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4:51 pm NewBridge Bancorp reports Q2 in-line; Co reports 45% growth in pre-tax core net operating income following its merger with Capstone Bank. Co expects its net interest margin to remain under pressure in the near term (NBBC) : Reports Q2 (Jun) earnings of $0.03 per share, in-line with the Capital IQ Consensus Estimate of $0.03.

  • Loan balances grew $283 million
  • Deposits expanded $233 million
  • Wealth management revenue increased 17% from prior year quarter 
  • Nonperforming assets were 0.61% of total assets at June 30, 2014
  • Realignment of retail banking led to a 5% reduction in the Co's work force Capital levels rose to 12.5% total risk-based and 8.3% tier 1 leverage
  • Book value per share increased to $6.05 from $5.50 in first quarter 2014 and $5.12 in second quarter 2013
Outlook:
  • "Our net interest margin is expected to remain under pressure in the near term; however, we are mitigating the impact of potential margin compression with diligent deposit management and through continued growth in earning assets.
  • "As we move into the second half of 2014, we remain optimistic about the Company's prospects for organic growth, our ability to recruit talented revenue producing bankers and our initiatives to further enhance efficiency and productivity across the organization. Management continues to evaluate vibrant potential new geographic markets for organic or inorganic expansion, and we are exploring prudent acquisition opportunities on an ongoing basis."

4:49 pm Gentiva Health Svcs announces entry into nondisclosure agreement (GTIV) : Co announced that it has entered into a nondisclosure agreement with the recognized owner, operator and investor who, as disclosed previously, delivered on July 17, 2014 a proposal to Gentiva's board of directors to acquire all outstanding shares of Gentiva common stock for $17.25 per share in cash, subject to certain conditions.

  • As previously disclosed, the Board also has received a conditional proposal from Kindred Healthcare (KND). The Board intends to provide to Kindred a nondisclosure agreement substantially similar in all material respects to the agreement it entered into with the other party. If and when Kindred executes such nondisclosure agreement, the Board will provide Kindred with the same level of due diligence that will be made available to the other party. Of course, Kindred's access to due diligence will be further conditioned on the termination of its partial tender offer for 14.9% of Gentiva's shares. 
  • The Board will carefully review the two proposals and any other proposals it might receive, including any revised proposals.

4:48 pm SVB Financial Group beats by $0.13; reports NIM of 2.79%, a decrease of 34bps (SIVB) : Reports Q2 (Jun) earnings of $1.04 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.91. 

  • Net interest margin of 2.79 percent, a decrease of 34 basis points from last qtr
  • Losses on investment securities totaled $57.3 mln, compared to gains of $223.9 mln last qtr; specifically, co had losses on investment securities related to FireEye (FEYE) of $98.9 mln
For FY14 co sees NIM between 2.75-2.85% and average loan balances increasing at a percentage rate in the high teens to low twenties

4:47 pm Chubb misses by $0.19, beats on revs; guides FY14 EPS below consensus (CB) : Reports Q2 (Jun) earnings of $1.70 per share, $0.19 worse than the Capital IQ Consensus Estimate of $1.89; revenues rose 4.0% year/year to $3.22 bln vs the $3.17 bln consensus. The impact of catastrophes in the second quarter was $146 million before tax ($0.39 per share after tax) in 2014 compared to $237 million before tax ($0.59 per share after tax) in 2013.

  • Co issues downside guidance for FY14, sees EPS of $6.75-6.95 vs. $7.31 Capital IQ Consensus Estimate. 
    • Sees a 2% to 4% increase in net written premiums. 
    • Catastrophe losses of 5.3 percentage points of the combined ratio. 
    • The impact of each percentage point of catastrophe losses on 2014 full year operating income per share is approximately $0.33. 
    • A combined ratio of between 90% and 91%. 
    • A decline of 4% to 6% in property and casualty investment income after taxes. Approximately 244 million average diluted shares outstanding.

4:47 pm Summit Midstream Partners increases quarterly distribution by 4% to $0.52 per unit from $0.50 per unit (SMLP) :  

4:46 pm Reinsurance Group of America beats by $0.26 (RGA) : Reports Q2 (Jun) earnings of $2.23 per share, $0.26 better than the Capital IQ Consensus Estimate of $1.97.

  • Co raises quarterly dividend 10% to $0.33 from $0.30.
  • Repurchased 0.82 mln shares during the qtr for $64 mln, leaving $123.3 mln authorized under repurchase program.
  • Ending book value was $97.21; book value rose $2.03 to $73.54 ex-AOCI

4:46 pm City National beats by $0.14 (CYN) : Reports Q2 (Jun) earnings of $1.11 per share, $0.14 better than the Capital IQ Consensus Estimate of $0.97. 

  • Average second-quarter loan and lease balances, excluding those covered by City National's acquisition-related loss-sharing agreements with the Federal Deposit Insurance Corporation, grew to $18.0 billion, up 16 percent from the second quarter of last year. Average commercial loans were up 18 percent from the same period in 2013. Period-end loan balances grew to a new record of $18.5 billion at June 30, 2014.

4:45 pm Pebblebrook Hotel Trust beats by $0.02, misses on revs; guides Q3 FFO in-line; guides FY14 FFO in-line (PEB) : Reports Q2 (Jun) funds from operations of $0.56 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.54; revenues rose 16.8% year/year to $147.5 mln vs the $152.16 mln consensus.

  • Co issues in-line guidance for Q3, sees FFO of $0.60-0.63 vs. $0.61 Capital IQ Consensus Estimate.
  • Co issues in-line guidance for FY14, sees FFO of $1.87-1.93 vs. $1.88 Capital IQ Consensus Estimate.

4:45 pm First Financial beats by $0.01 (FFBC) : Reports Q2 (Jun) earnings of $0.28 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.27. 

  • Quarterly net interest margin of 3.70%, a decline of 12 bps compared to the linked quarter 
  • Annualized total uncovered loan growth on a period-end and average basis of 5.4% and 11.6%, respectively 
  • Strong performance in specialty finance and residential mortgage lending... Solid growth in traditional C&I / owner-occupied CRE and franchise lending

4:44 pm Validus Holdings misses by $0.08, beats on revs (VR) : Reports Q2 (Jun) operating earnings of $1.39 per share, $0.08 worse than the Capital IQ Consensus Estimate of $1.47; revenues (net premium's written) rose 4.2% year/year to $605.1 mln vs the $548 mln consensus. 

  • Book value per diluted common share stands at $38.55, reflecting quarterly growth of 3.4% inclusive of dividends. 
  • Gross premiums written for the three months ended June 30, 2014 were $655.7 million compared to $702.3 million for the three months ended June 30, 2013, a decrease of $46.6 million, or 6.6%. 
  • Net premiums earned for the three months ended June 30, 2014 were $466.0 million compared to $547.5 million for the three months ended June 30, 2013, a decrease of $81.5 million, or 14.9%.

4:43 pm Republic Services beats by $0.02, beats on revs; reaffirms FY14 EPS guidance; raises dividend 7.7% QoQ to $0.28/share (RSG) : Reports Q2 (Jun) earnings of $0.51 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.49; revenues rose 5.4% year/year to $2.23 bln vs the $2.19 bln consensus.

Co reaffirms guidance for FY14, sees EPS of $1.93-1.98 vs. $1.96 Capital IQ Consensus Estimate. 

Republic also maintained its 2014 adjusted free cash flow guidance of $675 million to $725 million. Dividend and Refinancing Activity Republic announced today that its Board of Directors declared a regular quarterly dividend of $0.28 per share, an increase of 7.7 percent over the prior quarter, for stockholders of record on Oct. 1, 2014.

4:42 pm First Potomac Realty reports core FFO in-line, revs in-line; guides FY14 FFO in-line (FPO) : Reports Q2 (Jun) core funds from operations of $0.24 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.24; revenues rose 6.1% year/year to $41.2 mln vs the $41.4 mln consensus. Co issues in-line guidance for FY14, sees core FFO of $0.91-0.97, excluding non-recurring items, vs. $0.96 Capital IQ Consensus Estimate.

4:41 pm SPS Commerce beats by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY14 EPS in-line, revs in-line (SPSC) : Reports Q2 (Jun) earnings of $0.16 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.15; revenues rose 21.0% year/year to $31.1 mln vs the $30.7 mln consensus.

  • Co issues downside guidance for Q3, sees EPS of $0.15-0.16 vs. $0.17 Capital IQ Consensus Estimate; sees Q3 revs of $31.9-32.4 vs. $32.48 mln Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY14, sees EPS of $0.62-0.64 vs. $0.63 Capital IQ Consensus Estimate; sees FY14 revs of $125.7-126.5 mln vs. $126.22 mln Capital IQ Consensus Estimate.

4:41 pm Symetra Financial beats by $0.05, beats on revs; guides FY14 EPS in-line (SYA) : Reports Q2 (Jun) earnings of $0.48 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.43; revenues rose 6.6% year/year to $547.1 mln vs the $530.13 mln consensus.

  • Co issues in-line guidance for FY14, sees EPS of $1.80-2.00, excluding non-recurring items, vs. $1.88 Capital IQ Consensus Estimate.

4:40 pm Weingarten Realty beats by $0.01, beats on revs; reaffirms FFO guidance for FY14 (WRI) : Reports Q2 (Jun) funds from operations of $0.51 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.50; revenues rose 6.7% year/year to $130.19 mln vs the $124.87 mln consensus.

  • Co reiterates guidance for FY14, sees FFO of $1.95-2.01 vs. $2.00 Capital IQ Consensus Estimate.  While reaffirming previous guidance, co has reduced its assumption for acquisitions to a range of $50- $100 mln.

4:40 pm Columbia Sportswear announced two-for-one stock split (COLM) : Co announced that its board of directors authorized a two-for-one stock split, payable on September 26, 2014 to shareholders of record on September 8, 2014.

4:39 pm Echo Global Logistics beats by $0.04, beats on revs; guides FY14 revs above consensus (ECHO) : Reports Q2 (Jun) earnings of $0.22 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 36.2% year/year to $305.1 mln vs the $278.2 mln consensus. Co issues upside guidance for FY14, sees FY14 revs of $1.14-1.18 bln vs. $1.11 bln Capital IQ Consensus Estimate.

4:39 pm Celestica beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line (CLS) : Reports Q2 (Jun) earnings of $0.25 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.23; revenues fell 1.6% year/year to $1.47 bln vs the $1.43 bln consensus.

  • Operating margin (non-IFRS): 3.5%, compared to 2.9% for the second quarter of 2013
  • Co repurchased and cancelled 2.6 million subordinate voting shares for $27.1 million pursuant to a previously disclosed program share repurchase (PSR) under its Normal Course Issuer Bid (:NCIB), which co pre-funded in February 2014. Funded another $17.0 million PSR in May 2014, pursuant to which 1.4 million subordinate voting shares were repurchased for cancellation on July 22, 2014
Co issues in-line guidance for Q3, sees EPS of $0.21-0.27, excluding non-recurring items, vs. $0.25 Capital IQ Consensus Estimate; sees Q3 revs of $1.4-1.5 bln vs. $1.5 bln Capital IQ Consensus Estimate.

4:38 pm Altra Industrial Motion misses by $0.01, beats on revs; lowers FY14 EPS below consensus, reaffirms FY14 revs guidance (AIMC) : Reports Q2 (Jun) earnings of $0.48 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.49; revenues rose 18.8% year/year to $215.2 mln vs the $208.65 mln consensus.

  • Co issues guidance for FY14, lowers EPS to $1.75-1.85 from $1.85-2.00, excluding non-recurring items, vs. $1.97 Capital IQ Consensus Estimate; reaffirms FY14 revs of $800-825 mln vs. $828.47 mln Capital IQ Consensus Estimate. 
  • The Company is maintaining its expectation that its tax rate for the full year will be ~31% to 33% before discrete items and that capital expenditures will be in the range of $28 to $30 million. 
  • Altra is revising its expectation with respect to depreciation and amortization and now expects that it will be in the range of $32 to $34 million.

4:37 pm Baidu.com beats by $0.35, reports revs in-line; guides Q3 revs above consensus (BIDU) : Reports Q2 (Jun) earnings of $1.73 per share, excluding non-recurring items, $0.35 better than the Capital IQ Consensus Estimate of $1.38; revenues rose 58.5% year/year to $1.93 bln vs the $1.93 bln consensus.

  • Baidu had about 488,000 active online marketing customers in the second quarter of 2014, representing a 4.3% increase from the corresponding period in 2013 and a 9.4% increase from the first quarter of 2014. Revenue per online marketing customer for the second quarter was ~RMB24,200 ($3,901), a 50.3% increase from the corresponding period in 2013 and a 15.8% increase compared to the first quarter of 2014.
Co issues upside guidance for Q3, sees Q3 revs of $2.163-2.221 bln vs. $2.13 bln Capital IQ Consensus Estimate. Online marketing revenues for the second quarter of 2014 were RMB11.837 billion ($1.908 billion), representing a 57.0% increase from the corresponding period in 2013. 

4:37 pm DragonWave to resume trading at 4:50 p.m. ET, stock previously halted on news (DRWI) :  

4:36 pm Marketo beats by $0.13, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY14 EPS above consensus, revs above consensus (MKTO) : Reports Q2 (Jun) loss of $0.17 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of ($0.30); revenues rose 60.1% year/year to $36.0 mln vs the $34.0 mln consensus. For Q3, co sees EPS of $(0.27)-(0.25), excluding non-recurring items, vs. ($0.25) Capital IQ Consensus Estimate; sees Q3 revs of $36.5-37.5 mln vs. $35.8 mln Capital IQ Consensus Estimate. Co issues upside guidance for FY14, sees EPS of $(0.93)-(0.89), excluding non-recurring items, vs. ($1.02) Capital IQ Consensus Estimate; sees FY14 revs of $143-145 mln vs. $141.2 mln Capital IQ Consensus Estimate.

4:36 pm Newpark Res beats by $0.06, beats on revs (NR) : Reports Q2 (Jun) earnings of $0.20 per share, excluding $0.01 gain from the sale of real estate, $0.06 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 5.1% year/year to $272.5 mln vs the $246.23 mln consensus.

Segment Results

  • The Fluids Systems segment generated revenues of $241.4 million in the second quarter of 2014 compared to $211.4 million in the first quarter of 2014 and $234.0 million in the second quarter of 2013.
  • The Mats and Integrated Services segment generated revenues of $31.1 million in the second quarter of 2014 compared to $31.4 million in the first quarter of 2014 and $25.4 million in the second quarter of 2013.

4:35 pm Informatica reports EPS in-line, revs in-line (INFA) : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.35; revenues rose 12.7% year/year to $250.71 mln vs the $250.79 mln consensus.

  • Software revenues were $103.5 million, an increase of 13 percent from $91.4 million in the second quarter of 2013. Within software revenues, license revenues were $87.3 million, up nine percent year-over-year, and subscription revenues were $16.2 million, up 43 percent year-over-year.

4:35 pm Mitek Systems beats by $0.04, misses on revs (MITK) : Reports Q3 (Jun) net of breakeven, $0.04 better than the Capital IQ Consensus Estimate of ($0.04); revenues rose 20.1% year/year to $4.66 mln vs the $4.74 mln consensus.

4:34 pm Callaway Golf misses by $0.04, misses on revs; reaffirms FY14 EPS guidance, revs guidance (ELY) : Reports Q2 (Jun) earnings of $0.04 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.08; revenues fell 7.2% year/year to $232 mln vs the $251.41 mln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $0.12-0.16 vs. $0.16 Capital IQ Consensus Estimate; sees FY14 revs of $880-900 vs. $902.63 mln Capital IQ Consensus Estimate. 
  • "Looking forward, we expect market conditions will remain challenging for the second half of the year," continued Mr. Brewer. "However, we believe our brand momentum and product strength will enable us to overcome these market headwinds and achieve the full year financial goals we set at the beginning of the year. We remain pleased with the state of our turnaround and the direction of our business."

4:34 pm Altera beats by $0.04, beats on revs; guides Q3 revs in-line; quarterly dividend 20% to $0.18/share (ALTR) : Reports Q2 (Jun) earnings of $0.41 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 16.5% year/year to $491.5 mln vs the $480.62 mln consensus.

  • Co issues in-line guidance for Q3, sees Q3 revs in the range of down 2% to up 2% sequentially, which calculates to ~$481.7-501.3 mln vs. $491.71 mln Capital IQ Consensus Estimate.

4:34 pm Proofpoint beats by $0.04, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY14 guidance above consensus (PFPT) : Reports Q2 (Jun) loss of $0.08 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of ($0.12); revenues rose 45.9% year/year to $46.4 mln vs the $43.72 mln consensus.

  • Total billings were $50.1 million for the second quarter of 2014, an increase of 43% compared to $35.1 million in the second quarter of 2013.

Co issues guidance for Q3, sees EPS of ($0.13)-(0.11), excluding non-recurring items, vs. ($0.11) Capital IQ Consensus; sees Q3 revs of $47.0-48.0 mln vs. $45.21 mln Capital IQ Consensus Estimate; Billings $53.5-54.5 mln.

Co issues upside guidance for FY14, raises adj. EPS to ($0.40)-(0.38) from ($0.41-0.46) vs. ($0.43) Capital IQ Consensus; raises FY14 revs to $185-186 mln from $178-180 mln vs. $179.98 mln Capital IQ Consensus; Billings $214-215 mln.

4:34 pm Constant Contact beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs in-line; reaffirms FY14 EPS guidance, slightly raises FY14 revs (CTCT) : Reports Q2 (Jun) earnings of $0.22 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.19; revenues rose 15.8% year/year to $81.3 mln vs the $81.18 mln consensus.

  • Co issues guidance for Q3, sees EPS of $0.32-0.33 vs. $0.34 Capital IQ Consensus Estimate; sees Q3 revs of $83.4-83.7 mln vs. $83.52 mln Capital IQ Consensus Estimate.
  • Co issues guidance for FY14, reaffirms EPS of $1.02 vs. $1.02 Capital IQ Consensus Estimate; raises FY14 revs to ~$331 mln from $330 mln vs. $330.39 mln Capital IQ Consensus Estimate. 
  • Gross margin was 72.8%, compared to 70.7% for the comparable period in 2013. Adjusted EBITDA was $13.3 million, compared to adjusted EBITDA of $9.7 million for the comparable period in 2013. 
  • Adjusted EBITDA margin was 16.4%, compared to 13.8% for the comparable period in 2013. Added 50,000 gross new unique customers in the second quarter, compared to 50,000 in the first quarter of 2014 and 50,000 in the second quarter of 2013. 
  • "We are pleased with our second quarter results, which represented another solid quarter of revenue growth and increased profitability...We are raising our revenue guidance for the year and are on target to deliver accelerated revenue growth, expanded profitability and increased free cash flow for 2014. Our confidence in our ability to achieve our long-term growth objectives is reflected in the $30 million share repurchase program we announced today."

4:33 pm Tesoro Logistics LP increases quarterly distribution by 4% to $0.615 per limited partnership unit from $0.59 per unit (TLLP) :  

4:33 pm Atlas Resource Partners increases quarterly dividend to $0.1966 from $0.1933/share (ARP) :  

4:32 pm Leggett & Platt beats by $0.02, beats on revs; guides FY14 EPS in-line, revs in-line (LEG) : Reports Q2 (Jun) earnings of $0.48 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.46; revenues rose 4.4% year/year to $1 bln vs the $0.99 bln consensus.

  • Co reaffirms EPS for FY14, sees $1.70-1.85 vs. $1.74 Capital IQ Consensus Estimate; co narrows FY14 revs guidance to $3880-3980 mln vs. $3900 mln Capital IQ Consensus Estimate. 
"For the first time in quite a while we experienced meaningful broad based growth -- averaging about 10% -- across the bulk of the company. In contrast, sales declined sharply in both the Store Fixtures and CVP units, moderating aggregate second quarter growth for the entire company to 4%."

"Based largely on the weak demand outlook, we recorded a $108 million pre-tax, non-cash impairment charge to write off all of the goodwill associated with the Store Fixtures group. We have engaged an investment banker and are exploring strategic alternatives for this unit, including possible divestiture."

4:32 pm MTR Gaming and Eldorado Resorts announces approval by the Nevada Gaming Authorities for proposed MTR-Eldorado mergers (MNTG) : Cos announced that the proposed combination of MTR and Eldorado HoldCo has been approved by the Nevada State Gaming Control Board and the Nevada Gaming Commission.

  • As previously announced, MTR, Eldorado and certain of their affiliates entered into a Merger Agreement, pursuant to which MTR and Eldorado will become wholly-owned subsidiaries of Eclair Holdings Company, which will be renamed "Eldorado Resorts, Inc." 
  • The final approval from the Nevada State Gaming Control Board and the Nevada Gaming Commission satisfies one of the conditions to the proposed transaction.
  • The proposed combination has been approved by MTR stockholders, gaming regulators in West Virginia, Louisiana and Ohio and remains subject to certain conditions and approvals, including final regulatory approvals from gaming regulators, registration and listing of ERI shares and customary closing conditions.

4:32 pm Atlas Energy increases quarterly dividend to $0.49 from $0.46/share (ATLS) :  

4:31 pm Mattson reports EPS in-line, beats on revs (MTSN) : Reports Q2 (Jun) earnings of $0.03 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.03; revenues rose 71.0% year/year to $42.0 mln vs the $40.8 mln consensus.

4:31 pm WGL Holdings subsidiary, Washington Gas, begins providing natural gas service to Brunswick, Maryland (WGL) :  

4:31 pm QLogic beats by $0.01, reports revs in-line (QLGC) : Reports Q1 (Jun) earnings of $0.21 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.20; revenues rose 5.6% year/year to $119.4 mln vs the $119.42 mln consensus.

  • "Fiscal year 2015 is off to a solid start as we delivered both revenue and non-GAAP earnings per diluted share that exceeded the midpoint of our guidance ranges. Our strong revenue performance was driven by a 12% year-over-year increase in revenue from Advanced Connectivity Platforms," said Prasad Rampalli, president and chief executive officer, QLogic. "Our team executed very well to further establish QLogic as a leader in data and storage networking connectivity products. We are making significant progress in the enterprise Ethernet market and our revenue from these products is an important contributor to our overall growth. We continue to believe that we are well positioned to experience revenue growth through expanded market opportunities."

4:30 pm Qlik Tech beats by $0.05, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY14 EPS in-line, revs in-line (QLIK) : Reports Q2 (Jun) earnings of $0.02 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of ($0.03); revenues rose 21.9% year/year to $131.6 mln vs the $125.26 mln consensus.

  • Co issues downside EPS guidance for Q3, sees EPS of ($0.02)-0.01, excluding non-recurring items, vs. $0.04 Capital IQ Consensus Estimate; sees Q3 revs of $122-126 mln vs. $123.25 mln Capital IQ Consensus Estimate.
  • Co issues in-line guidance for FY14, sees EPS of $0.23-0.27, excluding non-recurring items, vs. $0.25 Capital IQ Consensus Estimate; sees FY14 revs of $545-555 mln vs. $547.81 mln Capital IQ Consensus Estimate.

4:30 pm National Bank misses by $0.01; reports net interest income of $42.4 mln vs $43.3 in the prior qtr (NBHC) : Reports Q2 (Jun) earnings of $0.05 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.06.

  • At June 30, 2014, tangible common book value per share was $18.53 before consideration of the excess accretable yield value of $0.75 per share. 
  • Net interest income totaled $42.4 million, a $0.9 million decrease from the prior quarter primarily attributable to a $1.5 million decline in interest income on ASC 310-30 loans during the quarter. 
  • Grew the strategic loan portfolio by $159.1 million, or 38.9% annualized, driven by a record $266.8 million in originations, a 58.1% increase over the second quarter of 2013. 
  • CFO commented, "As we have shared in the past, we evaluate the progress of building our company by analyzing the financial results that are expected to emerge over time by excluding the impact of the FDIC indemnification asset amortization, FDIC loss-share income and the large expense related to OREO and problem loan workouts, which can be seen in our non-GAAP reconciliation. These items negatively impacted the second quarter by a net $0.09 per share. The negative impact of these items may fluctuate on a quarterly basis, but is expected to decrease over time in connection with the expiration of the FDIC loss-sharing agreements over the next couple of years and the decreasing problem asset workout expenses...."

4:29 pm Dolby Labs beats by $0.11, beats on revs; guides SepQ EPS in-line, revs below consensus (DLB) : Reports Q3 (Jun) non-GAAP earnings of $0.52 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.41; revenues rose 7.9% year/year to $223.4 mln vs the $210.2 mln consensus. For Q4 (Sep), co sees non-GAAP EPS of $0.43-0.48 vs. $0.48 Capital IQ Consensus Estimate; sees Q4 revs of $210-220 mln vs. $222.4 mln Capital IQ Consensus Estimate.

4:28 pm Microsemi reports EPS in-line, revs in-line; guides Q4 EPS in-line, revs in-line (MSCC) : Reports Q3 (Jun) earnings of $0.58 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.58; revenues rose 20.5% year/year to $292.3 mln vs the $290.41 mln consensus.

  • For the third quarter of fiscal 2014, non-GAAP gross margin was 56.0 percent and non-GAAP operating margin was 22.6 percent.
Co issues in-line guidance for Q4, sees EPS of $0.62-0.66, excluding non-recurring items, vs. $0.62 Capital IQ Consensus Estimate; sees Q4 revs of $299-305 mln vs. $302.37 mln Capital IQ Consensus Estimate.

4:27 pm Amazon.com misses by $0.12 (operating income above guidance/estimates), reports revs in-line; guides Q3 revs in-line, operating income (loss) below consensus -- all per usual (AMZN) : Reports Q2 (Jun) loss of $0.27 per share, $0.12 worse than the Capital IQ Consensus of ($0.15); revenues rose 23.2% (+22% ex-FX) YoY to $19.34 bln vs the $19.32 bln consensus.

  • Operating income ($15) mln vs. ($455)-(55) mln guidance and ($60) mln estimates
Co issues guidance for Q3:
  • Revs of $19.7-21.5 bln vs. $20.82 bln Capital IQ Consensus;
  • Operating loss is expected to be between $810 million and $410 million vs. breakeven ($0) estimates and $25 million in 3Q13 -- guidance includes ~$410 million for stock-based compensation and amortization of intangible assets. 
Tidbits:
  • Fire TV sales have significantly exceeded our sales forecast and we are working.
  • With 250 significant service and feature releases year-to-date, and substantial price reductions for customers starting in the second quarter (28% to 51% depending on the service), AWS continues to grow strongly, with usage growth close to 90% year-over-year in the second quarter. hard to increase our manufacturing output.

4:27 pm Gigamon misses by $0.02, reports revs in-line (GIMO) : Reports Q2 (Jun) loss of $0.04 per share, $0.02 worse than the Capital IQ Consensus Estimate of ($0.02); revenues rose 7.7% year/year to $34.9 mln vs the $34.73 mln consensus. "Our disappointing second quarter results were due primarily to lower than expected performance in our Enterprise business where we continued to see longer sales cycles and larger deals requiring more steps in the customer approval process. In addition, our Service Provider and international segments did not accelerate at the pace we anticipated," said Paul Hooper, chief executive officer of Gigamon. "We are taking actions to address these dynamics and improve our go-to-market execution, including initiating a search for a new head of worldwide sales."

4:27 pm Digi Intl misses by $0.02, reports revs in-line; reaffirms FY14 EPS guidance, revs guidance (DGII) : Reports Q3 (Jun) loss of $0.01 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.01; revenues fell 1.8% year/year to $47.9 mln vs the $47.91 mln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $0.06-0.12 vs. $0.11 Capital IQ Consensus Estimate; sees FY14 revs of $188-194 mln vs. $191.86 mln Capital IQ Consensus Estimate. 
  • Gross profit was $22.1 million in the third fiscal quarter of 2014 compared to $24.7 million in the same period of the prior year, a decrease of $2.6 million or 10.4%. The gross margin was 46.3% in the third fiscal quarter of 2014 compared to 50.6% in the third fiscal quarter of 2013. 
  • The decrease resulted primarily from lower gross margins from our services offerings due to lower than anticipated CRM revenue and a resulting underutilization of consulting labor that had been retained for the expected demand for these services, as well as hardware product mix.

4:26 pm Ingram Micro beats by $0.02, beats on revs; co currently expects 2014 Q3 worldwide revenue to increase YoY in the high single digits (IM) : Reports Q2 (Jun) earnings of $0.54 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.52; revenues rose 5.8% year/year to $10.91 bln vs the $10.59 bln consensus. 

Outlook

  • The co currently expects 2014 third quarter worldwide revenue to increase year-over-year in the high single digits.
  • Gross margin is expected to improve solidly over the 2014 second quarter, and be relatively flat with the prior year third quarter.
  • 2014 third quarter non-GAAP operating expense as a percentage of revenue is expected to continue to benefit sequentially over the 2014 second quarter from incremental cost savings related to implementation of the co's global organizational effectiveness program, and year-over-year from revenue leverage.

4:26 pm MDC Partners beats by $0.18, beats on revs; reaffirms FY14 revs guidance (MDCA) : Reports Q2 (Jun) GAAP earnings of $0.33 per share, $0.18 better than the Capital IQ Consensus Estimate of $0.15; revenues rose 10.5% year/year to $317.7 mln vs the $311.0 mln consensus. Co reaffirms guidance for FY14, sees FY14 revs of $1.245-1.270 bln vs. $1.260 bln Capital IQ Consensus Estimate.

4:25 pm Riverbed Technology reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs above consensus (RVBD) : Reports Q2 (Jun) earnings of $0.26 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.26; revenues rose 5.7% year/year to $264.03 mln vs the $265.43 mln consensus.

  • "We made important strides in the second quarter to extend beyond our core WAN optimization business as evidenced by the number of multi-product transactions which increased both sequentially and year over year, and we expect this to accelerate our growth in the second half of the year and lead to long term sustainable growth in revenue and EPS."
Co issues mixed guidance for Q3, sees EPS of $0.30-0.32, excluding non-recurring items, vs. $0.30 Capital IQ Consensus Estimate; sees Q3 revs of $285-291 mln vs. $279.78 mln Capital IQ Consensus Estimate.

4:25 pm Brightcove beats by $0.07, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY14 EPS below consensus, revs below consensus (BCOV) : Reports Q2 (Jun) loss of $0.04 per share, $0.07 better than the Capital IQ Consensus Estimate of ($0.11); revenues rose 15.2% year/year to $31 mln vs the $30.23 mln consensus.

  • Co issues mixed guidance for Q3, sees EPS of $(0.08-0.09) vs. ($0.07) Capital IQ Consensus Estimate; sees Q3 revs of $30.0-30.5 vs. $32.40 mln Capital IQ Consensus Estimate. 
  • Co issues downside guidance for FY14, sees EPS of $(0.24-0.28) vs. ($0.22) Capital IQ Consensus Estimate; sees FY14 revs of $122-123.5 vs. $128.90 mln Capital IQ Consensus Estimate.  
"During the second quarter we also experienced slower than expected progress on large deal opportunities and certain customer implementations. When combined with the fact that we now expect a large customer with an uncommon use case to churn in the third quarter, we have adjusted our full year outlook in response."

4:23 pm Fed Investors misses by $0.01, reports revs in-line (FII) : Reports Q2 (Jun) earnings of $0.35 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.36; revenues fell 4.8% year/year to $213 mln vs the $212.12 mln consensus.

  • Federated's equity assets were a record $49.9 billion at June 30, 2014, up $11.2 billion or 29 percent from $38.7 billion at June 30, 2013 and up $4.0 billion or 9 percent from $45.9 billion at March 31, 2014.

4:23 pm Spectranetics beats by $0.13, beats on revs; guides FY14 EPS below consensus, revs in-line (SPNC) : Reports Q2 (Jun) earnings of $0.06 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of ($0.07); revenues rose 10.5% year/year to $43.6 mln vs the $42.16 mln consensus.

  • Co issues guidance for FY14, sees EPS of ($0.36)-($0.32) vs. ($0.22) Capital IQ Consensus Estimate; sees FY14 revs of $171.5-174 mln, excluding AngioScore revenue, vs. $172.55 mln Capital IQ Consensus Estimate.

4:23 pm RF Micro Device beats by $0.07, beats on revs; guides Q2 EPS above consensus, revs above consensus (RFMD) : Reports Q1 (Jun) earnings of $0.24 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 8.0% year/year to $316.32 mln vs the $304.83 mln consensus.

  • On a non-GAAP basis gross margin was 47.1%
Co issues upside guidance for Q2, sees EPS of ~$0.27, excluding non-recurring items, vs. $0.21 Capital IQ Consensus Estimate; sees Q2 revs of ~$345 mln vs. $328.93 mln Capital IQ Consensus Estimate. Co also sees non-GAAP gross margin to be approximately flat to up 25 basis points sequentially.

4:23 pm Holly Energy Partners increases quarterly distribution to $0.515 per unit from $0.5075 per unit (HEP) :  

4:22 pm Stericycle reports EPS in-line, beats on revs (SRCL) : Reports Q2 (Jun) earnings of $1.03 per share, in-line with the Capital IQ Consensus Estimate of $1.03; revenues rose 21.7% year/year to $640.8 mln vs the $633.95 mln consensus. 

4:22 pm AtriCure beats by $0.09, beats on revs; guides FY14 revs in-line (ATRC) : Reports Q2 (Jun) GAAP loss of $0.10 per share, $0.09 better than the Capital IQ Consensus Estimate of ($0.19); revenues rose 29.8% year/year to $26.5 mln vs the $25.0 mln consensus. Co issues in-line guidance for FY14, sees FY14 revs of $103-105 mln vs. $102.6 mln Capital IQ Consensus Estimate and vs prior guidance of $101-104 mln.

4:22 pm Martin Midstream increases quarterly cash distribution 0.6% to $0.7925 from $0.7875/share (MMLP) :  

4:22 pm HomeAway reports EPS in-line, beats on revs; guides Q3 revs above consensus; guides FY14 revs above consensus (AWAY) : Reports Q2 (Jun) earnings of $0.15 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.15; revenues rose 32.0% year/year to $114.3 mln vs the $110.36 mln consensus.

  • Growth in total revenue primarily reflected an increase in average revenue per listing as a result of tiered pricing and bundled product offerings, an increase in new listings and the benefit of ancillary product and services revenue.
  • Paid listings at the end of the second quarter were 1,040,547, a y/y increase of 34.2%
Co issues upside guidance for Q3, sees Q3 revs of $114.5-116.5 mln vs. $113.56 mln Capital IQ Consensus Estimate.

Co issues upside guidance for FY14, raises FY14 rev range to$444.0-449.0 mln from prior guidance of $435-442.5 mln vs. $440.99 mln Capital IQ Consensus Estimate. 

