4:52 pm Southern subsidiary Georgia Power files $350 mln Vogtle settlement agreement with Georgia Public Service Commission (SO) :  

4:48 pm Western Alliance Bancorp beats by $0.02, reports revs in-line (WAL) :

• Reports Q4 (Dec) earnings of $0.57 per share, $0.02 better than the Capital IQ Consensus of $0.55; revenues rose 40.4% year/year to $152.8 mln vs the $152.13 mln Capital IQ Consensus. 
• Total loans of $11.14 billion, up $348 million from September 30, 2015
• Net interest margin of 4.67%, compared to 4.59% in the third quarter 2015, and 4.44% in the fourth quarter 2014

4:47 pm CCA Industries announced that Richard Kornhauser has stepped down as CEO, president, and director; Lance Funston appointed CEO in addition to his role as chairman, all effective Jan 15 (CAW) :  

4:42 pm SVB Financial Group beats by $0.15 (SIVB) :

• Reports Q4 (Dec) earnings of $1.68 per share, $0.15 better than the Capital IQ Consensus of $1.53. 
• Avg. total gross loans +5.5% QoQ.
• Net interest margin, on a fully taxable equivalent basis, was 2.54 percent for the fourth quarter of 2015, compared to 2.50 percent for the third quarter of 2015 and 2.66 percent for the fourth quarter of 2014. Increase reflective of the mix of growth in average interest-earning assets favoring our higher yielding loan portfolio as compared to our lower yielding fixed income investment securities portfolio.

4:33 pm Amgen: FDA has approved the supplemental New Drug Application of Kyprolis (AMGN) :

• The FDA has approved the supplemental New Drug Application of Kyprolis for Injection in combination with dexamethasone or with lenalidomide plus dexamethasone for the treatment of patients with relapsed or refractory multiple myeloma who have received one to three lines of therapy.
• The FDA also approved Kyprolis as a single agent for the treatment of patients with relapsed or refractory multiple myeloma who have received one or more lines of therapy.

4:32 pm Boeing to cut 747 production rate due to slow cargo market recovery (BA) :

Co will lower the production rate on the 747-8 program to match supply with near-term demand in the cargo market. To account for the market and production impacts, the co will recognize a $569 mln after-tax charge ($0.84 per share) when it announces financial results for Q1 on Jan 27.

• In September 2016, the 747-8 program's production will decline from one airplane per month to 0.5 per month. The co previously announced that the rate would drop from 1.3 per month to one per month in March 2016.
• "Global air passenger traffic growth and airplane demand remain strong, but the air cargo market recovery that began in late 2013 has stalled in recent months and slowed demand for the 747-8 Freighter."

4:32 pm First Interstate Bancsystem increases dividend to $0.22 per share; up from $0.20 per share (FIBK) :  

4:32 pm Seventy Seven Energy receives notice from the NYSE of non-compliance with the NYSE continued listing standard that requires the average closing price to be not less than $1.00/share (SSE) : Co has notified the NYSE of its intent to cure the deficiency and return to compliance with the NYSE's continued listing requirements.

4:31 pm Celanese to expand its engineered materials product portfolio with the addition of Nylon 6 and Nylon 6/6 using differentiated technology (CE) : Some grades of nylon will be available immediately and some will be available beginning in the third quarter of 2016.

4:30 pm HealthEquity to transition M&T Bank's (MTB) health savings account portfolio to HealthEquity beginning March 11, 2016 (HQY) : The ongoing partnership also establishes HealthEquity as the HSA custodian for future M&T Bank HSA business.

4:26 pm RealPage: Brian Shelton will be named Interim Chief Financial Officer and Treasurer effective February 29 (RP) :

• Bryan Hill, Chief Financial Officer and Treasurer, is resigning that same day to pursue other opportunities and interests.
• Mr. Shelton previously served as Vice President of Finance for St. Jude Medical.

4:26 pm Rex Energy suspends payment of its quarterly dividend on shares of its 6.0% Series A convertible perpetual preferred stock (REXX) :

The company has 16,100 shares of 6.0% convertible perpetual preferred stock outstanding, represented by 1,610,000 depositary shares, and will continue to evaluate the payment or suspension of the dividend on a quarterly basis.

• The dividend suspension creates an additional $2.4 million of liquidity per quarter and does not constitute an event of default under the company's revolving credit facility or outstanding bond indentures.

4:22 pm Valero Energy increases quarterly cash divdend from $0.50/share to $0.60/share (VLO) :  

4:20 pm MSCI: CFO Robert Qutub to retire (MSCI) : It is expected that Mr. Qutub will remain with the company until the earlier of mid-May or the appointment of his successor.

4:20 pm Assoc Banc-Corp beats by $0.01; Net interest income decreased 1% y/y to $676 mln (ASB) :

• Reports Q4 (Dec) earnings of $0.27 per share, $0.01 better than the Capital IQ Consensus of $0.26. Net interest income of $676 mln decreased $5 mln, or 1% from last year. Net interest margin of 2.84% declined from 3.08% in 2014. 
• Average loans grew $1.4 bln, or 8% from a year ago to $18.3 bln. 
• Average deposits grew $2.3 bln, or 13% from a year ago to $19.9 bln.
• Net charge offs of $8 mln for the fourth quarter were flat to the third quarter, and up $3 mln from the year ago quarter.
• Return on average common equity Tier 1 was 9.9% and return on average tangible common equity was 10.0%. 
  

4:19 pm Signature Bank commences 2.2 mln common stock offering (SBNY) : Co announced an underwritten public offering of 2.2 million shares of its common stock. The Bank will also grant to the underwriters a 30-day option to purchase up to 330,000 additional shares of common stock

4:19 pm Leapfrog Investments and Prudential Financial (PRU) launch $350 mln investment partnership to access high-growth markets in Africa (LF) :  

4:19 pm Mercury received a $3.7 mln follow-on order from a leading defense prime contractor (MRCY) : The order was booked in the Company's fiscal 2016 second quarter and is expected to be shipped by its fiscal 2016 fourth quarter.

4:18 pm Hexcel reports EPS in-line, beats on revs; guides FY15 EPS above consensus, revs above consensus (HXL) :

• Reports Q4 (Dec) earnings of $0.56 per share, in-line with the Capital IQ Consensus of $0.56; revenues fell 1.5% year/year to $464.9 mln vs the $459.7 mln Capital IQ Consensus.
• Co issues upside guidance for FY15, sees EPS of $2.44-2.56, excluding non-recurring items, vs. $2.31 Capital IQ Consensus Estimate; sees FY15 revs of $1.97-2.07 bln vs. $1.86 bln Capital IQ Consensus Estimate.
• Co also reaffirmed its 2020 targets of sales of $3 billion, EPS of $4.50 and to generate $1 billion of free cash flow from 2015 to 2019.

4:17 pm Hill-Rom and Intuitive Surgical (ISRG) receive FDA 510(k) clearance for the Integrated Table Motion for the da Vinci Xi Surgical System in the US (HRC) :  

4:17 pm ONEOK Partners declares Q4 distribution of $0.79 per unit, unchanged from the previous quarter (OKS) : "ONEOK Partners' board of directors and management team expects to report distribution coverage of greater than 1.0 times in the fourth quarter 2015. "Even in this challenging commodity price environment, our integrated business model continues to deliver strong performance, and therefore, we're maintaining the partnership's current distribution of 79 cents per unit."

4:17 pm Tal International and Triton Container announce that all required antitrust clearances for their proposed combination have been obtained; transaction is expected to be completed in the first half of 2016 (TAL) : Triton Container International Limited and the co announced that all required antitrust clearances for their proposed combination have been obtained. On December 7, 2015, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. On December 21, 2015, the Federal Cartel Office of Germany provided unconditional clearance of the proposed transaction, and on January 5, 2016, the Fair Trade Commission of South Korea provided unconditional clearance of the proposed transaction. As previously announced, on November 9, 2015, the co and Triton entered into a definitive agreement under which the companies will combine in an all-stock merger of equals transaction.

4:17 pm Schlumberger beats by $0.02, reports revs in-line; announces new $10 bln share repurchase (SLB) :

• Reports Q4 (Dec) earnings of $0.65 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.63; revenues fell 38.7% year/year to $7.74 bln vs the $7.79 bln Capital IQ Consensus. 
• Capex (excluding multiclient and SPM investments) is expected to be $2.4 billion for 2016. Capex for the full year 2015 was $2.4 billion.
• "Fourth-quarter revenue decreased 9% sequentially driven by the continuing decline in rig activity and persistent pricing pressure throughout our global operations that also suffered from activity disruptions and project delays and cancellations. North America revenue fell 14% sequentially as the US land rig count declined 15% and customer E&P budgets were exhausted. International revenue declined 6% due to the combination of customer budget cuts, the start of the seasonal winter slow-down, persistent pricing pressure, and the largely muted year-end product, software, and multiclient seismic license sales. "Among the business segments, Production Group revenue declined by 10% on lower pressure pumping services in North America. Reservoir Characterization and Drilling Group revenues declined sequentially by 7% and 8%, respectively, on lower demand for exploration-related products and services in the International Areas as customer budgets were exhausted. These effects were amplified by the almost complete absence of the year-end product, software, and multiclient seismic license sales that have typically offset seasonal winter slow-downs in previous years...
• We remain constructive in our view of the market outlook in the medium term, and continue to believe that the underlying balance of supply and demand will tighten, driven by growth in demand, weakening supply as E&P investment cuts take effect, and by the size of the annual supply replacement challenge."
• Expects to close Cameron (CAM) acquisition in Q1.
• New share repurchase program of $10 billion approved
• Peers: HAL, BHI, WFT; ETF: OIH.

4:16 pm Dollar General announces that Rick Dreiling will step down as a member and Chairman of the Board effective January 29 (DG) : The co has named Michael M. "Mike" Calbert as non-executive chairman effective January 30, 2016. Calbert has been a member of the board of directors of Dollar General for over eight years.

4:15 pm Crown Castle REIT has completed a new $5.5 bln Senior Unsecured Credit Facility (CCI) :  

4:14 pm Independent Bank reports Q4 EPS of $0.74 vs $0.70 Capital IQ Consensus Estimate (INDB) :  

4:14 pm Ethan Allen to expand its upholstery manufacturing operations in Maiden, North Carolina (ETH) : The companyrecently converted a 173,000-square-foot former distribution facility located onits manufacturing campus to an upholstery plant. This plant will support theexisting two Maiden, N.C., plants and also house a new R&D facility.

4:14 pm Galena Biopharma presented data from an observational study in gastric cancer patients at the American Society of Clinical Oncology (:ASCO) 2016 Gastrointestinal Cancers Symposium (GALE) :

• Study was conducted by Galena's partner, Dr. Reddy's Laboratories, under the license agreement for NeuVax which includes the commercialization rights in India
• As part of the license agreement Dr. Reddy's will conduct a Phase 2 clinical trial of NeuVax in gastric cancer patients in India
• Phase 2 clinical study will assess the effectiveness of NeuVax to prevent recurrence and the effect on the disease-free survival in gastric cancer patients with all levels of HER2 expression and who are HLA A2 and/or A3 positive

4:14 pm Summit Midstream Partners declares Q4 distribution of $0.575 per unit, flat with Q3 distribution (SMLP) : The distribution will be paid on Feb 12, 2016 to unitholders of record as of the close of business on Feb 5.

4:13 pm Synergy Resources announced that it intends to offer for sale 10 mln shares of its common stock in an underwritten public offering . (SYRG) : Co announced that it intends to offer for sale 10,000,000 shares of its common stock in an underwritten public offering. Co has granted the underwriters an option for 30 days to purchase up to an additional 1,500,000 shares of the co's common stock.

4:12 pm LDR Hldg makes a minority investment in Poly-Shape; terms not disclosed (LDRH) : Poly-Shape is a French manufacturing company specializing in laser sintering. The co also entered into an exclusive partnership with Poly-Shape for the development of spinal implants.

4:12 pm Discovery Labs announces 1:14 reverse stock split; primary purpose of split is to close above $1.00/share (DSCO) :  

4:12 pm First Financial misses by $0.01 (FFBC) :

• Reports Q4 (Dec) earnings of $0.33 per share, $0.01 worse than the Capital IQ Consensus of $0.34.
• "As we look forward to another successful year in 2016, our focus remains centered on effectively and efficiently serving the financial needs of our commercial, small business, consumer and wealth management clients."

4:11 pm NephroGenex announces independent DSMB recommendation to continue Phase 3 study of oral Pyridorin in diabetic nephropathy without modification (NRX) :

• The independent Data and Safety Monitoring Board for the Co's Phase 3 study of oral Pyridorin for the treatment of diabetic nephropathy has completed the second, pre-planned six-month safety review and has unanimously recommended that the study continue without modification.
• Based on this review, the DSMB observed a continued acceptable safety and tolerability profile of Pyridorin in patients with overt diabetic nephropathy.

4:11 pm Closing Market Summary: Indices End in the Middle of Their Trading Ranges (:WRAPX) :

The major averages ended the Thursday session off their highs, as a rebound fizzled out in afternoon action, leaving the key indices near the middle of their trading ranges. The rebound in equities took place along with a similar effort in crude oil. The commodity and the stock market lost some of their momentum once the energy component traded above the $30.00/bbl price level. The Dow Jones Industrial Average (+0.7%) lead the S&P 500 (+0.5%) and the tech-heavy Nasdaq (UNCHF).

Ahead of today's session, the European Central Bank left its deposit facility rate and refinancing operations rate unchanged at -0.3% and 0.05%, respectively. However, ECB President Mario Draghi stated that the central bank "will need to review and therefore possibly reconsider" its monetary policy stance in March as downside risks have increased in 2016. Mr. Draghi's comments invited heavy speculation regarding future stimulus provisions, lifting futures to new highs.

Oil was able to rally in unison with equity futures, as the oversold commodity sought to recover from a 20.0%+ decline since the start of 2016. WTI crude continued its rally despite poor readings from the Energy Information Administration's weekly inventory report. The report showed an inventory build of 3.979 million barrels (expected 2.811 million barrels) while the gasoline inventories report showed a 4.563 million barrel build (expected 1.378 million barrels). WTI crude was up more than 6.3% before it ticked down from its high into the commodities pit session close, ending 4.2% higher at $29.54/bbl.

In front of the pack, energy (+2.9%), telecom services (+2.4%), consumer discretionary (+1.4%) and materials (+0.9%) lead while financials (-0.3%), health care (-0.3%), and utilities (UNCHF) trailing. 

Looking at the energy sector, component Kinder Morgan (KMI 13.88, +1.87) climbed 15.6% today, thanks to positive price action in crude oil. Additionally, the company reported above-consensus Q4 earnings. Elsewhere in the group, Dow components Chevron (CVX 81.05, +2.07) and Exxon Mobil (XOM 74.10 +0.92) underperformed the space with respective advances of 2.6% and 1.3%.

Moving to the health care space, heavyweight UnitedHealth Group (UNH 113.50, -1.29) trailed the sector with a decline of 1.1%. This came after the company helped the health care sector top the leaderboard yesterday. On a related note, biotechnology showed relative weakness throughout today's session. The iShares Nasdaq Biotechnology ETF (IBB 278.75, -6.74) slid 2.4%% after yesterday's 3.5% climb.

In the technology space (+0.6%), large-cap constituents Apple (AAPL 96.30, -0.49) and Microsoft (MSFT 50.48, -0.31) were unable to make any headway. Meanwhile, data storage names posted some of the steepest declines with Seagate Technology (STX 27.56, -1.66) and Western Digital (WDC 43.94, -1.85). The two names declined 5.7% and 4.0%, respectively. Elsewhere the high-beta chipmakers showed relative strength, evidenced by the 1.5% gain in the PHLX Semiconductor Index.

In specific industry news, rail companies struggled following Union Pacific's (UNP 71.00 -2.61) disappointing earnings results this morning. The company fell 3.6% after announcing that revenue fell 15.4% year-over-year in Q4. The company cited uncertainty in the energy market and the relative strength of the dollar for the shortfall. Fellow rail company, Norfolk Southern (NSC 70.07, -1.11) felt some of the same headwinds, as it ended its day lower by 1.6%.

Treasuries retreated for most of the session as the rally in equities and oil kept buying suppressed. During the afternoon retreat, the benchmark note was able to move off its low, but the 10-yr yield still ended higher by three basis points at 2.01%.

Today's trading session was true to recent form, generating volume of more than 1.1 billion shares at the NYSE floor. 

Economic data has included weekly initial/continuing claims and the January Philadelphia Fed Survey.

