8:56 am S&P futures vs fair value: +19.50. Nasdaq futures vs fair value: +42.90. (:WRAPX) :

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

Markets in the Asia-Pacific region ended Tuesday on a mixed note. Japan's Nikkei (-1.7%) spent the day in a steady retreat, erasing the entirety of its rebound off Monday's session low. Meanwhile, indices in Hong Kong (-0.2%) and China (-0.3%) posted slimmer losses. Elsewhere, Thailand's SET spiked 2.6%, registering its largest advance since late August. Regional newsflow was relatively light, but it is worth noting that the New Zealand Treasury has cut its GDP forecast for fiscal year 2015/2016 to +2.2% from +2.9%. Similarly, Australia has lowered its fiscal-year 2015/2016 growth forecast to 2.5% from 2.75%. Separately, the latest meeting minutes from the Reserve Bank of Australia showed that the central bank expects a gradual strengthening in economic growth.

• Economic data was limited:
  • Australia's Q3 House Price Index +2.0% quarter-over-quarter, as expected (previous 4.7%)
  • New Zealand's Budget Balance -NZD5.40 billion (previous -NZD4.17 billion)
  • Singapore's October Retail Sales +1.0% month-over-month (expected 1.7%; previous -4.0%); +2.7% year-over-year (expected 2.6%; last 4.3%). Separately, Q3 Unemployment Rate held at 2.0%, as expected
  • South Korea's November trade balance KRW10.30 billion (expected KRW10.40 billion; previous KRW10.40 billion)

---Equity Markets---

• Japan's Nikkei lost 1.7%, ending at its lowest level since late October. Every sector ended the day in negative territory, paced by materials (-2.5%), industrials (-2.1%), financials (-1.7%), and consumer discretionary (-1.6%). As for individual issues, TDK, Fukuoka Financial, Pioneer, Nissan Motor, and Japan Steel Works lost between 3.2% and 4.0%. On the flip side, nine names posted gains with Unitika spiking 1.8% and Konami rising 0.8%.
• Hong Kong's Hang Seng shed 0.2% to register its ninth consecutive decline. The index settled in the top third of its range from Monday with consumer and gaming names struggling for the second consecutive day. The likes of Belle International, Sands China, Galaxy Entertainment, Li & Fung, and China Resources Beer Holdings fell between 1.2% and 3.9%. On the upside, energy names rebounded with CNOOC and PetroChina climbing 1.0% and 0.8%, respectively.
• China's Shanghai Composite slipped 0.3% with securities brokers seeing increased interest. CITIC Securities lost 3.8% while Pacific Securities, Founder Securities, and Industrial Securities surrendered between 2.2% and 3.4%.

Major European indices trade higher across the board thanks to a rebound that began taking shape shortly after today's opening bell. A rally in crude oil has contributed to the upbeat sentiment as the energy component climbed back into the $37.00/bbl area after showing volatility yesterday. The ongoing rebound has helped regional indices erase their losses from Monday. The euro, meanwhile, is little changed against the dollar (1.1001). On the central bank front, Sweden's Riksbank kept its key interest rate and purchasing program unchanged at -0.35% and SEK200 billion despite some calls to push the rate further into negative territory.

• In economic data:
  • Eurozone Q3 Employment Change +0.3% quarter-over-quarter (expected 0.2%; previous 0.4%) and ZEW Economic Sentiment 33.9 (expected 34.4; previous 28.3)
  • Germany's December ZEW Economic Sentiment 16.1 (expected 15.0; previous 10.4) and ZEW Current Conditions 55.0 (consensus 54.2; previous 54.4)
  • UK's House Price Index +7.0% year-over-year (consensus 6.4%; previous 6.1%) and November Input PPI -1.6% month-over-month (expected -1.1%; previous 0.2%). Separately, November CPI 0.0% month-over-month (expected -0.1%; previous 0.1%); +0.1% year-over-year, as expected (previous -0.1%). Also of note, Core CPI +1.2% year-over-year, as expected (previous 1.1%)
  • Spain's November CPI +0.4% month-over-month (expected 0.3%; previous 0.3%); -0.3% year-over-year, as expected (previous -0.3%)
  • Swiss November PPI +0.4% month-over-month (expected 0.1%; previous 0.2%); -5.5% year-over-year (consensus -6.1%; last -6.6%)

---Equity Markets---

• UK's FTSE is higher by 1.8% amid gains in more than 90% of its components. Consumer staples lead with WM Morrison Supermarkets, J Sainsbury, and Tesco showing gains between 3.7% and 4.6%. Mining names trade in mixed fashion as Glencore soars 4.8% while Fresnillo and Randgold Resources trade with respective losses of 4.5% and 0.4%.
• Germany's DAX has spiked 2.6%, returning to little changed for the week. All 30 index components trade in the green with 28 showing gains of 1.0% or more. Deutsche Post leads with a 4.7% spike while financials Commerzbank and Deutsche Bank hold respective gains of 3.8% and 2.9%. As for heavyweight exporters, Daimler, BMW, and Volkswagen are up between 2.2% and 2.9%.
• In France, the CAC trades up 2.4% with all but two components in the green. Beaten down consumer and growth-sensitive names lead today's rally with steelmaker ArcelorMittal surging 5.5% while Louis Vuitton, Carrefour, and L'Oreal show gains between 1.9% and 4.4%. Financials also appear among the leaders with BNP Paribas and Societe Generale up 3.7% and 3.2%, respectively.

8:55 am Alibaba and Disney (DIS) confirm they have reached a multi-year license agreement, for an over the top service called DisneLife (BABA) : DisneyLife, a platform for Disney (DIS) and Pixar products will be now available for sale via Tmall.com

8:48 am Mobile Mini enters into an amended and restated asset-based revolving $1.0 bln credit facility at reduced interest (MINI) : Co enters into an amended and restated asset-based revolving credit facility at reduced interest rates. The new $1.0 billion facility is effective December 14, 2015 and provides for a five-year, revolving line of credit facility maturing December 2020.

8:39 am Liberty Prop to sell 8.5 mln square feet in office properties; reaffirms FY15 FFO, guides FY16 FFO (LPT) :

• Co announced plans to complete its multi-year portfolio repositioning plan through planned sales of ~8.5 million square feet of suburban office properties.
• The execution of this sale strategy is the primary factor in Liberty's expectation to report funds from operations for 2016 in the range of $2.35-2.55 (not comparable to $2.59 consensus), with timing of the sales contributing to the wider range.
• Proceeds from asset sales will be used to fund Liberty's growing development pipeline and potential acquisitions. Liberty expects to start $500-$700 million in new development projects in 2016 Co reaffirmed its previously announced expectation to report FFO per share for 2015 in the range of $2.66-$2.69 vs. $2.67 consensus. Fourth quarter development starts (wholly-owned) comprise five projects for $108 million. The projects total 669,000 square feet and are 49% pre-leased.

  Fourth quarter acquisitions are expected to total $11 million and consist of one vacant 198,000 square foot distribution building in Shakopee, Minnesota. Fourth quarter dispositions to date total $300.3 million of suburban office and non-core industrial properties totaling 4.1 million square feet.

8:37 am Bristol-Myers enters into a clinical trial collaboration with Neon Therapeutics (BMY) : The collaboration will evaluate the combination of Neon Therapeutics' proprietary personalized neoantigen vaccine, NEO-PV-01, and Opdivo (nivolumab), a PD-1 immune checkpoint inhibitor. Neon Therapeutics' lead program, NEO-PV-01, is a fully personalized neoantigen vaccine based on DNA mutations from patients' individual tumors. The study will be conducted by Neon Therapeutics. Additional details of the collaboration were not disclosed.

8:34 am Canadian Oil Sands: Suncor Energy (SU) sends a letter outlining the value of Suncor's offer (COSWF) :

• The letter outlines the value of Suncor's offer to purchase all of the shares of COS against the poor performance and track record of COS and what Suncor believes are the severe risks facing COS as an independent company both now and in the future. Suncor strongly encourages COS shareholders to tender to its offer. The offer expires on Friday, January 8, 2016 at 6:00 pm Mountain Time (8:00 pm Eastern Time).
• "If you 'do nothing' and our offer is rejected, you can expect the value of your shares to drop - sharply. Since October 2, when COS was trading at the $6 level, the value of your shares has been supported by our offer. Without our offer, you can expect COS shares will fall back to that level - and potentially even lower reflecting the roughly 20% drop in oil prices during this period (particularly given COS' claim that COS shares are 98% correlated to the price of oil). The market will also factor in the negative impact of the chronic and continuing operational challenges at Syncrude. Finally, you will be left owning shares in a company that we do not believe can create value in this market."

8:33 am KemPharm submits an NDA for KP201/APAP to the FDA and has requested priority review (KMPH) : If priority review is granted, the FDA typically takes action within six months from the date the NDA is accepted for review, potentially allowing for approval as early as Q3 2016.

