1:52 pm AT&T increases quarterly dividend $0.01/share to $0.48/share (T) :  

1:46 pm Dow -274 slips to new session low, S&P -25 and Nasdaq Comp -56 hovering slightly above their lows (:TECHX) :  

1:39 pm Columbia Pipeline and and Columbia Pipeline Partners LP (CPPL) filed customer agreement with FERC to extend its long-term system modernization program (CPGX) : Columbia Transmission has requested FERC's approval of the customer agreement by March 31, 2016, which will allow critical planning and scoping work to commence in a timely manner. The filing extends and expands the first-of-its-kind customer agreement, initially approved by the FERC in January 2013. The program will be extended three years, through 2020, and will provide for ~$1.1 billion of additional investment. The agreement also expands the scope of facility investments covered by the program.

1:37 pm Lifeway Foods: Edward Smolyansky, CFO, CAO, COO, Treasurer and Secretary of LWAY resigned from his position as Chief Financial Officer as of January 1, 2016. (LWAY) : The board of directors of the Company subsequently appointed John P. Waldron to serve as Chief Financial Officer commencing January 1, 2016. Mr. Smolyansky retains his position as Chief Accounting Officer, Chief Operating Officer, Treasurer and Secretary.

1:37 pm Huntsman announces global price increases for all its titanium dioxide pigments (HUN) :

The following increases are effective January 1, 2016, or as contracts allow: Europe:

• 150 (Euros) per tonne or $160 (USD) per tonne in dollar-based markets
• North America: $0.07 per pound (USD)
• Asia-Pacific, Africa, Latin America and Middle East: $160 (USD) per tonne

1:01 pm Midday Market Summary: Cyclical Sectors Weigh (:WRAPX) :

The major averages trade broadly lower at midday with the Dow Jones Industrial Average (-1.6%) leading the retreat while the S&P 500 (-1.3%) trades just ahead.

Equity indices have spent the first half in a steady retreat after the overnight session featured selling in Asia and Europe. Surprisingly, Japan's Nikkei lost 1.9% and the yen has climbed 0.8% against the dollar (121.40) after the Bank of Japan announced a change to its quantitative and qualitative easing program. The central bank revealed plans to begin purchasing ETFs in the amount of JPY300 billion, but the market was not impressed with these measures and the defensive sentiment has carried into the U.S. session.

All ten sectors sport midday losses with a handful of cyclical groups showing relative weakness. The financial sector (-2.0%) sits at the bottom of the leaderboard while the top-weighted technology sector (-1.3%) trades in line with the broader market. Apple (AAPL 106.72, -2.26) has been a soft spot throughout the week and the stock trades down 2.1% today, widening this week's decline to 5.7%.

Elsewhere, the energy sector (-1.0%) had shown some relative strength earlier thanks to a brief rebound in crude oil; however, WTI crude has not been able to stay in the green, trading lower by 0.3% at $36.18/bbl.

Also of note, the consumer discretionary sector (-1.2%) trades a bit ahead of the broader market, which has masked an 8.9% plunge in the shares of CarMax (KMX 52.09, -5.06) after the company reported disappointing results. Meanwhile, another discretionary component, Lennar (LEN 47.20, -1.48), has surrendered 3.0% despite beating bottom-line estimates.

The countercyclical side does not look much better as utilities (-1.3%), consumer staples (-1.3%), and telecom services (-1.3%) trade in line with the S&P 500 while health care (-1.0%) trade a bit ahead of the market. Biotechnology has contributed to the slight outperformance in health care, evidenced by the iShares Nasdaq Biotechnology ETF (IBB 331.89, -0.23), which hovers just below its flat line.

Treasuries are near their highs with the 10-yr yield down five basis points at 2.19% after the benchmark yield tested 2.33% on Wednesday.

12:55 pm Index Changes Reminder: Five Below (FIVE) will replace UIL Holdings (:UIL) in the S&P SmallCap 600 after the close of trading (:INDXCH) :  

12:48 pm Intel continues slide to new low of 33.97 (INTC) : The slow slide leaves INTC just above its 50 sma and the early week low at 33.93/33.88 .

12:40 pm Walt Disney tests its 200 ema at 107.79, last week's two month low is at 107.61 -- session low 107.80 (DIS) :  

12:31 pm 3M pulls back near Tuesday's low and the morning low at 147.08 / 146.93 (MMM) :  

12:22 pm Major averages slide to new session lows in unison -- Dow -263, S&P -24, Nasdaq Comp -47 (:TECHX) : Recent relative weakness in Finance/Bank XLF / KBE, Oil Service OIH, Housing XHB.

12:13 pm American Express sets new session low of 67.93, its 52-wk low from Monday is at 67.80 (AXP) :  

12:03 pm Beacon Roofing Supply acquires Roofing & Insulation Supply; terms not disclosed (BECN) : Roofing & Insulation Supply is a distributor primarily of residential and commercial insulation along with roofing and related products with 20 branches spanning 13 states across New England, the Mid-Atlantic, the Southeast, the Upper Midwest, Texas and Colorado.RIS has its corporate headquarters in Dallas, Texas and sales of approximately $70 million annually.

12:03 pm Jaguar Animal Health reports positive results from its investigator-initiated follow-up study of Neonorm Foal (JAGX) :

Co announced positive results today for an exploratory, investigator-initiated follow-up study which assessed the safety and performance of Neonorm Foal, without inclusion of a probiotic, in pre-weaned foals with watery diarrhea.

• The results of a meta-analysis between the two studies demonstrated a significantly higher percentage of foals with clinical response and resolution of diarrhea for Neonorm Foal, from either ARG102 or NEO101, compared with the placebo group in NEO101. During the 72-hour treatment period, 35% of placebo-treated foals in NEO101 were identified as clinical responders, compared with 85% of foals treated with Neonorm Foal in ARG102. 
• During the 72-hour treatment period, resolution of diarrhea was observed in 41% of placebo-treated foals in NEO101 compared with 85% of foals treated with Neonorm Foal in ARG102. For the purposes of both studies, resolution of diarrhea was defined as a foal that produced a formed stool at any point during the reported period.

12:02 pm Senate passes spending bill 65-33; widely expected; Bill expected to be signed by President Obama later today (SPY) :  

12:01 pm Ferrellgas Partners acquires Gasco Energy Supply; transaction is expected to be immediately accretive (FGP) : Gasco Energy Supply is an independent propane retailer based in Eldon, Missouri, that services residential, industrial/commercial, and agricultural accounts throughout the Ozark region

11:58 am GSI Group acquires RFID solutions firm SkyeTek for $2.6 mln in cash (GSIG) : SkyeTek specializes in high-performing HF and UHF RFID technologies that maximize efficiency and visibility for OEMs serving the medical and advanced industrial markets.

11:52 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE: -0.8%
• Germany's DAX: -1.2%
• France's CAC: -1.1%
• Spain's IBEX: -1.6%
• Portugal's PSI: + 0.6%
• Italy's MIB Index: -1.3%
• Irish Ovrl Index: -0.3%
• Greece ASE General Index: + 0.1%

11:31 am Arthur J. Gallagher acquires Managed Healthcare Solutions of Atlanta, GA; terms not disclosed (AJG) : Managed HealthCare Solutions provides employee benefit consultation, management and brokerage services for clients throughout the southern United States.

11:07 am Stock indices edge slightly off morning lows -- Dow -188, S&P -16, Nasdaq Comp -26 (:TECHX) : Relative sector strength in recent trade in Biotech IBB (BMRN, ABMD, ILMN, BLUE, SGEN, GENE), Airline JETS, Gold Miners GDX, Gold GLD, Silver SLV.

10:57 am Caterpillar: CAT +1.2% here, reversing earlier losses & trading just off today's 65.87 Hod print as the top performer in the DJIA 30 this morning (CAT) :  

10:50 am Caterpillar displays relative strength as its is bid higher after reversing early from a fresh December low... (CAT) :  

10:46 am Currency Commentary: BoJ Holds Asset Purchase Program at JPY 80 trl (:SUMRX) :

• The Dollar Index continued to battle resistance at the 99 level. The preliminary look at the December Services PMI number came in lower than expected which will add to worries that the Fed is moving too early with its rate hike. 99 promises to remain a key level for traders as we head into the end of the year.
• The euro is showing signs of holding the key 1.08 support level. The single currency was testing it at the time of the U.S. Services PMI release and would launch higher approx 10 minutes after the news was released. The euro is now trading in the 1.0850 area.
• The pound is trying to settle as selling shows some signs of easing. Sterling is showing some signs of holding the 1.4870 level which is marking an 8-month low at the moment.
• The yen was able to rally above its 200 sma after the Bank of Japan left its asset purchase program unchanged. The central bank changed some of the buying philosophy as it plans on adding more ETFs and Japanese REITs to its portfolio. It also plans on extending the maturities of its bond holdings. The news has helped rally the yen back above that key confluence area in the 121.55-121.76 area (FOREX, BONDX). 

10:22 am Walt Disney sinks lower this morning to challenge its 200-day simple/exponential moving averages at 108/106 after BTIG downgrades to Sell (DIS) :  

10:19 am LinkedIn breaks back under 50 day, sets new session low (LNKD) : It had been attempting to ride the 50 day sma to the upside this week but has broken back below the average to reach 226.87 this morning. In recent trade it has been able to stabilize modestly above Monday's seven week low at 226.03.  

10:11 am New session lows -- Dow -186, S&P -18, Nasdaq Comp -33 (:TECHX) : Relative weakness (underperforming S&P) in Oil Service OIH, Energy XLE, Housing XHB.

10:08 am Shiloh Industries appoints Jay Potter as SVP, CFO (SHLO) : Potter was EVP, CFO of Sedgwick Claims Management Services.

10:07 am Relative strength in Gold Miners GDX, Gold GLD, Silver SLV, Copper JJC, Coal KOL in recent trade (:TECHX) :  

10:04 am Permian Basin Royalty Tr. declares a monthly cash distribution of ~$0.02, down from $0.0212 prior; details its 2016 Capex budget (PBT) :

This month's distribution decreased slightly from the previous month due to a decrease in the pricing of gas on the Texas Royalty Properties, whereas the Waddell Ranch Properties were in deficit this month and contributed nothing to this month's distribution.

• Production for the underlying properties at the Waddell Ranch was 74,039 barrels of oil and 438,340 Mcf of gas. The 2015 ten workover well program has been completed and producing. The drill well program of ten vertical and two horizontal wells for the 2015 program was started in June 2015.
• During October, one well was completed and producing, with three other wells were being completed. ConocoPhillips (COP) has advised the Trustee of the 2016 capital expenditure budget which will total $11.6 million for the entire Waddell Ranch Project and $5.1 million net to the Trust. There will be no new drilled wells, eight recompletions, and some facilities projects.
• Also, production for the underlying properties at the Texas Royalties was 26,462 barrels of oil and 33,031 Mcf of gas.

9:55 am Cisco Systems early decline to gap support (CSCO) : Opening weakness brought Tuesday's gap (26.61 / 26.52) into play (session low 26.58) with some upticks developing.

9:47 am Boeing gap down start extended under early week low (BA) : It has established a new low for the month (141.08) with it vacillating near its 200 ema at 141.43.

9:45 am Opening Market Summary: Stocks Retreat in the Early Going (:WRAPX) :

The major indices have opened lower across the board. The Dow Jones Industrial Average (-0.8%) is leading the losses with the S&P 500 (-0.7%) and the Nasdaq (-0.4%) following.

In sectors, consumer staples (-0.9%), industrials (-0.7%) and financials (-1.2%) are on the bottom of the leaderboard while the technology sector (-0.3%) outperforms.

On a separate note, crude oil has rallied off its low, but the energy component remains lower by 0.2% at $36.28/bbl.

In Treasuries, the benchmark note has ticked down from its high, but remains in the green with the benchmark yield down three basis points at 2.21%.

9:44 am Darden Restaurants - - Earnings Mover lifts strongly higher back over the $60-level and its 200-day simple moving average in early trade. (DRI) :  

9:41 am S&P -12 extends near retracement (:TECHX) : Follow through on the weak start has brought the S&P as low as 2027. The 62% retracement of this week's strong turnaround and Tuesday's gap are at 2025/2022.

9:37 am BlackBerry - - Earnings Mover displays relative strength as it challenges recent multi-month highs in the 8.25 vicinity. (BBRY) :  

9:37 am Early relative sector weakness (:TECHX) : Sectors that are on the defensive in early trade have been led by Trucking (CHRW -2.4%, LSTR -2.9%, JBHT -2.7%), Transports IYT, Oil Service OIH, Bank KBE, Reg Bank KRE, Finance XLF, Solar TAN.

