4:43 pm Atmel agrees to be acquired by Microchip (MCHP) for $8.15/share in cash & stock, or ~$3.56 bln (ATML) :

The co's announced that Microchip has signed a definitive agreement to acquire Atmel for $8.15 per share in a combination of cash and Microchip common stock. The acquisition price represents a total equity value of about $3.56 bln, and a total enterprise value of about $3.40 bln, after excluding Atmel's cash and investments net of debt on its balance sheet of ~$155 mln at December 31, 2015.

• Concurrent with this announcement, Microchip announced that its Board of Directors has authorized an increase in the existing share repurchase program to 15.0 mln shares of common stock from the ~11.4 mln shares remaining under the prior authorization. Under this program, in the next several months, Microchip intends to repurchase the approximate number of shares it issues in the Atmel acquisition, which is expected to result in the transaction having the accretive effects of a cash transaction from a financial perspective.
• Following the closing, the transaction is expected to be immediately accretive to Microchip's non-GAAP earnings per share. Based on currently available information, Microchip anticipates achieving an estimated $170 mln in synergies from cost savings and incremental revenue growth in fiscal year 2019 that begins on April 1, 2018.
• In connection with the termination of the merger agreement with Dialog (DLGNF), Atmel has paid Dialog a termination fee of $137.3 mln.

4:39 pm NovoCure will present positive data from its ongoing phase 2 PANOVA clinical trial at the GI Cancers Symposium in San Francisco on January 22 (NVCR) :

Co will present data on Friday, Jan. 22 from its ongoing phase 2 PANOVA clinical trial at the American Society of Clinical Oncology 2016 Gastrointestinal Cancers Symposium showing that Tumor Treating Fields (TTFields) therapy plus first-line chemotherapy gemcitabine is tolerable and safe in patients with advanced pancreatic cancer. The data also suggest improved survival and response rate.

"The phase 2 results are promising...Given these first cohort results and the synergistic effect that was demonstrated in preclinical models when TTFields therapy was combined with taxane-based chemotherapies, I am even more optimistic about what the second cohort will show when nab-paclitaxel is added to the treatment regimen....Based on these data we will accelerate planning of a phase 3 clinical trial in pancreatic cancer."

4:38 pm Galapagos NV and Gilead (GILD) announced closing and entry into force of global license and collaboration agreement on filgotinib; triggers upfront license fee payment of $300 mln by Gilead to Galapagos (as prev disclosed) (GLPG) : Under the terms of the agreement, the closing of this transaction triggers an upfront license fee payment of $300 mln by Gilead to Galapagos. In addition, Gilead has made a $425 mln (or 392 mln) equity investment in Galapagos by subscribing for new shares at a price of 58 per share, including issuance premium. As a result, Gilead now owns 6,760,701 ordinary shares of Galapagos, representing 14.75 percent of the currently outstanding share capital of Galapagos.

4:33 pm Genesco announces Board authorization of a $100 mln repurchase program (GCO) : The authorization replaces the remaining balance of a previous $100 million repurchase program authorized in September 2015, pursuant to which the Company has repurchased 1.3 million shares at a total cost of approximately $78.5 million.

4:33 pm Fulton Fincl beats by $0.01 (FULT) :

• Reports Q4 (Dec) earnings of $0.22 per share, $0.01 better than the Capital IQ Consensus of $0.21.
• Net interest income for Q4 of 2015 increased $2.1 million, or 1.7%, compared to Q3 of 2015, while the net interest margin increased one basis point to 3.19%.
• For the year ended Dec 31, 2015, net interest income decreased $14.9 million, or 2.9%, compared to 2014, while the net interest margin decreased 18 basis points to 3.21%
• Loans at December 31, 2015 increased $302.2 million, or 2.2%; Deposits at December 31, 2015 increased $47.9 million, or 0.3%
• Non-performing assets were $155.9 million, or 0.87% of total assets,

4:33 pm Synthetic Biologics: The second Phase 2 clinical trial of SYN-010 for the treatment of irritable bowel syndrome with constipation met its primary endpoint (SYN) :

• Topline data from all patients who completed the second Phase 2 clinical trial of SYN-010 showed a statistically significant decrease in methane production from the beginning of the first Phase 2 study to the end of the second Phase 2 study thus meeting the study's primary endpoint.
• There were no serious adverse events observed.
• Co is actively planning the Phase 3 program for SYN-010.

4:32 pm Forest City Enterprises to sell its equity interest in a portfolio of 47 federally assisted housing apartment communities in nine states and the District of Columbia fro $80 mln (FCE.A) :  

4:31 pm Wave Systems regains compliance with NASDAQ bid price requirement (WAVX) :  

4:31 pm Calumet Specialty Products declares $0.685 dividend, unchanged from prior dividend; reaffirms objective of providing all unitholders a stable-to-growing quarterly cash distribution (CLMT) :

• Co declared a quarterly cash distribution of $0.685 per unit, unchanged from co's prior dividend.
• Co also reaffirmed its objective of providing all unitholders a stable-to-growing quarterly cash distribution, consistent with expectations for long-term growth in Adjusted EBITDA and Distributable Cash Flow.
• Affiliates of Calumet's privately-held general partner remain highly supportive of Calumet and its long-term strategic growth plan.
• Calumet currently anticipates total capital expenditures to range between $125 million and $150 million in 2016, a more than 60% decline in total capital expenditures on a year-over-year basis.

4:29 pm Genesco: BSN SPORTS has acquired Lids Team Sports from Lids Sports Group, a division of Genesco; terms not disclosed (GCO) : Lids Team Sports sells athletic apparel and equipment to schools and youth sport programs nationwide.

4:26 pm Covanta subsidiary acquires Chief Industrial Services; terms not disclosed (CVA) :

• Recent acquisition adds 2 locations to Covanta Environmental Solutions' current asset base, increases a portfolio of services and customized solutions to current/future customers

Chief Industrial (private) specializes in tailored non-hazardous waste management and industrial cleaning services for industrial and commercial customers in the Midwest.

4:23 pm Enterprise Bancorp declared an increased quarterly dividend of $0.13; up from $0.125 last quarter (EBTC) :  

4:23 pm Netflix beats by $0.08, reports revs in-line; international subs above guidance; guides Q3 EPS in-line (NFLX) :

• Reports Q4 (Dec) earnings of $0.10 per share (including $0.03 tax benefit), $0.08 better than the Capital IQ Consensus of $0.02; revenues rose 22.8% year/year to $1.82 bln vs the $1.83 bln Capital IQ Consensus. NFLX Q1 Sub Add Guidance- Domestic Net Adds 1.75 mln vs 2.01 mln Briefing.com consensus; International Net Adds 4.35 mln vs 3.39 mln Briefing.com consensus.
• NFLX reports Q4 Domestic Sub adds of 1.56 mln vs 1.65 mln and guidance; International subs 4.04 mln vs 3.50 mln guidance.
• Co sees Q3 EPS $0.03 vs. $0.03 Consensus.
• Please see 16:13 for additional metric details.

Key Excerpts from Shareholders Letter:

• "On earnings, we stayed profitable in Q4 despite foreign exchange headwinds, and delivered operating income of $60m and net income of $43m. We expect similar modest operating income results for Q1, assuming current foreign exchange, as we invest in our international expansion".
• "In September, we launched in Japan, followed by Spain, Portugal and Italy in October. We are very pleased with the first few months of membership growth in these markets. Our international contribution loss of $109 million in Q4 increased sequentially due to these launches. We anticipate Q1 international losses of about $114 million".
• "Our global availability sets us up for continued growth for many years and we continue to expect material global profits beginning in 2017".
• "In Q4, average subscriber price grew 4-5% y/y around the world, excluding the impact of foreign currency; We are seeing increased adoption of our Ultra-HD plan ($11.99) as more UHD TVs are purchased and as we are a leading source of UHD content for consumers".
• "New credit/debit card rollover continues to be a background issue".
• "In Q2 and Q3, we'll be releasing a substantial number of our US members from price grandfathering on the HD plan and they will have the option of continuing at $7.99 but now on the SD plan, or continuing on HD at $9.99 a month. Given these members have been with us at least 2 years, we expect only slightly elevated churn. Our 2020 US contribution target remains at 40% and we are already at 34%".
• "In the last remaining major market, China, we have work and uncertainty ahead. We are building relationships, understanding the market, and seeking the conditions we require to provide our service to entertainment lovers there. Our expectations are modest and long-term. We may be able to get started this year and thus deliver on "whole world by end of 2016" or it may take longer".
• "Given our expected cash needs, we are likely to raise additional debt in late 2016 or early 2017".

4:21 pm Physicians Realty Trust commences a public offering of 17 mln common shares of beneficial interest (DOC) : The Company will contribute the net proceeds of this offering to its operating partnership in exchange for common units in its operating partnership.

4:21 pm Advanced Micro reports EPS in-line, revs in-line; guides Q1 revs below consensus (AMD) :

• Reports Q4 (Dec) loss of $0.10 per share, in-line with the Capital IQ Consensus of ($0.10); revenues fell 22.7% year/year to $958 mln vs the $954.71 mln Capital IQ Consensus, primarily due to lower client processor sales; down 10% QoQ primarily driven by seasonally lower sales of semi-custom SoCs. 
  • Non-GAAP gross margin of 28%, down 7 percentage points year-over-year, primarily due to lower unit volumes and product mix.
• Co issues downside guidance for Q1, sees Q1 revs -17% to -11% QoQ ~$795-853 mln vs. $898.48 mln Capital IQ Consensus Estimate. 
• "AMD closed 2015 with solid execution fueled by the second straight quarter of double-digit percentage revenue growth in our Computing and Graphics segment and record annual semi-custom unit shipments."

4:18 pm Closing Market Summary: Major Averages End Near Flat Lines (:WRAPX) :

The major averages ended the first session of the abbreviated week above their flat lines, as pressure regarding global growth and lower oil prices weighed on the market's early rally. Today's session began sharply higher after a miss in China's Q4 GDP report invited speculation regarding potential stimulus from the People's Bank of China, but soon the realities of shrinking global growth and a persisting oil glut pressured the market lower. The Nasdaq (-0.3%) registered the largest decline while the Dow Jones Industrial Average (+0.2%) and the S&P 500 (+0.1%) outperformed.

Last night, China released its Q4 GDP report, which showed that quarter-over-quarter GDP growth came in at 1.6% while year-over-year GDP growth was reported at 6.8%. Additionally, China reported below-consensus Industrial Production (5.9% vs 6.0%) and Retail Sales (11.1% vs 11.3%) in December. This was the slowest GDP reading since 2009 and prompted heavy speculation that the People's Bank of China would institute new stimulus measures to combat the growth issues. To that point, a late afternoon report from China Securities Journal argued for a cut to the reserve requirement ratio. 

European indices, U.S. futures, and pre-market crude oil trading were able to benefit from this speculation. Shortly after the U.S. open though the focus shifted to the resulting implications to global growth. On that note, the International Monetary Fund revised its global growth projection to 3.4% for 2016 and 3.6% for 2017 versus prior estimates of 3.6% and 3.8%, respectively. Shortly after the opening bell the major averages met resistance near the upper end of their trading ranges, retreating into the afternoon.

Rounding out the leaderboard, commodity-sensitive energy (-2.1%) and materials (-1.2%) were followed by health care (-0.1%) and technology (-0.1%) while countercyclical utilities (+1.5%), consumer staples (+1.2%), and telecom services ( +1.2%) lead.

Looking at the energy sector, independent oil and gas companies like ConocoPhillips (COP 36.40, -2.96) lead the retreat in the group with a decline of 7.5%. Increased pressure in oil companies came after WTI crude surrendered the $30.00/bbl price level. Oil was able to recover slightly, ending its pit session lower by 2.5% at $29.62/bbl. Elsewhere in the energy space, Dow components Chevron (CVX 81.51, -2.16) and Exxon Mobil (76.40, -1.18) paced the sector's decline.

In the health care space, UnitedHealth Group (UNH 112.58, +3.31) outperformed after the company reported an earnings beat with EPS at $1.40 and reaffirmed its FY 2016 guidance. UnitedHealth Group ended its day 3.0% higher. Fellow large-cap component Eli Lilly (LLY 83.23, +1.99) climbed 2.5% after the company affirmed its earning guidance for 2016 with EPS of $3.45-3.55. Elsewhere in the space, biotechnology showed relative weakness, evidenced by the 2.2% decline in the iShares Nasdaq Biotechnology ETF (IBB 277.84, -6.34).

Switching to financials (UNCHF), the group was one of the early leaders until a sharp reversal knocked the sector to the middle of the board. Morgan Stanley (MS 26.26, +0.29) managed to outperforms the space, following a beat on Q4 earnings with EPS of $0.43 and a beat on revenue at $7.74 billion. Elsewhere, Bank of America (BAC 14.24, -0.22) declined 1.5% despite beating earnings estimates on in-line revenue.

In other earnings of note, Dow Jones Transportation Average (-0.5%) component Delta Airlines (DAL 45.96, +1.46) posted the largest advance in the complex after narrowly missing on earnings this morning; however, the carrier raised its Q1 operating margin guidance to 18-20% from 16-17%. Elsewhere in the composite, United Continental (UAL 45.18, -0.49) and JetBlue (JBLU 20.26, -0.43) declined 1.1% and 2.1%, respectively. 

Treasuries fell to their lows during the morning rally but were able to move higher during the market pullback. Ultimately, the 10-yr note settled just below its flat line with its yield higher by a basis point at 2.05%. 

Today's session saw heavy volume with more than a billion shares changing hands at they NYSE floor. 

Today's economic data was limited to the NAHB Housing Market Index, which came in at 60, following a revised reading of 60 in December (from 61) (Briefing.com consensus 61.0).

Tomorrow's economic data includes the weekly MBA Mortgage Index, which will be released at 7:00 ET, while December CPI (Briefing.com consensus 0.0%), December Core CPI (Briefing.com consensus +0.2%), December Housing Starts (Briefing.com consensus 1197k), and Building Permits (Briefing.com consensus 1200k) will cross the wires at 8:30 ET. 

• Russell 2000 -12.3 YTD
• Nasdaq -10.6% YTD
• Dow Jones -8.1% YTD
• S&P 500 -8.0 YTD

4:16 pm UCP appoints James M. Pirrello as CFO to succeed William La Herran who resigned effective January 15 (UCP) : Pirrello has served in various leadership positions, in both financial and operating roles, at homebuilder and real estate related firms. His experience includes tenures at Pulte Homes (PHM), NVR (NVR), First Homebuilders of Florida, The Fortress Group, BCB Homes and Sivage Homes.

4:16 pm Interactive Brokers misses by $0.05, misses on revs (IBKR) :

• Reports Q4 (Dec) earnings of $0.25 per share, $0.05 worse than the Capital IQ Consensus of $0.30; revenues rose 30.3% year/year to $271 mln vs the $333.36 mln Capital IQ Consensus.

4:16 pm Transcat acquires Dispersion Laboratory; terms not disclosed (TRNS) : Co announced that it has acquired Dispersion Laboratory Inc. through its wholly-owned subsidiary, Transcat Canada Inc. Financial terms of the transaction were not disclosed. The addition of Dispersion, which focuses on the life sciences and pharmaceutical market, further advances the co's leading market presence throughout Canada.

4:13 pm IBM beats by $0.03, reports revs in-line; will discuss 2016 during earnings conference call (IBM) :

• Reports Q4 (Dec) earnings of $4.84 per share, $0.03 better than the Capital IQ Consensus of $4.81; revenues fell 8.5% year/year to $22.06 bln vs the $22.09 bln Capital IQ Consensus.
  • Fourth-quarter revenues from the company's strategic imperatives --- cloud, analytics and engagement --- increased 10% year to year (up 16% adjusting for currency).
  • Global Technology Services segment revenues were down 7% (up 1% adjusting for currency) to $8.1 bln.
  • Geographic breakdown:
    • The Americas' fourth-quarter revenues were $10.3 bln, a decrease of 8% (down 4% adjusting for currency) from the 2014 period.
    • Revenues from Europe/Middle East/Africa were $7.3 bln, down 9% (up 1% adjusting for currency).
    • Asia-Pacific revenues decreased 10% (down 3% adjusting for currency) to $4.4 bln.
    • Revenues from the BRIC countries were down 21% as reported (down 11% adjusting for currency).
• Services backlog of $121 bln, up 1% adjusting for currency. 
• Co will discuss 2016 during today's quarterly earnings conference call.

4:12 pm Lake Share Gold announces prelim cash operating cost and provides production guidance; cash operating cost per oz sold for 2015 is estimated at ~$580 compared w/ guidance of $650 (LSG) :

• AISC per ounce sold in 2015 is estimated at $870 vs guidance for the year of below $950. Total production costs in 2015 are estimated at ~$135.0 mln vs FY 2015 guidance of $130-135 mln.
• For Q4/15, preliminary cost estimates include cash operating costs of $610/oz sold (including $24/oz for royalties) and AISC per ounce sold of $935.
• Total production costs for Q4/15 are estimated at ~$34.0 mln. "
• In 2016, we are targeting total production of 170,000 to 180,000 ounces of gold, to include 160,000 to 170,000 ounces of commercial production and 10,000 to 15,000 ounces of non-commercial production from the 144 Gap Zone. Our unit costs in 2016, based on commercial ounces sold, are expected to be similar to levels in 2015, with our guidance for cash operating costs and AISC remaining unchanged at better than $650 per ounce sold and below $950 per ounce sold, respectively. Our unit cost guidance reflects estimated total production costs, including royalties, of $125.0-130.0 million."

4:11 pm Sovran Self Storage commences a public offering of 2.3 mln shares of common stock (SSS) : Net proceeds from the offering will be used to fund property acquisitions and general corporate purposes.

4:09 pm Woodward beats by $0.05, misses on revs; guides FY16 (Sep) EPS, revenue in-line (WWD) :

• Reports Q1 (Dec) earnings of $0.56 per share, excluding items, $0.05 better than the Capital IQ Consensus of $0.51. Revenue decreased 9% y/y to $445 mln vs. $453 mln Capital IQ Consensus Estimate. 
  
• Free cash flow was $4 million for the quarter, an increase of $13 mln from an outflow of $9 million for 1Q15.
• Co issues in-line guidance for FY16 (Sep), sees EPS of 2.75-2.95 vs. $2.85 Capital IQ Consensus Estimate. Sees net sales increasing 1-2% y/y, equating to approx $2.06-$2.08 bln, inline with Capital IQ Consensus of $2.06 bln.

4:09 pm Sovran Self Storage announces $398 mln in acquired and contracted acquisitions; strategic entrance into California, purchase price of $371 mln (SSS) :

Co also announced the acquisition of five facilities during Q415 and Jan 2016 for a purchase price of approximately $27 mln, bringing the total acquired and under contract to 30 self storage facilities.

• Co also executed contracts to acquire 8 properties in the Los Angeles, CA metro area (a new market for the Company), seven of these properties are stabilized and account for approximately $167 mln of the overall transaction costs, while the eighth property is a newly developed store in North Los Angeles County being acquired for $18.6 mln
• Co expects to execute the purchase of 2 Chicago, 1 Miami, and 1 Charleston property, upon completion of construction at various dates later in 2016 for total consideration of ~$38 mln

4:08 pm Nautilus sees Q4 EPS of $0.37-0.39 vs. $0.33 Capital IQ Consensus Est, sees Q4 revs of ~$109 mln vs. $109.5 mln consensus (NLS) :  

4:07 pm M/A-COM Tech enters teaming agreement with Northrop Grumman (NOC) for the development and manufacture of radar arrays (MTSI) :  

4:06 pm Bar Harbor Bankshares increases quarterly cash dividend from $0.26/share to $0.265/share (BHB) :  

4:06 pm ONE Gas increases 2015 net income guidance and issues upside 2016 guidance; increases expected average annual dividend growth rate (OGS) :

• Co increases 2015 net income to $118-120 mln from $113 -118 mln, due primarily to lower operating expenses. The previous guidance range of $113 mln to $118 mln was provided on Oct. 28, 2015. ONE Gas' 2016 earnings guidance primarily reflects the benefit of new rates and residential customer growth in Texas and Oklahoma. Capital expenditures are expected to be $305 mln in 2016.
• Co sees 2016 EPS of $2.40-2.60 vs. $2.37 Capital IQ Consensus Estimate. ONE Gas
• Five-year Financial and Dividend Growth Rates Updated- ONE Gas expects net income and earnings per share to increase by an average of 5 to 8 percent annually between 2015 and 2020. ONE Gas' rate base is expected to grow an average of ~5% per year between 2015 and 2020. The impact of bonus depreciation from the recently enacted federal legislation has been reflected in this guidance. Capital expenditures are expected to be in the range of $305 mln to $325 mln per year between 2016 and 2020. ONE Gas is increasing its expected average annual dividend growth rate to 8 to 10 percent between 2015 and 2020, compared with the previous estimated range of 6 to 8 percent between 2014 and 2019, with a target dividend payout ratio of 55 to 65 percent of net income, all subject to its board of directors' approval.
• The board of directors increased the quarterly dividend by 5 cents per share to 35 cents per share, effective for the first quarter 2016, resulting in an annualized dividend of $1.40 per share.

4:05 pm Cree beats by $0.06, reports revs in-line; guides Q3 EPS in-line, revs below consensus (CREE) :

• Reports Q2 (Dec) earnings of $0.30 per share, $0.06 better than the Capital IQ Consensus of $0.24; revenues rose 5.5% year/year to $435.8 mln vs the $434.79 mln Capital IQ Consensus.
• Co issues guidance for Q3, sees EPS of $0.22-0.29 vs. $0.22 Capital IQ Consensus Estimate; sees Q3 revs of $400-430 mln vs. $431.19 mln Capital IQ Consensus Estimate; For Q3, non-GAAP gross margin targeted to be 31.7%+/-.
• Gross margin from Q1 of fiscal 2016 remained consistent at 31.0% on a GAAP basis and at 31.7% on a non-GAAP basis. "Our lighting business continues to grow, the LED business has stabilized, and our Wolfspeed Power & RF division continues to make progress."