4:22 pm Rose Rock Midstream increases quarterly distribution ~ 8% to $0.535 per unit from $0.495 per unit (RRMS) :  

4:21 pm EPR Properties reports FFO in-line, misses on revs; confirms FY14 FFO in-line; 2014 investment spending guidance increased by ~10% (EPR) : Reports Q2 (Jun) funds from operations of $0.97 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.97; revenues rose 11.1% year/year to $91.8 mln vs the $92.79 mln consensus.

  • Co confirms guidance for FY14, sees FFO of $4.00-4.10, ex-items, vs. $4.07 Capital IQ Consensus Estimate.
  • Based on the strength of investment spending to date as well as the current pipeline of build-to-suit projects, the Co is increasing its 2014 investment spending guidance to a range of $550-600 mln from its prior range of $500-550 mln.

4:21 pm Flextronics beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line (FLEX) : Reports Q1 (Jun) earnings of $0.25 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 14.7% year/year to $6.64 bln vs the $6.28 bln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $0.22-0.26 vs. $0.25 Capital IQ Consensus Estimate; sees Q2 revs of $6.2-6.6 bln vs. $6.55 bln Capital IQ Consensus Estimate.

4:20 pm MarkWest Energy increases quarterly cash distribution 4.8% to $0.88 from $0.87/share (MWE) :  

4:20 pm ONEOK Partners to invest $365-470 mln in Oklahoma SCOOP play (OKS) : Co announced plans to invest approximately $365 mln to $470 mln between now and the fourth quarter 2016 to construct a new 200-mln cubic feet per day (MMcf/d) natural gas processing facility and related infrastructure in Grady and Stephens counties in Oklahoma to gather and process natural gas from the emerging South Central Oklahoma Oil Province (:SCOOP).

The approximately $365 million to $470 million includes:

  • $175 mln to $240 mln for the construction of the Knox plant; and 
  • $190 mln to $230 mln for the construction of related natural gas infrastructure, including natural gas gathering pipelines and natural gas compression

4:20 pm KLA-Tencor misses by $0.06, reports revs in-line (KLAC) : Reports Q4 (Jun) non-GAAP earnings of $0.80 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.86; revenues rose 2.0% year/year to $734.3 mln vs the $734.6 mln consensus. Note: Co usually guides on the call, starts at 5pm ET.

4:20 pm Align Tech beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line (ALGN) : Reports Q2 (Jun) earnings of $0.43 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.39; revenues rose 17.5% year/year to $192.53 mln vs the $185.73 mln consensus.

  • Clear aligner case shipments in Q2'14 were 119.3 thousand, a 12.4% increase year-over-year.
  • Operating margins of 25.3%, compared to 23.1% in Q2 a year-ago
  • "There remains approximately $230 million available for repurchases under the existing stock repurchase authorization, of which $30 million is expected to be used for repurchases over the next nine months."
Co issues in-line guidance for Q3, sees EPS of $0.41-0.44 vs. $0.44 Capital IQ Consensus Estimate; sees Q3 revs of $186.3-190.2 mln vs. $188.04 mln Capital IQ Consensus Estimate. Co sees clear aligner case shipments in a range of 118.1 thousand to 120.5 thousand.

4:20 pm Visa beats by $0.08, reports revs in-line; lowers FY14 rev growth slightly; narrows FY14 EPS (V) : Reports Q3 (Jun) earnings of $2.17 per share, $0.08 better than the Capital IQ Consensus Estimate of $2.09; revenues rose 5.1% year/year to $3.15 bln vs the $3.15 bln consensus. 

  • Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2014, was 11% over the prior year at $1.2 trillion. 
  • Cross-border volume growth, on a constant dollar basis, was 7% for the three months ended June 30, 2014. 
  • Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2014, were 16.7 billion, an 11% increase over the prior year. 
  • Fiscal third quarter 2014 service revenues were $1.4 billion, an increase of 9% over the prior year, and are recognized based on payments volume in the prior quarter. 
    • All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 11% over the prior year to $1.3 billion. International transaction revenues grew 1% over the prior year to $860 million. Other revenues, which include the Visa Europe licensing fee, were $195 million, an increase of 9% over the prior year. Client incentives, which are a contra revenue item, were $638 million and represent 16.8% of gross revenues.
Visa affirms its financial outlook for the following metrics for fiscal full-year 2014:
  • Annual operating margin: Low to mid 60s; and Annual free cash flow: About $5 billion. 
Visa Inc. updates its financial outlook for the following metrics for fiscal full-year 2014: Annual net revenue growth:
  • Constant revenue growth in the 9-10% range down from +10-11%, with an expectation of two percentage points of negative foreign currency impact; Client incentives as a percent of gross revenues: Around 17%; 
  • Annual diluted class A common stock earnings per share growth: 17.5-18.5% range from mid-to high teens. 

4:20 pm Abaxis beats by $0.03, beats on revs (ABAX) : Reports Q1 (Jun) earnings of $0.21 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 10.1% year/year to $47.5 mln vs the $46.36 mln consensus.

4:19 pm DragonWave announces proposed public offering of units totaling CAD21.5 mln (stock is halted) (DRWI) : Co announced that it intends to offer units of the co in a C$21.5 mln underwritten public offering. The pricing and number of Units to be offered will be determined in the context of the market. CIBC is acting as the sole book-runner for the offering and H.C. Wainwright & Co., LLC is acting as co-lead manager.

4:18 pm Amazon.com Q2 operating income -$15 mln vs. ($455)-(55) mln guidance and ($60) mln estimates; sees Q3 operating income ($810)-(410) mln vs. breakeven estimates (AMZN) :  

4:18 pm Swift Transportation reports EPS in-line, misses on revs (SWFT) : Reports Q2 (Jun) earnings of $0.33 per share, in-line with the Capital IQ Consensus Estimate of $0.33; revenues rose 4.6% year/year to $1.08 bln vs the $1.09 bln consensus.

  • Consolidated Revenue xFSR for the second quarter of 2014 grew 5.6% year over year
  • Truckload Adjusted Operating Ratio improved 140 basis points year over year in the second quarter to 84.8%, despite Revenue xFSR being constrained due to the tight driver market
  • Truckload utilization as measured by loaded miles per tractor per week improved 1.8% year over year


4:18 pm Sunoco Logistics announces Sunoco Partners LLC, its general partner, has declared a cash distribution for 2Q2014 of $0.365 per common unit; represents a 5% increase over 1Q2014 cash distribution of $0.3475 per common unit (SXL) :  

4:17 pm NETGEAR beats by $0.03, misses on revs; guides Q3 revs below consensus (NTGR) : Reports Q2 (Jun) earnings of $0.58 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.55; revenues fell 5.6% year/year to $337.6 mln vs the $344.29 mln consensus.

  • Co issues downside guidance for Q3, sees Q3 revs of $345-360 mln vs. $365.95 mln Capital IQ Consensus Estimate; with non-GAAP operating margin in the range of 9.5% to 10.5% 
  • "Revenue for the second quarter came in at the low end of guidance due to continued difficulty in Europe. We are taking proactive measures to address this by realigning the Northern European RBU and CBU sales channels. We believe this should benefit NETGEAR in the long term with the goal of gaining market share and improving profitability in this region."

4:17 pm Tesaro misses by $0.16 (TSRO) : Reports Q2 (Jun) loss of $1.03 per share, $0.16 worse than the Capital IQ Consensus Estimate of ($0.87).

  • As of June 30, 2014, TESARO had ~$151.1 million in cash and cash equivalents, no debt and ~36.0 million outstanding shares of common stock.

4:15 pm SolarWinds beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY14 EPS above consensus, revs above consensus (SWI) : Reports Q2 (Jun) earnings of $0.41 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.37.

  • Co issues upside guidance for Q3, sees EPS of $0.42-0.44 vs. $0.41 Capital IQ Consensus Estimate; sees Q3 revs of $109-111.5 vs. $107.05 mln Capital IQ Consensus Estimate. 
  • Co issues upside guidance for FY14, sees EPS of $1.68-1.72 vs. $1.65 Capital IQ Consensus Estimate; sees FY14 revs of $420.5-426.5 vs. $416.64 mln Capital IQ Consensus Estimate. 
  • Record total recurring revenue, comprised of subscription revenue of $5.8 mln and maintenance revenue of $58.0 mln, reached $63.9 mln, increasing by 38% yr.yr, representing 63% of total revenue. License revenue was $37.6 mln for the qtr, representing a 21% yr/yr increase.

4:15 pm Freescale Semi beats by $0.03, beats on revs; guides Q3 revs in-line (FSL) : Reports Q2 (Jun) earnings of $0.38 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 14.7% year/year to $1.19 bln vs the $1.17 bln consensus.

  • Adjusted gross margin of 45.2%
  • Capital Expenditures for the quarter were $56 million
Co issues in-line guidance for Q3, sees Q3 revs of $1.19-1.23 bln vs. $1.2 bln Capital IQ Consensus Estimate. Gross margins to increase approximately 50 basis points on a sequential basis.

4:14 pm NetSuite beats by $0.03, reports revs in-line representing 30.5% rev growth y/y (N) : Reports Q2 (Jun) earnings of $0.06 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.03; revenues rose 30.5% year/year to $131.8 mln vs the $131.71 mln consensus.

  • Cash flows from operations were $18.6 mln in the second quarter of 2014, up from $15.6 mln in the same period in the prior year.
  • "NetSuite delivered record second quarter revenues, growing year-over-year by 30 percent for the eighth consecutive quarter. We also reported our first-ever $100 million quarter of recurring revenue signaling a break out moment. NetSuite's leadership in cloud ERP has never been more clear," said NetSuite CEO Zach Nelson.

4:14 pm Deckers Outdoor beats by $0.22, beats on revs; guides Q2 EPS below/revs above consensus; raises FY15 guidance (DECK) : Reports Q1 (Jun) loss of $1.07 per share, $0.22 better than the Capital IQ Consensus Estimate of ($1.29); revenues rose 24.3% year/year to $211.5 mln vs the $191.75 mln consensus. Inventories at June 30, 2014 decreased 1.7% to $356.0 million from $362.1 million at June 30, 2013. DECK reports Q1 gross margin of 41 % vs 41.1% year ago and ~42% estimate. 

  • Co sees Q2 EPS of $0.98 vs+18% to $1.12 estimate; revs growth +18% vs +14% to $442 mln consensus. 
  • Raised FY15 guidance: Co sees FY15 EPS growth of +14.5% vs +13.5% prior guidance and +15.5% to $4.69 estimate; revs +14% vs +13% prior guidance and +13.2% to $1.80 bln consensus. DECK FY15 guidance is based on gross profit margin of 49 vs 49.4%prior guidance and 49.4% estimate and op margin of 13% vs 13% prior guidance; fiscal year 2015 SG&A expenses as a percentage of sales to be ~36%. 
  • The Company expects fiscal year 2015 Teva brand revenues to increase ~11% over the twelve month period ended March 31, 2014; Sanuk brand revenues to increase approximately 15%. Combined fiscal year 2015 net sales of the Company's other brands are expected to be ~$82.0 million compared to $48.6 million for the twelve month period ended March 31, 2014.

4:14 pm VeriSign beats by $0.04, reports revs in-line (VRSN) : Reports Q2 (Jun) earnings of $0.68 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.64; revenues rose 4.6% year/year to $250.4 mln vs the $251.73 mln consensus.

  • On July 23, 2014, the Board of Directors approved an additional authorization for share repurchases of approximately $491 million of common stock, which brings the total amount to $1 billion authorized and available under Verisign's share buyback program, which has no expiration.

4:13 pm USA Compression Partners increases quarterly dividend 2% to $0.50 per share (USAC) :  

4:13 pm Closing Market Summary: Stocks End Flat Despite Upbeat Earnings (:WRAPX) : The stock market maintained a narrow trading range on Thursday before ending the session essentially where it began. The S&P 500 added less than a point, while the small-cap Russell 2000 (-0.2%) underperformed.

Equity indices displayed early strength thanks in part to an overnight boost from better than expected economic data in China and Europe. Specifically, China's HSBC Manufacturing PMI surged to an 18-month high (52.0 from 50.7), while Eurozone Manufacturing PMI (51.9; expected 51.7) and Services PMI (54.4; expected 52.7) also surpassed estimates.

In addition to upbeat data from overseas, participants received a batch of better than expected earnings, but the market had a difficult time building on its early gain. The S&P 500 surrendered its opening advance during the initial minutes, but was able to follow that with a rally to a fresh record high (1991.39). The index could not hold that level into the afternoon and slipped back to its flat line by the close.

None of the sectors were able to distinguish themselves with several groups spending time atop the leaderboard. When it was all said and done, consumer staples (+0.4%), utilities (+0.4%) and consumer discretionary (+0.3%) occupied the top three spots.

The staples sector drew strength from beverage stocks with Dr Pepper Snapple (DPS 60.98, +2.54) surging 4.4% in reaction to its bottom-line beat. Peer PepsiCo (PEP 91.91, +1.09) advanced 1.2% after being upgraded to 'Buy' from 'Hold' at Stifel Nicolaus.

For its part, the utilities sector erased its week-to-date loss, but could only narrow its July decline to 3.4%. Despite the recent weakness, the rate-sensitive group holds a year-to-date gain of 12.5% versus a 7.6% increase for the S&P 500.

Elsewhere, the discretionary space was supported by retailers. Under Armour (UA 69.55, +8.92) spiked 14.7% to a new record high after delivering an above-consensus quarterly report, while the SPDR S&P Retail ETF (XRT 85.33, +0.55) rallied 0.7%. The strength among retailers outweighed the broad losses among homebuilders.

The industry group was pressured by a disappointing report from a major builder-DR Horton (DHI 21.94, -2.86)-and the June New Home Sales report, which fell short of expectations (406K; Briefing.com consensus 475K). The iShares Dow Jones US Home Construction ETF (ITB 23.38, -0.83) lost 3.4%.

Other high-beta groups like biotechnology and chipmakers did not fare much better. The iShares Nasdaq Biotechnology ETF (IBB 255.45, -3.89) tumbled 1.5%, while the health care sector (-0.2%) lagged throughout the session.

For its part, the PHLX Semiconductor Index lost 0.8% with Qualcomm (QCOM 76.17, -5.43) registering the largest drop. The stock fell 6.7% after its below-consensus Q4 earnings guidance overshadowed better than expected results.

Meanwhile, another tech stock-Facebook (FB 74.98, +3.69)-soared 5.2% after beating earnings and revenue expectations.

Treasuries retreated, making the bulk of their move ahead of the New York open. The 10-yr note lost 11 ticks, sending its yield higher by four basis points to 2.51%.

Participation was below average with a bit over 615 million shares changing hands at the NYSE.

Economic data was limited to initial claims and the New Home Sales report for June:

  • The initial claims level fell to 284,000 from an upwardly revised 303,000 (from 302,000), while the Briefing.com consensus expected an increase to 308,000 
    • The drop in claims brought the overall level to its lowest point since February 2006 and pressured the four-week moving average to its lowest level since May 2006 
    • The Department of Labor said there were no special factors associated with the report, but did note that claims tend to be volatile around this time of the year 
  • New home sales fell 8.1% in June to 406,000 from a downwardly revised 442,000 (from 504,000) in May, while the Briefing.com consensus expected a reading of 475,000 
    • Sales were also revised lower for April (408,000 from 425,000) and March (403,000 from 410,000) 
    • Median new home prices increased 5.3% y/y in June to $273,500 
Tomorrow, the Durable Orders report (Briefing.com consensus 0.3%) will be released at 8:30 ET. On the earnings front, AbbVie (ABBV 54.08, -0.40), LyondellBasell (LYB 102.42, -0.08), and American Electric Power (AEP 54.01, +0.04) will report their results ahead of the opening bell.
  • S&P 500 +7.6% YTD 
  • Nasdaq Composite +7.1% YTD 
  • Dow Jones Industrial Average +3.1% YTD 
  • Russell 2000 -0.6% YTD

4:12 pm Mellanox Tech beats by $0.05, reports revs in-line; guides Q3 revs in-line (MLNX) : Reports Q2 (Jun) earnings of $0.15 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.10; revenues rose 4.5% year/year to $102.57 mln vs the $102.83 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $114-118 mln vs. $114.4 mln Capital IQ Consensus Estimate.

4:12 pm LogMeIn beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY14 EPS above consensus, revs above consensus (LOGM) : Reports Q2 (Jun) earnings of $0.29 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.24; revenues rose 35.1% year/year to $55 mln vs the $52.38 mln consensus.

  • Co issues upside guidance for Q3, sees EPS of $0.27-0.28, excluding non-recurring items, vs. $0.26 Capital IQ Consensus Estimate; sees Q3 revs of $56-56.5 mln vs. $53.73 mln Capital IQ Consensus Estimate.
  • Co issues upside guidance for FY14, sees EPS of $1.05-1.12, excluding non-recurring items, vs. $1.00 Capital IQ Consensus Estimate; sees FY14 revs of $216.5-218 mln vs. $210.93 mln Capital IQ Consensus Estimate.

4:12 pm Time Warner Cable, ESPN (unit of DIS), and Bright House Networks reach agreement to carry SEC Network for August 14, 2014 debut (TWC) : ESPN, Time Warner Cable and Bright House Networks have reached an agreement for carriage of the SEC Network when the channel launches on August 14, 2014. The network will be available to fans and followers of the Southeastern Conference in all Time Warner Cable and Bright House Networks markets ahead of the first SEC 2014-15 college football season game, Texas A&M vs. South Carolina, on August 28 at 6 p.m. ET.

  • With the addition of Time Warner Cable and Bright House Networks, the SEC Network will be available to approximately 60 million households nationwide.

4:12 pm Regal Entertainment reports EPS in-line, misses on revs (RGC) : Reports Q2 (Jun) earnings of $0.27 per share, in-line with the Capital IQ Consensus Estimate of $0.27; revenues fell 8.5% year/year to $770.3 mln vs the $804.54 mln consensus.

  • Regal's Board of Directors also today declared a cash dividend of $0.22 per Class A and Class B common share, payable on September 15, 2014, to stockholders of record on September 5, 2014. The Company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors depending on available cash, anticipated cash needs, overall financial condition, loan agreement restrictions, future prospects for earnings and cash flows as well as other relevant factors. 
  • "In a challenging summer box office environment, the growth in our average concession sales per patron and our focus on controlling variable costs helped drive Adjusted EBITDA margin of over 19%," stated Amy Miles, CEO of Regal Entertainment Group. "With year-to-date industry box office results on par with last year's record setting pace and an exciting film slate in the back half of the year, we are optimistic regarding the potential for further box office success in 2014."

4:11 pm Cerner reports EPS in-line, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY14 guidance ever so slightly (CERN) : Reports Q2 (Jun) earnings of $0.40 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.40; revenues rose 20.4% year/year to $851.8 mln vs the $813.84 mln consensus.

  • Bookings in the second quarter of 2014 were $1.08 billion, an all-time high for a second quarter and an increase of 15 percent compared to second quarter 2013 bookings of $935.0 million.
Co issues guidance for Q3, sees EPS of $0.41-0.42, excluding non-recurring items, vs. $0.42 Capital IQ Consensus Estimate; sees Q3 revs of $840-870 mln vs. $840.13 mln Capital IQ Consensus Estimate.

Co issues in-line guidance for FY14, raises EPS to $1.64-1.67, excluding non-recurring items, from $1.63-1.67 vs. $1.65 Capital IQ Consensus Estimate; raises FY14 revs to $3.3-3.4 bln from $3.25-3.4 bln vs. $3.34 bln Capital IQ Consensus Estimate.

4:11 pm Mettler-Toledo reports EPS in-line, beats on revs; guides Q3 EPS below consensus; guides FY14 EPS below consensus (MTD) : Reports Q2 (Jun) earnings of $2.57 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $2.57; revenues rose 5.2% year/year to $608.8 mln vs the $601.17 mln consensus.

  • Co issues downside guidance for Q3, sees EPS of $2.82-2.87, excluding non-recurring items, vs. $2.89 Capital IQ Consensus Estimate. 
    • Based on its assessment of market conditions today, management anticipates local currency sales growth in the third quarter of 2014 will be ~4%
  • Co issues downside guidance for FY14, sees EPS of $11.45-11.60, excluding non-recurring items, vs. $11.63 Capital IQ Consensus Estimate.
    • Based on today's assessment, mgmt anticipates that local currency sales growth in 2014 will be ~4%

4:11 pm Nabors Industries increases quarterly dividend to $0.06 from $0.04/share (NBR) :  

4:11 pm CB&I beats by $0.08, beats on revs (CBI) : Reports Q2 (Jun) earnings of $1.36 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $1.28; revenues rose 15.6% year/year to $3.29 bln vs the $3.25 bln consensus.

  • Second quarter new awards totaled $4.2 billion, which resulted in a backlog of $31.5 billion.
  • "We remain confident in our ability to deliver revenue and earnings growth consistent with our expectations for 2014 and convert new awards activity into long-term earnings growth."

4:09 pm Tempur Sealy Int'l misses by $0.02, beats on revs; guides FY14 EPS in-line, revs above consensus (TPX) : Reports Q2 (Jun) earnings of $0.39 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.41; revenues rose 8.2% year/year to $715 mln vs the $703.3 mln consensus.

  • Co issues updates guidance for FY14, sees EPS of $2.60-2.85 vs. $2.78 Capital IQ Consensus Estimate; sees FY14 revs of $2.925-2.975 bln vs. $2.89 bln Capital IQ Consensus Estimate. 
  • "Overall our second quarter was in line with our expectations. We experienced solid sales growth in each of our business segments, with particular strength in the U.S. driven by the initial success of our new products. The investment in new products and related marketing in the first half of 2014 pressured margins but now that the products are rolled out we expect significant margin improvement for the balance of the year. We are also pleased overall with our international performance and are excited about its growth prospects, however we are seeing some weakness in Central Europe."

4:09 pm Goldman Sachs: James J. Schiro retires from the Board of Directors of Goldman Sachs to undergo treatment after a diagnosis of multiple myeloma (GS) :  

4:08 pm Micrel misses by $0.01, misses on revs; guides Q3 EPS below consensus, revs below consensus (MCRL) : Reports Q2 (Jun) earnings of $0.09 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.10; revenues rose 5.2% year/year to $62.3 mln vs the $63.51 mln consensus.

  • Co issues downside guidance for Q3, sees EPS of $0.06-0.09, excluding non-recurring items, vs. $0.13 Capital IQ Consensus Estimates
  • Co sees Q3 revs of $62.9-66.0 mln vs. $67.34 mln Capital IQ Consensus Estimate. 
  • Guidance excludes the one-time $3 million to $5 million of revenue and related cost of goods sold impact

4:08 pm NASDAQ announces at end of the settlement date of July 15, 2014, short interest in 2,221 NASDAQ Global Market securities totaled 8,117,141,439 shares vs 8,308,590,157 shares in 2,220 Global Market issues reported for prior settlement date of June 30, 2014 (NDAQ) :  

4:08 pm ONEOK Partners increases quarterly dividend to $0.76 from $0.745/share (OKS) :  

4:07 pm VCA Antech beats by $0.01, reports revs in-line; reaffirms FY14 EPS guidance, revs guidance (WOOF) : Reports Q2 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.54; revenues rose 5.2% year/year to $489.5 mln vs the $491.06 mln consensus.

  • Co reaffirms guidance for FY14 provided on 2/13/14, sees EPS of $1.77-1.87 vs. $1.83 Capital IQ Consensus Estimate; sees FY14 revs of $1.9 -1.925 billion vs. $1.9 bln Capital IQ Consensus Estimate.

4:07 pm FelCor Lodging closes $140 mln term loan; proceeds will be used to redeem its 10% senior secured notes (FCH) : Co announced that it closed a $140 mln term loan. Borrowings under the facility bear interest at LIBOR (no floor) plus 2.5%. The loan matures in 2017 and is freely pre-payable. The loan is secured by three properties.

  •  FelCor expects to use proceeds from the term loan, cash on hand and its line of credit to redeem its remaining $234 mln of 10% senior secured notes in August 2014. FelCor will thereafter use proceeds from pending and future asset sales to repay debt and complete its balance sheet restructuring.

4:07 pm Republic Services increases quarterly dividend by 7.7% to $0.28 from $0.26/share (RSG) :  

4:07 pm Acacia Research beats by $0.01, beats on revs; approves $0.125 quarterly dividend (ACTG) : Reports Q2 (Jun) earnings of $0.16 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.15; revenues rose 116.8% year/year to $50.07 mln vs the $26.59 mln consensus.

4:06 pm Newport enters into agreement to acquire Fiber Laser Company V-Gen Ltd.; terms of the transaction, which is anticipated to close during the third quarter, were not disclosed (NEWP) : Co announced that it has entered into an agreement to acquire V-Gen Ltd., a leading developer and manufacturer of fiber lasers headquartered in Tel Aviv, Israel. V-Gen is expected to have sales in the range of $15 million to $20 million in the first twelve months after the transaction closes. Terms of the transaction, which is anticipated to close during the third quarter, were not disclosed.

4:05 pm RMG Networks Holding appoints Robert Michelson Interim President and CEO and promotes Loren Buck to COO (RMGN) :

  • This appointment follows the resignation of Garry McGuire Jr. as the company's president and chief executive officer and his resignation from RMG Networks' board of directors to focus on other professional opportunities.
  • Most recently, Mr. Michelson held senior management roles with leading technology and technology services companies including Share Rocket, Goliath Solutions and IXL.
  • Loren Buck has been promoted to chief operating officer from executive vice president of strategy and business operations, effective immediately.

4:05 pm SBA Comm beats by $0.16, beats on revs; guides Q3 revs above consensus; guides FY14 revs above consensus (SBAC) : Reports Q2 (Jun) funds from operations of $1.31 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus Estimate of $1.15; revenues rose 18.2% year/year to $383.4 mln vs the $371.38 mln consensus.

  • Co issues upside guidance for Q3, sees Q3 revs of $380.5-390.5 mln vs. $379.00 mln Capital IQ Consensus Estimate. 
  • Co issues upside guidance for FY14, sees FY14 revs of $1.5-1.52 bln vs. $1.48 bln Capital IQ Consensus Estimate.

4:05 pm BJ Restaurants beats by $0.06, reports revs in-line (BJRI) : Reports Q2 (Jun) earnings of $0.30 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.24; revenues rose 10.5% year/year to $219.4 mln vs the $219.38 mln consensus. 

  • Total restaurant operating weeks increased 13% 
  • Comparable restaurant sales declined 1.7%
  • "Our development team is now focused on finalizing our planned fiscal 2015 restaurant openings and is building a solid pipeline for fiscal 2016. We currently anticipate expanding our operating base by approximately 10% in fiscal 2015 with the opening of at least 15 new restaurants."

4:04 pm Pacific Biosciences reports EPS in-line, revs in-line; gross margins improve to 27.4% from 17.5% in the prior year (PACB) : Reports Q2 (Jun) loss of $0.27 per share, in-line with the Capital IQ Consensus Estimate of ($0.27); revenues rose 90.0% year/year to $11.4 mln vs the $11.39 mln consensus. 

  • Second quarter 2014 revenue reflects the delivery of eight PacBio RS II systems, compared to three systems during the second quarter of 2013. 
    • Total revenue for the second quarter of 2014 also included $1.7 million of contractual revenue. 
    • Co booked five PacBio RS II instrument orders during the period and ended the quarter with 10 instruments in backlog. 
  • Gross profit for the quarter increased 195% to $3.1 million, resulting in a gross margin of 27.4%, compared to gross profit of $1.1 million and a gross margin of 17.5% for the second quarter of 2013.

4:04 pm Capital Product Partners agrees to significant containership and product tanker transaction with Capital Maritime (CPLP) : Co announced an agreement to acquire from its sponsor, Capital Maritime & Trading Corp., three containerships and two product tankers, expected to be delivered to Capital Maritime between March 2015 and November 2015, at prices below current market value.

  • In addition, Capital Maritime will provide the Partnership with a right of first refusal over six additional product tankers expected to be delivered to Capital Maritime between September 2015 and December 2016. 
  • These vessel purchase transactions are contingent upon, among other things, the Partnership amending its Second Amended and Restated Agreement of Limited Partnership, as amended, to revise the target distributions to holders of incentive distribution rights. The amendment to the Partnership Agreement will be subject to, among other things, unitholder approval at the annual meeting.
  • The Partnership has entered into a Master Vessel Acquisition Agreement, dated as of July 24, 2014, with its sponsor, Capital Maritime, pursuant to which the Partnership will acquire, subject to the satisfaction or waiver of various conditions precedent, three newbuild Daewoo 9,160 TEU eco-flex containerships at $81.5 million for each vessel and two newbuild Samsung eco medium range product tankers at $33.5 million for each vessel. The Master Vessel Acquisition Agreement also provides that Capital Maritime will, subject to the terms of that agreement, grant the Partnership a right of first refusal over six additional newbuild Samsung eco medium range product tankers. The three containerships to be acquired are chartered to CMA CGM for a minimum charter term of 60 months and the two medium range product tankers to be acquired will at a minimum be chartered to Capital Maritime for a charter term of 24 months at a gross daily charter rate of $17,000 plus 50/50 profit share on actual earnings settled every 6 months.

4:03 pm Principal Fincl beats by $0.07, beats on revs (PFG) : Reports Q2 (Jun) earnings of $1.08 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $1.01; revenues rose 10.0% year/year to $2.54 bln vs the $2.5 bln consensus.

  • Record total company AUM of $517.9 billion was up 15 percent over the year ago quarter. 
  • Total company return on equity (:ROE) excluding AOCI was 13.3 percent, a 290 basis point increase over second quarter 2013.

4:03 pm Star Bulk Carriers takes delivery of M/V Peloreus, its first eco, fuel-efficient capesize; co has partially financed the $34.63 mln final delivery installment for the Vessel (SBLK) :

  • Co announced that on July 22, 2014 it has taken delivery of M/V Peloreus, a 182,000 dwt Capesize built by Japan Marine United. The Vessel is the first of six similar vessels ordered at JMU, with expected deliveries until the 3rd quarter of 2015.
  • In addition, Star Bulk has entered into definitive contracts for the construction of additionally thirty six vessels at high quality shipyards in Japan and China, including thirteen Newcastlemax, nine Capesize and fourteen Ultramax vessels with fuel-efficient specifications with expected deliveries in 2014, 2015 and early 2016.  
  • The co has partially financed the $34.63 mln final delivery installment for the Vessel, using $32.5 mln proceeds from the previously committed 5 year senior secured credit facility by Deutsche Bank AG, while the remaining amount was financed using cash on hand. The vessel was fitted with additional and higher specification equipment of ~ $0.54 mln, the payment of which is included in the aforementioned final delivery installment.

4:03 pm Maxim Integrated misses by $0.05, misses on revs; guides Q1 EPS below consensus, revs below consensus (MXIM) : Reports Q4 (Jun) earnings of $0.43 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.48; revenues rose 6.0% year/year to $642 mln vs the $650.45 mln consensus.

  • Co issues downside guidance for Q1, sees EPS of $0.34-0.40 vs. $0.51 Capital IQ Consensus Estimate; sees Q1 revs of $580-620 mln vs. $676.06 mln Capital IQ Consensus Estimate. 
  • "While we experienced softness in our mobility business, our revenue performance in the quarter reflected the overall strength of Maxim's balanced portfolio, with growth in every one of our other major businesses." Mr. Doluca continued, "Although our near-term outlook for mobility remains cautious, we are executing on our strategy to bring new integrated designs to the Industrial, Automotive, Communications and Data Center markets, and to diversify our customer base in mobility."

4:03 pm Lattice Semi beats by $0.01, reports revs in-line; guides Q3 revs below consensus (LSCC) : Reports Q2 (Jun) earnings of $0.10 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.09; revenues rose 17.3% year/year to $99.3 mln vs the $98.6 mln consensus. Co issues downside guidance for Q3, sees Q3 revs down 8-12% sequentially which computes to $87.4-91.4 mln vs. $98.5 mln Capital IQ Consensus Estimate.

4:02 pm BioMed Realty and Bristol-Myers Squibb (BMY) sign lease to expand relationship to 194,100 square feet at Woodside Technology Park in Redwood City, California (BMR) : Co announced that Bristol-Myers Squibb (BMY) has signed a ten-year lease for approximately 61,000 square feet of additional laboratory and office space at the company's Woodside Technology Park life science campus in Redwood City, California.

  • The Redwood City campus will serve as Bristol-Myers Squibb's hub for discovering pioneering cancer therapies in the emerging field of immunotherapy. With this lease, Bristol-Myers Squibb will fully occupy two of the three buildings at the campus totaling 194,100 square feet as the company continues to further strengthen its presence in the Bay Area, and will provide additional capacity to conduct biologics drug discovery research at Woodside Technology Park. 
  • Currently, Bristol-Myers Squibb is leasing the entire 700 Bay Road building on the campus comprising ~133,100 square feet. In addition to expanding Bristol-Myers' footprint at Woodside Technology Park, the companies agreed to extend the term of the lease on the 700 Bay Road building, previously expiring in December 2022, by an additional 30 months.

4:02 pm Monolithic Power beats by $0.02, beats on revs; guides Q3 revs above consensus (MPWR) : Reports Q2 (Jun) earnings of $0.37 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 18.5% year/year to $68.4 mln vs the $67.14 mln consensus.

  • Co issues upside guidance for Q3, sees Q3 revs of $76-80 mln vs. $73.73 mln Capital IQ Consensus Estimate.

4:02 pm Datalink beats by $0.09, beats on revs; guides Q3 EPS in-line, revs above consensus (DTLK) : Reports Q2 (Jun) earnings of $0.22 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 7.8% year/year to $159.4 mln vs the $149.62 mln consensus

  •  Co issues in-line EPS guidance for Q3, sees EPS of $0.16-0.22, excluding non-recurring items, vs. $0.16 Capital IQ Consensus Estimate; sees Q3 revs of $150-160 mln vs. $148.41 mln Capital IQ Consensus Estimate.

4:02 pm MDC Partners increases quarterly dividend to $0.19 from $0.18/share (MDCA) :  

4:01 pm Monolithic Power acquires Sensima Technology SA for an initial cash payment of $11.7 mln and a subsequent cash earn-out payment of up to $8.9 mln which will be based upon Sensima's achieving certain performance goals (MPWR) : Co announced that it has acquired Sensima Technology SA located in Switzerland. Sensima is a pre-revenue, developer of magnetic sensor technologies for angle measurements as well as three-dimensional magnetic field sensing.