8:32 am November CPI Flat; Empire Manufacturing Ahead of Estimates...S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +26.50. (:WRAPX) :

The S&P 500 futures trade eleven points above fair value.

Total CPI  was flat at 0.0% (Briefing.com consensus 0.0%) in November while core CPI, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 0.5% and core CPI is up 2.0%.

The Empire Manufacturing Survey for December registered a reading of -4.6, which was abovethe prior month's reading of -10.7 and above the Briefing.com consensus estimate, which was pegged at -5.9.

8:32 am Ceres prices $6.7 mln public offering at $0.40 per unit (CERE) :

• The offering is comprised of Class A Units, priced at a public offering price of $0.40 per unit, with each share of common stock coupled in a unit with a five-year warrant to purchase one share of common stock, at $0.40/share, and Class B Units, priced at a public offering price of $1,000 per unit, with each share of preferred stock convertible into 2,500 shares of common stock and coupled in a unit with 2,500 warrants.
• A total of 600k shares of common stock, 6,460 shares of preferred stock convertible into 16.15 mln shares of common stock, and warrants to purchase 16.75 mln shares of common stock, will be issued in the offering.

8:31 am Market View: Mar. E-mini stock-index futures hold a firm bid above fair values here following the 8:30 am ET economic data points (:TECHX) :

• ESh6 now +13.50
  
  
• YMh6 now +81
  
  
• NQh6 now +26.50

8:31 am Vringo regains compliance with the Nasdaq minimum bid price listing rule (VRNG) :  

8:30 am FuelCell Energy announces a $30 million project financing facility with PNC Energy Capital (FCEL) : Co announces a $30 mln project financing facility with PNC Energy Capital, a full service capital provider to the renewable energy and demand side management segments of the energy industry.

• This facility provides long term financing for projects that the company is developing under power purchase agreements.
• PNC Energy Capital will provide financing through a sale / leaseback structure to select project subsidiaries formed and owned by FuelCell Energy. The financing facility monetizes the tax benefits and cash flows from customer power purchase agreements.
• The first project to close under this structure is expected to be the previously announced 1.4 megawatt fuel cell power plant which provides both electricity and heat to the University of California, Irvine Medical Center. The power plant will generate about 30% of the facility power needs, while the heat produced will be used in a direct exhaust absorption chiller to produce 200 tons of cooling for an office building and associated institutional requirements.
• The installation is expected to achieve commercial operations in December 2015, at which time, the project will be financed under this PNC financing facility.
• FuelCell Energy will operate and maintain the plant and sell power under a long-term power purchase agreement to UCI.
  

8:30 am Goodyear Tire reports its European subsidiary, Goodyear Dunlop Tires Europe B.V will redeem EUR 250 mln in 6.75% senior notes due 2019 (GT) : Co announces its European subsidiary, Goodyear Dunlop Tires Europe, will redeem all of its outstanding 250 million aggregate principal amount of 6.75% senior notes due 2019 on January 14, 2016. The redemption price will be 103.375% of the principal amount of the notes being redeemed, plus accrued and unpaid interest to January 14, 2016.

8:29 am Sirius XM Radio: Stock spikes as co confirms Howard Stern re-signs and will produce his show for another 5 years (SIRI) :

• Howard Stern and SIRI announced a 12-year agreement under which Stern will continue to produce and host The Howard Stern Show on SiriusXM for the next 5 years.
• The deal includes plans for SiriusXM to launch its first venture into video programming with Stern. The news was first reported by Stern during his show this morning.
• Under the new long-term agreement, The Howard Stern Show will continue to be broadcast live exclusively on SiriusXM's Howard 100 channel, 7:00 am to 11:00 am ET.
• SiriusXM and Howard Stern Productions also agreed to a 12-year deal for use of Stern's audio and video library.
• Video plans will be announced at a future date and will include video of The Howard Stern Show as well as the Howard Stern archives and special programming.

8:28 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: KMT -18.7%, MMM -3.9%, PAY -2.6%, FDS -1.2%, WCC -0.6%

Other news: NEOT -76.2% (Announced that its AbCONTOUR1 and AbCONTOUR2 U.S.-based pivotal Phase 3 trials to evaluate the safety and efficacy of LIPO-202 did not meet its co-primary composite and secondary endpoints), NCLH -3.1% (priced secondary public offering of ~10.3 mln by Selling Shareholders at $57.65/share), FXCM -2.7% ( reports November monthly metrics, showing retail customer trading volume of -12% Y/Y to $298 bln), FFIV -2.4% (appoints Chairman John McAdam as President and Chief Executive Officer ), ARMH -2.4% (European peer Dialog Semi lowered rev guidance), SWKS -1.9% (European peer Dialog Semi lowered rev guidance), MDCO -1.4% (reports publication of MDCO-216 data; demonstrates pronounced effect on ABCA1-mediated cholesterol efflux), AAPL -1.1% (supplier Dialog Semi lowered rev guidance)

Analyst comments: PAY -2.6% (downgraded to Neutral from Buy at Goldman), BTU -2.1% (downgraded to Underperform from Neutral at Macquarie), APAM -0.6% (downgraded to Sell from Neutral at Citigroup)

8:28 am On The Wires (:WIRES) :

• GE (GE) Capital Aviation Services, the commercial aircraft leasing and financing arm of GE, announced it signed an agreement with Virgin America to lease 10 new Airbus A321neo aircraft to expand the carrier's fleet.
• Microchip Technology (MCHP) announced that Audi will use its MOST150 technology to network the Audi virtual cockpit system, in the latest model year of its A4 Sedans.
• The U.S. Navy has awarded Northrop Grumman Corporation (NOC) a base year contract valued at $19.8 mln, with a total potential value of $47.8 mln over five years, to develop the replacement inertial navigation system deployed on most Navy combat and support ships.
• The PNC Financial Services Group (PNC) announced that Thomas Melcher, managing executive of Hawthorn, PNC Family Wealth, will succeed Jame Dunigan as PNC Asset Management Group's chief investment officer, effective Jan. 1, 2016.
• Amazon.com (AMZN) announced the launch of restaurant delivery on Prime Now in Austin, TX. Prime Now customers in Austin can enjoy one-hour delivery from local restaurants and food trucks

8:24 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance: APDN +13.3%, FCEL +8.2%, ARWR +5.3%

M&A news: IRC +5.6% (agrees to be acquired by DRA Advisors funds, for $10.60 per share in cash),ICPT +4.2% (M&A speculation discussed in UK Daily Mail ),SYT +1.3% (ChemChina mulling a revised proposal to acquire Syngenta, according to Bloomberg)

Select Brazil related names showing strength: GGB +4.9%, CIG +4.7%, ENB +3.6%, SBS +3%, PBR +2.4%

Select metals/mining stocks trading higher: VALE +5.6%, AU +5.4%, MT +4.3%, RIO +1.7%, BBL +1.6%, ABX +1.4%, FCX +1.2%, AA +1.1%

Select oil/gas related names showing strength: UPL +7.9%, SDRL +2.3%, APC +1.7%, RDS.A +1.5%, TOT +1.5%, E +1.4%, BP +0.8%

Other news: KTOV +40.6% (announces that the Phase III clinical trial for KIT-302 successfully met the primary efficacy endpoint of the trial protocol as approved by the FDA),LL +26% (Whitney Tilson announced he has covered his short),UTSI +7.9% (Shanghai Phicomm Communication disclosed 31.7% active stake, stated interest in acquiring control of UTSI),WGBS +7% (Signed collaboration agreement with the Luxembourg Institute of Health),VRX +4.9% (issues response to Bloomberg article about its director Norma Provencio; also confirms new U.S. fulfillment agreements with Walgreens (WBA), along with additional participating independent pharmacies),SIRI +3.5% (attributed to new 5-year contract with Howard Stern),SNY +3.3% (Sanofi-Aventis and Boehringer Ingelheim enter asset swap negotiations; expected to be business EPS neutral in 2017 and accretive in subsequent years),NWL +3.2% (favorable commentary on Monday's Mad Money),AINV +2.8% (approves a new $50 mln stock repurchase plan ),QCOM +2.3% (believes current structure best positions itself following comprehensive review; raises Q1 EPS Guidance),MNOV +2% (Received notice of allowance for a new patent from the Chinese Patent Office which covers MN-029 (denibulin) di-hydrochloride),DIS +1.5% (may be attributed to increased buzz over Star Wars movie released this week),BA +1.4% ( raises share repurchase program to $14 bln and increased 20% to $1.09 per share),ALV +1.1% (EU New Car Reg's +13.2%),PFE +1% (increases quarterly dividend to $0.30/share from $0.28/share)

Analyst comments: TSEM +5% (initiated with an Outperform at Oppenheimer),ECA +3.2% (upgraded to Buy from Hold at Jefferies),SYMC +2.4% (upgraded to Overweight from Equal-Weight at Morgan Stanley),AIG +2.4% (upgraded to Outperform from Mkt Perform at Keefe Bruyette),FEYE +2.3% (initiated with a Buy at Evercore ISI ),COH +2.3% (upgraded to Outperform from Market Perform at Cowen ),AMGN +2.2% (upgraded to Overweight from Equal-Weight at Morgan Stanley ),V +2% (added to Conviction Buy List at Goldman),BHP +1.5% (upgraded to Outperform from Neutral at Credit Suisse),PNRA +1.5% (upgraded to Neutral at Longbow),WPX +1.2% ( initiated with a Buy at Sun Trust Rbsn Humphrey),TXN +0.8% (upgraded to Outperform from Perform at Oppenheimer)

8:22 am DHT reports the time charter extension for three of its vessels, the Samco Europe, Samco Taiga and Samco Redwood (DHT) : The vessels Samco Europe, Samco Taiga and Samco Redwood have been extended for one, two and two years respectively at a daily rate of $53,200, $45,000 and $47,300 respectively. The contract extensions secure 1,800 days of time-charter equivalent earnings at a combined value of about $85 million.