4:02 pm Air Methods has acquired Tri-State Care Flight and its air medical transport program (AIRM) :

Tri-State Care Flight will continue to operate as a critical care transport provider (servicing Arizona, New Mexico, Nevada, and Colorado)

"Air Methods would first like to welcome Tri-State Care Flight employees to the team," said Aaron Todd, chief executive officer of Air Methods. "They are now a part of the 4,000 strong making a difference in the lives of thousands. We truly believe that everyone deserves access to lifesaving care, and we look forward to strengthening our commitment in the southwest."

4:00 pm Dynavax and AstraXeneca (AZN) amend their existing Research Collaboration and License Agreement; AZN will now conduct a Phase 2a safety and efficacy trial of AZD1419 that was originally to be conducted by Dynavax (DVAX) :

• On the basis of these encouraging results, the companies decided to bypass a planned Phase 1b trial and proceed to Phase 2a, a study that was to be conducted by Dynavax.
• As trial design progressed, AstraZeneca elected, with Dynavax's full support, to conduct the study in house, consistent with AstraZeneca's commitment to respiratory disease, one of the company's three main therapy areas, and Dynavax's increasing strategic focus on vaccines and immuno-oncology.
• The Phase 2a study is planned to be initiated in 2016.

4:00 pm Gold Resource Corporation expands high grade Arista mineralization with discovery of additional gold vein and intercepts 5.55 meters grading 14.20 g/t gold, including 2.52 meters grading 28.63 g/t gold (GORO) : The co announced high-grade drill results targeting the northeast extensions of its Arista deposit, with drill intercepts including 5.55 meters grading 14.20 grams per tonne (g/t) gold, including 2.52 meters grading 28.63 g/t gold in the Viridiana vein. In addition, the coannounces discovering a new vein named Marena, intercepting 3.34 meters grading 12.05 g/t gold and 3.31 meters grading 5.44 g/t gold. The co continues to drill both infill and step-out holes testing the mineralized vein extensions at its producing Arista mine. While testing the extensions of the Viridiana vein (previously announced in April 2015), the co discovered an additional high-grade vein to the northeast called Marena

3:58 pm IBM now -1.2% dropped to new 52-wk lows (128.26) here in late-trading ahead of quarterly earnings results scheduled for after today's closing bell (IBM) :  

3:29 pm Earnings Calendar (:SUMRX) :

Today after the close look for the following companies to report:

• IBM, NFLX, AWD, WWD, CREE, LLTC, IBKR, FULT, ADTN, RNST, PNFP, OKSB

Tomorrow before the open look for the following companies to report:

• VZ, UAL, TRV, UNP, LUV, PPG, BK, BBT, FITB, ORI, ALK, KEY, HBAN, GMT, MTG, WBS, BKU, FNB, PVTB, HOMB, IIIN, CBU, SASR

3:28 pm S&P +1.4 and Dow +25 climb back into the black -- Nasdaq Comp -10 (:TECHX) :  

3:27 pm Genmab A/S confirmed FDA approval of Arzerra (ofatumumab) as extended treatment for recurrent or progressive CLL (GMXAY) :

• The application was submitted by Novartis (NVS) under the ofatumumab collaboration between the two companies. Arzerra previously approved to treat previously untreated and refractory CLL indications the US.

3:16 pm Praxair announces JV w/ GE Aviation for the development, support and application of specialized coatings (PX) :

When created, the JV will expand its footprint with a new coatings plant in the southeast United States, which will supplement the services provided to GE from Praxair's Indianapolis facility and other global operations.

• Praxair Surface Technologies will be the majority owner of the venture and will consolidate the results.
• GE Aviation will hold the remaining membership interests.
• The parties plan to begin operations during 2Q16

2:50 pm Fresh afternoon/session lows -- Dow -78, S&P -15, Nasdaq Comp -56 (:TECHX) :  

2:09 pm Relative sector weakness (:TECHX) : Sectors that have underperformed the S&P in recent trade include: Materials XLB, Housing XHB, Biotech IBB, Crude Oil USO, Energy XLE, Oil Service OIH, Transports IYT.

2:08 pm Dow -4 joins S&P -4 and Nasdaq Comp -27 in the red (:TECHX) :  

2:01 pm Alcoa will delay the curtailment of Intalco Works smelter in Ferndale, Washington until the end of Q2 (was initially scheduled to curtail by the end of Q1) (AA) : Co says "recent changes in energy and raw material costs have made it more cost effective in the near term to keep the smelter operating to provide molten metal to the plant's casthouse." Once all announced curtailments and closures are complete, the Company will have removed ~25% operating smelting capacity and ~20% of operating refining capacity by mid-2016.

1:58 pm EZchip confirms that co shareholders approved the Merger Proposal with Mellanox Technologies (MLNX) w/ ~84% in favor (EZCH) :  

1:48 pm Mellanox Tech announces that its proposed merger with EZchip (EZCH) has received the necessary votes of approval from EZchip shareholders; reaffirms its Q4 revs guidance from October 21 (MLNX) : Mellanox expects to complete the acquisition during the second half of February. Separately, Mellanox reaffirmed its guidance for 4Q15 results provided on October 21, 2015.

1:21 pm U.S. Bancorp promotes Vice Chairman and Chief Operating Officer Andrew Cecere to President (USB) :  

1:06 pm Midday Market Summary: Indices Slide from Opening Highs (:WRAPX) :

The stock market has slid from its opening high as equity indices struggle to stay in the green. The major averages gapped higher to begin the session, but have since been unable to find the momentum to build on those price levels. A disappointing GDP report from China has reinforced persistent growth concerns, overshadowing a batch of mostly better than expected earnings. The Dow Jones Industrial Average (+0.4%) leads the S&P 500 (0.3%) and the tech-heavy Nasdaq (UNCHF).

Overnight, China reported quarter-over-quarter Q4 GDP growth of 1.6% and year-over-year GDP growth of 6.8%. Global markets advanced on the news, but for all the wrong reasons, considering the report has invited speculation regarding potential stimulus measures from the People's Bank of China. European indices, U.S. futures, and crude oil were able to capitalize on this attention shift and rallied in immediate reaction. Oil was not able to maintain its footing into the U.S. open and WTI crude has slipped 1.2% to $30.03/bbl.

Before the opening bell, Morgan Stanley (MS 26.13, +0.16) and Bank of America (BAC 14.04, -0.42) reported Q4 earnings beats. The initial response had the stocks up with respective gains of 3.0% and 2.0%. This has since fizzled out with the companies showing performances of +0.6% and -2.9%, respectively.

On top of the leaderboard, financials (+1.2%), telecom services (+1.2%), utilities (+1.1%), and consumer staples (+1.1%) lead while materials (-0.9%), energy (-0.9%), and technology(-0.1%) trail.

In the financial sector, CME Group (CME 86.33, +1.64) outperforms with a gain of 1.9% while Morgan Stanley and Goldman Sachs (GS 156.79, +1.18) underperform the broader sector with upticks of 0.6%, apiece. This is ahead of Goldman Sach's earnings release before tomorrow's opening bell.

Switching to the health care space (+0.3%), UnitedHealth Group (UNH 112.73, +3.44) has outperformed thus far today with an advance of 3.2%. This followed the company reporting an earnings beat with EPS at $1.40. In addition, UnitedHealth reaffirmed its FY 2016 guidance with EPS of $7.60-7.80 and revenue of $180 billion. Fellow large-cap component Eli Lilly (LLY 84.02, +2.78) outperforms with a 3.4% climb after the company affirmed its earning guidance for 2016 with EPS of $3.45-3.55. Elsewhere in the space, biotechnology has shown relative weakness, evidenced by the 1.2% decline in the iShares Nasdaq Biotechnology ETF (IBB 280.86, -3.32).

In the technology space, sector large-cap Apple (AAPL 96.64, -0.49) is down 0.5% despite remarks from Goldman Sachs, stating that a miss in iPhone sales may already be priced in. The firm also kept the company on their Conviction Buy List with a price target of $155. Elsewhere in the group, the high-beta chipmakers show relative strength, evidenced by the 0.6% gain in the PHLX Semiconductor Index. The sub-group is being led by component NVIDIA (NVDA 27.62, +0.51), which has gained 1.8% thus far today.

Treasuries have moved to new highs as the opening rally lost steam. The benchmark note trades on its session high with the yield on the 10-yr note lower by one basis point at 2.03%. 

Today's economic data was limited to the NAHB Housing Market Index. The NAHB Housing Market Index for January came in at 60 from a revised 60 in December (from 61) (Briefing.com consensus 61.0)

12:34 pm Digital Ally up again today ~ 12.4%, despite TASER's (TASR -1.2%) response to DGLY's lawsuit (DGLY) :

• This morning, TASER International responded to Digital Ally's filing of a patent infringement lawsuit against TASER by calling the claim "frivolous and egregious." 
• Despite this response, Digital Ally's shares have surged another 12.4% today, in hopes that the validation of the Co's patents as well as their lawsuit against TASER will help the company capture additional market share in the law enforcement wearable camera market. 

12:20 pm Stock indices retest their mid-morning pullback lows -- S&P +3, Nasdaq Comp -0.7, Dow +48 (:TECHX) :  

12:07 pm Correction: Aaron's CFO Gilbert Danielson will step down at end of 2016; Steven Michaels to replace as CFO, Douglas Lindsay joins as President, Tristan Montanero promoted to COO, all effective Feb 18 (AAN) : This morning we reported Tristan Montanero will replace Douglas Lindsay as COO, which is not correct.

12:07 pm Jetblue Airways expands its existing partnership with Hawaiian Airlines (HA) through a bilateral codeshare agreement (JBLU) :  

12:02 pm Chipotle Mexican Grill confirms it will host a one-time meeting with employees on February 8, closing its restaurants from 11:00 AM to 3:00 PM (CMG) :

Chipotle will host a national employee meeting on February 8, in which it will outline for all employees the steps that have been taken outside the restaurants to make Chipotle ingredients safer than ever. The company will also share information as to what may have caused some customers to become ill in 2015.

• "Most of the new protocols are already in place, thanks to the hard work and dedication our excellent restaurant teams. Additionally, we have implemented unprecedented food safety standards with our suppliers, which make the food coming into our restaurants safer than ever before."

12:02 pm AtriCure has received approval from the Japanese MHLW for its AtriClip products (ATRC) : The approval marks the first time that these products will be available in the Japanese market. The AtriClip is the fastest growing part of the AtriCure product portfolio.

12:00 pm PAREXEL acquires Health Advances; terms not disclosed (PRXL) : Health Advances is an independent life sciences strategy consulting firm. The acquisition is expected to close in February.

11:58 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:+1.7%
• Germany's DAX:+1.5%
• France's CAC:+2.0%
• Spain's IBEX:+1.0%
• Portugal's PSI:+0.6%
• Italy's MIB Index:+1.0%
• Irish Ovrl Index:+1.3%
• Greece ASE General Index: +2.8%

11:42 am Milestone Scientific subsidiary has received an initial stocking order from Henry Schein (HSIC) for The Wand Computer Assisted Anesthesia System (MLSS) : The stocking order enables Henry Schein to complete customer purchase requests for The Wand System and related disposable hand-pieces from its dental customers in the U.S. and Canada, beginning 2016.

11:40 am Currency Commentary: DXY Holding Tight Range Above 99 (:SUMRX) :

• The Dollar Index has been testing 99 for support to start the week. Market sentiment remains in a risk off mode despite some overnight rallies in markets. The U.S. is seeing the early move high give up its gains. The DXY though has remained in a tight range as it has bounced between 99.02-99.31 over the session. It was a quiet economic calendar to start off the holiday-shortened week with the NAHB Housing Market Index being the only item of note domestically. The Index came in flat from the month before and had little impact on trade. CPI, Starts & Permits (Wed), Philadelphia Fed (Thu) and Existing Home Sales (Fri) will highlight a slow week of reports.
• The euro held the 1.0860 area and is moving back above 1.09 as we see some risk off trade. Economic data from the region remained weak as the regions ZEW Survey missed expectations (Germany beat). CPI saw no revision to the initial weak reading of +0.2% y/y. The market focus will be on Mario Draghi and the ECB as the central bank will meet on Thursday. There are little expectations for the bank to make any moves at the meeting. But there is some hope that it will expand its purchase program in order to support a troubled global economy. However, German central bankers remain firmly against such measures and will provide Mr. Draghi with a high hurdle to clear.
• The pound fell to its lowest level since the financial crisis as it dove down to 1.41. The decline came on the heels of comments from Bank of England Governor Mark Carney who said there was no need for an interest rate rise at the moment. The comments, while not surprising given economic conditions, did lead to some capitulation by pound bulls. The bull story for sterling has long been that the central bank would follow the U.S. on a rate hike path. But the comments from Mr. Carney were the most specific as to monetary policy and they took the prospects of a rate hike off the table for at least the next six months. The latest inflation readings from the country came in hotter than expected but still remain well below targets.
• The yen is trading at 117 and is down on the day. Yen has attempted to regain some of its overnight losses but it has not seen a big bid despite some of the risk off trade we are seeing in equities (BONDX, FOREX). 

11:21 am S&P +5 slides back to intraday support (SPY) : The index has pulled back to its first hour range low and Friday's rebound high at 1885 (session low 1885.03).

11:19 am Apple slides back into the red and to a new session low of 96.67 (AAPL) :  

11:14 am Motorola Solutions invests in Pellion Technologies; terms not disclosed (MSI) : Pellion is working to develop the world's next-generation battery with proven performance at twice the energy of today's Li-ion.

11:11 am Contango Oil & Gas provides Q4 operations update (MCF) :

• Estimated production of approximately 8.0 Bcfe for the quarter (87 Mmcfed; 32% liquids); within guidance
• Completion of the Popham #1H well in its North Cheyenne prospect, in Weston County, Wyoming, testing at a peak 24-hour maximum rate of 970 BOEPD
• Year-end debt of $115.4 million, substantially flat with the third quarter outstanding balance
• Hedged approximately 60% of forecasted PDP natural gas production for 2016 with a floor price of $2.53/mmbtu
• Received final judgment in its favor on its appeal to the Louisiana Supreme Court on a previously disclosed legal dispute originally filed in Jefferson Davis Parish, Louisiana

11:05 am Agilent extends bioanalyzer chip agreement with PerkinElmer (PKI) (A) :  

11:02 am Voya Financial comments on DOL Proposal for state-sponsored retirement savings program; urges the DOL to withdraw its proposal (VOYA) : Voya believes the DOL proposal is not an effective solution and would create new challenges for small businesses and their employees. Co states, "Therefore, Voya respectfully urges the DOL to withdraw its proposal, and instead to seek a uniform federal solution that encourages employers to offer 401(k) and similar retirement savings plans with long track records of helping Americans successfully prepare for retirement."

10:55 am Morning recovery attempt slows -- S&P +10, Dow +87 Nasdaq Comp +24 (:TECHX) : The S&P was able to push above its opening high at 10:30 ET but the Dow and Nasdaq Comp did not confirm the move which suggests some loss of momentum. The morning pullback lows and Friday's rebound highs noted earlier provide intraday support (1885 S&P, 4501 Nasdaq Comp, 10632 Dow).

10:54 am Notable movers of interest (SCANX) :

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

Large Cap Gainers

• ERIC (9.09 +4.6%): Announced its intention to acquire FYI Television; the terms were undisclosed.
• DAL (46.38 +4.22%): Reported a slight miss on earnings, raised Q1 operating margin to 18-20% from 16-17%.
• MS (26.81 +3.23%): Reported a beat on earnings of $0.43 as well as a beat on revs of $7.74 bln.

Large Cap Losers

• PBR (3.1 -5.35%): Oil companies are underperforming today as WTI is down 0.8%, after reversing pre-market gains(NBL, ETP, HES, COP).
• EC (5.68 -3.57%): Had credit rating downgraded to Baa3 by Moody's, as a result of persisting low fuel prices. Weakness in energy also weighing. 
• TWTR (17.7 -1.34%): Twitter is down this morning after various outages across the globe this weekend.

Mid Cap Gainers

• WCN (53.77 +5.45%): Announced it would merge with Progressive Waste (BIN) and offered upside preliminary Q4 results. 
• EDU (29.28 +4.98%): Reported earnings in which they beat on Q2 earnings of $0.07 per share and revs of $278.1 mln. Company also guided in-line.
• RPAI (14.66 +1.81%): Upgraded to Buy from Hold at Deutsche Bank.

Mid Cap Losers

• NEM (16.52 -6.69%): Gold stocks are down today as the precious metal's price slips 0.5% (AEM, GFI, GG).
• TIF (64.45 -4.73%): Reported holiday comps -5% Y/Y and lowered FY15 EPS guidance.
• RLJ (17.63 -2.81%): Downgraded to Sell from Neutral at Ladenburg Thalmann.

10:31 am 22nd Century Group meets with administrators and assigned scientific reviewers at the FDA to review its Modified Risk Tobacco Product application for BRAND A Very Low Nicotine cigarettes (XXII) : Under the 2009 Tobacco Control Act, the FDA cannot ban conventional tobacco products, such as cigarettes and smokeless tobacco, or require the total elimination of nicotine in tobacco products. However, the FDA has the authority to order the reduction of nicotine to non-addictive levels in some or all cigarettes sold in the United States.

10:28 am Mylan Labs launches generic tablets of Meda Pharms' Felbatol tablets (MYL) :

According to IMS Health:

• Felbamate Tablets USP (400 mg and 600 mg) had US sales of ~$53 mln year ended Nov 30 2015
• Mylan has 269 ANDAs pending FDA approval, representing $101.5 bln in annual brand sales
• Fifty of pending ANDAs are potential first-to-file opportunities, representing $35.6 bln in annual brand sales year ended June 30 2015

10:28 am CIGNA is vacillating near its six day range top/last week's high at 140.13 (CI) :  

10:23 am NIKE notches new session high above Friday's peak (NKE) : After two days of vacillating near support at its 200 ema/sma the stock has extended today's push back above the high of Friday's low bar at 58.14 (session high 58.66). Minor congestive resistance above is in the 58.80/58.90 area.

10:04 am Major averages holding above intraday supports -- S&P +10, Nasdaq Comp +27, Dow +96 (:TECHX) : Noted at 09:50 that intraday supports was at the rebound highs from Friday at 1885 S&P (pullback low 1885), 4501 Nasdaq Comp (pullback low 4502) and 16032 Dow (pulled back to 16052). A failure to hold above would give the pattern off of Friday's lows a corrective (temp) posture.

9:56 am Sector Watch (:TECHX) : Earlier noted relative weakness in Crude Oil USO after a firmer start along with Oil Service OIH, Energy XLE, Materials XLB. Sectors that have also underperformed the S&P on the slip back off opening highs include: Retail XRT, BiotecH IBB, Telecom IYZ. Industrial XLI, Defense PPA, Ag/Chem MOO.

9:50 am Stock indices slip back off opening highs -- S&P +9.3, Dow +99, Nasdaq Comp +25 (:TECHX) : The rebound high from Friday afternoon for the S&P is at 1885, (16032 Dow, 4501 Nasdaq Comp).

9:47 am Alphabet A extends opening gains near the high of Friday's two month low bar at 724.15 and pauses -- session high 723.97 (GOOGL) :  

9:45 am Opening Market Summary: Indices Open Higher (:WRAPX) :

The major averages have started their trading day above their flat lines. The tech-heavy Nasdaq (+0.8%) and the Dow Jones Industrial Average (+0.8%) lead the S&P 500 (+0.7%).

Eight of ten sectors have opened in the green with financials (+2.0%), consumer staples (+1.3%), technology (+1.1%) and consumer discretionary (+1.0%) leading the pack. On the flipside, energy (-0.5%), materials (-0.4%), and industrials (+0.6%) round out the leaderboard. 

In commodities, WTI crude has moved back into negative territory showing a decline of 1.3% at $30.00/bbl. 

Switching to Treasuries, the benchmark note trades higher, with its yield now unchanged at 2.04%. 

9:45 am Relative sector weakness (:TECHX) : Sectors that are underperforming in early trade include: Crude Oil USO after a firmer start, Gold Miners GDX, Oil Service OIH, Mining XME, Energy XLE, Materials XLB, Rail.

9:40 am Sector Summary: Industrials rebound with market (:SUMRX) :

Industrials (XLI) are up 0.6% this morning, which is in-line with the broader market (SPY +0.8%).

• Transportation (IYT) stocks are up 0.2% this morning.

Earnings

• Waste Connections (WCN +3.0%) reported a beat on Q4 EPS of $0.48 vs the $0.47 Capital IQ Consensus Estimate and a beat on Q4 revs $531.9 mln vs the $520.31 mln Capital IQ Consensus Estimate.
  • Co to merge with Progressive Waste (BIN +5.2%); see below for merger details.
• Delta Air Lines (DAL +3.3%) missed on EPS and revs with Q4 EPS of $1.18 ($1.19 Capital IQ Consensus Estimate) and revs of $9.5 bln ($9.62 bln Capital IQ Consensus Estimate). Co sees Q1 PRASM down 2.5-4.5% and Q1 operating margin of 18-20% from 16-17%.

