• Nasdaq Composite +6.7% YTD 
• Russell 2000 +5.1% YTD 
• S&P 500 +2.2% YTD 
• Dow Jones Industrial Average +1.0% YTD

4:21 pm Wabash Natl amends thecredit agreement, regarding its $150 million asset-based revolving credit facility (WNC) : Among other things, the amendment will extend the maturity of the facility from May, 2017, to June, 2020,  provide for an increase in committed capital from the Company's lenders of $25 million, to $175 million,  reduce interest rate margins by 25 basis points on borrowing and reduce the unused line fee by 12.5 basis points to 25 basis points.

4:18 pm Krispy Kreme beats by $0.02, misses on revs; reaffirms FY16 guidance, with low en dof EPS slightly higher due to buybacks (KKD) :

• Reports Q1 (Apr) earnings of $0.24 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.22; revenues rose 9.0% year/year to $132.5 mln vs the $136.26 mln consensus.
• Systemwide domestic same store sales rose 5.2%, including a 4.3% gain at Company Stores; constant currency international franchise same store sales declined 1.7%
• Co issues in-line guidance for FY16, raises EPS to $0.80-0.85, excluding non-recurring items (from $0.79-0.85 due to share repurchase activity in Q1) vs. $0.84 Capital IQ Consensus Estimate, with continued growth in domestic comps.

4:17 pm Global Partners announces an offering of 3 mln common units (GLP) : Co expects to use the net proceeds from the offering to reduce indebtedness outstanding under its revolving credit facility

4:10 pm Papa Murphy's announces secondary common stock offering of 2 mln shares by selling sharholder (FRSH) :  

4:10 pm Box beats by $0.03, beats on revs; guides Q2 revs above consensus; raises FY16 guidance above consensus (BOX) :

• Reports Q1 (Apr) loss of $0.28 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of ($0.31); revenues rose 44.8% year/year to $65.6 mln vs the $63.7 mln consensus. 
• Billings in the first quarter of fiscal 2016 were $69.8 million, an increase of 58% from the first quarter of fiscal 2015. 
• Non-GAAP operating loss in the first quarter of fiscal 2016 was $32.6 million, or 50% of revenue. This compares to non-GAAP operating loss of $31.3 million, or 69% of revenue, in the first quarter of fiscal 2015. 
• Co issues upside guidance for Q2, sees Q2 revs of $69-70 mln vs. $67.48 mln Capital IQ Consensus. 
• Co issues upside guidance for FY16, raises FY16 revs to $286-290 mln from $284-285 mln vs. $283.43 mln Capital IQ Consensus; raises non-GAAP operating margin to (51-49%) from (52-50%).
  

4:06 pm DAVIDsTEA will report Q1 results next Tuesday afternoon, June 16 (DTEA) : There is no analyst coverage for DTEA yet -- the company went pubic on Friday of last week.

4:06 pm Bazaarvoice beats by $0.01, reports revs in-line (BV) : Reports Q4 (Apr) loss of $0.06 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.07); revenues rose 2.5% year/year to $48.3 mln vs the $48.65 mln consensus.

4:06 pm C.R. Bard announces a $500 mln repurchase authorization (BCR) : Co authorized the repurchase of up to $500 million of the company's common stock. This is in addition to approximately $160 million remaining under the prior authorization announced in June 2014.

4:06 pm CM Finance announces special dividend of $0.43/share and two realized portfolio investments (CMFN) : Co announced a special distribution of $0.43 per share payable on September 15, 2015 to shareholders of record as of September 1, 2015.

• It also noted that As of June 4, 2015, the Company has fully realized investments in two of its portfolio companies: Capitol Petroleum Group and Virgin America Inc. (VA). On June 1, 2015, the $14.5 million investment in Capitol Petroleum Group was prepaid at 115.7% of par. The Company received proceeds of $17.1 million and realized an investment rate of return  of 24%. 
• Co has also sold 570,917 shares of common stock in Virgin America, which represented all of the shares of Virgin America held by the Company, realizing net proceeds of $16.5 million, or $28.90 per share of Virgin America

4:06 pm Cohu announces sale of Broadcast Microwave Services for $8 mln; updates guidance for Q2 sales and GMs (COHU) : As a result of this transaction, financial results for BMS will be reported as discontinued operations. Cohu expects to record a Q2 pretax loss on this transaction of ~ $3.0 mln, subject to any post-closing adjustments for working capital and the earn-out valuation.

• The co is updating its guidance for the second quarter of 2015 to exclude BMS as follows: Sales of ~ $73 mln and non-GAAP gross margin and operating expenses of ~ 36% and $19 mln, respectively. 
• Mller concluded, "Our revised Q2 guidance reflects a 15% sequential increase in sales and excludes ~ $3 mln of revenue from a new 32-position wafer-turret handler that is under qualification at a major US-headquartered customer."
  

4:05 pm C.R. Bard increases quarterly dividend 9% to $0.24 per share (BCR) :  

4:05 pm Manning & Napier Advisors reports May AUM of $45.1 billion vs $45.6 billion in March (MN) :  

4:05 pm Pebblebrook Hotel Trust has successfully executed a new $125 million unsecured term loan (PEB) : The term loan will mature in January 2021. The interest rate on the unsecured term loan is based on a pricing grid with a range of 145 to 220 basis points over LIBOR, determined by the Company's leverage ratio.

4:05 pm Jetblue Airways reports May traffic increased 8.4% from prior year, on a capacity increase of 7.8% (JBLU) : Co announces preliminary traffic results for May 2015. Traffic in May increased 8.4% from May 2014, on a capacity increase of 7.8 percent.

• Additionally, load factor for May 2015 was 85.7%, an increase of 0.5 points from May 2014. JBLU's preliminary completion factor was 99.2% and its on-time (1) performance was 84.3%. JBLU's preliminary passenger revenue per available seat mile (:PRASM) for the month of May increased ~1% year over year. For 2Q15, PRASM is expected to increase between half and one and a half percent year over year.
  

4:04 pm Lendingtree anounces management changes; names Gabe Dalporto as CFO (TREE) : Gabe Dalporto joined the company in April 2011 as CMO and was named President, Mortgage in February. Nikul Patel will become LendingTree's Chief Operating Officer, an expansion of his prior Chief Product and Technology Officer role. Paul Onnen will join the company as Chief Technology Officer. Paul has worked at developing and executing innovative enterprise and web-based products and services for leading organizations including Google, Expedia, WebMD, Nordstrom.com and Intel. Neil Salvage will fill the newly created role of Chief Revenue Officer, responsible for all revenue for the company, leading the sales, contact center and lender partnership teams.

4:02 pm Universal Insurance repurchases 200K shares from Ananke Catastrophe Investments Limited, in a private transaction for $25.38/share (UVE) :  

4:01 pm Amicus Therapeutics announces a $150 stock offering (FOLD) : Co expects to use the net proceeds of the offering for investment in the global commercialization infrastructure for Galafold for Fabry disease, the continued clinical development of its product candidates and for other general corporate purposes.

4:01 pm Carmike Cinemas prices its offering of $230 mln of senior secured notes due 2023 (CKEC) : The net proceeds from the offering, together with cash on hand, will be used to redeem all $210 million in aggregate principal amount of Carmike's existing 7.375% Senior Secured Notes due 2019, and to pay related fees and expenses.

4:00 pm Lennox Intl appoints Kim K.W. Rucker to BoDs effective June 10, 2015 (LII) : Ms. Rucker is the Executive Vice President, Corporate & Legal Affairs, General Counsel and Corporate Secretary of Kraft Foods (KRFT), one of North America's largest consumer packaged food and beverage companies.

4:00 pm Alnylam Pharma files a trade secret misappropriation lawsuit against Dicerna Pharmaceuticals (DRNA) (ALNY) : Co stated that "By this lawsuit, Alnylam seeks to stop misappropriation by Dicerna (DRNA) of the company's confidential, proprietary, and trade secret information related to, among other things, GalNAc conjugate technology."

3:36 pm Treasury Market Summary (BONDX) : Government Debt Continues Lower

• Treasuries declined today in a curve-steepening trade. The yields on 5's, 10's, and 30's touched 8-month highs. Overnight, the German Bund yield briefly touched 1.05%
• Yield Check:
• 2-yr: unch at 0.73%
• 5-yr: +4 bps to 1.79%
• 10-yr: +5 bps to 2.49%
• 30-yr: +5 bps to 3.22%

• News:
• The MBA Mortgage Index for the week ending June 6th rose 8.4% versus the prior week's decline of 7.6%
• The Pimco Total Return Fund slashed its U.S. Treasury holdings by almost two thirds in April and escaped the brunt of the selling in government debt, its company website reported
• Crude Oil Inventories for the week ending June 6th declined by 6.812 mln barrels versus a fall of 1.948 mln in the prior week
• Some news agencies reported that Germany would consider offering Greece a staggered deal whereby Greece would follow a major reform this year with more reforms next year. The news sent equity markets ripping higher, although the market was already vulnerable to short-covering given yesterday's reversal
• The $21 bln 10-year note Treasury auction was met with strong demand. The auction stopped through by more than 1 basis point:
• High yield: 2.461%
• Bid-to-cover: 2.74
• Indirect bid: 57.9%
• The Treasury's deficit narrowed to $82.4 bln in May. The Briefing.com consensus had called for a deficit of $85.0 bln. April saw a deficit of $130 bln

• Commodities:
• WTI crude: +1.76% to $61.20
• Gold: +0.70% to $1,185.80/troy oz.
• Copper: +1.14% to $2.745/lb.

• Currencies:
• EUR/USD: +0.25% to $1.1315
• USD/JPY: -1.30% to 122.76
• Overnight, BoJ Chief Haruhiko Kuroda told the Japanese Diet that "the yen is unlikely to weaken further in real effective terms if you think with common sense, given how far it has come."

• Data out Thursday:
• Initial Jobless Claims for the week ending 6/6 and Continuing Jobless Claims for the week ending 5/30 (08:30 ET)
• May Retail Sales and Retail Sales ex-auto (08:30 ET)
• May Export Prices ex-agriculture and Import Prices ex-oil (08:30 ET)
• April Business Inventories (10:00 ET)
• Natural Gas Inventories for the week ending 6/6 (10:30 ET)
• Treasury Auctions:
• $13 billion 30-year bonds (reopening) (results at 13:00 ET)

2:43 pm Currency Market Summary (FOREX) : Dollar Index Declines

• The dollar lost against all of the majors today. The U.S. Dollar Index falling 0.52% to 94.67
• The U.S. Treasury saw its deficit decrease to $82.4 bln in May from a -$130.0 bln deficit in April. The Briefing.com consensus called for -$85.0 bln
• EUR/USD: +0.28% to 1.1318
  
• French and Italian Industrial Production missed estimates for April. In France, IP fell 0.9% m/m versus -0.3% in March. In Italy, the decline was 0.3% versus growth of 0.5% in the prior month
• This weaker economic data was counteracted by the German Bund yield breaking through 1.00% for the first time since September
• GBP/USD: 
• In the U.K., Manufacturing Production fell 0.4% m/m in April, lower than both expectations and the +0.4% reading from March
• BoE Governor Mark Carney is slated to speak publicly at 16:00 ET
• USD/JPY: -1.43% to 122.59
• Overnight, BoJ chief Haruhiko Kuroda said "The yen is unlikely to weaken further in real effective terms if you think with common sense, given how far it has come." 
• The market responded quickly and violently, moving 150 pips in roughly 20 minutes
• USD/CHF: +0.06% to 0.9313
• USD/CAD: -0.61% to 1.2265
• AUD/USD: +0.92% to 0.7763
• NZD/USD: +0.84% to 0.7203
  

2:32 pm Index Changes Reminder: S&P SmallCap 600 constituent Manhattan Assoc (MANH) will replace Life Time Fitness (LTM) in the S&P MidCap 400, and Supernus Pharma (SUPN) will replace MANH in the S&P SmallCap 600 after the close of trading (:INDXCH) :  

2:23 pm Nasdaq Comp +72 edges to new session high, Dow +263 and S&P +27 are approaching their morning peaks (:TECHX) : Relative sector strength on the recent move has been noted in: Crude Oil USO, Technology XLK, Semi SMH, Biotech IBB, Energy XLE, OIl Service OIH.

2:01 pm Booz Allen Hamilton is selected by the US Army, as a prime contractor on three Strategic Service Solutions IDIQ Contracts with a combined $3.5 billion ceiling (BAH) : The three TS3 IDIQ contracts feature competitively awarded task orders that include:

•  Knowledge-Based Services- co will provide engineering and technical services, logistics management services, management support services and professional services across TACOM. The KBS IDIQ contract has a $1.8 billion ceiling. 
• Research and Development - The firm will provide engineering services, technology design, business case analysis, system design, process improvement and acquisition support. The team will also support legacy ground platform system sustainment, prototype development, design studies, formation based modeling and acquisition strategies. The R&D IDIQ contact has a $649 million ceiling. 
• Equipment Related Services -Co will perform equipment maintenance, repair and overhaul, modification and installation. The ERS IDIQ contract has a $1.1 billion ceiling.
  

1:31 pm Air Products is awarded a major contract to supply an industrial bulk gases and bulk specialty gas supply system, for a semiconductor fab in South Korea (APD) : Air Products will build multiple ultra high-purity nitrogen plants, hydrogen generators and a liquefier to support the facility.

1:04 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume). 

Large Cap Gainers

• JCI (54.35 +5.41%): Announced it is exploring strategic options for separation of its automotive business.
• NFLX (684.52 +5.77%): Outperforming after shareholders approved the issuance of additional shares; management is expected to announce a stock split after the proposal was ratified; PT raised to $722 from $600 at UBS.
• FLT (158.91 +5.04%): Announced the signing of a contract with Uber to provide the Partner Fuel Card, a universal card program for Uber's US driver partners

• MJN (90.3 -2.6%): Under pressure after estimates and the price target were trimmed at a tier one firm.
• NEM (23.84 -2.32%): Priced its 29 mln share offering of common stock, expecting total gross proceeds of ~$682 mln.
• AR (37.32 -2.12%): Price target lowered to $39 from $41 at Susquehanna.

• HCC (77.24 +36.25%): Announced it would be acquired by Tokio Marine Holdings for $78.00 in cash per share, or ~$7.5 bln
• IOC (50.45 +6.91%): Said it resumed drilling at the Wahoo-1 side-track exploration well in Petroleum Prospecting License 474, in Papua New Guinea. All resolutions were approved at Annual Meeting yesterday June 9.
• WETF (22.75 +5.23%): To replace Qorvo (QRVO) in the S&P MidCap 400 after the close of trading on Thursday, June 11.

