1:38 pm Federal Signal declares an increase in its quarterly cash dividend to $0.07/share, up from $0.06/share Q/Q (FSS) :  

1:13 pm CONSOL Energy falls to thirteen year low following Q3 results (CNX) :

• CNX is down 20% at an 13 year low following Q3 results.
• Co reported Q3 (Sep) adj. EPS of ($0.28) vs. the ($0.01) Capital IQ Consensus; revenues fell 8.0% year/year to $813.93 mln vs the $722.86 mln Capital IQ Consensus.
• "During the quarter, we beat production targets, locked in a significant percentage of our revenues for 2016 with additional gas hedges and multi-year coal contracts, significantly reduced operating costs, corporate overhead, and legacy liabilities, and accelerated our asset sale monetization program. These steps provide increased confidence in our ability to achieve our free cash flow base plan that we highlighted during our second quarter 2015 earnings call, and we are hard at work with multiple processes underway to monetize additional assets this year and into 2016. Expected proceeds will go towards reducing debt to help accelerate the separation of our Coal and E&P Divisions."
• Gas: CONSOL expects fourth quarter 2015 gas production to be ~92-97 Bcfe, which would result in annual 2015 production guidance between 325-330 Bcfe, or 39% growth compared to 2014 total production.
• CONSOL Energy expects 2016 annual gas production to grow by ~20%.
• Coal: For full year 2016, Pennsylvania Operations sales guidance is higher, compared to 2015, resulting from an increased committed position. CONSOL expects Pennsylvania Operations total unit costs to increase slightly in the fourth quarter of 2015, compared to the third quarter. However, for full year 2015, CONSOL continues to expect average total unit costs, including DD&A, to be between $40-$43 per ton.
• Coal peer Peadbody (BTU) is also down 19% following earnings.

1:13 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

• SHPG (227.17 +7.47%): Announced positive topline results from OPUS-3, a phase 3 efficacy and safety study of lifitegrast versus placebo; the trial met primary endpoint; upgraded to Buy from Hold at HSBC.
• GLW (18.18 +4.97%): Reported its Q3 results which fell short of analyst estimates, announced a strategic and capital allocation plan, which involves returning $10 bln to shareholders through 2019.
• TXT (40.59 +4.56%): Reported Q3 (Sep) earnings of $0.63 per share, $0.02 better than the Capital IQ Consensus of $0.61; revenues fell 7.3% year/year to $3.18 bln vs the $3.4 bln Capital IQ Consensus; raised low end of its FY15 EPS guidance.

Large Cap Losers

• CMI (103.13 -8.01%): Reported Q3 (Sep) earnings of $2.14 per share, $0.45 worse than the Capital IQ Consensus of $2.59; revenues fell 5.5% year/year to $4.62 bln vs the $4.92 bln Capital IQ Consensus; announced it would reduce its workforce by up to 2k personnel.
• HIG (44.97 -7.87%): Reported Q3 (Sep) core earnings of $0.86 per share, excluding non-recurring items, $0.13 worse than the Capital IQ Consensus of $0.99; revenues fell 4.3% year/year to $4.56 bln vs the $4.87 bln single analyst estimate.
• TMUS (38.52 -6.91%): Missed Q3 consensus EPS estimates $0.19, missed on revs; reaffirmed FY15 EBITDA guidance, raised net customer adds guidance.

Mid Cap Gainers

• FDP (46.23 +9.75%): Reported Q3 (Sep) earnings of $0.57 per share, excluding non-recurring items, $0.28 better than the single analyst estimate of $0.29; revenues rose 5.8% year/year to $936.1 mln vs the $927.4 mln single analyst estimate.
• UTHR (139.06 +10.34%): Reported Q3 (Sep) earnings of $3.55 per share, excluding non-recurring items, $1.17 better than the Capital IQ Consensus of $2.38; revenues rose 17.0% year/year to $386.2 mln vs the $361.81 mln Capital IQ Consensus.
• IDTI (25.56 +8.4%): Reported Q2 (Sep) earnings of $0.35 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.31; revenues rose 23.6% year/year to $169.5 mln vs the $166.12 mln Capital IQ Consensus; announced it would acquire ZMDI for $310 mln, expects the deal to be accretive to earnings in first full quarter after closing.

Mid Cap Losers

• GRUB (24.45 -23.81%): Missed Q3 consensus EPS estimates by $0.01, EBITDA was below guidance, slight miss on rev; guided Q4 revs below consensus.
• MRVL (8.02 -15.14%): Disclosed in a regulatory filing that auditor PricewaterhouseCoopers has resigned, downgraded to Sell at UBS and B. Riley & Co.
• RDN (14.22 -11.98%): Reported Q3 (Sep) earnings of $0.31 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.36; revenues rose 9.3% year/year to $297.3 mln vs the $298.34 mln Capital IQ Consensus.

1:09 pm Relative sector weakness (:TECHX) : Sector underperforming the S&P during the recent decline include: Housing XHB, Bank KBE, Reg Bank KRE, Materials XLB, Telecom IYZ, Ag/Chem MOO, Coal KOL, Transports IYT, Rail.

1:08 pm Nasdaq Comp -22 joins S&P -11 at new session low -- Dow -57 is holding above its opening/session low (:TECHX) :  

1:07 pm BofI Holding to complete its 4-1 forward split and trade on a split-adjusted basis on November 18 (BOFI) : Yesterday the company announced that shareholders had approved the split

1:01 pm Index Changes Reminder: The following index moves will happen post-close tonight (:INDXCH) :

• S&P SmallCap 600 constituent Post Properties (PPS) will replace HCC Insurance (HCC) in the S&P MidCap 400
• U.S. Physical Therapy (USPH) will replace PPS in the S&P SmallCap 600 after the close of trading

1:01 pm S&P i-10 slips back near its midday and morning lows (:TECHX) :  

12:59 pm 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:-1.0%
• France's CAC:-1.0%
• Spain's IBEX:-1.5%
• Portugal's PSI:-2.1%
• Italy's MIB Index:-1.2%
• Irish Ovrl Index:-1.2%
• Greece ASE General Index: +1.3%

12:54 pm Midday Market Summary: Cyclical Sectors Lag (:WRAPX) :

The major averages hold modest midday losses with the S&P 500 (-0.4%) trailing the Nasdaq Composite (-0.2%).

Equity indices have spent the first half of the Tuesday session in the red amid weakness in most sectors. To that point, five of six cyclical groups trade behind the S&P 500 while the top-weighted sector-technology (-0.4%)-trades in line with the broader market.

All in all, the early portion of today's affair has been very similar to yesterday with many participants sticking to the sidelines ahead of tomorrow's policy directive from the Federal Reserve. Accordingly, the S&P 500 has bounced inside a nine-point range since the open.

For the second day in a row, the energy sector (-1.6%) trades well behind the broader market due to significant weakness in crude oil. Currently, WTI crude is lower by 2.4% at $42.93/bbl after marking a session low near $42.60/bbl.

Elsewhere among cyclical sectors, the industrial space (-0.8%) underperforms due to broad-based weakness among transport stocks. JetBlue Airways (JBLU 24.73, -1.48) has slumped 5.7% despite reporting a one-cent beat, contributing to a 2.6% dive in the Dow Jones Transportation Average.

Staying on the earnings front, Dow components Merck (MRK 53.58, +0.67) and Pfizer (PFE 34.78, +0.62) hold respective gains of 1.2% and 1.8% after both surpassed their earnings estimates. Meanwhile, the broader health care sector trades higher by 0.8% with biotechnology contributing to the strength. The iShares Nasdaq Biotechnology ETF (IBB 322.53, +5.08) is higher by 1.6% at this juncture.

On the M&A front, the Wall Street Journal recently reported that Rite Aid (RAD 8.58, +2.50) will be acquired by Walgreens Boots Alliance (WBA 93.03, +3.55) for roughly $10 billion. Shares of RAD have surged 41.0% while the broader consumer staples sector has narrowed its loss to 0.1%.

Treasuries hover near their best levels of the session with the 10-yr yield lower by three basis points at 2.02%.

Economic data included Durable Orders, Consumer Confidence, and Case-Shiller Index:

• Durable goods orders declined 1.2% in September after declining a downwardly revised 3.0% (from -2.3%) while the Briefing.com consensus expected a decline of 1.3%
  • The drop wasn't a surprise as manufacturers are struggling to counteract the negative effects of a strong dollar and global economic weakness
  • Excluding transportation, durable goods orders declined 0.4% in September after declining a downwardly revised 0.9% (from +0.2%) in August while the consensus expected an increase of 0.2%
• The Conference Board's Consumer Confidence Index declined to 97.6 in October from a downwardly revised 102.6 (from 103.0) while the Briefing.com consensus expected a decline to 102.5
  • The Present Situation Index declined to 112.1 in October from 120.3 while the Expectations Index fell to 88.0 from 90.8
• The Case-Shiller 20-city Home Price Index for August rose 5.1% against a 5.0% increase expected by the Briefing.com consensus
  • This followed the previous month's revised increase of 4.9% (from 5.0%)

12:54 pm Mines Management's compliance plan has been approved by the NYSE MKT (MGN) :  

12:53 pm CVS Health rises ~1% following reports of WBA/RAD merger as deal is likely to improve outlook for drug stores with only two major players left (CVS) : CVS could also benefit from WBA/RAD divestitures

12:53 pm Republic Airways announces that the International Brotherhood of Teamsters' have voted to ratify a new three-year contract, with approximately 85% of the eligible pilots voting (RJET) :

The three-year agreement becomes effective on or about November 1. The agreement invests approximately $50 million a year on average over the three-year duration of the new agreement, including both the ratification bonus and the anniversary bonus. The new agreement includes significant improvements in work rules and pilot quality of life. Additionally, it establishes pay rates that recognize Republic's pilots as leaders in the regional airline industry, including a transformational $40/hr first year new hire rate.

• In September, RJET announced that it and the Teamsters had reached a consensual tentative agreement on the terms of a new three-year contract

12:39 pm Small-Cap Russell 2000 and S&P Mid-Cap 400 set new session lows, major averages holding above their first hour lows -- Dow -39, S&P -8, Nasdaq Comp -10 (:TECHX) :  

12:13 pm Market continues to slide back off morning highs -- Dow -46, S&P -8, Nasdaq Comp -10 (:TECHX) : As noted at 11:45 the S&P and ES-Mini was watching 2068 and 2061, respectively for a read on the potential for further upside. They failed to breach with the market extending the slide off the highs. Unless the S&P can work back through 2065 and the 2068 level the intraday pattern will remain weaker. On a daily basis the S&P pullback off Friday's high has thus far held above the 200 day sma and unchanged for the year at 2060/2058. Friday's bull gap is at 2058/2055.

12:06 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (175) outpacing new highs (82) (SCANX) : Stocks that traded to 52 week highs: ABCB, AEPI, CDNS, CIA, CORE, CUBE, CUNB, EBF, ESSA, EXR, FB, FBC, FBNC, FDP, FIZZ, FLO, FMX, FNFG, FNLC, FONR, GABC, GIG, GSOL, HCSG, HEOP, HSIC, HTBI, ICE, IDTI, IGLD, JAXB, JJSF, JRVR, KEP, KRNY, LANC, LKOR, LMT, MCRI, MKC.V, MNRO, MPWR, MSFT, MTN, MYGN, NAVG, NBTB, NCI, NOC, NWBI, OA, ORIT, OZRK, PRA, PSA, PSCU, QCRH, QTS, RITT, RIVR, SAP, SFBS, SHBI, SHOR, SIRI, SKYW, SPG, SSS, STL, SUI, SYBT, TOWN, TRV, TSS, TTWO, UBOH, UQM, VTN, WCN, WGL, XLNX, YDKN                                                                                              

Stocks that traded to 52 week lows: AAVL, AHGP, AI, AIMT, AIQ, APAM, APOL, ARCI, ASCMA, ATI, ATLS, AVH, BDR, BSM, CAB, CAI, CDI, CDRB, CEN, CENX, CGI, CHMI, CMI, CMLS, CNNX, CNX, CPLA, CROX, CRR, CSTM, CTIC, CUR, DDD, DECK, DEST, DOM, DSW, DWSN, EAC, EAT, ECHO, ELGX, ENTL, ENZN, ERA, ERF, EVEP, EVH, EVRI, EXP, FCH, FMSA, FOGO, FOSL, FRGI, FUEL, GI, GNRT, GOGL, GRUB, GYRO, HART, HBIO, HCLP, HDP, HEB, HNH, HOTR, HWAY, IPI, KIQ, KODK, KSU, KYN, LGCY, LIQD, LNG, LNTH, LORL, LPSN, LPTN, MBUU, MCEP, MDSO, MDVX, MHR, MIL, MPET, MPLX, MRVL, MSL, MSM, MWE, NC, NETE, NGL, NM, NNBR, NRG, NRP, NRZ, NSM, NSPR, NTG, NXTD, OCIP, ODFL, OLLI, ORIG, ORN, PAGP, PCAR, PEIX, PERF, PHH, PHII, PMT, PRTY, PSG, PSO, PTCT, PXLW, R, RCAP, RCII, RCKY, RDN, RIBT, RICE, RLGT, RLJ, RLOC, RMCF, ROYT, RPRX, RRC, RRTS, RT, SAIA, SAVE, SBLK, SCON, SCSS, SKUL, SMRT, SQI, SSE, SSI, STWD, SVU, SWN, SXC, SYRX, TANH, TCS, TDW, TLN, TNDM, TOR, TRMR, TWER, TWIN, UPL, USAP, VDTH, VICL, VOXX, VSI, WAC, WAYN, WDC, WLB, WMT, WSCI, ZFGN 

ETFs that traded to 52 week highs: none                                                                                                                                                                                                                                                                                                                                                              

ETFs that traded to 52 week lows: UHN,

11:59 am UQM Technologies enters into definitive agreements with institutional investors to purchase in a registered direct offering an aggregate of 8 mln units for a total purchase price of ~$6.4 mln or $0.80/unit (shares halted) (UQM) : Each unit consists of one share of UQM common stock and 0.5 of a warrant. Each warrant gives the warrant holder the right to purchase one share of UQM common stock at a price of $1.31 for a period beginning six months from the date of issuance through the fifth anniversary of the date of issuance.

11:46 am Currency Commentary: DXY Shakes of Poor Data (:SUMRX) :

• The Dollar Index continues its battle with the 97 level ahead of tomorrow's Fed decision. Economic Data was weak as the September Durable Orders and October Consumer Confidence numbers missed expectations. But it has had little impact on the dollar as it was able to rally in the face of these headwinds. The general thought on the Fed is that it is broken up into 3 factions with those that would like to tighten, some of the middle ground members, and those looking for more evidence before moving. The market will be looking for signs tomorrow to see who is winning this debate.
• The euro is firmly holding the 1.1020-40 level in early trade but it has not been able to effectively bounce of this level. Economic data was relatively uneventful as Money Supply and Private Loans were in line with expectations.
• The pound has slipped back below its 200 sma. The preliminary look at the Q3 GDP number came in lower than expected as it rose 0.5% from Q2, compared to expectations of a +0.6% increase. The sequential rise in Q2 came in at +0.7%. So sterling has slipped lower on the slow down in growth which will potentially delay any tightening by the Bank of England.
• The yen has pushed off the 121 level as markets are seeing some risk removed ahead of tomorrow's Fed decision. The country's PPI number came in line with expectations. This will do little to provide insight into whether or not the Bank of Japan plans to increase its purchase programs when it meets Thursday. The move by the BoJ is being viewed as a coin toss at the moment (BONDX, FOREX).

11:45 am S&P -3.8 recovery off morning low stalls shy of flat line (SPY) : The index bounced to 2070.37 off its first hour low but stalled shy of the flat line at 2071.16 and cut the rebound in half at 2065. The pattern of the initial advance off the low is constructive and watching 2068 in front of the bounce high for a read on the potential for further intraday upticks. A similar initial level for the ES-Mini is at 2061.

11:38 am IBM affirms quarterly dividend of $1.30/share, adds $4 bln to buyback program (IBM) : With this new authorization, IBM will have ~$6.4 bln for its stock repurchase program.

11:24 am iShares Nasdaq Biotech ETF back to the range top again (IBB) : Noted yesterday and early this morning that the IBB was probing its Oct highs/range top at 321/323.58. In recent trade the IBB has edged up to 323.38. Leadership today has come from: CHRS +6%, JUNO +4.9%, BIIB +3.6%, BMRN +3.1!%, SGEN +2.7%, NBIX +2.4%, VRX +1.6%, VRTX +2.2%, ALXN +2.3%, REGN +2.2%, CLVS +2.2%.

11:11 am Heartland Express misses by $0.08, misses on revs (HTLD) :

• Reports Q3 (Sep) earnings of $0.17 per share, $0.08 worse than the Capital IQ Consensus of $0.25; revenues fell 15.9% year/year to $182.53 mln vs the $191.47 mln Capital IQ Consensus.
• Operating Ratio improvement despite a 13% increase in average driver wages implemented in November 2014 and January 2015,

11:08 am Stock indices push to new session highs -- Dow +1, S&P -2, Nasdaq Comp +2 (:TECHX) : Noted at 10:33 that the Dow did not confirm the new session lows in the S&P/Nasdaq Comp which is a sign of weakening downside momentum. The averages have extended a recovery to new session highs.

11:04 am S&P -4 and Nasdaq Comp -3 extend push off morning lows -- Dow -23 is nearing its first hour bounce high (:TECHX) :  

10:35 am Time's UK unit acquires International Craft & Hobby Fair; terms not disclosed (TIME) : International Craft & Hobby Fair Limited is an events business specializing in trade and consumer events in the crafts arena.

10:33 am S&P -9 joined Nasdaq Comp -18 at a new session low, Dow -53 has thus far not confirmed the move (:TECHX) :  

10:23 am Relative sector weakness (:TECHX) : Sectors that have underperformed the S&P on the recent decline include: Retail XRT, Internet FDN, Housing XHB, Telecom IYZ, Restaurant, Rail, Transports IYT, Software IGV.

10:20 am Stock indices slide back off first hour bounce high, Nasdaq Comp -16 sets new session low -- Dow -44, S&P -8 (:TECHX) :  

10:11 am Healthcare stocks (XLV +1.3%) outperforming (SPY -0.2%) after Pfizer (PFE +3.3%), Bristol Myers (BMY +2.5%) and Merck (MRK +1.7%) all beat Q3 estimates and raised guidance this morning (XLV) : Biotech IBB +1.2% also trading higher.

10:02 am Comtech Telecom receives a $1.7M contract from a major US system integrator, to supply 500W Ka-Band traveling wave tube amplifiers for HTS gateways (CMTL) :  

10:00 am iShares Nasdaq Biotech ETF retesting its Oct highs/range top (IBB) : Noted the test of this zone yesterday (321/323) with it back for a retest in early trade (session high 322.83).

9:59 am Stock indices working off opening lows -- Dow -15, S&P -3.7, Nasdaq Comp -1.7 (:TECHX) : Sectors displaying relative strength vs. the S&P on this move include: Reg Bank KRE, Bank KBE, Casino, Defense PPA, Pharma PPH, Biotech IBB (CHRS, ABMD, BIIB, BMRN, CLVS, VRTX, OTIC).

9:50 am Southern Copper reports FY15 results through Q3 (SCCO) :

• EBITDA in 9M15 was $1,614.7 million, 21.8% lower than the $2,064.3 million in 9M14.
• Nine months of 2015 ("9M15") net sales were $3,791.3 million, 12.2% lower than 9M14 net sales of $4,316.4 million principally due to lower metal prices.
• Notwithstanding the decrease in metal prices (copper -18%, Molybdenum -40%, Silver -20%, Zinc -5% and gold -9%), the Company was able to mitigate this downward trend by increasing sales volumes for copper (+11.0%) and zinc (+12.5%) and significantly reducing costs, while maintaining a sound capital structure and a very strong balance sheet.
• "We have successfully initiated production at our new Buenavista concentrator and we expect to reach full capacity during the first quarter of 2016. With that, the expansion program for our Mexican mining operations will be near completion. Despite the adverse economic environment, thanks to our continuous cost control initiatives and prudent financial policies, we are in a solid position to keep moving forward with the Toquepala concentrator expansion in Peru. The lower per pound cost of the incremental production from our expansion projects is improving our overall cash-cost."

