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Consol Energy Inc.

Publié le 31 janvier 2016

6:55 am CONSOL Energy beats by $0.01, beats on revs

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6:55 am CONSOL Energy beats by $0.01, beats on revs

9:54 am UPS gap higher start pauses at Jan high of 96.10 -- session high 96.00 (UPS) : Strong performance off the open in the wake of earnings with the opening run stalling just shy of its Jan peak at 96.10. It is currently vacillating back near its 50 day ema at 95.55.

9:45 am Alphabet A gap higher start breaks Dec peak at 798 to set new all time high of 804.49 (GOOGL) : Strong post earnings start pauses after setting a new all time high with it currently drifting slightly under the Dec peak.

9:45 am Anadarko Petroleum: Notes on call (APC) :

Co notes $1 bln in monetizations for FY16. A relatively short cycle prospect for co is the Caesar Tonga. Production in this field is close to infrastructure costs with an abundance of undeveloped reserves and low-cost drilling, producing upwards of 6,000 to 10,000 barrels per day.

The stock is currently up ~1% as the Q & A winds down.

9:44 am Opening Market Summary: (:WRAPX) :

As expected, the stock market opened on a sharply lower note with the Dow Jones Industrial Average (-1.4%) outpacing the retreat while the S&P 500 (-1.3%) and the Nasdaq (-1.0%) follow.

All ten sectors have opened in negative territory with energy (-2.9%) and financials (-2.0%) showing the steepest declines. The remaining groups trade between telecom services (-1.7%) and utilities (-0.7%). 

This morning's selloff has been fueled by a continued decline in oil with WTI crude surrendering the $30.00/bbl price level. The energy component currently trades lower by 5.2% to $29.98/bbl.

Treasuries trade on their highs with the yield on the benchmark note lower by seven basis points at 1.88%. 

9:40 am Gilead Sciences earnings preview (GILD) :

Gilead (GILD) is set to report Q4'15 earnings after-hours at 4:00pm ET, with a conference call to follow at 4:30pm ET. Current Capital IQ Consensus is for adjusted EPS of $2.98 (+23% Y/Y) on revenues of $8.2 billion (+12% Y/Y). The company will also guide FY16 net product sales, product gross margin, and R&D and SG&A expenses. In Q3, net product sales accounted for ~99% of revenues. Current Capital IQ Consensus is for FY16 revenues of $31.9 bln. 

  • Note that on January 29, the company named John Milligan PhD (currently the firm's President and COO) as its new CEO, effective March 10. At that time, current Chairman and CEO John Martin, will assume the role of Executive Chairman of the company.

Key Metrics

  • FY15 Guidance
    • Increased net product sales guidance to $30-31 bln from $29-30 bln, with Q3 earnings (total product sales of $24.5 bln in FY14).
    • Non-GAAP product gross margin of 88-90%.
    • R&D Expense of $2.8-3.0 bln.
    • Diluted EPS impact of acquisition-related, restructuring, stock-based compensation expenses and other of $0.82-0.87.
  • Q3 cash and equivalents of ~$14 bln

Q3 Key Product Sales

  • Hepatitis C Drugs
    • Harvoni ($3.3 bln or ~41% of Product Sales)
      • Indicated for the treatment of chronic hepatitis C genotype 1 infection in adults.
    • Sovaldi ($1.5 bln or ~18% of Product Sales)
      • A nucleotide analog NS5B polymerase inhibitor for the treatment of chronic hepatitis C as a component of a combination antiviral treatment regimen.
    • Market:
      • Gilead sees a "fluid market" for Hep C drugs in the near term, until equilibrium is established in the market.
      • The firm did note the need for strong drug differentiation out of its Hep C drugs, as other firms move into the market (ABBV).
      • Management believed that only a fraction of patients diagnosed with Hep C have been treated through Q3.
      • It will be very important to listen for the firm's outlook for these drugs going forward, as they accounted for nearly 60% of Q3 product sales and many believe that these sales of these drugs may have peaked.
  • HIV/AIDS Drugs
    • Truvada ($0.9 bln or ~11% of Product Sales)
    • Atripla ($0.8 bln or ~10% of Product Sales)
    • Stribild ($0.5 bln or ~6% of Product Sales)

The Hot Topic Around Gilead

  • In 2009, Gilead purchased Pharamsset for their HCV pipeline at a 100% premium. The deal turned out to be great for Gilead as it eventually provided the company with Harvoni and Sovaldi, which account for 60% of total product sales.
  • Now, with nearly $14 bln in cash as of Q3, many investors want the company to make their next big acquisition in order to provide a new avenue for growth as the company's HCV product sales peak.
  • At the 33rd NASDAQ OMX Investor Program, the firm noted that it is not limited to looking at late-stage asset acquisitions and will consider commercial assets in its future M&A considerations. They also stated that they are comfortable with the size of the firm.

Pricing Pressures

  • It is worth noting that many firms have been facing scrutiny with regards to their drug prices and this is likely to continue in the intermediate term.
  • For Gilead, there were rumors in early November that the company was under investigation by the Democrat task force on drug pricing.
  • Also, on January 7, the Boston Globe released an article stating that the Massachusetts Attorney General was pressuring the company to lower its prices for Harvoni (treatment currently $94,500) and Sovaldi (treatment currently $84,000). 

Options Activity

  • Based on GILD options, the current implied volatility stands at ~ 39%, which is 21% higher than historical volatility (over the past 30 days). Based on the GILD Weekly Feb05 $83.50 straddle, the options market is currently pricing in a move of ~6% in either direction by weekly expiration (Friday).

Technical Take

  • Since the company reported Q3 earnings, Gilead's stock price has fallen ~25%, to $83.00 as of close Friday, January 29th. It is now trading near its lowest levels since mid-2014. It seems, however, to have found support around the $80 level.

Q3 Recap

  • Gilead reported a beat on Q3'15 EPS of $3.22 ($2.87 Cap IQ Consensus) and revs of $8.29 bln ($7.83 bln Cap IQ Consensus).

9:39 am Sector Watch (:TECHX) : Losses are broad based with the weakest performers led by: Crude Oil USO, Oil Service OIH, Casino, Steel SLX, Energy XLE, Reg Bank KRE, Bank KBE, Coal KOL, Mining XME, Broker IAI, Finance XLF, Telecom IYZ, Auto CARZ, Semi SMH.

9:39 am Synutra received revised non-binding 'going private' proposal; Special Committee is evaluating this revised proposal (SYUT) :

  • Co announced that the special committee of its board of directors, which is composed entirely of independent directors has received a letter, dated January 30, 2016, from Mr. Liang Zhang, the chairman of the Board and chief executive officer of Synutra ("Mr. Zhang"), and an affiliated entity of Mr. Zhang, reaffirming the Buyer Group's interest in pursuing a "going-private" transaction to acquire all of the outstanding common stock of the Company not already owned by the Buyer Group for US$5.91 in cash per Share. The Letter further provides that (i) the Buyer Group will not proceed with the Transaction unless it is approved by the Special Committee, taking into account the advice of its independent advisors and (ii) the Transaction will be subject to a non-waivable condition requiring the approval by holders of a majority of the Shares of the Company not beneficially owned by the Buyer Group.
  • The Company previously announced receipt of the non-binding proposal on January 15, 2016. The Special Committee, formed to consider the proposed Transaction, is evaluating this revised proposal.

9:37 am Sharp slide off the open -- S&P -21, Dow -200, Nasdaq Comp -36 (:TECHX) : The highs from its recent trade range for the S&P that was broken above Friday are at 1916 and 1908.

9:34 am Anadarko Petroleum: Notes on call (APC) :

Shares are down 1.3% in pre-market trading as the conference call is underway. Co notes significantly reduced spending in fields of Heidelberg and Wattenburg basin. Total sales volumes will decline 1-4% in FY16; lower gas and oil prices account for all that.

Co stated that when growth matters again, APC will begin investing. For now they are focused on reducing costs. Co mentions the 50% capex cut when compared to FY14 again as a measure to preserve value.

Co expects to come out of this down cycle with a superior pricing position, but expects short term shale inventory and its ability to respond to prices to effect the recovery. Co notes that they have 94 mln barrels a day of global oil demand, and thinks supply cuts throughout the sector will eventually spur recovery in oil prices.

Co is developing its wells, such as Shenendoah 5 with the mindset that oil prices will not remain around $30/barrel. (expects eventual and significant price increases)

Anadarko will provide another update on operations with updated guidance via a conference call on March 1.

9:32 am BP: Zenith Energy has signed an agreement to acquire a liquids storage terminal facility in Amsterdam from BP; terms not disclosed (BP) :  

9:31 am Harris has named Rahul Ghai, Sr. VP and CFO; Mick Lopez is leaving to pursue other opportunities (HRS) :

Co has named Rahul Ghai, Senior Vice President and Chief Financial Officer, reporting to Harris Chairman, President and Chief Executive Officer William M. Brown, effective February 11, 2016.

  • Ghai succeeds Mick Lopez, who is leaving Harris to pursue other opportunities.

9:31 am Turtle Beach prices 5 mln common stock follow-on public offering and a separate, concurrent, side-by-side 1.7 mln private placement at $1.00/share (HEAR) :

Turtle Beach expects to receive approximately $6.2 million in net proceeds from the Offering and the concurrent, side-by-side private placement.

  • Insiders intend to purchase an aggregate of $3.15 million of common stock at the offering price in the Offering and in the private placement.
  • SG VTB Holdings, LLC, Turtle Beach's largest stockholder; Ronald Doornink, Turtle Beach's Chairman of the Board; and Juergen Stark, Turtle Beach's Chief Executive Officer; intend to purchase an aggregate of $1.45 million of common stock in the Offering.
  • Separately, in the concurrent, side-by-side private placement, SG VTB Holdings, LLC, has also agreed to purchase $1.7 million of unregistered shares of the Company's common stock at the per share price to the public in the Offering.

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

  • inContact (SAAS) appointed Randy Littleson as chief marketing officer. Littleson was a senior member of the executive team with global responsibility for marketing, product management and corporate development at Flexera.
  • Siemens (SIEGY) started the share buyback announced on November 12, 2015 and plans to buy back shares of up to 3 billion euro until November 15, 2018 at the latest.
  • Blueknight Energy Partners, L.P. (BKEP) (BKEPP), a midstream energy company focused on providing integrated services for companies engaged in the production, distribution and marketing of crude oil, asphalt and other petroleum products, announced today that a wholly-owned subsidiary of BKEP has acquired two asphalt terminalling facilities from Axeon Specialty Products, located in Wilmington, N.C. and Dumfries, Va. In addition, BKEP has entered into a long-term storage, throughput and handling agreement with Axeon Marketing.
  • Vuzix (VUZI) launched pre-order programs for the new Vuzix M300 Smart Glasses, scheduled to start shipping commercially in Summer 2016. 
  • CRA Intl (CRAI) announced that an auction process will be conducted for FirstEnergy's (FE) Pennsylvania utilities - Metropolitan Edison Company, Pennsylvania Electric Company, Pennsylvania Power Company and West Penn Power Company - to procure full requirements Default Supply generation service for their Default Service Customers.
  • Tyler Technologies (TYL) signed a seven-year SaaS agreement with Tennessee's Madison County and Jackson-Madison County Schools for its Munis ERP solution.  The agreement includes hosting services, related professional services, maintenance and support.
  • IMS Health (IMS) Holdings enters into multi-year agreement with Valeant Canada, a subsidiary of Valeant Pharmaceuticals (VRX), to deploy IMS Health's next-generation Orchestrated Customer Engagement solution for advancing commercial effectiveness.
  • LRAD (LRAD) announced a $1.1 mln follow-on LRAD 100X systems and accessories public safety order from a Southeast Asian country.

9:23 am Dunkin Brands signs multi-unit store development agreement with Panama City Donuts to develop five new restaurants in New Orleans, Louisiana; first restaurant planned to open in 2017 (DNKN) :  

9:18 am Ford Motor reports January US sales fell 2.6% YoY (F) :

  • Ford SUVs totaled 50,212 sales last month -- a 3 percent increase versus a year ago and the brand's best sales start since 2004. The all-new Edge was the biggest driver, posting a 26 percent jump on sales of 9,533 vehicles.
  • Transit sales increased 51 percent in January with 9,631 vehicles sold, lifting overall Ford van performance 20 percent for their best start since 1985.

9:14 am S&P futures vs fair value: -20.50. Nasdaq futures vs fair value: -25.50. (:WRAPX) :

The stock market is on track for a sharply lower open with S&P 500 futures trading 21 points below fair value.

Global equity markets and U.S. futures have matched the trajectory of oil this morning as the commodity surrendered the $31.00/bbl price level. WTI crude has continued its retreat as it now trades lower by 4.5% to $30.20/bbl.

In corporate news, Alphabet (GOOG 791.98, +39.98) has climbed 5.3% after the company reported a fourth quarter EPS and revenue beat after yesterday's close. The stock has also benefited from a string of upgrades as Deutsche Bank, SuntTrust, and Barclay's have all increased their price targets on the company. Alphabet is widely expected to surpass Apple (AAPL 95.45, -0.98) as the largest company in the S&P 500 based on market capitalization. On a side note, Apple is facing fresh headwinds on smartphone growth as Goldman Sachs cut its growth estimates to 6.0% in 2016 and 7.0% in 2017 from 13.0% and 12.0%, respectively.

Today's economic data is relatively light with only U.S. auto and truck sales data for January becoming available throughout today's session. Elsewhere, Kansas City Fed President George, who is an FOMC voter this year and one of the more hawkish committee members, will be speaking at 1:00 p.m. ET about the economy.

Treasuries have climbed to pre-market highs in recent action with the yield on the benchmark note lower by five basis points to 1.90%.

9:10 am Cerecor announces initiation of phase 2 clinical trial with cerc-501 for smoking cessation (CERC) :  

9:04 am NetScout Systems provides update on share repurchase activities-intends to repurchase up to ~$100 mln of common stock in Q4 ending March 31, 2016 as part of existing repurchase plan (NTCT) :  

9:04 am POZEN stockholders approved the agreement and plan of merger and arrangement with Tribute Pharmaceuticals Canada (POZN) :  

9:03 am Salesforce.com names Keith Block as COO (CRM) : Block was previously vice chairman and president since joining Salesforce in 2013.

9:02 am Delta Air Lines reports January financial and operating metrics with consolidated PRASM -3% y/y (DAL) :

  • January Consolidated passenger unit revenue declined 3.0% YoY, including 1.5 points of pressure from foreign exchange.
  • January consolidated PRASM change YoY (3.0)%.
  • January mainline completion factor 98.7%.
  • January on-time performance (preliminary DOT A14) 85.2%.