• SHLD (29.25 -20.1%): Continued weakness following earnings.
• DWA (26.44 -5.03%): Initiated with a Sell at Credit Agricole; tgt $17.
• HRB (30.71 -3.93%): Downgraded to Neutral from Outperform at Credit Suisse.

1:03 pm Auction up (BONDX) : Auction Results

• The $21 billion 10-year note auction stopped through over 1 basis point:
• Auction results:
• High yield: 2.461%
• Bid-to-cover: 2.74
• Indirect bid: 57.9%
• Direct bid: 12.1%
• Prior 12-auction average results:
• High yield: 2.284%
• Bid-to-cover: 2.69
• Indirect bid: 50.5%
• Direct bid: 12.6%

12:55 pm Midday Market Summary: Stocks on Highs (:WRAPX) : The stock market holds a solid midday gain with the Dow Jones Industrial Average (+1.4%) trading ahead of the S&P 500 (+1.3%).

Equity indices have spent the first half of the trading day in a steady advance amid broad strength. The S&P 500 spiked above its 100-day moving average (2,086) at the start and has overtaken its 50-day moving average (2,102) after Bloomberg reported Germany may be willing to offer a staggered deal to Greece. This deal would unlock the door to additional bailout funds in exchange for a Greek commitment to executing one of the reforms requested by the creditors. On a related note, the European Central Bank has increased Greece's allowance to Emergency Liquidity Assistance funds by EUR2.30 billion to EUR83 billion.

The news signaled the presence of some movement on the Greek front, helping Germany's DAX jump 2.5% to snap its four-day skid.

All ten sectors hold midday gains with yesterday's laggard-technology (+1.7%)-in the lead. The top-weighted sector has received all-around support, including a 2.3% spike in the shares of Microsoft (MSFT 46.71, +1.06). Meanwhile, the largest stock by market cap-Apple (AAPL 128.90, +1.48)-has climbed 1.2%. Similarly, high-beta chipmakers display broad-based gains with the PHLX Semiconductor Index trading higher by 1.4%.

Elsewhere, the second-largest sector by weight-financials (+1.6%)-has nibbled on technology's heels throughout the day. Including today's gain, the financial sector is now up 2.0% for the month, trading well ahead of the remaining groups. The outperformance should not be a huge surprise, considering banks are expected to benefit from rising rates, especially on the long end of the curve.

Speaking of interest rates, the U.S. 10-yr note slumped in the early morning, and it remains in negative territory at this time with its yield higher by four basis points at 2.48%. Also of note, selling in Germany's 10-yr bund resulted in the first test of the 1.00% level since October. Germany's benchmark yield ended the day below its session high of 1.06%, at 0.98%.

Economic data reported this morning was limited to the weekly MBA Mortgage Index, which spiked 8.4% to follow last week's 7.6% drop.

The Treasury Budget for May (Briefing.com consensus -$85.00 billion) will be reported at 14:00 ET.

12:44 pm Cartesian Correction: Appointed Peter Woodward President, CEO and Interim CFO; Robert Currey appointed Chairman of the Board; extends buyback one year (CRTN) :

• Co announces Peter Woodward, the departing chairman of the board, was appointed president, CEO and interim CFO, succeeding Donald Klumb, who will continue to serve on the board of directors and as an independent consultant under a consulting agreement with a term of up to one year. 
• Meanwhile, the board is conducting a search for a new CFO. 
• Co also has extended the company's stock repurchase program, which was set to expire on July 1, 2015.
• The co is now authorized to repurchase up to $2 million of its common stock through June 30, 2016. To date, no shares have been repurchased under the program, which was instituted in February 2014.

12:27 pm Arrowhead Research confirms the FDA has granted its ARC-AAT orphan drug designation for the treatment of liver disease associated with Alpha-1 Antitrypsin Deficiency (ARWR) : See 08:06 comment from this morning for original mention of the grant

12:18 pm New Supply on the Way (BONDX) : Treasury Auction Preview

• $21 billion 10-year note auction (reopening) at 13:00 ET:
• Prior auction results:
• High yield: 2.237%
• Bid-to-cover: 2.72
• Indirect bid: 60.2%
• Direct bid: 20.9%
• Prior 12-auction average results:
• High yield: 2.284%
• Bid-to-cover: 2.69
• Indirect bid: 50.5%
• Direct bid: 12.6%

12:18 pm Caterpillar increases quarterly dividend 10% to $0.77/share from $0.70/share (CAT) :  

12:07 pm Currency Commentary: Yen Spikes on Kuroda Comments (:SUMRX) :

• The Dollar Index is back testing the 94 area for support. The DXY fell to 94.32 around the open of European trade. This marked its lowest level since May 19.  The six month low of 93.13 set back on May 13 will move into focus. With the 10-year Yield approaching the key 2.60% level, markets are starting to wonder if this will make Fed officials nervous. This could lead to expectations of a more dovish Fed at next week's meeting. This has helped lead the dollar lower. 
• The euro has pushed into the 1.13 level. Some potentially promising headlines have crossed the wires over the past hour. There are indications Germany may be willing to bend and allow a staggard bailout approach. Also the ECB extended its ELA cap by over EUR 2 bln which should ease liquidity pressure in Greece.
• The pound has continued its recent run as it stretches back over the 1.55 level. Industrial and Manufacturing Production numbers have outpaced expectations which is helping boost cable. 
• The yen is the big story in currencies. Yen has rallied from the 124.60 area down to 122.70 after Bank of Japan Governor Kuroda said that the real effective exchange rate showed that the yen was too weak and that he expected it to stabilize. This marked the second Japanese BoJ official to jawbone the currency off its multi-year lows (BONDX, FOREX).
  

12:05 pm Eli Lilly announces the publication of detailed results of two pivotal Phase III studies for ixekizumab, which met all primary and secondary objectives (LLY) : Co announced today that detailed results of two pivotal Phase III studies for ixekizumab were published by The Lancet. The UNCOVER-2 and UNCOVER-3 clinical studies of more than 2,500 patients found ixekizumab to be statistically superior to etanercept and placebo on all measures of skin clearance.

• In both studies and at both dosing regimens, ixekizumab achieved superiority to etanercept and placebo for PASI 75 at week 12, with statistically significant differences seen as early as the first week of the studies. Approximately 50 percent of all ixekizumab-treated patients achieved PASI 75 by week four. Patients treated with ixekizumab also achieved higher rates of skin clearance as measured by PASI 90 and PASI 100 compared with etanercept and placebo. PASI 90 reflects at least a 90 percent reduction in psoriasis symptoms, while PASI 100 is the highest possible reduction, representing complete skin clearance. 
• Patients treated with ixekizumab were five to seven times more likely to achieve a PASI 100 score than with etanercept. Clinical improvements in ixekizumab-treated patients were accompanied by rapid improvements in health-related quality-of-life measures. 
• Nearly 60 percent of ixekizumab-treated patients reported that their psoriasis had no impact on their quality of life by week 12 as measured by the Dermatology Life Quality Index. 
• The overall rates and severities of adverse events observed were comparable to those for etanercept in the two active comparator trials. Most Treatment-Emergent Adverse Events (AEs) were mild or moderate in severity. The most common (=2 percent) Treatment-Emergent AEs in ixekizumab-treated patients were upper respiratory tract infections, injection site reactions, itching, headache and arthralgia. Serious Adverse Events (SAEs) were reported by

12:02 pm Dow +252 drifts laterally after cutting May-June decline in half (:TECHX) : After closing the previous two days in the red for the year the index surged higher this morning. Thus far it has paused after edging above its 50 day sma and the 50% retracement of the May-June slide at 18021/18033 (session high 18045) but the lateral drift implies no sell side interest despite the aggressive run. A short term congestion area above is at 18065/18075 followed by 18108 (62% retrace).

12:00 pm Lion Biotech confirms the FDA has granted orphan status to its LN-144 product candidate for the treatment of stage 2b to stage 4 malignant melanoma (LBIO) : See 08:07 post from earlier for initial mention of the designation

12:00 pm Aegion is awarded three contracts valued at ~$32 Million (AEGN) : Co announced that its Corrosion Protection platform was recently awarded three contracts with a combined value of ~$32 million. The Aegion Coatings Services group within the Corrosion Protection platform was awarded a contract in the Caspian Sea region to perform outer diameter field coatings for a 300-mile onshore natural gas pipeline expansion. The project is expected to begin in the fall of 2015 and be completed by the end of 2017.

• Co was also awarded two pipe coating contracts at its Louisiana facility. The first requires the application of a multi-layer corrosion protection coating and a proprietary temperature and pressure control insulation coating to a 14-mile transmission pipeline associated with a Gulf of Mexico deepwater oil field development
  

11:52 am Blue Buffalo Pet Products (Nasdaq: BUFF) earlier filed a registration statement for a proposed IPO to raise up to $500 mln (:IPOXX) : Blue Buffalo is a natural pet products company that makes natural foods and treats for dogs and cats The total number of shares to be offered and the price range for the proposed offering have not yet been determined. The shares of common stock to be sold in the offering will be sold by existing stockholders of Blue Buffalo. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays Capital Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the proposed offering. 

• Peer Freshpet (FRPT) enjoyed a successful debut on the Nasdaq in November after its shares priced at $15, above the expected range of $12-14, and opened for trading at $19.75, up 32%. Since the IPO shares traded down to nearly $13, but then rallied earlier this year above $25 per share and are now resting around $18.50, still up 23% from where its IPO priced late last year.

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

• UK's FTSE:+1.1%
• Germany's DAX:+2.4%
• France's CAC:+1.8%
• Spain's IBEX:+1.5%
• Portugal's PSI:+2.4%
• Italy's MIB Index:+2.5%
• Irish Ovrl Index:+1.7%
• Greece ASE General Index: -1.1%

11:39 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (216) outpacing new lows (125) (:SCANX) : Stocks that traded to 52 week highs: ACIW, ADPT, AF, AHS, AIG, ALJ, AMBA, ATLC, AVD, AXTA, AZZ, BANC, BANR, BBNK, BBT, BFAM, BKU, BKYF, BLMT, BMI, BOFI, BOH, BRKL, BRSS, BSQR, BVXV, BXS, C, CATY, CBF, CBSH, CE, CFNL, CGIX, CHE, CHFC, CMA, CMT, CNTY, COF, COLB, COMM, COTY, COWN, CPGI, CRF, CRI, CSFL, CTRX, CUBI, CVBF, CVG, CVRS, CYT, DATA, DCOM, DSKX, EBF, EBS, EFSC, EGBN, EGRX, ELLI, EME, EMKR, ETFC, EURN, EWBC, EXL, FCB, FCBC, FCF, FFIN, FHN, FIX, FMBI, FMER, FNB, FNFG, FOLD, FRC, FRME, FTAI, FULT, GBCI, GDDY, GEVA, GKNT, GLOB, GS, GSIG, GSL, HAFC, HALO, HBAN, HBOS, HCC, HDS, HELE, HFFC, HILL, HMST, HOLX, HOMB, HRTX, HTH, HTLF, IACI, IBCP, IBP, IMS, INDB, INSY, IPHI, ISBC, JCI, JPM, KEY, KMPH, KNL, KYTH, LEG, LGF, LII, LNC, LOXO, LTM, LTXB, MBFI, MBTF, MGA, MGYR, MKSI, MS, MTG, NFLX, NICE, NPBC, NSIT, NTRS, NVO, NWL, NYCB, OKSB, OMCL, OPY, OXM, OZRK, PBCT, PCTY, PENN, PGTI, PLAY, PMBC, PNC, PNFP, PRAH, PTLA, PVTB, PZZA, QABA, QTWO, RBA, RELY, RJF, RMTI, RNG, RNST, ROCK, ROL, RPTP, SASR, SBCF, SBNY, SEIC, SF, SFG, SGMS, SGU, SIGM, SINA, SIVB, SPWH, SSB, STI, SUSQ, SWK, SYBT, TCB, TDS, TFSL, TFX, TLMR, TMK, TPX, TRMK, TROV, UBSI, UCBI, UMPQ, VDSI, VLY, VOYA, VRTU, WAL, WBS, WCIC, WETF, WFC, WIBC, WINA, WSFS, WTFC, XXIA, ZION, ZOES

Stocks that traded to 52 week lows: AA, ACST, AFB, AGNC, AHC, AHGP, AHT, ANR, ARLP, ARR, AUDC, BBN, BDBD, BDN, BFK, BHK, BMR, BOTA, BTZ, CBL, CCG, CNS, CPTA, CRDS, CTP, CXE, DGSE, DMF, DSM, EARN, EDD, EIA, ETR, EVLV, EVP, EZPW, FCO, FGB, FMN, FPT, FREE, GBAB, GBIM, GOV, GRVY, HNRG, HTS, IIM, IQI, JHI, KEM, KIQ, KSM, LE, LFVN, LXP, MAV, MEET, MFL, MFT, MGT, MHI, MIN, MVF, MYM, NBB, NBD, NBW, NCZ, NEA, NIO, NMY, NNC, NOR, NPF, NPI, NQI, NRK, NSC, NTX, NUM, NUO, NURO, NVG, NXP, NXZ, NYH, OFC, PCN, PDLI, PDM, PFL, PLG, PNF, PRGN, PSUN, PTX, PTY, PW, QLTI, RCS, RITT, RLJE, RYN, SB, SIR, SNH, SRC, TBPH, TGP, VBF, VBND, VCIT, VCLT, VFL, VMM, VMO, VPV, VTN, WIA, WIW, WMT, WPG, ZAZA, ZQK

ETFs that traded to 52 week highs: IAI, IWC, IYF, IYG, KBE, KCE, KIE, KRE, XLF

ETFs that traded to 52 week lows: AGG, BND, LQD, MUB

11:33 am Financial Select Sector SPDR retests multi-year high at 25.14 -- session high 25.14 (XLF) : The XLF has outperformed the overall market, based on the S&P, since last April with the outperformance accelerating this month. Today's extension has brought its seven year high from Dec 2014 at 25.14 into play. Bank KBE +1.6% and Reg Bank KRE +1.8% have been outperformers within the XLF but today insurance KIE +2.4% is pacing the way (Broker IAI +1.5%).

