repurchased in accordance with the authorization by ~1.046 mln shares.

4:32 pm Zion Oil & Gas announces City of Nazareth grants approval of their exploratory drilling request from Israel's Northern District committee (ZN) :

• Co announces that on December 21st in the city of Nazareth, Israel's Northern District Committee held a formal, non-public meeting during which committee members unanimously decided to grant Zion Oil & Gas approval of their exploratory Drilling Request, including the environmental impact assessment.
• Approval vote was unanimous.

4:30 pm Rambus renews patent license agreement with Toshiba (:TOBSF) for three years (RMBS) :

• Co announced that it has renewed its patent license agreement with Toshiba Corp
• Under the terms of the new three-year agreement, Toshiba will be licensing technologies from Rambus to cover products that include SoC's with DRAM memory controllers and/or serial link interfaces, as well as Flash Memory and system products
• Specific terms of this agreement are confidential.

4:16 pm Haynes Intl announces a a five-year agreement covering bargaining unit employees, at its Arcadia, Louisiana facility (HAYN) :  

4:16 pm Solazyme announces U.S. District Court Decision to confirm arbitration award in proceedings w/ Roquette Frres (SZYM) :

Co announces that the U.S. District Court for the District of Delaware handed down a major decision in the proceedings between Solazyme, Inc., and Roquette Frres, S.A. Specifically, the court confirmed in its entirety, and without alteration, the Arbitration Panel Award of February 19. In addition, the court denied Roquette's motion for an order to vacate the Award, and denied Roquette's motions for summary judgment as to its declaratory judgment actions. Highlights include:

• Essentially all of the intellectual property from the Solazyme Roquette Nutritionals joint venture, including all patent applications and all "know-how" related to the products, is assigned solely to Solazyme,
  
• Roquette is to assign to Solazyme all of Roquette's patent applications filed on or after November 3, 2010 related to microalgae foods, microalgae ingredients, microalgae nutritionals and all methods related to making and using them, and
  
• Roquette is to pay Solazyme $2.3 mln to cover all of Solazyme's fees for the arbitration.

4:12 pm Closing Market Summary: Energy Sector Leads Stocks Lower (:WRAPX) :

The stock market began the abbreviated trading week on a lower note with the S&P 500 surrendering 0.2%; however, Monday's participation left a lot to be desired considering fewer than 600 million shares changed hands at the NYSE floor.

Equity indices stumbled out of the gate with the energy sector (-1.8%) leading the opening slide. The growth-sensitive sector responded to a nightlong retreat in crude oil, which settled lower by 3.3% at $36.86/bbl. The energy component saw additional selling pressure after China reported its sixth consecutive monthly decline in industrial profits (-1.4% in November).

The disappointing data from China cast a pall on the overall risk sentiment and a 2.6% decline in the Shanghai Composite certainly did not help matters. Interestingly, the index held its ground through the first half of the session, but plunged in afternoon trade.

The situation was a bit different in the U.S. as stocks stumbled out of the gate, spending the afternoon in a slow rally off late-morning lows. Two sectors-consumer discretionary (+0.3%) and utilities (+0.2%)-eked out slim gains while the remaining eight groups registered losses. Slow was the operative word as light trading volume made for a quiet trading day and thin trading conditions are expected to persist throughout the week.

The energy sector (-1.8%) spent the day behind its peers, which kept the market on the defensive despite flashes of relative strength in a few other areas. For instance, the consumer discretionary sector (+0.3%) settled just above its flat line with Amazon (AMZN 675.25, +12.46) and Disney (DIS 107.25, +1.39) underpinning the modest advance. Amazon rallied in reaction to upbeat holiday shopping data while Dow component Disney benefited from a strong weekend at the box office for the latest installment of the Star Wars series.

Elsewhere, the top-weighted technology sector (-0.1%) also finished ahead of the broader market, but Apple (AAPL 106.82, -1.21) surrendered 1.1%, returning into the neighborhood of its December low. High-beta chipmakers also struggled with the PHLX Semiconductor Index falling 0.4%.

Unlike stocks, Treasuries climbed in the morning and maintained slim gains into the close with the 10-yr yield falling one basis point to 2.23%.

Investors did not receive any economic data today, but tomorrow, the October Case-Shiller 20-city Index (Briefing.com consensus 5.4%) and December Consumer Confidence (Briefing.com consensus 93.5) will be reported at 9:00 ET and 10:00 ET, respectively.

• Nasdaq Composite +6.4% YTD
• S&P 500 -0.1% YTD
• Dow Jones Industrial Average -1.7% YTD
• Russell 2000 -4.7% YTD

4:06 pm EVERTEC and Processa S.A.S extend the deadline for the acquisition of Processa S.A.S to March 31, 2016 from December 28, 2015 (EVTC) : Cos extended the period in which the transaction must close before each party has the right to terminate the purchase agreement.

4:03 pm SeaSpine announces $30 mln credit facility (SPNE) :

• Co announces that it has signed a 3 year credit facility with Wells Fargo Capital Finance, with the option to extend for a fourth year. The facility provides up to $30 mln in borrowing capacity based on specified accounts receivable and inventory levels.

2:52 pm Market View: REITS trade with sector ETF out-performance here into the final hour with ICF +0.45%, VNQ +0.35%, RWR +0.35%, & IYR +0.25% (:TECHX) :  

2:44 pm IMAX confirmed Star Wars: The Force Awakens crosses $100 mln worldwide in IMAX theatres, setting new record pace for IMAX (IMAX) : Co announced that Star Wars: The Force Awakens, released by The Walt Disney Studios, soared to $106 million globally in just 12 days - without the benefit of China, where the film opens Jan. 9, following its Dec. 27 Chinese premiere in Shanghai at a specially built temporary IMAX theatre. (DIS)

2:16 pm Enzo Biochem: ISS has recommended that Enzo shareholders elect both of Enzo's two nominees for the co's BoD (ENZ) : ISS noted, "As the dissidents have not made a compelling case that change is necessary, votes FOR the management nominees Bortz and Perlysky on the WHITE management card are warranted."

1:17 pm Stock indices edge above midday range highs -- Dow -50, S&P -7.6, Nasdaq Comp -21 (:TECHX) :  

1:05 pm Midday Market Summary: Energy Leads the Downside Today (:WRAPX) :

The major averages have climbed off their session lows, but they remain in the bottom half of their trading ranges. The Dow Jones Industrial Average (-0.4%) trades a bit ahead of the S&P 500 (-0.5%) and the Nasdaq (-0.6%).

The stock market opened lower following weak economic data from overseas that returned global demand concerns to the forefront. As a result, oil retreated throughout the night, continuing its slide into the trading day. Overnight, China released its November industrial profits report, which showed a 1.4% year-over-year decrease, representing the sixth straight monthly decline. Following this news and subsequent reaction, WTI crude slid overnight from the $38.00/bbl price level and is currently trading down 3.4% today at $36.79/bbl.

Moving to sectors, energy (-2.0%) leads to the downside followed by materials (-0.9%), financials (-0.6%) and health care (-0.6%). On the flipside, the telecommunication services sector (UNCHF) sits on the top of the leaderboard followed by utilities (UNCHF), consumer discretionary (-0.2%), and consumer staples (-0.3%).

In energy, pipeline and equipment companies have been hit the hardest with Kinder Morgan (KMI 15.31, -0.78) sliding despite a spike in natural gas. Natural gas has risen 7.8% today to $2.23/mmbtu. For its part, Dow component Chevron (CVX 90.26, -1.79) trades in-line with the sector, down 2.0% on the day.