• Initial claims for the week ending January 16 were higher than expected, rising 10,000 to 293,000 (Briefing.com consensus 280,000).
  • There were no special factors influencing initial claims, which have been bounded between 250,000 and 300,000 since July 2014. The latest reading, however, is the highest level of claims since the first week of July 2015.
  • With the latest reading, the four-week moving average for initial claims increased by 6,500 to 285,000, which is the highest average since July 11, 2015.
• Continuing claims for the week ending January 9 were lower than expected, falling by 56,000 to 2.208 million (Briefing.com consensus 2.252 million).
  • The four-week moving average for continuing claims increased by 3,250 to 2.228 million.
• The Philadelphia Fed Index for January checked in at -3.5 versus -10.2 in December. ( Briefing.com consensus -4.0).
  • While the headline number was better than expected, it still doesn't qualify as good considering a number below zero still connotes a contraction in manufacturing conditions.
  • The diffusion index for future general activity fell from a revised reading of 24.1 for December to 19.1 for January. In other words, confidence in the outlook is still positive but weakening.  
  • The business outlook survey for January, the improvement was driven by the shipments index, which moved from a contractionary reading of -2.1 for December to an expansionary reading of 9.6 for January.

Tomorrow's economic data will include December Existing Home Sales (Briefing.com consensus 5.12 million) and December Leading Indicators (Briefing.com consensus -0.1%) with both set to cross the wires at 10:00 ET.

• Russell 2000 -12.1% YTD
• Nasdaq  -10.7% YTD
• Dow Jones -8.9% YTD 
• S&P 500 -8.6% YTD 

4:10 pm Digi Intl beats by $0.05, misses on revs; guides Q2 EPS below consensus, revs below consensus; lowers FY16 guidance (DGII) :

• Reports Q1 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.07; revenues rose 6.6% year/year to $50.3 mln vs the $50.81 mln Capital IQ Consensus. EBITDA from Continuing Operations in Q1 was $4.6 million, or 9.1% of total revenue, compared to $2.2 million, or 4.8% of total revenue, in the first fiscal quarter of 2015.
• Co issues downside guidance for Q2, sees EPS of $0.03-0.07, excluding non-recurring items, vs. $0.09 Capital IQ Consensus Estimate; sees Q2 revs of $47-51 mln vs. $53.06 mln Capital IQ Consensus Estimate.
• Co issues lowered guidance for FY16, lowers EPS to $0.27-0.41 from $0.28-0.44, excluding non-recurring items, vs. $0.36 Capital IQ Consensus Estimate; lowers FY16 revs to $205-215 mln from $209-223 mln  vs. $215.85 mln Capital IQ Consensus Estimate.

4:09 pm Verastem to present preclinical data that demonstrated extended survival with the combination of its FAK inhibitor with anti-PD-1 therapy at Immunotherapy World on January 25 (VSTM) : Co announced the presentation of preclinical data and participation in an expert panel at Immunotherapy World 2016 being held January 25-27, 2016 in Washington, DC. The Washington University of Saint Louis clinical trial is evaluating Verastem's focal adhesion kinase (:FAK) inhibitor VS-6063 in combination with Merck's PD-1 inhibitor pembrolizumab and gemcitabine/Nab-paclitaxel in patients with pancreatic cancer.

4:09 pm E*TRADE reports EPS in-line, revs in-line (ETFC) :

• Reports Q4 (Dec) earnings of $0.30 per share, in-line with the Capital IQ Consensus of $0.30; revenues fell 1.5% year/year to $454 mln vs the $455.2 mln Capital IQ Consensus.
• During the quarter, customers added $2.8 bln in net new brokerage assets. Brokerage related cash increased by $1.5 bln to $41.7 bln during the fourth quarter as customers were net sellers of approximately $0.3 bln of securities.
• Margin receivables averaged $7.5 bln in the quarter, down 6% from the prior quarter and down 5% year over year, ending the quarter at $7.4 bln.
• E*TRADE reported DARTs of 147,000 during the quarter, a decrease of 6% from the prior quarter and 13% versus the same quarter a year ago.
• The Company ended the quarter with 3.2 mln brokerage accounts, an increase of 13,000 from the prior quarter.

4:09 pm American Express beats by $0.10, reports revs in-line; guides FY16 EPS above consensus (AXP) :

• Reports Q4 (Dec) earnings of $1.23 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of $1.13; revenues fell 7.6% year/year to $8.39 bln vs the $8.4 bln Capital IQ Consensus. EPS excludes a $419 million charge ($335 million after-tax) that included an impairment of goodwill and technology assets, in addition to restructuring costs within the Enterprise Growth (:EG) Group.
• RoE was 25.6% compared to 29.1% in prior year.
• "A number of cyclical factors in the broader economy have also weighed on our performance and influenced our outlook. Against that backdrop, and the fact that revenue growth has not accelerated as we anticipated, we are moving aggressively to streamline the company and drive efficiencies in order to take out $1 billion from our overall cost base by the end of 2017".
• Co issues upside guidance for FY16, sees EPS of $5.40-5.70, excluding non-recurring items, vs. $5.40 Capital IQ Consensus Estimate.
• Sees 2017 EPS of 'at least $5.60'

4:09 pm Starbucks beats by $0.01, reports revs in-line; guides Q2 EPS just below consensus; reaffirms FY16 guidance (SBUX) :

• Reports Q1 (Dec) earnings of $0.46 per share, $0.01 better than the Capital IQ Consensus of $0.45; revenues rose 11.9% year/year to $5.37 bln vs the $5.39 bln Capital IQ Consensus.
• Global comparable store sales increased 8% vs. estimates just over 7%, including a 4% increase in traffic
  • Americas comp store sales increased 9%, including a 4% increase in traffic
  • China/Asia Pacific comp store sales increased 5%, driven by a 4% increase in traffic
  • EMEA comp store sales increased 1%, driven by a 1% increase in traffic
• Co issues downside guidance for Q2, sees EPS of $0.38-0.39, excluding non-recurring items, vs. $0.40 Capital IQ Consensus Estimate.
• Co reaffirms guidance for FY16, sees EPS of $1.87-1.89, excluding non-recurring items, vs. $1.89 Capital IQ Consensus Estimate; sees FY16 revs of +12% to ~$21.5 bln vs. $21.61 bln Capital IQ Consensus Estimate. Global comparable store sales growth somewhat above mid-single digits; ~1,800 net new store openings in the fiscal year: Americas: ~700, half licensed China/Asia Pacific: ~900, two-thirds licensed EMEA: ~200, primarily licensed 

4:09 pm Intuitive Surgical beats by $0.87, reports revs in-line (Pre-announced 1/13) (ISRG) :

Reports Q4 (Dec) earnings of $5.89 per share, $0.87 better than the Capital IQ Consensus of $5.02; revenues rose 11.9% year/year to $676.5 mln vs the $676.68 mln Capital IQ Consensus.

• "Our strong results reflect expanded use of our products in general surgery and international markets. While robotic-assisted surgery has been growing for years, we believe we are in the early stages relative to our long-term opportunity."
• In January, the Company received FDA clearance for its integrated table motion technology.
• The Company shipped 158 da Vinci Surgical Systems, compared with 137 in the fourth quarter of 2014 and 117 in the third quarter of 2015.
  

4:09 pm Cardiovascular Systems beats by $0.03, misses on revs; guides Q3 EPS in-line, revs below consensus (CSII) :

• Reports Q2 (Dec) loss of $0.47 per share, $0.03 better than the Capital IQ Consensus of ($0.50); revenues fell 7.4% year/year to $41.4 mln vs the $43.36 mln Capital IQ Consensus.
• Co issues guidance for Q3, sees EPS of (0.45)-(0.42) vs. ($0.45) Capital IQ Consensus Estimate
• Co issues downside revenue outlook; sees Q3 revs of $40.5-42.0 mln vs. $46.05 mln Capital IQ Consensus Estimate.
• Co said, "Implementation of our dual franchise sales strategy, including the development and maturation of our sales representatives, is progressing; however, it will take more time for that progress to be reflected in revenue growth. We believe that many of the transition challenges will be behind us toward the end of the third quarter, with sales productivity improving in the fourth quarter of this fiscal year."

4:08 pm ResMed beats by $0.03, beats on revs (RMD) :

• Reports Q2 (Dec) earnings of $0.69 per share, $0.03 better than the Capital IQ Consensus of $0.66; revenues rose 7.5% year/year to $454.54 mln vs the $445.47 mln Capital IQ Consensus.
• Gross margin in the second quarter was 58.6%, including a one-time benefit relating to the release of $2.4  mln in accrued expenses associated with the SERVE-HF field safety notice. Excluding this benefit, gross margin for Q2 FY16 was 58.1%; lower than the prior year's quarter, mainly due to declines in average selling prices and an unfavorable geographic and product mix

4:08 pm 8x8 beats by $0.02, beats on revs (EGHT) :

• Reports Q3 (Dec) earnings of $0.05 per share, $0.02 better than the Capital IQ Consensus of $0.03; revenues rose 28.5% year/year to $53.2 mln vs the $52.05 mln Capital IQ Consensus.
• New monthly recurring revenue sold to mid-market/enterprise customers and by channel sales teams increased 94% year-over-year and accounted for 58% of total MRR booked in the quarter, compared with 43% of total MRR booked in the same period last year.
• Average monthly service revenue per business customer increased 21% to $369, compared with $305 in the same period last year.
• Non-GAAP gross margin was 75%, compared with 73% in the same year ago period.
  

4:06 pm Agile Therapeutics intends to offer and sell $30 million of shares of its common stock (AGRX) : Co announced that it intends to offer and sell $30 mln of shares of its common stock, subject to market and other conditions, in an underwritten public offering. Agile Therapeutics intends to grant the underwriters a 30-day option to purchase up to $4.5 million of additional shares of common stock.

4:06 pm Woodward increases quarterly cash dividend to $0.11/share from $0.10/share (WWD) :  

4:05 pm Mitel Networks to make a $25 mln payment against its existing credit facility, tightens Q4 guidance (MITL) : The co said it now sees Q4 EPS of $0.27-0.28 (Prior range $0.22-0.27) vs $0.24 Capital IQ Consensus Estimate; revs $330-335 mln (Prior range $315-340 mln) vs $327.76 mln Capital IQ Consensus Estimate

4:05 pm EQT GP Holdings increases dividend to $0.13 per share; up from $0.104 (EQGP) :  

4:05 pm Maxim Integrated reports EPS in-line, beats on revs; guides Q3 mostly below estimates (MXIM) :

• Reports Q2 (Dec) earnings of $0.32 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.32; revenues fell 9.2% year/year to $510.8 mln vs the $505 mln Capital IQ Consensus.
• Co issues downside guidance for Q3, sees EPS of $0.38-0.44, excluding non-recurring items, vs. $0.46 Capital IQ Consensus Estimate; sees Q3 revs of $535-575 mln vs. $569.03 mln Capital IQ Consensus Estimate. 
• "In our March quarter, we expect continued growth in Automotive, a sequential increase in our Communications & Data Center and Consumer businesses and a seasonal uptick in Industrial."

4:04 pm EQT Midstream Partners increases quarterly cash dividend to $0.71/share from $0.675/share (EQM) :  

4:02 pm BioMed Realty shareholders approve its acquisition by Blackstone (BX); expects the transaction to close on January 26 (BMR) :

• Biomed will cease trading on NYSE on Jan 16 2016 when the transaction closes
• Based on the expected closing date of January 26, 2016 common stockholders would receive $23.8210 per share

4:02 pm Legacy Reserves announces 2016 distribution suspension; capital budget of $37 mln (LGCY) : Co announced that the Board of Directors of its general partner has approved the suspension of distributions to unitholders and distributions to both the 8% Series A and Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. The Board also approved a 2016 capital budget of $37 million.

4:01 pm Tiffany & Co announces new stock repurchase program: board authorizes $500 mln over three years (TIF) : Co announced that its Board of Directors has approved a new stock repurchase program. Effective immediately, this new program authorizes the repurchase of up to $500 mln of the co's common stock through open market transactions, block trades or privately negotiated transactions. Purchases are discretionary and will be made from time to time based on market conditions and the co's liquidity needs. The program will expire on January 31, 2019. The new repurchase program replaces the Company's existing stock repurchase program announced in March 2014, under which the Company was authorized to repurchase up to $300 million of its Common Stock. As of January 20, 2016, approximately $61 million remained available for stock repurchases under this prior authorization.

3:32 pm Basilea Pharmaceutica (Pending) announces that GlaxoSmithKline (GSK) has elected to discontinue its U.S. alitretinoin program (:BSLN) : Global rights to Toctino (alitretinoin) were transferred to Stiefel, a GSK company, in July 2012. Basilea has the option to re-acquire the U.S. alitretinoin rights. GSK continues to commercialize Toctino in its current markets.

3:24 pm Treasury Market Summary (BONDX) :

Treasuries Sink, Yield Curve Steepens

• The U.S. Treasury market traded lower today as stocks and oil rallied, sapping demand for safe-haven assets and reducing fears of deflation. The European Central Bank met this morning and held its main policy rates steady as was widely expected. The single currency sold off sharply on investor hopes for further monetary easing but the bears couldn't follow through. The U.S. Dollar Index reversed post-ECB gains and now stands down 0.05% to 99.04. The S&P 500 is headed for a 0.46% gain to 1,867.9
  
• Yield Check:
  
  • 2-yr: unch at 0.83%
    
  • 5-yr: +2 bps to 1.43%
    
  • 10-yr: +3 bps to 2.02%
  • 30-yr: +4 bps to 2.80%

• News:
  
  • Initial jobless claims rose to 293K for the week ending January 16 from 283K in the prior week. The Briefing.com consensus was 280K
    
    • Continuing jobless claims fell to 2.208 mln for the week ending January 9 from the prior reading of 2264K. The Briefing.com consensus was for 2252K
      
  • The Philadelphia Fed manufacturing survey rose to -3.5 in January from -5.9 in December. The Briefing.com consensus was -4.0
    
  • The $15 bln 10-year TIPS auction was met with weak demand, tailing by 5 bps:
    
    • High yield 0.725%
      
    • Bid-to-cover 2.19
      
    • Indirect bid 56.6%
      
    • Direct bid 9.9%

• Commodities:
  
  • WTI crude: +4.62% to $29.64/bbl.
    
  • Gold: -0.45% to $1,101.20/troy oz.
    
  • Copper: +1.58% to 1.9905/lb.

• Currencies:
  
  • EUR/USD: +0.06% to $1.0881
    
  • USD/JPY: +0.26% to 117.49

• Data out Friday:
  • December Existing Home Sales (10:00 ET)
    
  • December Leading Indicators (10:00 ET)

3:04 pm Five Prime Therapeutics announces preliminary data from part 1 of ongoing phase 1 clinical trial at ASCO GI Cancer Symposium (FPRX) :

• Preliminary data on anti-tumor activity, including two partial responses in six gastric cancer patients whose tumors overexpress the FGFR2b protein
• FPA144 was well tolerated and differentiated from small molecules targeting the pathway; pharmacokinetic profile typical of monoclonal antibodies
• Preliminary activity seen in bladder cancer patient with moderate overexpression of the FGFR2b protein, suggesting potential in other indications outside of gastric cancer

3:03 pm Phillips 66 Partners increases quarterly cash dividend from $0.428/share to $0.458/share (PSXP) :  

2:51 pm Earnings Calendar for Thursday (Jan 21) (:SUMRX) :

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

• AXP, SLB, SBUX, CE, ISRG, MXIM, HXL, ETFC, RMD, SIVB, PBCT, ASB, HBHC, WAL, FFBC, EGHT, DGII, CSII, BMTC, VASC, SHBI

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

• GE, SYF, STI, CFG, COL, LM, KSU, BID

2:31 pm Dominion increases qtrly dividend to $0.70 from $0.6475/share (D) :  

2:26 pm Sprint to release its Q3 results Tuesday morning (January 26); shares are down 31% YTD (S) :  

2:14 pm Slide off midday highs continues with Nasdaq Comp -3 back in the red -- Dow +97, S&P +6 (:TECHX) : The backtracking off midday highs has continued to move in lock step with crude oil.

2:01 pm American River Bankshares authorizes new Stock Repurchase Program for up to 5% of the outstanding shares of common stock for 2016 (AMRB) :

Board has approved and authorized a new Stock Repurchase Program for 2016.

• The 2016 Program authorizes the repurchase during 2016 of up to 5% of the outstanding shares of the co's common stock, or ~367,182 shares based on the 7,343,649 shares outstanding as of December 31.
• Co previously authorized two stock repurchase programs in 2015 and repurchased ~10% of the outstanding shares of common stock.
• Repurchases under the 2016 Program will commence sometime after the release of the co's results of operations for the period ended December 31

1:32 pm United Financial names John Smith Executive VP and Chief Information and Administrative Officer (UBNK) : Smith most recently held the position of Chief Information Officer for CIT Bank Unit from 2010 to 2015.