9:42 am Yelp trading lower by 4.5% in early trade; may be seeing some spillover weakness from Grubhub (GRUB), which is -28% following earnings (YELP) :

• YELP is not an exact peer to GRUB, but in February, Yelp acquired Eat24, a web and app-based online food ordering service and GrubHub competitor, for ~$134 mln.
• GRPN also has an online food ordering service, as it acquired OrderUp in July. GRPN shares are flat this morning. 
• YELP reports earnings tomorrow (Oct 28) after market. GRPN reports Nov 3 after market.
• Short-interest stands at 18% of the float for both YELP and GRPN.
• Both YELP and GRPN are not far off 52-week lows.

9:40 am Modestly weaker start for market averages -- Dow -66, S&P -7, Nasdaq Comp -6 (:TECHX) : Sectors pacing the way lower in early dealings include: Coal KOL, Crude Oil USO, Auto, Energy XLE, Oil Service OIH, Trucking, Rail, Steel SLX, Mining XME, Home Const ITB, Transports IYT., Gold Miners GDX.

9:37 am Opening Market Summary: Energy Sector Displays Early Weakness Again (:WRAPX) :

As expected, the major averages opened below their flat lines. The S&P 500 trades lower by 0.4% with nine sectors showing early losses.

For the second day in a row, the energy sector (-1.7%) has paced the opening decline amid selling in crude oil. Currently, WTI crude trades down 2.5% at $42.88/bbl.

On the upside, the health care sector (+1.1%) has received a boost from biotechnology, evidenced by a 0.9% gain in the iShares Nasdaq Biotechnology ETF (IBB 320.03, +2.58). Furthermore, Merck (MRK 53.55, +0.64) and Pfizer (PFE 35.41, +1.24) have also contributed to the relative strength in the health care sector.

The Consumer Confidence report for October (Briefing.com consensus 102.5) will be released at 10:00 ET.

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

• CYREN (CYRN) announced that European Wi-Fi Hotspot operator Anacapa Holdings, recently deployed the CYREN WebSecurity platform across its European network of over 2,300 Wi-Fi hotspots, located in 20 countries and supporting 17 million authenticated users
• Intercontinental Exchange (ICE) announced that ICE Endex has been selected by RWE Gasspeicher GmbH , one of the leading storage operators in the North-Western European gas market, to host auctions for their gas storage. The first auction is scheduled to be held on January 20, 2016
• Diana Shipping (DSX) announced that it entered into a time charter contract with Glencore (GLNCY) Grain B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Triton. This employment is anticipated to generate ~$2.14 mln of gross revenue for the minimum scheduled period of the time charter
• NetEase (NTES) announced that its NetEase Capital Venture arm has made a $2.5 million investment into Reforged Studios, a privately held game studio based in Helsinki
• Advaxis (ADXS) announced the launch of a research collaboration with Memorial Sloan Kettering Cancer Center, to evaluate the immunologic and anti-tumor activity of patient tumor-specific, neoepitope-based immunotherapy. The goal of the collaboration, titled "MINE", is to use Advaxis's Lm Technology to develop neo-epitope immunotherapies based on an individual patient's tumor
• RiT Technologies (RITT) announced that the Tianjin City Rail Transit of China has deployed RiT's PatchView Intelligent Infrastructure Management solution to gain real-time visibility and control of their network

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

• Blackhawk Network (HAWK) announced its partnership with Samsung (SSNLF) Pay, which will allow the integration of the company's gift cards into the Samsung Pay mobile payment solution
  
• 3D Systems (DDD) announced a partnership with GPI Prototype & Manufacturing Services, whereby 3DS will tap into GPI's experience in metal design and production to collaborate on the development of industry and technology applications
• JLL (JLL) announced it has won a five-year contract with Aon (AON). Under Aon's first regional outsourced contract in Continental Europe, JLL will provide Integrated Facility Management services for Aon's two million-square-foot- real estate portfolio which spans 172 buildings in 30 countries including Belgium, France, Germany, Italy, the Netherlands, Poland, Spain and Switzerland.
• Jaguar Animal Health (JAGX) announced that a recently completed study by researchers from Cornell University College of Veterinary Medicine (Cornell) supports a benefit of Jaguar Animal Health's Neonorm Calf product on the optimization of the intestinal microbiome profile in pre-weaned dairy calves.

9:28 am Gladstone prices its offering of 2 mln shares of common stock at $8.55/share (GLAD) :  

9:17 am Network-1 reports the USPTO issued a notice of intent to issue Ex Parte Reexamination Certificate, rejecting a challenge to the company's remote power patent (NTIP) :

The Remote Power Patent had been reexamined by the USPTO as a result of a request for ex parte reexamination made by Sony Corporation (SNE) of America of certain claims of the Remote Power Patent, which was granted by the USPTO in April 2015.

• Sony's Petition for Institution of a Covered Business Method Review was previously denied by the USPTO, as was Sony's recent request for a re-hearing of the decision denying institution.

9:14 am S&P futures vs fair value: -8.80. Nasdaq futures vs fair value: -11.50. (:WRAPX) :

The stock market is on track for a modestly lower open as S&P 500 futures trade nine points below fair value after spending their second consecutive night in a tight range. The S&P 500 futures have bounced around a seven-point range, sliding to lows within the past hour in reaction to the October Durable Orders report, which declined 1.2% (Briefing.com consensus -1.3%) while core orders decreased 0.4% (consensus +0.2%).

Unlike equity futures, Treasuries ticked to highs following the economic report, pressuring the 10-yr yield to 2.03% (-3 bps).

On the corporate front, Dow components DuPont (DD 59.50, -0.87), Pfizer (PFE 35.20, +1.04), and Merck (MRK 54.20, +1.29) have reported better than expected results while another large name-BP (BP 34.97, -0.08)-also reported above-consensus results for the quarter.

The Consumer Confidence report for October (Briefing.com consensus 102.5) will be released at 10:00 ET.

9:11 am CTI BioPharma prices its 50K share offering of Series N-1 Preferred Stock at $1000/share; convertible into 800 common shares at $1.25/share (CTIC) :

The shares of Series N-1 Preferred Stock will automatically convert into shares of common stock in certain circumstances.

• Co plans to use the net proceeds from this Offering to support the commercial launch of pacritinib in the U.S. for patients with myelofibrosis, to conduct additional research concerning the possible application of pacritinib in indications outside of myelofibrosis, to advance the commercialization of PIXUVRI and to support the development of tosedostat in registration-directed trials, as well as for general corporate purposes

9:11 am Kroger reaffirms FY16 EPS, comp guidance at Investor Conf.; updates labor guidance (KR) :

• Kroger reaffirms FY16 EPS $1.92-1.98 vs $1.99 Capital IQ Consensus; comps ex-fuel +4-5%.
• In 2015, we will negotiate agreements with UFCW for store associates in Denver and Portland. Negotiations this year will be challenging as we must have competitive cost structures in each market while meeting our associates' needs for solid wages and good quality, affordable health care and retirement benefits. Also, continued long-term financial viability of our current Taft-Hartley pension plan participation is important to address.

9:08 am Prologis operating subsidiary commences a cash tender offer for $200 mln in various notes (PLD) :

Co announces that its operating subsidiary, Prologis, L.P., has commenced a cash tender offer for the maximum aggregate principal amount of specified series of its outstanding debt and specified series of the outstanding debt of its indirect wholly owned subsidiary, Prologis Trust that it can purchase for $200 mln (including accrued and unpaid interest but excluding fees and expenses).

• In the Tender Offer, Prologis is offering to purchase the 1.375% due September 30, 2020 notes.

9:08 am Intuit to appoint Brad Smith as Chairman; changes will be effective at the annual shareholder meeting in Jan 2016 (INTU) : With the announced retirement of Chairman Bill Campbell at the end of his current term, Brad Smith will become Chairman effective January 2016. In conjunction with the appointment of Smith to Chairman, Suzanne Nora Johnson will become Lead Independent Director.

9:06 am GrubHub misses by $0.01, with EBITDA below guidance, slight miss on rev; guides Q4 revs below consensus (GRUB) :

• Reports Q3 (Sep) GAAP earnings of $0.08 per share, $0.01 worse than the Capital IQ Consensus of $0.09; revenues rose 38.4% year/year to $85.7 mln vs the $86.53 mln Capital IQ Consensus and $85-87 mln guidance.
• Adj. EBITDA $21.5 mln vs. 23-25 mln guidance.
• Active Diners were 6.43 million, a 41% year-over-year increase
• Daily Average Grubs were 211,500, a 22% year-over-year increase
• Co issues downside guidance for Q4, sees Q4 revs of $98-100 mln vs. $100.84 mln Capital IQ Consensus Estimate. 
• "We are seeing encouraging early signs of success with our delivery initiative," continued Maloney. "While delivery volume remains low relative to overall volume on GrubHub, we've seen tangible improvements in diner frequency, order growth and conversion in some of our secondary markets where restaurants we deliver for generate a significant amount of the overall order volume. This gives us confidence that our investment in delivery will reap rewards across our entire network over time."

9:06 am CU Bancorp reports Q3 EPS of $0.35 vs $0.34 Capital IQ Consensus Estimate; revs $25.4 mln vs $24.8 mln Captial IQ Consensus Estimate (CUNB) : Q3 NIM was 3.79%, compared to 3.70% in the third quarter of 2014.

9:05 am McClatchy beats by $0.01, misses on revs (MNI) :

• Reports Q3 (Sep) loss from cont ops of $0.01 per share, $0.01 better than the single analyst estimate of ($0.02); revenues fell 8.0% year/year to $251.2 mln vs the $260 mln single analyst estimate. 
• Outlook: For Q4, management expects digital-only advertising revenues to accelerate into the high-teens to low-twenty percent range compared to the fourth quarter of 2014. Direct marketing and audience revenues are expected to be ~flat in the fourth quarter compared to Q4. Operating cash flow is expected to grow in Q4.

9:04 am China Jo-Jo Drugstores discusses healthcare reforms intended to consolidate, modernize and accelerate chain pharmacy growth in China (CJJD) :

A mandate of China's health insurance program requires pharmacies to have government reimbursement licensure in order to process authorized prescription reimbursements. In the 3rd calendar quarter of 2015, the Chinese Government decided to accelerate growth in domestic chain pharmacies for those participants who have historically demonstrated adherence to high standards of excellence. As such, rules governing the inspection and qualifications process of newly acquired chain drugstore locations were rescinded.

• The rationale was that the inspection process formerly placed undue burden on chain drugstores in order to requalify newly acquired storefronts for pharmacy certification. The former recertification process would shutter a newly acquired but operational pharmacy for more than a year, depending on the store location, while waiting for new licensure.
• A new proposal has been approved intended to reward large chain drugstore operators who can standardize and accelerate the development of the pharmacy market in China into a mature model that is best able to service the growing demands of consumers both in retail stores and online storefront formats. The new mode of doing business starting in 2016 is expected to promote industry consolidation meant to inhibit unauthorized sale and production of counterfeit or mislabeled products while promoting and accelerating chain pharmacy growth for those businesses who can adhere to strict quality standards.
• The new model allows for chain drugstores to enter into contractual agreements with the State Council, allowing for quicker startup times of newly acquired storefronts. In exchange for this accelerated process, chain drugstores will have to transform the operations of new storefronts into modern, standardized operations promising to adhere to the highest standards of safety and regulatory oversight subject to periodic inspections by the PRC.

9:04 am Sysorex Global secured $1 mln engagement with US Government agency for AirPatrol ZoneDefense mobile device detection and locationing system (SYRX) : Sysorex expects the ZoneDefense installation to begin in mid-November and be completed by year's end.

9:02 am L Brands announces a private offering of $400 mln in unsecured senior notes due 2035 (LB) : Co intends to use the net proceeds of the offering, after deducting underwriting discounts and commission and estimated offering expenses, for general corporate purposes: including capital expenditures, dividends and share repurchases.

9:02 am MKS Instruments authorized quarterly cash dividend of $0.165 per share, down from prior $0.17 per share (MKSI) :  

9:02 am Skystar Bio Pharmaceutical receives a new patent from the State Intellectual Property Office of the PRC, for use in the animal pharmaceutical space (SKBI) : Co announced receiving new patent, number ZL201310259528.6, from the State Intellectual Property Office of the People's Republic of China. The patent relates to a process for intended use in the animal pharmaceutical space to improve the way specific transfer factor (T-factors) are cultivated for large scale production purposes.

9:01 am TransCanada reports its Prince Rupert Gas Transmission pipeline project, has received the final permits from the BC Oil and Gas Commission (TRP) :

Co announced that it has received final permits from the BC Oil and Gas Commission, giving regulatory approval for the construction and operation of the Prince Rupert Gas Transmission pipeline project.

• In order for PRGT to proceed with construction, PNW LNG must receive a positive decision from the federal government under the Canadian Environmental Assessment Act, 2012. Once approval is received, and PNW LNG has confirmed its decision to proceed with the project, PRGT will begin site preparation for camp locations and right-of-way clearing, with commencement of pipeline construction activities shortly thereafter.

9:00 am S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -9.00. (:WRAPX) : Just released, the Case-Shiller 20-city Home Price Index for August rose 5.1% against a 5.0% increase expected by the Briefing.com consensus. This followed the previous month's increase of 5.0%.

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

• Immersion Corporation (IMMR) announced that Acer recenlty used Immersion's TouchSense Core to control two actuators (vibration motors), in its recently announced Predator 8 GT-810 gaming tablet
• Mylan N.V. (MYL) announced the U.S. launch of Levoleucovorin Calcium Injection 10 mg/mL; 175 mg/17.5 mL and 250 mg/25 mL single-use vials, which is the generic version of Spectrum Pharmaceuticals' (SPPI) Fusilev for Injection
• Attunity (ATTU) announced the extension of its OEM distribution agreement with one of the world's largest business software and hardware systems companies. The strategic partner, which had originally engaged Attunity in 2005, has exercised its right to extend the OEM distribution agreement through 2016
• ORBCOMM (ORBC) announced that it has signed an agreement with Morsviazsputnik, the licensed operator of Inmarsat's mobile satellite services in Russia, to provide SkyWave's IsatData Pro service in the territory of the Russian Federation

8:57 am S&P futures vs fair value: -6.40. Nasdaq futures vs fair value: -8.50. (:WRAPX) :

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

Most markets in the Asia-Pacific region ended the day with modest losses, pressured by general profit-taking activity and weakness in the energy and financial sectors. There weren't many headline drivers, leaving many participants reluctant to participate in front of Apple's earnings report after today's close and the Federal Open Market Committee's policy decision/directive on Wednesday.

• In economic data:
  • China's September industrial profits -0.1% year-over-year (prior -8.8%)
  • Japan's Corporate Services price Index +0.6% year-over-year (expected +0.6%; prior +0.8%)
  • South Korea's October Consumer Confidence 105.0 (prior 103.0)
  • Hong Kong's September Trade Balance -HKD36.4 bln (expected -HKD33.1 bln; prior -HKD25.1 bln) as Exports -4.6% month-over-month (expected -4.0%; prior -6.1%) and Imports -7.6% month-over-month (expected -8.0%; prior -7.4%)
  • New Zealand's September Trade Balance -NZD3,200 mln (expected -NZD2,846 mln; prior -NZD3.372 mln) as Exports NZD3.69 bln (expected NZD3.90 bln; prior NZD3.71 bln) and Imports NZD4.91 bln (expected NZD4.78 bln; prior NZD4.79 bln)

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• Japan's Nikkei declined 0.9% and ended near its lows for the day. Losses were paced by the industrials (-2.0%), financials (-1.8%), materials (-1.7%), and technology (-1.5%) sectors. The worst-performing issues were Minebea (-5.7%), Sumco (-5.7%), and OKUMA (-4.7%. Seven & i Holdings (+3.2%), Haseko (+2.1%), and Shionogi & Co (+1.5%) topped the list of individual gainers. Out of the 225 index members, 41 ended higher, 182 finished lower, and 2 were unchanged.
• Hong Kong's Hang Seng increased 0.1% and ended at its high for the day. The Hang Seng had been down 1.0% earlier in the day, but rallied back in the afternoon trade, as did the mainland market. Belle International Holdings (+6.1%), Want Want China Holdings (+2.0%), and BOC Hong Kong Holdings (+1.6%) topped the list of winners while Sino Land (-3.9%), China Resources Power Holdings (-3.8%), and Cheung Kong Property Holdings (-1.9%) brought up the rear. Out of the 50 index members, 21 ended higher, 23 finished lower, and 6 were unchanged.
• China's Shanghai Composite increased 0.1% after being down as much as 2.8% shortly after the start of trading. The thrust of the rebound effort came after the lunch break and came on no news of note. Earlier in the day China reported industrial profits fell 0.1% year-over-year in September versus an 8.8% decline in the prior month.

Major European indices trade lower across the board with Spain's IBEX (-1.4%) trailing the region. On a separate note, a delay in Greece's implementation of EU-required reforms will push back the upcoming bailout payment into next month, according to SuddeutscheZeitung.

• Economic data was limited:
  • Eurozone September Private Sector Loans +1.1%, as expected (prior 1.0%) and September M3 Money Supply +4.9% year-over-year (consensus 5.0%; prior 4.9%)
  • UK's preliminary Q3 GDP +0.5% quarter-over-quarter (expected 0.6%; prior 0.7%); +2.3% year-over-year (consensus 2.4%; last 2.4%). Separately, Index of Services +0.9% (expected 1.0%; prior 0.8%)

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• UK's FTSE is lower by 0.5% with about 2/3 of its components trading in the red. Miners and energy names have paced the decline with Anglo American, BHP Billiton, BG Group, and Royal Dutch Shell showing losses between 1.6% and 2.8%. On the upside, BP outperforms with a gain of 0.9% after beating earnings/revenue estimates.
• Germany's DAX has given up 0.6%. BASF is the weakest performer, down 5.0%, in reaction to disappointing results. Utilities also lag with E.On and RWE down 2.6% and 3.6%, respectively. On the flip side, Deutsche Bank has added 0.8%.
• In France, the CAC trades down 0.7% with most components in the red. ArcelorMittal has given up 4.2% while Total and Technip hold respective losses of 2.1% and 2.9%. Elsewhere, Peugeot outperforms with a gain of 2.4%.
• Spain's IBEX is lower by 1.4% with Obrascon Huarte Lain diving 8.4% after Moody's and Fitch put the company on review for a possible downgrade. Other growth-sensitive names like ArcelorMittal, Sacyr, FCC, and Repsol hold losses between 3.3% and 4.2%.

8:52 am Tennant beats by $0.10, reports revs in-line; narrows FY15 EPS in-line, lowers FY15 guidance (TNC) :

• Reports Q3 (Sep) earnings of $0.68 per share, $0.10 better than the Capital IQ Consensus of $0.58; revenues rose 1.1% year/year to $204.8 mln vs the $204.8 mln Capital IQ Consensus.
• Co issues in-line guidance for FY15, narrows EPS to $2.45-2.65 from $2.40-2.70 vs. $2.57 Capital IQ Consensus Estimate; lowers FY15 revs to $815-825 mln from $825-845 mln vs. $832.43 mln Capital IQ Consensus Estimate. Foreign currency exchange headwinds in 2015 are now estimated to negatively impact operating profit in the range of $12 million to $14 million, or ~$0.44 to $0.52/share

8:41 am European Markets Update: FTSE -0.4%, DAX -0.6%, CAC -0.7%, IBEX -1.3% (:SUMRX) :

Major European indices trade lower across the board with Spain's IBEX (-1.3%) trailing the region. On a separate note, a delay in Greece's implementation of EU-required reforms will push back the upcoming bailout payment into next month, according to Suddeutsche Zeitung.