9:01 am Ligand Pharma enters into a license agreement with Tizona Therapeutics (LGND) :

  • Co announces it has entered into a worldwide license agreement with Tizona Therapeutics, an immunology company developing next generation therapies for cancer and autoimmune disease.
  • Under the license, Tizona will use the OmniRat, OmniMouse, and OmniFlic platforms to generate fully human mono- and bispecific antibodies. Ligand will be eligible to receive annual platform access payments as well as patent filing fees, clinical milestone payments and royalties for each successful OmniAb antibody. Tizona will be responsible for all costs related to the program.

9:01 am Comfort Systems announces acquisition of ShoffnerKalthoff family of companies; terms not disclosed (FIX) :

Acquisition includes ShoffnerKalthoff Mechanical Electrical Service, Inc., Shoffner Mechanical Services, Inc. and SKMES, Inc. (collectively, "Shoffner"). Shoffner is a regional mechanical contractor based in Knoxville, Tennessee. Shoffner engages in a broad range of mechanical contracting projects, HVAC service and electrical contracting in Knoxville and surrounding areas

  • Shoffner is expected to contribute annualized revenues of approximately $70 mln at profitability levels that are generally comparable to those currently experienced by Comfort Systems USA operations

9:01 am Michaels Stores acquires Lamrite West for $150 mln (MIK) :

Lamrite West is an international wholesale and retail supplier of arts and crafts.

  • The Company anticipates that the impact of the acquisition, excluding purchase accounting adjustments and integration expenses, will be neutral to diluted earnings per share in fiscal 2016 and accretive to diluted earnings per share in fiscal 2017

9:00 am OUTFRONT Media has acquired Reynolds Outdoor Media; terms not disclosed (OUT) : Reynolds Outdoor Media is a company with over 500 displays in the cities of Dallas and Houston, Texas, including kiosks, walls, and digital displays. All of the acquired assets are REIT qualified.

8:59 am Imperial Oil misses by $0.11, misses on revs (IMO) :

  • Reports Q4 (Dec) earnings of CC$0.12 per share, CC$0.11 worse than the Capital IQ Consensus of CC$0.23; revenues fell 22.5% year/year to CC$6.23 bln vs the CC$7.08 bln two analyst estimate.
  • Production averaged 400,000 gross oil-equivalent barrels per day, an increase of 27 percent from 315,000 barrels in the same period of 2014. Production was at its highest level in more than two decades.
  • Refinery throughput averaged 390,000 barrels per day, up from 373,000 barrels in the fourth quarter of 2014. Capacity utilization averaged 93 percent for the quarter.
  • Petroleum product sales were 467,000 barrels per day, compared to 480,000 barrels per day from the fourth quarter of 2014. The company continues to hold a leading position in all major markets nationwide.

8:57 am S&P futures vs fair value: -20.00. Nasdaq futures vs fair value: -27.60. (:WRAPX) :

The S&P 500 futures trade 20 points below fair value.

Equity markets across Asia ended the Tuesday session on a mostly lower note while China's Shanghai Composite outperformed, climbing 2.3%. There was no specific reason for the outperformance and the index likely enjoyed a relief rally after falling more than 20.0% since the start of 2016. On a somewhat related note, a researcher with the Chinese Academy of Social Sciences cautioned against a fall in property prices resulting from yuan depreciation. In central bank news, the Reserve Bank of Australia left its key interest rate unchanged at 2.0%, as expected. Similarly, the Reserve Bank of India also held pat, maintaining its main interest rate at 6.75%.

  • In economic data:
    • Japan's Monetary Base +28.9% year-over-year (consensus 28.3%; previous 29.5%)
    • Hong Kong's December Retail Sales -8.5% year-over-year (consensus -4.2%; previous -7.8%)
    • South Korea's January CPI 0.0% month-over-month (expected 0.2%; previous 0.3%); +0.8% year-over-year (consensus 0.9%; last 1.3%)
    • New Zealand's ANZ Commodity Price Index -2.3% month-over-month (last -1.8%)

---Equity Markets---

  • Japan's Nikkei lost 0.6% with most sectors ending in the red. Growth-sensitive materials (-3.8%), energy (-2.9%), and financials (-2.4%) paced the retreat while utilities (+3.2%) and health care (+3.1%) outperformed. Mitsui Chemicals, Nippon Steel, Hino Motors, Tokyo Tatemono, Kobe Steel, and Sonly lost between 5.1% and 8.4%. On the flip side, Eisai, Chubu Electric Power, TEPCO, and Kansai Electric Power gained between 3.3% and 7.2%.
  • Hong Kong's Hang Seng lost 0.8% amid weakness in more than half of its components. China Construction Bank, Henderson Land, China Resources Land, and China Overseas posted losses between 1.1% and 3.0% while Lenovo Group and Li & Fung outperformed. The two registered respective gains of 3.4% and 1.6%.
  • China's Shanghai Composite advanced 2.3% with Bank of China climbing 1.0% while China Shipbuilding and China State Construction rallied 3.1% and 2.2%, respectively. CITIC Securities advanced 2.6%.

Major European indices trade lower across the board amid broad-based weakness. Economic data has not been particularly helpful in lifting investor sentiment as UK's Construction PMI (55.0; expected 57.5) dropped to a nine-month low while Eurozone PPI fell 0.8% in December (expected -0.6%). On a separate note, European Council President Donald Tusk has sent a letter to British Prime Minister David Cameron, outlining UK's rights in managing the ongoing migrant crisis.

  • In economic data:
    • Eurozone December PPI -0.8% month-over-month (expected -0.6%; last -0.2%); -3.0% year-over-year (consensus -2.8%; last -3.2%). Separately, January Unemployment Rate ticked down to 10.4% from 10.5% (expected 10.5%)
    • Germany's January Unemployment Change -20,000 (expected -7,000; previous -16,000) and January Unemployment Rate ticked down to 6.2% from 6.3% (consensus 6.3%)
    • UK's January Construction PMI 55.0 (consensus 57.5; last 57.8)
    • Swiss December Retail Sales -1.6% year-over-year (consensus -1.3%; last -1.7%)
    • Spain's Unemployment Change 57,200 (expected 71,200; previous -55,800)
    • Italy's December Unemployment Rate held at an upwardly revised 11.4% (expected 11.2%)

---Equity Markets---

  • Germany's DAX has given up 1.4% with growth-sensitive names leading the slide. Thyssenkrupp, Lanxess, K+S, and BASF are down between 1.7% and 4.6%. Deutsche Bank and Commerzbank also lag, showing respective losses of 2.2% and 3.1%. On the upside, Deutsche Telekom has climbed 1.2%.
  • France's CAC is down 2.0% with all but two names in the red. ArcelorMittal, Valeo, Total, and Technip are down between 3.2% and 4.6% while financials BNP Paribas, Credit Agricole, and Societe Generale show losses between 2.4% and 4.2%. On the flip side, Orange has climbed 1.9%.
  • UK's FTSE has given up 2.0% amid broad weakness. Energy and mining names are under pressure with BP, Royal Dutch Shell, Anglo American, BHP Billiton, and Rio Tinto down between 5.6% and 8.7%. On the upside, a handful of consumer names outperform with Sainsbury, Associated British Foods, and InterContinental Hotels up between 0.3% and 1.2%.

8:57 am On The Wires (:WIRES) :

  • Enzymotec (ENZY) announced it received a positive outcome in the arbitration award relating to the arbitration proceedings held under the auspices of the ICC in Amsterdam. In its decision, the ICC tribunal rejected, in their entirety, AAK's requests for declaratory relief in connection with alleged breaches by the Company of the joint venture agreement's non-disclosure obligations. Additionally, the ICC agreed with Enzymotec's position and found that the joint venture agreement should be interpreted such that the only exit the parties have from the agreement is via a buy-sell process which must end in one party buying out the other and not, as AAK had claimed, simply through the expiration of the joint ventureagreement. With respect to Enzymotec's counterclaims, the tribunal denied all relief requested by the Company.
  • Forest City Enterprises (FCE.A) today announced the creation of a previously disclosed JVwith QIC, under which QIC acquired 51% equity ownership of Westchester's Ridge Hill, a 1.3 million-square-foot regional mall developed by Forest City in Yonkers, New York. Forest City retained 49% equity ownership and expects to receive total proceeds from creation of the JV of ~$90 mln
  • Tandem Diabetes Care (TNDM) announced that Brian Hansen has joined the Company as EVP and Chief Commercial Officer. Hansen was Chief Commercial Officer at Adaptive Biotechnologies

8:47 am Collegium Pharmaceutical provides update regarding its ongoing litigation with Purdue Pharma (COLL) :

On February 1, 2016, the U.S. Court of Appeals for the Federal Circuit rendered its decision to uphold a prior ruling from the U.S. District Court of the Southern District of New York that invalidated four patents associated with OxyContin OP, including Purdue's three Orange Book-listed patents asserted against the Company.

  • The three patents are the cause of the 30 month stay currently imposed on the launch of Xtampza ER.
  • The Court reserved the decision to grant Collegium's motion for judgment on the three Orange Book-listed patents to be taken up again at the February 25th status conference, at which time the Court indicated it may grant Collegium's motion for judgment or may consider extending the stay.

8:41 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: IDTI -15.3%, RCII -9.6%, BP -8.9%, ARRY -8.2%, UBS -7.7%, RCL -7.6%, TSO -5.9%, WDR -5.7%, ADM -5.4%, HAIN -4.1%, PBI -2.3%, XOM -1.7%, PFE -1.6%, PFG -1.2%, SIRI -1.1%, ALLY -1.1%, AGNC -0.9%, FLS -0.9%, CIT -0.9%, BEAV -0.9%, HRS -0.8%, LAZ -0.6%

Select Brazil related names showing weakness: CIG -14%, ITUB -6.2%, BBD -2.8%, BBD -2.8%, PBR -2.7%

Select metals/mining stocks trading lower: BBL -7.1%, RIO -5.9%, BHP -5.8%, MT -5.4%, GFI -3.9%, FCX -2.3%, AA-1.2%, GDX -1.0%

Select oil/gas related names showing early weakness: SDRL -5.9%, TOT -4.3%, RDS.A -3.8%, WLL -3.8%, RIG -2.5%, COP -1.8%, SLB -1.6%, CVX -1.2%

Other news: CBYL -46.2% (announced top-line results from COR1.1 for the treatment of pain associated with osteoarthritis of the knee), ZINC -32% (Horsehead Holding and certain of its subsidiaries files voluntary petitions for relief under Chapter 11), HEAR -17.9% (Turtle Beach to offer and sell shares of its common stock in an underwritten public offering; Insiders intend to purchase an aggregate of $3.15 million of common stock at the offering price), SYN -16.8% (reported independent third party analysis of the investigator-sponsored Phase 2 clinical trial of Trimesta), PDLI -11.1% ( reduces quarterly dividend to $0.05/share from $0.15/share with shift to quarterly assessment of dividends to capitalize on long-term growth opportunities; webcast call to be held today at 5:00pm EST to discuss developments), CS -5% (in symp with UBS earnings (miss)), CUK -3.9% (Carnival plc (CUK) and Carnival Copr (CCL) confirms ordinary share offering & intends to use the net proceeds to repurchase Carnival Corporation common stock), CCL -3.7% (Carnival plc (CUK) and Carnival Copr (CCL) confirms ordinary share offering & intends to use the net proceeds to repurchase Carnival Corporation common stock), TS -3.7% (provides updates on two previously reported proceedings), RBS -3% (in symp with UBS earnings (miss)), SAN -2.9% (in symp with UBS earnings (miss)), ACC -1.9% (prices 15.6 mln shares of common stock at $41.25 per share), FCAU -1.7% (provides an update on its diesel emmissions; takes voluntary measures to adapt to new standards)

Analyst comments: LOGI -5.1% (downgraded to Underweight at Morgan Stanley), TWTR -3.4% (downgraded to Sell from Hold at Stifel), TSLA -1.6% (Pacific Crest is out cautious on channel checks, concerns regarding demand ), RSTI -1% (downgraded to Neutral from Buy at Longbow ), SYY -0.8% (downgraded to Underweight at Morgan Stanley)

8:34 am S&P futures vs fair value: -18.50. Nasdaq futures vs fair value: -24.20. (:WRAPX) :

Equity futures remain in negative territory with the S&P 500 futures currently trading 19 points below fair value.

On the corporate front, Exxon Mobil (XOM 74.50, -1.79) has slid 2.4% in pre-market after posting a fourth quarter earnings beat on larger than expected revenue. Earnings per share were reported in at 67 cents whereas last year's same quarter EPS were $1.56. This morning's decline in WTI crude has created further headwinds as the energy component surrendered the $31.00/bbl price level overnight. Oil trades lower by 3.2% at $30.60/bbl. Elsewhere in earnings news, Dow Chemical (DOW 43.50, +0.92) has climbed 2.2% following the company reporting EPS above analyst expectations at $0.93 a share on higher than expected revenue.

Treasuries hover below their overnight highs with the yield on the 10-yr note lower by two basis points at 1.93%.

8:32 am Female Health reports Q1 EPS of $0.05 vs $0.03 year ago; revs 24% to $8.23 mln with Unit sales +27% to 15.4 mln (no estimates) (FHCO) :  

8:32 am Neurocrine Biosci announces initiation of phase II clinical study of vmat2 inhibitor valbenazine in children and adolescents with Tourette Syndrome (NBIX) : The primary endpoint of this study is the change from baseline of the Yale Global Tic Severity Scale between placebo and active treatment groups at the end of week six. Data readout from this study is expected later in 2016.

8:32 am CGI Group announced navy awards CGI role on $809 mln Naval Supply Systems Command Business Systems Center IDIQ Contract (GIB) : Co announces that it has been awarded part of the Navy's estimated $809.48 mln multiple award, indefinite-delivery/indefinite-quantity, cost-plus-fixed-fee, firm-fixed-price task order contract to obtain process improvement, re-engineering, management and data support services to include Navy Enterprise Resource Planning sustainment on behalf of Naval Supply Systems Command Business Systems Center. Each contract includes a 12-month base period with four 12-month option periods. If all options are exercised, work will be completed by July 2020.