11:19 am Markets extending gains; Original rally was boosted by a push above the 100 sma support level in the S&P; But the gain has been extended on headlines that Germany may be bending on a deal (SPY) :

• The headlines are saying that Germany is considering settling for at least one of the reforms from the Greek government which would lead to a staggard plan for a bail out. 
• Normally we would be skeptical but it is worth noting that the ECB extended its ELA program by over EUR 2 bln to Greece. This is an olive branch that will grease the liquidity wheels for Greece. It suggests the two sides continue to press toward a deal. 
• Market participants are still curious to see if the two sides will meet this evening.
  

11:18 am Floor Talk (:TALKX) : The major indices are up strongly today, albeit on light volume and in the face of rising interest rates.  Explanations for the move revolve around the following ideas:

• It is technically-driven
• S&P 500 closed Tuesday just under its 100-day moving average, sparking a buy-the-dip trade that has worked well after similar violations of that level over the last five years.
• Burgeoning confidence that rising long-term rates reflect more confidence in an economic recovery story in the U.S. 
• The outperformance of the financial sector (+1.6%) and the Russell 2000 (+1.3%) speak to this thinking
• A weaker dollar giving a boost to oil prices (+1.7% to $61.22), which in turn has provided a leadership cue for the influential energy sector (+1.3%)
• Renewed buying interest in large-cap technology stocks and semiconductor issues, which have been key laggards of late
• Attention to a headline suggesting Germany is considering offering Greece a staggered bailout package

11:14 am Stock indices jump higher intraday, S&P +25 pushes above its 50 day -- Dow +251, Nasdaq Comp +63 (:TECHX) :  

10:59 am 8point3 Energy Partners LP, the YieldCo formed by First Solar (FSLR) & SunPower (SPWR) commences its IPO; initially planning to raise ~$400 mln (:CAFD) : 8point3 Energy Partners LP, a limited partnership formed by First Solar (FSLR) and SunPower (SPWR) to own and operate a portfolio of selected solar energy generation assets, announces that it has commenced an initial public offering of Class A shares representing limited partner interests in 8point3 Energy Partners.

• 8point3 Energy Partners is offering 20,000,000 shares to the public. The IPO price is currently expected to be between $19.00 and $21.00 per share. The shares are expected to be listed on the NASDAQ Global Market under the symbol "CAFD."
• 8point3 Energy Partners intends to use all of the net proceeds of the IPO to purchase the common units of 8point3 Operating Company, LLC, the entity that holds 8point3 Energy Partners' project assets. 
• Goldman, Sachs & Co. and Citigroup Global Markets Inc. are acting as lead book running managers for the IPO.
  

10:41 am S&P +17 reaches resistance area of note (:TECHX) : The solid performance this morning has brought the index back to its recent short term range low which it penetrated last Thursday at 2099 (session high 2099). Note that its 50 day ema/sma are just above at 2100/2101.

10:37 am Fresh highs in unison -- Dow +172, S&P +18, Nasdaq Comp +48 (:TECHX) : Sectors outperforming the S&P in recent trade include: Technology XLK, Semi SMH, Reg Bank KRE, Bank KBE, Housing XHB, Internet FDN, Social Media SOCL, Airline JETS, along with early lagging Biotech IBB.

10:31 am Wi-LAN subsidiary Onpa Technologies acquired a portfolio of patented microphone technologies from Japanese electronics company Funai Electric (WILN) : Funai is a manufacturer of consumer electronics such as TVs, DVD and Blu-ray recorders/players, as well as printers, and antennas. Funai manufactures products for brands including Philips, Magnavox, Sanyo, Emerson, and Kodak. The acquisition of this portfolio aligns with WiLAN's strategy to license patents and to help companies and inventors, in diverse markets, unlock the value of their intellectual property.

10:29 am Sabre signed a new technology agreement with Turkish Airlines to provide its AirCentre Flight Plan Manager solution to streamline the airline's operations (SABR) : In addition, the airline will be moving from its current flight tracking system to adopt Sabre's Flight Explorer within the scope of this agreement.

10:24 am Netflix (+5%) extends move into new all time highs (NFLX) :

• UBS raised tgt to $722 this morning; 
• NFLX may split its stock.
• Suntrust analyst on CNBC just discussed possibility of a partnership with Alibaba (BABA) in order to enter the Chinese market.
• Stock up ~100% YTD.

10:24 am Nasdaq Comp +40 sets new high, Dow +161 and S&P +16 are slightly under their peaks (:TECHX) : Nasdaq Comp lagged vs. the S&P/Dow in early trade amid an underperformance in Biotech IBB -0.2% (REGN, JUNO, CLVS, BLUE, AMGN all down more than 2%).

10:04 am Sigma Designs: Follow-Up on stock action, guided higher on the call last night (SIGM) : Sigma Designs is trading +5.8% higher in early trading to a new 4-year high after its large beat last night. The company has now posted three quarters of profits after having reported three losses in a row. Of note, SIGM provided Q2 (Jul) guidance on the call that was not in the press release. The company expects JulQ revenue of $54-57 mln, which is above consensus of $53.7 mln, and non-GAAP gross margin of 49-52%.

10:02 am DTE Energy receives approval from the Nuclear Regulatory Commission to construct and operate a new nuclear unit (DTE) : The NRC approval grants DTE the capability to potentially build a new nuclear unit (Fermi Unit 3) at the existing Fermi Unit 2 nuclear power plant site.  Co has not committed to building the new plant, but will keep the option open for long-term planning purposes

9:58 am Stock indices extend to new session highs -- Dow +137, S&P +13, Nasdaq Comp +25 (:TECHX) : Sectors displaying strength on a relative basis vs. the S&P include: Reg Bank KRE, Bank KBE, Housing XHB, Technology XLK, Telecom IYZ, Steel SLX, Crude Oil USO.

9:52 am Francesca's (-16%) falls to seven month low after missing earnings estimates for the fifth time in eight quarters (FRAN) :

• Co also guided down for the next quarter for the eighth straight time.
• Stock just fell through key level of support at $14/share.
  

9:49 am Sears (-11%) falls to five month low; now down ~20% since earnings on Monday morning (SHLD) :  

9:44 am Ingersoll-Rand extends to new high of 69.20 (IR) : Stock held at its 50 sma/ema last Thursday and rebounded to 69.24. This morning it has approached this initial recovery high.

9:39 am Opening Market Summary: Energy Sector Paces Opening Advance (:WRAPX) : As expected, the major averages began the day with gains. The S&P 500 trades higher by 0.6% with all ten sectors trading in the green.

The early jump has sent the benchmark index back above its 100-day moving average (2,085) with the energy sector (+1.1%) pacing the move. The growth-sensitive sector leads amid strength in crude oil that has pushed the energy component up 2.2% to $61.44/bbl.

Elsewhere, four of the remaining five cyclical sectors trade ahead of the broader market while industrials (+0.4%) trade just behind amid relative weakness in transport stocks, evidenced by a 0.2% gain in the Dow Jones Transportation Average.

Treasuries have climbed off their lows, but they remain firmly in the red with the 10-yr yield up three basis points at 2.46%.

9:37 am Early relative sector strength (:TECHX) : Sectors helping pace the way in early trade include: Crude Oil USO, Steel SLX, OIl Service OIH, Gold Miners GDX, Insurance KIE, Copper JJC, Ag/Chem MOO, Gold GLD, Utility XLU, Energy XLE, Semi XSD, Silver SLV, Trucking, Materials XLB.

9:34 am Firmer tone off the open with Nasdaq Comp +14 initially underperforming -- Dow +88, S&P +14 (:TECHX) :  

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

• SGI (SGI) announced that through a competitive bid Idaho National Laboratory (:INL) has selected SGI to support its energy research and simulations. INL updates its primary HPC system every three to four years and in the latest cycle chose the SGI ICE X solution based on performance and cost
• Aviat Networks (AVNW) announced its Eclipse platform has achieved Unified Capabilities Approved Product List certification, passing a set of rigorous security, performance, availability and interoperability tests required for deployment by U.S. Department of Defense (DoD) agencies.
• SS&C Technologies Holdings (SSNC) announced Albion Financial Group has selected its cloud-based client reporting solution available from SS&C's Investment Intelligence Cloud
• Boston Scientific Corporation (BSX) presented new data demonstrating that the Precision Spectra Spinal Cord Stimulator System provided 1.5 times better overall pain relief and 2 times better low back pain relief than the previous generation Precision Plus SCS system. The improved outcomes with the Precision Spectra System were achieved in conjunction with the use of the Illumina 3D neural targeting software.

9:17 am New Residential Investment prices its 31.5 mln share public offering (NRZ) : Of the total number of shares being offered, 27.9 mln shares are being offered by the Co and the majority of the remainder is being offered by an affiliate of FIG , which acquired the shares through the exercise of outstanding options.

• Co intends to use its portion of the net proceeds from this offering for general corporate purposes, including to make a variety of investments, which may include, but are not limited to, investments in Excess MSRs, servicer advances, real estate securities and real estate related loans. Co will not receive any proceeds from the sale of the shares by the selling stockholders.
  

9:12 am GoPro follow-up: GPRO remains lower by ~3.3% ahead of open following analyst comments, ahead of presentation; key support zone lies around 54/55.50 (GPRO) :

• As mentioned, GPRO is trading lower after Citigroup cut their estimate below consensus on a more moderate growth outlook.
  
• GPRO is also presenting at a Piper Jaffray conference today at 10:50 ET; co reiterated long-term gross margin targets in its Q2 presentation slides
• Looking at technicals, the stock has been outperforming the broader market during the last 3-months as it has gains as much as +65% off its March low near $37. 
• During that time, the average corrective pullback off each Swing High was between -7% and -13% before resuming higher. 
• This morning gap down has GPRO trading at approximately -7% off its June high around the mid-$56 vicinity. 
• If price slides further, next key support zone lies around $54/$55.50 with its 20-day moving averages coming in play. 
• Below that, look to the $52- and $50-levels as both the 50-day exponential and simple moving averages rise up respectively. 
• Also keep an eye on AMBA (-1% in pre-market) as it is the sole chip supplier to GPRO, and often closely linked to GPRO's performance/outlook.

9:12 am 21Vianet receives 'going private' proposal from Chairman and CEO for $23/share (VNET) : The co announced that its Board has received a non-binding proposal letter, dated June 10, 2015, from Mr. Josh Sheng Chen, Chairman of the Board and Chief Executive Officer of the Company, Kingsoft Corporation Limited and Tsinghua Unigroup International Co., Ltd., proposing a "going-private" transaction to acquire all of the outstanding ordinary shares of the Company not already owned by the Buyer Group for $23.00 in cash per American depositary share, or approximately US$3.83 per ordinary share, which represents approximately a 17.7% premium above the average closing price of the Company's ADSs over the last 15 trading days up to and including June 9, 2015. 

• The Board intends to form a special committee consisting of independent directors to consider this proposal.
  

9:11 am LightInTheBox Holding announces that Zhejiang Aokang Shoes has acquired a ~25.66% equity interest in the company, from shareholders at $6.30/share (LITB) : Co announced that Zhejiang Aokang Shoes has acquired a strategic equity interest in the Company. Under the terms of the share purchase agreement entered into between Aokang and certain shareholders of LightInTheBox, Aokang has agreed to acquire a total of approximately 25.66% equity interest in the co from such shareholders at $6.30 per American Depositary Share, each representing two ordinary shares of the Company.

9:11 am S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +14.60. (:WRAPX) : The stock market is on track for a higher open as futures on the S&P 500 trade eight points above fair value after climbing off their lows at the start of the European session. However, the early strength is not the result of progress on the Greek front as the country remains at odds with its creditors. That being said, European equities hold solid gains while regional bonds have retreated with Germany's 10-yr bund yield climbing four basis points to test the 1.00% level for the first time since October.

Similarly, U.S. Treasuries hover in the red with the benchmark yield up three basis points at 2.47%.

This morning has been very quiet on the economic front with data limited to the weekly MBA Mortgage Index, which spiked 8.4% to follow last week's 7.6% drop. One more data point remains with the Treasury Budget for May (Briefing.com consensus -$85.00 billion) set to cross the wires at 14:00 ET.

Meanwhile, corporate developments have also been limited with no noteworthy earnings coming in since yesterday's closing bell. Still, HCC Insurance Holdings (HCC 77.09, +20.39) has surged 36.0% after agreeing to be acquired by Tokio Marine Holdings for $78/share or $7.50 billion, representing a 37.6% premium to yesterday's closing price.

9:02 am Renren announces receipt of a preliminary non-binding 'going private' proposal for $4.20/share (RENN) : Co announced that its Board of Directors has received a non-binding proposal letter from Joseph Chen, Chairman of the Board and Chief Executive Officer of the Company, and James Jian Liu, a member of the Board and Chief Operating Officer of the Company, proposing a "going-private" transaction  to acquire all of the outstanding ordinary shares of the Company  for $4.20 in cash per American depositary share, or $1.40 per ordinary share, which represents approximately 22% above the average closing price of the Company's ADSs over the last 30 trading days.

• Chen and Liu currently beneficially own approximately 32% of ordinary shares of the Company, representing approximately 49% in the Company's shareholder voting power.
• The Board intends to form a special committee consisting of independent directors to consider this proposal. 
• According to the proposal letter, Chen and Liu intend to fund the consideration payable in the Transaction with a combination of debt and equity capital, and rollover equity in the Company
  

9:02 am WPCS Intl secures $1 mln line of credit from First Northern Bank (WPCS) :  

9:01 am Heron Therapeutics prices its offering of 4.8 mln shares of its common stock at a price of $24.75 per share (HRTX) :  

9:01 am Freeseas acquires a controlling stake in the newly formed Standcorp International Limited; financial terms not disclosed (FREE) :  

8:57 am China Biologic Products prices its follow on offering of 3 mln shares of common stock at $105/share (CBPO) : Co will be offering 700,000 shares and certain selling stockholders will be offering 2,300,000 shares of common stock. Co intends to use the proceeds from the offering primarily for general corporate purposes. In addition, if appropriate opportunities arise in the future to acquire or invest in complementary businesses, products or technologies, the  co may use a portion of the net proceeds for such acquisition or investment

8:57 am S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +12.40. (:WRAPX) : The S&P 500 futures trade six points above fair value.

