• The Company's second quarter 2015 outlook for certain operating and financial items is provided below.
• Production is forecasted to average 198 MBOEPD to 203 MBOEPD. Production costs are expected to average $13.00 per BOE to $15.00 per BOE.
• DD&A expense is expected to average $16.00 per BOE to $18.00 per BOE.
• Total exploration and abandonment expense is forecasted to be $25 million to $35 million.
• In the Eagle Ford, the average drilling and completion cost for the 2015 program in the Eagle Ford Shale is expected to be $7.0-8.0 million per well.

4:21 pm ZELTIQ Aesthetics beats by $0.07, beats on revs; raises FY15 revs above consensus (ZLTQ) : Reports Q1 (Mar) loss of $0.06 per share, $0.07 better than the Capital IQ Consensus Estimate of ($0.13); revenues rose 66.5% year/year to $51.6 mln vs the $48.53 mln consensus.

• Co issues upside guidance for FY15, raises FY15 revs to $235-238 mln from $230-235 mln vs. $234.45 mln Capital IQ Consensus Estimate. 
• Co shipped 347 systems in Q1 2015 compared to 179 systems in Q1 2014, bringing total system installed base to 3,523 systems. 
• FY15 Guidance Details: Consumable revenue of approximately 50% of total revenue; unchanged from prior guidance Gross profit margin of approximately 71% of total revenue; unchanged from prior guidance.

4:21 pm Ixia beats by $0.02, beats on revs (XXIA) :

• Reports Q1 (Mar) earnings of $0.12 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.10; revenues rose 6.4% year/year to $121 mln vs the $117.37 mln consensus. 
  
• "We are very pleased with our first quarter financial results as revenue exceeded our guidance for the second consecutive quarter. Revenue for our visibility solutions grew 47 percent year-over-year and included a strong quarter from our largest service provider customer. From a market perspective, we added over 200 new enterprise customer accounts and continued to build momentum across the portfolio as customers turn to Ixia to enhance application performance and ensure security resilience."
  

4:20 pm Allstate beats by $0.04, reports revs in-line (ALL) : Reports Q1 (Mar) earnings of $1.46 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $1.42; net premiums earned rose 5.1% year/year to $7.43 bln vs the $7.46 bln consensus. 

• The Property-Liability combined ratio of 93.7 in the first quarter was 1.0 point favorable to the prior year quarter, and resulted in underwriting income* of $467 million, an increase of 25.5% compared with the prior year quarter. The underlying combined ratio of 89.0 for the first quarter was 0.6 points unfavorable compared with the same period of last year.
  

4:20 pm Assurant reports EPS in-line, beats on revs (AIZ) : Reports Q1 (Mar) net operating earnings of $0.63 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.63; revenues rose 6.1% year/year to $2.60 bln vs the $2.52 bln consensus.

4:20 pm Pacific Biosciences misses by $0.01, beats on revs (PACB) : Reports Q1 (Mar) loss of $0.27 per share, $0.01 worse than the Capital IQ Consensus Estimate of ($0.26); revenues rose 51.6% year/year to $17.65 mln vs the $13.6 mln consensus.

• Cash and investments at March 31, 2015 totaled $79.1 million, compared to $101.3 million at December 31, 2014.
  

4:19 pm Navigator Holdings beats by $0.01, beats on revs (NVGS) : Reports Q1 (Mar) earnings of $0.43 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.42; revenues rose 6.3% year/year to $74.2 mln vs the $73.18 mln consensus.

4:18 pm Herbalife beats by $0.28, beats on revs; guides Q2 EPS just above consensus, revs in-line; raises FY15 EPS above consensus, lowers rev slightly, in-line (HLF) : Reports Q1 (Mar) earnings of $1.29 per share, excluding non-recurring items, $0.28 better than the Capital IQ Consensus Estimate of $1.01; revenues fell 12.5% year/year to $1.1 bln vs the $1.09 bln consensus.

Co issues guidance for Q2, sees EPS of $1.05-1.15, excluding non-recurring items, vs. $1.06 Capital IQ Consensus Estimate; sees Q2 revs of (13.5)-(10.5%) to ~$1.13-1.17 bln vs. $1.14 bln Capital IQ Consensus; volume -7.5 to -4.5%.

Co issues guidance for FY15, raises EPS to $4.30-4.60, excluding non-recurring items, from $4.10-4.50 vs. $4.22 Capital IQ Consensus Estimate; lowers FY15 revs to (9.5)-(6.5%) ~$4.49-4.64 bln (from -9 to -6%) vs. $4.53 bln Capital IQ Consensus; volume -4 to -1%.

4:18 pm ICU Medical reports Q1 results, beats on revs (ICUI) : Reports Q1 (Mar) GAAP earnings of $0.60 per share, may not compare to the Capital IQ Consensus Estimate of $0.54; revenues rose 11.3% year/year to $81.5 mln vs the $76.91 mln consensus.

• Adjusted EBITDA was $26.0 million for the first quarter of 2015 as compared to $16.8 million for the first quarter of 2014. Additionally, the company generated operating cash flow of $13.3 million for the first quarter of 2015.
  

4:17 pm NanoString Technologies and Cancer Immunotherapy announce a multi-year research collaboration to discover biomarkers for cancer immunotherapies (NSTG) : Cos announced a multi-year translational research collaboration to discover biomarkers that predict clinical outcomes for cancer immunotherapies, both as single agents and in combination. The collaboration will involve the systematic use of NanoString's nCounter Analysis System and PanCancer Immune Profiling technology in multiple prospective CITN clinical trials.

• Under the collaboration, NanoString's immuno-oncology targeted panels will be used to analyze blood and tissue biopsies at multiple time-points during immunotherapy clinical trials. 
• Initially, the collaboration will be focused on malignant melanoma and epithelial ovarian, Fallopian tube, and primary peritoneal carcinomas treated with novel cancer immunotherapies, Under the terms of the agreement, NanoString is granted rights to research and diagnostic content developed within the scope of the collaboration.
  

4:17 pm Trinseo misses by $0.01, misses on revs; co sees higher sequential EPS guidance (TSE) : Reports Q1 (Mar) earnings of $0.80 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.81; revenues fell 25.1% year/year to $1.02 bln vs the $1.07 bln consensus.

• "We expect continued strong performance with higher Adjusted EBITDA and EPS in the second quarter versus the first quarter. The Basic Plastics & Feedstocks division should see similar performance, quarter over quarter, while there will be some headwinds in the Performance Materials division from a second quarter planned outage in Synthetic Rubber as well as from increasing raw material costs and price lag effects."
• Regarding the outlook for full year 2015 co said, "We expect significant improvement in 2015 versus 2014 in EBITDA, EPS and cash flow as we build on the momentum of the first quarter results and our recent refinancing."
  

4:17 pm Global Cash Access reports EPS in-line, revs in-line (GCA) : Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.22; revenues rose 37.8% year/year to $207.5 mln vs the $206.97 mln consensus. 

• Adjusted EBITDA increased $31.2 mln, or 161%, to $50.6 mln for the first quarter of 2015 compared to Adjusted EBITDA of $19.4 mln for the same period last year.
• FY15 Outlook: GCA today reiterated its estimated outlook for Adjusted EBITDA of between $218 mln and $228 mln in 2015. GCA continues to expect Games revenues to grow at double-digit levels and Payments revenues to grow at single-digit levels in 2015.
  

4:16 pm Xenia Hotels announces the appointment of Joseph Johnson to the position of SVP and CAO (XHR) :  

4:16 pm Kona Grill misses by $0.03, reports revs in-line; guides Q2 revs in-line (KONA) : Reports Q1 (Mar) loss of $0.08 per share, $0.03 worse than the Capital IQ Consensus Estimate of ($0.05); revenues rose 18.8% year/year to $32.8 mln vs the $33.07 mln consensus. 

Co issues in-line guidance for Q2, sees Q2 revs of approx $36 mln vs. $36.69 mln Capital IQ Consensus Estimate. 

• Estimated 1.0% increase in Q2 same-store sales.
• The Company expects to generate a slight profit (Capital IQ consensus $0.04), after taking into consideration approximately $0.08 per share in costs associated with preopening expenses for two restaurants scheduled to open during the second quarter of 2015 and approximately $0.02 per share in costs related to the temporary closure and remodel of the Company's Denver restaurant. The majority of the Denver charges are accelerated depreciation and non-cash straight-line rent. For the fiscal year 2015, the Company is reiterating gross capital expenditures of approximately $40 million, which are primarily related to new restaurant development for locations scheduled to open this year and in early 2016 and major remodeling initiatives. Tenant allowances are estimated at approximately $7 million.
  

4:16 pm Tornier misses by $0.05, misses on revs; guides FY15 EPS below consensus, revs below consensus (TRNX) : Reports Q1 (Mar) loss of $0.10 per share, $0.05 worse than the Capital IQ Consensus Estimate of ($0.05); revenues fell 1.0% year/year to $88.09 mln vs the $90.2 mln consensus.

• Co issues downside guidance for FY15, sees EPS of ($0.60)-($0.40) vs. ($0.32) Capital IQ Consensus Estimate; sees FY15 revs of $3334-344 mln vs. $347.86 mln Capital IQ Consensus Estimate.
  

4:16 pm TriVascular Technologies misses by $0.07, beats on revs; guides FY15 revs in-line (TRIV) : Reports Q1 (Mar) loss of $0.77 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus Estimate of ($0.70); revenues rose 28.6% year/year to $9 mln vs the $8 mln consensus.

•  Q1 gross margin of 58.1%, an increase from 47.9% in 2014
  
• Over 50 patients enrolled in U.S. LIFE study to date 

4:15 pm Anthem announces a proposed public offering of $900 mln in equity units; units issued at $50/unit will consist of contract to purchase on share of common stock in the future and an interest in subordinated notes (ANTM) : The co. announced its intention to commence a registered public offering of $900 million in equity units. Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase Anthem's common stock in the future and a 1/20, or 5 percent, undivided beneficial ownership interest in a remarketable subordinated note due 2028 having a principal amount of $1,000

4:15 pm Axcelis Tech beats by $0.02, beats on revs; guides Q2 EPS above consensus, revs above consensus (ACLS) : Reports Q1 (Mar) earnings of $0.02 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.00); revenues rose 20.4% year/year to $73.28 mln vs the $66.43 mln consensus.

• Co issues upside guidance for Q2, sees EPS of $0.02-0.04 vs. $0.02 Capital IQ Consensus Estimate; sees Q2 revs of $64-74 mln vs. $65.46 mln Capital IQ Consensus Estimate.
  

4:15 pm Rex Energy beats by $0.11, misses on revs (REXX) : Reports Q1 (Mar) loss of $0.11 per share, $0.11 better than the Capital IQ Consensus Estimate of ($0.22); revenues fell 33.5% year/year to $54.1 mln vs the $60.12 mln consensus.  First quarter 2015 production volumes were 196.2 MMcfe/d, an increase of 61% over the first quarter of 2014, consisting of 127.8 MMcf/d of natural gas and 11.4 Mboe/d of oil, condensate and NGLs (including 2.1 Mboe/d of ethane). Oil, condensate and NGLs (including ethane) accounted for 35% of net production during the first quarter of 2015.

• Rex Energy is providing its initial guidance for the second quarter of 2015 and increasing its previously issued guidance for the full year 2015. 
• The company is increasing its full year 2015 production guidance by 8.0 MMcfe/d at the midpoint to 193.0 -- 203.0 MMcfe/d from its previously announced guidance of 185.0 -- 195.0 MMcfe/d The increase in full year production guidance is due to the better than expected performance of the company's recently completed wells with increased sand concentrations.

4:15 pm Whitestone REIT beats by $0.02, beats on revs; guides FY15 FFO in-line (WSR) : Reports Q1 (Mar) funds from operations of $0.34 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 22.3% year/year to $21.25 mln vs the $20.46 mln consensus.

• Co reits FY15 guidance, sees FFO of $1.25-1.30 vs. $1.31 Capital IQ Consensus Estimate.
  

4:14 pm Groupon beats by $0.01, misses on revs; guides Q2 EPS in-line, revs below consensus; guides FY15 revs in-line (GRPN) : Reports Q1 (Mar) earnings of $0.03 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.02; revenues rose 3.0% year/year to $750.4 mln vs the $759.43 mln consensus.

• Gross billings, which reflect the total dollar value of customer purchases of goods and services, increased to $1.6 billion in the first quarter 2015, compared with $1.5 billion in the first quarter 2014.
  
  
• Active Deals: At the end of the first quarter 2015, on average, active deals were more than 425,000 globally, with over 200,000 in North America. Both include the addition of nearly 60,000 Coupons.
  
  
• Active Customers: Active customers, or customers that have purchased a voucher or product within the last twelve months, grew 7% year-over-year, to 48.1 million as of March 31, 2015, comprising 24.6 million in North America, 15.3 million in EMEA, and 8.2 million in Rest of World.
  
  
• Guidance: Co issues mixed guidance for Q2, sees EPS of 0.01-0.03 vs. $0.03 Capital IQ Consensus Estimate; sees Q2 revs of $700-$750 mln vs. $762.87 mln Capital IQ Consensus Estimate. This guidance anticipates approximately 800 basis points of unfavorable impact on the year-over-year growth rate from changes in foreign exchange rates.
  
  Co issues in-line guidance for FY15, sees FY15 revs of 3.15-3.30 bln vs. $3.27 bln Capital IQ Consensus Estimate. Sees Adjusted EBITDA for the full year 2015 of greater than $315 million.
  

4:14 pm Newfield Expl misses by $0.06, misses on revs; Company reiterates 2015 production and capital investment guidance (NFX) : Reports Q1 (Mar) earnings of $0.02 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus Estimate of $0.08; revenues fell 38.9% year/year to $349 mln vs the $440 mln consensus.

Guidance:

• Co sees Q2 guidance = 13.3-13.7 Mmboe
  
• Co sees 2015 guidance  = 52.0-55.0 Mmboe

4:14 pm News Corp. misses by $0.02, misses on revs (NWSA) : Reports Q1 (Mar) earnings of $0.05 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.07; revenues fell 0.8% year/year to $2.06 bln vs the $2.12 bln consensus. 

• Co reported Total Segment EBITDA of $163 million compared to $175 million in the prior year.
  

4:14 pm Skullcandy reports EPS in-line, beats on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY15 EPS guidance, guides FY15 revs above consensus (SKUL) : Reports Q1 (Mar) loss of $0.13 per share, in-line with the Capital IQ Consensus Estimate of ($0.13); revenues rose 18.2% year/year to $46.2 mln vs the $43.1 mln consensus.

Guidance:

• Co issues downside guidance for Q2, sees EPS of $0.01-0.03 vs. $0.06 Capital IQ Consensus Estimate; sees Q2 rev growth of +7-9% which computes to $58-59 mln vs. $59.76 mln Capital IQ Consensus Estimate. 
• For FY15, co reaffirms EPS of $0.36-0.40 vs. $0.40 Capital IQ Consensus Estimate; sees FY15 rev growth of +13-15% which computes to $279-284 mln vs. $276.6 mln Capital IQ Consensus Estimate. 
  

• "Our first quarter revenue demonstrates the increasing global strength of the Skullcandy and Astro brands and our long-term growth potential...Our sales are in the right channels to drive long-term brand and the consumer response to our new product introductions are driving strong full price selling at retail."
• "The underlying trends in our business are even stronger than our GAAP results indicate as we are only reporting the significant foreign currency change effects in our revenue line, yet the changes had significant impacts to gross margin and operational bottom line growth. Despite these headwinds, I feel even more confidence about our prospects for the year and our longer term success."
  

4:13 pm Renewable Energy misses by $0.44, beats on revs (REGI) :

• Reports Q1 (Mar) loss of $0.86 per share, $0.44 worse than the Capital IQ Consensus Estimate of ($0.42); revenues rose 5.4% year/year to $230.9 mln vs the $183.37 mln consensus. 
  
• The average price per gallon of biomass-based diesel sold during the first quarter was $3.08, or 13.0% lower than in the same quarter of 2014.
  
• "Our first quarter results reflect the challenging market conditions experienced by our industry. We currently see that industry conditions are improving and are already taking advantage of better margins as energy prices have improved and feedstock prices continue to adjust. We remain committed to our long-term strategies and are executing on these daily."
  

4:13 pm Catalent beats by $0.03, misses on revs; lowers F15 guidance ranges (CTLT) : Reports Q3 (Mar) earnings of $0.46 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.43; revenues fell 1.4% year/year to $446.6 mln vs the $453.25 mln consensus.

• Co issues downside guidance for FY15, sees FY15 revs of $1.8-1.83 bln vs. $1.84 bln Capital IQ Consensus Estimate, prior range $1.82-1.86 bln
  
• Adjusted EBITDA to be in the range of $428-436 mln vs. previous guidance of $434-444 mln
  
• Adjusted Net Income is now expected to be in the range of $197-205 million vs previous guidance of $204-214 mln.
  

4:12 pm Frontier Communications misses by $0.02, misses on revs; 2015 guidance remains unchanged (FTR) : Reports Q1 (Mar) earnings of $0.02 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.04; revenues rose 18.8% year/year to $1.37 bln vs the $1.39 bln consensus. 

2015 Guidance

• For the full year of 2015, the Company's expectation for free cash flow is $785 million to $825 million and for capital expenditures for Frontier business operations is $650 million to $700 million. The Company expects that absent any further legislative changes in 2015, our 2015 cash taxes will be $175 million to $200 million.
  

4:12 pm Closing Market Summary: Stocks Slide Amid Rising Yields (:WRAPX) : The stock market ended the Tuesday session on a sharply lower note following a daylong retreat that was paced by the Nasdaq Composite (-1.6%). For its part, the S&P 500 lost 1.2% with all ten sectors ending in the red.

The Tuesday selloff in U.S. equities followed an overnight session that featured a 4.1% drop in China's Shanghai Composite after some equity brokers increased their margin requirements, which led to forced selling. Furthermore, markets across Europe also struggled with Germany's DAX diving 2.5% amid spiking yields. To that point, Germany's 10-yr bund yield surged 13 basis points to 0.52% after hovering near 0.16% as recently as last week while Italy's 10-yr yield soared 34 basis points to 1.83%.

Rising interest rates were not unique to Europe as the U.S. 10-yr note registered its sixth consecutive decline, sending its yield higher by three basis points to 2.17%. The benchmark yield hit its highest level since early March and spent the day near its 200-day moving average, representing the first appearance near that level in more than a year.

To be sure, U.S. and European yields remain at depressed levels, but that masks the sharp pace at which rates have been increasing as of late. In turn, the sharp rally in yields has made equities less attractive versus Treasuries, which was on full display today with the rate-sensitive utilities sector (-2.3%) leading the stock market lower. Including the decline, the utilities sector is down 7.4% for the year.

Other countercyclical groups ended a bit closer to their flat lines with the health care sector (-1.2%) settling in-line with the broader market even as biotechnology displayed relative weakness. The iShares Nasdaq Biotechnology ETF (IBB 338.00, -7.19) fell 2.1%, distancing itself from the 50-day moving average (349.00), which provided resistance yesterday.

Biotechnology contributed to the underperformance of the Nasdaq while the technology sector (-1.6%) also pressured the index. Large cap names like Apple (AAPL 125.80, -2.90) and Google (GOOGL 543.04, -9.80) both lost near 2.0% while Microsoft (MSFT 47.60, -0.64) climbed off its low after Bloomberg reported the company is interested in Salesforce.com (CRM 72.75, +1.15). Microsoft ended lower by 1.3% while Salesforce.com gained 1.6%.

Similar to technology, the industrial sector (-1.3%) underperformed while consumer discretionary (-1.0%), financials (-0.8%), energy (-1.1%), and materials (-1.1%) ended just ahead of the S&P 500.

Notably, the energy sector spent the bulk of the day in positive territory thanks to crude oil, which rose 2.5% to $60.38/bbl., making its first appearance above $60/bbl since December.

Today's participation was ahead of recent averages with more than 770 million shares changing hands at the NYSE floor.

Economic data was limited to Trade Balance and ISM Services:

• The U.S. trade deficit widened to $51.40 billion in March from an upwardly revised $35.90 billion (from $35.40 billion) in February while the Briefing.com consensus expected an increase to $40.00 billion 
  • The BEA assumed a March trade deficit of roughly $48.50 billion in the advance Q1 2015 GDP report, but the actual deficit was much larger than expected and will likely lead to a downward revision to GDP growth 
  • The goods deficit increased to $70.60 billion in March from $55.70 billion, a gain of $14.90 billion, while the services surplus declined by $600 million to $19.20 billion in March 
  • The spike in the trade deficit shouldn't be too concerning, considering the West Coast port strike caused a pileup of containerships that needed to be unloaded. As dockworkers returned, imports that normally would have come in February were unloaded in March 
• The ISM Non-manufacturing Index increased to 57.8 in April from 56.5 in March while the Briefing.com consensus expected a decrease to 56.3 
  • Production activities improved as the related index increased to 61.6 in April from 57.5 in March 

• Nasdaq Composite +4.3% YTD 
• S&P 500 +1.5% YTD 
• Russell 2000 +1.0% YTD 
• Dow Jones Industrial Average +0.6% YTD

4:12 pm Plains All Amer beats by $0.03, misses on revs (PAA) : Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.54; revenues fell 49.1% year/year to $5.94 bln vs the $10.65 bln consensus.