8:17 am Sharps Compliance acquires Bio-Team Mobile LLC; terms not disclosed (SMED) : Bio-Team Mobile LLC is a route-based medical waste pick-up provider serving Pennsylvania and Maryland.

8:15 am Albany Molecular acquires testing services provider, Whitehouse Laboratories for $56 mln in cash and stock (AMRI) :

Co announced that it has acquired all the outstanding equity interests of Whitehouse Laboratories, a provider of testing services that includes chemical and material analysis, method development and validation and quality control verification services to the pharmaceutical, medical device and personal care industries. Total consideration is $54 million in cash, and an additional $2 million in shares of AMRI common stock contingent upon Whitehouse Labs achieving certain 2015 targets. Whitehouse Labs had 2015 estimated revenue of $11 million and 2015 estimated adjusted EBITDA of $6 million.

• Co financed the transaction with cash on hand and borrowings under its $30 million revolving credit facility.
• The transaction is expected to be accretive in 2016 to AMRI's non-GAAP diluted earnings per share.
• Co intends to provide its 2016 financial guidance in mid-February 2016.

8:15 am Teladoc reports that a federal court has ruled in its favor, denying the Texas Medical Board's motion to dismiss a lawsuit (TDOC) : Co noted that Judge Robert Pitman, U.S. District Court for the Western District of Texas, denied the Texas Medical Board's motion to dismiss a federal lawsuit filed by Teladoc. This week's District Court ruling addresses and rejects each argument raised by the TMB, including its attacks on Teladoc's antitrust and Constitutional challenges to multiple TMB rules. In each instance, Judge Pitman disagreed with the TMB's arguments and denied the TMB's request to dismiss all or any part of Teladoc's case.

8:07 am ManTech receives prime contract to provide software engineering support to system fielding from US Army w/ potential total value of $34 mln (MANT) : The U.S. Army has awarded co a prime contract to provide software engineering support to system fielding; certification and accreditation information assurance; and other intelligence, surveillance, and reconnaissance technical assistance to the Distributed Common Ground System-Army Programs of Record modernization effort. The cost-plus-fixed-fee task order has a 12-month base period of performance and one 12-month option period, with a potential total value to ManTech of $34 million.

8:07 am US Geothermal acquired from Goldman Sachs the majority of their cash flow interest in and ownership of the Raft River geothermal project (HTM) :

• U.S. Geothermal will receive 95% of the cash flow from the project on a going forward basis, along with all increased cash flow from any project improvements. The purchase price was $5.1 mln for the 95% interest, with an option to purchase the balance of Goldman's interest for Fair Market Value at the end of 2017. The purchase price consisted of a $3.5 mln cash payment plus a promissory note of $1.6 mln that bears interest at 8%.
• Under the promissory note agreement, $1 mln of the note may be satisfied with shares of U.S. Geothermal common stock priced at the 10 day weighted average closing price of the common stock at time of conversion if not otherwise paid in cash by March 31, 2016. U.S. Geothermal will file a resale registration statement covering the shares to be issued in satisfaction of the promissory note.

8:05 am Ultrapetrol provides update on lender negotiations; has decided not to make select payments; retained advisor (ULTR) :

• Co has decided not to make at this time the $10 mln interest payment due December 15, 2015 on its outstanding 8.875% First Preferred Ship Mortgage Notes due 2021 and the $6.5 mln interest and principal payments on other loan facilities related to River Business. Co has reserved any decision regarding whether or not to make the payments during the Cure Periods of the Notes and the other loan facilities related to the River Business. Although the Company currently has sufficient liquidity to make the payments, co believes it is prudent not to do so at this time as negotiations continue with representatives of holders of the Notes and with the Company's other secured lenders.
• As previously disclosed, co is in ongoing negotiations with lenders to the Company's UP Offshore subsidiary regarding the refinancing of outstanding loan facilities, with the goal of extending near-term maturities and amortization schedules. Additionally, the Company has initiated discussions with certain creditors of its River Business to consensually restructure selected debt securities. The Company believes that it has sufficient liquidity to fully fund all aspects of its operations on a normal basis throughout these negotiations.
• The Company has retained Miller Buckfire & Co., LLC and Zirinsky Law Partners PLLC to advise the Company during these negotiations, as well as to identify additional strategic alternatives by which the Company can strengthen its balance sheet and enhance its debt maturity profile.

8:05 am Paramount Gold Nevada files a preliminary economic assessment for its Sleeper Gold Project; sees annual production of 102,000 oz of gold and 105,000 oz of silver (PZG) :

• Low Initial Capital of $175 Million for a 30,000 tonnes per day operation;
• Estimated annual production of 102,000 ounces of Gold and 105,000 ounces of Silver;
• Low cash operating cost of $529 per ounce of Gold Equivalent produced;
• Base Case has a $244 million pre-tax net cash flow, a $167 million net present value at a 5% discount rate and an internal rate of return of 25%;
• Quick capital payback period of 3.5 years based on after tax cash flows;
• Confirms the potential to add mineralized material.
• "The project costs per ounce of gold equivalent produced on a cash cost and all in sustaining cost basis including initial capital expenditures are $529 and $869 respectively, which is very competitive as compared to its peers. The results of this PEA clearly indicate that Sleeper could be an economical operation in the current metal price environment..."

8:05 am Torchlight Energy Resources provided update on Orogrande and Marcelina Creek Projects (TRCH) :

Co provided updates on its Orogrande and Marcelina Creek Projects. Excerpts:

• Orogrande Project: In compliance with the Farm Out agreement with Founders Oil and Gas, the frac work on the Rich A-11 well commenced in late November. With over 1,400 feet of potential oil and gas bearing sections the operational plan is to start with the deepest completion interval and work up.
• Marcelina Creek Project: A drilling rig is on location and operations have commenced in drilling two 2,400 foot lateral legs in the Johnson #4 project.
• "With our Capital Expenditure exposure covered 100% by our partners on both assets, we are in a great position and excited to see the operational results."

8:04 am Empire Resorts announces a 1-for-5 reverse split, to take effect before the open on December 23, 2015 (NYNY) :  

8:03 am Yulong Eco-Materials has received two new assignments to provide construction waste recycling services in two additional villages within the Zhengzhou City Airport Zone (YECO) :  

8:03 am Five Star Quality Care appoints Richard Doyle as CFO and Treasurer (FVE) : Doyle has served as Chief Financial Officer and Treasurer of Senior Housing Properties Trust (SNH) since 2007. He was previously the Director of Financial Reporting for Five Star beginning in 2005.

8:02 am Senior Housing appoints Richard W. Siedel, Jr. as CFO and Treasurer (SNH) : Co names Richard Siedel, Jr. as its CFO and Treasurer. Mr. Siedel has been Chief Accounting Officer of Five Star Quality Care (FVE) since 2014 and previously was Controller of The RMR Group since 2013.

8:02 am S&P futures vs fair value: +10.30. Nasdaq futures vs fair value: +25.80. (:WRAPX) :

U.S. equity futures have slipped from their pre-market highs, but remain ten points above fair value.

Treasuries, were on the decline overnight pushing the yield higher on the benchmark note to 2.25% (+2bps).

On the economic front, November's CPI (Briefing.com consensus 0.0%) and December's Empire Manufacturing Index (expected -5.9) will be reported at 8:30 ET. At 10:00 ET December's NAHB Housing Market Index (consensus 63) will be released.