Markets in the Asia-Pacific region were mixed on Wednesday with most of the strength found in the regional markets, which bounced back from selling pressure on Tuesday. Both the Nikkei (-0.3%) and the Shanghai Composite (-0.2%) lost ground. After much anticipation, reports indicated that MSCI announced it is delaying the inclusion of China's 'A' shares in the Emerging Markets Index.

• In economic data: 
  • Japan's April Core Machinery Orders +3.8% month-over-month (expected -2.0%; prior +2.9%); +3.0% year-over-year (expected -1.3%; prior +2.6%). Separately, May CGPI +0.3% month-over-month (expected +0.2%; prior +0.1%); -2.1% year-over (expected -2.2%; prior -2.1%) 
  • South Korea's May Unemployment Rate 3.9% (expected 3.7%; prior 3.7%) and June M2 Money Supply +9.3% (prior +9.0%) 
  • Australia's June Westpac Consumer Sentiment 95.3 (prior 102.4) 

• Japan's Nikkei declined 0.3% after dropping 1.0% in the final two hours of trading. A strengthening yen and weakness in the technology (-1.1%), basic materials (-0.8%), and industrial (-0.7%) sectors weighed on matters. Hino Motors (-4.3%), Nissan Chemical Industries (-4.2%), and Aeon Co (-3.1%) led the decliners while Mitsui Mining and Smelting (+5.6%) and Mitsubishi Materials Corp (+3.9%) sat atop the list of winners. Out of the 225 index members, 70 ended higher, 144 finished lower, and 11 were unchanged. 
• Hong Kong's Hang Seng declined 1.1% after dropping 1.5% in the final two hours of trading. Losses were led by the energy (-2.2%), communications (-1.2%), industrial (-1.1%), and financial (-1.0%) sectors. China Shenhua Energy (-3.9%), Bank of Communications (-3.4%), and China Petroleum & Chemical (-3.2%) were the biggest losers. China Merchants Holdings Intl. (+3.7%) was the best-performing issue. Out of the 50 index members, 10 ended higher and 40 finished lower. 
• China's Shanghai Composite declined 0.2%, finishing up nicely from an early 2.2% drop after MSCI announced it is delaying the inclusion of 'A' shares in the emerging markets index. The Composite was actually up 1.0% for the day, but slipped into negative territory with a final hour selloff. There was added news that PBOC economists cut the 2015 growth outlook to 7.0% from 7.1%. The energy (-1.4%) and financial (-0.5%) sectors were among the weakest links in the Chinese market on Wednesday. 

• Investors received several data points: 
  • UK's April Industrial Production +0.4% month-over-month (expected 0.1%; prior 0.6%); +1.2% year-over-year (consensus 0.6%; last 1.1%). Separately, Manufacturing Production -0.4% month-over-month (expected 0.1%; prior 0.4%); +0.2% year-over-year (consensus 0.4%; last 1.2%) 
  • France's April Industrial Production -0.9% month-over-month (consensus 0.4%; last -0.3%) while the April Current Account swung from a deficit of EUR1.40 billion to a surplus of EUR400 million (expected deficit of EUR1.20 billion) 
  • Italy's April Industrial Production -0.3% month-over-month (expected 0.2%; last 0.5%); +0.1% year-over-year (consensus 0.8%; prior 1.4%) 

• UK's FTSE is higher by 0.4% with consumer names and miners in the lead. Anglo American, BHP Billiton, and Rio Tinto are up between 2.1% and 3.0% while Associated British Foods, Tesco, WM Morrison Supermarkets, and Sainsbury hold gains between 2.2% and 4.8%. On the downside, Weir Group is the weakest component, down 2.3%. 
• In France, the CAC trades up 0.6% with Solvay in the lead. The chemical manufacturer has jumped 4.7% in reaction to upbeat guidance. Other growth-sensitive names have also shown strength with Michelin, Total, and Alstom up between 1.2% and 2.3%. 
• Germany's DAX has climbed 1.0% with all 30 names trading in the green. Basic materials are in the lead with BASF, HeidelbergCement, ThyssenKrupp, and Lanxess showing gains between 2.1% and 3.2%. Infineon Technologies is the weakest component, but the tech stock is still higher by 0.5%. 
• Italy's MIB outperforms with a gain of 1.4% as financials lead the advance. Intesa Sanpaolo, UBI Banca, Banca di Milano Scarl, and Unicredit are up between 1.8% and 2.9%.

8:56 am On the Wires (:WIRES) :

• Global Payments (GPN) announced that former Google (GOOG) executive Frank Young has joined Global Payments as Senior Vice President, Global Product and Innovation
• Amazon Web Services, an Amazon.com company (AMZN) announced that it has teamed with Community Energy to support the construction and operation of an 80 megawatt solar farm in Accomack County, Virginia, called Amazon Solar Farm US East. The new solar farm is expected to start generating ~170,000 megawatt hours of solar power annually as early as October 2016
• International Game Technology PLC (IGT) announced that the South African consortium led by ITHUBA Holdings Proprietary Limited commenced operations of South Africa's National Lottery with the first drawing taking place on June 2, 2015. As the licensee, ITHUBA will operate the National Lottery for a period of eight years, with IGT as ITHUBA's main technology supplier for lottery systems and support services.
  

8:51 am Merck and Samsung Bioepis Co announce that pivotal Phase 3 clinical studies of SB4 and SB2 met their primary endpoints (MRK) : The primary endpoint in the two studies was the American College of Rheumatology 20 percent response criteria (ACR20), at week 24 and at week 30 of treatment, respectively. In these studies, SB4 and SB2 demonstrated a safety profile equivalent to the originator medicines.

• In the SB4 biosimilar etanercept study, 596 patients were randomized at 70 sites in 10 countries. In this study, SB4 was shown to be equivalent to Enbrel in terms of ACR20 response rate at week 24 of treatment in the per-protocol set: 78.1 percent (193/247) in the SB4 arm vs. 80.3 percent (188/234) in the Enbrel arm. The adjusted rate difference was -2.22 percent (95 percent confidence interval, -9.41 percent to 4.98 percent), which was within the pre-defined margin (-15 percent, 15 percent).
• In the SB2 biosimilar infliximab study, 584 patients were randomized at 73 sites in 11 countries. In this study, SB2 was shown to be equivalent to Remicade in terms of ACR20 response rate at week 30 of treatment in the per-protocol set: 64.1 percent (148/231) in the SB2 arm vs. 66.0 percent (163/247) in the Remicade arm. The adjusted rate difference was -1.88 percent (95 percent confidence interval, -10.26 percent to 6.51 percent), which was within the pre-defined margin (-15 percent, 15 percent). 

8:50 am Assurant confirms that it will exit the health insurance market, with an asset sale to National General Holdings (NGHC);total costs of the exit estimated at $175-250 mln (AIZ) : Co has concluded a comprehensive review of strategic alternatives for its health business and will exit the health insurance market. Co will immediately begin to wind down its major medical operations and has reached an agreement in principle to sell certain business lines and assets to National General Holdings (NGHC). Co expects to substantially complete its exit of the health insurance market by the end of 2016.

• National General Holdings Corp, a specialty personal lines insurance holding company, will acquire Assurant Health's supplemental and small group self-funded product lines and certain other assets including a proprietary small group sales channel. 
• Co estimates that total costs associated with its exit from the health insurance market will amount to $175 million to $250 million. These charges primarily include premium deficiency reserves, severance and retention, contract and lease terminations, and other transaction costs. The Company estimates the total future incremental cash expenditures related to these costs will be $95 million to $110 million. 
• Co continues to pursue a sale of its employee benefits segment to a buyer with a more focused benefits portfolio. The process is underway and is expected to conclude in the next several months.

8:50 am Gulfport Energy priced its public offering of 10 mln shares of its common stock at a price to the public of $43.25 per share (GPOR) :  

8:41 am Boulder Brands sees Q2 below consensus (BDBD) : Co sees Q2 EPS of $0.00-0.02 vs $0.04 Capital IQ Consensus; sees revs $122-124 mln vs $136.11 mln Capital IQ Consensus Estimate.

• Total Company net sales for 2Q15 are expected to decline ~5% to 7% compared to 2Q14; as the Natural Segment is estimated to be flat to an increase of 2% and the Balance Segment is estimated to decline 16% to 18%. 
• Adjusted EBITDA for the second quarter of 2015 is expected to be in the range of $12 mln to $14 mln.

8:41 am National General to acquire certain business lines and assets from Assurant Health, a business segment of Assurant (AIZ); terms not disclosed (NGHC) : The co announced that it has reached an agreement in principle, subject to final documentation and regulatory approval, to acquire certain business lines and assets from Assurant Health, which is a business segment of Assurant (AIZ). Included in the transaction are the small group self-funded and supplemental product lines, as well as the right to acquire certain other assets including North Star Marketing, a proprietary small group sales channel. In total, these businesses will provide National General with access to up to approximately $280 million of potential additional A&H revenues.

8:35 am MobileIron reaffirms Q1, FY15 rev guidance, lowers op-ex; Sr VP of sales stepping down (MOBL) :

• Co reaffirms Q1 GAAP rev $33.6-34.6 mln vs. $33.7 mln consensus; FY15 rev $141.8-151.8 mln vs. $145.2 mln with billings $165-180 mln, lowers op-ex to $48.5-49.5 mln from $49.5-51 mln. 
• The co also disclosed that John Donnelly will be transitioning out of his role as Senior Vice President of Sales over the next 60 days and will assume the role of Vice President of Strategic Sales
  

8:35 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance: FRAN -9.3%, URBN -2.7%, (disclosed thus far during Q2 comparable Retail segment net sales are mid single-digit positive), VIMC -2.5%, LMNR -1.7%, CLLS -1.5%

Other news: SALT -17.1% (announces public offering of $200 mln of common stock ), RXDX -4.5% ( announces public offering of $75 mln in common stock ), TRN -3.7% (announces a US District Court has entered judgment in the federal False Claims Act case filed against the company; intends to seek reversal of judgment), HRTX -3.4% (announces proposed underwritten offering of common stock), NRZ -3.3% ( announces the commencement of a public offering of 31,486,146 shares of its common stock; shares being sold by the company as well as selling shareholders), REGN -3.2% (FDA Advisory Committee votes 13-3 in favor of recommending FDA approval of PRALUENT (alirocumab) for the treatment of hypercholesterolemia ), NBG -3.2% (cont vol surrounding Greece negotiations), GPRO -3.2% (presenting at investor conf), GPOR -2.8% (announces agreements to acquire additional acreage, associated assets and incremental firm transportation commitments from American Energy Utica ), PACB -2.5% (still checking, may be in symp with REGN), TOF -2.2% (announced that President David Mintz, has successfully underwent surgery and expects to return to his duties this summer), CMRX -1.5% ( announces a $150 mln common stock offering), NEM -1.4% (prices its 29 mln share offering of common stock for total gross proceeds of ~$682 mln)

Analyst comments: DWA -1.9% (initiated with a Sell at Credit Agricole), HRB -0.9% (downgraded to Neutral from Outperform at Credit Suisse ), NVDA -0.8% (downgraded to Neutral from Buy at Nomura)

8:33 am Cisco Systems to offer senior notes under an automatic shelf registration statement; no details available (CSCO) : Cisco intends to use the net proceeds from this offering for general corporate purposes, including to return capital to shareholders pursuant to its previously-announced capital allocation strategy through the repurchase of shares of its common stock and the payment of cash dividends.

8:33 am Navios Maritime along with Navios Maritime Acquisition (NNA) and Navios Maritime Partners (NMM) announce forming Navios Europe II, and acquisition of 14 vessels from HSH Nordbank AG (NM) : Navios Maritime Holdings, Navios Maritime Acquisition Corporation (NNA) and Navios Maritime Partners (NMM)  announced the formation of Navios Europe (:II)  and closing of the transaction for the acquisition of 14 vessels from debtors of HSH Nordbank AG.

•  The 14 vessels include seven dry bulkers and seven container vessels with an average age of approximately four years and a current fair market value of approximately $225 million. Two of the vessels have been delivered, one is expected to be delivered within this week and 10 vessels are expected to be delivered by the end of July. The remaining vessel is expected to be delivered by mid-November. 
• The purchase price consists of (1) $145.3 million in cash and (2) the assumption of $182.5 million Subordinated HSH Participating Loan. The cash payment is funded as follows: $135.0 million senior bank debt provided by Deutsche Bank AG and ABN AMRO Bank N.V ("Senior Debt") $14.0 million investment from Navios Principal and interest on the HSH Junior Loan will only be repaid from net cash flow and net sale proceeds from the sale of vessels in accordance with the distribution waterfall.
  

8:33 am Vringo says that the Bucharest Court of Appeal in Romania has denied ZTE (ZTCOF) Romania's latest attempt to overturn the preliminary injunction, granted to Vringo Infrastructure (VRNG) :  

8:32 am Boulder Brands announces the resignation of CEO Steve Hughes, with COO James Leighton appointed as interim CEO (BDBD) : Co announced that Steve Hughes has resigned as Chief Executive Officer and as a member of the Boulder Brands Board of Directors effective immediately. The Boulder Brands Board of Directors has appointed James B. Leighton, the Company's Chief Operating Officer, to serve as Interim CEO, effective immediately. Mr. Leighton has served as Chief Operating Officer since October 2013 and has been a member of the Boulder Brands Board of Directors since August 2007. The Company noted that the Board has initiated a national search process to identify a permanent CEO. The search process will include a full review of internal and external candidates.