• "Over the near term, however, we are more cautious as high crude oil inventory levels present a challenge for the industry. As a result, despite PAA's first quarter over-performance relative to guidance, we have elected to leave our full year operating and financial guidance essentially unchanged. Importantly, PAA remains well positioned to manage through industry down cycles. PAA ended the first quarter of 2015 with $4.4 billion of committed liquidity, a strong balance sheet and credit metrics that are consistent with or favorable to our targeted levels."
  

4:10 pm Jive Software beats by $0.05, reports revs in-line; guides Q2 EPS in-line, revs below consensus; guides FY15 EPS in-line, reaffirms FY15 revs guidance (JIVE) : Reports Q1 (Mar) loss of $0.02 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of ($0.07); revenues rose 14.9% year/year to $47.1 mln vs the $46.71 mln consensus. Total billings, which Jive defines as revenue plus the change in short and long-term deferred revenue, was $39.0 million, compared to $39.8 million in the first quarter of 2014.

• Co issues guidance for Q2, sees EPS of ($0.07) - ($0.05), excluding non-recurring items, vs. ($0.06) Capital IQ Consensus Estimate; sees Q2 revs of $47-48 mln vs. $48.10 mln Capital IQ Consensus Estimate. 
• Co issues guidance for FY15, raises bottom end of EPS to ($0.26) - ($0.22) from ($0.29) - ($0.22), excluding non-recurring items, vs. ($0.23) Capital IQ Consensus Estimate; sees FY15 revs of $195-200 mln vs. $197.24 mln Capital IQ Consensus Estimate. 

4:10 pm Ironwood Pharma misses by $0.01, misses on revs (IRWD) : Reports Q1 (Mar) loss of $0.24 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.23); revenues rose 97.9% year/year to $28.9 mln vs the $31.56 mln consensus. Collaborative arrangements revenue was approximately $28.9 million in the first quarter of 2015 compared to approximately $14.6 million in the first quarter of 2014. Revenue consisted of approximately $25.1 million in revenue associated with Ironwood's share of the net profits and losses from the sales of LINZESS in the U.S., as well as approximately $3.8 million in amortization of deferred revenue associated with consideration received from Ironwood's collaboration with Astellas, revenue recognized in connection with the collaboration with AstraZeneca, sales of linaclotide active pharmaceutical ingredient (API), and royalty payments based on sales of linaclotide in territories outside of the U.S. 

2015 Financial Guidance

• Ironwood continues to expect its 2015 total operating expenses to be in the range of $220 million to $250 million, which includes $105 million to $120 million in R&D expenses and $115 million to $130 million in SG&A expenses. Ironwood continues to expect combined Actavis and Ironwood total 2015 marketing and sales expenses for LINZESS to be in the range of $230 million to $260 million.
  

4:10 pm Cerus misses by $0.01, beats on revs (CERS) : Reports Q1 (Mar) loss of $0.17 per share, $0.01 worse than the Capital IQ Consensus Estimate of ($0.16); revenues fell 2.5% year/year to $7.7 mln vs the $7.59 mln consensus.

4:10 pm Fiserv beats by $0.03, misses on revs; guides FY15 EPS in-line (FISV) : Reports Q1 (Mar) earnings of $0.89 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.86; revenues rose 3.3% year/year to $1.27 bln vs the $1.29 bln consensus.

• Co issues in-line guidance for FY15, sees EPS of $3.73-3.83 vs. $3.79 Capital IQ Consensus Estimate; continues to expect 2015 internal revenue growth in a range of 5 to 6 percent
  

4:09 pm WageWorks beats by $0.01, beats on revs (WAGE) : Reports Q1 (Mar) earnings of $0.29 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.28; revenues rose 36.3% year/year to $85.3 mln vs the $83.3 mln consensus.

4:08 pm Sabra Healthcare REIT misses by $0.04 (SBRA) : Reports Q1 (Mar) funds from operations of $0.53 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.57.

4:08 pm Jetblue Airways: Cuba Travel Services announce direct charter flight from New York to Havana (JBLU) : The expanded charter service comes on the heels of Governor Cuomo's trade mission to Cuba, where the Governor, joined by JetBlue CEO Robin Hayes and other New York business leaders, led a dialogue to connect New York businesses to new opportunities in Cuba.

4:08 pm Electronic Arts beats by $0.13, beats on revs; guides Q1 below consensus; guides FY16 EPS just above consensus, revs just below; announces new $1 bln buyback (EA) :

• Reports Q4 (Mar) earnings of $0.39 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of $0.26; revenues fell 2.0% year/year to $896 mln vs the $852.93 mln consensus.
• Co issues downside guidance for Q1, sees EPS of ~$0.00, excluding non-recurring items, vs. $0.19 Capital IQ Consensus Estimate; sees Q1 revs of ~$640 mln vs. $772.56 mln Capital IQ Consensus Estimate. 
• Co issues mixed guidance for FY16, sees EPS of ~$2.75, excluding non-recurring items, vs. $2.63 Capital IQ Consensus Estimate; sees FY16 revs of ~$4.4 bln, excluding non-recurring items, vs. $4.49 bln Capital IQ Consensus Estimate. 
• EA has announced that its Board of Directors has authorized a new program to repurchase up to $1 billion of EA's common stock. This new stock repurchase program, which expires on May 31, 2017, supersedes and replaces the existing stock repurchase authorization approved by a special committee of EA's Board of Directors in May 2014.

4:07 pm Genomic Health misses by $0.05, misses on revs (GHDX) : Reports Q1 (Mar) loss of $0.30 per share, $0.05 worse than the Capital IQ Consensus Estimate of ($0.25); revenues rose 1.8% year/year to $68.2 mln vs the $69.98 mln consensus. Cash and cash equivalents and short-term marketable securities at March 31, 2015, excluding the Company's available-for-sale investment in Invitae, were $91.0 million, compared with $103.7 million at December 31, 2014.

4:07 pm Anadigics beats by $0.01, reports revs in-line (ANAD) : Reports Q1 (Mar) loss of $0.04 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.05); revenues fell 21.0% year/year to $18.4 mln vs the $18.44 mln consensus. 

• Co sees a sequential revenue decline of 10-15% driven principally by a decline in Mobile of approximately 20-25% in accordance with our shift to Infrastructure. Consensus calls for an increase of around 9%. Infrastructure revenues are expected to decline sequentially by 7-9% following higher-than-expected growth in Q1 2015. Non-GAAP gross margin is expected to decline sequentially by 100-300 basis points on the lower expected revenue. Operating expenses are expected to be 5-7% lower, sequentially.

4:07 pm Lending Club beats by $0.01, beats on revs; guides Q2 revs above consensus; guides FY15 revs above consensus (LC) : Reports Q1 (Mar) earnings of $0.02 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.01; revenues rose 109.3% year/year to $81 mln vs the $75.68 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $90-92 mln vs. $87.68 mln Capital IQ Consensus Estimate; Adjusted EBITDA in the range of $8.5-10.5 mln. Co issues upside guidance for FY15, sees FY15 revs of $385-392 mln (Prior $370-380 mln) vs. $378.89 mln Capital IQ Consensus Estimate; Adjusted EBITDA in the range of $40-46 mln (Prior $33-42 mln).

4:07 pm Rubicon Project beats by $0.14, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY15 EPS and revs above consensus (RUBI) : Reports Q1 (Mar) earnings of $0.02 per share, $0.14 better than the Capital IQ Consensus Estimate of ($0.12); revenues rose 61.7% year/year to $37.18 mln vs the $34.77 mln consensus.

• Co issues mixed guidance for Q2, sees EPS of $(0.19-0.21) vs. $0.00 Capital IQ Consensus Estimate; sees Q2 revs of $41.5-42.5 vs. $40.59 mln Capital IQ Consensus Estimate;
• Co issues upside guidance for FY15, sees EPS of $0.22-0.25 vs. $0.21 Capital IQ Consensus Estimate; sees FY15 revs of $203-206 vs. $176.57 mln Capital IQ Consensus Estimate.

4:07 pm Antares Pharma announces proposed public offering of common stock; size not disclosed (ATRS) :

• Piper Jaffray & Co. is acting as the sole book-running manager for the offering.
  

4:06 pm Ardelyx announces results from its Phase 2a clinical trial evaluating Tenapanor in Chronic Kidney disease patients; trial did not meet the primary endpoint of decreasing the urinary albumin-creatinine ratio in treated patients (ARDX) : Co announced that its 154-patient Phase 2a clinical trial evaluating tenapanor in Stage 3 chronic kidney disease patients with type 2 diabetes mellitus and albuminuria did not meet the primary endpoint of decreasing the urinary albumin-creatinine ratio in tenapanor-treated patients compared to patients receiving placebo.

• Co commented: " "We continue to work with AstraZeneca as they evaluate the data, and we are preparing for the continuation of the development of tenapanor under a variety of different scenarios. We are preparing for an end of phase 2 meeting for IBS-C with the FDA scheduled to occur in June. 
• Should AstraZeneca decide to return the program to us, we seek to be in a position to initiate a Phase 3 clinical program for tenapanor in IBS-C in the fourth quarter of 2015. Additionally, we intend to be prepared to continue the development of tenapanor for the treatment of hyperphosphatemia in CKD patients on dialysis."
  

4:06 pm Occidental Petro increases its annual dividend rate to $3.00/share from $2.88/share (OXY) :  

4:06 pm ZAGG beats by $0.06, beats on revs; reaffirms FY15 revs guidance (ZAGG) : Reports Q1 (Mar) pro forma earnings of $0.17 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 16.7% year/year to $57.2 mln vs the $56 mln consensus.

• Co reaffirms guidance for FY15, sees FY15 revs of $260-270 mln vs. $267.99 mln Capital IQ Consensus Estimate. 
• Outlook Details: The Company reiterates 2015 guidance of net sales in a range of $260 mln - $270 mln, with anticipated growth of about 50% in Western Europe, and moderate growth with current key retailers in the U.S. Additional new retail customers are anticipated in 2015, but assortment, load-in timing, and sell-through performance are uncertain. Gains from new product placements are expected to be offset by the normalization of sales for screen protection from the high levels experienced with the launch of recent OEM devices...Adjusted EBITDA is anticipated to be in a range of $38 mln to $41 mln.

4:06 pm Borderfree to be acquired by Pitney Bowes (PBI) for $14.00 per share in cash or ~$395 mln (shares halted) (BRDR) : Under the terms of the definitive agreement, Pitney Bowes will commence a tender offer for all outstanding common shares of Borderfree, at $14.00 per share in cash or approximately $395 million in the aggregate, net of expected cash and investments on Borderfree's balance sheet at the time of closing.

4:05 pm Noodles & Co misses by $0.02, misses on revs; guides FY15 EPS below consensus (NDLS) : Reports Q1 (Mar) earnings of $0.03 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.05; revenues rose 18.2% year/year to $105.8 mln vs the $108.8 mln consensus.

• Comparable restaurant sales increased 0.8% for company-owned restaurants, 1.4% for franchise restaurants and 0.9% system-wide.
  
  
• Restaurant contribution margin decreased to 16.2% from 17.3%. 
  
  
• Guidance: Co issues downside guidance for FY15, sees EPS approximately flat, which equates to $0.40 vs. $0.45 Capital IQ Consensus Estimate. Sees unit growth of 12-14% system-wise. Comparable restaurant sales growth in the low single digits. 
  

4:05 pm Qiagen reports EPS in-line, misses on revs; reaffirms FY15 EPS guidance (QGEN) : Reports Q1 (Mar) earnings of $0.22 per share, in-line with the Capital IQ Consensus Estimate of $0.22; revenues fell 5.9% year/year to $298.7 mln vs the $302.33 mln consensus.

• Co issues in-line guidance for Q2, sees EPS of $0.26-0.27 on constant currency basis, with adverse $0.02 currency impact, vs. $0.27 Capital IQ Consensus Estimate. Sees adjusted net sales are expected to rise approximately 4% CER, which includes approximately 4-5 percentage points of headwind from lower sales of HPV products in the U.S. compared to the same period in 2014.
• Co reaffirms guidance for FY15, sees EPS of $1.16-1.18 constant currency, with adverse impact on full-year adjusted sales and EPS results, vs. $1.13 Capital IQ Consensus Estimate. Reaffirms its expectations to deliver higher CER adjusted net sales and adjusted earnings in 2015, as above-market sales growth from the current core portfolio - led by the growth drivers - well exceeds the final year of significant headwinds from reduced U.S. sales of HPV products. These expectations do not take into account any further acquisitions that could be completed in 2015.  
  

4:04 pm Enphase Energy beats by $0.01, reports revs in-line; guides Q2 revs in-line (ENPH) : Reports Q1 (Mar) loss of $0.07 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of ($0.08); revenues rose 50.5% year/year to $86.65 mln vs the $86.39 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $100-105 mln vs. $103.97 mln Capital IQ Consensus Estimate. Expects gross margins in the range of 30-32%. Sees FX negative impact of approx $2.5-3.0 mln which is included in guidance.

4:04 pm Potbelly beats by $0.01, reports revs in-line; reaffirms guidance (PBPB) : Reports Q1 (Mar) adj. earnings of $0.03 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.02; revenues rose 16.1% year/year to $85.8 mln vs the $85.12 mln consensus; co-owned comps +5.4%.

• For the full fiscal year of 2015, management currently expects at least 20% annual adjusted net income growth. This guidance is based, in part, on the following assumptions for fiscal year 2015: 48 -- 55 total new shop openings, including 40 -- 45 company-operated shop openings; Low single-digit company-operated comparable store sales growth;
  

4:04 pm Pacific Biosciences achieves second development milestone in clinical diagnostics agreement with Roche (RHHBY); $10 mln milestone payment brings total funding to date from RHHBY up to $55 Million (PACB) : Co announced that it has achieved a second development milestone under its development, commercialization and license agreement with F. Hoffman-La Roche Ltd (RHHBY), earning an additional $10 million.

• The proceeds from the development milestone will be recognized as contractual revenue in the Pacific Biosciences financial statements for the quarter ending June 30, 2015.
  

4:03 pm Datalink misses by $0.06, misses on revs; guides Q2 EPS below consensus, revs below consensus (DTLK) : Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus Estimate of $0.17; revenues rose 25.7% year/year to $175.4 mln vs the $178.32 mln consensus.

• Factors affecting performance during the quarter included a decline in overall gross margins to 20.1% compared to 21.2% in Q1 and Q4 2014. This was caused primarily by a change in the product mix due to a significant increase in sales of lower-margin networking and server products (increasing to 32% of revenues in Q1 2015 compared to 22% in Q1 and 4Q14), along with a decrease in sales of higher-margin storage products (decreasing to approximately 20% of revenues in the Q1 2015 compared to 28% and 29% in Q1 and 4Q14).
  

4:03 pm NVIDIA announces it will wind down its Icera modem operations in Q2 of 2016, and is open to a sale of the technology or operations (NVDA) :  

4:02 pm CSG Systems misses by $0.04, reports revs in-line; raises FY15 guidance (CSGS) : Reports Q1 (Mar) earnings of $0.51 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus of $0.55; revenues fell 1.3% year/year to $185.6 mln vs the $187.33 mln consensus.

Co issues guidance for FY15, raises EPS to $2.33-2.40, excluding non-recurring items, from $2.20-2.30 vs. $2.26 Capital IQ Consensus; raises FY15 revs to $755-770 mln from $750-770 mln vs. $759.67 mln Capital IQ Consensus Estimate.

4:02 pm T2 Biosystems beats by $0.04, misses on revs (TTOO) : Reports Q1 (Mar) loss of $0.53 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.57).

4:02 pm Vivus beats by $0.04, beats on revs (VVUS) : Reports Q1 (Mar) loss of $0.15 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.19); revenues fell 12.3% year/year to $32.2 mln vs the $22.72 mln consensus.

4:01 pm Ballantyne Strong announces departure of Chief Executive Officer/Pres./Director Gary Cavey effective Friday, May 8, 2015 (BTN) :

• Chris D. Stark, who has served as Senior Vice President and Chief Operating Officer of Ballantyne Strong since May 2010, has been appointed President of Ballantyne Strong.
  

4:01 pm Southwest Air announces a contract extension with its flight dispatchers through 2019 (LUV) : The co. and the Transport Workers Union 550, representing the carrier's 250 Flight Dispatchers, announce they have come to terms on a new four-year contract extension. The agreement with Dispatchers amends the group's current contract and provides adjusted wage-scale increases, as well as continued opportunities for bonuses that are tied to individual and Company performances

4:00 pm Peapack-Gladstone Financial announces acquisition of Wealth Management Consultants, effective May 1, 2015; financial details not disclosed (PGC) : As of the closing date, WMC combined assets under advisement and administration were approximately $3.5 billion

3:40 pm Treasury Market Summary (BONDX) : Treasuries Slump

• Treasuries declined again today, taking the streak to 6 days for 5, 10, and 30-years. The complex sold off after the trade balance data but rallied back, only to go make fresh lows after the ISM Services number beat expectations. The 5-year note suffered the worst of the day's selling
• Yield check:
• 2-yr: +1 bp to 0.62%
• 5-yr: +3 bps to 1.54%
• 10-yr: +2 bps to 2.17%
• 30-yr: +2 bps to 2.90%

• News:
• The big story in fixed income today was that the European sovereign debt market basically collapsed, particularly in Italy and Spain
• European 10-year sovereign yields:
• France: +16 bps to 0.83%
• Germany: +13 bps to 0.52%
• Italy: +34 bps to 1.83%
• Portugal: +29 bps to 2.38%
• Spain: +31 bps to 1.77%
• U.K. +13 bps to 1.99%
• The U.S. trade deficit widened to $51.4 bln in March from an upwardly revised $35.9 bln (from $35.4 bln) in February. The Briefing.com Consensus expected the trade deficit to increase to $40.0 bln 
• The trade deficit jumped from its lowest point in February since November 2009 to its largest deficit since October 2008
• The ISM Non-manufacturing Index increased to 57.8 in April from 56.5 in March. The Briefing.com Consensus expected the index to decrease to 56.3 
• Production activities improved as the related index increased to 61.6 in April from 57.5 in March. Gains in both new orders (59.2 from 57.8) and unfilled orders (54.5 from 53.5) should keep upward pressure on production growth in the near term

• Equities:
• S&P 500: -1.07% to 2,091.91
• Nasdaq 100: -1.36% to 4,421.45
• DJIA: -0.72% to 17,939.58

3:30 pm Earnings Calendar (:SUMRX) : Today after the close look for the following companies to report:

• IGTE, EA, QGEN, WSTC, CENT, FISV, MYGN, OCLR, PACB, POWL, QNST, RNR, SPA, ALL, CSGS, PAA, PAGP, ACLS, COUP, ESE, ICUI, ANDE, GHDX, JIVE, KGC, PXD, RLOC, TMH, TSRA, USNA, CRAY, CTL, CTLT, SLF, TTGT, ZEN, ZU, AIZ, DLR, GRPN, IRWD, WAGE, ANAD, BRDR, DVN, ENPH, FOSL, KAR, PBPB, TTOO, AXLL, CVG, DTLK, EXAM, IAG, MHLD, PKD, REXX, SBRA, SCTY, WES, WGP, CYH, FTR, NDLS, DK, DKL, OKE, OKS, QUAD, AGU, AMRS, ARC, GNMK, KONA, LC, NFX, NYMT, PZZA, RUBI, SM, TRNX, VVUS, XXIA, Y, ZAGG, AMSG, AWR, CLUB, GMED, GPOR, HK, TEG, WR, BIO, CERS, CSU, HLF, OUT, RP, WSR, WTR, WTW, MYL, PCTI, CDI, REGI, TNET, TRIV, ZLTQ, LMOS, TSE, ATSG, SKUL, MM, ERA, GCA, HRZN, SUPN, NWPX, NVGS, WG

• KELYA, OXY, CKSW, HCLP, HAIN, LG, MSI, SE, TMHC, CRRC, EGAN, STRA, IMN, WIX, CSTE, VOYA, WCG, VG, WD, BAM, HTA, NOR, SBGI, XRAY, AYR, DAVE, DNR, ENB, CHH, SWC, TVPT, CEQP, CMLP, CRNT, CRZO, INFI, SPNS, TRXC, VSI, WEN, AVA, CHK, CLH, EE, HFC, LAMR, MEMP, MWE, PERI, SODA, WPX, ANSS, BUD, DDD, HSC, HSNI, NXTM, RHP, SNH, GDP, GLOG, RDC, WMC, XLS, ATHM, AVOL, FSTR, ARQL, POWR, SCMP, EXK, LINC, RDUS, SUP, MPO, PGNX

3:01 pm Arthur J. Gallagher acquires Vital Benefits Inc.; financial terms not disclosed (AJG) :  

2:51 pm Eleven Biotherapeutics announces preclinical data on EBI-031 that demonstrates potent IL-6 inhibition and extended vitreal retention (EBIO) : Co announced the presentation of data for EBI-031, its novel, protein therapeutic IL-6 inhibitor in preclinical development for diabetic macular edema, at the Association for Research in Vision and Ophthalmology (:ARVO) 2015 Annual Meeting.

