8:54 am On the Wires (:WIRES) :

• Avalon Rare Metals (AVL) provided an update on its $750k pilot plant program on its Separation Rapids Lithium Project located near Kenora, Ontario. The 30 tonne bulk sample of crushed ore that was shipped this summer has arrived at its destination in Germany and process work is now underway
• MedAssets (MDAS) announced that Scripps Health, a non-profit regional health system, has expanded its relationship with MedAssets to include Invoice Management Services
• Orbital ATK (OA) announced that the company was awarded a $16 million contract with options for the first phase of development for the 120mm Advanced Multi-Purpose, XM1147 High Explosive Multi-Purpose with Tracer cartridge
• CoLucid Pharmaceuticals (CLCD) announced that the first patient has been randomized in the Company's Gladiator study, a Phase 3 long-term, open-label trial of lasmiditan. The objective is to evaluate the safety and efficacy of lasmiditan, as well as resource utilization, functional outcomes and disability
• Hansen Medical (HNSN) announced the shipment of the first Magellan Mobility Package for the Magellan Robotic System, to the Miami Cardiac & Vascular Institute in Miami, FL
• In collaboration with physicians at 43 US hospitals, AstraZeneca (AZN) presented results from an ongoing observational study, Sentinel 1, at the IDWeek 2015 annual scientific meeting. The study results confirmed that among preterm infants 29-35 weeks gestation who did not receive immunoprophylaxis, RSV disease can be severe, often resulting in intensive care unit (:ICU) admission and the need for mechanical ventilation

8:51 am S&P futures vs fair value: -8.10. Nasdaq futures vs fair value: -17.50. (:WRAPX) :

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

Markets in the Asia-Pacific region mostly gave way to a day of profit taking following some strong gains of late. A disappointing machinery orders report out of Japan contributed to the negative disposition. The notable exception Thursday was China's Shanghai Composite. It rallied 3.0% in a catch-up trade following its weeklong closure.

• In economic data:
  • Japan's August Core Machinery Orders -5.7% month-over-month (expected +3.2%; prior -3.6%); -3.5% year-over-year (expected +4.2%; prior +2.8%). Separately, September Economy Watchers Current Index 47.5 (expected 48.6; prior 49.3)

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• Japan's Nikkei declined 1.0% and ended at its lows for the session following a much weaker-than-expected report for core machinery orders. The biggest losers were the health care (-2.8%) and consumer staples (-2.7%), and consumer discretionary (-1.6%) sectors. Aeon (-7.2%), Shionogi & Co (-6.7%), and MEIJI Holdings (-5.5%) paced declining issues. Sumco Corp (+4.1%), Chiyoda Corp (+3.9%), and Minebea (+3.6%) topped the list of winners. Out of the 225 index members, 89 ended higher, 129 finished lower, and 7 were unchanged.
• Hong Kong's Hang Seng declined 0.7%, spending nearly the entirety of its session in negative territory. Prior to Thursday's trade, the Hang Seng had risen 9.5% over a span of just five trading sessions beginning on September 30. CNOOC (-6.0%), China Resources Enterprise (-5.5%), and Belle International Holdings (-3.7%) were the worst-performing issues. Sino Land Co (+2.3%), Sands China (+1.6%), and Galaxy Entertainment (+1.4%) were the best-performing issues. Out of the 50 index members, 14 ended higher and 36 finished lower.
• China's Shanghai Composite increased 3.0% in its reopening after a weeklong holiday. It was a catch-up trade that many saw coming with other markets having rallied hard since the Shanghai Composite closed on September 30. At its best level of the day, the Composite was up 3.9%.

Major European indices trade near their flat lines while UK's FTSE (+0.4%) outperforms. The Bank of England made no changes to its policy stance, leaving its key interest rate and the purchasing program unchanged at 0.50% and GBP375 billion, respectively. On a separate note, the latest policy meeting minutes from the European Central Bank indicated there is still "substantial degree of stimulus" in the pipeline.

• Economic data was limited:
  • Germany's August Trade surplus narrowed to EUR19.60 billion from EUR22.40 billion (expected surplus of EUR22.50 billion) as imports fell 3.1% (consensus -1.2%; prior 2.3%) and exports declined 5.2% (expected -1.2%; last 2.2%)
  • Swiss September Unemployment Rate ticked up to 3.4% from 3.3%, as expected

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• UK's FTSE trades higher by 0.4% with select miners showing strength for the second day in a row. BHP Billiton and Fresnillo hold respective gains of 2.3% and 3.0%. Consumer names also display strength with Tesco, easyJet, and Burberry up between 2.1% and 2.6%.
• Germany's DAX has climbed 0.1% with exporters among the leaders. BMW, Daimler, and Volkswagen have gained between 0.8% and 2.0%. Financials also outperform with Commerzbank and Deutsche Bank both up near 0.4%. On the downside, Bayer has given up 1.5%.
• In France, the CAC is lower by 0.2%. Veolia Environnement is the weakest performer, trading lower by 1.6%, while financials BNP Paribas and Societe Generale hold losses close to 0.8% apiece. On the flip side, ArcelorMittal trades up 1.6%.

8:47 am Net Element to hold a special meeting of stockholders seeking approval to effect a reverse stock split at a ratio of between 1 for 20 and 1 for 30 to retain Nasdaq listing (NETE) :  

8:46 am European Markets Update: FTSE +0.4%, DAX +0.1%, CAC -0.2% (:SUMRX) :

Major European indices trade near their flat lines while UK's FTSE (+0.4%) outperforms. The Bank of England made no changes to its policy stance, leaving its key interest rate and the purchasing program unchanged at 0.50% and GBP375 billion, respectively. On a separate note, the latest policy meeting minutes from the European Central Bank indicated there is still "substantial degree of stimulus" in the pipeline.

• Economic data was limited:
  • Germany's August Trade surplus narrowed to EUR19.60 billion from EUR22.40 billion (expected surplus of EUR22.50 billion) as imports fell 3.1% (consensus -1.2%; prior 2.3%) and exports declined 5.2% (expected -1.2%; last 2.2%)
  • Swiss September Unemployment Rate ticked up to 3.4% from 3.3%, as expected

------

• UK's FTSE trades higher by 0.4% with select miners showing strength for the second day in a row. BHP Billiton and Fresnillo hold respective gains of 2.3% and 3.0%. Consumer names also display strength with Tesco, easyJet, and Burberry up between 2.1% and 2.6%.
• Germany's DAX has climbed 0.1% with exporters among the leaders. BMW, Daimler, and Volkswagen have gained between 0.8% and 2.0%. Financials also outperform with Commerzbank and Deutsche Bank both up near 0.4%. On the downside, Bayer has given up 1.5%.
• In France, the CAC is lower by 0.2%. Veolia Environnement is the weakest performer, trading lower by 1.6%, while financials BNP Paribas and Societe Generale hold losses close to 0.8% apiece. On the flip side, ArcelorMittal trades up 1.6%.

8:45 am Vivus: Icahn Enterprises (IEP) announces the expiration of its tender offer of VIVUS' 4.50% Convertible Senior Notes due 2020; minimum condition was satisfied (VVUS) : As of the Expiration Date, the Offeror received tenders for $170,165,000 aggregate principal amount (or 68%) of the issued and outstanding Notes, which satisfied the minimum condition of the Offer. The remaining conditions upon which the consummation of the Offer was subject have also been satisfied.

8:39 am Royale Energy reaches an agreement, with a major independent exploration and production company, to develop 1.3K acres in the Sacramento Basin Grimes Field (ROYL) : This agreement allows Royale to drill up to three wells targeting a 3D seismically defined amplitude.

8:32 am Delcath reports receiving national reimbursement coverage for Chemosat procedures in Germany (DCTH) :

Co announces the establishment of a national reimbursement code for procedures performed with the Delcath Hepatic CHEMOSAT Delivery System in Germany.

• The German Institute for the Hospital Remuneration System issued a ZE diagnostic-related group code, which permits hospitals in Germany to obtain reimbursement for CHEMOSAT procedures beginning in 2016.

8:31 am Futures tick lower following better than expected Initial Claims...S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -14.70. (:WRAPX) :

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

The latest weekly initial jobless claims count totaled 263,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally was below the revised prior week count of 276,000. As for continuing claims, they rose to 2.204 million from 2.195 million.

8:31 am Polycom: Elliott Management discloses active stakes in PLCM and Mitel Networks (MITL); sees a potential Polycom and Mitel combination driving over 80% upside to Polycom stock price by 2017 (PLCM) :

Group's letter highlights were:

• "Polycom, Mitel and other UCC vendors have been challenged to maintain market share and will continue to face a very difficult market. Such conditions have led Polycom's stock to meaningfully underperform all relevant metrics over all relevant timeframes. Maintaining the status quo strategy will perpetuate Polycom's track record of underperformance and risk further shareholder value erosion. Polycom must initiate a comprehensive review of all strategic options, and the time for that review is now.
• Elliott strongly believes a combination of mid-tier UCC vendors will create greater scale, significant synergies and a meaningful valuation uplift for stockholders. We believe that Polycom is an excellent platform vehicle to roll up the UCC space. We have conveyed all of these thoughts to Mitel (MITL).
• Mitel has a very capable management team led by CEO Rich McBee and CFO Steve Spooner, has engaged in successful M&A and offers valuable tax benefits to a new combined company. We believe that the ideal Consolidation Strategy begins with a Polycom/Mitel combination, whether those companies stay public or go private."
• Co additionally noted that it owns stock in Shortel (SHOR), and stated that "A combination between Mitel and ShoreTel made sense a year ago, and ShoreTel would still be a compelling acquisition target for a combined Polycom/Mitel as it executes on its Consolidation Strategy."

