6:20PM Arch Coal announces pricing of $350 mln senior secured second lien notes offering (ACI) 4.15 -0.16 : Co announced the pricing of $350 million aggregate principal amount of its 8.000% Senior Secured Second Lien Notes due 2019 at an issue price of 100% of principal amount. The offering was upsized to $350 million from the previously announced $300 million due to strong demand. Arch intends to use the net proceeds from the offering of the 2019 Notes, together with the net proceeds of a Term Loan B facility it expects to complete substantially concurrently with the closing of the offering of 2019 Notes and cash on hand, to fund the purchase of any and all of its outstanding 8.750% Senior Notes due 2016 in its previously announced tender offer and consent solicitation and the redemption of any of the 2016 Notes that remain outstanding if Arch purchases less than all of the outstanding 2016 Notes in the Tender Offer.
6:17PM Edison increases quarterly dividend 5.2% to $0.355 from $0.3375 per share (EIX) 45.45 +0.22 :
6:16PM MacQuarie Infrastructure announces pricing of public offering of ~2.13 mln interests at $52.50 per share (MIC) 52.66 -1.25 : Co announced today the pricing of an underwritten public offering of 2,125,200 LLC interests ("shares") at a price to the public of $52.50 per share. The size of the offering has been increased from 1,932,000 shares to 2,125,200 shares. The Company expects to use the net proceeds from the offering, together with cash on hand and a draw on a credit facility at its Atlantic Aviation subsidiary, to fund the acquisition by Atlantic Aviation of certain of the assets of Galaxy Aviation including five fixed base operations located in Florida and Colorado. Barclays and Macquarie Capital are acting as joint book-running managers for the offering and acted as financial advisors to the Company in connection with the Galaxy acquisition.
6:12PM Harvest Natural announces notice of redemption of 11% senior notes (HNR) 3.62 0.00 : Co announced that it has provided to its noteholders a notice of redemption of all of its outstanding 11% Senior Notes due 2014. In accordance with the indenture governing the notes, they will be redeemed for 100% of their principal amount, currently $79,750,000, plus accrued and unpaid interest as of the redemption date. The redemption date is January 11, 2014. As permitted by the indenture, the redemption is conditioned on the successful completion of previously announced negotiations and definitive documents for a transaction under which Harvest would sell its interests in Harvest's Venezuelan assets in two separate transactions, and the successful closing of the first transaction.
6:09PM Rent-A-Center increases quarterly dividend 9.5% to $0.23 from $0.21 per share (RCII) 33.63 -0.14 :
6:01PM BlackBerry extends purchase option deadline for additional convertible debentures (BBRY) 5.91 -0.06 : Co announced that it has agreed with Fairfax Financial Holdings Limited and the holders of a requisite majority of the US$1 billion of convertible debentures issued by BlackBerry on November 13, 2013 that the previously-announced investor option to purchase up to an additional US$250 million principal amount of convertible debentures has been extended to January 13, 2014. If the option is exercised, the purchase of the additional convertible debentures will be completed on or before January 16, 2014.
6:00PM Myriad Genetics reports myRisk Hereditary Cancer test improves detection of women at risk for hereditary cancer by 51% (MYGN) 24.25 +0.21 : Co presented clinical data at the 2013 San Antonio Breast Cancer Symposium that showed the myRisk Hereditary Cancer test found 51 percent more patients with a higher risk of hereditary breast and ovarian cancer than did testing for the BRCA1 and BRCA2 genes alone. myRisk is a new diagnostic test that uses next-generation sequencing technology to evaluate 25 genes associated with eight major hereditary cancers including: breast, colorectal, ovarian, endometrial, pancreatic, prostate, gastric and melanoma.
5:41PM Concho Resources responds to sever winter weather impact on operations; expected to cause 2013 annual production to fall near the low end of its guidance range (CXO) 99.78 +1.66 : Co announced that the combined effect of two severe winter storms across the Permian Basin in late November and early December significantly impacted the Company's production. The Company experienced widespread power outages and considerable icing across all three of its core areas (New Mexico Shelf, Delaware Basin and Texas Permian). The impact of the severe winter weather was not included in Concho's 2013 annual production guidance, as described in the Company's earnings release on November 6, 2013. The Company does not plan to adjust its production guidance; however, the unexpected impact of the severe winter storms is expected to cause 2013 annual production to fall near the low end of its guidance range. In addition, Concho is pleased to report that the rig count additions associated with its accelerated growth plan are ahead of schedule. The Company is now running 24 rigs, of which 20 are drilling horizontally. Concho expects to add at least two additional horizontal rigs before the end of the year.
5:37PM Quest Diagnostics reaffirms FY13 rev guidance; raises FY13 adjusted EPS guidance to $3.90-3.95 (from $3.85-3.95) vs $3.90 Capital IQ Consensus Estimate (DGX) 53.81 -1.39 : Co updated its estimates for full-year 2013 revenues and adjusted diluted earnings per share, on a continuing operations basis and before special items. The company previously updated its full-year 2013 guidance on October 17, 2013. For the full-year 2013, the company expects:
5:36PM BioSpecifics Tech announces board authorization of up to $2 mln stock repurchase program (BSTC) 21.47 -0.38 : Co announced that its Board of Directors has reauthorized the stock repurchase program under which BioSpecifics is authorized to repurchase up to $2 million of its outstanding common stock. As of November 7, 2013, BioSpecifics had 6,337,968 shares of common stock outstanding.
5:32PM Johnson & Johnson: FDA issues Complete Response letter for canagliflozin/metformin fixed-dose combination therapy for type 2 diabetes (JNJ) 91.16 -1.95 : Janssen Research & Development, LLC (Janssen) today announced it has received from the U.S. Food and Drug Administration (FDA) a complete response letter regarding its New Drug Application (NDA) for a fixed-dose combination (FDC) of canagliflozin and immediate-release metformin to treat adults with type 2 diabetes. The complete response letter related to the NDA requested additional information to support the comparability of the twice-daily dosing regimen of canagliflozin -- as part of the canagliflozin and metformin FDC -- and the once-daily dosing of canagliflozin as a single agent. Janssen believes it can supply this information based on available clinical data from the comprehensive Phase 3 clinical development program for canagliflozin. Janssen Research & Development, LLC and Janssen Pharmaceuticals, Inc. are part of the Janssen Pharmaceutical Companies of Johnson & Johnson (JNJ).
"We continue to have productive discussions with the FDA and will work closely with the agency to advance this application," said Norman Rosenthal, MD, FACE, FACP, canagliflozin compound development team leader, Janssen Research & Development, LLC. "We look forward to addressing questions from the FDA as soon as possible and remain committed to providing therapeutic options that meet the needs of the type 2 diabetes community."
5:31PM Ciber: Roanoke County selects Ciber to deploy Infor S3 applications and provide turnkey software management support (CBR) 3.86 +0.08 : Roanoke County, Va., has chosen Ciber to deploy Infor S3 human resources applications and provide support to manage the software within an external hosting environment. Ciber will establish connectivity to the hosted system and migrate the county's Infor software to it, then provide managed services for a variety of Infor applications, including Infor Human Resources Process Suite for Benefits and Payroll, Employee and Manager Self Service and Absence Management. Ciber's solution encompasses technical and functional application management services, as well as network backup and disaster recovery. The county also will rely on Ciber for system testing, live migration services and post-production cutover support.
5:30PM Insys Therapeutics receives subpoena from Office of Inspector General (INSY) 45.11 -1.38 : Co announced that it has received a subpoena from the Office of Inspector General of the Department of Health and Human Services ("HHS") in connection with an investigation of potential violations involving HHS programs. The subpoena requests documents regarding Subsys , including Insys' sales and marketing practices relating to this product. Insys intends to cooperate with the investigation.
5:29PM Cheniere Energy announces upsizing and pricing of Cherniere Energy Partners LP Holdings (CQH) IPO to 36 mln shares (from 30 mln) at $20 per share (LNG) 42.60 -0.20 : Co announced today that one of its wholly owned subsidiaries, Cheniere Energy Partners LP Holdings, LLC (NYSE MKT: CQH) ("Holdings") has upsized and priced its previously announced initial public offering of common shares representing limited liability company interests in Holdings pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission ("SEC"). The size of the offering has been increased from the initially announced 30,000,000 common shares to 36,000,000 common shares at a price to the public of $20.00 per share. The shares are expected to begin trading on NYSE MKT on December 13, 2013 under the symbol "CQH". Cheniere will ultimately receive the net proceeds from the initial public offering as a result of the repayment of indebtedness owed by Holdings to Cheniere and the payment of a distribution to Cheniere. Cheniere intends to use the cash it receives from Holdings for the development of its existing assets, future projects and general corporate purposes. Goldman, Sachs & Co., Morgan Stanley, Credit Suisse and RBC Capital Markets are the joint book-running managers for the offering.
5:27PM New Gold announces Blackwater Feasibility Study results (NGD) 4.86 -0.06 : Co announces the results of the Feasibility Study for its Blackwater Gold project in British Columbia, Canada. Feasibility Study Highlights:
5:06PM Xcel Energy reaffirms FY13 and FY14 adjusted EPS guidance ahead of investor meeting (XEL) 27.78 +0.18 : Co's management will meet with investors on Dec. 12, 2013 and Dec. 16, 2013 to update them on Xcel Energy's operations, regulatory plans, and business plans. Xcel Energy will reaffirm the following:
5:02PM Wesco announces plan to declassify Board of Directors (WCC) 85.77 -0.53 : Co announced that its board of directors has voted to include in the Company's proxy statement for its 2014 annual meeting of stockholders a management proposal to implement annual elections for all directors. The Board will recommend that stockholders approve an amendment to the Company's certificate of incorporation to transition from a classified board structure to a declassified structure. If the amendment is approved, directors would be elected to one-year terms as their existing terms expire, beginning with the class of directors to be elected at the Company's 2015 annual meeting of stockholders. The full text of the proposal will be included in the Company's proxy statement to be filed with the Securities and Exchange Commission in the spring of 2014.
5:02PM Genesee & Wyoming reports traffic for November 2013: carloads increased 102.9% to 152,308 (GWR) 92.47 -0.78 : Co's traffic in November 2013 was 152,308 carloads, an increase of 77,260 carloads, or 102.9%, compared to G&W's traffic in November 2012, and an increase of 7,826 carloads, or 5.4%, compared to total November 2012 carloads pro forma for the RA acquisition. G&W's traffic in the fourth quarter of 2013 through November was 316,137 carloads, an increase of 160,848 carloads, or 103.6%, compared to G&W's traffic in the fourth quarter of 2012 through November, and an increase 17,537 carloads, or 5.9%, compared to total fourth quarter of 2012 through November carloads pro forma for the RA acquisition.
5:01PM Helix Energy increases 2013 EBITDA guidance to $290-300 mln (HLX) 21.83 +0.21 : Co announced today that it is upgrading its 2013 EBITDA guidance to approximately $290 -- $300 million. Our current forecast of stronger than expected fourth quarter results for Robotics, along with the Skandi Constructor's continued performance in well intervention mode, both contribute to this upgrade. Although the H534 is not expected to commence work until January 2014, strong operating performance of the Company's existing asset base is expected to more than offset the delay in contributions from the H534. Also, the Company plans to accelerate the timing of the Well Enhancer dry dock to December of this year. This move is expected to reduce the number of days out of service for the Well Enhancer in 2014.
Owen Kratz, Helix's President and Chief Executive Officer, stated, "The Company currently expects to issue 2014 guidance in line with its previously announced 2013 exit rate of $350 million."
5:00PM MSCI announces extension of senior credit facility (MSCI) 43.47 +0.63 : ...
4:56PM Fluor: NuScale awarded funding by the U.S. Department of Energy for SMR technology (FLR) 74.84 -0.75 : NuScale Power, LLC announced today that it has been selected as the winner of the second round of the U.S. Department of Energy's (DOE) competitively-bid, cost-sharing program to develop nuclear small modular reactor (SMR) technology. As part of the award, NuScale will receive funding that will support the accelerated development of its NuScale Power Module SMR technology. DOE's formal announcement about the selection was made earlier today in Washington, D.C. NuScale and DOE will now move to negotiate a cooperative agreement that formalizes the public-private relationship and establishes milestones for the five-year funding program. The award includes up to five years and $226 mln in funding. Fluor Corporation (FLR) is the majority investor in NuScale.
4:53PM Interval Leisure Group acquires Hawaii-based Aqua Hospitality and Aqua Hotels and Resorts (IILG) 28.61 +0.41 : Co announced that it has acquired Aqua Hospitality and Aqua Hotels and Resorts ("Aqua") through an ILG subsidiary, Vacation Holdings Hawaii. Aqua is a leading management company currently representing more than 20 properties in Hawaii and Guam, and provides full-service management, including sales, marketing, Internet distribution, individualized branding, and reservations. Terms of the transaction were not disclosed.
4:41PM HCI Group subsidiary Homeowners Choice receives approval to offer flood insurance coverage to its Florida policyholders (HCI) 47.68 +0.48 :
4:35PM RAIT Financial Trust increases quarterly dividend 6.7% to $0.16 from $0.15 per share (RAS) 8.50 -0.01 :
4:34PM Response Genetics announces proposed underwritten public offering, size not disclosed (RGDX) 1.32 +0.03 : Co announced today it intends to offer and sell registered shares of its common stock in an underwritten public offering. The Company expects to use the net proceeds of the offering for working capital and general corporate purposes. National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc., is serving as the sole underwriter of the offering.
4:32PM Elephant Talk receives extension from NYSE MKT for the compliance review period (ETAK) 1.21 -0.08 : Co announced that the NYSE MKT LLC (the "Exchange") has notified the Company that it has extended the period for which the Company can work to regain compliance with the Exchange's listing standards until January 31, 2014. "Management remains in discussions with the NYSE MKT in order to complete the necessary steps to regain full listing compliance," said Steven van der Velden, CEO of the Company. "Our recurring revenue model combined with our 79% gross margins, have positioned us to continue trending towards profitability and the foundation for regaining compliance with the listing standards. We expect to continue to grow our sales and Adjusted EBITDA through our mobile platforms in Europe, the Americas and the Middle East and the integration of Validsoft's technology with FICO's platform. We are confident we will regain compliance in the near future."
4:31PM Medallion Fincl renews $150 mln credit facility (TAXI) 15.61 -0.03 : The amounts under the facility will be available to provide the company with continued liquidity to finance and grow its taxi medallion portfolio. The facility covers taxicab medallion lending in New York City as well as Boston, Chicago and other cities throughout the United States. The facility amount is $150,000,000 and has a duration of three years.
4:31PM Coronado Biosciences announces presentation of interim data from Autism study: Study investigator reports potential benefits of TSO immunotherapy in first 5 patients (CNDO) 1.78 -0.02 : Co announced that Dr. Eric Hollander, Clinical Professor of Psychiatry and Behavioral Sciences at Albert Einstein College of Medicine of Yeshiva University and Director of the Autism and Obsessive Compulsive Spectrum Program at Montefiore Medical Center and Einstein, presented interim data from his pilot study of oral TSO (Trichuris suis ova or CNDO-201) to treat autism at the American College of Neuropsychopharmacology Annual Meeting in Hollywood, Florida. The study is a double-blind, randomized, placebo-controlled, cross-over study and enrolled 10 high-functioning adult autism spectrum disorder patients who were able to give informed consent to participate in the study and who had a history of allergies and/or a family history of immune-inflammatory illness. They were treated for 12 weeks with either TSO or placebo, followed by a 4-week washout phase and then 12 weeks of placebo or TSO. The TSO dosage used in the study was 2,500 ova once every two weeks. In the first 5 patients that completed the study, there was a statistically significant separation from placebo in favor of TSO on three measures of disease: the Montefiore-Einstein Rigidity Scale (MERS), the Repetitive Behavior Scale-Revised (RBS-R) Sameness Scale, and the Social Responsiveness Scale (SRS)-Repetitive Behaviors Scale. The treatment was well tolerated. The study is still ongoing and final results are expected in the middle of 2014.
