11:51 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:
- UK's FTSE:-0.6%
- Germany's DAX:-0.9%
- France's CAC:-1.0%
- Spain's IBEX:-1.1%
- Portugal's PSI:-0.7%
- Italy's MIB Index:-0.6%
- Irish Ovrl Index:-0.7%
- Greece ASE General Index: -0.1%
11:44 am Stock indices edge above initial bounce highs -- Dow -10, S&P -5, Nasdaq Comp -14 (:TECHX) : The S&P is probing intraday resistance mentioned at 11:23 at 1947/1949 (secondary level note at 1952). Relative sector strength in recent action has been noted in Crude Oil USO, Biotech IBB, Medical Supplies, Reg Bank KRE, Bank KBE, Semi SMH, Software IGV, REITs IYR.
11:33 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (199) outpacing new highs (22) (:SCANX) : Stocks that traded to 52 week highs: ADUS, CDW, CNCE, DSGX, EDAP, ENVI, FALC, GB, INCY, INGN, ITI, JBLU, JNP, OTEL, PGI, PLAY, SFBS, SITO, SPWH, STRP, TRR
Stocks that traded to 52 week lows: ABX, ABY, ACAT, AEZS, AG, AGTC, AIN, ALB, APAM, APWC, ARO, ARR, ARTW, ATEC, ATU, ATW, AUY, AVP, AXLL, BEBE, BGI, BGMD, BHK, BKE, BKH, BPK, BRC, BRG, BRS, BUFF, BUI, BWINB, CAFD, CAI, CAS, CDE, CDI, CEQP, CLW, CMLP, CNS, CNV, CPA, CPGX, CRR, CRS, CYD, DAIO, DDR, DECK, DFRG, DHX, DLR, DNR, DUK, ECR, EDR, EGO, EMCB, ENLC, EPIQ, ESND, EVY, EXC, FDML, FNSR, FRPT, FSM, FSTR, FSYS, FVE, GG, GIGA, GNT, GPRO, GTY, GWR, HGR, HHS, HI, HL, HMY, HP, HR, HUN, HURC, IMN, IPHS, IRC, ISIG, ITG, ITRI, JOY, JRS, JW.A, KGC, KLIC, KS, LEE, LF, LMNR, LNG, LWAY, MDU, MEG, MFRM, MHR, MPEL, MPLX, MR, MRVL, MSL, MT, MUR, MWE, MYE, NFG, NQP, NSLP, NUM, NWPX, NXJ, NYLD, NYLD.A, OCIP, OGE, OOMA, PAH, PBR, PBR.A, PCH, PCL, PEBO, PEI, PERF, PHIIK, PHK, PKOH, PRGN, PSAU, PSTR, PWE, QIHU, RBCN, RDNT, RGLD, RPT, RRMS, RWT, SAIC, SAN, SCX, SGI, SHLO, SJI, SJT, SLRC, SLW, SRE, SRET, STDY, SXC, SXCP, SXE, SYNL, TAC, TAL, TAXI, TEF, TGD, TGI, THST, TIF, TKC, TNC, TROX, TWI, UE, UNT, VNCE, VRNS, VRNT, VRTS, VSEC, VTG, VTR, WIA, WILC, WIW, WMAR, WPC, WPG, WRLD, WYNN, X, YLCO, ZINC, ZUMZ
ETFs that traded to 52 week highs: none
ETFs that traded to 52 week lows: GDX, JO, SIL
11:23 am Choppy action not far above the lows continues -- Dow -52, S&P -10, Nasdaq Comp -29 (:TECHX) : While the S&P has held above its early low/first level support (1940/1937), little interest has developed. Intraday a push back through 1947/1949 and 1952 is needed to start to improve the short term weaker bias.
10:57 am Owens & Minor names W. Marshall Simpson as Chief Commercial Officer, effective October 4, 2015 (OMI) : Simpson, who was most recently Chief Executive Officer of Dominions Medical, a consulting firm he founded to advise new and existing medical and technology companies, served for twenty years at Owens & Minor.
10:46 am Major averages testing initial morning bounce highs -- Dow -30, S&P -6.9, Nasdaq Comp -20 (:TECHX) : Noted in The Technical Take and the 10:01 update that the S&P was probing first level support at 1940/1937. It stabilized at 1939 and edged slightly higher to 1945. In recent trade it has pushed back to this minor bounce high.
10:26 am Amazon displaying relative strength as it vacillates near its session high at 526.80 (AMZN) : Its three week high from this week is at 529.95.
10:01 am New session lows for market averages -- Dow -81, S&P -12, Nasdaq Comp -30 (:TECHX) : S&P reaches first level support from The Technical Take in the 1940/1937 zone (session low 1939).
10:01 am Market ticks to lows on weaker than expected Michigan Sentiment reading, which came in at 85.7 vs. 91.5 Briefing.com consensus (SPY) :
- S&P 500 is now -13; Dow Jones -85.
9:44 am Sectors displaying relative strength (:TECHX) : The major averages are in the red and the A/D Line is firmly negative but have seen some relative strength in: Coal KOL, Casino (MPEL, LVS, MGM, WYNN), Restaurant, Airline JETS, Home Const ITB (TOL, PHM, BZH, DHI).
9:40 am Early relative sector weakness (:TECHX) : Sector that have applied pressure thus far this morning include: Silver SLV, Gold Miners GDX, Crude Oil USO, Oil Service OIH, Solar TAN, Networking IGN (JDSU, FFIV, HRS, MSI), Energy XLE, Biotech IBB.
9:39 am Mecox Lane's Special Committee retains legal and financial advisors to evaluate the previously announced 'going private' offer (MCOX) :
9:39 am Opening Market Summary: Energy Sector Paces Opening Retreat (:WRAPX) :
The major averages began the trading day in negative territory, staying true to the pre-market indication. The S&P 500 trades lower by 0.3% with all ten sectors showing early losses.
This week's weakest sector-energy-began the day at the bottom of the leaderboard with a 1.0% loss. The sector has responded to the selling pressure in the oil market after Goldman Sachs issued a cautious outlook on oil prices. Currently, WTI crude trades lower by 2.3% at $44.82/bbl.
Elsewhere, heavily-weighted technology (-0.2%) and health care (-0.5%) trade near the broader market after showing relative strength yesterday.
Treasuries have ticked down from their highs, but they remain in the green with the 10-yr yield down three basis points at 2.19%.
The preliminary reading of the Michigan Sentiment survey for September (consensus 91.5) will be reported at 10:00 ET.
9:38 am Weak tone off the open but slide limited with indices edging up off lows -- Dow -37, S&P -5, Nasdaq Comp -13.9 (:TECHX) :
9:29 am On the Wires (:WIRES) :
- Global Power Equipment Group Inc. (GLPW) announced that it has appointed Peter W. Dawes as President, Auxiliary Products
- Sasol (SSL) and its partners have awarded a $45 mln contract to Petrleos de Moambique, Mozambique's state-owned distributor of petroleum products, to purchase condensate from the Central Processing Facility in Temane, Inhambane province.
