InPlay from Briefing.com

Briefing.com

6:10 pm Athlon Energy prices 12.5 mln share offering by selling shareholders at $46.25 per share (ATHL) : Co announced the pricing of an underwritten public offering by certain selling stockholders that are funds affiliated with Apollo Global Management (APO) of 12,500,000 shares of common stock at $46.25 per share. Athlon will not sell any shares of common stock in the offering and will not receive any proceeds therefrom. Citigroup Global Markets Inc. and Goldman, Sachs & Co. are acting as joint book-running managers for the offering.

5:45 pm San Juan Basin Royalty reports new litigation (SJT) : Compass Bank, in its capacity as Trustee of the San Juan Basin Royalty Trust (SJT), reported that it has filed a lawsuit against Burlington Resources Oil & Gas Company, LP and its general partner BROG GP LLC the principal operator of the underlying oil and gas properties in which the Trust owns an interest, in a cause styled Compass Bank, in its Capacity as Trustee of the San Juan Basin Royalty Trust v. Burlington Resources Oil & Gas Company LP and BROG GP LLC, No. D-101-CV-2014-01765, in the 1st Judicial District Court for the County of Santa Fe, State of New Mexico.

  • The Trust asserts claims for breach of contract and breach of the implied covenant of good faith and fair dealing, and seeks a declaratory judgment arising out of a number of unresolved revenue and expense audit exceptions asserted by the Trust's auditors. More particularly, the claims involve Burlington's failure to properly account for and pay net overriding royalty interests to the Trust with respect to oil and gas production from numerous properties in the San Juan Basin of northwestern New Mexico. 
  • Based on information currently available to the Trust and its auditors, the Trust seeks monetary relief (including actual and punitive damages, costs, expenses, interest and attorney fees) in excess of $12,000,000, along with specific performance of certain contractual obligations, declaratory relief and a judgment for other relief to which it may show itself to be justly entitled.

5:43 pm Eldorado Gold reports EPS in-line, revs in-line (EGO) : Reports Q2 (Jun) earnings of $0.05 per share, in-line with the Capital IQ Consensus Estimate of $0.05; revenues fell 0.5% year/year to $265.5 mln vs the $263.86 mln consensus. 

  • Gold production of 200,551 ounces, including Olympias production from tailings retreatment (2013 - 183,971 ounces), a 9% increase year over year.
Outlook:
  • Total gold production for 2014 is forecast to be 790,000 ounces of gold with average cash costs for commercial production of $495 per ounce and average all-in sustaining cash costs of $850 per ounce. Previous guidance was production of 730,000 - 800,000 ounces at average cash costs of $550 to $590 per ounce and average all-in sustaining cash costs of $915 to $985 per ounce. Capital spending is forecast to be $170.0 million in sustaining capital and $265.0 million in project development capital compared with previous guidance of $170.0 million and $345.0 million respectively. The forecast for project development capital is lower than original guidance mainly due to presently projected lower capital spending at Skouries.

5:42 pm Sorrento Therapeutics announces the unexpected death of its Chief Business Officer (SRNE) : Co announced the death of Mr. Amar Singh, Chief Business Officer and Executive Vice President. Mr. Singh died suddenly and unexpectedly of apparent natural causes on July 30.

5:37 pm STAAR Surgical --CORRECTION-- misses by $0.01, reports revs in-line; guides 2H14 above previous objectives (STAA) : Earlier we reported the co's FY14 guidance as a reaffirmation. This was incorrect. The 8-10% growth rate was in reference to the co's objectives posted at the beginning of the year. The co surpassed that growth rate in 1H14 and projected a revenue growth rate above this in 2H14. We have removed the original comment and are reflecting the updated objectives in this comment.

  • Reports Q2 (Jun) earnings of $0.01 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.02 (two estimates); revenues rose 10.4% year/year to $20.05 mln vs the $19.85 mln consensus. Co reaffirms guidance for FY14, sees FY14 rev growth of 8-10% which computes to roughly $78.0-79.4 mln vs. $80.6 mln Capital IQ Consensus Estimate.
  • 2014 Annual Objectives 
  • The Company's annual 2014 annual objectives were established at beginning of the year and the Company will continue to report progress each quarter on those objectives. Those annual objectives are:
    • Revenue growth of 8% to 10%. ICL revenue growth of 20%. 
    • Gross Margin expansion of 300 bps, 72.7%. 
    • Profitable on a GAAP basis. 
    • Successfully complete manufacturing consolidation project by mid-year.
  • "Our revenue growth for the first half of 2014 was 11% as reported and 13% in constant currency which was higher than our initial expectations," said Barry G. Caldwell, President and CEO. "We currently expect our second half growth rate to be even higher given new product releases and increased IOL supply".

5:33 pm Granite Constr awarded contract to construct ~200 mln of 345kV transmission line in Texas (GVA) : Co announced that Kenny Construction Company, a wholly-owned subsidiary, was selected to provide project management services for the construction of approximately 200 miles of 345-kilovolt (kV) transmission line in the state of Texas. The project was awarded by Electric Transmission Texas LLC, a joint venture between subsidiaries of American Electric Power and Berkshire Hathaway Energy Company, and is part of the ETT Rio Grande Valley Transmission Improvement Plan. Work on the project by Kenny commenced in June 2014, and is expected to be completed in mid-2016. The contract will be included in Granite's second quarter 2014 backlog. The contract value was not disclosed.

5:30 pm Wet Seal appointed Christine Lee as Executive Vice President, Chief Merchandising Officer starting on September 3, 2014 (WTSL) : Lee joins Wet Seal from Pacific Sunwear of California, Inc. (PSUN). Prior to Pacific Sunwear, Ms. Lee spent 18 years with Urban Outfitters, Inc. (URBN). 

5:28 pm Intervest Bancshares Corp to be acquired by Bank of the Ozarks (OZRK) in an all-stock transaction (IBCA) : Bank of the Ozarks (OZRK) and Intervest Bancshares Corporation (IBCA) jointly announced the signing of a definitive agreement and plan of merger whereby Bank of the Ozarks will acquire Intervest Bancshares Corporation and its wholly-owned bank subsidiary Intervest National Bank, with offices in Florida and New York, in an all-stock transaction.

  • According to the terms of the Agreement, the Company will acquire all of the outstanding common stock of Intervest in a transaction valued at approximately $228.5 million, less the amount paid by Intervest to cash out all outstanding stock options, stock appreciation rights and stock warrants, and subject to other potential adjustments. Closing of the transaction is expected to be immediately accretive to the Company's book value per common share and its tangible book value per common share. The transaction is also expected to be accretive to the Company's diluted earnings per common share for the first twelve months after the transaction closes and thereafter. 
  • Intervest operates seven offices, six in West Central Florida and one in New York City. At June 30, 2014, Intervest had approximately $1.6 billion of total assets, $1.2 billion of loans and $1.3 billion of deposits.

5:12 pm LRR Energy L.P. misses by $0.57, misses on revs (LRE) : Reports Q2 (Jun) loss of $0.27 per share, $0.57 worse than the Capital IQ Consensus Estimate of $0.30; revenues fell 57.9% year/year to $17.39 mln vs the $33.12 mln consensus.

LRR Energy's average net production for the three and six months ended June 30, 2014 was negatively impacted by flaring at the Red Lake field of approximately 30 Boe/d and 50 Boe/d, respectively. At the Red Lake field, LRR Energy is currently flaring approximately 50 Boe/d due to third-party plant compression limits. LRR Energy's July 2014 average net production through July 25, 2014 was approximately 6,425 Boe/d.

Outlook
LRR Energy has revised its full year 2014 guidance to reflect an increased capital development program for the second half of 2014. The majority of the $3.5 million capital increase will be spent in the Red Lake field and non-operated portion of the Putnam field. Due to continued strong production performance and drilling efficiencies at the Red Lake field, LRR Energy plans to drill four additional wells for a total of 23 wells in the Red Lake field for the year. LRR Energy also plans to participate in two additional non-operated horizontal wells in the Putnam field. LRR Energy expects these additional capital expenditures to occur in the fourth quarter of 2014. The additional spending is expected to slightly increase production in the fourth quarter of 2014 and more fully impact expected 2015 production.

5:12 pm Sarepta Therapeutics announces appointment of John Hodgman as interim chairman (SRPT) : Co announced that John Hodgman, a member of Sarepta's board of directors, has been named interim chairman, effective July 30, 2014. William Goolsbee, chairman of the company's board of directors, has resigned as chairman and will continue to serve on the Sarepta board as an independent director. The company's board of directors also announced that it fully supports Sarepta president and chief executive officer Chris Garabedian to lead the company as it advances its lead program eteplirsen for Duchenne muscular dystrophy.

5:08 pm Black Hills Corp subsidiary receives revenue increase approval (BKH) : Co's utility subsidiary Cheyenne Light, Fuel & Power received approvals from the Wyoming Public Service Commission of settlement agreements allowing the company to increase electric and natural gas revenues. The settlement agreements among the utility, the Wyoming Office of Consumer Advocate and intervening parties allow Cheyenne Light to implement new rates for its electric and natural gas customers on Oct. 1, the scheduled in-service date for the new Cheyenne Prairie Generating Station. The new natural gas and electric rates will generate an estimated $9.2 million per year in additional revenue, based on a return on equity of 9.9 percent, and a capital structure of approximately 54 percent equity and 46 percent debt.

5:06 pm Ashland beats by $0.02; Company to initiate $1 billion in stock buyback program in early August (ASH) : Reports Q3 (Jun) earnings of $1.63 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $1.61.

  • "Ashland's strong Q3 results reflect improved product mix and operating performance in key areas of our business. At the same time, we are beginning to see the benefits of our global restructuring and related cost savings," said James J. O'Brien, Ashland chairman and chief executive officer.
  • "Each of our three commercial units met or exceeded our previous revenue and profitability estimates outlined at the beginning of the quarter. This performance helped drive Ashland's EBITDA margin to 18.6%, a good step toward our goal of being a top-quartile specialty chemical company." 
  • "Ashland Specialty Ingredients turned in a solid quarter, with volume growing 5% and EBITDA margin approaching 22% as we benefited from improved operating performance and our global restructuring."
  • Ashland Performance Materials reported a 33% increase in EBITDA as composites, elastomers, and intermediates and solvents all turned in improved results. Valvoline continued its strong performance as lubricant volumes and sales both grew 4%, while improved product mix and targeted marketing spend drove EBITDA margins to 18.6%

5:04 pm Clean Diesel Technologies promotes David E. Shea to Chief Financial Officer (CDTI) : Co announced that it has promoted David E. Shea to Chief Financial Officer, effective July 31, 2014. Mr. Shea, age 51, who has served as CDTi's Vice President of Finance, Treasurer and Corporate Controller, joined the Company in 2005 and has served in numerous leadership and senior executive capacities. Mr. Shea replaces Nikhil A. Mehta, who will leave the Company to pursue other opportunities, but will be available for assistance during a transition period through August 30, 2014.

5:00 pm Alpha Natural Resources announces plans to downsize West Virginia mining operations; continuing weak markets, current and impending EPA regulations weigh on central Appalachian operations; 1,100 jobs at risk (ANR) : Eight operating affiliates of Alpha Natural Resources (ANR) have notified their employees late this afternoon that the coal mines and other facilities where they work are subject to being idled due to sustained weak market conditions and government regulations that have challenged the entire Central Appalachian mining industry.

  • In accordance with requirements of the Worker Adjustment and Retraining Notification (:WARN) Act, notice has been given today to approximately 1,100 employees at 11 Alpha affiliated surface mines in West Virginia, as well as preparation plants and other support operations, advising them of the expected idling of those facilities based on Alpha's current assessment of market conditions.
  • While no reductions in force are occurring immediately, they are currently planned to take place by mid-October.

4:57 pm CDW announces pricing of registered offering of $600 mln of 6.00% senior notes due 2022 (CDW) : Co announced that its wholly owned subsidiaries CDW LLC and CDW Finance Corporation have priced an offering of $600,000,000 in aggregate principal amount of 6.00% senior notes due 2022 in an offering registered under the Securities Act of 1933, as amended. The Notes were priced at 100% of par.

  • The Issuers intend to use the proceeds from the Notes Offering, together with cash on hand, to fund the redemption of all of their outstanding $325.0 million aggregate principal amount of Senior Secured Notes due 2018 and $234.7 million aggregate principal amount of their outstanding Senior Notes due 2019 and to pay related fees and expenses. The Issuers currently expect to issue notices of redemption to holders of the Senior Secured Notes and the Existing Senior Notes upon the closing of the Notes Offering.
  • Morgan Stanley & Co. LLC and Barclays Capital Inc. are acting as joint-lead and joint book-running managers for the Notes Offering.

4:51 pm Xerium Tech announces planned closure of Brazilian PMC facility (XRM) : Co announced that it has initiated closure proceedings with the representative union officials at its PMC facility in Jo o Pessoa, Brazil. Production following the closure will be transferred to the Company's PMC facility in Piracicaba, Brazil where there is sufficient capacity to handle Jo o Pessoa's order volume and is strategically located with the ability to better serve the South American market from a logistics standpoint. Due to the nature of the proceedings with the local union, the Company is not able to provide a full estimate of the anticipated restructuring expenses at this time.

4:50 pm Southwestern Energy beats by $0.01, beats on revs (SWN) : Reports Q2 (Jun) earnings of $0.59 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.58; revenues rose 20.1% year/year to $1.03 bln vs the $0.74 bln consensus.

4:49 pm Douglas Emmett beats by $0.01, misses on revs; guides FY14 FFO in-line (DEI) : Reports Q2 (Jun) funds from operations of $0.40 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.39; revenues rose 2.3% year/year to $148.9 mln vs the $151.62 mln consensus.

  • Co maintains guidance for FY14, sees FFO of $1.57-1.63 vs. $1.60 Capital IQ Consensus Estimate.  
  • "We continue to achieve higher net effective rents year over year in all of our submarkets except for Warner Center, and to increase the percentage of our new leases with annual rent bumps in excess of 3%."

4:47 pm SP Plus announces SP+ Municipal Services, SP+ GAMEDAY and USA Parking System wins (SP) : Details of these awards:

  • SP+ Municipal Services was awarded a multi-year contract by the City of Los Angeles Department of Transportation to manage the parking operation at the prestigious Hollywood and Highland mixed-use complex. The complex, which contains 640,000 square feet of retail space, is home to the Chinese Theatre, Loews Hollywood Hotel and 75 retail stores, and since 2001 its Dolby Theatre has hosted the Oscar ceremony. The six-level parking facility, with over 3,000 spaces, includes valet, self-park and monthly parking supporting the complex and the surrounding businesses. The location will also use SP+'s proprietary Click and Park online parking reservation and prepayment system to maximize revenues. 
  • The City of Oakland, Calif. awarded a multi-year contract to manage 15 parking facilities to a joint venture established by SP+ Municipal Services. The deal involves 7 parking facilities and 8 surface lots that comprise more than 4,000 parking spaces throughout the city. The Company has been operating 2 of the 15 facilities pursuant to a prior agreement. 
  • The Pontiac Downtown Business Association, in Pontiac, Mich., awarded SP+ Municipal Services management of its on-street parking operations. Under the terms of the multi-year deal, SP+ will install new pay stations and single-space meters in the city's central business district. The Company will begin operations in late summer 2014. 
  • The Santa Clara Valley Transportation Authority awarded SP+ GAMEDAY a contract to manage over 750 off-street spaces in San Jose and Milipitas, Calif. These lots, designed by the VTA to alleviate traffic congestion associated with the newly built Levi's Stadium in neighboring Santa Clara, offer easy access to VTA light rail and bus system. The parking operation will use the Company's Click and Park engine to enable parkers to reserve and pre-pay for their parking spaces. 
  • The City of Mountain View, Calif. awarded SP+ GAMEDAY a contract to operate and manage four city garages containing more than 550 parking spaces. The parking facilities are easily accessible to public transportation and to patrons of nearby Levi's Stadium. This parking operation also will use the Company's Click and Park online parking reservation and prepayment system. More information about the City of Mountain View's stadium parking program can be found at www.mountainview.gov. 
  • SP+ GAMEDAY has been awarded a transport consulting contract by the Qatar 2022 Supreme Committee relating to the ground transportation operations for the 2022 FIFA World Cup matches to be held in Doha. The contract includes analysis of the public transport system in conjunction with the development of tournament transport requirements. 
  • USA Parking System was awarded a multi-year contract to manage the parking and valet operation at the Ritz-Carlton Rancho Mirage in Palm Springs, Calif. This premier resort property, with its 244 guest rooms, represents the 20th Ritz-Carlton property in the USA Parking System operations portfolio. Operations commenced mid-May. 
  • The Caribe Hilton in San Juan, Puerto Rico, a recipient of the AAA Four Diamond Award, selected USA Parking System to operate and manage the resort's 520 off-street parking spaces. The Company commenced its duties under the multi-year parking and valet contract in May.

4:46 pm Post Properties misses by $0.05 (PPS) : Reports Q2 (Jun) funds from operations of $0.58 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.63. Total revenues for the same store communities increased 3.0% and total operating expenses increased 7.3% during the second quarter of 2014, compared to the second quarter of 2013, producing a 0.3% increase in same store net operating income.

Guidance: Co issues guidance for FY14, sees Core Adjusted FFO of $2.16-$2.21, excluding debt extinguishment losses. Prior outlook was for Core AFFO of $2.09-$2.17. Same store revenue is expected to increase 2.7-3.0%, up from prior outlook of 2.3-2.8%.

4:45 pm Camden Property reports FFO in-line, revs in-line; guides Q3 FFO in-line; guides FY14 FFO in-line (CPT) : Reports Q2 (Jun) funds from operations of $1.05 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $1.05; revenues rose 7.2% year/year to $208.94 mln vs the $208.94 mln consensus. Co issues in-line guidance for Q3, sees FFO of $1.04-1.08, excluding non-recurring items, vs. $1.06 Capital IQ Consensus Estimate. Co issues in-line guidance for FY14, sees FFO of $4.20-4.30, excluding non-recurring items, vs. $4.24 Capital IQ Consensus Estimate.

4:43 pm DaVita beats by $0.05, beats on revs (DVA) : Reports Q2 (Jun) earnings of $0.95 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.90; revenues rose 10.5% year/year to $3.17 bln vs the $3.08 bln consensus.

  • Operating income guidance for 2014 $1.755-1.840 bln vs prior range of $1.725-1.84 bln
  • Reaffirms operating cash flow guidance for 2014 of $1.45-1.55 bln

4:43 pm Arch Capital beats by $0.20, beats on revs (ACGL) : Reports Q2 (Jun) earnings of $1.17 per share, $0.20 better than the Capital IQ Consensus Estimate of $0.97; revenues rose 19.9% year/year to $971.9 mln vs the $939.42 mln consensus.

Company's book value per common share was $43.73 at June 30, 2014, a 5.3% increase from $41.52 per share at March 31, 2014 and an 18.8% increase from $36.80 per share at June 30, 2013.

4:43 pm Omnicom reaches agreement on $2.5 bln revolving credit facility (OMC) : Co announced the amendment and extension of its multiyear revolving credit facility to July 2019. Amounts available for borrowings under the facility are unchanged at $2.5 bln.

  • The facility includes a provision to increase the commitment by up to $500 mln without further amendment at the option of Omnicom. 
  • The agreement also now includes an option to extend the facility for an additional year at both the first and second anniversary of the effective date with each bank's approval. 
  • There were no borrowings outstanding under the prior revolving credit facility at June 30, 2014.

4:42 pm DCT Industrial Trust beats by $0.01, misses on revs; guides FY14 FFO in-line (DCT) : Reports Q2 (Jun) funds from operations of $0.12 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 18.8% year/year to $83.16 mln vs the $84.07 mln consensus. Co issues in-line guidance for FY14, sees FFO of $0.46-0.48 vs. $0.47 Capital IQ Consensus Estimate.

4:40 pm Advisory Board beats by $0.01, reports revs in-line; reaffirms FY15 EPS guidance, revs guidance (ABCO) : Reports Q1 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 15.1% year/year to $141.8 mln vs the $141.9 mln consensus. Co reaffirms guidance for FY15, sees EPS of $1.14-1.25, excluding non-recurring items, vs. $1.26 Capital IQ Consensus Estimate; sees FY15 revs of $570-580 mln vs. $598.0 mln Capital IQ Consensus Estimate.

4:40 pm Medley Capital reports Q3 (Jun) results (MCC) : Reports Q3 (Jun) earnings of $0.41 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.38. 

  • For the three months ended June 30, 2014, gross investment income was $38.1 million and consisted of $29.5 million of portfolio interest income and $8.6 million of other fee income. For the nine months ended June 30, 2014, gross investment income was $101.1 million and consisted of $80.5 million of portfolio interest income and $20.6 million of other fee income.

4:39 pm AXT beats by $0.06, beats on revs (AXTI) : Reports Q2 (Jun) earnings of $0.01 per share, $0.06 better than the Capital IQ Consensus Estimate of ($0.05); revenues fell 10.2% year/year to $21.4 mln vs the $18.9 mln consensus.

4:39 pm Nektar Therapeutics beats by $0.10, beats on revs (NKTR) : Reports Q2 (Jun) loss of $0.26 per share, $0.10 better than the Capital IQ Consensus Estimate of ($0.36); revenues fell 15.9% year/year to $28.5 mln vs the $19.77 mln consensus.

"The second half of 2014 will be an exciting time for Nektar as we look forward to significant milestones for a number of our late-stage clinical programs. The first of these is the potential US and EU approvals of Movantik with our partner AstraZeneca (AZN). If approved, Movantik would be the first oral targeted therapy approved for opioid induced constipation, a debilitating condition that occurs in up to 80% of the 69 million chronic pain patients worldwide. Our partner Baxter (BAX) has completed dosing in their Phase 3 study for BAX 855, a longer-acting PEGylated Factor VIII therapy to treat hemophilia A, and plans to file the BLA in the U.S. by the end of this year. In our proprietary pipeline, we are on track for top-line results from the Phase 3 breast cancer study for NKTR-102 in Q1 2015."

4:39 pm Live Nation misses by $0.04, beats on revs (LYV) : Reports Q2 (Jun) earnings of $0.11 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.15; revenues fell 0.8% year/year to $1.67 bln vs the $1.61 bln consensus. 

  • Co stated, "As we are now well into the third quarter and have sufficient visibility into the rest of the year, I am confident that we will have another record year in 2014 and deliver our planned revenue, AOI and free cash flow growth for the year and into 2015."

4:38 pm MRC Global reports EPS in-line, beats on revs; guides FY14 revs above consensus (MRC) : Reports Q2 (Jun) earnings of $0.42 per share, in-line with the Capital IQ Consensus Estimate of $0.42; revenues rose 18.2% year/year to $1.5 bln vs the $1.41 bln consensus.

  • Guidance: Co issues upside guidance for FY14, sees FY14 revs of $5.7-$5.9 bln vs. $5.69 bln Capital IQ Consensus Estimate. Sees Adj EBITDA of $400-$430 mln and Cash Flow from Operations of $75-$100 mln.

  • Commentary: "We ended the second quarter with a backlog of $1,125 million, a new company record. This record backlog along with our acquisitions in the first half of the year, increases in North American upstream activity and increases in E&P capital spending budgets by many of our major customers has positioned the second half of 2014 to be strong for us." 

4:38 pm Jones Lang LaSalle beats by $0.28, beats on revs (JLL) : Reports Q2 (Jun) earnings of $1.68 per share, $0.28 better than the Capital IQ Consensus Estimate of $1.40; revenues rose 29.1% year/year to $1.28 bln vs the $1.06 bln consensus.

  • "Our strong performance was driven by record second-quarter revenue and by margin expansion in all three geographic region."

4:37 pm Exelixis reports EPS in-line, beats on revs (EXEL) : Reports Q2 (Jun) loss of $0.38 per share, in-line with the Capital IQ Consensus Estimate of ($0.38); revenues fell 44.7% year/year to $6.56 mln vs the $6.03 mln consensus.

  • Net revenues for the quarter ended June 30, 2014 were $6.6 million, consisting entirely of product revenue related to the sale of COMETRIQ, compared to $11.9 million for the comparable period in 2013, which consisted of $4.0 million of product revenue related to the sale of COMETRIQ and $7.8 million of license and contract revenue.
  • The increase in product revenue reflects the continued ramp up in sales of COMETRIQ following its commercial launch in the United States in January 2013. The decrease in contract and license revenue reflects the company having fully recognized all revenues from its collaboration agreements with Bristol-Myers Squibb Co in 2013.

4:37 pm Immersion misses by $0.03, misses on revs; guides FY14 revs below consensus (IMMR) : Reports Q2 (Jun) earnings of $0.05 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.08; revenues rose 15.7% year/year to $11.8 mln vs the $13.23 mln consensus. Co issues downside guidance for FY14, sees FY14 revs of $51-56 mln vs. $58.54 mln Capital IQ Consensus Estimate. Co sees Non-GAAP net income in the range of $6-12 mln.

4:37 pm SurModics beats by $0.04, revs in-line; guides FY14 EPS above consensus, reaffirms FY14 revs guidance (SRDX) : Reports Q3 (Jun) earnings of $0.27 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 2.3% year/year to $14.6 mln vs the $14.8 mln consensus. For FY14, co sees EPS of $0.90-0.97 vs. $0.89 Capital IQ Consensus Estimate; sees FY14 revs of $56.0-58.5 mln vs. $57.2 mln Capital IQ Consensus Estimate.

4:37 pm Kaman announces $5.4 million Joint Programmable Fuze order (KAMN) : Co announced that its Aerospace segment has been awarded a contract modification in the amount of $5.4 mln for the procurement of Joint Programmable Fuzes (:JPF). The award is a follow-on order raising the cumulative quantity under Option 11 of co's JPF contract with the U.S. Air Force to more than 15,000 fuzes. Delivery of fuzes under Option 11 is anticipated to occur in 2015 and 2016.

4:37 pm BBX Capital's BBX Sweet Holdings announces plans to open newest Hoffman's Chocolates retail store in Ft. Lauderdale, FL (BBX) :  

4:36 pm Computer Prgms & Syst misses by $0.03, misses on revs (CPSI) : Reports Q2 (Jun) earnings of $0.81 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.84; revenues fell 0.4% year/year to $53.1 mln vs the $54 mln consensus.

  •  CPSI's 12-month backlog as of June 30, 2014, was $170.6 million, consisting of $49.7 million in non-recurring system purchases and $120.9 million in recurring payments for support, Business Management Services and SAAS contracts. The backlog total excludes amounts related to systems installed during 2012 under contracts for which a portion of the consideration was to be received and revenue recognized in subsequent periods upon hospitals successfully achieving meaningful use designation. Although the related system installations were substantially completed during 2012 and no additional such contracts have been offered since 2012, the total remaining accumulated unrecognized revenue related to such contracts as of June 30, 2014, was approximately $1.6 million.

4:36 pm CareDx and Allegheny General Hospital launch research study of novel test to screen heart transplant recipients for signs of rejection (CDNA) : Co announced the enrollment of the first patients in a clinical study to assess the usefulness of cell-free DNA technology in diagnosing rejection in heart transplant recipients. This study, known as Donor-derived cell-free DNA Outcomes AlloMap Registry, will examine the heart transplant patient's blood for circulating DNA from the donor to determine whether the presence of this biomarker can assist in diagnosing rejection.

  • The study is based on the premise that donor derived cell-free DNA is released from the heart cells in response to injury from rejection.
  • The D-OAR trial is a sub-study of the long-term Outcomes AlloMap Registry, a multi-center, multi-year outcomes study correlating serial AlloMap scores with cardiac dysfunction and biopsy proven rejection in heart transplant recipients. The AlloMap test has been shown to aid physicians in determining a transplant patient's risk of acute cellular rejection without requiring the use of invasive endomyocardial biopsy.

4:36 pm Westport Innovations misses by $0.12, misses on revs; reaffirms FY14 revs; gives path to profitability (WPRT) : Reports Q2 (Jun) loss of $0.56 per share, $0.12 worse than the Capital IQ Consensus Estimate of ($0.44); revenues rose 14.6% year/year to $40 mln vs the $45 mln consensus.
Co issues reaffirms guidance for FY14, sees FY14 revs of $175-185 mln vs. 185 mln Capital IQ Consensus Estimate. 

As Westport shifts from market creation work to a full commercial operation and profitability, Westport has announced two interim financial milestones.

  • Westport's first milestone is to have its three operating business units combined to achieve positive Adjusted EBITDA by the end of 2014, which has been accomplished this quarter. 
  • Westport's second milestone is to have the Company report consolidated positive Adjusted EBITDA by the end of 2015, driven by contributions from Westport's operating business units, Westport's share of net income (loss) from the joint ventures, and service revenue earned from Westport's development partners. 
  • Adding to the existing milestone, Westport expects to have its three operating business units combined to be positive Adjusted EBITDA for the year ended December 31, 2014.

4:35 pm Wilson Greatbatch beats by $0.01, misses on revs; co confirms FY14 EPS, in-line, revs below consensus (GB) : Reports Q2 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.59; revenues rose 0.5% year/year to $172.1 mln vs the $177.06 mln consensus.

  • Co confirms 2014 guidance, co confirms EPS of $2.25-2.35, excluding non-recurring items, vs. $2.33 Capital IQ Consensus Estimate; co confirms FY14 revs of $685-705 mln vs. $705.60 mln Capital IQ Consensus Estimate.

4:35 pm TeleComm Sys beats by $0.03, reports revs in-line (TSYS) : Reports Q2 (Jun) earnings of $0.05 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.02; revenues fell 7.1% year/year to $86.2 mln vs the $86.34 mln consensus.

"...As the adverse impact of government budget turbulence has abated and we continue to manage company costs, we are focusing on higher EBITDA and other operating metrics. Bid volume in next generation 9-1-1 contracts has picked up significantly... Other commercial business in the quarter included meaningful contributions from new non-wireless-carrier platforms and applications customers. We are seeing steady growth in cybersecurity business, and anticipate a resurgence in C4ISR volume. Our long-awaited inclusion in Homeland Security's EAGLE II procurement program is a milestone towards bringing our company's experience in highly reliable public safety networks and secure wireless military communications for civil infrastructure needs and opportunities..."

4:35 pm Natural Grocers reports EPS in-line, revs in-line; guides FY14 EPS in-line but lowers top end of range (NGVC) : Reports Q3 (Jun) earnings of $0.15 per share, in-line with the Capital IQ Consensus Estimate of $0.15; revenues rose 18.4% year/year to $134 mln vs the $134.58 mln consensus.

  • Co issues in-line guidance for FY14, sees EPS of $0.58-0.61 vs. $0.60 Capital IQ Consensus Estimate, prior range $0.58-0.63
  • Sees daily avg comparable store sales growth of 5.5-6.0% vs 5.5-6.5% prior guidance

4:35 pm Audience beats by $0.02, misses on revs; guides Q3 EPS below consensus, revs below consensus (ADNC) : Reports Q2 (Jun) loss of $0.10 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.12); revenues fell 17.2% year/year to $37.5 mln vs the $38.7 mln consensus. Co issues downside guidance for Q3, sees EPS of ($0.43) to ($0.37) vs. ($0.07) Capital IQ Consensus Estimate; sees Q3 revs of $25-28 mln vs. $40.69 mln Capital IQ Consensus Estimate. "Going forward, with near-term expected softness with certain high end smartphones, we plan to implement expense reductions in excess of 15% of current run rate during Q3."

4:34 pm Bill Barrett misses by $0.22, beats on revs (BBG) : Reports Q2 (Jun) loss of $0.18 per share, $0.22 worse than the Capital IQ Consensus Estimate of $0.04; revenues rose 1.9% year/year to $145 mln vs the $132.21 mln consensus.

  • Production: Total production of 2.62 MMBoe, meeting the upper end of company guidance and reflecting strong year-over-year production growth from the Denver-Julesburg Basin at 141% and from East Bluebell at 56%. Oil production of more than 1 million barrels, up 11% sequentially from the first quarter of 2014.

  • Reports discretionary cash flow of $67.3 million, or $1.40 per diluted common share.

  • 2014 Operating Guidance: Capital expenditures of $500 million - $550 million ... Production of 11.0 million -12.2 million Boe, before the effect of the expected sale of Powder Deep assets... Lease operating costs of $62 million - $67 million... Gathering, transportation and processing costs of $43 million - $48 million.

4:34 pm Jive Software beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; raises FY14 EPS and revenue guidance (JIVE) : Reports Q2 (Jun) loss of $0.07 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of ($0.11); revenues rose 23.3% year/year to $43.4 mln vs the $42.06 mln consensus.

  • Co issues in-line guidance for Q3, sees EPS of ($0.10) - ($0.08), excluding non-recurring items, vs. ($0.10) Capital IQ Consensus Estimate; sees Q3 revs of $44.0-45.0 mln vs. $44.08 mln Capital IQ Consensus Estimate. 
  • Co issues raised guidance for FY14, raises EPS to ($0.43) - ($0.35) from ($0.45) - ($0.38), excluding non-recurring items, vs. ($0.41) Capital IQ Consensus Estimate; raises bottom end of FY14 revs to $172-176 mln from $171-176 mln vs. $173.59 mln Capital IQ Consensus Estimate. 
  • Non-GAAP Billings: Short-term billings, which Jive defines as revenue plus the change in short-term deferred revenue, were $46.1 million for the second quarter, an increase of 10% on a year-over-year basis. Total billings, which Jive defines as revenue plus the change in short and long-term deferred revenue, was $40.8 million compared to $42.0 in the year-ago period. 
  • Gross Profit: GAAP gross profit for the second quarter was $26.7 million, compared to $21.5 million for the second quarter of 2013. Non-GAAP gross profit was $28.6 million for the second quarter, representing a year-over-year increase of 22% and a non-GAAP gross margin of 66%.

4:33 pm Tandem Diabetes Care beats by $0.06, revs in-line; guides FY14 revs in-line (TNDM) : Reports Q2 (Jun) loss of $0.83 per share, $0.06 better than the Capital IQ Consensus Estimate of ($0.89); revenues rose 85.5% year/year to $10.3 mln vs the $10.4 mln consensus. Co issues in-line guidance for FY14, sees FY14 revs of $48-54 mln vs. $51.2 mln Capital IQ Consensus Estimate.

4:33 pm Microchip beats by $0.01, reports revs in-line; guides Q2 EPS in-line, revs above consensus (MCHP) : Reports Q1 (Jun) earnings of $0.68 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.67; revenues rose 14.8% year/year to $531.3 mln vs the $527.59 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.70-0.74, excluding non-recurring items, vs. $0.71 Capital IQ Consensus Estimate; sees Q2 revs of $560-575.9 mln vs. $546.76 mln Capital IQ Consensus Estimate.

4:32 pm Boyd Gaming misses by $0.03, misses on revs; co lowers 2014 Adjusted EBITDA guidance (BYD) : Reports Q2 (Jun) earnings of $0.05 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.08; revenues fell 2.2% year/year to $722.5 mln vs the $731.82 mln consensus.

  • Given current business trends, Boyd Gaming is revising its previously provided full-year guidance.
  • For the full-year 2014, the co lowered its projected total Adjusted EBITDA guidance of $580-600 mln, down from $600-620 mln.
  • This revised guidance assumes that results for the third and fourth quarter will be similar to comparable periods last year

4:32 pm West Corp beats by $0.04, beats on revs; guides FY14 EPS above consensus, revs above consensus (WSTC) : Reports Q2 (Jun) earnings of $0.73 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.69; revenues rose 2.7% year/year to $691.1 mln vs the $681.95 mln consensus.

  • Co issues upside guidance for FY14, sees EPS of $2.87-3.04 vs. $2.83 Capital IQ Consensus Estimate; sees FY14 revs of $2.77-2.82 vs. $2.78 bln Capital IQ Consensus Estimate.

4:32 pm Sierra Wireless beats by $0.01, beats on revs; guides Q3 EPS in-line, revs above consensus (SWIR) : Reports Q2 (Jun) earnings of $0.08 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.07; revenues rose 23.2% year/year to $135.01 mln vs the $129.52 mln consensus.