Switching to the consumer discretionary space, today's broader market outperformance is owed primarily to two large cap constituents: Amazon (AMZN 668.50, +5.71) and Disney (DIS 106.87, +1.01). Amazon is reacting to better than expected holiday numbers that showed that more than three million members joined Prime in the third week of December alone. The company also posted stronger numbers on their line of tablets and video-on-demand services. Meanwhile, Disney, reported that Star Wars: the Force Awakens has become the fastest movie to surpass $1 billion in worldwide box office sales. The companies are both up 1.0% on the day.

In Treasuries, the benchmark note has spent the better part of the day trading near its high with yield currently lower by one basis point at 2.23%.

Investors did not receive any economic data of note today.

1:05 pm Index Changes Reminder: Church & Dwight (CHD) will replace Altera (ALTR) in the S&P 500, SYNNEX (SNX) will replace CHD in the S&P MidCap 400, and Greenbrier (GBX) will replace SNX in the S&P SmallCap 600 after the close of trading (:INDXCH) :  

1:03 pm Hawaiian Holdings appointed Jon Snook to position of COO of Hawaiian Airlines; Snook has served as Hawaiian's interim COO since October (HA) :  

12:30 pm Harris & Harris receives milestone payment of ~$2.1 mln following achievement of a certain undisclosed milestone associated with the sale of its former portfolio company, BioVex Group, in March 2011 (TINY) :  

12:25 pm Providence & Worcester RR announces that Chairman and CEO Robert H. Eder is expected to fully recover and return to work within several weeks after sustaining head injury while hiking (PWX) :  

12:10 pm Relative sector strength (:TECHX) : The major averages are hovering near their rebound highs with relative sector strength during the bounce noted in Retail XRT, Housing XHB, Internet FDN, Casino BJK.

11:56 am Fresh rebound highs for major averages -- Dow -74, S&P -10, Nasdaq Comp -28 (:TECHX) : Noted the improved intraday price patterns (11:22) with some follow through developing in recent trade.

11:52 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:CLOSED -- Boxing Day
• Germany's DAX:-0.7%
• France's CAC:-1.0%
• Spain's IBEX:-1.4%
• Portugal's PSI:-1.0%
• Italy's MIB Index:-0.4%
• Irish Ovrl Index:CLOSED -- In lieu of St. Stephen's Day
• Greece ASE General Index: -0.8%

11:24 am Tesla Motors slips lower intraday to probe last week's lows along the 228-level (TSLA) :  

11:22 am Another attempt to work off lows -- Dow -91, S&P -13, Nasdaq Comp -38 (:TECHX) : Gradual, broad based decline into mid-morning for the market averages. Some initial upticks have developed over the last 20 minutes with intraday price patterns slightly improved on this move vs. the previous bounce attempts.

10:51 am dow -108 and S&P -16 join Nasdaq Comp -45 at new lows (:TECHX) :  

10:44 am New session low for Nasdaq Comp -36 and small-/mid-caps -- Dow -83 and S&P -12.9 still hovering slightly above their morning lows (:TECHX) :  

10:41 am BGC Partners acquires Cincinnati Commercial Real Estate, Inc; terms not disclosed (BGCP) :  

10:36 am Relative weakness (:TECHX) : Relative weakness vs. the S&P in recent trade along with energy/commodity is Bank KBE, Reg Bank KRE.

10:32 am Amazon displays relative strength this morning as price attempts to lift out of its recent multi-day pullback after upbeat "holiday shopping" data... (AMZN) : Price slump into a narrow range pullback around the 660-level last week, but is back in play as it attempts to rally up towards 2-month highs near 280 into year-end.

10:31 am Diversified Restaurant Holdings reports closing 8 underperforming Bagger Dave's restaurants (SAUC) : The restaurant closures will result in $9.0-10.0 million in non-cash charges related to asset impairment and lease obligations and $0.2-0.3 million in cash severance charges. The costs will be incurred and booked in the fourth quarter of fiscal year 2015.

10:20 am Relative sector weakness (:TECHX) : The major average recent set new lows, sectors displaying relative weakness on the latest intraday downside extension include: Biotech IBB, Oil Service OIH, Energy XLE, Materials XLB, Steel SLX, Gold Miners GDX, Casino BJK, Transports IYT. .

10:02 am Limited bounce off opening low gives way in S&P -11 and Nasdaq Comp -28 -- Dow -78 slightly above its opening low (:TECHX) :  

9:58 am Guaranty Fed. Bancshares increases quarterly dividend by $0.03/share to $0.08/share (GFED) :  

9:53 am Baidu.com under pressure this morning as price dives below its 50-day simple moving average to challenge 2-month range lows near 190-vicinity. (BIDU) :  

9:52 am Weight Watchers displaying relative strength (WTW) : The stock was down seven sessions in a row through last week bringing the slump off the Nov peak to roughly 35%. This morning it has displayed some early relative strength with the next area of note above at its 50 ema/sma at 20.12/20.36 (session high 19.49).

9:46 am Opening Market Summary: Consumer Discretionary Leads (:WRAPX) :

The major indices have all opened beneath their flat lines. The tech-heavy Nasdaq (-0.3%) is showing a narrow lead over the Dow Jones Industrial Average (-0.4%) and the S&P 500 (-0.3%).

Moving on to sectors, energy (-1.3%), materials (-0.5%), and financials (-0.5%) are showing the sharpest losses. On the top of the leaderboard, consumer discretionary (+0.2%) and telecommunication (+0.1%) lead.

In the consumer discretionary sector, Amazon (AMZN 667.55, +4.76) is outperforming following the release of its record-breaking holiday season. The company reported that more than three million members joined Prime the third week of December.The stock trades higher by 0.7%. 

Switching to commodities, WTI crude surrendered the $37.00/bbl price level after the open and currently trades down 3.0% at $36.98/bbl.

9:45 am Relative Strength (:TECHX) : Sectors displaying relative strength vs. the S&P in recent trade include: Internet FDN, Retail XRT, Health XLV, Airline JETS, Discretionary XLY, Medical Supplies, Housing XHB.

9:42 am Walt Disney: DIS now +1.45% extends the early out-performance as price now tests the underside of the 200d exp. moving avg. in play here @ 107.73 (DIS) :  

9:36 am Broad based weakness off the open -- Dow -87, S&P -10, Nasdaq Comp -21 (:TECHX) : Early downside leadership has been noted in: Crude Oil USO, Silver SLV, Gold Miners GDX, Oil Service OIH, Copper JJC, Energy XLE, Steel SLX, Coal KOL, Casino BJK.

9:34 am Exxon Mobil gaps down to last week's bull gap bottom at 77.90 -- session low 77.91 (XOM) :  

9:33 am Walt Disney: DIS now +0.85% the lone gainer here early in the DJIA 30 (DIS) :  

9:31 am Chevron gaps lower off the open, pulls back between its 50 sma/ema at 90.86/89.69 -- session low 90.00 (CVX) :  

9:16 am Globus Maritime Limited announces the resignation of Georgios Karageorgiou as President, CEO and Interim CFO for personal reasons (GLBS) : Athanasios Feidakis, the Company's current Non Executive Director, will be appointed as the President, Chief Executive Officer and Chief Financial Officer as of the same day.