- The UK's Medicines & Healthcare products Regulatory Agency said that it received a complaint about a commercial feature in a Raconteur supplement on cancer treatments sponsored by Northwest Biotherapeutics (NWBO) that was published on 4 June 2015 in the Times. The MHRA says it upheld the complaint and considered that the commercial feature was an advert for a medicine that did not have a valid marketing authorisation in the UK.
9:29 am Evans Bancorp reaches an agreement with the NY state Attorney General, to end litigation (EVBN) :
Co announced that it has reached an agreement with the New York State Attorney General to end litigation by jointly filing a Stipulation of Discontinuance in Federal Court. This action formally ends the Attorney General's lawsuit, which was initiated in September of 2014, regarding Evans residential mortgage practices. Under the settlement, Evans has agreed to:
- Provide, in two annual installments, a total grant of $475,000 to the City of Buffalo's Office of Strategic Planning.
- Administer, over a three-year period, a $100,000 grant program to encourage homeownership in Buffalo's East Side neighborhoods.
- Over a two-year period, invest $200,000 in advertising and marketing designed to reach potential applicants and residents of the complaint area. Pay $50,000 to the New York State Attorney General for costs and fees.
9:27 am Blackstone sets the record and distribution dates for the spin-off of PJT Partners, will begin regular way trading on October 1 (BX) :
The co announced that its Board of Directors has set the record and distribution dates for the spin-off of its financial and strategic advisory services, restructuring and reorganization advisory services and Park Hill Group businesses, which will be combined with PJT Capital, to form an independent, publicly-traded company called PJT Partners Inc.
- On October 1, 2015, the distribution date, each Blackstone common unitholder of record will receive one share of Class A common stock of PJT for every 40 common units of Blackstone held as of the close of business on September 22, 2015, the record date for the distribution.
- Following completion of the spin-off, both companies will be listed on the New York Stock Exchange. Blackstone common units will continue to trade under the ticker symbol "BX," while shares of Class A common stock of PJT will trade under the symbol "PJT." Blackstone expects that on or about September 18, two trading days prior to the record date, the Class A common stock of PJT will begin trading on a "when issued" basis under the symbol "PJT WI." Concurrently, "ex distribution" trading in Blackstone common units under the symbol "BX WI" will commence alongside "regular way" trading for Blackstone common units. Class A common stock of PJT will begin "regular way" trading on October 1, 2015, at which time "regular way" trading in Blackstone common units will reflect Blackstone's distribution of its Class A common stock of PJT.
9:19 am Corp. Exec. Board to acquire Wanted Technologies (CEB) :
Pursuant to the Arrangement Agreement, shareholders of Wanted Technologies will receive cash consideration of C$1.79 per share, which represents a premium of approximately 53% to the closing price of C$1.17 per share on the TSX Venture Exchange on September 9, 2015 and a premium of approximately 61% over the 20-day volume weighted average price of C$1.11 per share.
- "The acquisition of Wanted Technologies will further our commitment to helping business leaders solve high-value talent challenges with the precision required to drive business impact"
9:16 am Amgen submits an application to the FDA, for a new delivery option for monthly administered Repatha (AMGN) :
9:14 am S&P futures vs fair value: -9.60. Nasdaq futures vs fair value: -11.50. (:WRAPX) :
The stock market is on track for a modestly lower open with S&P 500 futures trading ten points below fair value after sliding from highs shortly before markets in Europe opened for the day. Speaking of Europe, regional equity indices trade lower across the board with UK's FTSE (-0.6%) outperforming while Spain's IBEX (-1.2%) lags.
Domestically, the pre-market action has been fairly muted with futures trading inside relatively narrow ranges when compared to the swings that have been observed in recent weeks. The benchmark index ended yesterday's session with a week-to-date gain of 1.6%, but some work will be needed in order for the index to maintain its standing.
On the economic front, August producer prices were unchanged while the Briefing.com consensus expected a decrease of 0.1%. Core producer prices increased 0.3% while the consensus expected a reading of 0.1%.
Treasuries hover near their best levels of the day with the 10-yr yield down four basis points at 2.18%.
More data will be released today with the preliminary reading of the Michigan Sentiment survey for September (consensus 91.5) set to cross at 10:00 ET while the Treasury Budget for August will be reported at 14:00 ET.
9:08 am NextEra Energy agrees to sell $700 mln of equity units (NEE) :
The co announced that it has agreed to sell $700 million of equity units to Barclays, Mizuho Securities, and Wells Fargo Securities.
- Each stock purchase contract will require the holder to purchase NextEra Energy common stock for cash, based on a per-share price range of $95.35 to $114.42. The higher end of this price range reflects a premium of 20 percent over the New York Stock Exchange closing price of NextEra Energy common stock on Sept. 10, 2015, which was $95.35. The holders must complete the stock purchase by no later than Sept. 1, 2018, and their purchase obligations may be satisfied with proceeds raised from remarketing the debentures that comprise part of their equity units.
9:06 am NextEra Energy subsidiary Florida Power & Light Company announces a tender offer for up to $400 mln in mortgage bonds (NEE) : Bonds include First Mortgage bonds with maturities ranging from 2033-2039
9:01 am FMC Corp to sell its Brazilian generic crop protection distribution and sales subsidiary to Atanor do Brasil Ltda; terms not disclosed (FMC) :
9:01 am DGSE names Matthew M. Peakes as Chairman of the Board, President and Chief Executive Officer effective September 16, 2015 (DGSE) :
- Co announced that Matthew M. Peakes has been appointed to the positions of Chairman of the Board, President and Chief Executive Officer of DGSE Companies, Inc., effective September 16, 2015.
- Peakes will replace James D. "Dusty" Clem, who previously announced his resignation as Chairman of the Board, President and Chief Executive Officer, effective September 15, 2015. Peakes will step down from his current position as Director of Business Development for Elemetal, LLC ("Elemetal"), to assume these roles at DGSE.
9:00 am Trevana prices its 6.5 mln share common stock offering at $9.75/share (TRVN) :
- Co announces pricing of offering of 6,500,000 shares of its common stock $9.75/share. The gross offering size will be ~$63.4 mln,
8:55 am On the Wires (:WIRES) :
- WellCare Health Plans (WCG) and Inovalon (INOV) announced a five-year agreement to improve member health utilizing Inovalon's sophisticated quality analytics platform
- Bear State Financial (BSF), the parent company of Bear State Bank and Marshfield Investment Company the parent company of Metropolitan National Bank, have received all necessary approvals required to consummate the transaction and expects to close in the fourth quarter of 2015
- Capstone Turbine Corporation (CPST) announced that it received an order for a C1000 dual mode Power Package to provide thermal and electrical power at a private Christian college in central Pennsylvania
- Emergent Capital, formerly known as Imperial Holdings (EMG) announced the lead plaintiff's dismissal with prejudice of a shareholder lawsuit against the company. Among other things, the suit challenged the board's adoption of a bylaw requiring a shareholder to obtain the consent of holders of 3% of the Company's outstanding shares before bringing a claim on behalf of other shareholders in a class action or on behalf of the Company in a derivative action
8:52 am S&P futures vs fair value: -8.40. Nasdaq futures vs fair value: -7.10. (:WRAPX) :
The S&P 500 futures trade eight points below fair value.