8:31 am SunOpta's subsidiary enters into a $330 mln senior secured second lien loan, in connection with its Sunrise Holdings acquisition (STKL) : Co announces intends to access its committed financing entered into in connection with the announcement of its pending acquisition of Sunrise Holdings, Inc. in the form of a senior secured second lien loan , in the amount of $330 mln. Co intends to use the net proceeds of the Loan, together with the proceeds from the offering of common shares issued by SunOpta on September 30, 2015, borrowings under its North American credit facilities and cash on hand, to pay the purchase price for the previously announced acquisition of Sunrise and to pay related fees and expenses. The closing of the Loan is expected to occur contemporaneously with the closing of the acquisition of Sunrise.

8:31 am Marrone Bio Innovations announces it receives EPA approval for Majestene bionematicide (MBII) :

• Co announces that the EPA has approved its latest product, Majestene, a broad spectrum, high performance natural bionematicide for controlling nematodes on a wide range of agricultural crops.

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

• ESz5 now -8.00
  
  
• YMz5 now -61
  
  
• NQz5 now -17.00

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

• McDermott International (MDR) announced it has been awarded a sizeable brownfield project by Qatar Petroleum for the engineering, procurement, construction and installation of four wellhead jackets. Installation of two jackets in the Bul-Hanine field offshore east of Doha has been scheduled to be completed by December 2016 with the remaining two scheduled for completion in July 2017
• Yulong Eco-Materials Limited (YECO) has received authorization to process and recycle construction waste in two additional administrative villages in the Zheng Dong New District of Zhengzhou City. For this work Yulong will receive 15RMB (about $2.35) per cubic meter of construction waste processed, or more than $1.4 million.
• Teva Pharmaceutical Industries Ltd. (TEVA) announced that the Russian Ministry of Health has approved the Marketing Authorization license for three-times-a-week Copaxone (glatiramer acetate injection) 40 mg/mL, for the treatment of patients with relapsing-remitting multiple sclerosis

8:25 am On the Wires (:WIRES) :

• UBIC (UBIC) announced that the Japan Patent Office has recently issued a Notification of Decision of Grant to the Company for a patent application related to its Predictive Review technology
• Hovnanian Enterprises (HOV) and DW Partners announced a land banking arrangement worth $125 million. Domain and Hovnanian anticipate identifying land parcels totaling $125 million in acquisition and development costs over the next two months. Domain will acquire the portfolio of land parcels from Hovnanian and option finished lots on a monthly takedown basis back to Hovnanian
• MagneGas Corporation (MNGA) announced that its cutting fuel is being used in the steel portion of the demolition of the St. Petersburg Pier
• AZZ (AZZ) was awarded a contract estimated to be valued at greater than $15 mln from the Comision Federal de Electricidad to refurbish main steam isolation valves and reactor recirculation cooling system valves at the Laguna Verde 1 and 2 Nuclear Power Plants near Veracruz, Mexico. Under the terms of the contract, AZZ will provide valve repair services beginning with Laguna Unit 1 during scheduled outages in the fall of 2015 and continuing in the spring of 2016
• Elephant Talk Communications (ETAK) announced that it entered into a Cloud Service and Software License Agreement with the wholesale division of a Tier 1 US Mobile Operator, pursuant to which the operator may procure ETAK's MVNO platform services on a non-exclusive basis
• Alibaba Group Holding Limited (BABA) launched Alibaba Defined, a comprehensive digital experience created to help audiences outside of China better understand the company's business model, strategy, and products and services. The content can be seen at http://ar.alibabagroup.com/2015/index.html 
• Statoil (STO) announced that this morning there was a report that oil had been observed in the sea close to the OLS B loading buoy at the Statfjord field. The oil spill was discovered during the loading of oil from the Statfjord A platform to the tanker "Hilda Knutsen" via the OLS B loading buoy, which is located between Statfjord A and Statfjord B. Loading to the tanker has stopped and supply to the pipe and loading system from Statfjord A has been closed. Production at Statfjord A is operating normally.

8:24 am Diana Shipping signs a term loan facility for nearly $40 mln with ING Bank N.V (DSX) : The proceeds will be used to partially finance the acquisition costs of one of its Kamsarmax dry bulk vessels and of a Capesize dry bulk vessel currently under construction, that is expected to be delivered to the Company by the end of October 2015.

8:23 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: CSII -15%, HLIT -4.9%, DPZ -4.6%, EXFO -1%

Select financial related names showing weakness: NBG -3.5%, CS -2.5% (Financial Times reporting that bank may look to unveil a new capital raise plan in the next two weeks). ING -1.4%, RBS -0.7%

Other news: ORIG -16% (co announced an update on its fleet, stating 'the market continues to remain challenging due to the massive spending cuts initiated by the oil companies'), PIP -9.9% (announced oral arguments in SIGA's appeal and PharmAthene's cross-appeal have concluded), GLBL -5.3% (SunEdison (SUNE) terminates deal to acquire six operating hydro-electric and wind projects located in Peru; the projects would have been transferred to Global), SHAK -5% (files ~26.160 mln share Class A common stock shelf offering by selling stockholders), NEWT -3.4% (to launch a public offering of 2 mln shares of common stock), ETSY -2% (Amazon (AMZN) launched its news Handmade at Amazon store), SMG -1.1% (priced $400 mln of 6.000% senior notes due 2023)

Analyst comments: GRPN -2.1% (initiated with an Underperform at Cowen), TUP -1.5% (downgraded to Underperform from Neutral at BofA/Merrill)

8:20 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance/SSS: WGBS +17.8%, MG +16%, EDUC +9.2%, RELL +5.2%, ZUMZ +3.8%, NXTD +2.9%, RECN +1.9%, DB +0.6%, (announces anticipated Q3 charges - rebounding from yday's sell-off), CONN +0.4%

M&A news: JMG +42.2% (to be acquired by Gannett (GCI) for $12 per share),BMR +8.2% (to be acquired by Blackstone (BX) for $23.75/share in an $8 bln deal),EMC +4.2% (in talks to merge with Dell, according to the WSJ),CC +3.6% (pollo Global Management (APO) may consider an offer to acquire CC, according to Bloomberg),ECA +2.7% (to sell its Denver Julesburg Basin assets in Colorado for ~$900 mln),TLN +2.1% (agrees to sell three Pennsylvania power plants, with 996 MW of capacity, for $1.51 bln in cash)

Select metals/mining stocks trading higher: AU +3.8%, BHP +2.5%, MT +1.9%, BBL +1.6%, FCX +1.5%, CLF +1.4%, VALE +0.8%


Other news: GBSN +40.9% (submits its Shiga Toxin Direct Test to the FDA for 510(k) clearance following the successful completion of a clinical trial that met all of Great Basin's clinical objectives),SD +16% (announces it will repurchase $100 mln of its senior unsecured notes for $30 mln in cash, and exchange $300 mln of senior unsecured notes for convertible notes ),NBIX +15.6% (announces that NBI-98854 showed a statistically significant reduction in tardive dyskinesi, during a Kinect 3 clinical trial),CDTI +14.6% (Clean Diesel Technologies and PACCAR (:PACR) sign multi-year Distribution Agreement for DuraFit),NVLS +11.8% (announced positive Phase 1b results for N91115 in patients with Cystic Fibrosis),OGXI +11.1% (announces the EMA supports plans for prospectively defining poor prognostic subpopulation in Ph 3 AFFINITY trial),LL +8% ( reaches a settlement with the DOJ related to compliance with the Lacey Act, regarding the protection of plants, fish and wildlife ),BTX +6.3% (OncoCyte subsidiary filed Registration Statement with the SEC in connection with co's planned distribution OncoCyte common stock to holders of BioTime),MBLX +4% (announces $20 million common stock purchase agreement with Aspire Capital Fund),INTL +3.1% (to replace AMSG in the S&P SmallCap 600),RAX +2.1% (cont strength),SNDK +2.1% (cont strength, rumored to be takeover target earlier this week),SLRC +1.7% (announces a $30 million repurchase program),ASML +1.7% (still checking),ALKS +1.7% (favorable commentary on Wednesday's Mad Money),FCAU +1.3% (confirms new tentative agreement with the UAW ),AMSG +1.2% (to replace CNW in the S&P MidCap 400),RBA +1% (reported September gross auction proceeds)