  • MPS has acquired all of the outstanding shares of capital stock of Sensima. The purchase price includes an initial cash payment of $11.7 million and a subsequent cash earn-out payment of up to $8.9 million which will be based upon Sensima's achieving certain performance goals. Key employees will also be eligible to receive time-based and performance-based restricted stock units in connection with this transaction. A portion of the initial cash consideration payable to the stockholders will be placed into escrow under the terms of the acquisition agreement.
  • The estimated financial impact of the acquisition on the future operating results of MPS is not expected to be significant.

4:01 pm Tesaro appoints Mary Lynne Hedley as Chief Operating Officer (TSRO) :

  • Dr. Hedley is President and Co-Founder of co. 

4:00 pm Roundy's CFO Karst leaving to join Rite Aid (RAD); Turzenski Named CFO (RNDY) :

  • Michael Turzenski, currently co's Group Vice President and Chief Accounting Officer, has been appointed Group Vice President, Chief Financial Officer by Roundy's board of directors.

4:00 pm Rite Aid: Darren Karst appointed Executive Vice President and Chief Financial Officer (RAD) :

  • Karst succeeds Frank Vitrano, who has announced he will retire in September, 2015.
  • Until then, Vitrano retains the chief administrative officer responsibilities for the company's information technology, real estate and indirect procurement functions. He will also serve as a key resource in the development and execution of new business and growth initiatives.
  • Karst joins Rite Aid from Roundy's, Inc. (RNDY), a leading Midwest grocer based in Milwaukee, Wis., where he has been the executive vice president, chief financial officer and assistant secretary since 2002.

4:00 pm Rentech Nitrogen Partners secures $50 mln revolving credit facility (RNF) : Co announced that it has entered into a $50 mln revolving credit facility with GE Capital, Corporate Finance. The partnership plans to use the credit facility to fund growth projects. The facility will also be available, if needed, for general partnership purposes.

  • This credit facility replaces the $35 mln working capital facility established in April 2013, providing more flexibility at lower cost to the partnership. The new facility has less restrictive financial covenants than the previous facility, with no financial covenants unless the outstanding balance exceeds $35 mln or there is otherwise a default or an event of default continuing under the facility. The new facility does not have a requirement to repay periodically the entire outstanding balance, allowing the partnership to use borrowings under the facility to fund capital projects.

3:30 pm Earnings Calendar (:SUMRX) : Today after the close look for the following companies to report:

  • SXT, HBHC, ACTG, BCR, ALGN, CBI, CLS, ELY, IM, SPNC, SYA, ABAX, ALTR, AMZN, ATRC, AWAY, BAS, BIDU, BLDR, CB, CERN, CYN, DECK, DGII, ECHO, FET, FICO, FII, FPO, FSL, GIMO, INFA, KLAC, LEG, LSCC, MCRL, MDCA, MKTO, MLNX, MPWR, MSCC, MTSN, MXIM, NBHC, NR, NTGR, OLN, P, PEB, PFG, QLIK, RGA, RGC, RSG, SBUX, SIVB, SPSC, SRCL, SSD, SWFT, UHS, V, VR, VRSN, WIRE, WOOF, WRE, WRI, AIMC, N, COLM, DLB, EPR, FFBC, LOGM, RFMD, RVBD, SWI, BCOV, FLEX, PACB, PFPT, TSRO, BJRI, CTCT, MITK, QLGC, SBAC, TPX, DTLK, MTD
Tomorrow before the open look for the following companies to report:
  • TCB, XRX, AVY, NS, PB, FNFG, GRC, SWK, AAN, ABBV, AEP, AON, B, COV, DTE, IDXX, LEA, LPNT, MCO, MOG.A, OFC, PFS, TYC, VVI, WBC, LYB, MGLN, SLAB, ACAT

3:13 pm NGL Energy Partners increases quarterly distribution by 6.8% to $0.58875 per unit from $0.55125 per unit (NGL) :  

3:09 pm S&P -1.2 joins Dow -21 at minor new session low, Nasdaq Comp -6 is holding just above its low (:TECHX) :  

2:52 pm NYMEX Energy Closing Prices (:COMDX) :

  • Sep crude oil fell $1.06 to $102.06/barrel 
    • Crude oil pulled back from a session high of $103.17 set at floor trade open as the dollar index erased overnight losses. The energy component trended lower for the remainder of the session and settled with a 1.0% loss. 
  • Aug natural gas rose 9 cents to $3.85/MMBtu 
    • Natural gas traded higher as it gained strength on bullish inventory data. Prices rallied to a session high of $3.89 after the EIA reported that for the week ending July 18, natural gas inventor showed a build of 90 bcf when a build of 95-96 bcf was anticipated. Natural gas then chopped around near the $3.84 level and settled with a 2.4% gain. 
  • Aug heating oil fell 1 cent to $2.87/gallon 
  • Aug RBOB fell 2 cents to $2.84/gallon

2:37 pm Pinnacle: Orange Capital issues statement regarding Pinnacle Entertainment; 'a PropCo Transaction could result in an ~60%-90% increase in Pinnacle's current share price to $35-$42 per share' (PNK) : Orange Capital, issued the following statement in regards to its investment in the shares of Pinnacle Entertainment:

  • "Based on our analysis, we believe a PropCo Transaction could result in an approximate 60%-90% increase in Pinnacle's current share price to $35-$42 per share. Orange Capital's methodology conservatively accounts for: (a) additional capital that may be required to de-leverage the balance sheet, (b) transaction and financing costs, and (c) incremental general & administrative expense. 
  • Should the Company fail to take appropriate steps towards maximizing shareholder value, Orange Capital will explore all options available to protect the interests of all shareholders."

2:29 pm CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (:COMDX) :

  • Sep corn fell 1 cent to $3.61/bushel 
  • Sep wheat fell 1 cent to $5.29/bushel 
  • Aug soybeans rose 7 cents to $12.08/bushel 
  • Sep ethanol settled unchanged at $2.01/gallon 
  • Sep sugar (#16 (U.S.)) rose 0.18 of a penny to 24.53 cents/lbs

2:25 pm Dollar Holds at Best Levels Since February: 10-yr: -12/32..2.511%..USD/JPY: 101.82..EUR/USD: 1.3466 (:SUMRX) :

  • The Dollar Index trades little changed near 80.85. Click here to see a daily Dollar Index chart.
  • A quiet U.S. session has seen action stuck in a tight 10 cent range for much of the day. 
  • EURUSD is +5 pips @ 1.3465 as a light bid surfaces for the first time in eight days. The single currency has been buoyed by the region's mostly better than expected PMI data, and has managed to shrug off headlines indicating Espirito Santo Financial Group is seeking protection from creditors. Support in the area remains under close watch. Eurozone data is heavy with M3 money supply, private loans, GfK German Consumer Climate, and German Ifo Business Climate all due out. 
  • GBPUSD is -55 pips @ 1.6985 as trade presses lower for a seventh day. Today's selling developed following the disappointing retail sales figure, and has dropped action onto support helped by the 50 dma. A close below 1.6960 would be the lowest in one and a half months. Britain's preliminary GDP will cross the wires tomorrow.
  • USDCHF is unchanged @ .9025 as trade holds at five and a half-month highs. U.S. trade has been lackluster with the pair trapped in a tight 10 cent range. 
  • USDJPY is +30 pips @ 101.85 as trade marches higher for a fifth session. Buyers have been in control since last night's wider than anticipated Japanese trade deficit, and have run action to a two-week high. The 50 dma helps resistance at the level. Japanese data set for tonight is limited to Tokyo Core CPI. 
  • AUDUSD is -25 pips @ .9415 as action presses the lows. The hard currency attracted early buyers after neighboring New Zealand hiked its key rate and China's Manufacturing PMI outpaced estimates; however, steady selling over the course of the session has trade sliding back towards .9350 support. 
  • USDCAD is +25 pips @ 1.0750 as trade ticks to its best levels of the day. The 1.0760 area is of particular interest as a close above there would be the best in a month.

2:09 pm Weyerhaeuser and DuPont Pioneer (DD) enter technology license agreement (WY) : Co announced a technology license agreement with DuPont Pioneer (DD) that will advance seed technologies to help meet growing global demands for food, feed and fiber.

  • The agreement brings together agricultural and forestry know-how to sustainably improve crop productivity for corn growers around the world. Based on scientific research behind years of Weyerhaeuser NR sustainable forestry, the manufactured seed technology allows for the storage, nourishment, planting and germination of cells capable of growing into a plant. This technology provides a means to cost-effectively regenerate valuable, limited or fragile plant material.

1:51 pm COMEX Metals Closing Prices (:COMDX) :

  • Aug gold fell $14.30 to $1290.20/oz 
    • Gold fell below $1300 today as better-than-anticipated economic data pressured prices. Data showed that the initial claims level fell to 284K from an upwardly revised 303K (from 302K), its lowest level since February 2006. The Briefing.com consensus called for an increase to 308K. The yellow metal traded as low as $1287.50 after pulling back from a session high of $1300.80 set in morning action and eventually settled with a 1.1% loss. 
  • Sep silver fell $0.59 to $20.41/oz 
    • Silver trended lower after retreating from a session high of $20.96 set in morning pit trade and eventually settled at it session low, booking a loss of 2.8%. 
  • Sep copper rose 6 cents to $3.27/lbs

1:48 pm OptimumBank Holdings announces continued listing on NASDAQ (OPHC) : Co announced that it has regained compliance with NASDAQ minimum shareholders' equity rule per NASDAQ Listing Qualification Notice dated July 14, 2014. The Company will continue to be listed on NASDAQ.

  • The Company completed the sale of 755,286 shares since March 31, 2014 for an aggregate amount of $841K by July 1, 2014. Completion of these sales, together with the Company's estimated net income for the fiscal quarter ended June 30, 2014, will cause shareholders' equity to exceed the $2.5 mln minimum threshold for NASDAQ listing. In addition, the co has successfully demonstrated the ability to sustain that level going forward.

1:35 pm Verso Paper amends subordinated debt exchange offer (VRS) : Co announced that two of its wholly owned subsidiaries, Verso Paper Holdings LLC and Verso Paper Inc., have amended the terms of their previously announced exchange offer and consent solicitation with respect to their outstanding 11 3/8% Senior Subordinated Notes due 2016.

  • As of July 23, 2014, holders of ~ $99.7 mln in aggregate principal amount of Old Subordinated Notes have tendered their Old Subordinated Notes or agreed with Verso and the Issuers to tender their Old Subordinated Notes in the amended Subordinated Notes Exchange Offer, and holders of ~ $286.9 mln in aggregate principal amount of Old Second Lien Notes have tendered their Old Second Lien Notes in the Second Lien Notes Exchange Offer.
  • Holders will receive for each $1,000 principal amount of Old Subordinated Notes tendered a number of Warrants equal to (a) $1,000 divided by (b) the aggregate principal amount of New Subordinated Notes as of the date of consummation of the Subordinated Notes Exchange Offer multiplied by (c) 6.670% of the total number of outstanding shares of Common Stock, determined on a fully diluted basis after giving effect to the Merger and the issuance of Common Stock upon the mandatory conversion of Warrants issued in the Exchange Offers.
  • The Issuers have also amended the terms of the New Subordinated Notes as follows: upon the consummation of the Merger, (i) the principal amount of the outstanding New Subordinated Notes will be adjusted such that a holder of $1,000 principal amount of New Subordinated Notes immediately prior to the Merger will hold $710 principal amount of New Subordinated Notes immediately following the Merger (assuming 100% participation in the Subordinated Notes Exchange Offer), (ii) the maturity date of the New Subordinated Notes will be extended to August 1, 2020 and (iii) the interest rate will be adjusted such that the New Subordinated Notes will bear interest from and after the date of the consummation of the Merger at a rate of 11% per annum payable in cash plus 5% per annum payable by increasing the principal amount of the outstanding New Subordinated Notes or by issuing additional New Subordinated Notes. 

1:33 pm GlaxoSmithKline: FDA approves Flonase Allergy Relief for sale over-the-counter in the US (GSK) : Co announced that the FDA approved Flonase Allergy Relief (fluticasone propionate 50 mcg spray), containing the No. 1 prescribed allergy treatment ingredient, as an over-the-counter (OTC.TO) treatment for temporary relief of the symptoms of hay fever or upper respiratory allergies. Flonase Allergy Relief will be available over-the-counter in early 2015.

1:30 pm BGC Partners: statement from BGC Partners regarding recent stock transactions; transactions described in the Forms 4 reduced BGC's fully diluted share count by ~5 mln shares (BGCP) : The co or its affiliates completed certain transactions involving Cantor Fitzgerald. A Form 4 was filed yesterday with the SEC that describes these purchases in detail. These transactions also triggered related filings on Form 4 by BGC's Chairman and Chief Executive Officer, Howard W. Lutnick and an affiliate to report beneficial ownership, although the transactions were not conducted by Mr. Lutnick personally.

  • Certain individuals who were formerly partners of Cantor effectively sold approximately 3.1 million BGC shares and/or units. 
  • BGC immediately purchased approximately 3.1 million BGC shares and/or units from Cantor. 
  • BGC additionally purchased another approximately 1.9 million BGC shares from CFLP, the proceeds of which went to certain current partners of Cantor, excluding Mr. Lutnick. 
  • BGC purchased these shares and/or units at an average price of $7.74, which was the closing price on the day these transactions were completed. 
  • The transactions described in the Forms 4 reduced BGC's fully diluted share count by approximately 5 million shares. 
  • None of these sales included shares and/or units held personally by BGC's Chairman and Chief Executive Officer Howard W. Lutnick or his family. 
  • Mr. Lutnick did not and will not receive any proceeds from these transactions. 
  • Mr. Lutnick currently does not intend to sell any BGC shares and/or units held personally or in family trusts, other than dispositions related to charitable donations.

1:12 pm Dow -10 slides 45 points off first hour high and sets minor new session low, Nasdaq Comp -5.6 retests early low -- S&P +0.6 (:TECHX) :  

1:09 pm Relative sector weakness (:TECHX) : Sector that underperformed in recent trade include: Casino, Biotech IBB, Housing XHB, Industrial XLI.

1:06 pm Stock indices extend pullback off morning highs -- Dow -5, S&P +0.5, Nasdaq Comp -5 (:TECHX) :  

12:57 pm Midday Market Summary: Little Changed at Midday (:WRAPX) : At midday, the major averages hold slim gains with the Russell 2000 in the lead. The small-cap index trades higher by 0.2%, while the S&P 500 sports a modest uptick of 0.1%.

Equity indices climbed at the open, but were quick to return to their flat lines amid some spotty sector leadership. Despite that retreat, the S&P 500 was able to climb to a new session high (1991.42), a level which also represents a new intraday record for the benchmark index.

Seven of ten sectors hold gains with energy (+0.4%), consumer discretionary (+0.4%), and financials (+0.3%) in the lead. Of the three, the discretionary sector has shown strength since the start, while the other two groups joined the advance a bit later.

Retailers have been largely responsible for the strength of the discretionary space. The SPDR S&P Retail ETF (XRT 85.41, +0.63) is higher by 0.7%, while shares of Under Armour (UA 69.89, +9.26) have surged 15.3% in reaction to a better than expected quarterly report.

Unfortunately, homebuilders have not been able to take part in the rally with the industry group suffering on a couple fronts. DR Horton (DHI 22.30, -2.50) holds a loss of 10.1% after missing revenue estimates. Adding insult to injury was a disappointing New Home Sales report for June (406K versus Briefing.com consensus 475K). The iShares Dow Jones US Home Construction ETF (ITB 23.51, -0.70) is lower by 2.9%.

Similar to homebuilders, other high-beta groups like biotechnology and chipmakers have also struggled so far today. The iShares Nasdaq Biotechnology ETF (IBB 256.28, -3.06) is lower by 1.2%, while the PHLX Semiconductor Index is lower by 0.8%. Qualcomm (QCOM 76.44, -5.16) is a notable laggard, down 6.3% after its below-consensus Q4 earnings guidance overshadowed its better than expected results.

On a separate note, Ukraine's Prime Minister Aresniy Yatsenyuk has announced his resignation, citing a collapse of the coalition government. However, the announcement was essentially a non-event for the market.

Treasuries hover near their lows with the 10-yr yield up four basis points at 2.51%.

Economic data was limited to initial claims and the New Home Sales report for June:

  • The initial claims level fell to 284,000 from an upwardly revised 303,000 (from 302,000), while the Briefing.com consensus expected an increase to 308,000 
    • The drop in claims brought the overall level to its lowest point since February 2006 and pressured the four-week moving average to its lowest level since May 2006 
    • The Department of Labor said there were no special factors associated with the report, but did note that claims tend to be volatile around this time of the year 
  • New home sales fell 8.1% in June to 406,000 from a downwardly revised 442,000 (from 504,000) in May, while the Briefing.com consensus expected a reading of 475,000 
    • Sales were also revised lower for April (408,000 from 425,000) and March (403,000 from 410,000) 
    • Median new home prices increased 5.3% y/y in June to $273,500

12:56 pm Perrigo confirms AB therapeutic equivalent rating from the FDA for its Testosterone Gel 1.0% (PRGO) : Co announced that it has received an AB therapeutic equivalent rating from the FDA for its previously approved NDA for testosterone gel 1.0%.

  • FDA concluded that Perrigo's testosterone product is therapeutically equivalent to [AbbVie's] (ABBV) AndroGel 1% and can be substituted with the full expectation that it will produce the same clinical effect and safety profile as AndroGel 1% when used under the conditions specified in the labeling. Other companies that have submitted NDAs referencing AndroGel 1.0% have failed to achieve the AB rating.

12:32 pm Cormedix granted extension of NYSE-MKT listing (CRMD) : Co announced receipt of notice on July 18, 2014 from the NYSE MKT LLC that the NYSE-MKT has accepted the CorMedix plan to regain compliance with continued listing standards of the NYSE-MKT. As a result, the NYSE-MKT is continuing the co's listing and has granted the co an extension until May 31, 2015 to regain compliance with the continued listing standards of the NYSE-MKT. The co will be subject to periodic review by the NYSE-MKT during the extended plan period.

12:29 pm Tri-County Financial subsidiary Community Bank of the Chesapeake names William Pasenelli CEO (TCFC) : Co announced the appointment of William Pasenelli as Chief Executive Officer. Mr. Pasenelli assumes this role as Michael Middleton, Community Bank's CEO since 1979, transitions to the position of Executive Chairman of the Board. As President and CEO, Mr. Pasenelli intends to continue to focus on providing exceptional customer service and contributing to local communities.

  • Before joining Community Bank, Mr. Pasenelli served as Chief Financial Officer of Acacia Federal Savings Bank in Annandale, Virginia. Mr. Pasenelli joined Community Bank in 2000 as Chief Financial Officer, and became President of the Bank and The Community Financial Corporation in 2010.

12:22 pm Westamerica Banc announces stock repurchase plan of up to 2 mln shares, representing ~8% of shares outstanding (WABC) : Co's Board approved a plan to repurchase, as conditions warrant, up to two million shares of the co's common stock on the open market or in privately negotiated transactions prior to September 1, 2015. The repurchase plan represents ~8 percent of the co's common stock outstanding as of June 30, 2014.

11:59 am Energy Transfer Equity insreases quarterly dividend to $0.38 from $0.3588/share (ETE) :  

11:59 am Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

  • UA (69.65 +14.88%): Beat on EPS by $0.01, beat on revs; raised FY14 guidance; reported Q2 gross margin of 49.2%, prior guidance flat, vs estimate of ~20 bps expansion to 48.5%.
  • RCL (60.97 +8.43%): Beat on EPS by $0.13, reported revs in-line; guided Q3 EPS above consensus; raised FY14 EPS guidance (midpoint above consensus).
  • NOK (8.26 +7.55%): Beat on EPS by $0.02, beat on revs.
Large Cap Losers
  • LMCA (49 -65.32%): Announced adjustment to the conversion rate of its 1.375% cash convertible senior notes due 2023 .
  • TRIP (97.19 -9.47%): Missed on EPS by $0.06, reported revs in-line; downgraded to Hold from Buy at Cantor Fitzgerald; target raised to $104 from $100 at RBC Capital Mkts; target raised to $98 from $87 at UBS.
  • QCOM (76.55 -6.19%): Beat on EPS by $0.10, beat on revs; guided Q4 EPS below consensus, revs in-line; co believes certain licensees in China are not fully complying with their contractual obligations to report their sales of licensed products; downgraded to Equal Weight from Overweight at Evercore; downgraded to Neutral from Positive at Susquehanna; tgt lowered to $85 from $86 at Cowen; tgt lowered to $90 from $95 at Canaccord Genuity.
Mid Cap Gainers
  • LOGI (15.44 +15.81%): Beat on EPS by $0.09, beat on revs; reaffirmed FY15 revs guidance; raised op income guidance; upgraded to Buy from Hold at European firm Vontobel.
  • CSGP (161.07 +12.17%): Beat on EPS by $0.10, beat on revs; guided Q3 EPS above consensus, revs in-line; guided FY14 EPS above consensus, revs in-line.
  • SKX (52.51 +8.47%): Beat on EPS by $0.28, beat on revs; target raised to $58 at B. Riley & Co.
Mid Cap Losers
  • UFS (37.72 -9.74%): Reported Q2 earnings of $0.61 per share, missed on revs.
  • DHI (22.47 -9.4%): Reported Q3 earnings of $0.32 per share, including items; missed on revs; raised quarterly dividend by 67% from the most recent dividend paid to $0.0625 per share.
  • CLB (153.87 -7.93%): Beat on EPS by $0.01, reported revs in-line; guided Q3 EPS in-line, revs in-line; guided Q4 (Dec) EPS in-line, revs in-line.

11:57 am Energy Transfer insreases quarterly dividend to $0.955 from $0.935/share (ETP) :  

11:55 am LiqTech International to discuss recent stock offering and agreement to acquire Provital Solutions (LIQT) : Co announced that it will conduct a conference call on July 29th at 11am ET to discuss the recent stock offering and LiqTech's announcement that it has reached an agreement to acquire Provital Solutions A/S, a Denmark-based water solutions company specializing in integrated filtration solutions for the swimming pool and spa market segments.

11:49 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:+0.3%
  • Germany's DAX:+0.4%
  • France's CAC:+0.8%
  • Spain's IBEX:+1.9%
  • Portugal's PSI:+1.4%
  • Italy's MIB Index:+2.0%
  • Irish Ovrl Index:-0.2%
  • Greece ASE General Index: +2.1%

11:48 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (185) outpacing new lows (30) (:SCANX) : Stocks that traded to 52 week highs: ABC, ADM, AHGP, AHT, AIV, AKR, APD, ARE, ARES, ATHL, AVB, AVIV, BBL, BDN, BGCP, BHP, BIDU, BITA, BK, BKD, BPL, BRX, CAM, CBG, CCE, CHE, CHRW, CIB, CMRE, COBR, CONE, COO, COP, CORR, CSC, CUZ, CVTI, CVX, DAN, DDR, DDS, DFT, DPS, EDUC, EFX, EGAS, EMES, ENB, ENL, ENPH, EPD, EPR, EQR, ESC, ESS, ESTE, ETP, EXP, F, FB, FCH, FDS, FET, FFIV, FOLD, FRT, FTI, FTNT, GCI, GD, GIL, GILD, GLP, GMK, GPK, GPRE, GTIV, H, HAL, HBI, HES, HFBC, HLX, HME, HNT, HST, HT, IBA, ILMN, IMS, INGR, INVN, IPG, ITUB, JBLU, JKHY, JLL, KALU, KEX, KOG, KR, LEJU, LGCY, LHO, LLY, LRE, LUV, LYB, MAA, MAG, MAMS, MAR, MATW, MCK, MCO, MGA, MKSI, MMC, MMM, MPB, MS, MUR, NDAQ, NFX, NI, NOV, NSH, NSLP, OAS, OFC, OHI, PBA, PDM, PEB, PII, PJC, PKY, PNBK, PPC, PPS, PTEN, PTR, PTSI, PXD, QRE, RCL, REG, REX, REXI, RUK, SAVE, SE, SEIC, SEMG, SERV, SGK, SHI, SIAL, SKX, SLCA, SRC, STLD, SUSS, TEN, TEVA, TMH, TNC, TPL, TPX, TRP, UA, UAL, UDR, UHS, VAC, VDSI, VNR, VNTV, WAB, WFT, WLK, WLL, WYN, XEC, XOM

Stocks that traded to 52 week lows: ANGI, AQXP, AVP, BTN, CBLI, CGG, CLRX, CNHI, CREG, DNKN, EDMC, EDU, ESI, EVOK, GPRC, IDI, MCRI, MORN, NEWL, NKSH, NUTR, ROYT, SILC, SQI, SSH, SWAY, TBBK, TSC, VII, WMAR

ETFs that traded to 52 week highs: BKF, DBB, EEM, EPP, EWC, EWH, GAF, ICF, IYR, IYT, NIB, OEF, QQQ, SLX, SPY, URE, VNQ, VWO, XLK, XLV

ETFs that traded to 52 week lows: BAL

11:39 am CBD Energy converts $1.3m of commercial solar contracts in Australia (CBDE) : Co announced that its Westinghouse Solar subsidiary has finalized binding contracts for commercial solar installations in Australia totaling $1.3 mln. Additionally its bid pipeline has grown to $14.5 mln. This reflects the increasing price of energy in the Australian market which makes the Westinghouse Solar range of products and services competitive with fossil fuel generation.

  • Among the new contracts are installations at two branches of a leading Australian financial institution; installations at an additional 30 branches are anticipated in the near term. In line with CBDE's corporate model, Westinghouse Solar will conduct a comprehensive energy assessment of each site to determine whether additional energy upgrades could further increase its energy efficiency. 
  • CBDE is receiving a positive response to its focused attention on the commercial market in light of increased energy prices; a transition to solar enables businesses to lock-in one aspect of their energy inputs for 20 years.

11:19 am NIKE pushes above early high, vacillating near its four month close high from July at 78.69 -- session high 78.61 (NKE) : Its July intraday peak is at 78.83 with its four month intraday high from June at 79.15.

11:15 am S&P +3.1 edges to new session/all time high, Dow +18, Nasdaq Comp +6.3 (:TECHX) :  

11:04 am Care.com appoints Caroline Sheu Chief Marketing Officer (CRCM) : Co announced that it has named Caroline Sheu Chief Marketing Officer for the Company. The announcement was made by Care.com Founder and CEO, Sheila Lirio Marcelo to whom Ms. Sheu will report.

  • Ms. Sheu joins Care.com from Disney Interactive (DIS) where she had served as Head of Global Marketing since July 2012. During her tenure at Disney, she launched seven #1 iPhone apps, and the console and toy game, Disney Infinity, among many other accomplishments. Prior to Disney, Ms. Sheu spent two years as Vice President, Global Marketing for Sony Network Entertainment, the Sony (SNE) division charged with delivering digital entertainment content to all of Sony's Internet-enabled devices. Earlier, Ms. Sheu held various senior marketing positions during five years at Electronic Arts (EA).

11:04 am Yahoo!: YHOO extends yesterday's rumor driven price action, now trading +3.4% here on heavy volume (YHOO) :  

11:02 am Agilent signs co-marketing agreement with MRM Proteomics to advance quantitative proteomics solutions (A) : Co announced it has extended a co-marketing agreement with MRM Proteomics, a provider of advanced protein quantitation, biomarker and proteomic services. The agreement expands on an existing collaboration established in 2012 and will allow both organizations to bolster their combined proteomics solutions, comprising reagent kits, hardware and software.

11:01 am American Capital receives $158 mln from Tensar exit and generates a 12.6% return on its investment (ACAS) : Co announced that it has received $158 mln in proceeds from debt, equity and related fees, subject to post-closing adjustments, from the sale of its investment in Tensar International Corporation, Inc. to Castle Harlan, Inc. on July 9, 2014. American Capital's compounded annual rate of return earned on its debt and equity securities over the eight year life of its investment was 12.6%, including interest, dividends and fees.

11:00 am Energy Select Sector displaying some intraday relative strength (XLE) : XOM, CVX, SLB, COP, EOG, PXD, HAL, OXY, APC, WMB, NOV, PSX, APA.

10:54 am SPDR Semiconductor sets new six week low, vacillating near its 50 sma at 72.81 (XSD) : INTC, SWKS, MU, SPWR, CRUS, FCS, RFMD, TQNT, AVGO, ONNN, TXN.

10:50 am Realty Income Correction: Co raises FY14 FFO guidance, in-line (O) : Reports Q2 (Jun) funds from operations of $0.64 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.64; revenues rose 24.0% year/year to $228.6 mln vs the $216.88 mln consensus.

  • Co issues in-line guidance for FY14, raises FFO to $2.59-2.62 from $2.53-2.58 vs. $2.60 Capital IQ Consensus.
    • Earlier we reported AFFO guidance was $2.55-2.57, which should have been compared to the $2.56 AFFO Consensus.
  • Consolidated general insurance operations, exclusive of the CCI run-off line, produced reasonably stable pretax operating income from combined underwriting/service and net investment income. Growth in net premiums earned was moderately higher than the 8.1% gain registered for all of 2013. The continuing benefits of rate improvements and new business production accounted for greater premium revenues in 2014.

10:30 am Aug natural gas rallies to new session highs on inventory data; now up 2.7% at $3.86 (:COMDX) :  

10:29 am Gold and silver futures just dropped to new session lows; Aug gold is now -1.2% at $1289.30/oz, Sept silver is -1.9% at $20.59/oz (:COMDX) :  

10:24 am Minor new lows Nasdaq 100 -8.7 and Nasdaq Comp -6.3 -- Dow +2.6 and S&P -0.1 hovering modestly above their morning lows (:TECHX) :  

10:21 am Select Medical: PinnacleHealth and Select Medical announce joint venture to improve coordination of care for rehabilitation in central Pennsylvania; financial terms were not disclosed (SEM) : Cos announced that they will create a joint venture to co-own the 55-bed Helen M. Simpson Rehabilitation Hospital in Harrisburg and another 23 outpatient clinics throughout central Pennsylvania that provide physical therapy and other related services.

  • PinnacleHealth plans to contribute eight of its outpatient clinics to the joint venture while Select Medical plans to contribute 15 of its outpatient clinics. Financial terms were not disclosed. 
  • As part of the agreement, Select Medical will serve as managing partner of the joint venture's hospital and outpatient clinics.

10:18 am General Motors slides to new low of 36.29, its 50 sma comes into play at 36.15 (GM) :  

10:08 am S&P +0.2 and Nasdaq Comp -3.7 set minor new session lows, Dow +6 did not confirm (:TECHX) :  

10:03 am Gold and silver futures barely inch higher following home sales; Aug gold is now -0.9% at $1293/OZ, Sept silver is -1.4% at $20.71/oz (:COMDX) :  

10:01 am Alliance Bank announces new stock repurchase program and dividend increase to $0.06 from $0.05/share (ALLB) : Co announced that it has repurchased 407,145 shares of common stock under its previously announced stock repurchase program, which has only 44,585 shares remaining for repurchase, and that the Company's Board of Directors approved a new stock repurchase program of up to 100,000 shares of common stock upon completion of the existing program.

  • The shares may be purchased in the open market or in privately negotiated transactions from time to time depending upon market conditions and other factors over a one-year period. 
  • The Company also announced that its Board of Directors declared a regular quarterly cash dividend on the common stock of the Company of $.06 per share, payable on August 22, 2014 to shareholders of record at the close of business on August 8, 2014.

10:00 am Market averages pull back after weaker housing data -- Dow +8, S&P -0.3, Nasdaq Comp -1.9 (:TECHX) :  

9:58 am Market tone turns mixed (:TECHX) : The Nasdaq 100 has slipped into the red after stalling just shy of the 4000 psych barrier (session high 3997.50), the Nasdaq Comp paused under its 14 year high from early July at 4485.93 (session high 4485.50) while the other averages have edged back off their early highs -- S&P +0.4, Dow +11.

9:51 am Buenaventura SA: operations resume at Buenaventura's Orcopampa Mine (BVN) : Co announced that beginning Thursday, July 24 at 00.00 hrs, the Orcopampa workers' union voluntarily concluded the stoppage that began July 21. Operations were resumed immediately.

It is important to mention that this stoppage was declared illegal by the Peruvian Ministry of Labor.

9:47 am Relative sector weakness (:TECHX) : Underperforming sectors in recent trade include: Biotech IBB, Health XLV, Pharma PPH, Defense PPA (BA -1.5%), Telecom IYZ (T -1.5%), Gold Miners GDX, Silver SLV, Gold GLD.

9:43 am Relative strength (:TECHX) : Sectors outperforming in early trade include: Social Media SOCL (FB +5.8%), Internet FDN, Reg Bank KRE, Copper JJC, Software IGV, Ag/Chem MOO, Natural Gas UNG, Retail XRT, Bank KBE.

9:42 am Opening Market Summary: Discretionary Sector Displays Early Strength (:WRAPX) : Similar to yesterday, the Nasdaq (+0.2%) and S&P 500 (+0.1%) began the trading day in the green, while the Dow Jones Industrial Average started in the red before reclaiming its flat line.

Six of ten sectors display early gains with the discretionary space (+0.4%) in the lead. Under Armour (UA 67.75, +7.15), which trades higher by 11.7%, has boosted the sector with its strong quarterly report. Furthermore, the results have also underpinned retailers as a group. The SPDR S&P Retail ETF (XRT 85.12, +0.34) trades higher by 0.4%.

Elsewhere, the tech sector (+0.1%) sports a modest gain with Facebook (FB 76.32, +5.03) trading higher by 7.0% following its above-consensus results.

On the downside, the telecom services sector (-0.9%) has been pressured by below-consensus earnings and revenue from AT&T (T 35.32, -0.56). The telecom giant trades lower by 1.4%.

Treasuries are on their lows with the 10-yr yield up four basis points at 2.50%.

The New Home Sales report for June (Briefing.com consensus 475K) will be released at 10:00 ET.

9:38 am Qualcomm extends aggressive post-earnings drop near its 200 ema at 75.84 and stabilizes -- session low 75.91 (QCOM) : Its 200 sma is slightly below at 75.68. 

9:38 am Broadcom to offer senior notes due 2024 and 2044 (BRCM) : Co announced its intention to offer, subject to market and other conditions, two tranches of Senior Notes due 2024 and 2044 under an effective shelf registration statement on Form S-3, on file with the Securities and Exchange Commission.

Broadcom expects to use the net proceeds from the offering for general corporate purposes, which may include the potential redemption, subject to market conditions, of Broadcom's 2.375% Senior Notes due 2015. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. 

9:33 am Nasdaq Comp +10 hovering just under its 14 year high from early July at 4485.93 -- session high 4484.70 (:TECHX) :  

9:32 am Modestly firmer start but Dow -6 lags again -- S&P +1.7, Nasdaq Comp +7.9 (:TECHX) :  

9:27 am Alliance Data announces proposed offering of $500 mln of senior notes (ADS) : Co announced that it proposes to offer, subject to market conditions and other factors, $500.0 mln aggregate principal amount of senior notes due 2022 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. Alliance Data expects to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its revolving credit facility.