In U.S. corporate news of note:

• Apple (AAPL 110.83, -1.65): -1.5% after multiple sources reported that Samsung would be appealing a Supreme Court ruling regarding a patent dispute.
• Lumber Liquidators (LL 17.91, +3.85): +27.4% off yesterday's after hours news that Whitney Tilson has covered his short position in the company.
• 3M Company (MMM 154.50, -3.13): -2.0% after the company provided revised guidance for FY15 (December). The company sees EPS near $7.55 vs. $7.65. Now expects 2015 full-year organic growth of approximately 1%, vs. 1.5-2%.
• Amgen, Inc. (AMGN 162.30, +4.19): +2.7% after the company was upgraded at Morgan Stanley from Equal-Weight to Overweight.
• Valeant Pharmaceuticals (VRX 96.49, +2.34): +2.5% on news that the company has entered into a distribution agreement with Walgreens

Reviewing overnight developments:

Asian markets ended lower across the board. Japan's Nikkei -1.7%, China's Shanghai composite -0.3%, and Hong Kong's Hang Seng -0.2%.

• In economic data:

• Australia's Q3 House Price Index +2.0% quarter-over-quarter, as expected (previous 4.7%) New Zealand's Budget Balance -NZD5.40 billion (previous -NZD4.17 billion)
• Singapore's October Retail Sales +1.0% month-over-month (expected 1.7%; previous -4.0%); +2.7% year-over-year (expected 2.6%; last 4.3%). Separately, Q3 Unemployment Rate held at 2.0%, as expected
• South Korea's November trade balance KRW10.30 billion (expected KRW10.40 billion; previous KRW10.40 billion)

• In news:

• New Zealand's Treasury cut its GDP forecast for the fiscal-year 2015-2016 to +2.2%
• Australia lowered its fiscal year 2015-2016 growth forecast to 2.5% from 2.75%

Major European indices are all trading higher thanks in part to a continuation of yesterday's oil rally. Germany's DAX +2.3%, France's CAC +2.2%, and UK's FTSE +1.7%. Elsewhere, Italy's MIB +2.5% and Spain's IBEX +2.1%

• In economic data:
• Eurozone Q3 Employment Change +0.3% quarter-over-quarter (expected 0.2%; previous 0.4%) and ZEW Economic Sentiment 33.9 (expected 34.4; previous 28.3)
• Germany's December ZEW Economic Sentiment 16.1 (expected 15.0; previous 10.4) and ZEW Current Conditions 55.0 (consensus 54.2; previous 54.4)
• UK's House Price Index +7.0% year-over-year (consensus 6.4%; previous 6.1%) and November Input PPI -1.6% month-over-month (expected -1.1%; previous 0.2%). Separately, November CPI 0.0% month-over-month (expected -0.1%; previous 0.1%); +0.1% year-over-year, as expected (previous -0.1%). Also of note, Core CPI +1.2% year-over-year, as expected (previous 1.1%)
• Spain's November CPI +0.4% month-over-month (expected 0.3%; previous 0.3%); -0.3% year-over-year, as expected (previous -0.3%)
• Swiss November PPI +0.4% month-over-month (expected 0.1%; previous 0.2%); -5.5% year-over-year (consensus -6.1%; last -6.6%)

8:02 am Pershing Gold announces expansion of high-grade zone of gold mineralization previously announced (PGLC) :

Co announced the completion of its 2015 Drilling Program at the Relief Canyon project in Pershing County, Nevada.

• "These results expand a high-grade zone of gold mineralization previously announced in the Southwest Target Area. In addition, these results extend high-grade zones discovered in 2015 in the North Target Area, the North Pit and the Jasperoid Target Area. We expect these high-grade intercepts, taken together with those previously announced in 2015, to improve overall project economics by continuing to significantly drive down the already low-cost profile for Relief Canyon."
• The Company expects to publish an updated NI 43-101 resource update incorporating these results as well as a Preliminary Economic Analysis on Relief Canyon in the second quarter of 2016.

8:01 am Magnegas receives $3 mln in warrant exercises, placing its cash position at $5 mln (MNGA) :  

8:01 am Spirit Realty Capital increases quarterly dividend by $0.005/share to $0.175/share (SRC) :  

7:59 am On The Wires (:WIRES) :

• Alimera Sciences (ALIM) announced that its subsidiary, Alimera Sciences B.V., has signed an agreement with MEAgate International FZLLC to distribute ILUVIEN throughout much of the Middle East. Under the terms of the agreement, MEAgate will open a scientific office for Alimera in the Middle East to support regulatory, medical affairs, and sales and marketing operations. In addition to its administrative and regulatory support personnel, MEAgate will initially have a team of five Medical Science Liaisons, with two in Saudi Arabia, two in Egypt and one in the Gulf Cooperation Council countries, to support Named Patient Sales, which are expected to begin in Saudi Arabia, Egypt, UAE and Lebanon in 2016.
• Pacific Biosciences of California (PACB) announced that the company has received ISO 13485 and ISO 9001 certifications for the design, development, manufacture, distribution, installation, and servicing of its nucleic acid sequencing platforms.
• Jacobs Engineering (JEC) reappointed as the sole supplier of professional services to Highways England Historical Railways Estate for a term of up to five years and received a contract from Suncor Energy to provide project management and engineering services to complete the design basis memorandum for its proposed Meadow Creek East facility in northeast Alberta, Canada.

7:52 am Chip stocks in play after Dialog Semi warning, Qualcomm guidance raise; AAPL down 1.5% premarket (SMH) :

• Dialog (DLGNF) is down 8% in Germany after lowering Q4 rev guidance due to weaker than anticipated demand in its Mobile Systems segment.
• Note that Apple (AAPL) (fell over 3%) and chip stocks/its suppliers got hit after Dialogue reported Q3 results and weak Q4 guidance on October 26.
  • AAPL fell 0.6% and bounced off support at the $110 level yesterday following cautious comments from Morgan Stanley.
• On the other hand, Qualcomm (QCOM) just raised Q1 EPS guidance; co is seeing a stronger quarter relative to prior guidance as 3G/4G device ASPs and shipments are favorably impacting the licensing business, and benefits are being realized from cost actions throughout the Company.
• Related stocks: AVGO, CRUS, SWKS, NXPI, QCOM, JBL, BRCM, ARMH, MXIM, IFNNY, LRCX, ON, TXN, AMAT, INTC, ALTR, MCHP, SYNA, ADI, XLNX.
  • The SMH closed below its 50 day moving averages just above the $54 level yesterday.

7:38 am 3M: DJIA 30 component slides lower in early pre-market trading here, now -2% following guidance; MMM now prints 154.86 on very light trading volume (MMM) :  

7:36 am 3M follow-up: MMM lowers FY15 guidance ahead of outlook conference call; issues FY16 guidance (MMM) :

• Co issues downside guidance for FY15 (Dec), sees EPS of $7.55 vs. $7.65 Capital IQ Consensus Estimate, down from prior guidance range of $7.60-7.65. Now expects 2015 full-year organic growth of approximately 1%, versus prior guidance of 1.5-2%.
• Co issues guidance for FY16 (Dec), sees EPS of $8.10-8.45 vs. $8.42 Capital IQ Consensus Estimate. Sees organic local-currency sales growth of 1-3%.
• Co cites "the realities of a continued slow-growth global economy."
• Dow component MMM is holding a conference call at 9:00 am ET today.

7:33 am Amarantus Bioscience receives notice of allowance for U.S. patent application covering method of treating Parkinson's Disease levodopa-induced dyskinesia (PD-LID) (AMBS) : Patent issuance will provide additional IP protection for eltoprazine, lead product candidate, through 2027. "As we await a decision from the US FDA on the orphan drug designation for treating PD-LID, we are currently evaluating alternative clinical pathways by which to accelerate our commercialization timeline, while also evaluating strategic interest in the overall eltoprazine program which includes Alzheimer's aggression and adult ADHD."

7:33 am ArQule confirms receipt of Orphan Designation from the FDA for ARQ 087 in cholangiocarcinoma, provides clinical update (ARQL) :

ArQule is currently conducting a biomarker-driven phase 2 trial for ARQ 087 in the U.S. and Italy in intrahepatic cholangiocarcinoma patients with FGFR2 fusions. The commencement of the phase 2 trial followed the observation of two confirmed partial responses in iCCA with FGFR2 fusions in the phase 1a portion of the trial. Subsequently, a minor response was observed in a third patient also harboring an FGFR2 fusion.

• In addition to the phase 2 trial for iCCA, ArQule is continuing to enroll the phase 1b portion of the trial with ARQ 087 in solid tumors harboring FGFR2 genetic alterations. A partial response was recently observed in a bladder cancer patient with an FGFR2 genetic alteration.

7:32 am Alliance Data reports November card services performance data, showing avg receivables +23% Y/Y to ~$12.47 bln (ADS) : Co reported average receivables +23% Y/Y to 12,474,539,000. Net charge-offs as a percentage of average receivables were +5% Y/Y to 51,912,000. Co noted that it is tracking to its guidance of a 4.6% principal loss rate for 2015.

