2:55 pm Central GoldTrust: Polar Securities shareholder group announces disagreement with ISS proxy firm analysis and recommendations

• In economic data: 
  • Japan's March Household Confidence rose to 41.7 from 40.9 (expected 41.4) 
  • Singapore's March Trade surplus expanded to SGD8.63 billion from SGD5.18 billion (expected SGD 5.63 billion) 

• Japan's Nikkei declined 1.2% and closed near its low for the day in what was a steady and broad-based sell-off. The consumer non-cyclical (-1.3%), industrial (-1.2%), and consumer cyclical (-1.1%) sectors paced the retreat. Isetan Mitsukoshi Holdings (-9.2%), Alps Electric Co (-6.1%), J Front Retailing (-5.9%), Sharp Corp (-5.8%, and Taiyo Yuden (-5.7%) were the biggest decliners. Out of the 225 index members, 72 ended higher, 145 finished lower, and 8 were unchanged. For the week, the Nikkei was down 1.3%. 
• Hong Kong's Hang Seng sported modest gains for most of the session, but coughed them up in a late-day slide that left it down 0.3% for the session. The basic materials (-1.3%) and utilities (-1.3%) sectors were the weakest areas and the influential financial sector fell 0.2%. Bank of China (-2.5%), China Construction Bank (-2.4%), and China Resources Power Holdings (-2.4%) topped the list of decliners while China Overseas Land & Investment (+2.7%), AIA Group (+2.2%), and China Mobile (+2.1%) led advancing issues. Out of the 50 index members, 17 ended higher, 29 finished lower, and 4 were unchanged. For the week, the Hang Seng was up 1.4%. 
• China's Shanghai Composite increased another 2.2%, paced by a strong showing from the energy (+4.5%) and industrial (+3.0%) sectors. Real estate development company Beijing North Star (+10.1%), train maker China CNR Corp (+10.0%), and shipbuilding company China Shipbuilding Industry (+10.0%) were among the stocks that increased by the daily maximum allowable. For the week, the Shanghai Composite increased 6.3%. 

• Economic data was limited: 
  • Eurozone March CPI +1.1% month-over-month; -0.1% year-over-year. Both figures matched expectations. Core CPI +0.6% year-over-year, as expected. Separately, Current Account surplus narrowed to EUR26.40 billion from EUR30.40 billion (expected surplus of EUR29.40 billion) 
  • UK's February Average Earnings Index + Bonus +1.7% (expected 1.8%; prior 1.9%) while Claimant Count fell 20,700 (expected -29,500; prior -29,100) 
  • Swiss Retail Sales -2.7% year-over-year (consensus 0.7%; last -0.3%) 

• UK's FTSE is lower by 1.0% with all but four names in the red. Consumer names and miners are among the weakest performers with Tesco, InterContinental Hotels, Anglo American, and Antofagasta down between 1.6% and 2.5%. 
• In France, the CAC trades down 1.3% amid broad weakness. Financials BNP Paribas and Credit Agricole have both given up close to 2.3%. Hotel operator Accor is the only advancer, up 0.5%. 
• Germany's DAX has given up 1.9% with all 30 names trading in the red. Financials Commerzbank and Deutsche Bank sit at the bottom of the barrel with losses close to 2.7% apiece. Utility provider E.On outperforms with a slim loss of 0.1%, but industry peer RWE has tumbled 2.3%.

8:56 am Bristol-Myers: CheckMate -057, a Pivotal Phase III Opdivo (nivolumab) Lung Cancer Trial, Stopped Early; Opdivo Demonstrates Superior Overall Survival Compared to Docetaxel in Patients with Previously-Treated Non-Squamous Non-Small Cell Lung Cancer (BMY) : ...

8:50 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance: PRO -15.4%, AMD -10.5%, NOW -9.3%, STRM -9.3%, MTW -5.8%, TC -4.5%, AXP -1.8%, CCK -1.2%, HON -0.6%, DB -2.9%, ING -2.6%, SAN -2.5%, BBVA -2.1%

Other news: ATHX -52.2% (interim results from its MultiStem study in which the therapy failed to meet primary or secondary endpoints), DSCO -21.7% (completes enrollment of AEROSURF Phase 2a Clinical Trial and restructures its business to focus on development of AEROSURF and Aerosolized KL4 Surfactant pipeline ), MNGA -7.1% (provides statement regarding accident at its Tarpon Springs, Florida facility), WPCS -5.2% (following a Special Meeting the Board determined it was in the best interests of the Company to effect a reverse split of the issued and outstanding common stock at a ratio of 1-for-22), AKBA -5.2% (prices 7,272,727 shares of common stock at $8.25 per share), SNE -4.8% (following NPD data), TC -4.5% (reported Q1 total concentrate production for Mount Milligan was 30.3 thousand dry tonnes, with 15.4 mln pounds of payable copper and 46.k ounces of payable gold), WUBA -4.5% (acquires strategic stake in Ganji.com and announces additional investment by Tencent (TCEHY)), ASND -3.5% ( discloses that its collaboration partner, Sanofi (SNY) has decided to cease development of TransCon Insulin ), PTX -1.7% (priced its private offering of $130 mln aggregate principal amount of the Company's 4.25% Convertible Senior Notes due 2021 ), PBR -1.6% (announces that its oil and natural gas output in Brazil), QGEN -1.5% (still checking), WYNN -1.5% (Steve Wynn responds to recent press release by Elaine Wynn)

Analyst comments: MT -3.7% (downgraded to Underperform from Neutral at Exane BNP Paribas), HAIN -3.5% (downgraded to Neutral from Buy at Longbow ), ZUMZ -2.5% (downgraded to Neutral from Buy at B. Riley & Co), FLS -1.4% (downgraded to Perform from Outperform at Oppenheimer), LION -1.2% (downgraded to Mkt Perform from Outperform at Keefe Bruyette), FUL -1.1% (downgraded to Equal-Weight from Overweight at First Analysis Sec), RGA -1% (downgraded to Mkt Perform from Outperform at Raymond James), TRV -0.8% (downgraded to Equal Weight from Overweight)

8:44 am European Markets Update: FTSE -0.9%, CAC -1.4%, DAX -2.0% (:SUMRX) : Major European indices trade lower across the board with Germany's DAX (-2.0%) showing the largest decline. Overseas units of Greek banks have been asked to divest their Greek sovereign debt holdings to avoid contagion in the event of a default in Greece. The request was reportedly issued by various central banks with backing from the European Central Bank.