9:26 am On The Wires (:WIRES) :

  • Boyd Gaming (BYD) appointed Chris Gibase to the newly created position of Senior Vice President and Chief Marketing Officer.
  • Exelis (XLS) deployed its new deicing management solution at Philadelphia International Airport.
  • Onco360 announced that it has been selected to be part of the highly limited Specialty Pharmacy network of Zydelig tablets. PharMerica (PMC) is a significant investor in Onco360.
  • UTC Aerospace Systems, a unit of United Technologies (UTX), has been selected by Boeing (BA) to continue to provide landing gear system maintenance services in support of the United States Air Force fleet of the Boeing C-17 Globemaster III aircraft.
  • ADP (ADP) announced that Comprehensive Logistics engineered logistics services for complex supply chains, has awarded the co a contract to deliver an integrated HCM solution based on ADP Vantage HCM.
  • Enlightiks is using Tableau (DATA) to help physicians understand and manage data about their patients and practices. 
  • MagneGas (MNGA) announced that it has signed a contract with Georgia Institute of Technology, one of the nation's leading public research universities and the combustion laboratory for Rolls Royce (RYCEY), Pratt & Whitney and Siemens (SIEGY).
  • Genpact (G) has become one of the first SAP partners to optimize its business process outsourcing solutions for the SAP Business All-in-One for Insurance solution using SAP HANA Cloud Platform.
  • NetSuite (N) announced that CommVault (CVLT) protection and availability software has gone live on NetSuite OneWorld to run global business operations in more than 25 countries. 
  • CommVault (CVLT) replaced packaged and homegrown on-premise applications, as well as retired numerous in-house servers by implementing NetSuite OneWorld.
  • Smith Micro (SMSI) launched its AniMates mobile messaging app on iTunes, allowing iPhone users to express themselves with animated characters, colorful backgrounds and dynamic voice effects.
  • Bally Technologies (BYI) announced Muckleshoot Casino has selected its award-winning Systems solutions to excite players at its property in Washington State.
  • Starwood Hotels & Resorts Worldwide (HOT) announced plans for a dual-branded hotel development in Columbus, Ohio, featuring its popular Aloft and Element brands.

9:16 am Cliffs Natural Resources notes revised Glass Lewis recommendation; Glass Lewis recommends shareholders vote on white proxy card for all seven Cliffs nominees (CLF) : Co announced that Glass Lewis has issued a revised recommendation and now recommends that shareholders vote "FOR ALL" of Cliffs' director nominees on the WHITE proxy card in connection with the Company's 2014 Annual Meeting of Shareholders to be held on Tuesday, July 29, 2014.

  • Cliffs issued the following statement in response to this important development: We are pleased that Glass Lewis has recommended that shareholders vote on Cliffs' WHITE proxy card and that Glass Lewis recognizes "that voting on the Dissident's proxy card carries the risk that the Dissident might use cumulative voting in its favor to potentially gain a majority of the Company's board seats, even if that's not the result that shareholders are perhaps generally seeking."

9:15 am Mattersight raises $12 million in private placement; 2,891,566 shares of common stock priced at $4.15 per share (MATR) : The co announced that it has signed a definitive stock purchase agreement to raise approximately $12 million in gross proceeds in a private placement of up to 2,891,566 shares of common stock priced at $4.15 per share to certain institutional investors:

  • The offering is anticipated to close on or about July 29, 2014. 
  • Proceeds from the private placement are expected to be used for general corporate and working capital purposes.

9:15 am S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +6.20. (:WRAPX) : The stock market is on track for an upbeat start to the Thursday session as futures on the S&P 500 trade three points above fair value. Overnight, China's HSBC Manufacturing PMI surged to an 18-month high (52.0 from 50.7), which gave a boost to the overall sentiment.

The positive disposition carried over into the European session with markets there trading higher across the board. Economic data also provided a boost as Eurozone Manufacturing and Services PMI readings beat estimates.

Domestically, economic data was limited to the weekly initial claims report, which revealed a drop to 284,000. The reading lowered the four-week moving average to its lowest level since May 2006. While the Department of Labor said there were no special factors associated with the report, they did note that claims tend to be volatile around this time of the year.

The New Home Sales report for June (Briefing.com consensus 475K) will be released at 10:00 ET.

Outside of economic data, participants have received another heavy dose of earnings that were mostly better than expected. Notably, Facebook (FB 76.25, +4.96) is indicated to open higher by 7.0% after reporting above-consensus results. Elsewhere, Under Armour (UA 65.79, +5.16) sports a pre-market gain of 8.5% in reaction to its strong results and improved guidance.

9:10 am Wipro beats by INR0.09, misses on revs; guides Q2 revs below consensus (WIT) : Reports Q1 (Jun) earnings of INR8.54 per share, INR0.09 better than the Capital IQ Consensus Estimate of $8.45; revenues rose 14.5% year/year to INR111.36 bln vs the INR113.3 bln consensus.

Segments:
IT Products - segment delivered Revenue of INR7.7 billion ($128 million) for the quarter ended June 30, 2014, a YoY decrease of 6%. 

IT Services
- Revenues in INRterms was INR105.1 billion ($1,750 million), an increase of 18% YoY. 

  • Co added 35 new customers for the quarter 
  • IT Services Operating Margins was 22.8%. 
Guidance:
Co issues downside guidance for Q2, sees Q2 revs of $1.77-1.81 bln vs. $1.94 bln Capital IQ Consensus Estimate.

9:09 am Zhone Technologies finishes 2Q2014 with increased MXK growth and continued FiberLAN momentum (ZHNE) : The co surpassed more than 6,700 system deployments of it's MXK with more than 150 service providers around the globe.

  • Last quarter Zhone shipped more than 183,000 zNID Optical Network Terminals, achieving a new company record. 


9:08 am GrubHub reports Q2 EBITDA above guidance, misses EPS by $0.01 (:GAAP); beats on revs; guides Q3 revs above consensus (GRUB) : Reports Q2 (Jun) earnings of $0.03 per share, $0.01 worse than the Capital IQ Consensus of $0.04; revenues rose 47.4% year/year to $60 mln vs the $54.66 mln consensus; EBITDA $16.9 mln vs. $13-15 mln guidance and $14.2 mln ests.

  • Active Diners grew 51% to 4.19 million, compared to 2.78 million active diners in the second quarter of 2013. GrubHub Inc. processed 174,500 Daily Average Grubs, a 34% year-over-year increase from 130,100 Daily Average Grubs in the second quarter of 2013. GrubHub Inc. processed $423 million in gross food sales, a 38% year-over-year increase from $307 million processed in the second quarter of 2013.
Co issues upside guidance for Q3, sees Q3 revs of $55.5-57.5 mln vs. $54.33 mln Capital IQ Consensus Estimate. Adjusted EBITDA is expected to be in the range of $13 million to $15 million, in-line

9:06 am Nucor beats by $0.06, beats on revs; Co currently expects to see a stronger improvement in earnings for Q3 of 2014 (NUE) : Reports Q2 (Jun) earnings of $0.46 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.40; revenues rose 13.4% year/year to $5.29 bln vs the $5.22 bln consensus (co guided to $0.35-0.40 on June 20)

  • Average sales price per ton increased 1% over the first quarter of 2014 and increased 4% over the second quarter of 2013.
  • Total tons shipped to outside customers were 6,370,000 tons in the second quarter of 2014, a 3% increase over the first quarter of 2014 and an increase of 9% over the second quarter of 2013.
  • Total second quarter steel mill shipments increased 1% over the first quarter of 2014 and 9% over the second quarter of 2013.
  • Second quarter downstream steel products shipments to outside customers increased 17% over the first quarter of 2014 and increased 11% over the second quarter of 2013.
  • "We currently expect to see a stronger improvement in earnings for the third quarter of 2014. Although non-residential construction markets remain at historically low levels, they are improving at a moderate pace."
  • "We therefore expect further increased operating profits in our downstream products businesses. Steel mill profitability is also expected to improve in the third quarter of 2014 as our Nucor-Yamato Steel division has no planned outage and sheet and plate margins continue to benefit from positive pricing trends. We also expect improvement in the performance of the Louisiana DRI facility in the third quarter, with profitable performance anticipated by the end of the year."

9:05 am Medbox announces the appointment of Mr. Guy Marsala as its CEO, President and Board Chairman. (MDBX) : Co announced the appointment of Mr. Guy Marsala as its CEO, President and Board Chairman.

  • Mr. Marsala will also immediately become the CEO and President of the Company's two primary operating subsidiaries of Medicine Dispensing Systems and Vaporfection International, Inc.

9:05 am Overstock.com misses by $0.02, beats on revs (OSTK) : Reports Q2 (Jun) earnings of $0.08 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.10; revenues rose 13.4% year/year to $332.5 mln vs the $315.24 mln consensus. 

  • The growth in revenue was primarily due to a 9% increase in orders, coupled with a 6% increase in average order size, from $167 to $177. These increases were partially offset by increased promotional activities (including coupons, site sales, and Club O Rewards), which are recognized as a reduction of revenue. 
  • Although our average order size has increased in recent years, we expect the rate of increase to taper in 2014. 
  • The decrease in gross margin was largely due to increased promotional activities (including coupons, site sales, and Club O Rewards), which are recognized as a reduction of revenue.

9:01 am Regions Fincl: Regions Bank expands multifamily real estate banking capabilities by obtaining Fannie Mae (FNMA) delegated underwriting and servicing approval and $1 Billion servicing portfolio (RF) : Co announced that it has been approved as a Fannie Mae Delegated Underwriting and Servicing lender and acquired a DUS servicing portfolio totaling approximately $1 billion. 

  • The Fannie Mae DUS approval will allow the bank to provide long-term, flexible financing solutions to support multifamily housing clients nationwide.

9:00 am Magellan Midstream increases quarterly cash distribution by 4% to $0.64 per unit from $0.6125 per unit (MMP) :  

9:00 am Airgas reports EPS in-line, revs in-line; guides Q2 EPS below consensus; reaffirms FY15 EPS guidance (ARG) : Reports Q1 (Jun) earnings of $1.18 per share, in-line with the Capital IQ Consensus Estimate of $1.18; revenues rose 2.6% year/year to $1.31 bln vs the $1.3 bln consensus.

  • The co currently expects the contribution from its refrigerants business to year-over-year earnings per diluted share growth in fiscal 2015 to be slightly favorable. Organic sales were up 1% over the prior year, with gas and rent flat and hardgoods up 2%. In the Distribution segment, organic sales were up 2% over the prior year, in line with the Company's expectations, with gas and rent up 2% and hardgoods up 2%. Acquisitions contributed sales growth of 2% in the quarter on both a consolidated basis and in the Distribution segment.
Co issues downside guidance for Q2, sees EPS of $1.27-1.32 vs. $1.32 Capital IQ Consensus Estimate.

Co reaffirms guidance for FY15, sees EPS of $5.00-5.20, excluding non-recurring items, vs. $5.10 Capital IQ Consensus Estimate.

9:00 am S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +7.20. (:WRAPX) : The S&P 500 futures trade three points above fair value.

Markets in Asia ended on a mostly higher note. The Reserve Bank of New Zealand hiked its key rate 25 basis points to 3.50%, as expected.

  • In economic data: 
    • China's HSBC Manufacturing PMI jumped to 52.0 from 50.7 (consensus 51.0) 
    • Japan's trade deficit narrowed to JPY822 billion from JPY909 billion (expected deficit of JPY643 billion) as exports fell 2.0% (expected 1.0%, previous -2.7%) and imports rose 8.4%, as expected. Separately, Manufacturing PMI slipped to 50.8 from 51.5 (expected 51.9) 
    • Hong Kong's trade deficit widened to $43.10 billion from $42.40 billion (expected deficit of $48.50 billion) 
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  • Japan's Nikkei lost 0.3% following today's trade data. Heavyweight Softbank pressured the index, falling 1.8%. 
  • Hong Kong's Hang Seng surged 0.7% to levels last seen in April 2011. Ping An Insurance rallied 3.7% on reports tier 1 investment banks have been gobbling up shares. 
  • China's Shanghai Composite climbed 1.3% to its best level in more than three months as trade reclaimed the 200-day moving average. Brokerage names continued to see strength as CITIC Securities added 2.6% and Haitong Securities gained 2.5%. 
Major European indices trade higher across the board after the release of a full slate of economic data:
    • Eurozone Manufacturing PMI ticked up to 51.9 from 51.8 (expected 51.7), while Services PMI jumped to 54.4 from 52.8 (consensus 52.7) 
    • Germany's Manufacturing PMI rose to 52.9 from 52.0 (expected 52.0), while Services PMI jumped to 56.6 from 54.6 (consensus 54.5) 
    • Great Britain's Retail Sales rose 0.1% month-over-month (expected 0.3%, previous -0.5%), while the year-over-year reading increased 3.6% (consensus 3.9%, prior 3.7%). Core Retail Sales slipped 0.1% month-over-month (expected 0.3%, previous -0.5%), while the year-over-year reading jumped 4.0% (consensus 4.6%, prior 4.5%) 
    • French Manufacturing PMI slipped to 47.6 from 48.2 (expected 48.1), while Services PMI improved to 50.4 from 48.2 (expected 48.4) 
    • Italy's Retail Sales fell 0.7% month-over-month (consensus 0.4%, previous 0.3%), while the year-over-year reading slipped 0.5% (expected 1.0%, prior 2.7%). Separately, Consumer Confidence fell to 104.6 from 105.6 (consensus 105.0) 
    • Spain's Unemployment Rate eased to 24.5% from 25.9% (expected 25.2%) 
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  • Great Britain's FTSE is higher by 0.2%. Media stock Reed Elsevier leads with a gain of 4.3% after reporting better than expected results. Miners Anglo American and Fresnillo underperform with respective losses of 1.2% and 2.1%. 
  • Germany's DAX trades up 0.4% with financials providing support. Commerzbank sports an advance of 3.0% and Deutsche Bank is higher by 1.5%. BASF is the weakest component, down 1.3% after missing earnings estimates. 
  • In France, the CAC trades higher by 0.8%. Banks are also in the lead with BNP Paribas, Credit Agricole, and Societe Generale up between 2.1% and 3.6%. Oil services company Technip holds a loss of 8.6% after cutting its operating margin target. 
  • Spain's IBEX is higher by 1.7% with banks pacing the rally. Banco Popular, Bankia, BBVA, and Caixabank are up between 2.2% and 4.0%.

8:58 am Supervalu beats by $0.01, reports revs in-line (SVU) : Reports Q1 (May) earnings of $0.18 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.17; revenues fell 0.1% year/year to $5.23 bln vs the $5.18 bln consensus.

8:54 am Reliance Steel misses by $0.11, misses on revs; guides Q3 EPS below consensus (RS) : Reports Q2 (Jun) earnings of $1.30 per share, $0.11 worse than the Capital IQ Consensus Estimate of $1.41; revenues rose 6.9% year/year to $2.62 bln vs the $2.66 bln consensus.

  • Co issues downside guidance for Q3, sees EPS of $1.25-1.35 vs. $1.42 Capital IQ Consensus Estimate.
  • As the U.S. economy maintains its slow but steady recovery, Reliance expects demand to continue to improve in the 2014 third quarter at a slightly higher rate than was experienced in the 2014 second quarter, and pricing to remain relatively stable with current levels.
  • While the co was somewhat disappointed with demand growth in Q2, Reliance does expect the economy to continue to improve with the potential for continued volume improvement in the second half of 2014

8:53 am Boise Cascade beats by $0.28, beats on revs (BCC) : Reports Q2 (Jun) earnings of $0.67 per share, $0.28 better than the Capital IQ Consensus Estimate of $0.39; revenues rose 12.8% year/year to $961.2 mln vs the $948.06 mln consensus.

"We expect to continue to experience demand below 20-year average historical levels for the products we manufacture and distribute. The housing industry in the U.S. improved in 2012 and 2013, and we remain optimistic that the improvement in demand for our products will continue during the balance of 2014. Future commodity product pricing could be volatile in response to industry capacity restarts and operating rates, inventory levels in various distribution channels, and seasonal demand patterns. We expect to manage our production levels to our sales demand, which will likely result in operating some of our facilities below their capacity until demand improves further."

8:51 am Tennant beats by $0.07, beats on revs; raises FY14 EPS and revs above consensus (TNC) : Reports Q2 (Jun) earnings of $0.83 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.76; revenues rose 9.4% year/year to $219.1 mln vs the $208.37 mln consensus.

  • Favorable foreign currency exchange benefited consolidated net sales by ~0.5%. Organic net sales, which exclude the impact of foreign currency exchange (and acquisitions when applicable), increased ~8.9%. 
  • Contributing to 2014 second quarter results were strong sales through the direct selling channel, demand for new products such as the T12 rider scrubber, and gains in commercial, industrial and outdoor equipment. 
    • Record sales of scrubbers equipped with ec-H2O technology grew 7.6% versus the prior year quarter and surpassed $40 million in quarterly sales for the first time. 
Geographical Segments:
Geographically, sales increased 10.1% in Tennant's largest region, the Americas, or 11.1% organically, excluding an unfavorable foreign currency exchange impact of about 1.0%.
  • North America achieved record quarterly revenue. 
  • Sales in Europe, Middle East and Africa were up 3.6%, but down 1.9% organically, excluding a favorable foreign currency exchange impact of about 5.5%. 
  • Tennant expects EMEA to return to organic sales growth in the 2014 second half. 
  • Sales in the Asia Pacific region increased 15.9%, rising ~18.9% organically, excluding an unfavorable foreign currency exchange impact of about 3.0%. 
  • The APAC organic sales gain was broad based and included continued strong sales performance in China, which had ~25% growth in the 2014 second quarter compared to the prior year quarter. 
Guidance:
Co issues upside guidance for FY14, sees EPS of $2.60-2.80, excluding non-recurring items, vs. $2.59 Capital IQ Consensus Estimate; sees FY14 revs of $800-815 mln vs. $799.17 mln Capital IQ Consensus Estimate.
  • Prior guidance net sales in the range of $780 million to $800 million and earnings in the range of $2.50 to $2.80 per diluted share. 

8:47 am On The Wires (:WIRES) :

  • Fluor (FLR) announced that the Directorate-General for Public Works and Water Management of the Netherlands Rijkswaterstaat has announced its intention to appoint IXAS Zuid-Oost, a consortium consisting of Fluor, Ballast Nedam, Heijmans and 3i Infrastructure plc, as the selected bidder for the public-private-partnership project A9 Gaasperdammerweg in the Netherlands.
  • Bioheart (BHRT) has completed the world's first combination stem cell treatment with Magnum Cell Therapies in Honduras.
  • CounterTack has received additional funding to close its Series B financing round from Alcatel-Lucent (ALU).
  • NOOK Media, a subsidiary of Barnes & Noble, (BKS) announced a limited time free eBook and magazine offer through the NOOK App for Windows 8.1 in Canada.
  • Merck (MRK) announced that the first patient has been enrolled in a global Phase 3 clinical study of letermovir, an investigational antiviral agent. 
  • Waters (WAT) announced VICAM, A Waters Business, received USDA-GIPSA certification for its Afla-V lateral flow strip test for the quantitative analysis of total aflatoxins in corn.
  • Gladstone Land (LAND) has acquired 68 acres of prime strawberry ground in Oxnard, California, for $6.9 mln.
  • Cooper-Standard (CPS), the parent company of Cooper-Standard Automotive Inc., demonstrated its commitment to global expansion in the Asia Pacific region during the grand opening event for its new Asia Pacific Technical Center in Shanghai, China. 

8:46 am Neogen comments on SenesTech; advised market analysts that future forecasts of its potential rev from new rodenticide research are premature (NEOG) : Co advised market analysts that future forecasts of its potential revenue from new rodenticide research are premature. In its regular quarterly conference call to investors and analysts on July 22, 2014, Neogen's CEO commented about several new developments when questioned by analysts regarding this research.

  • "It was my intent Tuesday at our conference call to answer questions about the potential of a new type of rodenticide, but certainly not to give any indication of size of that market.
  • When asked about market studies, I declined any market projections since it is our intention to market this rodenticide in combination with our other current formulas. I also indicated that we hoped to submit application for approval to the U. S. Environmental Protection Agency sometime this summer, and though optimistic of eventual approval, could not forecast timing."

8:43 am Royal Caribbean beats by $0.13, reports revs in-line; guides Q3 EPS above consensus; raises FY14 EPS guidance (midpoint above consensus) (RCL) : Reports Q2 (Jun) earnings of $0.66 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of $0.53; revenues rose 5.2% year/year to $1.98 bln vs the $1.99 bln consensus.

  • Co issues upside guidance for Q3, sees EPS of ~$2.20, excluding non-recurring items, vs. $2.12 Capital IQ Consensus Estimate. Constant-Currency Net Yields are expected to be up approximately 4.0% in the third quarter of 2014.  NCC excluding fuel are expected to be flat to up 1% on a Constant-Currency basis. Equity investments for the third quarter are expected to increase, mainly driven by the addition of TUI Cruises' Mein Schiff 3.  
  • Co issues raised guidance for FY14, sees EPS of 3.40-3.50 from $3.25-3.45, excluding non-recurring items, vs. $3.40 Capital IQ Consensus Estimate. 
  • Net Yields on a Constant-Currency basis increased 2.6% during the quarter. This was at the high end of the company's guidance driven by strong close-in booking trends for European and China sailings despite continued softness in the Caribbean. Yields were up double digits in Europe and China offsetting the Caribbean's softness. The company does not forecast fuel prices, and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. 
  • Based on today's fuel prices the company has included $231 million and $949 million of fuel expense in its third quarter and full year 2014 guidance, respectively. 
  • Guidance Details: Bookings since the April earnings call have been up nicely and the company continues to be booked ahead of last year in both load factor and APD. Double-digit yield improvement on European and China sailings is helping offset a continued promotional environment in the Caribbean. NCC excluding fuel are expected to be flat to slightly down on a Constant-Currency basis and approximately flat on an As-Reported basis. 
  • The Double-Double Program is designed to achieve two important goals by 2017: increasing the company's Return on Invested Capital to double digits and doubling 2014 EPS. The company also believes that articulating clear and specific goals helps guide internal decision-making as well as better informing investors of the path of the business.
  • Peers: CCL

8:37 am TC Pipelines beats by $0.03; increases Q2 distribution by 3.7% to $0.84 per common unit (TCP) : Reports Q2 net income of $0.58 per common unit vs $0.55 CIQ estimate; partnership cash flows of $77 mln

Distribution:
Additionally, co announces a Q2 cash distribution of $0.84 per common unit. This is a $0.03 per common unit increase over the distribution paid in first quarter 2014 and represents a 3.7% increase for unitholders. 

Equity Issuance Program
TC PipeLines also announced the intent to launch a new at-the-market equity issuance program. The program will allow TC PipeLines to issue up to $200 million of limited partner units. 

8:36 am Deluxe beats by $0.05, beats on revs; guides Q3 EPS below consensus, revs in-line; raises FY14 guidance (DLX) : Reports Q2 (Jun) earnings of $1.01 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.96; revenues rose 6.3% year/year to $405.4 mln vs the $396.57 mln consensus.

  • Co issues downside EPS guidance for Q3, sees EPS of $0.97-1.02, excluding non-recurring items, vs. $1.03 Capital IQ Consensus Estimate; sees Q3 revs of $406-414 mln vs. $408.92 mln Capital IQ Consensus Estimate.
  • Co raises EPS guidance for FY14, sees EPS of $4.04-4.14, excluding non-recurring items, vs. $4.06 Capital IQ Consensus Estimate, from $3.97-4.12; raises FY14 revs to $1.64-1.66 bln vs. $1.64 bln Capital IQ Consensus Estimate, from $1.62-1.65 bln.

8:34 am Southwest Air beats by $0.09, beats on revs (LUV) : Reports Q2 (Jun) earnings of $0.70 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.61; revenues rose 7.9% year/year to $5.01 bln vs the $4.95 bln consensus. 

  • Record quarterly operating income of $775 million. Excluding special items, record quarterly operating income of $819 million, resulting in a 16.3 percent operating margin. The Company's second quarter 2014 total operating revenues increased 7.9 percent, while operating unit revenues increased 8.4 percent, on a 0.4 percent decrease in available seat miles and a 2.2 percent increase in average seats per trip, all as compared to second quarter 2013. 
  • Second quarter 2014 passenger revenues were $4.8 billion, which was an increase of 9.0 percent on a unit basis, as compared to second quarter 2013. A change to previously recorded estimates of tickets expected to spoil in the future resulted in additional passenger revenue of $47 million in second quarter 2014. 
  • Thus far, July passenger revenue trends and bookings are strong. Based on these trends, and considering the strength of the year-ago comparison, the Company expects July 2014 passenger unit revenues to increase in the three percent range, as compared to July 2013.
  • Second quarter 2014 economic fuel costs were $3.02 per gallon, including $.05 per gallon in favorable cash settlements from fuel derivative contracts, compared to $3.06 per gallon in second quarter 2013, including $.05 per gallon in unfavorable cash settlements from fuel derivative contracts.

8:34 am USG misses by $0.09, misses on revs (USG) : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.09 worse than the Capital IQ Consensus Estimate of $0.42; revenues rose 3.5% year/year to $948 mln vs the $990.3 mln consensus.

  • "We remain confident in the recovery, but challenges in the macro-economic environment still exist...However, we believe that the second half of the year will be better than the first half and we are well positioned to capitalize on the improving opportunity."

8:32 am Cynosure receives expanded FDA clearance to market PicoSure for treatment of acne scars (CYNO) : The co announced that it has received FDA 510(k) clearance to market its flagship PicoSure Picosecond Laser Workstation for the treatment of acne scars with the FOCUS lens array, the company's new disposable energy delivery system. 

  • In the fourth quarter of 2012, PicoSure became the world's first picosecond device to receive FDA clearance for the removal of tattoos and benign pigmented lesions.

8:31 am Wal-Mart names Greg Foran President and CEO of Walmart U.S. (WMT) : Co announced that Greg Foran has been promoted to President and CEO of Walmart U.S.

  • Foran succeeds Bill Simon who has been in the role since June 2010 and will be transitioning out of the company.
  • Foran will assume his responsibilities on August 9 and will report directly to Walmart President and CEO, Doug McMillon. 
  • Simon will be available on a consulting basis for the next six months to ensure a seamless transition. 
  • The company will announce Foran's successor as President and CEO of Walmart Asia at a later date.

8:31 am S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +9.00. (:WRAPX) : The S&P 500 futures trade three points above fair value.

The latest weekly initial jobless claims count totaled 284,000, while the Briefing.com consensus expected a reading of 308,000. Today's tally was below the revised prior week count of 303,000 (from 302,000). As for continuing claims, they fell to 2.500 million from 2.508 million.

8:31 am Doral Fincl: Puerto Rico Government opposes DRL's request for Declaratory Judgment and is 'committed to vigorously defend interests of the People of Puerto Rico' (DRL) : The Secretary of Justice of Puerto Rico, Cesar R. Miranda, announced that counsel for the Department of Justice (:DOJ) and legal representatives of the Department of the Treasury filed two documents denying Doral Financial's allegations of tax overpayments and its right to a refund of over $229 mln.

  • "The Court's determinations were in alignment with the Department of Justice's initial request that the case be reviewed on its merits and with careful due diligence, as was initially attempted through the Department of the Treasury's administrative process. Therefore, on July 23, after the Supreme Court ordered the Court of Appeals to issue an order for the case to be heard in the Court of First Instance, we filed a response to the request for Declaratory Judgment, an Informative Motion about the Discovery of Evidence, and a Request for Admissions and Production of Documents."
  • Melba Acosta Febo, Secretary of the Department of the Treasury, said: "We are prepared to present our case before the courts. I am confident that, once the judicial process is complete, the invalidity of the agreement between the past administration and Doral will be upheld and the people of Puerto Rico will prevail."

8:30 am Market View: Sep. stock-index futures continue to trade above fair values following the 8:30 a.m. ET Weekly & Continuing Claims data- (:TECHX) :

  • ESu4 now trades @ 1984.25 +3.50

  • YMu4 now trades @ 17046 +21

  • NQu4 now trades @ 3988.25 +12.75

8:26 am On The Wires (:WIRES) :

  • GE Antares, a unit of GE Capital (GE), announced it served as administrative agent on a $555 mln senior secured credit facility to support the acquisition of Duro Bag Manufacturing Company by Hilex Poly Company.
  • Visa Inc. (V) announced the creation of Visa Digital Solutions, a comprehensive suite of offerings that facilitate secure payments across a broad range of Internet-connected devices and wearables.
  • Viggle (VGGL) released findings from its "Brand Effect Study" showing that exposure to TV advertisements seen on both television and the Viggle app resulted in higher brand recall. 
  • NCR (NCR) announced that it has successfully deployed the NCR Venue Management solution at the new Singapore Sports Hub, a mega-sports complex with six venues. 
  • Flexion Therapeutics (FLXN) announced changes to the composition of its Board of Directors. Sandesh Mahatme has been appointed to the Board of Directors, effective July 22, 2014. He has also been appointed as Chairman of the Audit Committee of the Board. Mr. Mahatme currently serves as Senior Vice President and Chief Financial Officer at Sarepta Therapeutics. In addition, Flexion Board member Rafa le Tordjman, Managing Partner at Sofinnova Partners, is stepping down from the Board.
  • Iridium (IRDM) announced that it is on track to facilitate a new portfolio of broadband subscriber products for aviation, maritime and land mobile markets, expected to be available as early as 2016. 
  • Varian Medical Systems (VAR) has been selected to equip the new department and an order was placed in June for four TrueBeam medical linear accelerators.
  • China Airlines has selected UTC Aerospace Systems for a long-term detailed spare parts agreement that includes air management, electric, and engineering systems on select Boeing and Airbus aircraft operated by the airline. UTC Aerospace Systems is a unit of United Technologies (UTX) As part of the five-year exclusive agreement, UTC Aerospace Systems will provide China Airlines with OEM parts for the Airbus A330 and A340 and Boeing B737- 800NG and B747- 400 aircraft.
  • Banco Latinoamericano de Comercio Exterior (BLX) announced its second issuance of "certificados bursatiles" in the Mexican capital markets, in the amount of MXN 2 bln (two bln Mexican pesos).
  • 8x8 (EGHT) announced the availability of a new, out-of-the-box integration with Zendesk's customer service platform that enhances the Customer Experience Management capabilities of the 8x8 Virtual Office cloud telephony and unified communications platform. 
  • Measurement Specialties (MEAS) held the grand opening of their new West China R&D and Manufacturing Center in Chengdu.

8:24 am European Markets Update: FTSE +0.2%, DAX +0.4%, CAC +0.8%, IBEX +1.7% (:SUMRX) : Major European indices trade higher across the board after the release of a full slate of economic data:

    • Eurozone Manufacturing PMI ticked up to 51.9 from 51.8 (expected 51.7), while Services PMI jumped to 54.4 from 52.8 (consensus 52.7) 
    • Germany's Manufacturing PMI rose to 52.9 from 52.0 (expected 52.0), while Services PMI jumped to 56.6 from 54.6 (consensus 54.5) 
    • Great Britain's Retail Sales rose 0.1% month-over-month (expected 0.3%, previous -0.5%), while the year-over-year reading increased 3.6% (consensus 3.9%, prior 3.7%). Core Retail Sales slipped 0.1% month-over-month (expected 0.3%, previous -0.5%), while the year-over-year reading jumped 4.0% (consensus 4.6%, prior 4.5%)
    • French Manufacturing PMI slipped to 47.6 from 48.2 (expected 48.1), while Services PMI improved to 50.4 from 48.2 (expected 48.4) 
    • Italy's Retail Sales fell 0.7% month-over-month (consensus 0.4%, previous 0.3%), while the year-over-year reading slipped 0.5% (expected 1.0%, prior 2.7%). Separately, Consumer Confidence fell to 104.6 from 105.6 (consensus 105.0) 
    • Spain's Unemployment Rate eased to 24.5% from 25.9% (expected 25.2%) 
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  • Great Britain's FTSE is higher by 0.2%. Media stock Reed Elsevier leads with a gain of 4.3% after reporting better than expected results. Miners Anglo American and Fresnillo underperform with respective losses of 1.2% and 2.1%. 
  • Germany's DAX trades up 0.4% with financials providing support. Commerzbank sports an advance of 3.0% and Deutsche Bank is higher by 1.5%. BASF is the weakest component, down 1.3% after missing earnings estimates. 
  • In France, the CAC trades higher by 0.8%. Banks are also in the lead with BNP Paribas, Credit Agricole, and Societe Generale up between 2.1% and 3.6%. Oil services company Technip holds a loss of 8.6% after cutting its operating margin target. 
  • Spain's IBEX is higher by 1.7% with banks pacing the rally. Banco Popular, Bankia, BBVA, and Caixabank are up between 2.2% and 4.0%.

8:23 am On The Wires (:WIRES) :

  • Cisco (CSCO) unveiled new solutions that make it easier for customers to better support risk management and compliance for industrial control environments and connect experts for mission critical communications and collaboration. 
  • CB&I (CBI) announced a cooperation agreement by which CB&I will market and provide engineering services for Versalis' low density polyethylene and ethyl vinyl acetate copolymer technologies in North America. CB&I will be able to offer both tubular and autoclave high pressure processes, which will enhance the range of products at Versalis' LDPE and EVA plants and add a high-quality product mix to meet any market needs.
  • GeoPark (GPRK) announced its continued expansion in Colombia through the award of a new exploratory license during the 2014 Colombia Bidding Round, carried out by the Agencia Nacional de Hidrocarburos on July 23, 2014 in Cartagena, Colombia.
  • DTS (DTSI) announced that the McIntosh, Sonus Faber, and Wadia brands are the latest to join the DTS Play-Fi ecosystem via a collaboration with Fine Sounds Group, a leading provider of premium audio systems and speaker products to the CE market.
  • Allscripts (MDRX) and the State of Arkansas have announced that Allscripts electronic health record solutions are now fully connected to the state's healthcare information exchange for more efficient and effective exchange of critical patient information to improve the quality and delivery of care.