• Economic data was limited:
  • Eurozone September Private Sector Loans +1.1%, as expected (prior 1.0%) and September M3 Money Supply +4.9% year-over-year (consensus 5.0%; prior 4.9%)
  • UK's preliminary Q3 GDP +0.5% quarter-over-quarter (expected 0.6%; prior 0.7%); +2.3% year-over-year (consensus 2.4%; last 2.4%). Separately, Index of Services +0.9% (expected 1.0%; prior 0.8%)

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• UK's FTSE is lower by 0.4% with about 2/3 of its components trading in the red. Miners and energy names have paced the decline with Anglo American, BHP Billiton, BG Group, and Royal Dutch Shell showing losses between 1.6% and 2.8%. On the upside, BP outperforms with a gain of 0.9% after beating earnings/revenue estimates.
• Germany's DAX has given up 0.6%. BASF is the weakest performer, down 5.0%, in reaction to disappointing results. Utilities also lag with E.On and RWE down 2.6% and 3.6%, respectively. On the flip side, Deutsche Bank has added 0.8%.
• In France, the CAC trades down 0.7% with most components in the red. ArcelorMittal has given up 4.2% while Total and Technip hold respective losses of 2.1% and 2.9%. Elsewhere, Peugeot outperforms with a gain of 2.4%.
• Spain's IBEX is lower by 1.3% with Obrascon Huarte Lain diving 8.4% after Moody's and Fitch put the company on review for a possible downgrade. Other growth-sensitive names like ArcelorMittal, Sacyr, FCC, and Repsol hold losses between 3.3% and 4.2%.

8:41 am FelCor Lodging reports FFO in-line, misses on revs; guides FY15 FFO below consensus, lowers its EBITDA guidance (FCH) :

• Reports Q3 (Sep) funds from operations of $0.25 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.25; revenues fell 3.8% year/year to $225.2 mln vs the $230.27 mln Capital IQ Consensus.
• Co issues downside guidance for FY15, sees FFO of $0.83-0.86 vs. $0.87 Capital IQ Consensus Estimate
• Co lowered its EBITDA guidance by $6.0 million (mid-point), to $236.5-240.5 mln, from $242-247.5 mln, to account for lower than expected August results and updated Knickerbocker operations
• Its same-store RevPAR expectations for the fourth quarter remain unchanged
• Co sees RevPAR for same-store hotels to increase 8.75 - 9.0%

8:38 am China Yida receives 'going private' offer from group including Chairman and CEO for $3.17/share (CNYD) :

The co announced that its Board has received a preliminary, non-binding proposal letter dated October 24, 2015 from Mr. Minhua Chen, Chairman, CEO and President of the Company and Yanling Fan, Chief Operating Officer of the Company and the wife of Mr. Chen, to acquire all of the outstanding shares of common stock of the Company not currently owned by them at a proposed price of $3.17 per share, in cash, subject to certain conditions.

• Mr. Chen and Ms. Fan currently beneficially own, in the aggregate, approximately 58% of the Company's outstanding shares of common stock. According to the proposal letter, Mr. Chen and Ms. Fan will form an acquisition vehicle for the purpose of pursuing the acquisition and the acquisition is intended to be financed by equity capital.

8:35 am AK Steel CEO to retire as of Jan 1, 2016 (AKS) :

• Co announced that James L. Wainscott, who has served as President and CEO since October of 2003 and Chairman of the Board since January of 2006, has announced his intention to retire as President and Chief Executive Officer, effective January 1, 2016.
• He will continue to serve as Executive Chairman, President and CEO of the company until his retirement on January 1, 2016, after which he will continue to serve as Chairman of the Board of Directors in a Non-Executive capacity.

Related to this change, the AK Steel Board of Directors made the following appointments, effective January 1, 2016:

• Roger K. Newport is appointed Chief Executive Officer and a Member of the Board of Director
• Kirk W. Reich is appointed President and Chief Operating Officer reporting to Roger Newport
• James L. Wainscott will continue to serve as Chairman of the Board of Directors.

8:35 am Enable Midstream Partners names CFO Rodney J. Sailor as President and CEO effective January 1 (ENBL) : Sailor will succeed interim CEO Pete Delaney. Delaney was named interim President and Chief Executive Officer effective June 1, 2015, following the departure of former CEO Lynn L. Bourdon.

8:34 am Schnitzer Steel reports EPS in-line, misses on revs (SCHN) :

• Reports Q4 (Aug) earnings of $0.31 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.31; revenues fell 33.8% year/year to $457 mln vs the $482.33 mln Capital IQ Consensus.

8:33 am Hanmi Financial reports Q3 net income per share of $0.44 vs $0.39 Capital IQ Consensus Estimate; NIM 3.80% compared with 3.97% in Q2 (HAFC) :  

8:33 am AK Steel beats by $0.09, beats on revs, expects lower carbon steel pricing in Q4 (AKS) :

• Reports Q3 (Sep) earnings of $0.04 per share, $0.09 better than the Capital IQ Consensus of ($0.05); revenues rose 7.3% year/year to $1.71 bln vs the $1.69 bln Capital IQ Consensus.
• The company reported adjusted EBITDA of $120.0 million, or $64 per ton, for the third quarter of 2015 compared to adjusted EBITDA of $100.5 million, or $69 per ton, for the year-ago third quarter.
• Outlook: "Consistent with its current practice, the company said that it intends to provide detailed guidance for its fourth quarter 2015 financial results in December. The company anticipates lower carbon steel pricing in the fourth quarter compared to the third quarter, due principally to the high level of low-priced foreign steel that has continued to be imported into the United States during the preliminary stages of the carbon steel trade cases, in addition to recent declines in carbon scrap prices. As a result of these low-priced imports and their impact on the current market environment, the company also expects lower carbon steel spot market shipments in the fourth quarter.
  
  

8:33 am HCA misses by $0.02, reports revs in-line; guides FY15 EPS in-line; authorizes additional $3 bln share repurchase program (HCA) :

• Reports Q3 (Sep) earnings of $1.17 per share, $0.02 worse than the Capital IQ Consensus of $1.19; revenues rose 6.9% year/year to $9.86 bln vs the $9.82 bln Capital IQ Consensus.
• Co issues in-line guidance for FY15, sees EPS of $5.20-5.25 vs. $5.25 Capital IQ Consensus Estimate.  Adjusted EBITDA is now expected to be approximately $7.8 billion.
• Authorizes additional $3 billion share repurchase program.

8:33 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: HCLP -21.4%, RRTS -18.5%, KN -13.8%, MSTR -13.2%, GIGA -13%, CMI -8.8%, AMKR -8.1%, ALSN -6.1%, CAKE -5.8%, HIG -5.8%, ERI -5.7%, FDC -5.7%, IACI -4.3%, (InterActiveCorp enters into a new agreement with Google to extend their long-term relationship through March 2020), CAJ -4.2%, UPS -3.9%, IPGP -3.8%, JBLU -3.3%, NVCR -2.8%, AGNC -2.7%, SWFT -2.6%, F -2.1%, CMCSA -2%, CR -1.9%, PCAR -1.6%, ICLR -1.3%

Select metals/mining stocks trading lower: MT -2.9%, BBL -1.9%, BHP -1.6%, VALE -1.3%

Select oil/gas related names showing early weakness: SDRL -2.5%, RIG -1.9%, TOT -1.4%, RDS.A -1.2%, HAL -0.6%, SLB -0.5%

Other news: MRVL -20.1% ( independent registered public accounting firm PricewaterhouseCoopers resigns ), CTIC -13.1% (announces an underwritten public offering of its Series N-1 Preferred Stock), AAN -7.1% (in symp with RCII), GORO -5.4% ( reports preliminary Q3 production of 6,825 ounces of gold and ~562k ounces of silver; lowers FY15 outlook to 29.6k ounces of gold and 2.5 mln silver ounces), GLAD -4.3% (announces an underwritten public offering of 2 mln common stock shares; net proceeds to be used to repay existing indebtedness and for general corporate purposes), FDX -2.1% (in symp with UPS), TACO -1.9% (priced secondary offering of ~3.37 mln shares of common stock at $12 per share)

Analyst comments: DSW -1.9% (downgraded to Neutral from Buy at Sterne Agee CRT), LVS -1.7% (downgraded to Equal Weight at Barclays)

8:32 am iBio receives notice from the European Patent Office, that the opposition period for its plant gene-expression patent has passed, without any filed opposition (IBIO) : The European patent includes claims covering methods for expressing one or more polynucleotides of interest using a set of plant viral vectors that function together.

8:31 am Aeterna Zentaris announces that proxy firms ISS and Glass Lewis recommend shareholders cote for the resolution authorizing the consolidation of the issued and outstanding common shares (AEZS) :  

8:31 am S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -7.70. (:WRAPX) :

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

September durable goods orders fell 1.2%, while the Briefing.com consensus expected a decline of 1.3%. This comes after the prior month's revised reading reflected a decrease of 3.0% (from 2.3%). Excluding transportation, durable orders decreased 0.4% (consensus +0.2%) to follow the prior month's revised decrease of 0.9% (from -0.2%).

8:31 am CytoSorbents is awarded $1.5 mln from the National Heart, Lung, and Blood Institute, to advance its HemoDefend blood purification technology (CTSO) :

Co announces that the National Heart, Lung, and Blood Institute, a division of the National Institutes of Health, awarded the Company a Phase II SBIR contract, that will help advance the Co's HemoDefend blood purification technology towards commercialization for the purification of packed red blood cell transfusions.

• The project is valued at $1,521,671 over 2 years, with funding to start immediately.

8:30 am Market View: Front-month Dec. eMini stock-index futures continue to trade with declines versus fair values here following the 8:30 am ET economic data points (:TECHX) :

• ESz5 now -4.00
  
  
• YMz5 now -35
  
  
• NQz5 now -3.25

8:29 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance: IDTI +9.5%, ( to acquire ZMDI for $310 mln; transaction will add $20 mln of quarterly revenues and be accretive to earnings in first full quarter following close ), BABA +8.5%, ASC +6.9%, EW +6%, SAVE +5.4%, AGEN +5.2%, CNC +5.1%, COH +4.9%, PCRX +4.8%, ROSG +4.4%, MGLN +4.2%, AGII +3.7%, BMY +3.6%, PAH +3.4%, ONE +3.2%, PFE +2.8%, UTHR +2.8%, YNDX +1.8%, MDSO +1.7%, CIGI +1.4%, MRK +1.2%, TXT +1.1%, BP +1.1%, .

M&A news: PRSN +166.6% (to be acquired by Galil Medical for $1.00/share, or ~$10.6 mln),TRIV +55% (TriVascular Technologies to be acquired by Endologix (ELGX) for $9.10/share, or ~$211 mln),RIVR +29.6% (German American Bancorp to acquire River Valley Bancorp, whereby shareholders will receive 0.770 shares of GABC stock and $9.90/share in cash per RIVR share)

Select China related stocks trading higher after BABA earnings: WBAI +5.6%, JD +4.7%, DANG +3.5%, JMEI +3%, BIDU +1.9%

Other news: UQM +24.6% (supply agreement with ITL Efficiency Corporation in China news),ASTI +18.2% (announced it is working closely with Bye Aerospace, to develop an aircraft to fill the gap between mapping and surveillance of Mars from orbital satellites and ground-based rovers),CYTK +13.9% (Amgen and Cytokinetics Incorporated (CYTK) announce top-line results from COSMIC-HF),SBBP +9.2% (RA Capital Management discloses 12.7% passive stake in 13G filing),SHPG +5.6% (announces positive topline results from OPUS-3, a phase 3 efficacy and safety study of lifitegrast versus placebo, trial met primary endpoint),AGEN +5.2% (announces that GSK's second pivotal Phase III efficacy study of its shingles vaccine candidate containing Agenus' QS-21 Stimulon-adjuvant ),YHOO +5.1% (in symp with BABA),PBMD +3.3% (announces first regulatory approval facilitating commencement of a Phase IIb clinical study of IMP321; trial initiation is expected before the end of 2015),LOOK +2.8% (shareholders approved reverse split and spin-off of co's assets and liabilities into LookSmart Group, Inc.),RMBS +2.5% (approves accelerated share repurchase program of ~$100 mln in common stock),MNGA +2.5% (reports that its cutting fuel has been selected for five major demolition projects in Florida),TWTR +1.7% (IBM announces collaboration with Twitter and The Weather Channel),TASR +1.6% (Reuters reporting that Baltimore's Police Department has begun testing body cameras with its officers)AA +1.3% (positive commentary on Mad Money)

Analyst comments: VMW +1.8% (upgraded to Buy from Hold at Drexel Hamilton)Gapping down
In reaction to disappointing earnings/guidance: HCLP -21.4%, RRTS -18.5%, KN -13.8%, MSTR -13.2%, GIGA -13%, CMI -8.8%, AMKR -8.1%, ALSN -6.1%, CAKE -5.8%, HIG -5.8%, ERI -5.7%, FDC -5.7%, IACI -4.3%, (InterActiveCorp enters into a new agreement with Google to extend their long-term relationship through March 2020), CAJ -4.2%, UPS -3.9%, IPGP -3.8%, JBLU -3.3%, NVCR -2.8%, AGNC -2.7%, SWFT -2.6%, F -2.1%, CMCSA -2%, CR -1.9%, PCAR -1.6%, ICLR -1.3%

Select metals/mining stocks trading lower: MT -2.9%, BBL -1.9%, BHP -1.6%, VALE -1.3%

Select oil/gas related names showing early weakness: SDRL -2.5%, RIG -1.9%, TOT -1.4%, RDS.A -1.2%, HAL -0.6%, SLB -0.5%

Other news: MRVL -20.1% ( independent registered public accounting firm PricewaterhouseCoopers resigns ), CTIC -13.1% (announces an underwritten public offering of its Series N-1 Preferred Stock), AAN -7.1% (in symp with RCII), GORO -5.4% ( reports preliminary Q3 production of 6,825 ounces of gold and ~562k ounces of silver; lowers FY15 outlook to 29.6k ounces of gold and 2.5 mln silver ounces), GLAD -4.3% (announces an underwritten public offering of 2 mln common stock shares; net proceeds to be used to repay existing indebtedness and for general corporate purposes), FDX -2.1% (in symp with UPS), TACO -1.9% (priced secondary offering of ~3.37 mln shares of common stock at $12 per share)

Analyst comments: DSW -1.9% (downgraded to Neutral from Buy at Sterne Agee CRT), LVS -1.7% (downgraded to Equal Weight at Barclays)

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

• Catabasis Pharmaceuticals (CATB) will present data on CAT-1004 for the treatment of Duchenne muscular dystrophy and the MoveDMD trial design, at the Action Duchenne International Conference
• Stratasys (SSYS) announced it has tapped John Gould to serve as President of North American operations
• Merrimack (MACK) and Baxalta Incorporated (BXLT) jointly announced the enrollment of the first patient in an exploratory Phase 2 clinical study of ONIVYDE, in previously untreated, metastatic pancreatic adenocarcinoma. The Phase 2 clinical study of ONIVYDE in patients with previously untreated, metastatic pancreatic adenocarcinoma will assess the safety and efficacy of the combination of ONIVYDE plus fluorouracil and leucovorin, with or without the addition of oxaliplatin, versus nab-paclitaxel and gemcitabine. The start-up of the study resulted in $62.5 mln of milestone payments to Merrimack from Baxalta
• Synaptics (SYNA) announced that Google (GOOG) has adopted the Synaptics ClearPad Series 3 family of touch controller solutions to power its newest flagship smartphones, the Nexus 5X by LG and the Nexus 6P
• UBIC (UBIC) announced that it will work together with M3 Inc to develop services using artificial intelligence technology in the fields of healthcare and pharmaceuticals. As the first step of the business partnership, M3 and UBIC will cooperate to provide the first AI-based pharma-covigilance support service in Japan
• SUEZ (SZEVY) has been renewed the contract to design, modify and operate the Shatin Transfer Station. The new contract covers an operational period of 10 years with a contract value of about 54 million.

8:22 am European Yields (BONDX) :

U.K. GDP Growth Misses Estimates

• Eurozone sovereign yields declined today after the European Central Bank's chief economist, Peter Praett, said that the central bank has "no taboos" with respect to its unconventional monetary policy tools. According to Business Insider, the last time that Praett used the phrase "no taboos" was in November of 2014, just before the beginning of the ECB's EUR 1.1 tln asset purchase program
  
  • He went on to say that the ECB will revise down its inflation forecasts in December
  • The German 10-yr Bund yield touched its lowest level since April 
• U.K. GDP grew by a smaller-than-expected 0.5% in the third quarter, down from 0.7% in Q2. Slower construction and manufacturing growth caused the deceleration in output
  
  • Gilt yields and the pound fell on the release
    
• Private sector lending in the eurozone grew 1.1% y/y in September, in line with expectations and faster than the 1.0% rate recorded in August
  
• Mortgage lending in Spain grew 22.2% in the year to August after rising 47.8% y/y in July. Spain has been a relatively bright spot in the eurozone, political instability in Catalonia notwithstanding
  
• Yield Check:
  
  • France, 10-yr OAT: -4 bps to 0.81%
    
  • Germany, 10-yr Bund: -4 bps to 0.47%
    
  • Greece, 10-yr note: +9 bps to 7.58%
    
  • Italy, 10-yr BTP: -5 bps to 1.45%
    
  • Portugal, 10-yr note: +1 bp to 2.46%
    
  • Spain, 10-yr ODE: -5 bps to 1.58%
    
  • U.K., 10-yr Gilt: -3 bps to 1.69%

8:22 am Griffon receives a $10 mln contract from the Long Island Rail Road for communications control units, to be used in the train's cars (GFF) :  

8:20 am TrovaGene announces presentation of Precision Cancer Monitoring platform clinical data, at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics (TROV) :

The data are an exploratory analysis of 63 patients from a Phase I/II study of rociletinib, a 3rd generation EGFR inhibitor being developed by Clovis Oncology for the treatment of EGFR-mutant non-small cell lung cancer. The interim analysis included urine samples collected from 63 patients with sample volumes ranging from 8 to 100 ml.

• 45 of 63 non-small cell lung cancer patients (71%) were positive for T790M by urine testing in comparison to 47 of 63 (75%) by central lab testing of tissue. However, for analyzed samples within Trovagene's stated acceptance criteria, between 90 ml and 110 ml of urine, the positive percent agreement (PPA) between urine and tumor T790M test results was 93% (13 of 14). In addition, in the full data set, regardless of urine volumes submitted, 13 cases were tumor T790M+/urine T790M-, and seven cases were urine T790M+/tumor T790M-.
• These data indicate that a combination of tissue and urine-based testing identified more T790M-positive patients than tissue alone.
• Results from several ongoing studies are anticipated to be reported and presented throughout 2016.

8:19 am Arena Pharm receives additional patent covering BELVIQ by US Patent and Trademark Office to provide additional support for exclusivity in the US until 2032 (ARNA) :  

8:09 am PACCAR also provided European Commission update (PCAR) : DAF is cooperating with the European Commission and is preparing its response to the Statement of Objections issued in November 2014. The Statement expressed the Commission's preliminary view that all major European medium- and heavy-duty truck manufacturers had participated in anticompetitive practices in the European Union. The Commission indicated that it will seek to impose significant fines on the manufacturers. The Commission will review the manufacturers' responses before issuing a decision. Any decision would be subject to appeal. The company is unable to estimate the potential fine at this time.

8:05 am Theravance Biopharma and Trek Therapeutics initiate a Phase 2a clinical trial of TD-6450 to treat patients with hepatitis C virus (TBPH) : Theravance Biopharma recently granted TREKtx an exclusive worldwide license for the development, manufacturing, use, marketing and sale of TD-6450 as a component in combination HCV products. Other terms of the transaction have not been disclosed. The Phase 2a clinical trial will evaluate faldaprevir, an HCV protease inhibitor, combined with TD-6450 and ribavirin in patients infected with HCV genotype 4. The trial is being conducted in the United States.