  • "In the second quarter, strong organic revenue growth, combined with a solid contribution from recent acquisitions, enabled continued profitability gains. In the second half, we expect to deliver continued revenue and profitability growth, while also pursuing additional strategic acquisitions to expand our leadership position in the machine-to-machine (M2M) market."
  • Gross margin was 32.2% in the second quarter of 2014, compared to 33.4% in the second quarter of 2013.
Co issues mixed guidance for Q3, sees EPS of $0.12-0.15, excluding non-recurring items, vs. $0.12 Capital IQ Consensus Estimate; sees Q3 revs of $137-140 mln vs. $132.87 mln Capital IQ Consensus Estimate.

4:31 pm BPZ Energy provides operations update; says for second quarter ended June 30, 2014, production from offshore Block Z-1 averaged ~ 5,134 bopd gross, or 2,618 bopd net (BPZ) : Co provided an operations update.

  • "Our development drilling program continues with two new wells having come online in July, the new CX15-7D development well has been spud, and the Albacora A-18D sidetrack well is also underway. As we previously mentioned, the A-18D well is being sidetracked to restore oil production while also targeting deeper prospective zones seen in this and other Albacora wells, including a new oil zone that is currently being tested on the recently completed A-26D well. Plans also include intervention of two recently drilled oil wells to reestablish production that has been temporarily lost, affecting our production ramp up. Onshore, we are working to finish testing the initial three exploration wells drilled in Block XXIII." 
  • For the second quarter ended June 30, 2014, production from offshore Block Z-1 averaged ~ 5,134 barrels of oil per day (bopd) gross, or 2,618 bopd net to BPZ. This compares to 2,792 bopd of gross production, or 1,424 bopd net to BPZ in the second quarter of 2013. Third quarter to date 2014 gross production has averaged ~ 4,700 bopd, or 2,397 bopd net to BPZ, through July 30, 2014. This is lower than expected due to the loss of production from the A-18D while it is being sidetracked and two shut in wells that require intervention. During the month of June, these three oil wells produced a total of ~ 1,500 bopd gross or, 767 bopd net to BPZ. Production as of July 30, 2014 was ~ 5,000 bopd gross, or 2,550 net to BPZ.
  • The new Albacora A-26D development well was completed on July 12, 2014 and the well has averaged gross production of 1,000 barrels of oil per day (bopd), or 531 bopd net to BPZ for the past fourteen days. For the last 24 hours the A-26D well has averaged gross production of ~ 900 bopd, or net production to BPZ of 459 bopd. This production is coming from a new deeper oil zone previously untested in Albacora which is being evaluated now, while the other known oil zones are expected to be placed on production once the ongoing evaluation of the new deeper zone is completed.
  • The new CX15-7D development well was spud on July 29, 2014. The well has a targeted measured depth of 8,500 feet and is expected to be completed by October 2014.

4:31 pm Avista requests natural gas rate increase for Oregon customers in annual cost adjustment filing; ~96K customers in Oregon could see increase of $5.45, or 9.7 percent, for a revised monthly bill of $61.42; revs would increase by $9.6 mln (AVA) : Co's ~96K customers in Oregon could see an overall increase of 10.4 percent in their natural gas rates effective Nov. 1, 2014, if the Public Utility Commission of Oregon approves the co's annual Purchased Gas Cost Adjustment and related filings made today.

  • If the requests are approved, Avista residential customers using an average of 47 therms a month could expect their bill to increase by $5.45, or 9.7 percent, for a revised monthly bill of $61.42 beginning Nov. 1, 2014.
  • Avista's natural gas revenues would increase by $9.6 million to cover the increased natural gas costs. The company does not mark up the cost of natural gas purchased to meet customer needs, so there is no impact on company earnings.

4:31 pm Cooper-Standard forms JV with INOAC; expands reach of fluid transfer systems in Asia Pacific (CPS) :

  • Co announced that it is forming a joint venture with INOAC Corp. of Japan expanding the reach of co's fluid transfer systems products in the Asia Pacific automotive market. 
  • Upon closing, expected in the third quarter of 2014, co would own 51 percent and INOAC would own 49 percent of the joint venture named Cooper Standard INOAC Pte. Ltd.
  • Staffing, asset acquisition and other activities are scheduled to begin in September 2014.
  • This Cooper Standard / INOAC joint venture is intended to accelerate co's fluid transfer systems product introduction into Asia and further strengthen its presence in this key automotive market. 
  • The focus of the first phase of the joint venture will be based in China with production expected to begin in the third quarter of 2015. 
  • Expansion into additional countries is planned to follow.

4:31 pm Hemisphere Media announces amendment to credit agreement (HMTV) : Co announced that on July 31, 2014 certain of its subsidiaries entered into an amendment to its existing credit agreement providing for a $225 mln senior secured term loan B facility, which matures on July 30, 2020 (increased from initial aggregate principal amount of $175.0 mln under the existing credit agreement). 

Pricing on the amended term loan facility, issued with a 0.5% original issue discount, is LIBOR plus 400 bps with a LIBOR floor of 1.00%. As compared to the pricing in the existing credit agreement, this repricing has decreased the spread to LIBOR by 100 bps and reduced the LIBOR floor by 25 bps.

4:30 pm Control4 beats by $0.02, slight miss on revs; guides Q3 EPS in-line, revs in-line; guides FY14 revs in-line (CTRL) : Reports Q2 (Jun) earnings of $0.13 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 12.7% year/year to $36.7 mln vs the $37.4 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.12-0.16, excluding non-recurring items, vs. $0.14 Capital IQ Consensus Estimate; sees Q3 revs of $38-40 mln vs. $39.9 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY14, sees FY14 revs of $148-152 mln vs. $151.7 mln Capital IQ Consensus Estimate.

4:30 pm KEYW Holding misses by $0.02, misses on revs (KEYW) : Reports Q2 (Jun) loss of $0.05 per share, $0.02 worse than the Capital IQ Consensus Estimate of ($0.03); revenues fell 5.0% year/year to $72.05 mln vs the $73.6 mln consensus.

4:29 pm The Hanover Insurance Grp beats by $0.09, misses on revs (THG) : Reports Q2 (Jun) earnings of $1.30 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $1.21; revenues rose 7.6% year/year to $1.27 bln vs the $1.3 bln consensus.

4:29 pm MaxLinear beats by $0.02, reports revs in-line; guides Q3 revs in-line (MXL) : Reports Q2 (Jun) earnings of $0.13 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 19.5% year/year to $35.59 mln vs the $35.24 mln consensus.

  • Co issues in-line guidance for Q3, sees Q3 revs of $36.5-38 mln vs. $38.07 mln Capital IQ Consensus Estimate.

4:29 pm Grand Canyon Education beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; guides Q4 (Dec) EPS below consensus, revs in-line; guides FY14 EPS above consensus, revs above consensus (LOPE) : Reports Q2 (Jun) earnings of $0.49 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.45; revenues rose 12.1% year/year to $158.6 mln vs the $156.18 mln consensus.

  • Enrollment: At June 30, 2014, enrollment was 57,707, an increase of 12.7% from enrollment of 51,200 at June 30, 2013. Ground enrollment increased 38.7% to 4,738 from enrollment of 3,415 at June 30, 2013. Online enrollment increased 10.8% to 52,969 from enrollment of 47,785 at June 30, 2013.

  • Operating income for the second quarter of 2014 was $37.9 million, an increase of 20.3% as compared to $31.5 million for the same period in 2013. The operating margin for the second quarter of 2014 was 23.9%, compared to 22.3% for the same period in 2013.  

  • Guidance: Co issues in-line guidance for Q3, sees EPS of $0.53 vs. $0.53 Capital IQ Consensus Estimate; sees Q3 revs of $169 vs. $168.50 mln Capital IQ Consensus Estimate.

    Co issues mixed guidance for Q4 (Dec), sees EPS of $0.63 vs. $0.64 Capital IQ Consensus Estimate; sees Q4 (Dec) revs of $181.6 vs. $182.04 mln Capital IQ Consensus Estimate.

    Co issues upside guidance for FY14, sees EPS of $2.21 vs. $2.17 Capital IQ Consensus Estimate; sees FY14 revs of $676.6 mln vs. $673.97 mln Capital IQ Consensus Estimate.

4:28 pm PMC-Sierra beats by $0.01, beats on revs (PMCS) : Reports Q2 (Jun) earnings of $0.09 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.08; revenues fell 0.6% year/year to $126.8 mln vs the $125.06 mln consensus.

4:28 pm Callidus Software reports EPS in-line, beats on revs; guides Q3 in-line; reaffirms FY14 EPS guidance, raises FY14 revs, in-line (CALD) : Reports Q2 (Jun) earnings of $0.02 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.02; revenues rose 25.5% year/year to $32.5 mln vs the $31.01 mln consensus.

Co issues in-line guidance for Q3, sees EPS of $0.03-0.05, excluding non-recurring items, vs. $0.04 Capital IQ Consensus Estimate; sees Q3 revs of $33-34 mln vs. $33.22 mln Capital IQ Consensus Estimate.

Co issues guidance for FY14, reaffirms EPS of $0.12-0.16, excluding non-recurring items, vs. $0.14 Capital IQ Consensus Estimate; raises FY14 revs to $129-132.5 mln from $127.5-132.5 mln vs. $129.96 mln Capital IQ Consensus Estimate.

4:28 pm Planar Systems beats by $0.03, beats on revs; guides Q4 EPS & revs above consensus; guides FY14 EPS & revs above consensus (PLNR) : Reports Q3 (Jun) earnings of $0.05 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.02; revenues rose 17.1% year/year to $43.9 mln vs the $42.8 mln consensus.

  • Co issues upside guidance for Q4, sees EPS of $0.08-0.10 vs. $0.06 Capital IQ Consensus Estimate; sees Q4 revs of $48-50 mln vs. $45.72 mln Capital IQ Consensus Estimate. 
  • Co issues upside guidance for FY14, sees EPS of $0.21-0.23 vs. $0.16 Capital IQ Consensus Estimate; sees FY14 revs of $173.4-175.4 mln vs. $170.05 mln Capital IQ Consensus Estimate.  
"Our third quarter results came in above our expectations for both revenue and profits, bolstered by strong growth in sales of our strategic focus area of digital signage products."

4:28 pm ServiceSource Intl misses by $0.03, misses on revs (SREV) : Reports Q2 (Jun) loss of $0.09 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of ($0.06); revenues fell 2.5% year/year to $65.99 mln vs the $69.86 mln consensus.

4:27 pm BioTelemetry beats by $0.01, beats on revs (BEAT) : Reports Q2 (Jun) earnings of $0.02 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.01; revenues rose 33.0% year/year to $42.7 mln vs the $40.66 mln consensus.

4:27 pm Equal Energy: Petroflow and Equal Energy announce defeasance of debentures and application for relief from continuous disclosure obligations (EQU) : Petroflow Energy and Equal Energy Ltd. announce that, in connection with the acquisition of Equal by Petroflow by way of plan of arrangement completed earlier today, Equal has defeased all of the outstanding 6.75% convertible, unsecured, junior, subordinated debentures due March 31, 2016 by depositing cash, in trust with the trustee under the indenture governing the Debentures, sufficient to fully pay, satisfy and discharge all obligations under the Debentures. The completion of the Arrangement constitutes a Change of Control under the Indenture.

  • As a result, pursuant to its obligations under the Indenture, Equal will be offering to repurchase Debentures at a purchase price equal to 101% of the principal amount thereof plus accrued interest, subject to the terms and conditions set out in the Indenture. Holders that do not accept the Change of Control Purchase Offer shall be entitled to continue to receive interest on the Debentures until they are redeemed at par on March 31, 2016 in accordance with the provisions of the Indenture. 
  • The Debentures remain listed for trading on the TSX under the symbol EQU.DB.B. Pursuant to the Indenture, following the Arrangement, each Debentureholder no longer has the right to receive common shares on conversion of Debentures, but has the right to receive in lieu of such shares, the consideration paid under the Arrangement (being US$5.43 in cash per share) which such Debentureholder would have been entitled to receive had it been the holder of such number of shares at the effective time of the Arrangement that it was entitled to acquire pursuant to its conversion right. It is important to note that the Debentures currently have a conversion price that is significantly greater than the Consideration.

4:27 pm PerkinElmer reports EPS in-line, misses on revs; reiterates FY14 EPS, in-line, co expects organic revenue to increase in the mid-single digit range relative to 2013 (PKI) : Reports Q2 (Jun) earnings of $0.59 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.59; revenues rose 2.9% year/year to $556.2 mln vs the $572.26 mln consensus.

  • Co reiterates guidance for FY14, sees EPS of $2.44-2.46, excluding non-recurring items, vs. $2.46 Capital IQ Consensus Estimate.
  • For the full year 2014, the co forecasts organic revenue to increase in the mid-single digit range relative to 2013

4:27 pm Fluidigm reports EPS in-line, beats on revs; slightly raises FY14 revs in-line (FLDM) : Reports Q2 (Jun) loss of $0.45 per share, in-line with the Capital IQ Consensus Estimate of ($0.45); revenues rose 57.7% year/year to $27.6 mln vs the $27.07 mln consensus.

  • Co issues in-line guidance for FY14, raises FY14 revs to $112-118 mln from $111-116 mln vs. $115.46 mln Capital IQ Consensus Estimate. 
  • Guidance: Organic revenue is projected to be between $94 million and $96 million, an increase of 32% to 35% over 2013. The Company projects 2014 operating expenses on a GAAP basis to be between $134 million and $136 million and on a non-GAAP basis, excluding approximately: $11 million of acquisition-related expenses, $19 million of stock-based compensation expense, and $4 million of depreciation and amortization expense, to be between $100 million and $102 million (also, see accompanying table for reconciliation of GAAP and non-GAAP operating expenses for the second quarter of 2014 and 2013). Stock-based compensation expense is expected to be between $21 million and $22 million, including $9 million related to assumed share-based awards from the DVS acquisition. Interest expense is projected to be $5.3 million and capital spending is expected to be between $11 million and $13 million.

4:26 pm Elli Mae beats by $0.10, beats on revs; guides Q3 EPS below consensus, revs in-line; reaffirms FY14 EPS guidance, revs guidance (ELLI) : Reports Q2 (Jun) earnings of $0.31 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 16.7% year/year to $39.98 mln vs the $36.38 mln consensus. For Q3, co sees EPS of $0.21-0.23, excluding non-recurring items, vs. $0.30 Capital IQ Consensus Estimate; sees Q3 revs of $39.5-41.0 mln vs. $41.0 mln Capital IQ Consensus Estimate. Co reaffirms guidance for FY14, sees EPS of $0.98-1.01, excluding non-recurring items, vs. $0.99 Capital IQ Consensus Estimate; sees FY14 revs of $150.0-153.5 mln vs. $150.7 mln Capital IQ Consensus Estimate.

4:25 pm ON Semiconductor beats by $0.01, reports revs in-line; guides Q3 revs in-line (ONNN) : Reports Q2 (Jun) earnings of $0.20 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.19; revenues rose 10.1% year/year to $757.6 mln vs the $753.46 mln consensus.

  • Co issues in-line guidance for Q3, sees Q3 revs of $765-796 mln vs. $783.03 mln Capital IQ Consensus Estimate. 
  • Backlog levels for the third quarter of 2014 represent approximately 80 to 85 percent of our anticipated third quarter 2014 revenue. 
  • Average selling prices for the third quarter of 2014 are expected to be down approximately one to two percent when compared to the second quarter of 2014.
  • Guidance for the third quarter of 2014 does not include any contribution from our pending acquisition of Aptina, Inc."

4:24 pm Fluor beats by $0.03, misses on revs; co maintains FY14 EPS guidance, in-line (FLR) : Reports Q2 (Jun) earnings of $1.02 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.99; revenues fell 27.0% year/year to $5.25 bln vs the $5.98 bln consensus.

  • Co maintains guidance for FY14, sees EPS of $4.10-4.45 vs. $4.24 Capital IQ Consensus Estimate.
  • Revenue for the second quarter was $5.3 billion, down from $7.2 billion a year ago, mainly due to reductions in the Industrial & Infrastructure segment's mining and metals business line.
  • "Our Oil & Gas group continues to generate substantial double-digit profit growth," said Chairman and Chief Executive Officer David Seaton. "While we see continued weakness in many non-energy-related markets, we are very encouraged by the robust slate of major oil, gas and petrochemical prospects globally."
Outlook
  • Results to date were consistent with the Company's expectation for lower overall revenue, offset by improved margins. Looking ahead, the Co expects that improved results in a number of businesses will complement continuing strength in Oil & Gas to drive stronger EPS in the second half of the year. 

4:24 pm Maxwell Tech misses by $0.02, beats on revs; guides Q3 revs below consensus (MXWL) : Reports Q2 (Jun) net of breakeven, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.02; revenues fell 17.1% year/year to $46.1 mln vs the $44.42 mln consensus.

  • 2Q14 ultracapacitor revenue increased by 6 percent sequentially to $33.9 million, compared with $32.0 million in the 1Q ended March 31, 2014, but was down 14% compared with the $39.3 million recorded in the 2Q13. 
  • Sales of high voltage capacitor and microelectronics products totaled $12.2 mln in Q214, down 13% sequentially from the $14.0 million recorded in the 1Q and down 26 percent from the $16.4 million recorded in 2Q13. 
Co issues downside guidance for Q3, sees Q3 revs likely down as much as 15% from Q2 to ~$39.2 vs. $52.85 mln Capital IQ Consensus Estimate.
  • Limited visibility into the plug-in hybrid bus market in China makes it difficult to forecast ultracapacitor sales with a high degree of certainty. Based on customer forecasts for bus and other ultracapacitor applications and order flow for microelectronics and high voltage capacitor products, total revenue for the Q3 is likely to be down as much as 15% compared with that recorded in Q2.

4:24 pm PC Connection beats by $0.04, beats on revs (PCCC) : Reports Q2 (Jun) earnings of $0.43 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.39; revenues rose 13.6% year/year to $633.2 mln vs the $585.08 mln consensus.

  • Consolidated gross margin, as a percentage of net sales, slightly decreased to 13.2% in the second quarter of 2014, compared to 13.3% in the prior year quarter as a result of increased demand in notebooks and desktops which generate relatively lower margins.
     
  • Commentary: "PC Connection continued to see increased demand for notebooks and desktops in Q2 due to the expiration of Windows XP. In addition, their investments in technical solution sales led to strong growth in servers, networking, and software. As a National Solutions Provider, PC Connection's goal is to consistently invest in more complex solutions capabilities while delivering solid financial performance; they were able to accomplish that goal in Q2 with a double-digit sales increase and a 25% increase in earnings."

4:24 pm Standard Pacific misses by $0.01, misses on revs (SPF) : Reports Q2 (Sep) earnings of $0.14 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.15; revenues rose 35.1% year/year to $592.5 mln vs the $635.43 mln consensus.

4:23 pm Hansen Medical reports EPS in-line, beats on revs (HNSN) : Reports Q2 (Jun) loss of $0.11 per share, in-line with the Capital IQ Consensus Estimate of ($0.11); revenues rose 109.1% year/year to $6.9 mln vs the $4.01 mln consensus. 

  • Gross profit in the second quarter of fiscal year 2014 increased 230% to $1.9 million, or 28% of sales, compared to $0.6 million, or 17% of sales, in the same period prior year. The improvement in gross margin in the current year second quarter was driven primarily by increased system sales, compared to the prior year period.

4:22 pm Electro Scientific beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus (ESIO) : Reports Q1 (Jun) loss of $0.24 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of ($0.27); revenues fell 24.2% year/year to $35 mln vs the $32.13 mln consensus.

  • Co issues guidance for Q2, sees EPS of ($0.22)-($0.17) vs. ($0.22) Capital IQ Consensus Estimate; sees Q2 revs of $40 mln vs. $33.41 mln Capital IQ Consensus Estimate.

4:22 pm Synaptics beats by $0.05, beats on revs (SYNA) : Reports Q4 (Jun) earnings of $1.46 per share, $0.05 better than the Capital IQ Consensus Estimate of $1.41; revenues rose 36.8% year/year to $315 mln vs the $305.08 mln consensus. 

  • Revenue mix from mobile and PC products was approximately 77% and 23%, respectively. Fingerprint ID products have been classified according to type of device. 
  • Revenue from mobile products of $242.9 million was up 40% year-over-year. 
  • Mobile products revenue includes all touchscreen, video display, and applicable fingerprint ID products. Revenue from PC products totaled $72.0 million, an increase of 26% year-over-year, and includes applicable fingerprint ID products. 
  • Cash at June 30, 2014 was $447.2 million. 
  • "As we look ahead to fiscal 2015, we see signs of stability in the PC market, coupled with strong but moderating growth rates for smartphones. With continued strength in our core focus areas and fingerprint ID solutions now successfully incorporated into our platform, we feel confident that we can achieve another year of very strong annual revenue growth in the mid-20% range, excluding revenue from our impending acquisition of Renesas SP Drivers."

4:22 pm Seattle Genetics beats by $0.09, beats on revs; Sees FY14 ADCETRIS revs higher than previously anticipated (SGEN) : Reports Q2 (Jun) loss of $0.14 per share, $0.09 better than the Capital IQ Consensus Estimate of ($0.23); revenues fell 7.2% year/year to $68.3 mln vs the $64.61 mln consensus.

  • Co expects to report ADCETRIS phase 3 AETHERA clinical trial data by October 2014. The AETHERA trial is evaluating ADCETRIS for Hodgkin lymphoma patients at risk of relapse following autologous stem cell transplant.
  • Co also expects to report:
    • Data from phase 2 clinical trials with ADCETRIS by the end of 2014, including trials in diffuse large B-cell lymphoma and Hodgkin lymphoma.
    • Additional data from two phase 1 trials of SGN-CD19A in acute lymphoblastic leukemia and non-Hodgkin lymphoma by the end of 2014.
    • Data from a phase 1 trial of SGN-CD33A in acute myeloid leukemia by the end of 2014.
  • Co expects to initiate a phase 1 trial of SGN-CD70A in CD70-positive malignancies in the third quarter of 2014.
2014 Financial Outlook:
  • Seattle Genetics anticipates that 2014 revenues from ADCETRIS net product sales in the U.S. and Canada will be slightly higher than previously anticipated, and are now expected to be in the range of $160 million to $170 million. The company also anticipates that 2014 research and development expenses will be slightly lower than previously anticipated, and are now expected to be in the range of $235 million to $250 million.

4:22 pm McGrath RentCorp misses by $0.01, beats on revs; reaffirms FY14 EPS guidance (MGRC) : Reports Q2 (Jun) earnings of $0.37 per share, excluding a 2 cent gain on sale, $0.01 worse than the Capital IQ Consensus Estimate of $0.38; revenues rose 9.9% year/year to $95.7 mln vs the $91.79 mln consensus.

Co reaffirms guidance for FY14, sees EPS of $1.70-1.85 vs. $1.70 Capital IQ Consensus Estimate.

4:21 pm Brooks Automation beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs below consensus (BRKS) : Reports Q3 (Jun) earnings of $0.05 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.04; revenues rose 5.9% year/year to $117.35 mln vs the $117.05 mln consensus.

  • Co issues mixed guidance for Q4, sees EPS of $0.04-0.07 vs. $0.07 Capital IQ Consensus Estimate; sees Q4 revs of $114-120 mln vs. $121.76 mln Capital IQ Consensus Estimate.

4:21 pm ResMed misses by $0.03, misses on revs; Quarterly dividend increased by 12% to $0.28/share (RMD) : Reports Q4 (Jun) earnings of $0.64 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.67; revenues rose 0.1% year/year to $415.2 mln vs the $434.81 mln consensus.

  • The ResMed board of directors has today declared a quarterly dividend of $0.28 per share, which represents a 12 percent increase from the previous quarterly dividend of $0.25. The dividend will have a record date of Aug. 21, 2014, and be payable on Sept. 18, 2014.
  • "Our fourth quarter results were lower than anticipated, the result of softer sales in the Americas, partially offset by good growth in our international markets," said ResMed Chief Executive Officer Mick Farrell. "We continue to benefit from our globally diversified business, with constant currency revenue growth of 5 percent in our combined Europe and Asia-Pacific businesses."

4:21 pm AMN Healthcare Services beats by $0.03, beats on revs; guides Q3 revs above consensus (AHS) : Reports Q2 (Jun) earnings of $0.19 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.16; revenues fell 1.2% year/year to $250.9 mln vs the $246.2 mln consensus.

  • Second quarter consolidated revenue exceeded expectations due primarily to strong performance in the Nurse and Allied Healthcare Staffing segment driven by improving market trends and execution. The quarterly sequential revenue growth of 4% was driven by 11% growth in the Locum Tenens segment and 1% growth in the Nurse and Allied Healthcare Staffing segment. Gross margin of 30.8% for the second quarter represented a record high and year-over-year improvement of 150 basis points.
Co issues upside guidance for Q3, sees Q3 revs of $254-258 mln vs. $253.82 mln Capital IQ Consensus. Gross margin is expected to be ~30.5%. SG&A expenses as a percentage of revenue are expected to be between 22.5% and 23.0%. Adjusted EBITDA margin is expected to be ~8.5%. 

4:21 pm Web.com reports EPS in-line, misses on revs (WWWW) : Reports Q2 (Jun) earnings of $0.62 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.62; revenues rose 10.1% year/year to $144.7 mln vs the $146.89 mln consensus.

  • Average Revenue Per User of $14.89 grew $0.14 sequentially and $0.80 year-over-year
  • Web.com's total net subscribers were approximately 3,210,000 at the end of the second quarter of 2014, up approximately 38,500 from the end of the first quarter
  • Customer churn was approximately 1% for the second quarter of 2014, consistent with recent low levels

4:20 pm Mohawk beats by $0.02, misses on revs; guides Q3 EPS in-line; narrows FY14 EPS in-line (MHK) : Reports Q2 (Jun) earnings of $2.21 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $2.19; revenues rose 3.6% year/year to $2.05 bln vs the $2.08 bln consensus.

  • Co issues in-line guidance for Q3, sees EPS of $2.38-2.47, excluding non-recurring items, vs. $2.44 Capital IQ Consensus Estimate. 
  • Co issues narrowed guidance for FY14, narrows EPS to $8.09-8.25 from $8.00-8.30, excluding non-recurring items, vs. $8.17 Capital IQ Consensus Estimate. 
  • Guidance: "In each of our segments, we are optimizing the efficiency of our operations, the advantages of our leading market positions, the breadth of our distribution and the strength of our brands to grow our business. We anticipate that our sales will strengthen as we move through the second half of the year supported by continued U.S. job creation and improved economic growth. In the third quarter, we anticipate further improvement in the U.S. market with limited growth in Europe and Russia. With these factors, our guidance for third quarter earnings is $2.38 to $2.47 per share and, for the full year, $8.09 to $8.25 per share, excluding any restructuring charges. We remain committed to enhancing Mohawk's results, and we are optimistic about the improvement of the floor covering industry and our participation in it."

4:20 pm Enbridge Energy misses by $0.03, misses on revs (EEP) : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.24; revenues rose 11.9% year/year to $1.87 bln vs the $2.13 bln consensus.

4:20 pm Closing Market Summary: Stocks Surrender July Gains (:WRAPX) : The stock market punctuated July with a broad-based retreat that sent the S&P 500 lower by 2.0% with all ten sectors ending in the red. The benchmark index posted a monthly decline of 1.5%, while the Russell 2000 (-2.3%) underperformed to end the month lower by 6.1%.

To get a better feel for what led to today's retreat, we'd like to look back to Wednesday, when the market had ample reason to rally, but did not. Instead, it ended basically flat after a sloppy day of trading where good news was marveled at -- Q2 GDP and earnings results -- but not acted on with any real conviction from buyers. A spike in long-term rates and worries the Fed could raise the fed funds rate sooner than expected (a worry the FOMC directive didn't refute in unequivocal fashion) garnered most of the blame for the lackluster response.

That inability to rally on a batch of good economic and earnings news left the stock market increasingly vulnerable to a larger pullback in the event any bad news came its way. Sure enough, there were some overnight headlines that rattled weak-handed positions:

  • Eurozone CPI was up just 0.4% year-over-year in July (expected 0.5%), triggering renewed worries about deflation 
  • Argentina was deemed to be in default on its bond payments 
  • Portuguese bank Banco Espirito Santo reported a big net loss for the first half of the year that wiped out its capital buffer and drove its stock price down 50%, reminding investors that there are still issues present in the European banking system 
With the sentiment taking a turn for the worse, a batch of poor quarterly results from a handful of global players contributed to the slide. Samsung kicked things off overnight with below-consensus earnings that sent the stock lower by 3.7% in Seoul. Things did not get much better during the European session with Adidas and Deutsche Lufthansa posting respective earnings-driven losses of 15.4% and 6.4% in Frankfurt. The DAX Index, meanwhile, lost 1.9%.

Back in the U.S., market participants received a set of earnings that did not quite live up to the high standard that was set during the first two weeks of the reporting period with earnings growth pushing 9.0%, according to S&P Capital IQ.

On that note, 3D Systems (DDD 50.13, -5.94), Mosaic (MOS 46.11, -1.07), Beazer Homes (BZH 15.35, -1.95), and Ocwen Financial (OCN 30.17, -4.49), registered losses between 2.3% and 13.0% after disappointing with their results. Furthermore, even above-consensus earnings from the likes of Akamai Technologies (AKAM 59.02, -1.71), MasterCard (MA 74.15, -1.76), and Yelp (YELP 67.16, -8.44) were met with selling activity.

The ten economic sectors registered losses between 1.7% (utilities) and 2.4% (energy). Rate-sensitive telecom services (-2.3%) and utilities outperformed in the early going as participants sought cover in the defensively-oriented sectors, but the two groups could not avoid being engulfed in the selling activity.

Elsewhere, the top-weighted sector-technology (-2.0%)-suffered from broad pressure. Influential listings like Apple (AAPL 95.60, -2.55), Google (GOOGL 579.55, -15.89), Facebook (FB 72.65, -2.03), and Qualcomm (QCOM 73.72, -2.32) lost between 2.6% and 3.1%, while chipmakers also tumbled. Notably, Micron (MU 30.55, -1.98) plunged 6.1% amid cautious comments from Goldman Sachs, while the broader PHLX Semiconductor Index fell 2.1%.

Biotechnology did not fare much better with the iShares Nasdaq Biotechnology ETF (IBB 250.83, -6.42) sliding 2.5%. For its part, the health care sector lost 2.0%, surrendering its entire monthly gain.

Only technology and telecom services were able to post July gains of 1.4% and 2.6%, respectively, while the utilities sector lost 6.9% for the month.

Treasuries ended flat after regaining their early morning losses. The 10-yr yield settled at 2.56%.

The selloff invited above-average participation with more than 900 million shares changing hands at the NYSE.

Economic data included Initial Claims, the Employment Cost Index, and the Chicago PMI report:
  • The initial claims level increased to 302,000 from a downwardly revised 279,000 (from 284,000) 
    • The Briefing.com consensus expected the initial claims level to increase to 310,000 
  • The Employment Cost Index increased 0.7% in Q2 2014, up from a 0.3% increase in the first quarter, while the Briefing.com consensus expected an increase of 0.4% 
    • Wages and salaries rose 0.6% in the second quarter, up from a 0.3% increase in Q1 
    • Benefits spending rose 1.0% and is up 2.5% year-over-year 
  • Manufacturing activities in the Chicago region softened significantly in July as the Chicago PMI fell to 52.6 from 62.6 in June 
    • The Briefing.com consensus expected a more modest decline to 61.8 
Tomorrow's session will be full of economic data starting with the 8:30 ET release of the Nonfarm Payrolls report for July (Briefing.com consensus 220K). Personal Income/Spending (consensus 0.4%) data and Core PCE Prices (expected 0.2%) will also be reported at 8:30 ET, while the final reading of the Michigan Sentiment survey for July (consensus 82.0) will cross the wires at 9:55 ET. Finally, the July ISM Index (consensus 55.9) and June Construction Spending (expected 0.3%) will both be reported at 10:00 ET.
  • S&P 500 +4.5% YTD 
  • Nasdaq Composite +4.6% YTD 
  • Dow Jones Industrial Average -0.1% YTD 
  • Russell 2000 -3.7% YTD

4:19 pm Autobytel beats by $0.03, misses on revs; guides Q3 revs below consensus (ABTL) : Reports Q2 (Jun) earnings of $0.08 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.05; revenues rose 45.8% year/year to $25.9 mln vs the $27.0 mln consensus. Co issues downside guidance for Q3, sees Q3 rev growth of 22-26% which computes to roughly $26.4-27.3 mln vs. $31.0 mln Capital IQ Consensus Estimate.

  • "During the quarter, revenues were slightly impacted by changes in an OEM lead program that we acquired through AutoUSA, and by our decision to reduce the number of leads purchased from one of AutoUSA's largest suppliers whose lead conversion rates no longer met Autobytel's stringent quality standards."
  • "The decision to reduce lead purchases from this supplier was the right one for our customers, and had a positive effect on our sales conversion rates and margins. Even though the decision to reduce these lead purchases is resulting in a short-term impact on revenues, we take our quality commitment to our customers seriously, which we believe will translate to long-term, profitable growth for our business." 
  • Gross margin came in at 39.8% vs 39.1% last year.

4:19 pm ZIOPHARM and Solasia Pharma announce global license and collaboration agreement for Darinaparsin (ZIOP) :

  • Co and Solasia Pharma K.K., a developer of oncology pharmaceuticals in-licensed for commercialization in major markets throughout the world, announced today an amendment and restatement of their License and Collaboration Agreement for darinaparsin (Zinapar or ZIO-101) and related organoarsenic molecules. 
  • Under the terms of the amended and restated agreement, co granted Solasia an exclusive worldwide license to develop and commercialize darinaparsin, and related organoarsenic molecules, in both intravenous and oral forms in all indications for human use. 
  • In exchange, co will be eligible to receive from Solasia up to $72.2 mln in development and sales-based milestones, a royalty on net sales of darinaparsin, once commercialized, and a percentage of any sublicense revenues generated by Solasia. 
  • Solasia will be responsible for all costs related to the development, manufacturing and commercialization of darinaparsin. 
  • The new agreement amends and restates a 2011 agreement between the parties under which Solasia was granted exclusive rights by co to darinaparsin in the territories of Japan, China, Hong Kong, Macau, Republic of Korea, Taiwan, Singapore, Australia, New Zealand, Malaysia, Indonesia, Philippines and Thailand. 

4:19 pm Tesla Motors beats Q2 estimates; delivery, gross margin targets on track (TSLA) : Reports Q2 (Jun) earnings of $0.11 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.04; non-GAAP rev rose 55.3% year/year to $857.5 mln vs the $817.59 mln consensus. 

  • Q2 deliveries 7579 vs. 7500 guidance (ests usually modestly higher); 35K deliveries FY14 on track 
    • "The speed at which we are executing this capacity upgrade will allow us to exceed 35,000 Model S deliveries this year". 
  • During Q2, we achieved a non-GAAP automotive gross margin of 26.8%, and 26.9% on a GAAP basis. These results represent a 140 basis point improvement in non-GAAP automotive gross margin sequentially, excluding ZEV credits, and our warranty reserves are generally consistent with the prior quarter. 
  • We plan to produce about 9,000 cars in Q3. This target takes into account the effect of the two-week production shutdown related to the transition to the new final assembly line at the Fremont factory. If we had been able to avoid this production down time, we would have been able to forecast Q3 quarterly production at about 11,000 units. 
  • After considering our planned production and the need to have more vehicles in transit (including the new RHD models), we expect to be able to deliver about 7,800 Model S vehicles in Q3. Without the planned factory retooling shutdown, Q3 delivery expectations would have been ~9,500 vehicles. 
  • We expect non-GAAP automotive gross margin in Q3 to be about consistent with the prior quarter. As manufacturing efficiencies and part costs continue to improve, we continue to anticipate a 28% non-GAAP automotive gross margin, excluding ZEV credits, by Q4 of this year. 
  • We expect to lease about 300 cars in North America during Q3, and much more in Q4. actory production reached 8,763 Model S vehicles during the quarter, up 16% from Q1. Recently, we have been producing about 800 cars per week. Panasonic's increased cell production capacity in Japan has begun to reduce this critical constraint on vehicle production. 
  • In June, we broke ground just outside Reno, Nevada on a site that could potentially be the location for the Gigafactory. Consistent with our strategy to identify and break ground on multiple sites, we continue to evaluate other locations in Arizona, California, New Mexico and Texas

4:18 pm Vertex Pharm receives European approval for KALYDECO (ivacaftor) in eight non-G551D gating mutations; KALYDECO is the first medicine to treat the underlying cause of CF in people with specific non-G551D gating mutations (VRTX) : Co announced that the European Commission has approved KALYDECO (ivacaftor) for people with cystic fibrosis ages 6 and older who have one of eight non-G551D gating mutations in the cystic fibrosis transmembrane conductance regulator gene. Today's approval follows the positive opinion from the Committee for Medicinal Products for Human Use in June 2014. KALYDECO was first approved in Europe in July 2012 for people with CF ages 6 and older who have the G551D mutation, which is the most common gating mutation. The eight additional gating mutations included in today's approval are: G178R, S549N, S549R, G551S, G1244E, S1251N, S1255P and G1349D. In Europe, ~250 people ages 6 and older have one of these non-G551D gating mutations.