7:31 am Qualcomm believes current structure best positions itself following comprehensive review; raises Q1 EPS Guidance (QCOM) :

• Co's Board of Directors and mgmt, with the assistance of independent advisors, have completed a comprehensive review of the Company's corporate and financial structure. This review, driven by a Special Committee of the Board of Directors, addressed the benefits and challenges of the existing structure, as well as considered a wide range of alternatives for potentially enhancing stockholder value. Following the review, upon the unanimous recommendation of the Special Committee, the Board unanimously concluded that the Company's current corporate and financial structure best positions Qualcomm to maintain its technology leadership and product strength, so as to drive the greatest long-term stockholder value.
• Co now expects to be at or modestly above the high end of the non-GAAP earnings per share guidance range $0.80-0.90 for Q1 (vs. $0.87 consensus). The co expects to provide a comprehensive review of its results, an update on China licensing progress and its outlook on the January earnings call.

7:30 am Vishay Precision acquires Stress-Tek for ~$20.0 mln (VPG) :

Stress-Tek is a designer and manufacturer of gage-based load cells and force measurement systems primarily servicing the North American market.

• The acquisition is expected to close by December 31, 2015.
• The purchase price for this business is ~$20 mln, which includes the acquisition of real estate valued at $5.5 mln
• VPG will finance the acquisition through a combination of cash on hand and third party borrowings.
• Co expects that Stress-Tek will achieve ~$9.0 mln in annual net sales and ~$1.1 mln in annual EBITDA in 2015.
• With expected cost synergies, co anticipates that Stress-Tek's annual EBITDA will increase to ~$3.0 mln over two years.

7:29 am European Markets Update: FTSE +1.9%, DAX +2.4%, CAC +2.5% (:SUMRX) :

Major European indices trade higher across the board thanks to a rebound that began taking shape shortly after today's opening bell. A rally in crude oil has contributed to the upbeat sentiment as the energy component climbed back into the $37.00/bbl area after showing volatility yesterday. The ongoing rebound has helped regional indices erase their losses from Monday. The euro, meanwhile, is little changed against the dollar (1.1001). On the central bank front, Sweden's Riksbank kept its key interest rate and purchasing program unchanged at -0.35% and SEK200 billion despite some calls to push the rate further into negative territory.

• In economic data:
  • Eurozone Q3 Employment Change +0.3% quarter-over-quarter (expected 0.2%; previous 0.4%) and ZEW Economic Sentiment 33.9 (expected 34.4; previous 28.3)
  • Germany's December ZEW Economic Sentiment 16.1 (expected 15.0; previous 10.4) and ZEW Current Conditions 55.0 (consensus 54.2; previous 54.4)
  • UK's House Price Index +7.0% year-over-year (consensus 6.4%; previous 6.1%) and November Input PPI -1.6% month-over-month (expected -1.1%; previous 0.2%). Separately, November CPI 0.0% month-over-month (expected -0.1%; previous 0.1%); +0.1% year-over-year, as expected (previous -0.1%). Also of note, Core CPI +1.2% year-over-year, as expected (previous 1.1%)
  • Spain's November CPI +0.4% month-over-month (expected 0.3%; previous 0.3%); -0.3% year-over-year, as expected (previous -0.3%)
  • Swiss November PPI +0.4% month-over-month (expected 0.1%; previous 0.2%); -5.5% year-over-year (consensus -6.1%; last -6.6%)

---Equity Markets---

• UK's FTSE is higher by 1.9% amid gains in more than 90% of its components. Consumer staples lead with WM Morrison Supermarkets, J Sainsbury, and Tesco showing gains between 3.7% and 4.6%. Mining names trade in mixed fashion as Glencore soars 4.8% while Fresnillo and Randgold Resources trade with respective losses of 4.5% and 0.4%.
• Germany's DAX has spiked 2.4%, returning to little changed for the week. All 30 index components trade in the green with 28 showing gains of 1.0% or more. Deutsche Post leads with a 4.7% spike while financials Commerzbank and Deutsche Bank hold respective gains of 3.8% and 2.9%. As for heavyweight exporters, Daimler, BMW, and Volkswagen are up between 2.2% and 2.9%.
• In France, the CAC trades up 2.5% with all but two components in the green. Beaten down consumer and growth-sensitive names lead today's rally with steelmaker ArcelorMittal surging 5.5% while Louis Vuitton, Carrefour, and L'Oreal show gains between 1.9% and 4.4%. Financials also appear among the leaders with BNP Paribas and Societe Generale up 3.7% and 3.2%, respectively.

7:29 am On The Wires (:WIRES) :

• Ascent Solar Technologies (ASTI) received a US Patent pertaining to the co's solar manufacturing process. This patent addresses next-generation back contacts which have the promise for reduced cost and improved overall performance.
• Telesat announced that its new Telstar 12 VANTAGE satellite is now fully operational at 15 degrees West. Telesat's principal shareholders are Canada's Public Sector Pension Investment Board and Loral Space & Communications (LORL).
• NewLink Genetics (NLNK) completed enrollment in the Phase 3 PILLAR clinical trial of algenpantucel-L for patients with borderline resectable or locally advanced unresectable pancreatic cancer. Total enrollment in the study exceeded 300 patients.
• Evotec AG (EVOTF) announced an extension of an existing collaboration with Spero Therapeutics aimed at discovering and developing new and ground-breaking therapeutics for Gram-negative bacteria to treat serious infections and address the growing threat to global public health resulting from antibiotic resistance. Under the terms of the agreement, Evotec will complement Spero's capabilities by providing early-stage research support for key projects such as Spero's Potentiator programme which is focused on increasing the potency of existing drugs against multi-drug resistant Gram-negative bacteria.
• O.S. Security LLC, a subsidiary of Acacia Research Corporation (ACTG), entered into a settlement and license agreement. The agreement resolves patent litigation, Civil Action No. 8:14-cv-00310, pending in the United States District Court for the Central District of California.
• CytoSorbents Corporation (CTSO) announced an exclusive multi-year distribution agreement with Hoang Long Pharma, for the distribution of Cytosorb in Vietnam

7:06 am Peak Resorts beats by $0.02, misses on revs (SKIS) :

• Reports Q2 (Oct) loss of $0.49 per share, $0.02 better than the Capital IQ Consensus of ($0.51); revenues fell 1.1% year/year to $6.16 mln vs the $6.33 mln Capital IQ Consensus; EBITDA -6.4 mln vs. -$6.5 mln last year.
  • Higher revenue from the new zipline rider attraction at the Attitash resort largely offset lower food and beverage revenue related to the March 2015 termination of a restaurant lease at our Big Boulder resort.
• Sales of season passes through October 31 for the 2015-2016 ski season were up ~4.0% in sales dollars versus the comparable period in the prior year.
• Acquisition of Hunter Mountain remains on track to close before calendar year end.  
• Mount Snow is seeing some benefit from that pipe this ski season, as it has a wider diameter than the old pipe, and we are making snow more quickly with the greater volume of water. We will resume full-scale work in late spring and fully expect this project will completed prior to the 2016-2017 ski season.

7:06 am FactSet reports EPS at low end of guidance range; guides Q2 EPS in-line, revs in-line (FDS) :

• Reports Q1 (Nov) GAAP earnings of $1.43 per share, adjusted EPS of $1.44, vs. company guidance for $1.44-1.46 and the Capital IQ GAAP EPS Consensus of $1.47; revenues rose 11.5% year/year to $270.5 mln vs the $272.11 mln Capital IQ Consensus.
• Co issues in-line guidance for Q2, sees EPS of $1.49-1.53 vs. $1.52 Capital IQ Consensus Estimate; sees Q2 revs of $280-286 mln vs. $280.46 mln Capital IQ Consensus Estimate. If the U.S. Federal R&D tax credit is not re-enacted by February 29, 2016, each end of the diluted EPS range would decrease by $0.05 per share.
• ASV was $1.109 billion at November 30, 2015, up 9.4% organically from a year ago. Over the last three months ASV increased $12.1 million, which excludes acquired ASV from Portware and the effects of foreign currency. ASV at any given point in time represents the forward-looking revenues for the next 12 months from all services currently being supplied to clients.

7:03 am Canadian Solar reports the sale of a 10 MW AC solar power plant to an affiliate of DIF Infrastructure for $48.4 mln (CSIQ) : Co announced the sale of the 10 MW AC Illumination solar power plant to an affiliate of DIF Infrastructure III. The solar power plant, valued at CAD $65.9 Million ($48.4 Million), consists of 47,448 Canadian Solar MaxPower CS6X-300/310P PV modules and is located in Scugog, Ontario. It reached commercial operation on November 13, 2015, and will sell electricity pursuant to a 20-year Independent Electricity System Operator feed-in-tariff contract.