9:34 am Stock indices open expiration day on negative note -- Dow -110, S&P -10, Nasdaq Comp -22 (:TECHX) :  

9:33 am Monster Beverage on the defensive off the open, slides near its 50 ema at 147.38 (MNST) : Its 50 sma comes into play at 145.52. 

9:33 am Consolidated-Tomoka Land confirms receipt of a letter from Wintergreen Advisors; announces commencement of strategic alternatives evaluation (CTO) :

Co acknowledged receipt of a letter dated December 17, 2015, to the Company's independent directors from Wintergreen Advisors. The Board, Company management and their legal advisors considered the allegations contained in Wintergreen's earlier communications at a special meeting of the Board in November 2015, and believe that such allegations are inaccurate and without merit.

• As previously announced, Wintergreen recently submitted a proposal to be voted upon by the Company's shareholders at the 2016 annual meeting, requesting that the Board engage an independent advisor to evaluate a sale of the Company or the orderly liquidation of its assets. Following consideration of Wintergreen's proposal, the Board, at the Special Meeting, authorized Company management to solicit proposals from financial advisory firms to advise the Board as to its options for maximizing shareholder value, including the options of sale of the Company, sale of assets or continued pursuit of the Company's business plan.
• The Board will evaluate the proposals received at its January 2016 Board meeting.

9:31 am ISIS Pharm changes name to Ionis Pharmaceuticals; new ticker symbol 'IONS' will become effective at the open of the market on December 22 (ISIS) :  

9:28 am On The Wires (:WIRES) :

• Ship Finance International (SFL) agreed to build two 114K dwt LR2 oil product carriers at a shipyard in Korea. The vessels are scheduled to be delivered during the second half of 2017 and will thereafter commence long term time-charters to a US based investment-grade energy company. The charter period will be minimum seven years with options to extend the charter period by up to two years, and the aggregate annual EBITDA contribution from the vessels is estimated to ~$11 mln on average during the firm period of the charter.
• RioCan Real Estate Investment Trust announced that it has entered into an agreement with Blackstone (BX) Real Estate Partners VIII and has received approval from its Board of Trustees to sell its U.S. portfolio of 49 retail properties located in the Northeastern U.S. and Texas at a total sale price of $1.9 bln. The sale is expected to be completed on April 30, 2016.
• Empire Resorts (NYNY) and its wholly owned subsidiary Montreign Operating announced that the consideration of gaming facility licenses by the New York State Gaming Commission is on the agenda for the Commission's meeting to be held at 2:00 p.m. on December 21, 2015 in NYC
• Embraer (ERJ) announced that it delivered the first two E195 jets to Tianjin Airlines, the launch customer of this aircraft model in China. The two aircraft are part of the sales agreement Tianjin Airlines signed with Embraer in 2014 for 20 E195 and 20 E190 E2 jets, during Chinese President Xi Jinping's visit to Brazil.
• Spectra Energy (SE) announced that the Ontario Energy Board has approved applications from Union Gas Limited and Enbridge Gas Distribution Inc. for 15-year contracts to move natural gas from the Appalachian Basin into the Union Gas Dawn Hub on the proposed NEXUS Gas Transmission system beginning in November 2017.NEXUS is a joint venture between Spectra Energy and DTE Energy (DTE).
• K+S Aktiengesellschaft (KPLUF) announced that the Kassel Regional Council authorized it to resume the injection of saline wastewater from the Werra plant until 31 December 2016 to a limited extent. However, K+S expects that the final decision regarding the application to continue injection until the end of 2021, which was submitted this April, will already be taken next summer following the completion of the technical assessment by the authority.
• Through its subsidiary, Sino French Water, SUEZ (SZEVY) has entered an agreement with Changshu Urban Construction and the Changshu Advanced Materials Industrial Park (:CAMIP) to set up a joint venture to treat the effluents from the Park. This agreement consolidates SUEZ's position in the industrial sector in China.

9:20 am Carnival beats by $0.09, reports revs in-line; guides Q1 and FY16 EPS in-line (CCL) :

• Reports Q4 (Nov) earnings of $0.50 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.41; revenues fell 0.2% year/year to $3.71 bln vs the $3.72 bln Capital IQ Consensus.
  • Net revenue yields (net revenue per available lower berth day or "ALBD") increased 4.1% in constant currency, which was better than the company's Sept guidance, up 3%.
• Co issues in-line guidance for Q1, sees EPS of $0.28-0.32, excluding non-recurring items, vs. $0.30 Capital IQ Consensus Estimate.
  • Constant FX net rev yields +3.5-4.5%.
• Co issues in-line guidance for FY16, sees EPS of $3.10-3.40, excluding non-recurring items, vs. $3.31 Capital IQ Consensus Estimate. 
  • Based on current booking trends, the co forecasts full year 2016 net revenue yields in constant currency to be up ~3% compared to the prior year, of which ~1% is due to an accounting reclassification for the Europe, Australia and Asia segment. The company expects net cruise costs excluding fuel per ALBD in constant currency for full year 2016 to be up ~2%, of which ~1.5% is also due to the reclassification.
• Cumulative advance bookings for the first three quarters of 2016 are well ahead of the prior year at slightly higher constant currency prices. Since Sept, booking volumes for the first three quarters of 2016 are in line with last year's levels at higher prices.
• Higher end/smaller cruise peers: RCL, NCLH

9:19 am Atwood Oceanics agrees with Daewoo Shipbuilding & Marine Engineering Co. to delay Atwood's requirement to take delivery of two newbuild ultra-deepwater drillships (ATW) :

The co announced that its subsidiaries have agreed with Daewoo Shipbuilding & Marine Engineering Co. to delay the Company's requirement to take delivery of two newbuild ultra-deepwater drillships, the Atwood Admiral and the Atwood Archer, to September 30, 2017 and June 30, 2018, respectively.

• In consideration of the agreement, the Company will make payments of $50 million for each drillship on December 31, 2015, and DSME will extend all remaining milestone payments, $93.9 million for the Admiral and $305 million for the Archer, until their respective delivery dates. The Company retains the option to take earlier delivery of each vessel, subject to a forty-five (45) day notice period to DSME.

9:19 am Synopsys acquires privately held software firm Goanna Software; terms not disclosed (SNPS) : Goanna Software is a privately held software company based in Australia that provides static source code analysis tools for reducing security vulnerabilities, improving code quality, and ensuring compliance with industry coding standards.

9:17 am 1st Constitution Bancorp declares a 5% stock dividend to shareholders (FCCY) :

• Co announces that its Board of Directors has declared a 5% stock dividend to shareholders of record as of the close of business on January 14, 2016 to be payable on February 1, 2016.

9:16 am Diebold forms a new joint venture with Inspur Group, to provide ATMs and kiosks to the Chinese market (DBD) :

• Co announces it is forming a new joint venture with a subsidiary of the Inspur Group, a Chinese cloud computing and data center company, to develop, manufacture and distribute financial self-service solutions in China.
• Inspur will hold a majority stake of 51% in the new joint venture, which will be named Inspur Financial Information Systems.

9:12 am S&P futures vs fair value: -11.20. Nasdaq futures vs fair value: -17.50. (:WRAPX) :

The stock market is on track for a lower open as S&P 500 futures trade 11 points below fair value after sliding from their highs at the start of the European session. However, futures have climbed off their lows over the past two hours and they currently sit near the middle of the overnight range.

The overnight session featured the latest policy statement from the Bank of Japan, which called for a new ETF purchase program in the amount of JPY300 billion. However, the market was not satisfied with these measures as the Nikkei fell 1.9% while the yen spiked about 0.8% against the dollar (121.50). The cautious sentiment has carried over into the European session with most key indices there showing losses of 1.0% or more.

With the market set to start the day on the defensive, Treasuries have advanced overnight, pressuring the 10-yr yield to 2.20% (-4 bps). This puts the benchmark yield on track to end the week higher by six basis points after testing the 2.33% area following Wednesday's fed funds rate hike.

On the corporate front, homebuilders are likely to see some relative strength thanks to better than expected earnings from Lennar (LEN 49.50, +0.82). The stock has climbed 1.7% in pre-market action.

Investors will not receive any economic data today, but trading volume will be elevated considering quadruple witching takes place today.

9:10 am Genmab A/S achieves a $3 million milestone in its DuoBody technology platform collaboration with Janssen Biotech, a unit of Johnson & Johnson (JNJ) (GNMSF) : The milestone is triggered by Janssen's selection of a clinical candidate for the sixth program in the collaboration. At the same time, a $500,000 milestone was achieved for pre-clinical progress in the same program.

9:06 am DS Healthcare Group announces direct offering of 2 mln shares of common stock at $2.50/share w/ warrants to purchase up to 1.5 mln shares of common stock with an exercise price of $2.85/share (DSKX) :  

9:06 am Caterpillar: November World Total Machine sales down 11% y/y; World Resource Industries down 28%; World Construction Industries down 7% (CAT) :

9:04 am Enduro Royalty Trust announces 2016 Capital Program; anticipates total CapEx included in announced distributions to continue to decline (NDRO) : Due to the continued low commodity price environment, the operators of the properties underlying the Trust are evaluating planned capital expenditures during 2016. Total capital expenditures included in announced distributions during 2015 were $8.5 million, or $6.8 million net to the Trust, and Enduro Resource Partners anticipates total capital expenditures included in announced distributions in 2016 to continue to decline and range from $4 to $6 million attributable to the properties in which the Trust owns a net profits interest, or $3 to $5 million net to the Trust's 80% net profits interest.

9:01 am Tenet Healthcare and Aetna (AET) sign a four-year agreement, for Aetna members to have access to Tenet's hospitals, physicians and outpatient centers (THC) :  

9:00 am S&P futures vs fair value: -12.20. Nasdaq futures vs fair value: -17.70. (:WRAPX) : The S&P 500 futures trade twelve points below fair value. 

Markets in the Asia-Pacific region took a cue from yesterday's dive on Wall Street, ending the week on a mostly lower note. Interestingly, Japan's Nikkei lost 1.9% even though the Bank of Japan expanded its quantitative and qualitative easing program by stepping up its purchases of ETFs and lengthening the average maturity of government securities in the bank's possession. Despite the change, the yen rallied, sending the dollar/yen pair into the 121.35 area after trading near 123.00 overnight. The market response suggests investors believe the BoJ's actions may be insufficient. Elsewhere, China's Shanghai Composite outperformed the region, ending flat after November House Prices increased 0.9% year-over-year (previous 0.1%).

• In economic data:
  • China's November House Prices +0.9% year-over-year (previous 0.1%)
  • The Bank of Japan leaves key interest rate unchanged at 0.10%, as expected
  • New Zealand's December ANZ Business Confidence 23.0 (prior 14.6)
  • South Korea's November PPI -0.3% month-over-month (previous -0.7%); -4.6% year-over-year (last -4.6%)

---Equity Markets---

• Japan's Nikkei flirted with its November high, but reversed to end the day lower by 1.9% after the Bank of Japan failed to satisfy a stimulus-hungry market. Every sector ended in the red with health care (-0.4%) registering the slimmest decline. Meanwhile, the remaining groups lost more than 1.2% apiece. To little surprise, energy brought up the rear with a 3.4% plunge. Looking at individual issues, SUMCO, Okuma, Fujitsu, Toho Zinc, Sumitomo Metal Mining, and Kobe Steel ended among the laggards with losses between 3.7% and 4.7%.
• Hong Kong's Hang Seng lost 0.5% with energy names showing relative weakness. CNOOC, Petrochina, and China Petroleum & Chemical lost between 1.7% and 1.9% while select financials also struggled. Hang Seng Bank, China Life Insurance, and Bank of East Asia surrendered between 1.1% and 2.0%.
• China's Shanghai Composite ended flat. Airlines had a strong showing with China Southern Airlines, Hainan Airlines, and China Eastern Airlines spiking between 2.6% and 7.9%. Financials rebounded from recent weakness with Agricultural Bank of China, Everbright Bank, and Bank of China adding between 0.3% and 0.7%.

European markets trade lower across the board with Spain's IBEX (-1.6%) trailing the region ahead of this weekend's general elections. Despite today's weakness, regional indices remain on track to end the week in the green after suffering two consecutive weekly losses. The Friday session has been relatively quiet on the news front while the euro has held its ground against the dollar, trading at 1.0837. European Central Bank member Ewald Nowotny spoke about the ECB QE program, saying that ECB policy is helping drove down lending rates and that the Austrian banking sector is likely to lose a third of its workforce in the next few years.