• Preclinical pharmacokinetic studies with EBI-031 confirmed the ability of EBI-031 to potently inhibit IL-6 signaling with extended vitreal retention compared to existing therapies. The Company plans to file an investigational new drug (IND) application with the U.S. Food and Drug Administration (:FDA) by the end of 2015 for clinical development of EBI-031 in diabetic macular edema. 
• Biotherapeutics researchers describe the preclinical data demonstrating that EBI-031 has successfully achieved key design criteria and optimized drug-like properties necessary for an intravitreal IL-6 antagonist including:
  
• Potent blockade of both bound and free IL-6 
• Slow vitreal clearance compared to existing therapies to support monthly or greater frequency of dosing 
• Rapid systemic clearance and low systemic accumulation of molecules that escape the eye to minimize toxicity 
• Extended duration of EBI-031 blockade through predictive modeling 
• Efficient penetration of ocular tissues
  

2:50 pm Currency Market Summary (FOREX) : Dollar Index Falls

• The dollar fell against all of the majors today in a volatile trade. The Dollar Index rallied after the European equity open only to slip back and drop sharply after the March Trade Balance missed estimates (-$51.4 bln versus the Briefing.com consensus of -$40.0 bln). The April ISM Services number beat expectations (57.8 versus Briefing.com consensus of 56.5) and the dollar popped only to see all of the gains reversed within 15 minutes. After today's repricing of European sovereign debt, investors will be able to find yield outside the United States
• EUR/USD: +0.46% to $1.1198
• European sovereign yields surged higher today
• USD/JPY: -0.17% to 119.91
• The Market Services and Composite Purchasing Managers' Indices for April will be released tonight
• AUD/USD: +1.32% to $0.7944
• The Reserve Bank of Australia cut its policy rate to 2.00% from 2.25%, as expected
• NZD/USD: +0.32% to 0.7565USD/CHF: -0.80% to 0.9266USD/CAD: -0.24% to 1.2065
  

2:45 pm Major averages slip to new session lows -- Dow -140, S&P -23, Nasdaq Comp -77 (:TECHX) : The S&P has extended to 2090.76 to test its 50 day sma (2090). Its 50 day ema comes into play at 2088.

2:31 pm Ensco entered into three-year contract with NDC for ENSCO 110; rig scheduled to commence operations later this month offshore United Arab Emirates at a rate of ~$114,000 per day (ESV) : NDC has also contracted ENSCO 104 for a three-year term at a day rate of $114,000. The rig is mobilizing to the Middle East from the Asia Pacific region and is scheduled to commence its new contract in late-June 2015.

2:29 pm Aqua America announces that its subsidiaries in Pennsylvania, New Jersey and Virginia have have completed the acquisition of water systems in their states (WTR) :

• Aqua Pennsylvania purchased the assets of the Mt. Jewett Borough water system, which serves approximately 1,500 people in Hamlin Township, Pennsylvania, for $1.13 million.
• Aqua New Jersey purchased the assets of the Seaview Harbor water system in Egg Harbor Township for $225,000. 
• Aqua Virginia acquired the assets of the Venter Heights public water system for $85,000. 
• Last week, Aqua America's Illinois subsidiary announced the purchase of the municipally owned North Maine Utilities (:NMU) water and wastewater system from the Village of Glenview, Illinois for $22 million
  

2:27 pm W&T Offshore announces the completion of a five year, $300 mln second-lien term loan (WTI) : The term loan is expected to be made subject to a 1.0% discount to principal bearing interest at an annual rate of 9.0%. It is expected that an entity controlled by Tracy W. Krohn, W&T Offshore's Chairman and Chief Executive Officer, will participate in the term loan for a $5.0 million principal commitment on the same terms as other lenders.

• Net borrowings under the term loan will be used to repay a portion of outstanding borrowings under the Company's existing revolving credit facility. 
• Upon the issuance of the term loan, the Company's borrowing base under its revolving credit facility will be reduced from $600.0 million to $500.0 million
  

2:04 pm IBM announces that it will collaborate with Epic and Mayo Clinic by applying the cognitive computing capabilities of Watson to electronic health records (IBM) :  

1:47 pm Mylan Labs announces the US launch of Levonorgestrel and Ethinyl Estradiol Tablets, at the 0.15 mg/0.03 mg doses, as generic versions of Teva Pharmaceutical's (TEVA) Seasonale (MYL) :  

1:16 pm S&P -19 and Nasdaq Comp -71 set new session lows , Dow -107 hovering just above (:TECHX) : Relative sector weakness in recent trade has been noted in Biotech IBB, Materials XLB, Telecom IYZ, Energy XLE.

1:15 pm Mylan Labs confirms that it and its subsidiaries have been sued by Noven Pharmaceuticals and Hisamitsu Pharmaceutical Co. for its filing of an ANDA with the FDA for Estradiol Transdermal System (MYL) : Co confirmed that it and its subsidiaries Mylan Pharmaceuticals Inc. and Mylan Technologies Inc. have been sued by Noven Pharmaceuticals and Hisamitsu Pharmaceutical Co in connection with the filing of an Abbreviated New Drug Application (ANDA) with the US FDA for Estradiol Transdermal System, USP, "Twice-Weekly" 0.0375 mg/day, 0.05 mg/day, 0.075 mg/day and 0.1 mg/day. That product is the generic version of Minivelle. 

12:56 pm Midday Market Summary: Nasdaq Lags (:WRAPX) : The stock market faces broad-based weakness at midday with the Nasdaq Composite (-1.2%) trading behind the S&P 500 (-0.7%).

Equity indices have retreated steadily through the first half of today's action with European markets also facing pressure amid spiking yields. To that point, Germany's 10-yr bund yield jumped 13 basis points to 0.52% after trading below 0.10% just two weeks ago. Elsewhere, Italy's 10-yr yield has soared 34 basis points to 1.83% with the entire move taking place today.

Meanwhile, U.S. Treasuries have also retreated with the 10-yr note tracking its sixth consecutive decline. As a result, the benchmark yield is higher by four basis points at 2.18% today, hovering near levels last seen at the start of March.

Understandably, the continued rise in yields has weighed on the rate-sensitive utilities sector (-2.0%), sending the countercyclical group to the bottom of today's leaderboard. Other countercyclical sectors haven't fared much better with health care (-0.9%) and telecom services (-0.8%) trailing the broader market while the consumer staples sector (-0.6%) trades in-line.

Notably, the health care sector has slumped alongside biotechnology with iShares Nasdaq Biotechnology ETF (IBB 339.33, -5.86) distancing itself from the 50-day moving average after failing to close above that level yesterday. The ETF is down 1.7% at this juncture, which has contributed to the underperformance of the Nasdaq.

Furthermore, the technology sector (-1.1%) has also weighed on the Nasdaq with large cap names like Apple (AAPL 126.66, -2.04), Google (GOOGL 547.04, -5.80), and Intel (INTC 32.76, -0.42) showing losses between 1.1% and 1.6%. In addition, software names have also shown weakness with Qualys (QLYS 39.04, -16.04) diving 29.1% after beating bottom-line estimates on light revenue and cautious guidance.

Other cyclical sectors trade a bit closer to their flat lines, but energy (-0.1%) has turned negative in recent action. The sector remains ahead of the broader market thanks to crude oil, which trades higher by 3.1% at $60.73/bbl.

Economic data was limited to Trade Balance and ISM Services:

• The U.S. trade deficit widened to $51.40 billion in March from an upwardly revised $35.90 billion (from $35.40 billion) in February while the Briefing.com consensus expected an increase to $40.00 billion 
  • The BEA assumed a March trade deficit of roughly $48.50 billion in the advance Q1 2015 GDP report, but the actual deficit was much larger than expected and will likely lead to a downward revision to GDP growth 
  • The goods deficit increased to $70.60 billion in March from $55.70 billion, a gain of $14.90 billion, while the services surplus declined by $600 million to $19.20 billion in March 
  • The spike in the trade deficit shouldn't be too concerning, considering the West Coast port strike caused a pileup of containerships that needed to be unloaded. As dockworkers returned, imports that normally would have come in February were unloaded in March 
• The ISM Non-manufacturing Index increased to 57.8 in April from 56.5 in March while the Briefing.com consensus expected a decrease to 56.3 
  • Production activities improved as the related index increased to 61.6 in April from 57.5 in March

12:43 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume). 

Large Cap Gainers

• EL (87.92 +5.24%): Beat Q3 (Mar) consensus EPS estimates by $0.21, beat on revs; guided FY15 EPS above consensus, revs in-line .
• UBS (21.44 +5.31%): Reported Q1 EPS of CHF0.53 vs CHF0.33 Capital IQ consensus; Combined wealth management businesses adjusted profit before tax CHF 1.1 billion, the highest since 2008.
• MNK (121.37 +5.54%): Beat Q2 (Mar) consensuses EPS estimates by $0.20, beat on revs; raised FY15 guidance.

• IP (51.63 -3.93%): Under pressure following potential new IRS rules on MLP's.
• BIDU (195.24 -4.15%): Downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $215 from $240; also under pressure after China's Shanghai exchange drops 4%.
• SRE (104.49 -3.08%): Beat Q1 consensus EPS estimates by $0.39, missed on revs; reaffirmed FY15 EPS guidance.

• GLNG (47.63 +26.54%): Announced that it has signed a binding Heads of Terms with Ophir Energy Plc for the provision of the GoFLNG vessel Gimi; agreement will be structured as a 20-year tolling contract; also has commenced discussions with partners Keppel and Black & Veatch aimed at exercising an option for the ordering of a third GoFLNG unit similar to the Hilli and the Gimi.
• ABMD (75.18 +15.41%): Reported Q4 (Mar) results, beat on revs; raised FY16 rev guidance above consensus.
• KMT (38.75 +7.22%): Beat Q3 (Mar) consensus EPS estimates by $0.03, reported revs in-line; guided FY15 EPS in-line, Lowered FY15 revenue outlook.

• NSM (20.01 -23.54%): Reported Q1 (Mar) loss of $0.53 per share, $1.24 worse than the Capital IQ Consensus Estimate of $0.71; revenues fell 15.0% year/year to $382.11 mln vs the $501.93 mln consensus.
• PBYI (172.75 -10.49%): Downgraded to Market Perform from Outperform at Cowen.
• MUSA (61.49 -7.18%): Reports Q1 (Mar) earnings of $0.50 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.49; revenues fell 28.6% year/year to $3 bln vs the $3.94 bln Capital IQ consensus.

12:20 pm AbbVie announces results from VISUALI, a Phase 3 study investigating the efficacy and safety of HUMIRA; Results showed HUMIRA significantly lowered their risk of uncontrolled uveitis or vision loss (ABBV) : The results were presented at the Association for Research in Vision and Ophthalmology 2015 Annual Meeting in Denver, Colo. Results of the VISUAL-I study show HUMIRA meets primary endpoint of prolonging time to treatment failure in patients with non-infectious intermediate, posterior, or panuveitis

• Of the 217 participating patients, 110 were treated with HUMIRA and 107 received placebo. The HUMIRA group received an 80 mg baseline loading dose followed by 40 mg given by subcutaneous injection every other week for up to 80 weeks. At study entry, all subjects received a 60 mg prednisone burst followed by a complete taper over 15 weeks. Starting at week 6 and every visit thereafter, all patients were assessed for treatment failure
  
• AbbVie is also evaluating the safety and efficacy of HUMIRA in patients with inactive, non-infectious intermediate, posterior, or panuveitis, in the ongoing Phase 3 VISUAL II clinical trial and those results are expected soon.
  

12:12 pm European Update (BONDX) : European Yields Soar

• European yields are skyrocketing, with the Spanish 10-year yield up 22 basis points over the past 4 hours
• Although there doesn't seem to be an outsized move in Greek yields (48 bps for the 10-year is a typical range), the spreads between the periphery and Germany are moving as well, implying changes in credit risk
• Yield check:
• France, 10-yr OAT: +16 bps to 0.83%
• Germany, 10-yr Bund: +13 bps to 0.52%
• Greece, 10-yr note: +48 bps to 10.93%
• Italy, 10-yr BTP: +34 bps to 1.83%
• Portugal, 10-yr note: +29 bps to 2.38%
• Spain, 10-yr Bono: +32 bps to 1.77%
• U.K., 10-yr Gilt: +13 bps to 1.99%

12:09 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (90) outpacing new highs (74) (:SCANX) : Stocks that traded to 52 week highs: AAWW, ABMD, AEC, AFSI, ALDW, AMCX, AVY, AYI, BAMM, BCO, BFAM, BK, BKMU, BLBD, BLKB, BX, CFG, CLBH, CORI, CYNO, DIS, DLPH, DOVR, DRC, ECF, EL, ELNK, ELOS, ENR, FAC, FIX, GGAC, GTIM, GTN, GTN.A, GTWN, HOLX, HRC, HW, IBKR, IMH, INBK, JNPR, JPM, KALU, KEY, LMAT, LVLT, LYV, MAS, MATX, MIC, NCOM, NFLX, NGHC, NLS, NOM, NTRS, OSBC, PNFP, PRMW, QTM, SCHW, SHAK, SQNM, SUM, SWK, TASR, TAST, TDS, TMK, TRQ, VKTX, WX

Stocks that traded to 52 week lows: ACRX, ACTA, AGYS, AHC, AJX, AMCF, AP, ASND, BABA, BDSI, BWINB, CBLI, CCD, CECO, CIM, CKP, CLDN, CLI, CPLA, CTRL, CUZ, DCI, DDD, DEST, DSS, EGL, EGP, ERIC, ESBK, ESIO, FDML, FORR, FPO, FTD, GALT, GOV, GYRO, HI, HOV, HWCC, IKAN, INF, INTX, IPHS, IRT, ISH, LXP, MHGC, MNI, MPEL, MTGE, NOK, NSM, NUO, OFG, ONTY, PCH, PCO, PDLI, PKY, PNX, PRGN, PSB, PSEC, PTNT, QUIK, RBCN, RCAP, ROKA, ROVI, SALM, SCON, SGI, SIF, SJI, SNH, SNR, SRET, STRI, TAX, TTF, UE, UNXL, VPG, VSH, WPG, XONE, YRCW, YUMA, ZU

ETFs that traded to 52 week highs: KBE

ETFs that traded to 52 week lows: JJA

12:01 pm NetSuite has entered into a strategic cloud alliance with Microsoft (MSFT) (N) : The co announced it has entered into a strategic cloud alliance with Microsoft (MSFT) to create new, innovative and future-proof solutions that connect NetSuite's cloud ERP to Microsoft Office 365, Windows and Microsoft Azure.

12:01 pm NXP Semi announces that Qualcomm (QCOM) will integrate NXPI's near field communication and embedded secure element solutions across its Snapdragon platforms (NXPI) : Co announced that Qualcomm Technologies, a subsidiary of Qualcomm (QCOM), will integrate NXP's near field communication (:NFC) and embedded secure element (eSE) solutions across Qualcomm Snapdragon 800, 600, 400 and 200 processor based platforms.

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

• UK's FTSE:-0.8%
• Germany's DAX:-2.5%
• France's CAC:-2.1%
• Spain's IBEX:-2.7%
• Portugal's PSI:-2.4%
• Italy's MIB Index:-2.8%
• Irish Ovrl Index:+0.6%
• Greece ASE General Index: -3.8%

11:44 am Floor Talk (:TALKX) : The stock market hasn't acted well so far today and the bond market -- both here in the U.S. and abroad in Europe -- has had something to do with that.

European sovereign yields are blowing out, albeit from low bases, yet the hasty and significant scope of the move is creating some angst about leveraged exposure to those securities and the belief that the ECB's QE program would keep yields depressed (or even negative).

The action in the German bund has been extraordinary.  The yield on the benchmark instrument hit 0.05% a little more than two weeks ago.  Today, it has risen 12 basis points to 0.52%. The backup came closely on the heels of both Bill Gross and Jeffrey Gundlach highlighting the appeal of the bund as a short candidate.

Meanwhile, longer-dated Treasuries have been backing up simultaneously, defying expectations for further curve flattening.  The yield on the 10-yr note, which stood at 1.86% a month ago, is now up to 2.18%.  That's still a low-yielding instrument, but again, the hasty nature of the move and a growing chorus of smart-money investors (including Warren Buffett) labeling bonds as overvalued, is creating angst that a more meaningful trend shift could be at hand.

Higher rates, as Warren Buffett cautioned yesterday, make stock valuations look less attractive.

The bump in rates then has created resistance for the stock market today along with other factors that include:

• Leadership groups/stocks behaving poorly again (eg. biotech, transports, semiconductors, small-caps, and Apple)
• The 4.1% decline in the Shanghai Composite and sizable intraday reversals in European stock markets driving underlying concerns about overbought positions
• The understanding that the wider than expected trade deficit for March will likely lead to a downward revision to Q1 GDP (possibly into negative territory)
• Rising oil prices (+3.1% to $60.78) and gas prices starting to be looked at again as an impediment for consumer spending; and
• The inability of the S&P 500 to break to new highs

11:31 am Steady erosion continues -- Dow -96, S&P -16, Nasdaq Comp -66 (:TECHX) : Nasdaq Comp took out its 50 sma and is probing its 50 ema at 4947. The Dow has slipped slightly under its 50 sma.

11:10 am Relative sector weakness (:TECHX) : Sectors that have underperformed the S&P on the recent market downside extension include: Health XLV, Telecom IYZ, Utility XLU, Pharma PPH, REITs IYR, Medical Supplies,

11:10 am Opko Health announces acquisition of EirGen Pharma; terms not disclosed (OPK) : EirGen Pharma is a specialty pharmaceutical company focused on the development and commercial supply of high potency, high barrier to entry, pharmaceutical products for sale in the U.S., Canada, Japan, Australia, most European countries, and more than 40 others around the world. To date, EirGen and its commercial partners have filed 10 product applications with the FDA and 5 each in Europe and Japan.

11:06 am Minor new lows for major averages -- Nasdaq Comp -56 and S&P -12.9, Dow -73 (:TECHX) :  

11:05 am Organovo: L'Oreal (LRLCY) announces partnership with Organovo (ONVO) : Developed between L'Oreal's U.S.-based global Technology Incubator and Organovo, the collaboration will leverage Organovo's proprietary NovoGen Bioprinting Platform and L'Oreal's expertise in skin engineering to develop 3-D printed skin tissue for product evaluation and other areas of advanced research.

• Briefing.com note: ONVO previously disclosed entery into a research collaboration agreement with L'Oreal (LRLCY) USA products, as we covered on April 7

11:03 am Currency Commentary: DXY Testing 95 (:SUMRX) :

• The Dollar Index continued to hold the 95 level which is also housing the 100 sma (95.03). The March Trade Balance came in at a deficit of $51 mln, its lowest since November 2009. The figure should also lead to a further downward revision in the Q1 GDP number. The number highlights the strong dollar and its impact on trade in the quarter. The spike in trade is being downplayed to a certain degree as dockworker strikes on the West Coast in February led to a back up of containers that were unloaded in March. The ISM Services number for April came in higher than expected. 
• The euro continues to run into resistance at the 1.12 level. The 100 sma for the single currency also lingers above at 1.1265. The E.U. updated its latest forecasts for 2015 GDP growth to +1.5% from +1.3%. However some of this positive was offset by the lowering of Greek GDP numbers. Greece is finding itself back in the headlines for the wrong reasons as tensions climb ahead of a May 11 EU Finance Ministers meeting and a May 11 IMF payment of approx EUR 770 mln. 
• The pound firmly held the 1.51 level in early trade. The Construction PMI came in below expectations and showed a further slow down for the region. However the pound held 1.51 and has rallied back to the 1.52 level. This comes ahead of the Thursday elections.
• The yen saw a slip to the 120.50 which was the lowest dollar/yen level over the past three weeks. The yen has been able to recover the early losses and is back to testing the 120 level. This has remained a key theme for the yen over the past couple of weeks. Japanese markets were closed for a holiday so volume remained light (BONDX, FOREX).
  

11:03 am Furmanite: Mustang Capital comments on company's announcement that it has received an 'expression of interest' for the sale of the company: "Another desperate act by an entrenched Board" (FRM) : Group stated that it: "believes that the timing of this announcement from Furmanite Corporation, on the eve of an already once-postponed Annual Meeting, suggests another act of desperation by the incumbent board, including Chairman Bill Ahn, to avoid being held accountable by shareholders. The company has said nothing about who has made the "expression", and nothing about price, timing, or certainty."

10:49 am Diamond Offshore aggressive advance extended near its 200 ema at 35.86 -- session high 35.89 (DO) :  

10:45 am Lagging Nasdaq Comp -45 probes 50 day sma at 4964 -- session low 4964 (:TECHX) :  

10:33 am Superior Uniform Group announces promotion of Andrew D. Demott, Jr. to Chief Operating Officer (SGC) : Co announced that, effective May 1, 2015, Mr. Andrew D. Demott, Jr. has been promoted by the Board of Directors to Chief Operating Officer of the Company. Mr. Demott will continue to serve as the Company's Chief Financial Officer and Treasurer.