1:30 pm People's Utah Bancorp increases quarterly dividend to $0.07 per share from $0.06 (PUB) :  

1:13 pm GrubHub expands its delivery service to the Los Angeles market (GRUB) : GrubHub currently provides delivery services for more than 300 restaurants in the Los Angeles area

1:03 pm Midday Market Summary: Indices Gain as Oil Fuels Rally (:WRAPX) :

The stock market trades broadly higher at midday as both equities and oil rebound from oversold conditions on a short-term basis.  The Dow Jones Industrial Average (+1.3%) leads the S&P 500 (+1.2%) and the tech-heavy Nasdaq (+1.0%).

Before the U.S. open, the European Central Bank released its latest policy statement, which left the deposit facility rate and refinancing operations rate unchanged at -0.3% and 0.05%, respectively. While little changed this time around, ECB President Mario Draghi said during his press conference that the central bank "will need to review" its monetary policy stance in March. 

WTI crude has rallied despite a poor reading from the Energy Information Administration's weekly inventory report. The report showed an inventory build of 3.979 million barrels (expected 2.811 million barrels) while the gasoline inventories report showed a 4.563 million barrel build (expected 1.378 million barrels). The oversold commodity entered the day down more than 20.0% since the start of the year, but trades higher by 5.5% at $29.92/bbl today.

In front of the pack, energy (+3.3%), telecom services (+3.0%), consumer discretionary (+2.2%) and technology (+1.3%) lead while utilities (+0.1%), health care (+0.2%), and consumer staples (+0.6%) follow.

The lightly-weighted telecom services were able to climb the leaderboard thanks to large-cap constituent Verizon (VZ 46.15, +1.73), which reported a beat in Q4 earnings before today's open. Verizon reported EPS of $0.89 on in-line revenue. The company also reaffirmed is fiscal year 2016 EPS guidance of $3.99 and has gained 3.9% on the positive earnings sentiment.

In the technology space, sector large-caps Apple (APPL 97.36, +0.57), Microsoft (MSFT 51.05, +0.27), and Facebook (FB 95.65, +1.30) have underperformed the group with gains between 0.6% and 1.4%, respectively. Elsewhere in the sector, the high-beta chipmakers have shown relative strength this morning, evidenced by the 2.4% gain in the PHLX Semiconductor Index. Index component Xilinix (XLNX 47.34, +4.28) has climbed 9.9% after reporting better than expected revenue in its earnings report after yesterday's close.

Switching to the health care space, biotechnology has shown relative weakness, evidenced by the 0.9% decline in the iShares Nasdaq Biotechnology ETF (IBB 283.29, -2.20). The sub-group is pulling back after yesterday's rally. On a related note, UnitedHealth Group (UNH 113.77, -1.02) also underperforms after yesterday strong performance, sliding 0.9%.

Looking in the Dow Jones Transportation Average (+0.9%), rail companies have shown relative weakness following Union Pacific's (UNP 70.90 -2.71) disappointing earnings results this morning. The company has plummeted 3.6% after disclosing that revenue fell 15.4% year-over-year in Q4. The company has cited uncertainty in the energy market and the relative strength of the dollar for the shortfall. Fellow rail company, Norfolk Southern (NSC 68.29, -2.89) has felt some of the same headwinds, trading lower by 4.1%.

Treasuries have been pressured as the rally in equities took shape. The yield on the 10-yr note has ticked higher by three basis points to 2.02%.

Economic data has included weekly initial/continuing claims and the January Philadelphia Fed Survey.

• Initial claims for the week ending January 16 were higher than expected, rising 10,000 to 293,000 (Briefing.com consensus 280,000).
  • There were no special factors influencing initial claims, which have been bounded between 250,000 and 300,000 since July 2014. The latest reading, however, is the highest level of claims since the first week of July 2015.
  • With the latest reading, the four-week moving average for initial claims increased by 6,500 to 285,000, which is the highest average since July 11, 2015.
• Continuing claims for the week ending January 9 were lower than expected, falling by 56,000 to 2.208 million (Briefing.com consensus 2.252 million).
  • The four-week moving average for continuing claims increased by 3,250 to 2.228 million.
• The Philadelphia Fed Index for January checked in at -3.5 versus -10.2 in December. ( Briefing.com consensus -4.0).
  • While the headline number was better than expected, it still doesn't qualify as good considering a number below zero still connotes a contraction in manufacturing conditions.
  • The diffusion index for future general activity fell from a revised reading of 24.1 for December to 19.1 for January. In other words, confidence in the outlook is still positive but weakening.  
  • The business outlook survey for January, the improvement was driven by the shipments index, which moved from a contractionary reading of -2.1 for December to an expansionary reading of 9.6 for January.

1:01 pm CMS Energy increases qtrly dividend to $0.31 from $0.29/share (CMS) :  

12:01 pm Midday extension to new session highs -- Dow +244, S&P +26, Nasdaq Comp +52 (:TECHX) : Crude Oil USO, continues to be the key along with Energy XLE and Oil Service OIH. Other sectors that are outperforming the S&P recent trade include: Steel SLX, Coal KOL, Housing XHB

12:00 pm American Water Works' Illinois subsidiary files w/ the Illinois Commerce Commission to adjust rates effective January 2017; requesting a revenue increase of ~$40 mln (AWK) :  

11:54 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:+1.8%
• Germany's DAX:+1.9%
• France's CAC:+2.0%
• Spain's IBEX:+2.0%
• Portugal's PSI:+2.7%
• Italy's MIB Index:+4.2%
• Irish Ovrl Index:+1.5%
• Greece ASE General Index: -0.7%

11:49 am Cellceutix: FDA grants co Orphan Drug Designation for Kevetrin for the treatment of pancreatic cancer (CTIX) :  

11:41 am General Electric wins two deals to deliver 2.6 GW of power to plants in China (GE) : The co announced two deals that will help meet the growing high-efficiency power needs in northern and central China under contracts with Huaneng Power International (HNP) and China Power International Development for two steam turbine generator units respectively at Taihang Power Plant and Dabieshan Power Plant phase II project.

11:27 am Westamerica Banc misses by $0.01 (WABC) :

• Reports Q4 (Dec) earnings of $0.57 per share, $0.01 worse than the Capital IQ Consensus of $0.58.
• "Westamerica's net interest margin stabilized at 3.32% for Q4 compared to 3.31% in the prior quarter."

11:19 am Currency Commentary: Draghi Reiterates Whatever it Takes (:SUMRX) :

• The Dollar Index saw a spike back into the high end of 99 as ECB President provided markets with yet another 'whatever it takes' speech. The DXY ran to 99.79 before seeing a roll over take it back to the 99.40 area. The economic survey data was able to finally produce a better than feared number as Philly Fed beat low expectations. But the Initial Claims number came in above expectations and marked its highest level since July. This will bear watching as 'recession' fears will grow given market activity.
• The euro tumbled to the 1.08 level as ECB President Mario Draghi provided another round of dovish comments. Mr. Draghi noted that the central bank would do whatever it takes to reach its mandate of 2% inflation. He also hinted at the possibility for additional action to be taken in the March meeting when the bank will also release its latest projections. Despite the dovish commentary the euro was able to hold the 1.08 level which is notable as the majority of trading has taken place in this area since the December 3 ECB meeting.
• The pound is showing some signs of stabilizing after a difficult start to the 2016 campaign. CPI and jobs data this week have surprised to the upside which is providing a bottom for sterling at the moment. This is notable given the dovish rhetoric from the Bank of England's Mark Carney earlier in the week.
• The yen has seen a move back into the 117 area as some risk on appetite takes control. Yen is down nearly 100 pips from its overnight highs of 116.47.
• The Russian ruble is of note today as it hits fresh all time lows against the greenback. The ruble is now trading at 83.41 after hitting 85.94 in overnight trade. It is down approx 25% since Mid-October (FOREX, BONDX). 

11:17 am Stock indices able to notch new session highs amid relative strength in oil/energy -- Dow +150 S&P +16, Nasdaq Comp +35 (:TECHX) : The S&P wipes out all to yesterday's slump (Tues. close) at 1881 (session high 1881). Small- / mid-caps have not yet confirmed the new session highs suggesting some slowing of intraday momentum.

11:14 am Dominion Midstream increases qtrly dividend to $0.2135 from $0.20/share (DM) :  

11:02 am Dunkin Brands signs a master franchise agreement with Grand Parade Investments; GPI will develop 250+ Dunkin' Donuts stores and 70+ Baskin-Robbins shops in South Africa over the coming years (DNKN) : The agreement also calls for the introduction of Baskin-Robbins ice cream products to supermarket chains and convenience stores in South Africa over the next several years.

11:02 am Graham (thinly traded) increases qtrly dividend to $1.21 from $1.15 per share (GHC) :  

10:48 am Nasdaq Comp +44 joins Dow +189 and S&P +20 above yesterday's recovery highs (:TECHX) :  

10:43 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

• KMI (13.93 +15.99%): Reported Q4 adj EPS of $0.21 ($0.18 Cap IQ Consensus). Co said its fundamental business is doing well.
• XLNX (48 +11.42%): Reported EPS in-line and a beats on revs; guided Q4 EPS towards high end of estimates and revs in-line.
• SBUX (58.55 +2.86%): Stock rebounding today, ahead of earnings release after the bell.

Large Cap Losers

• UNP (69.44 -5.66%): Reported a miss on Q4 EPS of $1.31 ($1.41 Cap IQ Consensus) and revs of $5.21 ($5.42 Cap IQ Consensus).
• DB (18.44 -4.6%): WSJ column out which is cautious on company following yesterday's early release of Q4 results.
• VLO (63.56 -2.93%): Oil companies trade higher as oil is up as WTI is up 1.2% (TSO, PBR, MPC).

Mid Cap Gainers

• SWN (8.16 +10.57%): Disclosed workforce reduction plan expected to reduce costs by ~$150-175 mln on annual basis; oil companies are also rebounding as WTI is up 1.2%.
• SLM (6 +10.91%): Reported a beat on Q4 EPS of $0.20 ($0.19 Cap IQ Consensus); downside guidance for FY16 EPS of $0.49-0.51 ($0.65 Cap IQ Consensus). Were trading at multi-year lows headed into earnings.
• CY (8.19 +7.13%): Reaffirmed Q4/FY15 guidance of $0.11-0.15 ($0.12 Cap IQ Consensus); confirmed previously announced buy back to commence Jan 22.

Mid Cap Losers

• ALKS (36.98 -38.79%): Reported that two Phase 3 studies missed primary endpoint.
• GFI (2.93 -6.55%): Gold companies trade lower as gold prices fall 1% (GG, NEM, ABX, AU, AEM).
• SYNA (75.88 -3.4%): Pulling back today after ~32% increase yesterday resulting from report that co is revisiting potential deal for group to be acquired at $110/share.

10:37 am S&P +14 and Dow +140 edge above yesterday's afternoon rebound highs -- Nasdaq Comp +29 is holding slightly below (:TECHX) :  

10:32 am Union Pacific leading rails lower after missing estimates, cautious FY16 outlook (UNP) :

Union Pacific (UNP -6%) is leading rail stocks lower after missing Q4 estimates on the top and bottom line this morning as volume fell 9%.

• UNP guided for mid-single digit volume declines in Q1 (with coal down 20%) and slightly negative volume for 2016, with record productivity and solid pricing.
• While not explicitly giving earnings guidance, mgmt did guide down after admitting the co will not break the FY14 record for EPS of $5.75 (consensus for FY16 is $5.85). Mgmt guided for continued mix pressure, (4% headwind in Q4), record productivity and solid pricing (core +3.5% in Q4). There is a lot of uncertainty in its outlook.
• When asked if they see a broad recession, mgmt. said weakness in energy and commodities affected by strong dollar does not necessarily indicate broader recession. They do see a shift toward demand for services over goods.
• One analyst noted that UNP is losing coal market share to BNSF (BRK.B).

UNP does not support rail consolidation in the current environment as the regulatory impact would be substantial. Eastern rails CSX and NSC share the same view.

Canadian Pacific (CP) also missed Q4 estimates this morning (volume fell 6%). The CP call starts at 11; mgmt will like reaffirm their case for NSC accepting their acquisition proposed which NSC has so far rebuffed.

Rails a drag on transports (IYT +0.8%): UNP -6%, CP -4%, KSU -2%, CNI -2%, NSC -1.7% (earnings Jan 27), GWR -1%

10:31 am IBM confirms that it has acquired Ustream; terms not disclosed (IBM) :  

10:27 am Travelers: TRV now -2.0% & the weakest stock in the DJIA 30 here as price posts a notable reversal to new 3-month lows @ 101.23 following qtrly. earnings results this morning (TRV) :  

10:26 am U.S. Global Jets ETF testing the highs of the previous two sessions at 22.30/22.34 -- session high 22.34 (JETS) : LUV, DAL, AAL, UAL, HA, VA, ALK, SKYW, JBLU, BA.

10:18 am Relative sector strength (:TECHX) : A crude oil turn higher (USO) has led to Oil Service OIH and Energy XLE strength with an outperformance vs. the S&P also noted in Retail XRT, Biotech IBB off early lows, Housing XHB (BZH, LL, LGIH, WHR, KBH, PHM, LEN, OC, TOL), Internet FDN, Semi SMH (LSCC, XLNX, AMD, MU, ASML, LLTC, AMAT , MCHP, TXN, AVGO).

10:17 am ChromaDex launches Niagen, a vitamin B-3 metabolite, in GNC (GNC) stores nationwide (CDXC) :  

10:12 am New highs for major averages -- S&P +12, Dow +109, Nasdaq Comp +28 (:TECHX) : The S&P held at 1847/1845 support noted earlier (session low 1848) and has rotated to a new session high (1871) with yesterday's recovery high at 1876.

10:05 am Parkervision announces private placement w/ private investor for the sale of ~4.5 mln shares of common stock at $0.22/share for gross proceeds of ~$1 mln (PRKR) : ParkerVision anticipates that the sale of the shares will close on or about January 25. The shares are being offered and sold solely to an accredited investor on a private placement basis.

10:02 am Thinly traded iHeartMedia surpassed 80 mln registered users (reported 70 mln last summer) (IHRT) : The number of registered users do not account for the listeners who tune in to iHeartRadio's live radio stations, which does not require registration. (CCO)

10:01 am Eli Lilly announces that the FDA has approved Humulin R U-500 KwikPen 500 units/mL (LLY) :

Co announces that the FDA has approved Humulin R U-500 KwikPen 500 units/mL, a pre-filled device containing Humulin R U-500.

• This insulin is used to treat high blood sugar in people with type 1 and type 2 diabetes who need more than 200 units of insulin per day.
• The safety and efficacy of Humulin R U-500 used in combination with other insulins or delivered by an insulin infusion pump has not been determined.

10:00 am Affimed Therapeutics names Dr. Joerg Windisch as COO (AFMD) :

• Dr. Windisch joins after 20 years as Chief Science Officer at Sandoz Bio (a Novartis company)
• Co also announced the addition of Dr. Bernhard Ehmer to its Supervisory Board, Ehmer has been chairman of the management board of Biotest AG since 2015

9:58 am S&P -3 pulls back to intraday support and works off low (:TECHX) : Noted support for the S&P at 1847/1845 (The Technical Take, 09:43) with this zone probed in recent trade (session low 1848). On the upside initially watching 1857/1858 and then the early high 1868 for a read on underlying health. 

9:51 am Mixed opening trade major averages turns weaker -- S&P -8, Dow -40, Nasdaq Comp -36 (:TECHX) : Relative sector weakness this morning has been noted in: Rail (UNP, KSU, CSX, NSC), Gold Miners GDX, Biotech IBB (BLUE, JUNO, OTIC, ICPT, AMGN), Crude Oil USO, Silver SLV, Pharma PPH, Casino (CZR, WYNN, BYD, ISLE, LVS, MGM, MPEL). Solar TAN, Health XLV, Internet FDN.

9:46 am Apple: AAPL now -1.75% acting very weak here in early trading, a notable under-performer vs. SPY & QQQ (AAPL) :  

9:45 am Opening Market Summary: Indices Can't Maintain Opening Gains (:WRAPX) :

The major indices all briefly opened in positive territory, but at this juncture the Dow Jones Industrial Average (+0.1%) leads the S&P 500 (UNCHF) and the tech-heavy Nasdaq (-0.2%) 

On the leaderboard, telecom services (+0.8%), consumer discretionary (+0.4%), financials (+0.3%), and energy (+0.2%) lead. On the flipside, health care (-0.4%), utilities (-0.2%), and consumer staples (-0.2%) trail the rest of the pack. 