• Economic data was limited: 
• Eurozone March CPI +1.1% month-over-month; -0.1% year-over-year. Both figures matched expectations. Core CPI +0.6% year-over-year, as expected. Separately, Current Account surplus narrowed to EUR26.40 billion from EUR30.40 billion (expected surplus of EUR29.40 billion) 
• UK's February Average Earnings Index + Bonus +1.7% (expected 1.8%; prior 1.9%) while Claimant Count fell 20,700 (expected -29,500; prior -29,100) 
• Swiss Retail Sales -2.7% year-over-year (consensus 0.7%; last -0.3%) 

• UK's FTSE is lower by 0.9% with all but four names in the red. Consumer names and miners are among the weakest performers with Tesco, InterContinental Hotels, Anglo American, and Antofagasta down between 1.6% and 2.5%. 
• In France, the CAC trades down 1.4% amid broad weakness. Financials BNP Paribas and Credit Agricole have both given up close to 2.3%. Hotel operator Accor is the only advancer, up 0.5%. 
• Germany's DAX has given up 2.0% with all 30 names trading in the red. Financials Commerzbank and Deutsche Bank sit at the bottom of the barrel with losses close to 2.7% apiece. Utility provider E.On outperforms with a slim loss of 0.1%, but industry peer RWE has tumbled 2.3%.
  

8:41 am Greif announces that its Board has formed a special committee to provide strategic input on the company's ongoing transformation initiative (GEF) : Board member and former Global CEO of DHL Supply Chain Bruce A. Edwards will chair the committee. The other board members serving on the committee are Vicki L. Avril, former CEO and President of TMK IPSCO; Mark A. Emkes, former Chairman and Chief Executive Officer of Bridgestone Americas and Bridgestone Americas Holdings; John F. Finn, Chairman and Chief Executive Officer of Gardner Inc.; and Patrick J. Norton, former Executive Vice President and CFO, The Scotts Miracle-Gro Company.

8:31 am S&P futures vs fair value: -10.40. Nasdaq futures vs fair value: -29.80. (:WRAPX) : The S&P 500 futures trade ten points below fair value.

Total CPI rose 0.2% (Briefing.com consensus +0.3%) in March while Core CPI, which excludes food and energy, also rose 0.2% (Briefing.com consensus +0.1%). On a year-over-year basis, total CPI is down 0.1% and core CPI is up 1.8%.

8:31 am Surgical Care Affiliates: Tom De Weerdt will join SCA as EVP and CFO (SCAI) : Tom De Weerdt will join SCA as Executive Vice President and Chief Financial Officer, effective May 19, 2015. Mr. De Weerdt currently serves as Corporate Controller of Mead Johnson Nutrition (MJN), prior to which he held multiple leadership roles at Whirlpool (WHR).

• Pete Clemens, SCA's current Chief Financial Officer, announced his planned retirement earlier this year and will continue to serve SCA as Senior Advisor.
  

8:31 am Market View: Jun. stock-index futures remain below fair values following the 8:30 am ET Mar. CPI reading (:TECHX) :

• ESm5 now trades @ 2088.00 -12.75
  
  
• YMm5 now trades @ 17914 -127
  
  
• NQm5 now trades @ 4381.75 -33.50

8:31 am A.M. Castle announces the Board of Directors appointed Steven Scheinkman to the position of President and Chief Executive Officer, effective immediately (CAS) : Scheinkman was added to A. M. Castle's Board of Directors earlier this month and he is the former President and CEOr of Transtar Metals, which A. M. Castle acquired in late 2006.

8:31 am Raytheon has been awarded a contract worth over $2 bln to deliver the combat-proven Patriot Air and Missile Defense System to an undisclosed international customer (RTN) : The contract, awarded on April 2, 2015 and booked in the second quarter as a direct commercial sale, includes fully digitized new-production Patriot fire units with the latest technology for improved threat detection, identification and engagement. The contract also includes a full training package and support equipment. 

• "Including this most recent contract, Raytheon has booked more than $5 billion in international Patriot orders since late December 2014."
  

8:30 am Mobile Mini Announces the strategic divestiture of its North American wood mobile office fleet for $92 mln in cash and authorizes an increase in its share repurchase program to $175 mln (MINI) : Mobile Mini's North American wood mobile office fleet generated approximately $46 million in revenue and $14 million in adjusted EBITDA for 2014, and has a current net book value of approximately $158 million.

• Due to shared costs and infrastructure, the Company estimates the divestiture would have resulted in an approximately $19 million reduction in 2014 adjusted EBITDA, had it occurred prior to the beginning of that year. 
• Following the divestiture, Mobile Mini expects to incur approximately $2 million of costs related to exiting the wood mobile office business, and further expects the transaction, excluding the loss upon sale of the fleet, to be modestly dilutive to net income and earnings per share for the balance of 2015. 
• The companies expect to close the transaction by mid-May 2015
  

8:30 am Fed Investors finalizes arrangement with Reich & Tang Asset Management to transition ~$7 bln in money market fund shareholder assets (FII) :

• Co announced that they have reached a definitive agreement for Federated to transition shareholder assets from Reich & Tang's money market funds. 
• In connection with the transition, ~$7 bln in shareholder accounts from six Reich & Tang money market funds will be transitioned into Federated strategies.
  

8:29 am ZBB Energy confirms intention to enter into a supply agreement with Solar Power (SOPW) for energy storage systems with total combined power output of 40 megawatts over a period of four years (ZBB) :  

8:10 am United Stationers appoints Timothy Connolly to COO and Janet Zelenka to Chief Information Officer, effective immediately (USTR) : Connolly was most recently the company's president, business transformation and supply chain.  Zelenka joined the company in 2006 as vice president and general auditor

8:02 am Seagate Tech beats by $0.04, misses on revs (STX) : Reports Q3 (Mar) earnings of $1.08 per share, $0.04 better than the Capital IQ Consensus of $1.04; revenues fell 2.2% year/year to $3.33 bln vs the $3.42 bln consensus; gross margin 28.9%.

• "Near-term macro uncertainty is affecting certain areas of our addressable market however we remain optimistic that market demand for exabytes of storage will continue to increase over the long-term."
  