  • Today's approval is based on previously announced data from the first part of a Phase 3, two-part, randomised, double-blind, placebo-controlled, cross-over study of 39 people with CF ages 6 and older who have a non-G551D gating mutation. 
  • The first part of the study showed statistically significant improvements in lung function, sweat chloride, body mass index and CFQ-R scores
  • Data from the second part of the study were presented at the European Cystic Fibrosis Society Conference in June 2014 and showed that these improvements were maintained through 24 weeks of treatment. 
  • The safety profile was similar to prior Phase 3 studies of KALYDECO in people with the G551D mutation.

4:18 pm EP Energy provides operational update - increases Wolfcamp type well EUR and economics (EPE) : Key highlights include:

  • Increased Wolfcamp Type Well EUR to 450 MBOE, with significant improvement to well economics 
  • Ongoing enhancements to completion designs in all three of its oil programs contributed to stronger than expected production growth in 2Q 2014 
  • Record oil production of 53.3 thousand barrels per day (MBbls/d) in 2Q 2014 - A 60 percent increase in oil production from 2Q'13 and a 10 percent increase from the first quarter of 2014

4:18 pm Matson beats by $0.07, beats on revs (MATX) : Reports Q2 (Jun) earnings of $0.50 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.43; revenues rose 4.8% year/year to $436.5 mln vs the $429.83 mln consensus.

4:17 pm Alexza Pharma provides pipeline update; AZ-002 Phase 2a study in patients with epilepsy planned for second half of 2014 (ALXA) :

  • Co provided an update on its pipeline and new product development efforts. In the second half of 2014, co expects to initiate a Phase 2a study of AZ-002 (Staccato alprazolam), which is being developed for the management of patients with acute repetitive seizures. 
  • Additionally, co has identified two new Staccato-based product candidates for development - AZ-008 and AZ-009 - which will incorporate the active pharmaceutical ingredient ropinirole, a dopamine agonist, into co's proprietary Staccato system. 
  • The co plans to develop AZ-008 for the acute treatment of restless legs syndrome (:RLS) and AZ-009 for hypomobility, or freezing, during "off periods" in Parkinson's disease (PD.TO) patients.

4:17 pm Bravio Brio misses by $0.02, misses on revs; lowers FY14 guidance below consensus (BBRG) : Reports Q2 (Jun) earnings of $0.20 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.22; revenues fell 1.0% year/year to $104.5 mln vs the $108.06 mln consensus.

  • Q2 Total comparable restaurant sales decreased 5.1%. 
  • Q2 Comparable restaurant sales decreased 6.0% at BRAVO! and 4.5% at BRIO. 
  • Co issues downside guidance for FY14, sees EPS of $0.71-0.75 vs. $0.79 Capital IQ Consensus Estimate, prior $0.78-0.84; sees FY14 revs of $405-410 mln vs. $422.67 mln Capital IQ Consensus Estimate, prior $420-430 mln.

4:17 pm Omnicell beats by $0.01, beats on revs (OMCL) : Reports Q2 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 12.2% year/year to $105.1 mln vs the $102.89 mln consensus.

"We are experiencing continued healthy customer demand, with 47% of Automation and Analytics bookings from new customers and competitive conversions such as the 12-hospital, 2500-bed Allina Health System, which selected Omnicell as their system-wide medication automation vendor."

4:16 pm Expedia beats by $0.28, beats on revs (EXPE) : Reports Q2 (Jun) earnings of $1.03 per share, $0.28 better than the Capital IQ Consensus Estimate of $0.75; revenues rose 24.0% year/year to $1.49 bln vs the $1.44 bln consensus. 

  • Gross bookings growth of 29% and revenue growth of 24% were primarily driven by strong hotel room night and air ticket growth. Revenue growth was also driven by strength in advertising and media revenue which grew 54% to $123 million for the quarter.
  • Domestic gross bookings increased 35% and international gross bookings increased 21% (19% excluding foreign exchange). 
  • International bookings totaled $5.2 billion, accounting for 40% of worldwide bookings versus 42% in the prior year. The decrease in international gross bookings mix was primarily due to the inclusion of the Travelocity-branded websites which bolstered domestic gross bookings. 
  • Revenue as a percentage of gross bookings was 11.5% for the second quarter of 2014, a decrease of 45 basis points compared to the second quarter of 2013.
  • Hotel revenue increased 23% in the second quarter of 2014 on a 28% increase in room nights stayed driven by Brand Expedia including the Travelocity-branded websites and Hotels.com, partially offset by a 4% decrease in revenue per room night.
    • Revenue per room night decreased primarily due to efforts to expand the size and availability of the global hotel supply portfolio, including contracts signed as part of the Expedia Traveler Preference (ETP) program and promotional activities such as growing loyalty programs and couponing. This decline was partially offset by a 2% increase in average daily rates.
  • Air revenue increased 22% in the second quarter of 2014 due to a 28% increase in air tickets sold, partially offset by a 5% decrease in revenue per ticket.
  • Advertising and media revenue increased 54% in the second quarter of 2014 due to continued strong growth in trivago and Expedia Media Solutions. All other revenue increased 15% in the second quarter of 2014 primarily on growth in our travel insurance and car rental products.

4:16 pm Hudbay Minerals announces pricing for $170 mln senior unsecured notes due 2020 (HBM) : Co announced that it has priced an additional offering of $170 mln aggregate principal amount of its 9.50% senior unsecured notes due October 1, 2020. The Notes are additional to the $750 mln aggregate principal amount of 9.50% senior unsecured notes that Hudbay issued in September 2012, June 2013 and December 2013. The Notes were priced at 107.00% of the aggregate principal amount, providing the company with gross proceeds of $181.9 mln and will yield 8.03% to maturity.

  • The offering is expected to close on or about August 6, 2014, subject to customary closing conditions. 
  • Hudbay plans to use the net proceeds from the offering for the repayment of existing debt of its new ~ 96%-owned subsidiary, Augusta Resource Corporation, and for general corporate purposes.

4:16 pm Chefs' Warehouse misses by $0.03, beats on revs; guides FY14 EPS in-line, revs in-line (CHEF) : Reports Q2 (Jun) earnings of $0.18 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.21; revenues rose 25.2% year/year to $213.1 mln vs the $205.85 mln consensus.

  • Co issues in-line guidance for FY14, sees EPS of $0.63-0.71 vs. $0.67 Capital IQ Consensus Estimate; sees FY14 revs of $820-840 mln vs. $824.98 mln Capital IQ Consensus Estimate.  

"We experienced significant inflation in the protein category, particularly at our Allen Brothers subsidiary, which we were unable to pass through to customers, negatively impacting our overall results. We have made significant steps in addressing these challenges and are confident in the long-term opportunities to build upon the Allen Brothers brand."

4:15 pm Outerwall beats by $0.04, misses on revs; guides Q3 EPS below consensus, revs below consensus; lowers FY14 EPS below consensus, revs below consensus (OUTR) : Reports Q2 (Jun) earnings of $1.42 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $1.38; revenues fell 0.7% year/year to $549.17 mln vs the $559.5 mln consensus.

  • "June represented the lowest monthly theatrical box office in Redbox history. Box office in June was down 83 percent from June 2013 as only four titles were released during the month. While the release schedule was not compelling for consumers during the quarter, consumer engagement with Redbox remained strong as demonstrated by a significant year-over-year increase in e-mail open rates, e-mail subscribers and Redbox app downloads."
  • "Coinstar produced solid results in the quarter, with revenue, segment operating income and segment operating margin increasing year-over-year. We also continued to scale ecoATM. We finalized kiosk installation agreements with retail partners in the mass merchant and grocery channels. Overall, we delivered solid results during the quarter despite external challenges and believe we are well-positioned to deliver value to our consumers, retail partners and shareholders."
  • The company repurchased approximately $50.0 million of its common stock, representing approximately 712,000 shares at an average price of $70.27 per share during the second quarter of 2014.
Co issues downside guidance for Q3, sees EPS of $0.99-1.29, excluding non-recurring items, vs. $1.89 Capital IQ Consensus Estimate; sees Q3 revs of $535-565 mln vs. $615.76 mln Capital IQ Consensus Estimate. Co sees core adjusted EBITDA from continuing operations between $100 million and $115 million.

Co issues downside guidance for FY14, sees EPS of $5.78-6.28, excluding non-recurring items, (lowered from $6.68-7.18) vs. $6.67 Capital IQ Consensus Estimate; sees FY14 revs of $2.254-2.334 (lowered from $2.378-2.488 bln) vs. $2.4 bln Capital IQ Consensus Estimate. Co sees core adjusted EBITDA from continuing operations between $450 million and $490 million, free cash flow between $200 million and $240.
million.
  • Guidance for the third quarter and full-year 2014 reflects lower than expected second quarter 2014 revenue, a lower box office for the second half of this year compared with the company's previous expectations, changes in the timing of the release schedule, increased interest expense as a result of the new debt issued in June, the repurchase of common stock in the second quarter of 2014 and the delayed timing of ecoATM kiosk installs.

4:15 pm Worthington acquires cryogenic transport trailer maker; financial terms not disclosed (WOR) :  

4:15 pm Web.com announces Acquisition of Scoot; terms not disclosed (WWWW) :  

4:15 pm Skullcandy beats by $0.05, reports revs in-line; guides Q3 EPS in-line; guides FY14 EPS above consensus (SKUL) : Reports Q2 (Jun) earnings of $0.06 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.01; revenues rose 6.1% year/year to $53.9 mln vs the $53.9 mln consensus.

  • Co issues in-line guidance for Q3, sees EPS of $0.02-0.05 vs. $0.05 Capital IQ Consensus Estimate; sees Q3 revs +7%-9% vs. +8% consensus
  • Co issues upside guidance for FY14, sees EPS of $0.22-0.26 vs. $0.19 Capital IQ Consensus Estimate; sees FY14 revs up mid to high single digit percentage range (consensus +7%)

4:15 pm Rockwell Medical Tech. beats single estimate by $0.05 (RMTI) : Reports Q2 (Jun) loss of $0.08 per share, $0.05 better than the single estimate of ($0.13); revenues rose 0.2% year/year to $13 mln vs the $13.45 mln consensus (3 estimates).

4:15 pm Arris beats by $0.02, reports revs in-line; guides Q3 EPS above consensus, revs in-line (ARRS) : 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 42.9% year/year to $1.43 bln vs the $1.43 bln consensus.

Co issues mixed guidance for Q3, sees EPS of $0.69-0.74 vs. $0.69 Capital IQ Consensus Estimate; sees Q3 revs of $1.37-1.41 bln vs. $1.42 bln Capital IQ Consensus Estimate.

4:14 pm Kodiak Oil & Gas misses by $0.10, beats on revs (KOG) : Reports Q2 (Jun) earnings of $0.08 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.18; revenues rose 72.9% year/year to $300 mln vs the $283.57 mln consensus.

  • Kodiak reported an overall 65% increase in quarter-over-quarter equivalent sales volumes with 3.5 million barrels of oil equivalent (:MMBOE) sold, or an average of 38,271 BOE per day (BOE/d) during the second quarter 2014, as compared to 2.1 million BOE, or an average of 23,205 BOE/d in the second quarter of 2013. Crude oil revenue accounted for approximately 93% of oil and gas sales recorded during the second quarter 2014.

4:14 pm Pharmacyclics misses by $0.26, beats on revs (PCYC) : Reports Q2 (Jun) loss of $0.26 per share, excluding non-recurring items, $0.26 worse than the Capital IQ Consensus Estimate of ($0.00); revenues rose 106.6% year/year to $113 mln vs the $95.25 mln consensus.

  • Non-GAAP R&D expenses for the quarter ended June 30, 2014 were $37.5 million, compared to $24.2 million for the quarter ended June 30, 2013. 
  • Non-GAAP SG&A expenses were $36.2 million for the quarter ended June 30, 2014, compared to $11.6 million for the quarter ended June 30, 2013.
  • "We're pleased to report these very strong results today that reflect our commercial success with IMBRUVICA and which indicate a continued strong growth trend for the remainder of the year," said Bob Duggan, Chairman & CEO of Pharmacyclics. "This quarter's results are bolstered by a well executed commercial strategy, availability of compelling clinical data, and a robust presence within scientific peer-review forums. In addition, recent regulatory actions both in the U.S. and in Europe continue to validate the efficacy, safety and tolerability of IMBRUVICA, and strengthen its brand within the CLL prescriber, patient and payor environments."

4:14 pm Fannie Mae releases June 2014 monthly summary; Book of Business decreased at a compound annualized rate of 1.7% in June (FNMA) : Co released June 2014 monthly summary. Highlights include:

  • Fannie Mae's Book of Business decreased at a compound annualized rate of 1.7 percent in June.
  • Fannie Mae's Gross Mortgage Portfolio declined at a compound annualized rate of 9.6 percent in June.
  • The Conventional Single-Family Serious Delinquency Rate fell three basis points to 2.05 percent in June; the Multifamily Serious Delinquency Rate remained at 0.10 percent in June.
  • The Effective Duration Gap on Fannie Mae's portfolio averaged zero months in June.
  • Fannie Mae completed 10,083 loan modifications in June, for a total of 68,054 loan modifications in the six months ended June 30, 2014.

4:14 pm HFF Inc. secures $175 mln financing for 7-property multi-state industrial portfolio (HF) : Co announced that it has secured $175 mln in financing for a seven-property, 4.99 million-square-foot industrial portfolio located in California, Texas and Mississippi.

The seven-property portfolio includes two assets in San Bernardino, California; four in the Dallas, Texas metropolitan area; and one in Southaven, Mississippi. Constructed between 2001 and 2005, the portfolio is 94.1 percent leased overall.

4:13 pm Vocera misses by $0.05, misses on revs; guides FY14 EPS below consensus, revs below consensus, co cites tight expense control by US hospitals (VCRA) : Reports Q2 (Jun) loss of $0.16 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of ($0.11); revenues fell 9.1% year/year to $23.0 mln vs the $24.9 mln consensus. Co issues downside guidance for FY14, sees EPS of $(0.74)-(0.62), excluding non-recurring items, vs. ($0.22) Capital IQ Consensus Estimate; sees FY14 revs of $90-95 mln vs. $109.9 mln Capital IQ Consensus Estimate.

  • "Q2 results reflected continued tight expense control by U.S. hospitals, driven by uncertainty around patient volumes and reimbursement levels...Despite not meeting our revenue expectations, we achieved strong international bookings, better than expected uptake of the new Vocera Collaboration Suite and high customer renewals. With the recent launch of the Vocera Alarm Management and Alarm Analytics solutions, the product line has never been stronger and customer loyalty remains very high."

4:13 pm Green Dot beats by $0.16, misses on revs; raises FY14 EPS above consensus, reaffirms FY14 revs guidance (GDOT) : Reports Q2 (Jun) earnings of $0.41 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 4.5% year/year to $147.01 mln vs the $153.12 mln consensus.

  • Co issues guidance for FY14, sees EPS of $1.37-1.41 vs. $1.27 Capital IQ Consensus Estimate, prior guidance $1.22-1.28; reaffirms FY14 revs of $640-650 mln vs. $634.77 mln Capital IQ Consensus Estimate.
  • Co expects adjusted EBITDA to be between $128-132 mln

4:12 pm SunPower beats by $0.03, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY14 EPS in-line, revs in-line (SPWR) : Reports Q2 (Jun) earnings of $0.28 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.25; revenues fell 4.4% year/year to $621.1 mln vs the $595.98 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.15-0.35, excluding non-recurring items, vs. $0.29 Capital IQ Consensus Estimate; sees Q3 revs of $600-650 mln vs. $658.20 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY14, sees EPS of $1.10-1.40, excluding non-recurring items, vs. $1.30 Capital IQ Consensus Estimate; sees FY14 revs of $2.50-2.65 bln vs. $2.6 bln Capital IQ Consensus Estimate.

4:11 pm Genpact beats by $0.01, reports revs in-line; guides FY14 revs in-line (G) : Reports Q2 (Jun) earnings of $0.27 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 5.0% year/year to $561.6 mln vs the $556.13 mln consensus.

  • Co issues in-line guidance for FY14, sees FY14 revs of $2.24-2.28 bln vs. $2.25 bln Capital IQ Consensus Estimate.

4:10 pm American Vanguard beats by $0.01, reports revs in-line (AVD) : Reports Q2 (Jun) earnings of $0.01 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.00); revenues fell 21.3% year/year to $68.3 mln vs the $68.48 mln consensus.

"We believe that channel inventories have been reduced significantly this spring and that more normal purchasing patterns are likely to resume for the 2015 season which should start later this year and into the pre-planting months of 2015. We are undertaking cost reduction programs to right-size our manufacturing function with the product demand that we are forecasting. We have trimmed our operating expenses and will remain disciplined in our capital expenditures..."

4:09 pm SS&C Techs reports EPS in-line, revs in-line; guides Q3 revs below consensus; guides FY14 revs in-line (SSNC) : Reports Q2 (Jun) earnings of $0.57 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.57; revenues rose 6.3% year/year to $188.7 mln vs the $189.2 mln consensus. Co issues downside guidance for Q3, sees Q3 adjusted revs of $190-194 mln vs. $194.5 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY14, sees FY14 adjusted revs of $757-770 mln vs. $767.4 mln Capital IQ Consensus Estimate.

4:09 pm Financial Engines beats by $0.02, reports revs in-line; guides FY14 revs below consensus (FNGN) : 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 rose 20.8% year/year to $69.8 mln vs the $70.2 mln consensus.

  • Assets under contract were $869 bln
  • Assets under management were $98.4 bln
  • Asset enrollment rates for companies where services have been available for 26 months or more averaged 13.2%
  • Co issues downside guidance for FY14, sees FY14 revs of $277-282 mln vs. $284.54 mln Capital IQ Consensus Estimate; non-GAAP Adjusted EBITDA will be in the range of $98-100 mln

4:09 pm LinkedIn beats by $0.12, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY14 EPS above consensus, revs above consensus (LNKD) : Reports Q2 (Jun) earnings of $0.51 per share, $0.12 better than the Capital IQ Consensus Estimate of $0.39; revenues rose 46.8% year/year to $534 mln vs the $510.46 mln consensus. 

  • Talent Solutions: Revenue from Talent Solutions products totaled $322 million (Briefing.com consensus $296 mln), an increase of 49% compared to the second quarter of 2013. Talent Solutions revenue represented 60% of total revenue in the second quarter of 2014 and 2013.  
  • Marketing Solutions: Revenue from Marketing Solutions products totaled $106 million (Briefing.com consensus $114 mln), an increase of 44% compared to the second quarter of 2013. Marketing Solutions revenue represented 20% of total revenue in the second quarter of 2014 and 2013.  
  • Premium Subscriptions: Revenue from Premium Subscriptions products totaled $105 million (Briefing.com consensus $101 mln), an increase of 44% compared to the second quarter of 2013. Premium Subscriptions represented 20% of total revenue in the second quarter of 2014 and 2013.
Guidance
  • Co issues upside guidance for Q3, sees EPS of $0.44 vs. $0.40 Capital IQ Consensus Estimate; sees Q3 revs of $543-547 mln vs. $540.28 mln Capital IQ Consensus estimate; Sees EBITDA in the range of $134-136 mln, Briefing.com consensus $127.75 mln Consensus Estimate. 
  • Co issues upside guidance for FY14, sees EPS of $1.80 vs. $1.65 Capital IQ Consensus Estimate; sees FY14 revs of $2.14-2.14 bln vs. $2.13 bln Capital IQ Consensus Estimate; sees EBITDA in the range of $545-550 mln, Briefing.com consensus $521 mln.

4:09 pm Imperva beats by $0.16, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY14 EPS above consensus, revs above consensus (IMPV) : Reports Q2 (Jun) loss of $0.25 per share, $0.16 better than the Capital IQ Consensus Estimate of ($0.41); revenues rose 22.7% year/year to $38.4 mln vs the $34.41 mln consensus.

  • Co issues in-line guidance for Q3, sees EPS of ($0.33)-($0.25) vs. ($0.29) Capital IQ Consensus Estimate; sees Q3 revs of $38-41 mln vs. $39.50 mln Capital IQ Consensus Estimate. 
  • Co issues upside guidance for FY14, sees EPS of ($1.06)-($0.83) vs. ($1.14) Capital IQ Consensus Estimate; sees FY14 revs of $155.5-162.5 mln vs. $153.63 mln Capital IQ Consensus Estimate.

4:08 pm GoPro beats by $0.01, beats on revs (GPRO) : Reports Q2 (Jun) earnings of $0.08 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.07; revenues rose 38.1% year/year to $244.6 mln vs the $237.97 mln consensus.

  • Non-GAAP gross margin in the second quarter of 2014 was 42.2%, compared to 32.3% in the second quarter of 2013 and 41.1% in the first quarter of 2014.
     
  • Commentary: "We delivered a strong quarter of operating results driven by increased demand for our Hero 3+ Black Edition and demand for our accessory products. We are seeing a tremendous volume of quality content generated by our users and a 200% year over year increase in video views on YouTube, which is fueling our virtuous cycle whereby viewership of GoPro content drives sales. Our second quarter performance demonstrates our users' continued passion for GoPro's products, content and brand."

4:08 pm Cerus misses by $0.02, beats on revs; reaffirms FY14 revs guidance (CERS) : Reports Q2 (Jun) loss of $0.16 per share, $0.02 worse than the Capital IQ Consensus Estimate of ($0.14); revenues fell 15.7% year/year to $8.6 mln vs the $8.08 mln consensus. Co reaffirms guidance for FY14, sees FY14 revs of $38-40 mln vs. $38.59 mln Capital IQ Consensus Estimate.

4:08 pm AmSurg reports EPS in-line, revs in-line; guides Q3 EPS below consensus; raised 2014 guidance for the acquisition of Sheridan Healthcare (AMSG) : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.63; revenues rose 5.2% year/year to $281.1 mln vs the $282.5 mln consensus.

  • Co issues downside guidance for Q3, sees EPS of $0.63-0.65, excluding non-recurring items, vs. $0.66 Capital IQ Consensus Estimate.
  • Co raises FY14 guidance for the Acquisition of Sheridan Healthcare; co raises EPS to $2.61-2.66, excluding non-recurring items, vs. $2.53 Capital IQ Consensus Estimate, from $2.41-2.45; raised FY14 revs to $1.61-1.63 bln vs. $1.65 bln Capital IQ Consensus Estimate, from $1.12-1.13 bln

4:08 pm YRC Worldwide misses by $0.15, reports revs in-line (YRCW) : Reports Q2 (Jun) loss of $0.16 per share $0.15 worse than the Capital IQ Consensus Estimate of ($0.01); revenues rose 6.0% year/year to $1.32 bln vs the $1.31 bln consensus. 

  • "The additional revenue is due to increased volumes as well as a slight gain in revenue per hundredweight. The growth in shipments and tonnage per day is a result of the overall economic improvement and renewed shipper confidence due to the successful completion of our refinancing and modified labor agreement in February 2014," continued Welch. "However, profitability for the second quarter was negatively impacted by the network not being fully in cycle which resulted in a decrease in productivities, the re-handling of freight and less than optimal use of purchased transportation. The year-over-year decline in profitability can also be attributed to a $7.5 million increase in expense related to bodily injury claims as well as a $2.9 million increase in cargo claims expense when compared to the second quarter of 2013. The increase in our bodily injury claims expense was driven by an increase in outstanding claims and an increase in development of prior year claims that remain unsettled."

4:07 pm Prothena announces initiation of multiple ascending dose Phase 1 study of PRX002 in patients with Parkinson's Disease; first patient with Parkinson's Disease successfully dosed in second Phase 1 study (PRTA) : Co announced that the first patient with Parkinson's disease has been successfully dosed in a Phase 1 multiple ascending dose clinical trial of PRX002, a potential disease-modifying treatment for Parkinson's disease. This study builds upon an ongoing Phase 1 single ascending dose study initiated in April 2014 designed to evaluate PRX002 in healthy volunteers.

4:06 pm Bacterin International announces public offering of common stock; size not disclosed (BONE) : Co announced that it intends to offer shares of its common stock and warrants to purchase common stock in an underwritten public offering pursuant to an effective shelf registration statement.

  • Net proceeds from the offering are expected to be used for working capital and general corporate purposes including the continued expansion of the company's sales force and increasing inventory levels to support anticipated future growth.
  • Northland Securities, Inc. is acting as the sole book-running manager for the offering.

4:06 pm Transcat agrees to terms on $1.5 mln calibration and compliance services contract (TRNS) : Co announced that the co has agreed to terms on a three-year, $1.5 million contract to provide calibration and compliance services to a Life Science company headquartered in the Northeast U.S. The customer specializes in digital diagnostic tools and services to assist in better health decisions.

4:06 pm Quaker Chemical beats by $0.01, reports revs in-line (KWR) : Reports Q2 (Jun) earnings of $1.11 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $1.10; revenues rose 3.5% year/year to $191.3 mln vs the $191.82 mln consensus.

4:06 pm Edison beats by $0.26, misses on revs; sees full yr core EPS well above high end of guidance range (EIX) : Reports Q2 (Jun) earnings of $1.08 per share, $0.26 better than the Capital IQ Consensus Estimate of $0.82; revenues fell 1.0% year/year to $3.02 bln vs the $3.06 bln consensus.  

"Based on our year-to-date results, we expect full-year earnings to be well above the high end of our core earnings guidance range. We are not providing new earnings guidance at this time, but may consider adjusting guidance when third quarter results are reported."

4:06 pm pSivida reports ILUVIEN for chronic diabetic macular edema receives marketing authorization in Denmark, 9th EU approval (PSDV) :

  • ILUVIEN is currently under review by the U.S. Food and Drug Administration with a Prescription Drug User Fee Act (:PDUFA) goal date of September 26, 2014.
  • Co will receive a $25 mln payment from Alimera Sciences (ALIM) upon FDA approval. 

4:05 pm Motorola Solutions increases quarterly dividend to $0.34 from $0.31/share (MSI) :  

4:05 pm Trulia beats by $0.06, beats on revs; guides Q3 revs above consensus (TRLA) : Reports Q2 (Jun) loss of $0.11 per share, $0.06 better than the Capital IQ Consensus Estimate of ($0.17); revenues rose 115.8% year/year to $64.1 mln vs the $62.3 mln consensus.

  • Co issues upside guidance for Q3, sees Q3 revs of $68.4-70.4 mln vs. $67.39 mln Capital IQ Consensus Estimate.  Q3 Guidance: Adjusted EBITDA is expected to be in the range of $5.4 mln to $5.6 mln. This represents 8% of revenue at the midpoint of the range.
  • Monthly unique visitors in the second quarter of 2014 were 51.6 mln, an increase of 48% from 34.9 mln in the same period last year. Mobile monthly unique visitors in the second quarter of 2014 were 25.1 mln, an increase of 92% from 13.0 mln in the same period last year. 
  • Total subscribers as of June 30, 2014 were approximately 74,000, an increase from the approximately 67,000 as of March 31, 2014. 
  • Average monthly revenue per subscriber for the second quarter of 2014 was $206, a 6% increase from $194 in the same period last year and a $10 increase from the first quarter of 2014. Adjusted EBITDA for the second quarter of 2014 was $4.6 mln, compared with $3.4 mln for the second quarter of 2013.
  • Related Stocks: Zillow (Z)

4:05 pm Tableau Software beats by $0.09, beats on revs (DATA) : Reports Q2 (Jun) earnings of $0.05 per share, $0.09 better than the Capital IQ Consensus Estimate of ($0.04); revenues rose 81.8% year/year to $90.7 mln vs the $79.43 mln consensus.

  • License revenues were $60.4 million, up 80% year over year.
  • Non-GAAP operating income, which excludes stock-based compensation, was $7.0 million for the second quarter of 2014, compared to a non-GAAP operating income of $1.0 million for the second quarter of 2013.

4:05 pm FleetCor beats by $0.02, reports revs in-line; guides FY14 EPS in-line, revs in-line (FLT) : Reports Q2 (Jun) earnings of $1.27 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $1.25; revenues rose 23.8% year/year to $273.5 mln vs the $273.83 mln consensus.

Co issues in-line guidance for FY14, sees EPS of $5.04-5.10 vs. $5.05 Capital IQ Consensus Estimate; sees FY14 revs of $1.082-1.097 bln vs. $1.1 bln Capital IQ Consensus Estimate.

4:05 pm DigitalGlobe beats by $0.04, reports revs in-line; reaffirms FY14 revs guidance (DGI) : Reports Q2 (Jun) earnings of $0.05 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.01; revenues rose 4.8% year/year to $157.8 mln vs the $156.89 mln consensus.

  • Co reaffirms guidance for FY14, sees FY14 revs of $630-660 mln vs. $644.47 mln Capital IQ Consensus Estimate. 
  • The company expects to achieve a full-year Adjusted EBITDA margin of approximately 43% with a fourth quarter 2014 Adjusted EBITDA margin of 50%. 
  • The company also expects 2014 capital expenditures of approximately $170 million.
  • "We are looking forward to the launch of WorldView-3 in mid-August -- further extending our commanding lead in all aspects of quality that matter to customers. We are also pleased to introduce a $75 million share repurchase that reflects our confidence in our future and our commitment to balancing organic growth, M&A and return of capital in a fashion intended to create shareowner value over time."

4:05 pm EPIQ Systems reports EPS in-line, misses on revs; 2Q14 adjusted EBITDA was $24.7 mln compared to $23.4 mln in the prior year (EPIQ) : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.21; revenues rose 10.0% year/year to $115.5 mln vs the $124.08 mln consensus.

  • 2Q14 adjusted EBITDA was $24.7 mln compared to $23.4 mln in the prior year quarter.
  • 2Q14 operating revenue of $78.5 million for the Technology segment represented organic growth of 12% compared to 2013, reflecting Epiq's continued global leadership position in the eDiscovery market. June 30, 2014 year-to-date Technology operating revenue of $159.7 million increased 28% versus the prior year

4:04 pm EPIQ Systems reports EPS in-line, misses on revs (EPIQ) : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.21; revenues rose 10.0% year/year to $115.5 mln vs the $124.08 mln consensus.

4:03 pm Western Union reports EPS in-line, revs in-line; guides FY14 EPS in-line (WU) : Reports Q2 (Jun) earnings of $0.36 per share, in-line with the Capital IQ Consensus Estimate of $0.36; revenues rose 1.4% year/year to $1.41 bln vs the $1.42 bln consensus. 

  • FY14  Guidance
  • Revenue Low to mid-single digit constant currency revenue increase Flat to low single digit GAAP revenue growth, which reflects expected negative currency impact from certain emerging market countries
  • Operating Profit Margins GAAP operating margin in a range of approximately 19.5% to 20% (previous range was 19% to 20%) Compliance related expenses are expected to total approximately 3.5% to 4.0% of revenue in 2014
  • Co issues in-line guidance for FY14, sees EPS of $1.45-1.50 vs. $1.46 Capital IQ Consensus Estimate.

4:03 pm Addus HomeCare beats by $0.01, beats on revs (ADUS) : Reports Q2 (Jun) earnings of $0.26 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 17.0% year/year to $77 mln vs the $74.79 mln consensus.

4:02 pm Alimera Sciences' ILUVIEN receives marketing authorization in Denmark for the treatment of Chronic Diabetic Macular Edema (ALIM) : Co announced that the Danish Health and Medicines Authority has granted marketing authorization to ILUVIEN for the treatment of vision impairment associated with chronic diabetic macular edema considered insufficiently responsive to available therapies. With Norway's approval earlier this month, Denmark is the second country to grant national marketing authorization following the positive outcome in June of the Repeat-Use Procedure application.

  • In addition to Denmark, ILUVIEN is now approved for marketing in Austria, France, Germany, Italy, Norway, Portugal, Spain and the United Kingdom, and is commercially available in the United Kingdom and Germany. 
  • ILUVIEN is pending approval in an additional eight countries included in the Repeat-Use Procedure application. These countries are Belgium, the Czech Republic, Finland, Ireland, Luxembourg, the Netherlands, Poland and Sweden. 
  • A new drug application for ILUVIEN is currently under review by the FDA.

4:02 pm Einstein Noah misses by $0.05, reports revs in-line (BAGL) : Reports Q2 (Jun) earnings of $0.18 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.23; revenues rose 4.3% year/year to $112.4 mln vs the $112.16 mln consensus.

4:02 pm Fate Therapeutics secures up to $20 mln in debt financing (FATE) :

  • Co announced that it has completed a long-term debt financing of up to $20 mln with Silicon Valley Bank. 
  • The co has drawn down $10 million, at a fixed interest rate of 6.9%, under the first tranche of the debt facility.
  • Proceeds from the transaction will be used for general working capital purposes including the expansion of the co's research on therapeutic applications of human induced pluripotent stem cell (iPSC)-derived hematopoietic cells and myogenic progenitor cells. 
  • Subject to the achievement of a specified clinical milestone relating to the PUMA study, the co has the option to access a second tranche of up to $10 mln through the end of the fourth quarter of 2014.

4:02 pm DXP Enterprises beats by $0.10, beats on revs (DXPE) : Reports Q2 (Jun) earnings of $1.00 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.90; revenues rose 23.9% year/year to $381.6 mln vs the $365.38 mln consensus.

4:01 pm FBL Financial beats by $0.09 (FFG) : Reports Q2 (Jun) earnings of $1.05 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.96; revenues fell 0.5% year/year to $175.83 mln vs the $168.92 mln single estimate.

4:01 pm Bon-Ton Stores names Kathryn Bufano President and Chief Executive Officer (BONT) :

  • Ms. Bufano has served as President and Chief Merchandising Officer of Belk Inc. since August 2010 and previously served as its President, Merchandising and Marketing from January 2008 to August 2010.

4:01 pm Vocera names Justin Spencer as Executive Vice President and Chief Financial Officer (VCRA) :

  • Prior to joining co, Mr. Spencer was the CFO and executive vice president of finance and administration for five years at Symmetricom, Inc., recently acquired by Microsemi (MSCC), where he led all finance, investor relations, legal and information technology activities with teams located in the United States, Europe and Asia Pacific.

4:01 pm Fluidigm announces early access program for new imaging mass cytometry platform (FLDM) : Co has begun accepting applications to an early access program for its upcoming imaging mass cytometry platform. Prototypes of the product are expected to begin shipping to early access partners by the end of this year.

4:01 pm Affymetrix beats by $0.04, beats on revs (AFFX) : Reports Q2 (Jun) earnings of $0.07 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.03; revenues rose 7.4% year/year to $85.4 mln vs the $83.5 mln consensus.

3:58 pm Apt Inv & Mgt beats by $0.01, beats on revs; guides Q3 FFO below consensus; raises low end of FY14 FFO range (AIV) : Reports Q2 (Jun) funds from operations of $0.52 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 1.9% year/year to $246.4 mln vs the $237.72 mln consensus.

  • Y/y, Q2 Pro forma FFO increased 6% as a result of improved property operating results, lower offsite costs and increased contribution from redevelopment communities. These positive results were somewhat offset by the loss of income from apartment communities that were sold
Co issues downside guidance for Q3, sees FFO of $0.48-0.52 vs. $0.52 Capital IQ Consensus Estimate.

Co issues in-line guidance for FY14, sees FFO of $2.04-2.12 vs prior guidance range of $2.02-2.12 compared to $2.07 Capital IQ Consensus Estimate. Co expects rev change for FY14 to be 3.90-4.20% higher than 2013 revs. 