8:32 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance: SIGM +7.6%, SURG +7.5%, OXM +7.4%, APIC +4.6%, TSM +0.9%, (May sales)

M&A news: HCC +36.1% (to be acquired by Tokio Marine Holdings for $78.00 in cash per share), CSG +5.2% (Bloomberg reporting CSG is considering sale and has received some interest in the company),JCI +5.1% (to explore strategic options for separation of automotive business)

Select metals/mining stocks trading higher metal futures up ~1% in pre-mkt: RIO +3.7%, GFI +3.1%, AG +2.9%, GOLD +2.9%, BHP +2.8%, CLF +2.8%, MT +2.5%, MTL +1.6%

Select oil/gas related names showing strength with crude and nat gas futures up 2% in pre-mkt: RIG +2.5%, EXC +2.4%, TOT +2.3%, WLL +2.3%, SDRL +2.2%, PBR +2.2%, FE +2.2%, SM +1.8%, RDS.A +1.7%, BP +1.6%

Other news: CYTX +10% (preclinical data for the Treatment of Thermal Injury published in the Journal Burns),CTIC +8.1% (disclosed an amendment to the Development, Commercialization and License Agreement with Baxter (BAX); milestone payments from BAX were accelerated),UACL +7.9% (announced the commencement of a modified "Dutch auction" tender offer to purchase up to 1 mln shares of its common stock),CANF +7.8% (announces a Notice of Allowance from the US PTO for a manufacturing method patent for its drug candidate CF101),BLDP +7% (signs a framework agreement with Tangshan Railway Vehicle Company for development of a new fuel cell module),WETF +5.8% (to replace QRVO in the S&P MidCap 400), OGXI +5.8% (FDA has agreed to the co's proposed amendment to the Phase 3 AFFINITY protocol and statistical analysis plan),XOMA +4.2% (treatment of congenital hyperinsulinism granted Orphan Drug Designation),QRVO +3.2% (to replace LO in the S&P 500),LBIO +3.2% (treatment of malignant melanoma Stages IIb to IV (tumor-inflitrating lymphocytes; LN-144) granted Orphan Drug Designation),STO +3% (elects Oystein Loseth as new Chairman),SPAN +2.9% (co has been selected as a supplier of consumer bedding products for the a major retailer's seasonal promotion in the fall of 2015),UVE +2.6% (announces the repurchase and retirement of Series M convertible preferred stock),UBS +2.6% (announces shares of UBS AG's to be delisted from SIX Swiss Exchange in H2 of 2015),FLT +2.5% (announces the signing of a contract with Uber to provide the Partner Fuel Card ),TTM +2.4% (Indian stocks to be included in MSCI EM Index in 2016),DB +1.6% (strong mkts in EU overnight),ABB +1.4% (strong mkts in EU overnight),ING +1.4% (exchanges EUR337.5 million notes of NN anchor investors into NN shares),ARIA +1.4% (granted Paladin Labs, an Endo International (ENDP) company, exclusive rights to distribute Iclusig in Canada for its newly approved indications),APAM +1.3% (announced May 2015 AUM of $111.6 bln),TGT +1.1% (confirms a 7.7% increase to its quarterly dividend to $0.56/share and a $5 bln expansion of its share repurchase authorization),NFLX +1.1% (investor group approves share split and associated additional shares, according to reports)

Analyst comments: CL +1.5% (upgraded to Hold from Sell at Societe Generale),HOV +1.4% (upgraded to Mkt Perform from Mkt Underperform at JMP Securities),NTAP +1.3% (upgraded to Outperform from Sector Perform at RBC Capital ),FGP +0.9% (upgraded to Neutral from Underweight at JP Morgan),JBHT +0.8% (upgraded to Outperform from Sector Perform at RBC Capital ),DG +0.8% (upgraded to Outperform from Sector Perform at RBC Capital)

8:32 am Scynexis announces changes to Board of Directors; Guy Macdonald has been appointed Chairman of the Board of Directors, effective as of June 4, 2015 (SCYX) :  

8:31 am SuperCom to Expand Market Share with $7 Million in New Contracts (SPCB) : Co announces it has been selected to implement new contracts representing more than $7 million. SuperCom will provide various core elements of its flexible electronic-ID solutions, with potential for additional follow-on orders in the future as is commonly realized with these types of solutions. SuperCom expects the majority of the revenue to be recognized within the next 2 quarters.

8:31 am Interdigital Comm enters into settlement agreement with Arima; expects to recognize between $25 mln and $30 mln of past sales revenue related to this settlement (IDCC) :

• Co announced that InterDigital Technology Corporation and IPR Licensing each a subsidiary of IDCC and Arima Communications Corporation have entered into a settlement agreement. The agreement maintains the existing patent license agreement and resolves all pending payment disputes between the companies.
  
• In second quarter 2015, InterDigital expects to recognize between $25 million and $30 million of past sales revenue related to this settlement.
  

8:31 am Aetna reaffirms 2015 EPS guidance; Co presents today at Goldman Sachs' Healthcare Conference at 1:40pm ET (AET) : On June 10, 2015, Mark T. Bertolini, Chairman and CEO will meet with investors and analysts before and after a presentation Mr. Bertolini will provide at the Goldman Sachs 36th Annual Global Healthcare Conference in Los Angeles, California. During the presentation and meetings, co expects to reaffirm full-year 2015 operating earnings per share projection of $7.20 to $7.40, Capital IQ consensus $7.38.

8:30 am Lilis Energy announces upsizing of its acquisition of Core Wattenberg acreage and production (LLEX) : Co announces it has amended its agreement, dated May 5, 2015, with a private party seller and agreed to acquire an additional 375 net acres from previously granted right of first refusal acreage, bringing the total undeveloped acreage being acquired to 1,015 net acres in the core area of the Wattenberg Field targeting the Niobrara and Codell formations.

• The additional acreage includes 11 authorization for expenditures in place with an average working interest of 4.48% and a total drilling commitment of $3.2 mln. To accommodate the updated terms, the closing of the acquisition has been extended and is anticipated to occur on or prior to June 19, 2015, subject to final due diligence and satisfaction of customary closing conditions.
  

8:28 am S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +16.70. (:WRAPX) : U.S. equity futures remain not far below their highs with S&P 500 futures holding an eight-point gain against fair value.

Yesterday, the benchmark index tried, but could not climb above its 100-day moving average (2,085), ending the day roughly five points below that mark. Given the current indication, the S&P 500 will get a chance to make an early run at its 100-day average after registering two consecutive settlements below that level since late October.

Elsewhere, Treasuries remain not far above their lows with the 10-yr yield up three basis points at 2.47%.

8:27 am On the Wires (:WIRES) :

• Marriott Hotels, the flagship brand of Marriott International (MAR) and Netflix (NFLX)  announced a partnership whereby guests staying at select Marriott Hotels will be able to subscribe to Netflix or sign into their existing accounts simply by using the Netflix app on the hotel's internet-connected guest room televisions.
• Dollar General Corporation (DG) announced that Jeff Owen will rejoin the Company as executive vice president of store operations effective June 15, 2015
• Pfizer (PFE) announced that more than 20 abstracts including new rheumatoid arthritis (:RA) research for XELJANZ (tofacitinib citrate) will be presented at the European League Against Rheumatism Annual Congress
• Eli Lilly and Company (LLY) and Incyte Corporation (INCY) announced that five abstracts featuring data from three clinical studies and separate pharmacology studies for its investigational rheumatoid arthritis drug baricitinib will be presented at the 2015 annual meeting of the European League Against Rheumatism in Rome
• 8x8, Inc. (EGHT) announced that it has been awarded a new patent related to its communication technologies. The patent relates to, among other things, methods of routing communications to users and associated equipment by utilizing a user identifier that serves as a virtual extension number.
• Wayfair (W) announced that Liz Graham has joined the company as Vice President of Sales and Service

8:27 am On the Wires (:WIRES) :

• Royal Mail announced it has chosen Zebra Technologies (ZBRA) as the provider of its new hand-held devices, called Postal Digital Assistants, following a supplier selection process
• ManTech International Corporation (MANT) announced it has named Rick Wagner senior vice president and general manager of its Mission, Cyber & Intelligence Solutions (:MCIS) Group's Advanced Technical Solutions business unit
• Harmonic (HLIT) announced that Kartina TV, a German-based service provider, has deployed Harmonic's Electra XVM virtualized media processor for OTT multiscreen delivery
• Eight electric utilities and energy companies announced an initiative to provide improved responses to major events affecting the electric transmission grid. Affiliates of American Electric Power (AEP), Berkshire Hathaway (BRK.B), Duke Energy (DUK), Edison International (EIX), Eversource Energy (ES), Exelon (EXC), Great Plains Energy (GXP), and Southern Company (SO) have signed a memorandum of understanding to pursue development of Grid Assurance, a limited liability company that expects to offer subscribers cost-effective solutions for enhancing grid resiliency and protecting customers from prolonged transmission outages
• Varonis Systems (VRNS) announced that its Data Governance Suite has achieved "In Evaluation" status in the Common Criteria security certification process. Common Criteria evaluation of security products is mandated for commercial information security products purchased by the U.S. government for use in national security systems
• AES Distributed Energy, a subsidiary of The AES Corporation (AES) announced the commissioning of a 4 megawatt solar PV project located in the town of Dublin, in the County of Laurens, Georgia. This system is the first of two solar PV projects being developed by AES Distributed Energy and its partners, collectively expected to supply 20 MW to the Georgia Power utility grid. The second, 16 MW project, is under development and is expected to be operational in the first half of 2016.

8:18 am European Markets Update: FTSE +0.4%, CAC +0.8%, DAX +1.2%, MIB +1.7% (:SUMRX) : Major European indices trade higher across the board with Italy's MIB (+1.7%) in the lead. Elsewhere, a senior member of Germany's CDU party, Michael Fuchs, said the offer that has been presented to Greece is non-negotiable and that proposals brought forth by Greek officials are not serious. Germany's 10-yr bunds have retreated, pushing their yield up nearly five basis points to 1.00%.

• Investors received several data points: 
• UK's April Industrial Production +0.4% month-over-month (expected 0.1%; prior 0.6%); +1.2% year-over-year (consensus 0.6%; last 1.1%). Separately, Manufacturing Production -0.4% month-over-month (expected 0.1%; prior 0.4%); +0.2% year-over-year (consensus 0.4%; last 1.2%) 
• France's April Industrial Production -0.9% month-over-month (consensus 0.4%; last -0.3%) while the April Current Account swung from a deficit of EUR1.40 billion to a surplus of EUR400 million (expected deficit of EUR1.20 billion) 
• Italy's April Industrial Production -0.3% month-over-month (expected 0.2%; last 0.5%); +0.1% year-over-year (consensus 0.8%; prior 1.4%) 

• UK's FTSE is higher by 0.4% with consumer names and miners in the lead. Anglo American, BHP Billiton, and Rio Tinto are up between 2.1% and 3.0% while Associated British Foods, Tesco, WM Morrison Supermarkets, and Sainsbury hold gains between 2.2% and 4.8%. On the downside, Weir Group is the weakest component, down 2.3%. 
• In France, the CAC trades up 0.8% with Solvay in the lead. The chemical manufacturer has jumped 4.7% in reaction to upbeat guidance. Other growth-sensitive names have also shown strength with Michelin, Total, and Alstom up between 1.2% and 2.3%. 
• Germany's DAX has climbed 1.2% with all 30 names trading in the green. Basic materials are in the lead with BASF, HeidelbergCement, ThyssenKrupp, and Lanxess showing gains between 2.1% and 3.2%. Infineon Technologies is the weakest component, but the tech stock is still higher by 0.5%. 
• Italy's MIB outperforms with a gain of 1.7% as financials lead the advance. Intesa Sanpaolo, UBI Banca, Banca di Milano Scarl, and Unicredit are up between 1.8% and 2.9%.
  

8:15 am Oragenics and Intrexon (XON) announce a new Exclusive Channel Collaboration to pursue development of biotherapeutics for oral mucositis and other diseases and conditions of the oral cavity (OGEN) : The co's announced a new Exclusive Channel Collaboration to pursue development of biotherapeutics for oral mucositis  and other diseases and conditions of the oral cavity, throat, and esophagus, including clinical advancement of the ActoBiotic AG013 for the treatment of OM.

• Under the terms of the agreement, Oragenics will have access to Intrexon's technologies and expertise to develop products for the treatment of oral mucositis or products containing genetically modified Lactococcus lactis expressing trefoil factors in the oral cavity, throat, and esophagus for a technology access fee and will reimburse Intrexon for the research and development costs. The agreement also provides for commercial and regulatory milestone payments to Intrexon, as well as a low double-digit percentage royalty based on the net sales from collaboration products.

8:12 am Qualcomm appoints Frank Meng as Chairman of Qualcomm China; announces departure of Xiang Wang, SVP and President of Qualcomm Greater China (QCOM) : Meng's appointment will be effective June 15, 2015 and he will report directly to Derek Aberle, president of Qualcomm Incorporated. Most recently, Meng was President of 21Vianet Group (VNET) in Beijing, where he was responsible for strategic planning, branding and marketing, government affairs and strategic initiatives.

8:08 am European Yields (BONDX) : Bund Yield Touches 1.06%

• Sovereign yields in Europe rose overnight despite weaker-than-expected economic data in the eurozone
• French and Italian Industrial Production missed estimates for April. In France, IP fell 0.9% m/m versus -0.3% in March. In Italy, the decline was 0.3% versus growth of 0.5% in the prior month
• Developed countries with sovereign yields hitting highs for 2015 at the 10-year maturity: France (1.39%), Germany (1.06%), Ireland (1.86%), Italy (2.41%), Japan (0.52%), Portugal (3.08%), Spain (2.38%), U.S. (2.49%)
• Greece is at odds with creditors about primary budget surplus targets. The creditors are asking for 1%, 2%, and 3% over the next 3 years. Greece is proposing 0.75%, 1.75%, and 2.50%. This is according to Peter Spiegel at the Financial Times
• Greece successfully rolled over 3 bln euro of bills today. This is impressive, given the uncertainty
• There is an EU-Latin American summit today that starts at 07:00 ET. Greek Prime Minister Alexis Tsipras may speak with Angela Merkel, although a prior scheduled meeting with EC President Jean-Claude Juncker appears to have been cancelled 
• In the U.K., Manufacturing Production fell 0.4% m/m in April, lower than both expectations and the +0.4% reading from March
• BoE Governor Mark Carney is slated to speak publicly at 16:00 ET
• Yield Check:
• France, 10-yr OAT: +7 bps to 1.35%
• Germany, 10-yr Bund: +5 bps to 1.00%
• Greece, 10-yr note: +7 bps to 11.45%
• Italy, 10-yr BTP: +7 bps to 2.36%
• Portugal, 10-yr note: +11 bps to 3.09%
• Spain, 10-yr Bono: +5 bps to 2.33%
• U.K., 10-yr Gilt: +3 bps to 2.14%

8:04 am Amgen confirms it will will discuss data supporting the Repatha Biologics License Application, to treat high cholesterol (AMGN) : Co announced that the Company will discuss the data supporting the Repatha (evolocumab) Biologics License Application (:BLA) for the treatment of high cholesterol with the U.S. Food and Drug Administration's (:FDA) Endocrinologic and Metabolic Drugs Advisory Committee.