8:02 am Solar Power announces entrance into a strategic partnership with ZBB Energy Corporation (ZBB) (SOPW) : As part of the proposed strategic partnership, the parties have executed today a Securities Purchase Agreement (SPA) valued at $33.4 million, consisting of a combination of newly issued common stock and convertible preferred stock of ZBB.

• Under the terms of the SPA, SPI will purchase 8 mln shares of ZBB common stock for approximately $5.4 million at a price per share of $0.6678 and 28,048 shares of ZBB Series C Convertible Preferred Stock for approximately $28.0 million. 
• The SPA also contemplates that ZBB will issue to SPI a warrant to purchase 50,000,000 shares of ZBB common stock for an aggregate purchase price of $36.7 million and a per share exercise price equal to $0.7346. 
• In addition, the proposed strategic partnership includes a supply agreement pursuant to which ZBB will supply SPI with energy storage systems with total combined power output of 40 megawatts over a period of four years. The parties intend to enter into the supply agreement upon closing of the SPA.
  

8:01 am Hudson City Banc and M&T Bank (MTB) have agreed to extend the date after which either party may elect to terminate their Agreement and Plan of Merger from April 30, 2015 to October 31, 2015 (HCBK) : The extension, which has been approved by both the Hudson City and M&T (MTB) Boards of Directors, will provide additional time to obtain a regulatory determination on the applications necessary to complete the proposed merger.

• Hudson City and M&T have been advised by the Federal Reserve Board that it intends to act on the merger application no later than September 30, 2015. 
  

8:01 am Sungy Mobile announces the resignation of COO Yingming Chang, effective April 17, 2015 to pursue entrepreneurial endeavors (GOMO) :  

8:00 am Tempur Sealy Int'l: H Partners sends letter to Tempur Sealy shareholders urges shareholders to vote the BLUE proxy card (TPX) :

• "Tempur Sealy possesses all the components of a successful company: industry-leading products, iconic brands that have stood the test of time, and a talented team of dedicated employees. However, despite these positive attributes, we believe the Co's stock is significantly undervalued due to mismanagement by an entrenched and misaligned Board. Shockingly, over the past three years, the Board has paid the CEO $18 mln to oversee a $1.6 bln loss in equity value and 140% underperformance versus the Co's peers. Shareholders must now hold management and the Board accountable for their poor performance, and compel the Board to implement meaningful change." 
  
• "Send a clear message to the Board that shareholders demand immediate leadership changes by voting the BLUE proxy card "AGAINST" directors Christopher A. Masto, P. Andrews McLane and Mark Sarvary." 
  

8:00 am Ares Management announces that a fund managed by its commercial finance platform has signed a definitive agreement to acquire the asset-based lending portfolio of First Capital Holdings (ARES) : Co announced that a fund managed by its commercial finance platform has signed a definitive agreement to acquire the asset-based lending portfolio of First Capital Holdings, Inc., a commercial finance company that provides asset-based loans and factoring to small and middle-market companies. The transaction is expected to close during the second quarter. The fund intends to fund the acquisition with a combination of debt and equity. With this transaction, the Ares Commercial Finance platform will have approximately $700 million of loan commitments.

8:00 am General Moly announces strategic partnership with AMER International Group to become a major shareholder (GMO) : Co announces what it calls a significant Investment and Security Purchase Agreement with AMER International, a private, Chinese-based multinational company that is one of the world's largest advanced materials, fine machining, and downstream metals refining providers. The agreement will also create a strategic partnership and equity investment to assist with General Moly's ability to secure full project financing for the Mt. Hope Project.

• AMER entered into a private placement for 40 million shares of General Moly at $0.50 per share on April 17, 2015, the date the investment agreement was signed. General Moly anticipates the shares for this equity investment to be issued following approval of stockholders. In addition, AMER and General Moly will enter into a stockholder agreement allowing AMER to nominate directors. 
• AMER has agreed to work with General Moly to procure and support a senior secured term loan of approximately $700 million from a major Chinese bank or banks for development of the Mt. Hope Project. AMER will guarantee the Bank Loan.
• AMER and General Moly agreed on substantial terms of a definitive agreement that would provide a one-time option exercisable simultaneously with Bank Loan execution to purchase the balance of General Moly's share of Mt. Hope molybdenum production, estimated to be approximately 16.5 million pounds annually, for the first five years of production, and 70% of General Moly's annual share of Mt. Hope molybdenum production thereafter. 
  

7:55 am S&P futures vs fair value: -10.80. Nasdaq futures vs fair value: -34.10. (:WRAPX) : U.S. equity futures trade near their pre-market lows amid defensive action overseas. The S&P 500 futures hover eleven points below fair value after sliding to lows after the start of the European session. However, the source of the weakness appears to have originated from Asia with China Securities Regulatory Commission announcing plans to ban margin financing for over-the-counter trades. In a related move, China is expected to increase the number of stocks available for short selling to more than a 1,000.

Furthermore, continued concerns about a potential Greek default have added to the overnight weakness. As a result, Germany's 10-yr bund yield has dropped three basis points to 0.06% while the U.S. 10-yr yield has slid three basis points to 1.86%.

March CPI (Briefing.com consensus 0.3%) will be reported at 8:30 ET while March Leading Indicators (expected 0.3%) and the preliminary reading of the Michigan Sentiment Index for April (expected 94.0) will be released at 10:00 ET.

In U.S. corporate news of note:

• American Express (AXP 79.10, -1.81): -2.2% after reporting a bottom-line beat on below-consensus revenue 
• General Electric (GE 27.05, -0.23): -0.8% in reaction to its one-cent beat on light revenue. 
• Honeywell (HON 102.70, -1.22): -1.2% after below-consensus revenue and lowered revenue guidance overshadowed better than expected earnings. 
• Mattel (MAT 26.55, +1.28): +5.1% following its one-cent beat. 
• Reynolds American (RAI 74.80, +0.56): +0.8% after beating estimates. 
• Schlumberger (SLB 93.89, +2.00): +2.2% after beating earnings estimates and reducing its workforce by about 11,000. 