Meanwhile in commodities, WTI crude has been able to defend the $28.00/bbl price level thus far this morning. Oil has ticked down 0.1% at $28.31/bbl. 

Treasuries, have ticked lower with the yield on the 10-yr note now unchanged at 1.98%.

9:43 am Choppy, mixed trade for the major averages -- Dow +8, S&P -0.1, Nasdaq Comp -9 (:TECHX) : Initial supports for the S&P are at 1851 and 1847/1845. A continued hold above during the early chop is needed to keeps it positioned for a run to/through yesterday's recovery high (1876).

9:40 am Elevate Credit confirms it has decided to temporarily delay the pricing of its initial public offering due to 'the volatile market' (ELVT) : "We will continue to evaluate the timing for the offering as market conditions develop." The offering was expected to price tonight, and commence trading tomorrow.

9:38 am Home Depot providing early leadership for the Dow, attempting to reclaim its 200 sma/ema at 118.75/119.26 (HD) :  

9:33 am PAREXEL and Optum (UNH) unit) form strategic alliance to reduce development costs/accelerate drug development, reimbursement and market access with EHR-fueled clinical research/hybrid studies (PRXL) :  

9:26 am Barclays PLC confirms several initiatives including plans to close offices in nine countries across Asia, the Americas and EMEA; expects to report Investment Bank 2015 income broadly flat on the prior year (BCS) :

• The Investment Bank will continue to focus on its two home markets in the UK and US and to develop its global franchise, building on areas of competitive advantage and the strength of its client relationships internationally, while exiting certain product lines. We will close offices in nine countries across Asia, the Americas and EMEA. In Asia, we will continue to provide expertise and resources to clients who have cross-border requirements from offices in China, Hong Kong SAR, Singapore, Japan and India.
• Barclays expects to report Investment Bank 2015 income broadly flat on the prior year. (reports earnings March 1)

9:26 am Ocean RIG UDW: ENI (E) terminates the contract for the Ocean Rig Olympia, due to fall in crude oil prices (ORIG) :  

9:12 am S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +16.50. (:WRAPX) :

The stock market is on track for a flat open as S&P 500 futures trade 6 points above fair value.

Recently, European Central Bank President Mario Draghi helped calm market sentiment by stating that he expects rates at present or lower levels for an extended amount of time. This statement followed the ECB's decision to keep the deposit facility rate and refinancing operations rate unchanged at -0.3% and 0.05%, respectively. 

On the economic front, weekly initial jobless claims were released earlier this morning, the county totaled 293,000 (Briefing.com consensus 280,000). Today's tally was above the revised prior week's count of 283,000 (from 284,000). As for continuing claims, they fell to 2.208 million from the prior week's revised count of 2.264 from 2.263 million (Briefing.com consensus 2.252 million). Separately, the Philadelphia Fed Survey for January increased to -3.5 from -5.9 (Briefing.com consensus -4.0). 

In corporate news, Union Pacific (UNP 69.70, -3.91) is trading lower by 5.3% after releasing Q4 earnings which showed below consensus EPS of $1.31 and revenue falling 15.4% year-over-year. The company has attributed the slow down in their core business to present economic conditions including uncertainty in the energy market, falling commodity prices, and the relative strength of the U.S. dollar. Elsewhere in the Transports, United Continental Holdings (UAL 44.75, -0.37) has slid 0.8% after the company missed on earnings on in-line revenue. 

Moving on to commodities, WTI crude has slid lower in recent trade. Oil trades down 1.3% at $27.98/bbl. 

Treasuries have ticked higher as we approach the start of the U.S. session. The yield on the 10-yr is now lower by three basis point at 1.96%. 

9:09 am On The Wires (:WIRES) :

• ING (ING) announced it has invested in Hong Kong fintech WeLab. WeLab provides consumer loans in China and Hong Kong in a fully automated process that takes minutes from application to approval. The investment is in line with ING's strategic priority to increase the pace of innovation to serve changing customer needs by working with both dedicated internal teams and with external partners and startups.
• MariaDB Corporation, a 'leader' in open-source relational database solutions for high availability, scalability, and performance, announced that it has received $9 Million in equity financing to support accelerating sales and advanced technology development. Intel (INTC) Capital and California Technology Ventures were among the investors in the $9 Million equity financing.
• Biodesy, a next-generation protein analysis company, today announced the closing of its $10 million Series B financing and its 20th commercial services agreement using its proprietary, first-in-class technology for measuring protein conformational change. Proceeds from the financing will be used to expand and accelerate commercialization of the Biodesy Delta System, a new, real-time, high-throughput platform that enables researchers to measure conformational change in their own laboratories. The financing was led by existing investors 5AM Ventures, Pfizer (PFE) Venture Investments, and Roche (RHHBY) Venture Fund.
• AliCloud, the cloud computing business of Alibaba Group (BABA), signed a strategic partnership with NVIDIA (NVDA) The two companies will collaborate closely around AliCloud HPC (High Performance Computing) to provide the first GPU-based cloud HPC platform in China. The partnership also plans to provide emerging companies support in areas of HPC and deep learning with comprehensive GPU (Graphics Processing Unit) computing.
• Philogen S.p.A., announced that Pfizer (PFE) has exercised options granted under the agreement established in December 2014 for the potential development and commercialization of multiple antibody drug conjugates.

9:07 am New Mountain Finance raises bottom end of Q4 adj. net investment income range by one cent to $0.34-0.35 (from $0.33-0.35), which compares to $0.35 Capital IQ Consensus Est (NMFC) :

• As of January 21, 2016, we estimate that our net asset value per share as of December 31, 2015 was between $12.90 and $13.15
• In addition, the Company believes that based on preliminary reporting through January 21, 2016, the underlying credit quality of the portfolio remains stable, with no new investments expected to go on non-accrual status

9:06 am Bassett Furniture beats by $0.01, misses on revs (limited coverage) (BSET) :

• Reports Q4 (Nov) earnings of $0.52 per share, $0.01 better than the single analyst estimate of $0.51; revenues rose 22.1% year/year to $115.6 mln vs the $117.9 mln single analyst estimate. The increase was primarily due to a 6.7% increase in comparable store sales. Written sales for comparable stores increased by 10% YoY. Written sales were positively affected by a stronger Thanksgiving promotional weekend than in the prior year coupled with a shift in the promotional calendar due to Labor Day being a week later in our fiscal quarter as compared to 2014. Wholesale sales +6.3%.

9:03 am Diebold and Inspur hold signing ceremony for JV cooperation agreement, new entity named Inspur Financial Technology Service (DBD) :  

9:02 am Booz Allen Hamilton sells its Explore Data Science program to Kaplan-owned Metis; terms not disclosed (BAH) : Kaplan is a subsidiary of The Graham Holdings Company (GHC)

9:02 am Digital Realty Trust has completed the refinancing of its global revolving credit facility and term loan (DLR) : In conjunction with the refinancing, pricing was tightened by 10 basis points, the maturity date was extended by more than two years and aggregate commitments were expanded by $550 million. The combined facilities total $3.55 billion, consisting of a $2.0 billion line of credit and a $1.55 billion term loan.

9:01 am Mannkind enters into a collaboration and license agreement with a newly formed entity, Receptor Life Sciences (MNKD) :

The co announced that it has entered into a collaboration and license agreement with a newly formed entity, Receptor Life Sciences, Inc., pursuant to which multiple inhaled therapeutic products will be developed to explore their potential to treat conditions such as chronic pain, neurologic diseases and inflammatory disorders.

• Under the terms of the agreement, MannKind will perform initial formulation studies and will work with Receptor to develop inhaled formulations of certain undisclosed compounds. MannKind will also transfer manufacturing technology to the licensee, who will be responsible for manufacturing and commercialization activities. The parties will collaborate on the clinical development of investigational products, with Receptor being responsible for all development costs. MannKind will be eligible to receive development and commercialization milestones of up to $102.25 million as well as mid-single to low double-digit royalties on net sales of product.

9:01 am Star Bulk Carriers enters agreement to sell ex yard a newbuilding resale Capesize vessel under construction in Japan to unaffiliated third parties for $37 mln; expected to be delivered to the buyers by end of January 2016 (SBLK) : Co intends to use a portion of the net proceeds from the sale of vessel for the remaining delivery installment related to the vessel, will use the remainder for general corporate purposes & capital expenditures

9:00 am Collegium Pharmaceutical announces FDA acceptance of DND application for abuse-deterrent, hydrocodone DETERx (COLL) :

• Co announces that the FDA has accepted the Company's investigational new drug application to begin a clinical trial of Hydrocodone DETERx, an abuse-deterrent, extended-release analgesic for the treatment of chronic pain. This proof of concept clinical trial is intended to evaluate the safety, bioavailability, and abuse deterrence properties of Hydrocodone DETERx.

8:56 am S&P futures vs fair value: +15.30. Nasdaq futures vs fair value: +36.30. (:WRAPX) :

The S&P 500 futures trade 15 points above fair value. 

Equity markets across Asia ended the Thursday session on a broadly lower note after failing to hold their early gains. For instance, Japan's Nikkei was up more than 1.5% at the midpoint of its session, but steady selling in the afternoon drove the index lower by 2.4%. Similarly, China's Shanghai Composite flashed a brief gain at the start, but could not hold its ground even though the People's Bank of China injected CNY110 billion through 7-day reverse repurchase agreements and CNY290 billion through 28-day reverse repos.

• In economic data:
  • Japan's All Industry Activity Index -1.0% month-over-month (expected -0.7%; last 0.9%) and Foreign Bonds Buying -JPY375.20 billion (previous JPY323.50 billion)
  • Hong Kong's December CPI +2.5% (previous +2.4%)
  • Australia's November HIA New Home Sales -2.7% month-over-month (prior -3.0%)

---Equity Markets---

• Japan's Nikkei lost 2.4% with all but eleven components ending in the red. Yaskawa Electric, Unitika, Casio Computer, and Honda Motor were among the biggest laggards with losses between 4.6% and 8.0%. On the upside, Sharp spiked 5.8% as the stock tries to break away from a multi-year low.
• Hong Kong's Hang Seng fell 1.8% amid broad weakness. China Resources Beer Holdings tumbled 14.1% after one of its Chinese partners received a downgrade. Property names also struggled notably with Henderson Land, China Overseas, Cheung Kong Property, and Hang Lung Properties falling between 4.4% and 6.1%. Elsewhere, Cathay Pacific Air outperformed, climbing 3.7%.
• China's Shanghai Composite lost 3.2%. Agricultural Bank of China and Bank of China posted respective losses of 0.6% and 1.2% while CITIC Securities fell 4.6% and China State Construction Engineering surrendered 3.3%.

Major European indices hold solid gains after the latest policy statement from the European Central Bank and Mario Draghi's subsequent press conference. The ECB President stated that he expects rates at present or lower levels for an extended amount of time. This calmed European markets and weighed on the Euro. For its part, the euro trades near 1.0791 against the dollar, representing an almost 1% decline.

• Economic data was limited:
  • French January Business Survey ticked up to 102 from 101 (expected 103)
  • Spain's trade deficit held at EUR1.90 billion

---Equity Markets---

• France's CAC is higher by 2.1% with roughly half of its components in the green. ArcelorMittal, Renault, Pernod Ricard, and Kering appear among the leaders with gains between 1.3% and 2.5%. On the flip side, Accor has tumbled 4.6% while Societe Generale and BNP Paribas hold respective losses of 0.9% and 0.6%.
• Germany's DAX trades up 2.2% thanks to strength in most names. Bayer leads with a 2.5% gain while Volkswagen, Lufthansa, and Fresenius show gains close to 2.0% apiece. Elsewhere, Deutsche Bank is down 7.3% after warning its upcoming results will show a record annual loss.
• UK's FTSE has climbed 1.5% with Pearson surging 14.5% after the publisher announced plans to cut 4,000 jobs. Miners have also shown relative strength after recent weakness with BHP Billiton, Glencore, Rio Tinto, Antofagasta, and Fresnillo up between 2.2% and 3.6%. On the downside, homebuilders Barratt Developments and Taylor Wimpey hold respective losses of 1.2% and 2.3%.

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

• Capstone Turbine (CPST) received an additional follow-on order from a large Australian coal seam gas company for 8 C30 microturbines. Order is currently scheduled to be commissioned in mid-2016.
• Natco Pharma announced that it has signed a nonexclusive, royalty free licensing agreement with the Medicines Patent Pool and Bristol-Myers Squibb (BMY) to manufacture and sell generic versions of Bristol-Myers Squibb's chronic hepatitis C medicine -- Daclatasvir Dihydrochloride. Daclatasvir, discovered and developed by Bristol-Myer Squibb, is the first-in-class NS5A inhibitor used in combination with Sofosbuvir for the treatment of patients with chronic hepatitis C virus genotype 3 infection.
• Halozyme Therapeutics (HALO) announced that AbbVie (ABBV) has dosed the first subject in a clinical trial evaluating the safety and pharmacokinetics of adalimumab with Halozyme's proprietary ENHANZE technology. The initiation of clinical evaluation triggered a $5 mln milestone payment to Halozyme under the Collaboration and License Agreement between the companies.
• TD Ameritrade (AMTD) launched a new investment services program for AARP members. AARP | Investment Services from TD Ameritrade will provide AARP's nearly 38 million members with special offers on some of TD Ameritrade's investment products and services.
• Centene (CNC) announced that its wholly owned Arkansas subsidiary, Arkansas Health & Wellness Solutions, has received Accreditation from the National Committee for Quality Assurance for its Health Insurance Marketplace Exchange plan, Ambetter of Arkansas.

8:43 am Equity futures move to highs as ECB's Draghi makes comments suggestive of additional stimulus measures as soon as March (SPY) :

• ECB President Mario Draghi on the ECB Conference Call noted that decisions in December to extend time frame of purchases and to reinvest principals for 'as long as necessary' were 'fully appropriate'.
• Draghi noted that downside risk have increased in 2016, and emerging market growth and commodity markets and geopolitical risks remain key.
• Draghi said it is necessary to review and reconsider monetary policy stance in early March meeting.
• S&P futures are currently up 17 points at 1869, near highs of the morning. 

8:40 am Natural Resource affirms its unchanged quarterly distribution of $0.045/unit, expects that distributable cash flow and EBITDA for FY15 will exceed the upper range of its August guidance (NRP) : NRP also acknowledged the current challenging market conditions and expects that 2016 will be a difficult year for its coal and oil and gas business segments.

8:38 am Canadian Pacific misses by $0.04, misses on revs; sees double digit FY16 EPS growth (CP) :

• Reports Q4 (Dec) earnings of CC$2.72 per share, excluding non-recurring items, CC$0.04 worse than the Capital IQ Consensus of CC$2.76; revenues fell 4.1% year/year to CC$1.69 bln vs the CC$1.72 bln Capital IQ Consensus.
• Carloads -6%; crude -17%, US grain -13%, Ca grain +7%, coal -3%, potash -18%, fertilizer +7%, forest +7%, chemicals -2%, metals/consumer products -24%, auto -3%, domestic intermodal -9%, Intl' intermodal -1%.
• FY16 guidance:
  • Operating ratio below 59%
  • Double-digit EPS growth from full-year 2015 adjusted diluted EPS of C$10.10 (consensus +12.4% to C$11.35).

8:33 am On The Wires (:WIRES) :

• XBiotech (XBIT) will present an update on XCITE for the treatment of metastatic colorectal cancer on January 23 at the 2016 GI Cancers Symposium
• Cancer Genetics (CGIX) developed and launched a comprehensive portfolio of tests and technologies to help measure and monitor immuno-oncology markers and select patients for targeted therapies. In addition, the newly acquired Center of Excellence For Solid Tumor Testing based in Los Angeles, formerly Response Genetics, will also offer the FDA-approved PDL-1 antibody for selection of patients that are most likely to benefit from key immuno-oncology drugs.
• In a JV, Kyocera (KYO) and Century Tokyo Leasing announced that Kyocera TCL Solar has started construction of the 13.7 MW floating solar power plant on the Yamakura Dam reservoir. Plant is scheduled for launch in fiscal year ending March 31, 2018.
• Masimo (MASI) reports new study shows utility of Masimo rainbow Acoustic Monitoring. Co announced that in a new study that compared acoustic respiration rate from Masimo's rainbow Acoustic Monitoring to respiration rate from conventional capnography, researchers concluded that RAM was useful for monitoring dental patients under intravenous anesthesia.
• Glu Mobile (GLUU) will invest up to $7.5 mln in promissory notes convertible into a minority equity stake in Plain Vanilla. Plain Vanilla is the developer of the game QuizUp. Glu and Plain Vanilla plan to join efforts to focus on the development of the QuizUp television program.
• CorMedix (CRMD) will present an clinical abstract highlighting key data from the Company's landmark post-approval surveillance study during the National Kidney Foundation 2016 Spring Clinical Meetings, held April 27-May 1
• Cardiome Pharma (CRME) announced that ESMOCARD LYO has been commercialized by its subsidiary and is now available to treat patients in Belgium.