3:40 pm Dow -273 edges 35 points off low -- S&P -34, Nasdaq Comp -82 (:TECHX) :  

3:36 pm Sport Chalet A provides tender offer update; offer price subject to reduction from $1.20 to $1.04 (SPCHA) : Co announces that, subject to withdrawal rights, the minimum tender condition to the cash tender offer for all outstanding Class A and Class B shares of Sport Chalet commenced by an affiliate of Vestis Retail Group, pursuant to the Agreement and Plan of Merger announced on June 30, 2014, has been satisfied.

  • The minimum tender condition required that the number of Shares tendered in the Offer, when combined with the Shares that Vestis has agreed to purchase from Sport Chalet's founding family members, represents at least a majority of the voting power of Sport Chalet. The Offer expires at 12:00 Midnight New York City time, at the end of Friday, August 1, 2014.
  • In order for tendering stockholders to receive the current offer price of $1.20 per Share, the total number of Shares tendered in the Offer prior to the Expiration Time, together with the Shares that Vestis has agreed to purchase from Sport Chalet's founding family members (for $0.75 per share), must constitute at least 90% of each class of Shares. If the threshold of 90% of each class is not reached, the $1.20 price will be reduced to $1.04. Therefore, to increase the likelihood of receiving consideration of $1.20 per Share, Sport Chalet stockholders are encouraged to tender their Shares in the Offer prior to the Expiration Time.

3:35 pm Leucadia Nat'l subsidiary LNG Development Company, LLC -- doing business as Oregon LNG -- secures Department of Energy approval for global LNG exports (LUK) : Oregon LNG announced that it has received authorization from the U.S. Department of Energy to export liquefied natural gas to countries that do not have a Free Trade Agreement with the U.S. Today's approval comes notwithstanding recently announced modifications to DOE's licensing review process and adds strong momentum to Oregon LNG's project, which is one of the most advanced in the review process conducted by the Federal Energy Regulatory Commission.

  • DOE FTA approval is a critical milestone in the multi-step approval process for licensing of an LNG project. The project has filed an application at FERC and is currently under NEPA review. Final approval by FERC and DOE, as well as other approvals, are necessary before the project can commence construction.
  • The Oregon LNG operation will be the state's largest property taxpayer, contributing ~$60 mln annually in new property tax revenues to help substantially increase funding for transportation infrastructure, education and other essential public services.
  • The Oregon LNG project will have the lowest pipeline transportation cost from Canadian gas fields of any West Coast project. 

3:34 pm Rock Creek Pharma initiates the development of its lead molecule, Anatabine Citrate, in Europe; selects Quotient Clinical to run its early development programs (RCPI) :

  • Co announced that it has initiated the development of its lead molecule, Anatabine Citrate, in Europe and that it has selected Quotient Clinical, The Translational Pharmaceutics Company, based in the United Kingdom to run its early development programs.
  • The co expects to file a Clinical Trial Application (CTA.TO) by the end of the third quarter with the Medicines Healthcare products Regulatory Agency seeking regulatory approval to initiate its clinical trials. Upon CTA approval, a safety and tolerability study will be initiated to investigate escalating doses of Anatabine Citrate. 
  • At the same time, Quotient Clinical will employ its RapidFACT (Rapid Formulation development And Clinical Testing) service to identify the next generation of oral Anatabine Citrate formulations for progression into multiple pivotal Phase 2 proof of concept studies.

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

  • TSLA, LNKD, GPRO, EXPE, SPWR, WU, OUTR, SYNA, SWN, MHK, MCHP, DATA, JIVE, FLR, EGO, PXLW, PMCS, DVA, ASH, ARRS, TRLA, YRCW, WWWW, GDOT, STAA, PCYC, KOG, FLT, ONNN, CYH, EXEL, BYD, NKTR, SGEN, NGVC, RMTI, BBG, BBRG, RMD, IMPV, PSA, EIX, EEP, AFFX, CTRL, MXWL, CHEF, SWIR, CALD, LYV, FLDM, DGI, SPF, SKUL, TNDM, NU, ABTL, ACGL, MRC, KEYW, DXPE, G, IMMR, VCRA, BEAT, OIS, LRE, AXTI, EPIQ, HNSN, PKI, AVD, SREV, AIV, LOPE, PPS, SSNC, GFIG, NSIT, PCCC, MATX, AHS, JLL, CPSI, ABCO, KWR, FNGN, AMSG, GB, TNAV, OMCL, ADNC, ANH, BAGL, BRKS, BSAC, CERS, CPT, DCT, DEI, ELLI, ESIO, FFG, GSIT, HME, KRG, MGRC, MXL, SRDX, THG, TSYS, WSTC
Tomorrow before the open look for the following companies to report:
  • CVX, PG, MT, AXL, ARNA, WETF, THRM, WY, ENB, SPR, HLT, BKW, PBFX, CBOE, CLX, CTRX, HCN, NGLS, MGI, PBF, CHD, IMGN, KCG, XLS, HTCH, CPN, PNM, RUTH, HPY, CBM, CIR, ALE, OMG, TESO, GWR, TDS, DW, GLPW, GVA, NSP, USM

3:26 pm Stock indices continue to tick lower -- Dow -297, S&P -37, Nasdaq Comp -92 (:TECHX) : The S&P has extended as low as 1931, just above its eight week close low from June at 1930. The next short term area below is at 1927/1925 (congest, 50% of May-July run, Mid-June reaction low).

3:07 pm Dow -259 and S&P -32 hovering just off new session lows, Nasdaq Comp -80 and small-caps held above their midday lows (:TECHX) :  

2:54 pm NYMEX Energy Closing Prices (:COMDX) :

  • Sep crude oil fell $2.15 to $98.12/barrel 
    • Crude oil fell below the $100 level today, extending losses for a fourth consecutive session. It traded as low as $98.05 and settled with a 2.1% loss. 
  • Sep natural gas rose 6 cents to $3.84/MMBtu 
    • Natural gas rallied into positive territory from its session low of $3.76 following inventory data that showed a build of 88 bcf vs expectations for a build of 90-93 bcf. It climbed to a session high of $3.89 and settled with a 1.6% gain. 
  • Sep heating oil fell 1 cent to $2.89/gallon 
  • Sep RBOB fell 2 cents to $2.80/gallon

2:46 pm SPDR DJIA ETF: DJI breaks to new lows here, now -257pts. @ 16623 (DIA) :  

2:24 pm Dollar Trades Flat: 10-yr: -01/32..2.563%..USD/JPY: 102.87..EUR/USD: 1.3390 (:SUMRX) :

  • The Dollar Index trades flat near 81.45 as a quiet session grinds towards the close. Click here to see a daily Dollar Index chart.
  • Today's session has seen a tight 20 cent range with action confined to a 10 cent spread during U.S. trade. 
  • EURUSD is -5 pips @ 1.3390 as trade steadies near eight-month lows. The single currency has been limited to a 30 pip range over the course of today's session with action seeing little reaction to the mixed data. The 1.3400 level remains key, and is likely to be challenged by the bulls. Eurozone data scheduled for tomorrow includes Italian and Spanish Manufacturing PMI. 
  • GBPUSD is -30 pips @ 1.6880 as selling persists for the 11th time in 12 days. Today's New Home Price Index miss was the latest cause for concern as action tested the 100 dma (1.6857) before seeing a small bounce. The current skid has wiped out close to 300 pips and has trade testing support. British data out tomorrow is limited to Manufacturing PMI.
  • USDCHF is flat @ .9085 as trade lingers near six-month highs. An early bid probed .9100 for a second straight session, but trade was once again unable to hold the level. Swiss banks are closed tomorrow for Independence Day. 
  • USDJPY is +5 pips @ 102.85 as the bulls fight to put in a tenth consecutive day of gains. The current rally has been inspired by another batch of disappointing data out of Japan that has fueled speculation the Bank of Japan may need to do more to get the economy on solid ground. Any positive close will be the best since early-April. Bank of Japan Governor Haruhiko Kuroda will speak in Tokyo.
  • AUDUSD is -30 pips @ .9295 as action presses lower for the fifth time in six days. Today's weakness comes following the building approvals and import prices misses, and has the hard currency on track for its first sub-100 dma since February. The .9250 area provides the next level of support. Australia's PPI will cross the wires this evening. China's Manufacturing PMI and HSBC Final Manufacturing PMI are due out tonight.
  • USDCAD is -10 pips @ 1.0890 as action slips off one and a half-month highs. The pair probed the 1.0925 level in early trade, but slipped back into the red as traders digested the better than expected Canadian GDP (0.4% MoM actual v. 0.3% MoM expected) figure.

2:21 pm CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (:COMDX) :

  • Sep corn fell 5 cents to $3.57/bushel 
  • Sep wheat rose 3 cents to $5.31/bushel 
  • Nov soybeans settled unchanged at $10.81/bushel 
  • Sep ethanol fell 5 cents to $1.99/gallon 
  • Sep sugar (#16 (U.S.)) rose 0.11 of a penny to 24.79 cents/lbs

2:15 pm TransCanada misses by $0.02, misses on revs (TRP) : Reports Q2 (Jun) earnings of CAD $0.47 per share, excluding non-recurring items, CAD $0.02 worse than the Capital IQ Consensus Estimate of CAD $0.49; revenues rose 11.2% year/year to CAD $2.23 bln vs the CAD $2.26 bln consensus. 

  • "The majority of our business segments performed well over the course of the second quarter and demonstrate the benefits of a diversified and growing portfolio of critical energy infrastructure assets," said Russ Girling, TransCanada's president and chief executive officer. "Although weak Alberta power prices and maintenance outages at Bruce Power weighed on second quarter results, both businesses are expected to produce stronger results in the future due to positive Alberta power market fundamentals and higher plant availability at Bruce Power."

2:00 pm Union Pacific increases quarterly dividend 10% to $0.50 from $0.455/share (UNP) :  

1:56 pm Halozyme Therapeutics and Baxter International (BAX) announce FDA Advisory Committee provide favorable recommendation on HyQvia for primary immunodeficiency (stock halted) (HALO) : Co and Baxter International (BAX) announced that the Blood Products Advisory Committee (TWSI) of the FDA voted 15-1 that HyQvia [Immune Globulin Infusion 10% (Human) with Recombinant Human Hyaluronidase], Baxter's investigational subcutaneous treatment for patients with primary immunodeficiency (PI.V), has a favorable risk/benefit profile. 

  • Data presented at today's advisory committee meeting included a review of the preclinical and clinical data supporting the HyQvia application. The FDA will consider the recommendation from the BPAC in its review of Baxter's amendment to the Biologics License Application (:BLA) submitted in December 2013. The company expects the FDA response in the third quarter.
  • HyQvia was approved in Europe in 2013 for adults (=18 years) with primary immunodeficiency syndromes and myeloma or chronic lymphocytic leukaemia (CLL.TO) with severe secondary hypogammaglobulinaemia and recurrent infections.

1:54 pm NRG Yield announces pricing of $500.0 mln 'Green Bond' due 2024 (NYLD) : NRG Yield Operating LLC, an indirect subsidiary of NRG Yield, Inc., has priced its previously announced offering of $500.0 million in aggregate principal amount of 5.375% senior notes due 2024. The Notes will be senior unsecured obligations of Yield Operating and will be guaranteed by NRG Yield LLC, Yield Operating's parent co, and by each of Yield Operating's wholly owned current and future subsidiaries that guarantees indebtedness under its credit agreement.

  • Yield Operating intends to use the proceeds of the offering to fund, in whole or in part, renewable energy projects. Specifically, Yield Operating intends to use the proceeds from the offering, together with cash on hand, including the net proceeds from the issuance of Class A common stock by NRG Yield, which proceeds were contributed to Yield Operating, to fund the aggregate $870 million cash purchase price of the previously announced acquisition of the Alta Wind Facility

1:48 pm COMEX Metals Closing Prices (:COMDX) :

  • Dec gold fell $13.80 to $1283.10/oz 
    • Gold pulled back from a session high of $1295.30 set at the open of floor trade and fell deeper into negative territory. It brushed a session low of $1281.90 moments before settling with a 1.1% loss. 
  • Sep silver fell $0.18 to $20.41/oz 
    • Silver touched a session high of $20.70 in early morning action but retreated into the red. Unable to regain momentum, it settled just above its session low of $20.40, booking a loss of 0.9%. 
  • Sep copper fell 1 cent to $3.23/lbs

1:32 pm Dow -226 recently slipped to a new session low -- S&P -29, Nasdaq Comp -76 have thus far not confirmed the move (:TECHX) : The weakest Dow components include: XOM -3.1%, NKE -2.7%, VZ -2.3%, T -2.1%, AXP -2.1%, UNH -2%, CAT -1.8%, MMM -1.7%, CVX -1.5%, CSCO -1.5%, DD -1.5%.

1:23 pm 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

  • BG (79.38 +7.78%): Beat on EPS by $0.38, beat on revs.
  • MPC (83.72 +6.01%): Beat on EPS by $0.78, beat on revs; announced additional $2 bln share repurchase authorization.
  • ALL (59.41 +4.43%): Beat on EPS by $0.33, reported revs in-line.
Large Cap Losers
  • LLL (101.61 -15.07%): Missed on EPS by $0.05, beat on revs; lowered FY14 EPS below consensus, raised FY14 revs in-line; downgraded to Sell at CRT Capital; tgt lowered to $90 from $102.
  • ALU (3.43 -10.78%): Missed on EPS by EUR0.11, reported revs in-line.
  • PNR (64.44 -7.4%): Beat on EPS by $0.01, missed on revs; lowered FY14 guidance and FY15 tgt to reflect exit of Water Transport business.
Mid Cap Gainers
  • OTEX (55.55 +14.68%): Beat on EPS by $0.11, beat on revs; announced new CFO; upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $65 from $61.
  • BMRN (65 +6.4%): Beat on EPS by $0.18, beat on revs; guided FY14 revs above consensus; announced sale of voucher for $67.5 mln.
  • PCRX (93.84 +6.84%): Beat on EPS by $0.14, beat on revs.
Mid Cap Losers
  • MTW (26.26 -14.3%): Missed on EPS by $0.07, missed on revs; lowered guidance.
  • FEIC (76.49 -12.19%): Beat on EPS by $0.04, beat on revs; guided Q3 EPS below consensus, revs below consensus; guided FY14 revs below consensus; upgraded to Hold at Noble Financial.
  • YELP (67.51 -10.7%): Beat on EPS by $0.07, beat on revs; guided Q3 revs above consensus; raised FY14 guidance above consensus; downgraded to Mkt Perform from Outperform at Raymond James; tgt raised to $86 from $74 at Deutsche Bank; tgt raised to $90 from $80 at Piper Jaffray; tgt raised to $93 from $82 at Macquarie; tgt raised to $100 from $94 at JP Morgan; tgt raised to $85 from $73 at CRT Capital.

1:06 pm Whole Foods completes reversal back to the flat line (WFM) : Noted at 09:56 that the stock had held at its July low (36.08) in early trade (session low 36.18) and was probing its initial recovery high (37.19). The strong turnaround has recently flirted with unchanged territory for a better than 8.5% run off the session low.

1:05 pm Midday Market Summary: Market Under Broad Pressure at Midday (:WRAPX) : The major averages trade lower across the board at midday. The Dow Jones Industrial Average and S&P 500 hold respective losses of 1.3% and 1.4%, while the Nasdaq Composite (-1.7%) and Russell 2000 (-1.9%) lag.

The concise view of things is that the stock market had ample reason to rally on Wednesday, but did not. Instead, it ended basically flat after a sloppy day of trading where good news was marveled at -- Q2 GDP and earnings results -- but not acted on with any real conviction from buyers. A spike in long-term rates and worries the Fed could raise the fed funds rate sooner than expected (a worry the FOMC directive didn't refute in unequivocal fashion) garnered most of the blame for the lackluster response.

That inability to rally on a batch of good economic and earnings news left the stock market increasingly vulnerable to a larger pullback in the event any bad news came its way. Sure enough, there were some overnight headlines that rattled weak-handed positions:

  • Eurozone CPI was up just 0.4% year-over-year in July (expected 0.5%), triggering renewed worries about deflation 
  • Argentina was deemed to be in default on its bond payments 
  • Portuguese bank Banco Espirito Santo reported a big net loss for the first half of the year that wiped out its capital buffer and drove its stock price down 50% 
Adding insult to injury was a set of disappointing earnings from a handful of global companies. Samsung kicked things off overnight with below-consensus results that sent the stock lower by 3.7% in Seoul. Things did not get much better during the European session with Adidas and Deutsche Lufthansa posting respective earnings-driven losses of 15.4% and 6.4% in Frankfurt. The DAX Index, meanwhile, lost 1.9%.

Domestically, market participants received a batch of earnings that did not quite live up to the high standard that was set during the first two weeks of the reporting period with earnings growth pushing 9.0%, according to S&P Capital IQ.

As such, a modest dose of disappointing results was enough to fuel the fire of broad-based profit taking.

All ten sectors hold midday losses with nine groups down at least 1.2%. The top-weighted S&P 500 sector-technology (1.5%)-sits near the bottom of the leaderboard and only the telecom services (-2.0%) sector separates the influential group from the last spot. Blue chip names like Apple (AAPL 95.88, -2.27), Google (GOOGL 583.05, -12.39), and Qualcomm (QCOM 73.94, -2.10) display losses between 2.1% and 2.8%, while chipmakers also trade broadly lower. The PHLX Semiconductor Index trades down 1.9%.

Also of note, Akamai Technologies (AKAM 59.54, -1.19) and Yelp (YELP 67.50, -8.10) are down 1.9% and 10.7%, respectively, despite beating earnings estimates.

With today's session marking the end of the month, the S&P 500 is on track to end July with a 0.9% decline, while the Russell 2000 has surrendered 6.0% since the end of June.

Treasuries hold slim gains after erasing their earlier losses. The 10-yr note is higher by two ticks with its yield down one basis point at 2.55%.

Economic data included Initial Claims, the Employment Cost Index, and the Chicago PMI report:
  • The initial claims level increased to 302,000 from a downwardly revised 279,000 (from 284,000) 
    • The Briefing.com consensus expected the initial claims level to increase to 310,000 
  • The Employment Cost Index increased 0.7% in Q2 2014, up from a 0.3% increase in the first quarter, while the Briefing.com consensus expected an increase of 0.4% 
    • Wages and salaries rose 0.6% in the second quarter, up from a 0.3% increase in Q1 
    • Benefits spending rose 1.0% and is up 2.5% year-over-year 
  • Manufacturing activities in the Chicago region softened significantly in July as the Chicago PMI fell to 52.6 from 62.6 in June 
    • The Briefing.com consensus expected a more modest decline to 61.8

12:53 pm Stock indices edge modestly off midday lows -- Dow -208, S&P -28, Nasdaq Comp -78 (:TECHX) : Aggressive trend down action into midday with participants stepping to sidelines for lunch with some profit. Sectors displaying relative strength on this move (outperforming the S&P) include: Energy XLE, Oil Service OIH, Semi SMH, Housing XHB, Biotech IBB, Internet FDN.

12:44 pm T-Mobile US: Iliad (ILIAY) confirms its interest in T-Mobile (TMUS) -- overall value of $36.20/share (TMUS) :

  • Iliad has offered $15 billion in cash for 56.6% of T-Mobile US, at $33.00/share. Iliad values the remaining 43.4% of T-Mobile US at $40.50/share on the basis of $10 billion of synergies to the benefit of the T-Mobile US shareholders. This leads to an overall value of $36.20/share, a premium of 42% over T-Mobile US's unaffected share price.
  • The cash portion would be financed via a combination of debt and equity. Iliad has the support of leading international banks for the acquisition debt. The equity portion would be ~EUR 2 billion.
  • This transaction should not raise any antitrust issue in light of the competition rules given that Iliad is not present in the United States.
  • Related Stocks: S, VZ, T, SFTBY, DTEGY 

12:16 pm Eagle Bancorp announces pricing and upsizing of public offering of $70 mln of its 5.75% Subordinated Notes due September 1, 2024 (EGBN) : Co announced that it had set the price for its public offering of $70 mln of its 5.75% Subordinated Notes due September 1, 2024. The Notes have been offered to the public at par. Based upon the pricing and demand for the Notes, the co elected to increase the aggregate principal amount of the Notes to $70 mln from the previously announced amount of $55 mln.

  • The co plans to use the proceeds of the offering to pay the cash portion of the merger consideration in its previously announced acquisition of Virginia Heritage Bank, and for general corporate purposes.

12:04 pm European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:-0.6%
  • Germany's DAX:-1.9%
  • France's CAC:-1.5%
  • Spain's IBEX:-2.1%
  • Portugal's PSI:-3.1%
  • Italy's MIB Index:-1.5%
  • Irish Ovrl Index:-1.4%
  • Greece ASE General Index: -2.2%

12:02 pm No let-up in slide with major averages notching new lows at midday -- Dow -217, S&P -30, Nasdaq Comp -85 (:TECHX) :  

11:54 am Ferro announces entry into senior secured credit facilities and results to date for tender offer and consent solicitation for its 7.875% senior notes due 2018 (FOE) : Co announced that it has made significant progress on its previously disclosed refinancing. The co has entered into new senior secured credit facilities in an aggregate amount of $500 mln, consisting of a senior secured term loan facility in an aggregate principal amount of $300 mln and a senior secured revolving credit facility in an aggregate principal amount of $200 mln. The Debt Financing, among other things, was used to refinance Ferro's existing senior secured credit facility and will be used for payments in connection with the Tender Offer and Consent Solicitation. The Term Loan Facility has a seven-year term and the Revolving Credit Facility has a five-year term. The loans under the Term Loan Facility bear interest equal to LIBOR plus 3.25% and the loans under the Revolving Credit Facility initially bear interest at LIBOR plus 2.75%.

  • Ferro also announced the results to date in connection with its previously announced tender offer and consent solicitation with respect to all $250 mln of its outstanding 7.875% Senior Notes due 2018.

11:48 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (138) outpacing new highs (37) (:SCANX) : Stocks that traded to 52 week highs: ALL, APA, ARRS, BNS, CENX, CHA, CM, COO, DHX, DRII, EEFT, ENSG, EQIX, FSRV, HOLX, HSP, IDIX, INTT, IVZ, JRN, KTWO, LNC, LRCX, MC, MCK, MFC, NVEC, NWL, OTEX, PTSI, SFBC, SKM, TCX, TD, TSRA, WDC, X

Stocks that traded to 52 week lows: ACPW, ACXM, AGCO, ALDX, ALLY, AOI, ASGN, ATEN, ATNY, AVHI, AWRE, BAA, BCOV, BDE, BECN, BGFV, BLMN, BPI, BRP, BSDM, CACH, CAP, CAS, CCG, CCS, CEB, CGG, CHEF, CKH, CLUB, CNHI, COCO, CREG, CRNT, CS, CTHR, DB, DCTH, DKS, DLA, DRIV, DVR, DWSN, EDAP, EHTH, ENTR, ESI, EXXI, FIX, FMER, FPI, FRSH, GEOS, GEVO, GLF, HERO, HGG, HHS, HIBB, HOV, HVT, IBP, IKAN, IMN, INTX, ISNS, ISSC, JEC, KBR, KELYA, KIOR, KKD, KOS, KOSS, LPX, LWAY, MANT, MBLX, MCRI, MDC, MDWD, MMLP, MTZ, NCFT, NILE, NPTN, NTWK, NUS, NWY, OC, OIBR, OIBR.C, OMEX, OXM, PBFX, PDII, PERI, PGEM, PIKE, PSTI, PT, QLGC, QRM, RAVN, RCPI, REXX, RPRX, RSH, RYL, SCL, SCYX, SHOO, SLRC, SPAR, SPWH, SSD, SSE, TAXI, TCCO, TEU, TGA, TGE, TILE, TMHC, TNDM, TPH, TR, TRGT, UBS, UUU, VNOM, VSAR, VVI, WMS, WSTL, WTI, XCO, ZGNX

ETFs that traded to 52 week highs: AFK, EWH

ETFs that traded to 52 week lows: BAL, RJA

11:48 am Acme United increases quarterly dividend 13% to $0.09 from $0.08/share (ACU) :  

11:43 am Stock indices edge slightly off lows -- Dow -167, S&P -24, Nasdaq Comp -69 (:TECHX) : Some relative sector strength on the upticks has been noted in: Energy XLE, Oil Service OIH, Rail.

11:40 am Sector Summary: Dollar Holding 81.50 Ahead of Jobs (:SUMRX) :

  • The Dollar Index rose to 81.57 before giving up early gains at the open of U.S. equity markets. The DXY is now holding the 81.50 level. Chicago PMI data was notable this morning as it saw a big miss on expectations coming in at 52 compared to the 62 consensus. The weakness in the PMI came from Production levels and contracts but employment levels were steady. This sets the stage for tomorrow BLS Jobs report which promises to garner plenty of attention in these skittish markets. In addition to jobs we also have Personal Income & Spending, ISM Manufacturing and Vehicle sales. 
  • The euro has been attempting to push above the 1.34 level for the entire overnight session and into today and has failed to break above the level. This will set up as a key resistance for the single currency. Adding to the weakness and the global concern is the poor German jobs number and weak regional inflation. This helps put into contect the diminishing European economy and also amplifies the worries over Russian sanctions and its impact on European trade. The euro has so far held 1.3370 but this level will likely be tested again in the near future. 
  • The pound continued its recent pullback as it slipped to a fresh multi-week low of 1.6857. Cable held its 100 sma (1.6857) and has recovered some of its losses but the recent downward trend remains in tact.
  • Perhaps the most intriguing move today is the weakness in the yen. The yen of course usually sees buying in times of risk off environments but the currency has been under selling pressure as it slipped to 103 in early trade. Weak housing starts and a slow down in construction orders has helped the decline. The yen is trading at its lowest levels since early May (FOREX, BONDX). 

11:31 am Superior Uniform Group (thinly traded) increases quarterly dividend by 11% to $0.15 per share (SGC) :  

11:23 am Nasdaq Comp -70 set a minor new low, Dow -176 and S&P -25 have not yet confirmed (:TECHX) :  

11:22 am General Electric CEO Jeff Immelt makes statement regarding Synchrony Financial IPO (GE) :

  • "The IPO also furthers our goal to position GE Capital as a smaller, safer specialty finance leader, and achieve 75% of our earnings from our Industrial businesses by 2016. With a strong, competitively advantaged set of Industrial businesses and a valuable, commercially focused financial services business, we believe our portfolio will deliver valuable growth for shareholders for years to come."
  • "The Synchrony offering is an important first step in our planned, staged exit from the business. We continue to target completing our exit in late 2015 through a capital-efficient split-off transaction. This is a good transaction for GE shareholders. "

11:15 am NVR authorized the repurchase of $300 mln of its outstanding common stock (NVR) : Co announced that its Board of Directors has authorized the repurchase of $300 mln of its outstanding common stock. The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit. The Company indicated that the authorization is a continuation of the stock repurchase program that began in 1994 and is consistent with NVR's strategy of maximizing shareholder value. Consistent with prior authorizations, this new authorization prohibits the Company from purchasing shares from the Company's officers, directors, Profit Sharing/401K Plan Trust or Employee Stock Ownership Plan Trust. NVR currently has 4,194,959 shares of common stock outstanding.

11:01 am Kinder Morgan Partners details expansion plans on EPNG to export natural gas to Mexico; provides for deliveries primarily to a new point of interconnection with the Sierrita Pipeline project along EPNG's South Mainline and also to California (KMP) : Co announced that El Paso Natural Gas Company has entered into a 21-year firm transportation agreement with Mexico's Comisi n Federal de Electricidad to initially provide ~163,000 dekatherms per day (Dth/d) of firm transportation capacity by October 2014, ramping up to 200,000 Dth/d by October 2017 and 550,000 Dth/d by October 2020. The phased capacity increases will be accomplished using existing and expansion capacity on the EPNG system. As previously announced, capital expenditures are estimated at ~$529 mln.

  • The agreement provides for deliveries primarily to a new point of interconnection with the Sierrita Pipeline project along EPNG's South Mainline and also to California.

10:55 am S&P -23 slides to new low of 1946 (:TECHX) : The next near term area of interest is at 1944/1942 which marks its late June reaction low and the 38% retracement of the May-July advance. 

10:53 am Floor Talk (:TALKX) : The stock market is under pressure and it might have more to do with what happened yesterday -- or didn't happen -- than it does with what is going on today.

The concise view of things is that the stock market had ample reason to rally on Wednesday and it didn't.  Instead, it ended basically flat after a sloppy day of trading where good news was marveled at -- Q2 GDP and earnings results -- but not acted on with any real conviction from buyers.  A spike in long-term rates and worries the Fed could raise the fed funds rate sooner than expected (a worry the FOMC directive didn't refute in unequivocal fashion) garnered most of the blame for the lackluster response.

That inability to rally on a batch of good economic and earnings news left the stock market increasingly vulnerable to a larger pullback in the event any bad news came its way.  Sure enough, there were some overnight headlines that rattled weak-handed positions:

  • Eurozone CPI was up just 0.4% year-over-year in July, triggering renewed worries about deflation
  • Argentina was deemed to be in default on its bond payments
  • Portuguese bank Banco Espirito Santo reported a big net loss for the first half of the year that wiped out its capital buffer and drove its stock price down 50%
The futures market presaged a decidedly lower open and that is what happened.  Compounding the rate hike worries were the initial claims and Employment Cost Index reports, both of which were better than expected.  That kept the Treasury market on the defensive, pushing the yield on the 10-yr note up to 2.60%.

Treasury prices improved a bit after a surprisingly weak Chicago PMI report for July (52.6 vs. 62.6 in June).  All that report did was create some confusion about the Fed's thinking.  It is a third quarter number that followed on the heels of a report for the second quarter that showed the largest increase in labor costs (+0.7%) since the third quarter of 2008.

Markets don't like confusion.  Throw in all of the other stuff on the geopolitical front and the uncertainty has provided a reason to take some money off the table at month end.  

The other element at work is the recognition that second quarter EPS growth is pushing 9.0%, according to S&P Capital IQ, well ahead of the 6.6% growth rate projected on July 1, and yet the S&P 500 is trading 1.2% lower today than it was on July 1.  Good earnings news yet there hasn't been an equal reaction to that fundamental source of support.

That lends itself to the thinking -- and profit-taking mindset -- that the good earnings news was priced in ahead of the reporting period with a near 9.0% run between April 11 and July 1.  

Every sector is down for the day at this point, so there isn't any clear-cut defensive positioning taking place within the stock market.  There is just a broad move out of stocks in a de-risking trade driven by the recognition that good news isn't moving the needle in a bullish way.

10:40 am Major averages extend slightly lower again -- Dow -149, S&P -20, Nasdaq Comp -59 (:TECHX) :  

10:30 am Sep natural gas pops to new session highs on inventory data; now up 1.7% at $3.85 (:COMDX) :  

10:29 am S&P -19, Dow -148 and small-caps set fractional new session lows -- Nasdaq Comp -50 held just above (:TECHX) :  

10:08 am Piper Jaffray announces share repurchase authorization; principal purpose of the share repurchase program is to manage the firm's equity capital relative to its overall capital structure and to offset the dilutive effect of employee equity-based awards (PJC) : Co announced that its board of directors has authorized the repurchase of up to $100 mln of the co's outstanding common stock, effective October 1, 2014.

  • This replaces the $100 mln authorization that expires on September 30, 2014.
  • The principal purpose of the share repurchase program is to manage the firm's equity capital relative to its overall capital structure and to offset the dilutive effect of employee equity-based awards. 
  • The share repurchase authorization expires September 30, 2016. As of July 18, 2014, Piper Jaffray Companies had 16.3 million common shares outstanding.

10:02 am American DG Energy reaches agreement to provide an On-Site Utility solution to Green Hill Retirement Community in West Orange, New Jersey (ADGE) : Co announced that it has reached an agreement to provide an On-Site Utility solution to Green Hill Retirement Community in West Orange, New Jersey. Under the terms of the agreement, Green Hill will receive a portion of its energy from a 75 kW combined heat and power system. The system will be owned and operated by American DG Energy and the agreement will provide American DG Energy with a revenue value of ~ $1,800,000 over the 15 year contract.

10:00 am New session lows for stock indices -- Nasdaq Comp -52 and S&P -18, Dow -155 (:TECHX) :  

9:55 am JBT Corp awarded $8 mln equipment order for Wichita Mid-Continent Airport (JBT) : Co announced that its JBT AeroTech business has been awarded a contract exceeding $8 million to supply gate equipment for the Wichita Mid-Continent Airport. The order, placed by the Wichita Airport Authority, includes glass-sided Jetway passenger boarding bridges, JetAire preconditioned air units and Jetpower 400 Hz ground power units.

  • The Company anticipates installing most of the equipment starting in Q4 2014. The project is phased, with most of the glass passenger boarding bridge gates becoming operational in mid-February 2015 and the final few to be operational in January 2016.

9:50 am Dow -104 and S&P -12 slightly extend push off low -- Nasdaq Comp -34 (:TECHX) :  

9:47 am Stock indices holding near early lows despite weaker data -- Dow -123, S*P -14, Nasdaq Comp -39 (:TECHX) :  

9:46 am Opening Market Summary: Stocks Register Opening Losses (:WRAPX) : The major averages slipped out of the gate with the S&P 500 (-0.8%) surrendering its July gain. The benchmark index is now down 0.4% in July with today's session representing the last trading day of the month.

All ten sectors began the day in the red with energy (-1.1%), health care (-0.9%), industrials (-0.8%), and consumer discretionary (-0.8%) showing noteworthy losses. Meanwhile, the financial sector is the top performer, but the second-largest group is still down 0.6% in the early going.

Despite the early weakness in equities, Treasuries continue trading near their lowest levels of the morning with the 10-yr yield up two basis points at 2.58%.

Just released, the Chicago PMI for July slipped to 52.6 from 62.6, while the Briefing.com consensus expected a decrease to 61.8.

9:40 am Relative sector weakness (:TECHX) : Broad based pressure in early dealings with sector laggards led by: Home Const ITB, Oil Service OIH, Restaurant, Defense PPA, Semi XSD, Telecom IYZ, Broker IAI, Gold Miners GDX, Industrial XLI, Steel SLX.

9:37 am Nasdaq Comp -33 holds above early week low and near its 20 ema (:TECHX) :  

9:36 am Dow -139 breaks well below its 50 ema/sma, sets new six week low (:TECHX) :  

9:34 am S&P -15 extends gap down start back toward its 50 sma and July low at 1954/1952 (:TECHX) :  

9:29 am Marinus Pharma (Nasdaq: MRNS) prices upsized 5.625 mln share IPO at $8.00 per share, below the $12-14 expected range (:IPOXX) : Co originally planned to offer 4.0 mln shares in the $12-14 price range.

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

  • Owens-Illinois, Inc. (OI) recently completed a line extension for Lucas Bols.
  • Comcast Business (CMCSA) announced that C7 Data Centers is offering Comcast Business Ethernet Services as a connectivity option to customers at C7's new Granite Point II colocation data center in Bluffdale, Utah.
  • Today, Dollar General (DG), in partnership with Coupons.com (COUP), completed the successful rollout of its new DG Digital Coupons program to its more than 11,300 stores across the 40 states the retailer serves.
  • The National Geospatial-Intelligence Agency has awarded BAE Systems (BAESY) a $335 mln contract to assist in transforming the collection, maintenance, and utilization of geospatial intelligence data and products. 
  • Hollister, a brand of Abercrombie & Fitch (ANF) announced its collaboration with Pretty Little Liars star, Lucy Hale. 
  • Honeywell Process Solutions (HON) will upgrade process control and alarm management systems at the Molikpaq platform on the Sakhalin shelf, Russia, to improve safety, reliability and operational efficiency.
  • GRID2020, Inc. and Dominion Voltage, Inc., a subsidiary of Dominion Resources (D), have teamed up to bring grid optimization into new markets.
  • Care.com (CRCM) launched a public iPhone beta of BigTent.
  • NetSuite (N) announced continued strong momentum among organizations converting from on-premise Sage ERP systems to NetSuite's cloud business management suite.
  • Zhone Technologies (ZHNE) announced a new GPON and Active Ethernet deployment with Century City Connect in Cape Town, South Africa. 
  • BSD Medical (BSDM) has shipped a BSD-2000 Hyperthermia System to the prestigious University of California San Francisco Medical Center.
  • Cisco (CSCO) is enabling Orange Romania, a division of Orange SA (ORAN), to provide a seamless mobile experience across cellular and Wi-Fi networks with Hotspot 2.0. 