8:32 am European Yields (BONDX) :

Core Eurozone Debt Outperforms Periphery

  • European yields are broadly lower this morning as oil has lost ground overnight and global equities are seeing their post-Bank of Japan rally stall. Unemployment in the eurozone unexpectedly edged down to 10.4% in December, but the producer price index for the single currency bloc missed expectations. Per usual, the declining prices at the factory gate were driven by lower oil
  • Economic Data:
    • Eurozone unemployment fell to a four-year low in December of 10.4%, down one tenth of a percentage point from November. Economists had expected no change
      • The UE rate for the entire 28-member European Union was 9.0%, dragged lower by a strong labor market in the U.K., where unemployment is 5.1%
      • France: 10.2%
      • Germany: 4.5%
      • Italy: 11.4%
      • Spain: 20.8%
    • The eurozone's producer price index fell 0.8% m/m in December, a sharper decline than expected. The PPI dropped 0.2% m/m in November
    • The U.K.'s construction purchasing managers' index fell more than expected to 55.0 in January from 57.8 in December
    • Swiss retail sales declined 1.6% y/y in December, worse than expectations. Retail sales fell 1.7% in November
  • Yield Check:
    • France, 10-yr OAT: -3 bps to 0.65%
    • Germany, 10-yr Bund: -4 bps to 0.32%
    • Greece, 10-yr note: +4 bps to 9.32%
    • Italy, 10-yr BTP: unch at 1.48%
    • Portugal, 10-yr note: unch at 2.73%
    • Spain, 10-yr ODE: unch at 1.56%
    • U.K., 10-yr Gilt: -4 bps to 1.58%

8:32 am Ku6 Media has formed a special committee to evaluate the going private proposal from Shanda Interactive Entertainment Limited (KUTV) :  

8:31 am Gevo has entered into a license agreement and a joint development agreement with Porta Hnos (GEVO) :

Gevo announced today that it has entered into a license agreement and a joint development agreement with Porta Hnos to construct multiple isobutanol plants in Argentina using corn as a feedstock.

  • The first plant is to be wholly owned by Porta and is anticipated to begin producing isobutanol in 2017. The plant is expected to have a production capacity of up to five million gallons of isobutanol per year. Based on projected isobutanol pricing, Gevo estimates that it could generate approximately $1 million in annual revenues once the plant is operational, through royalties, sales and marketing fees, and other revenue streams such as yeast sales.

8:29 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance
: KORS +14.7%, FN +9.8%, MAT +6.5%, PVH +6.5%, (PVH sees FY16 EPS above consensus; PVH unit Tommy Hilfiger Licensing and G-III (GIII) enter into a multi-year license agreement ), MNK +6.2%, LMNX +6%, GOOG +5.4%, CACC +3.1%, HW +3.1%, UPS +2.9%, APC +2.7%, (also said in its earnings release that it anticipates recommending to its Board an initial 2016 budget of ~$2.8 bln, which would be nearly 50% lower than 2015 ), DOW +2.7%, KMDA +2.4%, APU +1.2%, BAX +0.8%, NEU +0.6%, AGCO +0.5%

M&A news: LOJN +20.9% (CalAmp to acquire LoJack for $6.45/share; expected to be Accretive to CalAmp Non-GAAP Earnings per Share by $0.15 to $0.25 in First 12 Months),SYT +5.4% (Bloomberg headline that ChemChina is near a deal to acquire Syngenta for ~$43 bln),FEYE +1.2% (acquires Invotas International)

Other news: ASTI +4% (cont strength),DD +2.3% (in symp with SYT),DOW +2.2% (in symp with SYT),CHRS +1.8% (CHS-1701, a proposed biosimilar of Neulasta (pegfilgrastim), met both primary endpoints),EVH +1.6% (forms new strategic alliance with Passport Health Plan, acquires certain assets and capabilities),CAMP +1.5% (CalAmp to acquire LoJack for $6.45/share; expected to be Accretive to CalAmp Non-GAAP Earnings per Share by $0.15 to $0.25 in First 12 Months),M +1.4% (likely in symp with KORS),COH +0.8% (likely in symp with KORS)

Analyst comments: FIT +2.9% (Fitbit initiated with Outperform at Oppenheimer),NFLX +1.6% (upgraded to Overweight from Neutral at Piper Jaffray),KITE +0.5% (Kite Pharma initiated with Outperform at RBC Capital Mkts)

8:29 am On The Wires (:WIRES) :

  • Cleveland BioLabs (CBLI) announced the initiation of a Phase 2, single-blind, randomized, placebo-controlled clinical study of the safety and tolerability of entolimod as a neo-adjuvant therapy in treatment-nave patients with primary colorectal cancer who are recommended for surgery. The primary objective of the study is to determine the optimal dose and dosing regimen for treatment of these patients with entolimod prior to surgery. Secondary objectives include evaluation of pharmacodynamic parameters, including immune response to single or double administrations of entolimod at varying dose levels. The study is supported by a development contract with the Russian Federation Ministry of Industry and Trade.
  • Osiris Therapeutics (OSIR) announced that all 8 Medicare Administrative Contractors have confirmed coverage for the treatment of chronic wounds with Grafix. Effective March 2016, Grafix is now available for all of the 54 million Medicare fee-for-service beneficiaries.
  • Fuling Global (FORK) clarifies plans to supply U.S. Distributor Bunzl's Western Region. The earlier press release stated that Domo will begin supplying certain products from January 2016. While Domo stands ready to supply such products to the western region of Bunzl USA's R3 Redistribution Division, any such cooperation will depend on proposed orders from R3 and attractive bids from Domo, neither of which is guaranteed to occur. The parties have held exploratory discussions and R3 is willing to receive bids from Domo, but the parties do not have any agreement at this time.
  • Synergy (SYRG) announced that it successfully completed the redetermination of the borrowing base under its reserve based credit facility and a related amendment to the credit agreement. The redetermination provides for a borrowing base of $145 million, none of which is currently drawn.
  • TeleComm Sys (TSYS) and Intersec are working together to expand precise location-based service solutions. The strategic partnership leverages the two companies' core competencies.

8:25 am Standex International beats by $0.02, misses on revs (SXI) :

  • Reports Q2 (Dec) earnings of $1.02 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.00; revenues fell 3.9% year/year to $181.9 mln vs the $185.33 mln Capital IQ Consensus. 
  • Organic sales decreased 2.4%, foreign exchange had a negative effect of 2.5%, and acquisitions contributed positive 1.0% year over year.
  • "While foreign exchange and the oil and gas market have taken their toll on our results in recent quarters, we are fortunate that our exposure to these areas and to China is relatively low," said Dunbar. "Moving forward, we'll continue to exercise caution around currency expectations, the oil and gas markets and regional economic conditions."

8:24 am Royal Caribbean beats by $0.02, misses on revs; guides Q1 EPS below consensus; guides FY16 EPS below consensus (RCL) :

  • Reports Q4 (Dec) earnings of $0.94 per share, $0.02 better than the Capital IQ Consensus of $0.92; revenues rose 4.6% year/year to $1.9 bln vs the $1.95 bln Capital IQ Consensus. Constant-Currency NCC excluding fuel were down 4.7%, 70 basis points better than guidance, mainly due to timing.
  • Co issues downside guidance for Q1, sees EPS of $0.30 vs. $0.46 Capital IQ Consensus Estimate, noting costs are more concentrated than usual in the first quarter.
    • Constant-Currency Net Yields are expected to be up approximately 4.0% in the first quarter of 2016 (approximately 0.5% As-Reported). A strong Caribbean environment, combined with Quantum of the Seas' first winter product in China, is driving the majority of the improvement.
  • Co issues downside guidance for FY16, sees EPS of $5.90-6.10 vs. $6.27 Capital IQ Consensus Estimate. 
    • Net Yields are expected to increase 2.0% to 4.0% on a Constant-Currency basis (in the range of flat to up 2% As-Reported).
    • NCC excluding fuel are expected to be up 1% or less on a Constant-Currency basis (up 0.5% or less As-Reported). 

8:17 am Adaptimmune Therapeutics and GlaxoSmithKline (GSK) expand their strategic collaboration agreement to accelerate co's lead clinical cancer program; increases potential milestone pmts from $350 to $500 mln (ADAP) :

Under the terms of the expanded agreement, the companies will accelerate the development of Adaptimmune's NY-ESO therapy into pivotal studies in synovial sarcoma and will explore development in myxoid round cell liposarcoma. Additionally, the companies may initiate up to eight proof-of-principle studies exploring combinations with other therapies, including checkpoint inhibitors.

  • Potential development milestones Adaptimmune is eligible to receive solely in relation to the NY-ESO program could amount to ~$500 mln, excluding previously received payments, if GSK exercises its option and successfully develops NY-ESO in more than one indication and more than one Human Leukocyte Antigen type.
    • Previous guidance relating to the collaboration disclosed potential cash payments to Adaptimmune of ~$350 mln over the first 7 years from 2014
  • Adaptimmune also reiterates FY 2016 cash burn b/t $80-100 mln, excluding cash burn associated with business development activities
  • Co expects its cash position at December 31, 2016, including CCE, and short term deposits, to be at least $150 mln.
  • Adaptimmune will host a live teleconference and webcast at 10:00 AM ET to discuss

8:10 am Fiat Chrysler reports January U.S. sales +7%; best January sales since 2007 (FCAU) :

Co reported U.S. sales of 155,037 units, a 7 percent increase compared with sales in January 2015 (145,007 units), and the group's best January sales in nine years. The Jeep, Dodge and Ram Truck brands each posted year-over-year sales gains in January compared with the same month a year ago.

  • The Dodge brand's 19 percent increase was the largest sales gain of any FCA US brand during the month. The group extended its streak of year-over-year sales gains to 70-consecutive months.
  • Jeep brand sales increased 15 percent, the brand's best January sales ever and its 28th-consecutive month of year-over-year sales gains. The Jeep brand has set a sales record in every month dating back to November 2013.

8:06 am Exxon Mobil beats by $0.03, beats on revs (XOM) :

  • Reports Q4 (Dec) earnings of $0.67 per share, $0.03 better than the Capital IQ Consensus of $0.64; revenues fell 31.5% year/year to $59.81 bln vs the $55.29 bln Capital IQ Consensus
  • Higher Downstream and Chemical earnings were offset by sharply lower commodity prices in the Upstream
  • U.S. Upstream earnings declined $2 bln from the fourth quarter of 2014 to a loss of $538 mln in the fourth quarter of 2015
    • Non-U.S. Upstream earnings were $1.4 bln, down $2.6 bln from the prior year
  • Downstream earnings were $1.4 bln, up $854 mln from the fourth quarter of 2014
  • Stronger margins and favorable volume and mix effects increased earnings by $610 mln and $70 mln, respectively.
  • Oil-equivalent production increased 4.8% from the fourth quarter of 2014, with liquids up 14% and natural gas down 5.6%
  • Cash flow from operations and asset sales was $5.1 bln, including proceeds associated with asset sales of $785 mln
  • On an oil-equivalent basis, production increased 4.8 percent from the fourth quarter of 2014
  • Liquids production totaled 2.5 mln barrels per day, up 299,000 barrels per day
  • Project ramp-up, work programs and entitlement effects were partly offset by field decline
  • Natural gas production was 10.6 bln cubic feet per day, down 631 mln cubic feet per day from 2014 due to regulatory restrictions in the Netherlands and field decline, partly offset by entitlement effects

8:05 am Meredith increases regular dividend to $0.495/share from $0.4575/share (MDP) :  

8:05 am AGCO Corp beats by $0.01, misses on revs; guides FY16 EPS below consensus, revs in-line (AGCO) :

  • Reports Q4 (Dec) earnings of $0.80 per share, $0.01 better than the Capital IQ Consensus of $0.79; revenues fell 21.2% year/year to $1.96 bln vs the $2.03 bln Capital IQ Consensus.
  • Fourth quarter regional sales results: North America (18.9)%, Europe/Africa/Middle East 0.9%, South America (33.9)%, Asia/Pacific (4.5)%.
  • Reports inventory reduction of $134 mln compared to year-end 2014 on a constant currency basis.
  • Co issues guidance for FY16, sees EPS of $2.30 vs. $2.39 Capital IQ Consensus Estimate; sees FY16 revs of approximately $7.0 bln vs. $6.95 bln Capital IQ Consensus Estimate.
  • Co states: "Softer industry demand for farm equipment across all regions and the unfavorable effects of foreign currency translation are expected to negatively impact AGCO's sales and earnings for 2016... Gross and operating margins are projected to be below 2015 levels due to the impact of lower sales and production volumes, a weaker sales mix and increased investment in product development expenses. Benefits from the company's cost reduction initiatives are expected to partially offset the volume-related impacts..."

8:04 am Magnegas Joint Venture Partner chosen as sub-contractor in $100 mln NASA build-Out, selects MagneGas2 for project (MNGA) :

Co announces that a joint venture partner of the company, Suwannee Ironworks, was hired by a lead sub-contractor on the NASA project for a major Kennedy Space Center build-out project.

  • The project is part of a two year $100 mln plan to modify the Vehicle Assembly Building for the Space Launch System. Suwannee will become the second sub-contractor in the project to use MagneGas2 as their fuel of choice.
  • Suwannee was hired to handle fabrication products and repairs. It will purchase 100% of its supplies from ESSI of North Florida. ESSI is an industrial supplier of gases and safety supplies and a subsidiary of MagneGas Corporation.

8:04 am Teligent Announces FDA approval Of Lidocaine ointment USP 5% (TLGT) :  

8:03 am WaferGen Bio-Systems signs a supply agreement with BloodCenter of Wisconsin (WGBS) : WaferGen will provide SmartChip Real-Time PCR solutions to BloodCenter of Wisconsin to perform high-throughput molecular red cell antigen typing of blood donors.

8:03 am Gulfport Energy gives production and proved reserves updates (GPOR) :

  • Net daily production for the Q4 of 2015 averaged approximately 643.8 MMcfe per day.
  • Year-end 2015 total proved reserves grew to 1.7 Tcfe, as compared to 933.6 Bcfe at year-end 2014, an increase of 83% year-over-year.
  • Year-end 2015 total proved developed reserves grew to 767.1 Bcfe, as compared to 453.8 Bcfe at year-end 2014, an increase of 69% year-over-year.
  • Entered into a joint venture ("JV") with a subsidiary of Rice Energy Inc. (NYSE: RICE), which venture completed a lateral that connects two existing dry gas gathering systems on which Gulfport currently flows the majority of its dry gas volumes.  
  • Year-end 2015 cash on hand totaled approximately $113.0 million and Gulfport's revolving credit facility of $700 million was undrawn with outstanding letters of credit totaling $178.6 million.