• At today's FDA advisory committee meeting, Amgen will present Repatha clinical trial data from approximately 6,800 patients, including more than 4,500 patients with high cholesterol in 10 Phase 3 trials. 
• The FDA has set a Prescription Drug User Fee Act (:PDUFA) target action date of Aug. 27, 2015, for the Repatha BLA.
  

8:03 am Gain Capital reports certain operating metrics for May 2015; Retail OTC trading volume of $334.8 billion, a decrease of 6.2% from April 2015 and an 86.6% increase from May 2014 (GCAP) : Co reports certain operating metrics for May 2015.

• Retail Metrics:  Retail OTC trading volume of $334.8 billion, a decrease of 6.2% from April 2015 and an 86.6% YoY increase; Average daily retail OTC trading volume of $15.9 billion, a decrease of 1.7% from April 2015 and a 95.5% YoY increase; Active retail OTC accounts of 147,600, an increase of 0.6% from April 2015 and 55.0% YoY.
• Institutional Metrics:  Total institutional trading volume of $390.6 billion, a decrease of 10.5% from April 2015 and 14.7% YoY; Avg daily institutional volume of $18.6 billion, a decrease of 6.2% from April 2015 and 10.6% YoY; GTX trading volume of $361.0 billion, a decrease of 11.7% from April 2015 and 14.2% YoY.
  

8:03 am Xencor reports complete data results on its XmAb5871 program at the European League against Rheumatism 2015 annual meeting (XNCR) : Co announces Phase 1b/2a study of XmAb5871 in patients with rheumatoid arthritis. XmAb5871 was generally well tolerated and showed trends in improvement in RA disease activity by multiple disease activity measures and across multiple dose groups. 

• The two-part study was designed as a Phase 1b multiple center, randomized, placebo-controlled, double-blinded, multiple ascending dose clinical study followed by Phase 2a cohort extension at the top dose examined in Part A. The study enrolled patients with active RA on stable non-biologic DMARD therapy. Patients were randomized to receive ascending IV infusions of XmAb5871 or placebo 14 days apart for six doses, followed by an expansion cohort at 10.0 mg/kg or placebo 14 days apart for six doses. 
  
• "Although the trial was not designed to observe a statistically significant difference in efficacy results between XmAb5871 and placebo treated patients, sufficient efficacy trends were seen to warrant continued clinical development of XmAb5871 in autoimmune indications. A numerically increased proportion of patients with improved ACR response, DAS28-CRP score and EULAR response criteria were observed in the XmAb5871 treated groups compared to placebo."
  

8:03 am GeoPark to resume its repurchase program of up to $10 mln of common shares (GPRK) : As of the date hereof, $1.6 million in shares have been purchased by GeoPark under the Repurchase Program. The Repurchase Program will resume on June 10, 2015 and will expire at the close of business on August 18, 2015, but may be terminated prior to such date.

8:02 am 21Vianet announces that Frank Meng, President, will be leaving the Company to pursue other opportunities, effective immediately (VNET) : Meng's responsibilities have been delegated to and shared among 21Vianet's existing senior management team.

8:02 am Finjan announces its subsidiary will be proceeding to trial, maintaining its assertion of patent claims against Blue Coat (FNJN) : Co announces that its subsidiary, Finjan, Inc., will be proceeding to trial on July 20, 2015, maintaining its assertion of claims from each of the six patents against accused Blue Coat products that were named in its original complaint

8:01 am Visteon appoints Sachin Lawande as CEO (VC) : Lawande most recently serving as president of the Infotainment Division at Harman International Industries (HAR).

8:01 am Immune Pharma expands immuno-dermatology development portfolio with topical nano-formulated cyclosporine A (IMNP) : Co announces that it has entered into a binding Memorandum of Understanding with Yissum, the Technology Transfer Company of the Hebrew University of Jerusalem regarding the worldwide exclusive licensing and development of a topical, biodegradable, nano-capsule formulation of cyclosporine A. Cyclosporine A, when administered systemically, is an effective treatment for psoriasis, atopic dermatitis, pemphigus vulgaris and other severe inflammatory dermatoses.

8:01 am Cytori Therapeutics's announced that preclinical and mechanistic data from its thermal injury study, was published in the journal 'Burns' (CYTX) : Co announced today that preclinical and mechanistic data from its thermal injury study, performed with support from the Biomedical Advanced Research and Development Authority, was published in the journal Burns, the official journal of the American Burn Association.

• The paper reports that seeding Cytori Cell Therapy onto a widely used dermal substitute led to improvement in a number of parameters of healing of full thickness burns. Specifically, histopathological assessment demonstrated that the average depth of tissue within the wound was increased by approximately 2-fold in animals treated with Cytori Cell Therapy.
• This was associated with an increase in collagen deposition (1.7-fold), blood vessel density (1.5-fold), and mean vessel area (1.8-fold). Immunohistochemical analysis revealed an increase in the number of vessels expressing a-SMA (a marker for mature blood vessels) in animals treated with Cytori's Cell Therapy. 
• Taken together, these results demonstrate that seeding Cytori Cell Therapy onto this scaffold promotes blood vessel maturation. Finally, the findings showed increased vascularity (1.5-fold) and cellularity (1.45-fold) of the dermal substitute itself.

8:01 am Johnson Controls to explore strategic options for separation of automotive business, which accounted for 56% of rev and 35% of income in 1H15 (JCI) : Co is exploring strategic options for the separation of its automotive business.

• CEO on CNBC says its franchise businesses outside auto are undervalued. 
• Auto accounted for 56% of Q1 rev and 35% of income in 1H15Q2 -- the business requires more capital investment.

8:00 am Integrated Silicon announces it has finalized a definitive agreement to be acquired by Cypress Semiconductor (CY) for $20.25 per share in cash (ISSI) : Co announces it has finalized a definitive agreement to be acquired by Cypress Semiconductor(CY) for $20.25 per share in cash.

• With respect to the previously announced issue regarding antitrust approvals, CY has agreed to use its reasonable best efforts and take all reasonable actions to obtain such approvals, including fully divesting all of ISSI's SRAM business, if required. The definitive terms and conditions of a merger agreement detailing the current CY offer have been fully negotiated, and the merger agreement is subject only to execution by the parties. 
  

8:00 am Ironwood Pharma intends to offer $300 million in convertible senior unsecured notes that will mature on June 15, 2022 (IRWD) : The Notes will not be redeemable prior to maturity. The Notes will be convertible, only during certain periods and subject to certain circumstances, into cash, shares, or a combination of cash and shares.

7:56 am S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +19.30. (:WRAPX) : U.S. equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures trade eight points above fair value after climbing off their lows at the start of the European session.

Similar to U.S. futures, European indices trade on their highs even though nothing has changed between Greece and its creditors. Meanwhile, Germany's 10-yr bund has retreated, sending its yield higher by five basis points to 1.01%.

Domestically, the U.S. 10-yr note also trades in the red with its yield up four basis points at 2.48%.

The weekly MBA Mortgage Index spiked 8.4% to follow last week's 7.6% drop.

The Treasury Budget for May (Briefing.com consensus -$85.00 billion) will cross the wires at 14:00 ET.

In U.S. corporate news of note:

• Exelon (EXC 33.75, +0.64): +1.9% after the Delaware Public Service Commission approved the company's merger with Pepco Holdings (POM 26.76, 0.00). 
• HCC Insurance Holdings (HCC 76.99, +20.30): +35.8% after agreeing to be acquired by Tokio Marine Holdings for $78/share or $7.50 billion. 
• Newmont Mining (NEM 24.05, -0.36): -1.5% after pricing a 29-million share offering of its common stock, resulting in gross proceeds of about $682 million. 

• Asian markets ended mostly higher, but China's Shanghai Composite (-0.2%), Japan's Nikkei (-0.3%), and Hong Kong's Hang Seng (-1.1%) registered losses. 
  • In economic data: 
    • Japan's April Core Machinery Orders +3.8% month-over-month (expected -2.0%; prior +2.9%); +3.0% year-over-year (expected -1.3%; prior +2.6%). Separately, May CGPI +0.3% month-over-month (expected +0.2%; prior +0.1%); -2.1% year-over (expected -2.2%; prior -2.1%) 
    • South Korea's May Unemployment Rate 3.9% (expected 3.7%; prior 3.7%) and June M2 Money Supply +9.3% (prior +9.0%) 
    • Australia's June Westpac Consumer Sentiment 95.3 (prior 102.4) 
  • In news: 
    • Despite recent reports to the contrary, MSCI elected to delay the inclusion of China's 'A' shares in the Emerging Markets Index

• Major European indices trade higher across the board. UK's FTSE +0.4%, France's CAC +0.8%, and Germany's DAX +1.1%. Elsewhere, Spain's IBEX +0.5% and Italy's MIB +1.6% 
  • Investors received several data points: 
    • UK's April Industrial Production +0.4% month-over-month (expected 0.1%; prior 0.6%); +1.2% year-over-year (consensus 0.6%; last 1.1%). Separately, Manufacturing Production -0.4% month-over-month (expected 0.1%; prior 0.4%); +0.2% year-over-year (consensus 0.4%; last 1.2%) 
    • France's April Industrial Production -0.9% month-over-month (consensus 0.4%; last -0.3%) while the April Current Account swung from a deficit of EUR1.40 billion to a surplus of EUR400 million (expected deficit of EUR1.20 billion) 
    • Italy's April Industrial Production -0.3% month-over-month (expected 0.2%; last 0.5%); +0.1% year-over-year (consensus 0.8%; prior 1.4%) 
  • Among news of note: 
    • A senior member of Germany's CDU party, Michael Fuchs, said the offer that has been presented to Greece is non-negotiable and that proposals brought forth by Greek officials are not serious

7:52 am Alere announces a private placement offering of $425 mln in senior subordinated notes due 2023 (ALR) : Co intends to use the net proceeds from the offering to redeem its outstanding $400 million in 8.625% Senior Subordinated Notes due 2018

7:40 am Gibraltar Industries acquires privately held RBI Solar, Rough Brothers Manufacturing and affiliates for $130 mln; re-affirms Q2 2015 financial guidance (ROCK) : RBI is a provider of photovoltaic solar racking solutions and had revenues were $164 million in 2014, two-thirds from sales of solar racking solutions. Co also announced that it anticipates its second-quarter 2015 financial results will be in line with its previous expectations.

• Co estimates the acquisition will benefit its second-half 2015 financial performance, adding incremental revenues of $115 million to $120 million and $0.17 to $0.21 to non-GAAP adjusted earnings per diluted share excluding non-cash amortization, purchase accounting and transaction expenses. 
  
• Prior Q2 guidance was for revenues and adjusted EPS to increase modestly compared with the second quarter of 2014 (current single analyst est is for Q2 EPS +16% to $0.22 on revs +5% to $247 mln)
  
• The Company financed the transaction with available cash and proceeds from its revolving credit facility.
  

7:36 am Francesca's misses by $0.01, reports revs in-line; guides Q2 below consensus; reaffirms FY16 guidance (FRAN) :

• Reports Q1 (Apr) earnings of $0.17 per share, $0.01 worse than the Capital IQ Consensus of $0.18; revenues rose 11.2% year/year to $95 mln vs the $95.16 mln consensus. 
• Comps decreased 2% vs. low single digit decline guidance due to lower boutique transaction count as compared to last year but was partially offset by a 19% increase in DTC sales. The increase in DTC sales was driven by increased traffic and conversion rates. 
• Gross profit, as a percentage of net sales, decreased to 47.3% from 49.0% in the prior year quarter. 
• Co issues downside guidance for Q2, sees EPS of $0.20-0.23 vs. $0.27 Capital IQ Consensus Estimate; sees Q2 revs of $104-107 mln vs. $109.57 mln Capital IQ Consensus, comps down mid to low single digits. 
• Co reaffirms guidance for FY16, sees EPS of $0.81-0.90 vs. $0.88 Capital IQ Consensus; sees FY16 revs of $412-424 mln vs. $425.93 mln Capital IQ Consensus; comps flat to down low single digits.
  

7:35 am Ariad Pharm has granted Paladin Labs, an Endo International (ENDP) company, exclusive rights to distribute Iclusig in Canada for its newly approved indications (ARIA) : Under the terms of the agreement, ARIAD will continue to be the Marketing Authorization Holder of Iclusig in Canada, and Paladin will be responsible for distribution, sales and marketing, medical affairs, and pricing and reimbursement activities. Paladin will book sales of Iclusig in Canada while ARIAD will supply packaged drug to Paladin.