• Economic data was limited:
  • Eurozone October Current Account EUR20.40 billion (expected EUR29.90 billion; previous EUR30.10 billion)
  • Italy's November Wage Inflation +0.2% month-over-month (expected 0.1%; previous 0.1%); +1.3% year-over-year (consensus 1.2%; last 1.2%)
  • France's November PPI +0.1% month-over-month (prior 0.2%)

---Equity Markets---

• Spain's IBEX has tumbled 1.6% with Mediaset, Telefonica, Inditex, and ACS down between 2.5% and 3.4%. On the upside, FCC has surged 23.8% after receiving a capital injection.
• Germany's DAX is lower by 1.1% with all but two components in the red. Exporters Daimler and BMW have paced the slide with losses close to 2.5% apiece while financials Deutsche Bank and Commerzbank are both down near 1.1%. On the upside, Deutsche Boerse has climbed 0.8% while HeidelbergCement trades higher by 0.3%.
• In France, the CAC trades down 1.2% amid broad weakness. Airbus Group has given up 3.1% while consumer names Louis Vuitton, L'Oreal, Accor, Kering, and Carrefour show losses between 1.6% and 2.9%. Steelmaker ArcelorMittal has bucked the trend, trading higher by 1.2%.
• UK's FTSE has slid 0.4% with ARM Holdings diving 2.2%. Homebuilder Barratt Developments is down 1.8% while industrials Ashtead Group and Meggitt have given up 1.5% apiece. A handful of miners have been able to show some strength with Anglo American, BHP Billiton, and Fresnillo up between 0.2% and 1.3%.

8:57 am Bombardier-Alstom (ALSMY) consortium signs a framework contract to supply up to 1,362 M7 double deck cars to the Belgian National Railways (BDRBF) :

Bombardier Transportation - Alstom consortium, signed a framework contract to supply up to 1,362 M7 double deck cars to the Belgian National Railways.

• The total order is valued at $3.6 billion.
• Bombardier's part is worth around $2.3 billion while Alstom's share is worth $1.3 billion

The first firm order signed today includes the design and manufacturing of 445 cars and is valued at ~$1.4 billion.

• Bombardier's share is valued at $853 mln while Alstom's share is valued at $511 mln.
• Deliveries for this first order will take place between September 2018 and 2021.
• The frame contract also includes options for up to 917 additional cars.
• The total order is valued at $3.6 bln.
• Bombardier's part is worth around $2.3 bln while Alstom's share is worth $1.3 bln.

8:56 am Thinly traded Biodel is trading higher following Q4 results and plan to explore strategic alternatives (BIOD) :

• Co reported Q4 EPS of ($0.05) vs ($0.10) year ago; did not recognize any revenue. At September 30, 2015, Biodel had cash and cash equivalents of $40.8 mln and 62.2 mln shares of common stock outstanding.
• Co also announced that its Board of Directors has approved a plan to explore strategic alternatives to further realize value from its pipeline assets and to preserve the significant cash balance. As part of this plan, enrollment in BIOD-531 Study 3-157 is being suspended and the Company will retain an advisor to assist in this process of evaluating its strategic alternatives. "The impact of the delay of the timelines for filing the NDA for the Glucagon Emergency Management product candidate on our stock price has necessitated us to commence a review our strategic alternatives while at the same time extending our cash runway. While this is a difficult decision, we believe it offers the best opportunity to maximize shareholder value from our clinical assets and cash resources. I look forward to being able to update our investors on the process in the coming months."

8:53 am Minerva Neurosciences meets its enrollment target of 234 patients in its ongoing Phase IIb trial testing MIN-101 for the treatment of schizophrenia (NERV) : Topline results for the core 12-week treatment evaluation period are expected in the second quarter of 2016.

8:49 am Darden Restaurants On Q2 Conference Call (DRI) :

Supplemental Q2 Press Release Metrics:

• Firm saw +2.8% SSS growth at Olive Garden and +2.6% SSS growth at Longhorn Steakhouse
• Revenues at Olive Garden were +1.2% to $892 mln. Longhorn Steakhouse were +5.6% to $346 mln

Call Highlights:

• Co sees federal/state wage rate increases and an increasingly competitive labor market as driving wage costs higher in the near-intermediate term.
• Longhorn saw strength in comps and was aided by lower marketing expenses. Olive Garden was aided by (among other things) deflation in food costs (notably seafood).
• The firm saw positive overall sales in all of its divisions: +1.2% at Olive Garden, +5.6% at Longhorn Steakhouse, +2.4% at its Fine Dining properties and +8.1% in Other restaurants. 
• Regarding input costs- the firm expects low single-digit inflation in Beef, Produce and Dairy products. It also expects low single-digit deflation in Seafood/Wheat.

8:45 am The Medicines Co sells its Hemostasis Portfolio to Mallinckrodt (MNK) for a total potential consideration of up to $410 million (MDCO) :

The Medicines Company sells its global portfolio of three hemostasis products -- RECOTHROM Thrombin topical (Recombinant), PreveLeak, and RAPLIXA (fibrin sealant) -- for a total potential consideration of up to $410 million.

• The Medicines Company will receive an initial payment of ~$175 mln, including inventory, at closing and has the potential to receive up to $235 million in additional consideration for future milestone payments.
• Transaction is expected to close in 1Q16.

8:40 am Balchem increases its quarterly dividend to $0.34/share, up from $0.30/share Q/Q (BCPC) :  

8:36 am Golar LNG Partners reports it has not experienced any material changes in operations since 3Q15 earnings; authorizes a $25 mln unit repurchase program (GMLP) :

Co announced that it has not experienced any material changes in its operations since its third quarter 2015 earnings announcement on November 30, 2015. As at September 30, 2015 the Partnership had a total revenue backlog of $2.5 billion.

• The Partnership's distribution policy has not changed and management, therefore expects to recommend to the board of directors an unchanged distribution of $0.5775 per unit with respect to the fourth quarter of 2015.
• The Partnership also announced that the Board has authorized the repurchase by the Partnership of up to $25 million of its outstanding common units

8:34 am BioDelivery Sciences provides updates on pipeline progress as well as on the launches of BUNAVAIL and BELBUCA (BDSI) :

• Co provides an update on its development pipeline and announces plans for an R&D day in early 2016.
• BDSI has initiated its multi-center study to assess the efficacy and safety of Clonidine Topical Gel in the treatment of pain associated with painful diabetic neuropathy. The study design incorporates significant learnings from two previously conducted studies and involves tightened and additional inclusion criteria. BDSI expects the first patient to be enrolled shortly with study recruitment expected to be completed before the end of 2016.
• Additionally, BDSI continues to progress its 30 day buprenorphine injection. Following a recent pre-IND meeting with the FDA, BDSI will conduct one additional preclinical study to characterize the time for elimination of the formulation polymers at the injection site beyond the 30 day period of buprenorphine exposure. FDA requested this trial be part of the IND submission. Otherwise, FDA had minimal comments on the proposed first clinical study.

8:32 am First Potomac Realty intends to redeem 2.2 mln of 7.750% Series A Cumulative Redeemable Perpetual Preferred Shares on January 19, 2016 (FPO) :

Co intends to redeem 2.2 mln of its 6.4 mln outstanding shares of 7.750% Series A Cumulative Redeemable Perpetual Preferred Shares on January 19, 2016.

• This redemption is consistent with the Company's previously announced plan to dispose of at least $200 mln of assets and utilize the proceeds to redeem outstanding preferred shares, repay outstanding indebtedness and/or repurchase common shares.
• The Series A Preferred Shares will be redeemed at a redemption price of $25.00/share, plus the amount equal to all accrued and unpaid dividends

8:32 am iRadimed prices 1.04 mln share offering from CEO Rofer Susi at $24.25/share (IRMD) : Co will not receive any proceeds from the offering.

8:31 am S&P futures vs fair value: -14.20. Nasdaq futures vs fair value: -21.00. (:WRAPX) :

As pre-market trading enters its final hour, S&P 500 futures have climbed off their lows, but they remain 14 points below fair value.

In Treasuries, the benchmark note has rallied through the night with its yield falling three basis points to 2.20%.

On an unrelated note, the Bank of Japan expanded their quantitative and qualitative easing program by ramping up purchases of ETFs and lengthening the average maturity of government securities held by bank. This change was not seen as a strong enough move, sending the yen higher against the dollar. Currently, the dollar/yen pair is down 0.9% at 121.50 The Dollar Index is lower by 0.3% at 98.94.

In commodities, WTI crude has trimmed its overnight loss, now re-taking the $36.00/bbl price level as the commodity still trades lower 0.4%.

8:31 am Luminex receives FDA clearance for its NxTAG Respiratory Pathogen Panel (LMNX) : Co announces that it has received FDA clearance for its NxTAG Respiratory Pathogen Panel that detects 20 clinically relevant viral and bacterial respiratory pathogens, including the atypical bacteria Chlamydophila pneumoniae and Mycoplasma pneumonia. The panel is the only respiratory assay that enables labs to easily and simultaneously detect 20 respiratory pathogens in a single closed tube system in a format that scales to accommodate changes in throughput needed to respond to seasonal changes in demand, especially during flu season. FDA clearance, which was received less than 90 days from submission, follows the CE Mark received for the panel in October.

8:31 am Paragon Offshore confirms its common shares will be delisted from the NYSE (:PGN) :

• Co announces that it received notification from The NYSE notifying Paragon that the NYSE had suspended trading in Paragon's shares effective immediately. The NYSE determined that Paragon's ordinary shares were no longer suitable for listing based on "abnormally low" price levels, pursuant to Section 802.01D of the NYSE's Listed Company Manual.
• As a result of this notification, Paragon will not submit a business plan to the NYSE as previously disclosed in Paragon's press release dated December 8, 2015.

8:30 am Limoneira increases quarterly dividend by $0.005/share to $0.05/share (LMNR) :  

8:30 am Biomarin Pharm announces that the FDA has notified that they have yet to complete review process for Kyndrisa and are unable to take action by the previously scheduled December 27 PDUFA date (BMRN) : The co announced that the FDA has notified it that they had not yet completed their review process and would be unable to take an action by the Prescription Drug User Fee Act (:PDUFA) action date for Kyndrisa (drisapersen) of December 27, 2015, and anticipate taking action in early January 2016.

8:30 am Southern acquires a 200-megawatt Garland solar facility from Recurrent Energy, a subsidiary of Canadian Solar (CSIQ) (SO) : Co announced the acquisition of a controlling interest in the 200-megawatt (MW) Garland solar facility under construction in California from Recurrent Energy, a subsidiary of Canadian Solar (CSIQ). The facility will consist of more than 800,000 polycrystalline photovoltaic solar modules, mounted on single-axis tracking tables, and is expected to enter commercial operation in the fourth quarter of 2016. Canadian solar noted that it has closed on a $480 mln combined construction and term debt facility, with a syndicate of five banks, for the project

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

• Catabasis Pharma (CATB) completed enrollment in Part A of the MoveDMD trial, a Phase 1/2 trial of CAT-1004 for the treatment of Duchenne muscular dystrophy. Co is currently identifying additional patients who are interested in participating in Part B of the trial. Entry criteria are expected to be similar to those in Part A.
• Westport Innovations (WPRT) entered into an agreement to deliver next-generation High Pressure Direct Injection gas technology. This agreement enables Westport and AVL to leverage Westport's proprietary HPDI 2.0 natural gas technology, along with AVL's engine and powertrain development capabilities, proprietary techniques and global market reach, for timely delivery of solutions to OEMs.
• The Kroger Co. (KR) and Roundy's (RNDY) completed Kroger's tender offer to purchase all outstanding shares of Roundy's common stock for $3.60 per share in cash. Kroger expects to complete the acquisition of the remaining eligible Roundy's shares not acquired in the tender offer later today through a merger under Section 251(h) of the General Corporation Law of the State of Delaware.
• Regulus Therapeutics (RGLS) announced that dosing has begun in a first-in-human Phase I clinical study of RG-125(AZD4076), by its collaboration partner AstraZeneca (AZN). AstraZeneca will pay Regulus $10.0 mln and will assume further development of RG-125(AZD4076). Regulus is eligible to receive future milestone payments under the terms of the strategic alliance agreement, which include significant launch and commercial milestone payments and royalties.
• The Dow Chemical Company (DOW) announced its new world-scale propane dehydrogenation unit located at the co's Oyster Creek site in Freeport, Texas, has begun commercial operations.
• Diana Shipping (DSX) announced that it agreed to extend the present time charter contract with Rio Tinto (RIO) Shipping for one of its Capesize dry bulk vessels, the m/v Sideris GS, for a period of 13-18 months. The gross charter rate is $6,500 per day

8:19 am Gapping down (:SUMRX) : In reaction to disappointing earnings/guidance: DYSL -27% (thinly traded), KMX -8.8%, KNX -7.4% ( lowers Q4 EPS guidance below consensus, also downgraded to Neutral from Buy at Citigroup), AKS -2% (provides Q4 EPS guidance including charges; sees Q4 shipments of 1.6 mln tons, down 14% QoQ)

M&A related: WFC -0.3% (Wells Fargo to sell its crop insurance business to Zurich Insurance).