8:33 am AbbVie partners w/ The University of Texas MD Anderson Cancer Center to choose & carry out preclinical/clinical studies evaluating new ideas in the immuno-oncology area (ABBV) :

"Pairing MD Anderson's cutting-edge preclinical, translational, and clinical capabilities with AbbVie's innovative discovery and development programs accelerates our ability to deliver new therapies that can help transform the lives of people affected by cancer," said Michael Severino, M.D., executive vice president, R&D and chief scientific officer of AbbVie

• The 3-year collaboration provides MD Anderson and AbbVie a framework to begin pre-clinical & clinical trials

8:33 am GATX beats by $0.05, reports revs in-line; guides FY16 EPS above consensus (GMT) :

• Reports Q4 (Dec) earnings of $1.44 per share, excluding $0.07 net negative impacts from the exit of Portfolio Management's marine investments
  and other items, $0.05 better than the Capital IQ Consensus of $1.39; revenues fell 5.7% year/year to $378.7 mln vs the $381.22 mln Capital IQ Consensus.
• Co issues upside guidance for FY16, sees EPS of 5.25-5.45 vs. $5.22 Capital IQ Consensus Estimate.
• "In 2016, we expect Rail North America segment profit to decrease from 2015's record levels primarily due to lower expected railcar remarketing activity in a softer market. We anticipate Rail International will achieve segment profit similar to the prior year, as lease rate improvements are offset by higher maintenance and currency impacts. ASC's segment profit is expected to increase in 2016 due to improved fleet efficiency, although uncertainty in the steel industry will continue to be a factor for this business segment. In Portfolio Management, 2016 segment profit is expected to be in line with 2015 levels as performance at the RRPF affiliates will continue to drive segment results."

8:33 am Rice Energy extends offer to exchange up to $400 mln of its outstanding unregistered Senior Notes due 2023 for up to $400 mln of its Senior Notes due 2023 registered under the Securities Act of 1933 (RICE) :  

8:32 am F.N.B. Corp misses by $0.01 (FNB) :

• Reports Q4 (Dec) earnings of $0.22 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $0.23.
• Organic growth in total average loans was $250 mln, or 8.4% annualized, with average commercial loan growth of $174 mln, or 10.5% annualized, and average consumer loan growth of $79 mln, or 6.1% annualized.
• On an organic basis, average total deposits and customer repurchase agreements grew $284 mln, or 8.8% annualized
• Average transaction deposits and customer repurchase agreements grew organically $360 mln, or 14.0% annualized
• The net interest margin was stable at 3.38%, compared to 3.39% in the prior quarter
• The efficiency ratio was 56.3%, compared to 55.6% in the prior quarter and 56.1% in the year-ago quarter
• Credit quality results reflect improvement over the prior year.

8:32 am Scholastic Corp terminated its offer to purchase up to $200 mln common stock through modified 'Dutch Auction' which was due to expire at Jan 26 (SCHL) : Scholastic's obligation to acquire shares pursuant to the tender offer was subject to various terms and conditions specified in the offer to purchase and letter of transmittal documents that were distributed to holders, including a condition that there shall not have occurred any decrease of more than 10% in the Dow Jones Industrial Average, the New York Stock Exchange Index, the NASDAQ Composite Index or the Standard and Poor's 500 Composite Index measured from the close of trading on December 28, 2015, the day the tender offer commenced. Under the terms of the tender offer, once such a decrease in any of the foregoing indices occurred at any time prior to the expiration of the tender offer, and regardless of whether subsequent changes in the relevant index brought the decline back up to less than 10%, Scholastic had the right to terminate the tender offer.

8:32 am Market View: Mar. E-mini stock-index futures now trade bid above fair values following the 8:30 am ET economic data points & the start of the ECB press conf. (:TECHX) :

• ESh6 now +7.00
  
  
• YMh6 now +33
  
  
• NQh6 now +16.50

8:32 am S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +21.30. (:WRAPX) :

The S&P 500 futures trade nine point above fair value.

The latest weekly initial jobless claims count totaled 293,000 while the Briefing.com consensus expected a reading of 280,000. Today's tally was above the revised prior week's count of 283,000 from 284,000. As for continuing claims, they fell to 2.208 million from the prior week's revised count of 2.264 from 2.263 million (Briefing.com consensus 2.252 million).

Separately, the Philadelphia Fed Survey for January increased to -3.5 from -5.9 while economists polled by Briefing.com had expected an increase to -4.0.

8:31 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: AVP -2.1%, PCBK -1.9%, BC -1.8%, LEJU -1.8%, UNP -1.5%, BGG -0.8%, BKMU -0.4%


Other news: OGXI -36.5% (announces that data from the Phase 2 Spruce trial did not reach statistical significance required to demonstrate a progression-free survival benefit), ALKS -29% (announces topline results of FORWARD-3 and FORWARD-4, two phase 3 studies in major depressive disorder; neither study met primary endpoint), FPRX -6.7% (comments on the U.S. Attorney's indictment of two former GlaxoSmithKline (GSK) employees with theft of trade secrets from GSK which theft included information related to FP-1039, FivePrime's FGF ligand trap product candidate), DB -6.1% (reaction to earnings yday), RESI -5% (confirms Shareholders Group has nominated 3 candidates to stand for election to the Company's Board of Directors; No stockholder action required at this time), GRUB -4.6% (following report that Uber will expand its delivery service to 10 cities), CFR -4.1% (reported Q4 provision for loan losses is expected to be $34.0 mln), MBT -3.8% (still checking, light volume), SQM -2.9% (updates on 2016 expectations for some of its key businesses), ALU -2.3% (may be in symp with ERIC dg), SRPT -2% (FDA delays Friday's AdComm meeting for eteplirsen due to inclement weather forecasted for the Washington, DC area), ING -1.1% (in symp with DB), HSBC -1.1% (in symp with DB)

Analyst comments: ERIC -2% (downgraded to Sell at Goldman), TMH -1.1% (target lowered to $65 from $80 at Jefferies)

8:27 am Gapping up (SCANX) :

Gapping up
In reaction to strong earnings/guidance: PSO +14.1%, FEYE +11%, XLNX +9.9%, LOGI +7.9%, KEY +6.9%, CY +4.7%, PLXS +3.3%, TCBI +2.9%, LUV +1.8%, FITB +1.8%, MTG +1.4%, VZ +1.1%, CATY +1%, ALK +0.9%, CVBF +0.7%, TRV +0.7%, FFIV +0.5%

M&A news: TWTR +4.7% (WSJ Heard on the Street column profiles view that TWTR might be a possible takeover target)

Other news: ZFGN +22.8% (cont strength, but also upgraded to Outperform from Mkt Perform at FBR Capital, and RBC Cap'l),GBSN +19.1% (prices all remaining Series C warrants to shares of its common stock),AGEN +16.1% (announces 2 new investigational drug applications by FDA),RWT +6.7% (offered preliminary 2016 outlook, announces restructuring of conforming loan operations),BLDP +4.2% (receives follow-on order from Nisshinbo),MU +2.1% (modest rebound pre-mkt),DDD +1.9% (modest rebound pre-mkt),FAF +1.7% (raises quarterly dividend by 4% or $0.01 to $0.26 per share)

Analyst comments:FIT +3.6% (upgraded to Outperform from Mkt Perform at Raymond James),ASML +3.1% (upgraded to Buy from Neutral at UBS),SPWR +3% (upgraded to Buy from Neutral at Janney),ECYT +2.4% (initiated with an Outperform at Credit Suisse),WRB +1.6% (upgraded to Equal-Weight from Underweight at Morgan Stanley),MDVN +1.5% (initiated with an Outperform at Credit Suisse),AGIO +1.3% (initiated with an Outperform at Credit Suisse)

8:18 am European Yields (BONDX) :

France Outperforms

• Eurozone sovereign debt is trading higher this morning with the peripheral countries seeing a partial reversal of Wednesday's widening of their debt yields versus their German counterparts. France is also solidly outperforming Germany as their issuance of 3, 5, and 10-year OATs (combined EUR 7.5-8.5 bln) was well received by investors. The Spanish treasury raised EUR 4.5-5.5 bln from sales of 3-year and 15-year debt
  
• The European Central Bank decided to leave its main policy rates unchanged this morning. ECB President Mario Draghi will give a press conference at 08:30 ET this morning to explain his views on recent market volatility, the economic and inflation outlooks, and their implications for ECB policy. The central bank is expected to introduce further easing measures at its March meeting
  
• Economic Data:
  
  • France's Business Survey index rose less than expected to 102 in January from 101 in December. The December reading was revised down from 103
    
  • The U.K.'s RICS House Price Balance rose to 50% in December from 49% in November. Readings above 0% indicate that more surveyors are seeing higher home prices
    
• Yield Check:
  
  • France, 10-yr OAT: -7 bps to 0.81%
    
  • Germany, 10-yr BUnd: -2 bps to 0.39%
    
  • Italy, 10-yr BTP: -8 bps to 1.57%
    
  • Portugal, 10-yr note: -4 bps to 2.86%
    
  • Spain, 10-yr ODE: -7 bps to 1.71%
    
  • U.K., 10-yr Gilt: +1 bp to 1.63%

8:17 am TrovaGene enters into an agreement with America's Choice Provider Network establishing health insurance access to its entire suite of circulating tumor PCM tests and services (TROV) :

Under the terms of the agreement, Trovagene is established as a preferred provider, and its PCM testing services will be covered by over 1,700 payers in North America.

• Provides in-network coverage for 22 million individuals

8:16 am InterActiveCorp realigns its reportable segments and changes its ticker symbol from "IACI" to "IAC" (IACI) :

New Segments: 

• Match Group - Provider of dating products.
• HomeAdvisor - Nationwide home services digital marketplace.
• Video - IAC's collection of digital video properties.
• Publishing - IAC Publishing includes web publishers.
• Applications - Distributors of utility-focused browser, desktop and mobile apps.

8:12 am British Sky Broadcasting and CBS (CBS) announce long term pan-European license agreement for all Showtime programming (SKYAY) :

• Announced a long-term licensing agreement for Sky Atlantic to be the exclusive home to Showtime's growing portfolio of programming across all its territories in the UK, Ireland, Germany, Austria, and Italy
• The deal will span all new and future series as well, customers will have on-demand access
• Sky will have an exclusive option to take all new Showtime distributed unscripted shows
• CBS and Sky have also partnered to manufacture original content

8:05 am Union Pacific misses by $0.10, misses on revs (UNP) :

• Reports Q4 (Dec) earnings of $1.31 per share, $0.10 worse than the Capital IQ Consensus of $1.41; revenues fell 15.4% year/year to $5.21 bln vs the $5.42 bln Capital IQ Consensus. 
• Q4 business volumes, as measured by total revenue carloads, declined 9% YoY.
  • Volumes declined in each of the Company's business groups with the exception of automotive.
• Quarterly freight revenue decreased 16% YoY, as volume declines, lower fuel surcharge revenue, and negative business mix more than offset core pricing gains.
• Q4 freight rev:
  • Automotive up 1%, Chemicals down 7%, Agricultural Products down 12%, Intermodal down 14%, Industrial Products down 23%, Coal down 31%
• "Overall economic conditions, uncertainty in the energy markets, commodity prices, and the strength of the U.S. dollar will continue to have a major impact on our business this year. However, we are well-positioned to efficiently serve customers in existing markets as they rebound."

8:04 am Bellerophon Therapeutics announces notice of intention to grant a European patent supporting its INOpulse program - patent can now be officially validated in up to 38 European countries (BLPH) :  

8:03 am Regulus Therapeutics completes Phase II enrollment for RG-101; expects interim results in mid-Feb (RGLS) :  

8:01 am MediWound grants Avalon Pharmaceutical exclusive rights to market and distribute NexoBrid in Colombia, Peru, Chile, Ecuador and Panama for the treatment of severe burns (MDWD) :  

8:01 am Agenus announces FDA clearance of 2 new investigational drug applications (AGEN) :

FDA cleared the company's investigational new drug application for AGEN1884, an immune checkpoint modulator antibody that binds to cytotoxic T-lymphocyte antigen-4

• Clearance was also received for a second CPM antibody, co partnered with Incyte for INCAGN1876, targets glucocorticoid-induced TNFR-related protein
• Clinical trials for both candidates are expected to begin in the first half of 2016

8:01 am S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +1.30. (:WRAPX) :

U.S. equity futures trade near pre-market highs with the S&P 500 futures hovering one point below fair value. 

Meanwhile, Treasuries sit in the green with the yield on the 10-yr note lower by two basis points to 1.97%. 

On the economic front, today's data will be limited to the weekly initial claims report (Briefing.com consensus 280k) and the January Philadelphia Fed Survey (Briefing.com consensus -4.0) will cross the wires at 8:30 ET. 

In U.S. corporate news of note:

• Verizon (VZ 44.60, +0.18): +0.4% following an earnings beat in Q4 with EPS of $0.89 on in-line revenue; the company reaffirmed its FY 2016 EPS guidance of $3.99
• The Travelers Companies (TRV 104.40, +0.75): +0.7% after the company announced a Q4 earnings beat with EPS of $2.90 with in-line revenue
• Deutsche Bank (DB 18.05, -1.28): -6.6% following the announcement of an expected loss of EUR 2.1 billion in Q4 following litigation charges of EUR 1.2 billion 
• Kinder Morgan (KMI 12.30, +0.29) +2.4% after beating on Q4 EPS at $0.21 on light revenue and also stating that it does not expect to need to access capital markets to fund foreseeable growth beyond 2016 

Reviewing overnight developments:

• Asian markets ended their session sharply lower with China's Shanghai Composite -3.2%, Japan's Nikkei -2.4%, and Hong Kong's Hang Seng -1.8%
  • In economic data:
    • Japan's All Industry Activity Index -1.0% month-over-month (expected -0.7%; last 0.9%) and Foreign Bonds Buying -JPY375.20 billion (previous JPY323.50 billion)
    • Hong Kong's December CPI +2.5% (previous +2.4%)
    • Australia's November HIA New Home Sales -2.7% month-over-month (prior -3.0%)
  • In news:
    • The People's Bank of China injected CNY110 billion through 7-day reverse repurchase agreements and CNY290 billion through 28-day reverse repos.

• European indices have ticked higher with Germany's DAX +0.4%, the U.K.'s FTSE +0.4%, and France's CAC +0.3%. 
  • Economic data was limited:
    • French January Business Survey ticked up to 102 from 101 (expected 103)
    • Spain's trade deficit held at EUR1.90 billion
  • In news: 
    • The European Central Bank released its policy statement this morning, leaving the deposit rate and interest rate unchanged
    • Mario Draghi's will hold a press conference regarding the ECB's policy statement at 8:30 ET

7:59 am On The Wires (:WIRES) :

• Asterias Biotherapeutics (AST) completed the transfer of its manufacturing processes to produce AST-VAC2 to Cancer Research UK. To accelerate clinical development of AST-VAC2, Asterias has an ongoing partnership with Cancer Research UK and Cancer Research Technology to execute the first clinical trial of AST-VAC2.
• Ita Unibanco Holding S.A. (ITUB) informed that it has entered into a non-binding Memorandum of Understanding with Banco Bradesco S.A. (BBD), Banco do Brasil S.A., Banco Santander S.A. (BSBR) and Caixa Econmica Federal, in order to create a credit intelligence bureau. The CIB will develop a data base aiming to aggregate, reconcile and treat registration data and credit information of individuals and legal entities that expressly authorize their inclusion in such data base as required by applicable law.
• Cytori Therapeutics' (CYTX) licensee, Kerastem Technologies, expanded STYLE, its US phase II clinical trial investigating early stage female and male pattern hair loss. In this expansion, Kerastem has added new trial sites in New York and New Jersey to complement the currently enrolling sites in Los Angeles and Miami.
• xG Technology (XGTI) awarded a new patent covering an innovative method for enabling cognitive radios to rapidly scan for neighboring wireless channels. The patent "Method to Enable Rapid Scanning by Cognitive Radios" describes an approach for simultaneously maintaining both end user Quality of Service levels and the flexibility required in a wireless network.
• CounterPath (CPAH) announced a reseller agreement with IMS Dynamics. As part of its go-to-market strategy for its Enterprise OTT offerings, CounterPath anticipates further channel partnerships to be announced addressing the EMEA and other global markets.