Analyst comments: QLYS +6.2% (upgraded to Outperform from Neutral at Credit Suisse),TLYS +4.6% (upgraded to Buy from Neutral at B. Riley & Co),LOCO +3.4% (initiated with a Buy at Sun Trust Rbsn Humphrey),NAVI +3.1% (upgraded to Buy from Neutral at Goldman),PAY +2.4% (upgraded to Strong Buy from Outperform at Raymond James),NKE +0.6% (upgraded to Buy at DA Davidson)

8:17 am On the Wires (:WIRES) :

• Masimo (MASI) announced that an 18-study meta-analysis of 665 subjects reported that Masimo's Pleth Variability Index (PVI), available with Masimo's SET and rainbow SETmonitoring platforms, may help clinicians assess fluid responsiveness in mechanically ventilated patients in normal sinus rhythm in the operating room and intensive care unit. The meta-analysis, published in the Journal of Clinical Monitoring and Computing by Dr. Chu and colleagues from The First Hospital of China Medical University, Shenyang, China, combined the findings from 18 independent studies evaluating the ability of PVI to help clinicians assess fluid responsiveness
• Fibrocell Science (FCSC) and Intrexon Corporation (XON) announced that additional details of positive in vivo pre-clinical data for FCX-007, will be presented at the American Society of Human Genetics Annual Meeting from October 6-10, 2015 in Baltimore, Maryland.
• Sabre Corporation (SABR) announced a new agreement to provide content, merchandising solutions and Sabre Marketplace Analytics to Virgin Australia. Using Sabre's data analytics technology, Virgin Australia will be able to view shopping activity made within the Sabre travel marketplace for their routes
• Seaspan Corporation (SSW) announced that it accepted delivery of a 14000 TEU containership, the YM Warmth. The new containership, is Seaspan's sixth 14000 TEU SAVER design containership and eighth delivery in 2015. The YM Warmth will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. Yang Ming may extend the charter for up to an additional two years
• VBI Vaccines (VBIV) announced that it has applied its eVLP Platform in the development of a novel therapeutic vaccine candidate for Glioblastoma. Co is evaluating the ability of its vaccine candidate to stimulate CD4+ and CD8+ T cell responses in peripheral blood mononuclear cells harvested from healthy patients and patients with GBM. Co will also monitor several biomarkers predictive of clinical efficacy

8:16 am Pulmatrix announces preclinical data showing that PUR1900 was active and potent in vitro against Aspergillus fumigatus while achieving high lung concentrations and low systemic exposure in rats (PULM) : In rat pharmacokinetic studies, itraconazole showed a long duration of lung retention, with some clearance over a one week period. Subsequent studies with PUR1900 dry powder demonstrated that PUR1900 maintains high concentrations of itraconazole in both lung tissue and in bronchoalevolar lavage samples. Amphotericin B lung concentrations remained constant over one week, while voriconazole was rapidly absorbed and cleared from the lungs. Most notably, the percentage of administered drug recovered in lung tissue for itraconazole was significantly higher than for amphotericin or voriconazole, and itraconazole had a long lung half-life, which may lead to less frequent dosing in the clinic. All three compounds exhibited potent activity against A.fumigatus in vitro.

8:04 am ManTech awarded contract by the Defense Intelligence Agency; vehicle has a 5-year period of performance, with a potential value of $6 bln (MANT) :  

8:04 am MagneGas selected for major steel demolition project in Florida (MNGA) : Co announces that its cutting fuel is being used in the steel portion of the demolition of the St. Petersburg Pier, a multi-story structure that is being demolished and replaced with new building.

8:03 am CB&I awarded $60 mln plant services contract extension with Louisiana Pigment (CBI) :  

8:03 am DuPont and Caribou cross-license CRISPR-Cas intellectual property portfolios; cos enter into multi-year research collaboration; DuPont makes minority equity investment in Caribou (DD) : DuPont and Caribou Biosciences, a developer of CRISPR-Cas technologies for genome editing, jointly announced a strategic alliance. As part of the agreement, DuPont and Caribou have cross-licensed their respective patent portfolios, with DuPont receiving exclusive intellectual property rights for CRISPR-Cas technology applications in major row crops, and non-exclusive rights in other agricultural and industrial bioscience applications. In addition, the alliance between DuPont and Caribou involves a multi-year research collaboration with scientists from the two organizations focused on enhancing the breadth, versatility and efficiency of the core CRISPR-Cas toolkit. DuPont also has made a minority equity investment in Caribou to further strengthen the working relationship. Financial details of the agreement were not disclosed.

8:02 am Nxt-ID announces Q3 revs were $410K vs. $113K for the Q2 period (NXTD) :  

8:02 am Gulfport Energy announces a Utica Shale Midstream joint venture in Ohio With Rice Energy (RICE), with a combined ~$520 mln investment (GPOR) :

Co executed a Letter of Intent with Rice Energy (RICE), to form a midstream joint venture to develop natural gas gathering and water services assets to support Gulfport's dry gas Utica Shale development in eastern Belmont County and Monroe County, Ohio. The JV will be supported by long-term, fee-based service agreements with Gulfport. Gulfport will own 25% of the JV and Rice will own the remaining 75% of the JV. Rice will be responsible for constructing and operating the JV's assets.

• Under the terms of the Agreement, Gulfport will dedicate ~ 77,000 leasehold acres, including the acreage recently acquired in its Paloma Partners III, LLC and American Energy transactions. In addition, Gulfport will also contribute to the JV an existing 11-mile gas gathering pipeline and a 350 MDth/d TETCO interconnect, which are both located in Monroe County.
• Gulfport and Rice plan to invest ~$520 million to develop gathering and compression assets and $120 million for water assets within the JV over the next six years.
• Initial construction of the system is expected to begin immediately and first deliveries are planned for the middle of 2016.

8:02 am Great Basin Scientific submits its Shiga Toxin Direct Test to the FDA for 510(k) clearance following the successful completion of a clinical trial that met all of Great Basin's clinical objectives (GBSN) : Co announces it has submitted its Shiga Toxin Direct Test to the FDA for 510(k) clearance following the successful completion of a clinical trial that met all of Great Basin's clinical objectives. Upon clearance, the test will be the only stand-alone molecular test to detect Shiga toxin-producing E. coli and the serotype O157 directly from a patient specimen.

8:02 am Investment Tech reports September US trading volume of 2.6 bln shares, and average daily volume of 122 mln shares (ITG) : Co announced that September 2015 U.S. trading volume was 2.6 billion shares and average daily volume (:ADV) was 122 million shares. This compares to 2.8 billion shares and ADV of 134 million shares in August 2015 and 3.4 billion shares and ADV of 161 million shares in September 2014. There were 21 trading days in each of September 2015, August 2015 and September 2014.

8:01 am Clean Diesel Technologies and PACCAR (PCAR) Parts sign multi-year distribution agreement for DuraFit (CDTI) : Co signs a multi-year contract with PACCAR Parts to distribute CDTi's DuraFit diesel particulate filters (DPFs) to its North American network of more than 670 Peterbilt and Kenworth dealerships. Shipments are expected to commence during the current quarter.

8:01 am Harmonic lowers Q3 rev guidance; raises gross margin (HLIT) :

• Lowers net revenue guidance to $81-84 mln from $92-102 mln vs. $99.2 mln Capital IQ Consensus.
• Non-GAAP gross margins in the range of 54.5% to 56.0%, up from $53-54%
• Bookings are anticipated to be in the range of $74-75 mln.
• "Several market factors continue to hamper near-term customer investment decisions; service provider consolidation, particularly within the U.S. and EMEA regions, and the pending release of our new cable edge architecture in mid-2016 amplified the effect. Although we anticipate these dynamics to extend into the fourth quarter of 2015, our value proposition is resonating strongly with both new and existing customers, our leadership position in the markets we address is intact, and we are confident in the strategic direction of the company."

7:56 am On the Wires (:WIRES) :

• USA Technologies (USAT) announced that it has inked a new five-year, strategic agreement for its ePort Connect suite of cashless payment solutions and services with Wilmore Snack Sales-a Canteen franchise located near Shreveport, La. The agreement provides for the purchase of 2,000 new ePort devices, which are expected to be deployed during the co's current fiscal year, and includes hardware, deployment support, co-marketing and installation
• Freeport-McMoRan (FCX) announced that PT Freeport Indonesia and the Government of Indonesia have engaged in productive discussions regarding PT-FI's long term operating rights and investment plans. In consideration of PT-FI's major investments and prior and ongoing commitments to increase benefits to Indonesia, the Government has assured PT-FI that the Government will approve the extension of operations beyond 2021, including the same rights and the same level of legal and fiscal certainty provided under its Contract of Work.

7:56 am S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -12.90. (:WRAPX) :

U.S. equity futures trade modestly lower amid mixed action overseas. The S&P 500 futures trade six points below fair value after erasing roughly half of their overnight decline.

Meanwhile, U.S. Treasuries have advanced, sending the 10-yr yield lower by three basis points to 2.04%.

Today's economic data will be limited to the 8:30 ET release of the weekly Initial Claims report (Briefing.com consensus 275,000) while the September FOMC Minutes will cross the wires at 14:00 ET.