9:16 am S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -11.20. (:WRAPX) :

The stock market is on track for a lower open with S&P 500 futures trading eight points below fair value after enduring a steady overnight retreat. The selling has been congruent with a retreat in the oil market that has sent crude oil lower by 2.5% to $37.16/bbl.

Index futures held their own at the start of the overnight session, but they began sliding as global investors took notice of an afternoon selloff in China where the Shanghai Composite surrendered 2.6%. There was no news to account for the stumble, but a disappointing Industrial Profits report for November (-1.4% year-over-year; previous -4.6%) contributed to the defensive sentiment.

An extension of that defensive sentiment has pressured European markets while British traders are skipping the session in observance of Boxing Day. Elsewhere, the Spanish political picture remains uncertain, but the country's 10-yr note has had a strong day, pressuring its yield to 1.81 (-6 bps).

Domestically, the pre-market session has been quiet with news limited to specific stocks. It is worth noting that Chimerix (CMRX 7.99, -27.58) has plunged 77.5% in pre-market after one of the company's clinical trials failed to meet its primary endpoint.

Treasuries are little changed with the 10-yr yield at 2.24%.

9:14 am Market View: Mar. E-mini stock-index futures seeing some improvement in recent pre-market trade as we near the open with ESh6 now -5.75, YMh6 now -68, & NQh6 now -7.50 (:TECHX) :  

9:09 am POZEN provides corporate update, confirms effectiveness Of Aralez registration statement (POZN) :

The co announced that the registration statement on Form S-4 filed by Aralez Pharmaceuticals on December 14 with the SEC has been declared effective. Pozen also announced that it has scheduled its stockholder meeting in connection with the pending transaction with Tribute Pharmaceuticals Canada Inc. for February 2, 2016. The company also provided updates on several key milestones for YOSPRALA and Fibricor:

• POZEN is targeting submission of the New Drug Application for its investigational drug candidates PA8140/PA32540 (aspirin and omeprazole) delayed release tablets, also referred to as YOSPRALA, with the FDA early in the second quarter of 2016, focusing its efforts toward using its previously designated secondary aspirin active pharmaceutical ingredient supplier as its primary supplier in connection with this NDA. POZEN will consider the inclusion of both aspirin API suppliers in the NDA package for YOSPRALA. Assuming the Tribute transaction closes shortly after the POZEN shareholder meeting, the company also plans to begin promoting Fibricor in April with a 20 to 25 person sales force ahead of the expected fourth quarter launch of YOSPRALA.
• POZEN also announced that the FDA has completed re-inspection of the manufacturing facility of its previously designated primary aspirin API supplier and issued an additional 483 notice, citing numerous observations. In an effort to respond to these FDA observations as quickly as possible, the supplier has decided to voluntarily stop production at this facility, thereby allowing the manufacturer to focus its available resources on remediating these observations. Production at this facility is expected to resume on or about February 29, 2016.

9:00 am Interdigital Comm raises Q4 rev guidance; signs license agreement with Kyocera (IDCC) :

• Co raises Q4 rev guidance to $107-111 mln from $89-91 mln vs. $88.6 mln two est avg. The company expects the revenue to be comprised of recurring revenue of between $92 million and $94 million and past sales of between $15 million and $17 million. The updated total range includes, among other things, the expected impact of a new patent license agreement signed during the quarter and the collection of outstanding payments from a prior technology solutions customer.
• Co also entered into a new worldwide, non-exclusive, royalty bearing patent license agreement with Kyocera (KYO). The agreement covers Kyocera's sale of certain cellular terminal unit products. See 8:01 comment.

9:00 am Famous Dave's appoints Adam Wright CEO (DAVE) :

• Co announces it appointed Adam Wright as Chief Executive Officer. Wright joined Famous Dave's as the interim CEO after the resignation of former CEO Ed Rensi in June 2015.
• Prior to establishing Blue Clay, Wright worked at Whitebox Advisors, UnitedHealth (UNH) and Goldman Sachs (GS).

8:58 am S&P futures vs fair value: -9.50. Nasdaq futures vs fair value: -14.00. (:WRAPX) :

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

The trading week started on a mixed note in the Asia-Pacific region with most regional markets posting gains while China's Shanghai Composite stumbled during the second half of the trading day, falling 2.6%. The selloff began in B-shares and there was no clear reason for the afternoon dive that sent Chinese stocks to two-week lows. Elsewhere, trading action was more subdued with Japan's Nikkei (+0.6%) registering a modest gain despite the release of economic data that was mostly disappointing.

• Economic data was plentiful:
  • China's November Industrial Profits -1.4% year-over-year (previous -4.6%)
  • Japan's November National CPI +0.3% year-over-year, as expected (previous 0.3%), November National Core CPI +0.1% year-over-year (expected 0.0%; previous -0.1%), December Tokyo CPI 0.0% (expected 0.2%; previous 0.2%), and December Tokyo Core CPI +0.1%, as expected (prior 0.0%). Separately, November Unemployment Rate rose to 3.3% from 3.1% (expected 3.2%), November Household Spending -2.2% month-over-month (consensus -0.3%; last -0.7%), and November Housing Starts +1.7% year-over-year (consensus 1.0% previous -2.5%). Lastly, November Industrial Production -1.0% month-over-month (consensus -0.6%; last 1.4%) and November Retail Sales -1.0% year-over-year (consensus -0.6%; prior 1.8%)
  • Hong Kong's November trade deficit widened to HKD33.10 billion from HKD29.70 billion (expected deficit of HKD36.90 billion) as exports fell 3.5% month-over-month (expected -2.6%; previous -3.7%) and imports declined 8.1% (consensus -7.1%; last 8.5%)

---Equity Markets---

• Japan's Nikkei gained 0.6% with help from most sectors. Countercyclical utilities (+2.6%) led the way while materials (+1.7%), industrials (+1.4%), and energy (+1.1%) followed. Sharp, Pioneer, Furukawa, and Toshiba ended among the leaders with gains between 4.3% and 7.3%. On the downside, Japan Tobacco and Fast Retailing lost 1.9% and 1.3%, respectively.
• Hong Kong's Hang Seng lost 1.0% amid weakness in most components. Energy names struggled with China Petroleum & Chemical, Petrochina, and CNOOC surrendering between 1.4% and 3.4%. Gaming names Galaxy Entertainment and Sands China lost close to 1.8% apiece while Kunlun Energy outperformed, climbing 1.4%.
• China's Shanghai Composite dove 2.6% with the entire decline taking place during afternoon action. Shipping names lagged with COSCO Holdings and China Shipping Container both falling 10.0% while brokerages remained pressured. CITIC Securities and Industrial Securities lost 5.9% and 4.4%, respectively.

Major European indices trade lower across the board, but the overall trading volume has been light considering UK's FTSE is closed for Boxing Day. The Spanish political picture has not gotten any clearer over the weekend and the situation could remain in flux going into the New Year. Unlike European stocks, the euro has inched higher overnight, pushing up to 1.0974 against the dollar (+0.1%).

• Investors did not receive any economic data of note

---Equity Markets---

• Germany's DAX is lower by 0.7% with all but three components trading in the red. ThyssenKrupp, Adidas, Merck, and BMW appear among the laggards, showing losses between 1.3% and 1.8%. On the flip side, Fresenius has added 0.5%.
• France's CAC has given up 0.8% amid weakness in most components. Steelmaker ArcelorMittal is the weakest performer, down 3.5%, while Credit Agricole, BNP Paribas, Peugeot, and Renault show losses close to 1.6% apiece.
• Spain's IBEX trades down 1.1% with Sacyr, Repsol, FCC, and ACS leading the slide. The four names are down between 2.3% and 4.1%.