• Asian markets ended mostly lower. Hong Kong's Hang Seng -0.3%, Japan's Nikkei -1.2%, and China's Shanghai Composite +2.2%. 
  • In economic data: 
    • Japan's March Household Confidence rose to 41.7 from 40.9 (expected 41.4) 
    • Singapore's March Trade surplus expanded to SGD8.63 billion from SGD5.18 billion (expected SGD 5.63 billion) 
  • In news: 
    • Hang Seng futures fell more than 4.0% after the close in reaction to the aforementioned regulatory changes

• Major European indices trade lower across the board. UK's FTSE -0.9%, France's CAC -1.5%, and Germany's DAX -2.0%. Elsewhere, Spain's IBEX -2.0% and Italy's MIB -2.1%.
  • Economic data was limited: 
    • Eurozone March CPI +1.1% month-over-month; -0.1% year-over-year. Both figures matched expectations. Core CPI +0.6% year-over-year, as expected. Separately, Current Account surplus narrowed to EUR26.40 billion from EUR30.40 billion (expected surplus of EUR29.40 billion) 
    • UK's February Average Earnings Index + Bonus +1.7% (expected 1.8%; prior 1.9%) while Claimant Count fell 20,700 (expected -29,500; prior -29,100) 
    • Swiss Retail Sales -2.7% year-over-year (consensus 0.7%; last -0.3%) 
  • Among news of note: 
    • Overseas units of Greek banks have been asked to divest their Greek sovereign debt holdings to avoid contagion in the event of a default in Greece.

7:51 am RXi Pharma confirms its receives Orphan Drug Designation for Samcyprone from the FDA to treat malignant melanoma (RXII) :  

7:44 am OCI Resources announces an increase in its quarterly distribution to $0.538/share from $0.5315/share (OCIR) :  

7:36 am Ariad Pharm announces updated clinical data on Brigatinib to treate ALK+ non-small cell lung cancer (ARIA) : The data presented at ELCC focused on the 98 patients treated at doses of 90 mg/day, 90 mg/day for 1 week followed by escalation to 180 mg/day, and 180 mg/day in the Phase 2 portion of the trial. All patients receiving these doses were evaluated for safety, and patients with ALK+ NSCLC were evaluated for efficacy.

• The most common adverse events of any grade, regardless of treatment relationship, were nausea, diarrhea, and fatigue and were similar in incidence across all three dose-cohorts. 
• At 90 mg/day: nausea (44%), headache (44%), diarrhea (39%), fatigue (39%), cough (39%), and increased amylase (33%) 
• At 90 mg to 180 mg/day: diarrhea (44%), nausea (41%), fatigue (38%), headache (28%), cough (28%), and increased amylase (28%) 
• At 180 mg/day: nausea (63%), diarrhea (38%), fatigue (31%), headache (31%), cough (25%), and increased amylase (15%) 
• Serious AEs, regardless of treatment relationship, occurring in 4% or more patients, were dyspnea, hypoxia, and pneumonia, as follows: 
• At 90 mg/day: dyspnea (1 patient, 6%), hypoxia (2 patients, 11%), and pneumonia (2 patients, 11%) 
• At 90 mg to 180 mg/day: dyspnea (2 patients, 6%), hypoxia (1 patient, 3%), and pneumonia (1 patient, 3%) 
• At 180 mg/day: dyspnea (2 patients, 4%), hypoxia (2 patients, 4%), and pneumonia (2 patients, 4%) 
• Objective response rate among the 14 evaluable ALK+ NSCLC patients dosed at 90 mg/day was 79% 
• A separate, pivotal global Phase 2 trial of brigatinib in patients with locally advanced or metastatic ALK+ NSCLC who have progressed on crizotinib continues to enroll patients. The ALTA trial is designed to determine the safety and efficacy of AP26113 in refractory ALK+ NSCLC patients. The trial will enroll approximately 220 patients including those with brain metastasis
  

7:33 am Incyte announces that eleven abstracts detailing its emerging development pipeline will be presented at the 2015 American Association for Cancer Research (:AACR) Annual Meeting in Philadelphia, PA (INCY) : These abstracts include characterizations of Incyte's FGFR, BRD and PIM inhibitors as potential targeted therapies for cancer, as well as data supporting the potential immuno-therapeutic activity of the company's portfolio of JAK and PI3Kd inhibitors alone and in combination, including with epacadostat, Incyte's leading IDO1 inhibitor.

• The Company also provided an updated presentation of its clinical portfolio, which now includes INCB54828, a potent and selective FGFR inhibitor and INCB50465, a PI3Kd inhibitor, which entered clinical trials in Q1 2015 for solid tumors and B-lymphoid malignancies. INCB54329, a bromodomain inhibitor, is expected to enter clinical trials in Q2 2015 in hematology oncology. Additional first-line pancreatic cancer patients are being recruited into the expansion cohort of JAK1-selective inhibitor INCB39110 in combination with gemcitabine and nab-paclitaxel to continue the dose optimization phase of this proof-of-concept trial. Incyte therefore no longer expects to initiate a pivotal trial of INCB39110 in first-line pancreatic cancer during 2015.

7:24 am First Horizon reports EPS in-line, beats on revs (FHN) : Reports Q1 (Mar) earnings of $0.18 per share, excluding mortgage loan settlement, in-line with the Capital IQ Consensus of $0.18; revenues fell 3.9% year/year to $286.6 mln vs the $280.26 mln consensus. 

• Co saw solid loan and deposit growth at its First Tennessee regional bank, a rebound at its FTN Financial capital markets group and a settlement of a key issue related to the mortgage business the company sold in 2008. Capital levels remain very strong at First Horizon, and the company continued to smartly deploy capital through loan growth, share buybacks and dividend payments during the quarter.
  

7:15 am On the Wires (:WIRES) :

• Prospect Capital Corporation (PSEC) announced that it has provided USG Intermediate with $48.5 million of first lien, floating-rate debt commitments comprised of term loans and a revolving credit facility.
• Sigma-Aldrich Corporation (SIAL) announced the opening of its Asia Pacific headquarters and Cell Culture Technical Center in the Biopolis Research Park, in Singapore.
• Ritchie Bros. (RBA) announced it sold more than $57 million of equipment and trucks at its unreserved public auction in Houston, Texas on April 15 -- 16, 2015
• Medtronics (MDT) announced that two global trials published online in The New England Journal of Medicine (:NEJM) and presented at the European Stroke Organisation Conference found that the addition of the Solitaire device stent thrombectomy procedure to current pharmaceutical treatment significantly reduced disability in patients suffering stroke. The trials confirmed the findings of three previous trials also published in NEJM
• CyrusOne (CONE) announced the availability of a complimentary case study featuring its data center solution for SmartVault, a provider of cloud-based online document storage and file-sharing services for tax preparation and accounting firms
  

7:07 am Honeywell beats by $0.02, misses on revs; raises low end of FY15 EPS; lowers rev guidance (HON) : Reports Q1 (Mar) earnings of $1.41 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.39; revenues fell 4.8% year/year to $9.21 bln vs the $9.5 bln consensus.