Most markets in the Asia-Pacific region closed Friday on a generally weaker note as buyers backed away ahead of China's economic releases over the weekend, which will include the latest reports for retail sales, fixed asset investment, and industrial production. China itself bucked the broader trend and eked out a small gain on Friday, aided by yet another spike of buying interest in the final hour of trading.
- In economic data:
- China's August New Loans CNY809.60 bln (expected CNY850.00 bln; prior CNY1.48 tln) and August M2 Money Supply +13.3% year-over-year (prior +13.3%)
- Japan's Q3 BSI Large Manufacturing Conditions 11.0 (prior -6.0)
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- Japan's Nikkei declined 0.2% in a relatively subdued day of trading. Weakness in the industrials (-1.6%), materials (-1.1%), and technology (-0.8%) sectors pressured the market. Fujikura (-4.4%), Nitto Denko (-4.0%), and Mitsubishi Electric (-4.0%) led individual decliners while Daiwa House Industry (+3.8%), UNY Group Holdings (+3.0%) and Konami Corp (+2.9%) paced the winners. Out of the 225 index members, 101 ended higher, 119 finished lower, and 3 were unchanged. For the week, the Nikkei increased 2.7%.
- Hong Kong's Hang Seng declined 0.3% amid steady selling pressure that kicked in following an early 1.6% gain. China Shenhua Energy (-5.1%), PetroChina (-3.9%), and China Life Insurance Co (-3.0%) were the biggest laggards. China Resources Power Holdings (+3.9%), Sun Hung Kai Properties (+3.9%), and Cheung Kong Property Holdings (+3.0%) topped the list of winners. Out of the 50 index members, 23 ended higher, 26 finished lower, and 1 was unchanged. For the week, the Hang Seng increased 3.2%.
- China's Shanghai Composite increased 0.1%, aided by a last hour spurt of buying interest that brought the Composite back from a 1.0% decline. Earlier in the day it was reported that new loans in August were weaker than expected. Over the weekend, China will be releasing closely-watched data for retail sales, fixed asset investment, and industrial production. For the week, the Shanghai Composite increased 1.3%.
Major European indices trade lower across the board with UK's FTSE (-0.4%) trading a bit ahead of other indices.
- Investors received several data points:
- Germany's August CPI 0.0% month-over-month, as expected; +0.2% year-over-year, as expected. Also of note, August Wholesale Price Index -0.8% month-over-month (expected 0.2%; prior 0.1%)
- France's July Current Account swung from a surplus of EUR800 million to a deficit of EUR400 million (expected surplus of EUR600 million)
- Spain's August CPI -0.3% month-over-month, as expected; -0.4% year-over-year, as expected
- Italy's July Industrial Production +1.1% month-over-month (expected 0.5%; prior -1.0%); +2.7% year-over-year (consensus 0.9%; last -0.3%)
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- UK's FTSE is lower by 0.4% with consumer and telecom names under pressure while miners outperform. Associated British Foods, Sainsbury, Inmarsat, and Vodafone show losses between 1.8% and 2.9%. On the flip side, Anglo American, Antofagasta, BHP Billiton, and Rio Tinto hold gains between 1.8% and 2.8%.
- Germany's DAX has surrendered 0.7% with all 30 components in the red. E.On is the worst performer, down 2.5% while Deutsche Bank is lower by 0.7%. As for exporters, BMW, Daimler, and Volkswagen are down between 0.3% and 0.6%.
- In France, the CAC is down 0.8% with all but six components in the red. Consumer names Accor, Carrefour, and Vivendi are down between 1.5% and 3.0% while Total outperforms, trading higher by 1.2%.
8:50 am Kroger beats by $0.05, reports revs in-line; raises FY16 guidance (KR) :
- Reports Q2 (Jul) earnings of $0.44 per share, $0.05 better than the Capital IQ Consensus of $0.39; revenues rose 0.5% year/year to $25.44 bln vs the $25.5 bln consensus.
- Achieved 47th consecutive quarter of positive identical supermarket sales growth, excluding fuel, +5.3%.
- Co issues in-line guidance for FY16, raises EPS to $1.92-1.98 from $1.90-1.95 vs. $1.95 Capital IQ Consensus.
- Kroger raised its identical supermarket sales growth guidance, excluding fuel, to a range of 4.0% to 5.0% for fiscal 2015. The previous guidance was 3.5% to 4.5%.
8:48 am Ecopetrol announces that its Board has accepted the resignation of COO Camilo Marulanda Lpez (EC) : Marulanda will remain in his position until the end of October. Ecopetrol will begin a selection process for the Company's COO with the assistance of a recruiting firm.
8:33 am Allegion proposes a registered public offering of senior notes; size not disclosed (ALLE) : Co intends to use the net proceeds from the senior notes offering to repay a portion of the outstanding borrowings under its senior secured revolving credit facility.
8:32 am Telus completes its 2015 normal course issuer bid program, receives approval from the Toronto Stock Exchange for a new $500 mln, 2016 normal course issuer bid program (TU) :
- Co purchased ~12.048 mln shares under its 2015 Normal Course Issuer Bid program and will have completed the purchases under the 2015 program by September 14, 2015. TELUS has also received approval from the Toronto Stock Exchange for a new Normal Course Issuer Bid program to purchase and cancel up to $500 mln in additional shares over the next 12 months.
- By September 14, 2015, TELUS will have completed its 2015 NCIB program with the purchase of approximately 12.1 mln shares or 2.0 per cent of its outstanding shares for approximately $500 mln.
8:32 am Gorman-Rupp announces over $10 million of cash investments, to expand its European operations in Ireland and The Netherlands (GRC) : Co announced over $10 million of cash investments in expansions of its European operations in Ireland and The Netherlands and a related planned acquisition in Belgium. Related to its acquisition, the Company announced that its G-R Europe subsidiary has reached an agreement in principal to purchase Hydro+ SA and Hydro+ Rental SPRL, based near Namur, Belgium. Hydro+ has been the Company's Belgian pump and pump systems distributor since 1998, and in 2011 formed Hydro Rental to expand pump and pump system rentals in the same region. Combined annual revenues of the Hydro companies are ~$4 mln.
8:32 am Market View: Dec. eMini stock-index futures remain below fair values following the 8:30 am ET economic data points (:TECHX) :
- ESz5 now @ 1934.75 -5.00
- YMz5 now @ 16164 -41
- NQz5 now @ 4268.00 -17.00
8:31 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance: CHKE -33.6%, ZUMZ -17.4%, FNSR -14.8%, MRVL -13.7%, MFRM -12.2%, RUN -4.2%, BRC -2.4%, USAT -2.2%, VISI -0.6%
Select EU financial names showing weakness: SAN -1.4%, ING -1.4%, DB -1%
Select oil/gas related names showing early weakness: SDRL -4%, STO -2.7%, RIG -2.6%, SU -2.5%, CEO -1.3%, HAL -1.1%, SLB -1.1%
Other news: EFOI -20.3% (prices its follow-on offering of 3 mln shares of its common stock by it and certain of its stockholders at $17.00/share), TRVN -4% (announced a proposed underwritten offering of common stock; size and terms not disclosed), NEE -2.4% (announced that it intends to sell $700 million of equity units, with each equity unit to be issued in a stated amount of $50), CLNE -2.1% (Co-Founder Boone Pickens to sell up to 3 mln shares), HLF -2.1% (Bill Ackman on CNBC reaffirms high level of confidence in (large) HLF short position), SGEN -0.5% (prices its upsized underwritten public offering of 11,707,318 shares of its common stock at a price to the public of $41/share)
Analyst comments: WCIC -10.2% (downgraded to Underweight from Neutral at JP Morgan), SLCA -4.6% (downgraded to Underperform from Hold at Jefferies), RSPP -2.5% (downgraded to Neutral from Buy at Goldman), CHD -1.6% (downgraded to Sell from Neutral at UBS)
8:31 am S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -1.60. (:WRAPX) :
The S&P 500 futures trade six points below fair value.