8:02 am Hortonworks prices offering of 8,425,000 shares of its common stock at a price to the public of $9.50/share (HDP) :  

8:02 am Hansen Medical announces FDA approval of the MagellanRobotic Catheter eKit (HNSN) :  

8:02 am Ryder System misses by $0.03, misses on revs; guides Q1 EPS below consensus; guides FY16 EPS below consensus, revs above consensus; announces 2 mln share buyback (R) :

  • Reports Q4 (Dec) earnings of $1.72 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $1.75; revenues rose 1.0% year/year to $1.67 bln vs the $1.69 bln Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees EPS of $1.03-1.08, excluding non-recurring items, vs. $1.16 Capital IQ Consensus Estimate.
  • Co issues mixed guidance for FY16, sees EPS of $6.10-6.30, excluding non-recurring items, vs. $6.59 Capital IQ Consensus Estimate; sees FY16 revs of +6% to ~$7 bln vs. $6.86 bln Capital IQ Consensus Estimate. 
  • "We ended 2015 with record lease fleet growth of 6,800 vehicles, significantly exceeding our initial full-year plan of 4,000 vehicles. This represents our fourth consecutive year of organic lease fleet growth. "Fourth quarter comparable EPS reflected used tractor pricing and rental demand that were at the low end of our forecast. Based on the weaker rental market, we made a decision to further reduce the rental fleet during the fourth quarter to position it more conservatively for 2016. These actions resulted in additional costs to prepare those vehicles for sale. Results also included $0.06 of insurance-related charges not contemplated in our forecast. "We enter 2016 well positioned for continued growth and progress toward our strategic objective to penetrate non-outsourced markets." 
  • Ryder mgmt is authorized to repurchase up to two million shares of common stock in an amount not to exceed 1.5 million shares issued to employees under the Company's employee stock plans from Dec 1, 2015 through Dec 9, 2017, plus 0.5 million shares issued previously to employees that were not repurchased under the expired 2013 share repurchase program.

8:01 am Teva Pharma and AbCellera enter into agreement to discover rare monoclonal antibodies (TEVA) :

Teva Pharma (TEVA) and AbCellera have entered into a collaborative research agreement whereby AbCellera will apply its high-throughput single cell antibody platform for the discovery of rare monoclonal antibodies.

  • AbCellera will receive an upfront payment, research payments, and is eligible to receive undisclosed downstream milestones associated with the development and approval of therapeutic antibodies.

8:01 am Allscripts Healthcare names Melinda Whittington CFO effective on the first business day after the filing of the Form 10-K for the 2015 fiscal year by March 1 (MDRX) : Whittington most recently served as Senior Vice President, Corporate Controller and Chief Accounting Officer of The Kraft Heinz Company (KHC

8:01 am Alaska Air Air Group reported a 10.4 percent increase in traffic on a 12.4 percent increase in capacity compared to January 2015 (ALK) : On a combined basis, Air Group reported a 10.4 percent increase in traffic on a 12.4 percent increase in capacity compared to January 2015. Load factor decreased 1.4 points to 79.1 percent. Revenue Passenger miles RPM increased 10.4%. These statistics include flights operated by Alaska, Horizon, and those under third-party capacity purchase agreements.

8:00 am S&P futures vs fair value: -12.20. Nasdaq futures vs fair value: -11.00. (:WRAPX) :

U.S. equity futures trade broadly lower with the S&P 500 futures trading 12 points below fair value. Overnight, global equity markets and U.S. futures slid amid a fresh oil rout. Global growth concerns and supply glut issues weigh as speculation diminishes for a supply cut from OPEC and non-OPEC states.  

Treasuries have ticked higher overnight as the equities added to their losses. The yield on the benchmark note is lower by two basis points at 1.93%. 

On the economic front, data is light today with no top-tier data being released. However, U.S. Auto and Truck Sales for January will become available throughout today's session.

On the corporate front:

  • Alphabet (GOOG 792.10, +40.10): +5.3% after reporting Q4 EPS and revenue above analyst expectations
  • UPS (UPS 97.00, +2.92): +3.1% following a Q4 earnings beat on light revenue
  • Syngenta (SYT 78.83, +4.85): +6.6% after Bloomberg reported that ChemChina is near a deal to acquire the company for $43 billion
  • Pfizer (PFE 29.60, -0.57): -1.9% following the company reporting an earnings beat while guiding FY16 revenue below consensus
  • Dow Chemical (DOW 44.00, 1.42): +3.3% after reporting above consensus Q4 EPS and revenue 
  • Mattel (MAT 28.50, +1.74): +6.5% following the company reporting a Q4 EPS and revenue beat 
  • UBS AG (UBS 15.14, -1.38): -8.4% after the company missed analyst expectations on Q4 EPS 

Reviewing overnight developments:

  • Asian markets ended their session on a mixed note with Hong's Kong's Hang Seng -0.8%, Japan's Nikkei -0.6%, and China's Shanghai +2.3%
    • In economic data:
      • Japan's Monetary Base +28.9% year-over-year (consensus 28.3%; previous 29.5%)
      • Hong Kong's December Retail Sales -8.5% year-over-year (consensus -4.2%; previous -7.8%)
      • South Korea's January CPI 0.0% month-over-month (expected 0.2%; previous 0.3%); +0.8% year-over-year (consensus 0.9%; last 1.3%)
      • New Zealand's ANZ Commodity Price Index -2.3% month-over-month (last -1.8%)
    • In news:
      • A researcher with the Chinese Academy of Social Sciences cautioned against a fall in property prices resulting from yuan depreciation.
      • The Reserve Bank of Australia left its key interest rate unchanged at 2.0%, while the Reserve Bank of India also held maintained its main interest rate at 6.75%.
  • European indices trade lower across the board with the U.K.'s FTSE -1.7%, France's CAC -1.6%, and Germany's DAX -1.0%.
    • In economic data:
      • Eurozone December PPI -0.8% month-over-month (expected -0.6%; last -0.2%); -3.0% year-over-year (consensus -2.8%; last -3.2%). Separately, January Unemployment Rate ticked down to 10.4% from 10.5% (expected 10.5%)
      • Germany's January Unemployment Change -20,000 (expected -7,000; previous -16,000) and January Unemployment Rate ticked down to 6.2% from 6.3% (consensus 6.3%)
      • UK's January Construction PMI 55.0 (consensus 57.5; last 57.8)
      • Swiss December Retail Sales -1.6% year-over-year (consensus -1.3%; last -1.7%)
      • Spain's Unemployment Change 57,200 (expected 71,200; previous -55,800)
      • Italy's December Unemployment Rate held at an upwardly revised 11.4% (expected 11.2%)
    • In news:
      • European Council President Donald Tusk has sent a letter to British Prime Minister David Cameron, outlining UK's rights in managing the ongoing migrant crisis.

7:58 am On The Wires (:WIRES) :

  • Lithia Motors (LAD) acquired Ira Toyota / Scion of Milford, Massachusetts. The store will be renamed DCH Toyota / Scion of Milford and will add $65 mln in estimated annual revenues. Financial terms not disclosed.
  • Alliance Data (ADS) signed a new multi-year agreement with Lamps Plus. Epsilon will provide email marketing services focused on increasing both online and in-store sales across the Lamp Plus family of brands, including LampsPlus.com, discount site Lamps Plus Open Box, home furnishings and dcor site 55 Downing Street, and trade program Lamps Plus Professionals.

7:48 am UPS beats by $0.15, misses on revs; guides FY16 EPS in-line (UPS) :

  • Reports Q4 (Dec) earnings of $1.57 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $1.42; revenues rose 1.0% year/year to $16.05 bln vs the $16.26 bln Capital IQ Consensus.
  • Co issues in-line guidance for FY16, sees EPS of $5.70-5.90 vs. $5.75 Capital IQ Consensus Estimate.

7:47 am Affiliated Managers beats by $0.01, misses on revs (AMG) :

  • Reports Q4 (Dec) economic earnings of $3.61 per share, $0.01 better than the Capital IQ Consensus of $3.60; revenues fell 8.0% year/year to $589.8 mln vs the $617.78 mln Capital IQ Consensus. 
  • Net client cash flows for the fourth quarter of 2015 were $(6.8) billion.
  • AMG's aggregate assets under management were ~$628 billion at December 31, 2015, pro forma for investments which have since closed.

7:46 am Jacobs receives a contract from the U.S. Army to provide test support services to the Aberdeen Test Center; total maximum cost of the five-year ID/IQ contract is $436 mln (JEC) :

Co receives a contract from the U.S. Army to provide test support services to the Aberdeen Test Center at Aberdeen Proving Ground, Maryland.

  • The total maximum cost of the five-year indefinite delivery/indefinite quantity contract is $436 mln.
  • Co's role is to provide mission test support services to ATC by testing a broad spectrum of equipment throughout the life cycle, from concept through deployment.

In a separate filing, co also announces it was awarded a contract to conduct a pre-final investment decision study for the onshore gas treatment plant of the Baltic Gas Project in the Polish sector of the Baltic Sea.

  • In conducting the Pre-FID study, co's role includes developing the design for the onshore gas treatment plant and associated facilities and generating a robust capital cost estimate based on vendor quotations for high value and long lead items to underpin the final investment decision during the second half of 2016.

7:36 am Impax Labs has received tentative FDA ANDA approval for generic version of the Merck's (MRK) Vytorin (ezetimibe & simvastatin) (IPXL) : "We will continue to work with the FDA to gain final approval upon the expiration of the U.S. patents and associated pediatric exclusivity on April 25, 2017, and are currently planning to be among the first generic products to market." According to IMS Health (NSP), U.S. brand sales of ezetimibe and simvastatin tablets, 10 mg / 10 mg, 10 mg / 20 mg, 10 mg / 40 mg and 10 mg / 80 mg were approximately $714 million for the 12 months ending in December 2015.

7:34 am Overnight Treasury Summary (BONDX) :

Government Debt Rallies as Oil Declines

  • U.S. Treasuries traded higher overnight as global equities and oil moved lower. The Reserve Bank of Australia left rates unchanged and eurozone unemployment continued a steady, but frustratingly slow, slide to a four-year low. Germany and the Czech Republic led the improvement in the employment situation, while Spanish unemployment remains above 20% and Italian unemployment rose for the first time in 7 months. WTI crude is down 3.07% to $30.65/bbl., far off of its Thursday high of $34.82/bbl. The U.S. Dollar Index is down 0.10% to 98.91 and gold is down 0.26% to $1,125.10/troy oz.
  • Yield Check:
    • 2-yr: -1 bp to 0.79%
    • 5-yr: -1 bp to 1.35%
    • 10-yr: -2 bps to 1.93%
    • 30-yr: -2 bps to 2.75%
  • International News:
    • Eurozone unemployment fell to a four-year low in December of 10.4%, down from 10.5% in November. Economists had expected no change
      • The eurozone's producer price index fell 0.8% m/m in December, a sharper decline than expected. The PPI dropped 0.2% m/m in November
    • The U.K.'s construction purchasing managers' index fell more than expected to 55.0 in January from 57.8 in December
    • The Reserve Bank of Australia kept its main policy rate at 2.00%, with RBA Governor Glenn Stevens saying that "there were reasonable prospects for continued growth in the economy, with inflation close to target." Stevens went on to say that the bank's board would wait to see if second-round effects from January's market turbulence materialize in the Australian economy
    • Brazil's industrial production fell 11.9% in the year to December, worse than economists' forecasts but better than the 12.4% fall in November
    • Swiss retail sales declined 1.6% y/y in December, worse than expectations. Retail sales fell 1.7% in November
    • The U.S. presidential primary voting in Iowa Monday night yielded a big victory for Republican candidate Marco Rubio. While he only won third place, Predictit.org now shows him trading at a 47-50% chance of obtaining the GOP nomination versus the mid-20s one week ago. The Democratic race saw little change
  • Data out Today:
    • January Auto and Truck Sales (14:00 ET)
  • Fed Speaker:
    • Kansas City Fed President George (FOMC voter) (13:00 ET)

7:33 am CME Group reports January trading volume of 18.2 mln contracts per day, +16% YoY, and options volume of 4.3 mln contracts per day, +37% YoY (CME) :

  • CME Group energy volume averaged a record 2.6 million contracts per day in January 2016, +18% YoY.
  • Total volume for January 2016 was more than 345 million contracts, of which 85 percent was traded electronically.
  • CME Group open interest ended up at 107.9 million contracts for January 2016, up 16.6 million contracts since Dec 31

7:32 am Ally Financial beats by $0.01 (ALLY) :

  • Reports Q4 (Dec) earnings of $0.52 per share, $0.01 better than the Capital IQ Consensus of $0.51.
  • Core pre-tax income, excluding repositioning items, up 13% year-over-year, totaling $446 million for the quarter.
  • Net financing revenue, ex. OID, improved to $995 million for the quarter, driven by year-over-year NIM expansion of 33 bps.
  • "Looking to 2016, we are well-positioned to thoughtfully pursue customer expansion opportunities, participate in the ongoing shift toward digital financial services, maintain a keen focus on risk management, and deliver an estimated earnings per share growth target of 15 percent."

7:31 am TASER business unit, Axon, announced an exclusive partnership with Italy-based Amped Software (TASR) :

This new partnership will further enable law enforcement to use a variety of tools to analyze evidence through the Axon Forensic Suite.

  • Available for immediate purchase and offered in the U.S. and Canada, Axon is now the exclusive reseller of three Amped Software products that have re-branded as Axon Convert, Axon Five and Axon Detect. Amped Software currently has products in more than 100 federal, state, and local agencies in the U.S. and Canada and in law enforcement labs in more than 50 countries worldwide.

7:31 am NV5 Global acquires Sebesta for undisclosed sum; will be immediately accretive to co's earnings (NVEE) : Sebesta is a mechanical, electrical and plumbing (MEP) engineering and energy management company with annualized revenues of $35 mln.

7:28 am On The Wires (:WIRES) :

  • Primus Green Energy, subsidiary of Kenon Holdings (KEN), produced 100-octane gasoline at its commercial demonstration plant in Hillsborough, NJ. With the production of 100-octane zero sulfur, zero benzene, zero lead gasoline, Primus could address fuels that meet EU and CIS specifications.
  • LifePoint Health (LPNT) and the Sisters of Charity Health System announced the completion of Providence Hospitals acquisition. LifePoint's acquisition of Providence Hospitals has met state and other regulatory requirements as well as requirements of the Vatican and the Catholic Diocese of Charleston.