News

• Progressive Waste (BIN +5.2%) and Waste Connections (WCN +3.0%) have agreed to merge. Upon the completion of the transaction, WCN stockholders will own ~ 70% of the combined company, and BIN shareholders will own ~ 30%. The merger is expected to close in Q2 2016.
  • The transaction was negotiated on the basis of an implied exchange ratio of 0.4815 of a share of WCN for each share of BIN. The transaction value represents an approximately 16% premium to Progressive Waste's 20-day volume-weighted average stock price prior to the announcement on January 4, 2016, that it was engaged in a review of strategic alternatives.
  • The combined co will have pro forma revs of ~ $4.1 bln and operate an integrated network of solid waste operations across North America.
• II-VI (IIVI +1.2%) announced their acquisition of ANADIGICS (ANAD -2.4%) and EpiWorks for combined $110 mln.
  • The acquisition of ANAD is valued at ~ $61 mln in cash and the acquisition of EpiWorks is valued at ~ $43 mln in cash with a $6 mln earn out.
  • IIVI expects revs to be between $189-191M and EPS to range from $0.28-$0.30 (consensus $189 mln and $0.25) including the extension of the R&D tax credit.
  • GaAs Labs announced the termination of merger agreement/tender offer for Anadigics as ANAD accepted the IIVI merger instead; GaAs paid termination fee of $1.2 mln.
• Atlas Air Worldwide (AAWW +3.1%)to acquire privately held Southern Air Holdings for approx $110 mln in cash; deal is expected to be immediately accretive.
• TASER (TASR -0.2%) responded to Digital Ally (DGLY +5.4%) patent infringement lawsuit calling it "frivolous and egregious."
• Republic Services (RSG +1.4%) eliminated 3 regions, consolidated its 20 areas into 10 and streamlined select roles at its Phoenix HQ. Additionally, the Company anticipates annual cost savings of ~$25 mln from the organizational realignment.
• Wolseley (WOSYY -0.1%) CEO Ian Meakins expects to retire on August 31. Current CFO, John Martin, will succeed Meakins as CEO.
  • Simon Nicholls will replace Martin as CFO; currently CFO of Cobham (CBHMY).
• Amec Foster Wheeler (AMFW +0.7%) CEO Samir Brikho is stepping down. CFO Ian McHoul was appointed as interim CEO. Co also confirms that 2015 trading results are in line with expectations.
• Tata Motors (TTM +3.5%) appoints Guenter Butschek as CEO.
  • Most recently, Butschek served as COO at Airbus Group (EADSY).

Broker Calls

• Nuverra Environmental Solutions (NES +27.4%) downgraded to Hold from Buy at Stifel.
• CSX (CSX +0.1%) target lowered to $28 at Argus -- Favorable valuation and solid yield.
• Allegion (ALLE +2.3%) upgraded to Outperform from Mkt Perform at Bernstein.
• Timken (TKR -1.2%) downgraded to Hold from Buy at BB&T Capital.
• Wolseley (WOSYY -0.1%) upgraded to Equal-Weight at Morgan Stanley.

9:38 am Broad based strength off the open -- Dow +183, S&P +19, Nasdaq Comp +48 (:TECHX) : Relative sector strength has been noted in: Steel SLX, Copper JJC, Silver SLV, Restaurant, Casino, Broker IAI, Pharma PPH along with Mining XME, Home Const ITB, Airline JETS, Finance XLF, Staples XLP, Technology XLK.

9:36 am Global Self Storage: Formerly Self Storage (OTC:SELF) uplists to NASDAQ Capital Market (SELF) : Co has changed its name to Global Self Storage, Inc. The Company also changed its SEC registration from an investment company to an operating company and uplisted to the NASDAQ Capital Market. The Company's common stock has begun trading on NASDAQ under the symbol "SELF."

9:36 am Prudential Plc reported before the open its Group Solvency II surplus at 30 June 2015 was GBP 9.2 bln and the solvency ratio was 190% before allowing for the 2015 interim dividend; making progress toward 2017 financial objectives (PUK) :

• On 7 December 2015 co announced that it had received approval from the Prudential Regulation Authority for the use of its internal model to calculate the Group Solvency Capital Requirement under the European Union's Solvency II Directive, which came into effect on 1 January 2016.
• Based on this approval we are pleased to announce Prudential's estimated Group Solvency II surplus at 30 June 2015 was 9.2 billion and the solvency ratio was 190 per cent, before allowing for the 2015 interim dividend.
• Co announces the appointment of John Foley as Chief Executive of Prudential UK & Europe and as an executive director of Prudential with immediate effect.
• Foley was appointed Interim Chief Executive of Prudential UK & Europe in October last year. He was previously Group Investment Director, and has worked as Group Chief Risk Officer and in senior investment and risk management positions since joining Prudential in 2000.
• "Prudential has three clear structural long-term growth opportunities across Asia, the US and the UK, driven by the increasing financial self-reliance of the middle classes..We are continuing to make good progress towards the 2017 financial objectives that we set in December 2013, despite a volatile market context that has persisted over this period."

9:32 am American Intl issues statement responding to latest letter from Carl Icahn (AIG) :

• "AIG continues to take steps to narrow its focus, improve its financial performance, and return capital to shareholders. AIG maintains an active dialogue with shareholders, including Carl Icahn. As previously announced, on January 26, AIG will provide an update on its strategy and its proactive plan to drive shareholder value."

9:31 am ClearOne awarded a new patent on technology that facilitates audio conferencing using all-in-one displays (CLRO) :  

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

• Maxwell Technologies (MXWL) announced its ultracapacitors have been selected by Beijing Huadian Tianren Electric Power, a subsidiary of China Guodian Corporation, as the core component of a wind farm energy storage demonstration project Control Technology. The demonstration project has deployed 1,152 Maxwell 56V/130F ultracapacitor modules, which is the largest ultracapacitor system in wind farms across China.
• Lionsgate (LGF) and New Regency formed a production and distribution agreement to capitalize on content opportunities in the global marketplace, it was announced today by New Regency Founder and Chairman Arnon Milchan and Lionsgate CEO Jon Feltheimer.
• Kandi Technologies' (KNDI) Kandi Brand Pure Electric Vehicle Model K17 (Kandi Cyclone) was awarded China 2015 Pure Electric Passenger Vehicle of the Year at the 6th Global New Energy Vehicle Conference held on January 16.
• Analog Devices (ADI) announced that the Ford Motor (F) has selected the Automotive Audio Bus as its primary infotainment network technology with in-vehicle deployments starting in 2016. ADI's A2B technology is capable of distributing audio and control data together with clock and power over a single, unshielded twisted-pair wire, enabling advanced, feature-rich infotainment systems while reducing system costs in wiring-intensive automotive applications.
• Cerecor (CERC) announced the publication of preclinical data suggesting antidepressant activity of CERC-301. The paper, titled 'Preclinical pharmacology and pharmacokinetics of CERC-301, a GluN2B-selective N-methyl-D-aspartate receptor antagonist', reports results of CERC-301 in an acute preclinical depression model known as the forced swim test, a common model of antidepressant efficacy. In test animals, CERC-301 showed antidepressant activity at doses that had minimal side effects.
• Elbit Imaging (EMITF) announced with respect to the filing of a mutual request to dismiss the Motion for approval of a derivative claim against the Company and its directors that the court approved the request and the motion has been dismissed with no order for legal expenses, as requested
• Tyler Technologies (TYL) signed an agreement w/ Smyrna, Tennessee for Tyler's Brazos electronic citation application. The agreement includes software licenses, services and maintenance.

9:18 am Tetra Tech announces that its previously-announced, off-market takeover bid for all of the outstanding shares of Coffey is free from all conditions required to close the purchase (TTEK) :

Tetra Tech has now received tendered shares representing ~93% of Coffey shares and sufficient acceptances to compulsorily acquire all remaining shares in Coffey.

• Accordingly, Tetra Tech appointed new Coffey directors to replace the Board which resigned effective January 18.
• Board has named Ron Chu, Tetra Tech's EVP and President of Resource Management & Energy, as CEO of Coffey.
• Co plan to update its fiscal 2016 guidance to include Coffey's financial results in its next quarterly earnings release.

9:18 am Thinly traded Amarantus Bioscience to merge diagnostics business unit into Avant Diagnostics (AVDX) (AMBS) : Under the terms of the LOI, upon execution of definitive merger agreements, Avant shall issue to Amarantus 80 million shares of common stock of Avant Diagnostics, representing ~45% of Avant's post-mergercommon stock, and 10 million additional shares of common stock upon achievement of certain sales milestones. Amarantus shall have the right to appoint two directors to the Avant Board of Directors, and will assist Avant in bolstering its product development and commercialization resources to accelerate the further development of the combined company's product pipeline. The transaction is expected to be finalized in the second quarter of 2016, and is subject to customary closing conditions.

9:13 am S&P futures vs fair value: +23.50. Nasdaq futures vs fair value: +55.30. (:WRAPX) :

The stock market is on track for a slightly higher open as S&P 500 futures trade 24 points above fair value.

Overnight, China reported quarter-over-quarter Q4 GDP growth of 1.6% and year-over-year GDP growth of 6.8%. Global markets have reacted relatively positively to the slowest growth from China since 2009, as the focus now shifts to anticipated stimulus measures from China. On a related note, crude oil was able to rally alongside global indices overnight but has since moved into negative territory with WTI crude lower by 0.2% at $30.32/bbl. 

On the corporate front, Yahoo (YHOO 29.90, +0.76) has advanced 2.6% in pre-market trading following a report from Barron's that the company could gain 35.0% if it sold its core internet business. To be fair though, the company is probably benefitting from its stake in Alibaba (BABA 71.67, +2.08) which has climbed 3.0%. 

Today will be a quiet day on the economic front with data being limited to the 10:00 ET release of the NAHB Housing Market Index (Briefing.com consensus 61).

Looking at Treasuries, the benchmark note has moved off its low with the yield on the 10-yr note now higher by two basis points at 2.06%.

9:11 am The ONE Group commences a rights offering for ~ gross proceeds of $4 mln or $2.75/share (STKS) :

• On the record date of the rights offering (Jan 15 2016) at no charge The ONE Group has granted one non-transferable subscription right for each 17.16861 shares of common stock owned
• Co expects to utilize net proceeds of rights offering to fund planned development of the Company's future STK restaurants
• CEO & CFO have advised the co they intend to participate in the rights offering 
• Subscription offering will expire at 5:00 pm New York City time, on February 5 2016

9:10 am McClatchy issues some preliminary Q4 results and 2016 outlook; sees Q4 revenues down 7.8% YoY (MNI) :

• Co sees Q4 revenues down 7.8% YoY and sees growth in adjusted net income in the fourth quarter and full-year 2015.
  • Notes Q4 digital-only advertising revenues grew 20.3% and were up 14.3% on a gross basis for the fourth quarter of 2015.
  • Notes Q4 was the best quarter in the year for operating cash flow results, albeit not as strong as previous management guidance.
  • During the fourth quarter the company saw a continued decline in preprinted insert advertising from its large retail and national advertising customers. The decline in print advertising was partially offset by two categories with stronger revenue performance: digital-only advertising and audience revenue.
  • Cash on hand was $9.3 million and debt net of cash was $927.9 million at the end of fiscal 2015.
• 2016 outlook:
  • Management expects digital-only advertising revenues to continue the trend from the fourth quarter of 2015 and grow in the double-digit percentage range in 2016 while print advertising revenues, which remain volatile, are expected to be a smaller percent of total revenues.

9:09 am Elbit Medical Imaging receives letter informing it is no longer in compliance with the NASDAQ Listing Rules (EMITF) :

• The Co intends to monitor the bid price for its ordinary shares between the date hereof and July 12 and will consider all available options to resolve the deficiency and regain compliance with the minimum bid price requirement.
• If necessary, the Company may affect a reverse stock split to regain compliance.

9:08 am Diana Containerships no longer meets the minimum bid price requirement for The Nasdaq Global Select Market (DCIX) :

• The Co to monitor the closing bid price of its common stock between now and July 12. 
• Co intends to complete a reverse stock split, in order to regain compliance with The Nasdaq Global Select Market minimum bid price requirement.

9:04 am Osiris Therapeutics responds to statements about the company recently posted to several websites; BDO continues to perform procedures to complete amended filings and to ensure a smooth transition (OSIR) : On December 14, 2015, Osiris received written notice of resignation from BDO USA LLP, the company's independent registered public accounting firm, which the company disclosed on December 17, 2015, within the time period prescribed by SEC rules. Notwithstanding the resignation, BDO continues to perform procedures to complete the company's previously announced amended filings and to ensure a smooth transition to our successor accounting firm.

9:02 am Sunrun closes $250 mln of senior secured credit facilities (RUN) :

• Co announces the closing of $250 million of senior secured credit facilities to support the growth of Sunrun's residential solar business. Sunrun will use the funds to help more Americans install clean, affordable solar systems on their homes and reduce their electricity bills.
• The financing is comprised of two tranches: (1) a senior aggregation facility with an advance rate of 65 percent and an initial interest rate of L+250; and (2) a subordinated tranche with a cumulative advance rate of 75 percent and an initial interest rate of L+500 bps. All facilities mature in December 2020.
  

9:02 am Zix Corp appoints David Wagner as president & CEO, effective immediately (ZIXI) : Wagner joins ZixCorp from Entrust, where he most recently served as President

9:02 am Silver Bay Realty Trust names Thomas Brock as Interim CEO (SBY) : These appointments follow the resignation of David Miller as the company's President and Chief Executive Officer and member of its board of directors.

9:02 am J. C. Penney will introduce an assortment of major appliances in 22 pilot stores beginning Feb. 1st (JCP) :

• Co announces that it will introduce an assortment of majorappliances in 22 pilot stores beginning Feb. 1. Backed by customer research thatreinforces the Company's decision to enter the appliance market, the pilot isone of several strategic initiatives aimed at improving its home departmentsales productivity.
• The Company plans to make a broad assortment of major appliances available on Jcp.com starting this spring.

9:01 am Harris was one of eight awardees of a multi-award Global Network Services IDIQ follow-on contract by the DISA; IDIQ contract has a ceiling of $4.3 billion and consists of a five-year base and an additional five one-year options (HRS) : Co announces that it was one of eight awardees of a multi-award Global Network Services IDIQ follow-on contract by the Defense Information Systems Agency. The IDIQ contract has a ceiling of $4.3 bln and consists of a five-year base and an additional five one-year options.

• The contract provides leased telecommunications services to more than one million U.S. Defense Department users worldwide via the Defense Information Systems Network and the Department of Defense Information Network.
• The contract will help DISA acquire and deliver telecommunications network services at the enterprise level and will provide end-to-end classified and non-classified information transmission services and capabilities. GNS will enable customizable turn-key global transport solutions.

9:01 am Occidental: Ecuador will pay Occidental ~$1 bln for ICSID arbitration award (OXY) :

Co has reached an understanding on the terms of payment for the amount payable to Occidental by the Republic of Ecuador under a November 2015 International Centre for Settlement of Investment Disputes (:ICSID) arbitration award. This award relates to the country's 2006 expropriation of the company's Participation Contract for Block 15. Ecuador will pay Occidental a total of ~$1 billion. The country has made initial payments of ~$200 million to Occidental, with full payment expected this year.

• Occidental ended 2015 with ~$4.4 billion of cash on hand.

9:01 am Trimble Navigation named Robert Painter as new CFO; Co expects revs to be at top end of guidance (TRMB) :

• Painter, currently VP/general manager of Trimble Buildings, will be replacing Francois Delepine, who will be leaving Trimble to pursue another opportunity. 
• Co also announced today that it expects Q4 revs to be at or above the high end of the guidance issued on its October 29, 2015 earnings conference call.

9:00 am Williams Partners subsidiary Transco announces it is offering senior notes to certain institutional investors (WPZ) :

Co will use proceeds to repay $200 mln of 6.40% notes due on April 15 2016, and to fund cap ex

9:00 am Safe Bulkers announces a 30 months' time charter for a Post-Panamax-Class vessel at $7,250 gross daily rate (SB) : Co announces that it has entered into a new period time charter for one of its 87,000 dwt Post-Panamax-class vessels, for a duration of 30 months, with a forward delivery date in April of 2016, at a gross daily charter rate of $7,250, less 1.25% total commissions.

• This employment is anticipated to generate approximately $6.5 mln of gross revenue for the scheduled period of the time charter.

8:57 am S&P futures vs fair value: +29.00. Nasdaq futures vs fair value: +69.50. (:WRAPX) :

The S&P 500 futures trade 29 points above fair value.

Equity markets across Asia overcame a shaky start to the Tuesday session, ending the day with gains. The big news overnight was the release of China's Q4 GDP and December Industrial Production/Retail Sales data. Just about every data point came in below expectations with Q4 GDP rising 1.6% quarter-over-quarter (expected 1.7%) while the year-over-year reading matched estimates at 6.8%. The disappointing report was met with a brief spike in the yen, but that move was retraced in short order amid increasing expectations for stimulus from the People's Bank of China in the wake of uninspiring economic data.

• In economic data:
  • China's Q4 GDP +1.6% quarter-over-quarter (expected 1.7%; previous 1.8%); +6.8% year-over-year, as expected (previous 6.9%). Separately, December Industrial Production +5.9% year-over-year (consensus 6.0%; last 6.2%), December Retail Sales +11.1% year-over-year (consensus 11.3%; last 11.2%), and December Fixed Asset Investment +10.0% year-over-year (expected 10.2%; last 10.2%)
  • New Zealand's Q4 NZIER Business Confidence 15% (previous -14%)
  • South Korea's December PPI -0.2% month-over-month (prior -0.4%); -3.9% year-over-year (last -4.7%)

---Equity Markets---

• Japan's Nikkei added 0.6%, registering its second consecutive gain. Sectors like industrials (+1.5%) and technology (+1.4%) paced the advance while utilities (-1.3%) and consumer staples (-1.4%) lagged. Sumitomo Osaka Cement, SUMCO, Advantest, Fuji Heavy Industries, and Panasonic gained between 2.9% and 4.3%.
• Hong Kong's Hang Seng gained 2.1% with all but four names ending in the green. Ping An Insurance, Petrochina, CNOOC, and China Petroleum & Chemical settled among the leaders with gains between 3.7% and 5.2%. On the downside, Swire Pacific lost 0.8%.
• China's Shanghai Composite spiked 3.2%. CITIC Securities and Industrial Securities both gained near 3.0% while China Shipbuilding and Bank of China gained 4.1% and 2.0%, respectively.

Major European indices trade higher across the board with France's CAC (+2.7%) in the lead. Regional equity markets have erased their slim losses from yesterday and they now trade at their levels from Friday.

• In economic data:
  • Eurozone December CPI 0.0% month-over-month (expected -0.1%; previous -0.1%); +0.2% year-over-year, as expected. Separately, Core CPI +0.9% year-over-year, as expected, and ZEW Economic Sentiment fell to 22.7 from 33.9 (expected 27.9)
  • Germany's January ZEW Economic Sentiment 10.2 (expected 8.2; last 16.1) and ZEW Current Conditions 59.7 (consensus 54.0; prior 55.0). Separately, December CPI -0.1% month-over-month, as expected
  • UK's House Price Index +7.7% year-over-year (consensus 7.3%; last 7.0%). Separately, December CPI +0.1% month-over-month, as expected, +0.2% year-over-year (consensus 0.1%). Also of note, Input PPI -10.8% year-over-year (expected -11.7%; last -13.1%)
  • Swiss December PPI -0.4% month-over-month (expected 0.2%; last 0.4%); -5.5% year-over-year (consensus -5.4%; last -5.5%)

---Equity Markets---

• Germany's DAX trades up 2.1% with all 30 components in the green. Utilities lead with RWE and E.On up 8.5% and 5.8%, respectively, while Deutsche Bank and Commerzbank hold respective gains of 3.3% and 2.3%. Elsewhere, Volkswagen has climbed 1.3% and BMW trades higher by 2.3%.
• France's CAC is higher by 2.7%. Steelmaker ArcelorMittal has paced the rally with a 9.6% spike while Kering, Credit Agricole, and Societe Generale follow with gains between 3.5% and 5.5%. Elsewhere, BNP Paribas trades up 1.6% and Orange has added 1.3%.
• UK's FTSE has surged 2.2% with all but three names in the green. Miners lead with Glencore, Anglo American, BHP Billiton, and Rio Tinto up between 5.4% and 13.2%. On the downside, Tesco has given up 0.9%.

8:55 am On The Wires (:WIRES) :

• Vringo (VRNG) provided a corporate update and business outlook for 2016. Co acquired the remaining 30% of Fli Charge on December 28. Vringo had ~$27 mln in current cash and court deposits as of December 31. Co expects to redeem the court deposits during 1Q16.
• EDAP (EDAP) announced the publication of long term results of Ablatherm Focal HIFU in the peer reviewed journal "Prostate Cancer and Prostatic Diseases," part of the Nature Publishing Group. The publication reports a 100% cancer specific survival at 5 years, a 94% rate of continence preservation and 80% rate of potency preservation.
• UniPixel (UNXL) announced that its XTouch sensors andDiamond Guard coating have been chosen by a leading original designmanufacturer for inclusion in a new 8-inch Android tablet for a major U.S.wireless carrier expected to go into production in late 2016.
• Eyegate Pharmaceuticals (EYEG) announced that the firstpatient was enrolled in the Company's confirmatory Phase 3 clinical trial ofits EGP-437 combination product, the Company's lead product, in patients withnon-infectious anterior uveitis, an inflammation of the anterior chamber of theeye.
• American International Group (AIG) announced that it hassignificantly raised available global commercial property limits to $2.5billion per occurrence. The move responds to the growing demand for capacityand services by clients managing more complex global risks and increasingproperty values. Today's announced limits build on AIG's capacity of $1.5billion per occurrence available globally to clients since 2012.
• FairPoint Communications (FRP) announced an operationalreorganization of the Company, pursuant to which Anthony A. Tomae, ExecutiveVice President and Chief Revenue Officer, will leave the Company on January 29,2016 following a structured transition. Tomae's duties will be undertaken byPeter G. Nixon, Executive Vice President, Revenue and External Affairs, whowill take on leadership of the Company's sales, marketing and productdevelopment functions while continuing his leadership responsibility forExternal Affairs.
• On January 15, 2016, Rosellini Scientific, LLC filed withthe U.S. Patent and Trademark Office Patent Trial and Appeal Board a petitionto request an Inter Partes review of U.S. Patent No. 7,994,364 which Depomed(DEPO) has licensed from Grnenthal GmbH. The Company views the claims raised in the IPR Petition as duplicativeof the claims that are being contested in the ANDA Litigation with respect tothe '364 Patent. The Company does notexpect the timing of the ANDA Litigation to be affected by the IPR Petition orany decision by the PTAB regarding institution of an Inter Partes review.