Select telecom names showing early weakness: TSU -5.3%, VIV -3.6%, TEF -2.9%, TMUS -1.3%.

Other news: OSIR -12.8% (independent registered public accounting firm BDO USA resigns), QURE -8.6% (appoints Dan Soland as new CEO), ICPT -6.6% (FDA extends PDUFA date for Obeticholic acid for the treatment of PBC to May 29, 2016), VTAE -6.3% (announces top-line clinical efficacy results from the remaining monotherapy arm of Boehringer Ingelheim's Phase 2 trial of BI187004 in type 2 diabetes), VNR -5.7% (lowers monthly distribution to $0.03/unit from $0.1175/unit), ARIA -3.6% (confirms the appointment of Paris Panayiotopoulos as President and Chief Executive Officer, effective Jan. 1 2016), SWFT -3.3% (following KNX guidance), SCTY -2.9% (Jim Chanos reiterating cautious stance on SCTY- CNBC), YNDX -2.4% (Russia names weaker after Ukraine defaulted on $3 bln bond to Russia), VRX -2.1% (still checking), LVS -2% (CEO Adelson says the Macau market is beginning to bottom out - Reuters ), ALIM -2% (discloses it promoted Richard Eiswirth to the position of President and Chief Financial Officer), NE -1.8% (still checking), UN -1.6% (still checking), RIG -1.5% (Statoil ASA decides to cancel the contract with Transocean for the drillship Discoverer Americas; announced that the SIX Swiss Exchange approved its application to delist its shares), FDX -1.4% (pulling back following yesterday's earnings related strength), AN -1.3% (KMX sympathy), MS -1.2% (WSJ reports that Morgan Stanley is planning to trim up to 5% of its stock-trading employees early next year), IRMD -1.1% (announces a proposed secondary offering of common stock, by CEO Roger Susi; size not disclosed), AZN -1.1% (updates on preliminary findings from the ATLANTIC trial of durvalumab as 3rd-line or later stage therapy in patients with NSCLC), INTC -0.9% (still checking), JBHT -0.8% (following KNX guidance), YHOO -0.7% (NYPost reports that some of Yahoo's (YHOO) activist shareholders are mulling a proxy battle), MRK -0.4% (Provides Update on European Medicines Agency Marketing Authorization Application for Investigational Chronic Hepatitis C Therapy Elbasvir/Grazoprevir; anticipates a European Commission decision in mid-2016), KR -0.3% (Kroger completes tender offer for shares of Roundy's; initiated with a Outperform at Wells Fargo).

Analyst comments: FOSL -7.4% (downgraded to Sell from Neutral at Goldman), GLOP -2.3% (downgraded to Underweight from Neutral at JPMorgan), AIXG -1.2% (downgraded to Equal-Weight at Morgan Stanley), BA -1.1% (downgraded to Market Perform from Outperform at Wells Fargo), SGYP -0.7% (downgraded to Neutral from Buy at Citigroup), TXN -0.3% (downgraded to Mkt Perform from Outperform at Bernstein).

8:07 am Gapping up (:SUMRX) :

In reaction to strong earnings/guidance: HK +16% (light volume), RHT +6.4%, BBRY +5.8%, DRI +2.9%, AIR +2.7% (light volume), CNC +2.6% (ticking higher), LEN +1.7%, DLTH +0.8%.

M&A news: QIHU +2.8% (enters into a definitive merger agreement to be acquired by a consortium of investors in an all-cash transaction valued at ~$9.3 bln, or $77.00/share).

Metals/mining stocks trading higher: HMY +11.8%, SBGL +5.9%, AU +2.3%, ABX +2.3%, BHP +2% (also higher despite Moody's placing ratings of BHP Billiton on review for downgrade), MT +1.9% (also higher despite downgraded to Sector Perform at RBC Capital Mkts), RIO +1.7%, GDX +1.2%, SLV +0.9%, GLD +0.7%

Other news: GPT +16.2% (Gramercy Property Trust and Chambers Street Properties close merger, complete private placement of $150 mln in senior unsecured notes, enter into new credit facility; initiated with a Buy at DA Davidson), GALE +4.1% (light volume, Galena Biopharma agress to sell Zuplenz to Midatech Pharma (MTP) for an upfront payment of $3.75 mln), BTU +6.8% (issues update, discloses potential plan to raise $150 mln in debt financing as well as a new $250 mln credit facility), JRJC +4.6% (announced that it has received ~$24.0 million from its investment in the Langfang real estate project, including fully recovered principal of ~$21.7 million.), TK +3.2% (following ~60% decline yesterday), NSPH +3.1% (prices $10 mln public offering of common stock at $0.47/share), CDXS +2.9% (ticking higher, announces multi-year contract extension to supply MSD with enzyme used in manufacture of Sitagliptin), RMBS +2.7% (to collaborate with Microsoft researchers in the exploration of future memory requirements for quantum computing), GMLP +2.5% (following ~30%+ decline yesterday), PTLA +1% (ticking higher, announces completion of BLA submission to FDA for Andexanet Alfa).

Analyst comments: ROSG +4.8% (initiated with a Spec. Buy at Cantor Fitzgerald -- Thyroid may reveal ROSG to be your CUP of Tea), PLUG +3.2% (initiated with a Outperform at FBR Capital), SUNE +2.4% (initiated with a Outperform at FBR Capital; tgt $10.50), DERM +1.7% (upgraded to Buy from Neutral at Citigroup), FIT +1.4% (initiated with a Buy at Mizuho), DD +0.9% (upgraded to Buy at BofA/Merrill), CRM +0.7% (upgraded to Outperform from Neutral at Wedbush), EXAS +0.7% (initiated with a Buy at BTIG Research)

8:05 am ReachLocal announces various strategic and financing actions; raises Q4 EBITDA, reaffirms rev; guides FY16 (RLOC) :

• ReachLocal has entered into a $10 million financing arrangement with affiliates of its largest shareholder, VantagePoint Capital Partners, for the immediate issuance of $5 million of Convertible Secured Subordinated Notes and the possibility of an additional $5 million of notes to be issued upon mutual agreement.
• Hercules Technology Growth Capital has agreed to reduce the amount of restricted cash required by the Hercules term loan from $17.5 million to $15.0 million.
• Co sees FY15 op-ex down 25%.
• ReachLocal has also agreed to revised terms with key publishers to give it the ability to optimize media costs through improved performance bonuses.
• ReachLocal has decided to exit from direct sales in the U.K. market, consistent with its previously stated strategy of focusing only on markets with the potential for positive, sustainable economics and contribution margin.
• Raise its Adjusted EBITDA guidance for the fourth quarter of 2015 to the range of $2.4-3.0 mln, up from the prior range of $0.8-1.4 mln. The Company's prior revenue outlook of $88 million to $92 million for the fourth quarter of 2015 is unchanged.
• Provide an initial outlook for FY16 adj. EBITDA of $15 to $17 mln.

8:04 am Naked Brand announces Nasdaq uplisting, prices public offering of 1.875 mln shares at $4.00/share (NAKD) : The net proceeds from the offering to the Company, after deducting underwriting discounts and commissions, is expected to be approximately $6.9 million.

8:03 am S&P futures vs fair value: -17.20. Nasdaq futures vs fair value: -29.10. (:WRAPX) :

U.S. equity futures trade near their pre-market lows after sliding from overnight highs at the start of the European cash session. The S&P 500 futures trade 17 points below fair value.

Unlike equity futures, Treasuries have marched higher throughout the night, pressuring the 10-yr yield to 2.20% (-4 bps).

Investors will not receive any economic data today.

In U.S. corporate news of note:

• Lennar (LEN 49.50, +0.82): +1.7% after beating earnings estimates on in-line revenue.
• BlackBerry (BBRY 8.31, +0.51): +6.5% after the company reported a beat on earnings and guided Q4 revenue above consensus.
• Darden Restaurants (DRI 60.00, +1.61): +2.8% after beating earnings estimates and raising its guidance.
• Red Hat (RHT 83.07, +4.21): +5.3% after beating earnings estimates and guiding Q4 revenue above consensus.
• DuPont (DD 65.71, 0.48) +0.7% after receiving an upgrade from Bank of America/Merrill Lynch.
• CarMax (KMX 52.60, -4.55): -8.1% in reaction to disappointing earnings and revenue.

Reviewing overnight developments:

• Asian Markets ended mostly lower. Japan's Nikkei -1.9%, China's Shanghai Composite UNCH, and Hong Kong's Hang Seng -0.5%
  • In economic data:
    • China's November House Prices +0.9% year-over-year (previous 0.1%)
    • New Zealand's December ANZ Business Confidence 23.0 (prior 14.6)
    • South Korea's November PPI -0.3% month-over-month (previous -0.7%); -4.6% year-over-year (last -4.6%)
  • In news:
    • The Bank of Japan announced a new JPY300 billion ETF purchase program, which was deemed insufficient by the market as the yen strengthened, sending the dollar/yen pair into the 121.30 area after testing 123.00 overnight

• Major European indices trade lower across the board. Germany's DAX -1.2%, France's CAC -1.4%, and UK's FTSE -0.6%. Elsewhere, Italy's MIB -1.2% and Spain's IBEX -1.6%
  • Economic data was limited:
    • Eurozone October Current Account EUR20.40 billion (expected EUR29.90 billion; previous EUR30.10 billion)
    • Italy's November Wage Inflation +0.2% month-over-month (expected 0.1%; previous 0.1%); +1.3% year-over-year (consensus 1.2%; last 1.2%)
    • France's November PPI +0.1% month-over-month (prior 0.2%)
  • In news:
    • Spain's IBEX shows relative weakness ahead of this weekend's general election, which is likely to show big gains for populist Podemos and Ciudadanos parties

8:02 am Uranium Resources completes a registered direct offering of 2.5 mln common stock shares, for a $1 mln investment from a private party (URRE) : The shares will be sold at a price of $0.40 per share of common stock. URRE intends to use the net proceeds from this offering for general corporate purposes, which may include technical studies, restoration commitments, capital expenditures and working capital.

8:02 am Kroger completes tender offer for shares of Roundy's (RDY) (KR) :  

8:01 am ManTech has been awarded a Cyber Security and Information Systems Technical Area tasks contract by the Defense Technical Information Center; contract ceiling value is $5 billion (MANT) : The contract calls for the provision of advanced, full-scope cyber research and development to support multiple technical projects.

8:01 am Portola Pharma announces completion of BLA submission to FDA for Andexanet Alfa (PTLA) : Co announced completion of the submission of a Biologics License Application (:BLA) to the U.S. FDA for its investigational agent andexanet alfa, an FDA-designated breakthrough therapy specifically designed to reverse the anticoagulant activity of both direct and indirect Factor Xa inhibitors. 

8:01 am Box and IBM (IBM) expand strategic partnership (BOX) : The co announced a new agreement to expand its strategic partnership with IBM (IBM). The two companies have agreed to stronger go-to-market and sales commitments. With a new term that has the potential to last for a decade or more, the partnership underscores the companies' long-term commitment to delivering modern enterprise content management and collaboration solutions. Additionally, the companies announced today the general availability of two new product integrations for IBM Case Manager and IBM Datacap.

8:00 am Merck provides update on EMA marketing authorization application for Investigational Chronic Hepatitis C Therapy Elbasvir/Grazoprevir; anticipates a European Commission decision in mid-2016 (MRK) :

Co announces that the Committee for Medicinal Products for Human Use of the EMA has responded to the co's marketing authorization application for elbasvir/grazoprevir (50mg/100mg), which is under review for the treatment of adult patients with chronic hepatitis C infection.

• The CHMP advised cothat the application will now be reviewed on a standard timetable, rather than the accelerated assessment timeline previously announced.
• Under the revised timeline, co anticipates a European Commission decision in mid-2016.

7:56 am Bank of Nova Scotia may consider strategic options for its stake in Thanachart Bank (BNS) : As part of a strategic shift in the direction of Scotiabank's Asia Pacific operations, Scotiabank (BNS) may consider strategic options for its 49% stake in Thanachart Bank. No final decision has been made with respect to this investment.

7:46 am Tronox announces global price increases of $150 per metric ton for all co titanium dioxide grades effective January 1, 2016 (TROX) :  

7:36 am Ariad Pharm confirms the appointment of Paris Panayiotopoulos as President and Chief Executive Officer, effective Jan. 1 2016 (ARIA) : Panayiotopoulos joins the firm from his current position of President of EMD Serono (owned by Merck KGaA (MKGAY)). Panayiotopoulos also has been elected to the Board of Directors. He will succeed Harvey J. Berger, M.D., Ariad's founder, chairman and CEO.