8:22 am Cliffs Natural Resources: Casablanca urges Cliffs shareholders to vote gold card to ensure urgent and necessary change is implemented (CLF) :

  • Co urged its fellow Cliffs shareholders to disregard Glass Lewis's last minute reversal of its recommendation to vote for Casablanca's GOLD card. 
  • On July 16th, both Institutional Shareholder Services and Glass Lewis recommended that Cliffs shareholders vote the GOLD proxy card in connection with Cliffs' 2014 Annual Meeting of Shareholders on July 29, 2014. 
  • In response to the endorsement of Casablanca's nominees, the incumbent board members maneuvered to keep their seats by removing two director candidates from their slate.
  • In re-affirming its recommendation, ISS noted that under Cliffs' proposal, "...the selection of the four remaining directors from among the six dissident nominees would be entirely determined by those shareholders who vote on the dissident card, and whose votes are cumulated by the dissident group. Thus, while the revised management card does ensure that at least four dissident nominees will be elected to the Board, it does not currently allow shareholders to select which of the four dissidents they wish to support." 

8:18 am Meridian Bioscience misses by $0.01, misses on revs; reaffirms FY14 EPS guidance, revs guidance (VIVO) : Reports Q3 (Jun) earnings of $0.21 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.22; revenues rose 0.2% year/year to $47.2 mln vs the $47.96 mln consensus. Co reaffirms guidance for FY14, sees EPS of $0.85-0.90, excluding non-recurring items, vs. $0.87 Capital IQ Consensus Estimate; sees FY14 revs of $190-195 mln vs. $192.97 mln Capital IQ Consensus Estimate.

8:17 am Gray Television agrees to acquire WJRT-TV and WTVG-TV from affiliates of SJL Holdings for ~ $128.0 mln in cash; acquisition will be immediately free cash flow accretive to Gray (GTN) :

  • Co announced  that it has agreed to acquire WJRT-TV and WTVG-TV from affiliates of SJL Holdings, LLC ("SJL") for ~$128.0 million in cash. WJRT-TV and WTVG-TV are ABC-affiliated television stations serving the Flint-Saginaw-Bay City, Michigan, and Toledo, Ohio, television markets, respectively.
  • In addition, WTVG-TV will soon add a local CW station as a multicast channel. Nielsen ranks the Flint-Saginaw-Bay City, Michigan and Toledo, Ohio DMAs as the 68th and 76th largest television markets in the United States, respectively.
  • Both WJRT-TV and WTVG-TV lead their local markets in all-day ratings and in most, if not all, local newscasts. According to BIA revenue data, WJRT-TV is the highest ranked television station in its market, and WTVG-TV is a close second ranked station in its market.

8:16 am Pacific Continental announces Hal Brown will retire as CEO at the end of 2014 and Roger Busse, current president and COO, will become president and CEO (PCBK) :

  • Co announced that Hal Brown will retire as chief executive officer at the end of 2014 and Roger Busse, current president and chief operating officer, will become president and CEO. 
  • Additionally, Casey Hogan, executive vice president and chief credit officer, will become executive vice president and COO, while Damon Rose, senior credit officer, will assume the role of senior vice president and chief credit officer.

8:15 am Intersect ENT (Nasdaq: XENT) prices 5 mln share IPO at $11.00 per share, at low end of the $11-13 expected range (:IPOXX) :  

8:12 am Legg Mason announces acquisition of Martin Currie; transaction is expected to be slightly accretive to Legg Mason's earnings in the first year; terms of the transaction were not disclosed (LM) :

  • Co announced the acquisition of Martin Currie, an international equity specialist based in the United Kingdom. With offices in six locations, Martin Currie expands Legg Mason's product capabilities in active equity strategies including Global Equity, Global Emerging Markets, Asian Equity, European Equity and strategies specifically focused on Japan and China.
  • The transaction is expected to be slightly accretive to Legg Mason's earnings in the first year and is scheduled to close during the fourth quarter of 2014.
  • Terms of the transaction were not disclosed
  • The firm will become a core independent investment affiliate of Legg Mason, along with Brandywine Global, ClearBridge Investments, The Permal Group, QS Investors, Royce & Associates and Western Asset Management. 
  • Also as part of this transaction, Legg Mason Australian Equities with US$2.5 billion in AUM and a 14-person team led by Reece Birtles, will become part of Martin Currie, consistent with Legg Mason's strategy of creating fewer and larger investment affiliates. LMAE is an active Australian equities manager, offering clients strategies that include Small Cap, Property/Infrastructure, Income and Large Cap Value. These strategies will continue to be managed by the LMAE investment teams, while the combined business will benefit from an expanded global institutional reach.

8:12 am MGP Ingredients announces appointment of Gus Griffin as president and CEO of the co effective July 28 (MGPI) :

  • Co announced the appointment of beverage alcohol industry executive Gus Griffin as president and CEO of the company effective July 28. 
  • Griffin most recently spent a year as executive vice president of marketing for Next Level Spirits, a northern California-based producer, importer and distributor of premium wine and spirits brands.

8:11 am SunCoke Energy Partners reports Q2 adjusted EBITDA of $36.6 mln vs $37 mln in the yr-ago; revs declined 4% to $160.7 mln (SXCP) : Adjusted EBITDA of $36.6 mln was down slightly reflecting the impact of lower yields and higher costs, partly offset by the contribution of new Coal Logistics business.

"While we trimmed our 2014 Adjusted EBITDA attributable to SXCP and distributable cash flow outlooks due to lower yields and production and higher costs in the first half, we continue believe we can drive an additional 5 percent increase in cash distributions per unit in 2014 and maintain a comfortable cash coverage ratio."

8:11 am Titan Intl misses by $0.10, misses on revs (TWI) : Reports Q2 (Jun) adj earnings of $0.03 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.13; revenues fell 11.7% year/year to $523.7 mln vs the $553.16 mln consensus.

  • Sales decreased 14.0% as the result of price/mix reductions driven from decreased demand for our products used in the mining industry and larger agricultural products.  
  • In addition, overall volume decreased 2.0%.  The decrease in net sales was offset by the inclusion of the recently acquired Voltyre-Prom business which recorded $25.0 million in sales, and increased sales 4.0%. 
Mining Asset Impairment and Inventory Writedown:
  • In the second quarter of 2014, the Company recorded an asset impairment and inventory writedown of $23.2 million and $11.6 million, respectively.  
  • The impairment was recorded on machinery, equipment and molds used to produce giant mining tires. 
MARKET OUTLOOK:
  • "The oil sands are having a positive impact in the mining sector. This past month Titan announced the signing of a 10 year agreement with Suncor on the new process of TVR (Thermo Vacuum Reactor) which will recycle used OTR tires into 500 gallons of bio oil, carbon black and steel. Titan will continue to expand its Titan Mining Service business in efforts to grow our tire, wheel and track business."
  • "The farm outlook today is weak from many viewpoints, however, we believe this is a short term pause in the cycle.  The large equipment purchases in the farming sector have declined double digits and tire prices have fallen due to lower raw material costs that we are required to pass on contractually to OEMs which negatively impacts our financial performance. Inventory at dealerships remains high but is trending lower each month."
  • "Titan Russia experienced weaker sales levels than anticipated due to the overall economic factors. In the second half of 2014, we will spend more time on our international facilities. The quality of our tires in Russia is improving and chemical inputs have been modified to reach European acceptance. As we build more effective relationships with the Russian team and customers, we expect to realize the untapped potential in this facility."

8:10 am Clearfield misses by $0.04, misses on revs (CLFD) : Reports Q3 (Jun) earnings of $0.08 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.12; revenues rose 6.1% year/year to $14.36 mln vs the $15.94 mln consensus.

Orders in backlog as of June 30, 2014 totaled $3,326,000 in comparison to $2,735,000 as of March 31, 2014, an increase of 22%, and as compared to $11,451,000 as of June 30, 2013, a decrease of 71%. Cash, cash equivalents and short and long-term investments at June 30, 2014 totaled $33,911,000 compared to $22,570,000 at September 30, 2013. The Company has no debt.

8:10 am KKR misses by $0.05 (KKR) : Reports Q2 (Jun) earnings of $0.62 per unit, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.67.

  • "Our realization activity in the second quarter drove the highest cash carry and total distributable earnings we've reported since going public, contributing to a quarterly distribution of $0.67. Additionally, our cash flow generation, investment performance, and balance sheet income resulted in a 29% return on equity and 22% cash return on equity over the last twelve months," said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. "We also closed the KFN acquisition in the second quarter, bringing us recurring cash earnings and more permanent capital to grow the firm."

8:10 am Esperion Therapeutics announces initiation of a Phase 2 clinical study of ETC-1002 in patients with hypercholesterolemia and hypertension (ESPR) : Co announced dosing of the first patient in its Phase 2 clinical study of ETC-1002 in patients with hypercholesterolemia and hypertension, ETC-1002-014. The company expects to announce top-line results from the study in the second quarter of 2015.

The primary objective of the study is to assess the LDL-cholesterol lowering efficacy of ETC-1002 monotherapy versus placebo in patients with both hypercholesterolemia and hypertension who are treated for six weeks. Secondary objectives include assessing the effect of ETC-1002 on blood pressure, other lipid and cardiometabolic biomarkers and characterizing the tolerability and safety of ETC-1002.

8:10 am RTI Surgical beats by $0.01, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY14 EPS above consensus, raises Fy14 revs above consensus (RTIX) : Reports Q2 (Jun) earnings of $0.03 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.02; revenues rose 56.0% year/year to $66 mln vs the $62.6 mln consensus.

  • Co issues guidance for Q3, sees EPS of $0.02, excluding non-recurring items, vs. $0.02 Capital IQ Consensus Estimate; sees Q3 revs of $64-65 mln vs. $61.50 mln Capital IQ Consensus Estimate. 
  • Co issues upside guidance for FY14, raises EPS to $0.09-0.11 from $0.07-0.09, excluding non-recurring items, vs. $0.08 Capital IQ Consensus Estimate; raises FY14 revs to $258-261 mln from $248-253 mln vs. $250.77 mln Capital IQ Consensus Estimate. 
  • "We are extremely pleased with our results from the second quarter. Revenues exceeded our expectations and signify, in our opinion, that our business has not only stabilized but has momentum moving into the second half of the year," said Brian K. Hutchison, president and chief executive officer. "We made progress in meeting the goals we shared in our first quarter earnings press release - recovery and growth in our sports and spine businesses, traction in surgical specialties and expanded distribution of map3 cellular allogeneic bone graft."

8:10 am Marriot Vacations beats by $0.12, misses on revs; raises FY14 EPS (VAC) : Reports Q2 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $0.75; revenues fell 2.6% year/year to $410 mln vs the $421.63 mln consensus.

  • North America volume per guest (VPG) increased 5.3 percent year-over-year to $3,383. Total company contract sales were $164 million, a $7 million increase from $157 million in the second quarter of 2013, driven by $4 million of higher contract sales in the company's North America segment and $4 million of higher contract sales in the company's Europe segment, offset by $1 million of lower contract sales in the company's Asia Pacific segment. 
  • Adjusted development margin was $37 million, a $12 million increase from the second quarter of 2013. Adjusted development margin percentage increased 7.1 percentage points to 24.2 percent in the second quarter of 2014 from 17.1 percent in the second quarter of 2013 
  • During Q2, the co repurchased 936,060 shares of its common stock at an average price of $55.56 per share for a total of ~$52 million. 
Co issues upside guidance for FY14, raises EPS to $2.64-2.82, excluding non-recurring items, from $2.42-2.68 vs. $2.62 Capital IQ Consensus Estimate.

8:08 am Alaska Air beats by $0.02, reports revs in-line (ALK) : Reports Q2 (Jun) earnings of $1.13 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.11; revenues rose 9.5% year/year to $1.38 bln vs the $1.37 bln consensus.

8:08 am SunCoke Energy beats by $0.10, misses on revs (SXC) : Reports Q2 (Jun) earnings of $0.03 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of ($0.07); revenues fell 7.8% year/year to $372.2 mln vs the $393.77 mln consensus.

2014 Outlook

  • Domestic coke production is expected to be approximately 4.2 million tons
  • Adjusted EBITDA from continuing operations is expected to be between $235 million and $255 million 
  • Capital expenditures are projected to be $138 million. Approximately $36 million of the projected 2014 capital expenditures were pre-funded with the proceeds from SXCP's initial public offering in January 2013 

8:08 am Meritage beats by $0.04, misses on revs (MTH) : Reports Q2 (Jun) earnings of $0.85 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.81; revenues rose 15.3% year/year to $502.8 mln vs the $513.45 mln consensus. 

  • "We increased net earnings by 25% through a combination of higher revenue, margins and operating leverage. Home closings increased 4% and home closing revenue by 15%. We coupled that with a 40 basis point improvement in home closing gross margin and additional operating leverage to produce a pretax margin of 10.9%, compared to 8.5% in last year's second quarter.
  • "We also grew new home orders and backlog in both units and total value, benefiting from increases in our average sales prices, while also increasing our average sales per community over 2013 in five of seven states. Texas and the Carolinas generated strong order growth in the second quarter - up 12% and 32% over 2013 respectively - which resulted in 67% and 45% respective increases in their backlog value at June 30. Colorado's second quarter orders and backlog also grew in 2014, and Tennessee supplemented our total year-over-year increases as an additional market in 2014 that delivered well above our average sales pace.

8:07 am MYOS receives notice of allowance of U.S. Patent Application for proprietary manufacturing methods of Fortetropin (MYOS) : Co announced today that it recently received a Notice of Allowance from the U.S. Patent and Trademark Office for proprietary methods of manufacturing Fortetropin, the first clinically proven natural myostatin inhibitor.

  • Upon issuance, the U.S. Patent entitled, "Process for Producing a Composition Containing Active Follistatin," will provide intellectual property protection for making the key ingredient in MYOS' core commercial muscle health products and carries a patent term through early 2033.
  • Based on the timing of this Notice of Allowance, MYOS expects the forthcoming Fortetropin patent to be issued by the end of the third quarter of 2014. 

8:06 am Gentex beats by $0.05, reports revs in-line; guides Q3 revs in-line (GNTX) : Reports Q2 (Jun) earnings of $0.52 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 17.9% year/year to $338.4 mln vs the $340.5 mln consensus. Co issues in-line guidance for Q3, sees Q3 rev growth of 15-20% which computes to $332-346 mln vs. $340.9 mln Capital IQ Consensus Estimate.

  • Gross margin in Q2 was 39.7% vs 35.8% in the year ago period. The improvement is due to the impact of the HomeLink acquisition, improvements in product mix, and purchasing cost reductions, which were partially offset by annual customer price reductions.
  • Co expects Q3 gross margin of 39.5-40.0%.

8:06 am Lpath reports interim data from Phase 2a study for anti-cancer drug, ASONEP; based on encouraging progression-free survival data, co extends the study to a second cohort and considers additional proof-of-concept studies (LPTN) :

  • Co reported interim results in a Phase 2a single-arm, open-label trial where ASONEP is being investigated as a treatment for metastatic renal cell carcinoma (:RCC) in patients that have failed at least one therapy involving a VEGF inhibitor (e.g., Sutent/ sunitinib maleate) and no more than one mTOR inhibitor (e.g., Afinitor/everolimus), with a maximum of three failed treatments in all.
  • This patient population is considered "last line," and the literature suggests cancer progression in this population within a one-to-two month time frame.

8:06 am Valeant Pharma files an official complaint with the Autorite des marches Financiers about Allergan's (AGN) false and misleading statements (VRX) : Co announced today that it has filed a detailed complaint with the Autorite des marches financiers regarding Allergan, Inc.'s (AGN) apparent attempts to mislead investors and
to negatively influence the market price of Valeant's common shares by continuing to make false and misleading statements regarding Valeant's business despite Valeant's public statements correcting this misinformation.

  • A similar complaint was filed earlier this week with the U.S. Securities and Exchange Commission.

8:05 am Dr Pepper Snapple beats by $0.16, reports revs in-line; raises FY14 EPS, reaffirms FY14 revs guidance (DPS) : Reports Q2 (Jun) earnings of $1.06 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus Estimate of $0.90; revenues rose 1.2% year/year to $1.63 bln vs the $1.62 bln consensus.

  • For the quarter, reported net sales increased 1% as a sales volume increase, favorable product and package mix and pricing were partially offset by higher discounts and 1 percentage point of unfavorable foreign currency.
Co issues guidance for FY14, raises EPS to $3.43-3.51 from $3.38-3.46 vs. $3.47 Capital IQ Consensus; reaffrims FY14 revs flat to +1% to $6.0-6.06 bln vs. $6.05 bln Capital IQ Consensus Estimate. The company continues to expect full-year reported net sales to be flat to up 1%. The company is raising its guidance and now expects Core EPS to be in the $3.43 to $3.51 range. Packaging and ingredient costs, including LIFO impacts, are expected to decrease COGS by 2% on a constant volume/mix basis. The company expects its core tax rate to be approximately 35.5%. The company continues to expect capital spending to be ~3% of net sales. The company expects to repurchase $375 million to $400 million of its common stock. 

8:05 am CryoLife beats by $0.03, misses on revs; guides FY14 EPS in-line, revs in-line (CRY) : Reports Q2 (Jun) earnings of $0.08 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.05; revenues rose 3.6% year/year to $34.69 mln vs the $35.39 mln consensus. Co issues in-line guidance for FY14, sees EPS of $0.17-0.20, excluding non-recurring items, vs. $0.20 Capital IQ Consensus Estimate; sees FY14 revs of $146-150 mln vs. $147.11 mln Capital IQ Consensus Estimate.

8:05 am Life Time Fitness misses by $0.05, misses on revs; revises in-line guidance for FY14 (LTM) : Reports Q2 (Jun) earnings of $0.76 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.81; revenues rose 6.0% year/year to $326.56 mln vs the $332.17 mln consensus. Total memberships grew 1.2% to 823,021 at June 30, 2014, from 812,866 at June 30, 2013.

  • Co revises in-line guidance for FY14, sees EPS of $3.00-3.10 vs. $3.08 Capital IQ Consensus Estimate, prior guidance $3.05-3.15
  • Sees FY14 revs of $1.29-1.31 bln vs. $1.31 bln Capital IQ Consensus Estimate, prior guidance $1.3-1.32 bln

8:04 am Piper Jaffray beats by $0.07, beats on revs (PJC) : Reports Q2 (Jun) earnings of $1.25 per share, $0.07 better than the Capital IQ Consensus Estimate of $1.18; revenues rose 63.5% year/year to $166.8 mln vs the $161.16 mln consensus. 

  • Rolling 12 month return on average common shareholders' equity increased to 9.2% at June 30, 2014, compared to 6.0% at June 30, 2013. Our rolling 12 month return on average tangible common shareholders' equity(2) improved to 13.9% at June 30, 2014. 
  • Book value per share increased 9.8% from June 30, 2013 to $52.54 a share at June 30, 2014.

8:04 am MGIC Investment announces effective Mar 1, 2015, Curt S. Culver will retire as CEO and become non-executive chairman; COO Patrick Sinks elected to Board and will become CEO (MTG) : Co announced that effective March 1, 2015, Curt S. Culver, age 62, will retire as Chief Executive Officer and become non-executive chairman.

  • Upon Mr. Culver's retirement, Patrick Sinks, age 57, will become CEO. 
  • Sinks has also been appointed to the board of directors.

8:04 am Cabela's beats by $0.10, misses on revs; comps -14.2% (below co's internal expectations) (CAB) : Reports Q2 (Jun) earnings of $0.61 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 0.6% year/year to $761.2 mln vs the $771.44 mln consensus. 

  • "Comparable store sales declined 14.2% in the quarter; slightly below our internal expectations...We were encouraged to see comparable store sales trends improve versus last year each month during the quarter. We expect this trend to continue throughout 2014." 
  • During the quarter, merchandise gross margin decreased 70 basis points to 37.0% from 37.7% in the same quarter a year ago. The decrease is entirely due to an adjustment in the presentation of reimbursement between segments for certain operating and promotional costs. This new presentation will be ongoing and has no impact on consolidated operating income or earnings per diluted share. 
  • Some related stocks that may be impacted include: SWHC, RGR.

8:04 am Philips Electronics receives FDA 510(k) clearance for its ultra mobile VISIQ ultrasound system (PHG) : Co announced that it has received 510(k) clearance from the FDA to market its innovative ultra mobile ultrasound system, VISIQ, in the U.S. 

8:04 am KEMET misses by $0.06, misses on revs (KEM) : Reports Q1 (Jun) loss of $0.04 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus Estimate of $0.02; revenues rose 5.3% year/year to $212.9 mln vs the $215.64 mln consensus.

8:04 am API Tech wins new $2 million order for next generation radar indicator solution (ATNY) : Co announced today it has received a new order for critical RF/microwave filtering technology and high-reliability electronics for shipboard radar systems.

  • Current fiscal year bookings for the program are expected to exceed $2 million. 

8:03 am Life Time Fitness misses by $0.05, misses on revs; lowers FY14 guidance; authorized a share repurchase program (LTM) : Reports Q2 (Jun) earnings of $0.76 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.81; revenues rose 6.0% year/year to $326.6 mln vs the $332.17 mln consensus. Total memberships grew 1.2% to 823,021 at June 30, 2014, from 812,866 at June 30, 2013. 

  • Co lowers guidance for FY14, sees EPS of $3.00-3.10, prior $3.05-3.15 vs. $3.08 Capital IQ Consensus Estimate; sees FY14 revs of $1.290-1.310 bln, prior $1.3-1.32 bln vs. $1.31 bln Capital IQ Consensus Estimate. 
  • Co has authorized a share repurchase program under which the Company may repurchase up to $200.0 million of its outstanding common stock.
  • "The second quarter was a challenging one for our company as we faced unexpected erosion of membership levels at some centers.... We believe the retention-focused initiatives we have previously introduced will positively affect membership levels over time. At the same time, I am pleased to report that, as a group, the five Life Time Athletic centers we have opened in 2014 have outperformed our financial expectations. Our current plans call for one additional Life Time Athletic center opening this year, and six new Life Time Athletic center openings in 2015. These openings, along with the expansion and improvement of our member-focused health, fitness, family recreation and sports programs, serve as the foundation of long-term growth for our Healthy Way of Life Company."

8:03 am MELA Sciences announces new study results demonstrating improved diagnostic accuracy for resident dermatologists when utilizing MelaFind predictive probability information (MELA) : Co announced new study results demonstrating the effectiveness of MelaFind predictive probability information when used by dermatology residents.

  • The results strongly correlate with the findings of a similar, previously reported analysis on dermatologists' decisions to biopsy. 
  • Together, these studies suggest the clinical impact of MelaFind predictive probability information (probability of lesion being melanoma and melanoma/high-grade) on decisions to biopsy suspicious pigmented skin lesions may expand to a wider range of practitioners.
  • Data from 122 resident dermatologists were analyzed. 
    • Biopsy sensitivity increased by 29%, 54% to 83%, and the percentage of benign lesions selected for biopsy decreased by 17%, 50% to 33%. 
    • The percentage of resident dermatologists electing to biopsy all 5 melanomas increased by 46%, 3% to 49%, and overall diagnostic accuracy increased by 22%, 52% to 74%. 
    • The p-value in all four measurements was statistically significant at p
    • Results occurred with a non- significant change in the total number of lesions selected for biopsy.
  • These new findings correlate with the previously reported study results that showed dermatologists' overall diagnostic accuracy improved 18%. 
  • Similar to the residents, the dermatologist improvement occurred with a non-significant change in total number of lesions selected for biopsy.

8:03 am Union Pacific reports EPS in-line, revs in-line (UNP) : Reports Q2 (Jun) earnings of $1.43 per share, in-line with the Capital IQ Consensus Estimate of $1.43; revenues rose 10.0% year/year to $6.01 bln vs the $6.01 bln consensus. Operating ratio of 63.5 percent improved 2.2 points. Quarterly freight revenue increased 10 percent compared to the second quarter 2013, driven by volume growth and core pricing gains.

  • "We are optimistic about the second half of the year," Koraleski said. "As always, we are closely monitoring the economic landscape, along with the major drivers across all of our business segments, including the potential impact of weather on grain and coal. As the economy gradually continues to improve, the power of our diverse franchise provides business growth opportunities in all of our commodity groups."

8:02 am Protalix BioTherapeutics names Shlomo Yanai as Chairman of the Board of Directors (PLX) : Co announced today that it has chosen Mr. Shlomo Yanai as Chairman of the company's Board of Directors, effective on July 24, 2014.

  • Mr. Zeev Bronfeld, the interim Chairman of the Board, will remain a member of the Board of Directors

8:02 am TrueBlue beats by $0.10, reports revs in-line; guides Q3 EPS below consensus, revs in-line (TBI) : Reports Q2 (Jun) earnings of $0.39 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 7.3% year/year to $453 mln vs the $454.73 mln consensus.

  • Co issues guidance for Q3, sees EPS of $0.38-0.46 vs. $0.55 Capital IQ Consensus Estimates sees Q3 revs of $634-647 mln vs. $642.44 mln Capital IQ Consensus Estimate.

8:02 am Mistras Group announces award of a multi-year contract to provide Fleet Radiography services to Southern Nuclear (MG) : Co announced the award of a multi-year contract to provide Fleet Radiography services to Southern Nuclear, the nuclear energy operating subsidiary of Southern Company (SO).

8:01 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: ANGI -25.1%, TRIP -10.1%, PLCM -5.3%, DNKN -5.1%, QCOM -4.4%, TQNT -4.3%, CRUS -4.3%, BBEP -3.1%, VAR -2.9%, GM -2.4%, MNRO -2.3%, ALXN -1.8%, DHI -1.7%, T -1.4%, ETFC -1.4%, TEX -1.4%, CAKE -1.3%, CAT -1.3%, TSCO -1.1%, SGMO -1%, TER -0.9%, BSX -0.9%, GPI -0.9%, CELG -0.8%, RDWR -0.6%, .

M&A news: EGAS -3.2% (responds to press release issued by Algonquin Power & Utilities and reiterates rejection of their grossly inadequate, unsolicited offers), BBEP -3.1% (acquired QR Energy LP in a unit-for-unit exchange implying a transaction value of ~ $3.0 bln).

Other news: CALI -33.9% (co said it will vigorously oppose 'grossly unfair and damaging' plan by Depository Trust Company to impose 'global lock' on its securities), GPRC -13.2% (reported receipt of notice from DTC of plans to impose 'global lock' on its securities; company says DTC plans are 'unfair and unnecessarily damaging to current shareholders and is reviewing options'), SRPT -9.2% (discloses that Arthur Krieg, Senior Vice President and Chief Scientific Officer, was terminated from his position with the company), INCY -8.1% (also announces top-line results from RELIEF trial of ruxolitinib in patients with polycythemia vera; statistical significance not achieved for the primary endpoint of symptom control; positive trends in favor of ruxolitinib versus hydroxyurea observed), MHFI -7.6% (receives Wells Notice from SEC regarding S&P's rating of six commercial mortgage backed securities transactions in 2011), GOV -5.6% (prices 13.5 mln common shares at $23.50 per share), QUNR -1.9% (following TRIP results), INO -1.5% (files for $175 mln mixed securities shelf offering).

Analyst comments: EIX -3.9% (downgraded to Neutral from Buy at Janney) STR -1.2% (downgraded to Neutral from Buy at Citigroup ), FCX -1.1% (downgraded to Neutral from Buy at BofA/Merrill), BA -1% (downgraded to Neutral from Buy at BofA/Merrill).

8:01 am Celsion announces positive interim data update from its Phase 2 DIGNITY study in breast cancer (CLSN) : Co announced today positive interim data from its ongoing open-label Phase 2 DIGNITY Trial of ThermoDox in Recurrent Chest Wall Breast Cancer:

  • Based on data available to date, 60% of patients experienced a stabilization of their highly refractory disease with a local response rate of 50% observed in the 10 evaluable patients, notably 3 complete responses, 2 partial responses and 1 patient with stable disease. 
  • These data are consistent with the previously reported positive Phase 1 data in RCWBC

8:00 am Wabtec beats by $0.04, reports revs in-line; raises FY14 EPS in-line, reaffirms revs in-line (WAB) : Reports Q2 (Jun) earnings of $0.91 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.87; revenues rose 14.6% year/year to $731.1 mln vs the $737.93 mln consensus.

  • Co raises EPS guidance for FY14 to $3.52 vs. $3.52 Capital IQ Consensus Estimate, up from $3.45; reaffirms FY14 revs to grow about 15%, which calculates to ~$2.95 bln vs. $2.96 bln Capital IQ Consensus Estimate.

8:00 am Clayton Williams misses by $0.60, beats on revs (CWEI) : Reports Q2 (Jun) earnings of $0.77 per share, excluding non-recurring items, $0.60 worse than the Capital IQ Consensus Estimate of $1.37; revenues rose 31.2% year/year to $129.8 mln vs the $121.03 mln consensus.

7:59 am FBR & Co commences self tender offer to purchase up to one million shares, or about 9.9%, of its outstanding common stock, at a price of not less than $28.00 and not more than $29.00/share (FBRC) : Briefing note: See FBRC news at 16:10 ET on July 21, 2014 where co announced the tender offer.

7:59 am S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +10.20. (:WRAPX) : U.S. equity futures hover near their pre-market highs amid upbeat action overseas. The S&P 500 futures trade four points above fair value.

Reviewing overnight developments:

  • Asian markets ended mixed. Japan's Nikkei -0.3%, Hong Kong's Hang Seng +0.7%, and China's Shanghai Composite +1.3% 
    • In economic data: 
      • China's HSBC Manufacturing PMI jumped to 52.0 from 50.7 (consensus 51.0) 
      • Japan's trade deficit narrowed to JPY822 billion from JPY909 billion (expected deficit of JPY643 billion) as exports fell 2.0% (expected 1.0%, previous -2.7%) and imports rose 8.4%, as expected. Separately, Manufacturing PMI slipped to 50.8 from 51.5 (expected 51.9) 
      • Hong Kong's trade deficit widened to $43.10 billion from $42.40 billion (expected deficit of $48.50 billion) 
      • The Reserve Bank of New Zealand hiked its key interest rate 25 basis points to 3.5%, as expected 
    • In news: 
      • China's Shanghai Composite outperformed the region after the HSBC Manufacturing PMI surged to an 18-month high. According to an HSBC economist, the improvement was supported by the cumulative impact of the mini-stimulus measures being deployed by Beijing.
  • Major European indices trade higher across the board. Great Britain's FTSE +0.1%, Germany's DAX +0.4%, and France's CAC +0.8%. Elsewhere, Italy's MIB +1.7% and Spain's IBEX +1.8% 
    • Participants received several data points: 
      • Eurozone Manufacturing PMI ticked up to 51.9 from 51.8 (expected 51.7), while Services PMI jumped to 54.4 from 52.8 (consensus 52.7) 
      • Germany's Manufacturing PMI rose to 52.9 from 52.0 (expected 52.0), while Services PMI jumped to 56.6 from 54.6 (consensus 54.5) 
      • Great Britain's Retail Sales rose 0.1% month-over-month (expected 0.3%, previous -0.5%), while the year-over-year reading increased 3.6% (consensus 3.9%, prior 3.7%). Core Retail Sales slipped 0.1% month-over-month (expected 0.3%, previous -0.5%), while the year-over-year reading jumped 4.0% (consensus 4.6%, prior 4.5%) 
      • French Manufacturing PMI slipped to 47.6 from 48.2 (expected 48.1), while Services PMI improved to 50.4 from 48.2 (expected 48.4) 
      • Italy's Retail Sales fell 0.7% month-over-month (consensus 0.4%, previous 0.3%), while the year-over-year reading slipped 0.5% (expected 1.0%, prior 2.7%). Separately, Consumer Confidence fell to 104.6 from 105.6 (consensus 105.0) 
      • Spain's Unemployment Rate eased to 24.5% from 25.9% (expected 25.2%) 
    • Among news of note: 
      • French Prime Minister Manuel Valls discussed the regional economy once again, saying eurozone growth remained too weak, while the euro was still too strong. 
In U.S. corporate news:
  • American Airlines (AAL 43.20, -0.13): -0.3% despite beating bottom-line estimates 
  • AT&T (T 35.30, -0.58): -1.6% after missing earnings and revenue estimates 
  • Caterpillar (CAT 106.40, -1.98): -1.8% beat on earnings, but missed revenue estimates and issued cautious guidance 
  • Facebook (FB 77.51, +6.34): +8.9% after beating expectations 
  • General Motors (GM 36.42, -0.99): -2.7% after reporting in-line results 
  • Gilead Sciences (GILD 91.00, +0.66): +0.7% following its better than expected results 
  • Qualcomm (QCOM 77.91, -3.69): -4.5% after its below-consensus Q4 earnings guidance overshadowed its better than expected results 
  • United Continental (UAL 47.60, +1.60): +3.5% after beating earnings estimates and authorizing a $1 billion repurchase program 
Weekly initial claims (Briefing.com consensus 308K) will be reported at 8:30 ET, while the New Home Sales report for June (consensus 475K) will cross the wires at 10:00 ET.

7:59 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance
: VDSI +14.9%, LOGI +14.8%, QRE +11.3%, AGEN +9.8%, FB +9.2%, TDY +9%, FTNT +8.6%, SKX +8.4%, NOK +8.2%, UA +5.6%, EGHT +5.5%, HBI +5.2%, COG +4.7%, ORLY +4.4%, RJF +4%, PTEN +3.9%, ILMN +3.5%, JBLU +3.3%, NVEC +2.9%, POT +2.9%, INFN +2.8%, CRI +2.8%, UAL +2.2%, UAL +2.2%, FFIV +2%, IMAX +1.9%, SQNS +1.8%, MMM +1.8%, BMY +1.6%, HOT +1.5%, CAM +1.5%, CTXS +1.3%, ABC +1.3%, GILD +1.1%, NURO +1%.

M&A news: QRE +11.3% (to be acquired by Breitburn Energy Partners (BBEP)),ARIA +7.1% (attributed to a positive tweet that has since been deleted; Tweet was with regards to a SHPG for ARIA rumor).

Other news: APP +8.3% (disclosed details of new Board of Directors),DARA +8.1% (cont momentum),SPNC +7.4% (announces FDA clearance of peripheral laser atherectomy devices for in-stent restenosis ),TWTR +4.1% (following FB results),JMBA +3.8% (Engaged Capital disclosed 7.0% stake in SC 13D filing; believe the Issuer possesses multiple paths to value creation, expects to continue to have discussions with the Issuer's management),KNDI +2% (following yesterday's 12% decline),P +2% (following FB results),LNKD +1.3% (following FB results),FEYE +0.9% (on FTNT results),LL +0.9% (responded to lawsuit allegations, stating, "The allegations in this lawsuit concerning our product are simply flat-out false")

Analyst comments: WIBC +3.4% (upgraded to Strong Buy from Outperform at Raymond James),RKUS +2.6% (added to Conviction Buy list at Goldman),UIS +1.4% (upgraded to Positive from Neutral at Susquehanna),ZFGN +0.6% (initiated with a Outperform at Leerink Partners)

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

  • Misonix (MSON) announced the launch of its BoneScalpel app for iPad mobile devices.
  • FMC (FMC) opened its Asia Innovation Center in the Zhangjiang Hi-Tech Park in the Pudong area of Shanghai, China. 
  • Textura Corporation (TXTR) announced that Latista, a Textura solution and leader in field management solutions for construction, has been chosen by the state-owned enterprise "Big Sports Arena Luzhniki," a project of the City of Moscow Department of Construction, to reconstruct the largest sports stadium in Russia.
  • HP (HPQ) and Hortonworks announced a strategic partnership, supported by a $50 mln HP equity investment, to help accelerate the adoption of Enterprise Apache Hadoop by deeply integrating the Hortonworks Data Platform with the HP HAVEn big data platform.