7:57 am Amarin appoints Craig Granowitz, M.D., Ph.D. as Chief Medical Officer (AMRN) : Prior to joining Amarin, Dr. Granowitz was SVP and head of global medical affairs, global human health at Merck (MRK). 

7:52 am Nevsun Resources advises that the Bisha Mine zinc expansion project is on schedule and forecasted total cost will be ~$80 mln, significantly under the budget of $100 mln (NSU) :

• Overall the Project is over 90% complete.
• Primary ore commissioning is planned for mid Q2 2016.
• Commercial production later in 2016.
• The forecasted total cost will be ~$80 mln, significantly under the budget of $100 mln.

7:51 am Xilinx last night also disclosed mgmt benefits in the event of a change of control (XLNX) : Xilinx entered into an amendment to the employment letter agreement between the Company and Moshe Gavrielov, the Company's President and Chief Executive Officer. If the Company terminates Mr. Gavrielov's employment other than for Cause, the consummation of a Change of Control, then subject to a general release signed by Mr. Gavrielov becoming effective, Mr. Gavrielov will receive the following severance benefits: a) twenty-four months of base salary and two years of target bonus, payable in a lump sum; b) 100% accelerated vesting of time-based equity compensation awards, etc... On January 19, 2016, the Company also entered into a Change of Control Agreement with each of its named executive officers:; CFO, and multiple VPs.

XLNX is +8% premarket; stock has been a rumored M&A candidate.

7:47 am Market View: Mar. E-mini stock-index futures see little initial reaction, see slight up-tick on ECB headlines here with price still below fair values (:TECHX) :

• ESh6 now -6.00
• YMh6 now -66
• NQh6 now -11.00

7:37 am Overnight Treasury Summary (BONDX) :

Treasuries Hold Near Multi-Month Highs

• U.S. Treasuries are trading higher this morning ahead of the European Central Bank's rate decision and accompanying press conference. U.S. equity index futures are indicating a lower open for the S&P 500 (-0.38% to 1,852.4) and WTI crude also slipped overnight (-0.92% to $28.09/bbl.). Today's session features jobless claims data and the Philly Fed for January. The U.S. Dollar Index is down 0.03% to 99.06 and Gold is down 0.42% to $1,101.50/troy oz.
  
• Yield Check:
  
  • 2-yr: -1 bp to 0.82%
    
  • 5-yr: -2 bps to 1.39%
  • 10-yr: -2 bps to 1.96%
    
  • 30-yr: -2 bps to 2.74%

• International News:
  
  • The European Central Bank meets this morning and is widely expected to leave the deposit rate unchanged at -0.3% after cutting it by 10 bps at the December meeting. The December meeting also included an extension of the ECB's asset purchase program of six months and a broadening of the range of target securities. Most analysts are expecting further easing at the March meeting
  • Bank of Japan Governor Haruhiko Kuroda said that negative policy interest rates are unlikely and that more monetary easing would more likely come in the form of an expansion in asset purchases
    • The central bank's meeting next week is likely to include a reduction in the inflation forecast
      
    • Japan's All Industries Activity Index fell 1.0% m/m in November, below expectations for a smaller decline. The index fell a downwardly revised 0.9% in October
      
  • The central bank of Brazil kept its main policy rate at 14.25% Wednesday evening in a 6-2 vote. The two dissenters voted to hike the "Selic" rate to 14.75%. Before this week, economists had widely expected a 50 bp hike
    • Federal tax revenue in Brazil was BRL 121.5 bln in December, higher than both expectations and the BRL 95 bln in November
      
  • France's Business Survey index rose less than expected to 102 in January from 101 in December. The December reading was revised down from 103

• Data out Today:
  
  • Initial Jobless Claims for the week ending 1/16 and Continuing Jobless Claims for the week ending 1/9 (08:30 ET)
    
  • January Philadelphia Fed (08:30 ET)
    
  • Natural Gas Inventories for the week ending 1/16 (10:30 ET)
    
  • Crude Inventories for the week ending 1/16 (10:30 ET)
    
• Treasury Auction:
  
  • $15 bln 10-year TIPS auction (results at 13:00 ET)

7:36 am JB Hunt Trans beats by $0.02, reports revs in-line (JBHT) :

• Reports Q4 (Dec) earnings of $1.01 per share, $0.02 better than the Capital IQ Consensus of $0.99; revenues rose 0.7% year/year to $1.62 bln vs the $1.62 bln Capital IQ Consensus.
• Total operating revenue for the current quarter was $1.62 billion, compared with $1.61 billion for the fourth quarter 2014
  • Load growth of 6% in Intermodal (:JBI) was the primary reason for a 1% increase in segment revenue
• Operating income for the current quarter increased to $192.9 million vs. $182.9 million for the fourth quarter 2014
• The increase primarily reflects higher revenue in JBI, DCS and JBT business segments, improved fuel economy and lower maintenance costs on newer equipment, less reliance on third party carriers in JBI and DCS, expanding gross margins in ICS and lower safety and insurance costs in JBT
• These benefits were partially offset by increased rail purchase transportation costs, increased wages paid to drivers, increased costs of recruiting drivers and independent contractors and higher costs of equipment ownership

7:36 am Allergan: FDA has approved the co's supplemental new drug application to update the label for DALVANCE (AGN) :

• Drug now approved for injection, delivers full course therapy as alternative dosing option, reduces need for hospital admission
• Expanded label includes a single dose administered as a 30-minute intravenous infusion of DALVANCE for the treatment of acute bacterial skin & skin structure infections caused by designated susceptible Gram-positive bacteria in adults including infections caused by methicillin-resistant Staphylococcus aureus

Data demonstrated the 1500 mg single dose of DALVANCE achieved its primary endpoint of non-inferiority to the two-dose regimen (10% non-inferiority margin) at 48 to 72 hours after initiation of therapy, as determined by a decrease of >20 percent in lesion area relative to the baseline measurement (81.4% vs. 84.2% for the single-dose vs. the two-dose regimen, respectively), difference was -2.9; 95%

7:36 am Webster Financial reports EPS in-line, revs in-line (WBS) :

• Reports Q4 (Dec) earnings of $0.55 per share, in-line with the Capital IQ Consensus of $0.55; revenues rose 9.0% year/year to $233.69 mln vs the $232.2 mln Capital IQ Consensus.
• Loan growth of $1.8 billion, or 12.8%, with double-digit growth in commercial, commercial real estate and residential mortgage loans.
• "We've now achieved eleven consecutive quarters with the efficiency ratio at or below 60%."

7:35 am United Continental misses by $0.04, reports revs in-line; co will acquire 40 new Boeing 737-700 planes, entering fleet beginning in mid-2017 (UAL) :

• Reports Q4 (Dec) adj. earnings of $2.54 per share, $0.04 worse than the Capital IQ Consensus of $2.58; revenues fell 3.0% year/year to $9.04 bln vs the $9.07 bln Capital IQ Consensus. 
• Q4 PRASM decreased 6.0% and consolidated yield decreased 7.2% YoY.
• Co announced it would take delivery of 40 new Boeing 737-700 aircraft, which will enter the fleet beginning in mid-2017. These aircraft will replace a portion of the capacity currently operated by the company's regional partners, as the company expects to reduce by more than half the number of 50-seat aircraft in its fleet by 2019.

7:33 am PrivateBancorp beats by $0.09, beats on revs; NIM 3.25% vs 3.07% year ago and 3.23% last qtr (PVTB) :

• Reports Q4 (Dec) earnings of $0.65 per share, $0.09 better than the Capital IQ Consensus of $0.56; revenues rose 15.0% year/year to $170.4 mln vs the $163.97 mln Capital IQ Consensus. 
• Fourth quarter 2015 net interest margin benefited from fees recognized on early loan repayments. An improvement in short-term rates during the quarter also contributed modestly to net interest margin.

7:33 am TASER details recent large orders received, including those from baltimore and omaha (TASR) : Link to site. 

7:31 am Home Bancshares beats by $0.01 (HOMB) :

• Reports Q4 (Dec) earnings of $0.56 per share, $0.01 better than the Capital IQ Consensus of $0.55.
• The Company also announced $232.3 million in quarterly organic loan growth during the fourth quarter of 2015 and a core efficiency ratio of 37.86%.
• "As a result of our strong capital position, we are well-positioned during the coming year to continue seeking opportunities to enter new markets or expand our reach in our existing footprints while supporting additional loan growth in our legacy organization."

7:30 am Cleveland Biolabs announces that entolimod has been granted orphan drug status by the EMA for treatment of acute radiation syndrome (CBLI) : CEO states, "We believe entolimod can offer an effective treatment for people who have been exposed to potentially life-threatening radiation as the result of a radiation accident or nuclear attack. We are dedicated to making the drug commercially available for the benefit of Europeans in case of a radiation emergency."

7:23 am European Markets Update: CAC +0.3%, DAX +0.4%, FTSE +0.4% (:SUMRX) :

Major European indices hold modest gains ahead of the latest policy statement from the European Central Bank, which will be released at 7:45 ET. Investors will listen to Mario Draghi's subsequent press conference (8:30 ET), during which the main focus will be how the central bank president frames the continued weakness in commodities, especially oil. For its part, the euro trades near 1.0900 against the dollar, representing little change for the day.

• Economic data was limited:
  • French January Business Survey ticked up to 102 from 101 (expected 103)
  • Spain's trade deficit held at EUR1.90 billion

---Equity Markets---

• France's CAC is higher by 0.3% with roughly half of its components in the green. ArcelorMittal, Renault, Pernod Ricard, and Kering appear among the leaders with gains between 1.3% and 2.5%. On the flip side, Accor has tumbled 4.6% while Societe Generale and BNP Paribas hold respective losses of 0.9% and 0.6%.
• Germany's DAX trades up 0.4% thanks to strength in most names. Bayer leads with a 2.5% gain while Volkswagen, Lufthansa, and Fresenius show gains close to 2.0% apiece. Elsewhere, Deutsche Bank is down 7.3% after warning its upcoming results will show a record annual loss.
• UK's FTSE has climbed 0.4% with Pearson surging 14.5% after the publisher announced plans to cut 4,000 jobs. Miners have also shown relative strength after recent weakness with BHP Billiton, Glencore, Rio Tinto, Antofagasta, and Fresnillo up between 2.2% and 3.6%. On the downside, homebuilders Barratt Developments and Taylor Wimpey hold respective losses of 1.2% and 2.3%.

7:16 am Aviva Canadian unit will acquire RBC General Insurance Company, home/motor insurance business of RBC Insurance (RY unit), for 281 mln; expected to close in the third quarter of 2016 (AV) :

• Aviva Canada will also enter into an exclusive 15 year strategic agreement with RBC Insurance to provide a full range of general insurance products to existing and future RBC Insurance customers. RBC Insurance customers will also benefit from Aviva Canada's expertise in claims, underwriting and new product development.
• Under the agreement, Aviva will pay RBC Insurance 281 mln1, on completion, subject to customary completion adjustments. The transaction will be accretive to Aviva's operating earnings and increase Aviva Canada's annual gross written premiums (:GWP) by approximately 20%2. In 2014, Aviva Canada's GWP was 2.2 bln.

7:10 am Verizon beats by $0.01, reports revs in-line; reaffirms FY16 adj. plateauing at a level comparable to 2015 (VZ) :

• Reports Q4 (Dec) earnings of $0.89 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.88; revenues rose 3.2% year/year to $34.25 bln vs the $34.12 bln Capital IQ Consensus. 
• Wireless:
  • Service revenues plus installment billings increased 1.4%; wireless operating income margin was 28.6 percent, up from 23.5 percent in fourth-quarter 2014.
  • Verizon Wireless reported 1.5 million retail postpaid net additions in fourth-quarter 2015. Verizon added 906,000 4G smartphones to its postpaid customer base in fourth-quarter 2015. Postpaid phone net adds totaled 449,000 as net smartphone adds of 713,000 were partially offset by a net decline of basic phones. Tablet net adds totaled 960,000 in the quarter, and net prepaid devices declined by 157,000.
• Wireline: Consumer revenues were $4.1 billion, an increase of 2.6% YoY. Fios revenues represented 80.4% of the total.
• Co reaffirms guidance for FY16, sees EPS comparable to $3.99, excluding non-recurring items, vs. $3.97 Capital IQ Consensus. Verizon, on a consolidated basis, expects to mitigate 2016 earnings pressures resulting from the sale of high-margin wireline operations to Frontier Communications (FTR)(expected to close at the end of the first quarter), from the continued shift of the wireless customer base to device payment plans and from the ramping of new business models. As previously stated, Verizon expects full-year 2016 adjusted earnings to plateau at a level comparable to its strong full-year 2015 adjusted earnings. Additionally, for 2016, the company expects: Consolidated adjusted EBITDA margin consistent with full-year 2015. Consolidated capital spending of between $17.2 billion and $17.7 billion. This includes ~$150 million for the properties to be sold to Frontier.

7:07 am Emergent BioSolutions details the anticipated executive management team of its planned Biosciences business spin-off company, Aptevo Therapeutics (EBS) : Members of the Aptevo executive management team will be appointed to their positions effective upon completion of the tax-free spin-off of Aptevo, expected to occur in mid-2016. As previously announced, Marvin L. White will serve as Aptevo's Chief Executive Officer upon the expected completion of the spin-off. He will be joined on the executive management team by the following individuals: Jeff Lamothe, SVP and Chief Financial Officer, Scott C. Stromatt, Chief Medical Officer & SVP, Clinical Development & Medical Affairs, Jane Gross, VP, Research and Non-Clinical Development, Mike Adelman, VP, Commercial Operations, Shawnte Mitchell, VP and General Counsel

7:07 am Allergan reports the publication of the positive results of the Phase III trials of VIBERZITM in January 21 issue of The New England Journal of Medicine (AGN) :  

7:05 am NeuroMetrix discloses regulatory approval in China for DPNCheck (NURO) : DPNCheck is now registered as a Class II Medical Device under the Regulations for the Supervision and Administration of Medical Devices of the China Food and Drug Administration. Regulatory approval allows DPNCheck to be marketed in China. The regulatory process was managed by Omron Healthcare (China) Co. Ltd, the Company's exclusive local distributor.

7:04 am PacWest Bancorp beats by $0.01 (PACW) :

• Reports Q4 (Dec) earnings of $0.70 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.69. Return on Assets $1.37% compoared to 1.65% in Q3.
• Return on Average Tangible Equity 13.14% compared to 15.09% in Q3.
• Net Interest Margin 5.22% compared to 5.46% in Q3. The decrease in the NIM was due to lower discount accretion on acquired loans and a higher percentage of average lower-yielding assets in the mix.
• A provision for credit losses of $13.8 million was recorded in the fourth quarter of 2015 compared to $8.7 million in the third quarter of 2015. The fourth quarter provision was comprised of a $15.1 million provision for Non-PCI loans and leases and a negative provision of $1.3 million for PCI loans.

7:04 am Asian Markets Close: Nikkei -2.4%, Hang Seng -1.8%, Shanghai -3.2% (:SUMRX) :

Equity markets across Asia ended the Thursday session on a broadly lower note after failing to hold their early gains. For instance, Japan's Nikkei was up more than 1.5% at the midpoint of its session, but steady selling in the afternoon drove the index lower by 2.4%. Similarly, China's Shanghai Composite flashed a brief gain at the start, but could not hold its ground even though the People's Bank of China injected CNY110 billion through 7-day reverse repurchase agreements and CNY290 billion through 28-day reverse repos.

• In economic data:
  • Japan's All Industry Activity Index -1.0% month-over-month (expected -0.7%; last 0.9%) and Foreign Bonds Buying -JPY375.20 billion (previous JPY323.50 billion)
  • Hong Kong's December CPI +2.5% (previous +2.4%)
  • Australia's November HIA New Home Sales -2.7% month-over-month (prior -3.0%)

---Equity Markets---

• Japan's Nikkei lost 2.4% with all but eleven components ending in the red. Yaskawa Electric, Unitika, Casio Computer, and Honda Motor were among the biggest laggards with losses between 4.6% and 8.0%. On the upside, Sharp spiked 5.8% as the stock tries to break away from a multi-year low.
• Hong Kong's Hang Seng fell 1.8% amid broad weakness. China Resources Beer Holdings tumbled 14.1% after one of its Chinese partners received a downgrade. Property names also struggled notably with Henderson Land, China Overseas, Cheung Kong Property, and Hang Lung Properties falling between 4.4% and 6.1%. Elsewhere, Cathay Pacific Air outperformed, climbing 3.7%.
• China's Shanghai Composite lost 3.2%. Agricultural Bank of China and Bank of China posted respective losses of 0.6% and 1.2% while CITIC Securities fell 4.6% and China State Construction Engineering surrendered 3.3%.
• India's Sensex shed 0.4% with more than half components ending in the red. Maruti Suzuki and Tata Motors lost close to 4.0% apiece while Oil & Natural Gas, Mahindra & Mahindra, and ITC gave up between 0.8% and 2.6%.