August producer prices were unchanged while the Briefing.com consensus expected a decrease of 0.1%. Core producer prices increased 0.3% while the consensus expected a reading of 0.1%.
8:31 am Erin Energy announces Christopher Hearne has resigned as CFO effective September 9, names Daniel Ogbonna as replacement (ERN) :
The co announced a number of changes within its management structure.
- Daniel Ogbonna has been appointed Senior Vice President and Chief Financial Officer. Mr. Ogbonna was previously with CAMAC International Corporation, where he has served as Executive Vice President and Chief Strategy Officer since 2010
- Christopher Hearne has resigned as SVP and CFO effective September 9, 2015. Mr. Hearne has agreed to work with Erin Energy as a consultant to assist with the transition period.
- Segun Omidele, Senior Vice President, Exploration and Production, has been appointed Chief Operating Officer effective immediately. Mr. Omidele has been with Erin Energy since 2011
8:30 am Amyris enters into an MOU for an exclusive distribution and reseller agreement with Contm 1G (AMRS) :
Following completion of definitive agreements, Amyris plans to introduce Biossance The Revitalizer, its initial featured skin moisturizer, to Brazil around the end of this year. Amyris also plans to introduce an additional five Biossance products through 2016 and a hair care line by the end of 2016.
- Through the agreement contemplated by the Memorandum of Understanding, Amyris would gain access to Contm 1G's retail sales outlets as its exclusive skin care product line. The partnership would also provide Amyris with access to the manufacturing and cosmetic-development facilities and capabilities of Contm 1G.
8:30 am Citrix Systems authorizes additional $500 mln stock repurchase (CTXS) :
- Co announces that its board of directors has authorized the company to repurchase up to an additional $500 million of Citrix common stock. Citrix said it plans to buy shares on the open market from time to time, depending on market conditions.
8:29 am On the Wires (:WIRES) :
- Reynolds American Inc (RAI) announced that Debra A. Crew, currently president and chief commercial officer of R.J. Reynolds, will become president and chief operating officer of the company
- Manning & Napier (MN) reported preliminary AUM of $38.8 billion at August 31, 2015, compared with $43.1 billion at June 30, 2015 and $47.8 billion at December 31, 2014
- Array BioPharma Inc. (ARRY) announced presentations on encorafenib and binimetinib at the 2015 European Cancer Congress, which will be held September 25 - 29, 2015 in Vienna, Austria. Top-line results expected over the next year from the NEMO and COLUMBUS Phase 3 trials
- Genomic Health, Inc. (GHDX) announced that results from four Oncotype DX breast cancer studies, including three large clinical outcomes studies in which the test was used to determine treatment, will be presented at the 2015 European Cancer Congress
- Pulmatrix, Inc. (PULM) announced that preclinical data regarding the pharmacokinetics and potency of PUR1900, will be presented at the 2015 North American Cystic Fibrosis Conference. The co will present the data, which show that itraconazole, the drug selected for development as PUR1900, was active and potent in vitro against Aspergillus fumigatus, a pathogen causing pulmonary infection in cystic fibrosis. Pharmacokinetic data also demonstrate that PUR1900 achieved high lung concentrations of itraconazole and low systemic exposure following lung delivery in rats, highlighting the advantages of pulmonary delivery for this compound
- Mirati Therapeutics, Inc. (MRTX)announced it will present data on its tyrosine kinase inhibitor, MGCD516, at the ESMO 2015 European Cancer Congress
- Sears Hometown and Outlet Stores, Inc. (SHOS) announced that Michael McCarthy has been hired as the company's new Vice President, Merchandising and Inventory, which will take effect on September 21, 2015
8:28 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance: ACET +10%, RH +2%, BOTA +0.5%
M&A news: CSX PGI +22.4% (to be acquired by Siris Capital Group for $14.00/share in cash, or ~$1 bln; deal includes a 45-day 'go-shop' period),+0.9% ( Incoming Canadian Pacific (CP) CEO (current COO) on CNBC says a combination with CSX is up to it's Board)
Select metals/mining stocks trading higher: AG +2.5%, GOLD +1.6%, HMY +1.5%, BHP +1.1%
Other news: ZSPH +5.7% (co confirmed it has participated in preliminary discussions with Actelion (ALIOY) regarding a potential strategic transaction),NVAX +3.8% (announced that the full data set from its clinical trial of RSV F-protein recombinant nanoparticle vaccine candidate in women of childbearing age were published in the Journal of Infectious Disease),FGEN +2.7% (still checking),MIXT +1.9% (announced its Board has approved a share repurchase programme under which the Company may repurchase up to 1.6 mln ADSs through March 15, 2016),NEP +1.3% (prices offering of 8,000,000 common units at $26.00 per common unit)
Analyst comments: RIO +2.9% (upgraded to Buy from Neutral at UBS),ARCB +1.9% (upgraded to Neutral from Underperform at BofA/Merrill),AHH +1.7% (initiated with a Buy at Janney),ZEN +1.6% (upgraded to Outperform from Neutral at Credit Suisse ),SYT +1.5% (upgraded to Outperform from Mkt Perform at Bernstein ),WLL +1.2% (upgraded to Buy from Neutral at Goldman),POWR +0.9% (initiated with an Outperform at Oppenheimer),TOT +0.8% (added to Conviction Buy list at Goldman),LULU +0.6% (added to Focus List at JP Morgan),WEN +0.6% (initiated with a Buy at Guggenheim)
8:21 am Cherokee follow-up: CHKE -33% in pre-market on Target (TGT) non-renewal; analysts see potential opportunity (CHKE) :
Cherokee (CHKE) is the biggest pre-market loser this morning, trading lower by 33% after reporting Q2 results and announcing its largest licensor, Target (TGT), will not renew its license for Cherokee brand in the U.S. The Target license is now scheduled to expire at the end of its current term on January 31, 2017 after a 20+ year partnership.
Cherokee is a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands. It has licensing agreements with retailers and manufacturers in more than 50 countries in 7,000 retail locations. Some of the company's other owned brands include Liz Lange and Completely Me by Liz Lange, Hawk and Tony Hawk, Sideout, and Carole Little. The Hawk and Tony Hawk brands are licensed exclusively in the U.S. to Kohl's (KSS). Licensing revenues for those brands totaled $4.9 million in fiscal 2015, which was 14% of Cherokee's total revenues. The license agreement with Kohl's extends through January 2018.