9:20 am BAE Systems announces proposed acquisition of Signal Innovations; financial terms not disclosed (BAESY) : Co announced it has entered into an agreement for the proposed bolt-on acquisition of Signal Innovations Group, Inc., a provider of imaging technologies and analytics to the U.S. intelligence and defense communities.

The proposed acquisition is conditional upon receiving certain regulatory approvals. It is anticipated the proposed acquisition will be completed during the third quarter of 2014.

9:19 am Elephant Talk signs agreement to collaborate on global sales with HP (HPQ) (ETAK) : Co announced that the Company and HP (HPQ) signed an agreement to collaborate on global, mutual sales. With this agreement, the companies extend their relationship to deliver services from the Elephant Talk Software DNA virtualized platform and the HP Integrated Home Subscriber Server (HP I-HSS). By deploying the services, Mobile Network Operators can benefit from seamless subscriber mobility across heterogeneous networks when changing their current legacy systems or monetizing the MVNO market opportunities.

9:15 am Cellcom Israel announces hearing regarding 2G and 3G coverage and quality requirements; requirements proposed are more severe than the existing requirements (CEL) : Co announced that further to the previously reported 4G network draft license amendment setting coverage and quality requirements, the Israeli Ministry of Communications published a hearing regarding 2G and 3G networks' coverage and quality requirements as well. The requirements proposed are more severe than the existing requirements. The co is studying the requirements proposed and at this time cannot evaluate the extent of its effects on the co, if adopted as proposed. The co intends to object to the requirements proposed, which the co  believes to be unreasonable and unnecessary.

9:15 am Ramco-Gershenson prices upsized public offering of 6 mln newly issued common shares of beneficial interest (from 5.25 mln shares) for expected approx. gross proceeds of $98.7 mln (RPT) :  

9:13 am S&P futures vs fair value: -12.90. Nasdaq futures vs fair value: -30.80. (:WRAPX) : The stock market is on track to begin the session on a lower note as futures on the S&P 500 trade 13 points below fair value. Index futures have spent the entire overnight session in the red amid disappointing quarterly results from a handful of major global companies.

In South Korea, Samsung tumbled nearly 4.0% after reporting results in line with its warning from the beginning of the month, while the overall Kospi Index held up relatively well, shedding 0.3%. Meanwhile in Europe, the major averages trade broadly lower with Spain's IBEX down 2.0% amid weakness in companies with exposure to Latin America following Argentina's default. In Germany, Adidas and Deutsche Lufthansa reported below-consensus results.

Domestically, earnings have also been in focus with participants receiving a few more disappointing reports than they have gotten accustomed to in recent days. On that note, 3D Systems (DDD 48.69, -7.38), Kraft (KRFT 55.85, -1.39), and Whole Foods Market (WFM 36.95, -2.16) are indicated to open lower by 12.9% and 5.5%, respectively after disappointing with their earnings or guidance.

Also of note, Akamai Technologies (AKAM 56.50, -4.23) and Yelp (YELP 71.61, -3.99) are indicated to open lower despite beating estimates.

Treasuries are on their lows with the 10-yr yield up three basis points at 2.59%.

9:05 am BlackBerry: BBM now available for Windows phone users (BBRY) : Co announced a collaboration with Microsoft (MSFT) to bring BBM to Windows Phone 8 and higher.

9:05 am Nordstrom confirms it entered into an agreement to acquire Trunk Club; financial terms not disclosed (JWN) : Co announced it has entered into an agreement to acquire Trunk Club, a personalized clothing service for men. The acquisition aligns with Nordstrom's strategic priorities around superior customer service, fashion, relevance and a seamless shopping experience. Trunk Club will continue to operate independently and focus on its core business while leveraging Nordstrom's capabilities and resources to scale its business.

9:05 am PG&E misses by $0.07, reports revs in-line (PCG) : Reports Q2 (Jun) earnings of $0.69 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus Estimate of $0.76; revenues rose 4.7% year/year to $3.95 bln vs the $3.91 bln consensus.

9:04 am Silver Bay Realty Trust announces pricing of $312 mln securitization transaction (SBY) : Co announced that it has priced its previously disclosed securitization transaction. The transaction involves the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by 3,089 single-family properties sold to one of its affiliates. The Company has agreed to sell ~$312 mln of certificates with a blended effective interest rate of LIBOR plus 1.92%. The transaction is intended to reduce the Company's cost of capital over the long term and provide funds for additional acquisitions of single family properties and other general corporate purposes. The transaction is expected to close on or about August 12, 2014.

9:04 am BioTime subsidiary OncoCyte expands clinical development of bladder cancer diagnostic by initiating a large multi-site clinical trial (BTX) : The co announced its subsidiary OncoCyte Corporation has expanded the clinical development of its urine-based bladder cancer diagnostic test by initiating a multi-site clinical trial.

  • The trial, which will involve up to 1,200 patient samples obtained from at least four large urology clinics located throughout the US, has received Institutional Review
    Board approval at multiple sites and should begin enrolling patients within the next week.
  • The multi-site clinical trial should be completed within 12 months.

9:03 am Gevo announces pricing of public offering of common stock at $0.60/share and warrants (GEVO) : Co announced that it has priced its underwritten public offering of common stock units.

  • The co announced that it has agreed to sell 30,000,000 common stock units. 
  • Each common stock unit consists of one share of common stock and a warrant to purchase 0.5 shares of common stock, at a public offering price of $0.60 per common stock unit.
  • The gross proceeds to Gevo from this offering are expected to be approximately $18 million
  • The co currently intends to use the net proceeds from the offering,  to fund capital to complete the side-by-side configuration of its Luverne, MN facility, to fund working capital and for other general corporate purposes

9:03 am Pacific Sunwear sees Q2 generally in line with analysts' consensus estimates, which compares favorably to its prior guidance; announces resignation of Christine Lee, SVP of women's merchandising and design (PSUN) :

  • Co announced the resignation of Christine Lee, its Senior Vice President of Women's Merchandising and Design. Brieane Breuer, who joined PacSun in 2007 and is the Company's current Vice President of Women's Design, will assume the additional responsibilities of women's merchandising on an interim basis.
  • The Co also stated that it expects its non-GAAP loss from continuing operations per diluted share for Q2 of fiscal 2014 to be generally in line with analysts' consensus estimates of $(0.03), which compares favorably to the Co's previously issued non-GAAP guidance of $(0.08) to $(0.02). Note: Capital IQ Consensus Est is a loss of ($0.04). 
  • "Sales trends across the business have generally improved in both June and July with Men's again on track to achieve a positive comp for the second quarter," said Gary H. Schoenfeld, President and CEO of Pacific Sunwear. "Based on the strength of our brand assortment, along with our leadership position with the Men's jogger for back-to-school, we expect Men's to continue its positive momentum as we look ahead to Q3."

9:03 am American Caresource Holdings (thinly traded) secures $5 mln line of credit (ANCI) : Co announced today that it has closed on a $5 million line of credit giving them funding to continue their strategy of acquiring urgent care centers. 

  • The line of credit has a two-year term at a rate of LIBOR plus 1.75% per annum, which is currently 1.91%.

9:00 am S&P futures vs fair value: -13.80. Nasdaq futures vs fair value: -33.00. (:WRAPX) : The S&P 500 futures trade 14 points below fair value.

Markets in Asia ended on a mostly lower note, while indices in China and Hong Kong outperformed. Bangko Sentral ng Pilipinas hiked its key rate 25 basis points to 3.75% to fend off an uptick in inflation.

  • In economic data: 
    • Japan's Average Cash Earnings increased 0.4% year-over-year (expected 0.7%, previous 0.6%), while Housing Starts fell 9.5% year-over-year (consensus -11.5%, previous -15.0%) 
    • Australia's Building Approvals fell 5.0% month-over-month (expected -2.0%, previous 10.3%), while Private Sector Credit rose 0.7% month-over-month (consensus 0.4%, previous 0.4%). Separately, Import Price Index declined 3.0% quarter-over-quarter (expected -1.3%, previous 3.2%) 
    • Hong Kong's Retail Sales fell 6.9% year-over-year (expected -5.1%, previous -4.1%) 
    • Singapore's Unemployment Rate held steady at 2.0%, as expected 
------
  • Japan's Nikkei shed 0.2%, slipping off six-month highs as traders booked profits following four days of gains. Fujifilm shed 0.8% following its earnings miss. 
  • Hong Kong's Hang Seng inched up 0.1% to its best levels in more than three and a half years as buyers remained in control for an eighth session. The recent rally has come on the back of strength in the property sector with China Overseas Land & Development leading today's advance with a 4.6% gain. 
  • China's Shanghai Composite gained 0.9%, rallying to its best level of 2014. Mining stocks saw robust gains as Zijin Mining Group and Zhongjin Goldcorp climbed 7.1% and 9.0%, respectively. 
Major European indices trade lower across the board with Spain's IBEX (-2.1%) leading the retreat. Germany and Russia have reportedly engaged in discussions to broker a diplomatic solution to the situation in Ukraine with Russia pushing for the international community to recognize Crimea's independence.
  • Participants received several data points: 
    • Eurozone CPI rose 0.4% year-over-year (expected 0.5%, previous 0.5%), while Core CPI increased 0.8% (consensus 0.8%, prior 0.8%). Separately, the Unemployment Rate ticked down to 11.5% from 11.6% (expected 11.6%) 
    • Germany's Unemployment declined by 12,000 (expected -5,000, previous 7,000), while the Unemployment Rate held steady at 6.7%, as expected 
    • Great Britain's Nationwide HPI rose 10.6% (expected 11.3%, previous 6.0%) 
    • France's Consumer Spending rose 0.9% month-over-month (expected 0.1%, previous 0.7%), while PPI was unchanged month-over-month (consensus -0.1%, previous -0.5%) 
    • Italy's Monthly Unemployment Rate slipped to 12.3% (expected 12.6%, previous 12.5%), while CPI ticked down 0.1% month-over-month (expected 0.1%, previous 0.1%). Also of note, PPI ticked up 0.1% month-over-month (consensus -0.1%, previous -0.1%) 
    • Spain's Current Account deficit narrowed to EUR580 million from EUR1.60 billion 
------
  • Great Britain's FTSE is lower by 0.3% with financials on the defensive. 3i Group, St James's Place, and Lloyds Banking are down between 2.6% and 3.2%. On the upside, Royal Dutch Shell is higher by 3.8% after beating earnings expectations. 
  • In France, the CAC holds a loss of 1.1%. Alcatel-Lucent is the weakest component, down 6.3%, after reporting disappointing earnings. Financials also lag with AXA, Credit Agricole, and Societe Generale down between 2.1% and 4.1%. 
  • Germany's DAX trades down 1.3%. Adidas and Deutsche Lufthansa hold respective losses of 14.5% and 5.2% after reporting disappointing earnings. Health care names outperform with Fresenius SE up 4.0% after beating earnings estimates. 
  • Spain's IBEX holds a loss of 2.1%. Santander and Telefonica, both of which have a large exposure to Latin America, weigh with losses close to 1.7% apiece after Argentina's default. Drug maker Grifols is the weakest component, down 10.5% after reporting disappointing results.

8:56 am Diana Shipping announces time charter contract for m/v Naias with Bunge (BG); gross charter rate for the first 30 days of the charter period is $5,500 per day minus a 5% commission paid to third parties and $8,500 per day minus a 5% commission paid to third parties (DSX) : Co announced that, through a separate wholly owned subsidiary, it entered into a time charter contract with Bunge S.A. (BG), Geneva, for one of its Panamax dry bulk vessels, the m/v Naias, for a period of minimum eleven (11) months to maximum fourteen (14) months.

  • The gross charter rate for the first 30 days of the charter period is $5,500 per day minus a 5% commission paid to third parties and $8,500 per day minus a 5% commission paid to third parties for the balance of the charter. 
  • The charter is expected to commence on August 2, 2014. The "Naias" is a 73,546 dwt Panamax dry bulk vessel built in 2006. 
  • This employment is anticipated to generate ~$2.71 mln of gross revenue for the minimum scheduled period of the time charter.

8:54 am Hudbay Minerals announces offering of $150 mln senior unsecured notes (HBM) : Co announced that it is offering an additional $150 mln aggregate principal amount of its 9.50% senior unsecured notes due October 1, 2020. The Notes are additional to the $750 mln aggregate principal amount of 9.50% senior unsecured notes that Hudbay issued in September 2012, June 2013 and December 2013. Hudbay plans to use the net proceeds from the offering for the repayment of existing debt of its new ~96%-owned subsidiary, Augusta Resource Corporation, and for general corporate purposes.

8:53 am Anheuser-Busch InBev beats by $0.26, reports revs in-line (BUD) : Reports Q2 (Jun) earnings of $1.60 per share, $0.26 better than the Capital IQ Consensus Estimate of $1.34; revenues rose 15.2% year/year to $12.2 bln vs the $12.2 bln consensus. 

  • The strong momentum built in the first quarter of the year continued into the second quarter, with volumes benefiting from the 2014 FIFA World Cup. The tournament provided us with an exciting opportunity to build brand equity, not just in Brazil, but in many of our markets around the world. Total volumes in 2Q14 grew by 1.0%, with total revenues growing by 5.0% and revenue per hl growing by 4.3%. 
Outlook:
  • Volumes: We expect an improvement in the trend of US industry volumes compared to 2013, driven by a stronger economy, partly offset by challenging winter weather in 1Q14. We expect the Mexican beer industry to return to growth in FY14, driven by a stronger economy, as well as our own commercial programs. We expect Brazil beer industry volumes to resume growth in FY14, helped by the 2014 FIFA World Cup. We expect a year of solid volume growth in China
  • Revenue per hl: We expect revenue per hl to grow organically in line with inflation, on a constant geographic basis, as a result of continued improvement in mix and revenue management initiatives

8:52 am Harsco announces completion of its previously announced executive leadership plans with the appointment of F. Nicholas Grasberger as the co's President and Chief Executive Officer, effective immediately (HSC) : Mr. Grasberger succeeds David Everitt, who has been serving as Interim Chief Executive Officer since February 28, 2014. Mr. Everitt will continue as a member of the Board of Directors and has been elected to succeed Henry W. Knueppel as Non-Executive Chairman, effective immediately. Mr. Knueppel will continue to serve on the Board as an independent director.

8:48 am CSG Systems reports EPS in-line, misses on revs; reaffirms FY14 EPS guidance, revs guidance (CSGS) : Reports Q2 (Jun) earnings of $0.52 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.52; revenues fell 0.8% year/year to $184.6 mln vs the $188.67 mln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $2.05-2.17 vs. $2.13 Capital IQ Consensus Estimate; sees FY14 revs of $745-770 mln vs. $764.69 mln Capital IQ Consensus Estimate. 
  • "Over the past several months, we have continued to get broader and deeper in our clients' operations by working side-by-side with them, understanding their pain points, helping them solve business problems and grow their revenues and profits...We believe that by delivering on your promises, investing in your people, your products and your client relationships, and focusing your development efforts on helping your clients evolve and grow, that you create long-term value for your employees, your clients and your shareholders."

8:45 am On The Wires (:WIRES) :

  • CGI (GIB) has been selected by Cameco to provide application management services for the co's SAP (SAP) environment.
  • Reed's (REED) announced that its West Coast production facility has been certified Kosher for its entire line of brewed non-alcoholic beverages -- including Reed's Ginger Brew, Reed's Culture Club Kombuchas and Virgil's Sodas. 
  • Wave Systems (WAVX) announced it is partnering with chip lifecycle management solutions co, Bell ID, to offer a joint solution aimed at reducing online payment fraud. 
  • Rovi (ROVI) has entered into a multi-year patent license agreement with TP Vision. 
  • CareFusion (CFN) announced the launch of its ChloraPrep 1 mL applicator, the newest addition to the ChloraPrep line of preoperative skin preparation products. 
  • QKL Stores (QKLS) announced the opening of one new hypermarket.
  • Capstone Turbine (CPST) received its first order for a Capstone C600 to be utilized in a landfill project in Jyvaskyla, Finland.
  • MedAssets (MDAS) announced it plans to offer a new suite of supplier services designed to optimize procurement processes among all healthcare industry players.
  • WellCare Health Plans (WCG) is now offering a $120 credit per family, per year towards over-the-counter items as part of its Medicaid program benefits in South Carolina. 
  • Global real estate investment and services firm Kennedy Wilson (KW) acquired a multifamily portfolio comprised of three properties located across southern submarkets of Seattle, Washington.

8:44 am Medical Properties Trust reaffirms FY14 FFO; company announces binding development agreement and UK Hospital acquisition; valued at ~$200 mln (MPW) : Co reaffirms guidance for FY14 (Dec), sees funds from operations of $1.10-1.14 vs. $1.09 Capital IQ Consensus Estimate. 

  • On July 1, an affiliate of MPT acquired for 29.4 million (~$49.9 million) the real estate assets of an award-winning acute care hospital in the city of Bath, 100 miles west of London, from Circle Health. 
  • Subsequent to June 30, MPT and Adeptus Health (the operator of First Choice ER facilities) executed a binding $150 million agreement for the development of multiple facilities, including licensed acute care hospitals and surrounding free-standing emergency departments in various states. 
  • On June 25, Adeptus successfully completed an initial public offering significantly improving its financial strength and growth outlook and demonstrating the enthusiasm in financial and healthcare markets for its innovative healthcare delivery model. MPT first provided sale/leaseback financing to Adeptus in 2012 with an initial $100 million commitment which has since been utilized. Prior to its 2012 relationship with Adeptus, MPT pioneered the concept of sale/leaseback financing of hospitals licensed as stand-alone emergency departments with another leading operator. The initial cash yields for both transactions fall in the range between 8.0% and 11.0%.

8:42 am European Markets Update: FTSE -0.2%, CAC -0.9%, DAX -1.1%, IBEX -1.9% (:SUMRX) : Major European indices trade lower across the board with Spain's IBEX (-1.9%) leading the retreat. Germany and Russia have reportedly engaged in discussions to broker a diplomatic solution to the situation in Ukraine with Russia pushing for the international community to recognize Crimea's independence.

  • Participants received several data points: 
    • Eurozone CPI rose 0.4% year-over-year (expected 0.5%, previous 0.5%), while Core CPI increased 0.8% (consensus 0.8%, prior 0.8%). Separately, the Unemployment Rate ticked down to 11.5% from 11.6% (expected 11.6%) 
    • Germany's Unemployment declined by 12,000 (expected -5,000, previous 7,000), while the Unemployment Rate held steady at 6.7%, as expected o Great Britain's Nationwide HPI rose 10.6% (expected 11.3%, previous 6.0%) 
    • France's Consumer Spending rose 0.9% month-over-month (expected 0.1%, previous 0.7%), while PPI was unchanged month-over-month (consensus -0.1%, previous -0.5%) 
    • Italy's Monthly Unemployment Rate slipped to 12.3% (expected 12.6%, previous 12.5%), while CPI ticked down 0.1% month-over-month (expected 0.1%, previous 0.1%). Also of note, PPI ticked up 0.1% month-over-month (consensus -0.1%, previous -0.1%) 
    • Spain's Current Account deficit narrowed to EUR580 million from EUR1.60 billion 
------
  • Great Britain's FTSE is lower by 0.2% with financials on the defensive. 3i Group, St James's Place, and Lloyds Banking are down between 2.6% and 3.2%. On the upside, Royal Dutch Shell is higher by 3.8% after beating earnings expectations. 
  • In France, the CAC holds a loss of 0.9%. Alcatel-Lucent is the weakest component, down 6.3%, after reporting disappointing earnings. Financials also lag with AXA, Credit Agricole, and Societe Generale down between 2.1% and 4.1%. 
  • Germany's DAX trades down 1.1%. Adidas and Deutsche Lufthansa hold respective losses of 14.5% and 5.2% after reporting disappointing earnings. Health care names outperform with Fresenius SE up 4.0% after beating earnings estimates. 
  • Spain's IBEX holds a loss of 1.9%. Santander and Telefonica, both of which have a large exposure to Latin America, weigh with losses close to 1.7% apiece after Argentina's default. Drug maker Grifols is the weakest component, down 10.5% after reporting disappointing results.

8:39 am CVR Energy beats by $0.18, misses on revs (CVI) : Reports Q2 (Jun) earnings of $0.96 per share, $0.18 better than the Capital IQ Consensus Estimate of $0.78; revenues rose 14.4% year/year to $2.54 bln vs the $2.74 bln consensus.

  • "In the fertilizer segment, CVR Partners benefitted from higher average realized gate prices per ton for urea ammonium nitrate (UAN) during the second quarter of 2014 as compared to this year's first quarter," said Jack Lipinski, CVR Energy's chief executive officer. "At CVR Refining, the refineries posted a combined crude throughput of 212,047 barrels per day (bpd) processed in the 2014 second quarter."

8:39 am CVR Refining beats by $0.24 (CVRR) : Reports Q2 (Jun) earnings of $1.22 per share, $0.24 better than the Capital IQ Consensus Estimate of $0.98; revenues rose 15.4% year/year to $2.47 bln. 

  • Adjusted EBITDA, a non-GAAP financial measure, for the 2014 second quarter was $192.9 million compared to adjusted EBITDA of $250.6 million for the 2013 second quarter.Q3 Outlook: Based upon scheduled maintenance activities and the downtime associated with the July 29 incident at the Coffeyville refinery, the company anticipates total crude throughput of 165,000 bpd to 175,000 bpd for the 2014 third quarter.

8:38 am CVR Partners misses by $0.15, misses on revs (UAN) : Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.15 worse than the Capital IQ Consensus Estimate of $0.38; revenues fell 13.1% year/year to $77.2 mln vs the $79.02 mln consensus. 

Based on current plant operating rates, the partnership anticipates UAN production of 240,000 tons to 260,000 tons for the third quarter of 2014. As part of its annual fill season negotiations with dealers and distributors, the partnership has entered into agreements for substantially all of its anticipated UAN production for the second half of 2014. The fill season is the period of the year when dealers and distributors typically fill their fertilizer storage tanks across the Corn Belt in anticipation of the following year's spring corn planting season. Published third-party sources quoted fill season pricing at $235 per ton to $240 per ton at the New Orleans, Louisiana (:NOLA) pricing point. Given its strategic location, CVR Partners' plant typically receives an approximate $15 per ton premium over NOLA pricing.

8:38 am Tower Intl beats by $0.12, reports revs in-line; guides FY14 EPS in-line, revs in-line (TOWR) : Reports Q2 (Jun) earnings of $0.93 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $0.81; revenues rose 3.7% year/year to $576.6 mln vs the $571.9 mln consensus. Co issues in-line guidance for FY14, sees EPS of $2.95-3.05, excluding non-recurring items, vs. $3.01 Capital IQ Consensus Estimate; sees FY14 revs of $2.200-2.225 bln vs. $2.19 bln Capital IQ Consensus Estimate.

8:37 am Oaktree Capital beats by $0.08; Assets under Management grew 19% y/y to $91.1 bln (OAK) : Reports Q2 (Jun) earnings of $0.75 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.67. Assets under management (AUM.TO) and management fee-generating assets under management reached all-time highs in the second quarter of 2014, lifted by net inflows to open-end and evergreen funds and market-value gains. AUM grew to $91.1 bln as of June 30, 2014, from $86.2 bln as of March 31, 2014 and $76.4 bln as of June 30, 2013.

  • Gross capital raised was $5.3 bln in the second quarter, driven by the appeal of our newest products and strong inflows across our open-end funds. Strategies developed within the past three years accounted for $3.1 bln of the $5.3 bln. Including $314 mln of net inflows in July 2014, AUM in our Emerging Markets Equity strategy has reached $3.4 bln. 

8:36 am FelCor Lodging beats by $0.01, beats on revs; raises FY14 FFO, in-line (FCH) : Reports Q2 (Jun) funds from operations of $0.26 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 8.2% year/year to $259.5 mln vs the $247.78 mln consensus.

  • RevPAR for our 46 comparable hotels (31 comparable core hotels plus 15 non-strategic hotels) was $132.17, a 9.2% increase compared to the same period in 2013. The increase reflects a 6.3% increase in ADR to $164.79 and a 2.7% increase in occupancy to 80.2%. Hotel EBITDA for our 46 comparable hotels was $63.6 million, a 15.0% increase, and Hotel EBITDA margin was 29.9% during the quarter, a 175 basis point increase.
Co issues in-line guidance for FY14, raises FFO to $0.56-0.60 from $0.53-0.59 vs. $0.57 Capital IQ Consensus. RevPAR for same-store hotels will increase 8.75% - 9.25%; and RevPAR for comparable hotels (excludes Wyndham) will increase 7.5% - 8.0%; Adjusted EBITDA will be $211.5 million to $217.5 million. 

8:36 am 3D Systems misses by $0.02, misses on revs; guides FY14 EPS in-line, raises revs guidance (DDD) : Reports Q2 (Jun) earnings of $0.16 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.18; revenues rose 25.4% year/year to $151.5 mln vs the $161.94 mln consensus.

  • Co updates guidance for FY14, sees EPS of $0.73-0.85 vs. $0.81 Capital IQ Consensus Estimate; raises FY14 rev guidance to $700-740 mln vs. $714.38 mln Capital IQ Consensus Estimate. 
  • "DDD entered the second half of this year with a substantially larger order book and favorable growth indicators. The company typically realizes a higher portion of its annual revenue during the second half of the year, and expects the same in the remainder of 2014 as the full impact of its new products and services and recent investments materializes. Factoring in the expected net contribution after closure of the Simbionix acquisition and delayed closing of the Robtec acquisition that was already included in its previous guidance, management raised its 2014 revenue guidance."

8:34 am Cameco beats by $0.02, misses on revs (CCJ) : Reports Q2 (Jun) earnings of CC$0.20 per share, excluding non-recurring items, CC$0.02 better than the Capital IQ Consensus Estimate of CC$0.18; revenues rose 19.2% year/year to CC$502 mln vs the CC$550.2 mln consensus.

8:34 am Sandy Spring Banc increases quarterly dividend to $0.20 from $0.18/share (SASR) :  

8:33 am AVG Tech renews its search and distribution partnership with Yahoo! (YHOO) (AVG) : Co announced it has renewed its search and distribution partnership with Yahoo!, Inc. (YHOO) AVG Secure Search, provided by AVG and Yahoo since 2012, helps protect users from dangerous websites and online threats using AVG's LinkScanner technology. Under the renewed three-year agreement, AVG will continue to offer AVG Secure Search through its partnership with Yahoo across both mobile and desktop platforms worldwide.

8:33 am Pinnacle West beats by $0.04, misses on revs; reaffirms FY14 EPS, in-line (PNW) : Reports Q2 (Jun) earnings of $1.19 per share, $0.04 better than the Capital IQ Consensus Estimate of $1.15; revenues fell 1.0% year/year to $906.3 mln vs the $919.95 mln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $3.60-3.75, excluding non-recurring items, vs. $3.69 Capital IQ Consensus Estimate.

8:33 am Diamond Hill Investment announces Chief Financial Officer succession plan; Tom Line will assume the role of Chief Financial Officer on January 1, 2015 (DHIL) : Co announced that Jim Laird will step down as Chief Financial Officer effective December 31, 2014. Mr. Laird will continue as a member of the Diamond Hill Investment Group board of directors and as Secretary. Tom Line, currently Managing Director of Finance, will assume the role of Chief Financial Officer on January 1, 2015. Mr. Line joined Diamond Hill in April 2014, bringing 25 years of experience to this role, and will report to Chief Executive Officer, Ric Dillon.

8:32 am Herbalife plans expansion of manufacturing capabilities in China; co to create manufacturing facility in Nanjing, Jiangsu province (HLF) : Co announced plans to expand its manufacturing capabilities in China, as it looks to increase its capacity in line with anticipated growth in this strategically important market.

  • The co will invest up to $40 mln in a first phase of development, to bring the facility up to the highest operating standards. 
  • This first phase is expected to be complete and the facility operational by the end of 2015, with the potential for a second phase of development, given the size and flexibility of
    the facility. 
  • This new facility will ultimately provide up to 65% of the company's total product requirements in China

8:32 am GATX beats by $0.10, misses on revs (GMT) : Reports Q2 (Jun) earnings of $1.15 per share, $0.10 better than the Capital IQ Consensus Estimate of $1.05; revenues rose 7.9% year/year to $365.8 mln vs the $377.07 mln consensus.

  • Co states: "Rail North America continues to see strong demand for tank cars and improving, broad-based demand for many freight car types, particularly covered hoppers. Utilization was 98.6% at the end of the quarter, excluding our boxcar fleet. The renewal rate change of our Lease Price Index was a positive 36.0% and the average renewal term for cars in the Lease Price Index was 67 months. Our renewal success rate also remained high, at nearly 85% during the second quarter... We made excellent progress integrating the recently acquired boxcar fleet. Utilization on this fleet increased from 78.8% at acquisition to 90.7% by the end of the second quarter, primarily by placing idle cars on term lease and scrapping and selling targeted cars."

8:32 am World Wrestling beats by $0.02, beats on revs (WWE) : Reports Q2 (Jun) loss of $0.18 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.20); revenues rose 2.6% year/year to $156.3 mln vs the $154.7 mln consensus. 

  • Outlook: Compared to its May 15 Business Outlook release, the Company has improved its 2015 OIBDA outlook by $30 million on a net basis at all WWE Network subscriber levels. The improvement primarily reflects a comprehensive evaluation of the Company's operations, which identified measures to reduce costs across all of its business units, including a 7% reduction in staffing levels. 
    • As a result, the Company anticipates recording a one-time, pre-tax restructuring charge of approximately $4.5 million in the third quarter of 2014, comprised of severance and other costs. The Company also estimates a $10 million reduction in 2014 expenses (on an adjusted basis), and a corresponding increase in its 2014 Adjusted OIBDA.

8:32 am Innospec expands credit facility to $200 mln (IOSP) : Co announced that it has added a new bank to its existing credit facilities agreement and increased its borrowing capacity under the facilities to $200 million.

  • As of March 31, 2014, the cos borrowings outstanding under the agreement totaled $134.0 million. 
  • Including cash and cash equivalents, the company's overall net debt was $43.7 million.

8:32 am CSG Systems expands and extends its relationship with Comcast Cable (CMCSA) to provide residential billing services through June 30, 2019 (CSGS) : Co announced that it has expanded and extended its relationship with Comcast Cable (CMCSA) to provide residential billing services through June 30, 2019.

  • Currently, CSG provides its end-to-end, pre-integrated customer care and billing solution to approximately two-thirds of Comcast's existing residential customers. 
  • The expanded contract provides the framework for Comcast to consolidate its residential business onto CSG's billing solution. 
  • Initially under the new agreement, Comcast plans to add ~2.3 mln residential customers onto the CSG billing solution in early 2015, with the opportunity for additional customer account migrations to CSG as part of any future consolidation or standardization.

8:32 am S&P futures vs fair value: -10.30. Nasdaq futures vs fair value: -25.50. (:WRAPX) : The S&P 500 futures trade ten points below fair value.

The latest weekly initial jobless claims count totaled 302,000, while the Briefing.com consensus expected a reading of 310,000. Today's tally was above the revised prior week count of 279,000 (from 284,000). As for continuing claims, they rose to 2.539 million from 2.508 million.

Separately, the Q2 Employment Cost Index rose 0.7%, while the Briefing.com consensus expected an increase of 0.4%.

8:31 am Enterprise Products executes additional agreement for ethane export terminal; evaluating expansion options (EPD) : Co announced that it has executed an additional long-term contract to provide ethane storage, transportation, refrigeration and loading services from its new ethane export terminal that is currently under construction on the Houston Ship Channel.

  • With this new agreement, the co now has long-term commitments for approximately 85 percent of the capacity of the ethane terminal
  • Also mentioned they have commenced evaluation of expansion options at the new ethane terminal.

8:31 am FuelCell Energy announces strategic financing agreements with NRG Energy (NRG); co sells 14.6 million shares of common stock to NRG at $2.39 per share for proceeds of $35 million (FCEL) : Co announced a broadening and deepening of the existing relationship with NRG Energy (NRG) including a $35.0 million investment in FCEL common stock by NRG and the establishment of a new $40.0 million revolving construction and term loan facility by NRG for FCEL to use for project development.

  • NRG now owns approximately 17.0 million shares of the cos common stock, or 6.0%, including 2.4 million shares owned prior to this transaction.
  • The co sold 14,644,352 shares of its common stock to NRG in a private placement at a price of $2.39 per share.
    • The terms of the equity transaction include a warrant giving NRG the right to purchase an additional 2.0 million shares of common stock at a price $3.35 per share. The warrant has a term of three years.

8:31 am Market View: Sep. stock-index futures continue to trade well below fair values following the 8:30 a.m. ET economic data points (:TECHX) :

  • ESu4 now trades @ 1953.00 -12.00

  • YMu4 now trades @ 16722 -99

  • NQu4 now trades @ 3943.00 -25.50

8:26 am ChromaDex signs material transfer agreement with prominent Australian research institute for NIAGEN research (CDXC) : Co announced it has entered into a material transfer agreement with Murdoch Childrens Research Institute, the preeminent child health research institute in Australia. ChromaDex will provide Murdoch Childrens Research Institute with quantities of its proprietary NIAGEN nicotinamide riboside (NR) ingredient for research use.

8:24 am On The Wires (:WIRES) :

  • Nuance Communications (NUAN) announced that China Mobile Jiangsu Branch has leveraged Nuance's speech and Natural Language Understanding technology to vastly improve the phone experience for callers in need of service or support. 
  • Apigee announced a partnership with SAP (SAP); under the OEM and reseller agreement, SAP will deliver a comprehensive application programming interface management application built on the Apigee Edge digital acceleration platform.
  • ABM (ABM) announced its ABM Building Solutions business has been selected by Colquitt County Schools in Moultrie, Georgia to implement district-wide, comprehensive infrastructure improvements through ABM's Bundled Energy Solutions program.
  • AudaExplore, a U.S. business unit of Solera Holdings (SLH) have entered into a long-term strategic partnership. Phase one of this partnership includes a data integration agreement that will enable AudaExplore customers to seamlessly include estimating data in the Performance Gateway Balanced Scorecard.
  • Raytheon (RTN) and MD Helicopters, Inc. successfully fired four TALON laser guided rockets from the MD 530G armed aerial scout helicopter during a series of tests at Yuma Proving Ground, Ariz.
  • Smith & Nephew (SNN) announced its entry into the forefoot market with the launch of the HAT-TRICK Lesser Toe Repair System. 
  • CVS/pharmacy (CVS) and URAC announced that CVS/pharmacy is the first pharmacy in the nation to earn the new Community Pharmacy accreditation from URAC
  • AMSC (AMSC) announced the availability of its newest wind turbine design.
  • Cara Therapeutics (CARA) announced the initiation of a human abuse liability trial of an intravenous formulation of its peripherally-selective kappa opioid agonist, CR845.
  • Nordson EFD, a Nordson company (NDSN) introduces its Optimum Clear Flex Piston, a new dispensing solution to achieve more consistent results when dispensing viscous fluids.
  • Rosetta Genomics (ROSG) announced that it has signed an agreement with a global pharmaceutical company in the area of Alzheimer's disease diagnostics.
  • 8x8 Solutions, the UK/European arm of 8x8, Inc (EGHT), announced that its new London City office, located at 65 Fenchurch Street, EC3M 4BE, is fully operational.

8:24 am RF Micro Device and TriQuint Semiconductor (TQNT) have each scheduled special shareholder meetings for Sep 5, 2014, in relation to the previously announced business combination between RFMD and TQNT (RFMD) :  

8:21 am USA Truck beats by $0.22, reports revs in-line (USAK) : Reports Q2 (Jun) earnings of $0.20 per share, $0.22 better than the Capital IQ Consensus Estimate of ($0.02); revenues rose 9.7% year/year to $153.3 mln vs the $152.32 mln consensus.

8:20 am Senomyx beats by $0.02, misses on revs (SNMX) : Reports Q2 (Jun) loss of $0.06 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.08); revenues fell 4.3% year/year to $7.34 mln vs the $7.67 mln consensus.