10:32 am Drone Aviation announces that its subsidiary has received an order from specialized defense contractor Troll Systems for a set of Winch Aerostat Small Platform aerostat systems (DRNE) : Under terms of the award, DAC and Troll will jointly form a working group to integrate the L-3 Wescam MX-10 advanced optical sensor system into the WASP platform for an international customer. The working group plans on commencing integration in May with initial flight testing expected to take place by Q3 2015.

10:32 am Arthur J. Gallagher acquires McDowall Associates Human Resource Consultants; terms not disclosed (AJG) :  

10:31 am Relative sector strength (:TECHX) : Sectors outperforming the S&P on a relative basis on the recent bounce attempt include: Finance XLF, Bank KBE, Crude Oil USO, Oil Service OIH

10:29 am Abengoa has been selected to build the first biorefinery using gasification technology to convert municipal solid waste into syncrude that will be upgraded into jet fuel; contract is worth ~$200 mln (ABGB) :  

10:22 am HNI increases its quarterly dividend by 6% to $0.265/share from $0.25/share (HNI) :  

10:22 am New session lows for Nasdaq Comp -48 and S&P -9.4 but Dow -45 has not yet confirmed the move (:TECHX) :  

10:21 am Archer-Daniels announces that it is building new feed-premix plants in both Zhangzhou, Southern China and Glencoe, Minnesota (ADM) : The co also announced that it has reached an agreement to acquire complete ownership of North Star Shipping and Minmetal; no terms were disclosed

10:13 am S&P retrace 38% of jump off last week's low at 2104 -- session low 2104 (:TECHX) : Some recovery noted, initial intraday resistance is in the 2109/2110 zone.

10:01 am Canadian Natl Rail provides details of its 2015 plan to invest C$2.7 bln in rail infrastructure maintenance and improvements (CNI) :

• CN is planning to spend approximately C$1.4 billion on track infrastructure. This will include the replacement of rail, ties and other track materials, bridge improvements, as well as various branch-line upgrades.
• Within its track infrastructure spending, CN is allocating C$100 million to upgrade its feeder network. This investment is part of the C$500-million program announced earlier this year to upgrade branch lines that are experiencing rising volumes of traffic.
• CN will also spend approximately C$800 million in 2015 on growth and productivity initiatives such as yard improvements, intermodal terminals, transload and distribution centres and information technology.
• CN's equipment capital expenditures in 2015 are targeted to reach approximately C$500 million, allowing the company to tap growth opportunities and improve the quality of the fleet.
  

9:50 am New session low for lagging Nasdaq Comp -28 joined by S&P -4.4 -- Dow -23 holding mildly above its early trough (:TECHX) :  

9:45 am Dow -2 and S&P -1 flirt with flat line, Nasdaq Comp -14 is hovering slightly above its low (:TECHX) : Underperforming sectors include Biotech IBB, Semi SMH, Technology XLK which are weighing on Nasdaq. Also on the defensive are: REITs IYR, Health XLV, Utility XLU, Restaurant, Trucking, Medical Supplies.

9:39 am Opening Market Summary: Stocks Slip Out of the Gate (:WRAPX) : The major averages began the day in negative territory, but they were quick to climb off their early lows. The S&P 500 hovers near its flat line with five sectors showing losses.

Countercyclical utilities (-0.5%) and the top-weighted technology sector (-0.4%) have paced the opening drop while energy (+1.0%) and materials (+0.5%) outperform after ending yesterday's session in negative territory.

Elsewhere, Treasuries have surrendered their early morning gains with the 10-yr yield returning to unchanged at 2.15%.

The ISM Services report for April (consensus 56.4) will cross the wires at 10:00 ET.

9:36 am Early relative strength (:TECHX) : Sectors displaying some relative strength as the indices attempt to push off opening lows include: Crude OIl USO, OIl Service OIH, Silver SLV, Steel SLX, Gold Miners GDX, Energy XLE, Mining XME.

9:34 am The Children's Place: 'Shareholders for Change at The Children's Place' deliver open letter to shareholders, file definitive proxy materials, urges all shareholders to vote the BLUE proxy card (PLCE) :  

9:33 am Gladstone Investments plans to sell shares of its newly designated Series C Cumulative Term Preferred Stock due 2022 (GAIN) :

• Co announced that it plans to sell shares of its newly designated Series C Cumulative Term Preferred Stock due 2022 in an underwritten public offering. The aggregate public offering price, dividend yield and other terms are to be determined by negotiations between the Company and the underwriters. 
• The Company intends to use the net proceeds from this offering to repay borrowings under its existing credit facility, to fund investments in accordance with its investment strategy and for other general corporate purposes.
  

9:33 am Stock indices stabilize after opening dip -- Dow -13, S&P -2.2, Nasdaq Comp -15 (:TECHX) :  

9:31 am Medtronic announces FDA 510(k) clearance and U.S. launch of the Euphora Semicompliant Balloon Dilatation Catheter (MDT) :  

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

• Tyler Technologies (TYL) has signed an agreement with Franklin County, Ohio, for Tyler's CLT Appraisal Services to conduct multiple appraisal and reappraisal projects. The agreement, valued at $12.3 million, includes services for the county's 2017 sexennial reappraisal and new construction appraisals for 2016, 2017 and 2018
  
• CSG Systems International, Inc. (CSGS) announced that it has extended its relationship with Charter Communications (CHTR), to provide residential billing and customer care services through December 31, 2019.
  
• Spok, Inc (SPOK) announced that Chambers County Emergency Services in Anahuac, Texas, selected its critical alerting solution for emergency communications among first responders and other employees
  
• Aviat Networks (AVNW) announced a new three-year turnkey agreement with MTN South Africa, part of the MTN Group, which is an existing tier one customer. Aviat will modernize the operator's mobile backhaul network and expand network services by installing CTR microwave networking solutions.
  
• GNC Holdings (GNC) announced a new partnership with the Bonnaroo Music & Arts Festival. As part of the partnership, GNC will execute a multi-faceted strategy that consists of on-site experiences, outbound media and GNC support, before, during and after the festival.
  
• PPG Industries (PPG) confirmed that Goodyear Tire & Rubber Company (GT) has contracted to use AGILON(R) performance silica by PPG to increase the fuel efficiency of its tires.
  
• TTM Technologies (TTMI) and Viasystems Group,(VIAS) announced that the companies have received notice from the Committee on Foreign Investment in the United States that it has concluded its review of TTM's proposed acquisition of Viasystems and determined that there are no unresolved national security concerns with respect to the proposed transaction. TTM expects the acquisition to close in the second quarter of 2015.
  

9:29 am Cytori Therapeutics prices its registered direct offering, including one share of common stock and one warrant for $0.77/unit; expecting gross proceeds of $19.4 mln (CYTX) : The strike price of each warrant will be $1.02. Co intends to use a portion of the proceeds to refinance our existing debt to provide that our outstanding debt under our Loan Agreement does not exceed $18.0 million. Co also intends to use the net proceeds of the offering for general corporate purposes, including working capital, capital expenditures, research and development and debt service

9:28 am Hill International announces that its Board has unanimously rejected the unsolicited takeover proposal from DC Capital Partners at a purchase price of $5.50 per share; approves adoption of a stockholder rights plan (HIL) : The co noted that after thoroughly considering DCCP's proposal, the Board determined that the proposal substantially undervalues Hill's common stock given the company's current strategic plans and prospects for continued growth and stockholder value creation, among other considerations, and therefore that acceptance of the proposal is not in the best interests of the company or its stockholders. 

• Separately, the Board unanimously approved the adoption of a stockholder rights plan that is intended to ensure that all stockholders have the opportunity to realize the long-term value of their investment in the company and are protected from coercive and opportunistic takeover attempts. The plan is also intended to ensure that decisions on corporate strategy and control are made by the Board focused on the best interests of the company and its stockholders over the long-term without undue pressure from coercive short-term tactics. 
• Under the rights plan, stockholders of record as of May 18, 2015 will receive one preferred share purchase right for each share of Hill common stock held. Initially these rights will not be exercisable and will trade with the shares of the company's common stock.
  

9:23 am On the Wires (:WIRES) :

• Echelon Corporation (ELON) announced that effective immediately, it will converge all its wireless and wired connectivity solutions for lighting control under the Lumewave by Echelon brand.
  
• Media General, Inc. (MEG) and FOX Television Stations announced a deal to renew BiteSizeTV's Hollywood Today Live for the 2015 broadcast season.
• Agility Fuel Systems and Cummins (CMI) announced today that they have entered into a strategic partnership to drive adoption of natural gas as a vehicle fuel for the heavy duty truck and bus markets. Under the terms of the agreement, Cummins will invest an undisclosed amount in Agility Fuel Systems' equity.
• Dunkin' Donuts (DNKN) announced the signing of a multi-unit store development agreement with existing franchise group, NMR, LLC, to develop five Dunkin' Donuts restaurants and four multi-brand restaurants with its sister brand, Baskin-Robbins, in Albuquerque and its surrounding areas. The first restaurant is planned to open in Summer 2016.
• Clean Diesel Technologies (CDTI) released preliminary engine and vehicle test results for its new synergized-platinum group metal diesel oxidation catalyst technology. IDOC achieved emission control and system performance comparable to a leading original equipment manufacturer catalyst product while slashing PGM usage by over 80%.
• Century Casinos, Inc. (CNTY) announced that Century Bets! Inc. started operating the pari-mutuel off-track horse betting in Southern Alberta, Canada. Upon award of a three year license by Horse Racing Alberta in December 2014, the Company and Rocky Mountain Turf Club formed Century Bets! Inc.
• Heritage Insurance Holdings, Inc. (HRTG) announced that its subsidiary, Heritage Property & Casualty Insurance closed three catastrophe bond transactions. The bonds are named Citrus Re 2015-1, and offer three classes of notes that total $277.5 million. The Class B and C notes are the first bonds to replace a portion of the coverage provided by the Florida Hurricane Catastrophe Fund. Heritage also placed the Series A notes well within guidance which total $150 million in coverage for three years. The Citrus Re 2015-1 transaction is Heritage's third catastrophe bond placement, which in total provides $477.5 million in coverage
• Amazon (AMZN) and JetBlue (JBLU) announced that they will bring unlimited, on-demand internet access to airline travel later this year through JetBlue's free high-speed Fly-Fi broadband internet.
  

9:21 am Grupo Aeroportuario Del Sureste announces that total passenger traffic for April 2015 increased by 14.3% when compared to April 2014 (ASR) :  

9:12 am NRG Yield announces that its stockholders had approved its previously announced; will create the new Class C and Class D common stock and distribute the Class C and Class D common stock to holders of the Class A and Class B common stock, respectively (NYLD) : Each holder of the existing Class A common stock at the time of the filing of the Amended Certificate will be entitled to receive a Class C share for each Class A share owned on May 14, 2015. Because the distribution of the Class C shares will be done through a stock split, there will be no record date. 

9:11 am S&P futures vs fair value: -5.90. Nasdaq futures vs fair value: -21.30. (:WRAPX) : The stock market is on track for a modestly lower open as futures on the S&P 500 trade six points below fair value. Index futures have spent the night in a ten-point range, but the same cannot be said for China's Shanghai Composite, which dove more than 4.0% after some brokers reportedly increased their margin requirements, leading to a sharp selloff.

Meanwhile in Europe, most equity indices trade in negative territory amid waning optimism that Eurozone creditors will be able to reach satisfactory terms with Greece. The troubled country is due to pay EUR200 million to the International Monetary Fund tomorrow with another EUR780 million payment scheduled for next Tuesday.

Domestically, investors have received more quarterly earnings, but most reports came from relatively small companies. Dow component Disney (DIS 113.70, +2.67) is an exception with its stock higher by 2.4% in pre-market following better than expected earnings and revenue.

On the economic front, the March trade deficit widened to $51.40 billion from $35.90 billion while the Briefing.com consensus expected a deficit of $40.00 billion. The disappointing reading, which resulted from backlogs due to the West Coast port strike, is likely to pressure Q1 GDP into negative territory.

Treasuries hold slim gains with the 10-yr yield lower by a basis point at 2.13%.

The ISM Services report for April (consensus 56.4) will cross the wires at 10:00 ET.

9:07 am Avanir Pharmaceuticals announces presentation of survey evaluating the prevalence of Pseudobulbar Affect Symptoms in retired professional football players (AVNR) : Co announces the presentation of survey results assessing the prevalence and impact of pseudobulbar affect (PBA) symptoms in former professional football players. The survey showed that nearly all players had experienced head trauma or injury during their football career, and that one-third experience symptoms suggestive of a little known but treatable consequence of head injury called PBA.

• Almost all of the 516 respondents reported experiencing head injuries, traumatic brain injury, concussions or head trauma during their football career. Of these, 33% showed symptoms of PBA as measured by the Center for Neurologic Study-Lability Scale, a standard screening instrument to evaluate PBA. Moreover the frequency and severity of PBA symptoms showed consistent and significant association with negative impact on everyday activities, social function and family relationships. None of the respondents experiencing PBA symptoms reported receiving a diagnosis of PBA or a related medical term.
  

9:05 am Sempra Energy beats by $0.39, misses on revs; reaffirms FY15 EPS guidance (SRE) : Reports Q1 (Mar) earnings of $1.71 per share, excluding non-recurring items, $0.39 better than the Capital IQ Consensus Estimate of $1.32; revenues fell 4.0% year/year to $2.68 bln vs the $3.09 bln consensus.

• Beginning in the first quarter 2015, Southern California Gas Co. (SoCalGas) adopted an order by the California Public Utilities Commission (:CPUC) to recognize revenues from the utility's core activities on a seasonally adjusted basis. The application of seasonality in revenues for SoCalGas will result in substantially all of SoCalGas' annual earnings being reported in the first and fourth quarters of the year, but will not affect full-year operating earnings. 
  

9:04 am Clean Energy Fuel: UPS (UPS) has entered into an agreement to purchase renewable natural gas for its delivery vehicle fleet from Clean Energy Fuels (CLNE) : UPS and Clean Energy Fuels Corp. estimate that the three stations will provide approximately 1.5 million gallon equivalents annually of RNG fuel to nearly 400 UPS CNG vehicles in California.

9:03 am Textainer Group misses by $0.02, misses on revs (TGH) : Reports Q1 (Mar) earnings of $0.71 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.73; revenues rose 2.8% year/year to $139.2 mln vs the $142.67 mln consensus. 

• Adjusted EBITDA of $110.8 million for the quarter, an increase of 7.2 percent from the prior year. 
• "We are cautious about 2015. While we believe our utilization will stay high, we also expect competition to remain strong with continued pressure on rental rates due to the high level of liquidity available to container lessors coupled with low new container prices, ample factory capacity and low interest rates. Given the outlook for steel prices and muted demand, new container prices will not increase in the near term and are likely to decrease further,"
  

9:01 am American Eagle Energy announces appointment of Marty Beskow as CFO, effective May 1, 2015 (AMZG) : As of the close of business on April 30, 2015, Kirk Stingley resigned as the Company's Chief Financial Officer to pursue other interests in the private sector. Beskow will also continue as Vice President of Capital Markets and Strategy, the role in which he has served American Eagle since he joined the Company in October of 2013

9:00 am On The Wires (:WIRES) :

• Mellanox Technologies (MLNX) announced a storage replication solution over long distance collaboration with Microsoft at the Ignite 2015 conference. The collaboration utilizes Microsoft's Windows Server 2016 Storage Replica technology over Mellanox's MetroX long-haul system and end-to-end FDR 56Gb/s InfiniBand interconnect solution
  
• IXYS Corporation (IXYS)announced the development and availability of its IXOLAR solar panel: the SLPN005H10L. The panel is a 5 watt, mobile photovoltaic panel with an integrated sun-angle adjuster
  
• Manhattan Associates, Inc. (MANH) announced that E.Land World is implementing its Supply Chain Commerce Solution
  
• Goodyear Tire & Rubber Company (GT) announced it has begun using a next-gen silica in its tires. The new silica will be first used in the Goodyear EfficientGrip SUV tire, which is being launched this month in Latin American markets. Tires containing the silica also will be introduced in other regions within the next year.
• CounterPath Corporation (CPAH) announced a collaboration with Alcatel-Lucent (ALU) to offer large enterprise technology products for sale. The products will be sold by Alcatel-Lucent's sales channels to large enterprises in verticals. The companies have already engaged pilot customers and expect to achieve deployments with additional customers in 2015.
  
• Royal & Sun Alliance and Guidewire Software (GWRE) announced that RSA Canada has selected Guidewire ClaimCenter as its claims management system
  

8:59 am S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -19.70. (:WRAPX) : The S&P 500 futures trade six points below fair value.

Tuesday's trading featured a sharp decline in China's Shanghai Composite (-4.1%) as reports suggesting brokerages were tightening margin financing requirements triggered a wave of selling interest. Elsewhere, the Reserve Bank of Australia cut its cash rate 25 basis points as expected to 2.00%. The policy statement, though, lacked the indication that further easing may be appropriate. 

• In economic data: 
  • Hong Kong's March Retail Sales -2.9% (expected +5.8%; prior +14.9%) 
  • Australia's April AIG Services Index fell to 49.7 from 50.2; March Trade Balance -AUD1.32 bln (expected -AUD1.00 bln; prior -AUD1.61 bln) as Exports -2.0% (prior -1.0%) and Imports -2.0% (prior +2.0%) 

• Japan's Nikkei closed for Golden Week holiday 
• Hong Kong's Hang Seng declined 1.3% in a steady retreat after pushing higher at the start of trading. The basic materials (-3.7%), energy (-2.0%), diversified (-1.9%), and financial (-1.6%) sectors were the biggest losers on a day that also produced a report showing retail sales declined a weaker than expected 2.9% in March. Bank of Communications (-4.2%), China Overseas Land & Investment (-3.9%), and CITIC Ltd (-3.7%) were the worst-performing stocks. Galaxy Entertainment (+1.8%), Want Want China Holdings (+1.6%), and Sands China (+1.1%) were the only stocks to gain in excess of 1.0%. Out of the 50 index members, 8 ended higher, and 42 finished lower. 
• China's Shanghai Composite declined 4.1% in a steady sell-off that was reportedly catalyzed by news of Chinese brokerages raising margin financing requirements. Every sector was down big for the day. The energy sector was the best-performing of the bunch with a loss of 2.3%. 

• Economic data was limited: 
  • Eurozone March PPI +0.2% month-over-month (expected 0.3%; prior 0.6%); -2.3% year-over-year, as expected (previous -2.8%) 
  • UK's April Construction PMI fell to 54.2 from 57.8 (expected 57.5) 
  • France's March government budget deficit widened to EUR26.30 billion from EUR23.50 billion 
  • Spain's Unemployment Change -118,900 (expected -64,800; prior -60,200) 

• UK's FTSE is higher by 0.2% with consumer names among the leaders. Burberry Group, Dixon Carphone, and TUI hold gains between 2.4% and 3.3%. Financials lag with RSA Insurance, Aberdeen Asset Management, and HSBC down between 1.3% and 1.6%. Notably, HSBC trades lower despite reporting better than expected results. 
• In France, the CAC is lower by 0.8%. Consumer names Orange, L'Oreal, and Kering show losses between 0.8% and 1.7% while financials trade in mixed fashion. Societe Generale has added 1.3% while BNP Paribas is lower by 0.4%. 
• Germany's DAX has given up 1.2% with Deutsche Lufthansa leading the retreat. Major financials weigh with Allianz and Commerzbank down 2.1% and 1.2%, respectively. 
• Italy's MIB trades down 1.5% amid broad weakness. UBI Banca, Banca di Milano Scarl, Banco Popolare, and Telecom Italia are down between 1.4% and 2.8%.

8:52 am On the Wires (:WIRES) :

• CareMore Medical Group in Las Vegas, Nev has selected Allscripts (MDRX) Chronic Care Management (CCM) program to assist in the management of patient engagement and quality of care practices
• Bellerophon Therapeutics, Inc. (BLPH) announced that it will present results from a recent pig study evaluating the effect of its Bioabsorbable Cardiac Matrix (BCM) on the mechanics of the heart following a heart attack. The results will be presented at the Clinical Forum of the European Society of Cardiology's Heart Failure 2015/2nd World Congress on Acute Heart Failure, being held in Seville, Spain from May 23 - May 26, 2015.
• Rovi Corporation (ROVI) announced a multi-solution deal with Mediacom Communications Corporation. Under the agreement, Mediacom will utilize Rovi Operator Insights, Rovi Ad Optimizer and Rovi Subscriber Analytics to obtain insights into network performance and viewership trends
• Portola Pharmaceuticals (PTLA) announced a collaboration with Ora, Inc. for the development of Portola's Syk inhibitor, PRT2761, in ophthalmic diseases. Under the collaboration agreement, Ora will lead the clinical development of PRT2671, and the companies will share in the development expenses until proof-of-concept is established. Portola retains decision making oversight of the program.
• Calix, Inc. (CALX) announced that Montana Opticom will deliver gigabit broadband services to residents and businesses in Belgrade, Montana via the Calix Unified Access portfolio
• ZBB Energy Corporation (ZBB) announced that, in its contract with Lotte Chemical, it has achieved the latest performance milestone for the development and commercialization of a utility-scale flow battery module. The successful completion results in a 25% payment against the total contract value. The balance of just over 10% will be paid based upon shipment and commissioning of the 500kWh ZnBr flow battery module and supporting battery management electronics at the Lotte Chemical R&D facility located in Daejeon, South Korea in the first half of calendar year 2016.
• FuelCell Energy (FCEL) together with O&G Industries and CT Energy & Technology LLC announced a proposed 63.3 megawatt fuel cell park in Beacon Falls, Connecticut. The project has the potential to generate up to $90 million of tax revenue including property tax payments to the town of Beacon Falls and sales tax to the State of Connecticut over the project life.
  