7:18 am TrueCar projects that U.S. revenue from new vehicle sales reached a record high for the month of January of $38 bln, +1.4% y/y (TRUE) :  

7:17 am Tempur Sealy Int'l discloses the resignation of five members from the Board's Nominating and Corporate Governance Committee (TPX) :

In connection with a review over the last several months by the Board's Nominating and Corporate Governance Committee of the Board's size, composition and tenure, including discussions with Board members about their individual plans, Francis A. Doyle, Peter K. Hoffman, Sir Paul Judge, Nancy F. Koehn and Lawrence J. Rogers informed the NCG Committee that they did not wish to stand for re-election, and would retire as directors effective upon completion of the Company's Annual Meeting of Stockholders scheduled for May 5, 2016. The co stated that the decisions to not stand for re-election were not because of any disagreements with the Board on any matters relating to the Company's operations, policies, practices or leadership.

  • The Board of Directors, upon recommendation of the NCG Committee after this review, approved going forward with a smaller Board and nominated seven directors for re-election at the 2016 Annual Meeting. The seven directors nominated for re-election are Scott L. Thompson, Chairman and CEO, Evelyn S. Dilsaver, John A. Heil, Jon L. Luther, Usman Nabi, Richard W. Neu and Robert B. Trussell. Jr.
  • The Company expects that a smaller Board will save approximately $1 million annually in related expenses and that all future stockholder meetings will be held in Lexington, Kentucky, where the Company is headquartered, rather than Boston, Massachusetts.
  • The Board of Directors also voted to appoint Richard W. Neu as a member of the Audit Committee and Compensation Committee, effective immediately. Mr. Neu joined the Tempur Sealy Board in October 2015.

7:14 am European Markets Update: DAX -1.0%, CAC -1.6%, FTSE -1.7% (:SUMRX) :

Major European indices trade lower across the board amid broad-based weakness. Economic data has not been particularly helpful in lifting investor sentiment as UK's Construction PMI (55.0; expected 57.5) dropped to a nine-month low while Eurozone PPI fell 0.8% in December (expected -0.6%). On a separate note, European Council President Donald Tusk has sent a letter to British Prime Minister David Cameron, outlining UK's rights in managing the ongoing migrant crisis.

  • In economic data:
    • Eurozone December PPI -0.8% month-over-month (expected -0.6%; last -0.2%); -3.0% year-over-year (consensus -2.8%; last -3.2%). Separately, January Unemployment Rate ticked down to 10.4% from 10.5% (expected 10.5%)
    • Germany's January Unemployment Change -20,000 (expected -7,000; previous -16,000) and January Unemployment Rate ticked down to 6.2% from 6.3% (consensus 6.3%)
    • UK's January Construction PMI 55.0 (consensus 57.5; last 57.8)
    • Swiss December Retail Sales -1.6% year-over-year (consensus -1.3%; last -1.7%)
    • Spain's Unemployment Change 57,200 (expected 71,200; previous -55,800)
    • Italy's December Unemployment Rate held at an upwardly revised 11.4% (expected 11.2%)

---Equity Markets---

  • Germany's DAX has given up 1.0% with growth-sensitive names leading the slide. Thyssenkrupp, Lanxess, K+S, and BASF are down between 1.7% and 4.6%. Deutsche Bank and Commerzbank also lag, showing respective losses of 2.2% and 3.1%. On the upside, Deutsche Telekom has climbed 1.2%.
  • France's CAC is down 1.6% with all but two names in the red. ArcelorMittal, Valeo, Total, and Technip are down between 3.2% and 4.6% while financials BNP Paribas, Credit Agricole, and Societe Generale show losses between 2.4% and 4.2%. On the flip side, Orange has climbed 1.9%.
  • UK's FTSE has given up 1.7% amid broad weakness. Energy and mining names are under pressure with BP, Royal Dutch Shell, Anglo American, BHP Billiton, and Rio Tinto down between 5.6% and 8.7%. On the upside, a handful of consumer names outperform with Sainsbury, Associated British Foods, and InterContinental Hotels up between 0.3% and 1.2%.

7:13 am DSP Group beats by $0.02, reports revs in-line (DSPG) :

  • Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.05; revenues fell 9.1% year/year to $33.77 mln vs the $34.04 mln Capital IQ Consensus.
  • Co said, "In the first quarter of 2016, we expect a temporary slowdown in revenues due to decreasing demand for cordless telephony products, which will be partially mitigated by growth from new products."

7:12 am Versartis announces confirmatory two-year, top-line safety and efficacy data from its ongoing Extension Study of somavaratan in children with GHD (VSAR) :

Versartis announces confirmatory two-year, top-line safety and efficacy data from its ongoing Extension Study of somavaratan in children with GHD.

  • The complete analysis will include safety, efficacy, pharmacokinetics and pharmacodynamics, and dosing schedule adherence through Year 2, which represents a full year of twice-monthly dosing for all patients at 3.5 mg/kg, the dose and schedule being evaluated in the Phase 3 VELOCITY trial.
  • The detailed data are being preserved for submission to a future scientific conference and will represent the final efficacy results to be reported from this Extension Study.
  • Co is completing enrollment in the VELOCITY trial, preparing for the trial results and a potential BLA filing during 2017.
  • The Extension Study continued to show that the safety profile of somavaratan is similar to daily growth hormone therapy.
  • Somavaratan was well tolerated and the patient discontinuation rate at 24 months was in line with expectations for long-term clinical studies.
  • When comparing the expected versus completed number of injections during the Extension Study period, adherence to the dosing schedule was nearly 100% in over 4,000 injections, including 18 months of administration in the home setting by a patient or the family.

7:10 am Pentair beats by $0.09, reports revs in-line; guides Q1 EPS below consensus, revs above consensus; reaffirms FY16 guidance (PNR) :

  • Reports Q4 (Dec) earnings of $1.13 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $1.04; revenues fell 2.3% year/year to $1.76 bln vs the $1.75 bln Capital IQ Consensus. 
    • Excluding the unfavorable impact of currency translation and positive contribution from acquisitions, core sales declined 4%.
  • Co issues mixed guidance for Q1, sees EPS of $0.70-0.72, excluding non-recurring items, vs. $0.79 Capital IQ Consensus; sees Q1 revs of ~$1.6 bln vs. $1.52 bln Capital IQ Consensus; core sales +1%.
  • Co reaffirms guidance for FY16, sees EPS of $4.05-4.25, excluding non-recurring items, vs. $4.07 Capital IQ Consensus; sees FY16 revs of $6.6 bln vs. $6.59 bln Capital IQ Consensus; core sales down 2-3%.

7:10 am Church & Dwight beats by $0.01, beats on revs; guides Q1 EPS below consensus; sees Q1 rev growth slightly above consensus (CHD) :

  • Reports Q4 (Dec) earnings of $0.82 per share, $0.01 better than the Capital IQ Consensus of $0.81; revenues rose 0.9% year/year to $873.6 mln vs the $863.5 mln Capital IQ Consensus.
  • Co issues downside EPS guidance for Q1, sees EPS of $0.85, excluding non-recurring items, vs. $0.87 Capital IQ Consensus Estimate; expect organic sales growth of approximately 2-3% vs consensus of approx 1.8%.

7:09 am ADT beats by $0.03, reports revs in-line (ADT) :

  • Reports Q1 (Dec) earnings of $0.49 per share, $0.03 better than the Capital IQ Consensus of $0.46; revenues rose 1.5% year/year to $900 mln vs the $906.56 mln Capital IQ Consensus.
  • Generated 259 thousand gross additions, flat year-over-year
  • Recurring revenue, which made up approximately 93% of total revenue in the quarter, was $833 million, up 1.0% compared to the same period last year and up 2.2% in constant currency.

7:09 am Sirius XM Radio reports EPS in-line, revs in-line; reaffirms FY16 guidance originally issued on January 5, 2016 (SIRI) :

  • Reports Q4 (Dec) earnings of $0.03 per share, in-line with the Capital IQ Consensus of $0.03; revenues rose 9.6% year/year to $1.2 bln vs the $1.19 bln Capital IQ Consensus.  SiriusXM added 2,283,000 net new subscribers in 2015, the highest growth in net subscribers since 2007, before Sirius and XM merged.
  • Full-year 2016 guidance for continued growth in net subscribers, revenue, adjusted EBITDA, and free cash flow, originally issued on January 5, 2016, is as follows: Net subscriber additions of ~1.4 mln, Revenue of approximately $4.9 bln (vs. $4.93 bln Capital IQ Consensus Estimate), Adjusted EBITDA of approximately $1.78 bln, and Free cash flow of approximately $1.4 bln.

7:09 am iKang Healthcare Group has completed a strategic investment in New China Life Insurance Health Investment Management (KANG) :

After the investment, New China Life Insurance, iKang and another investor hold 45%, 45% and 10% equity interest in NCI Health, respectively.

  • NCI Health was established by New China Life Insurance on December 13, 2012. It has invested in and operates a total of 16 medical centers in 16 cities

7:07 am Array Biopharma misses by $0.11, beats on revs (ARRY) :

  • Reports Q2 (Dec) loss of $0.17 per share, excluding non-recurring items, $0.11 worse than the Capital IQ Consensus of ($0.06); revenues rose 31.7% year/year to $35.43 mln vs the $32.7 mln Capital IQ Consensus. 
  • Product Updates
    • NEMO Phase 3 trial meets primary endpoint and first regulatory submission for binimetinib expected in first half of 2016
    • Top-line results for COLUMBUS Phase 3 trial expected in first half of 2016 and regulatory submission for binimetinib and encorafenib expected in second half of 2016
    • New Phase 3 global registration trial in BRAF-mutant colorectal cancer expected to start in 2016

7:06 am Pitney Bowes misses by $0.05, reports revs in-line; guides FY16 EPS below consensus, revs in-line (PBI) :

Reports Q4 (Dec) earnings of $0.48 per share, $0.05 worse than the Capital IQ Consensus of $0.53; revenues declined 4.8% year/year to $936.95 mln vs the $945.88 mln Capital IQ Consensus.

  • Co issues guidance for FY16, sees EPS of $1.80-2.00 vs. $2.03 Capital IQ Consensus Estimate; sees FY16 revs -1% to +2% on a constant currency basis to ~$3.54-3.65 bln vs. $3.59 bln Capital IQ Consensus Estimate. Free cash flow to be in the range of $425 million to $525 million.

7:05 am LyondellBasell beats by $0.06, misses on revs (LYB) :

  • Reports Q4 (Dec) earnings of $2.20 per share, excluding excluding LCM, $0.06 better than the Capital IQ Consensus of $2.14; revenues fell 31.3% year/year to $7.07 bln vs the $7.52 bln Capital IQ Consensus.
  • Outlook/commentary
    • "We are confident that our industry position and our continued focus on cost and operating discipline will serve us well under a variety of market conditions. While near-term industry performance will partially hinge on the direction of raw material costs and subsequent price responses, our growth positions remain advantaged, product demand continues to be good and our expansions are generating incremental earnings..."
  • Share repurchases - Co repurchased 12.7 million shares during the fourth quarter or ~3% of the shares outstanding on October 1, 2015

7:05 am Emerson beats by $0.05, beats on revs; guides Q2 EPS in-line; reaffirms FY16 EPS guidance (EMR) :

  • Reports Q1 (Dec) earnings of $0.56 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.51; revenues fell 15.6% year/year to $4.71 bln vs the $4.62 bln Capital IQ Consensus.
  • Co issues in-line guidance for Q2, sees EPS of $0.60-0.65 vs. $0.65 Capital IQ Consensus Estimate; sales for the second quarter are expected to decline 8-10% vs consensus of -10%.
  • Co reaffirms EPS guidance for FY16, sees EPS of $3.05-3.25 vs. $3.05 Capital IQ Consensus Estimate; reported sales for 2016 are still expected decline 6-9% vs prior guidance of down 6-8%.

7:05 am Techne beats by $0.06, beats on revs (TECH) :

  • Reports Q2 (Dec) earnings of $0.88 per share, $0.06 better than the Capital IQ Consensus of $0.82; revenues rose 8.0% year/year to $120.9 mln vs the $118.43 mln Capital IQ Consensus.
  • Organic growth was 6% compared to the prior year, with currency translation having a negative impact of 4% and acquisitions contributing 6% to revenue growth.
  • Adjusted operating margins were 39.4% for the second quarter of fiscal 2016 compared to 41.0% for the same quarter in fiscal 2015.
  • Continued the trend of double-digit revenue growth in China, reporting 30% constant currency growth in this geography.

7:04 am Scotts Miracle-Gro reports EPS in-line, beats on revs; reaffirms FY16 guidance (SMG) :

  • Reports Q1 (Dec) loss of $1.13 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of ($1.13); revenues rose 13.6% year/year to $245.7 mln vs the $220.13 mln Capital IQ Consensus, driven by volume growth and acquisitions. Consumer purchases increase 14% in Q1 driven by strong fall lawn care; 580 bps adjusted gross margin rate improvement due to product mix, lower commodities.
  • Co reaffirms guidance for FY16, sees EPS of $3.75-3.95, excluding non-recurring items, vs. $3.87 Capital IQ Consensus; sees FY16 revs +4-5% to ~$3.14-3.17 bln vs. $3.11 bln Capital IQ Consensus Estimate.

7:04 am Baxter beats by $0.11, beats on revs; guides Q1 EPS below consensus; guides FY16 EPS above consensus (BAX) :

  • Reports Q4 (Dec) earnings of $0.43 per share, $0.11 better than the Capital IQ Consensus of $0.32; revenues fell 6.7% year/year to $2.6 bln vs the $2.54 bln Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees EPS of $0.28-0.30, excluding non-recurring items, vs. $0.31 Capital IQ Consensus Estimate.For the first quarter, the company expects sales to grow 3 to 4 percent, on a constant currency basis.
  • Co issues upside guidance for FY16, sees EPS of $1.46-1.54, excluding non-recurring items, vs. $1.42 Capital IQ Consensus Estimate. For the full-year 2016, Baxter expects sales to increase 2 to 3 percent excluding the impact of foreign exchange, and after adjusting for the impact of both foreign exchange and increased U.S. competition for cyclophosphamide, the company expects full-year sales growth of 3 to 4 percent.

7:04 am USA Truck beats by $0.15, misses on revs; initiatives to accelerate operational improvements take hold, authorized repurchase of additional 2 mln shares of common stock (USAK) :

  • Reports Q4 (Dec) earnings of $0.38 per share, excluding items, $0.15 better than the Capital IQ Consensus of $0.23; revenues fell 21.4% year/year to $118 mln vs the $124.66 mln two analyst estimate.
  • The Company's board of directors recently authorized the repurchase of up to an additional two million shares of the Company's common stock.