8:42 am On The Wires (:WIRES) :

• Rovi (ROVI) renewed its worldwide license agreement with Sony Corporation (SNE). The multi-year agreement continues to provide Sony with a license to use Rovi's entertainment discovery patent portfolio for its consumer electronics devices worldwide.
• Sanofi Pasteur, the vaccines division of Sanofi (SNY), announced that Brazil has granted regulatory approval to Dengvaxia. The Brazilian regulatory authorities ANVISA approved Dengvaxia, tetravalent dengue vaccine, for the prevention of disease caused by all four dengue types in individuals from 9-45 years of age living in endemic areas.
• On December 28, 2015, ProAssurance Corporation (PRA) adopted a written stock trading plan in accordance with Rule 10b5-1 to facilitate the continued repurchase of its shares in accordance with ProAssurance's existing share repurchase authorization. The Plan has been established pursuant to, and as part of, the Company's existing share repurchase program, which has $112 mln remaining
• AXIS Capital Holdings (AXS) to redeem all outstanding 7.5% Series B Preferred Shares, representing $2.843 mln in aggregate liquidation preference of Preferred Shares, on January 27
• SuperCom (SPCB) signed a memorandum of understanding with a Mobile Network Operator in Latin America to implement and deliver a mobile money solution using SuperCom's SuperPay technology.

8:39 am 3D Systems to discontinue production of its $999 consumer 3D printer; expects to record a charge in Q4 of ~$19-25 mln related primarily to inventory write downs (DDD) : As part of this shift away from consumer products, management expects revenue to be impacted by less than 2%.

8:34 am Gold Resource declares modified monthly dividend of 1/6 of a cent per share per month from one cent per share per month (GORO) :

• The Board of Directors approved a modification to the instituted monthly dividend after weighing multiple factors, including continued weakness in precious and base metal commodity prices, future flexibility to advance corporate strategies and reallocation of capital to include its new Gold Mesa property. Gold and silver commodity prices have continued their multi-year decline having recently slipped to five year lows, while base metal prices have also weakened significantly during 2015.
• The Company remains primarily focused on its producing Arista mine in Mexico but also aims to reallocate capital to its recently optioned Gold Mesa, Nevada exploration effort. Gold Resource Corporation is evaluating a 2016 drill campaign to test extensions of high grade gold drill intercepts at Gold Mesa, with a goal of defining a near surface, high grade open pit or pits. Additional factors for the dividend decrease include cash conservation strategies for potential continued metal price weakness in 2016 and management's desire to maintain flexibility for additional property acquisition opportunities during the bear market.

8:31 am AES announces tender offers for up to a total of $250 mln of its senior notes (AES) : Co announces the commencement of tender offers to purchase up to a total of $250 mln aggregate principal amount of its outstanding 7.375% senior notes due 2021, 4.875% senior notes due 2023, 5.500% senior notes due 2024 and 5.500% senior notes due 2025. The Tender Offers are scheduled to expire at 11:59 p.m., New York City time, on January 26, 2016. The Tender Offers are being made pursuant to an Offer to Purchase dated December 28, 2015 and a related Letter of Transmittal dated December 28, 2015.

8:31 am General Electric to acquire Metem Corporation; terms not disclosed (GE) : The co announced that it has signed a purchase agreement to acquire Metem Corporation, a U.S.-based provider of precision cooling hole manufacturing technologies that enable turbine engines to function more efficiently, saving costs, increasing operation time and reducing emissions. GE and Metem expect the deal to close in the first quarter of 2016.

8:31 am Scholastic Corp commences its previously announced tender offer for up to $200 million of common stock, between $37-40/share (SCHL) :  

8:30 am Xinyuan Real Estate announces Board approval for a $40 mln share repurchase program (XIN) :  

8:26 am S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -15.00. (:WRAPX) :

The S&P 500 futures trade 11 points below fair value.

In company specific news, Disney (DIS 106.21, +0.35) is higher by 0.3% in pre-market trading following news that Star Wars: The Force Awakens hasset a new record as the fastest movie to surpass $ 1 billion in worldwide box office sales. 

Elsewhere in commodities, WTI crude has declined 2.7% with oil currently trading at $37.06/bbl.

8:25 am Gapping down (:SUMRX) : Metals and mining stocks/ETFs trading lower: GFI -3.8%, MT -3.7%, FCX -2.8% (announces that Chairman and co-founder James Moffett will step down; Gerald Ford elected as Non-Executive Chairman), AU -2.8%, SLV -2.1%, GDX -1.5%, SLW -1.3%, NEM -1%, AA -0.9%, GLD -0.5%.

Oil/gas related names showing early weakness: WFT -10% (light volume), OAS -4.5%, CJES -3.1%, SNP -2.9% (ticking lower),  MEMP -2.6%, SLB -2.2%, COP -2.2%, DVN -1.8%, MRO -1.7%, BP -1.6%, APC -1.6%, RIG -1.5% (announces that Shell has elected to terminate the contract for the harsh environment semisubmersible Polar Pioneer prior to its expiration in July 2017),  CLR -1.4%, OXY -1.2%, TOT -1.1%, XOM -0.8%.

Other news: CMRX -75.3% (announces top-line results from its Phase 3 Suppress trial of Brincidofovir; did not achieve primary endpoint for prevention of significant CMV infection after HCT), ICON -7.4% (Iconix Brand announces it received a formal order of investigation from the Staff of the SEC; co intends to fully cooperate with the SEC), VRX -6.7% (confirmed J. Michael Pearson Medical Leave), NFLX -1.1% (Barron's suggests YouTube 2x more valuable than Netflix) SCTY -0.7% (lower despite Barron's positive view), BABA -0.6% (reports out indicate the company is still attempting to turnaround its reputation in relation with counterfeiter sales; also plans additional Ele.me investment), QIHU -0.5% (Qualcomm enters into a Chinese Patent License Agreement with QiKu Internet Network Scientific, a JV between Qihu and Coolpad), DB -0.4% (Deutsche Bank to sell entire 19.99% stake in Hua Xia Bank to PICC Property and Casualty Company Limited), AXP -0.4% (mentioned cautiously in Autonomous Research survey on Fintech winners/losers).

8:15 am Gapping up (:SUMRX) :
In reaction to strong earnings/guidance: n/a.

In the news: PSDV +11% (plans to file for EU marketing approval of Medidur, for chronic non-infectious uveitis of the posterior segment of the eye),BSI +7.5% (annoounces appointment of Tzachi Otsar as director effective immediately; Dan Weiss resigns as director),ROVI +3.4% (following last week's ~50% move higher),SUNE +3% (SunEdison provides December business update: Successfully renegotiated the Vivint Solar (VSLR) acquisition; key assumptions include EBITDA of $1.186 bln),EOX +2.5% (discloses Angelus will acquire a portion of the Company's undeveloped leaseholds in Montana and North Dakota for ~$9.75 mln),WTW +2.2% (still checking),REXI +2% (after last week's boost from Leon G. Cooperman stake),PN +2% (continued strength),PSEC +1.2% (insider buy disclosures),AIXG +1.1% (still checking),FIT +1% (Fitbit's iOS app jumps to number one on Apple's top downloaded list over Christmas holiday),QCOM +0.9% (Qualcomm enters into a Chinese Patent License Agreement with QiKu Internet Network Scientific, a JV between Qihu and Coolpad),SIG +0.8% (positive Barron's mention; The WSJ's Heard on the Street column out positive on Signet),NPTN +0.8% (after last Thursday's 10% move higher), DIS +0.6% (The Force Awakens sets record as fastest movie to surpass $1 bln in worldwide box office sales ), ATNM +0.4% (ticking higher; Actinum Pharma and Memorial Sloan Kettering Cancer Center sign an agreement regarding donated common shares).