8:47 am Penske Auto raises Q1 dividend by 4.5% to $0.23/share (PAG) : The dividend is payable on June 1, 2015, to shareholders of record on May 15, 2015.

8:45 am Paramount Gold and Silver announces that an updated NI-43-101 compliant resource estimate has been filed on SEDAR for its 100%-owned Sleeper Gold Project in Nevada (PZG) : The new estimate incorporates all drilling completed by Paramount and its predecessor company since October, 2011, including 32 core holes totalling 12,448 meters and 67 reverse circulation drill holes totalling 3,047 meters. Samples from 40 core holes representing 2,722 meters drilled by a previous operator but never assayed were also included in the model. The new estimate was completed by SRK Consulting, an internationally recognized firm in the field of resource estimation, and is effective as of April 17, 2015.

• SRK has estimated total measured and indicated mineralized material at 294 million tonnes grading 0.36 Au g/t and 3.25 Ag g/t containing 3.42 million ounces of gold and 30.8 million ounces of silver. Additional inferred mineralized material was estimated at 241.8 million tonnes grading 0.32 Au g/t and 1.93 Ag g/T containing 2.47 million ounces of gold and 15.0 million ounces of silver. All resources were estimated at a gold cut-off grade of 0.15 Au g/t which SRK considers reasonable for large, near surface, bulk-minable deposits in Nevada at current metal prices. SRK also provided estimates at higher cut-off grades
  

8:42 am AdCare Health Systems completes operations transfer of eight Arkansas facilities and signs agreements to lease two Oklahoma facilities and sell one Oklahoma facility (ADK) : The Company completed, effective May 1, 2015, the operations transfer of eight skilled nursing facilities in Arkansas pursuant to lease agreements previously signed with affiliates of Aria Health Group, LLC. Lease agreements with affiliates of Aria for the Company's two remaining Arkansas facilities were terminated on May 1, 2015. The Company is seeking to sell or lease these facilities to other regional operators. The Company signed agreements with affiliates of Southwest LTC Management Services LLC to lease two of the Company's facilities in Oklahoma. The initial annual rent will be approximately $1.0 million and then escalate each year thereafter. The Company signed an asset purchase agreement to sell another skilled nursing facility in Oklahoma to Gracewood Manor, LLC for $3.5 million. 

• Since the Board approved the strategic plan to transition the Company's business from an owner and operator of healthcare facilities to a healthcare property holding and leasing company, the Company has entered into agreements for 36 of its 40 healthcare facilities.
  

8:41 am European Yields (BONDX) : Global Rate Rise Continues

• Sovereign debt sold off across Europe this morning with only Norway's debt avoiding losses at the 10-year maturity. The losses in Spain and Italy were particularly sharp 
• The broad-based nature of the decline in bond prices (Treasuries have had a difficult two weeks as well) suggests that there is something more fundamental here than news on Greece or an individual economic data point. In fact, according to the concept that Grexit is bad for eurozone economic growth and inflation, the fact that Greek 10-year yields are up 49 basis points should be driving buyers into other sovereign bonds, particularly those of the European core. That is clearly not the dynamic at work here, and all we can go on for now is a vague "popping of the bubble" in government notes and bonds. The European Central Bank still has until September 2016 to continue its asset purchase program at a 60 bln euro/month clip. That said, European sovereign debt is by no means a deep value play here
• The European Commission did increase its forecast for eurozone growth to 1.5% for FY2015 from a previous estimate of 1.3%
• Yield check:
• France, 10-yr OAT: +7 bps to 0.73% (highest level since January 22nd)
• Germany, 10-yr Bund: +5 bps to 0.44%
• Greece, 10-yr note: +49 bps to 10.95%
• Italy, 10-yr BTP: +19 bps to 1.68%
• Portugal, 10-yr note: +10 bps to 2.20%
• Spain, 10-yr Bono: +17 bps to 1.63%
• U.K., 10-yr Gilt: +8 bps to 1.94%

8:39 am OpGen (Nasdaq: OPGN) priced its 2.85 mln unit IPO at $6.00, the midpoint of the expected $5.50-$6.50 range (OPGN) : The units will immediately and automatically separate upon issuance, and each of the common stock and warrants are expected to begin trading separately today, under the symbols "OPGN" and "OPGNW," respectively. Each warrant will be immediately exercisable upon issuance for one share of common stock at an exercise price of $6.60 per share and will expire on May 8, 2020.

8:36 am European Markets Update: FTSE +0.4%, CAC -0.3%, DAX -0.5%, MIB -1.1% (:SUMRX) : Major European indices trade in mixed fashion with Italy's MIB (-1.1%) trailing the region. Elsewhere, Greece is scheduled to pay EUR200 million to the International Monetary Fund tomorrow with another EUR780 million payment scheduled for next Tuesday.

• Economic data was limited: 
• Eurozone March PPI +0.2% month-over-month (expected 0.3%; prior 0.6%); -2.3% year-over-year, as expected (previous -2.8%) 
• UK's April Construction PMI fell to 54.2 from 57.8 (expected 57.5) 
• France's March government budget deficit widened to EUR26.30 billion from EUR23.50 billion 
• Spain's Unemployment Change -118,900 (expected -64,800; prior -60,200) 

• UK's FTSE is higher by 0.4% with consumer names among the leaders. Burberry Group, Dixon Carphone, and TUI hold gains between 2.4% and 3.3%. Financials lag with RSA Insurance, Aberdeen Asset Management, and HSBC down between 1.3% and 1.6%. Notably, HSBC trades lower despite reporting better than expected results. 
• In France, the CAC is lower by 0.3%. Consumer names Orange, L'Oreal, and Kering show losses between 0.8% and 1.7% while financials trade in mixed fashion. Societe Generale has added 1.3% while BNP Paribas is lower by 0.4%. 
• Germany's DAX has given up 0.5% with Deutsche Lufthansa leading the retreat. The airline has surrendered 2.7%. Meanwhile, exporters outperform with BMW and Volkswagen both up near 1.4%. 
• Italy's MIB trades down 1.1% amid broad weakness. UBI Banca, Banca di Milano Scarl, Banco Popolare, and Telecom Italia are down between 1.4% and 2.8%.
  

8:36 am HCA reports Q1 in-line with upside preannouncement; reaffirms FY15 guidance (raised last month); announces additional $1 bln to repurchase program (HCA) : Reports Q1 (Mar) earnings of $1.36 per share, $0.15 better than the Capital IQ Consensus Estimate of $1.21; revenues rose 9.6% year/year to $9.68 bln vs the $9.62 bln consensus.

• Co guided for EPS of $1.35 on revs of ~$9.675 bln and raised Fy15 guidance on April 15
• Co reaffirms guidance for FY15, sees EPS of $4.90-5.30 vs. $5.09 Capital IQ Consensus Estimate; sees FY15 revs of $39-40 bln vs. $39.24 bln Capital IQ Consensus Estimate.
  
• On May 4, 2015, HCA's Board of Directors authorized an additional share repurchase program for up to $1 billion of the Company's outstanding common stock. The Company is also announces a $500 million planned increase in its 3-year capital expenditures program to meet the growing capital investment opportunities in its existing markets. The updated capital investment program is expected to approximate $7.7 billion over the next three years, up from the previous plan of approximately $7.2 billion.
  

8:36 am Actua beats by $0.02, beats on revs; guides FY15 EPS above consensus, revs in-line (ACTA) : Reports Q1 (Mar) loss of $0.10 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of ($0.12); revenues rose 66.3% year/year to $30.6 mln vs the $28.75 mln consensus.

• Co issues mixed guidance for FY15, sees EPS of $(0.40) - (0.36), excluding non-recurring items, vs. ($0.64) Capital IQ Consensus Estimate; sees FY15 revs of $133.0-138.0 mln vs. $137.16 mln Capital IQ Consensus Estimate.
  

8:35 am Breitburn Energy misses by $0.05, beats on revs (BBEP) : Reports Q1 (Mar) loss of $0.01 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.04; revenues rose 65.7% year/year to $306.3 mln vs the $285.92 mln consensus.

• Oil, NGL and natural gas sales revenues were $162.6 million in the first quarter of 2015 compared to $197.1 million in the fourth quarter of 2014, primarily due to lower realized oil, natural gas and NGL prices.
• Total production was 5,051 MBoe in the first quarter of 2015 compared to 4,170 MBoe in the fourth quarter of 2014. Average daily production was 56.1 MBoe/day in the first quarter of 2015 compared to 45.3 MBoe/day in the fourth quarter of 2014.
  

8:35 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance: PRIM -47.5%, QLYS -23.9%, ACRX -23.8%, (provides Zalviso regulatory update; notes its request for a Type B meeting with the FDA was denied), CVLT -13.2%, ONDK -9.6%, EOX -7.7%, SGY -7.6%, EIGI -7.5%, URG -5.4%, XNCR -5.2%, RGR -4.4%, PTCT -4.3%, KLIC -4.3%, EMR -4.2%, INVN -3.9%, SNHY -3.7%, PQ -3.4%, KMT -3.2%, OTTR -2.7%, MCEP -2.6%, MDU -2.6%, BALT -2.1%, ANIP -2.1%, LSCC -1.8%, HSBC -1.8%, EIGI -1.3%

M&A news: AVP -0.8% (having trouble finding a buyer, according to NY Post)

Other news: ACRX -23.8% (co's request for a meeting with the FDA was denied; FDA reiterated that an additional clinical study will be required for Zalviso), HELI -3.5% (announced appointment of Lee Eckert as successor CFO, effective July 16, 2015), ACHC -2.7% (announces a proposed offering of 4.5 mln shares of common stock ), MYCC -1.8% (announces secondary offering of 11 mln shares of common stock by a selling shareholder ), VRSK -1.5% (announces a proposed $675 mln offering of common stock ), EGLE -1.2% (disclosed departure of COO Alexis P. Zoullas)

Analyst comments: LUX -4.1% (downgraded to Mkt Perform from Outperform at Raymond James), GNW -2.8% (downgraded to Underweight from Equal-Weight at Morgan Stanley), AOL -2.7% (downgraded to Sell from Neutral at Goldman), STM -1.7% (downgraded to Neutral from Buy at BofA/Merrill), BIDU -1.6% (downgraded to Neutral from Overweight at JP Morgan), VECO -1.3% (downgraded to Outperform from Buy at Credit Agricole), MFRM -1.1% (downgraded to Neutral from Overweight at Piper Jaffray), MSI -0.7% (downgraded to Sell from Neutral at Goldman)

8:35 am Lilis Energy announces agreement to acquire Wattenberg acreage and production for $5.5 mln (LLEX) :

• Co announced that it has entered into an agreement with a private party seller to acquire certain non-operated leasehold working interests including interests in 53 producing wells and a 640 gross (499 net) acre block of undeveloped leasehold for a purchase price of $5.5 million.
• If the transaction is consummated, the Company's acquisition would add, as of an agreed upon March 1, 2015 effective date, a pre--tax present value of estimated future net revenues discounted at 10% (PV 10%) of approximately $3.7 million of proved developed producing reserves and approximately $32.4 million total proved reserves. 
• Following the closing, it is anticipated that the Company would pay an aggregate of approximately $1.6 million for its proportionate share of the ongoing cost of additional wells that are currently in varying stages of drilling and completion pursuant to outstanding authorizations for expenditure. 
• The closing of the acquisition is anticipated to occur prior to June 1, 2015. The purchase price is subject to pre and post-closing adjustments.
• In addition, the agreement grants to Lilis a right of first refusal to acquire an additional 540 gross (416 net) acres in the core area of the Wattenberg Field from the sellers.
  

8:34 am National Retail Properties beats by $0.01, reports revs in-line; guides FY15 AFFO in-line (NNN) : Reports Q1 (Mar) AFFO of $0.55 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.54; revenues rose 11.6% year/year to $116.2 mln vs the $115.8 mln consensus. Co issues in-line guidance for FY15, sees AFFO of $2.20-2.23, excluding non-recurring items, vs. $2.20 Capital IQ Consensus Estimate.

8:33 am American Superconductor announces new D-VAR system orders worth ~$9 mln (AMSC) : Co announces approximately $9 million in six new D-VAR STATCOM orders received during the first four months of calendar year 2015. The orders are in the co's core markets of the US, UK and Australia as well as South Africa, an emerging market. The systems will be used to connect wind power plants to the electric grid as well as to provide voltage regulation that will respond dynamically to varying load conditions. The systems are expected to be delivered during 1H15.

8:33 am Microvision announces entrance into a $6 mln at-the-market equity facility (MVIS) : Under the agreement MicroVision may, from time to time, at its discretion offer and sell shares of its common stock having an aggregate value of up to $6 million through BP Capital. MicroVision intends to use the net proceeds from this facility, if any, for general corporate purposes, which may include, but are not limited to, working capital, capital expenditures and acquisitions of other technologies.

8:33 am MFA Mortgage beats by $0.02; Interest income increased 7% (MFA) : Reports Q1 (Mar) earnings of $0.21 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.19. Interest income increased 7% to $129.9 million.

• MFA's Legacy Non-Agency MBS had a face amount of $5.044 billion with an amortized cost of $3.785 billion and a net purchase discount of $1.258 billion at March 31, 2015. This discount consists of a $873.5 million credit reserve and other-than-temporary impairments and a $384.9 million net accretable discount.
  
  
• The Agency MBS portfolio had an average amortized cost basis of 103.8% of par as of March 31, 2015, and generated a 2.22% yield in the first quarter. The Legacy Non-Agency MBS portfolio had an average amortized cost of 75.0% of par as of March 31, 2015, and generated a loss-adjusted yield of 7.64% in the first quarter.
  

8:33 am Magellan Midstream misses by $0.06, misses on revs (MMP) : Reports Q1 (Mar) earnings of $0.83 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.89; revenues fell 15.6% year/year to $522.1 mln vs the $631.54 mln consensus.

• "Magellan reported financial results for the first quarter of 2015 that exceeded our initial expectations, bolstered by the strength of our fee-based transportation and terminals assets. Based on our results so far and an improving commodity price environment, we are pleased to increase our annual distributable cash flow guidance for 2015," said Michael Mears, chief executive officer. "Magellan is a strong company on firm financial footing that should be well prepared to weather this challenging time for our industry. Demand for our transportation and terminals services remains solid, and we continue to make significant progress on projects that will serve as our next wave of growth."
  

8:33 am Mylan Labs: Teva (TEVA) provides additional detail on proposed acquisition of Mylan, reiterates compelling strategic and financial benefits for Teva and Mylan Stockholders (MYL) : Highlights from the presentation include:

• Teva's (TEVA)Board and management teams commitment to consummating a transaction as soon as possible; Co is ready and willing to meet with MYLS and its advisors immediately. 
• The proposed combination makes compelling strategic, financial and cultural sense. 
• The combined co will have a strong and flexible financial profile, including substantial debt capacity and an investment grade rating. 
• TEVA has carefully studied the regulatory and antitrust aspects of the combination and believes that all necessary clearances can be completed in 2015. 
• The strength of TEVA's business, pipeline, leadership and long-term growth prospects. 
• The significant achievements and robust financial performance TEVA has generated through its transformation.
  

8:32 am PTC to acquire ColdLight, a big data machine learning and predictive analytics provider for ~$105 mln (PTC) : This acquisition is expected to close in May 2015, subject to satisfaction of customary closing conditions. From a financial perspective, ColdLight run-rate subscription revenue is approximately $2 million per quarter. Based on cost synergies and investment plans for ColdLight, if acquired, PTC does not expect a material impact on its FY' 15 non-GAAP EPS.

8:32 am VWR Corp announces acquisition of Hichrom Limited; financial terms not disclosed (VWR) : Hichrom Limited is a manufacturer and distributor of high performance liquid chromatography columns and consumables

8:31 am Energy Recovery announces new desalination orders for projects utilizing its PX Pressure Exchanger Technology representing ~$2 mln in revenue (ERII) :  

8:31 am S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: -7.40. (:WRAPX) : The S&P 500 futures trade one point below fair value.

The March trade deficit widened to $51.40 billion from $35.90 billion while the Briefing.com consensus expected the deficit to come in at $40.00 billion.

8:31 am Aldeyra Therapeutics announces a proposed follow-on public offering of 3 mln shares of common stock (ALDX) :  

8:31 am ArQule and Beryllium announce collaborative research and development agreement (ARQL) :

• Co and Beryllium Discovery Corp. announced a collaborative research and development agreement to identify and unlock the therapeutic potential of small molecule compounds by combining ArQule's chemistry and drug development expertise with Beryllium's discovery platforms. 
• The therapeutic targets to be pursued by the parties include PD-1 and PDL-1, two proteins believed to play major roles in suppressing or limiting the response of the immune system.  Molecules that bind to and inhibit the effects of these targets may help direct the immune system to combat a variety of tumors. 
  

8:31 am Market View: Jun. stock-index futures trade slightly lower vs. fair vaues following the 8:30 am ET economic data point (:TECHX) :

• ESm5 now @ 2107.25 -2.00
  
  
• YMm5 now @ 17994 -1
  
  
• NQm5 now @ 4465.75 -10.75

8:31 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance: ATEN +17.8%, IM +16.3%, NLS +16.2%, ABMD +15.1%, ELNK +12.4%, CHUY +11.7%, ECOM +9.8%, (also Names David Spitz Chief Executive Officer and Scot Wingo Executive Chairman), AMRI +7.4%, UBS +7.1%, EFOI +7.1%, NLNK +7%, SSE +6.7%, CRTO +5.8%, TXRH +5.3%, MERU +4.5%, EL +4.5%, MNK +4.4%, DENN +4.1%, ININ +4.1%, NUVA +3.8%, TCPI +3.7%, LMNX +3.6%, CYNO +3.5%, CKEC +3.2%, CTT +3.1%, MATX +3%, SALE +2.9%, THC +2.1%, IDTI +2.1%, CGNX +1.9%, AEGR +1.8%, HCP +1.8%, BLMN +1.7%, OZM +1.5%, ZTS +1.4%, DISCA +1.4%, DISCA +1.4%, LPX +1.2%, GTN +1.1%, H +1.1%, VMC +1%, CDE +0.9%, ALLT +0.9%, APC +0.8%, PLOW +0.8%, PCOM +0.8%, NTI +0.8%, HW +0.8%, AFSI +0.8%

Select oil/gas related names showing strength with WTI up ~2% pre-mkt: EXXI +5.7%, OAS +2.2%, SDRL +1.9%, RIG +1.7%, XOM +0.8%, CVX +0.8%

Other news: PTBI +45.1% (Soros Fund Management disclosed 5.17% passive stake in 13G filing),GLNG +17.1% (Ophir Energy plc appoints Golar as midstream partner for Fortuna FLNG project in Equatorial Guinea),ECOM +9.8% (named David Spitz CEO and Scot Wingo Executive Chairman effective today; co also reported earnings),JAH +4.4% (following yesterday's positive mention by Pershing Square's Ackman),ISIS +3.4% (favorably commentary on Monday's Mad Money),ZIOP +2.4% (announces the initiation of a Phase 1 study of Ad-RTS-hIL-12 plus veledimex),BCO +2.1% ( Starboard Value discloses 8.2% active stake in 13D filing),ARWR +2% (announced that it completed dosing volunteers and will begin dosing patients in its on-going Phase 1 study of ARC-AAT),BNFT +1.8% (announced the signing of a reseller agreement with SAP),ISSI +1.6% (Starboard Value increased active stake to 11.5% from 9.9% in amended 13D filing)

Analyst comments: CONN +8% (upgraded to Outperform from Perform at Oppenheimer),TSLA +3.5% (initiated with a Buy at Jefferies; tgt $350),NFLX +2.2% (upgraded to Buy at BofA/Merrill),ALU +2.1% (upgraded to Buy from Neutral at Citigroup),ASEI +2.1% (upgraded to Buy at The Benchmark Company),SAFM +1.9% (upgraded to Overweight from Equal Weight at a boutique firm),ARRS +1.8% (upgraded to Buy from Neutral at Goldman),CYNI +1.7% (upgraded to Neutral from Underweight at JP Morgan),JBLU +1.4% (upgraded to Overweight from Neutral at JP Morgan),ETN +1.2% (upgraded to Overweight from Neutral at JP Morgan)

8:30 am Tutor Perini announces it was recently awarded $56.3 mln Amtrak 11th Avenue concrete casing extension contract (TPC) : Construction began in January 2015 and substantial completion is expected in late 2015. The contract value will be included as part of the Company's reported first-quarter backlog.