8:50 am Anadigics; GaAs Labs announces termination of merger agreement/tender offer for Anadigics, paid termination fee of $1.2 mln, accepts IIVI merger instead (ANAD) :  

8:48 am Sterling Construction announces that its subsidiary was the low bidder on a $46.3 mln Bexar County Public Works project (STRL) :

Co announces that its Texas Sterling Construction subsidiary was the low bidder on a $46.3 mln Bexar County Public Works project, which includes Texas Department of Transportation funding, to perform reconstruction work on FM 1957 Potranco Road on the West side of San Antonio.

• The scope of the job will entail the removal of existing facilities, gas line installation, water line work, sanitary sewer work, earthwork, storm drain installation, new bridge structure construction, asphalt and concrete paving, miscellaneous other concrete work, and the installation of traffic signals and other traffic control devices
• Work is expected to begin by March of 2016 and be completed in late 2017.

8:45 am Ampliphi Biosciences appoints Steve R. Martin as CFO (APHB) : Prior to APHB, Mr. Martin served as the CFO of Apricus Biosciences (APRI). 

8:44 am On The Wires (:WIRES) :

• Skyline Medical (SKLN) announced today that, as part of thecontinuing expansion of its sales strategy, it has entered into a partnershipwith the Association for Radiologic & Imaging Nursing to market Skylineproducts and services to medical professionals performing paracentesis andthoracentesis procedures.
• Six Flags Entertainment (SIX) announced that RiversideInvestment Group broke ground on a 30 billion yuan ($4.6 billion) developmentproject that includes China's first-ever Six Flags-branded theme park.
• Semtech (SMTC) announced it will be working with Korean gassupplier SK E&S and telecom operator SK Telecom to develop and deployautomated gas meters and detectors in Busan, Seoul and Gangwon Province to testa new advanced metering infrastructure system that the two Korean companiesintend to deploy in eight cities across Korea in 2017.
• Great Basin Scientific (GBSN) announced that it hasapproximately 60MM authorized, unreserved and unissued shares remaining andapproximately 4.3MM remaining Series C warrants (including Series C Warrantsacquirable upon exercise of outstanding options), which, if converted atFriday's closing bid price of $0.15 would require the Company to issueapproximately 64MM shares of common stock and would result in an "AuthorizedShare Failure" as defined under the Series C warrant agreement. Should anAuthorized Share Failure occur, the Company will cease accepting Series Cwarrants for conversion and will seek, through a special stockholder meeting,to increase its authorized shares outstanding.
• Visa (V) and Wal-Mart Stores (WMT) announced that the companies have entered into an agreement through which Sam'sClub locations will accept Visa credit cards starting February 1, 2016.
• The Friedreich's Ataxia Research Alliance and CatabasisPharmaceuticals (CATB) announce that Catabasis Pharmaceuticals is the recipientof the Kyle Bryant Translational Research Award. The two year award will be forthe Evaluation of CAT-4001 in Frataxin-deficient mouse models and dorsal rootganglia neurons to enable its therapeutic development for Friedreich's ataxia. 
• Synthesis Energy Systems (SYMX) reports a progress updaterelated to the first of three previously announced industrial syngasgasification facilities for Aluminum Corporation of China Limited (ACH). Theproject located in Zibo City, Shandong Province, China and licensed to CHALCOthrough SES's Tianwo-SES Joint Venture has completed a planned 90-daycontinuous full-load operation test run successfully supplying stable andreliable industrial syngas to the CHALCO aluminum manufacturing facility.
• Following a meeting today among Prime Minister Matteo Renzi,Cisco (CSCO) CEO Chuck Robbins and Cisco Italy General Manager AgostinoSantoni, Cisco has announced a series of strategic commitments in Italy thatwill total $100 million over the next three years. The news today sees Ciscocomplement the heightened focus from the Italian government to drive digitaltransformation and reap the benefits of digitization by way of a twofoldapproach

8:39 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: TIF -3.9%, (reports holiday comps; guidance WIT -0.5%

M&A news: SU -1.9% (Suncor Energy and Canadian Oil Sands (COSWF) amend acquisition offer), SAND -0.9% (Sandstorm Gold (SAND) has agreed to acquire 56 royalties from co for $22 mln)

Other news: EBIO -52.3% (Phase 3 data on Isunakinra which missed primary endpoint of ocular itching), EC -4.9% (Moody's downgraded Ecopetrol to Baa3-triggered by persisting stressed oil prices; placed ratings on review for further downgrade), HDP -3.2% (files $100 mln common stock offering; also raises Q4 guidance (in line with estimates)), FTK -3% (announces retention of MHA Petroleum Consultants by CnF Special Technical Committee; Announces select, preliminary Q4 results; appointment of Independent Board Committee and SEC inquiry), SYT -2% (cont pre-mkt vol surrounding M&A spec), PBR -1.5% (reports its oil and natural gas production for 2015; period average of 2.128 mln barrels per day was 4.6% higher than the previous year ), HMY -1.2% (still checking), BLCM -0.5% (files $150 mln mixed securities shelf offering)

Analyst comments: SRPT -2.7% (downgraded to Sector Perform at RBC Capital Mkt)

8:38 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance: UN +4.5%, MS +3%, DAL +2.2%, BAC +2%, SN +1.1%, CMA +1.1%, UNH +0.8%, FHN +0.8%, MTB +0.5%

M&A news: BITI +80.8% to be acquired by Acorda (ACOR) for $25.60 per ADS),RSE +26% (Brookfield Asset Management (BAM) proposes to acquire Rouse for $17.00/share in cash),SUNE +5.8% (acquires 33% stake in remaining 231 megawatt portion of Dominion's (D) 567 megawatt solar portfolio for $117 mln and sells said stake to Terra Nova for same price),ERIC +4.4% (Ericsson to acquire FYI TV),SHPG +3.1% (Barron's profiles positive view on Shire (SHPG) based on Baxalta (BXLT) M&A deal),TCK +1.6% (Teck Resources: Sandstorm Gold (SAND) has agreed to acquire 56 royalties from co for $22 mln),MSFT +1.4% (will be acquiring MinecraftEdu)

Select China related names showing strength: JKS +9.5%, MOMO +5.5%, CSIQ +5.2%, JMEI +4.8%, SPWR +4.7%, QUNR +3.4%, JASO +3.4%, JD +3.3%, BABA +2.5%

Select metals/mining stocks trading higher: MT +9.7%, CLF +7.1%, AU +4.9%, FCX +4.8%, BBL +3.1%, BHP +3%, AA +1.7%, VALE +0.8%

Other news: CRDC +40% (Receives FDA clearance for expanded indications of Surgical Stapling Device),CANF +18.1% (announced that the USPTO has issued a Notice of Allowance for a patent titled, "A3 Adenosine Receptor Allosteric Modulators"),BSI +10.8% (Court grants temporary stay of legal proceedings against Mega Retail; also confirms it has received an number of offers to purchase the Company's holdings in Blue Square Real Estate),ZPIN +8.8% (received going private proposal valued at $17.50 per ADS and $8.75 per ordinary share),ATV +7% (cont strength),SNY +5.6% (strong EU mkts overnight),PUK +5.1% (still checking),TTM +5.1% (appoints new CEO),NRZ +5% (announces $200 mln share repurchase program),WMB +4.4% (Board is unanimously committed to completing the transaction with Energy Transfer Equity (ETE)),DDD +4.1% (still checking),INCY +2.9% (Incyte and Lilly (LLY) announce Submission of New Drug Application to FDA for Oral Once-Daily Baricitinib),BBRY +2.5% (reports co was awarded a $20 million multiple-year delivery order),CARA +2.1% (may be related to BITI merger), RIO +2.4% (reports Q4 production results),YHOO +2.1% (in symp with BABA),NVS +2% (received two new FDA approvals for Cosentyx to treat patients with ankylosing spondylitis and psoriatic arthritis in the US),GPRO +1.9% (strength in broader mkt this am),NFLX +1.9% (positive WSJD story),FB +1.8% (WhatsApp to pull its yearly subscription fee, test other monetization),BIIB +1.7% (reports EU approval for BENEPALI ),NGG +1.1% (Canadian funds are considering taking stake in NGG, according to Telegraph),SN +1.1% (reports average production of average production of 58,115 boe/day during the 4Q15; lowers 2016 Capital Budget guidance)

Analyst comments: EXEL +5.9% (upgraded to Outperform from Mkt Perform at Leerink Partners),SHOP +5.8% (upgraded to Overweight from Equal-Weight at Morgan Stanley ),SHAK +4.8% (upgraded to Outperform from Market Perform at William Blair),P +4.8% (upgraded to Neutral at BTIG Research),KITE +4.4% (upgraded to Outperform from Mkt Perform at FBR Capital; tgt $75),SWIR +4.4% (upgraded to Outperform from Market Perform at Northland Capital),SWKS +3% (upgraded to Buy at Needham),AZN +1.9% (upgraded to Equal Weight, ResMed (RMD) downgraded to Underweight at Barclays)

8:36 am Shenandoah Telecom reported Q4 overall total of prepaid subscribers decreased (SHEN) : The Company recorded prepaid net deactivations of 2,264 in the fourth quarter of 2015, as compared to 5,036 net activations in the 2014 fourth quarter, and 2,322 net deactivations for fiscal 2015, as compared to 8,115 net activations in fiscal 2014. Prepaid customers decreased 1.6% to 142,840 in 2015. While the overall total of prepaid subscribers decreased during 2015, the Company's more profitable product lines continued to add customers, with customer decreases concentrated in its least profitable product lines.

8:36 am TG Therapeutics sets goals for 2016 (TGTX) :

Co announced its key corporate goals and objectives for 2016, which include the following:

• Aggressively recruit into the GENUINE Phase 3 Clinical Trial of TG-1101 in combination with ibrutinib, which is now open in over 150 sites, with the goal of completing enrollment by YE16
• Aggressively enroll into the UNITY-CLL combination Phase 3 clinical trial, of the Company's proprietary combination of TG-1101 plus TGR-1202 (aka "TG-1303")
• Commence the UNITY- DLBCL Phase 2b/3 clinical trial Initiate a Phase 1/2 clinical trial in Multiple Sclerosis (MS)
• Commence a registration trial for iNHL in the 2H16
• Present updated data on the Phase 1 and 2 clinical trials at major hematology/oncology conferences during 2016

8:34 am On The Wires (:WIRES) :

• MagneGas (MNGA) announced that due to growing demand for MagneGas2 that has created a substantial backlog, the Company has issued a purchase order to obtain 2,000 additional fuel cylinders. In addition, ESSI, the Company's wholly owned gas distribution company, has put an additional 400 cylinders into service to help accommodate ancillary gas demand. The Company believes that the additional demand is a direct result of its sales penetration into key vertical market segments.
• ParkerVision (PRKR) announced that the ITC has instituted an investigation of the unfair trade practices committed by Apple (AAPL), LG (LGEAF), Samsung (SSNLF), and Qualcomm(QCOM). The unfair trade practices under investigation relate to the importation, sale for importation, and/or the sale after importation of products such the Apple iPhone 6, the Apple iPad Air 2, the Samsung Galaxy S6, and the LG G3, among others.
• NV5 Global (NVEE) selected to provide Project and Construction Management Services for Construction Package 4. NV5 entered a teaming agreement with HNTB Corporation as a sub consultant to share work at a 60/40 split. NV5 anticipates fees after the split and after small business sub-consultant requirements to be between $7-8 mln
• Telephonics Corporation, a wholly owned subsidiary of Griffon (GFF), received a production contract from U.S. Customs and Border Protection for its Mobile Surveillance Capability vehicles to be used by agents on the U.S and Mexican border. The contract has a base value of $13.5 mln with options and includes system deliveries and Integrated Logistics Support
• On Dec. 17, 2015, the U.S. Court of Appeals for the 9th Circuit affirmed an $8.6 mln judgment in favor of Allstate Insurance (ALL) against former Las Vegas chiropractor Obteen N. Nassiri. Punitive damages, attorney fees, costs and additional pre-judgment interest were added to the award, increasing the total amount of the judgment to $8.6 mln.
• Cellceutix (CTIX) announced that the briefing book with data collected during the Phase 1 clinical trial of Kevetrin for various advanced solid tumors has already been submitted to the FDA. This briefing book submission is in advance of the FDA meeting to discuss the planned Phase 2 clinical trial of Kevetrin for advanced ovarian cancer. Cellceutix is developing Kevetrin for ovarian cancer under an FDA Orphan Drug designation.
• Glu Mobile (GLUU) announced it has partnered with award-winning chef Gordon Ramsay on the development of a new mobile game. As Glu's first celebrity chef partnership, the exclusive agreement covers Ramsay's name, image, likeness, voice, and creative direction. The new title will deliver an innovative experience for Ramsay's 10.5 million global social followers, and foodies worldwide.

8:34 am Mackinac Finl to acquire First National Bank of Eagle River for $12.50 million (MFNC) :

• The acquisition entails 3 full service banking locations and nearly $140 million in assets.
• The transaction is expected to close late in the 1st Quarter or early in the 2nd quarter of 2016.

8:32 am Aclaris Therapeutics initiates two Phase 3 trials to evaluate A-101 (ACRS) :

• Plan two Phase 3 clinical trials to evaluate the safety/efficacy of A-101 topical solution compared with placebo

• ~800 subjects will be randomized in multi-center, double-blinded, vehicle-controlled, clinical trials, which are being conducted at 34 investigational centers within the United States

8:32 am Rouse confirms Receipt of Unsolicited Proposal for $17/share in cash from Brookfield Asset Management (RSE) : Co announces that on Saturday, Jan 16, 2016, it received a written, unsolicited, non-binding proposal from Brookfield Asset Management (BAM), on behalf of a real estate fund managed by Brookfield, to acquire all the outstanding shares of the company's common stock, other than those shares currently held by Brookfield Property Partners and its affiliates, together the beneficial owners of approximately 33% of the company's outstanding common stock, for a purchase price of $17.00 per share in cash, which stated that the proposal is not subject to any financing contingencies and is not subject to any due diligence on the company.

• Later that day, the Board met and established a special committee, consisting of Christopher Haley, Michael Hegarty, David Kruth, Michael Mullen and Andrew Silberfein.
• On Monday, Jan 18, 2016, the Special Committee selected Sidley Austin LLP as its independent legal counsel and BofA Merrill Lynch as its independent financial advisor to assist the Special Committee in reviewing and evaluating the Brookfield proposal and any alternatives thereto. The Special Committee intends to conclude its review and evaluation of the Brookfield proposal promptly.
• At the request of the Special Committee, Brookfield entered into a standstill agreement with the company on January 18, 2016.

8:31 am Great Panther Silver reports 30% increase in metal production for 2015 to record 4.16 mln silver equivalent ounces (GPL) :

Fourth Quarter 2015 Production Highlights (Compared to Fourth Quarter 2014):

• Metal production increased 10% to 1,002,584 Ag eq oz
• Silver production was up 1% to 553,189 Ag oz
• Gold production rose 17% to 5,637 Au oz
• Ore processed increased 2% to 94,874 tonnes

8:31 am Aeterna Zentaris concludes meeting of the clinical investigators for the confirmatory Phase 3 trial of Macrilen; 'confident' that it will complete the confirmatory trial by year-end 2016 (AEZS) :

• Study population will consist of approximately 110 subjects, half with insulin deficiency and half without
• Endpoint is validation of a single oral dose of macimorelin for the diagnosis of AGHD

8:30 am S&P futures vs fair value: +27.00. Nasdaq futures vs fair value: +66.00. (:WRAPX) :

Equity futures have moved off their highs with S&P 500 futures now trading 27 points above fair value.

In specific company news, Morgan Stanley (MS 26.82, +0.85) has climbed 3.3% in pre-market trading after the company announced a beat on 4Q earnings with EPS of $0.43 with a beat on revenue. This beat was helped by shrinking legal costs and declining compensation expenses. Elsewhere in company news, Campbell Soup Company (CPB 53.60, +0.61) is trading higher by 1.2% following an upgrade from 'Underweight' to 'Neutral' at JPMorgan. 

Meanwhile in commodities, WTI crude has climbed overnights and currently trades higher by 1.5% at $30.86/bbl. 

In Treasuries, the benchmark note trades near its low with its yield higher by three basis points at 2.07%. 

8:30 am Transmontaigne Partners declares an increased dividend of $0.67 per share; represents a $0.005 increase over previous quarter (TLP) :  

8:29 am Weingarten Realty sees FY16 FFO in-line; raises FY15 FFO slightly, in-line; updates transactions (WRI) :

Sees FY16 adj. FFO $2.27-2.31 vs $2.29 Capital IQ Consensus; raises FY15 recurring FFO to $2.17-2.19 from $2.16-2.18 vs. $2.18 consensus.

• During the fourth quarter, Weingarten Realty acquired two properties for $33.5 million and sold four properties and other real estate for $33.5 million including Fresh Market Shoppes and Town and Country Center in South Carolina and Oklahoma, respectively. These sales complete the Company's exit from the each of these states.

8:26 am Omnova Solutions misses by $0.01, misses on revs; sees significant adj. EPS growth in FY16 (OMN) :

• Reports Q4 (Nov) earnings of $0.13 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $0.14; revenues fell 17.7% year/year to $200 mln vs the $208.53 mln single analyst estimate. 
• Lower sales volume of $19.6 million, or 8.1%, was primarily related to the unfavorable market conditions in paper and oil & gas, partially offset by improved volumes in North American laminates, specialty coatings, construction materials, elastomeric modifiers, reinforcing rubber and antioxidants. Other contributors to the sales decline included $17.8 million, or 7.3%, of reduced pricing, driven primarily by contract-based index pricing in certain markets tied to raw material price declines, and $5.6 million, or 2.3%, of negative currency translation effects, primarily from the euro and Thai bhat.
• Further improvements are expected from the closure of the Calhoun, Georgia plant, which is anticipated at the end of the second quarter; pricing, for which negotiations are generally expected to conclude by the end of the first quarter; and accelerated growth in the specialty businesses. The Company expects its strategic growth initiatives and cost reductions to result in 2016 being another year of significant growth in Adjusted Diluted Earnings per Share [consensus $0.57 vs. $0.36 in FY15].

8:19 am Federal-Mogul appoints Jerome Rouquet senior VP and CFO, effective immediately, replacing Raj Shah due to retirement (FDML) :  

8:10 am Delcath announces special protocol assessment agreement w/ FDA for new phase 3 trial in Hepatic Dominant Ocular Melanoma; satisfies substantial number of requirements in FDA's September 2013 complete response letter (DCTH) :

Co has reached a SPA agreement w/ the FDA for the design of co's Phase 3 clinical trial of Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System to treat patients with hepatic dominant ocular melanoma.

• Agreement Provides Regulatory Pathway for Melphalan/HDS with a Single Phase 3 Trial; satisfies substantial number of requirements in FDA's September 2013 complete response letter
• The primary endpoint will be overall survival, and secondary endpoints will include progression-free survival, overall response rate and quality-of-life measures.

8:07 am WNS authorizes a program to repurchase up to 3.3 mln ADS (WNS) : Board of Directors has authorized a program to repurchase up to 3.3 million American Depositary Shares, each representing one ordinary share, at a price range of $10 to $50 per ADS. WNS intends to convene an extraordinary general meeting of its shareholders in the fourth quarter of fiscal 2016 to seek shareholders' approval of the share repurchase program.

8:06 am Organovo: CFO Barry Michaels to retire at end of fiscal year (ONVO) : The Company will immediately commence a search process to identify a successor and ensure a smooth transition of responsibilities.

8:06 am Cardica receives FDA clearance for multiple expanded indications of world's smallest-profile articulating surgical stapling device (CRDC) : Co announces it has received 510(k) clearance from the FDA to use its MicroCutter XCHANGE 30 surgical stapling device with a white cartridge for the transection and resection in open or minimally invasive urologic, thoracic, and pediatric surgical procedures. This clearance complements the existing indications for use in the small and large intestine and in the appendix.

8:06 am Allergan announces the publication of new data on the investigational medication rapastinel (GLYX-13) and its lack of impairment on cognitive function (AGN) : The study found that unlike ketamine and phencyclidine, rapastinel (a functional NMDA receptor modulator) did not cause deficits in NOR in mice. This study also demonstrated rapastinel's ability to reverse NOR deficits produced by a single exposure to ketamine or multiple doses of PCP or ketamine. In addition, rapastinel like ketamine has fast onset antidepressant effects. The data from this study demonstrates that rapastinel does not share some of the less desirable pharmacological properties of ketamine.

8:05 am Bellerophon Therapeutics receives EC Certification for INOpulse drug-device delivery system (BLPH) :  

8:05 am Jason Inc. announced it has realigned its organization; Co adds A. Craig Ivey to serve as President, COO and Global Manufacturing Lead (JASN) : Co has reorganized sales organization, targeting core end-markets under within each segment. 

8:03 am Flotek Industries announces retention of MHA Petroleum Consultants by CnF Special Technical Committee; Announces select, preliminary Q4 results; appointment of Independent Board Committee and SEC inquiry (FTK) : While the co is still finalizing results for the quarter and year ending Dec 31, 2015, Flotek 4provided the following color on select operations for the three-months ended Dec 31, 2015.

While overall oilfield activity continued to see sequential declines in Q4, the co's CnF chemistry business was resilient in the three-month period. CnF volumes in Q4 are expected to increase by ~5% and, when compared to Q4 of 2014, are expected to increase by greater than 20%. CnF revenues are likely to be flat when compared to Q3 revenues and down ~4% when compared to year-ago levels. The expected decline in revenues is primarily a result of a combination of previously discussed product substitution and volume incentive pricing to large customers.

The non-CnF chemistry business is expected to be meaningfully weaker due to the overall deceleration in market activity and activity curtailment by a major customer in the quarter. Similarly, the co anticipates the Drilling Technologies segment to post a decline of ~5% in sequential revenue and over 60% in year-over-year sales, consistent with overall deterioration in industry activity.

In other news, the Technical Committee, formed to review issues surrounding the Company's FracMax software and the efficacy of CnF in completions, announced that it retained Denver-based MHA Petroleum Consultants as advisors to assist in its charge of independently validating the effectiveness of CnF and assist in the review of the FracMax software and associated database.