7:01 am ContraFect concludes phase 1 study of CF-301; DSMB observed no clinical adverse safety signals associated with CF-301 in the study (CFRX) :  

7:01 am Kitov Pharmaceuticals announces that the Phase III clinical trial for KIT-302 successfully met the primary efficacy endpoint of the trial protocol as approved by the FDA (KTOV) :

Data from the trial further revealed that KIT-302 was more efficacious at reducing hypertension than the widely used hypertension drug amlodipine besylate. Kitov plans to file its New Drug Application (:NDA) for marketing approval of KIT-302 with the FDA in the second half of 2016.

• The primary efficacy end-point of the trial was to show that a combination of the two components of KIT-302, as demonstrated in Group One, lowers daytime systolic blood pressure by at least 50% of the reduction in blood pressure achieved in patients in Group Two, who were treated with amlodipine besylate only.
• The trial results demonstrated that the number of 152 patients treated was found to be adequate to provide statistical validity and therefore, the results are final. These final results show that in patients treated with amlodipine besylate only, there was a mean reduction in daytime systolic blood pressure of 8.8 mm Hg. In patients treated with KIT-302, there was a mean reduction in daytime systolic blood pressure of 10.6 mm Hg. Therefore, the primary efficacy endpoint of the study has been successfully achieved with a p value of 0.001.
• "We are very pleased with the successful and final outcome of our pivotal Phase III trial and we look forward to meeting with the FDA in the near future to finalize plans for our NDA submission. We believe we will be ready to submit the NDA for KIT-302 in the second half of 2016. Should the NDA meet with the FDA's approval, we would expect to receive marketing approval in 2017,"

6:58 am Leucadia National's Jefferies reports Q4 (Nov) results (LUK) :

LUK's Jefferies reports Q4 adj. earnings $37 mln vs. ($17.8) mln last year; adj. rev (ex-Bache) -2% to $513 mln

• IB rev +18% YoY to $373 mln: equity +38% to $93.5 mln; Debt -48% to $68.7 mln
• Sales and trading -36% to $132 nkn: equities rev -22% to $123.7 mln, fixed income -83% to $8.4 mln

6:56 am Asian Markets Close: Nikkei -1.7%, Hang Seng -0.2%, Shanghai -0.3% (:SUMRX) :

Markets in the Asia-Pacific region ended Tuesday on a mixed note. Japan's Nikkei (-1.7%) spent the day in a steady retreat, erasing the entirety of its rebound off Monday's session low. Meanwhile, indices in Hong Kong (-0.2%) and China (-0.3%) posted slimmer losses. Elsewhere, Thailand's SET spiked 2.6%, registering its largest advance since late August. Regional newsflow was relatively light, but it is worth noting that the New Zealand Treasury has cut its GDP forecast for fiscal year 2015/2016 to +2.2% from +2.9%. Similarly, Australia has lowered its fiscal-year 2015/2016 growth forecast to 2.5% from 2.75%. Separately, the latest meeting minutes from the Reserve Bank of Australia showed that the central bank expects a gradual strengthening in economic growth.

• Economic data was limited:
  • Australia's Q3 House Price Index +2.0% quarter-over-quarter, as expected (previous 4.7%)
  • New Zealand's Budget Balance -NZD5.40 billion (previous -NZD4.17 billion)
  • Singapore's October Retail Sales +1.0% month-over-month (expected 1.7%; previous -4.0%); +2.7% year-over-year (expected 2.6%; last 4.3%). Separately, Q3 Unemployment Rate held at 2.0%, as expected
  • South Korea's November trade balance KRW10.30 billion (expected KRW10.40 billion; previous KRW10.40 billion)

---Equity Markets---

• Japan's Nikkei lost 1.7%, ending at its lowest level since late October. Every sector ended the day in negative territory, paced by materials (-2.5%), industrials (-2.1%), financials (-1.7%), and consumer discretionary (-1.6%). As for individual issues, TDK, Fukuoka Financial, Pioneer, Nissan Motor, and Japan Steel Works lost between 3.2% and 4.0%. On the flip side, nine names posted gains with Unitika spiking 1.8% and Konami rising 0.8%.
• Hong Kong's Hang Seng shed 0.2% to register its ninth consecutive decline. The index settled in the top third of its range from Monday with consumer and gaming names struggling for the second consecutive day. The likes of Belle International, Sands China, Galaxy Entertainment, Li & Fung, and China Resources Beer Holdings fell between 1.2% and 3.9%. On the upside, energy names rebounded with CNOOC and PetroChina climbing 1.0% and 0.8%, respectively.
• China's Shanghai Composite slipped 0.3% with securities brokers seeing increased interest. CITIC Securities lost 3.8% while Pacific Securities, Founder Securities, and Industrial Securities surrendered between 2.2% and 3.4%.
• India's Sensex climbed 0.7%, returning to its levels from early December. Roughly half of the index ended in the green with Hindustan Unilever spiking 2.3% while Reliance Industries, Tata Motors, Maruti Suzuki, and Bajaj Auto followed with gains between 1.1% and 2.1%. On the downside, Wipro lost 1.5%.

---FX---

• USDJPY +0.1% to 121.18
• USDCNY UNCH at 6.4610
• USDINR -0.2% to 66.94

6:53 am Wesco reaffirms FY15 guidance, issues downside FY16 guidance, ahead of today's investor conference call (WCC) :

• Co reaffirms guidance for FY15 (Dec), sees EPS of $4.15-4.30 vs. $4.22 Capital IQ Consensus Estimate, and a 4% to 5% sales decline (consensus is -5%).
• Co issues downside guidance for FY16 (Dec), sees EPS of $3.75-4.20 vs. $4.22 Capital IQ Consensus Estimate; expects sales in the range of flat to down 5%, vs. consensus expectations for flat sales.
• "We expect reduced demand in commodity-driven end markets and foreign exchange headwinds to continue throughout next year."
• CoO will discuss its 2016 outlook during its investor conference call today starting at 11 a.m. ET.

6:50 am Inland Real Estate agrees to be acquired by DRA Advisors funds, for $10.60 per share in cash (IRC) :

Co will be acquired by real estate funds managed by DRA Advisors in a transaction valued at $2.3 billion. Under the terms of the Merger Agreement, funds managed by DRA will acquire all issued and outstanding common stock of IRC for $10.60 per share in cash.

• IRC expects to pay regular monthly cash distributions of $0.0475 per share on the outstanding shares of its common stock until the Merger closes.
• IRC's Board has unanimously approved the Merger Agreement and the Merger. Closure is expected in 1H16

6:46 am AMC Entertainment appoints Adam Aron as CEO and President, effective January 4, 2016 (AMC) : Aron replaces Craig Ramsey, who has served as Interim CEO since August 2015, following the resignation of Gerry Lopez. Ramsey will remain AMC's Chief Financial Officer, and will report directly to Aron. Aron is currently Chief Executive Officer and a member of the Board of Directors of Starwood Hotels and Resorts (HOT)

6:45 am Starwood Hotels names Thomas B. Mangas CEO and Alan M. Schnaid CFO (HOT) : Mangas is currently EVP and CFO. The appointment follows the resignation of Adam Aron, who is leaving Starwood at the end of the month to become CEO and President of AMC Entertainment Holdings (AMC). Schnaid is currently SVP, Corporate Controller and Principal Accounting Officer.

6:45 am Arch Coal reports electing to exercise the 30-day grace period with holders of its Senior Notes due 2019 and 2021; continues discussions with creditors regarding its balance sheet (ACI) :

Co announced that it has elected to exercise the 30-day grace period under its indenture agreements with holders of its 9.875% Senior Notes due 2019, the 7.00% Senior Notes due 2019 and the 7.25% Senior Notes due 2021. This extends the time period the company has to make the approximately $90 million interest payment due December 15, 2015 without triggering an event of default under the indentures.

• Arch intends to use the 30-day grace period to continue constructive discussions with various creditors regarding its ongoing effort to develop and implement a comprehensive plan to restructure its balance sheet. The company has sufficient liquidity to continue normal mining operations and to meet its obligations in the ordinary course, and it intends to continue providing customers the same high quality services they expect from Arch.
• The company had approximately $694.5 million in cash and short term investments as of September 30, 2015.

6:35 am Magellan Health offers FY16 guidance, reaffirms FY15 outlook (MGLN) :

The co announced that in 2016, it expects to generate net revenue in the range of $4.28-4.52 billion vs. the $4.75 bln Capital IQ Consensus Estimate, segment profit in the range of $260-280 million, and net income in the range of $51-70 million, which translates into diluted earnings per share (EPS) in the range of $2.06 to $2.83. Adjusted net income for 2016 is expected to be in the range of $75.5-94.5 million, which equates to adjusted EPS in the range of $3.06-3.83 vs. the $3.19 Capital IQ Consensus estimate. The company also expects cash flow from operations in the range of $193-224 million.

• With respect to 2015, the company confirmed its guidance, which was most recently updated in October. The previous $200 million share repurchase authorization has been completed, and the company began the new two-year, $200 million program authorized by the board of directors in October. Through Friday, December 11, 2015, approximately 345,000 shares were purchased at a total cost of $18.4 million.