8:19 am Murphy Oil announces Milford Haven refinery sales agreement (MUR) : Co announced that its subsidiary, Murco Petroleum, has signed an agreement to sell its Milford Haven refinery and terminal assets to Klesch Refinery. Pending regulatory approval and subject to other material conditions, this transaction is scheduled to close no later than October 31, 2014.

8:16 am Vonage beats by $0.04, misses on revs; Co Announces Bank Commitments for Expanded $225 Million, 4-Year Credit Facility (VG) : Reports Q2 (Jun) earnings of $0.07 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.03; revenues rose 6.9% year/year to $218.9 mln vs the $221.28 mln consensus.

  • "Revenue growth in our Business Solutions group continues to accelerate, reflecting the success of multiple sales and marketing initiatives along with the continued adoption of cloud communications in the small and medium business market."
New $225 mln credit facility
  • Capitalizing on the low interest rate environment and Vonage's strong financial position, the Co has received commitments from all members of its current bank lending group and additional banks for a new, expanded $225 million credit agreement to provide increased financial and strategic flexibility, including for acquisitions.
  • The new debt agreement consists of a four-year, $100 million senior secured term loan and a $125 million revolving credit facility. The Co plans to use $90 million of the proceeds of the term loan to retire all current debt under its existing facility. Closing is expected in the next several weeks.
Updated Outlook
  • The co currently expects revenue growth for 2014 to be in the 5% area on a GAAP basis. Assuming Vonage owned Vocalocity for all of 2013, revenue is expected to be between zero and negative two percent.
  • Relative to the prior outlook, this reflects the second half revenue impact of lower new customer additions from the first half of the year, lower expected new customer additions in the second half due to actions to optimize the profitability of certain sales channels, and timing differences in the rollout of BasicTalk to additional locations and in the expansion of marketing in Brazil.
  • The co expects EBITDA to be in the $106-112 million range, higher than prior expectations.

8:15 am Apache beats by $0.01, misses on revs (APA) : Reports Q2 (Jun) earnings of $1.67 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.66; revenues fell 18.4% year/year to $3.48 bln vs the $3.63 bln consensus. 

  • Total reported worldwide net daily production of oil, natural gas and natural gas liquids averaged 636,000 boe per day, with pro forma production averaging 550,000 boe per day. North America onshore regions increased pro forma liquids production 31,000 barrels per day over the prior-year period. Total pro forma production averaged 201,000 barrels per day. The Permian Region achieved record production averaging 155,000 boe per day, up 26 percent from the prior-year period. The region averaged 37 operated rigs during the quarter and drilled 164 gross operated wells (74 horizontal). 
  • Consistent with the company's ongoing repositioning for profitable and repeatable North American onshore growth, Apache intends to completely exit the Wheatstone and Kitimat LNG projects. In addition, Apache is evaluating its international assets and exploring multiple opportunities, including the potential separation of some or all of these assets through the capital markets.

8:15 am Investment Tech beats by $0.05, beats on revs (ITG) : Reports Q2 (Jun) earnings of $0.35 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.30; revenues fell 0.6% year/year to $138.5 mln vs the $130.78 mln consensus.

  • Average daily trading volume in the U.S. of 149 million shares versus 179 million shares in the second quarter of 2013. POSIT average daily U.S. volume was 67 million shares compared to 75 million shares in the second quarter of 2013. Total average daily volume traded through POSIT Alert was 15.0 million shares compared to 17.7 million in the second quarter of 2013. 
  • "We performed extremely well in Europe again, moved closer to profitability in Asia Pacific and pushed our average U.S. revenue per share to the highest level in nearly three years thanks primarily to increased rates on high-touch trading. Our investments in research helped push revenues for our global Research, Sales and Trading offering up 8% over last year's second quarter."

8:14 am Chimerix: New data on co's Brincidofovir supports safety and antiviral activity against multiple life-threatening DNA viruses in organ transplant recipients (CMRX) : Oral antivirals in areas of high unmet medical need, presented new data on its investigational antiviral, brincidofovir (BCV, CMX001), at the 2014 World Transplant Congress (WTC.V) in San Francisco. Data presented at WTC support brincidofovir's antiviral activity and safety profile in hematopoietic cell transplant (HCT) and solid organ transplant recipients who were treated for viral infections including adenovirus (AdV), cytomegalovirus (CMV.V), BK virus, Epstein-Barr virus (:EBV) and varicella zoster virus (:VZV).

  • Brincidofovir demonstrated antiviral activity against adenovirus (AdV), cytomegalovirus (CMV.V), Epstein-Barr virus (:EBV), BK virus (:BKV), and varicella zoster virus (:VZV) in pediatric and adolescent patients who received multiorgan transplants
Ten patients who had received multiorgan transplants (liver kidney/pancreas/small bowel) ages six months to 15 years were treated with brincidofovir for life-threatening DNA virus infections including AdV, CMV, BK virus, Epstein-Barr virus (:EBV) and varicella zoster virus (:VZV) after failing existing antiviral therapies. Brincidofovir treatment duration ranged from one to 26 weeks and antiviral activity was observed against all five DNA viruses. Overall, liver and kidney function remained stable or improved in all patients while receiving brincidofovir and during follow-up.
  • Greater than 80% of patients who received prior cidofovir or foscarnet showed improvement in renal function during brincidofovir treatment.
The expanded access study of brincidofovir (BCV, CMX001), Study 350, enrolled immunocompromised patients with life-threatening DNA viral infection(s) and no other therapeutic options. Twenty-five percent (25%, n=66) of patients enrolled had received prior antivirals foscarnet or cidofovir, known to be nephrotoxic, providing an opportunity to evaluate the change in renal function during BCV therapy. Despite the heterogeneity and complexity of these patients, greater than 80% of patients who received cidofovir or foscarnet showed improvement in renal function during brincidofovir treatment, including patients with severe renal impairment (eGFR
  • Brincidofovir demonstrated antiviral activity against CMV in kidney transplant patients who failed other antiviral treatments 
Patients who had failed previous antiviral treatment for CMV infection received brincidofovir under an expanded access protocol (Study 350). Five kidney transplant patients (ages 44-56) with refractory or resistant CMV infections received brincidofovir for 10-171 days (mean 91 days) at doses of 100-200 mg twice weekly. Three patients had a complete virologic response with undetectable CMV (

8:13 am Gapping down (:SCANX) : In reaction to disappointing earnings/guidance: EHTH -32.1%, QUIK -19.6%, ATEN -18.8%, CLUB -14.2%, CODE -13%, AVG -8.4%, MTW -8.3%, GLUU -8.1%, (also plans to acquire Cie Games for ~ $100 mln; co anticipates the transaction being earnings accretive from its first quarter of consolidation), TTEK -7.1%, (light volume), ALU -7%, TGB -6.8%, (light volume), AKAM -6.5%, ANIK -6.5%, PVA -6.5%, (Penn Virginia announces the sale of Eagle Ford Oil gathering and intermediate transportation rights for $150 mln), FEIC -5.9%, (light volume), NOW -5.8%, SMSI -5.4%, (thinly traded), WSTL -5%, CAVM -4.8%, OCN -4.8%, (light volume), ENTR -4.2%, (light volume), RNWK -4%, (also appoints Rob Glaser to be permanent CEO), CTRP -3.9%, WFM -3.7%, (downgraded to Neutral from Buy at UBS; downgraded to Neutral from Overweight at JP Morgan ), SZYM -3.5%, (also Solazyme and AkzoNobel expand partnership in surface chemistry), YELP -3.4%, WDC -3%, HIG -2.7%, VECO -2.2%, MET -1.9%, TGI -1.9%, EXL -1.8%, (light volume), TEF -1.7%, PEIX -1.6%, LRCX -1.5%, ISIL -1.5%, EPD -1.4%, (light volume), KRFT -1.3%, (also downgraded to Hold from Buy at Deutsche Bank), WTW -1.2%, K -1.1%, (light volume), CNL -0.9%, (and following late spike on reports that Iberdrola (IBDRY) may bid for CNL), ABX -0.9%, (light volume), CACC -0.7%, (thinly traded), AZN -0.3%, DTV -0.3%.

M&A news: AHL -2.7% (Endurance terminates offer to acquire Aspen).

Select financial related names showing weakness: DB -2.7%, ING -2.7%, NBG -2.7%, CS -2.3%, SAN -1.8%.

Select telecom stocks trading lower: PT -4.5%, VOD -1.9%.

Select Argentina names lower following S&P news: BMA -4.5%  BFR -3.4%,  PAM -1.9%  YPF -1.3%

Other news: PERI -8.6% (still checking), YUM -6.2% ( confirms it terminated its relationship with OSI ), MU -6.2% (following SSNLF results; also Tessera Tech and Micron Technology announce execution of new technology and patent license agreements), QIHU -5.1% ( announces offering of $900 mln convertible senior notes due 2020), CNHI -3.3% (on MTW results), RPT -2.2% (commences public offering of 5.25 mln newly issued common shares of beneficial interest ), NOK -1.7% (following ALU results; also Nokia Networks to buy part of Panasonic's (PCRFY) wireless network business), AAPL -1.4% (still checking), TSN -1.4% (announces pricing of of 23.81 mln shares of its Class A common stock at $37.80/share and 30 mln of its 4.75% tangible equity units), MANU -1.3% (announces offering of 8 mln Class A ordinary shares by the selling shareholder), STX -1% (following WDC results), AMZN -0.7% (plans to expand into local services, according to reports ), TSLA -0.7% (Tesla Motors and Panasonic confirmed agreement for the Gigafactory), GPRO -0.6% (following yesterday's 5% move higher), MCD -0.3% (following YUM update).

Analyst comments: HOG -1.5% (Harley-Davidson downgraded to Hold from Buy at Argus), QCOM -1.1% (downgraded to Mkt Perform from Outperform at Bernstein ), UN -0.3% (Unilever downgraded to Neutral from Buy at Goldman)

8:12 am Ultra Petroleum misses by $0.01, beats on revs; guides production (UPL) : Reports Q2 (Jun) earnings of $0.52 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.53; revenues rose 13.3% year/year to $296.1 mln vs the $273.95 mln consensus. 

Q2 production of natural gas and oil was 58.5 billion cubic feet equivalent (Bcfe). This takes into account unforeseen pipeline disruptions resulting in 1.1 Bcfe of deferred production. The company's production for the second quarter was comprised of 54.0 billion cubic feet (Bcf) of natural gas and 758.8 thousand barrels (Mbls) of oil. Oil production increased 154 percent from the same period last year. 

Co sees Q3 production 60-62 Bcfe; FY14 243-250 Bcfe

8:12 am Meredith beats by $0.03, misses on revs; guides Q1 EPS below consensus; guides FY15 EPS below consensus (MDP) : Reports Q4 (Jun) earnings of $0.88 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.85; revenues rose 1.0% year/year to $390.8 mln vs the $396.67 mln consensus.

  • Co issues downside guidance for Q1, sees EPS of $0.60-0.65 vs. $0.75 Capital IQ Consensus Estimate. 
  • Co issues downside guidance for FY15, sees EPS of $3.00-3.25 vs. $3.33 Capital IQ Consensus Estimate. 
  • Local Media Group revenues increased 20 percent to $111 million, and EBITDA grew 20 percent to $41 million (excluding special items), both records for a fiscal fourth quarter. Growth was driven by strong performance from Meredith television stations in Phoenix, Las Vegas and Greenville; the addition of KMOV in St. Louis; record digital/mobile advertising revenues; and higher retransmission-related revenues and profit.

8:12 am Modine Manufacturing beats by $0.12, misses on revs; guides FY15 EPS in-line (MOD) : Reports Q1 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 4.4% year/year to $392.5 mln vs the $400.08 mln consensus. Co issues in-line guidance for FY15, sees EPS of $0.63-0.73 vs. $0.72 Capital IQ Consensus Estimate; sees sales up 3-8% y/y.

8:12 am Mechel Steel reports supplying Ulak-Elga railway with Chelyabinsk Metallurgical Plant's rails (MTL) : Co reported supplying a batch of R65 rails produced by Chelyabinsk Metallurgical Plant for expanding the carrying capacity of its 321-kilometer Ulak-Elga railway which provides railway access to the Elga coking coal deposit. The supplied rails will enable the company to lay 25 kilometers of service tracks for Elga Coal Complex.

8:11 am Kingold Jewelry announces adjustment to the payout date of its previously announced special cash dividend of $0.08 per share of common stock (KGJI) : Co announced an adjustment to the payout date of its previously announced special cash dividend of $0.08 per share of common stock. The dividend will now be payable no later than August 28, 2014 to stockholders of record as of June 30, 2014. The change is due to the Company requiring additional time to receive provincial government approvals in order to disperse the appropriate funds to stockholders.

8:11 am Inventure Foods beats by $0.01, misses on revs (SNAK) : Reports Q2 (Jun) earnings of $0.12 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 33.9% year/year to $71.9 mln vs the $74.57 mln consensus.

8:11 am BGC Partners reports Q2 results, reports revs in-line (BGCP) : Reports Q2 (Jun) GAAP earnings of $0.03 per share, may not compare to the Capital IQ Consensus Estimate of $0.13; revenues fell 8.7% year/year to $430.3 mln vs the $427.62 mln consensus. Adjusted EBITDA declined 91% y/y to $63.9 mln.

  • Co states: "Within a year of the NASDAQ OMX transaction, we have effectively replaced the distributable earnings from eSpeed. We expect our pre-tax distributable earnings to increase by between 39 percent and 60 percent year-on-year in the third quarter of 2014. Our cash position is over $640 million and we expect to receive approximately $600 million in NASDAQ OMX stock. This gives us over a billion dollars of firepower to grow our profits. We expect to use these funds to increase shareholder value by making accretive acquisitions across Real Estate and Financial Services, repay debt, repurchase common shares and units, and maintain our regular common dividend for the foreseeable future."

8:11 am Fieldpoint Petroleum provided an update on recent activity; co believes they have a blockage in the lower perforations of 8A-1H Ranger well and plan to work over the well later in the year with expectations of increasing production (FPP) : Co provided an update on recent activity:

  • The co has completed the third and fourth horizontal Taylor Sand wells in the Serbin Field
  • Mentions they have a blockage in the lower perforations of the first Ranger well and plan to work over the well later in the year with expectations of increasing production.
  • The co recently completed a portfolio review of its current production and has identified several behind pipe and new drill opportunities. 
    • The co is filing a drilling permit for the Quinoco Sulimar #2 in Chavez County, New Mexico, and plans to offset drill the Quinoco Sulimar #1, which initially produced approximately 150 BOPD and currently produces 10 BOPD, after having produced approximately 128,000 barrels of oil from the Queen Sand at 1,800'. 
    • With an expected drill and complete cost of approximately $350,000, management believes this is an excellent risk reward opportunity for the co.

8:10 am WPX Energy names Kevin Vann as CFO (WPX) : Co officially named J. Kevin Vann as SVP and CFO.

8:10 am GP Strategies beats by $0.14, beats on revs (GPX) : Reports Q2 (Jun) earnings of $0.42 per share, $0.14 better than the Capital IQ Consensus Estimate of $0.28; revenues rose 28.6% year/year to $134.9 mln vs the $121.8 mln consensus.

8:10 am American Shared announces proposed 2015 CMS Gamma Knife and Proton Therapy reimbursement rates; comprehensive reimbursement rate of ~$9,768 will be inclusive of the delivery and ancillary codes but exclusive of co-insurance payments or other adjustments (AMS) : Co announced that the Centers for Medicare and Medicaid Services has posted its proposed Medicare hospital outpatient prospective payment rates for calendar year 2015. Effective January 1, 2015, CMS is proposing a comprehensive APC for both Gamma Knife and LINAC one session cranial radiosurgery.

  • The proposed comprehensive reimbursement rate of ~$9,768 will be inclusive of the delivery and ancillary codes but exclusive of co-insurance payments or other adjustments. 
  • The average current CMS reimbursement rate for delivery and ancillary codes (exclusive of co-insurance and other adjustments) is ~$5,600. 
  • Also, CMS's proposed 2015 proton therapy delivery code rates per daily session are $515 ($872 in 2014) for a simple treatment without compensation, $1,056 ($872 in 2014) for a simple treatment with compensation, and $1,056 ($1,205 in 2014) for an intermediate or complex treatment.

8:09 am Borg Warner beats by $0.02, reports revs in-line; ups FY14 guidance (BWA) : Reports Q2 (Jun) earnings of $0.89 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.87; revenues rose 16.0% year/year to $2.2 bln vs the $2.19 bln consensus.

  • Co raises guidance for FY14, sees EPS of $3.25-3.35 vs. $3.34 Capital IQ Consensus Estimate, up from prior guidance of $3.15-3.30; sees revs up 13-15% vs. prior guidance for +12-15%. 
    • Sees operating income, as a percentage of net sales, is now expected to approach 13%, excluding non-comparable items. Previously, operating income, as a percentage of net sales, was expected to be 12.5% or better, excluding non-comparable items.

8:09 am Leapfrog announces that LeapPad3 is now available for sale online and at major retail locations across the U.S. (LF) : The co announced that LeapPad3 is now available for sale online and at major retail locations across the U.S.

  • As part of the no. 1 selling children's tablet line of LeapPad tablets, the LeapPad3 tablet is the fastest, highest-performance five-inch tablet ever from LeapFrog.

8:08 am American Science & Engineering misses by $0.14, misses on revs, conflicts in the Middle East delayed both shipments and anticipated bookings (ASEI) : Reports Q1 (Jun) earnings of $0.18 per share, $0.14 worse than the Capital IQ Consensus Estimate of $0.32; revenues fell 17.5% year/year to $35.5 mln vs the $40.0 mln consensus.

  • Co says it's still experiencing quarter-to-quarter volatility. Escalating conflicts in the Middle East delayed both shipments and anticipated bookings in the quarter. However, co says its pipeline is substantial and continues to steadily grow.
  • "The successful introduction of our breakthrough MINI Z portable screening system, the launch of a new North American Public Safety channel, and other strategic initiatives now underway will continue to help us leverage our technology leadership to expand the application reach of our offerings into targeted markets."

8:08 am Exxon Mobil beats by $0.19, reports revs in-line (XOM) : Reports Q2 (Jun) earnings of $2.05 per share, $0.19 better than the Capital IQ Consensus Estimate of $1.86; revenues rose 4.7% year/year to $111.65 bln vs the $111.07 bln consensus. 

  • Upstream earnings were $7,881 million in Q2, up $1,576 million from 2Q13.  Higher realizations increased earnings by $580 million. Lower production volumes and sales timing impacts decreased earnings by $200 million. All other items, primarily asset management impacts in Hong Kong, increased earnings by $1.2 billion. 
  • On an oil-equivalent basis, production decreased 5.7 percent from the second quarter of 2013. Excluding the impact of the expiry of the Abu Dhabi onshore concession, production decreased 2.3 percent.

    Liquids production totaled 2,048 kbd (thousands of barrels per day), down 134 kbd from the second quarter of 2013. The Abu Dhabi onshore concession expiry reduced volumes by 142 kbd. Excluding this impact, liquids production was up slightly as project ramp-up and work programs more than offset field decline. 

  • Second quarter natural gas production was 10,750 mcfd (millions of cubic feet per day), down 604 mcfd from 2013, primarily due to lower demand and field decline.

    Earnings from U.S. Upstream operations were $1,193 million, $97 million higher than the second quarter of 2013. 

  • Non-U.S. Upstream earnings were $6,688 million, up $1,479 million from the prior year.

    Downstream earnings were $711 million, up $315 million from the second quarter of 2013. Weaker refining margins decreased earnings by $330 million. Volume and mix effects increased earnings by $280 million. All other items, including asset management impacts and lower operating expenses, increased earnings by $370 million. 

  • Petroleum product sales of 5,841 kbd were 76 kbd higher than last year's second quarter.

    Earnings from the U.S. Downstream were $536 million, up $288 million from the second quarter of 2013. Non-U.S. Downstream earnings of $175 million were $27 million higher than last year.

8:08 am Trimas misses by $0.06, beats on revs; guides FY14 EPS in-line, revs in-line (TRS) :

  • Reports Q2 (Jun) earnings of $0.58 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.64; revenues rose 6.9% year/year to $404 mln vs the $399.91 mln consensus. 
  • Co issues in-line guidance for FY14, sees EPS of $2.15-2.25 vs. $2.24 Capital IQ Consensus Estimate; sees FY14 revs of $1.47-1.50 bln vs. $1.5 bln Capital IQ Consensus Estimate.
  • "We continue to focus on capturing the opportunities and mitigating the risks we face in these choppy end markets. While we are maintaining our full year 2014 EPS guidance of $2.15 to $2.25, we believe we are trending to the lower end of the range given the current conditions we are facing." 

8:08 am Stillwater Mining misses by $0.01, misses on revs; co lowers 2014 mined production expectations, improves all-in sustaining cost expectations, lowers CapEx (SWC) : Reports Q2 (Jun) earnings of $0.14 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.15; revenues fell 6.2% year/year to $249.9 mln vs the $271.17 mln consensus.

  • All-in sustaining costs was reported at $792 per mined ounce, a 6.5% decrease from the second quarter of 2013 and near the bottom of the updated guidance range 
  • "During the quarter we commenced stoping from the first stope in the Graham Creek area. Preparations are under way to add an additional shift at the East Boulder mill, which will increase production by approximately 2,000 PGM ounces per month. We expect to see the benefit of these changes over the coming quarters. In addition, in the second quarter we began to see benefits to our recycling volumes from our new agreement with Johnson Matthey."
  • Co lowers total mined production expectations for 2014 to a range of 510,000 - 525,000 palladium and platinum ounces, down from 520,000-535,00
  • Co improves, lowers, 2014 guidance for all-in sustaining costs (a non-GAAP measure) to a range of $780-830 per mined ounce, down from $800-850 per mined ounce.
  • Co also decreased its full-year 2014 capital expenditure guidance to a range of $125-135 mln, down from $130-140 mln.

8:07 am Momenta Pharma misses by $0.07, misses on revs; updates second half guidance (MNTA) : Reports Q2 (Jun) loss of $0.51 per share, $0.07 worse than the Capital IQ Consensus Estimate of ($0.44); revenues rose 151.1% year/year to $10.95 mln vs the $12.25 mln consensus.

  • Momenta updated its financial guidance for the second half of 2014: Momenta expects total operating expenses, excluding stock-based compensation and net of collaborative revenues, to average $28 to $30 mln per quarter. Momenta is projecting that its net cash usage, excluding revenue from the potential launch of M356, will average approximately $26 mln per quarter. Cash burn for the fourth quarter of 2014 is expected to be partially offset by $19 mln from milestone payments earned under the Baxter collaboration, although all or a portion of these milestone payments could be received in the first quarter of 2015.

8:07 am Raytheon: Excalibur Ib enters full rate production and receives $52 mln award (RTN) : Co's Excalibur Ib precision guided projectile has entered full rate production. U.S. Army approval of FRP completes Excalibur Ib's low rate initial production phase. Additionally, the U.S. Army has awarded Raytheon $52 million for continued Excalibur Ib production.

  • Earlier this year, the Army approved Excalibur Ib for Full Materiel Release and awarded the projectile a Type Classification-Standard. That means Excalibur is safe for soldiers; it has been fully tested; it meets operational performance requirements, and it can be supported logistically within its intended operational environment.

8:07 am Superior Ind misses by $0.05, beats on revs (SUP) : Reports Q2 (Jun) earnings of $0.18 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.23; revenues rose 4.7% year/year to $199 mln vs the $186.98 mln consensus. 

  • Unit shipments in the 2014 second quarter rose 1% over the corresponding prior year period to 3 million units. Gross profit decreased to $15.7 million and was 8 percent of net sales for the current year quarter, versus $16.2 million, or 8 percent of net sales, for the same period a year ago. The gross profit decline reflects a modestly higher increase in factory costs when compared to the small increase in unit sales volume.

8:06 am TeleComm Sys adds 10 U.S. Patents advancing location-based services, messaging, GIS/mapping and wireless (TSYS) :

  • Co announced that the U.S. Patent and Trademark Office has issued TCS 10 U.S. patents during the second quarter of 2014. 
  • They also received two foreign patents during the quarter

8:06 am CombiMatrix's SNP-based miscarriage analysis test granted conditional approval from New York State Department of Health (CBMX) : Co announced that its chromosomal microarray analysis test to identify development disorders in pediatric patients, the CombiSNP Array for Pediatric Analysis, has received conditional approval from the New York Department of Health for testing on patient samples. In 2013, the New York Department of Health granted CombiMatrix approval to market its CombiSNP CMA test for miscarriage analysis.

  • Under conditional approval, CombiMatrix will be able to market the test in New York while the test is under Clinical Laboratory Reference System review. 
  • Upon completion of the review, either the test will receive full marketing approval or additional information will be required in order to achieve final approval.

8:06 am IAMGOLD declares commercial production at Westwood Mine; Westwood mine hoisted ore at an average of 1,075 tonnes per day for the first 30 days of July (IAG) : Co declared commercial production at its Westwood Mine in the Abitibi region of Quebec effective July 1, 2014. The Westwood mine hoisted ore at an average of 1,075 tonnes per day for the first 30 days of July.

  • While production is ramping up, the Westwood plant will utilize its spare capacity to process up to 192,000 tonnes of ore annually from the neighbouring Gold Bullion mine, as they announced on July 14, 2014.
  • "We will ramp up production during the second half of the year and expect Westwood's total cash costs to trend down through the period and average between $750 and $850 per ounce produced," said Steve Letwin, President and CEO of the Company.

8:05 am S&P futures vs fair value: -9.40. Nasdaq futures vs fair value: -25.00. (:WRAPX) : U.S. equity futures are on the defensive amid cautious action overseas. Global equities have been pressured by disappointing earnings from heavyweights like Adidas, Samsung, and Lufthansa. The S&P 500 futures hover nine points below fair value.

Reviewing overnight developments:

  • Asian markets ended mixed. Japan's Nikkei -0.2%, Hong Kong's Hang Seng +0.1%, and China's Shanghai Composite +0.9% 
    • In economic data: 
      • Japan's Average Cash Earnings increased 0.4% year-over-year (expected 0.7%, previous 0.6%), while Housing Starts fell 9.5% year-over-year (consensus -11.5%, previous -15.0%) 
      • Australia's Building Approvals fell 5.0% month-over-month (expected -2.0%, previous 10.3%), while Private Sector Credit rose 0.7% month-over-month (consensus 0.4%, previous 0.4%). Separately, Import Price Index declined 3.0% quarter-over-quarter (expected -1.3%, previous 3.2%) 
      • Hong Kong's Retail Sales fell 6.9% year-over-year (expected -5.1%, previous -4.1%) 
      • Singapore's Unemployment Rate held steady at 2.0%, as expected 
    • In news: 
      • Samsung tumbled 3.7% in Seoul after reporting earnings in line with the warning that was issued earlier in the month
  • Major European indices trade lower across the board. Great Britain's FTSE -0.2%, France's CAC -1.0%, and Germany's DAX -1.2%. Elsewhere, Italy's MIB -1.5% and Spain's IBEX -1.9% 
    • Participants received several data points: 
      • Eurozone CPI rose 0.4% year-over-year (expected 0.5%, previous 0.5%), while Core CPI increased 0.8% (consensus 0.8%, prior 0.8%). Separately, the Unemployment Rate ticked down to 11.5% from 11.6% (expected 11.6%) 
      • Germany's Unemployment declined by 12,000 (expected -5,000, previous 7,000), while the Unemployment Rate held steady at 6.7%, as expected 
      • Great Britain's Nationwide HPI rose 10.6% (expected 11.3%, previous 6.0%) 
      • France's Consumer Spending rose 0.9% month-over-month (expected 0.1%, previous 0.7%), while PPI was unchanged month-over-month (consensus -0.1%, previous -0.5%) 
      • Italy's Monthly Unemployment Rate slipped to 12.3% (expected 12.6%, previous 12.5%), while CPI ticked down 0.1% month-over-month (expected 0.1%, previous 0.1%). Also of note, PPI ticked up 0.1% month-over-month (consensus -0.1%, previous -0.1%) 
      • Spain's Current Account deficit narrowed to EUR580 million from EUR1.60 billion 
    • In news: 
      • Germany and Russia have reportedly engaged in discussions to broker a diplomatic solution to the situation in Ukraine with Russia pushing for the international community to recognize Crimea's independence
In U.S. corporate news:
  • Alcatel Lucent (ALU 3.54, -0.30): -7.8% after missing bottom-line estimates 
  • AstraZeneca (AZN 73.40, +0.21): +0.3% after beating earnings and revenue expectations 
  • Colgate-Palmolive (CL 65.01, -1.10): -1.7% following its in-line earnings on better than expected revenue 
  • Sony (SNE 18.00, +0.47): +2.7% after reporting strong results and raising its guidance 
  • Western Digital (WDC 97.25, -3.92): -3.9% after its cautious guidance overshadowed better than expected earnings and revenue 
  • Whole Foods Market (WFM 37.75, -1.36): -3.5% after beating estimates and issuing disappointing guidance. The company announced a share repurchase program in the amount of $1 billion 
  • Yelp (YELP 71.00, -4.60): -6.1% despite beating earnings estimates and guiding above consensus 
Weekly initial claims (Briefing.com consensus 310K) and the Q2 Employment Cost Index (consensus 0.4%) will be released at 8:30 ET and the day's data will be topped off with the 9:45 ET release of the Chicago PMI for July (expected 61.8).

8:05 am IdaCorp beats by $0.07; raises FY14 EPS guidance (IDA) : Reports Q2 (Jun) earnings of $0.89 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.82.

  • Co raises guidance for FY14, sees EPS of $3.50-3.65 vs. $3.49 Capital IQ Consensus Estimate, prior guidance $3.40-3.55.

8:05 am Kellogg reports EPS in-line, revs in-line; lowers FY14 EPS guidance (K) : Reports Q2 (Jun) earnings of $1.02 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $1.02; revenues fell 0.8% year/year to $3.69 bln vs the $3.71 bln consensus.

  • Co issues lowered guidance for FY14, sees EPS of $3.91-3.99 from $3.97-4.05 vs. $3.99 Capital IQ Consensus Estimate. 
  • Net sales posted by Kellogg North America were $2.4 billion in the second quarter, a reported decrease of 3.7 percent; internal net sales decreased by 3.4 percent. The U.S. Morning Foods segment posted an internal net sales decline of 4.9 percent. Internal net sales in the U.S. Snacks segment decreased by 2.7 percent. 
  • Guidance Details: The company lowered its guidance for the full-year of 2014. Internal net sales are now expected to decline by between one and two percent. Underlying internal operating profit growth is expected to decline by between one and three percent. Currency-neutral comparable earnings per share are expected to be in a range between a decline of one percent and an increase of one percent. Integration costs associated with the acquisition of the Pringles business are still expected to be in a range between $0.07 and $0.09 per share. Costs associated with Project K are still expected to be in a range between $0.60 and $0.65 per share. As a result, earnings excluding the impact of mark-to-market accounting, integration costs, Project K and other items impacting comparability are anticipated to be between $3.81 and $3.89 per share. This year's 53rd week is now expected to add approximately $0.07 per share to earnings and currency translation is now expected to add $0.03 per share. As a result, the company expects an earnings range including the impact of the 53rd week and currency translation of between $3.91 and $3.99 per share. 

8:05 am MasterCard beats by $0.03, beats on revs (MA) : Reports Q2 (Jun) earnings of $0.80 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.77; revenues rose 13.4% year/year to $2.38 bln vs the $2.31 bln consensus. 

  • A 13% increase in gross dollar volume, on a local currency basis, to $1.1 trillion; 
  • An increase in cross-border volumes of 16%; and 
  • An increase in processed transactions of 12%, to 10.6 billion. 
  • These factors were partially offset by an increase in rebates and incentives, primarily due to new and renewed agreements and increased volumes. 
  • Worldwide purchase volume during the quarter was up 13% on a local currency basis versus the second quarter of 2013, to $821 billion. 
Co will update guidance on the call at 8:30

8:05 am Hecla Mining misses by $0.01, misses on revs (HL) : Reports Q2 (Jun) net of breakeven, $0.01 worse than the Capital IQ Consensus Estimate of $0.01; revenues rose 37.7% year/year to $117.5 mln vs the $124.86 mln consensus. Second quarter silver production was 2.5 mln ounces at a cash cost, after by-product credits, per silver ounce of $5.34. The company reported a 12% increase in second quarter silver production to 2.5 mln ounces compared to a year ago due to the fully operational Lucky Friday silver mine. In addition, gold production increased 96% to 43,554 ounces as a result of the Casa Berardi gold mine in Quebec, which was acquired on June 1, 2013.

  • Commentary: "In the second quarter our stronger revenue and cash flow from operations were driven by production growth, particularly gold, and higher realized metal prices, especially zinc. Lucky Friday continues to perform, delivering its highest silver production in 10 quarters. At Greens Creek, the consistent production profile and very low cash cost, after by-product credits, is the cornerstone for our cash generation. Casa Berardi operations are becoming more consistent, and we have begun implementing improvements which are expected to improve the mine's economics by $140 million over its life. The strong performance of our three mines, in an environment of rising metals prices, has enabled us to end the quarter with $222 million of cash. With the stronger zinc and lead prices, we now expect annual silver cash cost, after by-product credits to be about $5 per ounce, among the lowest in the industry." 

8:04 am Kennametal misses by $0.14, misses on revs; guides FY15 EPS in-line, revs in-line (KMT) : Reports Q4 (Jun) earnings of $0.75 per share, $0.14 worse than the Capital IQ Consensus Estimate of $0.89; revenues rose 15.1% year/year to $772 mln vs the $784.98 mln consensus. Sales increased by 15 percent, reflecting an 11 percent increase from the TMB acquisition and 5 percent from organic growth, partially offset by 1 percent decrease from fewer business days.

  • Co issues in-line guidance for FY15, sees EPS of $2.90-3.20 vs. $3.31 Capital IQ Consensus Estimate; sees FY15 revs +5-7% of $2.98-3.04 bln vs. $3.09 bln Capital IQ Consensus Estimate. 
  •  "During the June quarter, we saw accelerating growth and ongoing strength in our served industrial markets; however, certain sectors are still challenging," said Kennametal Chairman, President and CEO Carlos Cardoso. "Although we have yet to realize the full potential of our operating leverage, we continued to elevate our base performance and protect our profitability. Since necessary investments in sales and other customer-facing functions were made in fiscal 2014, we will manage a tighter cost structure as we move ahead."

8:04 am Ares Commercial Real Estate closes new $75.0 million facility (ACRE) : Co announced that through a wholly owned subsidiary it has closed a $75.0 million credit facility with Los Angeles-based City National Bank.

  • The new facility will expand the cos financial flexibility since it will provide additional capital available for new investments as well as for other working capital and general corporate needs. 
  • Proceeds may also be used as capital to allow the co to obtain additional leverage under funding facilities with other lenders.
  • Total pricing of the facility is LIBOR plus 3.0% and has an initial maturity date of July 31, 2015.

8:04 am Cott misses by $0.01, reports revs in-line (COT) : Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.18; revenues fell 2.3% year/year to $550.9 mln vs the $554.4 mln consensus.

  • Total volume increased 3% in 8oz equivalent cases and 4% in servings excluding Aimia Foods volume. Excluding concentrate and Aimia Foods, volume was lower by 1% in 8oz equivalent cases and flat in servings. 
  • Adjusted gross margin was flat at 13.6%.
  • Co repurchased approximately 370,000 shares at an average price of $7.10. Co intends to manage this program opportunistically, and expects to return up to 50% of free cash flows to its shareowners via an ongoing dividend and share repurchases.

8:03 am Shaw Comms to acquire ViaWest, Inc.; acquires a 100% interest in ViaWest from Oak Hill Capital Partners and other shareholders for an enterprise value of $1.2 bln (SJR) : The co and announced an agreement under which they will acquire a 100% interest in ViaWest from Oak Hill Capital Partners and other shareholders for an enterprise value of US$1.2 bln. 