Separately, as a result of issues raised in an independent report regarding the accuracy of the Co's FracMax software and efficacy of the co's CnF completion chemistries, the co was named as a defendant in a number of shareholder class action and derivative lawsuits. In addition, the Co received notice from the U.S. Securities and Exchange Commission that it has opened an inquiry related to similar issues. The co's Board of Directors subsequently formed a Special Committee consisting of five independent members of the Board of Directors to conduct an independent review of the issues as well as any other relevant issues that may arise in connection with the shareholder litigation or SEC inquiry.

8:02 am Incyte and Lilly (LLY) announce submission of new drug application to FDA for Baricitinib for treatment of Moderate-to-Severe Rheumatoid arthritis, EPS guidance in-line with consensus at $3.55 vs $3.45-$3.55 co estimate (INCY) :

• Milestone payment of $35 mln
• If baricitinib is granted U.S. regulatory approval, Incyte will receive a milestone payment of $100 mln milestone will result in Q1 charge to Lilly's GAAP and non-GAAP r & d expense of $35 mln (pre-tax)
• Lilly's previously-issued 2016 non-GAAP EPS guidance of $3.45-$3.55 unchanged, at higher end but in line with CapIQ consensus of $3.55

8:02 am Intelligent Systems has declared a special cash dividend of $0.35 /share (INS) : Co announced that its board of directors has declared a special cash dividend of $0.35 per share of common stock payable to shareholders of record on January 29, 2016. The cash dividend will be paid on February 8, 2016.

8:02 am German American Bancorp increases dividend to $0.18 from $0.17/share (GABC) :  

8:02 am Inovio Pharma has been selected to receive a $500k grant from the U.S. Army's Small Business Innovation Research program to further advance the development of Inovio's next generation delivery device capable of simultaneously administering multiple vaccines via a skin-surface, needle-free electroporation delivery (INO) : Co announced it has been selected to receive a $500,000 grant from the U.S. Army's Small Business Innovation Research program to further advance the development of co's next generation delivery device capable of simultaneously administering multiple vaccines via a skin-surface, needle-free electroporation delivery. The primary goal of this U.S. Army-funded effort is to further develop a device that would facilitate rapid vaccination of U.S. troops stationed around the world against multiple infectious diseases and protect civilian populations from pandemic threats.

8:02 am GeoPark sees Q4 consolidated production up 15% y/y (GPRK) :

• Total Company:
  • Consolidated production up 15% to 23,062 boepd (up 20% compared to 3Q2015)
  • Oil production up 19% to 17,123 bopd (up 16% compared to 3Q2015)
  • Gas production up 6% to 35.6 mmcfpd (up 31% compared to 3Q2015)
• Oil and Gas Production Update Consolidated:
  • Average consolidated oil and gas production reached 23,062 boepd in 4Q2015 compared to 19,984 boepd in 4Q2014, showing an increase of 15% (with oil up 19% and gas up 6%). Compared to 3Q2015, consolidated production increased by 20%, resulting from consistent growth in all operating units. Production mix remained stable, and oil production accounted for 74% of total reported production in 4Q2015 (vs 72% in 4Q2014), with 26% representing gas production.

8:02 am Atlas Air Worldwide to acquire privately held Southern Air Holdings for approx $110 mln in case; expected to be immediately accretive (AAWW) : Co enters into a definitive agreement to acquire privately held Southern Air Holdings, a premier provider of intercontinental and domestic air cargo services, in an immediately accretive, all-cash, debt-free transaction valued at approximately $110 mln. The transaction is expected to close in the next few months. Southern Air is the parent company of Worldwide Air Logistics Group and its two operating subsidiaries, Southern Air and Florida West International Airways.

8:01 am Stillwater Mining Q4 production -3.8% to 132.4K oz (SWC) :

• Q4 production -3.8% to 132.4K oz; palladium -4% to 102.4K oz, platinum -3.5% to 30K oz
• "Operationally, Stillwater performed well during 2015. Mined production was ahead of guidance and we made notable strides in expanding the recycling business. This, combined with concerted efforts to conserve capital and reduce costs, resulted in the Company generating positive free cash flow for the quarter. While not yet finalized, All-in Sustaining Costs (AISCF) are expected to range from $603 to $623 per mined ounce for the fourth quarter and from $705 to $715 for the full-year 2015, a sharp improvement over the prior year periods and below the low end of our guidance range. We have seen a strong cost reduction trajectory during the last quarter, achieved through productivity gains and a focus on better mining practices. During the quarter, the Company continued to invest in sustaining capital and growth projects while still generating free cash flow."
• At Dec 31, 2015, the co had $463.8 million in cash, cash equivalents and highly liquid investments.

8:01 am Westport Secures EPA Certification for the Dedicated CNG and Bi-fuel CNG Ford F-150 (WPRT) : Co announces it has received certification from the EPA for the dedicated compressed natural gas (:CNG) and bi-fuel CNG Westport WiNG Power System models of the Ford 5.0L F-150 trucks for Model Year 2016. This marks the first time that Ford has offered gaseous prep in the 5.0L F-150-the best selling vehicle in both the US and Canada.

8:01 am First Solar and Southern California Edison announce the signing of PPAs for the off-take of electricity generated by four solar projects totaling 500 mW, anticipated commissioning by 2019 (FSLR) :  

8:01 am Pan American Silver sets new annual records for silver and gold production and provides 3-year guidance, 2015 cash costs lowered by 15% (PAAS) :

Q4 production:

• Co produced 6.79 mln ounces of silver during the final quarter of 2015 to set a new annual record of 26.12 mln ounces.
• Co also produced 48,200 ounces of gold during the fourth quarter of 2015, setting a new annual gold production record of 183,700 ounces.
• Co reports preliminary Q4 unaudited consolidated cash costs of $9.09 per payable ounce of silver, net of by-product credits.

2016 outlook:

• Expects annual silver production to decline slightly to between 24.0 mln and 25.0 mln ounces, while gold production is expected to be between 175,000 and 185,000 ounces.
• Co's base metals production during 2016 is expected to be between 46,000 and 48,000 tonnes of zinc, 15,000 to 15,500 tonnes of lead and 13,000 to 13,500 tonnes of copper.
• Consolidated cash costs for the full year 2016 are expected to be between $9.45 and $10.45 per ounce of silver, net of by-product credits.

2017 & 2018 outlook: 

• Co sees silver production of 22.5-24.0 Moz in 2017 and 25.0-27.0 Moz in 2018.

8:00 am Zogenix receives Fast Track Designation from FDA for development of ZX008 in Dravet Syndrome (ZGNX) :

Co announces receipt of Fast Track designation from the FDA for the development program for its investigational product, ZX008, as a treatment of seizures associated with Dravet syndrome, a rare and catastrophic form of childhood epilepsy. "The FDA granting Fast Track designation provides important support as we advance the development program for ZX008 in Dravet syndrome towards a potential approval as quickly as possible...We recently initiated our first Phase 3 clinical trial in the U.S., and the second trial, primarily to be conducted in Europe, is expected to begin this quarter."

8:00 am Tetraphase Pharmaceuticals Initiates Phase 1 Clinical Trial for TP-271 (TTPH) : Co announced the initiation of patient dosing in a phase 1 clinical trial for intravenous (:IV) TP-271, a novel, broad-spectrum antibiotic candidate which is being developed to combat respiratory disease caused by bacterial biothreats and antibiotic-resistant public health pathogens, including Francisella tularensis, Yersinia pestis and Bacillus anthracis, as well as bacterial pathogens associated with community-acquired bacterial pneumonia.

7:59 am S&P futures vs fair value: +30.30. Nasdaq futures vs fair value: +74.50. (:WRAPX) :

U.S. equity futures trade near their pre-market highs with the S&P 500 futures currently trading 30 points above fair value.

In Treasuries, the benchmark note currently sits near its pre-market low with its yield higher by four basis points at 2.08%.

On the economic front, today's data will be limited to the 10:00 ET release of the NAHB Housing Market Index (Briefing.com consensus 61).

In U.S. corporate news of note:

• Morgan Stanley (MS 26.88, +0.91):+3.5% after announcing an earnings beat with 4Q EPS of $0.43 per share on in-line revenue
• Qualcomm (QCOM 46.52, +0.70):+1.5% following unveiling a joint venture with Guizho provincial government's investment arm
• Bank of America (BAC 14.57, +0.11):+0.8% after an earnings beat with 4Q EPS of $0.28 on in-line revenue
• UnitedHealth Group (UNH 109.81, +0.54):+0.5% following reporting a 4Q earnings beat with EPS of $1.40 and reaffirming FY 2016 guidance

Reviewing overnight developments:

• Asian indices ended their days in positive territory with China's Shanghai Composite +3.2%, Hong Kong's Hang Seng +2.1%, and Japan's Nikkei +0.6%. 
  • In economic data:
    • China's Q4 GDP +1.6% quarter-over-quarter (expected 1.7%; previous 1.8%); +6.8% year-over-year, as expected (previous 6.9%). Separately, December Industrial Production +5.9% year-over-year (consensus 6.0%; last 6.2%), December Retail Sales +11.1% year-over-year (consensus 11.3%; last 11.2%), and December Fixed Asset Investment +10.0% year-over-year (expected 10.2%; last 10.2%)
    • New Zealand's Q4 NZIER Business Confidence 15% (previous -14%)
    • South Korea's December PPI -0.2% month-over-month (prior -0.4%); -3.9% year-over-year (last -4.7%)

• European indices trade broadly higher with France's CAC +2.6%, Germany's DAX +2.2%, and the U.K.'s FTSE +2.2%.
  • In economic data:
    • Eurozone December CPI 0.0% month-over-month (expected -0.1%; previous -0.1%); +0.2% year-over-year, as expected. Separately, Core CPI +0.9% year-over-year, as expected, and ZEW Economic Sentiment fell to 22.7 from 33.9 (expected 27.9)
    • Germany's January ZEW Economic Sentiment 10.2 (expected 8.2; last 16.1) and ZEW Current Conditions 59.7 (consensus 54.0; prior 55.0). Separately, December CPI -0.1% month-over-month, as expected
    • UK's House Price Index +7.7% year-over-year (consensus 7.3%; last 7.0%). Separately, December CPI +0.1% month-over-month, as expected, +0.2% year-over-year (consensus 0.1%). Also of note, Input PPI -10.8% year-over-year (expected -11.7%; last -13.1%)
    • Swiss December PPI -0.4% month-over-month (expected 0.2%; last 0.4%); -5.5% year-over-year (consensus -5.4%; last -5.5%)

7:58 am On The Wires (:WIRES) :

• Rare Element Resources (REE) received the draft Environmental Impact Statement from the U.S. Forest Service for the Bear Lodge Rare Earth Project. The draft EIS is a key milestone in the permitting process for the project, as it defines the potential operating conditions and identifies the environmental impacts of the project.
• Transgenomic (TBIO) announced the launch of the MX-ICP RAS Analysis and the MX-ICP PIK3CA Analysis, two new cancer panels based on the company's Multiplexed ICE-COLD PCR technology. Co also expect to add additional tests and panels to its suite of CLIA mutation detection tests in 2016.
• TASER (TASR) unveils the new TASER Pulse for private citizens w/ an introductory price of at least $399. It is scheduled to begin shipping in 1Q16.

7:51 am Constant Contact [being acquired by Endurance (EIGI)] guided Q4 just below consensus late Friday; shareholder vote on Thursday (CTCT) :

Q4 GAAP EPS $0.16 vs $0.18 GAAP consensus, may not compare to $0.40 two analyst estimate; revs $93.6 mln vs $94.89 mln two analyst estimate.

• Stockholders will vote upon the Merger with EIGI at a special meeting expected to be held on January 21, 2016.

7:47 am American Caresource Holdings promotes Adam Winger from interim CEO to president and CEO, effective immediately (GNOW) :  

7:46 am Allegheny Tech announces that 4Q15 results will include ~$267 mln in pre-tax charges, including ~$181 mln of non-cash long-lived asset impairment charges for its Flat Rolled Products biz (ATI) :

Allegheny Tech announces that 4Q15 results will include ~$267 mln in pre-tax charges, including ~$181 mln of non-cash long-lived asset impairment charges for its Flat Rolled Products business, and $76 mln of non-cash inventory charges.

• Asset impairment charges include the write off of all $127 mln of goodwill in the FRP business.
• As a result of these actions, Q4 results will include a non-cash impairment charge of ~$54 million to reduce the carrying value of long-lived assets at the Midland, PA facility and GOES operations, and a $4 million charge for idling costs.
• The future restart of the Midland and GOES operations, respectively, will depend on future business conditions and ATI's ability to earn an acceptable return on invested capital on products produced at these operations.
• 4Q15 results will also include $51 mln in non-cash Net Realizable Value inventory reserves that offset LIFO Reserve benefits in Q4 due to falling raw material prices, a $25 mln non-cash charge to revalue non-Premium Quality grades of titanium sponge inventory to current market prices

7:35 am II-VI to acquire ANADIGICS (ANAD) and EpiWorks for combined $110 mln; sees Q2 results above consensus (IIVI) :

• Acquisition of EpiWorks is valued at approximately $43.0M in cash due at closing with a $6M earn out.
  
• Acquisition of ANADIGICS valued at approximately $61.0M in cash due at closing; tender offer to begin in January 2016.
• The Company expects revenue to be between $189-191M (consensus $189 mln and $0.25) and EPS to range from $0.28-$0.30 including the extension of the R&D tax credit. The Company further expects to continue its share repurchases after it reports the results of the quarter ended Dec 31, 2015.
• On a non-GAAP basis, IIVI expects these transactions to be accretive to continuing operations beginning in the second half of 2017. For the quarters preceding that, the transaction is expected to be dilutive due to investment in the 6" platform. The Company will provide an update on the financial expectations when the transactions close.

7:33 am On The Wires (:WIRES) :

• Intrexon (XON) announced its subsidiary Oxitec and Piracicaba City Hall have expanded the 'Friendly Aedes aegypti Project' in Piracicaba, Brazil following strong results for controlling the Ae. aegypti mosquito population. In preparation of this growing program and to meet increasing demand for its proprietary vector control solution, Oxitec is initiating a new mosquito production facility in Piracicaba. Based on the positive results achieved to date, the 'Friendly Aedes aegypti Project' in CECAP/Eldorado district covering 5,000 people has been extended for another year. Additionally Oxitec and Piracicaba have signed a letter of intent to expand the project to an area of 35,000-60,000 residents.
• Vertex Energy (VTNR) issues letter to shareholders; believes efforts during past year will result in lower costs, improved margins and a healthier company for this year and beyond. As look at 2015, "it is clear that the significant drop in commodity prices had a direct negative impact on the spread between cost for materials and the prices we can sell our products for in the market. The collateral impact of tighter spreads included a slow down in our overall expansion plans and a more deliberate approach to integrating our recent acquisitions. Throughout this challenging period we made significant adjustments that allowed us to weather the storm and position ourselves for what we believe will be a difficult 2016 turning to a more positive environment in 2017 and beyond."
• Allot Communications (ALLT) received orders from four existing tier 1 mobile operator customers for Allot Smart Data Source
• Can-Fite BioPharma (CANF) announced that the USPTO has issued a Notice of Allowance for a patent titled, "A3 Adenosine Receptor Allosteric Modulators". This composition of matter patent protects the use of Can-Fite's proprietary A3 Adenosine Receptor modulator including the preparation of its pharmaceutical compositions and its use in patients across all therapeutic indications. Can-Fite plans to file an IND w/ the FDA for a Phase I study of CF602 in the treatment of sexual dysfunction during 4Q16.
• Cisco (CSCO) announced a series of strategic commitments in Italy that will total $100 mln over the next three years. Cisco signed an agreement with the Ministry of Education, University and Research to provide training to teachers and students through the Cisco Networking Academy program. Cisco, as the first step in developing the Italian startup ecosystem, is pursuing investment opportunities together with Invitalia Ventures, a national venture capital firm. This will enable Cisco to invest in the development of the national startups in Italy

7:32 am Anadigics enters into a merger agreement with II-VI Incorporated (IIVI) for $0.66/share in cash (ANAD) :  

7:31 am Arrowhead announced that the EMA granted Orphan Drug Designation to ARC-AAT for treatment of congenital alpha-1 antitrypsin deficiency (ARWR) : Co states, "Orphan Drug Designation from the EMA allows Arrowhead to benefit from a number of incentives, such as reduced regulatory fees, protocol assistance, and market exclusivity, to develop a medicine for the treatment of a rare disease affecting not more than five in 10k people in the EU."

7:30 am On The Wires (:WIRES) :

• Clean Diesel Technologies (CDTI) has begun supplying its new synergized-platinum group metal diesel oxidation catalyst to Panasonic Ecology Systems, with an initial focus on the China heavy duty retrofit market. Shipments are expected to grow throughout 2016.
• CytoDyn Inc. (CYDY) announced that its ongoing extension study of PRO 140 monotherapy in a cohort of HIV-infected patients has shown complete viral-load suppression for well over a year with some patients approaching 17 months. The Company believes that complete virologic suppression through treatment with a single agent, PRO 140, a safe and efficacious antibody, rather than through the widely used HAART combination therapy, could present a significant opportunity to treat HIV patients. Based on these monotherapy results, the Company plans to file a second Phase 3 protocol for PRO 140 monotherapy with the FDA. CytoDyn is currently conducting a pivotal Phase 3 trial for PRO 140 as an adjunct therapy with expected commercialization in 2017.
• Akorn (AKRX) launched Buprenorphine and Naloxone Sublingual Tablets CIII in 2mg/0.5mg and 8mg/2mg strengths following an October 15 FDA approval for the product. Akorn's Buprenorphine and Naloxone Sublingual Tablets CIII in 2mg/0.5mg and 8mg/2mg strengths, marketed under the Hi-Tech Pharmacal label, are indicated for the maintenance treatment of opioid dependence.
• Following a careful and thorough evaluation of technical challenges and costs, Shell (RDS.A) has decided to exit the joint development of the Bab sour gas reservoirs with ADNOC in the emirate of Abu Dhabi, and to stop further joint work on the project. The evaluation concluded that for Shell, the development of the project does not fit with the company's strategy, particularly in the economic climate prevailing in the energy industry.
• Cytori Therapeutics (CYTX) began enrollment of the first two patients in an investigator-initiated clinical trial of Cytori Cell Therapy for the treatment of the orphan indication, fistula-in-ano associated with Crohn's Disease.

7:29 am Stratus Properties 17.6% shareholder Carl E. Berg sends objection to the Board over change of control agreements (STRS) :  

7:21 am European Markets Update: DAX +2.2%, CAC +2.6%, FTSE +2.1% (:SUMRX) :

Major European indices trade higher across the board with France's CAC (+2.6%) in the lead. Regional equity markets have erased their slim losses from yesterday and they now trade at their levels from Friday.

• In economic data:
  • Eurozone December CPI 0.0% month-over-month (expected -0.1%; previous -0.1%); +0.2% year-over-year, as expected. Separately, Core CPI +0.9% year-over-year, as expected, and ZEW Economic Sentiment fell to 22.7 from 33.9 (expected 27.9)
  • Germany's January ZEW Economic Sentiment 10.2 (expected 8.2; last 16.1) and ZEW Current Conditions 59.7 (consensus 54.0; prior 55.0). Separately, December CPI -0.1% month-over-month, as expected
  • UK's House Price Index +7.7% year-over-year (consensus 7.3%; last 7.0%). Separately, December CPI +0.1% month-over-month, as expected, +0.2% year-over-year (consensus 0.1%). Also of note, Input PPI -10.8% year-over-year (expected -11.7%; last -13.1%)
  • Swiss December PPI -0.4% month-over-month (expected 0.2%; last 0.4%); -5.5% year-over-year (consensus -5.4%; last -5.5%)

---Equity Markets---

• Germany's DAX trades up 2.2% with all 30 components in the green. Utilities lead with RWE and E.On up 8.5% and 5.8%, respectively, while Deutsche Bank and Commerzbank hold respective gains of 3.3% and 2.3%. Elsewhere, Volkswagen has climbed 1.3% and BMW trades higher by 2.3%.
• France's CAC is higher by 2.6%. Steelmaker ArcelorMittal has paced the rally with a 9.6% spike while Kering, Credit Agricole, and Societe Generale follow with gains between 3.5% and 5.5%. Elsewhere, BNP Paribas trades up 1.6% and Orange has added 1.3%.
• UK's FTSE has surged 2.1% with all but three names in the green. Miners lead with Glencore, Anglo American, BHP Billiton, and Rio Tinto up between 5.4% and 13.2%. On the downside, Tesco has given up 0.9%.

7:08 am Delta Air Lines misses by $0.01, misses on revs (preannounced results); raises Q1 margin (DAL) :

• Reports Q4 (Dec) earnings of $1.18 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $1.19; revenues fell 1.5% year/year to $9.5 bln vs the $9.62 bln Capital IQ Consensus.
• Passenger unit revenues declined 1.6%, which includes ~2 points of impact from foreign currency.
  • Co preannounced PRASM and margins.
• "Looking ahead, the overall demand environment remains solid. The breadth of our network scale allows us to focus our commercial efforts on those areas of the business with the best opportunity such as the domestic marketplace, while reducing our exposure in some weaker international regions. While we expect international volatility and currency pressures to result in unit revenue declines of 2.5 - 4.5% for the March quarter, we should see over 10 points of margin improvement given our capacity discipline in the face of a more than 50 percent decline in fuel prices." Raises operating margin to 18-20% from 16-17%.
• "As we look ahead to 2016, we have a significant opportunity to improve our performance even further. With over $3 billion in potential savings from lower fuel prices and numerous commercial, operational and cost initiatives already in place, we expect to again perform in the top tier of the S&P Industrials on earnings growth, margins, and cash flows this year despite global economic challenges."