7:35 am European Markets Update: IBEX -1.6%, DAX -1.5%, CAC -1.4%, FTSE -0.7% (:SUMRX) :

European markets trade lower across the board with Spain's IBEX (-1.6%) trailing the region ahead of this weekend's general elections. Despite today's weakness, regional indices remain on track to end the week in the green after suffering two consecutive weekly losses. The Friday session has been relatively quiet on the news front while the euro has held its ground against the dollar, trading at 1.0837. European Central Bank member Ewald Nowotny spoke about the ECB QE program, saying that ECB policy is helping drove down lending rates and that the Austrian banking sector is likely to lose a third of its workforce in the next few years.

• Economic data was limited:
  • Eurozone October Current Account EUR20.40 billion (expected EUR29.90 billion; previous EUR30.10 billion)
  • Italy's November Wage Inflation +0.2% month-over-month (expected 0.1%; previous 0.1%); +1.3% year-over-year (consensus 1.2%; last 1.2%)
  • France's November PPI +0.1% month-over-month (prior 0.2%)

---Equity Markets---

• Spain's IBEX has tumbled 1.6% with Mediaset, Telefonica, Inditex, and ACS down between 2.5% and 3.4%. On the upside, FCC has surged 23.8% after receiving a capital injection.
• Germany's DAX is lower by 1.5% with all but two components in the red. Exporters Daimler and BMW have paced the slide with losses close to 2.5% apiece while financials Deutsche Bank and Commerzbank are both down near 1.1%. On the upside, Deutsche Boerse has climbed 0.8% while HeidelbergCement trades higher by 0.3%.
• In France, the CAC trades down 1.4% amid broad weakness. Airbus Group has given up 3.1% while consumer names Louis Vuitton, L'Oreal, Accor, Kering, and Carrefour show losses between 1.6% and 2.9%. Steelmaker ArcelorMittal has bucked the trend, trading higher by 1.2%.
• UK's FTSE has slid 0.7% with ARM Holdings diving 2.2%. Homebuilder Barratt Developments is down 1.8% while industrials Ashtead Group and Meggitt have given up 1.5% apiece. A handful of miners have been able to show some strength with Anglo American, BHP Billiton, and Fresnillo up between 0.2% and 1.3%.

7:33 am Golden Minerals forecasts an ending FY15 cash position of $4 mln; seeks stockholder approval for conversion of a loan (AUMN) :

The Company anticipates it will end 2015 with $4 million in cash, as compared to the $2.0 million previously projected and reported in October 2015. The increased cash balance should allow Golden to further advance its San Luis de Cordero and other projects, focused on obtaining new sources of production.As previously announced, the Company closed on a $5.0 million, one-year convertible loan with its largest stockholder The Sentient Group on October 27, 2015. NYSE MKT rules provide that the Company may issue common stock to Sentient on conversion of the loan only if the issuance on conversion is approved in advance by the Company's stockholders.

7:31 am Dynamic Materials amends credit agreement; temporarily cuts quarterly dividend 50% to $0.02/share to preserve capital during industry downturn (BOOM) :

Co has amended its current credit agreement with its commercial lenders, and separately, has implemented a temporary reduction in its quarterly dividend. The amended agreement temporarily modifies certain financial covenants and will provide the Company with greater financial flexibility as it navigates the steep downturn in the global oil and gas industry. Includes: An immediate increase in the maximum debt-to-EBITDA leverage ratio from 3.00x to 3.75x, which will remain in effect through the June 30, 2016 reporting period.

• Co has chosen to temporarily reduce its quarterly cash dividend to $0.02 per share from the prior $0.04 per share. "Given the near-term uncertainty in our end markets, we are taking a conservative approach to expenditures and are focused on capital preservation and funding the Company's operations from operating cash flow."

7:30 am Agios Pharmain initiates a Phase 1b Frontline trial of AG-221, in combination with intensive chemotherapy in newly diagnosed AML Patients (AGIO) :

Co initiates a Phase 1b, multicenter, international, open-label study of AG-221 or AG-120 in combination with induction and consolidation therapy in patients with newly diagnosed acute myeloid leukemia w/ an isocitrate dehydrogenase mutation who are eligible for intensive chemotherapy.

• AG-221 and AG-120 are first-in-class, oral, selective, potent inhibitors of mutant IDH2 and IDH1, respectively, and are being developed in collaboration with Celgene (CELG).
• This study is the first wave of our frontline strategy, with a second trial, being conducted by Celgene, combining our IDH mutant inhibitors with VIDAZA in patients not eligible for intensive chemotherapy planned for the 1Q16.
• The Phase 1b, multicenter, international, open-label clinical trial will evaluate the safety and clinical activity of AG-221 or AG-120 in combination with induction and consolidation therapy in patients with newly diagnosed AML with an IDH2 and/or IDH1 mutation who are eligible for intensive chemotherapy.
• The study will evaluate continuous dosing for up to one year with AG-221 administered at an initial oral dose of 100 mg once daily in patients with an IDH2 mutation or AG-120 administered at an initial oral dose of 500 mg once daily in patients with an IDH1 mutation.
• AG-221 or AG-120 will be administered with two types of AML induction therapies (cytarabine with either daunorubicin or idarubicin) and two types of AML consolidation therapies (mitoxantrone with etoposide [ME] or cytarabine).
• The primary endpoint of the trial is to determine safety and tolerability, and the secondary endpoints include: characterization of pharmacokinetics, establishment of the recommended Phase 2 dose, and evaluation of 2-HG levels and clinical activity of the combination with standard induction.

7:30 am Manning & Napier Advisors acquires a majority interest in Rainier Investment Management; terms not disclosed (MN) :

Rainier Investment Management is an active investment management firm with more than $3 billion in capitalization-based U.S. and non-U.S. equity strategies and fixed income products.

• Under the terms of the transaction, key professionals at Rainier will maintain a 25% ownership stake in Rainier, with Manning & Napier owning the remaining 75%.
• he transaction is structured with an initial upfront cash payment funded through the co's available cash position, with additional payments based on Rainier achieving certain financial targets over a four year period.
• The transaction is expected to close in the first half of 2016

7:21 am Azure Power confirms it filed a registration statement with the SEC to pursue an IPO (:IPOXX) : The number of shares to be offered and the price range for the proposed offering have not been determined. Azure intends to list its equity shares on the New York Stock Exchange under the ticker symbol "AZRE". Barclays will act as a book-running manager for the proposed offering

7:07 am BlackBerry beats by $0.12, beats on revs; guides Q4 revs above consensus; reaffirms positive FCF (BBRY) :

• Reports Q3 (Nov) adj. loss of $0.03 per share, $0.12 better than the Capital IQ Consensus of ($0.15); revenues fell 30.9% year/year to $548 mln vs the $487.98 mln Capital IQ Consensus.
• Co issues upside guidance for Q4, sees sequential Q4 rev growth (from $548 mln) vs. $529.81 mln Capital IQ Consensus Estimate. 
• The company continues to anticipate positive free cash flow and adjusted EBITDA.
• "To sustain our current direction, we are stepping up investments to drive continued software growth and the additional PRIV launches."

7:05 am Puma Biotech. expands the third cohort from its Phase II clinical trial of PB272 (PBYI) :

Co has expanded the third cohort from its Phase II clinical trial of its lead drug candidate PB272. The cohort that has been expanded is the cohort that includes patients with metastatic biliary duct (bile duct) cancer and whose tumors have a HER2 mutation. The biliary duct cancer patients initially entered the study in the "other solid tumors with a HER2 mutation" basket and due to the preliminary activity seen in the trial the Company has expanded the basket, as per the protocol for the trial. The expanded HER2 mutant metastatic biliary duct basket will now enroll a total of 18 patients.

• Co stated: "We look forward to continuing enrollment into this initially expanded cohort and look forward to expanding additional cohorts from the basket trial, which we anticipate during 2016."

7:05 am Cytori Therapeutics amends corporate warrant agreements simplifying capital structure and updates 2015 op cash burn guidance down to $22 mln ($3 mln less than initial guidance) (CYTX) :

• The co has entered into definitive agreements with certain holders of ~100% of its outstanding Series A-1 and A-2 warrants issued in May and August of 2015 as well as warrants issued in October 2014. The agreements are intended to improve the financial flexibility of the Company, reduce the fully diluted share count, remove potentially dilutive effects of certain warrant provisions that provided for resets in warrant exercise price in potential future transactions, and provide greater freedom for the Company to use its ATM or "at-the-market offering" program. If all warrant holders elect to engage in these cashless exercises, the Company will issue an aggregate of ~36.5 mln common shares pursuant to such exercises. Under the terms of the agreements, the Consenting Holders will receive ~0.73 common shares for each cashless exercise of a warrant on a blended average basis, with specific conversion factors dependent on the class of warrant held.
• "Operationally, we believe these agreements and subsequent warrant exercises will improve our attractiveness to potential commercial partners as we near milestones in our US osteoarthritis and US and European scleroderma programs. On a related note, based on continued success of our expense reduction initiative, we can at this time, update our 2015 operating cash burn guidance for the full year down to $22 million, $3 million less than our initial guidance of $25 million disclosed in the beginning of 2015."

7:04 am Sarepta Therapeutics confirms the FDA advisory committee will review Eteplirsen as a treatment for Duchenne Muscular Dystrophy Amenable to Exon 51 skipping on January 22 (SRPT) : The co announced that the Peripheral and Central Nervous System Drugs Advisory Committee of the U.S. Food and Drug Administration will review Sarepta's New Drug Application for eteplirsen, on January 22, 2016. The Prescription Drug User Fee Act action date for completion of FDA review of the eteplirsen NDA is February 26, 2016. The FDA has granted eteplirsen Priority Review status, which is designated for drugs which provide a treatment where no adequate therapy exists. The FDA also granted Rare Pediatric Disease Designation to eteplirsen, as well Orphan Drug Designation and Fast Track Status.

7:04 am Darden Restaurants beats by $0.12, reports revs in-line; raises FY16 guidance above consensus; raises dividend, authorizes new buyback (DRI) :

• Reports Q2 (Nov) earnings of $0.54 per share, $0.12 better than the Capital IQ Consensus of $0.42; revenues rose 3.2% year/year to $1.61 bln vs the $1.62 bln Capital IQ Consensus. Same-restaurant sales increased 1.6% for the fiscal quarter; On a comparable calendar basis, same-restaurant sales increased 2.9% for the quarter.
• Co issues upside guidance for FY16, sees EPS of $3.25-3.35 vs. $3.20 Capital IQ Consensus Estimate, up from prior guidance of $3.15-3.30. Sees same-restaurant sales to 2.5% to 3.0%, up from prior guidance of of +2% to +2.5%.
• The Company successfully concluded the spin-off of Four Corners Property Trust (FCPT) that included 424 restaurant properties, resulting in a stock dividend valued at $6.79 per share (Darden equivalent) as of the November 10, 2015 market close, the first day of regular-way trading in FCPT stock. In addition, the Company has completed 62 of 64 planned restaurant sale leasebacks and the sale leaseback of its Restaurant Support Center in Orlando.
• Co raised dividend 14% to $0.50 per common share, and authorized a new share repurchase program for up to $500 million of its outstanding common stock.

7:04 am Vanguard Natural Resources lowers monthly distribution to $0.03/unit from $0.1175/unit (VNR) : "Given the current commodity and capital markets environment, we believe the most prudent strategy is to reduce the cash distribution payout on our common units. Lowering the common unit distribution from $1.41 annualized to $0.36 annualized reduces the cash required for distributions from approximately $185 million to $47 million. Excess cash flow that is generated by this action will be directed at paying down debt under Vanguard's revolving credit facility and is expected to result in significant distribution coverage in both 2016 and 2017 based on current commodity strip prices. We believe it is in the best long-term interest of the Company to redirect our excess cash flow in this manner and better position Vanguard when a commodity price recovery occurs in the future."

7:03 am Biota Pharma completes an initial Phase 1 single ascending dose trial of BTA585 to treat RSV infections; top-line data demonstrated that BTA585 was generally well tolerated at all dose levels (BOTA) :

Co completes an initial Phase 1 single ascending dosetrial of BTA585.