7:03 am VolitionRx collaborates with Surrey Cancer Research Institute to initiate prostate cancer study (VNRX) : VolitionRx has initiated a study to assess the feasibility of using the Company's NuQ blood tests to detect prostate cancer. Chief Science Officer Dr. Jake Micallef states, "This new study with the University of Surrey will investigate the use of NuQ blood tests both for cancer detection and for selection of patients requiring aggressive treatment. This trial of NuQ biomarker assays for more general prostate cancer detection complements the study we have underway in collaboration with MD Anderson, in which we are focusing on anaplastic prostate cancer -- one of the most aggressive forms."

7:03 am NewLink Genetics has initiated a project to develop new treatment options for the Zika virus (NLNK) :  

7:02 am Archer-Daniels misses by $0.03, misses on revs (ADM) :

  • Reports Q2 (Dec) earnings of $0.61 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.64; revenues fell 21.3% year/year to $16.45 bln vs the $19.3 bln Capital IQ Consensus.
  • Global dynamics reduced margins across the U.S. agricultural export sector, the U.S. ethanol industry and in the soybean crushing industry worldwide.
  • "With current headwinds likely to persist, we remain focused on the areas within our control. We will continue to implement our pipeline of operational excellence initiatives, with an objective of an incremental $275 million of run-rate savings by the end of the calendar year. As part of the evolution of our strategic plan, we are taking a fresh look at the capital intensity of our operations and portfolio, seeking innovative ways to lighten-up and redeploy capital in our efforts to drive long-term returns."

7:02 am Horsehead Holding and certain of its subsidiaries files voluntary petitions for relief under Chapter 11 (ZINC) : Jim Hensler, President and CEO of the Company, said: "The actions we are announcing today represent an important step that we believe will allow us to restructure the Company's balance sheet for the long-term. Filing for Chapter 11 protection is the best available option to preserve stakeholder value. We intend to emerge with increased financial flexibility and a capital structure that will enable us to invest in growing our business."

7:01 am McEwen Mining has regained compliance with the NYSE's continued listing standards regarding the minimum price of its common stock (MUX) :  

7:01 am Installed Building Products acquires Marshall Insulation; terms not disclosed (IBP) : Installed Building Products is the nation's second largest insulation installer for the residential new construction market and is also a diversified installer of complementary building products including garage doors, rain gutters, shower doors, closet shelving, and mirrors throughout the United States. Trailing 12 month sales for this acquisition are ~$4mln.

7:01 am Flex Pharma announces positive human efficacy in nocturnal leg cramp study (FLKS) :

"Based upon these results, we plan to initiate our next study in nocturnal leg cramps later this year with a single molecule, selective and specific transient receptor potential (TRP) ion channel agonist," said Flex Pharma Chief Medical Officer Thomas Wessel, M.D., Ph.D.

  • Statistically significant effects (p
  • Additionally, the product appeared to be safe and well-tolerated and there were no serious adverse events reported

7:00 am Michael Kors beats by $0.13, beats on revs; guides Q4 below consensus (KORS) :

  • Reports Q3 (Dec) earnings of $1.59 per share, $0.13 better than the Capital IQ Consensus of $1.46; revenues rose 6.3% year/year to $1.4 bln vs the $1.36 bln Capital IQ Consensus. On a constant currency basis, total revenue increased 9.9% vs. mid single digit guidance. Retail net sales increased 11.1% to $766.2 million driven primarily by e-commerce sales from the Company's digital flagships and 114 net new store openings since the end of the third quarter of fiscal 2015.
    • Comparable store sales decreased 0.9% vs. negative mid single digit decline guidance. On a constant currency basis, retail net sales grew 15.7%, and comparable store sales increased 2.0%. Wholesale net sales increased 0.3% to $575.5 million and on a constant currency basis, wholesale net sales grew 3.0%. Licensing revenue increased 8.4% to $55.8 million.
    • Total revenue in the Americas increased 0.4% to $1.06 billion on a reported basis and increased 1.4% on a constant currency basis. European revenue grew 14.3% to $276.0 million on a reported basis, and grew 29.1% on a constant currency basis. Revenue in Japan increased 59.1% to $25.5 million on a reported basis, and increased 68.0% on a constant currency basis.
  • Co issues downside guidance for Q4, sees EPS of $0.93-0.97 vs. $1.00 Capital IQ Consensus Estimate; sees Q4 revs $1.13-1.15 bln vs. $1.16 bln Capital IQ Consensus Estimate. On a constant currency basis, total revenue is expected to increase in the high-single digit range assuming an impact of ~$20 million from the change in foreign currency rates. The Company expects comparable store sales to be flat on a reported basis and to increase in the low single digits on a constant currency basis. 

6:59 am Synthetic Biologics reported independent third party analysis of the investigator-sponsored Phase 2 clinical trial of Trimesta (SYN) :

Evaluations were conducted by two independent clinical research organizations. Both the clinical and magnetic resonance imaging (:MRI) results from the independent analyses did not demonstrate statistically significant differences between the Trimesta plus Copaxone treatment group compared to the Copaxone plus placebo group at either 12 or 24 months.

  • On the basis of these findings, the Company has decided to terminate its license and clinical trial agreements relating to Trimesta with the Regents of the University of California.

6:58 am On The Wires (:WIRES) :

  • Recon Technology (RCON) announced that Beijing BHD Petroleum Technology, a wholly-owned subsidiary of the Company, received two orders for a total of ~$300k from PetroChina's (PTR) oilfield companies. These two orders, combined with the $500k order received from PetroChina's Huabei Oilfield in December 2015, brings the aggregate order value to more than $800k to date for the co under the Procurement Program.
  • GameLoft (GLOFY) and GungHo Online Entertainment reached a non-binding framework agreement to cooperate in the creation and distribution of mobile games. Under the terms of the partnership agreement, Gameloft and GungHo will collaborate in mutually agreed mobile titles. Gameloft will publish some of its major titles on Playphone, the mobile gaming platform under the control of GungHo. Gameloft and GungHo will explore potential collaboration in gaming and related business for further synergies.

6:55 am PBF Logistics announces acquisition of 4 east coast refined product terminals from Plains All American (PAA) for $100 mln, accretive to earnings (PBFX) : From the expected acquisition of terminals from Plains All American (PAA), co expects to invest ~$5 mln, from cash on hand, to improve infrastructure in order to increase throughput capability at the East Coast Terminals. Based on a total transaction cost of $105 mln, including the $5 mln investment and synergy opportunities, the partnership expects the East Coast Terminals to generate approximately $15 mln of pro-forma EBITDA, 2/3 expected to be from third party

6:54 am Asian Markets Close: Nikkei -0.6%, Hang Seng -0.8%, Shanghai +2.3% (:SUMRX) :

Equity markets across Asia ended the Tuesday session on a mostly lower note while China's Shanghai Composite outperformed, climbing 2.3%. There was no specific reason for the outperformance and the index likely enjoyed a relief rally after falling more than 20.0% since the start of 2016. On a somewhat related note, a researcher with the Chinese Academy of Social Sciences cautioned against a fall in property prices resulting from yuan depreciation. In central bank news, the Reserve Bank of Australia left its key interest rate unchanged at 2.0%, as expected. Similarly, the Reserve Bank of India also held pat, maintaining its main interest rate at 6.75%.

  • In economic data:
    • Japan's Monetary Base +28.9% year-over-year (consensus 28.3%; previous 29.5%)
    • Hong Kong's December Retail Sales -8.5% year-over-year (consensus -4.2%; previous -7.8%)
    • South Korea's January CPI 0.0% month-over-month (expected 0.2%; previous 0.3%); +0.8% year-over-year (consensus 0.9%; last 1.3%)
    • New Zealand's ANZ Commodity Price Index -2.3% month-over-month (last -1.8%)

---Equity Markets---

  • Japan's Nikkei lost 0.6% with most sectors ending in the red. Growth-sensitive materials (-3.8%), energy (-2.9%), and financials (-2.4%) paced the retreat while utilities (+3.2%) and health care (+3.1%) outperformed. Mitsui Chemicals, Nippon Steel, Hino Motors, Tokyo Tatemono, Kobe Steel, and Sonly lost between 5.1% and 8.4%. On the flip side, Eisai, Chubu Electric Power, TEPCO, and Kansai Electric Power gained between 3.3% and 7.2%.
  • Hong Kong's Hang Seng lost 0.8% amid weakness in more than half of its components. China Construction Bank, Henderson Land, China Resources Land, and China Overseas posted losses between 1.1% and 3.0% while Lenovo Group and Li & Fung outperformed. The two registered respective gains of 3.4% and 1.6%.
  • China's Shanghai Composite advanced 2.3% with Bank of China climbing 1.0% while China Shipbuilding and China State Construction rallied 3.1% and 2.2%, respectively. CITIC Securities advanced 2.6%.
  • India's Sensex lost 1.2% with all but four components ending in the red. Vedanta, Tata Steel, Bharat Heavy Electricals, Oil & Natural Gas, and Reliance Industries surrendered between 2.5% and 7.8%.

---FX---

  • USDJPY -0.2% to 120.84
  • USDCNY UNCH at 6.5793
  • USDINR +0.3% to 68.008

6:53 am KBR receives a major contract from UK Ministry of Defence; revs associated with this project is estimated to be ~GBP 500 mln, split evenly b/t the 2 JV partners (KBR) :

Co announces it has been awarded a major contract to support Ascent Flight Training in the delivery of the United Kingdom Military Flight Training System program with the UK Ministry of Defence, under a JV with Elbit Systems (ESLT) named Affinity.

  • Affinity will procure, operate and maintain aircraft, and aircraft related infrastructure, through to 2033.
  • Revenue associated with this project is estimated to be around 500 mln which will be split evenly between the two JV partners.
  • ~250 mln in revenue from this project will be booked into the backlog of KBR's Government Services segment in 1Q16.

6:52 am Eagle Pharma announced the shipment and commercial availability of Alcohol-Free Docetaxel Injection (EGRX) : Eagle estimates that annual sales of generic docetaxel are approximately $75 million.

6:51 am Pfizer beats by $0.01, beats on revs; guides FY16 EPS above consensus, revs below consensus (PFE) :

  • Reports Q4 (Dec) earnings of $0.53 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.52; revenues rose 7.1% year/year to $14.05 bln vs the $13.6 bln Capital IQ Consensus, which reflects operational growth of $1.9 billion, or 14%, partially offset by the unfavorable impact of foreign exchange of $934 million, or 7%. Excluding the impact of legacy Hospira operations of $1.2 billion, foreign exchange and, to a lesser extent, the vaccines acquired from Baxter (BAX) of $35 million, Pfizer-standalone revenues increased by $646 million operationally, or 5%.
    • Operational revenue growth in developed markets was driven primarily by the inclusion of $1.1 billion of revenues from legacy Hospira operations and continued strong performance of several key products, notably Prevnar 13 in adults and Ibrance in the U.S., Eliquis globally as well as Xeljanz and Lyrica primarily in the U.S.
    • In emerging markets, revenues increased 5% operationally, favorably impacted by the addition of legacy Hospira operations, which contributed $73 million, as well as the performance of Prevenar 13 and certain other products.
  • Co issues guidance for FY16, sees EPS of $2.20-2.30, excluding non-recurring items, vs. $1.98 Capital IQ Consensus; sees FY16 revs of $49-51 bln vs. $53.14 bln Capital IQ Consensus; R&D $7.3-7.8 bln. 
    • Guidance for 2016 reported revenues reflects the anticipated negative impact of $2.3 billion due to recent and expected generic competition for certain products that have recently lost or are anticipated to soon lose patent protection.
    • Guidance for 2016 reported revenues also reflects the anticipated negative impact of $2.3 billion as a result of unfavorable changes in foreign exchange rates relative to the U.S. dollar compared to foreign exchange rates from 2015, including $0.8 billion due to the estimated significant negative currency impact related to Venezuela

6:51 am Reliance Steel subsidiary, AMI Metals, has been awarded a five-year contract by BAE SYSTEMS; estimated value of $100 million (RS) :

AMI Metals has been awarded a multi-year contract by BAE SYSTEMS to provide aluminum plate to support the requirements for the F-35 Joint Strike Fighter, Hawk, and Typhoon programs.

  • The five-year contract, with an estimated value of $100 million, runs January 1, 2017 through December 31, 2021, with the possibility of additional years.

6:51 am Lazard beats by $0.05, beats on revs (LAZ) :

  • Reports Q4 (Dec) earnings of $0.92 per share, $0.05 better than the Capital IQ Consensus of $0.87; revenues fell 7.4% year/year to $598 mln vs the $587.88 mln Capital IQ Consensus.

6:48 am Waddell & Reed beats by $0.02, beats on revs; announces retirement of Michael L. Avery (WDR) :

  • Reports Q4 (Dec) earnings of $0.76 per share, $0.02 better than the Capital IQ Consensus of $0.74; revenues fell 9.1% year/year to $361.1 mln vs the $348.55 mln Capital IQ Consensus.
  • Assets under management ended the year at $104 billion; down 2% during the quarter as market appreciation partly offset the impact of net outflows. Compared to December 31, 2014, assets under management declined 16% due to a combination of net outflows and market erosion.
  • "Heightened market volatility has been a consistent theme throughout 2015, challenging performance and causing anxiety with investors," said Hank Herrmann, Chairman and Chief Executive Officer of Waddell & Reed Financial, Inc. "In addition to market challenges, we have had to manage increased redemption pressure and weaker sales in some of our key strategies due in part to underperformance in these funds. In light of lower levels of assets under management, we are evaluating operating expenses to align our cost structure with revenues.
  • Co separately announced Michael L. Avery, 62, its president and co-portfolio manager of the Ivy Funds, Waddell & Reed Advisors Funds and Ivy Funds Variable Insurance Portfolios Asset Strategy portfolios, will retire effective June 30, 2016, following 35 years of service.

6:48 am Dow Chemical beats by $0.23, beats on revs (DOW) :

  • Reports Q4 (Dec) operating earnings of $0.93 per share, excluding non-recurring items, $0.23 better than the Capital IQ Consensus of $0.70; revenues fell 20.3% year/year to $11.46 bln vs the $11.17 bln Capital IQ Consensus.
  • Volume, excluding the impact of divestitures and acquisitions, rose 4%
  • EBITDA was $2.4 bln on an operating basis, or $5 bln on a reported basis
  • Operating EBITDA margin grew 406 basis points versus the year-ago period to 20.9%

6:47 am Advanced Drainage Systems will not complete the restatement and file its FY15 10-K on February 1 as previously expected; expects to complete and file by end of February (WMS) :  

6:46 am Dow Chemical names James Fitterling President and COO (DOW) : Fitterling, who has worked with Dow for 32 years, previously held the position of Vice Chairman and Chief Operating Officer.