While Q2 results were slightly below expectations, the real catalyst for the downside reaction is the Target license non-renewal.
Royalty revenues from Target U.S. for the Cherokee brand accounted for 43%, 53%, respectively, of CHKE's consolidated revenues during 2015 and 2014. CHKE does not expect the non-renewal to have any material impact on 2016 revenues, and anticipates that it will establish new channels for Cherokee branded products in the U.S. that will be available in Fiscal 2018.
Cherokee has limited Wall Street analyst coverage, but a few of the covering analysts are out this morning suggesting that while it adds uncertainty to the revenue picture, the Target non-renewal could actually create an opportunity for Cherokee to replace that license with another licensor on better terms. Wunderlich cut their target to $26 from $33 but noted they expect the uncertainty to create a buying opportunity. B. Riley lowered their target to $27 from $34, also seeing the downside as a buying opportunity.
CHKE shares are lower by 33% at $16.15, wiping out this year's gains and back at levels last seen in November of 2014.
8:13 am Centene announces that its Georgia subsidiary was one of the Care Management Organizations selected to serve Medicaid recipients in Georgia (CNC) : The new contract is expected to start on July 1, 2016, pending regulatory approvals. Under the new contract, Peach State Health Plan will be one of four plans serving over 1.3 million members enrolled in the Georgia Families, PeachCare for Kids and Planning for Healthy Babies programs.
8:11 am Manning & Napier Advisors reports preliminary AUM of $38.8 bln at August 31, 2015, compared with $43.1 bln at June 30, 2015 (MN) :
8:08 am European Markets Update: FTSE -0.4%, CAC -0.8%, DAX -0.8% (:SUMRX) :
Major European indices trade lower across the board with UK's FTSE (-0.4%) trading a bit ahead of other indices.
- Investors received several data points:
- Germany's August CPI 0.0% month-over-month, as expected; +0.2% year-over-year, as expected. Also of note, August Wholesale Price Index -0.8% month-over-month (expected 0.2%; prior 0.1%)
- France's July Current Account swung from a surplus of EUR800 million to a deficit of EUR400 million (expected surplus of EUR600 million)
- Spain's August CPI -0.3% month-over-month, as expected; -0.4% year-over-year, as expected
- Italy's July Industrial Production +1.1% month-over-month (expected 0.5%; prior -1.0%); +2.7% year-over-year (consensus 0.9%; last -0.3%)
------
- UK's FTSE is lower by 0.4% with consumer and telecom names under pressure while miners outperform. Associated British Foods, Sainsbury, Inmarsat, and Vodafone show losses between 1.8% and 2.9%. On the flip side, Anglo American, Antofagasta, BHP Billiton, and Rio Tinto hold gains between 1.8% and 2.8%.
- In France, the CAC is down 0.8% with all but six components in the red. Consumer names Accor, Carrefour, and Vivendi are down between 1.5% and 3.0% while Total outperforms, trading higher by 1.2%.
- Germany's DAX has surrendered 0.8% with all 30 components in the red. E.On is the worst performer, down 2.5% while Deutsche Bank is lower by 0.7%. As for exporters, BMW, Daimler, and Volkswagen are down between 0.3% and 0.6%.
8:06 am Integrated Silicon completes the sale of its Chingis subsidiary to MediaTek Capital Corp, expects closing of merger with Uphill early in Q4 (ISSI) :
8:04 am Brady misses by $0.06, misses on revs; guides FY16 EPS below consensus; authorizes increase in share repurchase program (BRC) :
Reports Q4 (Jul) earnings of $0.28 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus Estimate of $0.34; revenues fell 8.9% year/year to $288.6 mln vs the $295.7 mln consensus.
- Co issues downside guidance for FY16, sees EPS of $1.10-1.30 vs. $1.56 Capital IQ Consensus Estimate.
- Co anticipates approximately flat to low single-digit organic sales growth in fiscal 2016, with organic sales growth in both the Identification Solutions and Workplace Safety businesses increasing as the year progresses.
- Board of Directors authorized an increase in the Company's share buyback program, authorizing the repurchase of up to a total of two million shares of the Company's Class A Common StockShare buyback program increased to a total share repurchase authorization of up to 2 million shares of the Company's Class A Common Stock.
8:04 am Ford Motor approves a three-year extension of its current tax benefit preservation plan (F) :
The current plan, originally adopted in September 2009 and amended in September 2012, was scheduled to expire on September 30, 2015. The extension approved by the Board of Directors extends the final expiration date of the plan to September 30, 2018.
- At year-end 2014, Ford had tax attributes, including net operating losses and tax credit carry forwards, that would offset more than $15 billion of taxable income. Ford can utilize these tax attributes in certain circumstances to offset taxable income and reduce its federal income tax liability.
- As a continuation of the current plan, if any person or group acquires 4.99 percent or more of the outstanding shares of common stock (subject to certain exceptions), there would be a triggering event under the plan resulting in significant dilution in the ownership interest of such person or group in Ford stock.
8:03 am Q2 Holdings confirms it filed a registration statement relating to its proposed follow-on public offering; Q2 and certain of its stockholders are proposing to sell an aggregate of 3,798,996 shares (QTWO) : The co and certain of its stockholders are proposing to sell an aggregate of 3,798,996 shares, consisting of 863,409 shares to be offered by Q2 and 2,935,587 shares to be offered by certain selling stockholders.
8:03 am Legg Mason reports August, 2015 prelim AUM of $681.9 bln, down 2% from the prior month (LM) : This month's AUM reflects long-term outflows of $1.2 billion, including equity outflows of $1.7 billion partially offset by fixed income inflows of $0.5 billion. Liquidity inflows were $3.4 billion and this month's AUM reflects $0.5 billion in negative foreign exchange impact.
8:02 am AES wins a competitive bid from the Electric Transmission Company, to supply 350 MW of new capacity (AES) :
Co announced that its subsidiary Gas Natural Atlantico S. de R.L., has won a competitive bid process conducted by the Electric Transmission Company, SA (:ETESA), the state's electric transmission company, to supply 350 MW of new capacity. The project will include the construction of a 350 MW combined cycle natural gas-fired plant with a 10-year Power Purchase Agreement, and a 170,000 m3 LNG storage tank and regasification facility.
- AES expects to sign the 10-year PPA by the end of 2015. The total project cost is expected to be in the range of $800 to $900 million, which will be financed with a combination of non-recourse debt, equity from partners and AES equity of up to $210 million
8:02 am Flotek Industries welcomes Praesidium's investment, continues to have discussion with partners about FracMax; reaffirms Q3 chemistry rev to post sequential growth of at least 10% with stable to modestly higher margins (FTK) :
- As noted in recent presentations and on the Company's second quarter conference call, Flotek expects third quarter chemistry revenue to post sequential growth of at least 10% with stable to modestly higher margins. The growth is primarily the result of accelerating use of Flotek's CnF completion chemistries, principally in North America, and continued expansion of validation projects with prospective commercial customers.