7:08 am IAMGOLD announces preliminary operating results for 2015, guidance for 2016 (IAG) :

Performance Highlights for 2015

• Attributable gold production of 806,000 ounces within guidance of 780,000 to 815,000 ounces; fourth quarter production 199,000 ounces.
• Preliminary total cash costs expected to be below or at the lower end of guidance of $825 to $865 per ounce.
• Preliminary all-in sustaining costs expected to be within guidance of $1,050 to $1,150 per ounce.
• Capital expenditures of approximately $240 million, 15% lower than capital expenditures on gold assets in 2014.
• Approximately $700 million in cash, cash equivalents, restricted cash and gold bullion (market value) as at December 31, 2015

Guidance Highlights for 2016

• Attributable gold production expected to be between 770,000 and 800,000 ounces.
• Total cash costs expected to be between $775 and $815 per ounce.
• All-in sustaining costs expected to be between $1,000 and $1,100 per ounce.
• Capital expenditures guidance of $250 million 10%.

7:05 am Wintrust Fin misses by $0.07 (WTFC) :

• Reports Q4 (Dec) earnings of $0.71 per share, $0.07 worse than the Capital IQ Consensus of $0.78. 
• Total loans, excluding covered loans and mortgage loans held-for-sale, increased by $802 million, or 19% on an annualized basis, to $17.1 billion with $499 million occurring in December, creating positive average balance growth momentum for the first quarter of 2016.
• Net interest margin decreased 4 basis points primarily as a result of lower yields on earning assets. Lower accretion on covered loans and competitive pricing on commercial premium finance and commercial real estate loans impacted the net interest margin the most during the quarter. The lower accretion on covered loans is expected to continue to have a slight negative impact on the net interest margin in 2016.
• RoTCE 9.10%

7:04 am TASER responds to Digital Ally (DGLY) patent infringement lawsuit calling it 'frivolous and egregious' (TASR) : The co issued a statement saying that it typically does not comment on pending litigation, but it felt compelled to respond to what is, in our opinion, a frivolous and egregious lawsuit filed by Digital Ally against TASER for patent infringement. This lawsuit asserts infringement of Digital Ally's U.S. Patent No. 8,781,292. The patent claims, as originally issued in the '292 patent, underwent reexamination by the U.S. Patent Office because there was a "substantial" question of patentability of all patent claims in the '292 patent. These claims were subsequently rejected in view of prior art. To overcome rejections issued by the U.S. Patent Office, Digital Ally had to amend the rejected claims with significant limitations-limitations that, in our opinion, significantly narrowed the patent claims and further strengthen our position that TASER did not and does not infringe any claim of the '292 patent.

7:04 am xG Technology announces binding letter of agreement to acquire Integrated Microwave Technologies, LLC in $3mln asset purchase (XGTI) :

• The $3 mln purchase price reflects a combination of cash and long-term debt
• Expected to close on/before Feb 15 2016
• IMT recorded annual revenues of $7.2 mln in 2015

7:03 am First Majestic Silver reports Q4 production with new quarterly record of 4,820,408 equivalent ounces of silver (AG) :

• The total ore processed during the quarter at the Company's six operating silver mines: Santa Elena, La Encantada, La Parrilla, Del Toro, San Martin and La Guitarra, amounted to 883,377 tonnes, reflecting a 29% increase compared to the fourth quarter of 2014 and a 31% increase from the previous quarter. The increase in tonnes compared to the prior quarter was primarily due to the acquisition of Santa Elena on October 1, 2015.
• 2016 Production Outlook and Cost Guidance: For 2016, the Company anticipates silver production will range between 12.0 to 13.3 mln ounces (17.8 to 19.8 mln silver equivalent ounces). This compares to 2015 silver production of 11.1 mln ounces (16.1 mln silver equivalent ounces). The increase is primarily due to the addition of a full year's worth of production from Santa Elena offset by lower production levels forecasted at Del Toro and San Martin. A mine-by-mine breakdown of the 2016 production guidance is included in the table below. Cash cost and AISC guidance is shown per payable silver ounce. Metal price assumptions for calculating equivalents are: silver: $14.00/oz, gold: $1,000/oz, lead: $0.75 /lb, zinc: $0.75 /lb.

7:03 am Summit Therapeutics announces that the European Patent Office has granted a key patent covering the novel antibiotic, ridinilazole; opposition period has expired with the patent having faced no challenge (SMMT) : Co announces that the European Patent Office has granted a key patent covering the novel antibiotic, ridinilazole, and that the opposition period has expired with the patent having faced no challenge. The patent covers the use of ridinilazole for the treatment of infections caused by the bacterium Clostridium difficile. Patent protection has previously been granted for ridinilazole for the treatment of CDI in other countries including the United States, Australia, New Zealand, Japan, Russia and China, in addition to other territories.

7:02 am Potash indefinitely suspends its Picadilly, New Brunswick potash operations; severance and transition costsexpected to ~$35 million and will be reflected in 1Q16 (POT) :

• The suspension is expected to result in a workforce reduction of approximately 420-430 people in New Brunswick.
• The suspension of potash operations at Picadilly will also eliminate significant capital expenditures, including capital of ~$50 mln in 2016 and $135 mln in 2017/18. PotashCorp's international customers that were historically served by New Brunswick will now be served from Saskatchewan through Canpotex.
• The Picadilly mine will be placed in care-and-maintenance mode at an estimated annual cost of $20 mln in 2016 and $15 mln in subsequent years.
• Severance and transition costs associated with the suspension of potash operations are expected to ~$35 million and will be reflected in our first quarter 2016 earnings.

7:02 am Karyopharm Therapeutics initiates a Phase 1/2 study of oral KPT-8602 (KPTI) : This first-in-human study is designed to evaluate the safety, tolerability and activity of approximately eight dose levels of KPT-8602 in up to 116 patients in multiple centers in the United States and Canada.

7:02 am Rouse: Brookfield Asset Management (BAM) proposes to acquire Rouse for $17.00/share in cash (RSE) : Brookfield presented its proposal to the Board of Directors of Rouse on January 16th. Consummation of the transaction would be subject to Brookfield and Rouse executing mutually acceptable definitive agreements. As part of the transaction, Brookfield Property Partners L.P. (BPY) would retain the Rouse shares that it currently owns.

7:02 am Ciena to acquire TeraXion assets for $32 mln in cash (CIEN) : The asset purchase includes TeraXion's high-speed indium phosphide and silicon photonics technologies as well as the underlying intellectual property.

7:01 am Payment Data Systems reported Q4 transaction processing results - total dollars processed exceeded $833.0 bln (PYDS) : Total dollars processed for the fourth quarter of 2015 exceeded $833.0 billion, consistent with the same period a year ago. ACH (eCheck) transaction processing volumes for the fourth quarter were down 1% compared to the fourth quarter of 2014, reflecting the October 2015 introduction of a new eCheck verification service that helps merchants prevent returns before processing and reduces fraud. The introduction of this service reduced return processing by 22% compared to the same period last year, however, revenue from the new verification service significantly exceeded the lost revenue from return eCheck processing fees. Credit card processing volumes for the fourth quarter of 2015 set a new record, with credit cards dollars processed up 6% and credit cards transactions processed up 5% compared with the fourth quarter of 2014.

7:00 am Trevana initiates Oliceridine Phase 3 clinical program with Multi-Procedure Safety and Tolerability Study ; also announces that an End-of-Phase 2 meeting with FDA has been scheduled for later this quarter (TRVN) :

Co also expects to communicate additional details of its Phase 3 development program, including details of its studies of oliceridine in acute moderate-to-severe pain.

7:00 am Bank of America beats by $0.01, reports revs in-line (BAC) :

• Reports Q4 (Dec) earnings of $0.28 per share, $0.01 better than the Capital IQ Consensus of $0.27; revenues rose 105669.2% year/year to $19.8 bln vs the $19.89 bln Capital IQ Consensus. 
• Net interest income up 2% to $10.0B;
• Provision for credit losses $0.8B, compared to $0.8B in Q3-15 and $0.2B in Q4-14;
• Return on average assets 0.61%;
• return on average common equity 5.1%;
• return on average tangible common equity 7.3%;
• Tangible book value per share increased 8% to $15.62; book value per share increased 6% to $22.54;
• Noninterest expense down 16% to $1.1B; noninterest expense, excluding litigation, down 28% to $795MM.

Investment Bank

• Sales and trading revenue up $0.7B to $2.4B; Excluding net DVA, sales and trading revenue up 11% to $2.6B;
• FICC increased 20%, reflecting improvement across most products, notably in rates and credit-related products
• Equities down 3%, due to lower levels of client activity.

Credit

• Credit quality remained strong, improving across all consumer portfolios, while the energy sector of the commercial portfolio experienced elevated charge-offs and criticized levels;
• Net charge-offs were $1.1B, compared to $0.9B;
• Excluding losses associated with the August 2014 DoJ settlement, collateral valuation adjustments, and nonperforming loan sale and other recoveries, net charge-offs were $1B in both Q4-15 and the year-ago quarter
• The net charge-off ratio increased to 0.51% from 0.40%.
• Excluding the items noted above, the net charge-off ratio was 0.45% in Q4-15, compared to 0.47%
• Provision for credit losses of $810MM was relatively stable compared to the third quarter of 2015 and up from the year-ago quarter due to lower consumer recoveries, a slower pace of improvement in the consumer portfolio, and higher reserve builds in the commercial portfolio, due to loan growth and energy sector exposure
• Net reserve release was $334MM, compared to $660MM; after adjusting for certain items reserved for in prior quarters, the net reserve release was $195MM, compared to $509MM

7:00 am Investment Tech: Minder Cheng appointed Chairman of Board and Frank Troise named CEO (ITG) : Co announced that Minder Cheng has been appointed Chairman of its Board of Directors and Frank Troise has joined the company as Chief Executive Officer, President and member of the Board of Directors, effective January 15, 2016. Mr. Troise joins ITG from J.P. Morgan, where until October 2015 he was a managing director and head of J.P. Morgan Execution Services, a global multi-asset execution group within the investment bank.

7:00 am Asian Markets Close: Nikkei +0.6%, Hang Seng +2.1%, Shanghai +3.2% (:SUMRX) :

Equity markets across Asia overcame a shaky start to the Tuesday session, ending the day with gains. The big news overnight was the release of China's Q4 GDP and December Industrial Production/Retail Sales data. Just about every data point came in below expectations with Q4 GDP rising 1.6% quarter-over-quarter (expected 1.7%) while the year-over-year reading matched estimates at 6.8%. The disappointing report was met with a brief spike in the yen, but that move was retraced in short order amid increasing expectations for stimulus from the People's Bank of China in the wake of uninspiring economic data.

• In economic data:
  • China's Q4 GDP +1.6% quarter-over-quarter (expected 1.7%; previous 1.8%); +6.8% year-over-year, as expected (previous 6.9%). Separately, December Industrial Production +5.9% year-over-year (consensus 6.0%; last 6.2%), December Retail Sales +11.1% year-over-year (consensus 11.3%; last 11.2%), and December Fixed Asset Investment +10.0% year-over-year (expected 10.2%; last 10.2%)
  • New Zealand's Q4 NZIER Business Confidence 15% (previous -14%)
  • South Korea's December PPI -0.2% month-over-month (prior -0.4%); -3.9% year-over-year (last -4.7%)

---Equity Markets---

• Japan's Nikkei added 0.6%, registering its second consecutive gain. Sectors like industrials (+1.5%) and technology (+1.4%) paced the advance while utilities (-1.3%) and consumer staples (-1.4%) lagged. Sumitomo Osaka Cement, SUMCO, Advantest, Fuji Heavy Industries, and Panasonic gained between 2.9% and 4.3%.
• Hong Kong's Hang Seng gained 2.1% with all but four names ending in the green. Ping An Insurance, Petrochina, CNOOC, and China Petroleum & Chemical settled among the leaders with gains between 3.7% and 5.2%. On the downside, Swire Pacific lost 0.8%.
• China's Shanghai Composite spiked 3.2%. CITIC Securities and Industrial Securities both gained near 3.0% while China Shipbuilding and Bank of China gained 4.1% and 2.0%, respectively.
• India's Sensex advanced 1.2% amid broad strength. AXIS Bank surged 5.2% while Tata Motors and Tata Power posted respective gains of 3.7% and 4.4%. On the downside, Wipro lost 1.0% and Mahindra&Mahindra surrendered 1.2%.

---FX---

• USDJPY +0.7% to 118.11
• USDCNY UNCH at 6.5784
• USDINR -0.1% to 67.595

6:59 am Bon-Ton Stores has retired remaining mortgage loan facility due in April using borrowings under the $830 mln revolving credit facility (BONT) : The mortgage loan facility had principal outstanding of $102.4 million and was secured by 12 properties. In June of 2015, the Company retired the first of its two mortgage loan facilities in the amount of $104.5 million. The consummation of these two transactions fully satisfies all obligations pursuant to the Company's aggregate mortgage loan facility entered into on March 6, 2006.In conjunction with the early termination of the mortgage loan facility, the Company will pay $1.3 million to satisfy the make-whole provision of the agreement.

6:59 am Morgan Stanley beats by $0.09, beats on revs (MS) :

• Reports Q4 (Dec) earnings of $0.43 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.34; revenues fell 0.3% year/year to $7.74 bln vs the $7.47 bln Capital IQ Consensus. 
• Institutional Securities net revenues, excluding DVA were $3.5 billion reflecting continued strength in Equity sales and trading, solid results in Investment Banking and continued weakness in Fixed Income & Commodities sales and trading.
• Wealth Management net revenues were $3.8 billion and pre-tax margin was 20%. Fee based asset flows for the quarter were $11.4 billion.
• Investment Management reported net revenues of $621 million with assets under management or supervision of $406 billion.
• At December 31, 2015, book value and tangible book value per common share were $35.24 and $30.26,20 respectively, based on ~1.9 billion shares outstanding.
• "In the fourth quarter we took action to meaningfully restructure our Fixed Income business on a capital and expense basis. We enter 2016 with a continued focus on managing expenses across the Firm and driving up returns for our shareholders."
• Peer: GS reports tomorrow morning,

6:59 am On The Wires (:WIRES) :

• WiLAN (WILN) subsidiary, North Star Innovations, has entered into a patent license agreement with GLOBALFOUNDRIES, which provides circuit products and services; terms are confidential
• Gastar Exploration (GST) announces that its Board has adopted a Net Operating Loss Shareholder Rights Agreement designed to preserve its substantial tax assets. As of December 31, 2014, Gastar had cumulative net operating loss carryforwards of ~$447.0 mln, which can be utilized in certain circumstances to offset future U.S. taxable income. Co further expects its cumulative net operating loss carry forwards to increase as of December 31, 2015.
• China TechFaith Wireless Communication Technology (CNTF) will launch a new 4G smartphone, branded the M2, to target higher volume, mass market opportunities. TechFaith plans to ship its M2 in 1Q16
• Saint-Gobain Sekurit and Corning (GLW) signed a JV to develop,manufacture and sell lightweight automotive glazing solutions.
• Oncolytics Biotech (ONCY) announced that the first patients have been treated in a Phase 1b study of pembrolizumab in combination with REOLYSIN and chemotherapy in patients with advanced pancreatic adenocarcinoma. Following an initial six to nine patient safety run-in, up to an additional 15 patients may be enrolled for further evaluation of safety and efficacy.
• Walker & Dunlop (WD) announced that as of December 31, 2015 its commercial loan servicing portfolio surpassed $50 billion. Over 4,800 loans with an average servicing fee of 25 basis points. The at-risk portfolio's average loan-to-value ratio is 67%. 

6:53 am Bioscrip provides update on financial improvement plan (BIOS) :

• Substantially completed the previously announced targeted workforce reduction and remains on track to deliver the expected $19 mln in annual cost savings in 2016.
• Achieved the anticipated additional supply chain program initiatives that are expected to add $3 mln in annual savings in 2016.
• Completed the initiatives expected to reduce corporate costs by $5 mln in 2016.
• Implemented cost reduction programs expected to reduce infusion field costs by $5 mln in 2016.

6:52 am SunEdison simultaneously acquires 33% stake in remaining 231 megawatt portion of Dominion's (D) 567 megawatt solar portfolio for $117 mln and sells said stake to Terra Nova for same price (SUNE) :

SunEdison (SUNE) announced that it has completed the second phase of its transaction to acquire a 33 percent ownership interest in a 567 megawatt DC solar portfolio from Dominion (D) SunEdison acquired a 33 percent interest in the remaining 231 megawatt portion of Dominion's 567 megawatt portfolio of solar power plants for $117 million.

• At the same time, Terra Nova Renewable Partners, the strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management -- Global Real Assets, acquired SunEdison's interest in the transaction from SunEdison for the same price.
• SunEdison has the option to repurchase the projects from the partnership for a period of five years and may assign TerraForm Power (TERP) call rights to the projects should they be repurchased. Any projects not repurchased by SunEdison would continue to be owned by the partnership.
• The 567 megawatt solar portfolio consists of 24 projects which are located in Indiana, Georgia, Connecticut, California, Tennessee, and Utah.
  • This second phase of the transaction is for nine of those projects.

6:47 am Baxalta announces that the EC has granted Marketing Authorization for use of ONCASPAR as a combination therapy in acute lymphoblastic leukaemia (BXLT) :

Co announces that the European Commission has granted Marketing Authorization for use of ONCASPAR as a combination therapy in acute lymphoblastic leukaemia in pediatric patients from birth to 18 years, and adult patients.

• With this approval, Baxalta is authorized to market ONCASPAR in the 28 member countries of the EU, as well as Iceland, Liechtenstein and Norway.

6:46 am Johnson & Johnson announces medical device restructuring, plans to lay off 4-6% of Medical Device segment workforce; reaffirms FY15 guidance (JNJ) :

Co announced restructuring actions in its Medical Devices businesses to better serve the needs of customers and patients in today's evolving healthcare marketplace. The company is undertaking actions to strengthen its go-to-market model, accelerate the pace of innovation, further prioritize key platforms and geographies, and streamline operations while maintaining high quality standards. The company's Consumer Medical Devices businesses, Vision Care and Diabetes Care, are not impacted by these actions.

• The actions are expected to result in annualized pre-tax cost savings of $800 million to $1.0 billion, the majority of which is expected to be realized by the end of 2018, including ~$200 million in 2016. The savings will provide the co with added flexibility and resources to fund investment in new growth opportunities and innovative solutions for customers and patients.
• Co expects to record pre-tax restructuring charges of ~$2.0 billion to $2.4 billion, which will be treated as special items, of which ~$600 million will be recorded in the fourth quarter of 2015.
• Co confirmed the full-year 2015 guidance it provided on October 13, 2015 for sales of $70.0-71.0 bln and adjusted earnings for the full-year 2015 of $6.15 to $6.20 per share, which excludes special items such as restructuring charges; consensus $70.17 bln and $6.19.
• The company estimates that the actions announced today will result in position eliminations of ~4-6% of the Medical Devices segment's global workforce over the next two years, subject to any consultation procedures in countries where required.

6:45 am New Residential Investment announces $200 mln share repurchase program (NRZ) :  

6:44 am M&T Bank beats by $0.12 (MTB) :

• Reports Q4 (Dec) earnings of $2.09 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $1.97. 
• The provision for credit losses was $58 million during the fourth quarter of 2015, compared with $33 million in the year-earlier quarter and $44 million in the third quarter of 2015.
• "M&T posted strong financial performance in the fourth quarter, reflecting our recent merger, growth in revenues, controlled expenses and continued solid credit quality, resulting in a 7% increase in diluted net operating earnings per common share from the year-earlier quarter... While financial results for the fourth quarter reflect only two months of the operations associated with Hudson City, the acquisition has already had a positive impact on M&T's operating results and capital position, contributing to a 13% rise in tangible book value per share from the 2014 year end."

6:44 am Comerica beats by $0.02 (CMA) :

• Reports Q4 (Dec) earnings of $0.71 per share, $0.02 better than the Capital IQ Consensus of $0.69.
• "Negative credit migration in our energy exposure continued as expected, while overall our customers have been acting prudently as evidenced by declining loan balances. The remainder of the loan book continues to perform well... With oil prices at a cyclical low, we have been closely monitoring our energy customers. In each quarter of 2015, we increased our reserves for energy and related loans. Well into the cycle, we continue to feel comfortable with our energy portfolio."
• For 2016 co sees:
  • Net interest income higher, reflecting the benefit from the December 2015 short-term rate increase, loan growth and a larger securities portfolio, more than offsetting higher funding costs.
  • Provision for credit losses higher, with net charge-offs expected to increase but remain below historical normal levels.
  • Noninterest income modestly higher, primarily due to growth in card fees from merchant processing services, government card and commercial card. Continued focus on cross-sell opportunities, including wealth management products such as fiduciary and brokerage services.

6:40 am Tiffany & Co holiday comps -5% ex-FX; lowers FY15 EPS, sees minimal growth in sales and earnings next year, below consensus (TIF) :

• Worldwide net sales declined 3%, comps declined 5% yoy, all numbers ex/fx
  
• Worldwide net sales of $961 mln were 6% lower yoy,

Geographic Breakdown

Total sales of $505 mln, declined 7% in the Americas yoy

• Total sales and comparable store sales declined 6% and 9%, total sales of $187 mln were 11% below the prior year in Asia-Pacific
  
• Total sales increased 12% and comparable store sales rose 10%, total sales rose 9% to $123 mln in Japan
  
• Total sales rose 4% and comps declined 2% in Europe
  
• Other sales on a constant-exchange-rate basis declined 16% in total and comparable store sales on that same basis decreased 12%, reported in USD, sales of $19 mln were 20% below prior year

Company Outlook for 2015-2016

Management expects net earnings ending Jan 31, 2016 to decline ~ 10% (compared with its previously-reported forecast of 5%-10% decline) from last year's $4.20 per diluted share, excluding loan impairment charge in the Q215 and debt extinguishment charge in 2014, down to $3.78 vs consensus $3.88

"Management currently believes that the strong dollar and global macro challenges will likely result in minimal growth in net sales and net earnings [consensus EPS +14.8% to $4.34, rev +% to $4.2 bln] as reported in dollars and excluding charges in 2015, for the year, all assumptions and expectations are approximate and may or may not prove valid. Co maintains its forecast to generate at least $500 mln of free cash flow FY16

6:32 am Synovus beats by $0.01 (SNV) :

• Reports Q4 (Dec) earnings of $0.44 per share, $0.01 better than the Capital IQ Consensus of $0.43.
• Total loans ended the quarter at $22.43 billion, up $565.3 million or 10.3% annualized from the previous quarter.
  • Commercial and industrial loans grew by $248.3 million or 9.3% annualized.
  • Commercial real estate loans grew by $185.2 million or 10.2% annualized.
  • Retail loans grew by $133.5 million or 12.7% annualized.
  • Total average deposits for the quarter were $23.24 billion, up $384.2 million or 6.7% annualized from the previous quarter.