4:30PM Consolidated Comms Illinois expands commercial services to Dallas/Fort Worth market (CNSL) 18.70 -0.15 : Co announced the expansion of its enterprise and commercial services into the Dallas/Fort Worth market. As a facility based, carrier-grade service provider, the company currently owns 30,000 fiber miles of network in the greater Dallas/Fort Worth area, which has been used to serve its wholesale and carrier customers to date. Beginning in January, the company will begin offering this fully redundant fiber network to enterprise customers, where nearly 10,000 businesses have been pre-qualified as on or near to the network.
4:28PM Solera to acquire distribution services technologies; acquisition with strengthen North American parts platform (SLH) 67.96 -0.10 : Co announced that one of its subsidiaries has signed a definitive agreement to acquire 100% of Distribution Services Technologies, Inc. ("DST"). The Acquisition is subject to certain conditions to closing and is expected to close by the third quarter of Solera's fiscal year 2014. DST is a provider of B2B e-Commerce, ERP support and analytics solutions for automotive mechanical part distributors in North America. Through its cloud-based procurement solutions, DST connects mechanical aftermarket, heavy duty and OEM parts suppliers with repair shops, dealerships and fleet consumers, driving revenues and lowering operating costs.
4:20PM Mindspeed has filed a Notification of Late Filing, or Form 12b-25, with the SEC with regard to its Annual Report on Form 10-K for FY13 (MSPD) 5.04 : announced that it has filed a Notification of Late Filing, or Form 12b-25, with the Securities and Exchange Commission with regard to its Annual Report on Form 10-K for the fiscal year ended Sept 27, 2013.
Additional time is needed because Mindspeed experienced a disruption in its normal closing process for the quarter ended September 27, 2013 as a result of Mindspeed's negotiation and announcement of a definitive merger agreement with M/A-COM Technology Solutions Holdings and Micro Merger Sub, Inc., a wholly-owned subsidiary of MACOM, and the tender offer associated therewith; Mindspeed's filings of a recommendation/solicitation statement and associated amendments on Schedule 14d-9 with the Securities and Exchange Commission; and Mindspeed's previously announced negotiations with respect to a divestiture of its wireless infrastructure business unit. Active negotiations and financial diligence relating to the transaction with MACOM and the proposed divestiture began in September 2013, as Mindspeed's fiscal year was ending, and continued into the closing period. Substantial additional activity relating to these transactions continued through the deadline for the Annual Report.
4:19PM Uranium Energy Goliad project update: Recovery of uranium is set to be available to come online in FY14 (UEC) 1.69 -0.02 : Construction continues as planned, and the previously ordered processing equipment has arrived on schedule. The Ion Exchange (IX) vessels were received in late November, and the material to construct the IX pipe and valve system has been ordered and received. The recovery of uranium is set to be available to come online in fiscal 2014.
The Company would like to provide an update on the recent actions of the EPA in regards to the Company's Aquifer Exemption. As noted in the Company's quarterly report, the EPA had earlier filed a Motion to Remand without Vacatur with the 5th Circuit Court of Appeals. Without vacatur simply means that the EPA-approved AE remains in force. The EPA's stated purpose was to supplement the record in response to the opponent's prior complaints. In requesting the remand without vacatur, the EPA denied the existence of legal error and stated that it was unaware of any additional information that would merit reversal. Consistent with the EPA and the TCEQ, the Company is not aware of any new information that would change the current AE approval.
4:18PM American Intl subsidiary International Lease Finance Corporation and Air Caraibes reach agreement to lease three A350-900 Aircraft (AIG) 49.42 +0.72 : International Lease Finance Corporation (ILFC), a wholly owned subsidiary of American International Group (AIG), announced that it has reached an agreement with French Caribbean carrier Air Cara bes Atlantique Airlines to lease three new Airbus A350XWB-900s. The aircraft have an anticipated delivery timeline between 2016 and 2018, and will be operated on the airline's long-haul route network.
4:18PM Embraer SA: Visiona signs contracts with suppliers of Brazil's Geostationary Satellite System (ERJ) 30.97 +0.79 : Visiona signed contracts, today, December 12, with Thales Alenia Space (TAS) and Arianespace, which have respectively agreed to furnish a satellite and its launching. The contact with the satellite supplier also provides for the transfer of technology to Brazilian companies, under the coordination of the Brazilian Space Agency. (Visiona is jointly owned by Embraer and Telebras)
4:16PM Cliffs Natural Resources Inc. reach new labor agreement with the United Steelworkers at Pointe Noire operation in Quebec (CLF) 23.79 -0.22 : CLF announced an agreement with the United Steelworkers Union for a new six-year labor contract that will cover approximately 229 represented workers at co's Pointe Noire operation in Quebec. The agreement has been ratified by United Steelworkers local union memberships.
Sean Whiteford, vice president, eastern canadian iron ore operations, commented, "We are pleased to reach a new labor contract that is fair and equitable to both parties, and provides Cliffs a competitive cost structure for future success. Cliffs' most valuable resource is our employees, and we look forward to continuing our relationship with Steelworkers."
4:16PM Constellation Energy reports new trial dates in the PostRock litigation are Jan. 13 through Jan. 15, 2014; previously Dec. 16 through Dec. 18, 2013 (CEP) 2.15 -0.01 :
4:16PM Jetblue Airways names Robin Hayes President (JBLU) 8.77 +0.41 : JBLU announced the promotion of Robin Hayes to the position of President, effective January 1, 2014. Mr. Hayes currently holds the position of Executive Vice President - Chief Commercial Officer for the airline. Prior to Mr. Hayes' promotion, JetBlue's CEO Dave Barger held the roles of both CEO and President.
4:15PM Quiksilver drops 5% following earnings results (see our 16:07 post).. stock is @ $7.32/share on thin volume after hours (ZQK) 7.73 +0.19 :
4:15PM Adobe Systems reports EPS in-line, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY14 EPS below consensus, revs below consensus; Q4 creative cloud subs increase 402K QoQ (ADBE) 53.99 -0.65 : Reports Q4 (Nov) earnings of $0.32 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.32; revenues fell 9.7% year/year to $1.04 bln vs the $1.03 bln consensus.
Co issues downside guidance for Q1, sees EPS of $0.22-0.28, excluding non-recurring items, vs. $0.33 Capital IQ Consensus Estimate; sees Q1 revs of $950 mln - $1.0 bln vs. $1.01 bln Capital IQ Consensus Estimate.
Co issues downside guidance for FY14, sees EPS of $1.10, excluding non-recurring items, vs. $1.59 Capital IQ Consensus Estimate; sees FY14 revs of flat YoY or ~$4.06 bln vs. $4.36 bln Capital IQ Consensus Estimate.
Adobe provided new long-term revenue growth rate targets for its business. The company expects to achieve a 20 percent compound annual growth rate between fiscal year 2014 and fiscal year 2016. To achieve this goal, Adobe said it is targeting a 20 percent CAGR in its Digital Media business and a 25 percent CAGR in its Adobe Marketing Cloud business during that timeframe. As part of these growth targets, the company said it could achieve non-GAAP earnings per share of ~$2.00 in fiscal year 2015 and at least $3.00 in fiscal year 2016 (Capital IQ consensus FY15 - $2.28 FY16 - $3.31).
Adobe exited Q4 with 1 million 439 thousand paid Creative Cloud subscriptions, an increase of 402 thousand when compared to the number of subscriptions as of the end of Q3 fiscal year 2013, and enterprise adoption of Creative Cloud was stronger than expected. (co's guidance was for slightly higher growth than Q3 (Q3 added 331K) -- In general Street expectations are in line with ADBE's guidance).
Creative Annualized Recurring Revenue grew to $768 million, and total Digital Media ARR grew to $911 million. Adobe Marketing Cloud quarterly revenue was $316.2 million, representing 38 percent year-over-year growth.
"We are leading the software industry in transitioning our business to the Cloud, which is enabling us to target higher top-line growth and greater recurring revenue...We are raising our long-term revenue growth targets, with a compound annual revenue growth rate of 20 percent between fiscal year 2014 and fiscal year 2016."
4:15PM Tesoro Logistics LP announces pricing of $250 mln of additional 5.875% senior notes due 2020 (TLLP) 50.24 +0.09 : Co announced that it has finalized the terms of its previously announced offering of $250 million aggregate principal amount of additional 5.875% Senior Notes due 2020. The notes will be issued to the public at an offering price of 102.25% of the principal amount thereof, plus accrued interest from October 1, 2013.
4:14PM Universal Insurance expects to increase quarterly cash dividend 25% to $0.10 per share (UVE) 11.90 -0.52 : Co announced that it expects to increase its regular quarterly cash dividend in 2014 to $0.10 per share of common stock, from $0.08 per share of common stock, effective beginning the first quarter of 2014.
4:09PM TCP Capital announces public offering of 3.75 mln shares of common stock (TCPC) 16.49 -0.08 : TCPC announced that it has commenced a public offering of 3.75 million shares of its common stock. TCPC intends to use the net proceeds of this offering to repay amounts outstanding under its revolving credit facilities. Deutsche Bank, Raymond James, Keefe, Bruyette & Woods, and RBC Capital Markets are acting as joint book-running managers for the offering
4:07PM Quiksilver misses by $0.08, misses on revs (ZQK) 7.73 +0.19 : Reports Q4 (Oct) loss of $0.04 per share, which excludes a non-cash tax valuation allowance and the after-tax impact of restructuring and other special charges, non-cash asset impairments, gain on store sale and non-cash interest charges, $0.08 worse than the Capital IQ Consensus Estimate of $0.04; revenues fell 10.1% year/year to $476 mln vs the $508.68 mln consensus.
4:06PM XOMA announces public offering of common stock, size not disclosed (XOMA) 5.66 +0.04 : Co announced today it is offering to sell, subject to market and other conditions, shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering. Credit Suisse Securities (USA) LLC and Jefferies LLC are acting as joint book running managers.
4:06PM American Water Works President and CEO Jeff Sterba to retire in May 2014; CFO Susan N. Story to become CEO May 2014 (AWK) 40.75 +0.39 : AWK has announced that Jeff Sterba will retire from his role as president and chief executive officer of American Water at the Company's annual meeting, scheduled for May 9, 2014. At that time, American Water's current senior vice president and chief financial officer Susan N. Story will succeed Sterba as president and CEO. Sterba will stay on as an advisor to Story to ensure a smooth transition until January 1, 2015.
4:05PM Restoration Hardware announces departure of Co-Chief Executive Officer Carlos Alberini (RH) 65.27 -0.77 : Mr. Alberini has accepted the position of Chairman of the Board and Chief Executive Officer of Lucky Brand, in Los Angeles, effective upon closing of the pending acquisition by Leonard Green & Partners, L.P. Mr. Alberini plans to continue to serve as a member of the Board of Directors of Restoration Hardware Holdings, Inc. and remain a significant shareholder of the Company.
4:03PM Emerge Energy Services increases credit facility to $200 from $150 mln (EMES) 38.04 +0.04 : EMES entered into the third amendment to the revolving credit and security agreement, dated as of May 14, 2013, among Emerge, as parent guarantor, each of its subsidiaries, as borrowers.
The Amendment amended the Credit Agreement to (i) increase the aggregate amount of the Lenders' revolving commitments from $150 million to $200 million, (ii) add two additional Lenders and (iii) modify the commitment percentages of the Lenders. Emerge, the Borrowers and PNC Bank previously entered into the first and second amendments to the Credit Agreement to revise certain administrative provisions in the Credit Agreement.
4:02PM BIND Therapeutics and Amgen (AMGN) amend collaboration agreement for kinase inhibitor nanomedicine; extends option exercise period by six months (BIND) 11.77 -0.93 : BIND announced that it has amended its development and commercialization collaboration agreement with Amgen to extend the period during which Amgen may exercise its option by six months. BIND entered into a global collaboration agreement with Amgen on January 7, 2013 to develop and commercialize a kinase inhibitor nanomedicine for treating a range of solid tumors based on BIND's platform for targeted and programmable nanomedicines and Amgen's undisclosed proprietary kinase inhibitor. Under the agreement, Amgen had twelve months from the effective date to exercise its option to select a novel Accurin candidate for further development. The option period under the amended collaboration agreement has been extended to July 7, 2014 to allow for completion of the research plan. None of the other terms of the original agreement have been changed.
4:02PM ComScore releases November 2013 U.S. search engine rankings; says Google (GOOG) led the U.S. explicit core search market in November with 66.7% market share (SCOR) : Microsoft (MSFT) was second with 18.1% and Yahoo (YHOO) was third with 11.2% (up 0.1 percentage points). Ask Network accounted for 2.6% of explicit core searches, followed by AOL, Inc. (AOL) with 1.4 percent (up 0.1 percentage points).
4:02PM Supernus Pharma posts clinical data regarding Trokendi XR and Oxtellar XR; 93% of patients preferred Trokendi XR when switched from twice daily immediate release topiramate (SUPN) 6.65 -0.12 : Similarly, 92% of the patients with epilepsy also expect Trokendi XR to have a positive impact on treatment adherence. In a head to head study, once daily Trokendi XR was bioequivalent to twice daily immediate release topiramate and showed a potential pharmacodynamic difference with a significantly less negative impact on objective measures of cognitive function such as verbal fluency (i.e., Controlled Oral Word Association, COWA).
4:01PM The Cooper Companies expands share repurchase program, of up to an additional $200 mln of common stock under the existing share repurchase program (COO) 119.53 -0.36 :
4:01PM Almaden Minerals Infill drilling on main zone, hits 43.50 meters of 3.16 G/T Au, 235.4 G/T Ag (7.9 G/T Aueq) at Ixtaca, Mexico (AAU) 1.06 -0.04 : AAU announced the results from Almaden's ongoing 2013 Ixtaca Zone drill program at the Company's 100% owned Tuligtic project, Mexico. The infill program has been designed to upgrade resources currently in the inferred category to the higher confidence measured and indicated categories. The holes announced today show the continuity and high grades of the Main and Northern zones defined with previous drilling. Co hit 43.50 meters of 3.16 G/T Au, 235.4 G/T Ag (7.9 G/T Aueq) at Ixtaca, Mexico
4:00PM Nortech Systems, Inc. announces leadership changes: Michael J Degen to retire as CEO and become executive chairman (NSYS) 5.75 -0.20 : NSYS announced that Michael J. Degen will retire as chief executive officer on January 1, 2014, and become executive chairman of Nortech's board. Richard G. Wasielewski will be named president and chief executive officer and board member effective January 1, 2014. Also on January 1, Nortech's current director of finance Paula Graff will be promoted to vice president and chief financial officer. Wasielewski has served as president and chief operating officer since February 2013.
3:55PM Wells Fargo launches agreement with Isis; Visa consumer credit card customers among the first to use the Isis Mobile Wallet (WFC) 43.48 -0.04 : Co and Isis, the mobile commerce joint venture created by AT&T Mobility, T-Mobile USA, Inc. and Verizon Wireless, today announced the first phase of an agreement that allows Wells Fargo Visa consumer credit card holders to load their cards into the Isis Mobile Wallet. This launch enables cardholders to securely pay, redeem coupons and present loyalty credentials, all with the tap of their phone.