6:45 am Goldman cuts FY16 smartphone shipment volume to +6% - Barron's (XLK) : Barron's Article

6:39 am Nova Measuring selected by the world's leading foundry for its most advanced 10nm and 7nm FinFET nodes; reaffirms Q4 rev guidance (NVMI) :

  • The world's leading foundry recently selected Nova's optical and X-ray metrology solutions for multiple process steps, including CMP, Etch and Deposition, for its most advanced technology nodes. Nova has already started to deliver integrated and stand-alone platforms during the fourth quarter of 2015 and will continue to support the ramp up for these advanced technology nodes during the coming years.
  • Reaffirms Q4 revs $37-41 mln vs $39.65 mln Capital IQ Consensus

6:36 am Spectrum Brands misses by $0.06, beats on revs; reaffirms FY16 guidance (SPB) :

  • Reports Q1 (Dec) earnings of $1.01 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus of $1.07; revenues rose 14.1% year/year to $1.22 bln vs the $1.2 bln Capital IQ Consensus.
    • Excluding the negative impact of $61.4 million of foreign exchange and sales from recent acquisitions of $144.9 million, organic sales increased 6.3 percent from the prior year.
    • Adj. EBITDA +17.8% to $207 mln. All of the Company's businesses delivered improved adjusted EBITDA on a constant currency basis.
  • Spectrum Brands expects fiscal 2016 net sales, as reported, to increase in the high-single digit range compared to fiscal 2015 reported net sales of $4.69 billion (consensus +8.2%), including the positive impacts of the acquisitions of the European pet food business on December 31, 2014, Salix Animal Health on January 16, 2015 and Armored Auto Group on May 21, 2015, along with an anticipated negative impact from foreign exchange of ~200 to 220 basis points based on current spot rates. Fiscal 2016 free cash flow is projected to be ~$505-$515 million compared to $454 million in fiscal 2015.

6:35 am Anixter beats by $0.12, misses on revs; guides FY15 revs in-line (AXE) :

  • Reports Q4 (Dec) earnings of $1.19 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $1.07; revenues rose 26.4% year/year to $1.84 bln vs the $1.89 bln Capital IQ Consensus.
  • Co issues in-line guidance for FY15, sees FY15 rev -2% to +2% or roughly $6.1-6.3 bln vs. $6.24 bln Capital IQ Consensus Estimate.
  • Co said, "As we look at the current year, we are optimistic that the positive momentum and growth trends in our Network & Security Solutions segment will continue, driven by growth in the US and Europe. The ongoing integration of the Tri-Ed business exceeded our goal of $5 million in EBITDA synergies to the combined security business in 2015, and we are applying the same discipline to the Power Solutions integration to ensure our ability to deliver on our synergy opportunities".

6:33 am Harris beats by $0.13, misses on revs; narrows FY16 EPS guidance, lowers rev guidance (HRS) :

  • Reports Q2 (Dec) earnings of $1.49 per share, $0.13 better than the Capital IQ Consensus of $1.36; revenues rose 52.8% year/year to $1.84 bln vs the $1.89 bln Capital IQ Consensus.
  • Co issues guidance for FY16, narrows EPS guidance to $5.70-5.80 from prior guidance of $5.60-5.80, and vs. $5.76 Capital IQ Consensus Estimate; sees FY16 revs of $7.60-7.68 bln vs. $7.72 bln Capital IQ Consensus Estimate, down from a range of $7.67-$7.83 bln.
  • "We've made excellent progress in both achieving anticipated synergy savings and identifying additional opportunities. As a result, we now expect to exit fiscal 2017 with annual run-rate savings in a range of $140 to $150 million, significantly higher than our previous expectation of about $120 million. Separately, we launched additional restructuring and other actions in the quarter as part of our ongoing strategy to lower costs and improve operating performance."

6:33 am Littelfuse beats by $0.04, beats on revs; guides Q1 EPS in-line, revs in-line (LFUS) :

Reports Q4 (Dec) earnings of $1.21 per share, $0.04 better than the Capital IQ Consensus of $1.17; revenues rose 6.5% year/year to $220.02 mln vs the $214.73 mln Capital IQ Consensus.

  • Co issues in-line guidance for Q1, sees EPS of $1.21-1.35 vs. $1.23 Capital IQ Consensus Estimate; sees Q1 revs of $213-223 mln vs. $216.22 mln Capital IQ Consensus Estimate.
  • "We head into 2016 with good momentum and the groundwork laid for substantial margin improvement. Despite concerns about the global economy and weakness in some of our end markets, we believe we can grow revenue in the low to mid single digits in 2016. Assuming modest top-line growth, we believe we can expand our operating margin by approximately 150 basis points compared to 2015 as we benefit from completion of our footprint consolidation projects, further progress on automotive sensor profitability initiatives and continued gains in manufacturing performance."
  • Capital expenditures for the full year 2016 are expected to be in the range of $40 to $45 million.
  • As announced in November, the company signed a definitive agreement to acquire the CPD business of TE Connectivity and is on track to close the acquisition by the end of the first quarter of 2016.

6:33 am Cabot Oil & Gas provides Q4 and FY15 operational update; announces updated 2016 volume, price, and capex guidance (COG) :

Volume & Price Guidance

-Cabot expects production to exceed guidance of 1,626 Mmcfe/day for 4Q15, with volumes estimated to be ~1,642 million cubic feet equivalent (Mmcfe) per day, including approximately 1,552 million cubic feet (Mmcf) per day of natural gas and approximately 14,977 barrels (Bbl) per day of liquids (crude oil/condensate/natural gas liquids). This is a 13% increase in total production growth.

-Due to improvements in Appalachia during the quarter, co raised guidance for nat gas realizations, expecting $1.94 Mcf in 4Q15. Excluding the impact of hedges, natural gas price realizations for the quarter are expected to be $1.52 per Mcf, representing a $0.75 discount to NYMEX settlement prices and an improvement relative to the Company's fourth quarter guidance range of $0.90 to $1.00 below NYMEX settlement prices.

-Cabot expects its natural gas price realizations before the impact of hedges to average $0.75 below NYMEX for the full year of 2016, an improvement relative to the preliminary guidance provided in October 2015 of $0.85 below NYMEX

Capex Guidance

-$97 mln in capex associated with activity during 4Q15. Based on this anticipated level of spending during the quarter, co expects to incur ~$774 mln in capex associated with activity during FY15, compared to the co's 2015 capital program guidance of $850 mln.

-Total capital expenditures (including acquisitions) for 2015 are expected to be ~$972 mln. Contributions to equity method investments for 2015 are expected to be ~$29 mln.

-Cabot has reduced its 2016 capital budget to $325 mln, which represents a reduction of 47% from the preliminary budget of $615 mln and a reduction of 58% from the 2015 capital program of $774 mln. Drilling, completion, and facilities will account for 92% of this updated budget.

6:29 am FedEx and TNT Express (TNTEY) obtain unconditional approval from Brazil's Conselho Administrativo de Defesa Econmica (FDX) : FedEx and TNT Express continue to work constructively with the regulatory authorities to obtain clearance of the transaction in the relevant jurisdictions, including China. FedEx and TNT Express are making timely progress and continue to anticipate that the Offer will close in the first half of calendar year 2016.

6:27 am On The Wires (:WIRES) :

  • MISSION Therapeutics, a drug discovery and development company focused on selectively targeting deubiquitylating enzymes to treat cancer, neurodegenerative and other diseases, announced it has raised 60 mln. The financing was jointly led by Imperial Innovations Businesses LLP and new investor Woodford Patient Capital Trust Plc, with follow-on investment from existing shareholders Sofinnova Partners, SR One, Roche Venture Fund (RHHBY) and Pfizer Venture Investments (PFE)
  • Medicxi Ventures, a new VC firm comprising all of the existing life sciences portfolio companies, funds and team from Index Ventures, announces the close of Medicxi Ventures 1, a new 210 mln ($250 mln) fund that will focus on early-stage life sciences investments. MV1 will predominantly invest in Europe and principally follow the "asset-centric" strategy pioneered by its partners at Index. GlaxoSmithKline (GSK) and Johnson & Johnson Innovation (JNJ) have renewed and expanded their commitment to the asset-centric approach, following the prior investment in Index Life 6 alongside other financial investors.
  • Elbit Systems (ESLT) announced that Affinity Flying Services, its UK joint venture with Kellog, Brown and Root, was awarded a fixed price contract for the support of Ascent Flight Training, in the delivery of the UK Military Flight Training System ESLT and KBR, each holding a 50% share in Affinity. Revenue for Affinity associated with this programis estimated to be ~500 mln ($713 mln) over an eighteen-year period.

6:25 am Amec Foster Wheeler awarded a prime contractor position on the Air Force Civil Engineer Center Architect-Engineering 2013 services contract by the U.S. Air Force for seven years (AMFW) : The seven-year contract has an aggregate maximum value of US$950 million for the multiple awardees and is estimated to reach completion by 2022.

6:18 am Corvel Q3 EPS $0.34 vs. $0.33 last year; rev +1% to $123.9 mln (no estimates) (CRVL) :  

6:15 am Nomura Holdings misses by JPY2.79, beats on revs (NMR) :

  • Reports Q3 (Dec) earnings of JPY9.61 per share, JPY2.79 worse than the Capital IQ Consensus of JPY12.40; revenues fell 14.4% year/year to JPY434.53 bln vs the JPY377.24 bln Capital IQ Consensus.

6:06 am NQ Mobile appoints Justin Chen as President and announces 3 Board directors resignations, effective February 2 (NQ) :

Chen is a former independent director. 

  • While Chen remains as a director of the Board, he has resigned from his positions as a member of each of the audit committee, compensation committee and corporate governance and nominating committee of the Board.
  • To fill in the vacancies, the Company has appointed Dr. Ethan Hu as an independent director, the Chair of the audit committee and a member of each of the compensation committee and the corporate governance and nominating committee of the Board.
  • In addition to the appointment of Dr. Hu, several other changes to the Board of Directors include the resignation of Xu Zhou, Roland Wu and Max Yao from their positions as directors of the Board, effective as of February 2

6:06 am Sensata Tech beats by $0.01, reports revs in-line; guides Q1 & FY16 EPS, revs below consensus; resets buyback program (ST) :

Reports Q4 (Dec) earnings of $0.66 per share, $0.01 better than the Capital IQ Consensus of $0.65; revenues rose 3.0% year/year to $726.47 mln vs the $722.22 mln Capital IQ Consensus.

  • Co issues downside guidance for Q1, sees EPS of $0.61-0.67 vs. $0.71 Capital IQ Consensus Estimate; sees Q1 revs of $770-810 mln vs. $822.11 mln Capital IQ Consensus Estimate.
  • Co issues downside guidance for FY16, sees EPS of $2.74-3.00 vs. $3.00 Capital IQ Consensus Estimate; sees FY16 revs of $3.14-3.28 bln vs. $3.31 bln Capital IQ Consensus Estimate.
  • On February 1, 2016, the Company's Board of Directors amended the terms of an outstanding authorized share buyback program in order to reset the amount available for share repurchases to $250 million.

6:06 am Mallinckrodt plc beats by $0.31, beats on revs; raises FY16 EPS above consensus (MNK) :

  • Reports Q1 (Dec) earnings of $2.09 per share, excluding non-recurring items, $0.31 better than the Capital IQ Consensus of $1.78; revenues rose 19.1% year/year to $914.8 mln vs the $889.15 mln Capital IQ Consensus; the increase in net sales was driven by the inclusion and performance of INOMAX and Therakos, which collectively generated net sales of $161.2 mln. Income from higher net sales was partially offset by higher SG&A costs associated with these products. Additionally, Acthar net sales were $286.7 mln in the quarter, a 7.6% increase over $266.4 mln. Mallinckrodt's second largest product, INOMAX, generated net sales of $110.8 mln, an increase of 15.8% reported and 16.1% operational over pro forma net sales of $95.7 mln. Sales of the Therakos immunotherapy product line were $50.4 mln, which represents growth of 4.5% reported and 8.5% operational over pro forma net sales of $48.2 mln.
  • Co issues upside guidance for FY16, raises EPS to $7.85-8.30 from $7.70-8.20, excluding non-recurring items, vs. $7.84 Capital IQ Consensus. 

6:04 am Headwaters beats by $0.10, beats on revs; raises FY16 guidance (HW) :

  • Reports Q1 (Dec) earnings of $0.28 per share, $0.10 better than the Capital IQ Consensus of $0.18; revenues rose 9.4% year/year to $218.4 mln vs the $215.2 mln Capital IQ Consensus.
  • Raising Guidance: 
    • Co is raising FY16 Adjusted EBITDA guidance to a range of $180-200 million, up from prior guidance of $175-190 mln
    • Co continues to anticipate further margin expansion in 2016 as well as 2017, which reflects anticipated revenue growth coupled with strong contribution margins, as well as synergies associated with recent acquisitions.

6:02 am TE Connectivity to acquire the Creganna Medical Group for $895 mln, expects $0.03 EPS accretion in first full fiscal year (TEL) :

Permira IV fund has entered into a definitive agreement to sell Creganna Medical to TE Connectivity. Creganna Medical is a global leader that designs and manufactures minimally invasive delivery and access devices serving medical device original equipment manufacturers, reported sales were $250 mln in 2015. The all-cash transaction is expected to close in 3Q16.

6:01 am IBM to acquire Aperto; terms not disclosed (IBM) :

Aperto is a digital agency with headquarters in Berlin. Upon completion of this transaction, Aperto will to join the IBM Interactive Experience (IBM iX) team, supporting IBM's growth in the largest economy in Europe.

  • The transaction is expected to close in the first quarter of 2016 and is subject to applicable regulatory review and customary closing conditions.

6:00 am Armada Hoffler Properties increases quarterly dividend to $0.18/share from $0.17/share (AHH) :  

5:56 am Shanghai...+2.26% (FXI) :  

5:56 am S&P futures vs fair value: -15.80. Nasdaq futures vs fair value: -24.30. :

5:56 am European Markets : FTSE...5952.41...-107.70...-1.80%.  DAX...9634.17...-123.70...-1.30%.

5:56 am Asian Markets : Nikkei...17750.7...-114.60...-0.60%.  Hang Seng...19446.8...-148.70...-0.80%.