8:04 am Franklin Electric beats by $0.04, misses on revs; guides Q4 EPS above consensus (FELE) :

• Reports Q3 (Sep) earnings of $0.45 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.41; revenues fell 16.4% year/year to $232.5 mln vs the $246.91 mln Capital IQ Consensus.
• Co issues guidance for Q4, sees EPS of $0.34-0.37, excluding non-recurring items, vs. $0.33 Capital IQ Consensus Estimate. "Our third quarter revenue was weaker than we expected due to the further deterioration of foreign currencies against the U.S. dollar and reduced demand for equipment that supports oil and gas exploration. These factors show no signs of abating in the fourth quarter.
  • Anticipate fourth quarter revenues to be down between 10 and 12 percent when compared to the fourth quarter last year.
  • However, excluding the impact of exchange rates and weak demand for oil and gas end market equipment, we are expecting organic growth across both segments. Despite this revenue decline, with the costs and price actions taken to date, we believe adjusted operating income will increase significantly compared to the fourth quarter 2014 and adjusted earnings per share will be in the range of $0.34 to $0.37 cents."

8:04 am Fresh Del Monte beats by $0.28, reports revs in-line (FDP) :

• Reports Q3 (Sep) earnings of $0.57 per share, excluding non-recurring items, $0.28 better than the single analyst estimate of $0.29; revenues rose 5.8% year/year to $936.1 mln vs the $927.4 mln single analyst estimate.
• "We are very pleased with our financial performance in the third quarter. We saw excellent growth in our fresh-cut and avocado businesses. We hold a commanding position as the global leader in the fresh-cut space, and avocados are becoming one of our fastest growing categories. We look to aggressively capitalize on our position as a leader in avocados to meet growing customer demand..."

8:03 am Masimo reports FDA 510(k) clearance for its MightySat Rx product (MASI) : Co announced today FDA 510(k) clearance for MightySat Rx, a fingertip pulse oximeter that incorporates Masimo SET Measure-through Motion and Low Perfusion technology

8:03 am Paramount Gold Nevada completes Preliminary Economic Assessment at its Sleeper Gold Project (PZG) :  

8:03 am Cisco Systems announces its intent to acquire Lancope for $452.5 million in cash and assumed equity awards (CSCO) :

Lancope is a privately held network security company based in Alpharetta, GA. Lancope provides network behavior analytics, threat visibility and security intelligence to help protect companies against top cyber security threats.

• The Lancope team will join the Cisco Security Business Group organization led by David Goeckeler, senior vice president and general manager. Under the terms of the agreement, Cisco will pay $452.5 million in cash and assumed equity awards, plus additional retention based incentives for Lancope employees who join Cisco. The acquisition is expected to close in the second quarter of fiscal year 2016

8:03 am PACCAR beats by $0.05, beats on revs; announces new $300 mln buyback (PCAR) :

• Reports Q3 (Sep) earnings of $1.21 per share, $0.05 better than the Capital IQ Consensus of $1.16; revenues fell 1.6% year/year to $4.85 bln vs the $4.76 bln Capital IQ Consensus. 
• "PACCAR's third quarter results reflect the benefits of increased truck sales in North America and Europe, and excellent aftermarket parts and financial services results worldwide. This was the second best quarter in PACCAR's 110-year history."
• PACCAR completed its previously authorized $300 million share repurchase program, and the PACCAR Board of Directors approved the repurchase of an additional $300 million of its outstanding common stock.

8:03 am Magnegas reports that its cutting fuel has been selected for five major demolition projects in Florida (MNGA) : The projects are both long and short term and in various stages of work in progress, with various amounts of steel cutting required. The five demolition and reconstruction projects range in scope from hotels, resorts and other structures to roadways & bridges, and cover both the private, public and military sectors.

8:02 am IPG Photonics misses by $0.05, beats on revs; guides Q4 EPS below consensus, revs below consensus (IPGP) :

• Reports Q3 (Sep) earnings of $1.18 per share, $0.05 worse than the Capital IQ Consensus of $1.23; revenues rose 22.0% year/year to $243.54 mln vs the $240.89 mln Capital IQ Consensus.
• Co issues downside guidance for Q4, sees EPS of $1.00-1.15 vs. $1.17 Capital IQ Consensus Estimate; sees Q4 revs of $215-230 mln vs. $234.6 mln Capital IQ Consensus Estimate.

8:02 am Ares Management confirms it and Kayne Anderson Capital Advisors have mutually agreed to terminate their definitive merger agreement (ARES) :

Ares Management (ARES) and Kayne Anderson Capital Advisors announce that both parties have mutually agreed to terminate their definitive merger agreement. While both companies believe in the current investment opportunities in energy, the two companies had different views as to how best to proceed with the business combination in response to the current market conditions in the energy sector. After thoughtful discussions, both sides decided it was best not to pursue the transaction at this time.

• Ares, its affiliates and certain of its principals will invest $150 million into Kayne's energy activities, including energy private equity, private energy income and energy infrastructure marketable securities funds managed by Kayne.
  
• In addition, the two firms will look for additional collaborative marketing opportunities, including jointly managing separately managed accounts and other products.

8:02 am Cynosure beats by $0.04, beats on revs (CYNO) :

• Reports Q3 (Sep) earnings of $0.21 per share, $0.04 better than the Capital IQ Consensus of $0.17; revenues rose 9.7% year/year to $78.4 mln vs the $76.68 mln Capital IQ Consensus.
• "Looking ahead, the full U.S. launch of SculpSure is on schedule for the first quarter of 2016, which is planned to coincide with the rollout of the product to our European direct offices in France, Germany, Spain and the United Kingdom as well as our direct office in Australia. Key objectives for SculpSure for the year ahead include: securing additional international registrations, gaining expanded clearances for treatment areas in addition to the flanks and abdomen, pursuing aesthetic indications beyond non-invasive fat reduction and adding new distribution channels."

8:01 am Seattle Genetics and Takeda Pharma (TKPYY) achieve target enrollment in phase 3 ECHELON-1 Clinical Trial evaluating ADCETRIS in previously untreated advanced Hodgkin Lymphoma (SGEN) :

Seattle Genetics, Inc. (Nasdaq: SGEN) and Takeda Pharmaceutical Company Limited (TKPYY) today announced that the companies have achieved completion of target patient enrollment in the phase 3 ECHELON-1 clinical trial.

• ECHELON-1 is a randomized trial evaluating ADCETRIS (brentuximab vedotin) as part of a frontline combination chemotherapy regimen in patients with previously untreated advanced classical Hodgkin lymphoma.
• ADCETRIS is currently not approved for the frontline treatment of HL.
• The ECHELON-1 trial is being conducted under a Special Protocol Assessment agreement from the U.S. FDA and the trial also received EMA scientific advice.

8:01 am Amgen and Cytokinetics (CYTK) announce top-line results from COSMIC-HF; omecamtiv mecarbil showed statistically significant improvements in several measures of cardiac function (AMGN) :

AMGN and Cytokinetics (CYTK) announced that data from the expansion phase of COSMIC-HF (Chronic Oral Study of Myosin Activation to Increase Contractility in Heart Failure), a Phase 2 trial evaluating omecamtiv mecarbil in patients with chronic heart failure, showed statistically significant improvements in several measures of cardiac function, including systolic ejection time, stroke volume and N-terminal-pro-brain natriuretic peptide, at 20 weeks following randomization.

• The full trial results will be submitted to a future medical conference and for publication.

8:01 am Kite Pharma and Alpine Immune Sciences announce research collaboration and license agreement to enhance immune response in the tumor microenvironment; Kite to Exclusively License Transmembrane Immunomodulatory Protein Technology (KITE) :

Co announced that it has entered into a worldwide research and license agreement with Alpine Immune Sciences, Inc., a privately-held biotechnology company, to discover and develop protein-based immunotherapies targeting the immune synapse to treat cancer. AIS will grant the co an exclusive license to two programs from its transmembrane immunomodulatory protein technology, which the co plans to further engineer into chimeric antigen receptor (CAR) and T cell receptor (:TCR) product candidates. This collaboration will accelerate co's efforts to establish the next generation of engineered T cell therapies specifically designed to overcome the inhibitory mechanisms present in the tumor microenvironment.

Under the terms of the collaboration, co will make an upfront payment to AIS of $5 mln and additional payments to support AIS' research. AIS will be eligible to receive milestone payments based upon the successful achievement of pre-specified research, clinical, and regulatory milestones totaling $530 mln plus low single-digit royalty payments on product sales. Co will receive an exclusive, worldwide license to research, develop and commercialize engineered autologous T cell therapies incorporating two programs coming from the AIS platform.

7:59 am S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -4.50. (:WRAPX) :

U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover four points below fair value after spending the night in a four-point range.

Meanwhile, Treasuries have ticked up, pushing the 10-yr yield lower by a basis point to 2.04%.

On the economic front, the September Durable Goods (Briefing.com consensus -1.3%) report will be released at 8:30 ET, August Case-Shiller 20-city Index (expected 0.2%) will be released at 9:00 ET, and October Consumer Confidence (expected 102.5) will be reported at 10:00 ET.

In U.S. corporate news of note:

• BP (BP 35.61, +0.56): +1.6% after beating earnings and revenue estimates.
• Ford Motor (F 15.20, -0.48): -3.1% in reaction to a one-cent miss on light revenue.
• Pfizer (PFE 35.00, +0.84): +2.5% after beating estimates and raising its guidance.
• Merck (MRK 54.39, +1.48): +2.8% in reaction to above-consensus earnings and better than expected guidance.
• DuPont (DD 60.80, +0.43): +0.7% after beating bottom-line estimates on light revenue.
• Comcast (CMCSA 61.00, -1.18): -1.9% after reporting in-line results on better than expected revenue.
• Novartis (NVS 90.29, -2.01): -2.2% after missing estimates and reaffirming its guidance.
• Alibaba Group (BABA 82.55, +6.20): +8.1% in reaction to better than expected results and news that the SEC inquiry has concluded with no action taken against the company.
• Coach (COH 31.80, +1.48): +4.9% after reporting a one-cent beat.
• Cheesecake Factory (CAKE 49.00, -2.99): -5.8% after cautious guidance and below-consensus revenue overshadowed a bottom-line beat.
• Yandex (YNDX 14.40, +0.35): +2.5% after reporting better than expected results.

Reviewing overnight developments:

• Asian markets ended mostly lower. Japan's Nikkei -0.9% while Hong Kong's Hang Seng +0.1% and China's Shanghai Composite +0.1%
  • In economic data:
    • China's September industrial profits -0.1% year-over-year (prior -8.8%)
    • Japan's Corporate Services price Index +0.6% year-over-year (expected +0.6%; prior +0.8%)
    • South Korea's October Consumer Confidence 105.0 (prior 103.0)
    • Hong Kong's September Trade Balance -HKD36.4 bln (expected -HKD33.1 bln; prior -HKD25.1 bln) as Exports -4.6% month-over-month (expected -4.0%; prior -6.1%) and Imports -7.6% month-over-month (expected -8.0%; prior -7.4%)
    • New Zealand's September Trade Balance -NZD3,200 mln (expected -NZD2,846 mln; prior -NZD3.372 mln) as Exports NZD3.69 bln (expected NZD3.90 bln; prior NZD3.71 bln) and Imports NZD4.91 bln (expected NZD4.78 bln; prior NZD4.79 bln)
  • In news:
    • USS Lassen has approached a 12-mile territorial limit in the Spartly Islands, challenging China's territorial claims in the region. China's Foreign Ministry has responded, calling the action "illegal."

• Major European indices trade lower across the board. UK's FTSE -0.3%, Germany's DAX -0.3%, and France's CAC -0.5%. Elsewhere, Spain's IBEX -1.0% and Italy's MIB is flat
  • Economic data was limited:
    • Eurozone September Private Sector Loans +1.1%, as expected (prior 1.0%) and September M3 Money Supply +4.9% year-over-year (consensus 5.0%; prior 4.9%)
    • UK's preliminary Q3 GDP +0.5% quarter-over-quarter (expected 0.6%; prior 0.7%); +2.3% year-over-year (consensus 2.4%; last 2.4%). Separately, Index of Services +0.9% (expected 1.0%; prior 0.8%)
  • Among news of note:
    • A delay in Greece's implementation of EU-required reforms will push back the upcoming bailout payment into next month, according to Suddeutsche Zeitung

7:57 am On the Wires (:WIRES) :

• GE Capital Aviation Services, the commercial aircraft financing arm of GE (GE) announced the appointment of Alec Burger, as its president and CEO effective January 1, 2016
• Travelport (TVPT) announced the appointment of Stephen Shurrock as Executive Vice President and Chief Commercial Officer

7:56 am GOL Linhas Areas Inteligentes S.A. reports prelim September traffic, showing a 2.7% decline in domestic supply (GOL) :

• Domestic supply recorded a decline of 2.7% in September and increases of 0.6% in 3Q15 and 1.6% in 9M15. The increase in 3Q15 over 3Q14 reflects the adjustment made by the Company in 3Q14, when reduced its capacity during the FIFA World Cup held in Brazil
• Domestic demand fell by 3.3% in September, leading to a load factor of 76.6%. In the quarter, demand moved up by 1.8%, with a load factor of 79.3%.
• In 3Q15, net PRASK fell by 1.6% and yield dropped by 3.0% in relation to 3Q14, reflecting the economic slowdown

7:51 am UPS beats by $0.02, misses on revs; reaffirms FY15 EPS guidance (UPS) :

• Reports Q3 (Sep) earnings of $1.39 per share, $0.02 better than the Capital IQ Consensus of $1.37; revenues fell 0.4% year/year to $14.24 bln vs the $14.43 bln Capital IQ Consensus.
  • Total company shipments increased 1.9% over the third quarter last year to 1.1 billion packages, led by U.S. air products and European transborder shipments.
  • U.S. Domestic revenue of $8.9 billion was up 1.9% over the same quarter last year. Lower fuel surcharge rates dampened revenue growth and lowered revenue per package by about 250 basis points. Strong base rate improvements were also offset by changes in product and customer mix. Operating profit declined 1.6% to $1.3 billion with an operating margin of 14.2%. The year-over-year change in fuel surcharge revenue fell faster than fuel related expense, creating a drag on operating results.
• Co reaffirms guidance for FY15, sees EPS at high end of $5.05-5.30 vs. $5.29 Capital IQ Consensus Estimate. 
•  "Third quarter results reflect strong progress on our long-term initiatives despite uneven economic conditions."
• Peer: FDX; transports: IYT.

7:49 am Commvault Systems beats by $0.02, reports revs in-line; increases buyback to $150 million (CVLT) :

• Reports Q2 (Sep) earnings of $0.15 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.13; revenues fell 6.9% year/year to $140.7 mln vs the $139.68 mln Capital IQ Consensus.
• On October 22, the Board of Directors extended the expiration date of the share repurchase program to March 31, 2017 and authorized an increase to the existing share repurchase program so that $150.0 million is now available.

7:41 am Spirit Aerosystems misses by $0.06, misses on revs; raises FY15 EPS in-line, reaffirms FY15 rev guidance (SPR) :

• Reports Q3 (Sep) earnings of $0.89 per share, $0.06 worse than the Capital IQ Consensus of $0.95; revenues fell 5.8% year/year to $1.59 bln vs the $1.66 bln Capital IQ Consensus.
• Co issues guidance for FY15, raises EPS to $3.80-3.95 from $3.60-3.80 vs. $3.94 Capital IQ Consensus Estimate; reaffirms FY15 revs of $6.6-6.7 bln vs. $6.71 bln Capital IQ Consensus Estimate. Free cash flow guidance for 2015 remains unchanged and is expected to be between $700 mln and $800 mln, which includes higher capital expenditures of $325 mln to $375 mln compared to 2014.

7:39 am Liberty Prop beats by $0.03, misses on revs; guides FY15 FFO above consensus (LPT) :

• Reports Q3 (Sep) funds from operations of $0.67 per share, $0.03 better than the Capital IQ Consensus of $0.64; revenues rose 0.3% year/year to $199 mln vs the $201.12 mln Capital IQ Consensus.
• Co issues upside guidance for FY15, sees FFO of $2.66-2.69 vs. $2.64 Capital IQ Consensus Estimate.
• "The industrial market is firing on all cylinders and the office market is firming. Tenant demand resulted in a significant increase in development starts in the third quarter, and the robust activity we experienced throughout the summer is maintaining stride so far in the fourth quarter. We are focused on increasing rents and executing on our portfolio-transforming disposition strategy. We now believe our dispositions for 2015 will be in the range of $600-$700 million, exceeding our previous guidance of $525-$625 million."

7:38 am Airgas beats by $0.02, reports revs in-line; guides DecQ EPS below consensus; guides FY16 EPS in-line (ARG) :

• Reports Q2 (Sep) earnings of $1.31 per share, $0.02 better than the Capital IQ Consensus of $1.29; revenues rose 1.2% year/year to $1.37 bln vs the $1.38 bln Capital IQ Consensus.
• Co issues downside guidance for Q3 (Dec), sees EPS of $1.15-1.20 vs. $1.24 Capital IQ Consensus Estimate.
• Co issues in-line guidance for FY16, sees EPS of $4.90-5.00 vs. $4.90 Capital IQ Consensus Estimate and vs prior guidance of $4.90-5.05.
• "Our results continue to reflect the challenging industrial economy with sales to customers in our energy and chemical, and manufacturing and metal fabrication end markets down year-over-year in the mid single digits. However, our diversified end customer markets and continued strength in non-residential construction, together with tight expense management, helped to mitigate the impact of the sales declines in those end markets."

7:38 am Cummins misses by $0.45, misses on revs; Lowers guidance, announces restructuring steps (CMI) :

• Reports Q3 (Sep) earnings of $2.14 per share, $0.45 worse than the Capital IQ Consensus of $2.59; revenues fell 5.5% year/year to $4.62 bln vs the $4.92 bln Capital IQ Consensus. 
• Based on the current forecast, Cummins expects full year 2015 revenues to be flat to down two percent, compared to the Company's prior guidance of growth between two and four percent. EBIT is expected to be in the range of 12.75 to 13.0 percent of sales, excluding costs associated with restructuring and other cost reduction actions, down from the Company's previous guidance of 13.5 to 14.0 percent.

Restructuring 

• The Company expects to reduce its professional workforce by up to 2,000 people, with the majority completed by the end of this year. These actions are expected to deliver annualized savings in the range of $160 million to $200 million and the Company will record pre-tax costs of between $70 million and $90 million associated with the workforce reduction in the fourth quarter of 2015. Adjustments to manufacturing capacity are already being made on a facility-by-facility basis and the Company will evaluate if more significant restructuring actions are required in the coming weeks and months.

7:36 am Pacira Pharma beats by $0.20, beats on revs (PCRX) :

• Reports Q3 (Sep) earnings of $0.35 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus of $0.15; revenues rose 19.6% year/year to $62.2 mln vs the $60.44 mln Capital IQ Consensus.
• "These positive results, in a quarter that is seasonally low on procedure volume, demonstrate the continued progress in addressing the marketplace challenges that have impacted this year's sales trajectory. We remain confident in our outlook as we position ourselves for future growth on multiple fronts."

7:34 am Trex misses by $0.02, misses on revs; guides Q4 revs in-line; guides FY15 revs in-line (TREX) :

• Reports Q3 (Sep) earnings of $0.26 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of $0.28; revenues fell 1.5% year/year to $94.02 mln vs the $96.34 mln Capital IQ Consensus.
• Co issues in-line guidance for Q4, sees Q4 revs of $85 mln vs. $84.59 mln Capital IQ Consensus Estimate.
• Co issues in-line guidance for FY15, sees FY15 revs of $437 mln vs. $438.52 mln Capital IQ Consensus Estimate.