---FX---

• USDJPY -0.1% to 116.85
• USDCNY UNCH at 6.5790
• USDINR +0.1% to 68.005

7:04 am AcelRx announces it will present on 1/28 Phase 3 clinical data highlighting safety and efficacy of sublingual sufentanil in outpatient abdominal surgery populations (ACRX) :  

7:03 am Summit Therapeutics receives approval from the UK Medicines and Healthcare products Regulatory Agency and the Research Ethics Committee to initiate a Phase 2 proof of concept clinical trial of SMT C1100 in patients with DMD (SMMT) :

PhaseOut DMD aims to provide proof of concept for SMT C1100 and utrophin modulation through measurements of muscle fat infiltration, as well as measuring utrophin protein and muscle fibre regeneration in muscle biopsies. Summit expects to report data from the first group of patients enrolled in the trial periodically from the second half of 2016 onwards with the first set of 24-week muscle biopsy data expected to be available before the end of 2016.

• The Company expects to submit an investigational new drug application to the FDA to allow PhaseOut DMD to also enrol patients in the US. In addition, the Company is exploring means by which to enrol patients who have participated in previous clinical trials of SMT C1100, but who may not meet the inclusion and exclusion criteria for PhaseOut DMD

7:03 am Sandy Spring Banc beats by $0.08 (SASR) :

• Reports Q4 (Dec) earnings of $0.52 per share, $0.08 better than the Capital IQ Consensus of $0.44.
• Total loans increased 12% compared to the fourth quarter of 2014
• The provision for loan and lease losses for the Q4 2015 was a charge of $1.9 mln compared to a charge of $0.9 mln for the Q4 2014 and a charge of $1.7 mln for Q3 2015
• Total assets grew 6% to $4.7 bln yr/yr

7:03 am TECO Energy: Federal Energy Regulatory Commission has approved Emera's previously-announced acquisition of co; (TE) : The closing of the Acquisition remains subject to certain other regulatory and government approvals, including approval by the New Mexico Public Regulation Commission, compliance with any applicable requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, completion of review by the Committee on Foreign Investment in the United States, and the satisfaction of customary closing conditions.

7:01 am Alkermes announces topline results from two Phase 3 Studies in major depressive disorder - neither study met primary endpoint; additional analyses of FORWARD-4 Provide supportive evidence of efficacy (ALKS) :

• FORWARD-4 tested two dose levels of ALKS 5461 (2mg/2mg and 0.5mg/0.5mg) compared to placebo. 385 patients entered the study. There was a clear trend toward efficacy with the 2mg/2mg dose of ALKS 5461 on the primary endpoint, and post hoc analyses achieved statistical significance for the entire 2mg/2mg dose group on the MADRS endpoint. Based on these analyses, Alkermes believes that FORWARD-4 provides supportive evidence of the efficacy of ALKS 5461 in the treatment of major depressive disorder.
• FORWARD-3 tested ALKS 5461 (2mg/2mg) compared to placebo. 429 patients entered the study. Placebo response was greater than that observed in FORWARD-4 and no treatment effect of ALKS 5461 was observed. Negative trials due to significant placebo effect are not uncommon in the study of major depressive disorder.
• FORWARD-5, the third pivotal efficacy study in the FORWARD program, is ongoing, testing two dose levels of ALKS 5461 (2mg/2mg and 1mg/1mg). FORWARD-5 shares common design and analysis features with FORWARD-4. Based on information gained from FORWARD-3 and FORWARD-4, patient enrollment in FORWARD-5 will be increased and the statistical analysis plan will be updated. Alkermes will provide an update later this quarter on the projected timing of completion of FORWARD-5. In the case of a clear positive outcome for FORWARD-5, Alkermes believes that the evidence provided by it and the previously completed successful, randomized, placebo-controlled phase 2 study, together with supportive evidence from FORWARD-4, collectively could provide substantial evidence of efficacy for ALKS 5461 for the adjunctive treatment of MDD. In that case, Alkermes would request a meeting with the U.S. Food and Drug Administration's (:FDA) Division of Psychiatric Products to discuss the regulatory path for this Fast Track designated medicine.

7:01 am vTv Therapeutics initiates Phase 2 trial evaluating TTP273 for the treatment of type 2 Diabetes; Topline results are expected at the end of 2016 (VTVT) : Study's primary endpoint is change in baseline in HbA1c at 3 months, with secondary endpoints including body weight, plasma glucose, lipids insulin, lactate, C-peptide, glucagon and GLP.

7:00 am Opus Bank has entered into a marketing and referral agreement with OnDeck (ONDK) (OPB) :

• Entering into this arrangement allows Opus to offer a complete solution to those small businesses that are looking for financing up to $500,000, including a range of term loans and lines of credit powered by a streamlined application process and fast access to the funds

7:00 am Travelers beats by $0.24, reports revs in-line (TRV) :

• Reports Q4 (Dec) earnings of $2.90 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $2.66; revenues rose 0.7% year/year to $6.02 bln vs the $6.07 bln Capital IQ Consensus. 
• Fourth quarter consolidated combined ratio of 86.6% reflected strong underwriting results in each business segment.
• Book value per share of $79.75 and adjusted book value per share of $75.39 increased 3% and 6%, respectively, from year-end 2014.

6:59 am Huntington Banc misses by $0.01 (HBAN) :

• Reports Q4 (Dec) earnings of $0.21 per share, $0.01 worse than the Capital IQ Consensus of $0.22.
• $2.7 billion, or 6%, increase in average loans and leases, primarily driven by a $1.3 billion, or 7%, increase in Commercial and Industrial loans and a $0.8 billion, or 9%, increase in automobile loans.
• Net interest margin of 3.09%, a decrease of 9 basis points.
• Net charge-offs represented 0.18% of average loans and leases, down from 0.20%.
• Overall asset quality remains strong, with modest volatility based on the absolute low level of problem credits. Nonaccrual loans and leases (NALs) increased $71 million, or 24%, from the year-ago quarter to $372 million, or 0.74% of total loans and leases. The increase was primarily centered in the Commercial portfolio and was primarily comprised of several large energy-related relationships. Nonperforming assets (NPAs) increased $61 million, or 18%, from the year-ago quarter to $399 million, or 0.79% of total loans and leases and net OREO. NALs increased $15 million, or 4%, from the prior quarter, while NPAs increased $18 million, or 5%, from the prior quarter.
• The provision for credit losses increased to $36 million in the 2015 fourth quarter compared to $2 million in the 2014 fourth quarter.

6:57 am On The Wires (:WIRES) :

• General Motors (GM) announced its next step in redefining personal mobility with a new car-sharing service called Maven, which combines and expands the company's multiple programs under one single brand. Maven's mission is to give customers access to highly personalized, on-demand mobility services. The global Maven team includes more than 40 dedicated employees from the connected car technology industry as well as ride- and car-sharing professionals from Google, Zipcar and Sidecar. (UBER, HTZ, CAR)
• Lombard Medical's (EVAR) Altura Endograft System for AAA repair will be featured in a live clinical case presentation for the first time at the Leipzig Interventional Course being held at the Trade Fair Leipzig on January 26-29. In addition, both of its endovascular stent grafts, Aorfix and Altura, will be featured in scientific presentations.
• InterOil (IOC) was advised by Total E&P PNG (TOT) that the second planned extended well test has commenced at Antelope-5. IOC has also been advised by Total that Antelope-6 appraisal well, located 2km east-south-east to the Antelope-3 well was preparing to drill ahead at 1,120 meters (3,674 feet) true vertical depth sub-sea. The PRL15 joint venturers are discussing an additional appraisal well to the west of Antelope-5. The decision whether to drill a further appraisal well will follow the evaluation of the Antelope-6 appraisal well and the results of the latest flow test at Antelope-5.

6:57 am Endeavour Silver reports updated NI 43-101 silver and gold reserve/resource estimates for its three producing mines in Mexico (EXK) :

• Silver proven and probable reserves were flat at 12.0 million ounces
• Gold proven and probable reserves were flat at 110,800 oz
• Silver measured and indicated resources increased 7% to 69.8 million oz
• Gold measured and indicated resources decreased 19% to 539,500 oz

Management used a US$1,150 per oz gold price and US$16 per oz silver price to reflect the near-term outlook rather than trailing prices used in previous years

Co Estimates for Dec 31 2015/2016

• Silver/gold proven and probable reserves of 2,111,100 tonnes
• Silver/gold measured and indicated resources of 9,465,150 tonnes
• Exploration programs continued to deliver solid drill results in 2015 even with a reduced budget due to lower metal prices, deep drilling at Terronera intersected the highest grades yet on the property, and surface sampling of several other veins identified multiple new high grade drill targets for 2016

6:57 am PPG Industries beats by $0.01, misses on revs (PPG) :

• Reports Q4 (Dec) earnings of $1.23 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.22; revenues fell 0.3% year/year to $3.7 bln vs the $3.76 bln Capital IQ Consensus. Net sales in local currencies grew 7% year-over-year, with acquisition-related sales adding 5% and sales volume growth contributing nearly 2%. Unfavorable foreign currency translation impacted net sales by 7%, or about $250 million.
• PPG reiterated today that it is on pace to deploy $2.0 billion to $2.5 billion of cash, in years 2015 and 2016 combined, on acquisitions and share repurchases.
• "While overall global economic demand remained mixed in the quarter, our sales volumes grew about 2%, which is our highest year-over-year volume growth in any quarter of 2015. "This solid volume growth stemmed from our ability to continue to grow share of wallet through customers' adoption of new or leading PPG technologies. In addition, we benefited from broadening improvement in European demand, as our volumes in this region steadily improved each quarter during the year. We also returned to a solid mid-single-digit%age growth rate in Asia, while in the Americas results were mixed by country but consistent with the prior year."
• "Economic expansion in North America is likely to continue at a modest pace, comparable to this past year, supported by multiple sectors."

6:50 am BankUnited beats by $0.04 (BKU) :

• Reports Q4 (Dec) earnings of $0.52 per share, $0.04 better than the Capital IQ Consensus of $0.48. 
• New loans and leases, including equipment under operating lease, grew by $1.3 billion during the fourth quarter of 2015.
• The Company's net interest margin, calculated on a tax-equivalent basis, was 3.94% for the quarter ended December 31, 2015 compared to 4.26% for the quarter ended December 31, 2014.
• Tangible book $20.90.

6:50 am MGIC Investment misses by $0.04, reports revs in-line; co will revise premium rate cards and expects new rate structure will generate comparable returns (MTG) :

• Reports Q4 (Dec) earnings of $0.26 per share, $0.04 worse than the Capital IQ Consensus of $0.30; revenues rose 7.3% year/year to $257.9 mln vs the $258.1 mln Capital IQ Consensus.
• Net premiums written for the quarter were $241.1 million, compared with $227.7 million for the same period last year.
• "We will be revising our premium rate cards and expect that the new premium rate structure will generate comparable returns across the spectrum of loans we insure. Importantly we expect that the revised rates will result in life-time after tax returns that are consistent with, not lower than, the mid-teens returns we expect to earn after considering reinsurance. The revisions will also reflect the associated capital charges of PMIERs and the current marketplace dynamics. As a result of these changes we expect to write modestly less business than we did in 2015, however, we expect modest growth in the insurance in force portfolio. Further we anticipate that the number of new notices, claims paid and delinquent inventory should continue to decline and we are well positioned to provide credit enhancement and low down payment solutions to lenders, GSEs and borrowers, now, and in the future."

6:48 am MEDNAX to acquire private co West End Anesthesia Group, all cash, immediately accretive to earnings; terms not disclosed (MD) :

• West End Anesthesia provides exclusive anesthesia services to St. Mary's Hospital, a 391 bed community hospital and Memorial Regional Medical Center, a 234 bed community hospital

6:40 am Avon Products reaffirms full-year 2015 outlook ahead of its Investor Day today (AVP) :

• In 2015, Avon made progress against its full-year objectives in-line with its previously stated outlook. Including the results of North America, Avon's full-year 2015 constant-dollar revenue is expected to be flat as compared with the prior year. As announced on December 17, 2015, the Company intends to separate its North American business. As a result, North America will be reported as discontinued operations for all periods.
• Excluding the results of North America, expects full-year 2015 results to include: Total revenue of ~$6 bln; Constant dollar revenue growth of 2% (decline of 19% in reported dollars), which was negatively impacted by ~1 point from the Liz Earle divestiture; and Growth in Active Representatives of 1%.

6:38 am Leju Holdings sees Q4 revs $170-180 mln vs $201.18 mln Capital IQ Consensus, reflecting lower-than-expected coupon sales and redemptions for real estate e-commerce services for Q4 (LEJU) :  

6:37 am BNY Mellon beats by $0.04, reports revs in-line (BK) :

Reports Q4 (Dec) earnings of $0.68 per share, $0.04 better than the Capital IQ Consensus of $0.64; revenues rose 1.0% year/year to $3.73 bln vs the $3.75 bln Capital IQ Consensus.

• "Our results in 2015 demonstrated that our strategic plan has positioned us well to perform in all operating environments. Even with geopolitical instability, emerging market weakness, higher regulatory compliance requirements and low interest rates, we executed on our strategic priorities and focused on what was within our control. For full-year 2015, our earnings per share increased by 19 percent on an adjusted basis as we generated more than 400 basis points of positive operating leverage and achieved a return on tangible common equity of 21 percent. Importantly, we are on track to achieve our three-year goals,"
• AUC/A of $28.9 trillion, increased 1% reflecting net new business, partially offset by the unfavorable impact of a stronger U.S. dollar and lower market values.
  Estimated new AUC/A wins in Asset Servicing of $49 billion in 4Q15.

6:36 am InSteel Industries beats by $0.01, misses on revs (IIIN) :

• Reports Q1 (Dec) earnings of $0.36 per share, $0.01 better than the two analyst estimate of $0.35; revenues fell 16.5% year/year to $92.4 mln vs the $103.24 mln two analyst estimate.
• Insteel's first-quarter results were favorably impacted by higher spreads between selling prices and raw material costs relative to the prior year quarter, which were partially offset by the decrease in shipments.
• "As we move into the second fiscal quarter, we expect that our results will be affected by the usual seasonal slowdown in construction activity in most of our markets related to winter weather conditions," commented H.O. Woltz III, Insteel's president and CEO.
• "Looking ahead to the remainder of fiscal 2016, we anticipate improved demand for our concrete reinforcing products driven by the gradual recovery in nonresidential construction. We also expect to benefit from the recent passage of a five-year federal highway spending bill, which provides a higher degree of funding certainty for states and municipalities that should translate into increased infrastructure construction in the coming years."

6:34 am KeyCorp reports Q4 (Dec) results, revs in-line (KEY) :

• Reports Q4 (Dec) earnings of $0.27 per share, including $0.01 merger-related costs and a pension settlement charge, may not be comparable to the Capital IQ Consensus of $0.28; revenues rose 1.6% year/year to $1.09 bln vs the $1.09 bln Capital IQ Consensus.
• During the fourth quarter of 2015, Key incurred merger-related costs and a pension settlement charge totaling $10 million, or $.01 per common share.
• Average loans up 5% YoY, driven by 14% growth in commercial, financial and agricultural loans.
• Average deposits, excluding deposits in foreign office, up 3% YoY, due to strength in the commercial mortgage servicing business and inflows from commercial and consumer clients.

6:31 am Unwired Planet wins German cellular patent infringement case against Samsung (SSNLF), LG Electronics and Huawei (UPIP) : Dsseldorf District Court in Germany issued its judgments that cell phone and infrastructure manufacturers Samsung, LG Electronics and Huawei each infringe multiple Unwired Planet patents.

6:31 am Spectrum Brands names David Maura Executive Chairman of its Board (SPB) :  

6:30 am TreeHouse Foods prices its underwritten public offering of 11,538,461 shares of common stock at $65/share (THS) :  

6:29 am Southwest Air reports EPS in-line, revs in-line; sees Q1 RASM flat YoY (LUV) :

• Reports Q4 (Dec) earnings of $0.90 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.90; revenues rose 7.5% year/year to $4.98 bln vs the $5 bln Capital IQ Consensus, largely driven by fourth quarter 2015 passenger revenues of $4.6 billion.
• Operating unit revenues (:RASM) decreased 0.7 percent, on an 8.3 percent increase in available seat miles, as compared with fourth quarter 2014.
• Based on current trends, the co expects its Q1 RASM to be in line with its first quarter 2015 RASM. 
• "We generated strong free cash flow of $1.1 billion in 2015, allowing us to return $1.4 billion to Shareholders. Based on our current outlook, we expect strong free cash flow to continue in 2016 and intend to repurchase an additional $500 million of Southwest common stock under an accelerated share repurchase program, which will be launched soon."