7:35 am On the Wires (:WIRES) :

• Sajan (SAJA) announced selection by Stanley Black & Decker (SWK) as a global language translation provider. Translation projects will span website content, user manuals, packaging and eLearning
• EPIRUS Biopharmaceuticals (EPRS) announced the presentation of new BOW015 (infliximab, reference biologic Remicade) data at the European League Against Rheumatism Annual Congress in Rome, Italy
• Curis (CRIS) announced that data for CUDC-907 will be presented at the 20th Congress of the European Hematology Association
• Quest Resource Holding Corporation (QRHC) announced that it has added one of the nation's largest automotive dealership groups to its portfolio of clients. Under the terms of the agreement that covers the group's 81 locations, Quest will manage the recycling of used motor oil and other automotive waste streams including antifreeze, drummed waste, oil filters, and oily water. Quest will also manage the group's parts cleaner needs.
• Veeva Systems (VEEV) and ZS Associates announced a strategic partnership to deliver solutions for customer data and data science. Under the partnership, ZS has become a Veeva Data Science partner. Data science in ZS's Suggestion Engine, Veeva CRM Suggestions can now recommend the best actions and channels to reps to improve sales effectiveness. ZS has joined the Veeva OpenData Partner Program allowing integration of Veeva OpenData healthcare provider, healthcare organization, and affiliations data with ZS' data solutions
  
• IMAX Corporation (IMAX) and Novo Cinemas announced an expansion of its partnership via an agreement for two IMAX theatres in Dubai, at the IMG Worlds of Adventure and at the Wafi Mall Shopping Center
  

7:33 am Overnight Treasury Summary (BONDX) : Treasuries Fall in Sympathy with European Sovereigns

• U.S. government debt yields rose overnight as the German Bund yield pushed above 1.00% for the first time since September of last year. . The 10-year JGB yield also made a fresh 6-month high of 0.52% after the governor of the Bank of Japan, Haruhiko Kuroda, said the currency would not likely fall much further
• Yield Check:
• 2-yr: unch at 0.72%
• 5-yr: +2 bps to 1.78%
• 10-yr: +4 bps to 2.48%
• 30-yr: +3 bps to 3.20%

• International News:
• French and Italian Industrial Production missed estimates for April. In France, IP fell 0.9% m/m versus -0.3% in March. In Italy, the decline was 0.3% versus growth of 0.5% in the prior month
• In the U.K., Manufacturing Production fell 0.4% m/m in April, lower than both expectations and the +0.4% reading from March
• BoE Governor Mark Carney is slated to speak publicly at 16:00 ET
• In the Japanese parliament last night, BoJ chief Haruhiko Kuroda said "The yen is unlikely to weaken further in real effective terms if you think with common sense, given how far it has come." While $/Yen sold off sharply on his comments, the foreign exchange value of the yen is within the purview of the Ministry of Finance -- not the BoJ
• On Tuesday, a former currency chief at the MoF said that the yen was at the lower end of a "tolerable range"
• The Pimco Total Return Fund slashed its U.S. Treasury holdings by almost two thirds in April
• The Greek drama drags on, with Greek PM Alexis Tsipras set to meet the president of the European Council at 07:30 ET

• Data out Today:
• MBA Mortgage Index for the week ending 6/6: Actual +8.4%, Prior -7.6%
• Crude Oil Inventories for the week ending 6/6 (10:30 ET)
• May Treasury Budget (14:00 ET)
• New Supply:
• $21 billion 10-year note auction (reopening) (results at 13:00 ET)

7:31 am Milestone Scientific subsidiary Epidural & Intra-Articular, enters into an exclusive distribution agreement with Moss S.p.A. for the distribution of an epidural instrument in Italy (MLSS) : The term of the agreement between Milestone Scientific's Epidural & IA subsidiary and MOSS S.p.A. is three years and includes annual minimum purchases of epidural instruments and disposable kits. Milestone will provide sales literature, organize training classes and provide product, while Moss S.p.A. will be responsible for sales and marketing support, including advertising, product placement in catalogs, product displays and trade exhibits. MOSS has also committed to hiring 15 sales representatives dedicated to the sale of the epidural instrument within the first year.The Epidural & IA Subsidiary also announced plans to broaden its U.S. distribution strategy beyond the current focus on labor and delivery markets

7:31 am Ballard Power signs a framework agreement with Tangshan Railway Vehicle Company for development of a new fuel cell module (BLDP) : Co announces it has signed a framework agreement with Tangshan Railway Vehicle Co for development of a new fuel cell module that will be designed to meet the requirements of tram or Ground Transport Vehicle applications.

• The framework agreement contemplates that TRC trams will use next-generation Ballard fuel cell power modules designed specifically for this application. Initial work is expected to involve Technology Solutions provided by Ballard to assist in the design and integration of a fuel cell power module into TRC tram equipment, with the goal of powering a GTV prototype in 2016.
  

7:01 am Vericel announces that following discussions with the US FDA, the company plans to submit a Biologics License Application by the end of 2015 for MACI (VCEL) : Co plans to submit a Biologics License Application to the FDA by the end of 2015 for MACI for the treatment of focal chondral cartilage defects in the knee.

7:01 am Asian Markets Close: Japan's Nikkei -0.3%; Hong Kong's Hang Seng -1.1%; China's Shanghai Composite -0.2% (:SUMRX) : Markets in the Asia-Pacific region were mixed on Wednesday with most of the strength found in the regional markets, which bounced back from selling pressure on Tuesday. Both the Nikkei (-0.3%) and the Shanghai Composite (-0.2%) lost ground. After much anticipation, reports indicated that MSCI announced it is delaying the inclusion of China's 'A' shares in the Emerging Markets Index.

Economic data

• Japan
• April Core Machinery Orders +3.8% month-over-month (expected -2.0%; prior +2.9%); +3.0% year-over-year (expected -1.3%; prior +2.6%)
• May CGPI +0.3% month-over-month (expected +0.2%; prior +0.1%); -2.1% year-over (expected -2.2%; prior -2.1%)
• South Korea
• May Unemployment Rate 3.9% (expected 3.7%; prior 3.7%)
• June M2 Money Supply +9.3% (prior +9.0%)
• Australia
• June Westpac Consumer Sentiment 95.3 (prior 102.4)

• Japan's Nikkei declined 0.3% after dropping 1.0% in the final two hours of trading. A strengthening yen and weakness in the technology (-1.1%), basic materials (-0.8%), and industrial (-0.7%) sectors weighed on matters. Hino Motors (-4.3%), Nissan Chemical Industries (-4.2%), and Aeon Co (-3.1%) led the decliners while Mitsui Mining and Smelting (+5.6%) and Mitsubishi Materials Corp (+3.9%) sat atop the list of winners. Out of the 225 index members, 70 ended higher, 144 finished lower, and 11 were unchanged.
• Hong Kong's Hang Seng declined 1.1% after dropping 1.5% in the final two hours of trading. Losses were led by the energy (-2.2%), communications (-1.2%), industrial (-1.1%), and financial (-1.0%) sectors. China Shenhua Energy (-3.9%), Bank of Communications (-3.4%), and China Petroleum & Chemical (-3.2%) were the biggest losers. China Merchants Holdings Intl. (+3.7%) was the best-performing issue. Out of the 50 index members, 10 ended higher and 40 finished lower.
• China's Shanghai Composite declined 0.2%, finishing up nicely from an early 2.2% drop after MSCI announced it is delaying the inclusion of 'A' shares in the emerging markets index. The Composite was actually up 1.0% for the day, but slipped into negative territory with a final hour selloff. There was added news that PBOC economists cut the 2015 growth outlook to 7.0% from 7.1%. The energy (-1.4%) and financial (-0.5%) sectors were among the weakest links in the Chinese market on Wednesday.
• India's Sensex increased 1.4% in a bounce-back trade from what has been a decidedly weak month so far (-3.6%). Leading gainers included the industrial (+4.1%) and consumer cyclical (+2.9%) sectors. Bharat Heavy Electricals (+4.1%), Bajaj Auto (+2.9%), and Reliance Industries (+2.5%) led winning issues. Hindustan Unilever (+0.1%) was the index laggard, but still finished higher. All 30 index members finished the session higher.
• Australia's S&P/ASX 200 increased 0.1%, finishing near its highs for the day after a speech from RBA Governor Stephens alluded to the central bank being open to more rate cuts if necessary. The energy (+1.5%), consumer staples (+0.7%), and gold (+0.7%) sectors provided leadership for the index. Out of the 200 index members, 113 ended higher, 74 finished lower, and 13 were unchanged.
• Regional advancers: Taiwan +1.2%, Malaysia +0.4%, Indonesia +0.7%, Singapore +0.9%, Thailand +1.0%, Philippines +0.8%
• Regional decliners: South Korea -0.6%, Vietnam -0.1%

• USD/CNY unch at 6.2058
• USD/INR -0.3% at 63.836
• USD/JPY -0.9% at 123.28
  

7:00 am OncoGenex Pharma announces the FDA has agreed to the co's proposed amendment to the Phase 3 AFFINITY protocol and statistical analysis plan (OGXI) : Co announced that the FDA has agreed to the Company's proposed amendment to the Phase 3 AFFINITY protocol and statistical analysis plan.

• The amendment includes the addition of a co-primary endpoint designed to prospectively evaluate the survival benefit of custirsen in men who are at increased risk for poor outcomes when treated with cabazitaxel for metastatic castrate-resistant prostate cancer (:CRPC).
  
• Timing for the final analysis of the poor prognosis subpopulation is projected to occur by the end of 2015, while the final analysis for the ITT population is projected to occur in the second half of 2016.  
• OncoGenex has also initiated a review with the European Medicines Agency (EMA.TO) for the proposed amendment to the Phase 3 AFFINITY protocol and statistical analysis plan, and expects to have this completed in the second half of 2015.
  
• Co will host a conference call today at 12:00 pm ET.

7:00 am Can-Fite BioPharma announces a Notice of Allowance from the US PTO for a manufacturing method patent for its drug candidate CF101 (CANF) : The patent describes a method for the chemical synthesis of the A3 adenosine receptor agonist, IB-MECA, which is the active pharmaceutical ingredient (API) of the CF101 drug candidate. The patent, once issued, will be scheduled to expire in 2028.

7:00 am Verastem announces that Joanna Horobin, Chief Medical Officer will transition to the role of Senior Advisor; Lou Vaickus, MD, to be named Interim CMO (VSTM) : These changes will become effective on July 1, 2015. Prior to joining Verastem, Dr. Vaickus recently completed a 17-month appointment as interim CMO of InVivo Therapeutics (NVIV). In her new role, Dr. Horobin will focus primarily on identifying new opportunities to expand the development of Verastem's pipeline programs with leading physicians globally.

6:57 am Newmont Mining prices its 29 mln share offering of common stock for total gross proceeds of ~$682 mln (NEM) :

6:42 am Hercules Tech to appoint Mark Harris as CFO effective August 1, 2015 (HTGC) : For the past eight years, Mr. Harris served as the Chief Financial Officer of Avenue Capital Group's Asia Strategy and was its Senior Managing Director/Head of Asia

• The co separately disclosed that effective June 9, 2015, the Board appointed Andrew Olson, the Company's Corporate Controller, as Interim Chief Financial Officer and Principal Accounting Officer of the Company until approximately August 1, 2015 when the Company's newly appointed successor Chief Financial Officer will assume such role.

6:39 am Enerplus increases production guidance and capital spending for 2015 (ERF) : The co says that year to date, it has been producing at the high end of its guidance range while maintaining cost discipline. Additionally, the co has decided to accelerate the completion of eight North Dakota oil wells at a cost of $60 million. As a result of the combination of operational success and the additional completions, the co is increasing its 2015 annual average production guidance range to 97,000 -- 103,000 BOE per day, and its crude oil and natural gas liquids to 43 -- 45% of the production mix. Highlights include

• Revised 2015 annual average production guidance upwards from 93,000 -- 100,000 BOE per day to 97,000 -- 103,000 BOE per day. 
• Increased 2015 capital budget by $60 million from $480 million to $540 million. 
• The average expected rate of return for the completions (excluding the drilling capital already spent), using a flat West Texas Intermediate oil price of US$60 per barrel, is approximately 60%. The average expected payout period for the completions is less than two years under a flat WTI oil price of US$60 per barrel.
• The co expects to utilize its $1 billion bank facility, which was approximately 4% drawn at May 31st 2015, to fund the additional $60 million in capital spending. The well completions are expected to improve our 2015 and 2016 debt to funds flow ratios as a result of accelerating funds flow.

6:32 am Cosi announces system-wide comps for Period 5, 2015 declined by 0.9% Y/Y (COSI) : Co also disclosed a breakdown of comps for the 5 weeks ended June 1, 2015 as follows:

• Company-owned +2.2% 
• Franchise -7.3%
• Total System -0.9%
  

6:30 am Avid Tech prices its $125 mln in convertible senior notes due 2020 (AVID) : The size of the offering was increased from the previously announced $115 million aggregate principal amount. Concurrently with the pricing of the notes, Avid entered into a capped call transaction with an affiliate of one of the initial purchasers. 

• The conversion rate for the notes will initially be 45.5840 shares per $1,000 principal amount of notes, which is equivalent to an initial conversion price of ~$21.94 per share of Avid's common stock
  

6:30 am Globelmmune evaluating strategic options for the company; Board authorizes eliminating the majority of positions in its workforce (GBIM) : The co notes these steps are not expected to have an impact on ongoing clinical trials being conducted by its collaborators in oncology and hepatitis B. 

• "Following our recent data announcement in our hepatitis B program, this workforce reduction is a necessary action to conserve working capital and provide maximum flexibility in determining the future direction of GlobeImmune"
  

6:29 am On The Wires (:WIRES) :

• Acacia Research (ACTG) disclosed that its subsidiaries Innovative Display Technologies LLC and Delaware Display Group LLC entered into a patent license agreement with Mitsubishi Electric Corporation. They also entered into a patent license agreement with LG Display Co., Ltd. 
• Medigus (MDGS) announced that the first ever live Medigus Ultrasonic Surgical Endostapler procedure in the Unites States was performed by leading gastroenterologists, Drs. Glen Lehman and William Kessler, at Winthrop-University Hospital in Mineola, NY in late March.
• InterOil (IOC) has resumed drilling at Wahoo with the Wahoo-1 side-track exploration well in Petroleum Prospecting License 474 in the Gulf Province of Papua New Guinea. Wahoo-1 side-track well is the follow-up to Wahoo-1 which was suspended in July 2014 due to higher-than-expected pressures. 
• Neste, a leading producer of renewable fuels announced it would introduce Google (GOOG) Drive for Work services to its personnel globally. At the same time Google is moving forward with Neste's innovative NEXBTL renewable diesel which is being used on selected Google's shuttle buses (gBuses) in Silicon Valley, California.

6:03 am SM Energy announces exchange offer for its $600 mln 6.125% senior notes due 2022 (SM) : The co announces that it commenced an offer to exchange all of its outstanding $600 million 6.125% Senior Notes due 2022 in exchange for its outstanding $600 million 6.125% Senior Notes due 2022, which were issued on November 17, 2014, in a private placement

6:02 am Chipmos Technology reports May 2015 revenue -8.8% YoY to NT 1.667 bln (IMOS) :  

6:02 am Biogen announces new data for three anti-TNF biosimilar development candidates, including SB4 and SB2 at the EULAR 2015 Congress (BIIB) : Co and Samsung Bioepis announced that results from their anti-TNF biosimilar portfolio are being presented at the European League Against Rheumatism Annual Congress in Rome. Highlights include results from separate head-to-head Phase III studies showing clinical comparability of SB4 (etanercept) and SB2 (infliximab), which are biosimilar development candidates to their respective reference products Enbrel and Remicade. Also being presented are equivalence data from a Phase I pharmacokinetic (:PK) study comparing SB5 (adalimumab), a biosimilar development candidate, with the reference product Humira.