7:55 am Orbotech to support CEC Panda's new Gen 8.5 Fab in a $55 mln deal (ORBK) : Co announced that TFT LCD panel maker Nanjing CEC Panda LCD Technology has selected Orbotech as the inspection, testing and repair equipment vendor for its new Gen 8.5 fab in Nanjing, China. During the first and second quarters of 2014, Nanjing CEC Panda placed orders totaling ~ $55 mln for Orbotech's newly introduced systems. Installation is expected to commence in the fourth quarter of 2014 and to continue throughout the first half of 2015.

7:50 am Asian Markets Close: Nikkei -0.3%, Hang Seng +0.7%, Shanghai +1.3% (:SUMRX) :

  • Markets gained across most of Asia. 
  • China's HSBC Flash Manufacturing PMI (52.0 actual v. 51.2 expected, 50.7 previous) outpaced estimates. 
  • Japan's trade deficit widened to JPY1.08 trln (JPY1.11 trln expected, JPY0.86 trln) on a 2% drop in exports and 8.4% increase in imports.
  • The Reserve Bank of New Zealand hiked its key rate 25bps to 3.50%, as expected. 
  • South Korea's GDP-Adv. slowed to 3.6% YoY (3.9% YoY previous). 
  • Japan's Nikkei (-0.3%) lagged the region following today's trade data. Heavyweight Softbank weighed, shedding 1.8%. 
  • Hong Kong's Hang Seng (+0.7%) surged to levels last seen in April 2011. Ping An Insurance rallied 3.7% on reports tier 1 investment banks have been gobbling up shares. 
  • China's Shanghai Composite (+1.3%) climbed to its best level in more than three months as trade reclaimed the 200 dma. Brokerage names continued to see strength as CITIC Securities added 2.6% and Haitong Securities gained 2.5%. 
  • India's Sensex (+0.5%) extended its winning streak to eight while ending in record territory. IT service provider Wipro climbed 1.0% ahead of its earnings release. 
  • Australia's ASX (+0.2%) gained for an eleventh session as action climbed to its best level in more than six years. All of the 'big four' banks gained with CBA adding 0.6%. 
  • Regional Decliners: South Korea -0.1%...Philippines UNCH 
  • Regional Advancers: Indonesia +0.1%...Thailand +0.2%...Taiwan +0.3%...Malaysia +0.3%...Singapore +0.4%...Vietnam +0.8% 
  • Fx: USDCNY eased to 6.1946, a four-month low...USDINR ticked up to 60.08...USDJPY +10 pips @ 101.65...AUDUSD unch @ .9440

7:49 am Townsquare Media (NYSE: TSQ) priced 8.3 mln share IPO at $11.00 per share, below the $14-16 expected range (:IPOXX) :  

7:48 am Marcus beats by $0.01, beats on revs (MCS) : Reports Q4 (May) earnings of $0.16 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.15; revenues rose 7.9% year/year to $108.5 mln vs the $106 mln consensus.

  • Revenues for Marcus Theatres were up 10.7% for Q4 and 10.8% for the full year, while operating income increased 4.1% for Q4 and 13.6% for fiscal 2014.
  • The fourth quarter revenues and operating income set new records for any 13-week fourth quarter in the division's history," said Marcus.
  • "Despite the fact that the national box office was down slightly during our Q4 period due to a weaker slate of movies in May, we achieved an 8.2% increase in admissions

7:46 am Jetblue Airways reports EPS in-line, revs in-line (JBLU) : Reports Q2 (Jun) earnings of $0.19 per share, in-line with the Capital IQ Consensus Estimate of $0.19; revenues rose 11.8% year/year to $1.49 bln vs the $1.51 bln consensus.  

  • For Q3, CASM is expected to increase between 0.5% and 2.5% vs yr-ago. Excluding fuel and profit sharing, CASM is expected to increase between 1.0% and 3.0% yr/yr. 
  • CASM for the full year is expected to increase between 1.0% and 3.0% y/yr. Excluding fuel and profit sharing, CASM in 2014 is expected to increase between 2.5% and 4.5% yr/yr. 

7:45 am Zimmer Hldgs reports EPS in-line, misses on revs; reduces high end of FY14 EPS guidance range (ZMH) : Reports Q2 (Jun) earnings of $1.49 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $1.49; revenues rose 1.1% year/year to $1.18 bln vs the $1.2 bln consensus.

  • Co reduces high end of guidance for FY14, sees EPS of $6.00-6.10 vs. $6.11 Capital IQ Consensus Estimate, prior guidance $6.00-6.20.
  • This updated guidance reflects estimated charges for inventory and manufacturing related expenses, quality and operational excellence initiatives, certain claims and special items of $250 mln on a pre-tax basis, and an additional $70 mln for expenses related to the pending Biomet merger, totaling $320 mln or approximately $1.35 per diluted share, on an after-tax basis.

7:44 am Brunswick beats by $0.05, reports revs in-line; guides FY14 EPS in-line (BC) : Reports Q2 (Jun) earnings of $0.95 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.90; revenues rose 3.8% year/year to $1.14 bln vs the $1.15 bln consensus. Co issues in-line guidance for FY14, sees EPS of $2.35-2.45, excluding non-recurring items, vs. $2.44 Capital IQ Consensus Estimate.

"During the second half of the year, we expect that our marine and fitness businesses will benefit from several new products being introduced into the marketplace or reaching full production rates. Market acceptance of these products has been excellent, and as a result, our plan reflects stronger revenue growth rates in the second half of 2014. In addition, as a result of our ongoing investments in growth initiatives, operating expenses are estimated to increase in 2014, however, on a percentage of sales basis, they are expected to be at slightly lower levels than 2013. The year-over-year rate of increase in operating expenses is expected to be slower in the second half of 2014".

7:43 am American Airlines beats by $0.03, reports revs in-line (AAL) : Reports Q2 (Jun) earnings of $1.98 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $1.95; revenues rose 76.1% year/year to $11.36 bln vs the $11.34 bln consensus.   

  • Driven by a record yield of 17.34 cents, up 6.5 percent year-over-year, consolidated passenger revenue per ASM (:PRASM) was also a record at 14.57 cents, up 5.9 percent versus the second quarter 2013 on a combined basis. 
  • Total operating expenses in the second quarter were $10.0 billion, up 7.0 percent over combined second quarter 2013. Second quarter mainline cost per available seat mile (CASM) was 13.61 cents, up 3.9 percent on a 3.5 percent increase in mainline ASMs versus combined second quarter 2013. 
  • Excluding special charges and fuel, mainline CASM was up 2.2 percent compared to the combined second quarter 2013, at 8.55 cents. Regional CASM excluding special charges and fuel was 15.80 cents, up 5.2 percent on a 0.4 percent decrease in regional ASMs versus combined second quarter 2013. 
  • The Company also announced a capital deployment program intended to efficiently allocate cash balances over and above those required to fund its business. 
    • As part of the program, American's Board of Directors declared a dividend of $0.10 per share for shareholders of record as of August 4, 2014. The cash dividend is the first declared by American since 1980

7:42 am CMS Energy beats by $0.03, reports revs in-line; raises bottom end of FY14 EPS in-line (CMS) : Reports Q2 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.27; revenues rose 4.4% year/year to $1.47 bln vs the $1.46 bln consensus. Co issues in-line guidance for FY14, raises EPS to $1.76-1.78 from $1.74-1.78 vs. $1.76 Capital IQ Consensus Estimate.

7:41 am Cameron beats by $0.13, beats on revs; guides Q3 EPS in-line; raises FY14 EPS guidance above consensus (CAM) : Reports Q2 (Jun) earnings of $1.00 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of $0.87; revenues rose 19.6% year/year to $2.64 bln vs the $2.56 bln consensus.

  • Co issues in-line guidance for Q3, sees EPS of $1.10-1.20 vs. $1.08 Capital IQ Consensus Estimate. 
  • Co issues raises guidance for FY14, sees EPS of $4.00-4.25 vs. $3.92 Capital IQ Consensus Estimate, prior guidance $3.80-4.10.

7:41 am Caterpillar beats by $0.16, misses on revs; guides FY14 EPS below consensus, narrows revs in-line (mid-point declines 2%); announces expected $2.5 bln stock repurchase (CAT) : Reports Q2 (Jun) earnings of $1.69 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus Estimate of $1.53; revenues fell 3.2% year/year to $14.15 bln vs the $14.31 bln consensus.

  • Co issues downside EPS guidance for FY14, sees EPS of $6.20 vs. $6.24 Capital IQ Consensus Estimate; co narrowed FY14 revs of $54-56 bln vs. $55.95 bln Capital IQ Consensus Estimate, from $53.2-58.8 bln (mid-point was reduced by 2%)
  • "While our expectations for 2014 sales and revenues have not changed significantly, the 2% decline in the mid-point of our outlook is primarily related to our expectation of lower sales of construction equipment in developing countries such as China, the CIS and the Africa/Middle East region."
  • "The construction industry in China has softened since the end of the first quarter and the political problems in the CIS and Africa/Middle East are concerning."
  • "We increased the bottom line despite a weak quarter for our Resource Industries segment, which is principally mining. Three key things are contributing to the continuing strength of our financial results-the diversity of our businesses, substantial success in operational improvements through the execution of our strategy and the strength of our cash flow and balance sheet ."
  • Sales volume decreased $610 million primarily due to lower volume in Resource Industries, partially offset by higher volume in Construction Industries. The sales volume decrease was partially offset by favorable price realization

7:40 am Monro Muffler misses by $0.02, misses on revs; guides Q2 EPS below consensus; guides FY15 EPS below consensus (MNRO) : Reports Q1 (Jun) earnings of $0.52 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.54 but within gudiance of $0.52-0.55; revenues rose 5.5% year/year to $217.5 mln vs the $221.6 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.50-0.52 vs. $0.54 Capital IQ Consensus Estimate. Co issues downside guidance for FY15, sees EPS of $1.95-2.08 vs. $2.11 Capital IQ Consensus Estimate and vs prior guidance of $1.95-2.15.

  • "Our long term outlook for our industry and business remain positive, although we expect trends in Q2 will likely continue to reflect the volatility we experienced in Q1, as the economic environment weighs on consumer purchasing behavior....We remain very encouraged by the opportunities we see, in light of the challenging operating environment, to complete additional acquisitions in the near future."

7:39 am Graphic Packaging beats by $0.03, misses on revs (GPK) : Reports Q2 (Jun) earnings of $0.20 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.17; revenues fell 2.0% year/year to $1.12 bln vs the $1.14 bln consensus. 

  • Total Net Debt at the end of second quarter 2014 was $2,161.3 million, $40.1 million lower than at the end of 2013. 
  • The Company's June 30, 2014 Net Leverage Ratio dropped to 3.17 times Adjusted EBITDA from 3.48 times 
  • Adjusted EBITDA at the end of the second quarter of 2013. 
  • At June 30, 2014, the Company had available domestic liquidity of $773.3 million, including the undrawn availability under its $1.0 billion U.S. revolving credit facility.

7:39 am United Continental beats by $0.15, reports revs in-line; authorized a $1.0 bln share repurchase program (UAL) : Reports Q2 (Jun) earnings of $2.34 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus Estimate of $2.19; revenues rose 3.3% year/year to $10.33 bln vs the $10.31 bln consensus. 

  • United's consolidated passenger revenue per available seat mile increased 3.7% in the second quarter of 2014 compared to the second quarter of 2013. Second-quarter 2014 consolidated unit costs, excluding special charges, third-party business expenses, fuel and profit sharing, decreased 0.2 percent year-over-year on a consolidated capacity reduction of 0.1 percent. Second-quarter 2014 CASM, including those items, increased 2.2 percent year-over-year. 
  • UAL's Board authorized a $1.0 billion share repurchase program, which the company expects to complete within the next three years. This amount represents approximately 6 percent of the company's market capitalization as of yesterday's closing stock price. 
  • Additionally, in the second quarter, the company spent $62 million to retire convertible debt that would have converted into approximately 1.5 million shares of UAL common stock.

7:38 am Sun Communities beats by $0.02, beats on revs; guides Q3 FFO above consensus; guides FY14 FFO above consensus (SUI) : Reports Q2 (Jun) funds from operations of $0.78 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.76; revenues rose 15.2% year/year to $115.38 mln vs the $98.18 mln consensus.

  • Co issues upside guidance for Q3, sees FFO of $0.93-0.96 vs. $0.88 Capital IQ Consensus Estimate. 
  • Co issues upside guidance for FY14, sees FFO of $3.42-3.48 vs. $3.38 Capital IQ Consensus Estimate.
  • The Company expects to sell approximately 1,930 homes.  The budgeted average gross profit per home sale is $6,250. 

7:36 am T. Rowe Price beats by $0.01, reports revs in-line (TROW) : Reports Q2 (Jun) earnings of $1.13 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.12; revenues rose 15.2% year/year to $984.3 mln vs the $992.98 mln consensus.

  • Investment advisory revenues earned in the second quarter of 2014 from the T. Rowe Price mutual funds distributed in the United States were $613.4 million, an increase of 18% from the comparable 2013 quarter. Average mutual fund assets under management in the second quarter of 2014 were $455.9 billion, an increase of 19% from the average in the second quarter of 2013. 
  • The money market funds had net outflows of $.3 billion. Market appreciation and income added $16.9 billion to mutual fund assets during the quarter.
  • Investment advisory revenues earned in the second quarter of 2014 from the other investment portfolios were $241.9 million, an increase of $21.6 million from the comparable 2013 quarter. Average assets under management in these portfolios in the second quarter of 2014 were $261.3 billion, an increase of $18.7 billion, or 8%, from the average in the second quarter of 2013. 
  • Money market advisory fees and other fund expenses voluntarily waived by the firm to maintain positive yields for investors in the second quarter of 2014 were $15.0 million, an increase of $3.1 million from the comparable 2013 quarter. For the first six months of 2014, the firm has waived $29.3 million in such fees compared with $22.9 million in the 2013 period. The firm expects it will continue to voluntarily waive such fees for the remainder of the year. 
  • Administrative fee revenues increased $7.2 million to $93.6 million in the second quarter of 2014. The increase is primarily attributable to increased costs incurred to provide transfer agent servicing activities to the mutual funds and their investors. The change in administrative fee revenues is generally offset by similar changes in operating expenses.

7:35 am Bristol-Myers beats by $0.04, reports revs in-line; reaffirms FY14 EPS guidance (BMY) : Reports Q2 (Jun) earnings of $0.48 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.44; revenues fell 3.9% year/year to $3.89 bln vs the $3.85 bln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $1.70-1.80 vs. $1.78 Capital IQ Consensus Estimate. Gross margin as a percentage of revenues was 74.5% in the quarter compared to 72.6% in the same period a year ago. 
  • "During the second quarter we delivered strong financial and operating results, invested in key business development opportunities, and achieved important regulatory milestones for products in HCV and immuno-oncology,"

7:35 am BankUnited beats by $0.01 (BKU) : Reports Q2 (Jun) earnings of $0.46 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.45.

7:35 am Coca-Cola Ent beats by $0.02, reports revs in-line; reaffirms FY14 guidance (CCE) : Reports Q2 (Jun) earnings of $0.90 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.88; revenues rose 8.2% year/year to $2.33 bln vs the $2.34 bln consensus.

  • Total second-quarter volume grew 3 percent, with growth in sparkling drinks of
    3.5 percent.
  • CCE affirms its guidance for full-year 2014. It continues to expect 2014 earnings per diluted share growth of approximately 10%, net sales growth in a low single-digit range, and operating income growth in a mid-single-digit range.

7:35 am 3M reports EPS in-line, revs in-line; reaffirms FY14 EPS guidance (MMM) : Reports Q2 (Jun) earnings of $1.91 per share, in-line with the Capital IQ Consensus Estimate of $1.91; revenues rose 4.9% year/year to $8.13 bln vs the $8.09 bln consensus. Co reaffirms guidance for FY14, sees EPS of $7.30-7.55 vs. $7.47 Capital IQ Consensus Estimate.

  • Co paid $556 million in cash dividends to shareholders and repurchased $1.4 billion of its own shares during Q2.
  • "Our businesses continued to execute very well in the Q2...Organic sales growth was again positive across all businesses and geographic regions which helped drive double-digit growth in EPS. Strong productivity fueled increased growth investments, and operating margins increased year-on-year to nearly 23%."
  • "In addition to a strong operating performance, we are also deploying capital more aggressively to both improve the business and to enhance shareholder returns. On July 16, we announced the acquisition of the remaining 25% of our Sumitomo 3M subsidiary in Japan for a purchase price of $885 million. And during the second quarter we paid $2.0 billion to shareholders via a combination of cash dividends and gross share repurchases. My thanks to the 3M team for the results thus far in 2014."

7:35 am Celgene beats by $0.01, beats on revs; issues mixed FY14 EPS guidance, guides FY14 revs above consensus (CELG) : Reports Q2 (Jun) earnings of $0.90 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.89; revenues rose 17.1% year/year to $1.87 bln vs the $1.84 bln consensus. 

  • REVLIMID sales for the second quarter increased 15 percent to $1,214 million and were driven by volume in both the U.S. and International markets, increased duration of therapy and continued market share leadership in multiple myeloma. U.S. sales of $716 million and International sales of $498 million increased 15 percent and 17 percent, respectively. 
  • ABRAXANE  sales for the second quarter were $215 million, a 39 percent increase. U.S. sales of $160 million and International sales of $55 million increased 33 percent and 58 percent, respectively. The increase in sales reflects the impact of the ongoing U.S. launch in pancreatic cancer and early launch success for pancreatic cancer in Europe.
  • VIDAZA second quarter sales decreased 28 percent to $152 million, reflecting the year-over-year impact of the entry of generic azacitidine in the U.S. market. U.S. sales decreased 89 percent to $10 million. International sales were $142 million, an increase of 12 percent. International sales were driven by increased demand in Europe and Japan.
  • POMALYST/IMNOVID sales were $161 million, an increase of 143%.
Co raises guidance for FY14, sees EPS of $3.60-3.65, up from $3.50-3.60 prior guidance, vs. $3.67 Capital IQ Consensus Estimate; sees FY14 revs of $7.6 bln, up from $7.5 bln prior guidance, vs. $7.54 bln Capital IQ Consensus Estimate.

7:34 am Build-A-Bear Workshop misses by $0.04, misses on revs; comps -4.9% (BBW) : Reports Q2 (Jun) loss of $0.25 per share, $0.04 worse than the Capital IQ Consensus Estimate of ($0.21); revenues fell 6.2% year/year to $75.4 mln vs the $80.77 mln consensus. Consolidated comparable store sales decreased 4.9% and included a 4.0% decrease in North America and an 8.1% decrease in Europe; Retail gross margin expanded 220 basis points to 39.0% from 36.8% in the 2013 second quarter.

  • In 2014, co continues to expect capital expenditures of $12 mln and $15 mln and depreciation and amortization is expected to be ~$18 mln. 
  • Co reported progress on its stated strategies: Optimize real estate to improve store productivity. Year-to-date in fiscal 2014, the Company has closed 11 stores transferring 16% of sales to remaining stores, consistent with past closures. Co continues to expect to close ~15 stores in the fiscal year, primarily in North America. The Company will selectively upgrade stores in conjunction with lease renewals while reducing the cost of capital that is needed for the improvements. In addition, the Company expects to open six to eight pop-up stores ahead of the holiday season. Refine the consumer value equation by continuing to reposition its marketing programs. In the quarter, the Company expanded its integrated brand building marketing initiatives as it broadened its annual Huggable Heroes program which recognizes charitably-minded kids by partnering with the USO and their "Every Moment Counts" campaign. The elevated marketing resulted in strong consumer demand for its superhero merchandise collection and delivered over 80 mln media impressions. Rationalize expense structure to leverage its SG&A expenses and enhance product margins with end-to-end improvements in its supply chain and ongoing value engineering of product designs. For the first half, retail gross margin increased to 41.6%, a 220 basis point improvement from the prior year and adjusted SG&A as a percent of total revenues was 41.0%, a 60 basis point improvement from the prior year. 

7:33 am FLIR Systems misses by $0.03, misses on revs; guides FY14 EPS in-line, revs in-line (FLIR) : Reports Q2 (Jun) earnings of $0.31 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.34; revenues fell 5.1% year/year to $369.4 mln vs the $374.78 mln consensus. Co issues in-line guidance for FY14, sees EPS of $1.40-1.50, excluding non-recurring items, vs. $1.44 Capital IQ Consensus Estimate; sees FY14 revs of $1.45-1.55 bln vs. $1.52 bln Capital IQ Consensus Estimate.

7:32 am Suburban Propane announces Michael A. Stivala, President, will assume the role of President and CEO, effective Sep 28, 2014 (SPH) : Michael A. Stivala, President, will assume the role of President and Chief Executive Officer, effective September 28, 2014, as the CEO title will be relinquished by Michael J. Dunn, Jr. upon his retirement from Suburban on September 27, 2014.

In addition, the Partnership announced that Michael A. Kuglin is promoted to Chief Financial Officer and Chief Accounting Officer from Vice President-Finance and Chief Accounting Officer, effective September 28, 2014.

7:31 am Cabot Oil & Gas beats by $0.03, beats on revs (COG) : Reports Q2 (Jun) earnings of $0.28 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 18.6% year/year to $533.18 mln vs the $517.57 mln consensus.

7:31 am SunOpta announces Alan Murray has been appointed Chairman of the Board of Directors (STKL) :

  • Co announced that effective today, Alan Murray has been appointed Chairman of the Board of Directors. Murray replaces Jeremy Kendall who has retired after serving as Chairman of the Board for the past 31 years. Kendall will remain active on the Board as a Director and Past Chairman. 
  • Murray was appointed a director of SunOpta in July 2010, Vice Chair in March 2011 and served as Chairman of the Compensation Committee and as a member of the Corporate Governance and Audit Committees at various times.

7:31 am Noble Energy beats by $0.08, misses on revs; lowers volume guidance for Q3 (NBL) : Reports Q2 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.79; revenues rose 20.4% year/year to $1.38 bln vs the $1.4 bln consensus.

  • Volumes for third quarter 2014 are anticipated to be between 290 and 305 MBoe/d and the fourth quarter volumes to range from 310 to 330 MBoe/d. 
  • These second half estimates are lower than earlier expectations primarily due to more conservative assumptions in the DJ Basin for infrastructure capacity and timing of well tie-ins. Infrastructure capacity constraints are related to higher than expected third-party midstream downtime, high field line pressures and the carryover impacts from facility enhancements. 
  • Included in the third quarter estimate is a 12 MBbl/d oil reduction versus the second quarter attributable to a significant underlifting in Equatorial Guinea, as well as the China asset sale. The third quarter estimate also included a reduced assumption for natural gas sales in Israel as a result of the ongoing conflict.

7:31 am Aerie Pharma receives Health Canada 'No Objection Letter' to commence phase 3 registration trial of RhopressaTM in patients with glaucoma in Canada (AERI) : Co announced that it has received a No Objection Letter from Health Canada to conduct a Phase 3 registration trial of Rhopressa, a novel once-daily, triple-action eye drop being tested for its ability to lower intraocular pressurein patients with glaucoma or ocular hypertension in Canada.

  • Aerie anticipates total enrollment of approximately 1,300 patients in the three Phase 3 trials of Rhopressa
  • The phase 3 registration program for Rhopressa continues on track to file an NDA by mid-2016, with top-line three-month efficacy results expected in the middle of next year based on current timelines

7:30 am Primoris Services announces new heavy civil award valued at $42 million (PRIM) : Co announced a new heavy civil award valued at $42 million from the Arkansas State Highway Commission.

  • Work is scheduled to commence on the project in the third quarter of 2014 and to be completed in the third quarter of 2016.

7:29 am Gas Natural responds to press release issued by Algonquin Power & Utilities (AQUNF) and reiterates rejection of their grossly inadequate, unsolicited offers (EGAS) : Co is responding to a press release issued yesterday by Algonquin Power & Utilities Corp. (AQUNF). The co announced on July 21, 2014 that, after careful consideration and consultation with its financial and legal advisors, the independent directors and the Board as a whole unanimously determined that offers made by Algonquin on January 14, March 5 and May 7, 2014 were inadequate and not in the best interests of the co's shareholders and, as a result, rejected each offer. Today, the co is reiterating its position and responding to misleading and incorrect information distributed by Algonquin yesterday.

  • W. Gene Argo, Chairman of the Board of Gas Natural, said, "Our Board was unanimous in its determination that all three of Algonquin's unsolicited offers were grossly inadequate and substantially undervalue Gas Natural as Algonquin attempted to create value for itself. We are committed to aggressively implementing our detailed, long-term strategic plan to create value for our shareholders by executing on opportunities for significant revenue and EBITDA growth and generating strong shareholder returns. Our plan includes continuing to invest in our existing utilities, particularly in our underpenetrated and emerging markets in North Carolina and Maine, which we expect will drive growth in our overall customer base by 4% to 5% annually.

7:29 am Euro Firms on Strong PMI Data: 10-yr: -05/32..2.483%..USD/JPY: 101.62..EUR/USD: 1.3472 (:SUMRX) :

  • The Dollar Index hovers little changed near 80.80. 
  • A quiet overnight trade saw action stuck in a 20 cent range as action holds near its best levels since February. 
  • EURUSD is +15 pips @ 1.3475 following the mostly better than expected Flash Manufacturing and Services PMI data from across the region. Highlights included Germany's Flash Services PMI (56.6 actual v. 54.7 expected) posting its best reading since June 2011 and France's Flash Services PMI (50.4 actual v. 48.9 expected, 48.2 previous) regaining the expansion line. Only France's Flash Manufacturing PMI (47.6 actual v. 48.5 expected, 48.2 previous) disappointed. Early selling had the single currency probing the 1.3450 level, but buyers stepped in to defend support in the area. Click here to see a daily EURUSD chart.
  • GBPUSD is -30 pips @ 1.7010 as selling persists for a seventh straight session. Today's weakness comes following the retail sales (0.1% MoM actual v. 0.2% MoM expected) miss, and has action at its lowest levels of July. Support in the 1.7000 area remains in focus with the 50 dma (1.6962) providing further help.
  • USDCHF is -5 pips @ .9015 as trade has given up its early gains. The pair ticked to its best levels in almost six months amid this morning's push towards .9040, but trade was unable to take the level as trade reversed into the red as the euro garnered strength. 
  • USDJPY is +5 pips @ 101.60 as buyers hold control for a fifth day. The bid comes after Japan's trade deficit widened to JPY1.08 trln (JPY1.11 trln expected, JPY0.86 trln) on a 2% drop in exports and 8.4% increase in imports. Resistance at current levels sees additional help from the 50, 100, 200 dma just above. 
  • AUDUSD is flat @ .9440 as action holds near three-week highs. The hard currency climbed to nearly .9475 after neighboring Reserve Bank of New Zealand hiked its key rate 25bps to 3.50%, as expected, and China's HSBC Flash Manufacturing PMI (52.0 actual v. 51.2 expected, 50.7 previous) topped estimates. The .9350 area provides support while any close over .9495 would be the best since November. USDCNY eased to 6.1946, a four-month low. 
  • USDCAD is -5 pips @ 1.0720 as light selling takes hold for a third day. Traders continue to watch support near 1.0700.

7:20 am Warren Resources announces commencement of private $300 mln debt offering (WRES) : Co announced that it intends to commence a private offering to eligible purchasers of $300 mln aggregate principal amount of Senior Notes due 2022.

  • The Issuer intends to use the net proceeds from the offering to fund a portion of the ~$312.5 mln cash purchase price for its recently announced acquisition of the Marcellus assets of Citrus Energy Corporation and two additional working interest owners.
  • The Notes will be guaranteed on a senior unsecured basis by each of the Issuer's existing and future direct and indirect domestic subsidiaries that guarantee the Issuer's indebtedness under its credit facility.

7:18 am Integrated Silicon beats by $0.01, beats on revs; guides Q4 EPS in-line, revs in-line; initiates dividend (ISSI) : Reports Q3 (Jun) earnings of $0.25 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.24; revenues rose 9.0% year/year to $84.8 mln vs the $83.65 mln consensus. Gross margin was 34.5%, compared to 34.3% in the March 2014 quarter and 33.5% in the June 2013 quarter; DRAM revenue increased 14.9% and SRAM revenue increased 6.3% over the prior year period; Industrial, medical, and military (IMM.V) revenue increased 32.3% and automotive revenue grew 12.1% year-over-year;

  • Co issues in-line guidance for Q4, sees EPS of $0.25-0.29 vs. $0.27 Capital IQ Consensus Estimate; sees Q4 revs of $85.0-89.0 mln vs. $86.71 mln Capital IQ Consensus Estimate. 
  • Announced quarterly cash dividend program.

7:17 am Sigma-Aldrich beats by $0.01, reports revs in-line; guides FY14 EPS in-line (SIAL) : Reports Q2 (Jun) earnings of $1.11 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.10; revenues rose 2.9% year/year to $701 mln vs the $706.37 mln consensus. 

Co issues in-line guidance for FY14, sees EPS of $4.32-4.40 vs. $4.37 Capital IQ Consensus Estimate. 

  • Organic sales growth for the second half of 2014: 
    • Research is expected to be in the low-to-mid single digits. 
    • Applied is expected to be in the mid-single digits.
    • SAFC Commercial is expected to be in the mid-single digits. 
  • With the first half organic sales growth of 2%, overall full-year 2014 organic sales growth is expected to be in the low-single digit range. 
  • Full-year 2014 adjusted operating income margin is expected to improve by approximately 50 basis points.
  • Effective tax rate is expected to be approximately 27%.
  • Net cash provided by operating activities is expected to exceed $600 million. 
  • Capital expenditures are expected to be approximately $130 million.
  • Free cash flow is expected to exceed $475 million.

7:16 am Inteliquent reports EPS in-line, revs in-line; reaffirms FY14 revs guidance (IQNT) : Reports Q2 (Jun) earnings of $0.28 per share, in-line with the Capital IQ Consensus Estimate of $0.28; revenues rose 2.7% year/year to $54.88 mln vs the $55.24 mln consensus.

  • Co reaffirms guidance for provided on 5/1/14, sees FY14 revs of $210-220 mln vs. $219.51 mln Capital IQ Consensus Estimate.

7:15 am Clearwater Paper announces proposed offering of $300 mln aggregate principal amount of senior notes due 2025 (CLW) : Co intends to use the net proceeds along with co funds and funds drawn from its revolving credit facility to redeem all of its outstanding 7.125% senior notes due 2018.

7:15 am Dana Holding beats by $0.07, misses on revs; raises FY14 EPS, FY14 targets on track (EPS higher, rev lower) (DAN) : Reports Q2 (Jun) adj. earnings of $0.58 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.51; revenues fell 5.0% year/year to $1.71 bln vs the $1.76 bln consensus.

Co issues guidance for FY14, raises adj. EPS to $1.92-1.95 from $1.82-1.86 vs. $1.80 Capital IQ Consensus Estimate; sees FY14 revs of ~$6.8 bln from $6.8-6.9 bln vs. $6.82 bln Capital IQ Consensus. 

"While we expect market volumes in several of our end-user markets and regions to be stable or up slightly, we anticipate continued weakness in our global off-highway markets and the South American light- and commercial-vehicle markets, which will remain a headwind through the end of this year... Despite the challenging economic environment in some of our markets, Dana's second-quarter results came in as we had expected, and we remain on track to deliver our top- and bottom-line targets for the fiscal year."

7:15 am Evogene announces amendment to Bayer Wheat (BAYRY) agreement to focus on discovery of novel genomic promoters (EVGN) : Co announced an amendment to the remaining work plan under its collaboration with Bayer CropScience LP, a subsidiary of Bayer AG (BAYRY), for improved wheat. Pursuant to the amended work plan, Evogene will shift from discovery of additional genes and SNP's to discovery of novel genomic promoters.

  • The original collaboration agreement between Bayer and Evogene was signed in December 2010 focusing on the discovery of novel genes for the improvement of wheat yield, nitrogen use efficiency, and abiotic stress tolerance. Under the collaboration to date, Evogene has utilized its ATHLETETM computational discovery capabilities to discover and provide Bayer with a large number of candidate genes for potential continued development in Bayer's wheat pipeline and commercialization under previously agreed milestone payments and royalty bearing licenses from Evogene.
  • Under the amended agreement, Evogene will continue in close teamwork with Bayer to utilize its ATHLETETM discovery platform but will shift the focus from the discovery of additional genes and SNP's to identifying novel genomic promoters.

7:14 am Dupont Fabros Tech beats by $0.02, reports revs in-line; guides Q3 FFO above consensus; raised FY14 FFO above consensus (DFT) : Reports Q2 (Jun) funds from operations of $0.61 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.59; revenues rose 11.4% year/year to $102 mln vs the $102.48 mln consensus.

  • Co issues upside guidance for Q3, sees FFO of $0.60-0.62 vs. $0.59 Capital IQ Consensus Estimate.
  • Co raises guidance for FY14, sees FFO of $2.38-2.44 vs. $2.36 Capital IQ Consensus Estimate, up from $2.32-2.40.

7:14 am Benchmark Elec beats by $0.05, beats on revs; guides Q3 EPS in-line, revs in-line (BHE) : Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.38; revenues rose 17.9% year/year to $717 mln vs the $681.62 mln consensus.

  • Co issues in-line guidance for Q3, sees EPS of $0.38-0.42, excluding non-recurring items, vs. $0.39 Capital IQ Consensus Estimate; sees Q3 revs of $670-700 mln vs. $678.96 mln Capital IQ Consensus Estimate. 
  • "We executed very well during the quarter. Our continued focus on operational excellence enabled results for the second quarter to exceed our expectations as we convert our robust pipeline of new programs...The solid quarter demonstrates the level of performance we can achieve at current demand levels and provides visibility into our future potential as we continue to accelerate our pace and efficiency in new program introductions."