  • The acquisition is expected to close in September 2014 and is subject to U.S. regulatory approval. 
  • The purchase price of US$1.2 billion represents a multiple of approximately 13X adjusted EBITDA annualized for the three months ended June 30, 2014. 
  • The transaction will be funded using a combination of cash on hand and Shaw's existing credit facility and will have no material effect on Shaw's free cash flow. 
  • Considering the cos cash flow and the acquisition of ViaWest, the board confirms its previously disclosed target dividend increase of 5% to 10% in fiscal 2015. 

8:03 am Oracle to acquire TOA Technologies; financial terms not disclosed (ORCL) : Co announced that it has signed an agreement to acquire TOA Technologies.

  • The transaction is expected to close in 2014. 

8:03 am Ryland Group misses by $0.11, misses on revs (RYL) : Reports Q2 (Jun) earnings of $0.57 per share, $0.11 worse than the Capital IQ Consensus Estimate of $0.68; revenues rose 17.1% year/year to $577.38 mln vs the $616.07 mln consensus.

  • Housing gross profit margin was 21.2 percent for the second quarter of 2014, compared to 20.4 percent for the second quarter of 2013
  • Closings increased 2.5 percent to 1,700 units for the quarter ended June 30, 2014
  • Average closing price increased 16.0 percent to $333,000 for the quarter ended June 30, 2014, from $287,000 for the same period in 2013
  • New orders increased 1.7 percent to 2,228 units for the second quarter of 2014 from 2,191 units for the second quarter of 2013
  • Backlog rose 5.5 percent to 3,870 units at June 30, 2014, from 3,667 units at June 30, 2013.

8:02 am Perficient reports EPS in-line, beats on revs; guides Q3 revs in-line; guides FY14 EPS in-line, revs in-line (PRFT) : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.33; revenues rose 23.9% year/year to $116.7 mln vs the $111.99 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $111.2-120.6 mln vs. $120.48 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY14, sees EPS of $1.27-1.37 vs. $1.31 Capital IQ Consensus Estimate; sees FY14 revs of $444-464 mln vs. $448.44 mln Capital IQ Consensus Estimate.

8:01 am Darden Restaurants announces accelerated stock buyback; repurchase an aggregate of $500 million of the Company's common stock (DRI) : Co announced that it has entered into agreements to repurchase an aggregate of $500 million of the cos common stock under an accelerated stock buyback program.

  • The agreements contemplate that final settlement is expected to occur in, or prior to, December 2014, although the completion date may be accelerated or, under certain circumstances, extended.

8:01 am Span-America Medical (thinly traded) increases quarterly dividend by 7% to $0.15 per share (SPAN) :  

8:01 am Shanghai...+0.9% :  

8:01 am S&P futures vs fair value: -9.50. Nasdaq futures vs fair value: -24.50. :

8:01 am European Markets : FTSE...6762.52...-10.90...-0.20%.  DAX...9466.30...-127.40...-1.30%.

8:01 am Asian Markets : Nikkei...15620.77...-25.50...-0.20%.  Hang Seng...24756.85...+24.60...+0.10%.

8:00 am Echo Global Logistics promotes Dave Menzel to President and COO (ECHO) : Co announced that Dave Menzel, Chief Operating Officer, has been promoted to the position of President and COO. In his new role Mr. Menzel will assume responsibility for all sales and operations for the company. He will continue to report to CEO Douglas R. Waggoner.

8:00 am Gapping up (:SCANX) : In reaction to strong earnings/guidance: VPRT +20.9%, MOBL +15.3%, OTEX +12.3%, LPSN +11.2%, HK +7.6%, ARII +7.5%, FOE +6.9%, (light volume), MC +5.6%, (light volume), LOCK +5.6%, SPRT +5.5%, (light volume), DRII +5%, (light volume), SFY +4.8%, COHU +4.6%, TMUS +4.4%, AVP +4.4%, SAM +4.3%, (light volume), HOLX +4%, RKUS +3.7%, BMRN +3.6%, (also sells priority review voucher for $67.5 mln), RDS.A +2.9%, ALL +2.7%, SU +2.7%, (light volume), SNE +2.7%, SNY +2.7%, NEWP +2.3%, ICAD +2.2%, (thinly traded), IPI +2%, (light volume), ITT +1.7%, (light volume), EQIX +1.5%, STMP +1.4%, (light volume), CYTK +1.4%, (light volume), SFLY +1.1%, WLL +1%, CI +1%, MTGE +0.8%, PPL +0.8%, (light volume), COP +0.7%, DEO +0.4%.

M&A newsJRN +5.9% (Scripps, Journal merging broadcast operations, spinning off newspapers).

Other news: EVRY +31.9% (amends credit agreements; announces $20 mln equity investment by Monomoy),TSRA +12.1% (Tessera Tech and Micron Technology announce execution of new technology and patent license agreements),APAGF +7.3% (provides Colombia operations update; says it has successfully completed its Llanos basin exploration drilling program for 2014 and extended production tests and development activities are underway),CMCM +4.3% (Cheetah Mobile and Tencent to Expand Strategic Cooperation Agreement; annual caps have been increased to RMB100 million and RMB105 million),ZIXI +3.2% (approved a share repurchase program that enables the co to purchase up to $10 mln of its shares of common stock),SA +2.9% (KSM Environmental Assessment Application Receives Final Approval from British Columbia),HNSN +2.5% (announces distribution agreement with Adachi for Magellan and Sensei robotic systems in Japan),CBOE +2.3% ( increases quarterly dividend 17% to $0.21 per share from $0.18 per share; increases stock repurchase authorization by $100 mln),LOCO +2% (recent IPO -- conintued volatility),RFMD +1.6% (still checking),RRD +1.3% (positive MadMoney mention),KNDI +0.9% (still checking),DDD +0.5% (to acquire Simbionix for $120 mln in cash; expected to be immediately accretive to cash generation and non-GAAP EPS) .

Analyst comments: CLF +0.3% (upgraded to Market Perform from Underperform at Bernstein ),BWLD +0.2% (upgraded to Buy from Neutral at Sterne Agee),SODA +0.1% (upgraded to Equal Weight from Underweight at Barclays)

7:54 am Walter Energy misses by $0.25, misses on revs; Co sees 2014 met coal sales volume to total between 9.5-10.5 MMTs (WLT) : Reports Q2 (Jun) loss of $1.97 per share, excluding non-recurring items, $0.25 worse than the Capital IQ Consensus Estimate of ($1.72); revenues fell 14.3% year/year to $378.4 mln vs the $387.81 mln consensus.

  • Second quarter 2014 consolidated revenues totaled $378.4 mln, compared with $441.5 mln in Q2 of 2013, reflecting a decrease in average met coal selling prices of $36.20 per metric ton ("MT"), partially offset by an increase of 0.3 mln MTs in met coal sales volume.
  • Second quarter results also reflected lower met coal cash cost of sales of $22.34 per ton and a reduction in selling, general and administrative expenses.
Metallurgical Coal Sales Volume and Pricing
  • Second quarter 2014 met coal sales volumes, including both hard coking coal ("HCC") and low-volatility ("low-vol") pulverized coal injection product ("PCI"), was 2.7 mln metric tons ("MMTs"), representing an increase of 0.3 MMTs compared with the prior-year comparable quarter.
  • HCC sales volume was 2.3 MMTs compared with 2.0 MMTs in 2013. The average selling price for HCC was $114.43 per MT, down from $153.54 per MT in the second quarter of 2013.
  • Low-vol PCI sales volume totaled 0.4 MMTs, down 0.1 MMTs from the prior-year period, at an average selling price of $109.37 per MT compared with $135.55 per MT in 2013.
  • Met coal cash cost of sales for the second quarter of 2014 averaged $99.70 per MT, down $22.34, or 18.3%, compared with Q2 of 2013, driven by continued improvement in mining costs.
  • Met coal production was 2.4 MMTs in the quarter, compared with 2.9 MMTs in the prior-year period, with the decrease primarily resulting from the idling of the Canadian mining operations in the current quarter.
  • Met coal cash cost of production averaged $72.97 per MT in the quarter, down $5.50 per MT, or 7.0%, as compared with the prior-year quarter.
Liquidity
  • Available liquidity was $563.9 mln at the end of the quarter, consisting of cash and cash equivalents of $293.5 mln plus $270.4 mln in availability under the Co's $313.8 mln revolving credit facilities, net of outstanding letters of credit of $43.4 mln.
  • The Co has no significant debt maturities until 2018.
Outlook
  • The Co expects full-year 2014 met coal production to be between 9.0-10.0 MMTs and full-year 2014 met coal sales volume to total between 9.5-10.5 MMTs, a reduction from the previous outlook of 10.5 to 11.5 MMTs, primarily because the Co's principal coal transportation provider at the Brule mine in Canada ceased operations in June.

7:54 am Asian Markets Close: Nikkei -0.2%, Hang Seng +0.1%, Shanghai +0.9% (:SUMRX) :

  • Markets ended mostly lower across Asia.
  • Japan's average cash earnings (0.4% YoY actual v. 0.7% YoY expected) missed. 
  • Australia's building approvals (-5.0% MoM actual v. -1.0% MoM expected) and import prices (-3.0% QoQ actual v. -1.4% QoQ expected) both fell short of estimates. 
  • Taiwan's GDP (3.8% YoY actual v. 3.3% YoY expected) topped forecasts. 
  • Bangko Sentral ng Pilipinas hiked its key rate 25bps to 3.75% (3.5% previous, 3.63% expected) to fend off an uptick in inflation. 
  • Japan's Nikkei (-0.2%) slipped off six-month highs as traders booked profits following four days of gains. Fujifilm shed 0.8% following its earnings miss. 
  • Hong Kong's Hang Seng (+0.1%) inched up to its best levels in more than three and a half years as buyers remained in control for an eighth session. The recent rally has come on the back of strength in the property sector with China Overseas Land & Development leading today's advance with a 4.6% gain. 
  • China's Shanghai Composite (+0.9%) rallied for the seventh time in eight days, finishing at its best level of 2014. Mining stocks saw robust gains as Zijin Mining Group and Zhongjin Goldcorp climbed 7.1% and 9.0%, respectively. 
  • India's Sensex (-0.7%) slid to a one-week low. Financials shares were pressured with Axis Bank off -2.5%. 
  • Australia's ASX (+0.2%) ended at its best level in more than six years. 
  • Regional Decliners: Taiwan -1.4%...Thailand -1.1%...Malaysia -0.4%...South Korea -0.3%...Philippines UNCH 
  • Regional Advancers: Singapore +0.6%...Vietnam +1.1% 
  • Closed: Indonesia
  • Fx: USDCNY ticked up to 6.1747...USDINR climbed to 60.53...USDJPY +5 pips @ 102.85...AUDUSD -35 pips @ .9290

7:52 am CDW announces proposed registered offering of $600 mln in senior notes (CDW) : Co announced that its wholly owned subsidiaries CDW LLC and CDW Finance Corporation intend to offer, subject to market and other customary conditions, $600 mln in aggregate principal amount of senior notes due 2022 in an offering registered under the Securities Act of 1933, as amended.

  • The Issuers intend to use the proceeds from the Notes Offering, together with cash on hand, to fund the redemption of all of their outstanding $325.0 mln aggregate principal amount of Senior Secured Notes due 2018 and $234.7 mln aggregate principal amount of their outstanding Senior Notes due 2019 and to pay related fees and expenses.

7:51 am Leidos awarded contract by Ameren Illinois to manage ActOnEnergy programs; total contract value of $55 mln (LDOS) : Co was awarded a prime contract by Ameren Illinois to implement business and residential energy efficiency programs for customers of the state's second largest utility. The single-award time and material contract has a three-year period of performance and a total contract value of $55 mln. The agreement covers work Leidos will perform to help business and residential customers save energy through Ameren Illinois's ActOnEnergy portfolio of energy efficiency solutions.

Under the new contract, Leidos will add residential services to its business portfolio with special emphasis on providing rebates and incentives to assist Ameren Illinois's low and moderate income consumers.

7:49 am Libbey beats by $0.27, beats on revs (LBY) : Reports Q2 (Jun) earnings of $1.02 per share, excluding non-recurring items, $0.27 better than the Capital IQ Consensus Estimate of $0.75; revenues rose 6.5% year/year to $223.5 mln vs the $213.97 mln consensus. 

  • "Sales growth was strong throughout the Company, as revenue increased in every region except Asia Pacific. Revenues were particularly strong in the Americas where we achieved 8.9 percent revenue growth, as we were able to defend and grow our market share in a hyper-competitive market. While our adjusted EBITDA margins were impacted by higher input costs, currency and market actions, we are pleased with our overall Company growth of 6.5 percent during the quarter. We look forward to continuing our strong sales performance in the remainder of the year, as we leverage the investments we have made in new products, sales and marketing capabilities."

7:47 am On The Wires (:WIRES) :

  • Intellicheck Mobilisa (IDN) has been awarded a contract to provide TWIC Plus IM2610 identification card readers to Holt Logistics, operator of Gloucester Terminals in Gloucester City, New Jersey.
  • CGI (GIB) and West Hertfordshire Hospitals NHS Trust have partnered to upgrade the Trust's IT infrastructure to help improve patient care and safety through better access to information for clinicians and other staff. The five-year contract is valued at ~ GBP 25.5 mln.
  • K2M Group Holdings (KTWO) announced the co's recent product highlights, which include 510(k) clearance from the FDA to market the CASPIAN Occipital Anchor Spinal System, the introduction of the SERENGETI Minimally Invasive Retractor System in Japan, and the launch of the CAYMAN Minimally Invasive Plate System in the United States, Australia and the United Kingdom.
  • Sigma-Tau Pharmaceuticals, Inc. and Walgreens (WAG) announced that, effective July 31, 2014, Walgreens Specialty Pharmacy will now serve as the exclusive specialty pharmacy provider for select Sigma-Tau prescription drugs, Adagen, Cystaran and Matulane.
  • Southern Methodist University will offer a Master of Science in Data Science program designed to meet the growing demand for data scientists across many industries. DataScience@SMU is delivered in partnership with 2U, Inc. (TWOU).

7:43 am FTI Consulting beats by $0.03, beats on revs (FCN) : Reports Q2 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.52; revenues rose 9.6% year/year to $454.32 mln vs the $446.73 mln consensus.

7:43 am Goldcorp beats by $0.06, beats on revs; Co expects all-in costs toward the low end of its guidance range of between $950-1,000 per gold ounce for second half of 2014 (GG) : Reports Q2 (Jun) earnings of $0.20 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 3.8% year/year to $1.12 bln vs the $1.04 bln consensus.

  • All-in sustaining costs of $852 per ounce.
  • Increased production efficiencies and lower sustaining capital led to a decrease in all-in sustaining costs to $852 per ounce of gold compared to $1,227 per ounce in the second quarter of 2013.
  • Gold sales rose 2.4% of 639,500 ounces on gold production of 648,700 ounces, which rose 0.4%.
2014 Guidance Outlook
  • The Co reconfirmed 2014 production guidance of between 2.95 and 3.10 million gold ounces.
  • In light of lower-than-expected all-in sustaining costs in the first half of 2014, the Co expects all-in costs toward the low end of its guidance range of between $950 and $1,000 per gold ounce, with sustaining capital spending expected to increase significantly in the second half of 2014.
  • The Company also narrowed the range of capital spending guidance to between $2.3-2.4 billion for 2014 compared to $2.3-2.5 billion previously

7:43 am SCANA Corp beats by $0.06, beats on revs; reaffirms FY14 EPS guidance (SCG) : Reports Q2 (Jun) earnings of $0.68 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.62; revenues rose 1.0% year/year to $1.03 bln vs the $0.98 bln consensus. Co reaffirms guidance for FY14, sees EPS of $3.45-3.65 vs. $3.59 Capital IQ Consensus Estimate.

7:42 am Enpro Industries misses by $0.06, reports revs in-line; adjusted EBITDA decreased 19% y/y to $39.3 mln (NPO) : Reports Q2 (Jun) earnings of $0.57 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus Estimate of $0.63; revenues rose 2.4% year/year to $313.1 mln vs the $312.57 mln consensus.

  • Adjusted EBITDA decreased 19% y/y to $39.3 million
  • Organic sales were about the same as the second quarter of 2013 as strength in semiconductor, nuclear, aerospace and truck parts offset lower engine revenues and sales to oil and gas markets. 
  • Segment profit margin decreased to 11.2% in the second quarter from 14.0% in the second quarter of 2013 due to a less profitable mix and higher operating expenses in the Sealing Products and Power Systems segments, including increased R&D and other SG&A expenses. 
Outlook
"We expect improved results in most of our businesses for the balance of the year as we benefit from activity in our markets and internal developments," said Steve Macadam, president and chief executive officer. "Order activity remains robust in our semiconductor, aerospace and trucking markets, and orders have improved in the process industries served by the Garlock family of companies and CPI." Macadam also pointed out that the company expects second half revenues and segment profits in the Power Systems segment to increase over the first half of 2014 and the second half of 2013, primarily as a result of higher engine revenues and stronger aftermarket sales. "At the same time we are seeing these developments in our markets, we also expect to benefit longer term from a number of strategic growth initiatives underway, including our investments in the Stemco distribution center, the new opposed piston engine in Power Systems, and focused business development efforts across the company," Macadam concluded.

7:42 am Invesco beats by $0.06, adjusted revenue increases by 1.5% (IVZ) : Reports Q2 (Jun) earnings of $0.65 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.59. Adjusted net revenue increased 1.5% y/y to $901.0 mln.

  • Total assets under management (AUM.TO) at June 30, 2014, were $802.4 billion (March 31, 2014: $787.3 billion), an increase of $15.1 billion during the second quarter. Total net outflows were $8.8 billion for the second quarter.
  • Average AUM during the second quarter were $790.1 billion, compared to $779.6 billion for the first quarter 2014, an increase of 1.3%. Further analysis is included in the supplementary schedules to this release.

  • During the second quarter the company repurchased $50.0 million of its common shares on the open market, representing 1.3 million shares at a weighted average share price of $36.74. This brings year-to-date repurchases to $169.6 million representing 4.9 million shares. 

7:42 am Automatic Data reports EPS in-line, beats on revs; guides FY15 EPS above consensus, revs in-line (ADP) : Reports Q4 (Jun) earnings of $0.63 per share, in-line with the Capital IQ Consensus of $0.63; revenues rose 9.7% year/year to $3.07 bln vs the $3.04 bln consensus.

Co issues guidance for FY15, sees EPS +11-13% to ~$3.49-3.55 vs. $3.49 Capital IQ Consensus Estimate; sees FY15 revs +7-8% to ~$13.06-13.18 bln vs. $13.12 bln Capital IQ Consensus. 

Reportable Segments Fiscal 2015 Forecast Employer Services -- we anticipate revenue growth of 6% to 7% with pretax margin expansion of about 100 basis points. Pays per control -- up 2.0% to 3.0% for the year. PEO Services -- we anticipate 13% to 15% revenue growth with pretax margin expansion of up to 50 basis points. Employer Services and PEO Services new business bookings -- we anticipate about 8% growth compared to over $1.4 billion sold in fiscal 2014. Dealer Services -- we anticipate revenue growth of 7% to 8%, with pretax margin expansion of about 50 basis points.

7:41 am Resolute Forest Products beats by $0.02, misses on revs (RFP) : Reports Q2 (Jun) earnings of $0.20 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.18; revenues fell 1.4% year/year to $1.09 bln vs the $1.12 bln consensus.

7:40 am New Gold reports EPS in-line, misses on revs (NGD) : Reports Q2 (Jun) earnings of $0.02 per share, in-line with the Capital IQ Consensus Estimate of $0.02; revenues fell 2.9% year/year to $178.1 mln vs the $195.42 mln consensus. 

  • Consolidated gold production during the quarter was similar to the first quarter of 2014 and in line with New Gold's quarterly production targets for 2014. Consistent with expectations, production was below that of the prior-year quarter due to mine sequencing. As outlined in the company's February 6, 2014 guidance, New Gold's consolidated gold production is scheduled to increase significantly in the second half of 2014 and particularly in the fourth quarter, benefitting from the expected combination of continued strong performances at New Afton and the Peak Mines and increased ore tonnes being placed on the heap leach pads at both Mesquite and Cerro San Pedro.
  • Copper production was 18% higher than the second quarter of 2013 as a result of increased production at both New Afton and the Peak Mines. New Afton's copper production during the quarter increased by 12% through a combination of higher throughput and grade, which was partially offset by a slight reduction in recovery stemming from the higher throughput. Production at the Peak Mines increased by over 50%, benefitting from higher copper grade and increased recovery. For the six-month period ended June 30, 2014, consolidated copper production increased by 36% to 51.4 million pounds when compared to the same period of 2013 for reasons consistent with those noted above regarding the second quarter.

7:40 am Commscope beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY14 EPS above consensus, revs in-line (COMM) :

  • Reports Q2 (Jun) earnings of $0.73 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.65; revenues rose 13.3% year/year to $1.07 bln vs the $1.03 bln consensus. 
  • Co issues upside guidance for Q3, sees EPS of $0.53-0.58 vs. $0.53 Capital IQ Consensus Estimate; sees Q3 revs of $970 mln - $1.02 bln vs. $969.75 mln Capital IQ Consensus Estimate. 
  • Co issues mixed guidance for FY14, sees EPS of $2.20-2.30 vs. $2.10 Capital IQ Consensus Estimate; sees FY14 revs of $3.9 bln vs. $3.85 bln Capital IQ Consensus Estimate. 
  • "We are pleased to deliver an outstanding second quarter. Our Wireless team had another strong quarter, trends in Enterprise remain positive and our Broadband team delivered significant sequential operating improvement. We continue to benefit from global wireless operator investment in LTE and 3G network modernization..."

7:40 am MSCI beats by $0.05, beats on revs (MSCI) : Reports Q2 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.50; revenues rose 11.3% year/year to $254.2 mln vs the $246.73 mln consensus.

  • Full year 2014 Adjusted EBITDA expenses are expected to be in the range of $595-605 mln, prior guidance $569-582 mln.
  • Full year 2014 capital expenditures, including software capitalization, are expected to be in the range of $50-$55 mln. The previous range was $45-55 mln.

7:39 am McKesson beats by $0.16, beats on revs; guides FY15 EPS in-line (MCK) : Reports Q1 (Jun) earnings of $2.49 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus Estimate of $2.33; revenues rose 36.7% year/year to $44.06 bln vs the $40.65 bln consensus. Co issues in-line guidance for FY15, sees EPS of $10.50-10.90, excluding non-recurring items, vs. $10.67 Capital IQ Consensus Estimate.

  • "McKesson fiscal first quarter results represent a strong start to the year with solid execution across our business and particularly strong growth in our Distribution Solutions segment."
  • Distribution Solutions revenues were $43.3 bln, up 38% for the quarter on a constant currency basis, mainly driven by the contribution from the acquisition of Celesio and market growth.

7:38 am Disappointing Data Drops Aussie to Two-Month Low: 10-yr: -02/32..2.561%..USD/JPY: 102.88..EUR/USD: 1.3380 (:SUMRX) :

  • The Dollar Index trades on session highs near 81.50 as action ticks to its best levels in 10 months.
  • The greenback has seen a small safety bid in response to the Argentina debt default
  • EURUSD is -15 pips @ 1.3380 as trade holds at its lowest levels since November. Weakness in the single currency comes following mostly better than expected data from the region as eurozone Flash CPI (0.4% YoY actual v. 0.5% YoY expected) missed while the unemployment rate (11.5% actual v. 11.6% expected) beat. Germany continued to show why it's the strongest member of the currency bloc as retail sales (1.3% MoM actual v. 1.1% MoM expected) and unemployment change (-12K actual v. -5K expected) both outpaced estimates. Euro bulls will attempt to reclaim 1.3400 support. 
  • GBPUSD is -35 pips @ 1.6875 as sellers remain in charge for the 11th time in 12 sessions. Today's selling follows the Nationwide Home Price Index (0.1% MoM actual v. 0.6% MoM expected) miss, and has action nearing a test of the 100 dma (1.6855). The 1.6700 level will be key.
  • USDCHF is +5 pips @ .9090 as action holds at its best levels in more than six months. A quiet trade has seen the pair limited to a 15 pip range as a result of the low volatility in the euro.
  • USDJPY is +5 pips @ 102.85 as the pair climbs for a tenth straight session. Today's bid comes after Japan's average cash earnings (0.4% YoY actual v. 0.7% YoY expected) was the latest number to miss the mark. Any positive close will be the best since early-April. 
  • AUDUSD is -30 pips @ .9295 as trade slumps to two-month lows. The hard currency is weaker on the back the building approvals (-5.0% MoM actual v. -1.0% MoM expected) and import prices (-3.0% QoQ actual v. -1.4% QoQ expected) misses, and is threatening its first close below the 100 dma (.9318) since mid-March. USDCNY ticked up to 6.1747. Click here to see a daily AUDUSD chart.
  • USDCAD is +15 pips @ 1.0920 as buyers look for a fifth gain in six days. The pair is trading at an almost two-month high ahead of today's Canadian GDP report.

7:37 am MPLX LP misses by $0.02, beats on revs (MPLX) : Reports Q2 (Jun) earnings of $0.37 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.39; revenues rose 9.6% year/year to $133.9 mln vs the $127.65 mln consensus.   

  • The increase in revenues and other income was primarily due to higher pipeline tariff rates and revenue recognized for volume deficiency credits. 
  • Adjusted EBITDA attributable to MPLX were $39.9 mlm and distributable cash flow attributable to MPLX was $36.2 mln

7:37 am Atlas Air Worldwide beats by $0.13, beats on revs, reaffirms earnings outlook for FY14 (AAWW) : Reports Q2 (Jun) adjusted earnings of $0.63 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.50; revenues rose 9.3% year/year to $441.2 mln vs the $393.5 mln consensus.

Outlook: Co states: "We are encouraged by our performance in the first half of 2014 and the positive direction of market trends so far this year. Airfreight volumes continue to improve, and recent forecasts suggest that airfreight demand may grow by several percentage points in 2014 -- the first real growth after three essentially flat years. Airfreight yields continue to lag behind, however, and there is still limited visibility into peak-season yields, demand and second-half military requirements. As a result, we are maintaining our earnings outlook for the full year... We also expect aircraft maintenance expense to total approximately $180 million in 2014, with depreciation of approximately $120 to $125 million. Core capital expenditures this year are expected to total approximately $45 to $50 million, mainly for spare parts for our expanded fleet."


7:37 am Meritor beats by $0.13, beats on revs; raises FY14 EPS guidance above consensus, reaffirms FY14 revs guidance (MTOR) : Reports Q3 (Jun) earnings of $0.28 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus Estimate of $0.15; revenues fell 0.7% year/year to $986 mln vs the $973.47 mln consensus.

  • Co raises EPS guidance for FY14, sees EPS of $0.65-0.75 vs. $0.61 Capital IQ Consensus Estimate, prior guidance $0.50-0.60; reaffirmsFY14 revs of $3.75-3.8 bln vs. $3.78 bln Capital IQ Consensus Estimate.

7:36 am FTI Consulting elects David Johnson as Chief Financial Officer (FCN) :

  • Co announced the election of three new executive officers to its leadership team. On July 30, 2014, the Board of Directors of FTI Consulting elected David M. Johnson as Chief Financial Officer, Holly Paul as Chief Human Resources Officer and Paul Linton as Chief Strategy and Transformation Officer. Mr. Johnson, Ms. Paul and Mr. Linton, will commence their employment on August 25, 2014. 
  • David M. Johnson will succeed Roger D. Carlile as the co's Chief Financial Officer. In April 2013, Mr. Johnson became the Executive Vice President and Chief Financial Officer of Athene Holding, an issuer and reinsurer of fixed annuities, a role he will remain in through August 20, 2014.

7:35 am Starz beats by $0.13, misses on revs (STRZA) : Reports Q2 (Jun) earnings of $0.62 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.49; revenues fell 20.7% year/year to $410.1 mln vs the $447.35 mln consensus. 

  • Adjusted OIBDA -10% to $117.4 million. 
  • Increased STARZ subscriptions by 200K since June 30, 2013 Since March 30, 2014, increased STARZ subscriptions by 100K 
  • Repurchased $92.7 million or 3.1 million shares from May 1, 2014 to July 31, 2014; since trading began on January 14, 2013, Starz has repurchased 14.2% of its outstanding shares

7:35 am FLY Leasing beats by $0.25, beats on revs (FLY) : Reports Q2 (Jun) earnings of $0.45 per share, excluding non-recurring items, $0.25 better than the Capital IQ Consensus Estimate of $0.20; revenues rose 21.0% year/year to $109.5 mln vs the $97.82 mln consensus. 

  • This is the fourth consecutive quarter in which we have increased rental revenue, driven by FLY's strong fleet growth over the last 12 months. FLY also booked gains from the sale of seven aircraft with an average age of 12.4 years. Since its inception, FLY has sold 29 aircraft with an average age of 12.5 years for an aggregate gain of $68 million. FLY continues to reduce the average age of its portfolio, which was 8.7 years at June 30.

7:35 am Hyatt Hotels beats by $0.03, misses on revs (H) : Reports Q2 (Jun) earnings of $0.47 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.44; revenues rose 6.0% year/year to $1.16 bln vs the $1.18 bln consensus.

  • "Comparable owned and leased hotels RevPAR increased 4.0% and comparable owned and leased hotels operating margins decreased 20 basis points partially due to a difficult comparison to a strong second quarter in 2013 as well as adverse market conditions at two hotels outside the Americas. On a year-to-date basis, we saw strong performance at owned and leased hotels with comparable RevPAR up 5.1% and comparable operating margins up 60 basis points."
  • Comparable systemwide RevPAR increased 5.5% (6.1% excluding the effect of currency) in Q2.
  • "Looking ahead, we expect strong transient demand in the Americas and U.S. hotel supply growth to remain low in most markets. U.S. group pace for the coming years continues to improve giving us the confidence that we will continue seeing strong progression in overall rates and higher levels of food and beverage revenues. We remain focused on driving colleague, guest and owner preference for our brands and are well positioned for strong growth in the years ahead."

7:35 am TECO Energy beats by $0.01, misses on revs; reaffirms FY14 EPS, in-line (TE) : Reports Q2 (Jun) earnings of $0.28 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.27; revenues fell 1.3% year/year to $726.3 mln vs the $766.68 mln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $0.95-1.05, excluding non-recurring items, vs. $1.02 Capital IQ Consensus Estimate.

TECO Energy expects earnings in 2014 to be driven by the factors discussed below.
  • Tampa Electric expects to earn in the middle of its authorized allowed ROE range of 9.25% to 11.25%, driven by ~$50 million of higher base revenues in 2014 as a result of its September 2013 rate case settlement agreement.
  • Peoples Gas expects to continue to earn above the middle of its allowed ROE range of 9.75% to 11.75% from moderate customer growth, in line with the trends experienced in 2013. It also expects to benefit from continued interest from customers utilizing petroleum and other fuel sources to convert to natural gas due to the attractive economics.
  • The expectations for both Tampa Electric and Peoples Gas assume normal weather for the remainder of 2014.
  • TECO Coal expects 2014 sales of about 6.0 million tons, reflecting almost 70% specialty coal. Almost 90% of the expected second half sales tons are committed and priced, with the remainder subject to quarterly met coal price adjustments based on Asian benchmark prices.
  • At prices currently being paid for its products, about $80 per ton, TECO Coal expects to be about earnings breakeven for the year, and cash-flow positive

7:34 am Sally Beauty reports EPS in-line, revs in-line (SBH) :

  • Reports Q3 (Jun) earnings of $0.43 per share, in-line with the Capital IQ Consensus Estimate of $0.43; revenues rose 4.1% year/year to $949.3 mln vs the $948.42 mln consensus. 
  • "On a consolidated basis, same store sales grew 2.1% with sales growth of 4.1%. Although consolidated gross margin of 50.1% was flat when compared to the prior year, it's only the third time in Company history that we've reached consolidated gross margin above 50%. During the third quarter, we purchased $176 million, or 6.9 million shares, of our stock, which reflects our confidence in the stability of our cash flow and financial performance. As of the end of June, we had $155 million remaining on our current stock repurchase authorization."

7:33 am Nokia Networks to buy part of Panasonic's (PCRFY) wireless network business (NOK) : Co announced that it has entered into a MOU to acquire part of the wireless networks business of Panasonic (PCRFY) System Networks. The agreement covers Panasonic's mobile phone (LTE/3G) wireless base station system business for mobile operators and related wireless equipment system business. The two parties plan to conclude the agreement by the end of Sep 2014, with expected closure scheduled on Jan 1, 2015, subject to customary closing conditions, including regulatory approvals. Under the terms of the agreement, fixed assets and business contracts with Panasonic's customers are being transferred to Nokia Networks in Japan, including Panasonic employees involved in the business.

7:33 am Integrated Electrical announces preliminary results of $20 mln rights offering (IESC) : Co announced the expiration of its previously announced $20 million rights offering:

  • In excess of approximately 90% of the basic subscription rights were exercised in the offering, and including the exercise of over-subscription privileges, stockholders subscribed for shares of common stock representing approximately 140% of the shares offered in the rights offering.
  • Because the rights offering was over-subscribed, the co expects to receive net proceeds of approximately $19.7 million from the offering after deducting expenses relating to the offering. 
  • Following the issuance of the newly subscribed shares, the co will have approximately 21,770,407 million total shares outstanding. 
  • The co anticipates using the net proceeds of the rights offering for general corporate purposes, including to further its strategy of growth through selective acquisitions.

7:32 am DIRECTV beats by $0.06, beats on revs beign acquired by AT&T (T) (DTV) : Reports Q2 (Jun) earnings of $1.59 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $1.53; revenues rose 5.3% year/year to $8.11 bln vs the $8.02 bln consensus, principally due to strong ARPU growth at DIRECTV U.S. as well as subscriber growth at DIRECTV Latin America (:DTVLA) and DIRECTV U.S. over the last twelve months. These increases were partially offset by lower ARPU at DTVLA due to unfavorable changes in exchange rates. Reported OPBDA increased 3% to $2.15 billion, while reported OPBDA margin decreased to 26.6% in the quarter. The decline in margin was primarily due to higher programming and subscriber acquisition costs at both DIRECTV U.S. and DTVLA. Reported operating profit increased 5% to $1.42 billion, while reported operating profit margin remained flat at 17.6%. The operating profit margin was unchanged as the lower OPBDA margin was offset by the impact of lower depreciation expense at DTVLA compared to the prior year period. 

"Overall, DIRECTV continues to deliver on our strategic imperatives as we prepare for the exciting opportunities that our merger with AT&T will bring to our customers, employees and key stakeholders."

7:32 am Agrium announces outage at Vanscoy Potash mine (AGU) : Co confirmed that its Vanscoy, Saskatchewan, potash mine experienced a mechanical failure on its main hoist system. As a result, production has been shut down at this facility. Due to the outage, Agrium will bring forward the planned turnaround to tie-in the current capacity expansion project. Production at the facility will therefore remain shut down until the tie-in is complete. There were no injuries and we do not expect any significant impact on the workforce.

7:31 am Timken misses by $0.05, misses on revs; guides FY14 EPS in-line (TKR) :

  • Reports Q2 (Jun) earnings of $0.61 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.66; revenues fell 30.0% year/year to $789 mln vs the $799.8 mln consensus. 
  • Co issues in-line guidance for FY14, sees EPS of $2.40-2.60 vs. $2.54 Capital IQ Consensus Estimate; continues to see FY14 sales up approximately +3%.
  • "The second quarter was in line with our expectations. We delivered sequential revenue growth of 7 percent and adjusted margins improved by 200 basis points. The sequential increase reflects our strategic efforts to gain penetration in a slow-growth market environment and our margin improvement initiatives. During the quarter, we completed the spinoff of TimkenSteel on time and under budget and we're now fully focused on executing our strategy for the bearings and power transmission business. We're winning new OE and aftermarket business in both our Mobile and Process Industries segments. We expect a stronger second half based on modest market growth combined with penetration gains and continued cost improvement."

7:31 am CB Richard Ellis acquired Paragon Project Management, a specialized project management co; financial terms not disclosed (CBG) : Co announced that it has acquired Paragon Project Management Pty Ltd, a leading specialized project management company.

7:28 am Fortress Investment beats by $0.09, beats on revs (FIG) : Reports Q2 (Jun) earnings of $0.39 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.30; revenues rose 91.5% year/year to $427 mln vs the $217.24 mln consensus.  