• Aerospace sales -6% profit +7%... Automation and COntrol Systems sales -3% profit +10%... Performance Materials and Tech. sales -5% profit +6%.

7:05 am Reynolds American beats by $0.06, beats on revs; reaffirms FY15 EPS guidance (RAI) : Reports Q1 (Mar) adj earnings of $0.86 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.80; revenues rose 6.3% year/year to $2.06 bln vs the $1.98 bln consensus.

• Co reaffirms guidance for FY15, sees EPS of $3.65-3.80 vs. $3.83 Capital IQ Consensus Estimate. 
• RJR Tobacco's first-quarter adjusted operating income increased 16.3 percent from the prior-year quarter, to $645 million, benefitting from higher cigarette pricing and the completion of the federal tobacco-quota buyout.

7:01 am Novogen announces it signs an MOU with the Feinstein Institute for Medical Research to collaborate on developing treatments for brain cancers (NVGN) : At the heart of the collaboration is the co's super-benzopyran drug technology platform. The three key areas of research will be:

• the development of lead SBP drug candidate, TRXE-009, as a treatment of both primary and secondary brain cancer in adults and children, including glioblastoma and medulloblastoma 
• the potential ability of the SBP technology to deliver an entirely novel approach to chemotherapy by converting cancer stem cells into stem cells displaying normal stem cell behaviour 
• and the development of drug candidates as radio-sensitizers designed to augment the effectiveness of radiotherapy in treating brain cancers.
  

7:01 am Horizon Pharma announces it received a Notice of Allowance from the USPTO for the U.S. patent application that covers Horizon's U.S. approved product PENNSAID 2% w/w (HZNP) : This Notice of Allowance concludes the substantive examination of the patent application and will result in the issuance of a U.S. patent after administrative processes are completed. The U.S. patent scheduled to issue from this application will expire in 2027. After issuance, Horizon plans to list the patent in the FDA's Approved Drug Products with Therapeutic Equivalence Evaluations, or Orange Book. This will be the eighth U.S. patent to be listed in the Orange Book for PENNSAID 2%.

7:00 am Pernix Therapeutics priced its private offering of $130 mln aggregate principal amount of the Company's 4.25% Convertible Senior Notes due 2021 (PTX) :  

7:00 am CAMAC Energy Announces it will change name to Erin Energy Corporation; announces a 1:6 reverse stock split (CAK) : Co stock split will be effective as of 5:00 p.m. ET on Wednesday, April 22, 2015

6:57 am Asian Markets Close: Japan's Nikkei -1.2%; Hong Kong's Hang Seng -0.3%; China's Shanghai Composite +2.2% (:SUMRX) : It was a weak showing for most markets in the Asia-Pacific region on Friday, with the notable exception of one market. China's Shanghai Composite bucked the regional trend and increased another 2.2%. For the week, the Shanghai Composite was up 6.3% with policy stimulus speculation feeding the move.

Economic data

• Japan
• March Household Confidence 41.7 (expected 41.4; prior 40.9)
• Singapore
• March Trade Balance SGD 8.63 bln (expected SGD 5.63 bln; prior SGD 5.18 bln)
• Non-Oil Exports +23.0% month-over-month (expected 3.5%; prior -9.4%); +18.5% year-over-year (expected -0.7%; prior -9.7%)

• Japan's Nikkei declined 1.2% and closed near its low for the day in what was a steady and broad-based sell-off. The consumer non-cyclical (-1.3%), industrial (-1.2%), and consumer cyclical (-1.1%) sectors paced the retreat. Isetan Mitsukoshi Holdings (-9.2%), Alps Electric Co (-6.1%), J Front Retailing (-5.9%), Sharp Corp (-5.8%, and Taiyo Yuden (-5.7%) were the biggest decliners. Out of the 225 index members, 72 ended higher, 145 finished lower, and 8 were unchanged. For the week, the Nikkei was down 1.3%.
• Hong Kong's Hang Seng sported modest gains for most of the session, but coughed them up in a late-day slide that left it down 0.3% for the session. The basic materials (-1.3%) and utilities (-1.3%) sectors were the weakest areas and the influential financial sector fell 0.2%. Bank of China (-2.5%), China Construction Bank (-2.4%), and China Resources Power Holdings (-2.4%) topped the list of decliners while China Overseas Land & Investment (+2.7%), AIA Group (+2.2%), and China Mobile (+2.1%) led advancing issues. Out of the 50 index members, 17 ended higher, 29 finished lower, and 4 were unchanged. For the week, the Hang Seng was up 1.4%.
• China's Shanghai Composite increased another 2.2%, paced by a strong showing from the energy (+4.5%) and industrial (+3.0%) sectors. Real estate development company Beijing North Star (+10.1%), train maker China CNR Corp (+10.0%), and shipbuilding company China Shipbuilding Industry (+10.0%) were among the stocks that increased by the daily maximum allowable. For the week, the Shanghai Composite increased 6.3%.
• India's Sensex declined 0.8% and ended near its lows for the session. Losses in the communications (-2.9%), technology (-2.6%), consumer non-cyclical (-1.1%), and financial (-0.9%) sectors weighed on the proceedings. Sun Pharmaceutical (-4.6%), Tata Consultancy Services (-4.2%), and Axis Bank (-3.1%) were the biggest individual decliners while Sesa Sterlite (+3.5%), Tata Steel (+2.5%), and Hindalco Industries (+1.9%) topped the list of winners. For the week, the Sensex was down 1.5%.
• Australia's S&P/ASX 200 declined 1.2% and also finished near its low for the day. The gold (-2.0%), REIT (-1.9%), and consumer discretionary (-1.6%) sectors were the weakest areas in Friday's trading. For the week, the S&P/ASX 200 declined 1.5%.
• Regional advancers: South Korea +0.2%, Vietnam +0.01%
• Regional decliners: Taiwan -0.9%, Singapore -0.2%, Malaysia -0.1%, Thailand -0.2%, Indonesia -0.2%, Philippines -0.02%