- Co is delighted with Praesidium's recent 13D filing showing over a 5% stake: "Flotek is acutely focused on growing its core energy chemistry business and views FracMax, first and foremost, as an important tool in increasing market penetration for our CnF chemistries," added Chisholm. "That said, we also recognize there may very well be additional value to this unique, innovative software platform and look forward to input from Praesidium as well all other stakeholders that could lead to meaningful value creation. In fact, we have initiated and continue to have meaningful discussions with potential partners -- both strategic and financial -- regarding the future of FracMax that have resulted from meaningful discussions with other stakeholders, albeit in a more flexible setting without the need for a formal filing."
8:02 am La Jolla Pharm receives a positive opinion for LJPC-401 from the EMA, and is granted a meeting to review LJPC-401 future development plans (LJPC) : Co announced that the European Medicines Agency (:EMA) Committee for Orphan Medicinal Products (:COMP) issued a positive opinion recommending LJPC-401. In a separate decision, the EMA's Innovation Task Force (ITF) has granted a meeting with La Jolla to review future development plans for LJPC-401.
8:01 am Cypress Semi and Fujitsu Electronics (FJTSY) announce $500 mln distribution agreement for Japan (CY) :
- Co and Fujitsu Electronics Incorporated (FEI) finalized an agreement that will significantly expand FEI's role as a distribution partner for Cypress.
- In the wake of Cypress's merger with Spansion Inc. in March 2015, the agreement replaces the two prior agreements between Spansion and FEI, providing FEI with access to the products covered by the prior agreements and adding Cypress's entire product line, including PSoC Programmable System-on-Chip devices, automotive touch-sensing solutions, SRAM and nonvolatile memories, Bluetooth Low Energy solutions and USB controllers.
- The agreement took effect on September 10, 2015 and is expected to generate $500 million in sales the first year.
8:01 am Coty increases quarterly dividend to $0.25/share from $0.20/share (COTY) :
8:01 am Kite Pharma announces positive EMA opinion recommending EU Orphan Designation for the treatment of primary mediastinal B-Cell Lymphoma (KITE) : Co announced that the European Medicines Agency (:EMA) Committee for Orphan Medicinal Products has adopted a positive opinion recommending KTE-C19 for designation as an orphan medicinal product for the treatment of PMBCL and MCL. No other product candidate currently has orphan drug designation for the treatment of PMBCL in the EU. Kite previously received orphan drug designation for KTE-C19 for the treatment of diffuse large B-cell lymphoma (:DLBCL) in both the US and the EU.
8:00 am GAIN Capital names Nigel Rose as CFO, effective October 1, 2015 (GCAP) : Rose, who is currently GAIN's Group Finance Director, has served as the Chief Financial Officer of City Index Holdings, Inc. since 2010. GAIN acquired City Index in April of 2015.
7:53 am S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -3.40. (:WRAPX) :
U.S. equity futures hold modest pre-market losses amid defensive action overseas. The S&P 500 futures hover six points below fair value after sliding from highs shortly before the start of the European session.
Meanwhile, Treasuries hold gains with the 10-yr yield down two basis points at 2.21%.
On the economic front, August PPI (Briefing.com consensus -0.1%) will be reported at 8:30 ET while the preliminary reading of the Michigan Sentiment survey (consensus 91.5) will be released at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the Treasury Budget for August.
In U.S. corporate news of note:
- Finisar (FNSR 12.51, -2.40): -16.1% after missing estimates and guiding below analyst expectations.
- Marvell (MRVL 9.50, -1.05): -10.0% after missing revenue estimates and announcing that the Audit Committee will continue an independent investigation of the company's accounting.
Reviewing overnight developments:
- Asian markets ended mostly lower. Hong Kong's Hang Seng -0.3%, Japan's Nikkei -0.2%, and China's Shanghai Composite +0.1%
- In economic data:
- China's August New Loans CNY809.60 bln (expected CNY850.00 bln; prior CNY1.48 tln) and August M2 Money Supply +13.3% year-over-year (prior +13.3%)
- Japan's Q3 BSI Large Manufacturing Conditions 11.0 (prior -6.0)
- In news:
- The Bank of Korea left its key lending rate unchanged at 1.50%, as expected
- Major European indices trade lower across the board. UK's FTSE -0.4%, France's CAC -0.7%, and Germany's DAX -0.7%. Elsewhere, Italy's MIB -0.2% and Spain's IBEX -1.1%
- Investors received several data points:
- Germany's August CPI 0.0% month-over-month, as expected; +0.2% year-over-year, as expected. Also of note, August Wholesale Price Index -0.8% month-over-month (expected 0.2%; prior 0.1%)
- France's July Current Account swung from a surplus of EUR800 million to a deficit of EUR400 million (expected surplus of EUR600 million)
- Spain's August CPI -0.3% month-over-month, as expected; -0.4% year-over-year, as expected
- Italy's July Industrial Production +1.1% month-over-month (expected 0.5%; prior -1.0%); +2.7% year-over-year (consensus 0.9%; last -0.3%)
- Among news of note:
- European Central Bank member Benoit Coeure commented on the central bank's QE program, saying it will continue until growth is strong enough to create a sufficient number of jobs
7:48 am Energy Focus prices its follow-on offering of 3 mln shares of its common stock by it and certain of its stockholders at $17.00/share (EFOI) : The Company is offering 1,500,000 shares of its common stock and the Selling Stockholders are offering an additional 1,500,000 shares of their common stock on the same terms and conditions.
7:47 am Diana Containerships announces the delivery of a post-panamax container vessel, the M/V Rotterdam (DCIX) :
- Co announced that yesterday, through a separate wholly-owned subsidiary, it took delivery of the m/v Rotterdam. As previously announced, "Rotterdam" is a 2008-built Post-Panamax container vessel of ~6,500 TEU capacity that the co entered into an agreement to purchase on July 29, 2015.
- Including the newly delivered "Rotterdam", Diana Containerships Inc.'s fleet currently consists of 14 container vessels (5 Post-Panamax and 9 Panamax).
- The co also expects to take delivery of one Post-Panamax container vessel by the end of November 2015.
7:42 am Healthsouth announces an offering of $300 million in senior notes due 2025 (HLS) : Co intends to use the net proceeds from this private offering to fund a portion of its previously announced acquisition of the operations of Reliant Hospital Partners,, which is expected to close in the fourth quarter of 2015
7:40 am Mattress Firm misses by $0.05, reports revs in-line; lowers FY16 EPS, raises rev (MFRM) :
- Reports Q2 (Jul) earnings of $0.67 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.72; revenues rose 61.2% year/year to $661.1 mln vs the $663.58 mln consensus, incremental sales from acquired and new stores, and comparable-store sales growth of 2.8%.
- Co issues guidance for FY16, lowers EPS to $2.30-2.45, excluding non-recurring items, from $2.50-2.70 vs. $2.59 Capital IQ Consensus; raises FY16 revs to $2.53-2.55 bln from $2.485-2.535 bln vs. $2.5 bln Capital IQ Consensus; reaffirms comps up low single digits.
- The Company is increasing the midpoint of its sales guidance range by $30 million primarily as a result of the anticipation of 30 incremental net new stores and the outperformance at the Sleep Train brand.
- The Company is revising its Adjusted EPS financial guidance for the full fiscal year (52 weeks) ending February 2, 2016 ("fiscal 2015") based on year-to-date results, continued volatility inside oil-affected markets, and the discontinuation of the Mattress Pro concept.