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

• The U.S. Air Force RQ-4 Global Hawk high altitude, long endurance autonomous unmanned aircraft system (:UAS) successfully completed Milestone C approval from the Defense Acquisition Executive. For the Northrop Grumman (NOC)-built Global Hawk program, Milestone C is a key incremental step in the Department of Defense's acquisition process that enables the program to move forward with modernization activity.
  
• Scientific Games Corporation (SGMS) and Penn National Gaming, (PENN) announced an agreement whereby Penn National will deploy the Scientific Games SG Universe product suite at four Penn National properties
  
• Verizon (VZ) announced that its FiOS Free On Demand Spring Marathon, set a viewership record. The 10-day marathon, attracted 1.8 million unique users, a 16 percent increase over last year's total of 1.5 million.
  
• Rightside (NAME) announced it has added three new Top Level Domains (TLDs): .FAMILY, .STUDIO, and .LIVE to its portfolio
  
• Atmel (ATML) and MXCHIP announced the two companies are jointly developing an ultra-low power Internet of Things platform with secure Wi-Fi access to the cloud
  
• ARRIS Group, Inc. (ARRS) announced that Suddenlink has begun deployment of the company's E6000 Converged Edge Router to deliver broadband data performance and entertainment services to its subscribers.
  

8:28 am W.P. Carey pushes back earnings release and 10-Q filing until My 18 due to implementation of new firm-wide enterprise resource planning system; Affirms 2015 AFFO guidance (WPC) :  

8:24 am Glatfelter Co beats by $0.02, misses on revs (GLT) : Reports Q1 (Mar) earnings of $0.30 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.28; revenues fell 8.4% year/year to $417.5 mln vs the $448.3 mln consensus.

Outlook:

• Composite Fibers' shipping volumes are expected to be ~10% higher in the second quarter than Q1 of 2015.
• Selling prices and raw material and energy prices are expected to be in-line with the first quarter. 
• Shipping volumes for Advanced Airlaid Materials in Q2 of 2015 are expected to be in line with Q1.
• Average raw material prices and selling prices are also expected to be in-line with the first quarter. 
• For Specialty Papers, the Company expects shipping volumes in Q2 of 2015 to decline slightly compared with the first quarter.
• Overall selling prices are expected to be in-line with Q1 of 2015 and input costs are expected to decrease slightly.
• The co also plans to complete the annual maintenance outages at its facilities in the second quarter of 2015.
• The outages are expected to adversely impact operating profit by ~$34 mln, pre-tax, compared with $28 mln in Q2 of 2014 due to an expanded scope of work.
  

8:24 am On the Wires (:WIRES) :

• Exelis (XLS) has signed agreements with four Federal Aviation Administration-designated unmanned aircraft systems Test Sites for airspace situational awareness and research. The research will focus on using the Exelis Symphony RangeVue sense-and-avoid tool towards safe integration of unmanned aircraft into the national airspace system. 
• VMware, Inc. (VMW), the global leader in virtualization and cloud infrastructure, today announced the VMware vCloud for NFV platform has been deployed by Vodafone (VOD) Germany to support Voice-over-LTE services over Germany's most modern wireless network. 
• Universal Electronics (UEIC) announced that it has signed an agreement with TiVo (TIVO) to expand a previous agreement covering European markets to now include the supply of the TiVo "peanut" remote to designated TiVo service provider customers in the U.S. and Canada. 
• Macy's (M) announced that the first four pilot stores in Macy's new off-price business, one of the company's key growth initiatives, will open in fall 2015 in metro New York City. 
• Varian Medical Systems (VAR) and Hospital de Cncer de Barretos in Brazil announced that they have entered into a long-term agreement encompassing the deployment of advanced technology for treating cancer as well as the establishment of a clinical training program at the hospital. 
• CoreLogic (CLGX) released its March 2015 CoreLogic Home Price Index which shows that home prices nationwide, including distressed sales, increased by 5.9% in March 2015 compared with March 2014. This change represents 37 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 2% in March 2015 compared with February 2015. 
• Merrimack Pharmaceuticals (MACK) announced the initiation of a randomized, double-blinded, placebo-controlled Phase 2 clinical trial of MM-141, a bispecific antibody targeting IGF-1R and ErbB3, in combination with nab-paclitaxel and gemcitabine, versus nab-paclitaxel and gemcitabine alone in patients with newly-diagnosed metastatic pancreatic cancer who have high serum levels of free IGF-1. 
• BAE Systems (BAESY) and Turkish technology company Fotoniks have announced an agreement to collaborate on the development and in-region delivery of aircraft display systems. As part of the agreement, Fotoniks will work to integrate BAE Systems' LiteHUD Head-Up Display into the HUD system for the Hrkus basic training aircraft. 
• VASCO Data Security International (VDSI) announced that Caesars Entertainment Corporation (CZR) has implemented VASCO's DIGIPASS for Mobile software-based strong authentication solution. 
• Westport Innovations (WPRT) announced plans to offer 2016 Ford (F) F-150 trucks for use with the compressed natural gas Westport WiNG Power System, and certify to EPA and CARB standards.

8:17 am Energy sector outperforming in pre-market as crude oil trades back above the $60.00 level for the 1st time since Dec 2014 (USO) :

• Crude oil is currently +1.21 at $60.14, the best level in several months. 
• There doesn't seem to be a single fundamental factor driving today's increase in oil.
• Note that API inventory data will be released today at 4:30 ET, which could lead to further volatility in oil. EIA inventory data is due out tomorrow. 
• The energy sector ETF (XLE) is currently +0.5% vs. a 0.2% decline in S&P futures.

8:15 am TASER announces acquisition of MediaSolv Corporation for $8 mln in cash and up to $5 mln in potential follow-on payments (TASR) : The transaction will include $8 million of cash at close, with up to $5 million of earn-outs for shareholders and employees, employee retention and relocation payments for a total potential price of $13 million. 

8:11 am Chatham Lodging beats by $0.01, beats on revs; guides Q2 FFO in-line, revs in-line; guides FY15 FFO in-line, revs in-line (CLDT) : Reports Q1 (Mar) funds from operations of $0.40 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.39; revenues rose 59.8% year/year to $58.92 mln vs the $56.77 mln consensus.

• Increased hotel RevPAR 6.9% to $118 for Chatham's 35, wholly owned hotels.
  
• Invested $90 mln to acquire the 240-suite Residence Inn San Diego Downtown-Gaslamp District with an estimated year one capitalization rate of 7.6%.
  

8:08 am Cynosure beats by $0.08, beats on revs (CYNO) : Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $0.07; revenues rose 20.8% year/year to $74.9 mln vs the $72.08 mln consensus. 

• "We are expanding our leadership in the non-invasive aesthetic market with the development of new technology, including our new non-invasive body contouring product, which is designed to eliminate fat by disrupting adipose tissue. Our 510(k) for this device was submitted to the U.S. Food and Drug Administration in January, and pending regulatory clearance we are targeting launch later in the second half of 2015."
  

8:07 am Kellogg beats by $0.06, reports revs in-line; reaffirms prior FY15 guidance (K) : Reports Q1 (Mar) earnings of $0.98 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.92; revenues fell 5.0% year/year to $3.56 bln vs the $3.55 bln consensus.

• Co reaffirms previous FY15 guidance for currency-neutral comparable net sales, operating profit, and EPS. Currency-neutral comparable net sales are expected to remain approximately unchanged year-over-year. Kellogg expects full-year 2015 currency-neutral comparable operating profit to decrease at a rate between 2-4%. Full-year 2015 currency-neutral comparable EPS are anticipated to be in a range between 2% lower and approximately unchanged.
• "We were pleased to report improved sales trends in the first quarter. In fact, our results exceeded our expectations and we are on-track for the year...We've made great progress with Project K and are reinvesting to drive profitable sales growth."
• Net sales posted by Kellogg North America were $2.4 billion in Q1, a reported decrease of 3.7%.
  

8:07 am HCP beats by $0.01, beats on revs; lowers FY15 FFO adjusted FFO guidance (HCP) : Reports Q1 (Mar) funds from operations of $0.79 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.78; revenues rose 15.2% year/year to $610.8 mln vs the $578.77 mln consensus.

• Co issues in-line guidance for FY15, lowers FFO to $3.09-3.15 from $3.15-3.21, excluding non-recurring items, vs. $3.09 Capital IQ Consensus Estimate. 
• Co achieved year-over-year three-month cash NOI SPP growth of 3.5%
  

8:06 am Granite Constr misses by $0.01, beats on revs (GVA) : Reports Q1 (Mar) loss of $0.22 per share, $0.01 worse than the Capital IQ Consensus Estimate of ($0.21); revenues rose 10.6% year/year to $420.2 mln vs the $410.89 mln consensus. "Overall market activity remains stable and competitive. Continued backlog progression has Granite teams across the country focusing on growing our business, while remaining keenly aware of the need for improved execution in all of our segments."

• The Company's current expectations for 2015 remain unchanged and are as follows: 
• Mid-single digit consolidated revenue growth (consensus represents +10%)
• Consolidated EBITDA margin of 6% to 8%.

8:06 am DuPont CEO Ellen Kullman sends letter to shareholders, urging them to vote the White proxy card today for all of DuPont's director nominees at the co's annual meeting (DD) :  

8:05 am GP Strategies misses by $0.07, misses on revs (GPX) : Reports Q1 (Mar) earnings of $0.24 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.31; revenues fell 2.2% year/year to $115.3 mln vs the $119.9 mln consensus.

• Cash provided by operating activities was $3.2 million for the three months ended March 31, 2015 compared to $0.7 million for the same period in 2014. 
  

8:05 am Amarantus Bioscience receives notice of allowance for U.S. patent application covering proprietary compositions of matter and methods of use for MANF (AMBS) :  

8:04 am Great Lakes Dredge & Dock misses by $0.11, misses on revs (GLDD) : Reports Q1 (Mar) loss of $0.14 per share, excluding non-recurring items, $0.11 worse than the Capital IQ Consensus Estimate of ($0.03); revenues rose 0.1% year/year to $174.6 mln vs the $204.38 mln consensus.

• "Looking forward to the rest of the year, we expect increased revenue and earnings in the dredging segment as Sandy and deepening projects commence and fleet utilization improves. We also expect a significant improvement from the first quarter in the environmental & remediation segment's performance as it moves into its busy season and several remediation projects kick off. Co expects to achieve total Co Adjusted EBITDA in the range of $97-$107 mln for the year."
  
• "The environmental & remediation segment has backlog of $104 mln, and we anticipate finalizing a work order for ~$50 mln of work during Q2. We will be focused on rationalizing overhead to better align these costs with anticipated performance. Finally, we expect seasonality impacts on this segment's performance to diminish as we move into Q2, with performance peaking in Q3."
  

8:04 am Walt Disney beats by $0.12, beats on revs (DIS) : Reports Q2 (Mar) earnings of $1.23 per share, $0.12 better than the Capital IQ Consensus of $1.11; revenues rose 7.0% year/year to $12.46 bln vs the $12.25 bln consensus.

• Media networks operating income -2% with rev +13% to $5.8 bln.
• Parks and Resorts op. income +24% with rev +6% to $3.76 bln.
• Studio OI -10% with rev -6% to $1.7 bln.
• Consumer Products OI +32% with rev +10% to $971 mln.

8:04 am Kennametal beats by $0.03, reports revs in-line; guides FY15 EPS in-line, Lowers FY15 revenue outlook (KMT) : Reports Q3 (Mar) earnings of $0.46 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.43; revenues fell 15.4% year/year to $638.97 mln vs the $642.9 mln consensus. Co issues in-line guidance for FY15, sees EPS of $1.95-2.05 vs. $1.97 Capital IQ Consensus Estimate. 

• The company expects fiscal 2015 total sales to decline in the range of 7 to 8 percent and organic sales to decline in the range of 5 to 6 percent. Previously, total sales decline was projected to be in the range of 6 to 7 percent, with organic sales decline of 4 to 5 percent. 
• Kennametal is tightening its EPS guidance to range from $1.95 to $2.05, compared with previous expectations of $1.90 to $2.10.
• The company expects to generate cash flow from operations between $295 million and $320 million for fiscal 2015, compared with its previous outlook of $270 million to $295 million.
• Based on anticipated capital expenditures of approximately $115 million to $120 million, the company expects to generate between $180 million and $200 million of free operating cash flow for the fiscal year.
  

8:04 am Alder BioPharmaceuticals: announces that Clazakizumab met its primary endpoint in a follow-on Phase 2b, dose-ranging clinical trial in adults with moderate to severe rheumatoid arthritis (ALDR) : Alder plans to present the full results from the trial at an upcoming scientific meeting. Co reported:

•  Clazakizumab met its primary endpoint, efficacy of clazakizumab versus placebo as assessed by the change in Disease Activity Score in 28 joints using C-reactive protein from baseline at Week 12. Both the 25mg and 5 mg dosing groups were statistically significantly better than placebo. 
• Clazakizumab was well tolerated and there were no differences from placebo in terms of adverse events or laboratory safety data. 
• The follow-on Phase 2b, dose-ranging trial was designed to determine safety and efficacy of clazakizumab in 140 patients with moderate to severe rheumatoid arthritis who were anti-TNF inadequate responders. 

8:04 am Holly Energy Partners misses by $0.02, beats on revs (HEP) : Reports Q1 (Mar) earnings of $0.37 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.39; revenues rose 3.2% year/year to $89.8 mln vs the $87.3 mln consensus.

• The increase in earnings is primarily due to higher pipeline volumes and annual tariff increases and lower interest expense offset by higher operating expenses and a $7.7 million loss in March 2014 due to the early retirement of our 8.25% Senior Notes. a $2.8 million
• Revenue increased $2.8 mln compared to the first quarter of 2014 due to the effect of higher pipeline volumes and annual tariff increases. Overall pipeline volumes were up 20% compared to the three months ended March 31, 2014.
• Co said, "As we look forward to the rest of 2015 and beyond, we believe HEP is well positioned for continued growth due to the quality and geographic location of our assets." 
  

8:03 am BGC Partners to acquire real estate strategic consulting and systems integration firm, Computerized Facility Integration; financial terms not disclosed (BGCP) :  

8:03 am Sabre beats by $0.02, beats on revs; guides FY15 EPS in-line, revs in-line (SABR) : Reports Q1 (Mar) earnings of $0.27 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 6.6% year/year to $710 mln vs the $697.35 mln consensus.

• Cash flow from operations totaled $132 million, compared to $94 million in the first quarter of 2014. Free Cash Flow was $70 million, compared to $45 million in the year ago period.
  
  
• Guidance: Co issues in-line guidance for FY15, sees EPS of $1.00-$1.06 vs. $1.06 Capital IQ Consensus Estimate; sees FY15 revs of $2.77-$2.80 bln vs. $2.79 bln Capital IQ Consensus Estimate. Sees Adjusted EBITDA of $895-$910 million.
  

8:03 am Tractor Supply announces a 25% dividend increase to $0.20/share from $0.16/share (TSCO) :  

8:03 am ANI Pharma beats by $0.12, misses on revs; guides FY15 EPS above consensus, revs below consensus (ANIP) : Reports Q1 (Mar) earnings of $0.57 per share, $0.12 better than the Capital IQ Consensus Estimate of $0.45; revenues rose 72.5% year/year to $18.8 mln vs the $19.86 mln consensus. Co issues mixed guidance for FY15, sees EPS of $2.44-2.67 vs. $2.38 Capital IQ Consensus Estimate; sees FY15 revs of $80-88 mln vs. $92.06 mln Capital IQ Consensus Estimate.

8:02 am Iao Kun Group announces unaudited Rolling Chip Turnover of April 2015 at the company's VIP rooms in Macau was $0.50 bln, down 71% year-over-year (IKGH) : Win rate for the month of April 2015 was 3.48%.

• For the first four months of 2015, IKGH's Rolling Chip Turnover was $2.70 billion (an average of $0.68 billion per month), down 58% year-over-year, compared to $6.49 billion (an average of $1.62 billion per month) for the first four months of 2014.

8:02 am Micron announces appointment of Ernie Maddock as Chief Financial Officer, effective June 1, 2015 (MU) : Maddock will join Micron after having served as Executive Vice President and Chief Financial Officer at Riverbed Technology (RVBD)

8:02 am Pernix Therapeutics announces the successful completion of a human pharmacokinetic equivalence study with ZX007 (PTX) : The clinical study evaluated the pharmacokinetics and safety of prototype formulations developed by Altus Formulation using its proprietary INTELLITAB technology, for comparison with Zohydro ER, resulting in the selection of the final ZX007 prototype for pivotal clinical studies.

• Study results demonstrated that the selected ZX007 formulation is pharmacokinetically equivalent with currently marketed Zohydro ER with BeadTek and that it has a consistent safety profile. Selection of the formulation enables the start of pivotal clinical studies later this year, paving the way for the NDA submission for ZX007 in mid-2016. Doug Drysdale, President, Chairman and CEO of Pernix said, "We are pleased to have identified the right formulation to move forward into clinical trials, to bring the clinical benefits of ZX007 to patients suffering with chronic pain. Pernix remains committed to supporting the appropriate use of opioids, which includes following best practices for physicians and their patients living with chronic pain, as well as making abuse-deterrent products available."
  

8:00 am Golar LNG announces the commencement of discussions with Keppel and Black & Veatch for the ordering of a third GoFLNG unit (GLNG) : The specific objective of these discussions will be to mature the option to deliver a third unit for start-up in 2018 i.e. between the target on-stream dates of 2017 and 2019 for the first two units destined respectively for Cameroon and Equatorial Guinea. At present the Company does not envisage the third GoFLNG option requiring the issuance of new equity

8:00 am On the Wires (:WIRES) :

• Lawson Products, Inc. (LAWS) announced it has partnered with The Cooperative Purchasing Network (:TPCN) to provide Maintenance, Repair and Operations supplies to government entities. TCPN's lead government agency, Region 4 Education Service Center, uses a competitive solicitation process consistent with all applicable procurement laws and regulations. The contract with TCPN will offer discounts on Lawson's entire MRO product offering.
• Diana Containerships (DCIX), announced that it entered into a time charter contract with Zim Integrated Shipping Services Ltd, for one of its Panamax container vessels, the m/v Pamina. The gross charter rate is US$15,325 per day and the charter is expected to commence by the end of May 2015.
• Jacobs Engineering Group Inc. (JEC) announced that it has been awarded an engineering, procurement and construction management (:EPCM) contract for an expansion program at Huntsman Corporation's world scale polyetheramine facility in Singapore. Company officials did not disclose the contract value. 
• Co also announced that it is part of a consortium led by professional services firm KPMG that has delivered a study for the Singapore Government comprising possible financing and operating models for the proposed High Speed Rail (HSR.V) project linking Singapore with Kuala Lumpur in Malaysia. As Technical Consultant, Jacobs has provided consulting services regarding ridership and revenue forecasts.
• Panera Bread (PNRA) announced progress on its commitment to remove artificial additives by publishing a list of artificial colors, flavors, sweeteners and preservatives that the Company has eliminated or intends to remove from its U.S. Panera Bread and St. Louis Bread Co. bakery-cafe food menus by the end of 2016.The artificial additives on the No No List will be removed across the Company's food menu, from bakery to soups to salads and sandwiches. The list also includes substances like high fructose corn syrup and artificial trans fats. There are more than 150 ingredients that will be impacted.
  

7:58 am Valero Energy Partners beats by $0.11, beats on revs (VLP) : Reports Q1 (Mar) earnings of $0.37 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 42.0% year/year to $41.9 mln vs the $34.5 mln consensus.

• The increase in revenue was primarily related to the acquisition of the Houston and St. Charles Terminal Services Business and higher volumes in the Port Arthur and Memphis logistics systems.
• Co said, "With more than two-thirds of Valero's planned $1 billion of drop downs in 2015 already completed, we're on track to continue growing distributions."
  

7:57 am S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -6.20. (:WRAPX) : U.S. equity futures trade slightly lower amid mixed action overseas. The S&P 500 futures hover within a point of fair value.

Overnight, China's Shanghai Composite was a point of focus as the index fell more than 4.0% in reaction to reports some equity brokers have increased their margin requirements, which sparked broad-based selling.

U.S. Treasuries climbed overnight, but they have surrendered the bulk of their gains, leaving the 10-yr yield lower by a basis point at 2.13%.

The Trade Balance for March (Briefing.com consensus -$40.00 billion) will be released at 8:30 ET while the April ISM Services report (consensus 56.4) will cross the wires at 10:00 ET.