7:34 am Anixter beats by $0.01, misses on revs; updates full year sales guidance range (AXE) :

• Reports Q3 (Sep) earnings of $1.21 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.20; revenues rose 3.6% year/year to $1.49 bln vs the $1.52 bln Capital IQ Consensus.
• "Based on current backlog trends we believe that momentum in our security and network infrastructure businesses will continue in the fourth quarter. While our Wire & Cable business continues to be impacted by macro-economic headwinds, including lower copper and oil prices, the acquisition of Power Solutions is a critical strategic step to increase the competitiveness and profitable growth of this business going forward. With year-to-date 2015 organic sales growth from continuing operations of 2.1 percent, we expect our full year organic sales growth to be in the 1.5-2.5 percent range."

7:33 am Sealed Air beats by $0.13, reports revs in-line; guides FY15 EPS above consensus, revs below consensus (SEE) :

• Reports Q3 (Sep) earnings of $0.70 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus of $0.57; revenues fell 11.6% year/year to $1.75 bln vs the $1.74 bln Capital IQ Consensus.
• Co issues mixed guidance for FY15, sees EPS of approx $2.32, excluding non-recurring items, vs. $2.26 Capital IQ Consensus Estimate and vs prior guidance of $2.24-2.28; sees FY15 revs of approx $7.0 bln vs. $7.07 bln Capital IQ Consensus Estimate.

7:33 am Jetblue Airways beats by $0.01, reports revs in-line (JBLU) :

• Reports Q3 (Sep) earnings of $0.58 per share, $0.01 better than the Capital IQ Consensus of $0.57; revenues rose 10.3% year/year to $1.69 bln vs the $1.69 bln Capital IQ Consensus. 
• Revenue passenger miles for the third quarter increased 9.2% to 11.1 billion on a capacity increase of 10.4%, resulting in a third quarter load factor of 85.3%, a decrease of 0.9 point year over year.
• Passenger revenue per available seat mile (:PRASM) for the third quarter 2015 decreased 0.6% year over year to 11.96 cents and operating revenue per available seat mile (:RASM) was essentially flat year over year at 13.01 cents.

Hedges 

• In the third quarter JetBlue had hedges in place for approximately 14% of its fuel consumption. This resulted in a realized fuel price of $1.85 per gallon, a 39% decrease versus third quarter 2014 realized fuel price of $3.05. JetBlue recorded $27 million in losses on fuel hedges settling during the third quarter. JetBlue has hedged approximately 15% of its fourth quarter 2015 projected fuel requirements using a combination of jet fuel swaps and collars. JetBlue expects an average price per gallon of fuel, including the impact of hedges and fuel taxes, of $1.77 in the fourth quarter. JetBlue currently has no fuel hedges in place for 2016 or beyond.

Fourth Quarter and Full Year Outlook

• CASM excluding fuel and profit sharing is expected to increase between zero and 2.0% in the fourth quarter 2015 and between zero and 1.0% percent for the full year.
• Capacity is expected to increase between 8.5% and 10.5% in the fourth quarter 2015 and between 8.5% and 9.5% for the full year.

7:33 am TD Ameritrade reports EPS in-line, revs in-line; guides FY16 EPS in-line (AMTD) :

• Reports Q4 (Sep) earnings of $0.40 per share, in-line with the Capital IQ Consensus of $0.40; revenues rose 4.7% year/year to $831 mln vs the $836.32 mln Capital IQ Consensus. Average client trades per day of approximately 479,000, an activity rate of 7.3%.
• Co issues in-line guidance for FY16, sees EPS of $1.45-1.75 vs. $1.66 Capital IQ Consensus Estimate.
• "As we look ahead, our client-focused growth strategy will remain our utmost priority, with trading levels, balance growth and the interest rate environment being the primary drivers of our fiscal 2016 results. We will be disciplined on managing expenses, utilizing productivity savings to invest in future growth. We would expect that these efforts, combined with plans to return 60-to-80 percent of net income excluding amortization of intangible assets, will provide our shareholders with continued value and further enhance our results." 

7:33 am FirstMerit Corp reports EPS in-line (FMER) :

• Reports Q3 (Sep) earnings of $0.34 per share, in-line with the Capital IQ Consensus of $0.34.
• Average originated loans were $13.5 billion during Q3, an increase of $435.3 million, or 3.32%, compared with Q2.

7:32 am Watsco misses by $0.13, misses on revs; guides FY15 EPS below consensus (WSO) :

• Reports Q3 (Sep) earnings of $1.64 per share, $0.13 worse than the Capital IQ Consensus of $1.77; revenues rose 3.7% year/year to $1.18 bln vs the $1.2 bln Capital IQ Consensus.
• Co issues downside guidance for FY15, sees EPS of $4.85-4.90 vs. $5.12 Capital IQ Consensus Estimate, prior guidance $5.00-5.20.

7:31 am Watsco increases annual dividend 21% to $3.40/share from $2.80/share (WSO) :  

7:31 am Genworth Financial agrees to sell its European mortgage insurance business to AmTrust Financial Services (AFSI) for $55 mln (GNW) :

Co announced that Genworth Mortgage Insurance Corporation (:GMICO), a wholly-owned indirect subsidiary of the co, has entered into an agreement to sell its European mortgage insurance business to AmTrust Financial Services, Inc. that is expected to result in net proceeds of approximately $55 mln. These proceeds will provide additional capital credit to GMICO under the private mortgage insurer eligibility requirements (PMIERs). Prior to this transaction, GMICO did not receive capital credit under PMIERs for its ownership of the European mortgage insurance business.

The company expects to record a decrease in GMICO statutory surplus of approximately $90 mln in the third quarter of 2015 related to the anticipated sale, with a slight impact to its statutory risk-to-capital ratio of less than one point. Additionally, the company expects to record an after-tax GAAP loss of approximately $140 million related to the sale in the fourth quarter of 2015.

7:31 am Waste Mgmt beats by $0.03, misses on revs; confident it can meet Q4 EPS consensus (WM) :

• Reports Q3 (Sep) earnings of $0.74 per share, $0.03 better than the Capital IQ Consensus of $0.71; revenues fell 6.7% year/year to $3.36 bln vs the $3.42 bln Capital IQ Consensus. revenue decline stemmed from a $186 million decline from divestitures, $49 million in lower recycling revenues, $47 million in lower fuel surcharge revenues and $41 million in foreign currency fluctuations. The Company saw a $48 million increase in internal revenue growth from its traditional solid waste business and a $53 million increase in revenues from acquisitions. Core price, which consists of price increases and fees, other than the Company's fuel surcharge, net of rollbacks, was 4.0%.(
• Co issues in-line guidance for Q4, 'confident can meet' the $0.67 Capital IQ Consensus Estimate.

7:29 am Shire plc announces positive topline results from OPUS-3, a phase 3 efficacy and safety study of lifitegrast versus placebo, trial met primary endpoint (SHPG) :

These data showed OPUS-3 met the primary endpoint of significantly improving patient-reported symptoms of dry eye disease from baseline to day 84 (p=0.0007). Additionally, OPUS-3 met the secondary endpoints of symptom improvement from baseline to days 14 and 42 (p

• OPUS-3 compared lifitegrast to placebo administered twice daily for 84 days (12 weeks) in patients with dry eye, a recent history of artificial tear use within 30 days of study entry and an eye dryness score (:EDS) =40. Lifitegrast met the single primary endpoint for patient-reported symptoms of eye dryness (mean change in Eye Dryness Score from baseline to week 12) (treatment difference of 7.16 [95% CI], 3.04, 11.28; p=0.0007). In OPUS-3, lifitegrast met the secondary endpoints of symptom improvement at Days 14 and 42 (treatment difference (95% CI) 7.85(4.33, 11.37) and 9.32 (5.44, 13.20) respectively, (p
• OPUS-3 topline results replicated the co-primary symptom endpoint of OPUS-2, a phase 3 efficacy and safety study (p

7:26 am On the Wires (:WIRES) :

• China Ming Yang Wind Power Group Limited (MY) announced that it has completed the acquisition of the remaining 1% stake of China Smart Electric Group Limited. In exchange for the remaining 1% stake in RENergy, Ming Yang will pay a total purchase consideration of ~RMB9.2 million ($1.5 million) in cash
• EnteroMedics (ETRM) announced the online publication of two year results from the Company's vBloc DM2 ENABLE Study in the Journal of Obesity Surgery. Publication of results from the DM2 study underscores the positive outcomes of both the weight loss and metabolic effects of vBloc vagal blocking therapy in patients with obesity and Type II Diabetes Mellitus
• ICF International (ICFI) was recently awarded a new contract by the New York State Department of Transportation. The contract has a term of five years, including four base years and one option year, and will be incrementally funded. The funding for the first year is $4.9 million.

7:26 am On the Wires (:WIRES) :

• Scorpio Tankers (STNG) announced that it has entered into time charter-out agreements with unrelated third parties on two ice class 1B MRs and one LR2. The term of the agreements for the ice class 1B MRs (STI Notting Hill and STI Westminster) is for three years at $20,500 per day, with each charter scheduled to commence by December 2015. The term of the agreement for the LR2 is for three years at $28,000 per day, which is scheduled to commence during the first quarter of 2016
• Enmotus signed an agreement for Ingram Micro (IM) to distribute Enmotus' FuzeDrive Server software in the US
• Aramark (ARMK) announced that it has added 2 new contracts with Kennedy Health in NJ and Vanderbilt University Medical Center in TN, as well as deepening its relationships with two existing partners, Thomas Jefferson University Health System and the Einstein Healthcare Network
• NeuroMetrix (NURO) and Prism Health Care Services announced an agreement under which Prism will be the exclusive distributor of Quell wearable pain relief technology in Illinois and Wisconsin for patients in assisted and independent living centers.

7:21 am Sandstorm Gold enters into production stream agreements with Yamana Gold (AUY), regarding mines in Argentina and Brazil (SAND) :

Co has entered into three agreements with Yamana Gold Inc. (AUY) that include production streams from up to five of Yamana's projects. For upfront consideration of $148 million in cash, $4 million in cash payable in six months and 15 million warrants of the Company, Sandstorm will receive a silver stream on the Cerro Moro development project in Argentina that includes interim silver deliveries during years 2016 to 2018 from currently operating mines, a copper stream on the operating Chapada mine in Brazil and a potential gold stream on the Agua Rica project in Argentina.

• The new silver and copper streams expected to contribute $10 million of cash flow annually starting in 2016 and increasing to $20 million annually by 2019. 
• To fund the Transaction, Sandstorm has received a $10 million extension to its $100 million credit facility and has fully drawn on the $110 million in available credit under the Revolving Loan. In addition, Sandstorm has paid US$38 million from the Company's cash balance.

7:20 am Scorpio Tankers enters into time charter-out agreements with unrelated third parties on two ice class 1B MRs and one LR2 (STNG) :

• The term of the agreements for the ice class 1B MRs (STI Notting Hill and STI Westminster) is for three years at $20,500/day, with each charter scheduled to commence by December 2015.
• The term of the agreement for the LR2 (STI Rose) is for three years at $28,000/day, which is scheduled to commence during the first quarter of 2016.

7:19 am Ford Motor misses by $0.01, beats on revs (F) :

• Reports Q3 (Sep) earnings of $0.45 per share, $0.01 worse than the Capital IQ Consensus of $0.46; revenues rose 9.1% year/year to $35.8 bln vs the $35.09 bln Capital IQ Consensus. 
• Reconfirming Company guidance for Full Year
• Pre-tax profit of $8.5 billion to $9.5 billion, with higher Automotive revenue, operating margin, and operating-related cash flow compared with 2014...
• Operating Margin 6.5%, prior year 2.5%.
• Industry Volume-
  • U.S. approx 17.7 mln (FY15 GDP 2.5%);
  • Europe approx 16.0 mln (GDP 1.8%);
  • China approx 24.0 mln (GDP about 7%);
• Sees revenue of approx $135.8 bln+, Capital IQ consensus $137.6 bln;
• Operating Margin 3.9%+;
• Total Co pre-tax profit $8.5-9.5 bln.

7:18 am K12 misses by $0.04, beats on revs; guides Q2 revs in-line (LRN) :

• Reports Q1 (Sep) loss of $0.34 per share, $0.04 worse than the Capital IQ Consensus of ($0.30); revenues fell 6.5% year/year to $221.2 mln vs the $218.59 mln Capital IQ Consensus.
• Co issues in-line guidance for Q2, sees Q2 revs of $205-215 mln vs. $210.12 mln Capital IQ Consensus Estimate.
• Co sees Q2 operating income in the range of $10-15 million. Capital expenditures, which includes curriculum and software development, computers and infrastructure, of $15-20 million.

7:15 am Overnight Treasury Summary (BONDX) :

Treasuries Edge Higher Ahead of Durable Goods

• U.S. Treasuries are heading for a slightly positive open ahead of today's durable goods orders data and Wednesday's FOMC announcement. WTI crude is down 1.43% to $43.35/bbl., the U.S. Dollar Index is down 0.13% to 96.74, and S&P 500 futures are pointing to an open at 2,067.1, down 0.19% from Monday's close
  
• Yield Check:
  
  • 2-yr: unch at 0.64%
    
  • 5-yr: -1 bp to 1.39%
    
  • 10-yr: unch at 2.05%
    
  • 30-yr: -1 bp to 2.86%

• International News:
  
  • U.K. GDP grew by a smaller-than-expected 0.5% in the third quarter, down from 0.7% in Q2. Slower construction and manufacturing growth caused the deceleration in output
    
  • Private sector lending in the eurozone grew 1.1% y/y in September, in line with expectations and faster than the 1.0% rate recorded in August
    
    • Mortgage lending in Spain grew 22.2% in the year to August after rising 47.8% y/y in July. Spain has been a relatively bright spot in the eurozone, political in Catalonia notwithstanding
      
  • In Japan, the Corporate Services Price Index grew by 0.6% in the year to September, in line with expectations. The CSPI grew 0.7% in August

• Data Out Today:
  
  • September Durable Goods Orders and Durable Goods Orders ex-transportation (08:30 ET)
    
  • August Case-Shiller 20-City Index (09:00 ET)
    
  • October Consumer Confidence (10:00 ET)

7:13 am Select Income REIT beats by $0.02, beats on revs (SIR) :

• Reports Q3 (Sep) funds from operations of $0.72 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.70; revenues rose 97.4% year/year to $111.94 mln vs the $107.7 mln two analyst estimate.

7:12 am Reynolds American reports EPS in-line, beats on revs; tightens FY15 EPS guidance (RAI) :

• Reports Q3 (Sep) earnings of $0.55 per share, in-line with the Capital IQ Consensus of $0.55; revenues rose 41.1% year/year to $3.16 bln vs the $3.1 bln Capital IQ Consensus. Co cites benefits from higher cigarette and moist-snuff pricing and volume, as well as the expiration of the federal tobacco-quota buyout.
• Co tightens guidance range for FY15, sees EPS of $1.94-2.00 vs. $1.99 Capital IQ Consensus Estimate, tightened from prior range of $1.90-2.00.

7:10 am Marsh McLennan beats by $0.03, misses on revs (MMC) :

• Reports Q3 (Sep) earnings of $0.63 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.60; revenues fell 0.8% year/year to $3.12 bln vs the $3.15 bln Capital IQ Consensus.
• "our results and continue to perform well in a challenging macro environment. We produced underlying revenue growth in the third quarter and year-to-date across all operating companies, along with higher adjusted operating income and margin expansion."

7:10 am Restaurant Brands Int'l beats by $0.05, misses on revs (QSR) :

• Reports Q3 (Sep) earnings of $0.34 per share, $0.05 better than the Capital IQ Consensus of $0.29; revenues fell 8.4% year/year (proforma) to $1.02 bln vs the $1.05 bln Capital IQ Consensus. 
• Tim Hortons comparable sales increased 5.3% and Burger King comparable sales increased 6.2% in constant currency
• TH delivered net restaurant growth of 69 and BK delivered NRG of 141

7:09 am MSC Industrial beats by $0.01, misses on revs; guides Q1 EPS below consensus, revs below consensus (MSM) :

• Reports Q4 (Aug) earnings of $0.96 per share, $0.01 better than the Capital IQ Consensus of $0.95; revenues rose 0.1% year/year to $727.4 mln vs the $739.8 mln Capital IQ Consensus.
• Co issues downside guidance for Q1, sees EPS of $0.85-0.89 vs. $0.95 Capital IQ Consensus Estimate; sees Q1 revs of $702-714 mln vs. $741.56 mln Capital IQ Consensus Estimate. 
• "Fourth quarter adjusted EPS was above the midpoint of our guidance reflecting continued gross margin stabilization and expense management. Countermeasures such as discount optimization, various freight initiatives, and supplier cost reductions offset most of the headwinds from customer mix and soft pricing."

7:08 am GW Pharma reports entering an MOU with the Government of New South Wales, Australia, for a research program for Epidiolex and cannabidivarin in children with epilepsy (GWPH) :

Co announced that a Memorandum of Understanding (:MOU) has been signed with the Government of New South Wales in Australia to progress a research program for Epidiolex and cannabidivarin in children with severe, drug resistant childhood epilepsy.The MOU will facilitate a Phase 2 clinical trial in children for GW's novel product containing the cannabinoid cannabidivarin, a provision for NSW to host additional Phase 3 clinical trials of Epidiolex in children with treatment-resistant epilepsy and a Phase 4 clinical trial of Epidiolex based on Phase 3 studies.

• As part of the agreement, the NSW Government is providing $3.5 million to the Sydney Children's Hospitals Network to lead this world first, Phase 2 clinical trial of CBDV in children, which is expected to commence in 2016

7:07 am Navigant Consult beats by $0.05, misses on revs; guides FY15 EPS in-line, revs below consensus (NCI) :

• Reports Q3 (Sep) earnings of $0.30 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.25; revenues before reimbursements rose 2.0% year/year to $209.63 mln vs the $215.3 mln Capital IQ Consensus.
• Co issues guidance for FY15, sees EPS of $0.96-1.01 vs. $0.98 Capital IQ Consensus Estimate; sees FY15 revenues before reimbursements of $822.5-837.5 mln vs. $850.42 mln Capital IQ Consensus Estimate.

7:07 am Comcast reports EPS in-line, beats on revs (CMCSA) :

• Reports Q3 (Sep) earnings of $0.80 per share, in-line with the Capital IQ Consensus of $0.80; revenues rose 11.2% year/year to $18.67 bln vs the $18.02 bln Capital IQ Consensus. 
• Consolidated Operating Cash Flow increased 8.4% to $6.2 billion.
• Revenue for Cable Communications increased 6.3% to $11.7 billionand Operating Cash Flow Increased 6.4%
  • Customer relationships increased by 156,000, a 90% improvement from the third quarter of 2014 total revenue per customer relationship increased 4.3% video customer net losses declined to 48,000, a 41% improvement from the third quarter of 2014, and the best third quarter result in 9 years
  • x1 deployments continue to accelerate; nearly 25% of all video customers now have x1
  • high-speed internet customers increased by 320,000, the best third quarter result in 6 years, and revenue grew 10.2%
• Revenue for NBCUniversal increased 20.8% to $7.2 billion in the third quarter of 2015 compared to $5.9 billion in the third quarter of 2014. For the third quarter of 2015, revenue from the Cable Networks segment increased 7.0% to $2.4 billion compared to $2.3 billion in the third quarter of 2014, driven by an 8.6% increase in distribution revenue and a 2.0% increase in advertising revenue, partially reflecting the introduction of NASCAR on our sports network, NBCSN, as well as a 17.6% increase in content licensing and other revenue. For the third quarter of 2015, revenue from the Broadcast Television segment increased 11.3% to $2.0 billion compared to $1.8 billion in the third quarter of 2014, reflecting a 33.5% increase in content licensing revenue, higher retransmission consent fees, and a 2.8% increase in advertising revenue. 
  • Filmed entertainment revenue increased 64.0% and operating cash flow more than doubled
  • record attendance at theme parks drove revenue and operating cash flow growth of 14.1%
• Media stocks: DIS, TWX, FOXA, CBS

7:06 am Peabody Energy beats by $0.18, beats on revs; Lowers 2015 U.S. volume guidance (BTU) :

• Reports Q3 (Sep) loss of $8.13 per share, excluding non-recurring items, $0.18 better than the Capital IQ Consensus of ($8.31); revenues fell 17.6% year/year to $1.42 bln vs the $1.4 bln Capital IQ Consensus.
• Revenue fell due to a 7% decline in volume and lower realized pricing
• Third quarter Australian results increase over prior year while costs decline 28% to $48.11 per ton
• Lowering 2015 U.S. volume guidance by 5 million tons to 175-185 mln, down from 180-190
• Reducing annual capital expenditures target to $140 to $150 million

7:06 am Alliance Holdings misses by $0.16 (AHGP) :

• Reports Q3 (Sep) earnings of $0.94 per share, $0.16 worse than the two analyst estimate of $1.10.
• Raised distribution by 7.6% to $0.96 per unit, or an annualized rate of $3.84 per unit, payable on November 19, 2015 to AHGP's unitholders of record as of the close of trading on November 12, 2015.  