• USD/CNY unch at 6.1966
• USD/INR +0.02% at 62.346
• USD/JPY -0.3% at 118.66
  

6:52 am Rolls Royce PLC announced its largest ever award from Emirates, worth $9.2 bln (RYCEY) : The award of $9.2bn is to provide Trent 900 engines and TotalCare service support to Emirates. The engines will power 50 Airbus A380 aircraft that will enter service from 2016. The order announced today will result in an increase in the Group's order book of $6.1bn, in accordance with Group accounting policy

6:46 am Comerica also reaffirms FY15 guidance (CMA) :

• Average full-year loan growth consistent with 2014, reflecting typical seasonality throughout the year and continued focus on pricing and structure discipline. 
• Net interest income relatively stable, assuming no rise in interest rates, reflecting a decrease of about $30 million in purchase accounting accretion, to about $6 million, and the impact of a continuing low rate environment on asset yields, offset by earning asset growth. 
• Provision for credit losses higher, consistent with modest net charge-offs and continued loan growth. 
• Noninterest income relatively stable, excluding the impact of the change in accounting presentation for a card program.
  

6:43 am Comerica reports EPS in-line, revs in-line; reaffirms FY15 guidance (CMA) : Reports Q1 (Mar) earnings of $0.73 per share, in-line with the Capital IQ Consensus Estimate of $0.73; adj. net interest income and non interest income rose 1.1% year/year to $625 mln vs the $626.04 mln consensus. 

• "Average loans were up $3.1 billion, or 7 percent, compared to a year ago. Relative to the fourth quarter, average loans grew $790 million, or 2 percent, with growth across all of our markets. Average loans in our Energy business line increased about $200 million, peaking in February, then declining as customers adjusted their cash flow needs and were able to access the capital markets. Average loan growth was also driven by increases in Technology and Life Sciences, National Dealer Services, general Middle Market and Small Business."
  

6:39 am General Electric beats by $0.01, misses on revs; reaffirms FY15 industrial earnings (GE) : Reports Q1 (Mar) earnings of $0.31 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.30; revenues fell 3.1% year/year to $33.1 bln vs the $34.32 bln consensus.

• Industrial segment revenue $24.4 billion, -1%, +3% organic; FX impact of ~$(950) million
• Industrial segment profit +9%, with 5 of 7 segments growing earnings 
• Industrial segment growth market revenue +6%, strength in Middle East, Latin America, Africa, China, India
• Oil & Gas revenue flat and operating profit +11%, on organic basis.
• Record backlog of $263 billion +7% vs. 1Q'14 GE Capital ENI (ex. liquidity) at $303 billion, -19% vs. 1Q'14

• Industrial operating EPS up double digits + Segment organic growth of 2-5% & margin expansion; $10 -30 bln returned to investors.

6:30 am Oncolytics Biotech confirms its receipt of Orphan Drug Designation from the FDA for REOLYSIN (ONCY) : Co applied for an ODD for pediatric high grade gliomas, however the FDA granted an ODD for the broader indication of malignant glioma in patients of all ages

6:28 am Bank of East Asia signs strategic co-operation agreement with WeBank (BKEAY.PK) : The Bank of East Asia announces that it has entered into a strategic co-operation agreement with WeBank, a privately owned bank in Qianhai, Shenzhen established by its founding shareholders including Tencent (TCEHY), Baiyeyuan Investment, and Liye Group.

• In accordance with the Strategic Agreement, BEA China and WeBank agree to fully explore their respective competitive advantages for mutually beneficial business development. 
• The areas of co-operation include but are not limited to: customer referrals, credit card, micro and personal loans, wealth management, interbank lending, and internet finance.
  

6:19 am Almaden Minerals announces results from its ongoing 2015 Ixtaca Zone exploration and development program at the 100% owned Tuligtic project, Mexico (AAU) : Recently the company released a positive PEA on the Ixtaca deposit (see news release dated September 3rd, 2014). The mineral resources incorporated into the PEA mine plan were comprised of 29% Measured, 55% Indicated and 16% Inferred. The results reported today are from drilling carried out subsequent to the 2014 resource update and PEA and designed to upgrade the Chemalaco Zone resources remaining in the inferred category to the higher confidence measured and indicated categories. Stepout hole TU-14-449 (located 125 meters north of last Chemalaco drilling) intersected 20.74 meters of 0.23 g/t gold and 55.9 g/t silver. This previously untested area of basement rock beneath volcanics is located within the confines of the PEA pit. Infill drilling is now complete and the Company's 2015 program is now focussed on engineering and environmental studies towards the completion of a Pre Feasibility Study

6:13 am Petrobras Brasileiro announces that its oil and natural gas output in Brazil and abroad, in March 2015, was 2,764,000 barrels of oil equivalent per day (boed), down 1.3% from February 2015 (PBR) : Of this total, 2,574,000 boed were produced in Brazil and 189,900 boed abroad. The output of 2,764,000 barrels of oil equivalent per day (boed) is 8.3% higher than the March 2014 output of 2,551,000 boed.

• In March, total oil and natural gas output in Brazil was 2,574,000 boed, down 1.4% from February (2,612,000 boed), and up 10.4% year-on-year (2,331,000 boed). Total oil and natural gas output operated by Petrobras in Brazil, which includes the volume operated for partner companies, was 2,834,000 boed, down 0.7% from February (2,854,000 boed).
• The drop in output in March is largely due to the temporary shutdown of platform P-58, which started-up on March 17, 2014 and is currently undergoing final tests and adjustments to its production systems.
  

6:13 am AstraZeneca announces updated progression free survival data for its non-small cell lung cancer compound AZD9291 (AZN) : Co announced latest data from the ongoing AURA study of AZD9291 in patients with advanced epidermal growth factor receptor mutation positive non-small cell lung cancer, who also have the T790M resistance mutation.