7:14 am Quest Diagnostics beats by $0.02, beats on revs; guides FY14 EPS in-line, revs in-line (DGX) : Reports Q2 (Jun) earnings of $1.08 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $1.06; revenues rose 4.8% year/year to $1.90 bln vs the $1.88 bln consensus. Co issues in-line guidance for FY14, sees EPS of $4.00-4.10, excluding non-recurring items, vs. $4.03 Capital IQ Consensus Estimate; sees FY14 rev growth of +2.5%-3.5% vs prior guidance of +2%-4%. The new guidance computes to FY14 revenue of $7.32-7.40 bln vs. $7.35 bln Capital IQ Consensus Estimate.

7:12 am IMAX beats by $0.03, beats on revs (IMAX) : Reports Q2 (Jun) earnings of $0.25 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.22; revenues fell 3.2% year/year to $79.1 mln vs the $76.37 mln consensus.  

  • "During the second quarter, we showed operating leverage, delivering strong growth in net earnings, which translated to operating cash flow growth in the period. Our bottom line financials reflected expanding margins and continued cost controls"
  • "We also made strides in the quarter with respect to key 2014 initiatives, including expanding the network, developing our world-class laser projection system and testing new marketing strategies, which we believe will help further position us to take full advantage of the potentially very strong film slates in 2015 and 2016." 
  • The total IMAX theater network consisted of 868 systems as of June 30, 2014, of which 735 were in commercial multiplexes.
    • There were 419 theaters in backlog as of June 30, 2014, compared to 284 in backlog as of June 30, 2013. 
    • In the second quarter of 2014, the Company signed contracts for 24 theaters, of which 20 were for new locations and 4 were for upgrades. 
    • In the quarter, the Company installed 34 IMAX theater systems, 30 of which were for new theater locations and 12 of which were installed in China.  

7:12 am First American Financial misses by $0.04, beats on revs (FAF) : Reports Q2 (Jun) earnings of $0.47 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.51; revenues fell 10.7% year/year to $1.15 bln vs the $1.12 bln consensus.

  • Co stated, "Looking forward, the company is particularly well positioned for the continued recovery of the purchase market, in which we expect to see stronger growth beginning in 2015."

7:11 am DST Systems beats by $0.01, beats on revs (DST) : Reports Q2 (Jun) adj earnings of $1.20 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.19; revenues rose 5.1% year/year to $509.6 mln vs the $494.33 mln consensus.

  • Operating revenues for the Financial Services Segment (excluding out-of-pocket reimbursements) for second quarter 2014 increased $17.9 million or 7.2% to $266.6 million as compared to second quarter 2013. The increase in operating revenues was primarily driven from increased revenues at ALPS due to organic growth at existing clients and favorable market conditions and from increased revenues at DST Bluedoor associated with higher professional services fees for the implementation and configuration of new clients. The Financial Services Segment had software license revenues of $12.6 million in second quarter 2014, an increase of $3.0 million as compared to second quarter 2013 primarily from higher international business process management license revenues recognized during second quarter 2014.

7:11 am Lazard beats by $0.07, beats on revs (LAZ) : Reports Q2 (Jun) earnings of $0.64 per share $0.07 better than the Capital IQ Consensus Estimate of $0.57; revenues rose 5.7% year/year to $571 mln vs the $526.21 mln consensus.

  • Record assets under management of $205 bln as of June 30, 2014, up 25% from June 30, 2013, and up 8% from March 31, 2014. Net inflows of $4.7 bln for Q2 2014.
  • Record second-quarter Asset Management operating revenue of $286 mln, up 18% from second-quarter 2013; record first-half operating revenue of $548 mln, up 14% from first-half 2013.

7:10 am Teledyne Tech beats by $0.21, misses on revs; guides Q3 EPS in-line; raises FY14 EPS above consensus to reflect Q2 results (TDY) : Reports Q2 (Jun) earnings of $1.47 per share, $0.21 better than the Capital IQ Consensus Estimate of $1.26; revenues fell 0.6% year/year to $597.1 mln vs the $606.42 mln consensus.

  • Co issues in-line guidance for Q3, sees EPS of $1.26-1.30 vs. $1.30 Capital IQ Consensus Estimate. 
  • Co raises guidance for FY14, to EPS of $5.31-5.35 vs. $5.13 Capital IQ Consensus Estimate, prior guidance $5.10-5.14.

7:10 am Immune Design (Nasdaq: IMDZ) prices upsized 5.0 mln share IPO (from 4.65 mln) at $12.00 per share, at low end of $12-14 expected range (:IPOXX) :  

7:09 am IMS Health Holdings beats by $0.02, beats on revs; reaffirms FY14 guidance (IMS) : Reports Q2 (Jun) earnings of $0.39 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 6.1% year/year to $662 mln vs the $654.92 mln consensus.

  • The company's strong revenue performance in the second quarter was driven by a 12.7 percent increase in technology services. Information offerings revenue grew 1.8 percent. Revenue grew across all regions. Emerging markets increased 8.7 percent, or 10.1 percent at constant currency, and developed markets grew 5.5 percent, or 4.4 percent at constant currency versus the same period last year.
For the full-year 2014, IMS Health reaffirms guidance for revenue growth of 5 to 6 percent and Adjusted EBITDA growth of 7.5 to 9 percent. Adjusted Net Income is projected to grow 15 to 20 percent. 

7:09 am Group 1 Auto misses by $0.17, misses on revs (GPI) : Reports Q2 (Jun) earnings of $1.47 per share, $0.17 worse than the Capital IQ Consensus Estimate of $1.64; revenues rose 7.6% year/year to $2.51 bln vs the $2.59 bln consensus. 

  • New vehicle revenue increased 6.5 percent, reflecting 2.2 percent higher unit sales, as U.S. Same Store new vehicle unit sales grew 3.0 percent. 
  • Used vehicle retail revenue increased 7.9 percent, reflecting 4.2 percent higher used retail unit sales.
  • Parts and service gross profit increased 10.3 percent on revenue growth of 8.5 percent. Consolidated Same Store parts and service gross profit increased 7.0 percent on revenue growth of 5.6 percent.
  • Finance and Insurance (F&I) gross profit increased 12.9 percent. Same Store consolidated F&I sales grew 9.9 percent as per retail unit improved $124 to $1,319, a 10.4% increase.

7:09 am Penn Natl Gaming misses by $0.04, reports revs in-line; guides FY14 EPS below consensus, revs above consensus (PENN) : Reports Q2 (Jun) earnings of $0.03 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.07; revenues fell 14.4% year/year to $652.1 mln vs the $646.16 mln consensus.

  • Co issues mixed guidance for FY14, sees EPS of $0.02 vs. $0.13 Capital IQ Consensus Estimate, down from prior guidance of $0.12; sees FY14 revs of $2.55 bln vs. $2.52 bln Capital IQ Consensus Estimate, up from prior guidance of $2.51 bln
  • "Our Southern Plains and West segments generated slight year-over-year improvements in adjusted EBITDAR margins despite weaker than expected results at Argosy Casino Sioux City. Adjusted EBITDAR margin for our East/Midwest segment declined by approximately 100 basis points year-over-year as Hollywood Casino at Charles Town Races and Hollywood Casino Lawrenceburg continued to experience competitive pressures. We remain highly focused on growing property-level adjusted EBITDAR as we actively manage property level expenses, fine tune our gaming mix, continue to build up customer databases at recently opened facilities, refine marketing efforts and adjust food, beverage and entertainment offerings. Reflecting these strategies to improve operating efficiencies, consolidated second quarter 2014 adjusted EBITDAR margin rose to 28.62%, representing a 47 basis point year-over-year improvement."

7:08 am On The Wires (:WIRES) :

  • Exar (EXAR) announced PowerArchitect 5.1, the latest release of its intuitive, powerful programmable power design tool.
  • Vuzix (VUZI) signed a major deal with Lenovo (LNVGY) to launch M100 Smart Glasses into China.
  • F5 Networks (FFIV) announced that BIG-IP application services are now available for VMware vCloud Hybrid Service, a secure, hybrid cloud service based on VMware vSphere. 
  • SunEdison (SUNE) announced its acquisition of the 156 megawatt (MW) DC Comanche Solar project from renewable energy developer Community Energy.

7:07 am Jarden beats by $0.01, reports revs in-line (JAH) : Reports Q2 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.90; revenues rose 12.3% year/year to $1.98 bln vs the $1.97 bln consensus. 

  • Reported gross margin was 30.5% compared to 29.2% for the same period in 2013. 
  • "We are progressing on the year with another quarter of solid performance. In the quarter, we posted positive organic growth in all segments and continued expansion in gross margins, giving us good momentum as we enter the important back half of the year.../The broad based organic growth experienced this quarter was primarily driven by the success of our initiatives, product innovation, geographic expansion, and category extension. We additionally advanced our capital management objectives by flattening and extending out our debt repayment schedule through a recently completed issuance of a EUR 300 million private offering of 3 % senior notes due 2021."

7:07 am Hershey Foods reports EPS in-line, revs in-line; guides FY14 EPS in-line (HSY) : Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.76; revenues rose 4.6% year/year to $1.58 bln vs the $1.57 bln consensus. Co issues in-line guidance for FY14, sees EPS of $4.05-4.13, excluding non-recurring items, vs. $4.08 Capital IQ Consensus Estimate. Co expects full-year 2014 net sales growth to be around the low end of its long-term 5-7% target.

  • "Our Easter sell through was very good and we gained 1.1 market share points in this important season. We expect our seasonal momentum to continue in 2H14 retail customer orders for Halloween and Holiday products are solid. In Q2, macroeconomic headwinds in the US continued to be an issue for many retailers and consumers. We continue to do well, although our US Q2 net sales growth of 4.4% was less than expectations. Additionally, as it relates to the instant consumable pack type, there were increased levels of in-store activity from other snack categories that had an impact on our sales mix and profitability. Across all channels we are working with retail customers this year and into 2015 to ensure that the implementation of the price increase we announced last week is supported with merchandising, programming and innovation that continues to grow the category. 
  • "Over the remainder of the year, net sales will be driven by strong Halloween and Holiday seasons as well as the continued rollout of York Minis and Hershey's Spreads instant consumable, which launched in mid-May, and the fourth-quarter introductions of Ice Breakers Cool Blasts Chews and Brookside Crunchy Clusters. Additionally, in the fourth quarter the company will begin to ship Reese's Spreads as well as some other yet to be announced new products that will ensure 2015 gets off to a good start."
  • "As stated in the company's July 15, 2014, press release, management expects commodity costs to be greater than last year, resulting in adjusted gross margin that is slightly down versus 2013. Given the timing of new product launches in both North America and international markets, advertising and related consumer marketing expense is expected to increase low-single digits on a percentage basis versus last year....Therefore, the company anticipates 2014 adjusted EPS growth to be around the low end of its long-term target of 9-11%."

7:07 am EQT Corp. misses by $0.09, misses on revs (EQT) : Reports Q2 (Jun) earnings of $0.73 per share, excluding non-recurring items, $0.09 worse than the Capital IQ Consensus Estimate of $0.82; revenues rose 11.2% year/year to $526.16 mln vs the $603.91 mln consensus.

7:06 am Frontline agrees with Ship Finance International (SFL) to terminater charter-in contracts of VLCCs (FRO) : The co agreed with Ship Finance International (SFL) to terminate the long term charter parties for the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce and Ship Finance has simultaneously sold the vessels to unrelated third parties.

  • The charter parties are expected to terminate in the fourth quarter of 2014.
  • Frontline has agreed an aggregate compensation payment to Ship Finance of approximately $58.8 million for the early termination of the charter parties, of which approximately $10.5 million will be paid upon termination and the balance will be recorded as notes payable, with similar amortisation profiles to the current lease obligations, with reduced rates until December 2015 and full rates from 2016.
SFL acknowledged the transaction in a separate press release of their own and noted that they received cash proceeds of approximately $77.5 million from the full sale; which includes money for the deal with the unnamed third-party

7:06 am Rogers Comms reports EPS in-line, revs in-line; reaffirms adj. operating profit, FCF (RCI) : Reports Q2 (Jun) earnings of CC$0.84 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of CC$0.84; revenues were unchanged from the year-ago period at CC$3.21 bln.

  • Co reaffirms FY14 adjusted operating profit $5.00-5.150 bln, sees After-tax free cash flow of $1.425-1.50 bln.

7:06 am Bemis beats by $0.01, misses on revs; guides Q3 EPS in-line; guides FY14 EPS in-line (BMS) : Reports Q2 (Jun) earnings of $0.65 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.64; revenues fell 4.3% year/year to $1.24 bln vs the $1.28 bln consensus.

  • Co revises low end of in-line guidance for Q3, sees EPS of $0.65-0.70 vs. $0.66 Capital IQ Consensus Estimate, prior guidance $2.40-2.55.
  • Co issues in-line guidance for FY14, sees EPS of $2.45-2.55 vs. $2.47 Capital IQ Consensus Estimate.

7:05 am Raytheon reports Q2 (Jun) results, beats on revs; reaffirms FY14 revs guidance (RTN) : Reports Q2 (Jun) earnings of $1.41 per share, may not be comparable to the Capital IQ Consensus Estimate of $1.59 (also reported EPS from cont ops of $1.59); revenues fell 6.8% year/year to $5.7 bln vs the $5.58 bln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $6.74-6.89 versus $6.92 Capital IQ Consensus Estimate; sees FY14 revs of $22.5-23.0 bln vs. $22.76 bln Capital IQ Consensus Estimate.  
  • Second quarter 2014 Adjusted EPS excluded a favorable FAS/CAS Adjustment of $0.18, compared with an unfavorable FAS/CAS Adjustment of $0.14 in the second quarter 2013. Net sales for the second quarter 2014 were $5.7 billion compared to $6.1 billion in the second quarter 2013.

7:05 am Boston Scientific beats by $0.02, reports revs in-line; guides Q3 in-line; raises FY14 guidance, in-line (BSX) : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.19; revenues rose 3.5% year/year to $1.87 bln vs the $1.87 bln consensus.

  • Achieved revenue growth of 7% in Rhythm Management, 5% in MedSurg, and 2% in Cardiovascular, all on a constant currency basis over the prior year period. 
  • Achieved revenue growth of 5% internationally over the prior year period, primarily driven by 7% growth in Europe and 14% growth in Emerging Markets, all on a constant currency basis. Emerging Markets revenues represented 10% of total company sales.
Co issues in-line guidance for Q3, sees EPS of $0.18-0.20, excluding non-recurring items, vs. $0.19 Capital IQ Consensus Estimate; sees Q3 revs of $1.79-1.84 bln vs. $1.83 bln Capital IQ Consensus Estimate.

Co issues in-line guidance for FY14, raises EPS to $0.79-0.83, excluding non-recurring items, from $0.77-0.82 vs. $0.80 Capital IQ Consensus Estimate; raises FY14 revs to $7.325-7.425 bln from $7.3-7.5 bln vs. $7.39 bln Capital IQ Consensus.

7:04 am DR Horton reports Q3 (Jun) results, misses on revs; raises dividend (DHI) : Reports Q3 (Jun) earnings of $0.32 per share, including items, may not be comparable to the Capital IQ Consensus Estimate of $0.49; revenues rose 27.9% year/year to $2.1 bln vs the $2.14 bln consensus. 

  • The third quarter results included $54.7 million in pre-tax charges to cost of sales for inventory impairments, primarily related to active communities in the Midwest region in Chicago that were purchased from 2004 to 2007 and had been previously impaired. The Chicago housing market remains weak, with sales absorptions and returns in these communities performing below management's expectations. During the quarter, the Company took actions to increase sales pace, reduce inventories and improve cash flows and returns in these communities which resulted in these impairment charges. The quarterly results also included $2.1 million of land option charges for write-offs of earnest money deposits and pre-acquisition costs for projects that the Company does not intend to pursue. 
  • The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the third quarter of fiscal 2014 was 24%. The Company's sales order backlog of homes under contract at June 30, 2014 increased 15% to 11,365 homes from 9,911 homes at June 30, 2013. 
  • The value of the backlog increased 26% to $3.3 billion at June 30, 2014 from $2.6 billion a year ago. 
  • Increased quarterly cash dividend by 67% from the most recent dividend paid to $0.0625 per share

7:04 am NASDAQ beats by $0.02, beats on revs (NDAQ) : Reports Q2 (Jun) earnings of $0.70 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.68; revenues rose 16.0% year/year to $523 mln vs the $517.31 mln consensus. 

  • Market Services (39% of total net revenues)- Net revenues were $202 million in the second quarter of 2014, up $12 million when compared to $190 million in the second quarter of 2013.
  • Information Services (23% of total net revenues)- Revenues were $123 million in the second quarter of 2014, up $16 million from the second quarter of 2013.
  • Technology Solutions (26% of total net revenues)- Revenues were $138 million in the second quarter of 2014, up $42 million from the second quarter of 2013.
  • Listing Services (12% of total net revenues)- Revenues were $60 million in the second quarter of 2014, up $2 million compared to the second quarter of 2013. U.S. listing revenues increased $1 million in the second quarter of 2014 compared to the second quarter of 2013, due to growth in the issuer base and higher new issue activity, including 52 second quarter U.S. IPO wins, 59% of the industry total. European listing revenues rose by $1 million, due primarily to higher market capitalization of listed companies and higher new issue activity.
  • The company has lowered non-GAAP operating expense guidance to $1,220-$1,250 million, down from the prior $1,250-$1,285 million. Included in this non-GAAP operating expense guidance is an expected $30-$40 million in GIFT new initiative spending, down from a prior $35-$50 million estimate, and $1,190-$1,210 million in core non-GAAP operating expense, down from $1,215-$1,235 million.

7:03 am AmerisourceBergen beats by $0.09, beats on revs; guides FY14 EPS above consensus, revs above consensus (ABC) : Reports Q3 (Jun) earnings of $1.01 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.92; revenues rose 38.5% year/year to $30.35 bln vs the $29.2 bln consensus.

  • Co issues upside guidance for FY14, sees EPS of $3.89-3.94 vs. $3.72 Capital IQ Consensus Estimate
  • Sees FY14 rev growth of 35% or roughly $118.7 bln vs. $116.73 bln Capital IQ Consensus Estimate.

7:02 am Acasti Pharma announces oral presentation on COLT study results at 19th World Congress on Heart Disease in Boston; CaPre was found to be safe and effective in reducing triglyceride levels, with triglyceride lowering activity seen at all doses tested (ACST) : Co announced that it has been selected to give an oral presentation at the 19th World Congress on Heart Disease.

  • CaPre was found to be safe and effective in reducing triglyceride levels, with triglyceride lowering activity seen at all doses tested. 
  • Acasti has recently completed its other Phase II trial, the double-blind, placebo-controlled study. 
  • Top-line results for the TRIFECTA trial are expected by the end of September 2014, with full data coming out in the following quarter.

7:01 am Prospect Capital announces increase in revolving credit facility commitments to $877.5 million (PSEC) : Co announced that they have increased total commitments to its five-year $1.0 billion revolving credit facility by $10.0 million to $877.5 million in the aggregate:

  • The facility includes an accordion feature that allows the co to accept up to an aggregate of $1.0 billion of revolving commitments. 
  • The $10.0 million commitment comes from a new lender.

7:01 am Broadwind Energy announces $34 million in new tower orders (BWEN) : Co announced $34 million in new tower orders from a U.S. wind turbine manufacturer.

  • Broadwind will produce these towers in its Manitowoc, WI facility
  • With these orders, approximately two-thirds of the cos tower production capacity for 2015 is sold

6:59 am MarineMax misses by $0.07, beats on revs (HZO) : Reports Q3 (Jun) earnings of $0.47 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.54; revenues rose 22.0% year/year to $214.4 mln vs the $210.61 mln consensus. 

  • Same-store sales increased ~22%, which is on top of a 16% growth in the comparable quarter last year. 
"The extra effort by our team combined with having the right strategies and product to satisfy the demands of our customers helped us produce a strong third quarter and overcome the obstacles associated with adverse winter weather which lingered into the June quarter. Our focused efforts resulted in a meaningful increase in the number of boats we sold, which led to growth in market share as we capitalized on momentum that carried over from March into our historically busiest selling season." Mr. McGill continued, "It is our expectation that we should be able to build on this positive momentum into the remainder of fiscal 2014."

6:59 am Mack-Cali Realty beats by $0.03, beats on revs; guides FY14 FFO above consensus (CLI) : Reports Q2 (Jun) funds from operations of $0.50 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.47; revenues fell 4.8% year/year to $160.3 mln vs the $158.11 mln consensus.

  • Co issues upside guidance for FY14, sees FFO of $1.70-1.78 vs. $1.69 Capital IQ Consensus Estimate.

6:54 am Teck Resources beats by $0.01, reports revs in-line (TCK) : Reports Q2 (Jun) earnings of CAD$0.13 per share, excluding non-recurring items, CAD$0.01 better than the Capital IQ Consensus of CAD$0.12; revenues fell 6.6% year/year to CAD$2.01 bln vs the CAD$2 bln consensus. 

"We have reached agreements with our quarterly contract customers to sell 5.5 million tonnes of coal in the third quarter of 2014 based on US$120 per tonne for the highest quality product and we expect total sales in the third quarter, including spot sales, to be at or above 6.0 million tonnes. "We are pleased with the performance of our operations this quarter and with our efforts to reduce our costs and capital spending to ensure we emerge stronger from the current challenging price environment, particularly the substantially lower steelmaking coal price that was prevalent in the second quarter of 2014 compared with last year."

6:49 am Integrated Silicon initiates new dividend of $0.06/share (ISSI) : Dividend will be payable on Aug. 15, 2014 to shareholders of date at the close on Aug. 4, 2014.

6:44 am National Penn beats by $0.02 (NPBC) : Reports Q2 (Jun) earnings of $0.19 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.17. 

  • Net interest income for the second quarter of 2014 was $63.0 million, compared to $62.3 million for the first quarter of 2014, while the net interest margin for the second quarter of 2014 was stable at 3.43%, compared to 3.44% in the prior quarter. 
  • Loans grew approximately 3% since June 30, 2013, driven primarily by growth in commercial loans. Total non-performing loans declined 10% from the prior quarter and 22% since June 30, 2013. Non-performing loans were 0.80% of total loans, declining from 0.89% at March 31, 2014 and 1.05% at June 30, 2013. Classified loans have declined 26% over the last twelve months and net charge offs declined approximately $1 million compared to the prior quarter. This continued strength in asset quality was a factor in recording no provision for loan losses in the second quarter of 2014, compared to $1.3 million in the prior quarter. National Penn's allowance for loan losses was 207% of non-performing loans at June 30, 2014, compared to 194% at March 31, 2014, and 189% at June 30, 2013.

6:44 am West Marine misses by $0.15, misses on revs; guides FY14 EPS below consensus, revs below consensus (WMAR) : Reports Q2 (Jun) earnings of $0.75 per share, $0.15 worse than the Capital IQ Consensus Estimate of $0.90; revenues fell 0.1% year/year to $236.5 mln vs the $245.37 mln consensus. Comparable store sales decreased by 0.7%. "We were disappointed by second quarter sales, which were about flat to last year. At the product level, we saw the strongest increases in our merchandise expansion categories, including paddle sports and women's clothing, but sales of core products were soft. During the second half of the year, we'll continue to reduce operating expenses to drive nearer-term profitability, while continuing our careful investments in our strategic initiatives to drive long-term profitable growth."

  • Co issues downside guidance for FY14, sees EPS of $0.19-0.25 vs. $0.35 Capital IQ Consensus Estimate; sees FY14 revs of $665-680 mln vs. $688.41 mln Capital IQ Consensus Estimate. 
    • "During the first half of 2014, our sales and gross profit results were lower than expected. Although we experienced solid gains in sales to our professional customers and in our merchandise expansion categories, our core product sales suffered and the shift in the product mix and customer type put pressure on our margins. Our core product sales tend to be dependent on boat-usage and include boat maintenance items, sailboat hardware, electrical parts and boating safety products. Consequently, we are lowering our previously-issued sales and earnings guidance for fiscal year 2014."

6:43 am S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +7.00. :

6:42 am European Markets : FTSE...6807.90...+9.90...+0.10%.  DAX...9799.93...+46.70...+0.50%.

6:42 am Asian Markets : Nikkei...15284.42...-44.10...-0.30%.  Hang Seng...24141.50...+169.90...+0.70%.

6:42 am Wyndham Worldwide beats by $0.03, reports revs in-line; raises FY14 EPS in-line, reaffirms revs in-line (WYN) : Reports Q2 (Jun) earnings of $1.17 per share, $0.03 better than the Capital IQ Consensus Estimate of $1.14; revenues rose 7.2% year/year to $1.34 bln vs the $1.34 bln consensus.

  • Co issues raised guidance for FY14, raises EPS to $4.34-4.44 from $4.23-4.33 vs. $4.36 Capital IQ Consensus Estimate; reaffirms FY14 revs of $5.25-5.35 bln vs. $5.3 bln Capital IQ Consensus Estimate. 
  • Domestic RevPAR increased 8.8%, partially offset by a 1.8% decline in international RevPAR, resulting in a 5.6% increase in total system-wide RevPAR compared with the second quarter of 2013. International RevPAR declined due to unfavorable currency movements and growth in lower-RevPAR countries such as China. 
  • Adjusted EBITDA for the second quarter of 2014 was $87 million, a 12% increase compared with the second quarter of 2013. The increase was primarily due to higher RevPAR.

6:41 am Ford Motor beats by $0.04, misses on revs; reaffirms FY14 profit, sales guidance; raises industry volume guidance in US, Europe and China (F) : Reports Q2 (Jun) earnings of $0.40 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.36; revenues fell 1.9% year/year to $35.3 bln vs the $36.46 bln consensus.

  • Total Automotive second quarter wholesale volume decreased by 1 percent from a year ago, and Automotive revenue decreased by 2 percent. The lower volume is more than explained by lower market share in all regions except Asia Pacific. Operating margin was 6.6 percent, an increase of 0.2 percentage points from a year ago. Automotive pre-tax profit was $2.2 billion, a $66 million improvement, more than explained by lower costs and favorable market factors, partially offset by adverse exchange driven by South America. 
Guidance:
  • Co reaffirms FY14 pre-tax profit $7-8 bln; auto rev about equal to 2013 ($139.4 bln vs. $139.9 bln consensus); operating margin lower than 2013's 5.4%; 
  • Industry volume raised: Co raises US industry volume guidance to 16.3-16.8 mln from 16-17 mln; raises Europe volume to 14.3-14.8 mln from 13.5-14.5 mln; raises China volume to 23.3-24.3 from 22.5-24.5 mln.
North America profit was driven by robust industry sales, a strong product lineup, continued discipline in matching production to demand and a lean cost structure, even as the company continues to invest for future growth.
  • North America reported a record pre-tax profit of $2.4 billion in the second quarter, an increase of $119 million from last year. This improvement was more than explained by lower costs and higher parts and accessory profit. 
  • Wholesale volume and revenue declined 5 percent and 3 percent, respectively, from a year ago. The volume decrease is explained by lower market share and an unfavorable change in dealer stocks, partially offset by higher industry sales, including a U.S. industry seasonally adjusted annual rate (:SAAR) of 16.9 million units in the second quarter that was 1.2 million units higher than a year ago. The decline in revenue is more than explained by the lower wholesale volume and a weaker Canadian dollar, partially offset by favorable mix. 
  • Second quarter U.S. market share was 15.3 percent, down 1.2 percentage points from a year ago. The decline primarily reflects a planned reduction in daily rental sales; lower F-Series share as the company continues to balance share, transaction prices and stocks as it prepares for the new F-150; and lower Edge and Focus share. 
  • For the full year, Ford continues to expect North America pre-tax profit to be lower than 2013 and operating margin to be in the 8 percent to 9 percent range. The company's guidance includes 13 weeks of production downtime this year for the launch of the new F-150, including the summer shutdown at Ford's Dearborn and Kansas City plants. Three weeks occurred in the first quarter, and at the Dearborn plant, eight consecutive weeks are planned beginning in late August. The Kansas City summer shutdown in July and a few individual down days in the second half make up the remainder of the downtime.
"We are on track for a solid year, in a period with an unprecedented number of vehicle launches around the globe. As we look forward, we expect the payoff from our investments this year will be a strong lineup with higher volumes, revenue and margins in 2015 and beyond."

6:41 am Alexion Pharma beats by $0.05, reports revs in-line; guides FY14 EPS above consensus, revs above consensus (ALXN) : Reports Q2 (Jun) earnings of $1.12 per share, $0.05 better than the Capital IQ Consensus Estimate of $1.07; revenues rose 38.5% year/year to $512.5 mln vs the $510.27 mln consensus.

  • Co issues upside guidance for FY14, sees EPS of $4.95-5.05 vs. $4.86 Capital IQ Consensus Estimate; sees FY14 revs of $2.18-2.2 bln vs. $2.18 bln Capital IQ Consensus Estimate.
  • The Company reported net product sales of Soliris (eculizumab) of $512.5 million in the second quarter of 2014, an increase of 38% from the same period in 2013. This increase in revenue reflected an unfavorable foreign exchange impact of one percent. Revenue performance for the quarter reflected steady additions of new patients with paroxysmal nocturnal hemoglobinuria (:PNH) and atypical hemolytic uremic syndrome (aHUS) commencing Soliris treatment.

6:38 am Invacare misses by $0.14, beats on revs; CEO to retire (IVC) : Reports Q2 (Jun) loss of $0.36 per share, $0.14 worse than the Capital IQ Consensus Estimate of ($0.22); revenues fell 3.9% year/year to $331.3 mln vs the $327.85 mln consensus. ''Clearly, Invacare's businesses outside of Europe are under pressure, and we are not pleased with the second quarter's consolidated financial results. We are determined to turn around the business by focusing on improving free cash flow(a) and restoring profitability in the North America/HME and Asia/Pacific businesses. We also are working to establish a new credit facility with our banks, as our existing credit facility matures in October 2015.'' 

  • Co separately announced that Gerald B. Blouch, President and Chief Executive Officer, will retire effective July 31, 2014. Mr. Blouch also will retire from his position as a member of the Board of Directors at that time. Robert K. Gudbranson, Invacare's Senior Vice President and Chief Financial Officer, has been named interim President and Chief Executive Officer, while retaining his role as the Company's Chief Financial Officer. 
  • Consent decree discussion: ''We are continuing through the final certification audit process. We need to better demonstrate that our quality system is sustainably compliant and that each subsystem is properly integrated. In order to address these needs, we have engaged additional consultants to help us improve the functionality and capabilities of certain of our quality subsystems. This is a detailed and complex process, and we are working hard to be in a position to ultimately demonstrate compliance to the third-party auditor and subsequently the FDA.'' 
    • The Company cannot predict the timing of the completion or the outcome of the expert auditor's final comprehensive certification report. However, after the expert's certification report is completed and submitted to the FDA, as well as the Company's own report related to its compliance status, together with its responses to any observations in the certification report, the FDA is expected to inspect the Company's corporate and Taylor Street facilities to determine whether they are in compliance with the FDA's Quality System Regulation (:QSR). If the FDA is satisfied with the Company's compliance, the FDA will provide written notification that the Company is permitted to resume full operations at the impacted facilities. The Company expects to provide investors with an update when the final, third-party expert certification report is filed with the FDA.

6:34 am Eli Lilly beats by $0.03, reports revs in-line; reaffirms FY14 EPS guidance, revs guidance (LLY) : Reports Q2 (Jun) earnings of $0.68 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.65; revenues fell 16.8% year/year to $4.93 bln vs the $4.9 bln consensus.

  • In the second quarter of 2014, worldwide total revenue was $4.936 billion, a decrease of 17 percent compared with the second quarter of 2013. The revenue decrease was due to a 17 percent decline in volume; the impact of changes in price and foreign exchange rates on worldwide revenue was negligible. The decrease in worldwide volume was driven by the loss of U.S. patent exclusivity for Cymbalta, and to a lesser extent Evista , partially offset by volume gains for several other products. Total revenue in the U.S. decreased 30 percent to $2.380 billion, driven by lower demand for Cymbalta and Evista following their patent expiration. Total revenue outside the U.S. increased 1 percent to $2.556 billion, driven by higher volume, including the impact of the acquisition of Lohmann Animal Health in the second quarter of 2014, partially offset by lower prices.
Co reaffirms guidance for FY14, sees EPS of 2.72-2.80, excluding non-recurring items, vs. $2.78 Capital IQ Consensus Estimate; sees FY14 revs of $19.4-20.0 bln vs. $19.74 bln Capital IQ Consensus Estimate.

6:34 am Brinks reports EPS in-line, revs in-line; guides FY14 revs above consensus (BCO) : Reports Q2 (Jun) earnings of $0.27 per share, in-line with the Capital IQ Consensus Estimate of $0.27; revenues fell 7.1% year/year to $901.5 mln vs the $902.25 mln consensus.

  • Co issues upside guidance for FY14, sees FY14 revs of $3.7 bln vs. $3.63 bln Capital IQ Consensus Estimate. 
  • "The 2014 guidance we provided in April for each region and the company as a whole has not changed. We are forecasting considerable profit growth in the second half as we expect operational improvements will begin to have an impact on several fronts, especially in the U.S. and Mexico. We continue to expect our 2014 overall segment margin rate to be around 6.5% on revenue of about $3.7 billion. Our longer-term goal is to achieve a full-year segment margin rate of 8% by the end of 2016, which should result in $290 to $330 million in segment operating profit and earnings of $2.50 to $3.00 per share on a non-GAAP basis."

6:34 am PulteGroup reports EPS in-line, misses on revs (PHM) : Reports Q2 (Jun) earnings of $0.25 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.25; revenues rose 0.5% year/year to $1.29 bln vs the $1.34 bln consensus. Net income for the second quarter reflects $26 million, or $0.07 per share, of income tax expense.

  • The Company's home sale gross margin for the period was 23.6%, which is an increase of 480 basis points over the prior year. 
  • Homebuilding SG&A expense for the quarter was $230 million, or 18.4% of home sale revenues, compared with $151 million, or 12.3% last year. Higher SG&A for the period was due primarily to an $84 million charge for increased insurance reserves.

6:31 am QR Energy LP to be acquired by Breitburn Energy Partners (BBEP) in a unit-for-unit exchange implying a transaction value of ~ $3.0 bln; consideration to be received by QR Energy unitholders is valued at $22.48 per unit (QRE) : Co and Breitburn Energy Partners (BBEP) announced the signing of a definitive merger agreement pursuant to which Breitburn will acquire QR Energy in a unit-for-unit exchange implying a transaction value of ~ $3.0 bln, including QR Energy's existing net debt and outstanding Class C Convertible Preferred Units.