7:31 am Arrowhead Research nominates ARC-HIF2 as its first therapeutic candidate delivered using a new Dynamic Polyconjugate designed to target tissues outside of the liver (ARWR) :
Arrowhead believes that ARC-HIF2, which uses RNA interference to silence transcription factor hypoxia-inducible factor 2a, is a promising new candidate for the treatment of clear cell renal cell carcinoma. The company will present preclinical data at the European Cancer Congress 2015 in Vienna on September 27 in a session starting at 16:45 CEST. In a poster titled "HIF-2a targeting with a novel RNAi delivery platform as therapy for renal cell carcinoma," Arrowhead scientists will show data suggesting that HIF-2a inhibition through RNA interference may significantly impact late stage ccRCC progression.
- The company says it is in the process of manufacturing scale up to allow for initiation of IND-enabling studies. Timing for anticipated regulatory submission will be announced in the future.
7:29 am On the Wires (:WIRES) :
- NxStage Medical (NXTM) and Spindial S.p.A. announced their new partnership with the Niguarda-Ca' Granda hospital in Milan, Italy to help assist hemodialysis patients, including both current NxStage patients and non-NxStage patients, who wish to travel to Milan. Through this partnership in-center hemodialysis patients may have the opportunity to travel to Milan and access therapy using the NxStage System One at the Milan hospital
- Ixonos PLC announced a global services partnership with Brightcove (BCOV) designed to deliver innovative apps that leverage the power of online video to engage audiences and move businesses.
- SunEdison, Inc (SUNE) announced that Columbia, Md. now sources 75 percent of its energy from wind renewable energy credits, and 25 percent from a newly completed two megawatt MW DC solar farm in SunEdison and Bithenergy's Nixon Farm solar project
7:07 am Avid Tech names Rashid Desai as Chief Technology Officer (AVID) : Desai joins Avid from Barclaycard, where he held Managing Director, Chief Information Officer and Chief Technology Officer roles.
7:02 am ISIS Pharm announces that its collaboration with AstraZeneca (AZN) to discover and develop antisense drugs, has received HSR clearance (ISIS) : As such, AstraZeneca (AZN) will pay Isis a $65 million up-front payment. Isis is eligible to receive development and regulatory milestones for each program that AstraZeneca advances to clinical development. Isis Pharmaceuticals is also eligible to earn tiered double-digit royalties on annual net sales for each program.
7:01 am Biogen prices $6 bln in senior unsecured notes (BIIB) :
The notes will mature as follows:
- $1.50 billion will mature on September 15, 2020 and will bear interest at an annual rate of 2.900%
- $1.00 billion will mature on September 15, 2022 and will bear interest at an annual rate of 3.625%
- $1.75 billion will mature on September 15, 2025 and will bear interest at an annual rate of 4.050%
- $1.75 billion will mature on September 15, 2045 and will bear interest at an annual rate of 5.200%
Biogen intends to use the net proceeds from this offering, together with cash on hand, to fund share repurchases of its common stock under the company's previously authorized $5.0 billion share repurchase program, for working capital and other general corporate purposes.
6:53 am Asian Markets Close: Japan's Nikkei -0.2%; Hong Kong's Hang Seng -0.3%; China's Shanghai Composite +0.1% (:SUMRX) :
Most markets in the Asia-Pacific region closed Friday on a generally weaker note as buyers backed away ahead of China's economic releases over the weekend, which will include the latest reports for retail sales, fixed asset investment, and industrial production. China itself bucked the broader trend and eked out a small gain on Friday, aided by yet another spike of buying interest in the final hour of trading.
Economic data
- China
- August New Loans CNY 809.6 bln (expected CNY 850.0 bln; prior CNY 1.48 tln)
- August M2 Money Supply +13.3% year-over-year (prior +13.3%)
- Japan
- Q3 BSI Large Manufacturing Conditions 11.0 (prior -6.0)
- South Korea
- Bank of Korea leaves key lending rate unchanged at 1.50% as expected (prior 1.50%)
Equity Markets
- Japan's Nikkei declined 0.2% in a relatively subdued day of trading. Weakness in the industrials (-1.6%), materials (-1.1%), and technology (-0.8%) sectors pressured the market. Fujikura (-4.4%), Nitto Denko (-4.0%), and Mitsubishi Electric (-4.0%) led individual decliners while Daiwa House Industry (+3.8%), UNY Group Holdings (+3.0%) and Konami Corp (+2.9%) paced the winners. Out of the 225 index members, 101 ended higher, 119 finished lower, and 3 were unchanged. For the week, the Nikkei increased 2.7%.
- Hong Kong's Hang Seng declined 0.3% amid steady selling pressure that kicked in following an early 1.6% gain. China Shenhua Energy (-5.1%), PetroChina (-3.9%), and China Life Insurance Co (-3.0%) were the biggest laggards. China Resources Power Holdings (+3.9%), Sun Hung Kai Properties (+3.9%), and Cheung Kong Property Holdings (+3.0%) topped the list of winners. Out of the 50 index members, 23 ended higher, 26 finished lower, and 1 was unchanged. For the week, the Hang Seng increased 3.2%.
- China's Shanghai Composite increased 0.1%, aided by a last hour spurt of buying interest that brought the Composite back from a 1.0% decline. Earlier in the day it was reported that new loans in August were weaker than expected. Over the weekend, China will be releasing closely-watched data for retail sales, fixed asset investment, and industrial production. For the week, the Shanghai Composite increased 1.3%.
- India's Sensex declined 0.1% on steady selling pressure that emerged following an opening 1.0% gain. Weakness in the materials (-2.5%), industrials (-1.4%), and energy (-0.7%) sectors offset strength in the financials (+0.6%), technology (+0.4%), and health care (+0.4%) sectors. Bharat Heavy Electricals (-3.1%), Tata Steel (-3.0%), and Tata Motors (-3.0%) were the worst-performing issues. State Bank of India (+1.3%), Wipro (+1.3%), and Housing Development Finance (+1.2%) led the gainers. Out of the 30 index members, 13 ended higher and 17 finished lower. For the week, the Sensex increased 1.6%.
- Australia's S&P/ASX 200 declined 0.5%, led lower by weakness in the energy (-1.6%), gold (-1.3%), and telecom services (-1.2%) sectors. Out of the 200 index members, 80 ended higher, 96 finished lower, and 24 were unchanged. For the week, the S&P/ASX 200 increased 0.6%.
- Regional advancers: Taiwan +0.5%, Indonesia +0.4%, Philippines +0.3%
- Regional decliners: South Korea -1.1%, Malaysia -0.7%, Thailand -1.2%, Vietnam -0.9%
- Closed for holiday: Singapore (elections)
FX
- USD/CNY -0.04% at 6.3749
- USD/INR +0.2% at 66.5412
- USD/JPY +0.02% at 120.64
6:42 am On The Wires (:WIRES) :
- Merck KGaA (MKGAY) announced that it intends to submit its investigational treatment Cladribine Tablets for the treatment of relapsing multiple sclerosis for registration in Europe. The decision follows the company's evaluation of new data and additional analyses of the compound's benefit-risk profile.