In U.S. corporate news of note:

• BioMed Realty (BMR 23.38, +1.79): +8.3% after agreeing to be acquired by Blackstone (BX 34.70, 0.00) for $23.75/share.
• EMC (EMC 26.75, +0.79): +3.0% after the Wall Street Journal reported the company is in talks to merge with Dell.

Reviewing overnight developments:

• Asian markets ended mixed. China's Shanghai Composite +3.0%, Japan's Nikkei -1.0%, and Hong Kong's Hang Seng -0.7%.
  • In economic data:
    • Japan's August Core Machinery Orders -5.7% month-over-month (expected +3.2%; prior -3.6%); -3.5% year-over-year (expected +4.2%; prior +2.8%). Separately, September Economy Watchers Current Index 47.5 (expected 48.6; prior 49.3)
  • In news:
    • Japan's Machinery Orders report showed the third consecutive decline, prompting Prime Minister Shinzo Abe's cabinet to lower its sector assessment to 'stalling.'

• Major European indices trade in mixed fashion. UK's FTSE +0.5%, Germany's DAX +0.2%, and France's CAC -0.1%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX -0.2%.
  • Economic data was limited:
    • Germany's August Trade surplus narrowed to EUR19.60 billion from EUR22.40 billion (expected surplus of EUR22.50 billion) as imports fell 3.1% (consensus -1.2%; prior 2.3%) and exports declined 5.2% (expected -1.2%; last 2.2%)
    • Swiss September Unemployment Rate ticked up to 3.4% from 3.3%, as expected
  • Among news of note:
    • The Bank of England made no changes to its policy stance, leaving its key interest rate and the purchasing program unchanged at 0.50% and GBP375 billion, respectively
    • The European Central Bank has released the minutes from its latest meeting, indicating there is still "substantial degree of stimulus" in the pipeline

7:36 am Domino's Pizza misses by $0.07, reports revs in-line (DPZ) :

• Reports Q3 (Sep) GAAP earnings of $0.67 per share, $0.07 worse than the Capital IQ Consensus of $0.74; co incurred incremental insurance expense relating to updated independent actuarial estimates for the Company's casualty insurance program, and faced continued pressure from FX.
• Rev rose 8.5% year/year to $484.7 mln vs the $487.52 mln Capital IQ Consensus, driven by higher supply chain volumes and sales of equipment to stores in connection with the Company's global store reimaging program. Higher domestic same store sales and store count growth, which resulted in increased royalties from franchised stores and higher revenues at Company-owned stores, also contributed to this increase. International revenues benefited from increased same store sales and store count growth, and were offset in part by the negative impact of foreign currency.
• Preannounced comps:
  • Domestic Company-owned stores + 11.5%
  • Domestic franchise stores + 10.4%
  • Domestic stores + 10.5%
  • International stores (excluding foreign currency impact) + 7.7%

7:35 am Intl Speedway beats by $0.05, beats on revs; raises FY15 EPS and revenue guidance (ISCA) :

• Reports Q3 (Aug) loss of $0.01 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of ($0.06); revenues fell 3.5% year/year to $125.5 mln vs the $121.07 mln two analyst estimate.
• Co issues raised guidance for FY15, sees EPS of $1.35-1.40 from $1.20-1.30 vs. $1.32 Capital IQ Consensus Estimate; sees FY15 revs of $635-640 mln from $625-635 mln vs. $629.82 mln Capital IQ Consensus Estimate; sees EBITDA to range between $190-195 mln.
  • Included in the Co's FY15 non-GAAP earnings guidance is ~$13.0 mln to $14.0 mln in depreciation expense for assets placed in service during 2015 related to DAYTONA Rising, and non-recurring revenue and expenses related to the transition of merchandising operations.

7:31 am IAMGOLD reports beginning the process to reduce by 10%, the number of employees at its Rosebel Gold Mines in Suriname, citing the current gold price environment (IAG) :  

7:31 am Caladrius Biosciences announces the promotions of Joseph Talamo from Vice President, Corporate Controller and Chief Accounting Officer to CFO (CLBS) :

• In addition, the co announces that Robert S. Vaters, is no longer serving as an employee of the Company and has resigned from the Company's board of directors
• Talamo joined Caladrius in 2011. Prior to joining Caladrius, from 1996 to 2010 Talamo held various senior positions at OSI Pharmaceuticals

7:31 am SandRidge Energy announces it will repurchase $100 mln of its senior unsecured notes for $30 mln in cash, and exchange $300 mln of senior unsecured notes for convertible notes (SD) :

Co will repurchase $2.2 million of its 8.75% Senior Notes due 2020, $46.6 million of its 7.5% Senior Notes due 2021, and $51.2 million of its 7.5% Senior Notes due 2023 for an aggregate of $30 million in cash. 

• Co will also exchange $6.6 millionof the 2020 Outstanding Notes, $189.3 million of the 2021 Outstanding Notes, $73.5 million of the 8.125% Senior Notes due 2022 and $30.6 million of its 2023 Outstanding Notes for $269.4 million of its 8.125% Convertible Senior Notes due 2022 and $30.6 million of its 7.5% Convertible Senior Notes due 2023. The Convertible Notes will be convertible at the holder's option, at an initial conversion rate of 363.6363 common shares per $1,000 principal

7:30 am Tenax Therapeutics Provides Clinical Update for Lead Candidate Levosimendan; LEVO-CTS protocol amendment approved by FDA (TENX) :

Co announces that it has achieved the first milestone in its ongoing Phase 3 LEVO-CTS trial following the enrollment of its 200th patient on October 1, 2015.

• FDA has approved its requested protocol amendment for the LEVO-CTS trial. This amendment changes the inclusion criteria for the trial to cardiac surgery patients with a left ventricular ejection fraction of = 35% undergoing a coronary artery bypass grafting procedure, CABG and an aortic valve procedure, and CABG and/or a mitral valve procedure.
• Co believes that this amendment will significantly increase the potential patient population eligible for enrollment in the trial.
• Co also announces that the ongoing LeoPARDS trial has enrolled 445 patients out of an estimated 516

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

• Infineon Technologies (IFNNY) announced the set-up of its second factory in Wuxi, on the occasion of its 20th anniversary of operation in China. The new factory is scheduled for rollout at the end of 2016. It comprises a total investment of nearly $300 million, engaging an area of 36,000 square meters
• Restaurant Brands International (QSR) and Seven Invest announced the establishment of an Area Representative and Developer Agreement to bring Tim Hortons brand to the Cincinnati area. Under the terms of the agreement, Seven Invest will be the exclusive Tim Hortons Area Representative in Cincinnati, responsible for managing the market and sourcing third party franchisees to develop more than 150 restaurants over the next 10 years
• Heat Biologics (HTBX) announced that it has completed enrollment of the full 75 patients in the blinded, randomized, placebo-controlled arms of the Phase 2 clinical trial of HS-410 (vesigenurtacel-L) for the treatment of high-risk, non-muscle invasive bladder cancer. The primary endpoint for the Phase 2 trial is one-year disease free survival. Co is enrolling an additional 25 patients to evaluate HS-410 as a monotherapy in an unblinded, open-label arm, which the company expects to complete by late 2015/early 2016
• Allergan plc (AGN) announced that its infectious disease portfolio will be featured in 13 abstracts highlighting data at IDWeek 2015

7:23 am Myriad Genetics announces that new clinical outcomes and clinical utility data for myPath Melanoma, will be featured at the 52nd American Society of Dermatopathology meeting (MYGN) :

• Co will present a study that correlates myPath Melanoma test results with clinical outcomes data (e.g., recurrence, sentinel lymph node metastases and distant metastases) from 127 patients with melanocytic lesions. Of these cases, 65 lesions were melanomas and 62 were benign lesions, according to the pathology diagnosis.
  • Of the 65 melanomas, 14 developed metastases and 51 had no adverse events after 47 months of follow up and myPath Melanoma diagnosed malignancy in all 14 cases with adverse outcomes, which represents a 100 percent sensitivity rate in these metastatic cases. There were no adverse events associated with the 62 benign lesions after an average follow up of 30 months.
• A second study looked at 632 difficult-to-diagnose melanocytic lesions, analyzed using the myPath Melanoma diagnostic test. Results show that excisions were reduced by 33.1 percent in patients who received a benign myPath Melanoma test result.

7:21 am MGIC Investment reports September operating statistics, showing $3.9 bln in primary new insurance written and 64,642 loans in ending primary delinquent inventory (MTG) :  

7:06 am OncoGenex Pharma announces the EMA supports plans for prospectively defining poor prognostic subpopulation in Ph 3 AFFINITY trial and suggested additional supportive analyses (OGXI) :

The co announced that the European Medicines Agency has completed its review of the proposed amendment to the company's Phase 3 AFFINITY protocol and statistical analysis plan. The amendment, which was agreed to by the U.S. Food and Drug Administration earlier this year, includes the addition of a co-primary endpoint designed to prospectively evaluate the survival benefit of custirsen in men who are at increased risk for poor outcomes when treated with cabazitaxel for metastatic castrate-resistant prostate cancer.