In U.S. corporate news of note:

• Archer Daniels Midland (ADM 50.39, +0.07): +0.1% after beating bottom-line estimates on light revenue. 
• Anadarko Petroleum (APC 94.00, +0.27): +0.3% despite missing earnings and revenue estimates. 
• Genworth Financial (GNW 8.84, -0.31): -3.4% after Morgan Stanley downgraded the stock to 'Underweight' from 'Equal-Weight.' 
• Sprint (S 5.10, -0.05): -1.0% following disappointing results. 
• TripAdvisor (TRIP 78.92, -0.99): -1.2% after RBC Capital Markets downgraded the stock to 'Sector Perform' from 'Outperform.' 

• Asian markets ended lower. China's Shanghai Composite -4.1%, Hong Kong's Hang Seng -1.3%, and Japan's Nikkei was closed for Greenery Day. 
  • In economic data: 
    • Hong Kong's March Retail Sales -2.9% (expected +5.8%; prior +14.9%) 
    • Australia's April AIG Services Index fell to 49.7 from 50.2; March Trade Balance -AUD1.32 bln (expected -AUD1.00 bln; prior -AUD1.61 bln) as Exports -2.0% (prior -1.0%) and Imports -2.0% (prior +2.0%) 
  • In news: 
    • The Reserve Bank of Australia cut its cash rate 25 basis points to a record low 2.0%, as expected

• Major European indices trade in mixed fashion. UK's FTSE +0.4%, Germany's DAX -0.2%, and France's CAC -0.1%. Elsewhere, Italy's MIB -1.0% and Spain's IBEX -0.5%. 
  • Economic data was limited: 
    • Eurozone March PPI +0.2% month-over-month (expected 0.3%; prior 0.6%); -2.3% year-over-year, as expected (previous -2.8%) 
    • UK's April Construction PMI fell to 54.2 from 57.8 (expected 57.5) 
    • France's March government budget deficit widened to EUR26.30 billion from EUR23.50 billion 
    • Spain's Unemployment Change -118,900 (expected -64,800; prior -60,200) 
  • Among news of note: 
    • Greece is scheduled to pay EUR200 million to the International Monetary Fund tomorrow with another EUR780 million payment scheduled for next Tuesday

7:51 am Goldman Sachs in 10-Q, comments on Legal Proceedings (GS) : "As of the date hereof, the firm has estimated the upper end of the range of reasonably possible aggregate loss for such matters and for any other matters described below where management has been able to estimate a range of reasonably possible aggregate loss to be approximately $3.8 billion in excess of the aggregate reserves for such matters"

7:46 am IntercontinentalExchange reports that April, 2015 futures and options Average Daily Volume showed a decline of 11% Y/Y (ICE) :

• Commodity ADV increased 11% led by Brent, Other Oil and Sugar contracts up 21%, 37%, and 30% respectively, from the prior April. 
• Financials ADV declined 28% from the previous April primarily due to continued low volatility in Continental European short-term interest rate and single stock equity contracts.
  
• ADV for NYSE's U.S. cash equities increased 3%, while U.S. equity options ADV declined 30% from the prior April. 
• NYSE's U.S. cash equities market share was 23.8% and NYSE's U.S. options market share was 18.4%.
  

7:42 am Commvault Systems misses by $0.04, misses on revs (CVLT) : Reports Q4 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus of $0.31; revenues fell 3.9% year/year to $150.7 mln vs the $155.83 mln consensus. 

• "On the positive side, we had strong sequential software revenue growth in the Americas demonstrating building momentum related to our Americas turnaround plan. These positive sequential results in the Americas were offset by lower than forecasted results in both our EMEA and APAC regions, which were impacted by foreign currency headwinds."
  

7:41 am Estee Lauder beats by $0.21, beats on revs; guides FY15 EPS above consensus, revs in-line (EL) : Reports Q3 (Mar) earnings of $0.72 per share, excluding non-recurring items, $0.21 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 1.2% year/year to $2.58 bln vs the $2.54 bln consensus.

• "Our growth this quarter again came from multiple engines, with particular strength in the United Kingdom and emerging markets, our luxury and makeup brands, and online, specialty-multi and freestanding store channels."

7:39 am Louisiana-Pacific beats by $0.06, beats on revs (LPX) : Reports Q1 (Mar) loss of $0.13 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of ($0.19); revenues rose 6.1% year/year to $471.7 mln vs the $459.6 mln consensus.

• "Though we were encouraged by the increase in housing permits, we saw only a slight upswing in North American housing activity in Q1...As a result, OSB prices languished in the quarter on relatively flat volumes compared to last quarter, hurting our results. On the other hand, our more diversified Siding business posted record results with increased sales in all of its segments including housing, retail, repair and remodel and non-residential structures."
• In terms of the outlook, co says "the planned conversion of our Swan Valley mill to Siding is on track and will provide more product to this growing market. In OSB and EWP, we are carefully watching customer inventories and managing our production to real demand. Most of our customers are expecting a stronger upcoming building season and we will be ready to serve their increased needs."
  

7:37 am Noble Energy beats by $0.01, misses on revs (NBL) : Reports Q1 (Mar) earnings of $0.03 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.02; revenues fell 45.0% year/year to $759 mln vs the $896.9 mln consensus. 

• Total sales volumes for the quarter averaged a record 318 thousand barrels of oil equivalent per day (MBoe/d), an increase of 11 percent compared to the first quarter of 2014, or 17 percent after adjusting for non-core assets divested during 2014. Liquids comprised 43 percent (33 percent crude oil and condensate and 10 percent natural gas liquids) of first quarter 2015 sales volumes, with natural gas the remaining 57 percent.
  

7:36 am Hyatt Hotels misses by $0.08, beats on revs (H) : Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus Estimate of $0.19; revenues fell 1.9% year/year to $1.05 bln vs the $1.03 bln consensus.

• Comparable owned and leased hotels RevPAR increased 3.8% in Q1.
• Comparable owned and leased hotels operating margins increased 50 basis points YoY.
• "The year is off to a strong start with [Q1] comparable systemwide RevPAR increasing 7.4% in constant dollars. We saw robust performance in our largest market, with U.S. full service RevPAR increasing 8.4% and U.S. select service RevPAR increasing 10.1%, with the majority of both increases coming from average daily rate."
• "Comparable owned and leased margins in the Americas increased 110 basis points while margins at hotels outside the Americas continue to be negatively impacted by market-specific factors. Total fee revenue increased 18% in the quarter, driven by strong performance at existing hotels and new hotel openings."

7:36 am Martha Stewart misses by $0.06, misses on revs (MSO) : Reports Q1 (Mar) loss of $0.05 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.01; revenues fell 48.7% year/year to $17.05 mln vs the $18.66 mln consensus. The y/y revenue decline reflected a full quarter of print and digital media operations with Meredith.

7:36 am Vishay beats by $0.01, misses on revs; guides Q2 revs below consensus (VSH) : Reports Q1 (Mar) earnings of $0.21 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.20; revenues fell 1.5% year/year to $593.4 mln vs the $604.16 mln consensus.

• Co issues downside guidance for Q2, sees Q2 revs of $600-640 mln vs. $640.14 mln Capital IQ Consensus Estimate.
• "During the first quarter 2015, we recorded a book-to-bill above parity for all regions, all sales channels, all end markets and nearly all business segments. The overall price pressure remained at a low level. Excluding exchange rate effects, sales of Vishay products by its distributors to end customers increased slightly sequentially and inventories of Vishay products at its distributors decreased."
  

7:36 am DIRECTV misses by $0.09, reports revs in-line (DTV) : Reports Q1 (Mar) earnings of $1.44 per share, excluding non-recurring items, $0.09 worse than the Capital IQ Consensus Estimate of $1.53; revenues rose 3.7% year/year to $8.14 bln vs the $8.14 bln consensus. 

• DIRECTV U.S. net subscriber additions of 60,000 were 48,000 higher than the first quarter of 2014 primarily due to a lower average monthly churn rate. 
• ARPU increased 5.5% to $105.62 mostly due to price increases on programming packages and regional sports networks.
  

7:34 am Energizer beats by $0.24, misses on revs; guides for low single digit Q3 organic sales decline (ENR) : Reports Q2 (Mar) earnings of $1.97 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $1.73; revenues fell 5.1% year/year to $1.01 bln vs the $1.02 bln consensus. 

• Q3 guidance: 
• Total Company organic net sales are expected to be down low-single digits 
• Personal Care organic net sales are expected to be flat 
• Household Products organic net sales are expected to be down low-single digits 
• Gross margin rates are estimated to increase slightly due to restructuring savings. 
• As announced on April 30, 2014, the co is pursuing a plan to separate the Company's Household Products and Personal Care segments into two independent, publicly traded cos. The separation is planned as a tax-free spin-off to the Company's shareholders and is expected to be completed by July 1, 2015.
  

7:34 am IntercontinentalExchange beats by $0.10, beats on revs; guides Q2, announces 15% dividend increase (ICE) : Reports Q1 (Mar) earnings of $3.06 per share, $0.10 better than the Capital IQ Consensus Estimate of $2.96; revenues rose 6.6% year/year to $850 mln vs the $839.5 mln consensus. 

• ICE expects second quarter 2015 adjusted operating expenses in the range of $335 million to $340 million. ICE's diluted share count for the second quarter 2015 is expected to be in the range of 111 million to 113 million weighted average shares outstanding, including share repurchases through April 2015.
  
• Announced 15% Increase in Quarterly Cash Dividend Payment to $0.75 Per Share in 2Q15.
  

7:33 am Vishay Precision misses by $0.06, misses on revs; guides Q2 revs in-line (VPG) : Reports Q1 (Mar) earnings of $0.05 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus Estimate of $0.11; revenues fell 7.2% year/year to $56.6 mln vs the $57.39 mln consensus.

• Co issues in-line guidance for Q2, sees Q2 revs of $56-61 mln vs. $60.85 mln Capital IQ Consensus Estimate.
  

7:33 am Drew Industries beats by $0.07, beats on revs (DW) : Reports Q1 (Mar) earnings of $0.82 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.75; revenues rose 26.7% year/year to $361.45 mln vs the $332.4 mln consensus.

7:32 am Primoris Services misses by $0.10, misses on revs; guides FY15 EPS below consensus, revs in-line; raises dividend (PRIM) : Reports Q1 (Mar) earnings of $0.03 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.13; revenues fell 16.4% year/year to $392.8 mln vs the $449.14 mln consensus.

• Co issues guidance for FY15, sees EPS of $1.22 vs. $1.39 Capital IQ Consensus Estimate; sees FY15 revs of $2.1 bln vs. $2.2 bln Capital IQ Consensus Estimate.
  
• The Company also announced that on May 1, 2015 its Board of Directors authorized a 37.5% increase in the quarterly cash dividend to $0.055 per share from $0.04 per share.
  

7:31 am Arrowhead Research announced that it completed dosing volunteers and will begin dosing patients in its on-going Phase 1 study of ARC-AAT (ARWR) : Co will begin dosing patients in an on-going phase 1 study of ARC-AAT, the Company's clinical candidate for the treatment of liver disease associated with Alpha-1 Antitrypsin Deficiency.

• The study was designed to begin dose escalation in healthy volunteers (Part A) and transition into patients (Part B) when a predefined knockdown target is achieved. That target is at least 30% reduction of serum AAT levels in 3 subjects or greater than 60% reduction in a single subject. This was met during the third cohort. 
• All three dose levels tested appear to be generally well tolerated and the data safety committee has cleared the study to move into patients with AATD. Dosing in patients may now begin at the highest dose level used in Part A and then continued dose escalation may proceed under the protocol. 
• The company expects to complete the Phase 1 study by the end of 2015.
  

7:31 am PBF Logistics announces the acquisition of Delaware City Pipeline and Truck Rack from subsidiary PBF Energy (PBF) for $143 mln (PBFX) : The purchase price payable to PBF Energy will consist of cash of $112.5 million and PBFX limited partner interests of $30.5 million. The drop-down acquisition is expected to close on or about May 15, 2015.

• Upon closing, the Partnership plans to enter into ten-year term throughput agreements with subsidiaries of PBF Energy containing minimum volume throughput commitments of approximately 50,000 barrels per day for the pipeline and approximately 30,000 barrels per day of clean products and approximately 5,000 barrels per day for LPGs at the truck rack. 
• Based on the expected minimum volume commitments, the Delaware City Products Pipeline and Truck Rack are expected to contribute approximately $14.3 million of EBITDA in their first full year of operation after the close. 
• The total consideration for the transaction will be funded by cash proceeds from certain financing transactions, the sale of U.S. Treasuries that were purchased with proceeds from the Partnership's May 2014 initial public offering and anticipated borrowings under the Partnership's revolving credit facility
  

7:31 am NiSource commences cash tender offer for up to a combined aggregate principal amount of $750 mln of its 5.250% Notes due 2017, 6.400% Notes due 2018, 4.450% Notes due 2021, and 3.850% Notes due 2023 (NI) :  

7:30 am Cleveland Biolabs announces the appointment of Langdon Miller, MD, as President and Chief Medical Officer, effective immediately (CBLI) : Miller has served as a strategic medical advisor to Cleveland BioLabs since February 2014. Prior to establishing his consultancy in 2013, Miller held leadership positions in large and small biopharmaceutical companies, including the National Cancer Institute.

7:30 am PAR Technology subsidiary Rome Research announces the award of a five year, $3.7 million subcontract from Rylex Consulting (PAR) : The contract is to provide Client Systems and Server Administrator Support Services for the 88th Communications Group at Wright-Patterson Air Force Base (:WPAFB). RRC personnel shall work as part of an integrated team consisting of military, civilians and other contractors supporting WPAFB and other AF and DoD activities

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

• ONEnergy and Ideal Power (IPWR) announced that the Sunwave Energy Efficiency division of ONEnergy has selected Ideal Power's power conversion systems (:PCS) for use in its line of energy storage solutions to be launched in Canada and select U.S. states beginning in mid-2015
• Medivation, Inc. (MDVN) announced that two abstracts detailing clinical data from studies of enzalutamide will be presented at the 2015 annual meeting of the American Urological Association (AUA.V) on May 17, 2015, in New Orleans: TERRAIN Trial: Prostate-specific Antigen Kinetics and Quality of Life Results of Enzalutamide versus Bicalutamide in Metastatic Castration-resistant Prostate Cancer and A Multicenter Phase 2 Study of Enzalutamide (:ENZA) versus Bicalutamide (:BIC) in Men with Nonmetastatic (M0) or Metastatic (M1) Castration-Resistant Prostate Cancer (:CRPC): the STRIVE Trial
• LATAM Airlines Group S.A. (LFL) has selected Sabre Corporation (SABR) as the technology provider for its combined reservation system, in addition to delivering other integrated operations software

7:27 am Overnight Treasury Summary (BONDX) : Treasuries Edge Higher

• Government notes and bonds pushed higher overnight as Greek 10-yr yields rose 48 basis points to 10.94% and global equity indices slipped lower
• Yield check:
• 2-yr: -1 bp to 0.60%
• 5-yr: -1 bp to 1.49%
• 10-yr: -2 bps to 2.12%
• 30-yr: -2 bps to 2.85%

• International News:
• The Reserve Bank of Australia cut its main policy rate to a record low of 2.00% from 2.25%, as expected
• According to Markit's construction PMI, construction activity slowed in the U.K. during April with the index falling to 54.2 from 57.8 in March. That will be the lowest level since the summer of 2013 although hiring by firms did improve and all reading over 50 indicate expansion. Analysts are citing uncertainty over the general election on May 7th as the cause for the decline
• Spanish unemployment fell more than expected in April, down 118.9K versus a drop of 64.8K in March
• The European Commission increased its forecast for eurozone growth for 2015 to 1.5% from 1.3%, but revised down its forecast for Greece from 2.5% to 0.5%

• Data Out Today:
• March Trade Balance (08:30 ET)
• April ISM Services (10:00 ET)
• Fed Speaker:
• Minneapolis Fed President Kocherlakota (non-FOMC voter) (20:00 ET)

7:26 am Transdigm Group beats by $0.10, misses on revs; raises guidance to include Telair and Franke (TDG) : Reports Q2 (Mar) adj. earnings of $2.11 per share, $0.10 better than the Capital IQ Consensus of $2.01; revenues rose 4.8% year/year to $619 mln vs the $629.66 mln consensus.

Co issues guidance for FY15, raises EPS to $8.49-8.75 from $8.03-8.29 vs. $8.56 Capital IQ Consensus; raises FY15 revs to $2.66-2.69 bln from $2.51-2.55 bln vs. $2.71 bln Capital IQ Consensus. 

• "We are increasing the full year fiscal 2015 guidance primarily to reflect the recent acquisitions of Telair and Franke, improved tax rate and our current expectations for the second half of our fiscal year. This guidance excludes any impact from the pending acquisition of Pexco Aerospace."
  

7:25 am Sprint misses by $0.01, misses on revs (S) : Reports Q1 (Mar) loss of $0.06 per share, $0.01 worse than the Capital IQ Consensus Estimate of ($0.05); revenues fell 6.7% year/year to $8.28 bln vs the $8.49 bln consensus. 

• Co reported operating income of $318 million and adjusted EBITDA of $1.7 billion. 
• Sprint platform net additions of 1.2 million compared to 967,000 in the prior quarter and net losses of 383,000 in the prior year quarter. The year-over-year improvement was mostly driven by growth in the prepaid business and fewer postpaid phone customer losses.
• Postpaid net additions of 211,000 compared to 30,000 in the prior quarter and net losses of 231,000 in the prior year quarter. The 442,000 year-over-year improvement was due to both higher prime credit quality gross additions and lower churn. 
• Outlook: The company expects fiscal 2015 Adjusted EBITDA to be between $6.5 and $6.9 billion.

7:24 am Endurance International reports Q1 (Mar) results, beats on revs; guides Q2 revs in-line; guides FY15 revs in-line (EIGI) : Reports Q1 (Mar) GAAP earnings of $0.01 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.28; revenues rose 17.0% year/year to $178.7 mln vs the $175.39 mln consensus.

• Total subscribers on platform were approximately 4.206 million, an increase of approximately 119,000 in the first quarter. 
• Average revenue per subscriber (:ARPS) was $14.37, an increase of 1 percent compared to $14.18 for the first quarter of 2014. 

7:22 am Fastenal reports April 2015 net sales of $334.5 mln, up 6.1% YoY; April daily sales $15,203, up 6.1% YoY (FAST) :  

7:20 am Exterran beats by $0.03, reports revs in-line; Distribution coverage of 1.42x for the quarter (EXLP) : Reports Q1 (Mar) earnings of $0.35 per share, excluding pretax charges of $3.5 mln due to non-cash long-lived asset impairment charges related to its fleet, $0.03 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 35.8% year/year to $164.3 mln vs the $163.88 mln consensus.

7:20 am Criteo beats by EUR 0.10, beats on revs; guides Q2 revs above consensus; raises FY15 guidance above consensus (CRTO) :

• Reports Q1 (Mar) earnings of 0.28 per share, excluding non-recurring items, 0.10 better than the Capital IQ Consensus of 0.18; revenues rose 67.8% year/year to 105.2 mln vs the 98.78 mln consensus.
• Co issues upside guidance for Q2, sees Q2 revs of EUR 105-107 mln vs. 101.13 mln Capital IQ Consensus Estimate; EBITDA $18-21 mln
• Co issues upside guidance for FY15, raises FY15 revs to EUR 454-460 mln from EUR 433-440 mln vs. 444.03 mln Capital IQ Consensus; EBITDA to EUR 120-127 mln from EUR 108-115 mln.

7:19 am Seventy Seven Energy reports Q1 loss of $0.45, beats on revs (SSE) : Reports Q1 (Mar) loss of $0.45 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of ($0.55); revenues fell 15.7% year/year to $429.78 mln vs the $396.09 mln consensus.

7:19 am Sunesis Pharma beats by $0.04, misses on revs (SNSS) : Reports Q1 (Mar) loss of $0.13 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.17); revenues fell 55.0% year/year to $0.9 mln vs the $1.14 mln consensus. Cash, cash equivalents and marketable securities totaled $39.8 million as of March 31, 2015, as compared to $43.0 million as of December 31, 2014.

7:18 am ComScore beats by $0.21, reports revs in-line; guides Q2 revs in-line; slightly raises FY15 revs in-line; authorizes $150 mln share repurchase program (SCOR) : Reports Q1 (Mar) earnings of $0.54 per share, excluding non-recurring items, $0.21 better than the Capital IQ Consensus Estimate of $0.33; revenues rose 13.5% year/year to $87.3 mln vs the $87.56 mln consensus.

• Co issues in-line guidance for Q2, sees Q2 revs of $86.8-92.2 mln vs. $90.74 mln Capital IQ Consensus Estimate. Co sees Q2 adjusted EBITDA of $18.5-21.5 mln.
• Co issues in-line guidance for FY15, raises FY15 revs to $368-381 mln from $366-379 mln vs. $374.92 mln Capital IQ Consensus Estimate.  Co sees FY15 EBTIDA of $85.5-94.5 mln,
• Co reported Q1 Adjusted EBITDA of $21.3 million, up 25% from a year ago. 
• "Board of directors recently authorized the increase of our share buy-back program to $150 million, demonstrating our continued commitment to return capital to our investors."