3:30PM Boeing realigns Research & Technology unit for growth and productivity (BA) 133.47 +0.91 : Co announced it will establish technology research centers in Alabama, California, Missouri, South Carolina and Washington as it continues to lay the foundation for increased competitiveness and future growth. The company will restructure its Boeing Research & Technology organization, the company's central research-and-development unit, through the establishment of research centers in Huntsville, Ala.; Southern California; St. Louis; North Charleston, S.C.; and Seattle. The new centers will operate independently but cooperatively with one another and with Boeing technology centers in Australia, Brazil, China, India, Spain and Russia. The international centers conduct research to benefit the environment, aviation safety, air traffic management and other areas.
3:30PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:
3:24PM Amtrust Financial announced fundamental outlook remains positive; responds to negative comments produced by a report that has circulated (AFSI) 34.76 -3.54 : Co says that "AmTrust's financial position has never been stronger... We are excited about the future for all of our divisions. We are growing successfully in very attractive insurance markets in our workers' compensation insurance business, extended warranty operations and international business. We believe that recent negative articles that individuals have distributed are false and misleading and are being distributed with the intention of manipulating the shares of AmTrust in order to benefit those who own short position in our shares."
3:01PM Norwood Financial Corp. announces 3.4% increase in quarterly dividend to $0.30 from $0.29 per share (NWFL) 27.25 +0.14 :
2:34PM NYMEX Energy Closing Prices (COMDX) :
2:32PM CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (COMDX) :
2:30PM Dollar Retakes 80.00: 10-yr: -04/32..2.873%..USD/JPY: 103.20..EUR/USD: 1.3746 (SUMRX) : The Dollar Index trades on session highs near 80.25 as trade looks likely to halt its three-day losing streak. The Index hovered little changed throughout much of the overnight session before seeing a lift following this morning's better than expected U.S. economic data. Click here to see a daily Dollar Index chart.
2:10PM Tutor Perini awarded $510 million Hudson Yards Platform construction contract (TPC) 25.56 +0.09 : Pre-construction activities related to the platform began in mid-2013. Construction related to the platform has already begun and is expected to be completed in 2016. The contract value will be included as part of the Company's reported fourth-quarter backlog.
1:49PM Rockwell Collins announces pricing of notes offering (COL) 71.34 -0.24 : Co announced that on December 11, 2013 it priced a public offering of $300 million of its Floating Rate Notes due 2016, $400 million of its 3.700% Notes due 2023 and $400 million of its 4.800% Notes due 2043. The proceeds of the offering will be used to finance a portion of the consideration for the previously announced acquisition of ARINC Incorporated by Rockwell Collins. If the ARINC acquisition is not completed on or prior to May 31, 2014, or the merger agreement relating to the ARINC acquisition is terminated prior to such date, Rockwell Collins will redeem the 2016 Notes and the 2043 Notes. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC are acting as joint book-running managers.
1:46PM DTE Energy has reached an agreement to sell the Marysville Power Plant to Commercial Development Company; no financial terms provided (DTE) 65.45 +0.11 :
1:45PM Abengoa receives new R&D competitive award from the US Department of Energy for next generation parabolic trough (ABGB) 13.45 -0.10 : Co has received a nearly US$2 million competitive award from the US Department of Energy (DOE) SunShot Initiative to improve manufacturing and assembly of its innovative large aperture parabolic trough collector over the next two years. A parabolic trough collector is the mirrored structure that is commonly used in utility-scale concentrating solar power (CSP) plants, such as Solana in Arizona.
1:42PM U.S. Bancorp announced earlier that it promoted Bill Parker to Vice Chair and Chief Risk Officer (USB) 39.37 +0.33 : Parker has been with U.S. Bancorp since 1984.
1:31PM Ford Motor to drive growth in 2014 with additional jobs, three new worldwide plants, and 23 global product launches (F) 16.35 -0.05 : Co next year will launch 23 new vehicles to customers around the world, open three more manufacturing facilities and add more than 5,000 new jobs in the United States to meet growing demand for its products. Other points of note:
1:30PM COMEX Metals Closing Prices- Precious metals settles notably lower, end near LoD (COMDX) :
1:04PM Floor Talk (TALKX) : It is fair to say that the stock market isn't living up to most people's expectations this week. Coming off the robust response to the November employment report on Friday by both the stock and bond markets, there was an underlying sense that the stock market was primed to make a strong run into year end. It may yet, but it will be doing so from a lower base.
Why is the market acting the way it is? Various explanations abound:
12:28PM MiMedx Group receives additional Medicare reimbursement coverage for EpiFix (MDXG) 7.45 +0.48 : Co announced that Medicare contractor, CGS, has confirmed that the Company's wound care allograft, EpiFix, has received reimbursement coverage from CGS. The coverage by CGS now brings the total Medicare Administrative Contractors (MACs) covering EpiFix to six of the eight and 86% of Medicare beneficiaries will now be eligible for coverage for EpiFix products.
12:17PM NovaCopper comments on recent trading activity; confirms that it is not aware of any developments that would merit such trading activity. (NCQ) 1.45 +0.02 :
12:09PM Marrone Bio Innovations announces Regalia Maxx Biofungicide received international registrations and certification (MBII) 14.72 +0.26 : Co announced FMC, the exclusive Latin America distributor for its Regalia Maxx Biofungicide, has received new product registrations in El Salvador, Guatemala, and Honduras. These countries join Panama and Mexico in approving the use of Regalia Maxx in Latin America to control a wide variety of bacterial and fungal diseases across an array of agricultural crops.
12:06PM 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
12:05PM Dow -99 and S&P -5.7 slip to fractional new session lows (TECHX) : Thus far the Nasdaq Comp -2.5 and the A/D Line have not confirmed the move.
12:04PM Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (118) outpacing new highs (54) (SCANX) : Stocks that traded to 52 week highs:
AMIC, COHR, COLM, CORT, CUBI, CW, CYTR, DORM, DTV, EJ, ENZY, ESMC, ESYS, EVGN, FNRG, FPRX, GNVC, GSAT, GSL, GTN, GTN.A, HCLP, ICAD, IGTE, KEY, KINS, LNBB, LOGI, MAKO, MEG, MILL, MPAA, NCFT, NLP, NMM, NXST, OXM, PEGI, PRTA, PTRY, RDI, RLYP, ROL, SGMA, SHOR, SPNS, TSBK, UNS, VNCE, WBAI, WEBK, WLDN, WYY, XLS
Stocks that traded to 52 week lows: ACC, AERG, AMSC, ASA, AVEO, AVL, BAA, BONE, BSAC, BVN, BZM, CCG, CHKR, CIB, CIE, CNCO, COCO, CRIS, CSFS, CTRX, CVM, CWTR, DCIX, DGX, DHX, DLLR, DMRC, DO, DRD, EMITF, EPB, EROC, EW, EXL, FIO, FISH, FSC, FST, GFI, GG, GGS, GIGA, GILT, GRT, HCN, HCP, HMY, HR, HTA, IAG, IDCC, IMMY, IMUC, INVE, INXN, IO, IRG, JIVE, JVA, KMG, KMI, LAQ, LITB, MAA, MIL, MNDL, MRGE, MVIS, NAK, NEM, NIHD, NRT, NTWK, OIIM, ONCY, OTEL, PDH, PHI, PZG, RBY, RDNT, RMGN, RNF, RNO, RYN, SALE, SARA, SDR, SDT, SNH, SO, SPHS, SPPR, SPRT, SQM, STSI, SVM, SYN, SYNM, TDC, TEU, TGD, TNH, TRQ, TSEM, UAN, UBA, UMH, VCO, VICL, VIV, VMEM, VRS, VTR, WPRT, WRE, WTSL, WTW
ETFs that traded to 52 week highs: PMNA
ETFs that traded to 52 week lows: ECH, GDX, REMX, SGG
11:57AM European Markets Closing Prices (SUMRX) : European markets are now closed; stock markets across Europe performed as follows:
11:31AM Accenture and Dell sign agreement to deliver cloud and security solutions, application management services to mid-market and select enterprise customers (ACN) 74.56 +0.16 : Today at Dell World, Dell announced that it is expanding its worldwide agreement with Accenture (ACN) to address some of the most pressing technology challenges businesses face today, particularly during business transformation. To accomplish this, Dell and Accenture have signed a four-year global go-to-market agreement to jointly develop and sell a new set of offerings designed to deliver improved enterprise efficiency, higher security, and better business outcomes. Under the go-to-market agreement, the companies will work together to build, implement and manage data center solutions for mid-market and select enterprise customers who want to drive business innovation while controlling costs and reducing risk. The agreement will bring together Dell's end-to-end portfolio of infrastructure, software, and services with Accenture's capabilities as well as Avanade's, which was created in 2000 as a joint venture between Accenture and Microsoft. This agreement augments Dell's existing cloud capabilities in hardware, software and services. In addition, Dell has signed a four-year agreement with Accenture to develop the joint solutions that support Dell's global market expansion.
11:31AM Red Hat and Dell (DELL) confirm plan to co-engineer enterprise-grade, Openstack private cloud solutions (see 10:33) (RHT) 46.65 +0.50 : As part of the expanded relationship, Dell becomes the first company to OEM Red Hat Enterprise Linux OpenStack Platform. The co-engineered solution will be built on Dell infrastructure and Red Hat Enterprise Linux OpenStack Platform. The solution will be delivered by a Red Hat Enterprise Linux OpenStack Platform practice within Dell Cloud Services. Dell is joining the Red Hat OpenStack Cloud Infrastructure Partner Network as an Alliance Partner.
11:15AM Cormedix announces first sales of Neutrolin in the EU (CRMD) 0.73 +0.03 : Co announced that it has received approval to commence sales of its Neutrolin catheter lock solution in Germany from the Hessian District President. As previously disclosed, the Company has received orders from several dialysis centers and now has begun fulfilling these orders today. In conjunction with ongoing sales and marketing of Neutrolin in Germany, the Company's 2014 strategic plan includes expanding Neutrolin sales into other targeted EU countries and other markets. Additionally, CorMedix will pursue label expansion for Neutrolin beyond its primary indication of hemodialysis, oncology, ICU, total parenteral nutrition and peritoneal dialysis.
11:10AM Additional upticks off first hour lows with Nasdaq Comp +9.4 setting a minor new session high -- Dow -48 has bounced 50 points, S&P -1 (TECHX) :
10:58AM Dollar Reverses to Session Highs: 10-yr: -07/32..2.882..USD/JPY: 103.04..EUR/USD: 1.3750 (SUMRX) : The Dollar Index holds on session highs near 80.15 as this morning's better than expected data lifted trade off the flat line. The early strength has the greenback on track to post its first gain in four sessions, and has erased the losses of the previous two sessions.
10:53AM Relative sector strength (TECHX) : Sectors that have outperformed the S&P on the rebound off morning lows include: Biotech IBB, Oil Service OIH, Energy XLE, Retail XRT, Materials XLB, Software IGV.
10:51AM Mercantile Bank and Firstbank (FBMI) shareholders approve merger (MBWM) 20.36 +0.22 : Co and Firstbank (FBMI) announced the results of their respective special meetings of shareholders held this morning. The shareholders of both companies overwhelmingly voted to approve the Agreement and Plan of Merger providing for the merger of Mercantile and Firstbank. Over 99% of the Mercantile shares and 95% of the Firstbank shares voted on the proposals to approve the Agreement and Plan of Merger were voted in favor of the proposals. In addition, Mercantile shareholders approved the issuance of shares of Mercantile common stock to Firstbank shareholders pursuant to the Agreement and Plan of Merger.
10:45AM Endocyte enrolls first patient in Phase 1 study for the small molecule drug conjugate EC1456, a folate-targeted tubulysin conjugate in advanced solid tumors (ECYT) 9.93 +0.12 : Co announced that it has dosed the first patient in its Phase 1 clinical trial in advanced solid tumors for its SMDC EC1456, a folate receptor (FR)-targeting folate-tubulysin conjugate. The open-label, multicenter, non-randomized, dose-escalation study is divided into two parts. The first part of the Phase 1 study will evaluate the maximum tolerated dose (MTD) and recommended Phase 2 dose of EC1456 in patients with metastatic or locally advanced solid tumors, the primary endpoint of the study. The second part of the study will determine the efficacy of EC1456 in patients with select cancers known to express the folate receptor with all target lesions positive for FR [FR(100%)] and treated with MTD. The FR-status will be determined using the investigational companion imaging agent, etarfolatide (EC20).
10:38AM Stock indices edge slightly off lows -- Nasdaq Comp +0.7, Dow -78, S&P -4 (TECHX) : The S&P is attempting to recover after probing the Oct/early Nov high noted earlier at 1775 (session low 1775). Bellwether CSCO has stabilized near its 2013 close low from Jan at 20.29 (10:06 update, session low 20.26) and edged slightly higher.
10:31AM Take-Two: Rockstar Games announces Grand Theft Auto: San Andreas now available for iOS (TTWO) 16.32 -0.17 :
10:31AM Jan natural gas initially falls to session lows following inventory data but quickly rebounds; now up 1.4% at $4.40 (COMDX) :
10:30AM Humana announces CAQH CORE Phase 3 certification (HUM) 101.66 -0.27 : Co announced that it achieved The Council for Affordable Quality Healthcare (CAQH) Committee on Operating Rules for Information Exchange (CORE) Phase III Certification. CAQH, a nonprofit alliance of health plans and trade associations, launched the CORE certification to help give providers consistent access to patient information before or at the time of service using the electronic system of their choice for any patient or health plan. Humana has now achieved CAQH CORE Phase I, II and III Certifications.
10:17AM New session lows for major averages -- Dow -91, S&P -6.2, Nasdaq Comp -6.99 (TECHX) :
10:17AM Sparton Corporation subsidiary acquires Beckwood Services in an all cash transaction; expected to provide $18 mln in annual rev; to be accretive to earnings within the first 12 months (SPA) 23.73 -0.05 : Co announced that its subsidiary, Sparton Beckwood, has entered into a definitive purchase agreement to acquire Beckwood Services, an $18 million revenue business, in an all-cash transaction. Beckwood Services is engaged in the contract services business of manufacturing electronic or electro-mechanical controls and electronic assemblies.
"The addition of Beckwood Services meets aspects of our growth strategy by providing Sparton's entrance into the Northeast geographic market as well as adding industrial control capabilities that further enhances our offerings within the electromechanical value stream. As Sparton continues to implement its strategic growth plan, we plan to achieve our growth expectations by focusing on new business development, internal product research and development, and complementary and compatible acquisitions. We are pleased to have Beckwood Services join the Sparton family and expect it to be accretive to earnings within the first 12 months."
10:13AM S&P -4.2 probes one month range low/Mid-Nov trough at 1777 -- session low 1777 (SPY) : Its Oct/early Nov range high/breakout point is at 1775.
10:11AM Exxon Mobil's outlook for energy says all forms of energy required to meet growing demand (XOM) 94.72 +0.46 : Co stated that the world will require all forms of energy over the next quarter century to meet a greater than one-third increase in demand that will be driven by population growth, improved living standards and expanded urbanization, according to ExxonMobil's Outlook for Energy: A View to 2040, which was released today. "Understanding global energy trends is absolutely critical for effective energy policy," said Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation (XOM). "The world depends on safe, reliable and affordable energy development to support economic growth and our modern way of life." Other points of interest:
10:06AM Cisco Systems slides to fresh seven month low (CSCO) 20.40 -0.47 : Noted the test of its early Dec and Nov lows (20.89/20.77) yesterday with the breakdown extended this morning to a s low as 20.40. Its 2013 close low from Jan and its May intraday low come into play at 20.29. The 11 month lows from April are at 20.00/19.98.