6:31 am Medley Capital prices its offering of $70 mln in 6.50% notes due 2021 (MCC) :  

6:31 am SAGE Therapeutics announces updated guidance for the expected readout of top-line results for the Status trial; top-line results for the Phase 3 clinical trial are now expected in 2H16 (SAGE) : Co stated: "We are pleased to revise our timeline forward for the Phase 3 STATUS Trial top-line results based on current enrollment trends and our team's continued execution in opening sites. We are excited about the interest in our trial to date. In the first half of 2016, we expect data readouts from our placebo-controlled Phase 2 trial of SAGE-547 in severe postpartum depression and from the SAGE-217 Phase 1 clinical program. In the second half of the year, in addition to the SAGE-547 Phase 3 data, we expect to launch multiple Phase 2 trials evaluating SAGE-217 in essential tremor, orphan epilepsies and potentially postpartum depression, assuming successful replication of earlier stage work. We also expect to initiate the SAGE-689 Phase 1 development program in the second half of 2016."

6:30 am W&T Offshore reports a significant discovery at the Ewing Banks 954 A-8 exploratory well (WTI) :

Co reported a significant discovery at the Ewing Banks 954 A-8 exploratory well located in the deepwater Gulf of Mexico. The well, which recently reached total depth, represents the second discovery in a two-well drilling program from the EW 910 platform.

• Co stated: "The EW 954 A-8 well penetrated a total of 150 feet of measured depth hydrocarbon pay contained in two sands. Completion operations are currently underway with a planned two-zone completion. Following facility tie-in, first production is expected during the first quarter of 2016. Although no well flow tests have been conducted, based on formation evaluation data, we currently anticipate producing the well from the two zones at a restrained gross rate of approximately 2,300 Boe per day."

6:30 am Wave Systems secures a financing agreement and engages an investment bank to evaluate strategic alternatives (WAVX) : Co has completed a financing agreement with Marble Bridge Funding Group, Inc. in the form of a secured accounts receivable and purchase orders financing facility of up to $3 mln. Co has also engaged GrowthPoint Technology Partners to advise it in evaluating its strategic alternatives, including potential M&A opportunities. Additionally, Wave issued a total of 5.5 mln warrants to MBFG and its co-lender of Class A common stock at an exercise price of $0.15/share.

6:08 am Vimicro shareholders approve the previously announced 'going-private' transaction for $13.50/share, deal expected to close as soon as practicable (VIMC) :  

6:01 am Greenbrier new orders since September 1 total $170 mln, or ~1,800 railcar units; reaffirms FY16 guidance (GBX) :

The co announced that it received new orders since September 1, 2015, the beginning of the fiscal year, through the date of this release for approximately 1,800 railcar units valued at nearly $170 million. These orders cover a range of diverse railcar types, including automobile carrying railcars, boxcars, large cube covered hopper cars, and non-energy tank cars for the North American and European markets.

• Additionally, the company reaffirmed guidance for fiscal 2016 including deliveries of 20,000 to 22,500 units, revenue to exceed $2.8 billion vs $2.78 bln Capital IQ Consensus Estimate, and diluted EPS in the range of $5.65 to $6.15 vs $6.00 Capital IQ Consensus Estimate
• Of the 1,800 units ordered, 500 units were received during the first quarter ended November 30, 2015 and 1,300 units were received subsequent to quarter end. In addition, 200 units in this announcement represent a change in the car-type mix of a previously announced large order for which the overall value of the entire order remains unchanged.

6:01 am Shire provides pipeline update; highlights over 25 clinical development programs planned for 2016 (SHPG) :

Co provides early pipeline  and announces it will provide further updates on the business and the progress of Shire's pipeline at the JP Morgan Healthcare Conference

• Co states it enters 2016 with most robust clinical pipeline in its 30-year history, focused on rare diseases and specialty conditions
• Over 25 clinical development programs planned for 2016 including over 10 in Phase 3

6:01 am Egalet submits a new NDA for Arymo ER extended-release tablets, for pain management (EGLT) :

Co announces the co has submitted a NDA for ARYMO ER (morphine sulfate) extended-release tablets for the management of pain severe enough to require daily, around-the-clock opioid treatment and for which alternative treatments are inadequate.

• The submission is based on the pivotal pharmacokinetic studies that demonstrated bioequivalence of ARYMO ER 15 mg, 30 mg and 60 mg to equivalent doses of MS Contin (morphine sulfate controlled-release).
• In addition, the submission includes a comprehensive battery of abuse-deterrent studies (Category 1, 2 and 3) which were conducted to support abuse-deterrent label claims for intravenous injection, snorting and oral abuse.

6:00 am McEwen Mining appoints Andrew Elinesky as SVP & CFO (MUX) : Elinesky currently serves as VP, Argentina with responsibility for administrative and financial oversight of the San Jos Mine, as well as exploration and development of co's other Argentine assets.

6:00 am Clearwater Paper announces a $100 million stock repurchase program; will fund the repurchase through available cash resources (CLW) :  

5:53 am S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +26.00. :

5:53 am European Markets : FTSE...5968.44...+94.40...+1.60%.  DAX...10327.66...+188.30...+1.90%.

5:53 am Asian Markets : Nikkei...18565.90...-317.50...-1.70%.  Hang Seng...21274.37...-35.50...-0.20%.

5:53 am CUI Global receives its first order for its Mercury Trace Element Detector Units in NA, vallued at ~$1 mln (CUI) :

Co announced it has successfully received orders for delivery of its mercury detection units to a large liquid natural gas project in the North Eastern United States.

• The order, valued at ~$1,000,000, uses Orbital's proprietary VE Technology sampling system to provide a fast and uniquely accurate method of detecting trace elements (like mercury) in the LNG liquification process.

5:08 am Pretium Resources completes 2015 Brucejack drill program (PVG) :

Co reports that the final set of drill results from the 2015 regional grass-roots exploration program conducted on the property surrounding the Brucejack Project.

• Results include long intervals of low-grade gold mineralization at depth to the south and southeast of the Valley of the Kings deposit, as well as polymetallic mineralization in new zones defined 13 kilometers to the southeast of the Project
• The 2015 regional exploration program was successful in extending known gold zones and establishing several new zones, some that could potentially host VMS, replacement or epithermal-style mineralization.

5:01 am Canadian Solar raises final tranche of $80.0 mln under its previously announced 2-yr senior secured term loan agreement (CSIQ) :

Co announced that it has raised a final tranche of $80.0 million under its previously announced two-year senior secured term loan arranged by Credit Suisse AG, Singapore Branch (CS), bringing the total facility amount to $180.0 million.

• In connection with the term loan, Canadian Solar issued the lenders warrants to purchase up to 940,171 shares of common stock at an exercise price of $28.08 per share. The warrants will expire two years from the date of the closing, on December 10, 2017. This term loan is being used for general corporate purposes.

4:57 am On The Wires (:WIRES) :

• Iberdrola (IBDRY) and CaixaBank (CAIXY), via its AgroBank specialised agricultural line of business, have entered into an agreement about boosting the comprehensive solar photovoltaic generation solution offered by the electric utility to its customers, Smart Solar Iberdrola, which enables them to generate and consume their own energy by installing this type of technology. 
• Statoil (STO) announced it has awarded maintenance and modification agreements worth NOK24 bln for the company's installations on the Norwegian continental shelf and for the onshore plants at Sture, Kollsnes, Krst and Melkya.

4:42 am On The Wires (:WIRES) :

• MiX Telematics (MIXT) announced the launch of MiX Journey Management - a comprehensive electronic journey risk management solution that integrates with the company's fleet management platform.
• Cornerstone OnDemand (CSOD) announced that leading global manufacturer Hitachi (HTHIY) has implemented Cornerstone's cloud-based talent management software solution to deliver a best-in-class learning and development experience to more than 350,000 Hitachi employees across nearly 1,000 group companies.
• Toshiba (TOSBF) announced the launch of "TB9044FNG", a general-purpose system power IC with multiple outputs achieving functional safety for automotive applications. Sample shipments start today, with the mass production scheduled to start in October, 2017.
• PointGrab announced an investment totaling $5 million from ABB (ABB) Technology Ventures, EcoMachines Ventures, and Flex Lab IX. Through this investment, PointGrab fuels its expansion into the rapidly growing $30 billion home and building-automation market.
• IBM (IBM) announced the opening of its global headquarters for Watson Internet of Things, launching a series of new offerings, capabilities and ecosystem partners designed to extend the power of cognitive computing to the billions of connected devices, sensors and systems that comprise the IoT.
• SAP (SAP) announced that Wipro (WIT) is extending its SAP footprint by deploying SAP's next-generation business suite, SAP Business Suite 4 SAP HANA, and other solutions from SAP.
• Technip (TKPPY) has been awarded a lump sum contract by Deep Gulf Energy II, LLC for the development of the Odd Job field. This ultra deepwater field is located in Mississippi Canyon, offshore New Orleans, in the Gulf of Mexico, in water depths ranging from 1,330 to 1,825 meters.