• The EMA supported plans for prospectively defining a poor prognostic subpopulation in the Phase 3 AFFINITY trial and suggested additional supportive analyses to show benefit for the poor prognostic subpopulation beyond the broader AFFINITY trial population. Following support from the FDA and EMA, the company is proceeding with its planned protocol amendment globally.
• Topline results in poor prognosis subpopulation expected by EOY

7:05 am Northern Dynasty Minerals enters into a binding letter agreement to acquire Mission Gold, for 27.8 million NAK shares (NAK) :

Co entered into a binding letter agreement to acquire 100% of Mission Gold Ltd, whose primary assets are ~$9 million in cash and a 100% interest in the Alto Parana titanium project. Co will acquire 100% of Mission Gold for ~27.8 million Northern Dynasty common shares.  

• Mission Gold has agreed to make a subordinated secured credit facility of $8.4 million available to Northern Dynasty for a period of six months. Outstanding Mission Gold warrants will be exchanged for ~16.7 million warrants of Northern Dynasty having a weighted average exercise price of ~$0.97.

7:04 am Eli Lilly: The FDA has granted Breakthrough Therapy Designation to abemaciclib, a CDK 4 and 6 inhibitor, for patients with refractory hormone-receptor-positive (HR+) advanced or metastatic breast cancer (LLY) : The FDA has granted Breakthrough Therapy Designation to abemaciclib, a cyclin-dependent kinase (CDK) 4 and 6 inhibitor, for patients with refractory hormone-receptor-positive (HR+) advanced or metastatic breast cancer. This designation is based on data from the breast cancer cohort expansion of the company's Phase I trial, JPBA, which studied the efficacy and safety of abemaciclib in women with advanced or metastatic breast cancer. Patients in this cohort had received a median of seven prior systemic treatments. These data were presented at the San Antonio Breast Cancer Symposium in 2014.

7:03 am NovaBay Pharma announces that Q3 sales of its prescription daily lid and lash hygiene product Avenova are expected to reach more than $1 mln; provides product updates (NBY) :

Co announces that Q3 sales of the company's prescription daily lid and lash hygiene product Avenova are expected to reach more than $1 mln.

• This will be an ~30% increase over the 2Q15, with growth driven by record highs for pharmacy-filled prescriptions and products sold directly by eye care specialists
• Co will expand its medical direct sales representatives to 50 in October 2015 up from 35
• Co will launch a test market program in select cities in California either late this year or early in 2016 for intelli-Case.
• Subject to FDA clearance, Co expects to launch its Hydrogel product in late 2016.

7:02 am Dyax reports initiating an immuno-oncology clinical trial evaluating SD-101, in combination with Merck's (MRK) anti-PD-1 therapy, Keytruda (DYAX) : The multicenter, open-label trial is enrolling patients with advanced or metastatic melanoma and will investigate the safety and potential efficacy of Dynavax's investigational toll-like receptor 9 agonist, SD-101, in combination with Merck's (MRK) anti-PD-1 therapy, Keytruda. The Phase 1b dose-escalation portion of the study is enrolling up to 12 patients with advanced or metastatic melanoma. Co expects to complete the Phase 1b dose escalation and expand into the Phase 2 portion of the clinical trial with the selected dose of SD-101 by mid-year 2016.

7:02 am AcelRx receives formal minutes from the FDA, agencry restated its request for clinical data to complement other data AcelRx has developed to assess the overall performance of the Zalviso device (ACRX) :

The company announced it has received formal minutes of the telephonic meeting held in early September 2015, with the Division of Anesthesia, Analgesia, and Addiction Products of the Food and Drug Administration (FDA).  As reflected in the minutes, the Division restated at the meeting a request for clinical data to complement other data AcelRx has developed to assess the overall performance of the Zalviso device.

• The company is planning to submit a protocol to the Division for a clinical study in post-operative patients designed to evaluate the effectiveness of changes made to enhance product performance. AcelRx expects to be ready to initiate the study in the first quarter of 2016, and likely will await comments on the protocol from the Division. The company will be prepared to work with the FDA to facilitate the timely study initiation.  

7:02 am Titan Pharma receives approval to list its common stock on NASDAQ (from OTC) effective at the opening on Monday Oct 12; will trade under the symbol TTNP (TTNP) :  

7:01 am Codexis announces completion of Wave 2 of the transfer of CodeEvolver protein engineering platform to GSK; earns $6.5 mln milestone (CDXS) :

• Co announces that it successfully completed Wave 2 of the transfer of its proprietary CodeEvolver protein engineering platform technology to GlaxoSmithKline (GSK) in the third quarter of 2015.
• Co expects to receive a $6.5 mln payment from GSK for completion of this milestone in the fourth quarter of 2015. Codexis has received a $6 mln upfront payment and a $5 mln Wave 1 technology transfer milestone payment from GSK since announcing the technology collaboration and license agreement with GSK in July 2014.
• Co is eligible to receive an additional $7.5 mln payment from GSK subject to the satisfactory completion of the final CodeEvolver technology transfer milestone.

7:01 am Resolute Energy closes the sale of its Hilight Field assets in the Powder River Basin for $55 mln, completes its fall borrowing base redetermination (REN) : Quote from REN CEO: "With the closing of the Powder River Basin asset sale, we now have completed nearly $100 million of asset sales in 2015, significantly reducing leverage and strengthening the Company's balance sheet. The Powder River Basin asset sale, combined with the $165 million borrowing base approved by our lending syndicate, solidifies our liquidity position and allows us to turn our full attention to capitalizing on the opportunities in our high quality asset portfolio."

7:00 am Concert Pharmaceuticals receives $8 mln milestone under its development and license agreement with Celgene (CELG) for completion of the Phase 1 clinical evaluation of CTP-730 (CNCE) :

Co achieves an $8 mln milestone under its development and license agreement with Celgene Corporation (CELG) for completion of the Phase 1 clinical evaluation of CTP-730.

• Once-daily dosing of 50 mg of CTP-730 administered for 7 days in the Phase 1 trial demonstrated similar steady-state exposure to historical data for 30 mg of apremilast administered twice daily.
• The Phase 1 program included both single and multiple ascending dose trials.
• The Phase 1 clinical trials assessed the safety, tolerability and pharmacokinetics of CTP-730 in 85 healthy subjects. Treatment with CTP-730 was generally well tolerated and no serious adverse events were observed.

6:59 am Endeavour Silver reports Q3 silver production was slightly above guidance at 1,820,282 ounces and gold production was slightly below guidance at 15,319 oz (EXK) :

• Silver production in Q3 was slightly above guidance at 1,820,282 ounces and gold production was slightly below guidance at 15,319 oz. Silver equivalent production was on plan at 2.9 million oz using a 70:1 silver gold ratio.
• Lower than planned mill feed from the El Cubo mine allowed Bolaitos to mill just under 1,200 tpd of Bolaitos ore in Q3, 2015. Grades and recoveries were both lower in the third quarter but are expected to rise according to plan in Q4, 2015.

6:59 am Synthetic Biologics initiates a second Phase 2 clinical trial of SYN-010, for the treatment of irritable bowel syndrome with constipation (SYN) :

This multi-center, open-label study will evaluate the sustainability of the effect of one dose strength of SYN-010 on breath methane production in breath methane-positive patients with IBS-C. The study will also evaluate key clinical outcomes, including frequency of complete spontaneous bowel movements (:CSBM), abdominal pain and bloating.

• Co stated: "At this time, more than half of the total participants have completed the first Phase 2 clinical trial and rolled over into the second Phase 2 clinical trial of SYN-010. We continue to anticipate reporting topline results from the first Phase 2 clinical trial of SYN-010 during the fourth quarter of 2015, and reporting topline results from the second Phase 2 clinical trial during the first half of 2016."

6:58 am Asian Markets Close: Japan's Nikkei -1.0%; Hong Kong's Hang Seng -0.7%; China's Shanghai Composite +3.0% (:SUMRX) :

Markets in the Asia-Pacific region mostly gave way to a day of profit taking following some strong gains of late. A disappointing machinery orders report out of Japan contributed to the negative disposition. The notable exception Thursday was China's Shanghai Composite. It rallied 3.0% in a catch-up trade following its weeklong closure.