8:04 am S&P futures vs fair value: -10.70. Nasdaq futures vs fair value: -17.40. (:WRAPX) :

U.S. equity futures trade near their pre-market lows with the S&P 500 futures currently trading 11 points below fair value.

In Treasuries, the benchmark note currently sits near its pre-market high with its yield lower by two basis points at 2.24%.

On the economic front, it's a quiet day with no economic data points being released.

In U.S. corporate news of note:

• Qualcomm (QCOM 49.83, +0.28): +0.6% after the company announced it entered into a license agreement with QiKu Internet Network Scientific

Reviewing overnight developments:

• Asian markets began their week on a mixed note with Shanghai's Composite -2.6%, Hong Kong's Hang Seng -1.0%, and Japan's Nikkei +0.6%.
  • Economic data was plentiful:
    • China's November Industrial Profits -1.4% year-over-year (previous -4.6%)
    • Japan's November National CPI +0.3% year-over-year, as expected (previous 0.3%), November National Core CPI +0.1% year-over-year (expected 0.0%; previous -0.1%), December Tokyo CPI 0.0% (expected 0.2%; previous 0.2%), and December Tokyo Core CPI +0.1%, as expected (prior 0.0%). Separately, November Unemployment Rate rose to 3.3% from 3.1% (expected 3.2%), November Household Spending -2.2% month-over-month (consensus -0.3%; last -0.7%), and November Housing Starts +1.7% year-over-year (consensus 1.0% previous -2.5%). Lastly, November Industrial Production -1.0% month-over-month (consensus -0.6%; last 1.4%) and November Retail Sales -1.0% year-over-year (consensus -0.6%; prior 1.8%)
    • Hong Kong's November trade deficit widened to HKD33.10 billion from HKD29.70 billion (expected deficit of HKD36.90 billion) as exports fell 3.5% month-over-month (expected -2.6%; previous -3.7%) and imports declined 8.1% (consensus -7.1%; last 8.5%)
  • In news:
    • There was no news of note overnight in Asia.

• European indices traded broadly lower with Germany's DAX -0.7%, France's CAC -0.8%, and Spain's IBEX -0.8%. Elsewhere, the U.K.'s FTSE was closed for boxing day.
  • Economic data:
    • Investors did not receive any economic data of note.
  • In news:
    • The Spanish political picture remained unclear over the weekend and the situation could remain in flux going into the New Year.
    • The euro has inched higher overnight, pushing up to 1.0974 against the dollar (+0.1%)

8:02 am Freeport-McMoRan announces that Chairman and co-founder James Moffett will step down; Gerald Ford elected as Non-Executive Chairman (FCX) : Moffett has served as Executive Chairman of FCX since 2003 and previously served as FCX's CEO from 1995 to 2003. Ford has served as FCX's Lead Independent Director since 2013.

8:02 am ChinaCache announces new $5 mln share buyback (CCIH) : This new buyback program is in addition to the program previously approved and announced on Dec 18, 2014, which authorized the Company to repurchase ADSs not to exceed US$10 million in the aggregate and the program previously approved and announced on August 24, 2015, which authorized the Company to repurchase ADSs not to exceed US$6 million in the aggregate. This buyback program will be funded by the Company's available cash balance. As of Sept 30, 2015, the Company had cash and cash equivalents of approximately US$97.3 million.

8:01 am Iconix Brand announces it received a formal order of investigation from the Staff of the SEC; co intends to fully cooperate with the SEC (ICON) :

• As previously disclosed, the Company is currently in a comment letter process with the Staff of the SEC related to the accounting treatment for the formation of certain joint ventures.
• Additionally, the Company formed a Special Committee of the Board of Directors to conduct a review of the accounting treatment related to certain of the Company's transactions. 

8:01 am Interdigital Comm subsidiaries entered into a new worldwide, non-exclusive, royalty bearing patent license agreement with Kyocera (KYO) (IDCC) : The agreement covers Kyocera's sale of certain cellular terminal unit products.

8:00 am Immune Pharma announces entrance into an exclusive license with Atlante Biotech SAS, for a new format of bispecific antibodies (IMNP) : Co announced it has entered into an exclusive license with Atlante Biotech SAS, to the patents and know-how for a new format of bispecific antibodies. In recently presented data, the platform prototype bispecific antibody was shown to retain effector functions and mediate redirect killing of target cells by cytokine induced killer T cells. The bispecific antibody demonstrated direct anti-cancer effects in vitro, as well as in vivo anti-tumor activity and improved survival in a mouse xenograft model of disseminated leukemia.

8:00 am Epizyme announces FDA acceptance of IND application for Tazemetostat in diffuse large b-cell lymphoma (EPZM) : Co announces the FDA Division of Hematology Products has accepted the co's investigational new drug (IND) application for tazemetostat for the treatment of adults with diffuse large B-cell lymphoma (:DLBCL), the most common type of Non-Hodgkin Lymphoma (:NHL). An ongoing five-arm registration-supporting, international phase 2 clinical trial assessing the safety and activity of tazemetostat in patients with relapsed or refractory B-cell NHL was initiated in July 2015. The IND acceptance will allow the company to enroll DLBCL patients into this ongoing trial in the US.

8:00 am Valeant Pharma announces that Chairman and CEO J. Michael Pearson will be on a medical leave of absence effective immediately (VRX) :

The co announced that chairman and chief executive officer J. Michael Pearson will be on a medical leave of absence, effective immediately. The company's board of directors has created an Office of the Chief Executive Officer, which will include Robert Chai-Onn, Executive Vice President and General Counsel, Dr. Ari Kellen, Executive Vice President and Company Group Chairman, and Robert Rosiello, Executive Vice President and Chief Financial Officer, to serve in an interim capacity. In addition, the Board of Directors has created a Committee to oversee and support the Office of the CEO and will include Robert A. Ingram, Lead Independent Director, G. Mason Morfit, President, ValueAct Capital, and Howard B. Schiller, former Chief Financial Officer for Valeant.

• Valeant confirmed last week that Mr. Pearson had recently been hospitalized and was being treated for a severe case of pneumonia.
  

7:36 am Siliconware Precision: ASX responds to SPIL resolution; ASX plans to proceed with tender offer as previously announced (SPIL) : Advanced Semiconductor Engineering (ASX) notes that in order to protect the rights and interests of SPIL shareholders, ASX will lawfully commence the Tender Offer on December 29, 2015 as previously announced. Notwithstanding the above, ASX sincerely hopes that the parties can commence negotiations on the Proposal as soon as possible, and complete such negotiations before the expiration of the Tender Offer. Price: NT$55 per common share (or NT$275 per American depositary share).

• As mentioned at 5:20, SPIL announced earlier that if ASX immediately ceases its second hostile tender offer to demonstrate good will, the Company is willing to proceed with evaluation and negotiation of ASX's proposal to use a share swap, with cash as consideration, to acquire 100% of the shares of the Company.