- Sky News (SKYAY) and Microsoft's (MSFT) Bing Pulse have announced they will continue to work together to provide audience feedback and sentiment tracking around key debates and events in the future.
- SeaChange (SEAC) and Imagine Communications have signed a reseller agreement in pursuit of the global market for multiscreen television and advertising. The companies will jointly offer a range of solutions comprised of category-leading platforms for premium video networking, management, streaming, analytics and monetization.
- AK Steel (AKS) said that the U.S. International Trade Commission has made a preliminary determination that cold-rolled steel produced in seven foreign countries is causing or threatening to cause injury to AK Steel and the domestic steel industry. The preliminary injury determination means that cases against cold-rolled steel producers in these seven countries will proceed. The ITC also determined that imports of cold-rolled steel from the Netherlands are not causing or threatening to cause injury to the domestic industry because the quantity of imports from the Netherlands was "negligible," such that the imports comprised less than three percent of total imports of cold-rolled steel during the 12 months preceding the filing of the petition. (X)
- Volvo Group (VOLVY) Executive Team member Torbjrn Holmstrm has announced his intention to step down from his position as Volvo Group Chief Technology Officer and Executive Vice President Group Trucks Technology. A global search will be conducted during autumn 2015 to identify his successor.
6:22 am Clean Energy Fuels Co-Founder Boone Pickens to sell up to 3 mln shares (CLNE) :
President and CEO Andrew J. Littlefair detailed that:
- "My co-founder, Boone Pickens, let me know that he has filed a Form 144 to sell a small portion of his overall holdings in Clean Energy, up to 3 million shares. He emphasized that he still remains as bullish as ever on the company's future and the benefits of natural gas as a transportation fuel, validated by the growing number of vehicle fleets fueling at Clean Energy stations. Boone will continue to be our largest shareholder, an active member of the company's board of directors and a valuable energy expert for us to tap into."
6:16 am Seattle Genetics prices its upsized underwritten public offering of 11,707,318 shares of its common stock at a price to the public of $41/share (SGEN) : The gross proceeds to Seattle Genetics from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be approximately $480 million. The offering was upsized by 20 percent from the originally anticipated gross offering amount of $400 million.
6:10 am On The Wires (:WIRES) :
- Avid (AVID) made several key announcements around the Avid MediaCentral Platform and its associated modular application suites, further delivering on the promises of Avid Everywhere. These innovations solve the media industry's most critical challenges, so that everyone, from individual artists and creative teams to the world's largest media enterprises, can create, distribute, and manage content in a way that helps them get more value from their media assets.
- Starting on September 25, qualified Sprint (S) customers can get Apple's (AAPL) iPhone 6s for $15 per month and iPhone 6s Plus for $19 per month, making it the most affordable way to get the new iPhones on Sprint. Customers who choose not to trade in an existing smartphone at time of purchase can get iPhone 6s for $22 per month and iPhone 6s Plus for $26 per month.
5:59 am S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: -3.30. :
5:59 am European Markets : FTSE...6134.64...-21.20...-0.30%. DAX...10108.22...-102.20...-1.00%.
5:59 am Asian Markets : Nikkei...18264.22...-35.40...-0.20%. Hang Seng...21504.37...-58.10...-0.30%.
4:18 am On The Wires (:WIRES) :
- Celeno Communications, a leading provider of high-performance Wi-Fi chips and software for demanding home networking applications, today announced a reference design developed together with STMicroelectronics (STM), where Celeno's Wi-Fi 802.11ac and 802.11n chips are fully integrated with ST's Alicante DOCSIS 3.0 CableLabs certified chip.
- Concurrent (CCUR) announced a new major release of its Unified Content Delivery Solution that includes enhanced support for Cloud DVR and 4K streaming services.
- ARRIS Group (ARRS) announced that Telefonica (TEF) selected its VIP1113 set-top to deliver next-generation IPTV services-including HDTV, TV everywhere, on-demand, and OTT services-to its Movistar+ TV customers.
- Toshiba Corporation's (TOSBF) Semiconductor & Storage Products Company announced the launch of optical coupled isolation amplifiers with a delta-sigma AD converter that can detect infinitesimal electric current and voltage fluctuation with high-precision, for use in industrial equipment applications.
- Ericsson (ERIC) announced the commercial availability of Ericsson MediaFirst, a next-generation Pay TV platform that transforms TV and video entertainment.
4:03 am Telenor and TeliaSonera (TLSNY) withdraw from merger proposal (TELNY) :
Telenor and TeliaSonera announce the withdrawal of the proposed merger of their respective business units in Denmark. The companies have not been able to agree with the European Commission on acceptable conditions to go ahead with their plan to create a robust mobile operator.
- Telenor and TeliaSonera now continue to review the strategic options in the Danish market.
4:01 am NextEra Energy Partners prices offering of 8,000,000 common units at $26.00 per common unit (NEP) :
4:00 am Danaher prices ~$2 bln in senior notes (DHR) :
Co announced that it has priced a public offering of:
- $500 mln of 1.650% senior notes due 2018
- $500 mln of 2.400% senior notes due 2020
- $500 mln of 3.350% senior notes due 2025
- $500 mln of 4.375% senior notes due 2045
4:00 am Globe Specialty Metals amends its business combination agreement with FerroAtlantica; $32.5 mln cash payment to shareholders (GSM) :
Globe Specialty Metals announced that it has amended its business combination agreement with Grupo FerroAtlntica to, among other things, provide additional governance provisions for the benefit of the Globe shareholders.
- Globe also announced that, subject to certain conditions, a $32.5 million aggregate cash payment would be made by the combined companies for the benefit of the Globe shareholders after completion of the business combination.
- The amendments to the business combination agreement and the cash payment to the Globe shareholders are made pursuant to a memorandum of understanding that outlines the terms of an agreement in principle to settle the pending legal action regarding the business combination.
- Globe will adjourn to September 22, 2015 its special meeting of shareholders called to approve the business combination in order to provide additional time for shareholders to consider these matters.
3:59 am William Lyon Homes prices offering of $50 million in aggregate principal amount of 7.00% senior notes due 2022 (WLH) :
3:58 am CenturyLink unit Qwest sells $400 million aggregate principal amount of 6.625% Notes due 2055 (CTL) :
3:48 am On The Wires (:WIRES) :
- Nordea has selected Accenture (ACN) and Temenos to help the bank replace its core banking systems across the Nordics as part of its broader "simplification" program. Accenture will help implement the new core banking platform, which will be based on Temenos' core banking software.
- DBV Technologies (DBVT) announced that following the review of the Euronext Paris Stock Exchange Indices on September 10, 2015, the "Conseil Scientifique des Indices", Euronext's steering committee, has admitted DBV to the SBF 120 Index.
- TiVo (TIVO) announced it will unveil its latest advanced TV offerings for cable operators. In addition to demonstrating enhancements to TiVo's acclaimed Gateway PVR, multi-room and multi-screen solutions, TiVo will be showcasing comprehensive offerings combining technologies from portfolio companies Digitalsmiths and Cubiware.
- MaxLinear (MXL) announced it will demonstrate a scalable multi-channel satellite UHD set-top box and media server reference design with STMicroelectronics (STM) and Quantenna