6:32 am Zhaopin received going private proposal valued at $17.50 per ADS and $8.75 per ordinary share (ZPIN) :

• Co has received a preliminary non-binding proposal letter from CDH V Management Company and Shanghai Goliath Investment Management,  proposing to acquire all outstanding ordinary shares in Zhaopin not owned by Zhaopin's controlling shareholder SEEK International Investments Pty Ltd.
• The Board intends to evaluate the proposal.

6:31 am Progressive Waste and Waste Connections (WCN) agree to merge (BIN) :

The co's announced that they have entered into a definitive agreement to merge in an all-stock transaction. Upon the completion of the transaction, Waste Connections stockholders will own approximately 70% of the combined company, and Progressive Waste shareholders will own approximately 30%. The transaction has been unanimously approved by both companies' Boards of Directors and is expected to close in the second quarter of 2016.

• The transaction was negotiated on the basis of an implied exchange ratio of 0.4815 of a share of Waste Connections for each share of Progressive Waste. As a result of the transaction structure, Waste Connections stockholders will receive 2.076843 shares of Progressive Waste stock (1/0.4815) for each share of Waste Connections stock they own. The transaction value represents an approximately 16% premium to Progressive Waste's 20-day volume-weighted average stock price prior to the announcement on January 4, 2016, that it was engaged in a review of strategic alternatives.
• Following completion of the transaction, the combined company will have pro forma revenue of approximately $4.1 billion and operate an integrated network of solid waste operations across North America. The transaction brings together vertically integrated and complementary asset bases under Waste Connections' disciplined market selection and safety-focused operational model. The combination is expected to generate approximately $50 million in annualized SG&A cost savings within the first 12 months after closing, with operational and safety-related improvements and market rationalization contributing additional upside over the long-term. Tax-effected synergies, capex discipline and other cash flow benefits should result in over $625 million of adjusted free cash flow generation for the combined company in year 1, or more than 20% accretive on a free cash flow per share basis.

Upon closing, the combined company will use the Waste Connections name and it is anticipated that its shares will trade on the New York Stock Exchange and the Toronto Stock Exchange. The transaction is expected to close in the second quarter of 2016.

6:31 am Sanchez Energy reports average production of average production of 58,115 boe/day during the 4Q15; lowers 2016 Capital Budget guidance by $50 mln to $200-250 mln (SN) :

• Better than expected production results during the fourth quarter of 2015 were driven by Catarina production of 46,030 BOE/D, the highest quarterly production level recorded to date from the asset, as well as strong performance from new wells in the Cotulla area.
• Co states, "Based on the strength of our 2015 operating performance, we are reducing our 2016 upstream capital spending guidance to a range of $200 million to $250 million, a $50 million reduction from our previous estimates. Our 2016 upstream capital budget is expected to maintain production roughly equal to that of 2015."

6:30 am IDI provides business update, expects strong growth during 2016 (IDI) :

In conjunction with its recent SEC filings, the co provided a business update saying it:

• Operating cash flow has been positive since the closing of the Fluent acquisition.
• 'Recent insider purchases by members of Board and Management show continued confidence in business strategy and execution.'
• Establishment of a facility of up to 5 million common shares for additional financial flexibility should the Company choose to exercise it in the future for certain growth initiatives. The Company has no present intention of accessing this facility at current levels.
• Development of Company's risk management platform, idiCORE, continues through BETA release phase; currently on schedule for full market release in early 2016. 
• Wholly-owned subsidiary Fluent looks to continue strong YOY revenue growth (previously more than 100% from Q3 2014 to Q3 2015).

6:28 am On The Wires (:WIRES) :

• Eisai (ESALY) announced that the FDA has accepted forPriority Review the supplemental New Drug Application (sNDA) for lenvatinib forthe potential treatment of patients with unresectable advanced or metastaticrenal cell carcinoma in combination with everolimus following one prior vascularendothelial growth factor-targeted therapy. An application for a drug willreceive Priority Review by the FDA if it is a drug that treats a seriouscondition and, if approved, would provide a significant improvement in safetyor effectiveness.
• Nestl (NSRGY) has strengthened its global capabilities ine-commerce by signing a partnership with Alibaba (BABA) in China, to growonline sales, build key brands and offer new products to millions of consumers.
• On January 15, 2016, Lee Enterprises (LEE) received paymentof $30,645,628 from its insurer, Travelers Insurance Co., for the Company'sshare of a subrogation recovery arising from the settlement of claims fordamages suffered by the Company as a result of a 2009 loss at one of its LeeLegacy production facilities. Theproceeds received by the Company will be used to reduce outstanding debt underits First Lien Credit Agreement and, to the extent permissible and available ata discount, to repurchase outstanding Senior Notes
• On January 15, 2016, United Therapeutics (UTHR) and TevaPharmaceuticals (TEVA) entered into a Settlement Agreement to settle theirongoing litigation concerning certain patents relating to Remodulin Injection andTeva's Abbreviated New Drug Application seeking approval by the FDA to market ageneric version of Remodulin. Under the Settlement Agreement, the Companygrants Teva a non-exclusive license beginning on December 23, 2018 to manufactureand commercialize in the United States the generic version of Remodulindescribed in Teva's ANDA filing, although Teva may be permitted to enter themarket earlier under certain circumstances.
• Pattern Energy Group (PEGI) announced that construction hasbeen completed for the 150 megawatt Amazon Wind Farm Fowler Ridge in BentonCounty, Indiana and the wind farm is now fully operational.
• Bombardier Commercial Aircraft (BDRBF) announced that itsall-new C Series aircraft program has begun the ramp-up to full production. Thefinal assembly facility is fully equipped and production is progressingaccording to plan with aircraft in various stages of the build sequence.Additionally, Bombardier also confirmed that the CS100 aircraft that isscheduled to be delivered to first operator SWISS International Air Lines andenter service in Q2 2016 is structurally complete.
• CUI Global (CUI) announced that its wholly-owned subsidiary,CUI Inc, has entered into a limited exclusivity agreement for hardware developmentwith Virtual Power Systems, a Software Defined Power company. The companieswill partner to set a new standard for an efficient power infrastructure fordata centers.
  

6:24 am Unilever reports beats by EUR0.02; beats on revs (UN) :

Reports H2 EPS of EUR0.91 vs EUR0.89 Capital IQ consensus; revs increased 4.1% to EUR26.28 bln vs EUR26.13 bln consensus.

• Turnover increased by 10% to 53.3 billion including a positive currency impact of 5.9%
• Underlying sales growth 4.1%, ahead of our markets, with volume up 2.1% and price up 1.9%
• Core operating margin at 14.8% up 30bps
  

6:22 am Tenet Healthcare enters into a support agreement with Glenview Capital, adds two new independent directors (THC) :

The co announced that its Board has appointed Randolph C. Simpson and Matthew J. Ripperger, partners and co-heads of healthcare for Glenview Capital Management, as new independent directors effective immediately. Both new directors will be included in the Company's slate of nominees for election to the board at Tenet's 2016 annual meeting of shareholders.

• In conjunction with the appointments, Tenet and Glenview have entered into an agreement that extends through the completion of the Company's 2017 annual meeting of shareholders. The agreement includes the option for Glenview to propose two additional candidates, independent of both Tenet and Glenview and subject to the approval of Tenet's board, for appointment as directors. These appointments, if made, would be effective January 31, 2017.

6:18 am Compass Group changes reporting structure (CMPGY) :

Co announced in November, of minor changes to regional reporting structure.

• Europe & Japan region, now becomes Europe and excludes Japan and includes Turkey and Russia.
• Fast Growing & Emerging region now becomes Rest of World and includes Japan and excludes Turkey and Russia. North America region remains unchanged.

6:14 am Ericsson to acquire FYI TV; terms not disclosed (ERIC) :

Ericsson announced its intention to acquire FYI Television, the premier entertainment metadata and rich media content supplier based in Grand Prairie, Texas.

• The acquisition will strengthen Ericsson's already industry-leading position in broadcast and media services. FYI Television accumulates and distributes TV entertainment content and linear scheduling data from over 9,000 TV networks daily, aggregating the information into customized formats for various digital, media, content, analytics and print clients for use on their connected devices such as tablets, phones, desktops, internet portals and gaming consoles.
• The acquisition expected to close in Q1 2016.

6:09 am Mercantile Bank Q4 EPS $0.40 vs $0.39 Capital IQ Consensus; raises quarterly dividend to $0.16 from $0.15 (MBWM) :  

6:08 am Shanghai...+3.22% (FXI) :  

6:08 am S&P futures vs fair value: +31.50. Nasdaq futures vs fair value: +78.30. :

6:08 am European Markets : FTSE...5882.83...+102.90...+1.80%.  DAX...9694.83...+173.00...+1.80%.

6:08 am Asian Markets : Nikkei...17048...+92.80...+0.60%.  Hang Seng...19636...+291.50...+1.20%.

6:07 am UnitedHealth beats by $0.03, beats on revs; reaffirms FY16 EPS guidance, revs guidance (UNH) :

Reports Q4 (Dec) earnings of $1.40 per share, $0.03 better than the Capital IQ Consensus of $1.37; revenues rose 30.4% year/year to $43.6 bln vs the $43.1 bln Capital IQ Consensus.

• Co reaffirms guidance for FY16, sees EPS of $7.60-7.80 vs. $7.70 Capital IQ Consensus Estimate; sees FY16 revs of more than $180 bln vs. $181.52 bln Capital IQ Consensus Estimate.

6:03 am Teck Resources: Sandstorm Gold (SAND) has agreed to acquire 56 royalties from co for $22 mln (TCK) :

• Payable in US$1.4 mln in cash and US$20.6 mln in common shares
• Transaction has staggered closing dates, today is first closing date
• Sandstorm issued 8,365,863 common shares priced at C3.57 per share for transaction
• Estimated cash flow in 2016 of US$1.5 mln-US$2.0 mln, growing to US$10 mln-US$15 mln eventually

6:02 am Accuray has repurchased approximately $63.4 mln in principal amount of Convertible Senior Notes (ARAY) :

• Following the closings of these repurchases, Co estimates that approximately $36.6 mln in aggregate principal amount of 2016 Notes will remain outstanding.
• The Co expects to record a charge in Q3 2016 of approximately $1.0 mln associated with the repurchases of the notes.

6:01 am Sprague Resources acquires the assets of Santa Buckley Energy natural gas marketing and electricity brokerage business for $17.5 million in cash; believes the transaction will be immediately accretive to distributable cash flow per unit upon closing (SRLP) :

• The acquired customer portfolio is expected to increase Sprague's annual natural gas sales volume by 10 Bcf, all within Sprague's current service area.
• The acquired portfolio of business has historically generated an average of $3.5 mln in adj. EBITDA annually.
• Co intends to fund the transaction with borrowings from its senior secured credit facility.
• Co believes the transaction will be immediately accretive to distributable cash flow per unit upon closing
• Closing is expected to occur within thirty days.

6:00 am Mercantile Bank increase dividend to $0.16; previously $0.15 (MBWM) :  

5:45 am On The Wires (:WIRES) :

• North European Oil Royalty Trust (NRT) has been notified by its German accountants, who are in the process of conducting their examination of the 2013-14 royalty payments by the operating companies, that the reconciliation in 2013 of a dispute between Oldenburgische Erdol Gesellschaft. The Trust is awaiting further information from OEG, but preliminary statements by OEG suggest that the aggregate negative adjustment OEG might claim could be up to approximately Euros 1 million (which would be ~12 cents per unit at current exchange rates).
• The new Dongguan Huijing Hilton (HLT) Hotel now under construction in Guangdong, South China, will feature 26 Otis elevators and escalators supplied by Otis Elevator China Co, including high-speed Skyrise and Gen2 elevators. Upon completion in 2017, the hotel will be the largest Hilton hotel in Asia in terms of the number of guest rooms. Otis is a unit of United Technologies (UTX).
• CSX (CSX) announced that it is consolidating its operations administration from 10 divisions to 9 divisions and closing administrative offices at Huntington, West Virginia. Huntington Division administrative responsibilities will be reassigned to five adjoining divisions: Atlanta, Baltimore, Florence, Great Lakes and Louisville.
• Silicon Labs (SLAB) has introduced next-generation optical sensors that can be used to protect consumers from the harmful effects of ultraviolet radiation and to develop innovative touchless user interfaces leveraging high-performance proximity sensing and gesture recognition.
• ConAgra Foods (CAG) announced that it will work toward a supply of 100 percent cage-free eggs in its U.S. operations by 2025. -- Southern California Gas announced that its relief well project to stop the Aliso Canyon natural gas leak is proceeding ahead of schedule and the company expects to stop the leak by late February, if not sooner.
• Verisk Analytics (VRSK) announced that it has released the industry's first global cyber exposure data standard.
• NXP Semiconductors (NXPI) and Guala Closures Group announced a collaboration to develop next generation closure solutions for the wine and spirits industry. These smart-security closure solutions will integrate near field communication technology, providing anti-counterfeit and tamper-evident applications and monitoring.
• Electric Ireland has collaborated with Accenture (ACN) to develop and deliver a pilot program that will introduce new Connected Home solutions to its customers.
• Saint-Gobain Sekurit and Corning (GLW) announced that they have signed an agreement to establish an exclusive joint venture, equally owned by Saint-Gobain and Corning, to develop, manufacture and sell lightweight automotive glazing solutions. The venture is expected to build manufacturing facilities to meet worldwide automotive market demand.
• Papa John's (PZZA) announced the signing of a development agreement to open over 100 restaurants in Madrid and the surrounding area. PJ Espana Pizzerias, the master franchisee for this agreement, which is a fully owned subsidiary of Drake Enterprises AG, the same owner of the Papa John's franchisee in Chile, is set to open its first unit during the second quarter of 2016.
• Millicom International Cellular (MICCF) announced that Tigo Paraguay has successfully obtained Certified Design Documents for the first UPTIME TIER 3 Certified Data centre to be built in Paraguay, demonstrating Tigo's commitment to deliver world-class standards for its corporate clients.
• Himax Imaging, a subsidiary of Himax Technologies (HIMX) announced the HM01B0. Himax is planning to deliver samples to selected customers and partners in the first quarter of 2016.
• Vestas (VWDRY) has received a 15-year extension to a service agreement for four windpower plants in California, with a total capacity of 570 MW.

5:30 am Tata Motors appoints Guenter Butschek as CEO (TTM) :

Co announced it has appointed Guenter Butschek as CEO.

• Butschek is expected to join the company by 15th February, 2016.
• Butschek joins Tata Motors after his last assignment at Airbus Group (EADSY) where he served as Chief Operating Officer

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

• The Asia America Gateway consortium recently upgraded its Asia and trans-Pacific cable network leveraging Ciena's (CIEN) GeoMesh submarine solutions. This will allow AAG to meet growing demand for international capacity.
• Zebra Technologies (ZBRA) and Atmel (ATML) announced it is demonstrating a smart refrigeration Internet of Things
• OpenText (OTEX), a global leader in Enterprise Information Management, announced a new fully-segregated and independent European Data Zone for the company's Enterprise Managed Cloud Services operations.
• Demandware (DWRE) and eBay (EBAY) have announced an alliance to develop a fully enabled omnichannel solution. The goal of this relationship is to deliver integrated access to the Demandware Commerce Cloud solutions and the eBay Enterprise suite of "post-click" commerce technologies and services.
• Global media company STX Entertainment has partnered with Global Eagle Entertainment (ENT) will be presented inflight on airlines around the world.
• CAE (CAE) Healthcare announced today the launch of NeuroVR, a neurosurgery simulator that offers the world's most realistic training environment for open cranial and endoscopic brain surgery procedures. Developed by the National Research Council of Canada in collaboration with clinicians from teaching hospitals in Canada, the U.S., Europe and Asia, the simulator is currently in use at 15 sites and has been validated in published clinical studies.
• Cadence Design Systems (CDNS) announced that HiSilicon has completed a successful evaluation of the Cadence Innovus Implementation System that led to the adoption of the solution for 28nm and advanced node FinFET digital signal processor design projects.
• CyrusOne (CONE), a global colocation solutions provider, today announced that it has signed an alliance agreement with the U.S. subsidiary of software-based elastic connectivity provider Megaport to deliver SDN-enabled, elastic cloud interconnection services in CyrusOne data centers in the United States.
• Alon Blue Square Israel (BSI) announced that in furtherance of the filing by its subsidiary, Mega Retail, of a voluntary request with the District Court in Lod, Israel for a stay of proceedings, the court granted an initial stay of legal proceedings against Mega Retail for a period of 30 days.
  

5:23 am On The Wires (:WIRES) :

• BlackBerry (BBRY) announced that the U.S. Department of Veterans Affairs (VA) has awarded a $20 million multiple-year delivery order against the National Aeronautics and Space Administration's Solution for Enterprise-Wide Procurement Government-wide Acquisition Contract for the continuation and extension of the AtHoc networked crisis communications platform supporting the VA Notification System and VA Personnel Accountability System
• The Prosper Group, a fully integrated digital campaign and marketing firm, has named TubeMogul (TUBE) its video advertising partner for the 2016 campaign election cycle.
• Equinix (EQIX) announced the Southern Cross Cable Network has expanded its data center presence and now directly connects between Equinix's International Business Exchange data centers in Los Angeles and Silicon Valley to its existing deployment in Sydney
• Checkpoint Systems (CKP) announced here at NRF's Annual Convention & EXPO that its RFID-based fresh meat solution, which is in development, is now being piloted by food retailers.
• Orbital ATK (OA) announced that it has successfully tested a 3D-printed hypersonic engine combustor at NASA Langley Research Center. Analysis confirms the unit met or exceeded all of the test requirements.
• SEACOM is expanding its terrestrial network and upgrading capacity on key submarine links with Ciena (CIEN) to deliver new network solutions to service providers across the continent and into main European points of presence

5:18 am Rio Tinto reports Q4 production results; iron ore shipments rise 11% YoY (RIO) :

Co reports Global iron ore shipments were in line with 2015 full year guidance of around 340 million tonnes (100 per cent basis). The strong second half performance was achieved following completion of the brownfield developments and expanded infrastructure in the Pilbara, enabling a drawdown of inventories, as well as improvements at Iron Ore Company of Canada.

• Global iron ore production in 2016 is expected to be around 350 million tonnes (100 per cent basis).
• Continued strong performance in bauxite exceeded full year guidance of 43 million tonnes, with record third party shipments of 26.6 million tonnes.
• Aluminium production was in line with 2014, with record annual production at nine smelters offsetting lower production from Kitimat as the modernised and expanded smelter was commissioned.
• Mined copper production was in line with full year guidance of 510 thousand tonnes as de-weighting and de-watering activities at Kennecott resulted in lower production in 2015, which was partly offset by a 36 per cent increase in production at Oyu Tolgoi from higher grades and throughput. Production is expected to increase in 2016, with higher production at Kennecott and an expected share of joint venture production at Grasberg
• Rio Tinto's share of hard coking and thermal coal production was in line with 2015 guidance, while semi-soft coking coal production was seven per cent above the top end of the guidance range due to mine sequencing.
• Diamonds & Minerals continues to optimise production to align with market demand, reflected in a 25 per cent reduction in titanium dioxide slag production compared to 2014, in line with guidance

5:01 am CNOOC provides strategy outlook for 2016; net production target of 470-485 million BOE (CEO) :

Co announced its business strategy and development plan for the year 2016.

• The Company's net production target for 2016 is in the range of 470-485 million barrels of oil equivalent (BOE), of which approximately 66% and 34% are produced in China and overseas respectively. The net production targets set for 2017 and 2018 are around 484 and 502 million BOE respectively. The estimated net production for 2015 was ~495 million BOE.
• There will be 4 new projects coming on stream, including the Kenli 10-4, Panyu 11-5, Weizhou 6-9/6-10 oilfield comprehensive adjustment and Enping 18-1. Currently, nearly 20 projects are under construction.
• Within the year, we plan to drill around 115 exploration wells and acquire approximately 10 thousand kilometers of 2-Dimensional seismic data as well as ~14 thousand square kilometers of 3-Dimensional seismic data.
• The Company's total capital expenditure for 2016 will be no more than RMB60.0 billion.

4:59 am New Oriental Education & Technology beats by $0.03, beats on revs; guides Q3 revs in-line (EDU) :

• Reports Q2 (Nov) earnings of $0.07 per share, $0.03 better than the Capital IQ Consensus of $0.04; revenues rose 17.7% year/year to $278.1 mln vs the $270.8 mln Capital IQ Consensus.
  • Total student enrollments in academic subjects tutoring and test preparation courses increased by 35.3% year-over-year to approximately 841,000 for the second fiscal quarter of 2016.
  • The total number of schools and learning centers was 720 as of November 30, 2015, an increase of 7 compared to 713 as of November 30, 2014, and a decrease of 1 compared to 721 as of August 31, 2015. The total number of schools was 63 as of November 30, 2015.
• Co issues in-line guidance for Q3, sees Q3 revs of $328.0-339.5 mln vs. $329.89 mln Capital IQ Consensus Estimate.

4:54 am Galapagos earns $10 mln milestone payment form Abbvie (ABBV) for advancement of CF portfolio (GLPG) :

Galapagos NV (GLPG) provides an update on progress made in the cystic fibrosis programs. Galapagos and AbbVie (ABBV) aim to develop a triple CFTR combination therapy to address 90% of patients with CF. In order to bring a more effective therapy to patients, the companies plan to develop multiple candidates and backups for each of the three components with the goal of identifying a potential triple combination.