7:31 am Qualcomm enters into a Chinese Patent License Agreement with QiKu Internet Network Scientific, a JV between Qihu (QIHU) and Coolpad (QCOM) :

Co has entered into a Chinese Patent License Agreement (CPLA) with QiKu Internet Network Scientific (Shenzhen), a joint venture between Qihu and Coolpad.

• Under the terms of the royalty bearing agreement, Qualcomm has granted QiKu a patent license to develop, manufacture and sell 3G WCDMA and CDMA2000 (including EV-DO), and 4G LTE (including "3-mode" GSM, TD-SCDMA and LTE-TDD) subscriber units for use in China. The royalties payable by QiKu are consistent with the terms of the rectification plan submitted by Qualcomm to China's National Development and Reform Commission.

7:30 am Chimerix announces top-line results from its Phase 3 Suppress trial of Brincidofovir; did not achieve primary endpoint for prevention of significant CMV infection after HCT (Shares Still Halted) (CMRX) :

Co announced that its Phase 3 Suppress trial of brincidofovir in patients undergoing hematopoietic cell transplantation (:HCT) did not achieve its primary endpoint for the prevention of clinically significant cytomegalovirus infection through Week 24 after transplant.

• During the on-treatment period through Week 14 after HCT, fewer patients in the brincidofovir arm had a CMV infection, consistent with the positive antiviral effect of the compound seen in the Phase 2 study. However, during the 10 weeks off treatment from Week 14 to Week 24, there was an increase in CMV infections in the brincidofovir arm compared to the control arm.
• There was also a non-statistically significant increase in mortality in the brincidofovir arm compared to the control arm. Preliminary analysis suggests that the primary endpoint failures in both the prevention of CMV infections and mortality in the brincidofovir arm were driven by confirmed cases of graft-versus-host-disease (:GVHD), which resulted in a significantly higher use of corticosteroids than in the control arm.
• The rate of study drug discontinuation for gastrointestinal events was
• Co stated: "With a strong cash position, an experienced leadership team, and brincidofovir patent exclusivity through 2034, we continue to believe there is a viable path forward for the development of brincidofovir."

7:18 am European Markets Update: DAX -0.8%, CAC -1.0%, FTSE CLOSED (:SUMRX) :

Major European indices trade lower across the board, but the overall trading volume has been light considering UK's FTSE is closed for Boxing Day. The Spanish political picture has not gotten any clearer over the weekend and the situation could remain in flux going into the New Year. Unlike European stocks, the euro has inched higher overnight, pushing up to 1.0987 against the dollar (+0.2%).

• Investors did not receive any economic data of note

---Equity Markets---

• Germany's DAX is lower by 0.8% with all but three components trading in the red. ThyssenKrupp, Adidas, Merck, and BMW appear among the laggards, showing losses between 1.3% and 1.8%. On the flip side, Fresenius has added 0.5%.
• France's CAC has given up 1.0% amid weakness in most components. Steelmaker ArcelorMittal is the weakest performer, down 3.5%, while Credit Agricole, BNP Paribas, Peugeot, and Renault show losses close to 1.6% apiece.
• Spain's IBEX trades down 1.1% with Sacyr, Repsol, FCC, and ACS leading the slide. The four names are down between 2.3% and 4.1%.

7:15 am pSivida announces plans to file for EU marketing approval of Medidur, for chronic non-infectious uveitis of the posterior segment of the eye (PSDV) : Co's filing plans are based on data from a single pivotal trial as a result of the high statistical significance achieved in its first Phase 3 clinical trial. pSivida expects to file for European approval in the second half of 2016. A U.S. New Drug Application is planned in the first half of 2017 based on results from both of pSivida's Phase 3 trials.

7:15 am Market View: Mar. E-mini stock-index futures slip to new pre-market lows in recent trade with ESh6 now -9.75, YMh6 now -91, & NQh6 now -16.75 (:TECHX) :  

7:00 am IHS acquires Carproof for ~$460 mln (IHS) : Carproof is a Canada-based company that offers products and services in vehicle history, appraisal and valuation for the automotive industry. More details on the acquisition will be provided on the co Q4 and year-end 2015 earnings call on January 12.

7:00 am QLT Inc calls a special meeting of its shareholders connection with the Aralez Pharmaceuticals transaction (anticipated will be held on February 11, 2016) (QLTI) :

• Co announced that it has called a special meeting of its shareholders to approve a reorganization of its share capital pursuant to its upcoming transaction with Aralez Pharmaceuticals.
• Further to QLT's press releases issued on June 8, 2015 and December 7, 2015, QLT has agreed to make an equity investment of US$45 million in Aralez, which will be a newly formed company resulting from the pending merger transaction between POZEN (POZN) and Tribute Pharmaceuticals Canada (TBUFF). The POZEN - Tribute merger transaction and QLT's equity financing in Aralez are expected to close in the first quarter of 2016.
• QLT also confirmed that the board of directors of QLT has further considered and determined that in light of the termination of the merger with InSite Vision Incorporated and other factors, it is not in the best interests of QLT at this time to issue to QLT's shareholders up to $25 million of redeemable convertible notes.

6:57 am Asian Markets Close: Nikkei +0.6%, Hang Seng -1.0%, Shanghai -2.6% (:SUMRX) :

The trading week started on a mixed note in the Asia-Pacific region with most regional markets posting gains while China's Shanghai Composite stumbled during the second half of the trading day, falling 2.6%. The selloff began in B-shares and there was no clear reason for the afternoon dive that sent Chinese stocks to two-week lows. Elsewhere, trading action was more subdued with Japan's Nikkei (+0.6%) registering a modest gain despite the release of economic data that was mostly disappointing.

• Economic data was plentiful:
  • China's November Industrial Profits -1.4% year-over-year (previous -4.6%)
  • Japan's November National CPI +0.3% year-over-year, as expected (previous 0.3%), November National Core CPI +0.1% year-over-year (expected 0.0%; previous -0.1%), December Tokyo CPI 0.0% (expected 0.2%; previous 0.2%), and December Tokyo Core CPI +0.1%, as expected (prior 0.0%). Separately, November Unemployment Rate rose to 3.3% from 3.1% (expected 3.2%), November Household Spending -2.2% month-over-month (consensus -0.3%; last -0.7%), and November Housing Starts +1.7% year-over-year (consensus 1.0% previous -2.5%). Lastly, November Industrial Production -1.0% month-over-month (consensus -0.6%; last 1.4%) and November Retail Sales -1.0% year-over-year (consensus -0.6%; prior 1.8%)
  • Hong Kong's November trade deficit widened to HKD33.10 billion from HKD29.70 billion (expected deficit of HKD36.90 billion) as exports fell 3.5% month-over-month (expected -2.6%; previous -3.7%) and imports declined 8.1% (consensus -7.1%; last 8.5%)

---Equity Markets---

• Japan's Nikkei gained 0.6% with help from most sectors. Countercyclical utilities (+2.6%) led the way while materials (+1.7%), industrials (+1.4%), and energy (+1.1%) followed. Sharp, Pioneer, Furukawa, and Toshiba ended among the leaders with gains between 4.3% and 7.3%. On the downside, Japan Tobacco and Fast Retailing lost 1.9% and 1.3%, respectively.
• Hong Kong's Hang Seng lost 1.0% amid weakness in most components. Energy names struggled with China Petroleum & Chemical, Petrochina, and CNOOC surrendering between 1.4% and 3.4%. Gaming names Galaxy Entertainment and Sands China lost close to 1.8% apiece while Kunlun Energy outperformed, climbing 1.4%.
• China's Shanghai Composite dove 2.6% with the entire decline taking place during afternoon action. Shipping names lagged with COSCO Holdings and China Shipping Container both falling 10.0% while brokerages remained pressured. CITIC Securities and Industrial Securities lost 5.9% and 4.4%, respectively.
• India's Sensex outperformed, climbing 0.8% to challenge its December high. Dr Reddy's Labs spiked 3.5% while Tata Motors, Sun Pharma, ICICI Bank, Maruti Suzuki, and AXIS Bank added between 0.8% and 2.8%.