• The data demonstrated a median progression free survival of 13.5 months. The updated data also show an overall response rate with AZD9291 80mg of 54% and a median duration of response of 12.4 months. 
• In patients treated with AZD9291 80mg, the most common all-cause adverse events of any grade were rash, 38%  and diarrhea, 36%. 
• Investigator-determined treatment-related Grade =3 AEs occurred in 14% of patients.
  

6:10 am AstraZeneca confirms that the FDA has granted Orphan Drug Designation for the MEK inhibitor selumetinib, for the treatment of uveal melanoma (AZN) : Initial data from a combination study of selumetinib with other AstraZeneca pipeline molecules including AZD9291 (T790M-directed EGFR inhibitor) and MEDI4736 (anti-PD-L1) in non-small cell lung cancer will be presented at the American Society of Clinical Oncology (TATD) annual meeting 2015.

6:05 am Magnegas provides statement regarding accident at its Tarpon Springs, Florida facility (MNGA) : "The company today experienced an accident at its Tarpon Springs facility. Tragically, a member of our employee family was killed. We are working closely with responders and local officials to determine the cause and circumstances surrounding the accident."

6:01 am Magellan Petroleum announces update on its HH-1 project (MPET) : On April 9, 2015, UK Oil & Gas Investments PLC an approximately 31% indirect owner of HH-1, announced that HH-1 is estimated to have "a total oil in place of 158 million barrels per square mile, excluding the previously reported Upper Portland Sandstone oil discovery. The CEO of UKOG commented that "we're looking at between 50 and 100 billion barrels of oil in place in the ground."

• In a separate announcement on April 15, 2015, UKOG clarified that these "OIP hydrocarbon volumes estimated should not be considered as either contingent or prospective resources or reserves" and that "Further development work in the form of appraisal drilling, well testing and assessment of recovery factors will be required to seek to quantify net resources in relation to licence areas and to prove its commerciality."
  
• Also, On April 10, 2015, Magellan sold for nominal consideration its 40% interest in PEDL 126, the UK onshore exploration license that contains the Markwells Wood-1 wellbore . By the selling the license and the wellbore, Magellan will be able to remove a $0.4 million liability from its balance sheet related to site restoration of MW-1

6:00 am Athersys announces interim results from its exploratory Phase 2 clinical study of the intravenous administration of MultiStem cell therapy to treat patients who have suffered an ischemic stroke; With respect to the primary and secondary endpoints, the cell therapy did not show a difference at 90 days compared to placebo (ATHX) : The study results demonstrate favorable safety and tolerability for MultiStem, consistent with prior studies. With respect to the primary and secondary endpoints, the cell therapy did not show a difference at 90 days compared to placebo. However, MultiStem treatment was associated with lower rates of mortality and life threatening adverse events, infections and pulmonary events. Furthermore, post-hoc analysis shows that patients who received MultiStem treatment earlier in the treatment window had more robust recovery rates in comparison to placebo and relative to patients who received later MultiStem treatment.

• Patients who received intravenous administration of MultiStem did not show a significant difference from placebo-treated patients for the primary endpoint (Global Stroke Recovery Assessment) and the related secondary endpoints -- which were defined as the proportion of patients achieving a modified Rankin Scale (mRS) value of 0-2, improvement in the NIH Stroke Scale (:NIHSS) by = 75% and achieving Barthel Index (:BI) = 95 at day 90
  

5:57 am S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -8.00. :

5:57 am European Markets : FTSE...7085.62...+25.20...+0.40%.  DAX...11983.27...-15.60...-0.10%.

5:57 am Asian Markets : Nikkei...19652.88...-232.90...-1.20%.  Hang Seng...27653.12...-86.60...-0.30%.

5:34 am Syngenta misses Q1 sales estimate (SYT) : Reports Q1 revs of $4.02 bln vs $4.42 bln Capital IQ consensus.

• Reported sales impacted by currency; full year earnings guidance maintained
• Robust performance in Europe: effective risk management in the CIS
• Delayed start to North American season
  
• Group sales of $4.0 billion including Lawn and Garden were unchanged at constant exchange rates compared with the first quarter of 2014. Reported sales were 14 percent lower, reflecting the strength of the dollar against the Euro and most other currencies, particularly in the CIS. 

• Integrated sales of $3.8 billion rose by one percent at constant exchange rates. Volumes were seven percent lower. Prices were eight percent higher, driven largely by increases in the CIS to offset the impact of currency depreciation; excluding the CIS and glyphosate, prices were up one percent. 
• Europe, Africa and the Middle East sales rose 15 percent at constant exchange rates with strong growth in crop protection offsetting weakness in seeds due to lower acreage for corn, sunflower and sugar beet in several territories. 
• In North America sales were 16 percent lower; excluding glyphosate, where a deliberate reduction is underway, sales were 13 percent lower. A prolonged winter delayed the start of the season in the USA and Seedcare was sharply down in Canada owing to high channel inventories. Seeds sales reflected an expected further reduction in corn acres, lower royalty income and changes in Syngenta's distribution model to increase focus and profitability. 
• In Latin America sales at the end of the season were 11 percent lower following a strong fourth quarter in 2014. Credit management in Venezuela caused a delay in sales. Insecticides sales were down across the region as a result of low pest pressure. ELATUS fungicide continued to make a positive contribution as remaining orders were fulfilled. Corn seed sales in Brazil were lower due to reduced acreage.
  

5:06 am Wm Morrison Supermarkets to recruit 5,000 new staff for in-store roles (MRWSY) : Co announced it is reshaping the way that its business is staffed, investing in new store jobs to deliver better customer service, while also proposing a reduction in Head Office jobs.In its supermarkets, Morrisons has begun recruiting 5,000 shop floor staff to further improve service, increase availability, and open more checkouts.At its Head Office, the company is beginning a consultation about a simplified management structure. The number of people employed there has increased by 50% since 2008.

4:39 am Renault Board of Directors requests that Carlos Ghosn ensures the Alliance remains sustainable and balanced (RNSDF) : Co announces A meeting of the Renault Board of Directors was called on Thursday April 16, 2015. On the agenda was the evolution in the composition of Renault's shareholders and consequences of this for the Alliance. The Board of Directors reaffirmed its support for Resolution No.12 which will be presented to the General Assembly meeting to be held on April 30, 2015, due to the specific situation of voting rights in the Alliance. (NSANY)

4:24 am 58.com acquires strategic stake in Ganji.com and announces additional investment by Tencent (TCEHY) (WUBA) : 58.com (WUBA) announced that it has acquired a strategic stake in Falcon View Technology, the holding company of the PRC entities operating Ganji.com, a major online local services marketplace platform in China. Concurrently, 58.com also announced an ~$400 million additional investment by Tencent Holdings (TCEHY).