Economic data

• Japan
  • August Core Machinery Orders -5.7% month-over-month (expected +3.2%; prior -3.6%); -3.5% year-over-year (expected +4.2%; prior +2.8%)
  • September Economy Watchers Current Index 47.5 (expected 48.6; prior 49.3)

Equity Markets

• Japan's Nikkei declined 1.0% and ended at its lows for the session following a much weaker-than-expected report for core machinery orders. The biggest losers were the health care (-2.8%) and consumer staples (-2.7%), and consumer discretionary (-1.6%) sectors. Aeon (-7.2%), Shionogi & Co (-6.7%), and MEIJI Holdings (-5.5%) paced declining issues. Sumco Corp (+4.1%), Chiyoda Corp (+3.9%), and Minebea (+3.6%) topped the list of winners. Out of the 225 index members, 89 ended higher, 129 finished lower, and 7 were unchanged.
• Hong Kong's Hang Seng declined 0.7%, spending nearly the entirety of its session in negative territory. Prior to Thursday's trade, the Hang Seng had risen 9.5% over a span of just five trading sessions beginning on September 30. CNOOC (-6.0%), China Resources Enterprise (-5.5%), and Belle International Holdings (-3.7%) were the worst-performing issues. Sino Land Co (+2.3%), Sands China (+1.6%), and Galaxy Entertainment (+1.4%) were the best-performing issues. Out of the 50 index members, 14 ended higher and 36 finished lower.
• China's Shanghai Composite increased 3.0% in its reopening after a weeklong holiday. It was a catch-up trade that many saw coming with other markets having rallied hard since the Shanghai Composite closed on September 30. At its best level of the day, the Composite was up 3.9%.
• India's Sensex declined 0.7% and closed near its lows for the day. The materials sector (+1.5%) was the only sector to gain ground in Thursday's trade. Leading laggards included Reliance Industries (-2.7%), GAIL India (-2.4%), and ITC Ltd (-2.1%). The best-performing stocks were Vedanta (+2.4%), Tata Steel (+1.7%), and Tata Motors (+0.7%). Out of the 30 index members, 9 ended higher and 21 finished lower.
• Australia's S&P/ASX 200 increased 0.2% but finished well off its high for the day seen shortly after the start of trading when it was up 1.1%. Thursday's modest gain was underpinned by strength in the metals & mining (+2.4%), resources (+2.1%), and materials (+1.7%) sectors. Out of the 200 index members, 79 ended higher, 109 finished lower, and 12 were unchanged.
• Regional advancers: South Korea +0.7%, Malaysia +0.2%, Indonesia +0.1%, Vietnam +1.2%
• Regional decliners: Taiwan -0.6%, Singapore -0.5%, Thailand -0.1%, Philippines -0.03%

FX

• USD/CNY -0.04% at 6.3534
• USD/INR +0.2% at 65.0887
• USD/JPY -0.2% at 119.74

6:56 am Roper Inds to acquire Aderant for $675 mln; sees deal immediately cash accretive (ROP) :

Co enters into a definitive agreement to acquire Aderant Holdings, Inc., in a transaction valued at $675 mln, net of $20 mln in cash tax benefits.

• Roper expects the acquisition to be immediately cash accretive and to generate ~$125 mln of revs in 2016.
• Aderant is a global provider of comprehensive business management software for legal and other professional services firms.
• Completion of the transaction is expected within 30 days

6:54 am On the Wires (:WIRES) :

• Boston Scientific Corporation (BSX) announced that it has closed on an additional round of financing with MValve Technologies, a developer of a percutaneous mitral valve replacement system, designed to work with the Boston Scientific LOTUS Valve. Boston Scientific has provided the company with funding since 2012 and has an exclusive option to acquire MValve
• IMAX Corporation (IMAX) and Omnijoi Cinema Development announced an expansion of the parties' revenue sharing arrangement, with the addition of 15 new IMAX theatre systems in China. The agreement brings Omnijoi Cinemas' total IMAX commitment to 31 theatres
• CUI Global (CUI) reports it has received additional purchase orders from a large European natural gas transmission company for its IRIS RTU kiosks
• Mallinckrodt plc (MNK) announced that data from a pilot study for its H.P. Acthar Gel (repository corticotropin injection) will be presented at the American College of Rheumatology2015 Annual Meeting
• Sage Therapeutics (SAGE) announced upcoming data poster presentations at the 13th Annual Neurocritical Care Society Meeting. Presentations will cover the Phase 1/2 Trial of Sage-547, and the efficacy of SAGE-217

6:47 am TransCanada confirms it will acquire the Ironwood natural gas fired, combined cycle power plant in Lebanon, Pennsylvania from Talen Energy (TLN) for $654 mln (TRP) : The acquisition is expected to be immediately accretive to earnings and cash flow and generate approximately $90-$110 million in earnings before interest, taxes, depreciation and amortization annually through a combination of capacity payments and energy sales.

6:41 am Talen Energy agrees to sell three Pennsylvania power plants, with 996 MW of capacity, for $1.51 bln in cash (TLN) :

Co has agreed to sell three Pennsylvania power plants with a total combined generating capacity of 996 megawatts for $1.51 billion in gross cash proceeds.

• The 704-megawatt Ironwood plant is being sold to a subsidiary of TransCanada Corporation (TRP) for a total purchase price of $654 million. Talen Energy expects to repay ~$42 million of indebtedness, plus a customary pre-payment premium, associated with the facility.
• The Holtwood and Lake Wallenpaupack hydroelectric projects, with a combined generating capacity of 292 megawatts, are being sold to a subsidiary of Brookfield Renewable Energy Partners (BEP) for $860 million.
• The transactions are expected to result in net proceeds of approximately $1.16 billion. In the near term, Talen Energy plans to use proceeds of the transactions to retire pre-payable and maturing debt. Both transactions are expected to close in the first quarter of 2016

6:40 am EnCana to sell its Denver Julesburg Basin assets in Colorado for ~$900 mln (ECA) :

Co has reached an agreement to sell its Denver Julesburg Basin assets in Colorado to a new entity 95% owned by Canada Pension Plan Investment Board and 5% by The Broe Group.

• Total consideration to Encana under the transaction is ~$900 mln. Co will use the cash proceeds to further strengthen its balance sheet and create greater flexibility in this market environment.
• During the first half of 2015, Encana's DJ Basin assets produced an average of 52 mln cubic feet per day (MMcf/d) of natural gas and 14,800 barrels per day of crude oil and natural gas liquids. Based on Encana's development plan at year-end 2014, estimated proved reserves were 96.8 million barrels of oil equivalent (over 40 percent natural gas).
• The transaction is expected to close in the 4Q15, with an effective date of April 1, 2015.

6:32 am Neurocrine Biosci announces that NBI-98854 showed a statistically significant reduction in tardive dyskinesi, during a Kinect 3 clinical trial (NBIX) :

Co announced that NBI-98854, a highly selective small molecule VMAT2 inhibitor, showed a statistically significant reduction in tardive dyskinesia during the six weeks of placebo-controlled treatment in the Kinect 3 clinical trial.

• The pre-specified primary efficacy endpoint was the change-from-baseline in the Abnormal Involuntary Movement Scale at Week 6 in the 80mg once-daily dosing group compared to placebo as assessed by central blinded video raters. The AIMS ratings at Week 6 for the 80mg once-daily NBI-98854 intention-to-treat population was reduced 3.1 points more than placebo.
• During the six-week placebo-controlled treatment period NBI-98854 was generally well tolerated. The frequency of adverse events was similar among all treatment groups and treatment emergent adverse effects were consistent with those of prior studies.
• Co stated: "We will now turn our focus to completing the open-label safety portion of the studies in tardive dyskinesia patients and compiling the data for both doses of NBI-98854 to be included in the New Drug Application we intend to file with the FDA in 2016."

6:31 am Entergy enters an agreement to sell its 583 MW Rhode Island State Energy Center to Carlyle Power Partners for $490 mln (ETR) :

Co has entered into an agreement to sell its 583-megawatt Rhode Island State Energy Center, located in Johnston, R.I., to Carlyle Power Partners, a unit of the Carlyle Group (CG)

• The base sales price is ~$490 mln, subject to closing adjustments. Entergy Wholesale Commodities purchased the plant for $346 mln in December 2011.
• Entergy expects to record a net gain of ~$0.50 per share assuming closing of the sale occurs in the 4Q15, subject to working capital and other adjustments.
• The gain on sale will be excluded from operational earnings.
• The transaction is contingent upon obtaining necessary regulatory approval from the Federal Energy Regulatory Commission and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
• Closing is targeted for the end of 2015

6:31 am Southwest Air reports September traffic; flew 9.2 bln revenue passenger miles in September, up 11.4% Y/Y (LUV) : Co flew 9.2 billion revenue passenger miles (RPMs) in September 2015, an 11.4 % increase Y/Y. Available seat miles (ASMs) increased 8.4% to 11.1 billion in September 2015, compared with the September 2014 level of 10.3 billion. The September 2015 load factor was a record for the month of September at 82.7%, compared with 80.5% in September 2014.