---FX---

• USDJPY +0.2% to 120.49
• USDCNY +0.2% to 6.4887
• USDINR +0.1% to 66.135

6:45 am GP Strategies announces Board authorization for a $15 million share repurchase program; to replace the $3.9 mln existing program (GPX) :  

6:01 am S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -13.30. :

6:01 am European Markets : FTSE...Holiday.........  DAX...10716.81...-10.80...-0.10%.

6:01 am Asian Markets : Nikkei...18873.35...+104.30...+0.60%.  Hang Seng...21919.62...-218.50...-1.00%.

5:24 am On The Wires (:WIRES) :

• AREVA's (ARVCF) Board of Directors selected theMirion-Charterhouse offer for the acquisition of its subsidiary Canberra. Thesale is part of the transformation plan pursued by AREVA to refocus itsbusiness on nuclear cycle processes. The purpose of the parties is to completethe sale process by the end of year 2016.
• Elbit Systems (ESLT) announced that it was awarded acontract by the Directorate of Production and Procurement of the IsraeliMinistry of Defense valued at approximately $70 million for the supply ofElectronic Warfare systems. The systems, developed and manufactured by ElbitSystems EW and SIGINT - Elisra Ltd., to be delivered over a 5-year period, willbe installed on board all types of Israeli Air Force fighter jets.
• Northrop Grumman (NOC) Systems Corp. Aerospace Systems, ElSegundo, California, has been awarded a $93,076,636 Other Transaction Agreementfor prototype project - Tactically Exploited Reconnaissance Node program, Phase III from the Defense Advanced Research Projects Agency.  The Tern program will design, develop, and demonstrate enabling technologies and system attributes for a medium-altitude long-endurance unmanned air vehicle and shipboard-capable launch and recovery system allowing operations from smaller ships.
• China Digital TV Holding (STV) announced that it hasaccepted the resignation of Mr. Eric Xu from the Board of Directors, effectiveDecember 31, 2015.
• Noah Holdings Limited (NOAH) announced that it will hold anextraordinary general meeting of shareholders on Thursday, January 28, 2016 at10:00 a.m. local time. The Company proposes to adopt a dual-class sharestructure, pursuant to which the Company's authorized share capital shall bere-organized and re-designated into Class A ordinary shares and Class Bordinary shares, with each Class A ordinary share being entitled to one voteand each Class B ordinary share being entitled to four votes on all matterssubject to vote at general meetings of the Company.
• Panasonic (PCRFY) announced that it has developed a soft,flexible, and stretchable polymer resin film using its proprietary stretchableresin technology. The Company will also provide a transparent electrodematerial and conductive paste along with this insulating film.

5:21 am Xueda Education CFO Christine Lu-Wong resigns effective December 31 to pursue other interests (XUE) : Following her resignation, Ms. Lu-Wong will serve as an advisor to the Company and the Board of Directors. Yan Ma, Xueda's Corporate Controller, will assume the role of interim Chief Financial Officer effective upon Ms. Lu-Wong's resignation date.

5:20 am Siliconware Precision announces Board resolutions, will evaluate Advanced Semi's (ASX) acquisition proposal (SPIL) :

The co held a board meeting to discuss the letter from Advance Semiconductor Engineering (ASX), dated December 14, and has resolved to clarify and respond to the ASE Letter as follows: If ASE immediately ceases its second hostile tender offer to demonstrate good will, the Company is willing to proceed with evaluation and negotiation of ASE's proposal to use a share swap, with cash as consideration, to acquire 100% of the shares of the Company

• Since the ASE Acquisition Proposal will materially impact the Company's future operations, the Company's board will need to take into consideration the best interests of employees, shareholders, and customers, as well as the future development of the Company and other facets when evaluating the proposal in its entirety.Prior to further evaluation of the proposal, the co requested that ASE explain specifics of its offer, including:
  • Can ASE please detail a concrete proposal for subsequent safeguarding of the rights of the Company's employees.
  • ASE proposes to uses NT$55 per share to acquire 100% of the Company's equity interest. What is the basis for determining this price? When compared to the present price for a private placement that will not interfere with the Company's management, ASE's proposed price to acquire 100% of the Company's equity interest and management control is actually comparably low. Can ASE please further explain on this, in order to facilitate the various parties' evaluation on the reasonability of ASE's proposed price.
  • The combination of both leading companies in the IC packaging and testing industry has already caused customers' concerns that the combination will result in disorder of market competition and seriously impact industrial supply and the whole economic benefits. 

The Company requested that ASE respond to the abovementioned concerns in written form to the Company by January 4, 2016, so that the Company may evaluate and start further negotiations.

3:24 am Renesas Chairman and CEO Takao Endo resigns for personal reasons (RNECF) : Following the resignation of Takao Endo, Renesas has appointed Tetsuya Tsurumaru, the Representative Director, President and COO to the position of Representative Director, President and CEO effective immediately, at a meeting of the Board of Directors. Takao Endo will resign as Member of the Board following the conclusion of the Ordinary General Shareholders' Meeting scheduled to be held in June 2016.

2:35 am On The Wires (:WIRES) :

• USMD Holdings (USMD) announces that it has entered into adefinitive agreement to sell most of its lithotripsy division to United MedicalSystems. This deal was finalized on December 18, 2015. After the acquisition,USMD retained sixty percent of its ownership in Metro I Stone Management, Ltd.,a Texas limited partnership which operates in the D/FW market.
• DXI Energy (DXI) announced that it has received notificationon December 23, 2015 from the NYSE MKT that it has regained compliance with thecontinued listing standards set forth in Part 10 of the NYSE MKT Company Guide.Specifically, the Company has resolved the listing deficiency with respect toSection 1003(f)(v) of the Exchange's Company Guide referenced in the Exchange'sletter dated June 24, 2015.
• Empresas ICA. S.AB. de C.V. (ICA) announced the sale of its49% interest in the environmental services company Proactiva Medio Ambiente forup to Ps. 1,240 million. The proceeds will be used to implement ICA's cost reduction program and for operational purposes.
• Regeneron Pharmaceuticals (REGN) announced the passing ofAlfred Gilman, M.D., Ph.D., a co-founder and Director since July 1990.
• Eisai (ESALY) announced that regarding the acquisition ofChinese generic pharmaceutical company Liaoning TianYi BiologicalPharmaceutical Co., Ltd. previously announced on November 27, 2015, theconditions of transfer have been arranged, including receiving a new businesslicense from the regulatory authority in China, and the acquisition has beencompleted. Through this acquisition, Eisai has entered the genericpharmaceutical business in China in addition to expanding its existing businessfocused on new medicines. In addition, the signing of this agreement will havea minor impact on the consolidated result forecasts for the period ended March31, 2016.
• Arcadis (ARCVF) announced it has reached agreement with itsbank syndicate on the extension and increase of its Revolving Credit Facilityfinancing until December 2020, as current arrangements were nearing expiration.The previously agreed financial covenants, including 3x net debt to EBITDA,remain unchanged. The new 5+1+1 syndicated RCF of 300 million replaces thecurrent RCF of 150 million

2:25 am Transocean announces that Shell (RDS.A) has elected to terminate the contract for the harsh environment semisubmersible Polar Pioneer prior to its expiration in July 2017 (RIG) : Transocean will be compensated for the early termination through a lump-sumpayment that includes adjustments for reduced operating costs and demobilizationto Norway.