• For SB4, study highlights included: A total of 596 patients were randomized to either SB4 (N=299) or the etanercept reference product (N=297)
• The ACR20* response rate at week 24 in the per protocol set (PPS) was 78.1% in the SB4 group and 80.3% in the etanercept reference group, (adjusted difference -2.2%, 95% CI: -9.41%, 4.98%)
• The ACR20 at 24 weeks was also shown to be equivalent in the full analysis set (FAS), at 73.8% for the SB4 group and 71.7% for the etanercept reference group (adjusted difference 1.92%, 95% CI: -5.24%, 9.07%) SB4 was well-tolerated and demonstrated a comparable safety profile to the etanercept reference product. 
• For SB2, study highlights included: A total of 584 patients were randomized to either SB2 (N=291) or the infliximab reference product (N=293)
• The ACR20 response rate at week 30 in the PPS was 64.1% with SB2 and 66.0% with the infliximab reference group (adjusted difference -1.88%, 95% CI: -10.26%, 6.51%)
• The ACR20 from the FAS also showed equivalence of SB2 to the infliximab reference group, at 55.5% vs. 59.0%, respectively (adjusted difference -2.95%, 95% CI: -10.88%, 4.97%)
• SB2 was well tolerated with a comparable safety, PK, and immunogenicity to the infliximab reference product. 
  

5:46 am S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +20.80. :

5:46 am European Markets : FTSE...6774.99...+21.20...+0.30%.  DAX...11023.99...+22.70...+0.20%.

5:46 am Asian Markets : Nikkei...20046.36...-49.90...-0.30%.  Hang Seng...26687.64...-301.90...-1.10%.

4:31 am Taiwan Semi reports May revs increased 15.4% YoY to NT$70.16 bln (TSM) : This is a sequential decline of 6.9%

4:17 am NASDAQ and Stellar Trading Systems to introduce connectivity to Nasdaq Futures allowing access to key energy futures in mid-2015 (NDAQ) : Stellar Trading Systems and Nasdaq announce that Stellar will introduce connectivity to Nasdaq Futures, following the official launch of the NFX platform in mid-2015. NFX is the exchange group's U.S.-based designated contract market, offering futures and options on key energy benchmarks, which includes oil, natural gas and U.S. power.

4:11 am China AShares inclusion into MSCI index put on hold; MSCI and CSRC will form working group to address remaining issues; inclusion could come outside of annual classification period (FXI) : MSCI Inc (MSCI) announced that it expects to include China A-shares in its global benchmarks after a few important remaining issues related to market accessibility have been resolved. MSCI and the China Securities Regulatory Commission (:CSRC) will form a working group to contribute to the successful resolution of these issues.

• MSCI stated that it may announce the decision to include China A-shares in the MSCI Emerging Markets Index as soon as the issues it has outlined are resolved. 
• This may happen outside the regular schedule of its annual Market Classification Review.
  

4:04 am On The Wires (:WIRES) :

• Ruckus Wireless (RKUS) and The Cloud, a Sky company, announced that the The AMEX is providing an exceptional interactive user experience with the recent deployment of a Ruckus Smart WiFi network. 
• Logitech (LOGI) announced the Logitech Wireless Touch Keyboard K400 Plus, a living room keyboard that lets you control your computer screen on your TV. 
  

3:37 am Bayer AG sells its Diabetes Care Business to Panasonic Healthcare for EUR1.02 bln (BAYRY) : Bayer AG has entered into a definitive agreement to sell its Diabetes Care business to Panasonic Healthcare Holdings Co, a company which is backed by funds sponsored by KKR (KKR) and the Panasonic (PCRFY).

• The total consideration for the transaction is EUR 1,022 million (JPY 138 billion). 
• The sale will include the leading Contour portfolio of blood glucose monitoring meters and strips, as well as other products such as Breeze2, Elite and Microletlancing devices. 
• Closing of the transaction is subject to customary conditions, including relevant antitrust clearance, and is expected to occur in the first quarter of 2016. 
• The business accounted for EUR 909 million in sales in 2014, with Contour being the principal product portfolio.
  

3:14 am HCC Insurance to be acquired by Tokio Marine Holdings for $78.00 in cash per share, or ~$7.5 bln (HCC) : Tokio Marine Holdings and HCC Insurance Holdings (HCC) announced that they have entered into a definitive agreement under which TMHD will acquire all outstanding shares of HCC, a U.S. insurance holding company comprising property & casualty, accident & health and other specialty insurance businesses, for $78.00 in cash per share. The total transaction value is approximately $7.5 billion, and the transaction is expected to close in the fourth quarter of 2015

• The acquisition price of $78.00 per share represents a 35.8% premium to HCC's average share price over the past one month and a 37.6% premium to the share price as of close of business on June 9, 2015.
  
• HCC is permitted to continue to pay regular quarterly cash dividends of up to $0.295 per share, per quarter
  
• The consummation of the transaction is not subject to any financing condition.
  

3:05 am Illumina and Annoroad to jointly develop advanced clinical applications for reproductive health based on next-generation sequencing (ILMN) : Annoroad and Illumina (ILMN) announced they have entered into an agreement to jointly develop advanced clinical applications for reproductive health based on next-generation sequencing technology. The collaboration signals the increasing importance of genomic applications to improve healthcare in China.

• The collaboration will bring together technology from Illumina sequencers with Annoroad's advanced clinical application development capabilities. 
• As part of the agreement, Annoroad will provide its nucleic acid extraction, library preparation, and data analysis software, while Illumina will provide NGS instrument components and related reagents. 
  

3:02 am Hospira provides new independent clinical study data showing comparable effectiveness and safety of Hospira's Inflectra after switching from from Remicade (HSP) : Co announced the results of an independent clinical study, showing patients with rheumatic diseases experienced comparable clinical effectiveness and safety after switching from Remicade to Inflectra.

• The study entitled, "Clinical experience with infliximab biosimilar -- switch from Remicade. Abstract SAT0174," supports the use of Inflectra
• The data compared outcomes in 39 patients after a mean of four years of treatment with Remicade, with the outcomes of those same patients after a median of 11 months following a switch to Inflectra.
• Patient symptoms and disease activity were similar before and after the switch between the two treatments, and no immediate safety signals were observed
• Inflectra received its authorization from the European Commission in September 2013 and has been submitted to the U.S. FDA for approval.
  

2:50 am Target confirms a 7.7% increase to its quarterly dividend to $0.56/share and a $5 bln expansion of its share repurchase authorization (TGT) : Co has approved an expansion of its current share repurchase authorization from $5 billion to $10 billion. Under this authorization, through the first quarter of 2015, the company had invested a total of $3.7 billion to retire 56.9 million shares at an average price of $65.06 per share.

2:41 am On The Wires (:WIRES) :

• CTI BioPharma (CTIC) and Baxter (BAX) announced that Patient Reported Outcomes data from the Phase 3 PERSIST-1 trial, evaluating pacritinib in patients with myelofibrosis, will be highlighted in a late-breaking oral presentation at the upcoming 20th Congress of the European Hematology Association, June 11-14. 
• Cisco (CSCO) and VECTOR announced their collaborative efforts to bring cable operators future-proof answers to current challenges of network evolution. Working together, the two companies will be able to offer operators a synergy of best-in-breed cable access technology from both companies including nodes, RF amplifiers and DOCSIS 3.1 Remote PHY equipment.
  

2:34 am ING Group exchanges EUR337.5 million notes of NN anchor investors into NN shares (ING) : ING announced it will exchange the second tranche of EUR 337.5 million of mandatory exchangeable subordinated notes into 13.6 million NN Group ordinary shares.

• The exchange is part of the anchor investment in NN Group by three Asian institutional investors - RRJ Capital, Temasek and SeaTown - as announced on 30 April 2014.
• Accrued interest on the notes of approximately EUR 14.6 million will be settled in an additional 0.6 million NN Group ordinary shares as per the terms of the investment. 
• This transaction will reduce ING's remaining stake in NN Group from 42.4% to 38.2% upon settlement of the transaction, which is expected to take place on 15 June 2015.
  

2:15 am Novartis reports new one-year results demonstrating sustained secukinumab efficacy in ankylosing spondylitis patients (NVS) : Novartis announced new one-year study results from the MEASURE 2 pivotal Phase III study of secukinumab in ankylosing spondylitis (:AS). Data from the study demonstrated that approximately 74% of patients achieved clinically significant improvement in their symptoms after one year of treatment, as measured by ASAS20, a standard tool used to assess clinical improvement in AS

• 74% of patients in MEASURE 2 achieved clinically significant and sustained improvement in symptoms of ankylosing spondylitis with secukinumab 150 mg after one year of treatment
• AS is a long-term, painful and debilitating disease that causes irreversible spinal damage 
• There are few treatments available for AS and 40% of patients have poor or no response to standard of care anti-TNFs
  

2:02 am CTI BioPharma amends loan agreement with Hercules Technology Growth Capital (HTGC) (CTIC) : Co announced that it has amended its existing loan agreement with Hercules Technology Growth Capital (HTGC).

• Hercules agreed to provide term loans in an aggregate principal amount of up to $25.0 million under the facility, inclusive of amounts outstanding immediately prior to closing of the amendment. On June 9, 2015, ~$6.2 million (less fees and expenses) was funded, thereby resulting in a current outstanding principal balance under the facility of $20.0 million. The remaining $5.0 million is available for borrowing at CTI BioPharma's option through June 30, 2016 
  
• In connection with the amendment, CTI BioPharma issued Hercules a warrant exercisable in whole or in part for up to 292,398 shares of common stock of CTI BioPharma at any time prior to June 9, 2020 at an initial exercise price per share of $1.71.
  

1:44 am DBV Technologies reports data demonstrating the potential usefulness of the Viaskin technology to boost protective immunity against Bordetella pertussis (DBVT) : Co announced the publication of key scientific data in Vaccine demonstrating the potential usefulness of the Viaskin technology to boost protective immunity against Bordetella pertussis (whooping cough).

• This preclinical in vivo, proof-of-concept experiment shows that a single application of DBVs' Viaskin delivering BioNet's rPT alone or in combination with pertactin and filamentous hemagglutinin effectively reactivated vaccine-induced pertussis immunity and protects against Bordetella pertussis.
• DBV Technologies, UNIGE and BioNet-Asia are currently preparing a proof-of-concept Phase 1 clinical trial with a pertussis boosting vaccine using DBV's Viaskin patch technology, which allows the epicutaneous delivery of antigens without adjuvants, loaded with BioNet's genetically-inactivated rPT. It is anticipated that this Phase 1 trial will assess the safety and immunogenicity of Viaskin rPT in 60 young adults. 
• The proof of concept trial is expected to start in the first quarter of 2016.

1:36 am Statoil elects Oystein Loseth as new Chairman (STO) : Co announces Oystein Loseth was elected as new chair and Roy Franklin as a new member and deputy chair of Statoil's board of directors. Loseth has been a member of Statoil ASA's board of directors since October 2014 and is a member of the board's audit committee.

1:35 am Galapagos NV completes 24 weeks of treatment of DARWIN 1 and 2 studies; both met their primary endpoint (:GLPG) : Co announces that the last RA patients in its DARWIN 1 and 2 dose finding studies with filgotinib have completed their final visit.

• This triggers the clinical research organization's process of last 24 week data collection from both studies, to be followed by final database lock and analysis. 
• Galapagos expects to announce topline results in late July (DARWIN 1) and in August (DARWIN 2) 2015. 
  

• The DARWIN 1 and DARWIN 2 studies both met their primary endpoint at 12 weeks of treatment with the selective JAK1 inhibitor filgotinib. 
• Patients in both studies showed improvements in signs and symptoms of active RA and both studies met key efficacy endpoints at 12 weeks of treatment with filgotinib:
• statistically significant ACR50 scores were achieved with all dose levels and dose regimens, and statistically significant improvement in DAS28 was seen within one week. 
• Filgotinib was also well tolerated and showed a differentiated safety profile at 12 weeks in RA patients. Hemoglobin levels increased, consistent with JAK1 selectivity. 

1:25 am Roche receives FDA breakthrough therapy designation for ACTEMRA (RHHBY) : Co announced that the FDA has granted breakthrough therapy designation status to ACTEMRA/RoACTEMRA for systemic sclerosis. Roche also initiated a global Phase 3 study in SSc.

• ACTEMRA/RoACTEMRA monotherapy and combination treatment regimens almost double sustained remission rates in people with early rheumatoid arthritis
• Five year sustained efficacy of ACTEMRA/RoACTEMRA demonstrated in children with systemic juvenile idiopathic arthritis
• Global Phase 3 clinical trial initiated in systemic sclerosis, a potentially fatal disease with limited treatment options
  

1:11 am On The Wires (:WIRES) :

• Capital Southwest (CSWC) announced that it led a $16 million placement of secured subordinated notes in Winzer Corporation, a distributor of fasteners and industrial maintenance products to more than 35,000 customers across a diversified base of market sectors. Capital Southwest funded $8.1 million of the facility and will act as administrative agent. 
• Advanced Energy Industries (AEIS) announced the conclusion of a framework contract with Turkish investor A Enerji for solar projects totaling 50 MW that include AE 3TL string inverters. The string inverters will be installed in three different A Enerji PV projects and will extend Advanced Energy's leading position in the Turkish market.
  

12:54 am WhiteWave Foods acquires Vega for ~$550 mln in cash; neutral to EPS in 2015, $0.06-0.09 accretive in 2016 (WWAV) : WhiteWave Foods announced that it has agreed to acquire Vega for ~$550 million in cash. 

• Vega generated net sales of approximately US$100 million over the last twelve months, representing growth of over 30% on a constant currency basis, and grew at a faster rate on a year-to-date basis in 2015. 
• The transaction is expected to be at least $0.06 accretive to WhiteWave's adjusted earnings per share in 2016, excluding certain transaction and other related expenses, and at least $0.09 accretive to adjusted cash earnings per share, when also excluding acquisition-related intangible amortization. 
• In 2015, WhiteWave expects a neutral to modest adjusted earnings per share contribution, depending on timing of transaction completion, after excluding certain transaction and other related expenses.

12:48 am Merck reports Phase II data on house dust mite SLIT-tablet shows significant improvement in allergy symptoms (MRK) : ALK announced that its partner, Merck (MRK), has published positive results from a Phase II environmental exposure chamber trial evaluating the onset and dose-related efficacy of the house dust mite sublingual allergy immunotherapy tablet. The results appear in the latest printed edition of The Journal of Allergy and Clinical Immunology
Positive results

• By week 24, patients reported that the higher 12 DU dose HDM SLIT-tablet improved nose symptoms by 49%, and eye symptoms by 68%, compared with placebo. Nose and eye symptoms also improved with the 6 DU dose HDM tablet, but to a lesser extent. 
• The most commonly reported side effects were mild-to-moderate throat irritation and temporary swelling of the mouth after dosing during the first weeks.