4:33 am Sanofi-Aventis and Boehringer Ingelheim enter asset swap negotiations; expected to be business EPS neutral in 2017 and accretive in subsequent years (SNY) :

Sanofi and Boehringer Ingelheim announced that the companies have entered into exclusive negotiations to swap businesses.

• The proposed transaction would consist of an exchange of Sanofi animal health business with an enterprise value of 11.4 bn and Boehringer Ingelheim consumer healthcare business with an enterprise value of 6.7 bn. Boehringer Ingelheim CHC business in China would be excluded from the transaction.
• The transaction would also include a gross cash payment from Boehringer Ingelheim to Sanofi of 4.7 bn.
  • Sales of Boehringer Ingelheim CHC business (excluding China) are estimated at about 1.6 bn for 2015 and are highly complementary with those of Sanofi CHC, both in terms of products and geographies.
  • Boehringer Ingelheim CHC would improve the position of Sanofi in Germany and Japan where Sanofi CHC presence is limited, and expand Sanofi presence in its Priority Categories.
• Taking into account the anticipated CHC results, share buybacks and potential synergies, the overall transaction is expected to be business EPS neutral in 2017 and accretive in subsequent years.

4:29 am Fiat Chrysler reports European unit sales for Nov rose 18.3% YoY (FCAU) :

Co reports it posted European sales of 68,500 units for the month of November, representing an 18.3% year-over-year increase and outperforming the industry average (+13.7%) for the eleventh consecutive month.

• For the eleven months year-to-date, sales were up 13.4% (+8.6% for the industry) to more than 807,000 units.

4:28 am Dialog Semi lowers Q4 rev guidance (DLGNF) :

Co announces that due to weaker than anticipated demand in its Mobile Systems segment, Dialog now expects revenue in Q4 2015 to be in the range of $390-400 million vs its previously guided range of $430-460 million

• At the mid-point, this will result in full year revenue of $1,353 million, representing a 17% year-on-year growth.
  
• Co anticipates underlying gross margin percentage for the full year to be consistent with the level achieved year to date. 
  • This will result in significant gross margin percentage improvement for the full year 2015 over 2014.
• The effect of the lower revenue in Q4 2015 is expected to be partially offset by rigorous control of operating expenses in the period.

4:25 am General Electric divests its Japanese commercial lending and leasing business to Sumitomo Mitsui Finance (SMFG) for ~$4.8 bln (GE) :

GE has signed an agreement today to sell its commercial lending and leasing business in Japan, including Capital Finance, Fleet Service and Vendor Finance, to Sumitomo Mitsui Finance and Leasing, a member of Sumitomo Mitsui Financial Group (SMFG).

• The transaction includes employees of the business and represents aggregate GE ending net investment of ~$4.6 billion. The sale price is ~$4.8 billion.

4:22 am Turquiose Hill Resources announces Oyu Tolgoi has signed a $4.4 bln project finance facility (TRQ) :

Turquoise Hill Resources, whose primary operation is its 66% interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia, announced that Oyu Tolgoi has signed a $4.4 billion project finance facility, one of the largest in the mining industry.

• The facility is being provided by a syndicate of international financial institutions and export credit agencies representing the governments of Canada, the United States and Australia, along with 15 commercial banks.
• As part of the project finance agreements, Rio Tinto (RIO) has agreed to provide a completion support undertaking in favour of the project finance lenders. In consideration for providing completion support, and as contemplated by previous agreements, Oyu Tolgoi and Turquoise Hill have agreed to pay Rio Tinto an annual completion support fee equal to 2.5% of the amounts drawn under the facility, of which 1.9% is payable by Oyu Tolgoi and 0.6% is payable by Turquoise Hill.
• The parties have agreed to a debt capacity of $6.0 billion for Oyu Tolgoi, providing the option for an additional $1.6 billion of supplemental debt in the future
  

4:18 am Pacira Pharma receives favorable resolution for EXPAREL; formal FDA rescission of 2014 warning letter (PCRX) :

Co announced that it has achieved an amicable resolution with the United States in its lawsuit filed on September 8, 2015, Pacira Pharmaceuticals vs FDA.

• The resolution confirms that EXPAREL is, and has been since 2011, broadly indicated for administration into the surgical site to provide postsurgical analgesia.
• The FDA approved a labeling supplement which amends the EXPAREL Package Insert (:PI) to clarify and reinforce that:
  • The use, efficacy and safety of EXPAREL is not limited to any specific surgery type or site
  • The proper dosage and administration of EXPAREL is based on various patient and procedure-specific factors, with the two surgical models utilized in the pivotal trials provided as examples for the purpose of providing general guidance
• The September 2014 Warning Letter is formally withdrawn via a "Rescission Letter"
• The United States acknowledges that the rescission of the Warning Letter and approval of the Labeling Supplement reflect the scope of the indication in the NDA that FDA approved on October 28, 2011.
• Pacira and FDA agree that, in future interactions, they will deal with each other in an open, forthright and fair manner
  

4:12 am Boeing and China Postal agree on purchase order of 10 Next-Generation 737 Boeing Converted Freighters (BA) : There were no specific financial details and is pending a program launch

4:10 am EZchip: Raging Capital Management issues statement; concerned over commitment to a successful go shop process (EZCH) :

Raging Capital Management, the largest shareholder of EZchip Semiconductor (EZCH) owning ~7.9% of the ordinary shares outstanding, commented on the Go Shop process that EZchip initiated after the Company postponed the shareholder vote on the Company's proposed sale to Mellanox Technologies (MLNX)

• "Despite EZchip's last minute maneuvers, the postponed merger with Mellanox and the establishment of an additional Go Shop provision was a victory for EZchip shareholders. And while it confirmed to Raging Capital our strong belief that the original process to sell EZchip was both flawed and incomplete, it ultimately provided the Company with an opportunity to engage other interested parties to make a fulsome bid..."
• "...it has come to our attention that Mr. Fruchter has recently been posting comments on a private subscription-based message board which paint a negative picture of the business. In our opinion, Mr. Fruchter's imprudent comments are intentionally sabotaging the Go Shop process..."
• "...Raging Capital continues to believe that EZchip should not have entered into the agreement to sell to Mellanox at $25.50 per share because we believe the Company is worth much more..."
  

4:06 am M/A-COM Tech acquires Aeroflex's (:ARX) diode business for $38 mln in cash (MTSI) :

M/A-COM Technology Solutions Holdings announced that it has acquired 100% of Aeroflex's diode business for $38 million in cash.

• The business had ~$37 million in revenue for the fiscal year ended December 31, 2014.

4:04 am The Medicines Co reports publication of MDCO-216 data; demonstrates pronounced effect on ABCA1-mediated cholesterol efflux (MDCO) :

Co announced that the European Heart Journal -- Cardiovascular Pharmacotherapy has published results of its Phase 1 study for MDCO-216, a compound under development for the reduction of atherosclerotic plaque burden and related life-threatening cardiovascular events in patients with coronary artery disease

• The publication highlights: "The results reported by Kallend et al. are preliminary but promising and should encourage further confirmation in larger randomized trials assessing the effects of MDCO-216 on atherosclerosis and cardiovascular outcomes. Its intravenous administration and the duration of the effects suggest that it might be more suitable for patients with acute or unstable cardiovascular disease rather than giving repeated infusions over time in subjects who are otherwise stable."
• Co also announced that it has recruited and dosed the first patient in a proof-of-concept intravascular ultrasound study, MILANO-PILOT, to measure the effect of MDCO-216 on atherosclerotic plaque burden and continue to evaluate the agent's impact on cholesterol efflux.
• The study will involve up to 120 patients with ACS and will assess the safety and efficacy of weekly 20mg/kg MDCO-216 infusions over a five-week period. The first interim analysis is projected for the first half of 2016.

4:00 am RigNet reduces personnel by 21 positions in Q4 cost saving effort (RNET) :

Co announced a reduction of 21 personnel to reduce costs in line with lower activity levels in the upstream energy market.

• In connection with this action, RigNet expects to achieve annualized savings from personnel reductions of ~$2.5 million after taking a restructuring charge of ~$0.7 million in the fourth quarter of 2015 for employee severance expenses and related matters.
• Expected to be substantially completed by January 31, 2016, the plan involves a reduction across the organization of approximately 4% of the employee base.

3:58 am Bluelinx's Board approves a 1-for-10 reverse stock split (BXC) : Co announced that the Company's Board of Directors has approved a 1-for-10 reverse stock split of the Company's common stock, and plans to seek stockholder approval of the reverse stock split at its 2016 annual stockholders' meeting in an effort to meet the minimum per share market price requirements for continued listing on the New York Stock Exchange.