7:05 am Simon Properties beats by $0.07, beats on revs; guides FY15 FFO above consensus (SPG) :

• Reports Q3 (Sep) funds from operations of $2.54 per share, $0.07 better than the Capital IQ Consensus of $2.47; revenues rose 6.9% year/year to $1.32 bln vs the $1.3 bln Capital IQ Consensus.
• Co issues upside guidance for FY15, sees FFO of $10.10-10.15, excluding non-recurring items, vs. $10.04 Capital IQ Consensus Estimate.

7:05 am G&K misses by $0.02, reports revs in-line; reaffirms FY16 EPS guidance, revs guidance (GK) :

• Reports Q1 (Sep) earnings of $0.80 per share, $0.02 worse than the Capital IQ Consensus of $0.82; revenues rose 3.0% year/year to $237.2 mln vs the $238.39 mln Capital IQ Consensus.  Operating margin improved to 11.8%, up slightly compared to last year's first quarter.
• Co reaffirms guidance for FY16, sees EPS of $3.50-3.70 vs. $3.59 Capital IQ Consensus Estimate; sees FY16 revs of $975 mln - $1 bln vs. $987.65 mln Capital IQ Consensus Estimate. 

7:04 am Waters beats by $0.02, beats on revs (WAT) :

• Reports Q3 (Sep) earnings of $1.42 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.40; revenues rose 1.5% year/year to $500.57 mln vs the $493.2 mln Capital IQ Consensus.

7:03 am StoneMor Partners L.P increases its quarterly cash distribution by 2% to $0.66/share, up from $0.65/share Q/Q (STON) :  

7:03 am Asian Markets Close: Japan's Nikkei -0.9%; Hong Kong's Hang Seng +0.1%; China's Shanghai Composite +0.1% (:SUMRX) :

Most markets in the Asia-Pacific region ended the day with modest losses, pressured by general profit-taking activity and weakness in the energy and financial sectors. There weren't many headline drivers, leaving many participants reluctant to participate in front of Apple's earnings report after today's close and the Federal Open Market Committee's policy decision/directive on Wednesday.

Economic data

• China
  • September industrial profits -0.1% year-over-year (prior -8.8%)
• Japan
  • Corporate Services price Index +0.6% year-over-year (expected +0.6%; prior +0.8%)
• South Korea
  • October Consumer Confidence 105.0 (prior 103.0)
• Hong Kong
  • September Trade Balance HKD -36.4 bln (expected HKD -33.1 bln; prior HKD -25.1 bln)
    • Exports -4.6% month-over-month (expected -4.0%; prior -6.1%)
    • Imports -7.6% month-over-month (expected -8.0%; prior -7.4%)
• New Zealand
  • September Trade Balance NZD -3,200 mln (expected NZD -2,846 mln; prior NZD -3.372 mln)
    • Exports NZD 3.69 bln (expected NZD 3.90 bln; prior NZD 3.71 bln)
    • Imports NZD 4.91 bln (expected NZD 4.78 bln; prior 4.79 bln)

Equity Markets

• Japan's Nikkei declined 0.9% and ended near its lows for the day. Losses were paced by the industrials (-2.0%), financials (-1.8%), materials (-1.7%), and technology (-1.5%) sectors. The worst-performing issues were Minebea (-5.7%), Sumco (-5.7%), and OKUMA (-4.7%. Seven & i Holdings (+3.2%), Haseko (+2.1%), and Shionogi & Co (+1.5%) topped the list of individual gainers. Out of the 225 index members, 41 ended higher, 182 finished lower, and 2 were unchanged.
• Hong Kong's Hang Seng increased 0.1% and ended at its high for the day. The Hang Seng had been down 1.0% earlier in the day, but rallied back in the afternoon trade, as did the mainland market. Belle International Holdings (+6.1%), Want Want China Holdings (+2.0%), and BOC Hong Kong Holdings (+1.6%) topped the list of winners while Sino Land (-3.9%), China Resources Power Holdings (-3.8%), and Cheung Kong Property Holdings (-1.9%) brought up the rear. Out of the 50 index members, 21 ended higher, 23 finished lower, and 6 were unchanged.
• China's Shanghai Composite increased 0.1% after being down as much as 2.8% shortly after the start of trading. The thrust of the rebound effort came after the lunch break and came on no news of note. Earlier in the day China reported industrial profits fell 0.1% year-over-year in September versus an 8.8% decline in the prior month.
• India's Sensex declined 0.4% and spent the entirety of its session in negative territory within a fairly tight trading range. The energy (-1.5%) and financials (-1.2%) were the main sector laggards. Lupin (-5.2%), Oil & Natural Gas Co (-3.3%), and GAIL India (-3.2%) led individual decliners while Maruti Suzuki India (+2.6%), Sun Pharmaceuticals (+2.2%), and Wipro (+1.1%) topped the list of winners. Out of the 30 index members, 10 ended higher and 20 finished lower.
• Australia's S&P/ASX 200 ended the day with a fractional loss after trading in tight16-point range throughout the session. The main drags were energy (-2.3%), gold (-2.2%), and resources (-1.8%) sectors. Out of the 200 index members, 93 ended higher, 95 finished lower, and 14 were unchanged.
• Regional advancers: Thailand +0.02%, Philippines +0.02%
• Regional decliners: South Korea -0.2%, Taiwan -0.5%, Malaysia -0.6%, Indonesia -0.4%, Singapore -1.0%, Vietnam -0.03%

FX

• USD/CNY +0.01% at 6.3525
• USD/INR +0.02 at 64.9763
• USD/JPY -0.5% at 120.44

7:03 am Bristol-Myers beats by $0.04, beats on revs; guides FY15 EPS above consensus, revs in-line (BMY) :

• Reports Q3 (Sep) earnings of $0.39 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.35; revenues rose 3.8% year/year to $4.07 bln vs the $3.86 bln Capital IQ Consensus.
• Co issues guidance for FY15, sees EPS of $1.85-1.90 vs. $1.83 Capital IQ Consensus Estimate; sees FY15 revs of $16-16.4 bln vs. $16.02 bln Capital IQ Consensus Estimate.
• The company announced today that a Yervoy Phase 3 trial, Study -104 in subjects did not meet the primary endpoint of overall survival for the Yervoy treatment arms and has been discontinued.

7:02 am Masco beats by $0.02, misses on revs (MAS) :

• Reports Q3 (Sep) earnings of $0.34 per share, $0.02 better than the Capital IQ Consensus of $0.32; revenues were unchanged from the year-ago period at $1.8 bln.
• For Q4, co expects it will continue to see steady demand for market-leading products as both repair and remodel demand and new home construction continue to improve.

7:02 am Arch Coal announces termination of private debt exchange offers; determined that conditions have not and will not be satisfied due to recent court decision and other factors (ACI) :

Co announces the termination of its previously announced (i) private offer to exchange new 6.25% Trust Certificates due 2021 and a cash payment for any and all of its outstanding 7.25% Senior Notes due 2020 and the related offer to holders of 2020 Notes that were not eligible to participate in the 2020 Exchange Offer to exchange new 2022 Notes and a cash payment for their 2020 Notes and (ii) private offer to exchange and, together with the 2020 Exchange Offer and the Ineligible Holders Offer Trust Certificates, 8.00% Senior Secured Notes due 2022 and 12.00% Senior Secured Second Lien Notes due 2023 for its outstanding 7.000% Senior Notes due 2019, 9.875% Senior Notes due 2019 and 7.250% Senior Notes due 2021.

• Due to recent court decision and other factors, co has determined that conditions have not and will not be satisfied. Co continues active dialogue with various creditors with respect to a balance sheet restructuring.

7:02 am Liquid Holdings Group to delist from Nasdaq, will explore strategic alternatives (shares halted) (LIQD) :  

7:02 am ISIS Pharm will host a live webcast on Tuesday, November 3 at 8:00 AM EST to review ISIS-TTRRx previously presented data and provide Phase 3 development plan update. (ISIS) :  

7:02 am GW Pharma reports top-line results from the remaining two Phase 3 trials of Sativex; consistent with the previous trials, Sativex did not meet primary endpoints (GWPH) :

Co reported top-line results from the remaining two Phase 3 trials for the investigational product Sativex in the treatment of pain in patients with advanced cancer who experience inadequate analgesia during optimized chronic opioid therapy.

• Consistent with the previously reported Phase 3 trial, Sativex did not meet the primary endpoint in these trials. However, a pre-specified pooled analysis of patients across the two Phase 3 trials which involved clinical sites in the U.S. showed a statistically significant improvement for Sativex compared with placebo (p=0.024), with several secondary efficacy endpoints exhibiting p-values of less than 0.05.
• GW and Otsuka have submitted a request to meet with the U.S. Food and Drug Administration (:FDA) to discuss the clinical relevance of these data and to determine potential paths forward.
• A third study, which was conducted entirely outside the U.S. and which used a different clinical design, failed to show separation from placebo on the primary endpoint.

7:02 am Agenus reports Q3 EPS of ($0.16) vs ($0.16) estimate; revs $6.848 mln vs $7.6 mln estimate (AGEN) : "We are rapidly advancing our broad pipeline of potentially best-in-class therapies and combination therapies for patients with cancer. We look forward to providing further details on this progress during our Analyst Day, scheduled for November 19 in New York City... We have also strengthened our balance sheet by monetizing a portion of our QS-21 adjuvant royalty stream, which provided us with net proceeds of approximately $78 million. We also acquired the rights to antibodies targeting CEACAM1, expanding our portfolio to include powerful immune-modulators that may be complementary with other checkpoint modulators, including those in our pipeline."

7:01 am Prima Biomed announces first regulatory approval facilitating commencement of a Phase IIb clinical study of IMP321; trial initiation is expected before the end of 2015 (PBMD) :  

7:01 am Corning misses by $0.01, misses on revs; Announces Strategic and Capital Allocation Framework (GLW) :

• Reports Q3 (Sep) earnings of $0.34 per share, $0.01 worse than the Capital IQ Consensus of $0.35; revenues fell 5.1% year/year to $2.45 bln vs the $2.5 bln Capital IQ Consensus.
• "The weakening global economy, particularly in China, and the stronger U.S. dollar impacted all of our businesses," R. Tony Tripeny, senior vice president and chief financial officer, said. "We are pleased with the improving pricing environment for LCD glass, and the strong industry acceptance of Corning Gorilla Glass 4, which is growing faster than we anticipated." 

Strategic and Capital Allocation Framework

• Corning plans to deploy over $20 billion of capital through 2019 with the majority expected to come from operating cash flow.
• Today, the Board of Directors increased the company's share repurchase authorization by $4 billion. The company also announced plans to commence a $1.25 billion accelerated share repurchase program during the fourth quarter. Additionally, the company anticipates increasing its dividend per common share by at least 10% annually through 2019.
• By 2019 GLW will return more than $10 billion to shareholders through share repurchases and increased dividends. As part of this plan, Corning intends to target an adjusted debt-to-EBITDA ratio of 2, and to reduce its global cash to approximately $2 billion.
• Invest approximately $10 billion in Corning's focused portfolio.

Outlook

• Display Technologies: Corning expects its fourth-quarter LCD glass volume to be down slightly sequentially. Corning's LCD glass price declines are expected to decline less in the fourth quarter than in the third quarter.
• Optical Communications: Corning expects fourth-quarter sales to increase by a low-to-mid-single-digit percentage rate over its sales in the comparable period a year ago.
• Specialty Materials: Fourth-quarter sales are expected to decline at a low- teens percentage rate on a year-over-year basis.
• Environmental Technologies and Life Sciences: Sales of both business segments are expected to decline at a mid-single-digit percentage rate in the fourth quarter versus a year ago.
• Core equity earnings from Dow Corning Corporation are expected to be approximately $80 million.

7:01 am Perseon to be acquired by Galil Medical for $1.00/share, or ~$10.6 mln (shares halted) (PRSN) : Galil Medical announced the signing of a definitive agreement in which Galil Medical will acquire Perseon. Under the terms of the agreement, Galil Medical will pay $1.00 per share in cash, plus $0.02 per warrant for each of the publicly traded warrants, for a total transaction value of approximately $10.6 million. The transaction has been approved by the boards of directors of both companies.

7:00 am CTG beats by $0.02, misses on revs; guides Q4 and FY15 (CTG) :

• Reports Q3 (Sep) earnings of $0.13 per share, $0.02 better than the Capital IQ Consensus of $0.11; revenues fell 3.8% year/year to $93.1 mln vs the $94.71 mln Capital IQ Consensus.
• Co issues guidance for Q4, sees EPS of $0.11-0.13 vs. $0.11 Capital IQ Consensus Estimate; sees Q4 revs of $87-89 mln vs. $94.61 mln Capital IQ Consensus Estimate.
• Co issues guidance for FY15, sees EPS of $0.35-0.37 vs. $0.35 Capital IQ Consensus Estimate; sees FY15 revs of $373-375 mln vs. $381.60 mln Capital IQ Consensus Estimate. Net income includes $0.08 for costs associated with CTG's European workforce reduction and the write-down of its medical management tools undertaken earlier in 2015.

7:00 am Mirna Therapeutics names Dr. Miguel Barbosa, Ph.D. as Chief Scientific Officer (MIRN) : Most recently, Dr. Barbosa was Executive in Residence, Therapeutic Innovation at Johnson & Johnson (JNJ) Innovation, where he led the identification and development of new R&D and business models

7:00 am On the Wires (:WIRES) :

• Ingersoll Rand plc (IR) reported that it has appointed Todd Wyman senior vice president and president of the Compressed Air Systems and Services business. The company also named Keith Sultana to succeed Wyman as senior vice president of global operations and integrated supply chain, effective immediately
• Trina Solar Limited (TSL) announced that the company has restructured its management teams in Europe and Africa. Following the resignation of Ben Hill, formerly President of Trina Solar Europe, the Company has appointed RongFang Yin as the regional head of Module Business Unit in Europe and Africa and Rafael Esteban as the regional head of Systems Business Unit in EMEA and Latin America. Both appointments are effective immediately.
• Affymetrix (AFFX) and Athletigen Technologies announced a global partnership agreement, whereby Athletigen will use Affymetrix Axiom genotyping platform for its sports-related DNA analysis service

7:00 am CryoLife beats by $0.09, misses on revs; guides FY15 revs in-line (CRY) :

• Reports Q3 (Sep) earnings of $0.10 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.01; revenues fell 1.1% year/year to $36.7 mln vs the $38.17 mln Capital IQ Consensus.
• Co issues guidance for FY15, sees EPS of $0.09-0.11 (prior guidance called for breakeven), may not be comparable to $0.00 two analyst estimate; lowers FY15 revs to $146-148 mln from $148.5-150.5 mln vs. $147.88 mln Capital IQ Consensus Estimate. "We also implemented new protocols in our tissue processing business that we expect to bring greater efficiency and to allow us to improve product availability and gross margins in the coming quarters. Moreover, there were several large expenses in 2015, some of which will not likely recur in 2016."

6:59 am II-VI beats by $0.04, reports revs in-line; guides Q2 in-line (IIVI) :

• Reports Q1 (Sep) earnings of $0.27 per share, $0.04 better than the Capital IQ Consensus of $0.23; revenues rose 1.8% year/year to $189.2 mln vs the $187.4 mln Capital IQ Consensus.
• Co issues in-line guidance for Q2, sees EPS of $0.21-0.26 vs. $0.25 Capital IQ Consensus Estimate; sees Q2 revs of $180-192 mln vs. $191.55 mln Capital IQ Consensus Estimate.

6:58 am Intrepid Potash beats by $0.01, reports revs in-line (IPI) :

• Reports Q3 (Sep) loss of $0.06 per share, $0.01 better than the Capital IQ Consensus of ($0.07); revenues fell 47.5% year/year to $53.7 mln vs the $53.39 mln Capital IQ Consensus. 
• "The third quarter was challenging given the fertilizer pricing and demand environment, our temporary shutdown of West, and the tests we have been running at East. We are addressing these challenges and believe that the long-term market demand fundamentals are intact. We resolved the issue at West expeditiously, and accelerated our efforts to convert our East facility to Trio-only production."
• "Intrepid adjusted its full-year outlook ranges for sales and production volume for both products to allow for the timing of fall application purchases and current production trends."
• Sees FY15 potash production of 775K-785K tons; sees sales of 660K-670K tons.

6:57 am Pfizer beats by $0.09, beats on revs; raises FY15 guidance (PFE) :

• Reports Q3 (Sep) earnings of $0.60 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.51; revenues fell 2.2% year/year to $12.09 bln vs the $11.57 bln Capital IQ Consensus; increased 6% operationally, which includes $0.3 billion reflecting one month of Legacy Hospira U.S. Operations; 4% ex-Hospira.
  • Operational revenue growth in developed markets was driven primarily by the performance of several key products, including Prevnar 13 in adults, Ibrance and Eliquis -- all products that are early in their life cycles -- as well as from Lyrica primarily in the U.S., and the inclusion of one month of legacy Hospira U.S. operations. In emerging markets, revenues increased 5% operationally, reflecting continued strong operational growth, primarily from the Innovative Products business.
• Co issues upside guidance for FY15, raises EPS to $2.16-2.20 from $2.04-2.10 vs. $2.08 Capital IQ Consensus; raises es FY15 revs to $47.5-48.5 bln from $46.5-47.5 bln vs. $47.56 bln Capital IQ Consensus Estimate. 
• Results reflect Pfizer's operations as well as one month of legacy Hospira U.S. operations but do not include any financial results from legacy Hospira international operations.

6:57 am Agenus announces that GSK's second pivotal Phase III efficacy study of its shingles vaccine candidate containing Agenus' QS-21 Stimulon-adjuvant demonstrated 90% overall efficacy against shingles compared to placebo. (AGEN) :

Co announces that GSK's second pivotal Phase III efficacy study of its shingles vaccine candidate containing Agenus' QS-21 Stimulonadjuvant demonstrated 90% overall efficacy against shingles compared to placebo.

• In this trial known as ZOE-70, the vaccine candidate HZ/su was studied in adults aged 70 years and older.
• These results are consistent with the first pivotal Phase III study, ZOE-50, which demonstrated an efficacy of 97.2% in adults age 50 years and older.
• In ZOE-50, 53% of the subjects were over 60, and almost 24% were over 70 years of age.
• GSK intends to submit a regulatory application to the US FDA and regulatory agencies in Japan and EU for HZ/su in mid-2016.

6:57 am Adesto Technologies (Nasdaq) priced its 5 mln share IPO at $5 per share, in line with the revised, expected terms (IOTS) :  

6:56 am ReneSola reports the resignation of CFO Daniel Lee; VP of Financial Control Maggie Ma to serve as Interim CFO while a search for successor is held (SOL) :  

6:55 am Potlatch beats by $0.01, misses on revs (PCH) :

• Reports Q3 (Sep) earnings of $0.53 per share, $0.01 better than the Capital IQ Consensus of $0.52; revenues fell 1.5% year/year to $174.5 mln vs the $180.62 mln Capital IQ Consensus.