5:46 am Sanofi launches a vaccine research and development project targeting the prevention of Zika virus infection and disease (SNY) : Sanofi Pasteur, the vaccines division ofSanofi, leads the vaccine field for viruses in the same family as Zikavirus, with licensed vaccines against Yellow Fever, Japanese Encephalitisand, most recently, Dengue. Importantly, Sanofi Pasteur's expertise andestablished R&D and industrial infrastructure for the newly licensed vaccine fordengue, Dengvaxia, can be rapidly leveraged to help understand the spread ofZIKV and potentially speed identification of a vaccine candidate for furtherclinical development.

5:46 am On The Wires (:WIRES) :

  • Western Digital (WDC) announced that its HGST Active Archive System has been certified with the FXT 5000 Series Edge Filer family from Avere, a leading provider of cloud file storage infrastructure.
  • Epson (SEKEY) announced its next-generation Pro G7000-Series large venue projectors. With new features, including increased brightness, and motorized lenses, the Pro G-Series delivers uncompromising image quality, low total cost of ownership and $199 replacement lamps.
  • IBM (IBM) announced InspireOne Technologies and TEXTIENT as the first two India-based partners to join the IBM Watson Ecosystem. The companies will begin developing cognitive computing solutions in the region.

3:49 am Home Retail Group: J. Sainsbury (JSAIY) to acquire Home Retail Group for ~GBP1.1 bln (HMRTY) :

The Boards of J Sainsbury and Home Retail Group announce that they have reached agreement on the key financial terms of a possible offer for Home Retail Group by Sainsbury's

  • The Possible Offer implies a value of ~GBP1.1 bln for Home Retail Group's share capital, based on the closing price of Sainsbury's shares on 1 February 2016. T
    • he Possible Offer and Proposed Capital Returns together imply a value of ~161.3 pence per Home Retail Group share, based on the closing price of Sainsbury's shares on 1 February 2016, and a value of approximately GBP1.3 bln for Home Retail Group's share capital.
  • Under the terms of the Possible Offer Home Retail Group shareholders will receive per Home Retail Group share:
    • 0.321 New Sainsbury's shares
    • 55 pence in cash

3:42 am BP misses by $0.03; dividend remains unchanged (BP) :

  • Reports Q4 (Dec) earnings of $0.01 per share, $0.03 worse than the Capital IQ Consensus of $0.04.
  • Underlying replacement cost profit1 for the full year was $5.9 billion, compared with $12.1 billion reported for 2014, down 51%. The underlying result for the fourth quarter was $196 million compared with $2.2 billion for the fourth quarter of 2014.
  • Underlying operating cash flow2 for the fourth quarter of 2015 was $5.9 billion, bringing the total for the year to $20.3 billion, compared with $32.8 billion for 2014, down 38%.
  • BP also today announced a dividend of 10 cents per ordinary share for the quarter, payable in March. The dividend remains unchanged.
  • Organic capital expenditure for 2015 was $18.7 billion. BP expects annual organic capital expenditure to remain between $17 and $19 billion in 2016 and 2017 and to be at the lower end of that range in 2016.
  • BP's Upstream segment reported an underlying pre-tax replacement cost loss1 of $0.7 billion for 4Q 2015 compared with a profit of $2.2 billion a year earlier. This was mainly due to significantly lower oil and gas prices as well as lower gas marketing and trading results, offsetting lower costs including the benefits from simplification and efficiency activities.
  • Overall Group production of oil and gas4 in the quarter averaged 3.4 million barrels equivalent a day. Excluding Russia, reported production for the quarter was 8% higher than a year ago; after adjusting for entitlement and portfolio impacts, underlying production was 2% higher. BP also today reported a reserves replacement ratio5, excluding acquisitions and divestments, of 61% for 2015.

3:31 am TowerJazz acquires Maxim's (MXIM) Fabrication Facility in San Antonio (TSEM) :

TowerJazz (TSEM) announced that it completed its previously announced acquisition of an 8-inch wafer fabrication facility in San Antonio, Texas, from Maxim Integrated Products (MXIM).

  • This acquisition will expand TowerJazz's current worldwide manufacturing capacity, cost-effectively increasing its production by about 28,000 wafers per month. The availability of capacity is needed to serve the Company's current and forecasted robust customer demand.
  • As part of the transaction, the companies signed a long-term supply agreement of 15 years, under which TowerJazz will manufacture products for Maxim in the San Antonio facility, in quantities which will allow for a gradual ramp of third party products.

3:29 am B Communications sells its 4.18% stake in Bezeq (BCOM) :

Co announced it sold 115,500,000 Bezeq shares.

  • The Company is expected to receive gross proceeds of NIS 8.50 per share, or NIS 982 million in the aggregate (~$248 million), from the sale on February 1, 2016. The Company, through SP2, will retain a 26.34% ownership interest in Bezeq, following the closing of the transaction.

3:28 am On The Wires (:WIRES) :

  • Toshiba (TOSBF) announced that it is gearing up for future expanded production of "BiCS FLASH", its proprietary 3D flash memory, by acquiring 150,000m2 of land adjacent to its Yokkaichi Operations memory production complex in Mie prefecture. The land borders the eastern and northern parts of the complex, and will cost ~JPY3 billion. 
  • Canon (CAJ) announced the new EOS-1D X Mark II DSLR camera. With a new 20.2 megapixel 35mm Full Frame Canon CMOS sensor and Dual DIGIC 6+ Image Processors, the EOS-1D X Mark II professional digital camera delivers stunning image quality and speed. 
  • Total (TOT) has signed long-term liquefied natural gas sale and purchase agreements with state-owned Indonesian company Pertamina for the supply of LNG volumes increasing from 0.4 to 1 million tonnes per year over a period of 15 years beginning 2020.

3:26 am BE Aerospace reports EPS in-line, misses on revs; reaffirms FY16 EPS guidance, revs guidance (BEAV) :

  • Reports Q4 (Dec) earnings of $0.81 per share, in-line with the Capital IQ Consensus of $0.81; revenues rose 3.4% year/year to $659.2 mln vs the $709.11 mln Capital IQ Consensus.
    • Bookings during the fourth quarter of 2015 were approximately $690 million and the book-to-bill ratio was approximately 1.05 to 1.
    • Record bookings for full year 2015 were approximately $3.0 billion, an increase of approximately 10 percent as compared to the prior year, representing a book-to-bill ratio of ~1.1 to 1.
  • Co reaffirms guidance for FY16, sees EPS of ~$3.20 vs. $3.22 Capital IQ Consensus Estimate; sees FY16 revs of +3% YoY to ~$2.81 bln vs. $2.83 bln Capital IQ Consensus Estimate.

3:22 am Fiat Chrysler provides an update on its diesel emissions; takes voluntary measures to adapt to new standards (FCAU) :

In response to issue of diesel emissions, FCA has conducted a thorough internal review of the application of this technology in its vehicles and has confirmed that its diesel engine applications comply with applicable emissions regulations.

  • FCA acknowledges that public attention is shifting towards measuring emissions performances under conditions that more closely reflect real-world driving conditions, and is debating the choice of an alternative to NEDC.
  • FCA is responsive to this change and is taking proactive steps to prepare its emissions calibrations to more quickly adapt to the developing RDE standard.
  • As a voluntary measure, not mandated or requested by any regulatory authorities, FCA will be updating its Euro 6 calibrations with new data sets to improve emission performance in real driving conditions. These new calibrations will be ready starting from April 2016 and will be available on all new vehicles sold on or after that date, and will be made available to all other owners of Euro 6 FCA vehicles at no charge, as part of vehicle calibration update programs that are implemented on a regular basis. This does not constitute a recall campaign

3:19 am UBS misses by CHF0.08 (UBS) :

Reports Q4 EPS of CHF0.25 vs CHF0.33 Capital IQ consensus

  • Net interest margin (bps) of 170 vs 167 in Q3
  • Wealth Management delivered adjusted1 profit before tax of CHF 505 million (reported CHF 344 million). Net new money outflows were CHF 3.4 billion, with inflows from Asia Pacific and Switzerland being more than offset by outflows in emerging markets and Europe.
  • Asset Management recorded adjusted1 profit before tax of CHF 153 million up 12%
    (reported CHF 171 million). Net new money outflows excluding money markets were CHF 8.9 billion. Outflows were largely from lower-margin passive products, driven by client liquidity needs.
  • Investment Bank posted adjusted1 profit before tax of CHF 223 million (reported CHF 80 million), including the annual UK bank levy of CHF 98 million, as revenue declines in Equities and Corporate Client Solutions were partly offset by strong year-on-year performance in Foreign Exchange, Rates and Credit.
  • CET1 capital ratio 14.5% and fully applied Swiss SRB leverage ratio at 5.3%
  • Dividend: Co announces Ordinary dividend CHF 0.60 per share and special dividend ofCHF 0.25 per share for 2015 to be proposed to shareholders

3:12 am American Campus Communities prices an upsized offering of 15.6 mln shares of common stock at $41.25/share (ACC) :  

3:11 am Tenaris provides updates on two previously reported proceedings; believes that it is not probable that the ultimate resolution of either tax assessment will result in a material obligation (TS) :

Co updates the market on recent developments concerning two previously reported proceedings: (i) the tax assessments against Tenaris' Italian subsidiary Dalmine relating to allegedly omitted withholding taxes, and (ii) the arbitration proceedings in connection with the expropriation by Venezuela of Materiales Siderurgicos, a producer of hot briquetted iron

  • On January 27, 2016, a first-instance tax court in Milan rejected the appeal filed by Dalmine against a tax assessment made by the Italian tax authorities in December 2013 related to allegedly omitted withholding taxes on dividend payments made in 2008 -- the last such distribution made by Dalmine. This first-instance ruling, which held that Dalmine is required to pay an amount of Euro 220 million (~$240 million)
  • Tenaris continues to believe that it has correctly applied the relevant legal provisions; accordingly, Dalmine will appeal the January 2016 first-instance ruling against the second-instance tax court and will also request the suspension of its effects.
  • Based, among other things, on the rulings on the 2007 assessment, Tenaris believes that it is not probable that the ultimate resolution of either tax assessment will result in a material obligation

3:07 am Peapack-Gladstone Financial reports Q4 net income per share of $0.28 vs $0.32 year ago; revs +22% YoY to $108.2 mln (no est); NIM 2.79% vs 2.75% in Q3 (PGC) :  

3:04 am On The Wires (:WIRES) :

  • Missouri American Water, a subsidiary of American Water (AWK), announced the company's acquisition of the Jaxson Estates water system located near Wentzville, Mo. The system was previously owned by Ciana Realty.
  • Samsung Electronics (SSNLF) introduced inFlux, a new lineup of high-flux, linear LED modules optimized for industrial lighting applications such as plants, parking lots and warehouses. Vapor Corp (VPCO) announced the results of its Special Meeting of Stockholders which approved an amendment to the Company's Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company's common stock at a ratio between 1-for-10 and 1-for-70, such ratio to be determined by the board of directors

3:01 am FireEye acquires Invotas International; terms not disclosed (FEYE) :

Co announced the acquisition of privately held Invotas International Corp, a provider of security automation and orchestration technology. The transaction closed on February 1, 2016.

  • The acquisition enables FireEye to deliver one of the world's premier security orchestration capabilities as part of the FireEye global threat management platform.
  • FireEye will leverage the technologies of Invotas Security Orchestrator to unify cyber attack detection results, threat intelligence and incident response elements of an organization's security program into a single console, giving enterprises the ability to respond more quickly to attacks through automation.

2:59 am Banc of California prices 5 mln depositary shares of its 7.000% Non-Cumulative Perpetual Preferred Stock, Series E at $25 per depositary share (BANC) :  

2:55 am Tesoro misses by $0.24, beats on revs (TSO) :

  • Reports Q4 (Dec) earnings of $1.83 per share, $0.24 worse than the Capital IQ Consensus of $2.07; revenues fell 25.7% year/year to $6.27 bln vs the $5.92 bln Capital IQ Consensus.
  • Total refinery throughput for the quarter was 807 thousand barrels per day, or 95% utilization. Direct manufacturing costs in the fourth quarter were $5.62 per barrel up $0.78 per barrel from the third quarter.
    • This increase was primarily due to unplanned repairs and maintenance during the quarter.
  • Tesoro expects to deliver between $400 and $500 million of improvements in 2016 through driving operational improvements and growth in the Company's logistics and marketing business segments.

2:47 am Tesoro Logistics LP misses by $0.09, reports revs in-line (TLLP) :

  • Reports Q4 (Dec) earnings of $0.58 per share, $0.09 worse than the Capital IQ Consensus of $0.67; revenues rose 53.7% year/year to $292 mln vs the $293.17 mln Capital IQ Consensus.
  • Distributable cash flow up 104% to $104 million for fourth quarter, full year 2015 distributable cash flow up 92% to $422 million
  • Rockies natural gas business 2015 adjusted EBITDA contribution of $285 million, exceeding $275 million target

2:42 am Albemarle receives approval to increase its currently authorized lithium brine extraction rate in Chile; signs MOU with the Chilean Government defining the terms for an increased lithium quota (ALB) :

Co announced it has been granted approval by the Environmental Assessment Commission of the Antofagasta Region to increase its currently authorized lithium brine extraction rate at the company's facility in the Salar de Atacama, Chile. The increase will enable the company to meet the accelerating demand for lithium, especially high purity lithium compounds required for the production of lithium batteries.

  • In addition, the company announced that it has entered into a Memorandum of Understanding with the Chilean Government defining the terms of a partnership for an increased lithium quota consistent with the principles and goals of the Lithium National Commission, as established in its final report issued in January 2015.
  • The MOU provides Albemarle with sufficient lithium to support the production, over a 27-year period, of 70,000 MT annually of technical and battery grade lithium carbonate and 6,000 MT annually of lithium chloride

2:38 am Targa Resources: ISS, Glass Lewis and Egan-Jones all recommend vote in favor of the proposals related to TGRP acquiring all of the outstanding common units of Targa Resources Partners (NGLS) (TRGP) :  

2:27 am Dominion Diamond receives approval for the Jay Project Mackenzie Valley Environmental Impact Review Board (DDC) :  

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Consol Energy Inc.

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CODE : CNX
ISIN : US20854P1093
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Consol Energy est une société de production minière basée aux Etats-Unis D'Amerique.

Consol Energy est productrice de charbon en USA, et détient divers projets d'exploration en USA.

Son principal projet en production est BUCHANAN en USA.

Consol Energy est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 3,8 milliards US$ (3,4 milliards €).

La valeur de son action a atteint son plus haut niveau récent le 06 juin 2008 à 99,79 US$, et son plus bas niveau récent le 26 avril 2019 à 10,00 US$.

Consol Energy possède 223 758 284 actions en circulation.

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