10:01AM Cablevision challenges broadcaster's 'radical' interpretation of copyright law in Aereo litigation (CVC) 16.19 -0.03 : Co released a white paper titled "Aereo and the Public Performance Right" that lays out in full detail the company's legal position on the controversial Aereo service. The company's white paper asserts that the Aereo service violates the copyright laws because it retransmits broadcast content without a license -- a fact that has the major television broadcasters justifiably upset. The company, however, strongly rejects anti-Aereo arguments made by these broadcasters -- including ABC, CBS and FOX -- in their petition before the U.S. Supreme Court as both overreaching and damaging. In that petition, the broadcasters attempt to overturn the important principles of federal copyright law confirmed by the U.S. Court of Appeals for the Second Circuit in its 2008 Cablevision remote-storage DVR (RS-DVR) decision. Cablevision offered the following statement:
"The broadcasters' overreaching copyright arguments would, if accepted, cause grave harm to consumers, cloud-based technology and future innovation. In a case about Aereo, the broadcasters go well beyond Aereo and attack the legal underpinning of all cloud-based services, everything from the Apple iCloud to Cablevision's own remote storage DVR service. In short, the broadcasters are asking the Court to throw the baby out with the bathwater -- a move that could cripple cloud-based innovation in the U.S."
9:57AM Nike - - 50 Day Alert (NKE) 75.86 -0.74 : Laggard Dow component slides under its 50-day moving averages (around 76-level) for the first time since late-August.
9:54AM Oracle aggressive gap down start after downgrade probes its 200 sma/ema at 33.28/33.25 and stabilizes -- session low 33.30 (ORCL) 33.65 -0.90 :
9:48AM Market bias remains mixed but underperforming Dow -61 breaks through Wed low -- S&P -2.2, Nasdaq Comp +3.6 (TECHX) :
9:43AM IntercontinentalExchange provides update on transition of Liffe to ICE Futures Exchange and ICE platform (ICE) 217.07 -0.78 : Co provided the following update in relation to the transition of Liffe Administration and Management Limited (Liffe) to ICE Futures Europe. Key points:
9:37AM Mixed to slightly firmer tone -- S&P +0.6, Nasdaq Comp +5.1, Dow -4.9 (TECHX) : Relative sector strength has been noted in: Bank KBE, Internet FDN, Crude Oil USO, Reg Bank KRE, Natural Gas UNG, Casino BJK (CZR, PENN, BYD, MGM, WYNN).
9:31AM Seacoast Banking announces that it has filed an amendment to its Amended and Restated Articles of Incorporation with the Florida Secretary of State to effect a 1-for-5 reverse split of its common stock, effective as of 12:01 a.m. ET on Dec 13, 2013 (SBCF) 2.30 -0.01 :
9:26AM On The Wires (WIRES) :
9:19AM E-House China prices offering of $135 mln in aggregate principal amount of 2.75% Convertible Senior Notes due 2018 (EJ) 12.92 : The notes will be convertible into the co's ADSs, each representing one ordinary share of E-House, par value $0.001 per share, at the option of the holders, based on an initial conversion rate of 59.5380 of the Company's ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of ~ $16.80 per ADS and represents an ~ 30% conversion premium over the closing trading price of the co's ADSs on December 11, 2013, which was $12.92 per ADS). The conversion rate is subject to adjustment upon the occurrence of certain events.
9:18AM Hovnanian beats by $0.04, reports revs in-line (HOV) 4.99 : Reports Q4 (Oct) earnings of $0.21 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 21.5% year/year to $591.7 mln vs the $596.53 mln consensus.
9:17AM FX Energy reports production started at Lisewo Gas Facility (FXEN) 3.01 : Co announces that the Lisewo gas facility in Poland is now producing gas. Gas produced at the Lisewo-1 well is the first to be processed from the new facility. The Lisewo-1 well initial rate is ~5 mln cubic feet per day gross.
The new facility will also service two other discoveries, the Komorze-3 well discovered last year, and the Lisewo-2 well which was successfully completed for production last week. Lisewo-2 is currently undergoing a production test. Komorze-3 is expected to start production in the first quarter of 2014; Lisewo-2 is expected to be producing in the second half of 2014. All three of these wells are located in the Fences concession where the Polish Oil and Gas Company is the operator and owns 51% of the working interest; FX Energy owns 49%.
9:17AM Hardinge appoints Douglas J. Malone as Vice President & Chief Financial Officer (HDNG) 14.45 : Co announced that its Board of Directors at its meeting on Dec 10, 2013, appointed Douglas J. Malone as Vice President & Chief Financial Officer and Edward J. Gaio as Vice President, Business Development. Mr. Malone and Mr. Gaio will both report to Richard L. Simons, Chairman, President & Chief Executive Officer. The appointments are effective immediately. Mr. Malone joined Hardinge in 2008 as Corporate Controller.
9:16AM 1st Constitution Bncrp receives approval from the State of New Jersey, Department of Banking and Insurance, and the Federal Deposit Insurance Corporation of the proposed merger with Rumson-Fair Haven Bank and Trust (FCCY) 11.07 : The merger is subject to a number of conditions including the approval by the Rumson shareholders, at a Shareholders Meeting scheduled to be held on January 22, 2014. The closing of the transaction is anticipated to take place during the first quarter of 2014.
9:15AM S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +4.20. (WRAPX) : The S&P 500 futures hover in-line with fair value after the November retail sales report (+0.7% actual, +0.6% Briefing.com consensus) boosted futures off their lows. The report also helped major European indices surge off their lows as they look to avoid registering losses for the third day in a row.
In addition to news regarding retail sales, participants received the weekly initial claims report, which spiked to 368,000 from an upwardly revised 300,000 (from 298,000). The Briefing.com consensus expected the initial claims level to increase to 315,000. It should be noted the Bureau of Labor Statistics cited seasonal adjustments problems, this time from both the Thanksgiving and Christmas holidays, as part of the reason for the observed increase.
With futures trading little changed, the cash market is on track for a flat open as the S&P 500 will look to rebound after losing 1.5% over the past two sessions.
9:06AM Calgon Carbon anounces the planned retirement of Chairman Seth Schofield (CCC) 19.47 : Co announced that long-time Director and Chairman of the Board of Directors, Seth Schofield, will be retiring at the end of his term and not standing for re-election. He will continue to serve as a Director and Chairman until the 2014 Annual Meeting of Stockholders expected to be held in early May, 2014.
As permitted by its Bylaws, Calgon Carbon's Board of Directors has authorized and approved a reduction in the number of Directors from ten to nine, effective immediately prior to the 2014 Annual Meeting of Stockholders. As a result, three Directors will be elected at that meeting. The Board of Directors will elect a new Chairman at a future date.
9:03AM Heska Corp announces extension of Tri-Heart Plus heartworm preventive agreement with Merck Animal Health; supply and license agreement amended and extended through 2023 (HSKA) 7.76 : Co announced that it has amended and extended its Supply and License Agreement with Merck (MRK) Animal Health related to the supply of Heska's canine heartworm preventive. Merck Animal Health has the exclusive right to market and sell Heska's canine heartworm preventive in the United States and Canada. Specific financial terms of the agreement were not disclosed. The agreement calls for certain discounts for Merck Animal Health as well as annual commitments to maintain exclusivity. In addition, Heska will receive payments from Merck Animal Health related to the reimbursement of research & development expenses as well as future milestone achievement.
9:03AM Alcatel-Lucent to supply ultra-broadband access technology for China Telecom's (CHA) new LTE network (ALU) 4.54 : Co announced today that its innovative LTE solution has been selected by China Telecom (CHA) for the operator's nationwide trial of high-speed mobile broadband. China Telecom has chosen Alcatel-Lucent as one of the top three suppliers for its network infrastructure operating in both the LTE TDD and FDD modes. Co today announced that China Mobile (CHL),is deploying Alcatel-Lucent's small cells solution in the world's largest TD-LTE network. The deployment follows the award of China's 4G license and the successful small cell trials in several high populated cities of China. Co-created by Alcatel-Lucent and China Mobile, the Metro Cell solution will enable China Mobile to meet the surging capacity demands for ultra-broadband access in urban areas across China in the most effective and economical way.
9:02AM Tyco seeks International Trade Commission exclusion order against Ningbo Signatronic Technologies (TYC) 37.18 : Co announces it has filed a complaint with the International Trade Commission addressing the importation of infringing products from Chinese manufacturer Ningbo Signatronic Technologies, and others. The complaint, filed jointly by Tyco Fire & Security GmbH and its Sensormatic Electronics and Tyco Integrated Security, businesses, seeks an Exclusion Order to prevent the importation of certain acousto-magnetic electronic article surveillance products. Tyco asserts that Ningbo products infringe on two U.S. Patent. Additionally, Tyco seeks a permanent Cease and Desist Order against Ningbo and its U.S. distributors, including ALL-TAG Securities, Best Security Industries, and Signatronic Corp, addressing infringing products already in the United States. Tyco has also filed a complaint with the U.S. District Court for the Southern District of Florida that will enable the pursuit of monetary damages for infringing labels sold in the U.S.
Tyco's complaint against Ningbo is related to AM labels designed to prevent theft in retail stores by triggering an alarm when live labels pass through Tyco's Sensormatic brand AM electronic article surveillance systems. Tyco's complaint asserts that these Ningbo labels infringe the company's '200 and '245 patents.
9:01AM Telus announces approval of normal course issuer bid for purchase of up to $500 million in TELUS shares during 2014 (TU) 34.56 -0.17 :
9:01AM Solazyme announces New President and Board Member David Cole (SZYM) 8.51 : Co announced the appointment of David Cole as Solazyme's President effective January 1, 2014. He has also been elected to Solazyme's Board of Directors. Cole most recently held the position of CEO of Maui Land & Pineapple (MLP) and helped form both the Brazil Renewable Energy Company and Hawaii BioEnergy. He has been a strategic advisor to Solazyme since 2010.
8:58AM Berry Plastics announces plans for incremental term loans (BERY) 21.95 : Co announces that its subsidiary, Berry Plastics, intends to obtain commitments for $1.125 bln of first lien senior secured term loans, to be structured as an incremental facility under Berry's existing term loan credit agreement. Berry intends to use the net proceeds from the borrowing of the New Loans to prepay all of its outstanding Term C Loans, maturing April 2015, under Berry's existing term loan credit agreement. Berry is in discussion with lenders regarding the New Loans; however, there can be no assurance that Berry will obtain the commitments in the time frame or on the terms it expects, or at all, or that the Refinancing will occur.
8:57AM Tesoro Logistics LP announces intention to offer $250 mln of additional 5.875% senior notes due 2020 (TLLP) 50.15 : Co announced that it intends to offer $250 million aggregate principal amount of additional 5.875% Senior Notes due 2020. The Partnership intends to use the proceeds from the offering, together with cash on hand, to (i) repay $250 million of indebtedness outstanding under its revolving credit facility, which amounts were used to fund a portion of the consideration for its acquisition of two marine terminals, a marine storage terminal, a products terminal, a petroleum coke handling and storage facility, over 100 miles of active crude oil and refined products pipelines and certain other related assets and properties from Tesoro Refining & Marketing Company LLC, a subsidiary of Tesoro Corporation, and (ii) pay estimated fees and expenses related to the offering.
The notes will be issued as additional notes under the indenture governing the Partnership's 5.875% Senior Notes due 2020 that were issued on September 14, 2012. The notes are expected to be treated as a single series with the existing notes and will have the same terms as those of the existing notes, except that (i) the notes will be subject to a separate registration rights agreement and (ii) the notes will be issued initially under CUSIP numbers different from the existing notes.
8:56AM On The Wires (WIRES) :
8:54AM S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +4.70. (WRAPX) : The S&P 500 futures have climbed out of the red following today's better-than-expected retail sales report (+0.7% actual versus +0.6% Briefing.com consensus).
It was a sea of red across Asia as all of the major Asian bourses ended with losses. The weakness came as markets remain on edge over whether or not the U.S. Federal Reserve will begin to scale back its bond-buying program as early as next week's meeting. India's Sensex (-1.2%) was among the leaders to the downside as sellers took control ahead of the economic data that was due out after the close. India's CPI surged to 11.2% year-over-year (10.0% expected, 10.1% previous) while industrial production (-1.8% year-over-year versus 2.0% expected) fell well short of estimates.
Elsewhere, Australia's ASX (-0.8%) lost ground despite the strong employment change data (21.0K actual versus 10.3K expected) as the unemployment rate ticked up to 5.8% from 5.7%, as expected. China's Shanghai Composite (-0.1%) and Hong Kong's Hang Seng (-0.5%) outperformed. The region saw three central bank rate decisions with Bank of Korea and Bangko Sentral ng Pilipinas holding their key rates steady at their respective 2.50% and 3.50% while Bank Indonesia surprised markets with a 25 basis point hike to 7.50%.
8:51AM Chatham Lodging amends credit facility, increases capacity for acquisitions, extends maturity to 2017 (CLDT) 20.02 : Co announces that it successfully closed on an amendment to its revolving credit facility.
On December 11, 2013, the company completed the amendment. The company currently has $49 million outstanding on its credit facility. The amendment extends the maturity date to October, 2016, and includes an option to extend the maturity by an additional year. facility was new terms are for $175 mln facility amt, up from $105 mln prior.
8:51AM Northstar Realty prices public offering of 50 mln shares of common stock at $11.65 per share (NRF) 11.95 :
8:50AM Genpact and AstraZeneca (AZN) extend finance and accounting services agreement (G) 18.12 : Co announced a multi-year contract extension for its global finance and accounting services agreement with leading pharmaceutical company AstraZeneca (AZN). The multi-year contract extension encompasses transactional finance operations covering procure-to-pay, travel and expense, record-to-report, sales order-to-cash, data management services and support for AstraZeneca's Global Transactional Finance transformation program.
8:49AM W.P. Carey increases quarterly dividend to $0.87 per share from $0.86 per share; declares special dividend of $0.11 per share (WPC) 59.94 : Co announced that the Board declared a special dividend of $0.11 per share in order to distribute its 2013 taxable income to stockholders. Both dividends are payable on January 15, 2014 to stockholders of record as of December 31, 2013.
8:48AM MiMedx Group prices public offering of 5 mln shares of its common stock at $6.80 per share for gross proceeds of $34.0 mln (MDXG) 6.97 :
8:47AM Banro announces Dr. John Clarke has been appointed to the permanent role of President and CEO; provides brief operations update - cyanide irrigation at Namoya heap leach commenced first week of Dec (BAA) 0.56 : Co announces made several corporate and board changes effective immediately. Two new independent directors, Richard Brissenden and Derrick Weyrauch, have been appointed to Banro's board and Dr. John Clarke has been appointed to the permanent role of President and CEO from the interim President and CEO role he had been filling since March 2013.
The expansion program at Twangiza, implemented to allow an increase in throughput capacity from the current 1.3 mln tonnes per annum to 1.7 mln tonnes per annum, has been substantially completed with the exception of the installation of the second elution circuit, anticipated for Q1 2014. In addition, measures are being taken to mitigate weather-related processing issues with the installation of a protective cover for the active ore pile during this seasonal period of heavy rainfall.
At Namoya, cyanide irrigation of the early heap leach pad began the first week of December. Mobile crushing units continue to be utilized in advance of completion of the primary crusher, which is expected before the end of December. Initial assessment of the leach process indicates good percolation through the heap and liquid from the heap is now moving through to the pregnant solution pond. Namoya remains on track for a first gold pour by year end.