6:53 am Merck beats by $0.04, reports revs in-line; guides FY15 EPS above consensus, revs in-line (MRK) :

• Reports Q3 (Sep) earnings of $0.96 per share, $0.04 better than the Capital IQ Consensus of $0.92; revenues fell 4.3% year/year to $10.1 bln vs the $10.08 bln Capital IQ Consensus.
• Co issues guidance for FY15, sees EPS of $3.55-3.60 vs. $3.50 Capital IQ Consensus Estimate; sees FY15 revs of $39.2-39.8 bln vs. $39.64 bln Capital IQ Consensus Estimate.
• Q3 KEYTRUDA sales were approximately $160 million

6:52 am Coach beats by $0.01, reports revs in-line with N Am comps -9.5%; reaffirms 2016 outlook (COH) :

• Reports Q1 (Sep) earnings of $0.41 per share, $0.01 better than the Capital IQ Consensus of $0.40; revenues fell 0.8% year/year to $1.03 bln vs the $1.04 bln Capital IQ Consensus.Q3 gross margin was 67.7% versus 69.3% year ago.
• N Am comparable store sales were down 9.5% including the impact of the Internet, which pressured total comparable stores sales by about 1.5 percentage points due to the reduction in eOutlet events. As expected, at POS, sales in North American department stores declined at a mid-teens rate versus prior year, while net sales into department stores declined to a lesser degree.
• Fiscal Year 2016 Outlook Maintained: Coach brand revenues for Fiscal 2016 +LSD in constant currency on a 52-week basis. Based on current exchange rates, foreign currency will have an ~ 200 basis point negative impact on overall Fiscal 2016 revenue growth distorted to the first half. Gross margin ~70% on a constant currency basis, while negative foreign currency effects may impact gross margin by 80-100 basis points. SG&A expenses for the brand are anticipated to rise at a mid-single-digit rate in constant currency, driven primarily by a shift in project timing from FY15, while dollar growth is expected to be somewhat lower. Therefore, taken together Coach brand operating margin estimated to be in the mid-to-high teens. This guidance excludes expected transformation-related charges of around $50 mln, as well as Stuart Weitzman acquisition and integration related charges of around $30 mln (which primarily includes the impact of limited life purchase accounting and contingent payments) over the course of 2016. In addition, the company is forecasting Stuart Weitzman brand sales in the area of $335 mln on a reported dollar basis for fiscal 2016, driving Coach, Inc. total revenue growth to high-single digits (vs +6.7%to $4.47 bln estimate) and adding about $0.09 to earnings per diluted share, excluding items. Fiscal 2016 will include a 53rd week in its fiscal fourth quarter, which is expected to contribute ~$75-$80 mln in incremental revenue and $0.06 in earnings per diluted share to Coach, Inc.

6:51 am Sun Communities reports FFO in-line, beats on revs; narrows FY15 FFO guidance (SUI) :

• Reports Q3 (Sep) funds from operations of $1.05 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $1.05; revenues rose 42.2% year/year to $185.4 mln vs the $153.55 mln Capital IQ Consensus.
• Co issues in-line guidance for FY15, narrows FFO to $3.65-3.69 from $3.62+3.72 vs. $3.67 Capital IQ Consensus Estimate.
• Same site Net Operating Income increased by 9.1% YoY. The Company sold 60 new homes during Q3, representing an increase of 130.8% YoY.

6:51 am Ametek reports EPS in-line, misses on revs; guides Q4 below consensus (AME) :

• Reports Q3 (Sep) earnings of $0.65 per share, in-line with the Capital IQ Consensus of $0.65; revenues fell 3.2% year/year to $998.53 mln vs the $1.03 bln Capital IQ Consensus.
• Co issues downside guidance for Q4, sees EPS of $0.63 vs. $0.68 Capital IQ Consensus Estimate. The co expects sales to be down low single digits on a percentage basis. Estimates call for revs of $1.047 bln, which equates to growth of ~2.2% y/y, assuming no adjustments to the previous year's results.

6:51 am Navios Maritime Midstream misses by $0.09, misses on revs (NAP) :

• Reports Q3 (Sep) earnings of $0.30 per share, $0.09 worse than the Capital IQ Consensus of $0.39; revenues rose 39.0% year/year to $22.47 mln vs the $23.29 mln Capital IQ Consensus.

6:50 am Extended Stay America beats by $0.02, reports revs in-line; guides FY15 revs in-line (STAY) :

• Reports Q3 (Sep) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.31; revenues rose 6.5% year/year to $360.5 mln vs the $358.77 mln Capital IQ Consensus.
• Co issues in-line guidance for FY15, sees FY15 revs of $1.285-1.29 bln vs. $1.29 bln Capital IQ Consensus Estimate.
  • Adjusted EBITDA is expected to range from $602 mln-607 mln, representing approximately 8.1-9.0% growth over 2014
  • Net income is anticipated to range from $171-182 mln
  • Capital expenditures of $205-215 mln

6:47 am Waddell & Reed beats by $0.04, beats on revs (WDR) :

• Reports Q3 (Sep) earnings of $0.76 per share, $0.04 better than the Capital IQ Consensus of $0.72; revenues fell 8.2% year/year to $376.1 mln vs the $368.36 mln Capital IQ Consensus.
• Assets under management ended the quarter at $106 billion, down 12% from June 30, 2015. Market depreciation was responsible for more than 70% of the sequential decline in assets under management. Sales of $4.5 billion during the current quarter declined 23% sequentially. While sales decelerated across each distribution channel, the decline was most notable in our Institutional channel due to a strong second quarter, which included the funding of two new accounts.

6:47 am Baxter beats by $0.12, beats on revs; guides Q4 EPS in-line (BAX) :

• Reports Q3 (Sep) adj. earnings of $0.41 per share, $0.12 better than the Capital IQ Consensus of $0.29; revenues fell 8.2% year/year to $2.49 bln vs the $2.46 bln Capital IQ Consensus, driven by a negative impact from foreign exchange. Excluding the impact of foreign exchange, Baxter's worldwide sales grew 2 percent in the quarter and exceeded the company's guidance of comparable year-over-year sales. Sales within the United States declined 1 percent to $1.0 billion, while international sales of $1.5 billion declined 12 percent, primarily as a result of the effects of foreign exchange.
• Co issues in-line guidance for Q4, sees adj. EPS of $0.30-0.32 vs. $0.30 Capital IQ Consensus Estimate. For the fourth quarter, the company expects sales to decline 1 percent, excluding the impact of foreign exchange. On a reported basis, including the impact of foreign exchange, the company expects sales to decline approximately 9 percent. After adjusting for the impact of both foreign exchange and increased competition in the U.S. for cyclophosphamide, Baxter expects sales growth of 1 to 2 percent in the fourth quarter of 2015. 

6:47 am Capella Education reports EPS in-line, misses on revs (CPLA) :

• Reports Q3 (Sep) earnings of $0.67 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.67; revenues rose 0.6% year/year to $103.7 mln vs the $104.83 mln Capital IQ Consensus. 
• Capella University total active enrollment increased 4.2 percent to 36,683, new enrollment increased by 2.3 percent from third quarter 2014 and early cohort persistence improved by approximately 3 percent.
• Q4 Enrollment Outlook 
  • For the fourth quarter ending Dec. 31, 2015, Capella University new enrollment is expected to decline year-over-year in the mid-single-digit percentage range. Total enrollment is expected to grow about 1.5 to 2.5 percent year-over-year, and consolidated revenue is expected to be about flat to up 1.0 percent compared to fourth quarter 2014.
  • The consolidated operating margin is anticipated to be approximately 17.0 to 18.0 percent of total revenue for the fourth quarter of 2015.

6:46 am Ball Corp reaches an agreement with its Brazil JV partners, to acquire their remaining 39.9% minority interest in the Latapack-Ball beverage can business, for 6 mln BLL shares (BLL) : Co reaches an agreement with its JV partners in Brazil to acquire their remaining 39.9% minority interest in the Latapack-Ball beverage can business in exchange for the issuance of 6 mln co common shares. Transaction is expected to close no later than the 1Q16.

6:43 am Lexmark reports EPS in-line, misses on revs; guides Q4 EPS below consensus, revs below consensus (LXK) :

Reports Q3 (Sep) earnings of $0.57 per share, in-line with the Capital IQ Consensus of $0.57; revenues fell 5.8% year/year to $868 mln vs the $905.89 mln Capital IQ Consensus.

• Co issues downside guidance for Q4, sees EPS of $1.05-1.15 vs. $1.26 Capital IQ Consensus Estimate; sees Q4 revs of ~$970.08-990.72 mln (-6% to -4% y/y) vs. $1.03 bln Capital IQ Consensus Estimate.

6:42 am Wyndham Worldwide beats by $0.10, beats on revs; reaises FY15 EPS, reaffirms FY15 revs guidance (WYN) :

• Reports Q3 (Sep) earnings of $1.78 per share, $0.10 better than the Capital IQ Consensus of $1.68; revenues rose 3.3% year/year to $1.56 bln vs the $1.55 bln Capital IQ Consensus. 
  • Excluding acquisitions and a divestiture, constant currency revenues increased 6% reflecting growth in each of the Company's business segments. Third quarter adjusted EBITDA was $412 million, compared with $418 million in the prior year period.
• Co issues guidance for FY15, raises EPS to $5.06-5.09, excluding non-recurring items, from $4.88-5.03 vs. $5.02 Capital IQ Consensus Estimate; reaffirms FY15 revs of $5.45-5.55 bln vs. $5.5 bln Capital IQ Consensus Estimate.

6:37 am Medidata Solutions beats by $0.01, reports revs in-line; guides FY15 EPS in-line, revs in-line (MDSO) :

• Reports Q3 (Sep) earnings of $0.25 per share, $0.01 better than the Capital IQ Consensus of $0.24; revenues rose 19.9% year/year to $103.1 mln vs the $103.52 mln Capital IQ Consensus.
• Co issues in-line guidance for FY15: 
  • Sees adjusted non-GAAP net income between $47.0 and $50.5 mln, which would equate to EPS of $0.83-0.90 vs. $0.89 Capital IQ Consensus Estimate;
  • Sees FY15 revs of $392-412 mln vs. $403.84 mln Capital IQ Consensus Estimate.

6:37 am Ingersoll-Rand beats by $0.05, reports revs in-line; guides Q4 EPS below consensus, revs below consensus (IR) :

• Reports Q3 (Sep) adj earnings of $1.21 per share, $0.05 better than the Capital IQ Consensus of $1.16; revenues rose 3.0% year/year to $3.49 bln vs the $3.51 bln Capital IQ Consensus.
• Co issues downside guidance for Q4, sees EPS of $0.90-0.95 vs. $0.96 Capital IQ Consensus Estimate; sees Q4 revs of +2-3% reported revs to ~$3.304-3.33 bln vs. $3.39 bln Capital IQ Consensus Estimate. Based on a forecast of slow-to-moderate growth in worldwide construction and retrofit markets, and softer industrial markets for the remainder of the year, the company expects Q4 organic revenues, which exclude currency and acquisitions, to increase in the range of 2 to 3% compared with 2014

6:37 am Radian Group misses by $0.05, reports revs in-line (RDN) :

• Reports Q3 (Sep) earnings of $0.31 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.36; revenues rose 9.3% year/year to $297.3 mln vs the $298.34 mln Capital IQ Consensus. 
• Book value per share at September 30, 2015, was $11.77, compared to $11.28 at June 30, 2015.
• New mortgage insurance written (:NIW) was $11.2 billion for the quarter, compared to $11.8 billion in the second quarter of 2015 and $11.2 billion in the prior-year quarter.

6:36 am Magellan Health beats by $0.11, beats on revs; lowers FY15 EPS guidance; announces new $200 mln repurchase plan (MGLN) :

Reports Q3 (Sep) earnings of $0.76 per share, $0.11 better than the Capital IQ Consensus of $0.65; revenues rose 28.9% year/year to $1.19 bln vs the $1.16 bln Capital IQ Consensus.

• Co lowers guidance for FY15, sees EPS of $2.82-3.32 (prior $3.45-3.90) vs. $3.41 two analyst estimate. Full comment on guidance revision: "Relative to full year 2015, we are reducing our guidance to reflect care pressures in our government healthcare contracts, and lower rates in Florida, partially offset by stronger Pharmacy performance. For the full-year, we now estimate adjusted net income of $73 million to $86 million, segment profit of $250 million to $265 million, and cash flow from operations of $155 million to $175 million. We also are revising our 2015 guidance range for full-year net income of $11 million to $24 million. We now expect fully diluted adjusted EPS to be between $2.82 and $3.32, and fully diluted EPS to be between $0.42 and $0.93, based on average fully diluted shares of 25.9 million. This updated fully diluted share count reflects share repurchases and option exercises through October 22, 2015, but excludes any potential future activity."
• "Looking ahead, after adjusting the current 2015 segment profit guidance range for approximately $18 million of net favorable, out-of-period adjustments, primarily pertaining to prior period care development, we currently expect that we will have solid segment profit growth in 2016."
• The board of directors authorized a new share repurchase program of up to $200 million over a two-year period until October 26, 2017.

6:35 am Alibaba beats by $0.03, beats on revs; SEC inquiry has concluded with no action (BABA) :

• Reports Q2 (Sep) earnings of $0.57 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.54; rev +32% to $3.49 bln vs. $3.39 bln consensus.
• GMV transacted on our China retail marketplaces was RMB713 billion (US$112 bln), an increase of 28% year-over-year
  • Mobile GMV accounted for 62% of total GMV transacted on our China retail marketplaces; mobile revenue was RMB10,520 mln (US$1,655 mln), representing a year-on-year increase of 183%;
• "Growth of our cloud computing and Internet infrastructure business accelerated, with revenue increasing 128% year-over-year to RMB649 million (US$102 mln)."
• "Our ecosystem continues to thrive. By the end of the September quarter, our annual active buyers grew to 386 million, and mobile MAUs grew to 346 mln."
• Blended monetization rate to 2.42% in the current quarter from 2.30% in the same quarter of 2014.
• As previously announced, we received an inquiry from the U.S. Securities and Exchange Commission in February seeking information regarding our interaction with one of our Chinese regulators, the State Administration for Industry and Commerce, and related matters. We voluntarily cooperated with the SEC's inquiry. The SEC has notified us that it has concluded its inquiry and, based on the information it has received, it does not intend to recommend an enforcement action against us.

Related: Yahoo (YHOO) owns 11.6% of BABA.

6:34 am Immunogen misses by $0.03, misses on revs; reaffirms FY16 revs guidance (IMGN) :

• Reports Q1 (Sep) loss of $0.39 per share, $0.03 worse than the Capital IQ Consensus of ($0.36); revenues rose 12.9% year/year to $14.9 mln vs the $15.94 mln Capital IQ Consensus.
• Co reaffirms guidance for FY16, sees FY16 revs of $70-80 mln vs. $76.37 mln Capital IQ Consensus Estimate;
  • Sees its net loss to be between $120 mln and $125 mln; its cash used in operations to be between $100 mln and $105 mln; and its capital expenditures to be between $13 mln and $15 mln.
  • Cash and marketable securities at June 30, 2016 are anticipated to be between $165 mln and $170 mln.

6:32 am Textron beats by $0.02, misses on revs; narrows FY15 EPS guidance to upper half of range (TXT) :

• Reports Q3 (Sep) earnings of $0.63 per share, $0.02 better than the Capital IQ Consensus of $0.61; revenues fell 7.3% year/year to $3.18 bln vs the $3.4 bln Capital IQ Consensus.
• Co narrowed guidance for FY15, sees EPS of $2.40-2.50 vs. $2.49 Capital IQ Consensus Estimate, up from prior guidance of $2.30-2.50.
  • Co confirmed its expectation for cash flow from continuing operations of the manufacturing group before pension contributions of $550 to $650 million with planned pension contributions of about $70 million.

6:31 am McEwen Mining reports Q3 production, showing 43,390 gold equivalent oz, up 54% Y/Y (MUX) :

• Co reported that total Q3 2015 production was 43,390 gold equivalent ounces, an increase of 54% Y/Y. For the first nine months of 2015, total production was 115,988 gold equivalent ounces, an increase of 34% Y/Y.
• Co reported that total production for the year is expected to be 150,000 gold equivalent ounces. 
• Q3 represented the fourth consecutive quarter of record production at the El Gallo Mine.
  • The El Gallo Mine now forecast to produce 62,000 gold equivalent ounces in 2015

6:29 am PolyOne beats by $0.01, misses on revs (POL) :

• Reports Q3 (Sep) earnings of $0.54 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.53; revenues fell 12.2% year/year to $841.6 mln vs the $877.08 mln Capital IQ Consensus. 
  • The decline resulted from unfavorable foreign exchange, lower selling prices in Distribution and Performance Products & Solutions due to lower hydrocarbon based raw material costs and the ongoing integration of the legacy Spartech business.
• "To drive growth in a challenging macro-economic environment, we have increased our sales force by 6% since the beginning of the year with plans to add more by year end. We are funding these resources with reduced administrative costs and discretionary spending. These new sellers have hit the ground running and will help us deliver both revenue and margin expansion in 2016. Longer term, our proven four pillar strategy and relentless focus on execution will continue to drive us toward consistently delivering double-digit EPS growth with our sights set on our 2020 Platinum Vision."

6:26 am On the Wires (:WIRES) :

• Ascent Solar Technologies (ASTI) announced it is working closely with Bye Aerospace, to develop an aircraft to fill the gap between mapping and surveillance of Mars from orbital satellites and ground-based rovers
• Renren (RENN) announced it has completed an additional $150 million preferred stock investment in Social Finance Inc, a San Francisco-based online lending company. Renren has been an investor of SoFi since 2012. Renren intends to obtain up to $130 million loans from several financial institutes to partially finance this additional investment in SoFi.
• Ingenico Group (INGIY) announced that it was advancing collaboration with Intel (INTC) in creating for retailers a secure connectivity path from the cash register to the payment terminal, end-to-end. The Group has achieved the first implementation of the Intel Data Protection Technology for Transactions solution into Ingenico mobile POS.
• Talentsoft, a global, privately held cloud-based Talent Management solutions company, announced that it has completed a funding round of EUR 25 mln. The round is led exclusively by Goldman Sachs' (GS) Merchant Banking Division.
• Fortescue Metals Group Limited (FSUMF) will hold its Annual Investor Tour, commencing with a briefing in Perth by Chief Executive Officer Nev Power and senior company leaders. The company stated, "Our strong cashflow generation has resulted in ~$1.5 billion available for further debt repayment, in addition to the recent $384 million debt retirement."
• Ericsson (ERIC) and mobile operator Yoigo, part of TeliaSonera Group (TLSNY), have signed an agreement to evolve their managed services partnership in Spain and improve customer experience with Ericsson's Experience Centric Managed Services offering.

6:24 am Valeant Pharma: Bill Ackman and Pershing Square will host an investor conference call on October 30 at 9 AM ET to discuss their investment in VRX (VRX) :  

6:21 am Sensata Tech beats by $0.01, misses on revs; guides Q4 below consensus including the sensing portfolio of Custom Sensors & Technologies (ST) :

• Reports Q3 (Sep) earnings of $0.72 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.71; revenues rose 26.0% year/year to $727.4 mln vs the $735.09 mln Capital IQ Consensus.
• Co issues downside guidance for Q4, inclusive of the assumed close of the acquisition of the sensing portfolio of Custom Sensors & Technologies, sees EPS of $0.62-0.69, excluding non-recurring items, vs. $0.79 Capital IQ Consensus; sees Q4 revs of $700-740 mln vs. $754.30 mln Capital IQ Consensus Estimate.

6:18 am Aixtron beats by $0.05, beats on revs; reaffirms FY15 revs guidance (AIXG) :

• Reports Q3 (Sep) earnings of 0.01 per share, 0.05 better than the Capital IQ Consensus of (0.04); revenues rose 19.7% year/year to 54.6 mln vs the 52.92 mln Capital IQ Consensus.
• Co reaffirms guidance for FY15, sees FY15 revs of 190-200 mln vs. 195.62 mln Capital IQ Consensus Estimate. Management reiterates its target to reach EBITDA break-even within the second half of 2015. Year-on-year, EBIT and net result are expected to improve but to remain negative for the full year 2015.