6:29 am On the Wires (:WIRES) :

• BioCryst Pharmaceuticals (BCRX) announced that it has completed enrollment in OPuS-2 (Oral ProphylaxiS-2), a blinded, randomized, placebo-controlled clinical trial of orally-administered avoralstat in patients with hereditary angioedema. Final patient visits will occur in January 2016; therefore, co expects to report OPuS-2 results in early 2016
• Bionomics Limited announced that it has extended its strategic collaboration with Merck & Co (MRK) for the discovery and development of drug candidates for the treatment of chronic and neuropathic pain. The agreement builds upon a collaboration focused on utilizing Bionomics' ionX and MultiCore drug discovery platforms. Separately, Merck & Co., will also purchase 21,659,230 million ordinary shares at A$0.5938, a 29% premium to Bionomics' closing price on October 7th, 2015
• OnDeck (ONDK) announced an addition to its Canadian business, with the hire of Gary Fearnall as Country Manager
• Genometry, inc announced entering into a service agreement with Janssen Pharmaceutica NV (JNJ) of Beerse, Belgium under the terms of which Genometry will generate gene-expression profiles from 250,000 compounds from Janssen's small-molecule screening library using its proprietary L1000 Expression Profiling technology. The data will be used for primary screening and library characterization as well as to improve the selection of candidate drugs prior to clinical studies.
  
• Galapagos NV (GLPG) announced it will be presenting or contributing to five posters at the North American Cystic Fibrosis Conference in Phoenix this week. The five poster presentations cover progress and depth of discovery and development efforts in CF. 

6:29 am On the Wires (:WIRES) :

• Applied DNA Sciences (APDN) has shipped SigNature T DNA to tag 100 million pounds of cotton in total during FY 2015 (ending 30 September 2015). Cotton gins are expected to run in the United States through approximately February 2016 and APDN's selling efforts are ongoing
• Petrobras (PBR) announced that it has not presented any proposals for the blocks offered during the 13th Exploratory Block Bidding Round of the National Petroleum, Natural Gas and Biofuel Agency, which took place today. Petrobras' decision not to take part was based on a deep technical and economic analysis of the blocks on offer and the current state of its oil and gas reserves
• Old National Bank (ONB) disclosed in a regulatory filing that it entered into purchase agreements to acquire fourteen bank properties that it currently leases for an aggregate purchase price of ~$66.2 million. Old National Bancorp expects that these acquisitions will close in the fourth quarter of 2015

6:16 am Biogen reports that Zinbryta results from its Phase 3 Decide Study were Published in the New England Journal of Medicine, with analyses reinforcing Zinbryta's safety profile (BIIB) :

Full results from the Phase 3 DECIDE study published this week in the New England Journal of Medicine, as well as new post-hoc analyses of Phase 3 clinical data presented at an international congress, show once-monthly, investigational Zinbryta (daclizumab high-yield process) improved results on key measures of multiple sclerosis disease activity in patients with relapsing-remitting MS compared to interferon beta-1a 30 mcg intramuscular injection.

• In the new post-hoc analyses, ZINBRYTA was shown to increase the percentage of patients achieving no evidence of clinical and MRI disease activity, improve cognitive processing speed and reduce 24-week confirmed disability progression across a broad range of subgroups at two years compared to interferon beta-1a IM.
• An integrated analysis of the safety and tolerability data from six clinical studies involving 2,236 RRMS patients treated with ZINBRYTA, including some patients treated for more than five years, was presented at ECTRIMS. The results support the known benefit-risk profile of ZINBRYTA and indicate that adverse events (AEs) did not appear to increase over time.
  • Over a median of 30 months of exposure, the incidence of infections (59%), cutaneous events (33%), and hepatic events (16%) did not increase over time. The most common AEs (incidence =10%) associated with ZINBRYTA were MS relapse (31%), nasopharyngitis (20%), upper respiratory infection (15%), headache (13%) and urinary tract infection (10%).

6:14 am Sony acquires Softkinetic Systems S.A.; terms not disclosed (SNE) : With this acquisition, Softkinetic -- which possesses time-of-flight range image sensor technology, as well as related systems and software -- has become a wholly-owned subsidiary of Sony. No material impact is anticipated on Sony's consolidated financial results for the fiscal year ending March 31, 2016 as a result of the acquisition.

6:04 am Chipmos Technology sees Q3 revs below consensus; reaffirms GM guidance (IMOS) :

• Co issues downside guidance for Q3 (Sep), sees Q3 (Sep) revs of $146.4 mln vs. $153.90 mln two analyst estimate.
• Co reports Sep revs of $48.6 mln
• This is in-line with the Company's guidance, which called for the third quarter of 2015 will decrease ~2% to 7%, as compared to the second quarter of 2015.
• The Company's guidance remains unchanged for gross margin on a consolidated basis to be in the range of ~ 17% to 21% for the third quarter of 2015.

6:03 am Conn's reports Sept comps +1.8% and total net sales $110.8 mln (CONN) : Greater than 60-day delinquency was 9.9% as of September 30, 2015, compared to 9.7% as of September 30, 2014

6:02 am Caesars Entertainment: Caesars Entertainment Operating Co. announces steps in its restructuring, filing an amended plan of reorganization with the support of senior creditors (CZR) :

Co has filed an Amended Plan of Reorganization and a motion to further extend exclusivity through March 15, 2016. The Amended Plan provides for a comprehensive restructuring transaction that is supported by holders of more than 80 percent of CEOC's First Lien Bank Debt and First Lien Notes pursuant to restructuring support agreements CEOC has entered into with both creditor groups. Importantly, the Amended Plan also provides for enhanced recoveries to CEOC's junior creditors.

• Co noted that its operations have continued uninterrupted throughout the financial restructuring process and that its business performance improved in the first half of 2015 compared with the prior year, driven by, among other factors, marketing, labor efficiencies and strong hospitality revenues.
• Co also noted that if confirmed and consummated, the Amended Plan will eliminate ~$10 billion in aggregate debt from CEOC's balance sheet.

6:01 am Blue Square-Israel receives a notice from the NYSE, for non-compliance with the exchange's $50 mln market cap minimum; co has 90 days to submit a plan to regain compliance (BSI) :  

6:00 am BioMed Realty to be acquired by Blackstone (BX) for $23.75/share in an $8 bln deal (BMR) :

Completion of the transaction, which is currently expected to occur in the first quarter of 2016, is contingent upon customary closing conditions, including the approval of BioMed Realty's stockholders, who will vote on the transaction at a special meeting on a date to be announced. The transaction is not contingent on receipt of financing by Blackstone.

• In addition to the common stock dividend of $0.26 per share previously declared on September 15, 2015 and payable on October 15, 2015, if the transaction is completed after January 1, 2016 BioMed stockholders will receive a per diem amount of approximately $0.003 per share for each day from January 1, 2016 until (but not including) the closing date.
• The transaction has been unanimously approved by BioMed Realty's Board of Directors

6:00 am On The Wires (:WIRES) :

• Statoil (STO) awarded contracts for two Johan Sverdrup jackets to Kvaerner Verdal and Dragados Offshore S.A.
• BASF (BASFY) will expand its emollients and waxes production capacity with a new plant at its site in Jinshan, Shanghai. 
• WANdisco announced that a leading provider of financial data, breaking news and expert analysis on business sectors will use WANdisco Fusion to deliver continuous availability and performance for its predictive customer analytics applications built on the Hortonworks Data Platform, the Hadoop big data software platform provided by Hortonworks (HDP).
• Intercontinental Exchange (ICE) announced that the International Swaps and Derivatives Association, has selected ICE Benchmark Administration to build and operate the crowdsourcing utility for the ISDA Standard Initial Margin Model.
• Medtronic (MDT) unveiled a next-generation version of its superDimension navigation system software. The superDimension navigation system enables a minimally invasive approach to access difficult-to-reach areas of the lung, and can aid in the diagnosis of lung diseases.

5:58 am BioCryst Pharm announces its Phase 1 clinical trial of orally-administered BCX7353, met all of its objectives (BCRX) :

The safety, tolerability, drug exposure and on-target plasma kallikrein inhibition results strongly support advancing the development program into a Phase 2 study in hereditary angioedema (HAE) patients. Oral BCX7353 was generally safe and well tolerated at all doses up to 500 mg once-daily for 7 days and 350 mg once-daily for 14 days in healthy volunteers, and no dose-limiting toxicity was identified.

• There were no serious adverse events (AEs) and most AEs were mild. Two subjects discontinued the study due to moderate gastrointestinal AEs. One subject developed a delayed-type hypersensitivity rash after completing seven days of study drug; the rash resolved quickly with oral and topical steroids.
• BCX7353 plasma levels increased in approximate proportion to dose, and drug exposure was not affected by dosing with food. Daily dosing with BCX7353 strongly inhibited plasma kallikrein at all four dose levels; the degree of inhibition was dose-related (p
• A Phase 2, four week dose ranging trial to evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and efficacy of BCX7353 as a preventative treatment to reduce the frequency of attacks in HAE patients is expected to begin by late 2015 or early 2016.

5:51 am Amazon launches 'Handmade at Amazon' (AMZN) : Handmade at Amazon is a new store featuring genuinely handmade items crafted and sold directly from artisans. With Handmade at Amazon, customers can discover artisans from around the world, and shop local from artisans based in their community within the familiar Amazon experience. Handmade at Amazon features a variety of product categories including Jewelry, Home Dcor, Artwork, Stationery and Party Supplies, Kitchen and Dining, and Furniture.