• Top-line data demonstrated that BTA585 was generally well tolerated at all dose levels; there were no serious adverse events, and no drug-related clinically-significant changes in ECGs or clinical laboratory values were observed.
• Co plans to present the full data from this trial at an upcoming scientific meeting in 2016.
• The blinded, placebo-controlled SAD study, which was conducted in the United States under an IND, evaluated the safety and pharmacokinetics of five oral doses of BTA585 (50, 100, 200, 400, and 500 mg) in healthy volunteers.
• In addition, the 100 mg cohort included an evaluation of the effect of food on the PK profile of BTA585. Each of the dose cohorts consisted of seven subjects that received BTA585 and three that received placebo.
• Overall, there was low incidence of AEs with BTA585 treatment.

7:02 am eMagin enters direct offering of ~$6 mln of common stock at $1.50/share and five and one half year warrants to purchase up to 2.6 mln shares of common stock at an exercise price of $2.05 (EMAN) : The closing of the sale of the securities is expected to take place on or about December 23, 2015

7:02 am Codexis announces multi-year contract extension to supply MSD with enzyme used in manufacture of Sitagliptin (CDXS) : Co announces the signing of an agreement extension with Merck Sharp & Dohme Corp., known as MSD outside the United States and Canada, to license and supply a proprietary enzyme used in the manufacturing process for sitagliptin, the active pharmaceutical ingredient in Merck's JANUVIA and one of the active ingredients in Merck's JANUMET.

7:02 am Rhino Resource Partners confirms common units to begin trading on the OTCQB Marketplace under new ticker symbol RHNO (:RNO) :  

7:01 am VEREIT and Golden Gate Capital announce they have entered into two additional real estated transactions worth $400 mln (VER) :

Co and Golden Gate Capital announce they have entered into two additional transactions totaling $400 million of Red Lobster restaurant properties owned by VEREIT. GGC acquired a pool of properties from VEREIT valued at $210.5 million and, by expanding their previously announced strategic partnership, GGC and VEREIT will opportunistically divest $190 million of additional properties through single- or multi-unit dispositions at accretive valuations.

• Co stated: "We are well on our way to achieving our guidance of closing between $1.8 and $2.2 billion of dispositions by the end of 2016 as we continue to enhance our overall portfolio diversification."

7:01 am Delphi Automotive acquires the HellermannTyton Group for 1.07 bln; expects the transaction to be $0.15 accretive to EPS starting in 2016 (DLPH) : Co acquired the HellermannTyton Group PLC, a global manufacturer of high-performance and innovative cable management solutions. The transaction is valued at 1.07 billion on a cash and debt-free basis. Delphi expects the transaction to be 15 cents accretive to earnings per share starting in 2016. 

7:01 am Halcon Resources offers preliminary FY16 outlook (HK) :

Despite being significantly hedged in 2016 at an average price of $80.59 per barrel of oil and currently having approximately $800 million of liquidity, the Company expects to take a more tempered approach to 2016 than originally planned due to continued weakness in oil prices. Halcn's preliminary drilling and completion budget for 2016 is $180 - $210 million.

• The Company expects to reduce drilling and completion activity in both the Williston Basin and the El Halcn area in East Texas in 2016. Halcn estimates that the reduced activity level in 2016 should result in a production profile that is flat to down approximately 5% when compared to 2015.

7:00 am Nuverra Environmental Solutions receives a notice of noncompliance from the NYSE regarding its $1 minimum bid rule (NES) : In accordance with the NYSE rules, Nuverra will notify the NYSE within 10 business days of its intent to cure the deficiency under continued listing standard 802.01C and return to compliance. The Company has six months from its receipt of notice to regain compliance with the minimum share price requirement.

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

• General Electric (GE) commenced an exchange offer, on a one-for-one basis, new 5.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, $1.00 par value, with a liquidation preference of $1,000/share for its existing three series of preferred stock
• Bombardier (BDRBF) announced that its Chinese joint venture, Bombardier Sifang Transportation, has been awarded a contract with China Railway to supply 15 CRH380D very high speed trains for the country's rapidly growing high speed network. The contract for 15 eight-car trainsets is valued at 2.4 billion Chinese RMBs ($381 million)
• Vinci SA (VCISY) announces that VINCI Construction France will erect the new Trinity high-rise building for Unibail-Rodamco. The 140- metre tower will be constructed along the Eastern side of the CNIT building in the heart of the La Dfense business district near Paris. The project, which will get under way in early 2016 and is scheduled for completion in the second half of 2018, will be carried out by three VINCI Construction France subsidiaries

6:56 am Asian Markets Close: Nikkei -1.9%, Hang Seng -0.5%, Shanghai UNCH (:SUMRX) :

Markets in the Asia-Pacific region took a cue from yesterday's dive on Wall Street, ending the week on a mostly lower note. Interestingly, Japan's Nikkei lost 1.9% even though the Bank of Japan expanded its quantitative and qualitative easing program by stepping up its purchases of ETFs and lengthening the average maturity of government securities in the bank's possession. Despite the change, the yen rallied, sending the dollar/yen pair into the 121.35 area after trading near 123.00 overnight. The market response suggests investors believe the BoJ's actions may be insufficient. Elsewhere, China's Shanghai Composite outperformed the region, ending flat after November House Prices increased 0.9% year-over-year (previous 0.1%).

• In economic data:
  • China's November House Prices +0.9% year-over-year (previous 0.1%)
  • The Bank of Japan leaves key interest rate unchanged at 0.10%, as expected
  • New Zealand's December ANZ Business Confidence 23.0 (prior 14.6)
  • South Korea's November PPI -0.3% month-over-month (previous -0.7%); -4.6% year-over-year (last -4.6%)

---Equity Markets---

• Japan's Nikkei flirted with its November high, but reversed to end the day lower by 1.9% after the Bank of Japan failed to satisfy a stimulus-hungry market. Every sector ended in the red with health care (-0.4%) registering the slimmest decline. Meanwhile, the remaining groups lost more than 1.2% apiece. To little surprise, energy brought up the rear with a 3.4% plunge. Looking at individual issues, SUMCO, Okuma, Fujitsu, Toho Zinc, Sumitomo Metal Mining, and Kobe Steel ended among the laggards with losses between 3.7% and 4.7%.
• Hong Kong's Hang Seng lost 0.5% with energy names showing relative weakness. CNOOC, Petrochina, and China Petroleum & Chemical lost between 1.7% and 1.9% while select financials also struggled. Hang Seng Bank, China Life Insurance, and Bank of East Asia surrendered between 1.1% and 2.0%.
• China's Shanghai Composite ended flat. Airlines had a strong showing with China Southern Airlines, Hainan Airlines, and China Eastern Airlines spiking between 2.6% and 7.9%. Financials rebounded from recent weakness with Agricultural Bank of China, Everbright Bank, and Bank of China adding between 0.3% and 0.7%.
• India's Sensex snapped its four-day streak, surrendering 1.1%. Only three components ended in the green with Tata Power (+0.9%) in the lead while the likes of Bajaj Auto, Infosys, Hindalco Industries, Reliance Industries, and Tata Motors lost between 1.2% and 2.0%.

---FX---

• USDJPY -1.1% to 121.19
• USDCNY UNCH at 6.4815
• USDINR -0.1% to 66.35

6:53 am CarMax misses by $0.05, misses on revs (KMX) :

• Reports Q3 (Nov) earnings of $0.63 per share, $0.05 worse than the Capital IQ Consensus of $0.68; revenues rose 4.1% year/year to $3.54 bln vs the $3.62 bln Capital IQ Consensus. 
  • While total used vehicle unit sales grew 3.2%, comparable store used unit sales fell 0.8% vs. ests near +2%. The comparable store used unit sales performance reflected a modest decrease in store traffic, which was largely offset by improved conversion. Wholesale vehicle unit sales grew 3.4% versus the third quarter of fiscal 2015, due to the growth in our store base. 
  • "We had a challenging sales quarter, which together with higher advertising expenses, contributed to the year-over-year decline in third quarter net earnings."

6:52 am Empresas ICA issues update, decides not to pay the ~$31 mln interest payment which was due November 30 on its 8.875% senior notes due 2024 (ICA) :

The co announced that its Board of Directors has decided that ICA will not pay the approximately $31 million interest payment which was due November 30, 2015 on ICA's 8.875% senior notes due 2024, prior to expiration of the grace period on December 29, 2015. ICA has made this decision in order preserve liquidity, prioritize ongoing operations and fund projects currently under development. Over the next 30 to 60 days, with the help of its financial advisors, Rothschild and FTI Consulting, ICA will work on a cost-cutting plan and a restructuring plan. ICA expects that the initial restructuring plan will be finalized by mid-February 2016.

• ICA has also begun the process of engaging with its creditors and other stakeholders. While this review is ongoing, ICA's priority will be to serve its clients and to continue providing construction and concession-management services.
• The co also announced that the Board of Directors approved changes in ICA's management team at its meeting yesterday. Board member Alfonso Gonzlez Migoya has been appointed co-Chief Executive Officer, alongside Alonso Quintana. Orlando Loera has been appointed Chief Restructuring Officer to direct ICA's restructuring initiatives. Pablo Garcia has been appointed Chief Financial Officer, replacing Gabriel de la Concha, who resigned in order to pursue other business opportunities. Gabriel de la Concha will support the Company in carrying out the transition.

6:40 am PNM Resources re-affirms FY15 EPS guidance, offers in-line FY16 EPS guidance ahead of today's guidance call (PNM) : The co will discuss the company's 2016 ongoing EPS guidance of $1.55-1.76 vs $1.63 Capital IQ Consensus Estimate. Expectations for 2016 will be driven by the pending rate case in N.M. Management affirmed the company's 2015 consolidated ongoing EPS guidance of $1.56-1.61 vs $1.59 Capital IQ Consensus Estimate. Management will host a live conference call this morning at 11 a.m. Eastern to discuss details of the guidance range and provide company updates.

6:31 am Gelesis withdraws planned IPO due to market conditions (:GLSS) : In conjunction with withdraw its S-1 registration statement, the co announced that it had closed a $31.5 million growth financing round. New institutional investors, including Cormorant Asset Management, joined current investors Invesco Asset Management, PureTech and the Priztker/Vlock Family Office in this financing round. The financing brings the total capital raised since inception to over $90 million.

6:31 am uniQure appoints Dan Soland as new CEO (QURE) : Soland will succeed Jrn Aldag, who has decided to step down as CEO, a role he has held since 2009. Soland will also be nominated for appointment to uniQure's Management Board. Soland brings to uniQure more than 30 years of industry experience, most recently serving as Vice President and Chief Operating Officer of ViroPharma.

6:18 am On The Wires (:WIRES) :

• American Farmland Company (AFCO) entered into three binding purchase and sale agreements with Sun Dial Farms, LLC and affiliates to buy seven mature permanent crop farmland properties aggregating to 2,186 gross acres and 1,729 net plantable acres for a combined gross purchase price of $65 million, which the Company intends to pay out of cash on hand and borrowings. The farms are located across multiple counties in California, each with its own well(s) and surface water. Crops planted include almonds, lemons, mandarins and several other citrus varieties as well as prunes.
• Hancock Holding Company (HBHC) announced that it will further increase its allowance for loan losses within its energy portfolio by approximately $42 million. As a result, the allowance for the company's $1.6 billion energy portfolio will be just under 5% at year-end 2015. The energy-related allowance at September 30, 2015 was $35.2 million or 2.12% of energy loans. Energy loans are expected to approximate 10% of total loans at December 31, 2015, down from 11% at September 30, 2015.
• Statoil (STO) announced the start of power development for Johan Sverdrup. This is an important milestone in the development of the giant Johan Sverdrup field that will be powered from shore, when it starts production in late 2019.
• Vale S.A. (VALE) announces that the African Development Bank has approved project financing for the Nacala Logistic Corridor (:NLC). The AfDB intends to provide up to $300 million and will be part of a group of financial institutions that will lend to NLC on a project finance basis. The AfDB is an African multilateral agency established to promote economic and social development efforts on the continent.
• On December 15, 2015, Red Lion Hotels Corporation (RLH) redeemed all of its outstanding 9.5% Junior Subordinated Debentures Due February 24, 2044 for a redemption price equal to $31,434,828.28, consisting of principal in the amount of $30,824,755.00 and accrued distributions in the amount of $610,073.28. In connection with the liquidation of these securities, RLHC recognized a loss of $1.7 million for the early termination of debt. The loss primarily related to the write off of unamortized debt issuance costs paid by RLHC at the inception of the trust.
• Amec Foster Wheeler (AMFW) announces that it has been awarded an Engineering Procurement and Construction Contract for the Cullinan Mill Extension Project, near Pretoria, in South Africa. The award of this contract, valued at approximately $113 million, follows the successful Front End Engineering and Design work for this project. The contract will be executed by Amec Foster Wheeler's South African mining company, MDM Engineering.
• China Finance Online (JRJC) announced that it has received ~$24.0 million from its investment in the Langfang real estate project, including fully recovered principal of ~$21.7 million.
• New York REIT (NYRT) announced it has completed 125,438 square feet of leasing during the fourth quarter of 2015, including two office leases and two retail leases.