6:22 am Alaska Air beats by $0.05, reports revs in-line; raises dividend 38%; guides Q1, FY16 (ALK) :

• Reports Q4 (Dec) adj. earnings of $1.46 per share, $0.05 better than the Capital IQ Consensus of $1.41; revenues rose 5.4% year/year to $1.38 bln vs the $1.38 bln Capital IQ Consensus. 
• PRASM -6.6%.
• Guidance: Sees Q1 capacity (ASM) +13.5%, FY16 +8%; cost per ASM -1.5% Q1, -1% FY16; 42% of FY16 fuel hedged at $68/barrel.
• Announced a 38% increase in the quarterly dividend, from $0.20 per share to $0.275 per share in January 2016. This is the third time the company has raised the dividend since initiating the quarterly dividend in July 2013, with a cumulative increase of 175% since that time.

6:17 am Sonic Automotive increases the dollar amount authorized for its share repurchase program, discloses repurchase of ~$16.9 mln of shares in a block purchase yesterday (SAH) : On January 18, 2016, the Board increased the dollar amount authorized for the Company to repurchase shares of its Class A common stock pursuant to its previously announced share repurchase program. On January 20, 2016, the Company repurchased approximately $16.9 million of its Class A common stock in a block purchase. Following such purchase, approximately $82.4 million remained authorized for repurchases under the Company's share repurchase program.

6:15 am Tuniu announces a range of strategic initiatives aimed at enhancing its hotel booking, themed tours, and air ticketing business units. (TOUR) : In order to capitalize on the growth opportunities in these travel segments, scale product offerings and enrich the travel experience for customers, Tuniu will offer open platforms to third party travel service providers. This will enable third party providers to promote their hotel booking and air ticketing offerings, launch complementary travel services that bundle hotel booking and air ticketing, and expand and develop themed tours on Tuniu's integrated platform.

6:15 am Community Bank misses by $0.03, beats on revs (CBU) :

• Reports Q4 (Dec) earnings of $0.56 per share, excluding $0.09 in acquisition expense, $0.03 worse than the Capital IQ Consensus of $0.59; revenues rose 7% year/year to $98.1 mln vs the $96.31 mln Capital IQ Consensus. 
• Average loan balances grew $235.9 million, or 5.6%, and average loan yields remained stable at 4.43% year-over-year, resulting in a $2.4 million increase in quarterly loan interest income.
• The Company's asset quality metrics continue to be favorable and stable and illustrate the long-term effectiveness of the Company's disciplined risk management and underwriting standards.

6:12 am G. Willi Food terminates Co-Presidents Zwi Williger and Joseph Williger (WILC) :  

6:11 am Cypress Semi reaffirms Q4/FY15 guidance; confirms previously announced buy back to commence Jan 22 (CY) :

• Co reaffirms guidance for Q4 (Dec), sees EPS of $0.11-0.15 vs. $0.12 Capital IQ Consensus Estimate; sees Q4 (Dec) revs of $430-460 mln vs. $445.25 mln Capital IQ Consensus Estimate.
• Additionally, Cypress confirmed its previously announced stock repurchase program for shares of its common stock.
  • The program allows Cypress to purchase up to $450 million and will open its trading window at the beginning of market on Friday, January 22

6:09 am Engility lowers FY15 GAAP operating cash flow guidance, offers light FY16 guidance (EGL) :

The co announced that it sees FY16 EPS of $1.0-1.15 vs $2.43 Capital IQ Consensus Estimate, revs of $2.0-2.15 bln vs $2.26 bln Capital IQ Consensus Estimate. In addition, the co reaffirmed its FY15 rev, EPS, and Adj-EBITDA guidance, but lowered its GAAP operating cash flow guidance to $45-55 mln (from $65-75 mln) due to temporary delays of year-end payments from its customers. These payments are expected to be received during the first quarter of 2016. The Company also announced its intent to invest a material portion of the
synergy savings from the successful integration of its TASC acquisition to drive long-term organic growth.

• "Our fiscal year 2016 guidance reflects the continued impact from legacy contracts that are ending and reduced in-theater work. Fortunately, the adverse impact from these items is subsiding. Given the stabilization in our business and the market as a result of the recent two-year Federal budget agreement, we believe there is no better strategy than to invest more in our company with the expectation of organic growth in fiscal year 2017 and beyond. Our recent acquisitions have provided us with the right scale, broader portfolio and cost-efficient structure necessary to pursue and win more large opportunities. We expect that these opportunities, combined with our internal investments, more competitive bid rates, newly diversified customer base and capabilities, and improving industry conditions, will fuel our future organic growth."

6:07 am Amaya sees FY15 EPS and revs at upper end of prior guidance (AYA) :

• Co reaffirms guidance for FY15 (Dec), sees EPS of upper end of prior guidance of CAD1.66-1.75 vs. C$1.75 Capital IQ Consensus Estimate; sees FY15 (Dec) revs of upper end of prior guidance of CAD1.289-1.339 bln vs. C$1.32 bln Capital IQ Consensus Estimate.
  • Co sees Adjusted Net Leverage Ratio to fall within the lower end of the previously announced guidance range.

6:02 am Fairchild Semi: ON Semiconductor (ON) extends tender offer to acquire Fairchild (FCS) :

• Offer will now expire one minute following 11:59 p.m., New York City time, on February 3 2016, unless further extended

6:00 am Total S.A. will transfer a 20% interest with operatorship to Zarubezhneft to adjust its participation in the Kharyaga Production Sharing Agreement (TOT) : Total and Zarubezhneft have agreed to adjust their participation in the Kharyaga Production Sharing Agreement whereby Total will transfer a 20% interest together with operatorship to Zarubezhneft. Following the completion of the transaction Total will retain a 20% interest in Kharyaga alongside Zarubezhneft (40%, operator), Statoil (STO)(30%) and Nenets Oil Company (10%). The transaction is subject to the approval of the Russian authorities.

6:00 am BB&T Corp misses by $0.04, misses on revs (BBT) :

• Reports Q4 (Dec) earnings of $0.68 per share, excluding merger-related and restructuring items, $0.04 worse than the Capital IQ Consensus of $0.72; revenues rose 6.9% year/year to $2.56 bln vs the $2.59 bln Capital IQ Consensus.
• Net interest margin was 3.35%, flat compared to the prior quarter
• Average loans and leases held for investment increased $4.3 billion compared to the third quarter of 2015; annualized growth of approximately 2.0% excluding acquisitions
• Capital levels
  • Common equity tier 1 to risk-weighted assets was 10.2%, or 10.0% on a fully phased-in basis
  • Tier 1 risk-based capital was 11.8%
  • Total capital was 14.2%
  • Leverage capital was 9.8%
  • Tangible common equity to tangible assets was 7.7%

5:55 am S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -15.30. :

5:55 am European Markets : FTSE...5700.59...+27.00...+0.50%.  DAX...9453.87...+62.20...+0.70%.

5:55 am Asian Markets : Nikkei...16017...-398.90...-2.40%.  Hang Seng...18542...-344.20...-1.80%.

5:54 am Shanghai...-3.23% (FXI) :  

5:39 am Sarepta Therapeutics: The FDA delays Friday's AdComm meeting for eteplirsen due to inclement weather forecasted for the Washington, DC area (SRPT) :

A future meeting date will be announced in the Federal Register... FDA Announcement

• Sarepta confirmed the delay and also said that in the event of a change in the February 26, 2016 PDUFA date, it will provide an update at that time.

5:33 am Signature Bank beats by $0.08 (SBNY) :

• Reports Q4 (Dec) earnings of $2.01 per share, $0.08 better than the Capital IQ Consensus of $1.93.
• Deposits in the Fourth Quarter Rose $162.6 Million to $26.77 Billion. Core Deposits Up $627.4 Million and Average Deposits Increased $1.00 Billion, or 3.8%, in the 2015 Fourth Quarter.
• Q4 Net Interest Margin was 3.30% vs 3.22% last qtr and 3.23% yr ago. Core Net Interest Margin +4bps to 3.15% for the 2015 Fourth Quarter, Compared with 3.11% for the 2015 Third Quarter.
• Tier 1 Leverage, Common Equity Tier 1 Risk-Based, Tier 1 Risk-Based and Total Risk-Based Capital Ratios were 8.87%, 11.33%, 11.33% and 12.10%, Respectively, at Dec 31, 2015.
  

5:30 am Logitech Intl SA beats by $0.13, misses on revs; raises FY16 outlook (LOGI) :

• Reports Q3 (Dec) earnings of $0.41 per share, $0.13 better than the Capital IQ Consensus of $0.28; revenues fell 2.1% year/year to $621 mln vs the $627.59 mln Capital IQ Consensus.
• Outlook raised
  • Logitech increased its profitability outlook for Fiscal Year 2016 to ~$170 million in non-GAAP operating income from $150 million, which included Lifesize.
  • The Company also increased its outlook for retail sales to 7 to 9% growth in constant currency, up from 7%.
    

5:11 am On The Wires (:WIRES) :

• Medidata (MDSO) and Korean biopharmaceutical company Celltrion announced that the Seoul-based organization has adopted Medidata's industry-leading technology platform. 
• Markit (MRKT) announced that HSBC has transferred the ALBI, ADBI and AHBI indices to the Markit's iBoxx family of indices. Financial terms were not disclosed.
• Hilton Worldwide (HLT) has expanded its footprint to 100 countries and territories around the world by raising the Hilton flag at the Hilton N'Djamena in Chad.
• Apple (AAPL) announced the creation of Europe's first iOS App Development Center in Italy, to give students practical skills and training on developing iOS apps for the world's most innovative and vibrant app ecosystem.
• Argus Cyber Security announced they will partner with Check Point Software Technologies (CHKP), the largest pure-play security vendor globally, to dramatically reduce threats and risks for connected cars

4:43 am Adecco completes its EUR250 mln stock repurchase program launched in November 2014 (AHEXY) :  

4:33 am Chipmos Technology's Bermuda and Taiwan units to merge; ChipMOS Taiwan becoming the surviving company (IMOS) :

Co announced that both the Board of Directors of the Company and the Board of Directors of its 58.3% owned subsidiary ChipMOS TECHNOLOGIES have approved the merger of ChipMOS with and into ChipMOS Taiwan, with ChipMOS Taiwan becoming the surviving company.

• Under the agreement, ChipMOS shareholders will receive $3.71 in cash, without interest, and 0.9355 American Depository Shares representing 18.71 shares of ChipMOS Taiwan
• On closing of the merger, all common shares of ChipMOS and shares of ChipMOS Taiwan currently held by ChipMOS will be cancelled.

4:24 am Gold Standard Ventures reports intersection of 157.0m of 1.51 g Au/t at RC (GSV) :

Co announced assay results from DS15-13, a Phase 2 core hole drilled to twin reverse-circulation (:RC) hole DS15-11 at the recently discovered North Dark Star oxide gold deposit on its 100%-owned/controlled Railroad-Pinion Project in Nevada's Carlin Trend.

• DS15-13 returned multiple, significant, oxidized intercepts containing gold values above the cut-off grade of 0.14 g Au/t

4:17 am Owens Corning to acquire Ahlstrom's glass non-wovens and fabrics businesses for $79.5 mln (OC) :

Owens Corning announced that it has signed an agreement to acquire the glass non-wovens and fabrics businesses of Ahlstrom, a fiber-based materials company headquartered in Helsinki, Finland, for 73 million ($79.5 million). The transaction, which is subject to regulatory approvals, is anticipated to close in the first half of 2016.

• Collectively, the facilities employ approximately 260 people and reported 2014 sales of 77 million ($85 million).

3:44 am Marine Harvest reports Q4 trading update (MHG) :

Reports Q4 Operational EBIT for the Group was ~NOK 850 million in Q4 2015 (NOK 1,032 million in Q4 2014).

• Start-up costs at the Rosyth processing plant in Scotland have been higher than previously expected and have as such impacted results negatively by approximately NOK 70 million in Q4 2015.
• Reported net interest bearing debt (:NIBD) was ~NOK 9.6 billion at the end of the quarter.
• Total Harvest volumes for Q4 was 110K tons

3:32 am Pengrowth Energy provides operational update, Cap-ex projection and suspends dividend (PGH) :

Co announced its 2016 capital expenditure plans and suspension of its dividend.

• Capex - Co approved a $60 to $70 million capital budget for 2016
  • Expected to generate annual average production of between 59,000 and 61,000 barrels of oil equivalent per day
  • The 2016 capital budget will focus on maintenance initiatives and does not contemplate a drilling program.
• Dividend - As a result of the continued weakness in oil and gas prices, coupled with the near term outlook for prices, the Board of Directors has suspended the quarterly dividend. No cash dividend will be paid for the first quarter of 2016.
• 2015 Operational performance - Co delivered strong operational performance in 2015 with average annual production coming in at 71,409 boe/d, which was at the high end of guidance of 70,000 boe/d to 72,000 boe/d.
  • Average production for 2015 includes the impact of the 2015 disposition program with December production of approximately 63,100 boe/d.
  • The Company's cost reduction efforts in 2015 resulted in full-year operating expenses of $14.28/boe, well below guidance of $15.50/boe to $16.50/boe, due in part to $15 million of one-time prior period cost recoveries.
    

3:29 am Great Basin Scientific prices all remaining Series C warrants to shares of its common stock (GBSN) :

• Unexercised Series C warrant will automatically convert into 11.18 shares of Great Basin common stock or to a pre-funded right to acquire 11.18 of shares of Great Basin common stock or a combination thereof. Upon conversion of the remaining Series C Warrants, Great Basin will have approximately 75.5 million shares of common stock outstanding

3:19 am CenterPoint raises quarterly dividend by 4% to $0.2575 per share (from $0.2475 per share prior) (CNP) :  

3:02 am Rowan Cos updates fleet status; awarded a 300-day estimated contract with BP (BP) in Trinidad (RDC) :

Co announces a report of drilling rig status and contract information has been released

• Co was awarded a 300-day estimated contract with BP in Trinidad at a dayrate of $157K commencing around August 1, following scheduled time in the shipyard.
• No operational downtime is included in projected out-of-service days, but the Company estimates jack-up operational downtime to account for approximately 2.5% of in-service days in current and future quarters. Rowan continues to expect drillship operational downtime to be approximately 5% after a break-in period of approximately six months up to one year (during which drillship operational downtime will likely be higher).
  

2:59 am Altisource Residential confirms Shareholders Group has nominated 3 candidates to stand for election to the Company's Board of Directors; No stockholder action required at this time (RESI) : Co confirms that RESI Shareholders Group, a group purporting to have aggregate ownership of ~ 3% of the Company's outstanding shares, has nominated three candidates to stand for election to the Company's Board of Directors at the 2016 Annual Meeting of Stockholders

2:58 am First Ind. Rlty CEO to retire by year-end, appointed Chairman of the Board (FR) :

Co announces that President and Chief Executive Officer Bruce Duncan plans to retire by year-end 2016 as part of an orderly leadership transition.

• The board of directors will conduct a process to choose Duncan's successor and will consider internal and external candidates for the position.

2:56 am Denbury Resources terminates exchange offering for Senior Notes due 2022 (DNR) : Co announced it terminated its private offers to holders of its outstanding 6% Senior Subordinated Notes due 2021, 5% Senior Subordinated Notes due 2022, and 4?% Senior Subordinated Notes due 2023 to exchange a portion of their Old Notes for newly issued 7% Senior Notes due May 15, 2022

2:52 am First American Financial raises quarterly dividend by 4% to $0.26/share from $0.25/share (FAF) :  

1:50 am ACI Worldwide divests its Community Financial Services Business to Fiserv (FISV) (ACIW) :

ACI Worldwide (ACIW) announced a definitive agreement in which ACI will sell its Community Financial Services business to Fiserv (FISV)

• Fiserv, an ACI partner and customer, will acquire this business for $200M in cash. The transaction includes employees and customer contracts as well as technology assets and intellectual property.
• This move is aligned with ACI's UP strategy and vision to become the leading provider of software products and SaaS-based solutions facilitating real-time electronic and eCommerce payments for large financial institutions and enablers, retailers and billers worldwide.

1:42 am Ballard Power receives follow-on order from Nisshinbo (BLDP) :

• Co announces that it has received a follow-on purchase order from Nisshinbo Holdings for a further phase of a Technology Solutions program related to the development of a catalyst technology intended to reduce the cost of certain proton exchange membrane fuel cells.