5:48 am Black Diamond sells its equity interest in POC to Investcorp for $65.0 mln, divestiture completes strategic review process initiated in March (BDE) :

For the twelve months ended December 31, 2014, POC recorded sales of approximately $34.8 million, implying a revenue multiple of approximately 1.9x. Black Diamond originally acquired POC in July 2012 for approximately $44.9 million.

• Black Diamond plans to maximize shareholder value by focusing its attention on the profitability of both the Black Diamond Equipment and PIEPS brands while redeploying the proceeds of the sale to potentially unrelated and diversifying investments.
• Black Diamond expects to realize net proceeds of approximately $60.0 million after purchase price adjustments, fees, expenses and taxes. Post-transaction, the Company expects to have approximately $100.0 million in cash, $22.6 million in debt and around $167.0 million in net operating loss carryforwards.

5:47 am S&P futures vs fair value: -8.80. Nasdaq futures vs fair value: -21.00. :

5:47 am European Markets : FTSE...6336.82...+0.50...+0.00%.  DAX...9966.77...-3.60...0.00%.

5:47 am Asian Markets : Nikkei...18141.17...-181.80...-1.00%.  Hang Seng...22354.91...-160.90...-0.70%.

5:26 am Air France-KLM reports reports traffic up 1.6% for capacity up by 1.0%, excluding strike impact (AFLYY) :

• Comparison affected by the September 2014 strike, whose impact was estimated at ASK 4,249 million and RPK 3,704 million
• Excluding strike impact, traffic up 1.6% for capacity up by 1.0%
• 7.1 million passengers, up 23.6%
• Excluding last year's strike impact, unit revenue per available seat kilometer (:RASK) ex-currency down compared to September 2014
  
  

5:17 am Pretium Resources reports Brucejack regional drilling intersects over 8,000 grams per tonne gold (PVG) :

Co reports report a second set of drill results from the regional grass-roots exploration drill program currently underway on the property surrounding the Brucejack Project. High-grade intersections in the Flow Dome Zone east of the Brucejack project support results previously reported confirming the presence of either a new stockwork zone or an extension of the Valley of the Kings deposit

• Selected drill highlights from the Flow Dome Zone include: Hole SU-666 intersected 2,100 grams of gold per tonne uncut over 2.05 meters, including 8,600 grams of gold per tonne uncut over 0.50 meters; and Hole SU-668 intersected 137 grams of gold per tonne over 0.50 meters.
  

4:44 am On The Wires (:WIRES) :

• Royal Bank of Canada (RY) and City National (CYN) announced that they received formal regulatory approval from the Federal Reserve to complete Royal Bank of Canada's acquisition of City National pursuant to their merger agreement previously announced on January 22, 2015.
• Toshiba (TOSBF) announced the launch of "T4KE1", a near-infrared 2.1 megapixel BSI CMOS image sensor that supports iris recognition on mobile devices. Sample shipments start today.
• Qumu (QUMU) announced the availability of their integrations with Unicon's hardware-independent operating system, eLux RP, creating a unique multimedia solution in a thin client environment.
• Mesosphere announced two new projects developed in collaboration with EMC (EMC) that will help accelerate adoption of external storage volumes within Apache Mesos architectures, and that will be available as common services in the Mesosphere Datacenter Operating System 
• MetLife Hong Kong, a wholly-owned subsidiary of MetLife (MET) announced that its year-to-date brokerage business volume has registered a year-over-year growth of over 500%.

4:21 am Novartis reports efficacy results indicating Gilenya in MS patients showed no evidence of disease activity after 7 years (NVS) :

Co announced a new analysis from the phase III FREEDOMS and FREEDOMS II trials reinforcing the long-term efficacy profile of Gilenya. The analysis evaluated the proportion of Gilenya patients with relapsing multiple sclerosis achieving 'no evidence of disease activity' every year over seven years. NEDA-4 is achieved when a patient has no relapses, MRI lesions, MS-related brain shrinkage and disability progression.

• NEDA-4 - no evidence of disease activity based on four parameters - relapses, MRI lesions, brain shrinkage and disability progression - is a comprehensive measure of MS disease control
• 31.2% to 44.8% of patients continuously treated with Gilenya in the FREEDOMS core and extension trials achieved NEDA-4 in each of the years three to seven
• Separate analysis confirmed NEDA-4 status in the first year is a better predictor of long-term outcomes than an assessment of three parameters (relapses, MRI lesions and disability progression)

4:17 am Sanofi-Aventis reports Phase 3 study of Lemtrada showed consistent effects seen across relapse, disability, brain atrophy and MRI lesion activity (SNY) :

Genzyme, a Sanofi company, announced positive new five-year investigational data from the extension study of Lemtrada for patients with relapsing remitting multiple sclerosis.

• Through year five, the incidence of most adverse events during the extension study was comparable or reduced compared with the pivotal studies. The frequency of thyroid adverse events was highest in year three and declined thereafter.
• The low annualized relapse rates observed in patients who received Lemtrada in CARE-MS I and CARE-MS II were maintained from year three to year five.
• Through year five, 80 percent and 76 percent of patients who received Lemtrada in CARE-MS I and CARE-MS II, respectively, did not experience worsening of disability progression confirmed over six months as measured by the Expanded Disability Status Scale.
• Through year five, 33 percent and 43 percent of patients who had some disability before receiving Lemtrada in CARE-MS I and CARE-MS II, respectively, had improvement in EDSS score confirmed over at least six months as compared with pre-treatment baseline
  

4:14 am Fiat Chrysler confirms new tentative agreement with the UAW (FCAU) : Co states because the agreement is subject to UAW member ratification, the Company cannot discuss the specifics of the agreement pending a vote by UAW members.

4:13 am Goodrich Petroleum enters exchange agreements to retire ~$17.1 mln of outstanding 5.00% Convertible Senior Notes due 2032 in exchange for issuance of additional 5.00% Convertible Exchange Senior Notes due 2032 (GDP) :  

3:59 am Sanchez Production Partners expects newspaper spinoff to retain tax-free status in Journal Media Group (JMG) acquisition by Gannett (GCI) (SPP) :

On April 1, Scripps and Journal Communications simultaneously spun off and merged their newspaper operations to form Journal Media Group in a transaction that was tax free for Scripps and its shareholders. At the time of this deal, Scripps and Journal Communications entered into a Tax Matters Agreement to address Scripps' and Journal Media Group's rights and obligations with respect to a number of matters, including any sale of Journal Media Group before the second anniversary of the closing of the deal.

• Under that agreement, Journal Media Group is required to provide Scripps with an unqualified opinion of tax counsel confirming that the tax-free status of the spin-off of Scripps newspapers will be preserved in the event of a sale of Journal Media Group

3:44 am Journal Media to be acquired by Gannett (GCI) for $12 per share; expected to be immediately accretive to GCI earnings (JMG) :

Gannett Co (GCI) and Journal Media Group (JMG) announced that they have entered into a definitive merger agreement under which Gannett will acquire all of the outstanding common stock of Journal Media Group for approximately $280 million, net of acquired cash

Financial Highlights

• Adds approximately $450 million to Gannett's annual revenues.
• Adds approximately $60 million of adjusted EBITDA, including over $10 million of immediately available synergies.
• Opportunity for approximately $25 million of additional operating synergies to be fully realized over the next two years via the consolidation of corporate and administrative operations, integration with the Gannett shared service centers and consolidation of certain printing and distribution assets in multiple adjacent markets.
• Immediately EPS accretive: ~$0.10 - $0.15 per share in the first full year and $0.20 - $0.25 in the second year
  

3:41 am Black Hills Corp raises its FY15 EPS guidance and announces analyst day presentation topics (BKH) :

• Co issues in-line guidance for FY15 (Dec), sees EPS of $2.90-3.10 vs. $2.94 Capital IQ Consensus Estimate and compared to the previously issued range of $2.80-3.00 per share.
• Black Hills will also provide an update on its financing plans for the SourceGas acquisition. The company initiated a strategic review process of its Colorado IPP generating assets and is evaluating the partial sale of the assets. Proceeds from a possible sale would be used to reduce financing needs for the SourceGas acquisition.

3:33 am IMAX: IMAX China began trading on the Hong Kong Stock Exchange today (IMAX) :  

2:31 am CGG reports Q3 vessel availability rate of 84% vs 74% in Q2 (CGG) :

Co provides vessel utilization for the third quarter 2015:

• The vessel availability rate was 84%.This compares to a 74% availability rate in the second quarter of 2015 and a 92% rate in the third quarter of 2014.
• The vessel production rate was 92%.This compares to a 94% production rate in the second quarter of 2015 and a 92% rate in the third quarter of 2014.
• Fleet allocation update: During the third quarter of 2015, our 3D vessels were allocated 33% to multi-client programs

2:26 am On The Wires (:WIRES) :

• Columbia Sportswear (COLM), launched "Tested Tough," a new long-term, global brand platform, inspired by the company's Pacific Northwest heritage and the original Tough Mother campaign
• TomTom (TMOAY), a global leader in navigation and mapping products, and ASAP, a Field Force Automation provider, today announce a cooperation to integrate and sell OMOGEN for Field Forces, based on TomTom's BRIDGE solution.