7:18 am Scotts Miracle-Gro misses by $0.20, misses on revs; reaffirms FY15 EPS in-line (SMG) : Reports Q2 (Mar) earnings of $2.06 per share, excluding non-recurring items, $0.20 worse than the Capital IQ Consensus Estimate of $2.26; revenues rose 2.0% year/year to $1.1 bln vs the $1.12 bln consensus.

• Co reaffirms guidance for FY15, sees EPS of $3.40-3.60, excluding non-recurring items, vs. $3.53 Capital IQ Consensus Estimate.
  

7:18 am Targa Resources Partners beats by $0.04, misses on revs (NGLS) : Reports Q1 (Mar) earnings of $0.21 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.17; revenues fell 26.8% year/year to $1.68 bln vs the $1.88 bln consensus.

• The Partnership's pro forma first quarter 2015 distributable cash flow, including the full contribution in the quarter from its merger with Atlas Pipeline Partners L.P., was $227.7 million which corresponds to pro forma distribution coverage of approximately 1.2 times the $193.9 million in total distributions to be paid on May 15, 2015.
• "Targa's strong performance in the first quarter of 2015 was evidenced by increased EBITDA and the successful completion of our mergers with Atlas. The combination of the diversity of our asset footprint and increasing margin from fee-based operations means we are well-positioned in an uncertain environment to deliver on our 2015 distribution and dividend growth expectations."
  

7:17 am Nationstar Mortgage misses by $1.24, misses on revs (NSM) : Reports Q1 (Mar) loss of $0.53 per share, $1.24 worse than the Capital IQ Consensus Estimate of $0.71; revenues fell 15.0% year/year to $382.11 mln vs the $501.93 mln consensus.

• Nationstar reported a quarterly net loss of $48 million, or $(0.53) per share, for the first quarter, compared to net income of $19 million, or $0.21 per share, in the fourth quarter 2014. GAAP EPS decreased sequentially principally due to a $110 million, or $0.77 per share, non-cash decrease in fair value mark-to-market adjustments in the servicing segment and a $17 million non-cash, or $0.12 per share, quarterly increase in amortization partially offset by an increase in earnings from the originations business.
• Servicing adjusted operating income, and related margin, decreased sequentially principally due to higher prepayments as a result of the decline in interest rates and lower benefits in the current quarter within other interest (income) expense. 

• Nationstar's servicing portfolio, as measured by UPB, ended the first quarter at $390 billion, an increase of 2% from year-end as the Company successfully closed on $24 billion of servicing acquisitions during the quarter. The MSR transfer market witnessed increased activity in the first quarter and Nationstar expects financial institutions to continue to evaluate the disposition of non-core servicing portfolios. Nationstar currently has $31 billion of servicing acquisition commitments that are scheduled to board by second quarter 2015 and an additional $21 billion of commitments expected to board, after receipt of pending agency approvals.
  

7:16 am Abiomed reports Q4 (Mar) results, beats on revs; reaises FY16 rev guidance above consensus (ABMD) : Reports Q4 (Mar) GAAP earnings of $2.24 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.17; revenues rose 33.9% year/year to $67.55 mln vs the $62.38 mln consensus.

• Co issues upside guidance for FY16, sees FY16 revs of $285-295 mln vs. $266.79 mln Capital IQ Consensus Estimate, prior range $260-270 mln
  
• The Company is also giving its fiscal year guidance for GAAP operating margin to be in the range of 12-16%.
  

7:16 am Starwood Property Trust beats by $0.02, misses on revs; reaffirms FY15 EPS in-line (STWD) : Reports Q1 (Mar) earnings of $0.55 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.53; revenues fell 13.2% year/year to $178.8 mln vs the $198.72 mln consensus.

• Co reaffirms in-line guidance for FY15, sees EPS of $2.05-2.25 vs. $2.14 Capital IQ Consensus Estimate.
  

7:15 am Sagent Pharma reports EPS in-line, beats on revs; guides FY15 revs in-line (SGNT) : Reports Q1 (Mar) earnings of $0.04 per share, in-line with the Capital IQ Consensus Estimate of $0.04; revenues rose 16.5% year/year to $82.6 mln vs the $80.63 mln consensus.

• Co issues in-line guidance for FY15, sees FY15 revs of $325-375 mln vs. $345.83 mln Capital IQ Consensus Estimate. Sees FY15 Adjusted Gross Profit as a percentage of net revenue in the range of 27% to 31%; and Adjusted EBITDA in the range of $20 to $50 mln.
• "Our financial outlook for 2015 remains intact and current year performance will continue to be influenced by GPO contract renewals, product pricing, FDA approvals and associated product launches and to a lesser degree, market shortages. We continue to develop private label programs and pursue opportunities through government contracting. We will supplement our current pipeline with product sourcing initiatives, investment in SCP and an increased focus on business development activities."

7:13 am Alere beats by $0.08, reports revs in-line; guides FY15 EPS in-line, revs in-line (ALR) : Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.49; revenues fell 2.3% year/year to $610.4 mln vs the $612.95 mln consensus.

• Co issues in-line guidance for FY15, sees EPS of $2.40-2.50 vs. $2.43 Capital IQ Consensus Estimate; sees FY15 revs of $2.5-2.6 bln vs. $2.58 bln Capital IQ Consensus Estimate.
  

7:13 am AMAG Pharma beats by $0.12, beats on revs; guides FY15 revs above consensus (AMAG) : Reports Q1 (Mar) earnings of $1.17 per share, $0.12 better than the Capital IQ Consensus Estimate of $1.05; revenues rose 330.3% year/year to $89.5 mln vs the $84.61 mln consensus. This increase was primarily due to the addition of the company's newest product, Makena (hydroxyprogesterone caproate injection), which contributed $55.5 million of product sales to the first quarter results. "Our performance in the first quarter of 2015 allows us to increase our full year top and bottom line guidance, and puts us in an outstanding financial position to continue to expand our portfolio through additional product or company acquisitions."

• Co issues upside guidance for FY15, sees FY15 revs of $395-$430 mln vs. $397.54 mln Capital IQ Consensus Estimate; up from prior guidance of $380-420 mln. Raises FY15 cash earnings guidance to $170-190 mln from $150-170 mln.

7:12 am The Medicines Co beats by $0.05, misses on revs (MDCO) : Reports Q1 (Mar) earnings of $0.08 per share, $0.05 better than the Capital IQ Consensus of $0.03; revenues fell 28.6% year/year to $126.5 mln vs the $128.4 mln consensus. 

• Worldwide Angiomax (bivalirudin)/Angiox (bivalirudin) revenue, was down 35% to $100.7 in the first quarter of 2015 compared to $155.7 million in the first quarter of 2014, with revenue in the United States decreasing to $95.1 million in the first quarter of 2015 from $146.2 million in the first quarter of 2014.
  

7:12 am Spartan Motors misses by $0.03, beats on revs (SPAR) : Reports Q1 (Mar) loss of $0.09 per share, $0.03 worse than the Capital IQ Consensus Estimate of ($0.06); revenues rose 0.3% year/year to $128.4 mln vs the $123.55 mln consensus. 

• "Our revenue outlook for 2015 calls for mid-single-digit growth from 2014, consistent with our prior outlook. Revenue growth should be concentrated in the second and third quarters, with the third quarter expected to report the highest revenue for the year. We anticipate second quarter operating income just above breakeven with the third quarter projected to be more profitable than the second quarter (Briefing.com Note: Capital IQ consensus for Q2 is $0.03). For the full year, we estimate restructuring expenses in the ER segment of $3.2 million. At this time, we expect a modest operating profit, including ER segment-related restructuring expenses, for 2015."
  

7:12 am Zoetis beats by $0.04, reports revs in-line; guides FY15 EPS in-line, revs below consensus; announces operational efficiency initiative (ZTS) : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 0.5% year/year to $1.10 bln vs the $1.11 bln consensus. For FY15, co sees EPS of $1.61-1.68, excluding non-recurring items, vs. $1.65 Capital IQ Consensus Estimate; sees FY15 revs of $4.675-4.775 bln vs. $4.86 bln Capital IQ Consensus Estimate.

• Co provides long term targets. For 2017, co expects revenue of $4.85-5.05 bln and adjusted EPS of $2.18-2.32.
• "Now having entered the final stage of our stand-up projects and building on the strong momentum in our business, we are announcing plans to further improve our operations...The operational efficiency initiative we announced today will result in a company that will generate more profit from a slightly smaller, more focused revenue base. We expect to generate cost savings of approximately $300 mln in 2017 and to improve our adjusted operating margin from 25% in 2014 to approximately 34% in 2017."
• "By 2017, we will be a company that can grow our re-based organic revenue in line with or faster than the mid-single digit growth of our markets, while holding growth in our leaned-out operating expenses to the inflation rate, thereby delivering long-term profit growth greater than our revenue growth. We will also be better positioned to create value from potential business development opportunities."
  

7:11 am Amtrust Financial beats by $0.15, reports revs in-line (AFSI) : Reports Q1 (Mar) operating earnings of $1.45 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus Estimate of $1.30; revenues rose 16.6% year/year to $1.11 bln vs the $1.12 bln consensus.

7:10 am ComScore has acquired analytics company Proximic; terms not disclosed (SCOR) :  

7:10 am Wisconsin Energy beats by $0.08, misses on revs (WEC) : Reports Q1 (Mar) earnings of $0.90 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.82; revenues fell 18.1% year/year to $1.39 bln vs the $1.66 bln consensus. 

• "While this winter was colder than normal, we did not experience the extreme conditions that persisted throughout the winter months last year...However, the second month of this year was actually colder than February of 2014, and we delivered more natural gas to our retail customers this February than during any other February in history -- exceeding the previous record by 5.5 percent."
  

7:10 am Techne misses by $0.05, misses on revs (TECH) : Reports Q3 (Mar) earnings of $0.86 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.91; revenues rose 19.5% year/year to $114.2 mln vs the $119.41 mln consensus. Organic growth was flat to prior year, with currency translation having a negative impact of 4% and recent acquisitions contributing 23% to the revenue growth.

• "Specifically, regional bio/pharma customers in Germany were in-between R&D investment cycles for new product development; our distributors and customers in Japan continued to reduce stocking levels in response to a rising dollar; and some large OEM projects anticipated for our Clinical Controls segment are transferring to us slower than expected. However, our strategic areas for growth are performing well, with China on the path to closing the year strong and our Protein Platforms division continuing solid growth with over 20% increase in revenues for the quarter."
  

7:10 am Bloomin' Brands beats by $0.01, reports revs in-line; reaffirms FY15 EPS in-line, lowers revs guidance (BLMN) : Reports Q1 (Mar) earnings of $0.54 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.53; revenues rose 3.8% year/year to $1.2 bln vs the $1.21 bln consensus.

• Co reaffirms EPS guidance for FY15, sees EPS of at least $1.27 vs. $1.29 Capital IQ Consensus Estimate; lowers FY15 revs down to at least $4.43 bln vs. $4.56 bln Capital IQ Consensus Estimate, from $4.49 bln.
• The reduction from $4.49 billion is due to expected additional impact from foreign currency translation. All other elements of the fiscal 2015 guidance included in the February 19, 2015 release remain intact.
  

7:09 am Bridgepoint Education beats by $0.06, reports revs in-line; Total student enrollment at period end was 55,322 (BPI) : Reports Q1 (Mar) loss of $0.01 per share, $0.06 better than the Capital IQ Consensus Estimate of ($0.07); revenues fell 9.4% year/year to $142.5 mln vs the $141.21 mln consensus.Total student enrollment at Bridgepoint Education's academic institutions, Ashford University and University of the Rockies, was 55,322 students at March 31, 2015, compared with 64,495 students at March 31, 2014.

7:07 am TRW Automotive beats by $0.14, reports revs in-line; lowers FY15 revs below consensus (TRW) : Reports Q1 (Mar) earnings of $2.01 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus Estimate of $1.87; revenues fell 6.8% year/year to $4.14 bln vs the $4.18 bln consensus.

• Co issues lowered guidance for FY15, sees FY15 revs of $16.2-16.5 bln from $16.6-16.9 bln vs. $16.77 bln Capital IQ Consensus Estimate. 
• TRW's planning assumptions for industry production volumes in 2015 are approximately 17.4 million units in North America and 20.0 million units in Europe, up 2% and flat, respectively, compared to 2014 levels. The Company continues to expect expansion in vehicle production volumes in China and rest of world regions.
  

7:07 am Discovery beats by $0.07, reports revs in-line; reaffirms FY15 constant currency top and bottom line guidance (DISCA) : Reports Q1 (Mar) earnings of $0.42 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 8.9% year/year to $1.54 bln vs the $1.55 bln consensus, led by 10% growth at International Networks and 6% growth at U.S. Networks. Adjusted Operating Income Before Depreciation and Amortization(1) ("OIBDA") increased $43 million, or 8%, to $568 million, as 10% growth at U.S. Networks was partially offset by a 2% decline at International Networks.

• For the full year ending December 31, 2015, Discovery expects total revenue excluding currency to grow in the high single to low double digit range, Adjusted OIBDA excluding currency to grow in the low to mid-single digit range and Adjusted EPS excluding currency to grow in the high single to low double digit range. 
  

7:07 am Oxford Immunotec beats by $0.05, beats on revs; guides Q2 revs below consensus; reaffirms FY15 revs guidance (OXFD) : Reports Q1 (Mar) loss of $0.31 per share, $0.05 better than the Capital IQ Consensus Estimate of ($0.36); revenues rose 12.2% year/year to $13.8 mln vs the $13.35 mln consensus.

• Co issues guidance for Q2, sees Q2 revs of $13.6-14.1 mln vs. $15.09 mln Capital IQ Consensus Estimate. 
• Co reaffirms guidance for FY15, sees FY15 revs of $60-65 mln vs. $62.41 mln Capital IQ Consensus Estimate.
  
• "Our sales performance came in above our expectations led by strong growth in the U.S. and Asia and we are pleased to have completed our T-SPOT.CMV test development ahead of schedule."
  

7:07 am Emerson misses by $0.11, reports revs in-line; guides FY15 EPS below consensus, revs in-line (EMR) : Reports Q2 (Mar) earnings of $0.65 per share, excluding non-recurring items, $0.11 worse than the Capital IQ Consensus Estimate of $0.76; revenues fell 7.1% year/year to $5.4 bln vs the $5.43 bln consensus. Co issues mixed guidance for FY15, sees EPS of approx $3.49-3.64, excluding $0.68 of non-recurring items, vs. $3.66 Capital IQ Consensus Estimate; sees FY15 revs of (7%)-(5%) approx $22.81-23.30 bln vs. $23.18 bln Capital IQ Consensus Estimate. 

2015 Outlook 

• The global macroeconomic environment for Emerson related businesses will continue to be challenging for the remainder of 2015, as strong headwinds from lower oil prices, strength of the U.S. dollar, and a broad slowdown in industrial spending, particularly in North America and China, will place downward pressure on underlying sales growth across most of our businesses. Visibility is limited in this environment, so our focus will be on controlling what we can: reducing costs to improve profitability, cash flow, and capital resource allocation. Near-term profitability will be negatively affected by volume deleverage as a result of weaker underlying sales growth. We now expect 2015 net sales to decline (7) to (5) percent. Underlying sales growth is expected to be 0 to 2 percent, excluding a negative impact from currency translation of approximately 5 percent and a 2 percent deduction from divestitures. Our execution focus will be on aligning costs with minimal, if any, underlying sales growth to improve margins and position the company for increased profit growth in 2016. Therefore, restructuring will continue to be increased in this environment and is now expected to exceed $140 million in the fiscal year. Reported earnings per share are expected to be $4.17 to $4.32, including a significant reduction from currency translation, the power transmission solutions divestiture gain of $0.77 per share, and accelerated restructuring costs of $0.09 per share.
  

7:07 am Build-A-Bear Workshop beats by $0.08, misses on revs (BBW) : Reports Q1 (Mar) earnings of $0.49 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.41; revenues fell 4.6% year/year to $93.39 mln vs the $105.33 mln consensus.

7:05 am Exterran Holdings beats by $0.10, beats on revs (EXH) : Reports Q1 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 13.4% year/year to $729.08 mln vs the $710.93 mln consensus.

7:04 am Taseko Mines has completed an updated mine plan for Gibraltar featuring a 50% decrease in strip ratio (TGB) : This new mine plan is a result of a detailed, six-month engineering study and forms the basis of an updated NI 43-101 compliant reserve. Highlights of the mine plan are: 749 million tons grading 0.272% copper equivalent, Recoverable copper of 3.3 billion pounds and 62 million pounds of molybdenum, Annual production of approximately 138 million pounds of copper and 2.6 million pounds of molybdenum at a milling rate of 85,000 tons per day, 24 years of operation, at a milling rate of 85,000 tons per day, Average strip ratio decreased to 1.9:1 (from 4.3:1), Copper cut-off decreased to 0.15% (from 0.20%)

7:04 am Gain Capital misses by $0.21, misses on revs (GCAP) : Reports Q1 (Mar) earnings of $0.18 per share, $0.21 worse than the Capital IQ Consens us Estimate of $0.39; revenues rose 14.1% year/year to $92.9 mln vs the $119.81 mln consensus. The decrease in revenue in our Sales Trader business reflected the steps taken in the fourth quarter of 2014 to reposition the business on customers with a higher return of capital. "We had record retail trading volume in the quarter, although much of the customer trading activity was focused on one-way trading in euro/dollar, which muted our revenue capture for the quarter. We also saw strong growth in other key operating metrics, including record futures contracts and a strong quarter-over-quarter increase in active accounts,"

7:03 am Sally Beauty reports EPS in-line, misses on revs (SBH) : Reports Q2 (Mar) earnings of $0.39 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.39; revenues rose 2.0% year/year to $937.75 mln vs the $949.58 mln consensus.

7:03 am Archer-Daniels beats by $0.06, misses on revs (ADM) : Reports Q3 (Mar) earnings of $0.77 per share, $0.06 better than the Capital IQ Consensus of $0.71; revenues fell 15.4% year/year to $17.51 bln vs the $20.45 bln consensus. 

• "The Oilseeds team capitalized on favorable market conditions and delivered outstanding results, with strong performances in each region. In Ag Services, our recently created global trade desk (:GTD) platform drove higher merchandised volumes. Our new WILD Flavors and Specialty Ingredients business got off to a great start toward achieving the cost and revenue synergies we identified last year. Together, these performances helped deliver a good quarter overall, even as lower industry ethanol margins limited earnings in Corn, and the strong dollar limited U.S. grain exports."
  
• "In the area of driving operational efficiencies, we have already identified more than $200 million in run-rate savings opportunities, toward our goal of $550 million in five years. And, in the area of strategic expansion, the corn processing business expanded in high-growth geographies, with the acquisition of the remaining stake of corn wet mills in Bulgaria and Turkey, and an increased stake in a facility in Hungary."

7:03 am LGI Homes reports 267 homes closed in April 2015, an increase of 39.8% Y/Y (LGIH) : As of the end of April 2015, the Company had 44 active selling communities.

7:03 am Cobalt International Energy beats by $0.01 (CIE) : Reports Q1 (Mar) loss of $0.20 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.21). 

• The current quarter included $17 million of impairment charges for the previously announced abandonment of the North Platte #2 appraisal well. 
• In Angola Block 20, the Orca #2 appraisal well and drill stem test results confirmed the presence of a large oil accumulation in the Sag section of the Pre-salt.
  

7:02 am KapStone Paper and Packaging to acquire the assets of Victory Packaging in a cash-free, debt-free transaction for $615 mln in cash; expected to be accretive (KS) : In addition, two contingent earnouts totaling $45 million could be payable two and a half to four years after the close and are based on the continued strong growth of the business.

• The structure of the transaction will enable KapStone to realize a tax benefit that has an estimated net present value of approximately $100 million.  Taking this benefit into account, the net purchase is about $515 million. 
• Victory's net sales grew to $953 million and adjusted EBITDA reached $55 million for the year ended December 31, 2014, and the CAGR for both net sales and adjusted EBITDA was in excess of 14% for the past four years. 
  
• "...synergies are expected to reach $30 million of EBITDA in 24 months. The deal is accretive to our bottom-line from Day 1."

7:02 am Asian Markets Close: Japan's Nikkei closed for holiday; Hong Kong's Hang Seng -1.3%; China's Shanghai Composite -4.1% (:SUMRX) : Tuesday's trading featured a sharp decline in China's Shanghai Composite (-4.1%) as reports suggesting brokerages were tightening margin financing requirements triggered a wave of selling interest. Elsewhere, the Reserve Bank of Australia cut its cash rate 25 basis points as expected to 2.00%. The policy statement, though, lacked the indication that further easing may be appropriate.

Economic data

• Hong Kong
• March Retail Sales -2.9% (expected +5.8%; prior +14.9%)
• Australia
• Reserve Bank of Australia cuts cash rate 25 basis points to 2.00% as expected
• April AIG Services Index 49.7 (prior 50.2)
• March Trade Balance - AUD 1.32 bln (expected - AUD 1.00 bln; prior - AUD 1.61 bln)
• Exports -2.0% (prior -1.0%)
• Imports -2.0% (prior +2.0%)