6:15 am GOL Linhas Areas Inteligentes S.A. reports prelim November air traffic, showing transported passengers -12.8% Y/Y to 3 mln (GOL) : GOL reduced its domestic supply by 3.4% in November and reaffirmed its previous 4Q15 national market supply projection of a decline of between 5 and 7%.Domestic demand fell by 10.9% in the month, giving a load factor of 73.6%. GOL transported 3.0 million passengers in the month, 12.8% down on November 2014, and 35.4 million year-to-date, 1.6% less than in the same period last year.

6:10 am Lennar beats by $0.09, reports revs in-line (LEN) :

Reports Q4 (Nov) earnings of $1.21 per share, $0.09 better than the Capital IQ Consensus of $1.12; revenues rose 14.0% year/year to $2.95 bln vs the $2.97 bln Capital IQ Consensus.

• Deliveries of 7,657 homes -- up 10%
• New orders of 6,053 homes -- up 10%; new orders dollar value of $2.1 billion-- up 20%
• Backlog of 6,646 homes -- up 14%; backlog dollar value of $2.5 billion -- up 25%
• Gross margin on home sales of 24.6%, compared to 25.6% in Q4 2014, improved sequentially 50 basis points from Q3 2015

6:09 am Nordic American Tanker issues a financial and operational update; 4Q15 is progressing well (NAT) : Co stated: "We also wish to make it absolutely clear that NAT has no financial or operational relationships with MLPs. Our dividend policy remains in place. NAT has paid dividend for 73 consecutive quarters since the autumn of 1997. The financial position of NAT is solid. The net debt stood at $6.8 million per ship at the end of the third quarter 2015. The 4th quarter 2015 is progressing well. The tanker market is strong now, impacting the 4Q2015 results for NAT positively."

6:07 am Magnum Hunter (MHRC) reported that the a US District Bankruptcy Court has approved a variety of 'first day' motions related to its voluntary chapter 11 restructuring (:MHR) :

Collectively, the first day orders entered provide the Company with the ability to continue operating in the ordinary course while it continues to pursue a comprehensive financial restructuring. The Court approved motions that give the Company the ability to, among other things, pay employee wages and benefits without interruption throughout the restructuring process, continue its current cash management program, continue making royalty payments to mineral owners, and pay pre-bankruptcy claims to certain of the Company's oil and gas vendors.

• Importantly, the Court approved the Company's debtor-in-possession financing on an interim basis. The DIP Financing generally provides for a $200 million senior and junior secured multi-draw term loan, approximately $40 million of which was made available upon entry of the interim order

6:06 am Centene boosts FY15 EPS guidance, offers FY16 guidance (CNC) :

• The co said it now expects FY15 EPS of $2.90-2.94 (Prior $2.84-2.90) vs $2.88 Capital IQ Consensus Estimate and reaffirmed its revenue guidance in the previously announced range for premium and service revenues of $21-21.3 bln.
• The co also offered FY16 guidance, assuming the Health Net (HNT) acquisition closes on February 1, saying it expects total revs to be $41.2-42.0 bln, GAAP EPS of $2.85-3.15, Adjusted-EPS of $4.10-4.40. The Adjusted earnings per diluted share excludes approximately $0.65 to $0.70 per diluted share of Health Net merger related expenses and total intangible amortization associated with acquisitions of $0.55 to $0.60 per diluted share.
• Current FY16 analyst estimates may not compare as they currently consist of $3.35 in EPS on revs of $25.99 bln.

6:02 am Orion Engineered Carbons approves a share repurchase plan of up to $20 mln in common stock; tightens FY15 adj. EBITDA guidance to $205-210 mln (OEC) : Co announced that their Board of Directors has approved the repurchase of up to $20 million of Common Stock via open market repurchase during the next 12 months. The Company also will use EUR70 million of available cash to reduce its debt by approximately 10% further strengthening its balance sheet, while reducing ongoing annual interest costs by approximately EUR3.5 million. This debt repayment will be initiated in December 2015. Company announced that it is tightening the range of its FY 2015 Adjusted EBITDA outlook to $205 million - $210 million, from $203 million - $210 million.

5:57 am S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -19.00. :

5:57 am European Markets : FTSE...6074.79...-27.80...-0.50%.  DAX...10689.05...-28.00...-0.50%.

5:57 am Asian Markets : Nikkei...18986.80...-366.80...-1.90%.  Hang Seng...21755.56...-116.50...-0.50%.

5:25 am Qihoo 360 Tech. enters into a definitive merger agreement to be acquired by a consortium of investors in an all-cash transaction valued at ~$9.3 bln, or $77.00/share (QIHU) : Pursuant to the terms of the merger agreement, at the effective time of the merger, each of the Company's class A and class B ordinary shares issued and outstanding immediately prior to the effective time of the merger will be cancelled and cease to exist in exchange for the right to receive $51.33 in cash without interest, and each American Depositary Share of the Company, every two ADSs representing three class A ordinary shares, will be cancelled in exchange for the right to receive $77.00 in cash without interest

• The consortium intends to fund the merger through a combination of cash contributions from the investors pursuant to equity commitment letters, and the proceeds from a committed term loan facility in an amount up to the RMB equivalent of $3.0 billion and a bridge loan facility of up to the RMB equivalent of $400 million, pursuant to certain debt commitment letters provided by China Merchants Bank Co., Ltd.
• The merger is currently expected to close during the first half of 2016

4:51 am Dell's SecureWorks files to pursue a $100 mln IPO (:IPOXX) : SecureWorks, a Dell subsidiary, filed an S-1 last night to pursue an initial public offering. Earlier this month, SecureWorks announced it was planning such an offer. SecureWorks is global provider of intelligence-driven information security solutions exclusively focused on protecting our clients from cyber attacks. The company intends to apply to list its Class A common stock on the NASDAQ Global Select Market under the trading symbol "SCWX." BofA Merrill Lynch, Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and J.P. Morgan Securities LLC will serve as lead joint-bookrunning managers for the offering.

4:27 am Vapor and blu e-cig maker Fontem Ventures reach settlement agreement to resolve ongoing litigation in the US (VPCO) :

The settlement ends another of eight patent infringement cases originally brought by Fontem Ventures and Fontem Holdings 1 in March 2014 in the United States District Court for the Central District of California in relation to e-vapour technology.

• Under the terms of the settlement, Fontem Ventures has granted Vapor Corp. a non-exclusive royalty-bearing global licence under the patents asserted in the litigation and certain other e-vapour technology related patents. The remaining settlement terms are confidential.

4:12 am On The Wires (:WIRES) :

• Norsk Hydro ASA (NHYDY) has entered into an agreement with Oslo Pensjonsforsikring AS regarding the sale of Herya Industripark AS. The transfer will likely occur during the first quarter of 2016.
• ACE Group (ACE) launched ACE Renewable Energy Environmental Protection, the first dedicated environmental policy for companies in the renewable energy industry in the UK and Ireland, as ACE continues to invest in its environmental risk capabilities.
• VimpelCom (VIP) Russia and Mobile TeleSystems (MBT) have announced a large-scale project to share 4G/LTE radiofrequencies in 20 regions of Russia. VimpelCom Russia and MTS have signed an amendment to their December 2014 agreement to jointly plan, develop and operate 4G/LTE networks in Russia. The amendment agreement relates to the shared use of airwaves and radio frequency channels. It provides that VimpelCom Russia and MTS will share 2,600 MHz LTE frequencies in 20 of the 36 regions of Russia that were covered by the original 2014 agreement
• Novo Nordisk (NVO) and the C40 Cities Climate Leadership Group announced a research-based partnership aimed at establishing that green policies in cities are beneficial to both the state of the environment and the health of their citizens. The collaboration will see the organisations' expertise and specialist knowledge combine to generate new insights on a range of co-benefits of climate action - in particular the health of city populations.
• Statoil (STO) and its partners submitted the plan for development and operation of the North Sea Oseberg Vestflanken 2 to the authorities today. The development will provide in excess of 100 million barrels of oil equivalent. The licensees are: Statoil (operator) (49.3%), Petoro (33.6%), Total (TOT) (14.7%) and ConocoPhillips (COP) (2.4%).
• Turkcell's (TKC) wholly-owned subsidiary life:) has announced the launching of BiP, Turkcell's IP-based communication application, in Ukraine.
• The Medicines Patent Pool announced a new licensing agreement with AbbVie (ABBV) that seeks to address future demands for HIV treatment Lopinavir/Ritonavir (LPV/r) in South Africa and across Africa. The agreement has been reached in particular to help ensure sustainability of long-term supply of LPV/r, the most widely used second-line HIV treatment in South Africa and across Africa. Under the agreement, generic ARV manufacturers, upon obtaining a sublicense from MPP, will now be able to manufacture and sell generic versions of LPV/r throughout Africa, as well as combinations of ritonavir with other ARVs, such as atazanavir and darunavir, as alternative second-line treatments.

4:10 am Criteo announces management changes, Founder, Chairman and CEO JB Rudelle to become Executive Chairman (CRTO) : The co announced that JB Rudelle, its founder, Chairman and CEO will become Executive Chairman and Eric Eichmann, currently President and COO, will be promoted as the Company's new CEO, effective January 1, 2016. Eichmann will join the Board in 2016 subject to shareholder approval.

4:07 am Eisai enters into a business acquisition agreement with Alfresa Holdings Corporation concerning the splitting off of its consolidated pharmaceutical manufacturing and marketing subsidiary (ESALY) : The co announced it has entered into a business acquisition agreement with Alfresa Holdings Corporation concerning the splitting off of Eisai's consolidated pharmaceutical manufacturing and marketing subsidiary Sannova Co., Ltd. via an absorption-type split, its succession by a newly established company, and the subsequent transfer of all shares issued in this new company to Alfresa Holdings. The effective date of this absorption-type split is scheduled to be March 31, 2016, and the date of the share transfer is scheduled to be April 1, 2016.

• As a result of revisions in Eisai's global logistics strategy based on foreseeable adjustments to Eisai's product portfolio within a vastly changing business environment, Eisai has decided to have the business of Sannova succeeded by Alfresa Holdings. Alfresa Holdings is working to strengthen its pharmaceutical contract manufacturing business centered on its wholly-owned subsidiary Alfresa Pharma Corporation, and therefore Eisai believes this business succession will lead to sustainable growth as well as further expansion of Sannova.
• This agreement will have only a minor impact on the Eisai Group's consolidated financial results for the current fiscal year.

4:03 am AXA SA acquires Liberty Ubezpieczenia for EUR 21 mln (AXAHY) : The co announced that it would acquire Liberty Ubezpieczenia, the Polish Property & Casualty operations of Liberty Mutual Insurance Group for a total consideration of PLN 92.3 million (or Euro 21 million) plus the net asset value outstanding as of the date of closing. Liberty Ubezpieczenia is a Polish P&C insurer which recorded gross written premiums of PLN 315 million (or Euro 75 million) in 2014. It benefits from a distribution mix well balanced between agencies, direct and car dealers.

4:00 am AstraZeneca updates on preliminary findings from the ATLANTIC trial of durvalumab as 3rd-line or later stage therapy in patients with NSCLC (AZN) : The co provided an update on preliminary findings from the ATLANTIC trial of durvalumab as 3rd-line or later stage therapy in patients with locally advanced or metastatic programmed death ligand-1 (PD-L1) positive non-small cell lung cancer (:NSCLC) that lacks epidermal growth factor receptor or ALK alterations. An initial analysis supports durvalumab's clinical activity, with durable responses and an established safety profile in these difficult-to-treat patients.

• ATLANTIC investigated the efficacy and tolerability of durvalumab in patients who received at least two prior systemic treatment regimens including platinum-based chemotherapy, and who have limited options for further therapy. A full evaluation of the data is ongoing and the results will be presented at a scientific congress in 2016.