• Under the terms of the definitive agreement with shareholders of Ganji, and as part of an intended long-term, strategic combination transaction, 58.com has agreed to acquire an approximately 43.2% fully diluted equity stake in Ganji for a combination of share consideration and cash, including approximately 34 million newly issued ordinary shares of the Company and $412.2 million in cash. 
• The two companies, which will continue to operate their respective brands, websites and teams, intend to maximize business synergies created by this new strategic relationship, and capitalize on opportunities to cooperate and further expand their businesses. 
  

3:55 am On The Wires (:WIRES) :

• Northern Trust (NTRS) announced it has established an asset management sales and client servicing team in its Melbourne, Australia, office to offer its full range of customizable asset management solutions to institutional investors across Australia and New Zealand. 
• Scania and Oshkosh (OSK) have agreed to enter into a partnership under which Scania will deliver low-emission engines for airport product vehicles produced by Oshkosh. The partnership will cover a range of products to be launched worldwide.

3:20 am Thoratec: ROADMAP study demonstrating benefits of HeartMate II Left Ventricular Assist Device presented at ISHLT Conference (THOR) : Co announced researchers presented one-year results from the ROADMAP Study (Risk Assessment and Comparative Effectiveness of Left Ventricular Assist Device and Medical Management in Ambulatory Heart Failure Patients). The study evaluated the effects of Thoratec Corporation's HeartMate II Left Ventricular Assist Device compared with optimal medical management patients. Results from the multi-center, non-randomized, controlled, observational study indicate that the HeartMate II enhanced the long-term outcomes of patients with advanced heart failure. One-year survival rate was 80 percent in the HeartMate II group, compared with 64 percent for medically managed patients on an as-treated basis.

2:46 am North Atlantic Drilling and Rosneft (OJSCY) agree to delay closing of planned transaction (NADL) : Co announced that it had entered into a Framework Agreement between NADL, Seadrill and Rosneft Oil Company. On November 7, 2014, the closing of the transaction was delayed until the end of May 2015. Today, all parties have mutually agreed to extend the termination date of the Framework Agreement until May 31, 2017, whereby any party can terminate the Framework Agreement and / or any offshore drilling contracts at any time prior to May 31, 2017 at no cost. Additionally, the parties have agreed to use reasonable efforts to renegotiate the terms and characteristics of the transactions contemplated in the Framework Agreement and the terms of the related offshore drilling contracts.

2:15 am Yara ASA proposes new buy-back program (YARIY) : Co's Board proposes that the existing buy-back program is replaced by a new program, authorizing the Board to acquire up to 5% of Yara's shares before the next Annual General Meeting. Shares may be purchased within a price range of NOK 10 to NOK 1,000. The shares may either be used for cancellation or as payment in commercial transactions. The company has entered into a new agreement with the Norwegian State to redeem shares on a pro-rata basis so that the State's ownership is unchanged in the event of a cancellation of the shares bought back.

2:08 am Summit Materials announces a definitive agreement to acquire cement assets from Lafarge (LFRGY) (SUM) : Summit Materials (SUM) announced it has signed a definitive agreement with Lafarge (LFRGY) North America to acquire Lafarge NA's 1.2 million short ton capacity Davenport, IA cement plant and seven cement distribution terminals for $450 million, subject to certain post-closing adjustments, plus Summit's Bettendorf, Iowa cement distribution terminal. The transaction is expected to close in July 2015, pending final regulatory approval and the closing of the Lafarge-Holcim global merger

2:04 am Uni-Pixel acquires Atmel's (ATML) XSense assets and operations (UNXL) : UniPixel (UNXL) has acquired, through its wholly owned subsidiary, Uni-Pixel Displays, Inc., the assets of Atmel Corporation's (ATML) XSense touch sensors group, and has concurrently entered into patent and intellectual property licenses with Atmel, exclusive for a period of two years, for the use of XSense-related technologies.

• UniPixel also has acquired separate licenses for fine line technology from Atmel's partner, CIT Technology Limited, a wholly owned subsidiary of Carclo plc. The licenses with CIT Technology as to the products covered by the patents and intellectual property being licensed are also exclusive for a period of two years. 
• As a result of the transaction, UniPixel will gain immediate access to Atmel's Tier 1 PC OEM customer base and technology partners, along with the associated sales and product development pipeline. 
  

1:58 am On The Wires (:WIRES) :

• Immersion Corporation (IMMR) announced the emergence of a distinctive new gaming experience for mobile users -- games you can feel. 
• Ecolab (ECL) has signed a purchase agreement to acquire the 17-story North Tower from Travelers in downtown St. Paul, Minn. The transaction is expected to close in the third quarter, and by the end of 2018, Ecolab will relocate all associates from the three buildings that comprise its world headquarters in downtown St. Paul to the North Tower. Financial terms of the agreement are not being disclosed.

1:00 am Akebia Therapeutics prices 7,272,727 shares of common stock at $8.25 per share (AKBA) :  

12:58 am Wynn Resorts: Steve Wynn responds to recent press release by Elaine Wynn (WYNN) : Steve Wynn issued the following statement in response to Elaine Wynn's press release dated April 16, 2015:

"My comments on The Charlie Rose Show should not be misconstrued. Decisions about nominations and re-nominations of directors are the responsibility of independent directors of Wynn Resorts Limited. They have made the decision about the re-nomination of Elaine Wynn for the reasons which they have thoroughly and carefully explained to our stockholders. The Company's independent directors are focused on the best interests of our stockholders and fulfill their roles extremely well for our Company. Under the stockholders agreement (which Ms. Wynn seeks to invalidate through litigation), I am obligated to vote in favor of Ms. Wynn's re-election.

"It is very important that all stockholders know that I have nothing but the highest respect for the independent directors, their business judgment and their overriding sense of fiduciary responsibility to Wynn Resorts and its stockholders."

12:55 am Professional Delivery Network prices 1,670,000 shares of its common stock at $3.00 per share (IPDN) :