2:25 am Amazon provides highlights of 'record-breaking' holiday season (AMZN) : The co announced that its 21st holiday was a record-breaker for Amazon Prime, Amazon Original Series and Amazon devices. More than three million members worldwide joined Prime during the third week of December. Prime members made The Man in the High Castle the most watched TV season on Prime Video this holiday by 4.5x and doubled their total viewing hours of Prime Video titles, compared to 2014. This holiday was also the best ever for Amazon devices, doubling last year's record-setting shopping season with millions of devices sold. Among Amazon devices, the all-new Fire tablet was the #1 best-selling, most gifted and most wished-for product

2:21 am Teva Pharma and Takeda Pharma (TKPYY) provide more details on announced business venture (TEVA) :

The co's made a follow-up announcement regarding the overview of their new business venture in Japan, which was initially disclosed on November 30, 2015. The new business venture, to be established in or after April 2016, will deliver Teva's generic medicines and some of Takeda's long listed products to patients and healthcare professionals in Japan. The major long listed products of Takeda to be transferred to the new business venture in FY2016 are BLOPRESS, TAKEPRON and BASEN. Total sales of the products to be transferred in FY2016 were 125 billion yen in FY2014, which was 7% of Takeda's global revenue. As a result of the transaction, Takeda's FY2016 revenue is estimated to decrease by approximately 50 billion yen, based upon current assumptions. LEUPLIN remains at Takeda, as a product of Takeda Oncology.

• The new business venture, to be owned 51% by Teva and 49% by Takeda, will consist of Teva Takeda Pharma and Teva Takeda Yakuhin.
• Takeda anticipates that the transaction will be both EPS and cash flow accretive in FY2016 and over the long-term, due to growth of the generic business and the addition of products from Takeda and Teva to the new business venture. The new business venture will be instantly accretive to Teva's non GAAP EPS in 2016 and beyond.

2:14 am Pep Boys agrees to revised $17.00/share takeover deal with Bridgestone (BRDCY) (PBY) :

The co announced that it and Bridgestone Retail Operations have amended their Agreement and Plan of Merger dated October 26, 2015. Pursuant to the amendment, BSRO increased the offer price to acquire all the outstanding shares of common stock of Pep Boys from $15.50 per share to $17.00 per share in cash, or approximately $947 million in aggregate equity value. The revised offer price of $17.00 per share provides approximately $84 million in additional cash consideration to Pep Boys shareholders.

• The Pep Boys board of directors continues to unanimously recommend that Pep Boys shareholders accept BSRO's offer and tender their shares pursuant to that offer. Pep Boys also announced that its board of directors no longer deems the proposal received from Icahn Enterprises L.P. (IEP) to acquire Pep Boys to be a "Superior Proposal" as defined in the Agreement and Plan of Merger.
• As required by law, the tender offer is being extended and will now expire at 12:00 midnight, New York City time, on Tuesday, January 12, 2016, unless further extended. As of 2:00 p.m., New York City Time, on Thursday, December 24, 2015, approximately 44,485 shares of common stock of Pep Boys have been validly tendered and not withdrawn pursuant to the offer. This excludes shares tendered pursuant to the guaranteed delivery procedures provided for in the offer and represents approximately 0.08% of the total outstanding shares of common stock of Pep Boys.
• Pursuant to the amendment, the termination fee payable by Pep Boys to Bridgestone under certain circumstances, including a termination in order to enter into a superior proposal by a third party, increased from $35 million to $39.5 million.

2:10 am NASDAQ reports mid-December open short interest (NDAQ) : Short interest in all 3,061 Nasdaq securities totaled 8,849,676,583 shares at the December 15, 2015 settlement date, compared with 3,056 issues and 8,894,079,211 shares at the end of the previous reporting period. This is 4.83 days average daily volume, compared with an average of 4.79 days for the previous reporting period.

2:10 am HC2 acquires United Teacher Associates Insurance Company and Continental General Insurance Company from American Fincl (AFG) for $15 mln (HCHC) :

The co announced that it completed its acquisition of long-term care and life insurance businesses, United Teacher Associates Insurance Company and Continental General Insurance Company, pursuant to an agreement with subsidiaries of American Financial Group (AFG). The purchase price of approximately $15 million will consist of approximately $7 million in cash, $2 million in aggregate principal amount of the Company's 11.000% Senior Secured Notes due 2019 and approximately one million shares of common stock of the Company, valued at approximately $6 million.

• In connection with obtaining regulatory approval for the transaction, AFG agreed to provide up to an aggregate of $35 million of capital support for the insurance companies, on an as-needed basis to maintain specified surplus levels subject to immediate reimbursement by HC2; this agreement expires five years after closing. In exchange for this agreement, AFG received warrants to purchase two million shares of HC2 common stock
• As of September 30, 2015, UTAIC's and CGIC's combined statutory capital was approximately $85 million. UTAIC and CGIC also had more than $1.4 billion of total combined invested assets under management as of September 30, 2015.
• Confirming the completion of the transaction, AFG stated it expects to receive total after-tax proceeds of $110 to $115 million. With the completion of this sale, AFG has divested substantially all of its long-term care business (96% as measured by net statutory reserves as of November 30, 2015), and will retain only a small block of 1,700 polices totaling approximately $33 million of reserves.

2:04 am Anadigics receives revised takeover proposal from unnamed party (ANAD) : The co announced that it has received a revised offer from an Excluded Party to acquire the Company. The Company's Board of Directors will evaluate this revised offer, which provides that it is to expire on December 31, 2015, along with the amended Acquisition Proposal from the Competing Bidder that was determined by the Company's Board of Directors to be a "Superior Offer" as disclosed by the Company on December 23, 2015.

2:02 am Top Ships enters into a $15 mln unsecured revolving credit facility; shareholders approve reverse split (TOPS) :

The co announced that it has entered into an agreement with Family Trading, a company affiliated with its President, Chief Executive Officer and Director, Evangelos J. Pistiolis, pursuant to which, Family Trading will loan up to $15 million to the Company under an unsecured revolvingcredit facility. Borrowings under the Facility may be used to fund only the Company's newbuilding program and working capital relating to the Company's operating vessels.

• In connection with the agreement, Family Trading will also assume Company liabilities of approximately $3.8 million that are immediately due. As consideration for the assumption of these liabilities, Family Trading, or its nominee, will receive 13,558,169 common shares of the Company. The Company has the right to buy back up to 60% of these shares at any time until December 31, 2016.
• As a result of the share issuance described above, the exercise price of the Company's outstanding warrants is adjusted to $0.28 per share.
• The co also announced that its shareholders approved an amendment to the Company's Third Amended and Restated Articles of Incorporation to effect a reverse stock split of the issued and outstanding common stock by a ratio of not less than one-for-two and not more than one-for-twenty