8:46AM European Markets Update: CAC -0.2%, DAX -0.4%, FTSE -0.7% (SUMRX) : Major European indices hover in the red, continuing their recent weakness. Following yesterday's close, Italian Prime Minister Enrico Letta won confidence votes in the Senate and the Lower House, as expected. Also of note, peripheral bonds are under pressure amid reports the European Central Bank may tighten its collateral requirements. Italy's benchmark 10-yr yield is higher by four basis points at 4.09% while Spain's 10-yr also trades higher by four basis points, at 4.08%.
Economic data was limited to just a handful of releases. Eurozone industrial production fell 1.1% month-over-month (0.3% forecast, -0.2% last) while the year-over-year reading ticked up 0.2% (1.1% consensus, 0.2% prior). France's CPI was unchanged month-over-month (-0.1% expected, -0.1% last). Great Britain's CB Leading Index ticked up 0.4% month-over-month (1.7% prior). Italy's CPI fell 0.3% month-over-month (-0.4% expected, -0.4% last) while the year-over-year reading rose 0.7% (0.6% consensus, 0.6% prior). Elsewhere, the Swiss National Bank held its key interest rate unchanged at 0.00%, as expected.
8:46AM Northstar Realty priced public offering of 50 million shares of common stock at $11.65 per share (NRF) 11.95 :
8:46AM Mallinckrodt plc announces completion of MNK-155 Clinical Trials; MNK-155 met the primary endpoint in this study (MNK) 51.85 : Co reported positive efficacy results in the Phase 3 clinical trial for MNK-155, an investigational extended-release oral formulation of hydrocodone and acetaminophen studied for the management of moderate to moderately severe acute pain where the use of an opioid analgesic is appropriate. MNK-155 met the primary endpoint in this study. Mallinckrodt also completed a series of other clinical trials evaluating pharmacokinetics, safety and abuse liability of MNK-155. These data, including the Phase 3 efficacy data, will be presented at a future medical meeting and will be submitted to the U.S. Food and Drug Administration (FDA) in a New Drug Application (NDA) for MNK-155. The NDA is expected to be submitted in the second half of fiscal 2014.
8:35AM S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -1.00. (WRAPX) : The S&P 500 futures trade lower by 0.1%.
The latest weekly initial jobless claims count totaled 368,000, which was higher than the 315,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 300,000. As for continuing claims, they rose to 2.791 million from 2.751 million.
November retail sales ticked up 0.7% while the Briefing.com consensus expected an increase of 0.6%. The prior month's reading was revised to reflect an increase of 0.6% (from +0.4%).
Excluding autos, retail sales increased 0.4% against the expectations of a 0.3% rise. Last month's reading was revised up to indicate growth of 0.5% (from +0.2%). Export prices, excluding agriculture, ticked up 0.1% in November after decreasing 0.6% in the prior reading. Excluding oil, import prices were unchanged, which follows last month's uptick of 0.1%.
8:34AM Agnico-Eagle Mines Homestake and AEM amend Homestake Ridge Agreement; plan 2014 exploration program (AEM) 26.50 : Homestake Resource Corporation Agnico Eagle Mines (AEM) have agreed to amend the Sept 2012 (see NR-04-12) option agreement for exploration and development of the Homestake Ridge property in northwestern British Columbia. The amendment reduces 2013 and 2014 expenditures by $3.0 million and adds an extra year to the initial option period, in which 2015 will have a required expenditure of $3.0 million. In effect, the option period is extended by one year, but with total required expenditures remaining the same; AEM can earn a 65% interest in the property after total expenditures of $25.3 million or completion of a feasibility document.
Agnico Eagle has notified the Company that 2013 expenditures are expected to be ~$2.5 million. The 2013 program was successful in discovering a potential new mineral zone called the Slide target southeast of the Homestake Silver deposit, as reported in a recent Company news release (NR-10-13, November 25, 2013). Agnico Eagle has expressed its intention to drill offset holes to the southeast and down dip of hole HR13-253, which as reported in NR-10-13 contains a 18.6 metre interval averaging 101g/t silver, including a 0.5 metre interval averaging 1,675g/t silver from 364.4 to 383.0 metres down hole (the true thickness has not been determined yet). Drilling is anticipated to begin at the Slide target in late June, snow-conditions permitting, in order to allow receipt and interpretation of assays from these early holes to influence drilling plans later in the season. Also anticipated are additional surface work and drill testing of other targets that were developed or refined during the 2013 season.
8:34AM Celator Pharma announces 'positive' data and Safety Monitoring Board Recommendation for CPX-351 Phase 3 study (CPXX) 3.40 : Co announces that the independent Data and Safety Monitoring Board for the Company's Phase 3 clinical study comparing CPX-351 Liposome Injection versus the conventional cytarabine and daunorubicin treatment regimen (commonly referred to as 7+3 ) as first-line therapy in older patients with high-risk acute myeloid leukemia should continue as planned without any modifications.
The DSMB assessment was based on a pre-planned safety analysis on the first 75 randomized patients included in the study with a minimum of 60 days of follow-up. The DSMB will conduct additional periodic reviews after 150 patients, 225 patients and 300 patients become evaluable for safety review.
The Phase 3 study is being conducted in partnership with The Leukemia & Lymphoma Society through its Therapy Acceleration Program, which has supported the development of CPX-351 beginning in Phase 2.
The study is currently enrolling patients between the ages of 60 and 75 who have pathological diagnosis of AML according to WHO criteria (with at least 20% blasts in the peripheral blood or bone marrow) with confirmation of:
8:33AM Integra announces neuragen clinical study published in journal of hand surgery; compares entubulation versus standard microsurgical technique for the primary repair of median and ulnar nerve injuries in the forearm (IART) 46.22 : Co announced the publication of the clinical study, Collagen Conduit Versus Microsurgical Neurorraphy: 2-Year Follow Up of a Prospective, Blinded Clinical and Electrophysiological Multicenter Randomized, Controlled Trial, in the December issue of The Journal of Hand Surgery.
Results showed that operation time using the collagen conduit was 40% less than performing direct suture repair, and patients who received NeuraGen Nerve Guide had lower post-operative pain than those treated with direct repair. The study concluded that entubulation nerve repair using the NeuraGen Nerve Guide is as effective a method of repairing mixed motor and sensory nerves as direct microsurgical suture.
8:33AM Synta Pharma announces 'Positive' Interim results from the ENCHANT-1 trial of Ganetespib in metastatic breast cancer at the 2013 San Antonio Breast Cancer Symposium (SNTA) 4.65 : Co announced presentation of results from the ENCHANT-1 trial, a single-arm multi-center Phase 2 proof-of-concept study designed to evaluate ganetespib, the Company's lead drug candidate, administered as monotherapy for the treatment of metastatic breast cancer.
8:33AM ARC Group announced new 3D Printing Division; focused on utilizing ARC's experience in 3D printing, rapid prototyping, short run production, and tooling (ARCW) 54.84 : Co announced today that it has formed a new division, 3D Material Technologies, LLC ("3DMT").
8:32AM Corcept Therapeutics announces oncology development program; files investigational new drug application with fDA to launch phase i study in relapsed metastatic TNBC (CORT) 2.25 : Co announced plans to extend its development program for glucocorticoid receptor antagonists, including mifepristone, into oncology. The decision is based on a body of early clinical and pre-clinical data from leading academic institutions including the University of Chicago showing the significant role that cortisol, a glucocorticoid stress hormone, and its receptors play in chemotherapy resistance, particularly for women with relapsed, metastatic triple-negative breast cancer, a form of the disease with a poor prognosis.
Five of Eight Patients With Relapsed, Metastatic Triple-Negative Breast Cancer Experienced a Partial or Complete Response With Mifepristone and Chemotherapy Combination According to Data Presented at the San Antonio Breast Cancer Symposium 2013; Company Files Investigational New Drug Application With FDA to Launch Phase I Study in Relapsed Metastatic TNBC
Based on the University of Chicago's positive study and years of in vitro and animal research, Corcept has filed an investigational new drug application with the FDA and will conduct its own multi-center, Phase I clinical study of mifepristone in combination with chemotherapy drug eribulin (Halaven Injection)(2) in patients with relapsed, metastatic TNBC. The University of Chicago and other leading cancer treatment centers will participate in this open-label Phase I study of up to 40 patients with metastatic TNBC, including an expansion phase with efficacy endpoints in GR-positive TNBC.
8:31AM Apollo Residential Mortg announces the appointment of Teresa Covello to Chief Financial Officer (AMTG) 14.95 : Co announces the Board appointed Teresa Covello to the positions of Chief Financial Officer, Secretary and Treasurer of the Company effective January 1, 2014. She will assume these titles from Stuart Rothstein, who will step down from these positions effective January 1, 2014 and will retain his role as a member of the investment committee of ARM Manager, the external manager of the Company. Covello currently serves as the Controller of the Manager, a position she has held since she joined Apollo Global Management (APO)
8:31AM Market View: Front-month Dec. e-Mini index futures uptick, remain just below fair values here following the 8:30 a.m. ET economic data points- (TECHX) :
8:31AM Tsakos Energy reports strategic partnership with Statoil (STO) in the construction and chartering of series of Aframax crude tankers (TNP) 5.07 : Co reported the strategic partnership with Statoil, an international energy company headquartered in Stavanger Norway (STO) for the construction and chartering of five to nine purpose built Daewoo Aframax crude tankers with a contract term of five to twelve years including options. The gross revenues from this project are expected to range between minimum $250 million to ~$1 billion.
8:31AM November Export Prices ex-ag. 0.1% vs. -0.6% last month (ECONX) :
8:31AM November Import Prices ex-oil 0.0% vs. +0.1% last month (ECONX) :
8:22AM On The Wires (WIRES) :
8:21AM Brigus Gold reports additional drilling results from its ongoing drill program at the Contact Zone on the Grey Fox project along with the discovery of a new hanging wall zone (BRD) 0.59 : Co reported additional drilling results from its ongoing drill program at the Contact Zone on the Grey Fox project along with the discovery of a new hanging wall zone. "This new zone further confirms that the Grey Fox project is open for expansion in all directions," said Howard Bird, Brigus' Senior Vice President of Exploration. "Three drill rigs will systematically test this new hanging wall zone for the remainder of the year." The Contact Zone mineralized corridor consists of a 400 metre strike length steeply dipping gold mineralized Main Fault Contact between the north-south trending metasediments and mafic volcanic rocks. The zone is open to the north and down-dip. The Contact Zone corridor also includes multiple parallel hanging wall and footwall gold mineralized zones. The new hanging wall zone discovery is located approximately 250 metres east of the Main Fault Contact Zone.
8:21AM Avalon Rare Metals reported Nechalacho Rare Earth Elements update (AVL) 0.51 : Co reported that metallurgical process optimization work on its Nechalacho Rare Earth Elements ("REE") Project, Thor Lake, NWT (the "Nechalacho Project") is yielding improved flotation and hydrometallurgical recoveries, which are expected to beneficially impact project economics. The combined test results of the updated flowsheets for both the Concentrator and Hydrometallurgical Plants indicate that the overall recoveries of heavy rare earth elements ("HREE") to the Refinery feed would now be in excess of 80% compared to approximately 42% in the April 2013 Feasibility Study (the "FS"). Although preliminary estimates of the capital and operating costs associated with these new processes are higher than those contained in the FS, it is anticipated that the increased revenues from the additional HREE production will still yield an overall improvement of project economics.
8:16AM Gapping down (SCANX) : In reaction to disappointing earnings/guidance: SIGM -17.8%, (downgraded to Hold from Buy at Needham),
SUNE -10.1%, (announces intention to refinance its capital structure),
Select metals/mining stocks trading lower: GFI -3.6%, AG -3.5%, VGZ -2.9% (agrees to convert its interest in Awak Mas Gold Project into royalty), AU -2.9%, SLW -2.3% GG -1.9%, AUY -1.8%, GOLD -1.8%, KGC -1.7%, ABX -1.6%, BBL -0.5%, .
Other news: IMUC -54% (reports Phase II study demonstrates that glioblastoma patients live longer without disease progression when treated with ICT-107; primary endpoint of overall survival not statistically significant), SPPR -15% (announces suspension of dividends on its preferred stock), SYN -11.8% (prices 11.5 mln shares of common stock at $1.00), NWBO -8.9% (weakness attributed to IMUC news), TAM -5.2% (announces pricing of secondary offering of 10 mln shares of common stock at $20 per share), IAG -4.7% (suspends dividend), CSTM -4.6% (prices secondary offering of 8,345,713 shares of common stock at $19.80 per share by selling shareholders), NRF -4.3% (announces public offering of 50 mln shares of common stock), BNNY -4.2% (still checking), GWW -3.6% (reported Nov update), HRG -3% (files for 105,163,238 share common stock offering by selling shareholders), AES -2.2% (announces secondary offering of 40 mln shares of common stock by a subsidiary of CIC and concurrent repurchase of 20 mln shares of AES common stock), RBS -2.2% (still checking), SALE -2% (announced its follow-on offering of 6,267,137 shares of its Series 1 common stock at a price to the public of $26 per share), PF -0.9% (prices secondary offering of 17 mln shares of common stock at $26.75 per share), AWAY -0.9% (prices 6,018,630 shares of common stock at $37.00 by co and selling shareholder (~518K shares)), AMID -0.8% (prices offering of 2.4 mln common units at $22.47), ANF -0.8% (S&P MidCap 400 constituents ADS and MHK to replace ANF and JDSU in the S&P 500), MFA -0.4% (MFA Mortgage increased share repurchase program by 6 mln shares of common stock; declared quarterly cash dividend of $0.20/share, down from $0.22/share), SEAS -0.3% (prices 18 mln share secondary offering by selling shareholders at $30.00 per share), CSIQ -0.3% (announces 100MW module supply agreement with Zhenfa New Energy in China), CVX -0.2% (announces $39.8 bln capital and exploratory budget for 2014), TSPT 0.6% (announces that ISS proxy advisory services recommends 'AGAINST' all proposals), .
Analyst comments: ORCL -2.2% (downgraded to Sector Perform at RBC Capital Mkts; downgraded to Equal-Weight from Overweight at Morgan Stanley), SNDK -1% (downgraded to Reduce from Neutral at Nomura). MRO -0.8% (downgraded to Neutral from Buy at Citigroup), TXN -0.5% (downgraded to Reduce from Neutral at Nomura), SNI -0.3% (downgraded to Sector Perform at RBC Capital Mkts)
8:13AM Oculus Innovative Sciences receives Mexican Ministry of Health approval of Microcyn-based hydrogel for management of scars (OCLS) 4.28 : Co announced a regulatory approval in Mexico for the company's new Microcyn-based scar management hydrogel, under the brand name Epicyn. The medical device approval by the Mexican Ministry of Health is for the care of keloid and hypertrophic scars. In preparation for a commercial launch in the summer of 2014, More Pharma, in concert with Oculus, plans to conduct an additional clinical study in the first half of 2014, similar to one conducted for the FDA in the United States. This clinical study will evaluate the safety and efficacy profile of Epicyn relative to the current standard of scar management in Mexico, thus providing key opinion leaders the clinical data to support adoption of the new Microcyn-based technology.
8:10AM Gapping up (SCANX) : In reaction to strong earnings/guidance: NDSN +1.7%,
M&A news: UNS +29.7% (to be acquired by Fortis Utility Group for $60.25/share in cash).