  • As a result of the merger, Breitburn will become the largest, oil-weighted upstream oil and gas master limited partnership with a pro forma enterprise value of ~ $7.8 bln and current average daily production of ~ 57,300 boe/d, 67% liquids, based on second quarter results. The transaction is expected to be accretive to distributable cash flow per unit, and upon closing of the transaction, Breitburn has agreed to recommend to its Board a distribution increase to $2.08 per unit on an annualized basis.
  • Under the terms of the merger agreement, holders of QR Energy's Common and Class B units, including those issuable upon a change in control, will receive ~ 72 mln Breitburn common units, or 0.9856 of a BBEP unit for each unit of QRE held. The consideration to be received by QR Energy unitholders is valued at $22.48 per unit, based on Breitburn's closing price of $22.81 on July 23, 2014, representing a 19% premium to QRE's closing price of $18.87 on July 23, 2014. 
  • The transaction is expected to be tax-free to QR Energy's unitholders other than the holders of QR Energy Class C Convertible Preferred Units who will receive an aggregate of $350 mln cash at closing. 
  • The transaction has been unanimously approved by the boards of directors of Breitburn and QR Energy, including the Conflicts Committee formed by the QR Energy Board of Directors.
  • Breitburn has received a firm commitment from Wells Fargo Bank, N.A. to increase the borrowing base under Breitburn's credit facility to $2.5 bln in connection with the transaction. Breitburn will continue to monitor market conditions for opportunistic refinancing transactions over the coming months.

6:26 am Potash beats by $0.11, beats on revs; guides Q3 EPS in-line; guides FY14 EPS above consensus (POT) : Reports Q2 (Jun) earnings of $0.56 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.45; revenues fell 11.8% year/year to $1.89 bln vs the $1.68 bln consensus. 

  • Gross margin for the quarter of $747 million fell short of the $979 million generated during the same period in 2013 due to weaker contributions from our potash and phosphate businesses. 
Co issues in-line guidance for Q3, sees EPS of $0.35-0.45 vs. $0.40 Capital IQ Consensus Estimate. Co issues upside guidance for FY14, sees EPS of $1.70-1.90 vs. $1.67 Capital IQ Consensus Estimate.
  • Market Outlook 
  • We move into the second half of 2014 with an improved outlook for the balance of the year. 
    • In potash, we have raised our 2014 global shipment expectations to 56.5-58 million tonnes on the strength of record first-half demand and an improved second-half outlook. 
    • We begin the second half with a strong domestic order book and Canpotex fully committed in offshore markets through the third quarter. Producer inventories in North America ended the first half at their lowest level since 2011, and are projected to remain tight as scheduled maintenance downtime is expected to limit production for most producers in a period of relatively robust demand.
  • Financial Outlook 
    • With an improved global demand environment, we have increased our estimate for potash gross margin to approximately $1.2-$1.4 billion and annual potash sales volumes to 8.9-9.2 million tonnes.
    • Stronger demand, particularly for granular product, has resulted in the decision to continue operating our Penobsquis mine in New Brunswick and to increase our production at Lanigan. Included in our estimates is the impact of a successful Canpotex run at our Allan facility increasing our allocation to approximately 54 percent effective July 1, 2014. 
    • We remain on track to achieve our 2014 target of reducing per-tonne cash costs by $15-$20 (from 2013's levels), although the third quarter will reflect its normal seasonal increase as we complete our required maintenance downtime.
    • In nitrogen, we have increased our expectation for gross margin through the balance of 2014 and now see the potential for our full-year results to approach record levels. Sales volumes are expected to outpace previous-year levels and act as a continued tailwind through the second half. While gas supply restrictions at our facility in Trinidad are anticipated to reduce our production in the third quarter, these curtailments are expected to remain below previous year levels. 
    • We see phosphate markets staying relatively firm through the second half, assuming the emergence of more robust Indian import demand. The expected closure at Suwannee River in the third quarter is likely to keep our sales volumes at lower levels through the balance of the year, although reduced accelerated depreciation charges are expected to result in improved per-tonne cost of goods sold and enhanced margins. We have revised our annual estimate of selling and administrative expenses and finance costs to a range of $235-$245 million and $175-$185 million, respectively.

6:22 am Wesco misses by $0.05, reports revs in-line; lowers FY14 EPS & revenue guidance (WCC) : Reports Q2 (Jun) earnings of $1.29 per share, $0.05 worse than the Capital IQ Consensus Estimate of $1.34; revenues rose 5.9% year/year to $2.01 bln vs the $2.01 bln consensus.

  • Co issues guidance for FY14, lowers EPS of $5.20-5.40 from $5.30-5.70 vs. $5.47 Capital IQ Consensus Estimate; lowers FY14 revs to +4-5% from 3-6% to ~ $7.813-7.888 bln vs. $7.88 bln Capital IQ Consensus Estimate. 
  • Gross profit was $411.8 million, or 20.5% of sales, for the second quarter of 2014, compared to $392.6 million, or 20.7% of sales, for the second quarter of 2013. 
  • "Our second quarter results reflect strong sales execution, along with improvement in our end markets and seasonal recovery from the severe winter weather conditions experienced earlier this year. Sales grew 6% organically, with growth in all four of our end markets. Sales in the U.S. were up 5%, sales in Canada were up 7% on a local currency basis, and sales for the rest of world were up over 13%. Sales growth in the U.S. was steady in the quarter at mid-single-digit rates while sales momentum in Canada accelerated through the quarter. July is off to a good start with sales growth rates trending in-line with second quarter levels. We continue to see favorable indicators with our customers, including further strengthening in non-residential construction, which we expect will result in ongoing growth in our key markets."

6:21 am Standard Chartered PLC addresses rumors of Chairman succession plan (SCBFF) : The Board of Standard Chartered PLC notes rumours in some media outlets on succession planning for the Group Chief Executive, and Chairman.

  • "We will ensure orderly succession takes place at the appropriate times, and only in a responsible manner consistent with full market transparency."
  • "We do not accept these media rumours. No succession planning is taking place as a result of recent investor pressure."

6:19 am Patterson-UTI beats by $0.05, beats on revs (PTEN) : Reports Q2 (Jun) earnings of $0.37 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 14.9% year/year to $757.26 mln vs the $709.6 mln consensus.

6:18 am Cabot Micro misses by $0.10, misses on revs; expects FY14 gross profit to be around lower end of its guidance range (CCMP) :

  • Reports Q3 (Jun) earnings of $0.53 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.63; revenues fell 1.4% year/year to $108.4 mln vs the $111.43 mln consensus. 
  • Gross profit, expressed as a percentage of revenue, was 47.7 percent this quarter, compared to 49.7 percent of revenue reported in the same quarter a year ago. Compared to the year ago quarter, gross profit percentage decreased primarily due to higher variable manufacturing costs, including higher raw material costs and higher logistics costs. Year to date, gross profit represented 47.3 percent of revenue, which includes a 70 basis point adverse impact of an asset impairment charge related to certain manufacturing assets recorded during the second fiscal quarter. The company expects its gross profit for the full fiscal year to be around the lower end of its guidance range of 48 to 50 percent of revenue.

6:18 am Precision Drilling misses by CAD$0.01, beats on revs; increases capital plan (PDS) : Reports Q2 (Jun) loss of CAD$0.02 per share, CAD$0.01 worse than the Capital IQ Consensus of (CAD$0.01); revenues rose 25.4% year/year to CAD$475.2 mln vs the CAD$461.23 mln consensus, mainly due to higher pricing and drilling activity in the U.S. and internationally along with higher drilling activity in Canada.

"We are increasing our 2014 capital plan from $833 million to $934 million in response to strong customer demand for Precision new-build Super Series rigs. Today we are announcing firm customer commitments on an additional 13 new-build rigs consisting of two additional deliveries in 2014 and 11 additional deliveries in 2015. We are expanding our long-lead program to shorten construction times for new-build rigs that will provide capacity of three rig deliveries per month starting this October and as many as four rigs per month to start 2015 if U.S., Canadian and international customer demand continues at the current pace. With today's announcement, the number of new-build deliveries scheduled for Precision in 2014 totals 18 rigs (eight in the U.S., seven in Canada and three internationally).

For 2015 deliveries, we have announced contracts or firm customer commitments for 16 new-build rigs (15 for the U.S. and one for Kuwait)."

6:17 am On The Wires (:WIRES) :

  • Acacia Research (ACTG) announced that its Promethean Insulation Technology subsidiary has entered into a settlement agreement resolving all disputes with Pregis, Pregis Innovative Packaging, Innovative Energy, and Energie Innovation.
  • Cognizant (CTSH) has been selected by TransCelerate BioPharma, a non-profit organization with membership representation from 19 major pharmaceutical companies, to develop a first-of-its-kind, subscription-based platform that will transform the way clinical sites collaborate with pharmaceutical companies on clinical trials.
  • Unisys (UIS) announced that Bytes Technology, a subsidiary of South Africa-based Altron, has chosen the Edge Service Management by Unisys solution to provide timely, cost-effective IT support services across various divisions within the group and to its major customers.
  • Williams Interactive, a subsidiary of Scientific Games (SGMS), announced the launch of its white-label Play4Fun Network iGaming and marketing platform with Parx Casino.
  • CYREN (CYRN) signed AvailaSoft as a CYREN WebSecurity distribution partner based in Hong Kong.

6:17 am NorthWestern misses by $0.19, reports revs in-line; reaffirms FY14 EPS guidance (NWE) : Reports Q2 (Jun) earnings of $0.20 per share, $0.19 worse than the Capital IQ Consensus Estimate of $0.39; revenues rose 3.9% year/year to $270.3 mln vs the $271.79 mln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $2.60-2.75 vs. $2.72 Capital IQ Consensus Estimate. 
  • "We were pleased to experience a 3% improvement in gross margin over the same period last year, despite the slightly milder weather this past quarter. However, higher operating expenses primarily related to the acquisition of gas production assets and the hydro transaction weighed heavily on the quarter. Additionally, we experienced increased bad debt expense related to increased revenues and delayed customer collections with the implementation of our customer information system... "Our second quarter typically provides the smallest contribution to annual earnings and was in line with our internal expectations.

6:16 am Cash America beats by $0.16, beats on revs; guides Q3 EPS below consensus; guides FY14 EPS in-line (CSH) : Reports Q2 (Jun) earnings of $1.04 per share, $0.16 better than the Capital IQ Consensus Estimate of $0.88; revenues rose 10.9% year/year to $455.1 mln vs the $436.76 mln consensus.

  • Co issues downside guidance for Q3, sees EPS of $0.70-0.80 vs. $0.82 Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY14, sees EPS of $4.20 -4.40 vs. $4.33 Capital IQ Consensus Estimate. 
  • Co expects that changes to its U.K. business practices that it has adopted in response to new regulatory requirements in the United Kingdom will significantly reduce loan volumes, balances and revenue levels in that market for the remainder of the year and potentially into 2015, although the decrease could be offset by higher balances from domestic consumer loan products, among other things. Other elements that could affect the growth in revenue include the regulatory governance of the consumer loan products and the continued development and growth of new lending products offered by the Company's E-Commerce Segment. In addition, the Company's wholly-owned subsidiary, Enova International, completed a $500 million long-term note offering during the second quarter of 2014 that has significantly increased the Company's interest expense as the proceeds were used to pay-off long-term notes at lower interest rates. Management estimates that the after tax additional interest expense burden will amount to 13 cents per share per quarter.

6:15 am Alexion Pharma announces European Medicines Agency accepted Marketing Authorization Application for asfotase alfa as a treatment for patients with hypophosphatasia (ALXN) : Co announced that the Marketing Authorization Application (MAA) for asfotase alfa, an investigational, first-in-class targeted enzyme replacement therapy for the treatment of hypophosphatasia has been validated and granted accelerated assessment by the European Medicines Agency. The acceptance of this MAA marks the beginning of the review process in the European Union for this potential new treatment.

6:15 am Dunkin Brands reports EPS in-line, misses on revs; lowers FY14 guidance (DNKN) : Reports Q2 (Jun) earnings of $0.47 per share, in-line with the Capital IQ Consensus Estimate of $0.47; revenues rose 4.6% year/year to $190.9 mln vs the $198.66 mln consensus.

  • DD US comps +1.8%; BR US comps +4.2%, DD intl -3.1%, BR -1.6%.
Co issues downside guidance for FY14, lowers EPS to $1.73-1.77, excluding non-recurring items, from $1.73-1.83 vs. $1.80 Capital IQ Consensus; lowers FY14 revs to +5-7% (from +6-8%) to ~$749.5-763.8 mln vs. $770.18 mln Capital IQ Consensus. 
  • The Company now expects Dunkin' Donuts U.S. comparable store sales growth of 2 to 3 percent (previously it expected 3 to 4 percent comparable store sales growth) and it continues to expect Baskin-Robbins U.S. comparable store sales growth of 1 to 3 percent. The Company continues to expect that Dunkin' Donuts U.S. will add between 380 and 410 net new restaurants representing greater than 5 percent net restaurant growth and continues to expect Baskin-Robbins U.S. will add between 5 and 10 net new restaurants. Internationally, the Company continues to target opening 300 to 400 net new restaurants across the two brands. Globally, the Company continues to expect to open between 685 and 800 net new units. "Second quarter sales growth was below our expectations with Dunkin' Donuts U.S. comparable store sales not accelerating as fast or to the degree that we anticipated after a difficult first quarter. We believe this was largely the result of macroeconomic challenges facing consumers, as evidenced across the retail and the QSR industries, along with an unseasonably cold, rainy start to the spring season," said Nigel Travis, Chairman & CEO, Dunkin' Brands Group, Inc. "Dunkin' Donuts U.S. transaction growth was encouraging and comparable store sales gradually improved throughout the quarter with June average weekly sales reaching the highest volume on record. We remain confident in our ability to drive long-term growth through our product and marketing innovation, including our mobile and loyalty programs."

6:11 am Sequans Communications reports EPS in-line, misses on revs; guides Q3 below consensus (SQNS) :

  • Reports Q2 (Jun) loss of $0.14 per share, in-line with the Capital IQ Consensus Estimate of ($0.14); revenues rose 13.3% year/year to $5.1 mln vs the $5.53 mln consensus. Gross margin was 41.3% compared to gross margin of 39.5% in the first quarter of 2014, and 41.1% in the second quarter of 2013, due to a more favorable revenue mix including more other revenue. 
  • Co issues downside guidance for Q3, sees EPS of ($0.12)-(0.14) vs. ($0.11) Capital IQ Consensus Estimate; sees Q3 revs of $6.5 -7.5 mln vs. $8.28 mln Capital IQ Consensus Estimate with non-IFRS gross margin of above 35%. 

6:09 am Starwood Hotels beats by $0.02, reports revs in-line; guides Q3 EPS below consensus; guides FY14 EPS in-line (HOT) : Reports Q2 (Jun) earnings of $0.77 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.75; revenues fell 1.5% year/year to $1.54 bln vs the $1.54 bln consensus.

  • Co issues downside guidance for Q3, sees EPS of $0.62-0.65 vs. $0.67 Capital IQ Consensus Estimate. Q3 Guidance Details: Adjusted EBITDA is expected to be approximately $285 million to $295 million. 
  • Co issues in-line guidance for FY14, raises EPS to $2.78-2.85 from $2.76-2.83 vs. $2.84 Capital IQ Consensus Estimate. FY14 Guidance Details: Adjusted EBITDA is expected to be ~$1.215 billion to $1.235 billion. REVPAR increases at Same-Store Company-Operated Hotels Worldwide of 5% to 7% in constant dollars approximately 25 basis points lower in actual dollars at current exchange rates. 
  • Adjusted EBITDA was $324 million. Excluding special items, income from continuing operations was $147 million. Including special items, income from continuing operations was $153 million. Worldwide Systemwide REVPAR for Same-Store Hotels increased 5.3% in constant dollars (5.1% in actual dollars) compared to 2013. Systemwide REVPAR for Same-Store Hotels in North America increased 6.3% in constant dollars (5.7% in actual dollars). 
  • REVPAR increases at Same-Store Company-Operated Hotels Worldwide of 5% to 7% in constant dollars (approximately 50 basis points higher in actual dollars at current exchange rates). 

6:05 am Proto Labs beats by $0.03, beats on revs; also announced that Chief Financial Officer Jack Judd will retire (PRLB) :

  • Reports Q2 (Jun) earnings of $0.45 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.42; revenues rose 33.0% year/year to $52.87 mln vs the $51.34 mln consensus. 
  • Operating margin was 30.2 percent of revenue during the second quarter of 2014 compared to 31.8 percent during the second quarter of 2013. Gross margin was 61.8 percent of revenue during the second quarter of 2014 compared with 62.5 percent during the same quarter in 2013. The factory move of Firstcut operations to Plymouth, Minnesota, was completed in May on schedule.
  • The company also announced that Chief Financial Officer Jack Judd will retire by the end of 2014. 

6:03 am Ecopetrol and Pacific Rubiales (PEGFF) announce decision concerning the Quifa SW STAR pilot project; both companies agree to recommend that the STAR pilot project be concluded (EC) : Cos announced at a meeting yesterday of Ecopetrol's board of directors in which the Synchronized Thermal Additional Recovery pilot project being developed in an area of the Quifa SW field was considered; and based on the technical analysis of the pilot a decision was made to adopt the recommendations included in the technical report prepared on June 6, 2014, entitled: "Joint Pacific Rubiales Energy - Ecopetrol S.A meeting, a review of the technical results of the STAR project".

In light of the fact that Ecopetrol and Pacific Rubiales are in agreement to consider that the STAR pilot project has provided sufficient information required for the evaluation of the technology and has reached the final approved date, both companies agree to recommend that:

  • The STAR pilot project be concluded. 
  • That the process of closing the project should be carried out by reducing on a scheduled basis the injection of air in the IV2 well in order to obtain additional information concerning the extinction of the thermal front in the area of the STAR pilot project in the Quifa SW field. In the time that remains of the authorized injection approved by the Agencia Nacional de Hydrocarburos, the injection air flow should be reduced until it has reached zero flow by the authorized end-date. The closing process should be carried out in a manner that ensures the operational continuity of the Quifa partnership, safety conditions and environmental regulations. 
  • A technical team be appointed to conduct a comprehensive post-pilot study.

6:03 am Agenus: first vaccine candidate for Malaria is accepted for EU Regulatory Review; GSK's (GSK) RTS,S is the world's first malaria vaccine candidate to undergo regulatory review; Agenus' QS-21 Stimulon is a component of RTS,S (AGEN) : Agenus announced that GlaxoSmithKline (GSK) has submitted a regulatory application for its malaria vaccine candidate, RTS,S, to the European Medicines Agency, and it has been accepted for regulatory review. RTS,S contains Agenus' QS-21 Stimulon adjuvant, which is part of GSK's AS01 proprietary adjuvant system. Adjuvants can enhance the immune response when used in combination with antigens in vaccines.

  • Agenus has received a milestone payment for the regulatory submission of RTS,S, and is entitled to receive an additional milestone payment upon approval as well as royalties on product sales. QS-21 Stimulon is also being evaluated in 16 additional vaccine candidates currently undergoing clinical study and is a potential source of capital to help fund development of the company's checkpoint modulator product candidates.
  • The Phase 3 RTS,S vaccine program was conducted at 13 African research centers in eight African countries and included over 16,000 infants and young children. These data have been included to support the regulatory filing.

6:01 am Diamond Offshore declares special cash dividend of $0.75/share payable Sep 2, 2014 to shareholders of record on Aug 6, 2014 (DO) :  

5:53 am On The Wires (:WIRES) :

  • Qualcomm Incorporated (QCOM) today announced that it has made a commitment to invest up to $150 million in Chinese startup companies across all stages.
  • ZTE Corporation (ZTCOF) announced an agreement with TIM Brasil to jointly set up an Joint-laboratory/Innovation Center in Brazil to spearhead research in next-generation broadband technologies.  
  • Lyfebulb, the International Pemphigus Pemphigoid Foundation and Immune Pharmaceuticals (IMNP) announced a collaboration to increase awareness of unmet needs in treating bullous pemphigoid last night at an event attended by more than sixty patients, physicians, scientists and other interested parties. 

5:32 am Radware reports EPS in-line, revs in-line (RDWR) : Reports Q2 (Jun) earnings of $0.18 per share, in-line with the Capital IQ Consensus Estimate of $0.18; revenues rose 13.5% year/year to $53.1 mln vs the $52.84 mln consensus.

5:14 am Precision Castparts misses by $0.03, misses on revs (PCP) : Reports Q1 (Jun) earnings of $3.32 per share, $0.03 worse than the Capital IQ Consensus Estimate of $3.35; revenues rose 6.8% year/year to $2.53 bln vs the $2.6 bln consensus.

  • Year over year, organic sales growth was ~4%, excluding the impact of metal/revert pricing. 
  • Consolidated segment operating income showed a 14% increase year over year, climbing to $736 million, or 29.1% of sales, versus $644 million, or 27.2% of sales, a year ago. 
  • First quarter sales were also positively impacted by a full quarter of Permaswage and two months of Aerospace Dynamics International.

5:03 am Quality Systems reports EPS in-line, beats on revs (QSII) : Reports Q1 (Jun) earnings of $0.13 per share, in-line with the Capital IQ Consensus Estimate of $0.13; revenues rose 7.7% year/year to $117.9 mln vs the $114.84 mln consensus.

Commentary:
"During the first quarter, our pipeline hit the highest level we have seen in the past two years, which we believe demonstrates the success of our growth initiatives. We are pleased to begin the new fiscal year with a positive start. As the healthcare information technology industry continues to evolve, Quality Systems/NextGen remains front and center in helping our clients meet necessary criteria for Meaningful Use qualifications and healthcare reform"

3:43 am VASCO Data Security beats by $0.04, beats on revs; guides FY14 revs above consensus (VDSI) : Reports Q2 (Jun) earnings of $0.17 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 27.9% year/year to $47.7 mln vs the $42.25 mln consensus. Co issues upside guidance for FY14, sees FY14 revs of $175-180 mln vs. $170.40 mln Capital IQ Consensus Estimate and vs prior guidance of $168-172 mln

3:17 am Columbia Banking misses by $0.01; acquires Intermountain Community Bancorp (COLB) : Reports Q2 EPS of $0.41 vs $0.42 CIQ est

  • Net Interest Margin - Columbia's net interest margin (tax equivalent) of 4.86% for the second quarter of 2014 was consistent with the linked quarter margin of 4.85%. Compared to the second quarter of 2013, Columbia's net interest margin decreased 33 basis points from 5.19%, primarily due to lower incremental accretion on acquired loans, which was $18.1 million for the prior year quarter, and only $11.3 million for the current quarter.
  • Noncovered loans were $4.45 billion at June 30, 2014, up $155.6 million, or 4% from $4.30 billion at March 31, 2014. The increase in noncovered loans was driven by originations, which were over $250 million during the current quarter. Securities were $1.62 billion at June 30, 2014, a decrease of $49.7 million, or 3% from $1.67 billion at March 31, 2014. 
  • Asset Quality - At June 30, 2014, nonperforming assets to noncovered assets were 0.65% or $45.8 million, down from 0.75%, or $52.3 million, at March 31, 2014.  
Acquisition
Additionally, co announced the signing of a definitive agreement to merge Intermountain into Columbia in a stock and cash transaction valued at approximately $121.5 million or approximately $18.22 per share based on Columbia's July 23, 2014 stock price.  The combined company will have approximately $8.2 billion in assets with over 150 branches throughout Washington, Oregon and Idaho. 

2:56 am Novartis AG: FDA accepts Sandoz application for biosimilar filgrastim (NVS) : Sandoz, a Novartis Group company, announces that the FDA has accepted its Biologics License Application for filgrastim, which was filed under the new biosimilar pathway created in the Biologics Price Competition and Innovation Act of 2009. The reference product - Amgen's NEUPOGEN - is indicated to decrease the incidence of infection, as manifested by febrile neutropenia, in patients with nonmyeloid malignancies receiving myelosuppressive anticancer drugs associated with a significant incidence of severe neutropenia with fever. 

2:49 am Pfenex (NYSE: PFNX) prices 8,333,333 share IPO at $6.00 per share, below the revised $8.00 expected price (:IPOXX) : The co originally planned to offer 5 mln shares within a range of $12-$14 and later revised the terms of the IPO to 8.1 mln shares at $8.

2:45 am Gilead Sciences announces new agreement with Medicines Patent Pool for access to Medicines in developing world countries (GILD) : Co announces a new agreement with the Medicines Patent Pool to expand access to Gilead's investigational drug tenofovir alafenamide for HIV and hepatitis B, contingent on the medicine's U.S. regulatory approval. 

  • Under the agreement, the MPP can sub-license TAF to generic drug companies in India and China, who may manufacture and distribute it in 112 developing countries. 
  • The new agreement expands on Gilead's previous licensing partnership with the MPP. In July 2011, Gilead became the first pharmaceutical company to join the MPP, and today six Indian pharmaceutical companies hold MPP sub-licenses for Gilead HIV medicines. 

2:42 am Micron prices $1.15 bln offering of 5.50% senior notes due 2025 (MU) :  

2:40 am Simulations Plus to acquire Cognigen Corporation (SLP) : Simulations Plus announces that it has entered into an Agreement and Plan of Merger with Cognigen Corporation of Buffalo, New York. 

  • Pursuant to the Agreement, upon closing, Cognigen will become a wholly-owned subsidiary of Simulations Plus and will continue to operate under the Cognigen name. 
  • This will result in the total number of Simulations Plus employees increasing from 30 to 65, and is expected to add approximately $5 million to the revenues of the combined company in the coming fiscal year.

2:36 am Logitech Intl SA beats by $0.09, beats on revs; reaffirms FY15 revs guidance; raises op income guidance (LOGI) : Reports Q1 (Jun) earnings of $0.13 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.04; revenues rose 1.1% year/year to $483.2 mln vs the $476.9 mln consensus.

Guidance:

  • Co reaffirms guidance for FY15, sees FY15 revs of $2.16 bln vs. $2.18 bln Capital IQ Consensus Estimate. 
  • Co also raises its outlook for non-GAAP operating income from $145 million to approximately $170 million. 

2:28 am Columbia Banking increases regular cash dividend and declares special cash dividend (COLB) : Co announces that a quarterly cash dividend of $0.14 per common share, and per common share equivalent for holders of preferred stock, will be paid on August 20, 2014 to shareholders of record as of the close of business on August 6, 2014.  The $0.14 regular dividend represents an increase of nearly 17% from the regular dividend paid in recent quarters.    

In addition, the Board of Directors declared a special cash dividend of $0.14 per common share, and per common share equivalent for holders of preferred stock, which will also be paid on August 20, 2014 to shareholders of record as of the close of business on August 6, 2014.

2:27 am Bristol-Myers and Ono Pharmaceutical announce strategic immuno-oncology collaboration in Japan, South Korea and Taiwan (BMY) : Bristol-Myers Squibb and Ono Pharmaceutical have signed a strategic collaboration agreement to jointly develop and commercialize multiple immunotherapies as single agents and combination regimens to help address the unmet medical needs of patients with cancer in Japan, South Korea and Taiwan. As part of the agreement, Bristol-Myers Squibb and Ono will jointly develop and commercialize Opdivo and Yervoy across a broad range of tumor types. 

  • Bristol-Myers Squibb and Ono will jointly develop and commercialize all collaboration products in Japan, South Korea and Taiwan. Development costs and commercial profits will be shared equally when Opdivo is used in combination with any Bristol-Myers Squibb compound (Yervoy, lirilumab, urelumab, BMS-986016). 
  • For a Bristol-Myers Squibb compound used as monotherapy, or two Bristol-Myers Squibb compounds used in a combination regimen, Bristol-Myers Squibb will fund the substantial majority of development costs and receive the substantial majority of commercial profits. 
  • When Opdivo is used as a single agent, Ono will fund the substantial majority of development costs and receive the substantial majority of commercial profits.

2:25 am Weatherford beats by $0.03, misses on revs (WFT) : Reports Q2 (Jun) earnings of $0.24 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.21; revenues fell 4.1% year/year to $3.71 bln vs the $3.78 bln consensus.

Co's increase in operating income represents the largest sequential improvement since the fourth quarter of 2005. The sequential operating income improvements were driven by:

  • North America, due to higher U.S. activity levels and operating efficiencies, which more than offset the impact of the seasonal spring break-up in Canada, strongly supporting a 271 basis point sequential increase in operating results; 
  • Europe/Sub-Sahara Africa/Russia, with a strong recovery from the severe first quarter seasonal decline in Russia and increases in activity in the North Sea and Continental Europe as well as continued growth in Sub-Sahara Africa driving a 873 basis point improvement in operating income margins; and 
  • Middle East/North Africa/Asia Pacific, where continued improvements in the Gulf countries and Iraq coupled with the seasonal recovery in China contributed to a 273 basis point rise in operating income margins.
Outlook
  • The Company expects the second half of 2014 to show higher revenue and operating income in North America compared to the first half of this year, with the U.S. benefiting from higher activity levels driven by increased well counts and service intensity as well as a lower operating cost structure and a strong recovery after the spring break-up in Canada. 
  • Latin America is expected to show improvement in both revenue and profitability in the second half of 2014, as increased core business activity in Argentina, Brazil and Mexico rise to propel operating income margins into the high teens. 
  • The outlook for the Eastern Hemisphere remains positive with overall increased customer spending and contract wins in the North Sea, Sub-Sahara Africa and the Middle East. 
  • Cost reductions will also help margin improvements, benefiting all regions. 
  • Overall margins will improve with a higher level of cost savings and growth in more profitable core businesses, which should approach 20% by year-end.

2:20 am CoStar Group beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY14 EPS above consensus, revs in-line (CSGP) : Reports Q2 (Jun) earnings of $0.80 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.70; revenues rose 35.5% year/year to $147.7 mln vs the $144.28 mln consensus.

Guidance:

  • Q3 - Co issues upside guidance for Q3, sees EPS of $0.77-0.80 vs. $0.74 Capital IQ Consensus Estimate; sees Q3 revs of $149-151 mln vs. $150.03 mln Capital IQ Consensus Estimate. 
  • FY14 Co issues upside guidance for FY14, sees EPS of $3.05-3.10 vs. $2.97 Capital IQ Consensus Estimate; sees FY14 revs of $565-571 mln vs. $568.09 mln Capital IQ Consensus Estimate.
Commentary:
"We are ahead of schedule and well on our way towards reaching three key goals with Apartments.com. We have achieved approximately $5.2 million in revenue synergies by converting 2,700 communities from indirect wholesale purchases to direct sales, which drove an overall 15% increase in our average revenue per apartment community. We have achieved approximately $5 million in annualized cost synergies. We also believe we have significantly improved the Apartments.com website which has resulted in a 27% quarter-over-quarter increase in leads generated for our clients. Overall, Apartments.com revenue growth accelerated to 16% year-over-year..."

1:56 am eBay prices $3.5 bln Senior Unsecured Notes offering (EBAY) : Co announces the pricing of a $3.5 billion underwritten public offering of its senior unsecured notes, consisting of:

  • $450 million of Floating Rate Notes due 2017
  • $400 million of Floating Rate Notes due 2019 
  • $1.15 billion of 2.200% Notes due 2019 
  • $750 million of 2.875% Notes due 2021 
  • $750 million of 3.450% Notes due 2024 

1:49 am MB Financial beats by $0.03 (MBFI) : Reports Q2 (Jun) earnings of $0.42 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.39.

NIM
Fully taxable equivalent net interest margin was 3.53% for the second quarter of 2014 compared to 3.64% for the prior quarter and 3.61% for the second quarter of 2013. Higher cash balances in the second quarter of 2014 resulting from strong deposit inflows had minimal impact on net interest income, but reduced net interest margin by 11 basis points. 

Credit Quality

  • Co reported a negative provision for credit losses of $2.0 million in the second quarter compared to a positive provision for credit losses of $1.2 million in the prior quarter as a result of reduced levels of classified and special mention assets. 
  • Non-performing loans decreased by $8.0 million from March 31, 2014. 
  • Potential problem loan balances improved by $5.3 million from March 31, 2014. 
  • Special mention assets decreased by $24.0 million compared to March 31, 2014. 

1:43 am Government Properties Income Trust prices 13.5 mln common shares at $23.50 per share (GOV) :  

1:38 am IberiaBank beats by $0.08 (IBKC) : Reports Q2 (Jun) earnings of $0.96 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.88.

NIM
The net interest margin decreased six basis points on a linked quarter basis to 3.48%, which was within the previously disclosed guidance range of 3.45% to 3.50%. Based on interest rate risk modeling and other factors, management reiterated its expectation of the net interest margin in 2014 to remain in the range of 3.45% to 3.50%. 
Loan growth
Total loan growth (including acquired loans) was $1.3 billion, or 13%, between quarter-ends, while loan growth excluding all assets covered under FDIC loss share agreements and other non-covered acquired assets (collectively, "Acquired Assets") increased $382 million, or 4%, between quarter-ends (18% annualized rate). 
Capital Ratios
At June 30, 2014, the Company reported

  • tangible common equity ratio of 8.46%, down 15 basis points compared to March 31, 2014.  
  • preliminary Tier 1 leverage ratio was 10.03%, up 42 basis points compared to March 31, 2014.  
  • pro forma Tier 1 leverage capital as a percentage of total assets adjusted for leverage capital purposes on a period-end basis would have equated to 9.16%.  
  • total risk-based capital ratio at June 30, 2014 was 12.43%, down 26 basis points compared to March 31, 2014.  
  • The decline in the risk-based capital ratio was due in part to the recently completed acquisitions and FDIC-loan pay downs that carried a 20% risk weighting, into non-covered loans that carried a higher risk weighting. 

1:23 am NXP Semi beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs above consensus (NXPI) : Reports Q2 (Jun) earnings of $1.09 per share, $0.04 better than the Capital IQ Consensus Estimate of $1.05; revenues rose 17.3% year/year to $1.39 bln vs the $1.33 bln consensus.

Guidance:
Co issues upside guidance for Q3, sees EPS of $1.25-1.35 vs. $1.18 Capital IQ Consensus Estimate; sees Q3 revs of $1.43-1.48 vs. $1.4 bln Capital IQ Consensus Estimate.

1:19 am Echo Therapeutics: Platinum delivers letter to co, demanding to inspect certain books and records under Delaware law (ECTE) : An affiliate of Platinum Management has delivered a letter to Echo pursuant to Section 220 of the Delaware General Corporation Law demanding to inspect certain books and records of Echo Therapeutics relating to possible mismanagement, breaches of fiduciary duty and wrongdoing by, among others, members of the Board and the Company's current interim CEO, Kimberly Burke. Platinum, together with certain of its affiliates, is the largest stockholder of the Company owning approximately 30% of the outstanding Common Stock on a fully converted basis.

Echo's response to this demand for documents is due on or before July 30, 2014.

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