6:18 am Group 1 Auto beats by $0.03, reports revs in-line (GPI) :

• Reports Q3 (Sep) earnings of $1.91 per share, $0.03 better than the Capital IQ Consensus of $1.88; revenues rose 6.6% year/year to $2.8 bln vs the $2.81 bln Capital IQ Consensus.
• Co cites double-digit growth in used vehicle unit Same Store sales that all three of their markets delivered this quarter.
• "U.K. operations had an outstanding quarter, with revenue up 39.6% on a constant currency basis."
• Overall market conditions continue to be challenging in Brazil, with new vehicle industry volumes declining over 25 on a year-over-year basis, but their team in Brazil grew Same Store revenue by 7.1% on a constant currency basis and delivered another profitable quarter.

6:16 am DuPont beats by $0.03, misses on revs; reaffirms FY15 EPS guidance (lowered two weeks ago) (DD) :

• Reports Q3 (Sep) earnings of $0.13 per share, $0.03 better than the Capital IQ Consensus of $0.10; revenues fell 20.7% year/year to $4.97 bln vs the $5.25 bln Capital IQ Consensus, due to negative impacts from currency (8 percent), portfolio (1 percent), volume (7 percent) and local price and product mix (1 percent).
  • Results reflected macro challenges including currency; industry wide challenges in Ag markets, particularly in Brazil; and continued weakness in emerging markets and oil and gas markets affecting Safety & Protection, partially offset by continued positive effects of the operational redesign and cost reductions in the quarter, including performance-based compensation.
• Co reaffirms guidance for FY15, sees EPS of ~$2.75, excluding non-recurring items, vs. $2.75 Capital IQ Consensus Estimate. 
  • Co lowered FY15 EPS to $0.75 from $2.75 on October 5. 
  • The outlook reflects continued strengthening of the U.S. dollar versus currencies in emerging markets, particularly the Brazilian Real; a further weakening of agricultural markets, primarily in Brazil; and continued weakness in emerging markets. Negative currency impact is expected to be $0.72 per share

6:16 am Huntsman beats by $0.06, reports revs in-line (HUN) :

• Reports Q3 (Sep) adj earnings of $0.47 per share, $0.06 better than the Capital IQ Consensus of $0.41; revenues fell 8.5% year/year to $2.64 bln vs the $2.62 bln Capital IQ Consensus. 
• Co announces $150 mln reduction in planned capital expenditures for 2016 and 2017 combined.
• Co announces intention to enter into a $100 mln accelerated share repurchase transaction as part of the board authorized $150 mln share repurchase program.

6:15 am AU Optronics beats by $0.04, beats on revs (AUO) :

Reports Q3 (Sep) earnings of $0.36 per share, $0.04 better than the Capital IQ Consensus of $0.32; revenues fell 16.5% year/year to $89.3 bln vs the $87.32 bln Capital IQ Consensus.

• Stepping into the fourth quarter, AUO faces the challenges from both the traditional slow season for the display panel industry and the macroeconomic uncertainties. AUO will accelerate the development of new products for next year, and lay a foundation for its ability to capture orders and for its manufacturing capabilities next year. AUO expects to bring in fresh momentum through the organizational structure optimization and the brand new management arrangements. At the same time, AUO hopes the new management team can lead the Company to surpass scale competition in the industry, aiming to build long-term competitiveness in value-creation.

6:13 am MDC Holdings misses by $0.13, misses on revs (MDC) :

• Reports Q3 (Sep) earnings of $0.30 per share, $0.13 worse than the Capital IQ Consensus of $0.43; revenues rose 11.8% year/year to $455.7 mln vs the $517.74 mln Capital IQ Consensus.
• Additional metrics:
  • Average sales price up $51,000 per home, or 14%, to $421,000
  • Homes delivered of 1,080 vs. 1,093
  • Ending backlog dollar value of $1.18 billion, up 49%
  • Net new orders of 1,109, up 3%

6:12 am Centene beats by $0.06, reports revs in-line; raises FY15 EPS above consensus (CNC) :

• Reports Q3 (Sep) earnings of $0.84 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.78; revenues rose 33.8% year/year to $5.82 bln vs the $5.8 bln Capital IQ Consensus. Q3 Health Benefits Ratio of 89.0% vs 89.7% last year.
• Co issues raised guidance for FY15, sees EPS of $2.84-2.90 from $2.74-2.82, excluding non-recurring items, vs. $2.81 Capital IQ Consensus Estimate. Co sees FY15 premium and services revenue of $21-21.3 bln.

6:11 am Yandex N.V. beats by RUB 0.81, beats on revs; raises constant FX rev guidance (YNDX) :

• Reports Q3 (Sep) earnings of RUB 10.89 per share, excluding non-recurring items, RUB 0.81 better than the Capital IQ Consensus of RUB 10.08; revenues rose 18.2% year/year to RUB 15.44 bln vs the RUB 14.99 bln Capital IQ Consensus. 
• "We are increasing our previously announced revenue guidance and now expect our ruble-based revenue to grow in the range of 14% to 16% in the full year 2015 compared with 2014." Prior +11-13%.

6:10 am Spirit Airlines beats by $0.03, reports revs in-line; authorizes $100 new share repurchase program (SAVE) :

• Reports Q3 (Sep) earnings of $1.35 per share, $0.03 better than the Capital IQ Consensus of $1.32; revenues rose 10.6% year/year to $574.8 mln vs the $571.84 mln Capital IQ Consensus.
  • Adjusted pre-tax margin for the third quarter 2015 increased 560 basis points to 26.9 percent. On a GAAP basis, pre-tax margin for the third quarter 2015 increased 760 basis points to 26.9 percent.
• Share Repurchase
  • On October 26, 2015, co's Board of Directors authorized a new repurchase program of up to $100 million of common stock
  • Spirit has spent approximately $99 million of its $100 million share repurchase authorization, repurchasing approximately 0.5 million shares during the third quarter 2015 and approximately 1.5 million shares year-to-date. 
    

6:08 am Moko Social Media requests trading halt pending an announcement regarding a proposed capital raising (MOKO) : The Company requests that the trading halt remain in place until the earlier of commencement of normal trading on Thursday 29 October 2015 or when the announcement concerning a capital raising is released.

6:08 am United Therapeutics beats by $1.17, beats on revs (UTHR) :

• Reports Q3 (Sep) earnings of $3.55 per share, excluding non-recurring items, $1.17 better than the Capital IQ Consensus of $2.38; revenues rose 17.0% year/year to $386.2 mln vs the $361.81 mln Capital IQ Consensus. 
• "In September 2015, we sold the Rare Pediatric Priority Review Voucher we received from the FDA in connection with the approval of our Biologics License Application for Unituxin. In exchange for the voucher, we received $350.0 mln from AbbVie (ABBV) Ireland Unlimited Company"

6:05 am ICON plc beats by $0.01, misses on revs (ICLR) :

• Reports Q3 (Sep) earnings of $1.02 per share, $0.01 better than the Capital IQ Consensus of $1.01; revenues rose 1.9% year/year to $394.7 mln vs the $399.38 mln Capital IQ Consensus.
  • Day's sales outstanding, comprising accounts receivable and unbilled revenue less payments on account were 46 days at September 30, 2015, compared with 45 days at the end of June 2015.

6:04 am Higher One reports EPS in-line, beats on revs (ONE) :

• Reports Q3 (Sep) earnings of $0.09 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.09; revenues fell 5.7% year/year to $56.4 mln vs the $55.3 mln Capital IQ Consensus. Payments revenue rose 4%.
• Non-GAAP adjusted EBITDA was $11.2 mln in Q3 of 2015, compared to $15.0 mln in the third quarter of 2014. 

6:03 am Memorial Production Partners confirms reduced distribution of $0.30/unit from prior quarter of $0.55/unit (MEMP) : In August, MEMP announced that it will recommend to the board of directors of MEMP's general partner a cash distribution of $0.30 per unit, or $1.20 per unit on an annualized basis, for the third quarter of 2015, which would be paid in November 2015.

6:01 am Bio Blast Pharma announces positive interim results from a Phase 2 clinical study of Cabaletta, to treat oculopharyngeal muscular dystrophy (ORPN) :

Co announced positive interim results from a Phase 2 open label clinical study of its lead compound, Cabaletta, in 25 patients with oculopharyngeal muscular dystrophy, a rare progressive muscle-wasting disease characterized by severe swallowing difficulties. The primary objective was to assess the safety and tolerability of Cabaletta. Secondary endpoints were to determine if Cabaletta improves or prevents worsening of OPMD disease markers.

• In the analysis, Cabaletta was observed to be safe and well-tolerated with no drug-related serious adverse events. Statistically significant improvement or numerical improvement versus baseline, was observed on multiple efficacy endpoints. Ten out of 12 patients (83.3%) were observed to stabilize or improve on an efficacy endpoint related to dysphagia, the Penetration Aspiration Score as measured by Video Fluoroscopy.
• There was a statistically significant improvement of 35.3% (p
• With respect to muscle-related efficacy endpoints, patients showed a statistically significant improvement of 13.4% (p=0.0059, n=19) in their lower extremities muscle strength versus baseline, and showed numerical improvement in other muscle strength and function tests.

5:50 am S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -9.90. :

5:50 am European Markets : FTSE...6402.08...-14.90...-0.30%.  DAX...10793.50...-7.80...-0.10%.

5:50 am Asian Markets : Nikkei...18777.04...-170.10...-0.90%.  Hang Seng...23142.73...+26.50...+0.10%.

5:47 am United Comm Banks reports EPS in-line (UCBI) :

• Reports Q3 (Sep) operating earnings of $0.33 per share, in-line with the Capital IQ Consensus of $0.33.
• Loans up $310 million for 2015, or 9 percent annualized, excluding loans acquired in mergers.

5:26 am On The Wires (:WIRES) :

• Technip (TKPPY) was awarded a substantial contract from Libra Oil & Gas BV, a consortium led by Petrobras Netherland BV (40%) and partners: Shell - RDS.A (20%), Total - TOT (20%), CNOOC - CEO (10%) and CNPC (10%).  
• SAP SE (SAP) announced that British American Tobacco (BTI) has selected the leading cloud-based human capital management solution provider, SuccessFactors, an SAP company, to standardize human resources services for BAT's 57,000 global employees.
• SES S.A. announced that Global Eagle Entertainment (ENT) has signed new multi-year, multi-transponder agreements, doubling its SES satellite capacity, to meet growing global demand for inflight entertainment and connectivity services.
• Ericsson (ERIC) announced the launch of the 5G Exchange project. A Phase 1 5G Infrastructure Public Private Partnership research and innovation project, 5GEx aims to enable a unified European 5G infrastructure service market that integrates multiple operators and technologies.
• Progress (PRGS) announced the latest release of the intuitive, easy-to-use automated testing offering, Telerik Test Studio.
  
  

5:22 am Heidrick & Struggles beats by $0.13, beats on revs; guides Q4 revs in-line (HSII) :

• Reports Q3 (Sep) earnings of $0.40 per share, $0.13 better than the Capital IQ Consensus of $0.27; revenues rose 10.0% year/year to $138.4 mln vs the $133.62 mln Capital IQ Consensus.
• Co issues in-line guidance for Q4, sees Q4 revs of $128-138 mln vs. $129.10 mln Capital IQ Consensus Estimate.

5:21 am Portland Gen Elec misses by $0.08, misses on revs; reaffirms FY15 EPS guidance (POR) :

• Reports Q3 (Sep) earnings of $0.40 per share, $0.08 worse than the Capital IQ Consensus of $0.48; revenues fell 1.7% year/year to $476 mln vs the $494.31 mln Capital IQ Consensus.
• Co reaffirms guidance for FY15, sees EPS of $2.05-2.20 vs. $2.13 Capital IQ Consensus Estimate.

5:16 am Cablevision: Altice (ATCEY), BC Partners and Canada Pension Plan Investment Board acquire 30% of Cablevision (CVC) :

Altice announced that funds advised by BC Partners and Canada Pension Plan Investment Board have entered into a definitive agreement to acquire 30% of the equity of Cablevision Systems (CVC) for ~$1.0 billion.

• This definitive agreement follows the announcement on September 17, 2015 of the acquisition of CVC by Altice.
• The Shareholder's Agreement between Altice, BCP and CPPIB is on similar terms as the Suddenlink transaction announced in May 2015. Together with the recent Cablevision debt financing and the Altice equity issuance, the acquisition of Cablevision is fully funded. 

4:35 am Arlington Asset Investment beats by $0.04; increases share buy back (AI) :

Reports Q3 EPS of $1.35 vs $1.31 Capital IQ consensus

• $20.75 per share of book value
• Stock Repurchase Program -- The Company also announced that its board of directors has authorized an increase in the Company's share repurchase program pursuant to which the Company may repurchase up to 2.0 million shares of its Class A common stock, which includes the 205,485 shares previously available to be repurchased under the prior share repurchase program established in July 2010

4:17 am On The Wires (:WIRES) :

• Symantec (SYMC) introduced Symantec Advanced Threat Protection, the first solution that can detect and remediate advanced threats across control points, from a single console with just a click, all with no new endpoint agents to deploy.  
• Clavister (CLAV) announced it has joined the Wind River Titanium Cloud ecosystem, a program dedicated to accelerating the deployment of solutions for Network Functions Virtualization.
• Mentor Graphics (MENT) announced the availability of the Mentor Automotive Connected OS software platform targeting next-generation automotive applications.
• ARM (ARMH) announced new ARM CoreLink system IP designed to enhance system performance and efficiency in next-generation premium mobile devices. The CoreLink CCI-550 interconnect enables ARM big.LITTLE processing and a fully coherent GPU while lowering latency and increasing peak throughput.
• Ericsson (ERIC) is supporting Salzburg Netz GmbH, a 100 percent-owned subsidiary of Salzburg AG, which is a power, water and infrastructure utility company serving the city and federal state of Salzburg, Austria, in the introduction of smart meters
  

4:03 am BP beats by $0.53, beats on revs (BP) :

• Reports Q3 (Sep) earnings of $0.60 per share, $0.53 better than the Capital IQ Consensus of $0.07; revenues fell 41.7% year/year to $54.73 bln vs the $52.02 bln single analyst estimate.
• Production - Production for the quarter was 2,242mboe/d, 4.4% higher than the third quarter of 2014. Underlying production* for the quarter decreased by 2.2%, mainly due to higher seasonal turnaround activity. For the nine months, production was 2,220mboe/d, 4.3% higher than in the same period of 2014. Underlying production for the nine months was flat versus 2014.
• Cap-ex: Total capital expenditure on an accruals basis for the third quarter was $4.3 billion, compared with $5.3 billion for the same period in 2014. For both periods almost all of the capital expenditure was organic*. For the nine months, total capital expenditure on an accruals basis was $13.4 billion, of which organic capital expenditure was $13.2 billion, compared with $17.0 billion for the same period in 2014, of which organic capital expenditure was $16.3 billion. See page 26 for further information. Our current plans are for organic capital expenditure to be in the range $17-19 billion per annum in the near term and closer to $19 billion for 2015.
• Outlook - Third-quarter production benefited from the absence of seasonal adverse weather in the Gulf of Mexico. We expect fourth-quarter 2015 reported production to be slightly higher than the third quarter mainly reflecting recovery from planned seasonal turnaround activity.

3:43 am Allergan acquires rights to Ironwood's (IRWD) CONSTELLA; AGN also receives rights to LINZESS in Mexico (AGN) :

Allergan plc (AGN) and Ironwood Pharmaceuticals (IRWD) announced that Allergan has acquired rights to CONSTELLA in the European Union, Switzerland, Turkey and the Commonwealth of Independent States from Almirall, S.A. and has also reacquired rights to LINZESS in Mexico from Almirall.

• Allergan acquired an exclusive license for CONSTELLA in these countries. The license agreement includes the development and commercialization of CONSTELLA for the treatment of irritable bowel syndrome with constipation, chronic idiopathic constipation and other gastrointestinal conditions. CONSTELLA is currently approved by the European Commission for the symptomatic treatment of moderate-to-severe IBS-C in adults.

3:38 am On The Wires (:WIRES) :

• NetApp (NTAP) announced that Manila is production ready for the mainstream enterprise.
• Qualcomm (QCOM) unveiled the Qualcomm Snapdragon 618 IP camera reference design and development platform. Co also introduced its latest LTE modems, which are designed to support reliable, optimized cellular connectivity to a growing array of devices and systems within the Internet of Things

3:23 am Novartis AG misses by $0.01, misses on revs; reaffirms FY15 revs guidance (NVS) :

• Reports Q3 (Sep) earnings of $1.27 per share, $0.01 worse than the Capital IQ Consensus of $1.28; revenues fell 5.6% year/year to $12.27 bln vs the $12.7 bln Capital IQ Consensus.
  • Strong USD negatively impacted sales by -12% and core operating income by -17%
  • Strong performance of Pharmaceuticals and Sandoz more than offset weakness at Alcon
  • Growth Products grew 14% $4.2 billion, or 34% of net sales
• Co reaffirms guidance for FY15, sees FY15 revs of +mid-single digits YoY vs. $51.21 bln Capital IQ Consensus Estimate (in-line).
  • Also confirms core operating income expected to grow ahead of sales at a high-single digit rate
    

3:13 am Waste Connections acquires an integrated provider of solid waste collection and disposal services; expects to contribute annual revenue of ~$75 mln (WCN) :  

3:04 am Rambus approves accelerated share repurchase program of ~$100 mln in common stock (~7,812,500 shares) (RMBS) :  

3:03 am PDC Energy CFO to retire in June 2016 (PDCE) :

Co announced that Gysle Shellum, Chief Financial Officer, will retire from the Company effective June 30, 2016.

• He will continue to serve as CFO until the appointment of his successor, and thereafter will assist the Company with the transition and other matters.

2:57 am BE Aerospace misses by $0.02, misses on revs; reaffirms FY15 revs guidance; guides FY16 EPS in-line, revs in-line (BEAV) :

• Reports Q3 (Sep) earnings of $0.73 per share, excluding an after-tax charge of $0.29 per share, during the quarter, associated with its previously announced cost reduction program, $0.02 worse than the Capital IQ Consensus of $0.75; revenues fell 38.3% year/year to $679.8 mln vs the $702.9 mln Capital IQ Consensus.
  • Bookings during the third quarter of 2015 were ~$675 million and the book-to-bill ratio was ~1 to 1.
  • The year-to-date book-to-bill ratio is ~1.1 to 1.
  • Backlog as of September 30, 2015 was ~$3.2 billion, while awarded but unbooked backlog was ~$5.0 billion, bringing total backlog, both booked and awarded but unbooked, to ~$8.2 billion.
• Co reaffirms guidance for FY15, sees FY15 revs of ~$2.8 bln vs. $2.81 bln Capital IQ Consensus Estimate.
  
• Co issues in-line guidance for FY16, sees EPS of $3.15-3.20 vs. $3.25 Capital IQ Consensus Estimate; sees FY16 revs of +1-2% above FY15 (~$2.8 bln) vs. $2.85 bln Capital IQ Consensus Estimate.
• Co continues to expect to increase dividend by approximately 10 percent in 2016. 
• 2017 Outlook: Co expects free cash flow conversion ratio to move toward 100% in 2017

2:22 am On The Wires (:WIRES) :

• Global Sources (GSOL) announced the opening of its fashion sourcing show at AsiaWorld-Expo with the widest selection of fashion items in Asia, including apparel, accessories, footwear and fabrics. It runs through Oct 30.
• Dassault Systmes (DASTY) announced that Arvind Lifestyle Brands Limited, a pioneer in apparel designing and retailing in India, has selected Dassault Systmes' "My Collection" industry solution experience to accelerate operational efficiency and time to market of its fashion lines.