Other news: GNVC +14.9% (discloses it expects an IND will be filed for CGF166 in January 2014), VASC +9.5% (receives shonin approvals to launch GuideLiner Catheter and SuperCross FT Microcatheter in Japan), PRTA +7.7% (Roche and Prothena enter into worldwide collaboration to co-develop and co-promote antibodies for treatment of Parkinson's Disease), ERJ +4.7% (American Airlines signs agreements with Bombardier and Embraer S.A. (ERJ) to purchase 90 new 76-seat regional jets), TCS +4.5% (still checking), FB +3.9% ( FB to replace WMB in the S&P 100; FB to replace TER in the S&P 500), LOGI +3.7% (still checking), ADS +2.6% ( S&P MidCap 400 constituents ADS and MHK to replace ANF and JDSU in the S&P 500; S&P SmallCap 600 constituents ODFL and BC to replace ACI and RGS in the S&P MidCap 400), FRO +2.5% (still checking), MHK +2.4% ( S&P MidCap 400 constituents ADS and MHK to replace ANF and JDSU in the S&P 500), KS +2.3% (announced two-for-one stock split), XLS +1.8% (announced plan to spin off a new publicly traded military and government services company; to supply composite components for Boeing (BA) 787 Dreamliner), GERN +1.3% (favorable mention on Mad Money), BSX +1.1% ( FDA Advisory Panel Votes favorably on the Boston Scientific WATCHMAN Left Atrial Appendage Closure Device ), CLNE +1.1% (customers ordered 70% more natural gas vehicles through the third quarter of 2013 as compared to the same period in 2012), NOK +0.9% (favorable mention on Mad Money), ANSS +0.8% (receives formal notice from the Joint Committee on Taxation that finalizes FY 2009 and 2010 tax return refund claims; co's Q4 EPS will be favorably impacted by ~ $11 mln, or $0.11 - $0.12 per share (), VLRS +0.8% ( reports Nov booked passenger rose 19% YoY ), TSPT +0.6% (announces that ISS proxy advisory services recommends 'AGAINST' all proposals).
Analyst comments: LUV +0.9% ( upgraded to Buy from Neutral at BofA/Merrill; tgt raised to $23), JCI +0.6% (upgraded to Overweight from Equal Weight at Barclays), IRBT +0.5% (iRobot upgraded to Neutral from Underweight at JPMorgan), XOM +0.4% (upgraded to Buy from Neutral at ISI Group), INTC +0.2% (upgraded to Neutral from Reduce at Nomura)
8:04AM Kindred Healthcare completes previously announced acquisition of real estate associated with seven nursing centers that it currently leases from HCP; anticipates that the transactions with HCP will be slightly accretive to earnings in 2014 (KND) 19.41 :
8:04AM BioTelemetry announced that recently published research from an observational study of more than 200,000 patients demonstrates significant in-hospital cost savings in the twelve months following diagnosis using mobile cardiac telemetry (BEAT) 7.68 : BEAT announced that recently published research from an observational study of more than 200,000 patients demonstrates significant in-hospital cost savings in the twelve months following diagnosis using mobile cardiac telemetry ("MCT").
A retrospective analysis was completed on claims data spanning 57 months and more than 200,000 patients to compare diagnostic efficacy, therapeutic outcomes and cardiovascular costs incurred in the hospital setting for patients diagnosed with MCT, Holter and event devices. Results published in Medical Device: Evidence and Research demonstrate a significantly higher diagnostic yield in patients utilizing MCT, at 61%, compared to event, at 23%, and Holter, at 24%. Therapeutic intervention measured through the prescription of antiarrhythmic drugs was also substantially higher in patients monitored with MCT, at 61%, compared to event, at 39%, and Holter, at 43%. The study's most significant finding was the level of cost savings per patient in cardiovascular in-hospital costs when an MCT is used versus either an event or Holter monitor. The study shows that the substitution of the MCT for an event or Holter monitor provides a 10 to 15 times return on investment in the first 12 months post-utilization.
8:04AM Miller Energy Resources announces updated reserve report; proved developed reserves PV-10 increased from $32.8 mln to $297.8 mln; expected to increase to over $350 mln following acquisition of North Fork (MILL) 8.06 : Co announces updated reserve report. Proved developed reserves PV-10 increased from $32.8 mln to $297.8 mln; expected to increase to over $350 mln following acquisition of North Fork.
8:04AM Tasman Metals and Flinders announce merger negotiations to create a diversified critical metals; Tasman may acquire all of the outstanding common shares of Flinders for consideration of common shares of Tasman (TAS) 0.87 : Tasman Metals and Flinders Resources are pleased to announce they have initiated preliminary negotiations with regard to a potential merger of the two companies. Under the terms being considered, Tasman may acquire all of the outstanding common shares of Flinders for consideration of common shares of Tasman based on a yet to be determined share exchange ratio.
The Boards of Tasman and Flinders believe the project portfolios of the two companies to be complementary, with both companies focussed on the supply of critical materials to traditional and high growth sectors of European industry. Tasman's primary focus is the Norra Karr rare earth element deposit in central-southern Sweden, one of the world's largest known heavy REE projects, with additional work underway on the nearby Yxsjoberg tungsten project, historically northern Europe's largest tungsten producer. Flinders is developing the Woxna flake graphite deposit in central Sweden, which is on target to be one of the first projects in the junior graphite industry to begin production, scheduled for the 3rd quarter 2014.
8:04AM PTC Therapeutics: Ataluren clinical data demonstrate an increase in Dystrophin Expression in duchenne muscular dystrophy patients (PTCT) 15.96 : Co announced the publication of data in PLOS ONE demonstrating that nonsense mutation Duchenne muscular dystrophy patients treated with ataluren, an investigational new drug, experienced an increase in dystrophin expression. These data were obtained from PTC's Phase 2a open-label trial of ataluren in which change in full-length dystrophin expression, as assessed by immunofluorescent staining, was the primary endpoint.
Patients with nmDMD typically experience decreased levels of dystrophin protein, which is critical to normal muscle function. The study evaluated whether ataluren restores dystrophin production in the muscle cells of patients with nmDMD. Excisions of the extensor digitorum brevis (EDB) muscles were performed pre- and post-treatment with ataluren on all subjects, and immunofluorescence images were analyzed qualitatively and quantitatively.
8:03AM Copa Holdings announces monthly traffic statistics for Nov 2013; CPA's system-wide passenger traffic increased 10.4% y/y, while capacity increased 9.5% (CPA) 152.92 : Co released preliminary passenger traffic statistics for Nov 2013. For the month of November 2013, Copa Holdings' system-wide passenger traffic (RPM) increased 10.4% year over year, while capacity increased 9.5%. As a result, system load factor for Nov 2013 was 77.3%, a 0.7 percentage point increase when compared to Nov 2012.
International passenger traffic grew 11.9%, while capacity increased 10.8%. This resulted in a load factor of 77.2%, a 0.7 percentage point increase when compared to Nov 2012. For the month, International capacity represented 96.8% of total capacity.
Domestic traffic, represented wholly by Colombian domestic service, decreased 20.0%, while capacity decreased 20.4%. As a result, domestic load factor for the month increased 0.4 percentage points to 80.4%. For the month, domestic capacity represented 3.2% of total capacity.
8:03AM W.W. Grainger reported daily sales results for the month of November 2013 (GWW) 254.05 : Daily sales increased 5 percent versus November 2012. Results for the month included 4 percentage points from acquisitions and a 2 percentage points decline from unfavorable foreign exchange. Excluding acquisitions and foreign exchange, organic daily sales increased 3 percent driven by 6 percentage points of volume growth, partially offset by 2 percentage points decline from sales of hurricane-related products in November 2012 and 1 percentage point decline from price. In the fourth quarter of last year, Grainger provided hurricane-related products for the preparation for and response to Hurricane Sandy in the northeast United States. The month of November 2013 had 20 selling days, one less than in November 2012. The 2013 fourth quarter will have 64 selling days, the same as the 2012 fourth quarter.
8:03AM Sutor Technology won bnids to supply spiral seam steel pipes to water transportation projects (SUTR) 1.81 : Co announced its subsidiary Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd. ("Ningbo Zhehua") won three contracts to supply ~4,000 metric tons of spiral seam steel pipes to three water transportation pipeline projects in Zhejiang Province. The contracts are valued at ~$3 million. Deliveries of Company products are expected to begin in January 2014.
8:03AM ICU Medical announces two new studies that show its ChemoLock prevents hazardous drug surface contamination (ICUI) 63.91 : Co announces that two new studies presented yesterday at the American Society of Health-System Pharmacists (ASHP) Meeting demonstrated that the co's newly launched ChemoLock closed system transfer device prevents hazardous drug surface contamination while eliminating leakage and providing a completely dry disconnect. ChemoLock is the first and only needlefree CSTD to receive FDA 510(k) clearance for pharmacy applications, as well as patient administration applications and was officially launched this week at the ASHP meeting.
8:02AM Federal-Mogul announced the appointment of Rajesh Shah as Sr. VP and CFO, effective immediately (FDML) 19.40 : Co announced the appointment of Rajesh Shah as senior vice president and chief financial officer effective immediately. He will report directly to both Rainer Jueckstock and Kevin Freeland, co-chief executive officers of Federal- Mogul.
8:02AM Westwood Hldgs receives over $500 million initial investment in Emerging Markets UCITS Fund (WHG) 55.53 :
8:02AM St. Jude Medical gains ce mark for 25 mm portico transcatheter aortic heart valve (STJ) 58.15 : Co received European CE Mark approval for its 25 mm Portico Transcatheter Aortic Heart Valve Implantation System. The approval expands the number of patients who can be treated using the Portico heart valve during transcatheter aortic valve replacement procedures. TAVR is an option for patients with symptomatic severe aortic stenosis (a narrowing of the aortic heart valve that obstructs blood flow from the heart). These patients are considered high-risk for conventional open-heart valve replacement surgery.
8:01AM AmerisourceBergen reaffirms FY14 guidance at Investor Day (ABC) 68.80 : Co will reiterate its previously stated expectations for the Company's financial performance in fiscal 2014 at its annual Investor Day today in New York. Co still sees FY14 adj. EPS $3.60-3.73 vs $3.69 Capital IQ Consensus; FY14 rev +28-31% to $112.6-115.3 bln vs. the $114.2 bln consensus.
8:01AM Asian Markets Close: Nikkei -1.1%, Hang Seng -0.5%, Shanghai -0.1% (SUMRX) : It was a sea of red across Asia as all of the major Asian bourses ended with losses. The weakness came as markets remain on edge over whether or not the U.S. Federal Reserve will begin to scale back its bond-buying program as early as week's meeting. India's Sensex (-1.2%) was among the leaders to the downside as sellers took control ahead of the economic data that was due out after the close. India's CPI surged to 11.2% YoY (10.0% YoY expected, 10.1% YoY previous) while industrial production (-1.8% YoY v. 2.0% YoY expected) fell well short of estimates. Elsewhere, Australia's ASX (-0.8%) lost ground despite the strong employment change data (21.0K actual v. 10.3K expected) as the unemployment rate ticked up to 5.8% (5.8% expected, 5.7% previous). China's Shanghai Composite (-0.1%) and Hong Kong's Hang Seng (-0.5%) outperformed. The region saw three central bank rate decisions with Bank of Korea and Bangko Sentral ng Pilipinas holding their key rates steady at their respective 2.50% and 3.50% while Bank Indonesia surprised markets with a 25bp hike to 7.50%. Looking at the currencies...USDCNY was flat @ 6.0712; USDINR jumped to 62.06; USDJPY is stronger @ 102.75; AUDUSD is flat near .9050. In Japan, the Nikkei closed -1.1% as sellers remained in control for a third session. Parts maker Nitto Denko was hit hard, tumbling 19% after lowering its guidance. Meanwhile, real Estate stocks outperformed on news office vacancy rates in Tokyo continued to fall. Mitsui Fudosan and Tokyu Fudosan both added at least 1.0%.
In Hong Kong, the Hang Seng finished -0.5% as trade fell below the 50 dma. Financials were among the worst performers as Industrial & Commercial Bank of China fell 1.3% and China Construction Bank shed 1.5%...In China, the Shanghai Composite settled -0.1% as action held at two-week lows. Financials tracked their peers in Hong Kong with China Merchants Bank losing 1.9%.
In India, the Sensex closed -1.2% as sellers remained in control for a third day after Monday's run into record territory. Tata Motors tumbled 5.0% after announcing its Jaguar Land Rover would increase capital spending in FY2015. Financials were also under pressure with ICICI and State Bank of India giving up 2.2% and 1.1%, respectively.
In Australia, the ASX finished -0.8% as trade slumped to a four-month low. All of the 'big four' banks lost ground with CBA shedding 1.3%.
In Taiwan, the Taiex closed -0.9%...In South Korea, the Kospi finished -0.5%.
In other regional markets...Philippines -2.1%...Indonesia -1.4%...Thailand -1.0%...Malaysia -0.5%...Singapore -0.1%...Vietnam +0.3%
8:00AM Ironwood Pharma details strategy to establish 'leading' gastrointestinal therapeutics co; reiterates its projected 2014 LINZESS sales and marketing expenses with Forest (FRX) are between $250 mln and $300 mlnk, as previously stated (IRWD) 11.19 : Co announces it will detail its strategy to establish a leading gastrointestinal therapeutics company during its Investor Day. This strategy leverages Ironwood's strong development and commercial capabilities in addressing GI disorders as well as its pharmacologic expertise in guanylate cyclase pathways, all of which is based on Ironwood's pioneering work bringing forward LINZESS, the first FDA-approved product in a new class of GI medicines called GC-C agonists.
Ironwood and Forest believe LINZESS has the potential to continue to help more adult patients and build a new category of primary care products. The companies intend to:
Further engage adult patients through optimization of the marketing mix and expanded direct-to-consumer education beginning in the first half of 2014, seeking to encourage greater patient/physician dialogue.
In addition to working to maximize the utility of linaclotide, Ironwood is advancing multiple development programs aimed at leveraging its expertise in clinical GI disorders:
Linaclotide Colonic Delivery: targeted delivery of orally-administered linaclotide to the distal small intestine and colon designed to potentially enhance lower abdominal symptom relief for IBS-C and CIC sufferers; providing the opportunity to investigate optimizing the clinical profile of linaclotide for multiple GI disorders with lower abdominal pain as a predominant symptom, including other IBS subtypes, ulcerative colitis, and diverticulitis, among others; plan to initiate Phase II clinical trial in mid-2015.
Prioritize Investments Across Key Value Drivers
Ironwood is focusing its investments on its priority growth platforms. The company reduced the net cash used in operating activities from $93 mln in the first quarter of 2013 to $58 mln in the third quarter of 2013 and it expects this trend to continue through 2014 due to revenue growth and expense management. Ironwood reiterated that its projected 2014 LINZESS sales and marketing expenses with Forest are between $250 mln and $300 mln, as previously stated.
8:00AM Exelis selected to supply composite components for Boeing (BA) 787 Dreamliner (XLS) 17.45 : Co announces has been selected by Boeing to produce composite airframe substructures for the 787 Dreamliner. Work will begin immediately at the Exelis composite design and manufacturing center
8:00AM S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: flat. (WRAPX) : U.S. equity futures trade modestly lower amid cautious overseas action. The S&P 500 futures hover roughly two points below fair value.
Reviewing overnight developments:
7:51AM Peugot SA and General Motors (GM) announced further steps in their strategic Alliance; The first vehicles from the Alliance are expected to launch starting in 2016 (PEUGY.PK) 15.91 : Co and General Motors (GM) announced further steps in their strategic Alliance. The Alliance remains structured around the main pillars of joint programs, purchasing, and logistics, focused on Europe and is extended into cross manufacturing. The two groups confirm the continued cooperation for two products based on PSA platforms -- the B-MPV (multi-purpose vehicle) and C-CUV programs. Additionally, the partners will cooperate on new generation products in the light commercial vehicle B-segment, which are based on a PSA new generation platform. The first vehicles from the Alliance are expected to launch starting in 2016.