• Initiation of Phase 1 study with corrector GLPG2222, earning Galapagos a $10 million milestone payment from AbbVie
• Expansion of CF portfolio with three novel candidate drugs, with aim to create the most effective combo
  

4:51 am MediciNova receives Rare Pediatric Disease Designation from FDA for MN-166 (MNOV) :

Co announced that the FDA has granted Rare Pediatric Disease Designation to MN-166 for treatment of Type 1 - Early Infantile Krabbe disease.

• Under the FDA's rare pediatric disease priority review voucher program, the sponsor may be eligible for a voucher that can be used to obtain a priority review for a subsequent human drug application.
• The FDA has previously granted orphan drug designation to MN-166 for treatment of Krabbe disease

4:49 am First Defiance Financial beats by $0.04 (FDEF) :

Reports Q4 EPS of $0.71 vs $0.67 Capital IQ consensus

• Net interest margin of 3.77% for the 2015 fourth quarter, up from 3.76% in the fourth quarter of 2014
• Loan growth $68.7 million during the 2015 fourth quarter
  

4:47 am Chevron and ENN sign Gorgon LNG agreement; agreement to supply 0.5 million metric tons annually for 10 years (CVX) :

Chevron announced that its Australian subsidiaries have signed a non-binding Heads of Agreement with ENN LNG Trading Company for the delivery of liquefied natural gas to China from the Chevron-operated Gorgon natural gas project in Australia.

• When the deal is finalized, ENN is expected to receive up to 0.5 million metric tons per annum of LNG over 10 years, with deliveries starting in 2018 or the first half of 2019.

4:46 am Commercial Metals promotes Barbara Smith to Chief Operating Officer; Mary Lindsey to Chief Financial Officer (CMC) :

• Smith has been the Company's Senior Vice President and Chief Financial Officer since May 2011
• Lindsey joined the Company in September 2009 as Vice President-Tax, and she became the Vice President-Tax and Investor Relations in June 2015.

4:44 am Piedmont Office Realty Trust reports 6 capital mkt transactions during Q4 (PDM) :

Co announced that it completed 3.1 million square feet of total leasing transactions in 2015, and reported that 812,000 square feet was executed in the fourth quarter.

• Piedmont also announced that it completed six capital markets transactions during the quarter.

4:43 am Enable Midstream Partners promotes Treasurer John Laws to CFO (ENBL) :

Co announced that its Board named John Laws as Chief Financial Officer

• Laws, succeeds former CFO Rod Sailor who assumed the role of president and CEO effective January 1.

4:41 am Turquiose Hill Resources reports Q4 production rose 8.5% YoY (TRQ) :

Co announced fourth quarter 2015 production for Oyu Tolgoi.

• For Q4'15, throughput increased 8.5% over Q3'15 reaching an all-time high. Copper production for the quarter increased 2.3% over Q3'15 due to higher volumes. As a result of mining higher grades from Phase 2 and higher volumes, Q4'15 gold production increased 68.3% over Q3'15.
• Copper production for 2015 of 202,200 tonnes exceeded the Company's guidance of 175,000 to 195,000 tonnes and annual gold production of 653,000 ounces met 2015 guidance of 600,000 to 700,000 ounces.
• Outlook:
  • Oyu Tolgoi is expected to produce 175,000 to 195,000 tonnes of copper and 210,000 to 260,000 ounces of gold in concentrates for 2016. The majority of 2016 gold production is expected in the first half of the year

4:39 am Dominion Diamond reports Q4 production; volumes down 9% YoY (DDC) :

Co reports Diavik Diamond Mine production results for the fourth calendar quarter of 2015:

• Processing volumes in the fourth calendar quarter of 2015 were 9% lower than the same quarter of the prior year due primarily to three weeks of maintenance shutdowns in the processing plant.
• Diamonds recovered in the fourth calendar quarter were 3% lower than the same quarter of the prior year reflecting lower processing volumes which was partially offset by a higher recovered grade.
• Diamonds recovered in calendar 2015 of 6.4 million carats were 9% lower than the original calendar 2015 plan of 7.0 million carats due to a combination of ore availability issues resulting from lower mining rates from A-154N and lower grades from A-418 earlier in the year, and availability of the process plant in the fourth calendar quarter.
  

4:38 am Dover Downs Gaming receives non-compliance notice for shares trading below $1.00 per share requirement (DDE) :  

4:37 am Roadrunner Transportation names Curtis Stoelting President/COO (RRTS) :

• Stoelting served as the Chief Executive Officer and a director of TOMY International/RC2 Corporation from January 2003 to March 2013.

4:35 am Clayton Williams completes swap of non-producing acreage with Concho Resources (CXO); also sells territory in Texas for $21.8 mln (CWEI) :

Substantially all of the acreage subject to this agreement was associated with a farm out agreement between the Company and Chesapeake Energy (CHK) through which the Company earned a 75% interest in certain leases. Subsequently, Concho acquired the remaining 25% of the Leases.

• The Company and Concho agreed to exchange net acre for net acre across the Company's entire Reeves County position. As a result of the exchange, the Company acquired Concho's 25% working interest in certain Leases, and the Company conveyed its 75% working interest in certain Leases to Concho.
• The Company also announced that it sold certain acreage in Burleson County, Texas (the "Acreage") to an undisclosed buyer for cash consideration of $21.8 million in December 2015

4:33 am Mercury receives following order of $2 mln for high-performance signal processing subsystems by a defense prime contractor (MRCY) : The order was booked in the Company's fiscal 2016 second quarter and is expected to be shipped over the next several quarters.

4:31 am Scorpio Tankers reports update on share buy back program; ~173 mln shares outstanding (STNG) :

Since the Company's previous announcement on December 23, 2015, the Company has purchased 2,299,606 of its common shares in the open market at an average price of $5.96 per share. As of January 15, 2016, there were 173,035,794 shares outstanding.

• The Company has $164.6 million remaining under its Securities Repurchase Program

4:26 am Worthington acquires NetBraze; terms not disclosed (WOR) :

Co announced that it has acquired the business of NetBraze, a manufacturer of brazing alloys, silver brazing filler metals, solders and fluxes primarily used in plumbing, HVAC-R, industrial gas and OEM markets.

• This acquisition expands offering of alloys in the professional wholesale channel with innovative products that utilize patented technologies
  

4:24 am Alon Blue Square confirms it has received an number of offers to purchase the Company's holdings in Blue Square Real Estate (BSI) :

The Company is examining the offers and will update the market with further information when it deems disclosure appropriate or necessary.

• The Company has not decided whether to sell its holdings in BSRE, and there is no assurance that the Company will complete any transaction to sell its holdings in BSRE

4:20 am Addus HomeCare names Dirk Allison as new President And CEO; Steve Geringer as Chairman (ADUS) :

Co announced the appointment of Dirk Allison as President and Chief Executive Officer.

• Allison has served on the Company's board of directors since 2010 and has been chairman of the audit committee since 2013.
• Allison replaces Mark Heaney, who has served as the Company's President and Chief Executive Officer since 2008 and chairman of its board of directors since 2009.
• The Company also named Steve Geringer, a director of the Company since 2009, as chairman of its board of directors.

4:18 am Willis Lease promotes CIO Brian Hole to President (WLFC) : Co announced today that Brian Hole, its current Chief Investment Officer, will be promoted to President following the retirement of Donald Nunemaker effective March 31, 2016.

4:17 am MDU Resources unit receives its largest contract worth $63.4 million (MDU) : Knife River Corp, a subsidiary of MDU Resources Group (MDU), has been awarded a $63.4 million contract to reconstruct a portion of Interstate 29 in Sioux City, Iowa. This is the largest contract Knife River has been awarded.

4:11 am On The Wires (:WIRES) :

• China Sunergy Co (CSUN) announced that it had successfully completed a 2.5MW solar module supply agreement with Stobart Group. The modules will be used for the construction of the solar farm located at London Southend Airport owned by Stobart Group to satisfy around 20% of the airport's annual electricity requirement.
• Xtera Communications (XCOM) announced the completion of the marine installation of its second repeatered submarine cable system that was deployed in the last quarter of 2015 in the Atlantic Ocean. Xtera completed testing of all the fiber pairs between the two landing sites in the fourth quarter of 2015.
• New Jersey Fiber Exchange, a leader in data center and colocation solutions, and Windstream (WIN) announce the expansion of Windstream's 100G long-haul express network from the company's 21715 Filigree Court, Ashburn, Virginia, Point of Presence to NJFX's carrier-neutral data center in Wall Township, New Jersey.
• Cohn & Wolfe, part of WPP (WPPGY), announced that it has acquired a majority stake in Grupo Maquina, one of Brazil's largest and most widely respected public relations agencies. with 240 employees across offices in Sao Paulo, Rio de Janeiro and Brasilia, has the combined talent and experience to meet demand for global integrated marketing services from Brazilian companies and multinational companies alike.
• MTBC (MTBC) announced the release of its electronic prescribing app for the Apple Watch, one of the first electronic prescribing smartwatch apps available to U.S. healthcare providers.
• Garmin International, a unit of Garmin (GRMN), announced a new PRO Control 2 remote receiver, designed for serious sporting dog trainers, field trialers, and hunt testers. When paired with the PRO Control 2 handheld, the new system provides reliable and consistent control of launchers, releasers, and other accessory devices (accessory devices sold separately).
• Lowe's Companies (LOW) announced it has provided notification to Woolworths Limited, its joint venture partner in Australia, of its intent to begin the process of exiting its investment in the joint venture, which operates Masters Home Improvement stores and Home Timber and Hardware Group's retail stores and wholesale distribution in Australia. Woolworth's owns two-thirds of the joint venture, and Lowe's owns one-third.
• Black Hills Corp. (BKH) utility subsidiary Black Hills Utility Holdings announced that on Jan. 15, 2016, it received approval from the Arkansas Public Service Commission to purchase SourceGas Holdings LLC. Black Hills and SourceGas filed the joint application on Aug. 10, 2015, with the Arkansas commission.
• IDEXX Laboratories (IDXX) announced a breakthrough cloud-based practice information management system (:PIMS) called IDEXX Neo as part of their complete portfolio of PIMS offerings, which also includes Cornerstone and DVMAX.
• NCR (NCR) announced it is bringing a new solution to the U.S. petroleum and convenience store market to modernize the fuel pump experience and increase in-store sales. Through a relationship with Invenco, a leading global supplier of automation and transactional payment systems to the retail petroleum market, NCR will begin offering a large, touchscreen fueling experience at the pump.
• Intel (INTC) unveiled a range of technological innovations that are driving new retail experiences for consumers and enabling retailers to better understand and connect with customers.
• Cogent Communications Holdings (CCOI) has established a Point of Presence in two Meet Me Rooms within the Netrality Properties portfolio: 401 North Broad in Philadelphia and 1301 Fannin in Houston.

4:02 am SharpSpring reports 100% YoY growth in new customer adds (SHSP) : Co announced it added a record 206 new customers during the fourth quarter of 2015. The number was up 10% from the prior quarter and 100% over the same year-ago period. Annualized recurring revenue from the new customer additions totaled a record $1.4 million.

4:00 am Avino Silver & Gold reports Q4 silver production rose 66% YoY (ASM) :

Co report its fourth quarter production results from its Avino property near Durango, Mexico.

• Silver equivalent production increased 66% to 761,767 oz
• Silver production increased 38% to 409,216 oz
• Gold production decreased 3% to 1,588 oz
• Copper production increased 457% to 1,271,565 lbs
  

3:58 am Abbott Labs releases study published in online edition of Clinical Nutrition; nutrition supplement is associated with a 50% lower death rate in patients with heart or lung disease (ABT) :

Co announces results from a new clinical trial show that a specialized oral nutrition supplement was associated with a 50% lower death rate in older malnourished patients with a heart or lung disease 90 days following hospitalization.

• The study, published online in Clinical Nutrition and supported by Abbott, estimated that within this population one life could be saved for every 21 patients who received the specialized nutrition supplement, demonstrating it as a highly effective therapy.
• Improvements in other health outcomes including body weight, nutritional status and Vitamin D levels at 30 and 60 days after leaving the hospital, and continued body weight and nutritional status improvements at 90 days for the group taking the specialized nutrition supplement.
  

3:50 am On The Wires (:WIRES) :

• Demandware (DWRE) announced the next generation of Demandware Store, the next milestone toward its vision of unified commerce. A first-of-its-kind point-of-sale and store operations solution delivered on the Demandware Commerce Cloud, Demandware Store provides retailers with continuous innovation and seamless updates on a proven and scalable cloud platform.
• Infinera (INFN) provider of Intelligent Transport Networks, and leading global telecommunications and technology company Telstra, today announced the successful validation of Infinera's Advanced Coherent Toolkit for super-channels.
• G. Willi-Food International (WILC) announced that, pursuant to the termination agreement with companies controlled by Zwi and Joseph Williger, Zwi and Joseph Williger resigned from the Company's board of directors and all other positions with the Company, the subsidiaries, their positions in Willi-Food Investments, the controlling shareholder of the Company and they were appointed by the Company's board of directors as Co-President of the Company.
• NTT Communications Corp, the ICT solutions and international communications business within the NTT (NTT) Group, announced the immediate launch of the Osaka 5 Data Center in the heart of Osaka, NTT Com's fifth data center in central Japan's Kansai Region. The facility offers approximately 3,500 m2 of server room, equivalent to 1,600 racks.
• Toshiba's (TOSBF) Semiconductor & Storage Products Company announced the launch of "TC7718FTG", a wireless power transmitter IC with a 15W transmission capability. Sample shipments start today with mass production slated to begin in spring.
  

3:47 am Suncor Energy and Canadian Oil Sands (COSWF) amend acquisition offer; increases exchange ratio to 0.28 of a Suncor share for each COS share (SU) :

Suncor Energy (SU) and Canadian Oil Sands (COSWF) announce that they have reached an agreement to support the offer by Suncor to purchase all of the shares of COS.

• Under the terms of the support agreement Suncor has agreed to amend its offer to provide for an increase in the original offer to COS shareholders to 0.28 of a Suncor share for each COS share. The Amended Offer, with a total aggregate transaction value of approximately $6.6 billion including COS' estimated debt of $2.4 billion, has the support of the Boards of Directors of both companies.
• The COS Board has received an opinion from its financial advisor, RBC Capital Markets, that, as of January 17, 2016, the consideration under the Amended Offer is fair, from a financial point of view, to COS shareholders. The COS Board has determined that the Amended Offer is in the best interests of COS and recommends that shareholders tender to the Amended Offer.

3:41 am Wipro misses by INR0.02, reports revs in-line (WIT) :

• Reports Q3 (Dec) earnings of $9.07 per share, INR0.02 worse than the Capital IQ Consensus of $9.09; revenues rose 7.2% year/year to INR128.6 bln vs the INR128.47 bln Capital IQ Consensus.
  • IT Services Segment Non-GAAP constant currency Revenue in dollar terms grew 1.4% sequentially and grew 6.3% YoY. IT Services Segment Revenue was $1,838.3 million, a sequential increase of 0.3%.
  • IT Services Segment Revenue was Rs 123.1 billion ($1,861 million1), an increase of 9% YoY.
• Outlook for the Quarter ending March 31, 2016
  • Coexpects revenues from our IT Services business to be in the range of $ 1,875-1,912 mln

3:32 am Gran Tierra Energy sees 2016 production rising 20% YoY (GTE) :

Co sees its 2016 average WI production from the Company's assets in Colombia and Brazil is expected to average ~27,500 to 29,000 barrels of oil equivalent per day, representing an increase of 20% over our 2015 average production of 23,400 boepd.

• The 2016 production guidance includes 900 to 1,000 boepd of production from the Company's assets in Brazil.
• The Company is expecting 2016 WI exit production of 29,000 to 30,000 boepd.

Base capital program of $107 million

• The base capital budget for 2016 is estimated at $107 million, with the majority of the budget allocated to Colombia. The budget includes low-risk committed exploration capital required for the Putumayo-7 block in the Putumayo Basin of Colombia

3:28 am On The Wires (:WIRES) :

• CAE (CAE) Healthcare announced that it will introduce Athena, the most sophisticated, high-fidelity female patient simulator available today, at the International Meeting on Simulation in Healthcare in San Diego, USA. 
• Qualcomm (QCOM) unveiled a joint venture -- the Guizhou Huaxintong Semi-Conductor Technology Co. The joint venture, with initial registered capital of RMB 1.85 billion (~$280 mln), will be 55% owned by the Guizhou provincial government's investment arm and 45% owned by a subsidiary of Qualcomm.
• Alon Blue Square Israel (BSI) announced that its subsidiary, Mega Retail, had filed a voluntary request with the District Court in Lod, Israel, according to Section 350 of the Israel Companies Law for a stay of proceedings and the appointment of trustee(s) for the operation of Mega Retail.
• NCR Corporation (NCR) announced new applications available as part of NCR Retail ONE. In addition to integration with consumer-facing applications, such as e-commerce, click-and-collect and 3rd party applications, NCR Retail ONE now supports merchandising and supply chain applications.
• HP (HPQ) announced the HP RP9 Retail System, the first retail point-of-sale product shipping with key integrated peripherals that are enabled with Intel Data Protection Technology for Transactions. The HP RP9 Retail System offers end-to-end protection of payment and non-payment customer data to help retailers of all sizes mitigate risk and robust performance to help them provide an extraordinary customer experience.
• EarthLink (ELNK) announced new services and tools to accelerate retailers' migration to customer-centric cloud services.
  

3:24 am Alon Blue Square: Court grants temporary stay of legal proceedings against Mega Retail (BSI) :

Co announced that in furtherance of the filing by its subsidiary, Mega Retail, of a voluntary request with the District Court in Lod, Israel for a stay of proceedings, the court granted a temporary stay of legal proceedings against Mega Retail until otherwise decided by the court.

• The court set a hearing for tomorrow morning Israel time to discuss the application by Mega Retail.

3:22 am Biogen reports EU approval for BENEPALI (BIIB) :

The joint venture between Biogen (BIIB) and Samsung BioLogics, Samsung Bioepis, has been granted European Commission approval for BENEPALI, an etanercept biosimilar referencing Enbrel i.

• BENEPALI has been granted marketing authorization in the European Union for the treatment of adults with moderate to severe rheumatoid arthritis, psoriatic arthritis, non-radiographic axial spondyloarthritis and plaque psoriasis. Biogen intends to make BENEPALI available for patients in the coming weeks.
• BENEPALI is the first etanercept biosimilar referencing Enbrel to be approved in the EU, making it the first subcutaneous anti-TNF biosimilar available there. Anti-TNF's are the largest component of the EU biologics market, accounting for approximately $10 billion of all biologics sold there.

3:20 am On The Wires (:WIRES) :

• Liberty Bank announced that it has completed its acquisition of Naugatuck Valley Financial (NVSL) and its subsidiary, Naugatuck Valley Savings and Loan, headquartered in Naugatuck, Connecticut. The merger became effective at the close of business on January 15, 2016.
• Flowserve (FLS) announced a new agreement with Veolia Group that makes Flowserve a preferred supplier of deep-well submersible pumps, clear-water single and multistage pumps, and associated services.
• Omeros Corporation (OMER) announced that Omidria 1% / 0.3% will be the focus of a series of presentations and panel discussions by thought leaders in cataract surgery at Hawaiian Eye and Retina, an annual conference of over 1,200 ophthalmologists, retina specialists, nurses, allied health professionals and administrators.
• JD.com (JD) announced the signing of a definitive share subscription agreement for a RMB6.65 billion financing for its JD Finance subsidiary with lead investors including Sequoia Capital China, China Harvest Investments and China Taiping Insurance

3:17 am Timberline Resources confirms audit opinion with 'Going Concern' (TLR) : Co announced that, as previously disclosed in its Annual Report on Form 10-K for the year ended September 30, 2015, which was filed on December 29, 2015, the audited financial statements for the year ended September 30, 2015 included in the Form 10-K contained a going concern qualification paragraph in the audit opinion from its independent registered public accounting firm.

3:16 am Franklin Covey Company reports final Dutch Auction results; total of 2,257,912 shares tendered at a final purchase price of $17.75 per share (FC) :  

3:14 am A.M. Castle announces plan to refinance its public debt pursuant (CAS) :

Co announced that, as part of an overall plan to refinance its public debt, it has commenced a private exchange offer and consent solicitation to certain eligible holders to exchange new 12.75% Senior Secured Notes due 2018 for its outstanding 12.75% Senior Secured Notes due 2016

• In addition, under the terms of the New Convertible Notes agreed to in the Support Agreements, we will have a further de-levering opportunity pursuant to our right to cause the conversion of the New Convertible Notes by exercising a new optional redemption right in the event that our stock price is in excess of 130% of the adjusted conversion price of $2.25 per share.

3:10 am Hortonworks files Shelf Registration for proposed follow-on offering (HDP) : Co announced that it has filed a registration statement on Form S-3 with the U.S. Securities and Exchange Commission relating to a proposed public offering of its common stock. All of the shares to be sold in the offering will be sold by Hortonworks. The number of shares to be sold has not yet been determined

3:09 am OHA Investment appoints Steven Wayne as CEO (OHAI) :

Co announced the appointment of Steven Wayne as President and Chief Executive Officer of the Company, effective January 15, 2016.

• Wayne succeeds Mr. Robert Long, who is departing the Company and Oak Hill Advisors, L.P. to accept a new role.

2:52 am Biotie Therapies to be acquired by Acorda (ACOR) for $25.60 per ADS (BITI) :

Acorda Therapeutics (ACOR) announced that it entered into an agreement to acquire Biotie Therapies (BITI) for 23.5680 per ADS in cash, or the equivalent of $25.60 per ADS based on current exchange rates, which values Biotie at approximately $363 million.

• Acorda will obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson's disease.
• In a Phase 2b clinical trial, tozadenant reduced average daily OFF time as an adjunct to treatment regimens including levodopa/carbidopa.
• Obtains global rights to Phase 3 Parkinson's disease treatment and additional clinical-stage assets
• Positions Acorda as a leader in Parkinson's disease therapeutic development
• Enters into agreements for $135 million in financing through equity private placement and asset-based loan facility