3:56 am On The Wires (:WIRES) :

• Philip Morris Asia Limited, a Hong Kong company that is the parent of Philip Morris (PM) Australia, said that an arbitral tribunal has declined jurisdiction to hear the merits of PMAL's case against the Commonwealth of Australia under Australia's 1993 Investment Promotion and Protection Agreement with Hong Kong. PMAL is reviewing the Tribunal's decision in detail and will determine any further course of action.
• ClubCorp (MYCC) announces the acquisition of Bernardo Heights Country Club, a private, previously member-owned club located in north county San Diego. The acquisition of Bernardo Heights Country Club marks the ninth club acquired by ClubCorp in 2015. Terms of the deal were not available
• A10 Networks (ATEN) announced that global electronics manufacturer Casio Computer Co., Ltd., is using the A10 Thunder ADC solution to consolidate networking resources, improve application performance and enhance overall user experience.
• Hutchison China MediTech Limited (Pending: HCM) announces that its drug R&D subsidiary has initiated SANET-ep, a Phase III sulfatinib (HMPL-012) registration trial in China in patients with extra-pancreatic neuroendocrine tumors, which are all non-pancreatic NETs, including, for example, NETs originating in the lymph, lung and across the gastrointestinal tract. Preparations and site selection had begun in the middle of this year and the first patient was dosed on December 17, 2015.
• Aker Solutions and Saipem (SAPMY) agreed to cooperate on targeted subsea oil and gas development projects worldwide. The companies will through a joint work group identify opportunities where they can create value for customers by combining Aker Solutions' capabilities in subsea products and technologies with Saipem's assets and expertise in engineering, procurement, construction and installation of subsea infrastructures.
• FLSmidth (FLIDY) and BASF (BASFY) have signed a joint development agreement to expedite the commercialisation of the FLSmidth Rapid Oxidative Leach process targeting difficult-to-process copper concentrates, such as primary sulphides and concentrates containing high levels of arsenic.
• Mikael Bratt, member of the Volvo Group's (VOLVY) Executive Team, has announced that he intends to leave his position as Executive Vice President Group Trucks Operations. He has been recruited as business area president with the automotive safety company, Autoliv (ALV)

3:52 am Bristol-Myers sells its HIV R&D portfolio to GlaxoSmithKline (GSK) & Pfizer's (PFE) ViiV Healthcare for $350 mln (BMY) : The co announced that it has entered into two individual agreements with ViiV Healthcare, a global HIV company and joint GlaxoSmithKline (GSK) & Pfizer (PFE) company, to divest its pipeline of investigational HIV medicines consisting of a number of programs at different stages of discovery, preclinical and clinical development.

• Under these agreements, ViiV will pay to Bristol-Myers Squibb upfront payments totaling $350 million with potential development and regulatory milestone payments of up to $518 million for the clinical assets and up to $587 million for the discovery and pre-clinical programs. Once products are approved and commercialized, ViiV Healthcare will pay tiered royalties.
• Additionally, ViiV Healthcare will pay sales-based milestone payments of up to $750 million for each of the clinical assets and up to $700 million for each of the discovery and pre-clinical programs. Completion of the divestiture is expected during the first half of 2016, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
• The agreements with ViiV Healthcare do not impact Bristol-Myers Squibb's marketed HIV medicines, including Reyataz, Evotaz, Sustiva and Atripla

3:45 am Galena Biopharma agress to sell Zuplenz to Midatech Pharma (MTP) for an upfront payment of $3.75 mln (GALE) : Midatech Pharma (MTP) announces that it has entered into an agreement to acquire Zuplenz (ondansetron), a marketed anti-emetic oral soluble film from Galena for the prevention of chemotherapy-induced nausea and vomiting, radiotherapy-induced nausea and vomiting, and post-operative nausea and vomiting

• Midatech will pay a total up front consideration of $3.75 million in cash, with further cash payments, totalling up to $26 million, becoming payable if certain sales milestones are achieved, which are expected to be self-financed by milestone-generated cashflow.

3:43 am Bavarian Nordic A/S enters into a license and collaboration agreement with Janssen Pharmaceuticals for MVA-BN in the development of a therapeutic HPV vaccine (BVNRY) : The co announced that it has entered into a license and collaboration agreement with Janssen Pharmaceuticals, a unit of Johnson & Johnson (JNJ). Under the agreement, Janssen will acquire exclusive rights to Bavarian Nordic's MVA-BN technology for use in a prime-boost vaccine regimen together with Janssen's own AdVac technology with the purpose of targeting all cancers induced by human papillomavirus

• Under the terms of the agreement, Janssen will make an upfront payment of $9 million to Bavarian Nordic as well as potential future payments upon reaching development and commercial milestones, together totaling up to $171 million. Janssen will fund all development costs, and Bavarian Nordic will undertake all manufacturing related to MVA-BN. Furthermore, Bavarian Nordic is entitled to receive single-digit tiered royalties on future product sales.
• The content of this announcement does not affect Bavarian Nordic's expectations for the financial results for 2015 and the Company therefore maintains expected full-year revenue at the level of DKK 1,000 million and a break even result before interest and tax. The cash preparedness at year end is expected to be in the level of DKK 1,450 million.

3:41 am Seadrill Partners announces plan to reduce its quarterly distribution to $0.25/unit from $0.5675/unit (SDLP) : The co announced that following the completion of its annual budgeting and forecast cycle it has approved a plan to reduce the quarterly distribution to $0.25 per unit to its common unitholders, down from the current quarterly level of $0.5675. The revised distribution level will take effect in February 2016 upon payment of the fourth quarter 2015 distribution.

• The decision to reduce the distribution reflects the continuing challenges in the offshore drilling market. The revised distribution level will provide significant flexibility to manage our medium term obligations and reduce leverage. This move is expected increase liquidity by over $250 million per year, including the reduction in distributions to non-controlling interests, and the Company expects to continue to set aside cash reserves for maintenance and replacement capex of approximately $200 million per year.

3:39 am Amgen announces that the EC has approved the use of IMLYGIC for the treatment of adults with unresectable melanoma that is regionally or distantly metastatic, with no bone, brain, lung or other visceral disease (AMGN) : IMLYGIC is the first oncolytic immunotherapy to demonstrate therapeutic benefit for patients with metastatic melanoma in a Phase 3 clinical trial.

3:37 am Wells Fargo to sell its crop insurance business to Zurich Insurance (ZURVY) (WFC) : The co announced it has entered into an agreement with Zurich American Insurance Company, a subsidiary of Zurich Insurance Group (ZURVY), to sell its crop insurance business, Rural Community Insurance Services, and its subsidiary Rural Community Insurance Company. The transaction is expected to close by the end of Q1-2016.

• Under the agreement, the estimated purchase price is between $675 million - $1.05 billion. Additional financial details related to the transaction, including the amount of expected gain to Wells Fargo, were not disclosed. RCIS's annual operating results are not material to Wells Fargo.

3:33 am ARC Document Solutions CEO sends end of year letter to shareholders, reaffirms FY15 outlook (ARC) :

Highlights of the letter to shareholders include:

• "Together SKYSITE, BIM and Hyperlinking are on track to generate more than $1 million in new sales this year, a 100% improvement from 2014. We expect the very healthy growth in 2015 to continue into 2016 and beyond....The Company is on track to generate more than 10 percent growth in both cash flow from operations and in free cash flow in 2015, and we will have paid down nearly $30 million of our senior debt by the end of the year...Having said all that, challenges remain both for us and our customers in the
  design, engineering, and construction industries. Much of this has to do with the fragmented approach to using technology in the field....After a recent merger, one of our largest customers decided to revert to a decentralized purchasing model for office print services instead of using an integrated MPS solution to reduce the total cost of print ownership. Representing annual revenue of more than $10mm, the loss of this customer will have an impact on our forecast next year...Our financial health is excellent, and while we expect only modest growth this year, what we've learned as this transformation progresses is incredibly valuable."
• The company reaffirmed its FY15 outloook, which calls for adjusted EPS of $0.33-0.36 vs. the $0.35 Capital IQ Consensus Estimate, adjusted cash provided by operating activities of $58-61 mln, adjusted EBITDA of $70-73 mln.

3:28 am Fairchild Semi comments on the damages award granted to Power Integrations (POWI), expects it to be overturned or significantly reduced in further proceedings and appeals (FCS) :

The co announced that a recent damages award against the company is legally flawed, and it expects the award to be overturned or significantly reduced in further proceedings and appeals. The announcement follows a verdict Thursday in the United States District Court for the Northern District of California, in which a jury awarded $139 million in damages against Fairchild for approximately $50 million of infringing sales.

• The co says the verdict has no impact on Fairchild's business or operations. The company has been offering replacements for the products accused in the case since mid-2014, and voluntarily withdrew the accused parts from the U.S. market in September 2014.
• Fairchild plans to appeal the prior verdict finding that PI's patents were both infringed and valid, and if the current damages award is not thrown out or significantly reduced in post-trial proceedings, it believes the current damages award will be thrown out on appeal.

3:24 am Power Integrations awarded $139.8 mln in damages from Fairchild Semiconductor (FCS) (POWI) :

The co announced the latest result in one of its ongoing patent cases against Fairchild Semiconductor (FCS). After a trial in federal district court in San Francisco, a jury awarded Power Integrations $139.8 million in damages stemming from Fairchild's infringement of two Power Integrations patents. The infringement finding occurred in March 2014 and remains intact; the just-concluded trial was solely to retry damages after an earlier award of $105 million was set aside by the court in view of an intervening change in the law. Power Integrations will also be seeking a permanent injunction against the more than 140 Fairchild parts implicated in this case.

• The co also recently filed another lawsuit to address Fairchild's ongoing infringement of Power Integrations' patents, including additional products not included in today's verdict.

3:22 am Apple confirms partnership with China UnionPay to bring Apple Pay to China (AAPL) : Apple Pay will roll out to China UnionPay cardholders as soon as early 2016 after relevant tests and certification required by Chinese regulators, with the service itself in compliance with the applicable national mobile payment and financial industry standards in China.

3:20 am Atlas Resource Partners completes consent solicitation for 9.25% senior notes, extends consent solicitation for 7.75% senior notes (ARP) :  

3:18 am Transocean announced that the SIX Swiss Exchange approved its application to delist its shares (RIG) : The SIX delisting is effective March 31, 2016, with the last trading day scheduled for March 30, 2016.

3:17 am Nanosphere prices $10 mln public offering of common stock at $0.47/share (NSPH) : The offering was priced at $0.47 per share of common stock, with each share of common stock coupled with a five-year warrant to purchase one share of common stock, at an exercise price of $0.70 per share. Nanosphere intends to use the net proceeds from the offering for working capital and general corporate purposes.

3:15 am Kayne Anderson Energy lowers quarterly distribution to $0.48/share from $0.53/share (KED) :  

3:14 am Kanye Anderson Midstream lowers quarterly distribution to $0.45/share from $0.51/share (KMF) :  

3:13 am Kayne Anderson Energy Total lowers quarterly distribution to $0.33/share from $0.485/share (KYE) :  

3:11 am Kayne Anderson lowers quarterly distribution to $0.55/share from $0.6575/share (KYN) : Separately, the advisor to the Company, KA Fund Advisors, and its principals have agreed to purchase newly issued shares of KYN, KYE, KMF and KED, funded in part with 100% of the after-tax management fees received during the quarter.

3:10 am Starwood Waypoint Residential Trust shareholders approve merger with Colony American Homes, proposed internalization of its management (SWAY) : Subject to the satisfaction or waiver of customary closing conditions, the Company expects the transactions to close in early January 2016. Upon the closing of the transactions, the combined company will be re-named Colony Starwood Homes and will continue to be traded on the New York Stock Exchange under a new ticker symbol, "SFR".

3:07 am GAMCO Investors extends expiration date of its offer to purchase for cash up to $100 mln aggregate principal amount of its outstanding 5.875% Senior Notes due June 1, 2021 (GBL) :  

3:06 am Arthur J. Gallagher acquires Strathearn Insurance Group; terms not disclosed (AJG) : Strathearn provides commercial insurance and risk management services to mid-market and larger clients with complex insurance needs.

3:05 am Par Pacific leads $157.5 mln investment in Laramie Energy to acquire Piceance Basin assets (PARR) :

The co announced that Piceance Energy, LLC d/b/a Laramie Energy Company, has entered into an agreement to acquire certain properties in the Piceance Basin for $157.5 million. The assets consist of approximately (i) 89 million cubic feet equivalent per day of existing production during November 2015, (ii) 283 billion cubic feet equivalent of proved developed producing reserves as of November 2015 and (iii) more than 53,000 net operated acres and more than 18,000 net non-operated acres. A significant portion of the operations acquired are directly adjacent to existing Laramie operations with the potential for meaningful cost savings upon consolidation. Once complete, Laramie will assume ownership and operatorship of the purchased properties.

• As part of the acquisition financing, the Company's ownership interest in Laramie is expected to increase from 32.4% to 42.3% as a result of its $55 million common equity investment.
• Pro forma for the acquisition, Laramie will have approximately 140 MMcfed of production for the month of November 2015. Laramie anticipates that its balance sheet will remain strong through a combination of hedges and measured production growth during 2016. Laramie expects to end 2016 with Debt / Adjusted EBITDA below 3.0x based on current strip prices and hedges