As disclosed at the time of the third-quarter 2013 revenue announcement, changes in exchange rates are expected to have a material impact on Automotive Division recurring operating income and on Group operating free cash flow1. A 1% change in the euro against the Group's other currencies, including the real, the Argentine peso and the rouble, will have an impact of around EUR 80 million on Automotive Division recurring operating income based on current market conditions.
Finally, co confirmed that it is reviewing potential industrial and commercial development projects with various partners, including Dong Feng Motor, and a potential capital increase.
7:50AM On The Wires (WIRES) :
7:37AM Embraer SA confirms American Airlines (AAL) order for up to 150 aircraft (ERJ) 30.18 : Co has received a firm order for 60 E175 jets from American Airlines, Inc. The contract also includes options for another 90 E175s, taking the total order potential up to 150 aircraft. The firm orders, which have a value of USD 2.5 billion at list price, will be included in Embraer's 2013 fourth-quarter backlog.
7:34AM RetailMeNot prices follow on offering of 6,267,137 shares of its Series 1 common stock at $26 per share by co and selling stockholders (SALE) 26.93 : Of the shares in the offering, 2,000,000 shares are being offered by RetailMeNot and 4,267,137 shares are being offered by selling stockholders.
7:32AM Advaxis Approved to Receive Cash Allocation Through New Jersey Technology Business Tax Certificate Transfer (NOL) Program (ADXS) 3.90 : Co announces that it is one of 54 companies approved to share the $60 mlnallocation through the New Jersey Technology Business Tax Certificate Transfer Program in Fiscal Year 2014. Each of the 54 selected companies is expected to receive ~$1.1 mln which is a 21% increase from last year.
This competitive program enables companies to sell New Jersey tax losses and/or research and development tax credits for at least 80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the State of New Jersey. This allows biotechnology businesses with NOLs to turn their tax losses and credits into cash proceeds to fund more R&D, buy equipment and/or facilities, or cover other allowable expenditures.
7:32AM Marketo Signs definitive agreement to acquire Insightera, a real-time personalization platform ; financial terms not disclosed (MKTO) 30.94 :
7:31AM Baxano Surgical announces final payment decision from the Centers for Medicare & Medicaid Services for Pre-Sacral Interbody Fusion (BAXS) 0.96 : Co announced the 2014 Medicare Final Physician Fee Schedule Rule released in late November revises upward the Practice Expense Relative Value Units (PERVUs) for Current Procedural Terminology (CPT) Code 22586 for pre-sacral interbody fusion.
7:30AM Checkpoint Systems announces new $200 mln credit facility (CKP) 150.00 : Co announce that effective December 11, 2013, it entered into a new five-year $200 mln multi-currency revolving credit facility with the potential to further expand the facility to $300 mln. The syndicate of lenders was anchored by joint lead arrangers, Bank of America Merrill Lynch, Fifth Third Bank and HSBC Bank USA National Association.
Bank of America N.A. will serve as administrative agent for this facility. In connection therewith, Checkpoint repaid all outstanding amounts under its existing $62.4 mln revolving credit facility due to mature in July 2014 and $55.6 mln in aggregate of its senior secured notes maturing between 2015 and 2017.
7:30AM Rare Element Resources appoints Paul H. Zink as Chief Financial Officer (REE) 1.42 : Co announced that Paul H. Zink, former president of International Royalty Corporation and Eurasian Capital and a previous board member of the Company, has been appointed Senior Vice President and Chief Financial Officer. David P. Suleski, the Company's Chief Financial Officer since 2011, ceased serving in that role effective December 11, 2013.
7:27AM Volaris Aviation Holding reports Nov booked passenger rose 19% YoY (VLRS) 14.88 : Co reports its preliminary traffic results for November 2013.
The total number of booked passengers in November 2013 reached 727 thousand, a 19.1% increase compared to the same period in 2012, and a 21.5% increase year-to-date 2013. Volaris' demand, measured in Revenue Passenger Miles (RPMs) increased 15.6% year over year in November 2013, and an 18.0% increase year-to-date 2013. Volaris registered a load factor of 77.6% in November 2013 and 82.7% in the year-to-date 2013. These traffic growth results are the product of Volaris' successful point-to-point network strategy, operating 86 routes between 33 cities in Mexico and 11 in the United States in November.
7:25AM On The Wires (WIRES) :
7:24AM Emergent BioSolutions acquires Cangene for $3.24 per share; reaffirms full year 2013 GAAP guidance (EBS) 21.31 : Emergent BioSolutions announced today that it has entered into a definitive agreement with Cangene under which Emergent will acquire all of the outstanding common shares of Cangene in an all-cash transaction valued at $3.24 per share on a fully diluted basis for an aggregate purchase price of $222 mln. The transaction is consistent with Emergent's growth plan in that it diversifies the company's revenue mix, adds commercial product sales and contributes to earnings growth. The transaction is expected to be accretive in 2014, exclusive of transaction-related costs.
The Boards of Directors of both companies have approved the transaction. Agreements are in place with shareholders who collectively control, directly or indirectly, ~61% of the outstanding common shares of Cangene, under which they have agreed to irrevocably support and vote in favor of the transaction.
Taking into account the expected closing date of Q1 2014, the company is reaffirming its full year 2013 GAAP guidance for total revenues of $300-310 mln vs $307.8 mln CIQ est, and net income of $25 to $30 mln. Excluding ~$7 mln in estimated transaction-related and other costs incurred in the current year, the company is providing a forecast for 2013 non-GAAP adjusted net income of $30 to $35 mln
The company anticipates:
7:22AM Dollar Hovers Flat: 10-yr: +02/32..2.845%..USD/JPY: 102.75..EUR/USD: 1.3781 (SUMRX) : The Dollar Index hovers flat near 79.90 as trade fights for just its third gain in the month of December. Early action has seen the Index hold yesterday's lows, something the bulls hope to build on.
7:22AM lululemon athletica beats by $0.04, reports revs in-line; guides Q4 below consensus (LULU) 68.35 : Reports Q3 (Oct) earnings of $0.45 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.41 (guidance $0.39-0.41); revenues rose 20.0% year/year to $379.9 mln vs the $376.27 mln consensus and $370-375 mln guidance.
Comparable stores sales for the first three quarters of fiscal 2013 increased by 7% on a constant dollar basis. Direct to consumer revenue increased 39% to $165.3 million, or 15.5% of total company revenues, in the first three quarters of fiscal 2013, an increase from 13.4% of total company revenues in the first three quarters of fiscal 2012.
Gross profit for the first three quarters of fiscal 2013 increased 15% to $561.3 million, and as a percentage of net revenue gross profit was 52.4% for the first three quarters as compared to 55.2% in the same period of fiscal 2012.
Co issues downside guidance for Q4, sees EPS of $0.78-0.80 vs. $0.84 Capital IQ Consensus; sees Q4 revs of $535-540 mln vs. $573.57 mln Capital IQ Consensus; with flat comps on a constant dollar basis, also below consensus... Co lowered FY14 rev guidance to $1.605-1.61 bln from $1.625-1.635 bln; guided EPS to $1.94-1.96 from $1.94-1.97.
"This so far has been a year of challenges, learning, and growth for lululemon, and while our outlook for the fourth quarter is being impacted by both macro and execution issues, I believe that the investments we are making in the business combined with the team in place create a strong platform for growth in the years ahead."
7:21AM MacQuarie Infrastructure announces public offering of 1.932 mln LLC interests (MIC) 53.91 : Co announced that it is selling 1,932,000 LLC interests ("shares") in a public offering. All shares are being offered by the Co.
The Company expects to use the net proceeds from the offering, together with cash on hand and drawings on a credit facility at its Atlantic Aviation subsidiary, to fund the acquisition by Atlantic Aviation of certain of the assets of Galaxy Aviation including five fixed base operations located in Florida and Colorado. In connection with the offering, MIC will grant the underwriters a 30-day option to purchase up to an additional 289,800 shares to cover over-allotments, if any.
The offering will be made under the Co's existing shelf registration statement filed with the Securities and Exchange Commission on April 8, 2013. Barclays and Macquarie Capital are acting as joint book-running managers for the offering.
7:20AM MacQuarie Infrastructure's Atlantic Aviation announces signing of agreement to acquire fixed base operations from Galaxy Aviation for $195 mln; expects acquisition to be immediately accretive to proportionately combined free cash flow (MIC) 53.91 : Co announced that its Atlantic Aviation business has entered into an agreement to acquire certain of the assets of Galaxy Aviation, including substantially all of the assets of five fixed base operations (FBOs) and one new hangar that is currently under construction at one of the five airports at which the FBOs operate, for $195.0 million . The Company said that it expects the acquisition to be immediately accretive to proportionately combined free cash flow. MIC expects to fund the acquisition using a combination of cash on hand, a draw on a credit facility of its Atlantic Aviation subsidiary and proceeds from an equity offering launched this morning. The transaction is expected to close in the first quarter of 2014, subject to the receipt of consents from the relevant airport authorities and satisfaction of other closing conditions typically associated with a transaction of this size and type.
7:19AM Clear Channel Outdoor announces expiration of its previously announced offer to amend its senior secured credit facility to extend outstanding term loans B and C due January 2016 until July 2019 through the creation of a new term loan E facility (CCO) 9.47 : Co announced expiration of its previously announced offer to amend its senior secured credit facility to extend outstanding term loans B and C due January 2016 until July 2019 through the creation of a new term loan E facility. The offer expired on Dec 11, 2013. The aggregate principal amount of loans submitted for extension was greater than $1.3 billion but, under the terms of the offer, the amount of loans accepted for exchange was limited to $1.3 billion in aggregate principal amount. The aggregate principal amount of term loans B and C submitted for extension will be prorated amongst submitting lenders such that the total aggregate principal of term loans E equals $1.3 billion. The extension transaction is expected to close on or about December 18, 2013.
The new extended term loans will have the same security and guarantee package as the outstanding term loans B, C and D. Borrowings under the new extended term loans will bear interest at a rate equal to, at CCU's option, adjusted LIBOR plus 7.50% or a base rate plus 6.50%.
7:17AM ANSYS receives formal notice from the Joint Committee on Taxation that finalizes FY 2009 and 2010 tax return refund claims; co's Q4 EPS will be favorably impacted by ~ $11 mln, or $0.11 - $0.12 per share (ANSS) 83.81 : Co announced that it has received a notice from the IRS that the Joint Committee on Taxation takes no exception to the Company's tax returns that were filed for 2009 and 2010. As a result of this notification and the final resolution of the audit of the Company's amended tax return refund claims, the Company no longer has uncertainty regarding the realization of these refunds. As such, an estimated $11 million favorable tax impact will be recorded in the Company's fourth quarter financial results. This impact was not factored into the fourth quarter or fiscal year 2013 earnings outlook that was previously provided in the Company's third quarter earnings announcement dated November 7, 2013.
7:15AM Amazon.com announces 1 shipping program for select orders placed on Amazon Wine (AMZN) 382.19 : More than 100 wine sellers have opted into the new program offering over 1,000 labels of wine available to ship for 1 . As the program grows, a greater selection of wines will be available to ship for 1 from participating wine sellers.
7:05AM Ciena misses by $0.08, beats on revs; guides Q1 revs ~in-line; transfers listing to NYSE from NASDAQ (CIEN) 22.90 : Reports Q4 (Oct) adj. earnings of $0.16 per share, $0.08 worse than the Capital IQ Consensus of $0.24; revenues rose 25.3% year/year to $583.4 mln vs the $568.51 mln consensus.
Co issues guidance for Q1, sees Q1 revs of $515-545 mln vs. $537.66 mln Capital IQ Consensus; adjusted (non-GAAP) gross margin percentage in the low 40s range, adjusted (non-GAAP) operating expense of ~$205 million.
"This performance validates the strategic market differentiation we've established with our OPn architecture, our unique approach to customer engagement, and our continued technology innovation. These differentiators will help us continue to grow revenue and increase operating leverage in 2014."
Co announced the pending transfer of the listing of its common stock to the New York Stock Exchange (NYSE) from the NASDAQ Stock Market (NASDAQ). The Company expects that its common stock will begin trading on the NYSE on December 23, 2013, under its current ticker symbol "CIEN".
7:03AM LifeLock acquires mobile wallet innovator Lemon for ~$42.6 mln in cash (LOCK) 16.02 : Co announces the acquisition of mobile wallet innovator Lemon for ~$42.6 mln in cash. In addition, in connection with the transaction, LifeLock has agreed to issue equity customary for a transaction of this size that will vest over the next three years.
In conjunction with the acquisition, LifeLock also launched a new app that utilizes Lemon technology to help consumers manage and protect their digital identity. This transaction marks the next step in LifeLock's evolution by adding a comprehensive mobile platform to the company's integrated identity protection services for consumers.
7:03AM Fairchild Semi announces its Board of Directors has authorized the repurchase of up to $100 mln of the company's common stock (FCS) 12.51 : This authorization permits the company to repurchase up to $100 million of common stock before December 31, 2014. This repurchase program is expected to reduce share count by approximately 6% based on the current stock price.
7:02AM Centene acquires majority interest in U.S. Medical Management; expected to be $0.02-0.05 accretive in 2014; $0.20-0.25 in 2015 (CNC) 55.73 : Co announces that it has signed a definitive agreement to purchase a majority interest in U.S. Medical Management. U.S. Medical Management, LLC, along with its affiliated entities, is a leading management services organization and provider of in-home health services for high acuity populations. Based in Troy, Michigan, USMM provides an integrated, physician-driven model which coordinates comprehensive care management for complex populations. USMM provides a continuum of in-home services including primary care, health risk assessments, home health, hospice, podiatry, radiology, DME, lab and pharmacy. This investment underscores Centene's commitment to provide integrated care for the Aged, Blind and Disabled, Long-Term Care, Dual--Eligible, and Medicare populations. Under the terms of the transaction, Centene will acquire an approximate 68% interest in USMM. Mark Mitchell, the company's Founder and CEO, will continue to lead USMM and retain his existing management team.
The purchase price for Centene's majority interest is ~$200 mln and is anticipated to be funded with a combination of approximately one-third cash and two-thirds Centene stock. On an annualized basis, the transaction is expected to add revenue in the range of $220M-240 mln. The deal is expected to be accretive to earnings per share by $0.02-0.05 in 2014, excluding transaction costs. Centene expects to achieve medical cost savings as the USMM model is deployed across a larger percentage of Centene's high acuity members over time. As a result, Centene expects the transaction to be accretive to earnings per share by $0.20-0.25 in 2015.
7:02AM Lpath withdraws from Pfizer's (PFE) process to assign iSONEP rights (LPTN) 4.08 : Co is no longer actively participating in Pfizer's (PFE) process to assign the exclusive option it has for a worldwide license to develop and commercialize Lpath's iSONEP. Pfizer has informed Lpath that its offers were not competitive with other offers.
7:02AM Dorman Products Board of Directors authorizes the purchase of up to $10 mln of the co's outstanding common stock (DORM) 54.43 : This stock repurchase authorization expires at the end of 2014.
7:02AM Vivus announces license and commercialization agreement with Sanofi (SNY) for Avanafil in Africa, Middle East, Turkey and CIS/Russia (VVUS) 9.46 : Co announces that it has entered into a License and Commercialization Agreement with Sanofi to commercialize avanafil on an exclusive basis in Africa, the Middle East, Turkey, and the Commonwealth of Independent States including Russia. Sanofi will be responsible for obtaining regulatory approval in its territories. Sanofi intends to market avanafil under the tradename SPEDRA or STENDRA.
Under the terms of the agreement, VIVUS is eligible to receive up to $61 million in upfront payments, regulatory and sales milestones. VIVUS will also receive escalating royalties based on net sales over the life of the agreement.
7:01AM Magnum Hunter announces 2014 capital expenditure budget of $400 mln (MHR) 6.10 : Co announced that its Board of Directors has approved a $400 mln capital expenditure budget for fiscal year 2014, excluding acquisitions. The Company intends to allocate ~ $260 mln in the Utica Shale and Marcellus Shale plays, ~ $50 mln in the Williston Basin and ~$90 mln for midstream activities at Eureka Hunter Pipeline.
The contemplated capital budget includes the acquisition of mineral leases in both the Utica Shale and Marcellus Shale plays. This Appalachian-focused capital program is expected to further drive the Company's production volumes and enable it to achieve its 2014 projected exit production rate of 35,000 BOEPD. The 2014 capital budget of $400 mln is expected to be funded from a combination of internally-generated cash flow, borrowings under the Company's existing senior secured credit facility, a new Eureka Hunter senior secured credit facility in the process of negotiation, and proceeds from non-core asset sales of ~$200 - $400 mln.
7:00AM Aceto's French subsidiary acquries Inter'actifs, a distributor of ingredients to the cosmetics and personal care industries (ACET) 21.97 : Co announced that its wholly-owned French subsidiary, Aceto France SAS, acquired Inter'actifs, a distributor of ingredients to the cosmetics and personal care industries. "While small in size, this strategic investment will expand the scope of our Specialty Chemicals business in Europe."
6:49AM American Airlines signs agreements with Bombardier and Embraer S.A. (ERJ) to purchase 90 new 76-seat regional jets (AAL) 25.99 : American Airlines, Inc., a subsidiary of American Airlines Group, announced that it has signed agreements with Bombardier and Embraer S.A. (ERJ) to purchase 90 new 76-seat regional jets. Consistent with American's Plan of Reorganization and Merger Agreement, these aircraft will provide much improved economics for the airline as they will replace smaller, less efficient 50-seat regional aircraft scheduled for retirement.
American has firm orders for 30 Bombardier CRJ900 NextGen aircraft, with options for up to 40 more. The CRJ900s will have 12 First Class, 32 Main Cabin Extra and 32 Main Cabin seats, and the firm order of CRJ900 aircraft will be operated on behalf of American by PSA Airlines, Inc., a wholly owned subsidiary of US Airways. American expects to begin taking delivery of the CRJ900s in the second quarter of 2014.
6:31AM Trimble Navigation acquires assets of C3 to further strengthen its connected farm solution; financial terms not disclosed (TRMB) 31.74 : Co announced that it has acquired the assets of privately-held C3 of Madison, Wis. The acquisition will enable Trimble to provide unique soil information as well as decision recommendations to farmers' trusted advisors-such as agronomists, Trimble resellers or Ag retail suppliers. Farmers will be able to view the C3 data and recommendations from their trusted advisor on the Connected Farm dashboard, a Web portal that provides one centralized location for farmers to view key information impacting their operations. To align with Trimble's brand agnostic strategy, the data can be applied to all manufacturer equipment types. Financial terms were not disclosed.
6:23AM On The Wires (WIRES) :
6:08AM S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -5.50. :
6:08AM European Markets : FTSE...6447.34...-60.40...-0.90%. DAX...9016.71...-61.40...-0.70%.
6:08AM Asian Markets : Nikkei...15341.82...-173.20...-1.10%. Hang Seng...23218.12...-120.10...-0.50%.
6:04AM Clean Energy Fuels announced that its customers ordered 70% more natural gas vehicles through the third quarter of 2013 as compared to the same period in 2012 (CLNE) 12.17 : Co announced that its customers ordered 70 percent more natural gas vehicles through the third quarter of 2013 as compared to the same period in 2012. The Company also announced select deals in the transit sector building on its continually-growing portfolio of natural gas fuel customers.
6:04AM Franco-Nevada and Teranga announce that they have agreed to enter into a $135 mln stream transaction (FNV) 39.25 : Teranga Gold and Franco-Nevada announced that they have agreed to enter into a $135 million stream transaction that has allowed Teranga to enter into definitive share purchase agreements with Bendon International and Badr Investment & Finance to acquire the balance of the OJVG that it does not already own and to retire $30 million of its US$60 million debt facility with Macquarie Bank. On completion of these transactions, the combination of Sabodala and the OJVG satellite deposits is expected to allow Teranga to reach its phase 1 growth objective of 250,000 to 350,000 ounces of gold production leveraging off of its existing mill and infrastructure. The combination also provides operating flexibility to sequence pits and phases of pit development to maximize free cash flows. Overall, with the proximity of the OJVG pits to the Sabodala mill and the Company's ability to optimize the ounces that are processed through the mill, the transaction is expected to provide for near, medium and long term growth in production and free cash flows.
Highlights of Transaction for Franco-Nevada
6:03AM Cenovus Energy oil production anticipated to grow 10% in 2014 (CVE) 30.20 : Co expects to invest between $2.8 bln and $3.1 bln in 2014, a 13% decrease when compared with the previous year. The company is focusing its capital on oil projects that are anticipated to provide production growth over the next four years. The company's business strategy, which plans for 525,000 barrels per day (bbls/d) of net oil production within the next decade, remains unchanged. Since its inception four years ago, Cenovus has grown oil production by approximately 50% and expects to deliver continued profitable oil production and reserves growth over the next year. Production growth is primarily driven by added volumes from Christina Lake phase E and the planned start-up of Foster Creek phase F in the third quarter of 2014.
Cenovus anticipates its conventional oil, natural gas and refining operations will continue to generate strong operating cash flow to support the growth of its oil sands projects. The company's two producing oil sands operations, Christina Lake and Foster Creek, are also expected to generate operating cash flow in excess of capital investment in 2014. The company expects overall cash flow in 2014 to be between $3.0 bln and $3.7 bln.
About 90% of Cenovus's planned $2.8 bln to $3.1 bln capital program in 2014 will be invested in its upstream oil assets. Cenovus plans to invest between $680 mln and $760 mln to expand Foster Creek, a 12% decrease when compared with the 2013 forecast. Investment at Christina Lake is expected to be between $750 mln and $820 mln, an increase of 15% when compared with the previous year. Together the two assets make up about 50% of the company's 2014 projected capital budget.
6:02AM Orion Marine announces a contract award of ~ $14 mln (ORN) 11.47 : Co announced a contract award of approximately $14 million. Orion Marine Group was recently awarded a contract to demolish and reconstruct an existing fuel pier for the US Navy in the Caribbean. Onsite construction will begin in the second quarter of 2014 and last approximately 13 months.
6:01AM Synergy Resources announces expansion of credit facility to $300 mln (SYRG) 9.01 : Co announced that its credit facility led by Community Banks of Colorado has been approved for an increase to $300 million and the borrowing base to $90 million. Synergy has $37 million borrowed on the facility as of November 30, 2013 with a current interest rate of 2.67%.
6:00AM Danaher reaffirms 2013 guidance at analyst meetings (DHR) 73.93 : Co reaffirms guidance for Q4 (Dec), sees EPS of $0.91-0.96, excluding gain from the sale of certain marketable equity securities, vs. $0.96 Capital IQ Consensus Estimate. Co issues downside guidance for FY14 (Dec), sees EPS of $3.60-3.75 vs. $3.83 Capital IQ Consensus Estimate. This assumes 2014 core revenue growth of between 2-4% which current FY14 revs calls for ~+5% YoY rev growth
5:55AM On The Wires (WIRES) :
5:26AM Canadian Solar announces 100MW module supply agreement with Zhenfa New Energy in China (CSIQ) 26.77 : Co announces it has been awarded a module supply agreement to provide Zhenfa New Energy Science & Technology with photovoltaic modules totaling 100MW for three solar power projects located in Gansu Province and one solar project in Inner Mongolia Autonomous Region of China. Canadian Solar will supply about 400,000 pieces of its high efficiency CS6P245P, CS6P250P and CS6P-255P modules with power output of 245Wp, 250Wp and 255Wp for the projects. Module deliveries will commence in mid-December 2013 and are expected to be completed in January 2014. The three projects in Gansu Province are respectively located in Jiangyuguan, Guliang and Minqin, with a total size of 200MW. The project in Inner Mongolia is located in Sanxin, with a size of 50MW.
4:11AM AstraZeneca (AZN) and Bristol-Myers Squibb (BMY) announced the FDA recommends the investigational medicine metreleptin for the treatment of pediatric and adult patients with generalized LD; not for partial LD (AZN) 56.30 : AstraZeneca (AZN) and Bristol-Myers Squibb (BMY) today announced the FDA's Endocrinologic and Metabolic Drugs Advisory Committee recommends the investigational medicine metreleptin for the treatment of pediatric and adult patients with generalized lipodystrophy (LD). Specifically, EMDAC determined by a vote of 11 to 1 that there is substantial evidence that the benefits of metreleptin exceed the risks for the treatment of pediatric and adult patients with generalized lipodystrophy.
EMDAC did not recommend metreleptin in patients with partial LD for the indication currently proposed, by a vote of 2 to 10. AstraZeneca and Bristol-Myers Squibb remain committed to pursuing metreleptin for treatment in patients with metabolic disorders associated with partial LD. The Companies acknowledge the committee's feedback and will continue to work with the FDA to identify the appropriate patients with partial LD who may benefit from metreleptin.
The FDA is not bound by the EMDAC's recommendation but will take it into consideration when reviewing the Biologics License Application for metreleptin.
4:10AM Boston Scientific: FDA Advisory Panel Votes favorably on the Boston Scientific WATCHMAN Left Atrial Appendage Closure Device (BSX) 11.18 : Co announces the FDA Circulatory System Devices Panel of the Medical Devices Advisory Committee voted favorably by a majority, Yes: 13, No: 1, that the benefits of the WATCHMAN Left Atrial Appendage Closure device outweigh the risks. The FDA Panel was further asked if there is reasonable assurance that the device is safe, the Panel voted Yes: 13, No: 1. On the question of reasonable assurance of efficacy, the Panel voted Yes: 13, No: 1. The FDA will take into account the Panel's vote in its decision on approval of the WATCHMAN device. The company expects a decision from the FDA in the first half of 2014.
3:40AM On The Wires (WIRES) :
2:23AM Bellatrix Exploration confirms 2014 operational guidance (BXE) 6.87 : Co confirms its 2014 guidance and announce that it has completed its mid-year review of its 2013 credit facilities and provides an update of its recent commodity price risk management activities.
Bellatrix expects its 2013 calendar year average daily production will be +/- 22,250 boe/d and that its exit rate guidance will be +/- 40,000 boe/d with total crude oil, condensate and NGLs at exit at approximately 37%.
Since November 2013 and for all of 2014, Bellatrix plans to continue to be active in drilling with 10 rigs operating in its two core resource plays, the Cardium oil and Mannville condensate rich gas, utilizing horizontal drilling multi-fracturing technology. With the closing of the acquisition of Angle Energy Inc. in December 2013, an initial gross budget of $610 million (including JV partner capital) for a net capital budget of $370 million has been set for fiscal 2014. Based on the timing of proposed expenditures, downtime for anticipated plant turnarounds and normal production declines, execution of the 2014 budget is anticipated to provide 2014 average daily production of approximately +/- 44,000 boe/d and an exit rate of approximately +/- 47,000 boe/d.
The net capital budget of $370 million is comprised of drilling and completion costs of $250 million; facility and infrastructure costs of $100 million and land, geological and other related costs of $20 million. The Company plans to drill/participate in 146 gross (76.27 net) wells in 2014 resulting in 115 gross (65.71 net) Cardium oil wells and 31 gross (10.56 net) Mannville condensate rich gas wells.
1:29AM SeaWorld Entertainment prices 18 mln share secondary offering by selling shareholders at $30.00 per share (SEAS) 30.08 :
1:25AM Bridgepoint Education announces preliminary results of tender offer (BPI) 17.87 : Co announces the preliminary results of its tender offer to purchase up to 10,250,000 shares of its common stock at a price of $19.50 per share. Depositary for the tender offer, approximately 11,349,711 shares of common stock and approximately 863,603 shares of common stock derived from the conversion of stock options were validly tendered and not withdrawn. An additional 38,508,115 shares were tendered through notice of guaranteed delivery, which includes the shares tendered by Warburg Pincus Private Equity VIII, L.P. and its affiliates, the Company's major stockholder. Accordingly, Bridgepoint expects to accept for purchase a total of 10,250,000 shares at a purchase price of $19.50 per share, for a total cost of ~$200 million.
1:15AM Synthetic Biologics prices 11.5 mln shares of common stock at $1.00 (SYN) 1.27 :
1:11AM Yandex N.V. prices $600 mln of 1.125% Convertible Senior Notes due 2018 (YNDX) 37.42 :
1:07AM Time Warner prices $500 mln of 4.05% senior notes due 2023 and $500 mln of 5.35% debentures due 2043 (TWX) 66.42 :
1:03AM American Midstream Partners prices offering of 2.4 mln common units at $22.47 (AMID) 22.47 :
12:59AM Constellium prices secondary offering of 8,345,713 shares of common stock at $19.80 per share by selling shareholders (CSTM) 21.07 :
12:53AM Pacific Mercantile Bancorp to exit its mortgage banking operations (PMBC) 6.12 : Co announces its Board has determined the Bank will exit the consumer mortgage origination business and terminate operations of its Mortgage Banking Division. The Bank expects to sell or terminate substantially all business activities of its consumer mortgage origination unit.
Management anticipates that the Bank's consumer mortgage origination business will cease accepting new applications on or about December 20, 2013, if not sold prior to that date, and terminate all operations on or about April 30, 2014. The Bank will continue to serve the needs of mortgage customers with loans that are in process on December 20, 2013.
The Bank will honor all contractual commitments for mortgage loans that are in process as of December 20, 2013. Management expects the majority of those loans will close in 75 days. The Bank expects to incur ~$3.3 to $3.8 million, after tax, in costs related to exiting the business.
12:39AM HomeAway prices 6,018,630 shares of common stock at $37.00 by co and selling shareholder (~518K shares) (AWAY) 37.93 :
12:32AM Endo Health prices $700 mln of 5.75% Senior Notes due 2022 (ENDP) 63.69 :
12:28AM Vista Gold agrees to convert its interest in Awak Mas Gold Project into royalty (VGZ) 0.35 : Co announces it has signed a binding share purchase agreement to convert its interest in the Awak Mas gold project in Sulawesi, Indonesia into a net smelter return royalty on the project.
The Purchase Agreement announced today provides for the termination of the Existing Agreements and the acquisition by the Purchaser of 100% of the outstanding shares of Vista Barbados, the entity that indirectly holds the Awak Mas Project. In exchange, (a) the Purchaser will forego certain cash payments due to have been paid by the Company had the Purchaser completed the earn-in of its interest in the project, and (b) the Company will receive the Royalty (2% on the first 1.25 million ounces of gold production and 2.5% on the next 1.25 million ounces of gold production from the Awak Mas Project).
12:17AM CME Group sets annual variable dividend of $2.60 per share (CME) 78.93 : Co announces it declared its annual variable dividend, amounting to $2.60 per share. The dividend is payable January 14, 2014, to shareholders of record December 27, 2013.