"Fortress had a terrific second quarter, marked by our second highest distributable earnings since going public, record assets under management, and our largest ever quarterly distribution to shareholders.. Our results reflect the significant impact that Private Equity realizations can have on our earnings and distributions, and we expect realizations activity to continue to trend up in the coming years."

7:25 am Vantiv reports EPS in-line, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY14 EPS in-line, revs above consensus (VNTV) :

  • Reports Q2 (Jun) earnings of $0.47 per share, in-line with the Capital IQ Consensus Estimate of $0.47; revenues rose 11.6% year/year to $331.3 mln vs the $322.49 mln consensus. 
  • Co issues mixed guidance for Q3, sees EPS of $0.47-0.49 vs. $0.48 Capital IQ Consensus Estimate; sees Q3 revs of $376-382 mln vs. $361.89 mln Capital IQ Consensus Estimate. 
  • Co issues mixed guidance for FY14, sees EPS of $1.85-1.90 vs. $1.87 Capital IQ Consensus Estimate; sees FY14 revs of $1.39-1.41 bln vs. $1.35 bln Capital IQ Consensus Estimate.

7:23 am Dentsply beats by $0.01, misses on revs; reaffirms FY14 EPS guidance (XRAY) : Reports Q2 (Jun) earnings of $0.69 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.68; revenues rose 0.6% year/year to $765.2 mln vs the $782.9 mln consensus. Co reaffirms guidance for FY14, sees EPS of $2.47-2.55, excluding non-recurring items, vs. $2.52 Capital IQ Consensus Estimate.

  • "We continue to make progress on our earnings goals while operating in a slow market in both North America and Europe. We are pleased with our first half earnings performance and remain focused on our growth and efficiency initiatives designed to improve long-term earnings potential."

7:22 am Imation misses by $0.18, beats on revs (IMN) : Reports Q2 (Jun) loss of $0.48 per share, $0.18 worse than the Capital IQ Consensus Estimate of ($0.30); revenues fell 15.6% year/year to $178.6 mln vs the $166.87 mln consensus.

  • Co said, "As we look ahead to the second half of 2014, we expect to again see sequential revenue gains in Imation's Storage Solutions and Mobile Security, as well as in our CSA Audio and Accessories. Although we anticipate decreases in Imation's legacy tape and optical businesses, we are managing them well and they are solid cash generators."

7:22 am Lukoil and AMIC reach agreement to sell 100% of LUKOIL-Ukraine CFI which owns around 240 filling stations and 6 petroleum tank farms in Ukraine (LUKOY) : Co and Austria's AMIC Energy Management GmbH have reached an agreement in principle to sell 100% of LUKOIL-Ukraine CFI which owns around 240 filling stations and 6 petroleum tank farms in Ukraine. Negotiations were initiated by the Austrian party who expressed their interest in acquiring the assets. Currently, the parties are interacting as part of the due diligence of assets and are preparing to sign a sale-and-purchase contract.

7:21 am Marathon Petroleum beats by $0.78, beats on revs (MPC) : Reports Q2 (Jun) earnings of $2.95 per share, $0.78 better than the Capital IQ Consensus Estimate of $2.17; revenues rose 4.5% year/year to $26.84 bln vs the $21.4 bln consensus.

7:21 am Teva Pharma beats by $0.01, reports revs in-line (TEVA) : Reports Q2 (Jun) earnings of $1.23 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.22; revenues rose 2.5% year/year to $5.04 bln vs the $5.09 bln consensus.

  • Co provides EPS guidance for 2014 improved to $4.90-5.10 in the exclusive Copaxone scenario, and to $4.50-4.80 in the generic Copaxone scenario (consensus $4.84)

7:21 am Santander Consumer USA beats by $0.09 (SC) : Reports Q2 (Jun) earnings of $0.69 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.60.

  • Co's quarterly net income grew 35% from prior year, and net finance and other interest income continues to increase, demonstrating the strong fundamentals of the Company.
  • "We continue to operate the business as we always have, resulting in continued positive results for the first half of the year. These results are attributable to SCUSA's sophisticated risk management, capital markets expertise, industry-leading efficiency and continued strength in technology and operations," said Tom Dundon, Chairman and Chief Executive Officer.
  • In Q2, total originations were $6.7 billion, including more than $2.6 billion in Chrysler retail loans, more than $1.2 billion in Chrysler leases originated for its own portfolio, and ~$595 million in Chrysler lease and dealer loan originations facilitated for an affiliate. SCUSA's net charge-off ratio declined to 5.8% for Q2 2014 from 6.4% for Q1 2014, and increased from 4.2% for Q2 2013.

7:20 am ITT Industries beats by $0.07, beats on revs; guides FY14 EPS above consensus, revs in-line (ITT) : Reports Q2 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.53; revenues rose 8.9% year/year to $663 mln vs the $638.46 mln consensus. Co guides for FY14, sees EPS of $2.38-2.46 vs. $2.35 Capital IQ Consensus Estimate; sees FY14 revs up 5-7% (roughly $2.63-2.68 bln) vs. $2.65 bln Capital IQ Consensus Estimate.

7:20 am LKQ beats by $0.02, beats on revs; raises low end of FY14 EPS slightly; reaffirms rev (LKQ) : Reports Q2 (Jun) earnings of $0.35 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.33; revenues rose 36.5% year/year to $1.71 bln vs the $1.63 bln consensus.

Co issues guidance for FY14, raises EPS to $1.32-1.40, excluding non-recurring items, $1.30-1.40 vs. $1.37 Capital IQ Consensus; reaffirms organic rev +8-10%.

"Despite a tough second quarter 2013 comparative, we were able to achieve 8.1% organic revenue growth for parts and services. Total revenue growth of 36.5% converted to net income growth of 38.5% demonstrating the benefits of our organic growth and the success of our disciplined acquisition program. Our 2014 acquisition of Keystone Automotive in our specialty segment is performing well and ahead of our expectations."

7:19 am Ceva misses by $0.04, misses on revs; guides Q3 revs above consensus (CEVA) : Reports Q2 (Jun) net of breakeven, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of $0.04; revenues fell 28.1% year/year to $9.2 mln vs the $10.54 mln consensus.

  • Co issues upside guidance for Q3, sees Q3 revs of $13.3-14.3 mln vs. $12.22 mln Capital IQ Consensus Estimate.

7:19 am PPL Corp proposes major new regional transmission project; regional transmission line that would make electric service more reliable (PPL) : Co announced that its Pennsylvania utility, PPL Electric Utilities Corporation, is proposing to build a major new regional transmission line that would make electric service more reliable and enhance the security of the electric grid while reducing the cost of electricity for consumers.

  • PPL Electric Utilities submitted the project to PJM Interconnection as part of the competitive solicitation process under FERC Order 1000. As currently proposed, the 500-kilovolt line would run about 725 miles from western Pennsylvania into New York and New Jersey, and also south into Maryland.
  • The project is in the preliminary planning stages. If approved and built as proposed, the line would help replace supplies of electricity that will be lost when existing power plants retire. It also would help prevent power shortages during periods of extremely high demand, like the prolonged severe cold weather this past winter.

7:18 am CME Group misses by $0.03, misses on revs (CME) : Reports Q2 (Jun) earnings of $0.77 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.80; revenues fell 10.4% year/year to $731.6 mln vs the $740.72 mln consensus. 

  • Second-quarter 2014 average daily volume was 12.6 million contracts, down 12 percent from second-quarter 2013 and impacted by low volatility across all asset classes. Clearing and transaction fee revenues were $609 million, also down 12 percent compared with the strong second-quarter 2013, when market participants reacted to the Federal Reserve chairman's comments about potential tapering of quantitative easing. 
  • Second-quarter 2014 total average rate per contract was 74.9 cents, down from 76.7 cents in first-quarter 2014, driven primarily by a higher proportion of total volume coming from interest rate products, which have lower average fees.

7:18 am Colgate-Palmolive reports EPS in-line, misses on revs (CL) : Reports Q2 (Jun) earnings of $0.73 per share, in-line with the Capital IQ Consensus Estimate of $0.73; revenues rose 0.1% year/year to $4.35 bln vs the $4.41 bln consensus. 

  • Gross profit margin was 58.6% in second quarter 2014 versus 58.3% in the year ago quarter. Excluding the above noted items in both periods, Gross profit margin was 58.8% in second quarter 2014, an increase of 20 basis points versus the year ago quarter, as higher pricing, cost savings from the Company's funding-the-growth initiatives and cost savings from the 2012 Restructuring Program more than offset higher raw and packaging material costs, which included foreign exchange transaction costs.

7:18 am NJ Resources beats by $0.24, misses on revs; reaffirms FY14 EPS guidance (NJR) : Reports Q3 (Jun) earnings of $0.11 per share, $0.24 better than the Capital IQ Consensus Estimate of ($0.13); revenues fell 11.5% year/year to $560.63 mln vs the $779.98 mln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $4.00-4.12 vs. $4.12 Capital IQ Consensus Estimate.

7:17 am Occidental Petro beats by $0.06, beats on revs (OXY) : Reports Q2 (Jun) earnings of $1.82 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $1.76; revenues rose 5.2% year/year to $6.28 bln vs the $6.04 bln consensus.

7:16 am Alkermes misses by $0.03, beats on revs; reaffirms FY14 EPS guidance, revs guidance (ALKS) : Reports Q2 (Jun) earnings of $0.11 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.14; revenues rose 10.7% year/year to $153.4 mln vs the $148.17 mln consensus.

Co reaffirms guidance for FY14, sees EPS of $0.41-0.54, excluding non-recurring items, vs. $0.49 Capital IQ Consensus Estimate; sees FY14 revs of $580-610 mln vs. $595.88 mln Capital IQ Consensus Estimate. 

Company increases expectation for 2014 R&D investment, driven by faster initiation of key clinical studies for late-stage pipeline candidates. Company on track to submit Aripiprazole Lauroxil NDA in Q3

7:15 am On The Wires (:WIRES) :

  • Columbia Laboratories (CBRX) announced that its subsidiary, Molecular Profiles Ltd., and XenoGesis Ltd., have announced a collaboration that will support pharmaceutical and biotech drug developers during the pre-clinical and formulation development stage.
  • NICE Systems (NICE) announced that it has surpassed a milestone of 3,000 worldwide systems deployed for NICE Inform, the company's flagship solution for managing multimedia incident information.
  • RADCOM Ltd. (RDCM) announced a deal with a tier one European operator. This operator chose MaveriQ for end-to-end deployment on their new IMS network.

7:15 am Genesis Energy, L.P. misses by $0.12, misses on revs (GEL) : Reports Q2 (Jun) earnings of $0.24 per share, $0.12 worse than the Capital IQ Consensus Estimate of $0.36; revenues fell 5.0% year/year to $1.02 bln vs the $1.16 bln consensus.

7:15 am HHGregg misses by $0.20, misses on revs; guides FY15 EPS below consensus; Q1 comps -10.2% (HGG) : Reports Q1 (Jun) loss of $0.36 per share, $0.20 worse than the Capital IQ Consensus Estimate of ($0.16); revenues fell 10.0% year/year to $472.3 mln vs the $489.06 mln consensus.

  • Co issues downside guidance for FY15, sees EPS of not above prior year (prior year $0.09) vs. $0.13 Capital IQ Consensus Estimate. 
  • Q1 Comparable store sales decreased 10.2%. 
  • "While we expected the first quarter to be challenging given the difficult comparison to the prior year, we are not satisfied with our recent results. We recognize the importance of balancing near-term results with long-term investments to transform the business. Therefore we will continue to invest in our strategic initiatives to reposition the business around a broader assortment of home products. While we are making progress in many areas, we have opportunities for improvement in others. We have adjusted our advertising strategy to be more balanced, focusing more on traffic driving promotions versus the branding focused advertising that we did in the first quarter. We are also making adjustments to the video and appliance categories and refocusing our broader efforts on driving traffic to our stores and website." 
  • Guidance: "Given our ongoing strategic initiatives to reposition the business around a broader assortment of home products as well as the continued volatility in the consumer electronics industry, we are not providing specific guidance for fiscal 2015. However, to help investors better understand the current trends and outlook for the business for fiscal 2015, we are expecting annual comparable store sales to be negative high single digits to negative mid single digits compared to our previous expectation of negative low single digits to flat. We still expect the second half of the fiscal year to outperform the first half of the fiscal year. Given the results of our operations in the first quarter and the volatility in consumer demand for our product segments we no longer believe that our diluted earnings per share in fiscal 2015 will be above the prior year as we previously stated. However, we do expect to generate positive EBITDA for the fiscal year."

7:15 am ConocoPhillips reports EPS in-line (COP) : Reports Q2 (Jun) earnings of $1.61 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $1.61.

7:13 am MWI Veterinary Supply reports EPS in-line, beats on revs; guides FY14 EPS in-line, revs in-line (MWIV) : Reports Q3 (Jun) earnings of $1.52 per share, in-line with the Capital IQ Consensus Estimate of $1.52; revenues rose 28.4% year/year to $778.4 mln vs the $761.33 mln consensus. Co issues in-line guidance for FY14, sees EPS of $5.57-5.67 vs. $5.62 Capital IQ Consensus Estimate; sees FY14 revs of $2.91-2.96 bln vs. $2.93 bln Capital IQ Consensus Estimate.

7:13 am Steven Madden misses by $0.01, misses on revs; guides FY14 EPS below consensus (SHOO) : Reports Q2 (Jun) earnings of $0.44 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.45; revenues fell 0.6% year/year to $295.7 mln vs the $312.95 mln consensus.

  • Gross margin was 36.2% as compared to 37.2% in the same period last year due to increased promotional activity in the retail and wholesale segments. 
  • Operating expenses as a percentage of sales were 23.6% compared to 23.1% of sales in the same period of 2013. 
  • Net sales from the wholesale business were $249.8 million in the second quarter compared to $251.4 million in the second quarter of 2013, including a solid gain in the branded footwear business and strong growth in wholesale accessories, offset by a decrease in private label footwear. Gross margin in the wholesale business was 31.3% compared to 32.1% in last year's second quarter, due primarily to increased markdown allowances. 
  • Retail net sales were $45.9 million compared to $46.2 million in the second quarter of the prior year. The decrease in net sales was due to a same store sales decrease of 8.5% partially offset by an increase in net sales resulting from the net opening of 11 new stores since the end of the second quarter last year. Increased promotional activity resulted in retail gross margin of 62.8% in the second quarter of 2014 compared to 64.7% in the second quarter of 2013.

Co issues downside guidance for FY14, sees EPS of $2.00-$2.10 vs. prior range of $2.05-2.15 and compared to $2.14 Capital IQ Consensus Estimate. Co sees net sales growth for FY14 in the range of 2-4% vs consensus of +7, equating to net sales of $1.34-1.365 bln vs consensus of $1.4 bln.

7:13 am Catalent (NYSE: CTLT) priced 42.5 mln share IPO at $20.50 per share, at mid-point of the $19-22 expected range (:IPOXX) :  

7:12 am Delphi Automotive beats by $0.09, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY14 EPS in-line, revs in-line (DLPH) : Reports Q2 (Jun) earnings of $1.42 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $1.33; revenues rose 5.0% year/year to $4.45 bln vs the $4.47 bln consensus. For Q3, co sees EPS of $1.10-1.18, excluding non-recurring items, vs. $1.18 Capital IQ Consensus Estimate; sees Q3 revs of $4.20-4.30 bln vs. $4.32 bln Capital IQ Consensus Estimate. Co issues in-line guidance for FY14, sees EPS of $4.95-5.10, excluding non-recurring items, vs. $5.00 Capital IQ Consensus Estimate; sees FY14 revs of $17.20-17.60 bln vs. $17.48 bln Capital IQ Consensus Estimate.

  • Adjusted operating margin came in at 12.3%, up 20 basis points
  • Share repurchases and dividends of $296 mln in Q2

7:11 am Synchrony Financial (NYSE: SYF) priced 125 mln share IPO at $23.00 per share, at low end of the $23-26 expected range (:IPOXX) :  

7:11 am West Pharm beats by $0.05, reports revs in-line; reaffirms FY14 EPS guidance, guides FY14 revs below consensus (WST) : Reports Q2 (Jun) earnings of $0.52 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 7.1% year/year to $368.9 mln vs the $368.59 mln consensus. Co issues mixed guidance for FY14, sees EPS of $1.77-1.89, excluding non-recurring items, vs. $1.83 Capital IQ Consensus Estimate; sees FY14 revs of $1430-1460 mln vs. $1.47 bln Capital IQ Consensus Estimate.

7:11 am Exelon beats by $0.01, beats on revs (EXC) : Reports Q2 (Jun) earnings of $0.51 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.50; revenues fell 1.9% year/year to $6.02 bln vs the $5.64 bln consensus.

7:09 am H&E Equipment Srvs beats by $0.09, beats on revs (HEES) : Reports Q2 (Jun) earnings of $0.45 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.36; revenues rose 14.3% year/year to $280.4 mln vs the $267.54 mln consensus. Gross margins were 31.8% versus 30.7% a year ago.

7:09 am Old Dominion beats by $0.03, beats on revs (ODFL) : Reports Q2 (Jun) earnings of $0.86 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.83; revenues rose 19.1% year/year to $702.98 mln vs the $690.68 mln consensus.

7:07 am Pentair beats by $0.01, misses on revs; lowers FY14 guidance and FY15 target to reflect exit of Water Transport business (PNR) : Reports Q2 (Jun) earnings of $1.04 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $1.03; revenues fell 2.7% year/year to $1.91 bln vs the $1.93 bln consensus.

On July 28, 2014, Pentair's Board of Directors approved a decision to exit its Water Transport business.

Co issues guidance for FY14, lowers EPS to $3.65-3.70 from $3.85-4.00 to reflect sale of Water Transportation business, not comparable to $3.91 Capital IQ Consensus.

Co is now targeting 2015 EPS target of $4.50, down from $5.00, to reflect the exclusion of the Water Transport business, ongoing Energy CapEx deferrals, and lingering economic headwinds.

7:07 am CDW beats by $0.10, beats on revs; Adjusted EBITDA grew 16.2% y/y to $247.1 mln (CDW) : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.57; revenues rose 33.4% year/year to $3.11 bln vs the $2.95 bln consensus.

  • Adjusted EBITDA was $247.1 million in the second quarter of 2014, compared to $212.6 million in the second quarter of 2013, representing an increase of 16.3 percent. Second quarter 2014 Adjusted EBITDA margin was 8.0 percent, approximately 40 basis points higher than the second quarter of 2013.
  • Total Corporate segment net sales in the second quarter of 2014 were $1.656 billion, 7.7 percent higher than the second quarter of 2013. Corporate average daily sales in the second quarter of 2014 were $25.9 million, compared to $24.0 million in the second quarter of 2013. Corporate results reflected mid-teens sales increases to Small Business customers and mid-single digit increases to Medium and Large Business customers.
  • Total Public segment net sales in the second quarter of 2014 were $1.272 billion, 17.5 percent higher than the second quarter of 2013. Public average daily sales in the second quarter of 2014 were $19.9 million, compared to $16.9 million in the second quarter of 2013. Public results were led by sales increases of more than 25 percent to Education customers and high-teen growth in Healthcare. Sales to Government customers increased mid-single digits as sales to the Federal government returned to growth and State & Local government sales increased in the low double digits.
  • Net sales for CDW's Advanced Services business and Canadian operations, combined as "Other" for financial reporting purposes, rose 11.9 percent to $178.2 million in the second quarter of 2014, compared to $159.3 million in the second quarter of 2013. Average daily sales in the second quarter of 2014 were $2.8 million, compared to $2.5 million in the second quarter of 2013. CDW's Advanced Services business consists of customized engineering services delivered by CDW professional engineers and managed services, including hosting and data center services. Canadian sales were negatively affected by currency translation.

7:07 am Iridium Communications misses by $0.04, beats on revs (IRDM) : Reports Q2 (Jun) earnings of $0.14 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.18; revenues rose 8.2% year/year to $102.5 mln vs the $98.46 mln consensus.

  • Reaffirms guidance for: 
    • Total service revenue growth between 2 percent and 4 percent for the full-year 2014 
    • Full-year 2014 OEBITDA between $205 million and $215 million. OEBITDA for 2013 was $201.1 million.

7:06 am Avon Products misses by $0.01, misses on revs (AVP) : Reports Q2 (Jun) earnings of $0.20 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.21; revenues fell 12.8% year/year to $2.19 bln vs the $2.22 bln consensus.

7:06 am PPL Corp beats by $0.08, beats on revs; raises FY14 EPS above consensus (PPL) : Reports Q2 (Jun) adj. earnings of $0.53 per share, $0.08 better than the Capital IQ Consensus of $0.45; revenues fell 16.7% year/year to $2.87 bln vs the $2.78 bln consensus.

Co issues guidance for FY14, raises EPS to $2.20-2.40 from $2.15-2.30 vs. $2.22 Capital IQ Consensus. The increased forecast is primarily driven by the strong earnings performance of the competitive energy supply business through the first half of the year. The 2014 forecast for reported earnings is $1.70 to $1.90 per share, reflecting special items recorded through the second quarter. 

"He also said the company is making steady progress on the spinoff of its PPL Energy Supply business, which it announced in early June. "We have completed nearly all the required regulatory filings and have transition teams up and running," said Spence. The company is on track to complete the spinoff and subsequent combination with Riverstone's competitive generation business, which will create a new publicly traded company called Talen Energy, in the first or second quarter of 2015."

7:04 am Consolidated Comms Illinois beats by $0.07, reports revs in-line (CNSL) : Reports Q2 (Jun) adj earnings of $0.29 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.22; revenues fell 0.2% year/year to $151 mln vs the $150.82 mln consensus. 

  • Q2 Adjusted EBITDA was $71.4 million. 
  • "We delivered solid cash flows in support of the dividend and made significant capital investments for long-term growth opportunities. We continued our focus on delivering strong results, while completing the due diligence, negotiations, bridge financing and execution of the agreement for the acquisition of Enventis which we announced on June 30, 2014."
  • Guidance: FY14 CapEx $97-103 mln

7:04 am Abiomed misses by $0.05, misses on revs; guides FY15 revs in-line (ABMD) : Reports Q1 (Jun) loss of $0.04 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.01; revenues rose 16.3% year/year to $45 mln vs the $49.64 mln consensus. Co issues in-line guidance for FY15, sees FY15 revs of $205-212 vs. $209.62 mln Capital IQ Consensus Estimate.

7:04 am Alliant Tech beats by $0.46, beats on revs; guides FY15 EPS above consensus, reaffirms FY15 revs guidance (ATK) : Reports Q1 (Jun) earnings of $2.86 per share, excluding non-recurring items, $0.46 better than the Capital IQ Consensus Estimate of $2.40; revenues rose 18.2% year/year to $1.28 bln vs the $1.23 bln consensus. For FY15, co sees EPS of $11.50-11.90, excluding non-recurring items, vs. $11.20 Capital IQ Consensus Estimate; sees FY15 revs of $5.15-5.25 bln vs. $5.18 bln Capital IQ Consensus Estimate.

7:03 am Extended Stay America misses by $0.01, reports revs in-line; guides FY14 revs in-line (STAY) : Reports Q2 (Jun) earnings of $0.27 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.28; revenues rose 9.7% year/year to $321.9 mln vs the $319.78 mln consensus. Co issues in-line guidance for FY14, sees FY14 revs of $1212-1246 mln vs. $1.23 bln Capital IQ Consensus Estimate.

7:03 am Yingli Green Energy subsidiary entered into a strategic alliance with AMB Energia Wytwarzanie to co-develop 30 MW of solar projects in Poland (YGE) : Co announced that its wholly-owned subsidiary, Yingli Green Energy International AG, has entered into a strategic alliance with AMB Energia Wytwarzanie, a subsidiary of AMB Energia S.A. to co-develop 30 MW of solar projects in Poland.

7:02 am Cheetah Mobile and Tencent (TCEHY) to expand strategic cooperation agreement; annual caps have been increased to RMB100 mln and RMB105 mln (CMCM) : Co announced that it has entered into a supplemental agreement with Shenzhen Tencent Computer Systems co Limited, a subsidiary of Tencent Holdings Limited (TCEHY), which increases the annual caps for fees payable by Tencent and its subsidiaries and their respective associates to Cheetah.

  • Cheetah and Tencent Shenzhen entered into a Strategic Cooperation Agreement on December 27, 2013, pursuant to which Cheetah would, through both its PC and mobile products and platforms, provide various forms of promotional services to Tencent for their various types of products. The original annual caps of the fees payable by Tencent and its subsidiaries to Cheetah for the two years ending December 31, 2015 were RMB22 mln and RMB33 mln, respectively. 
  • Under the new supplemental agreement, the annual caps have been increased to RMB100 mln and RMB105 mln, respectively. The reasons for the revision of the cap include an increase in demand by Tencent for Cheetah's promotional services and the rapid growth in the number of users of Cheetah's products.

7:02 am AmBev misses by $0.01, misses on revs (ABEV) : Reports Q2 (Jun) earnings of R$0.14 per share, $0.01 worse than the Capital IQ Consensus Estimate of R$0.15; revenues rose 9.2% year/year to R$8.18 bln vs the R$8.46 bln consensus.

  • Volume expanded 4.9% while net revenue per hectoliter (NR/hl) grew 4.1%. This performance was mainly driven by a double-digit result in Brazil (11.3% net revenue growth), in both Beer (+11.2%) and CSD (+11.7%), and Hila-Ex (+19.2% net revenue growth).

7:02 am Legg Mason beats by $0.05, misses on revs (LM) : Reports Q1 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.86; revenues rose 3.5% year/year to $693.9 mln vs the $703.56 mln consensus. 

  • AUM increased to $704.3 billion compared with $701.8 billion at March 31, 2014, primarily driven by an $18.5 billion increase in market performance, foreign exchange and other, the addition of $5.0 billion in AUM related to the QS Investors acquisition, which was effective on May 31, 2014, as well as long-term inflows of $0.7 billion. These were partially offset by $8.9 billion in liquidity outflows as well as a $12.8 billion reclassification of certain client assets previously reported as AUM to Assets Under Advisement ("AUA"). AUM was up 9% from $644.5 billion as of June 30, 2013.

7:01 am Target names Brian Cornell as new Chairman of the Board and CEO (TGT) : Co announced that its Board of Directors has named seasoned retail and consumer products veteran Brian Cornell as the company's next chairman of the Board of Directors and chief executive officer, effective August 12. Cornell, 55, joins Target with more than 30 years of experience at chief executive officer of PepsiCo (PEP) Americas Foods where he oversaw the company's global food business, the largest of PepsiCo's four divisions. He was responsible for a portfolio that included Frito-Lay North America, Quaker Foods and all of PepsiCo's Latin America food and snack businesses. Before joining PepsiCo in 2012, Cornell served as president and CEO of Sam's Club, a division of Wal-Mart Stores, Inc. (WMT) Cornell also held the position of CEO at Michaels Stores, Inc., and prior to that, executive vice president and chief marketing officer for Safeway.

7:01 am SunEdison and NORD/LB close on financing for Bruining solar project in Ontario (SUNE) : Co announced that it has reached financial close with Norddeutsche Landesbank Girozentrale for an 18 megawatt DC solar power plant in Ontario.

  • The project is set to start construction in July and be completed by the end of 2014, at which time it will be sold to Firelight Infrastructure Partners.
  • To complete the project, NORD/LB is providing a construction loan of approximately $50.5 million CAD, and has committed to provide up to $63 million CAD of long term debt.

7:00 am Transgenomic announces issuance of new European Patent covering COLD-PCR technologies (TBIO) : Co announced that the European Patent Office has issued a new patent, covering one of its COLD-PCR family of DNA amplification technologies.

  • The patent covers Full COLD-PCR, a foundation for the company's highly sensitive ICE COLD-PCR technology

6:59 am Columbus McKinnon misses by $0.07, misses on revs (CMCO) : Reports Q1 (Jun) earnings of $0.34 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.41; revenues rose 2.9% year/year to $142.9 mln vs the $149.39 mln consensus. 

  • Backlog was $88.3 million at June 30, 2014, an increase of $1.5 million, or 1.7%, from backlog of $86.8 million at March 31, 2014. Although the typical time to convert backlog to sales is from one day to a few weeks, backlog can include project-type orders from customers that have defined deliveries that may extend out 12 to 24 months. 
  • "Our acquisitions continue to perform well, contributing $3.9 million in sales in the quarter and with synergies proceeding positively, as expected. Our strong market position and the improving economy in Europe led to strong growth in that region, which can be seen in our increase in sales per shipping day. In the U.S., volume was impacted by a decline in orders for our hoists that are used for capital projects. Importantly, this is our 15th consecutive quarter of year-over-year gross margin improvement. Our lean processes combined with increased revenue and capabilities gained through acquisitions contribute to our strengthened earnings power."

6:59 am Graham misses by $0.04, reports revs in-line; reaffirms FY15 revs guidance (GHM) : Reports Q1 (Jun) earnings of $0.24 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.28; revenues rose 0.7% year/year to $28.5 mln vs the $28.59 mln consensus.

  • Sales to the U.S. market were $22.2 million, or 78% of total sales, up $7.2 million, or 48%, from the prior year. This increase was driven by infrastructure investments in the North American chemical/petrochemical industry. International sales decreased to $6.3 million with lower sales compared with the prior year in nearly all international regions.
  • Orders during the first quarter of fiscal 2015 were $31.1 million, compared with $32.8 million during the prior-year first quarter and $23.5 million in the trailing fiscal 2014 fourth quarter. Compared with the trailing quarterly period, the Company's refining and chemical/petrochemical industry markets each had higher order levels, while orders for the power industry and its other commercial and industrial markets were down. During the first quarter of fiscal 2015, orders of $16.4 million, or 53%, were from U.S. customers, while orders from international markets accounted for $14.7 million of total orders, driven by sales to Canada, Asia and South America. Graham expects that order levels will be variable between quarters, but that in the long-run orders will be relatively balanced between domestic and international markets.
Co reaffirms guidance for FY15, sees FY15 revs of $120-130 mln vs. $125.50 mln Capital IQ Consensus Estimate. Gross margin for fiscal 2015 is expected to be between 30% and 32%, as pricing power is still consistent with historic early-cycle margins. SG&A expense is expected to be between 15% and 16% of sales for fiscal 2015. Graham expects its fiscal 2015 full year tax rate to be between 33% and 34%. 

6:59 am Halozyme Therapeutics halted, news pending (HALO) :  

6:58 am Avalanche Biotechnologies (Nasdaq: AAVL) priced upsized 6 mln share IPO at $17.00 per share, at top end of the $16-17 revised expected range (:IPOXX) : Co originally planned to offer 5.4 mln shares at $13-15 but increased the price range to $16-17.

6:54 am Vascular Biogenics (Nasdaq: VBLX) priced 5.4 mln share IPO at $12.00 per share, below the $13-15 expected range (:IPOXX) :  

6:54 am American Railcar Industries beats by $0.30, beats on revs (ARII) : Reports Q2 (Jun) earnings of $1.51 per share, $0.30 better than the Capital IQ Consensus Estimate of $1.21; revenues rose 49.0% year/year to $237.5 mln vs the $208.56 mln consensus.

  • "During Q2, we were able to efficiently ramp up production to meet increased demand for hopper railcars and continued to have high deliveries of tank railcars. These factors coupled with a high mix of railcars manufactured for direct sale generated new quarterly records for ARI, for both revenue and earnings."
  • Total consolidated revenues were $237.5 mln for Q2 of 2014, a new quarterly record and an increase of 49% when compared to $159.4 mln for the same period in 2013.
  • This increase was primarily driven by increased manufacturing revenues due to a higher mix of direct sale shipments relative to railcars shipped for the Co's lease fleet. The increase in direct sale shipments of hopper railcars and strong levels of tank railcar shipments resulted in manufacturing revenues of $206.4 mln for Q2 of 2014, an increase of $74.2 mln compared to the same period in 2013.
  • "In addition, we expect that, during the second half of 2014, more of our railcar shipments will be for our lease fleet than for direct sale. Because revenues and earnings related to leased railcars are recognized over the life of the lease, our quarterly results may vary depending on the mix of lease versus direct sale railcars that we ship during a given period."
  • Consolidated operating margins remained strong at 21.8% for Q2 of 2014, primarily due to continued strong tank railcar volumes and ramped up production of hopper railcars, both of which contributed to operational efficiencies and further leverage of overhead costs. These factors were partially offset by a higher mix of hopper railcars for direct sale.
  • This change in the product mix contributed to operating margins declining by 3.2% from 25.0% for Q2 of 2013. More tank railcars were built for the Co's lease fleet during Q2 of 2014 compared to the same period in 2013, and the related profit on these railcars is eliminated in consolidation.
  • In the railcar services segment, operating margins declined during Q2 of 2014 when compared to the same period in 2013 due to a change in the mix of work at our repair facilities.
  • During the quarter we received orders for 3,070 railcars, resulting in a backlog as of June 30, 2014 of ~9,530 railcars with an estimated value of $985.7 mln. Of the total backlog, ~2,700, or 28%, were railcars subject to lease with an estimated market value of $322.5 million. Additionally, we have accepted orders for an additional 3,450 railcars during the month of July, consisting of both hopper and tank railcars.

6:53 am HealthEquity (Nasdaq: HQY) priced 9.1 mln share IPO at $14.00 per share, above the $10-12 expected range (:IPOXX) :  

6:52 am Embraer SA beats by $0.15, beats on revs (ERJ) : Reports Q2 (Jun) earnings of $0.78 per share, $0.15 better than the Capital IQ Consensus Estimate of $0.63; revenues rose 13.1% year/year to $1.76 bln vs the $1.68 bln consensus.

6:51 am Macrocure (Nasdaq: MCUR) priced 5.35 mln share IPO at $10.00 per share, below the $13-15 expected range (:IPOXX) :  

6:51 am On The Wires (:WIRES) :

  • Verizon Digital Media Services (VZ) and thePlatform announced a new strategic alliance to accelerate major media and pay-TV operators' plans for multiscreen video delivery.
  • Fujitsu Semiconductor Limited and ON Semiconductor (ONNN) announced that they have entered into a foundry services agreement.
  • Nidec (NJ) announced that one of its consolidated subsidiaries, Nidec Tosok, has completed the purchase of land in the state of San Luis Potosi, Mexico, for a planned construction of NIDEC TOSOK de MEXICO, S.A. de C.V. established in May 2014
  • Malibu, a brand of Pernod-Ricard (PDRDY), has announced it is working with Havas Media and Millennial Media (MM) to deliver a brand-focused mobile video campaign for its 'Best Summer Ever Project'.
  • NextGen Healthcare Information Systems, a wholly owned subsidiary of Quality Systems (QSII) announced it has entered into a 10-year agreement with Capital Women's Care to continue providing revenue cycle management services for long-term financial sustainability and growth.
  • China Mobile Games and Entertainment Group Limited (CMGE)  announced that it has made exclusive strategic partnership with GREE to co-develop the first official mobile game on Naruto in China.

6:49 am Golden Star Resources has continued exploration drilling success at Wassa (GSS) : Co provided an update on exploration activities at its Wassa gold mine in Ghana.

  • 12 holes drilled over 6,615 meters.
Step out drilling continues to delineate wide zones of high grade gold mineralization, last drill fence intersected:
  • BSDD315M - 60.2 m grading 3.4 g/t from 490.1m
  • BSDD315M - 70.5 m grading 5.9 g/t from 742.4 m
  • BSDD315M - 16.9 m grading 4.4 g/t from 823.0 m
  • All drill results will be included in the Mineral Resource update due this quarter along with the Wassa Underground PEA
  • As at the end of the second quarter 2014, the first phase of infill drilling over 15,400 m has been completed. 

6:48 am KBR misses by $0.31, reports revs in-line (KBR) : Reports Q2 (Jun) loss of $0.06 per share, $0.31 worse than the Capital IQ Consensus Estimate of $0.25; revenues fell 14.9% year/year to $1.66 bln vs the $1.67 bln consensus.

6:47 am Quanta Services beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs in-line; narrows FY14 EPS (PWR) : 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 26.5% year/year to $1.86 bln vs the $1.80 bln consensus.

For Q3, co sees EPS of $0.57-0.59, excluding non-recurring items, vs. $0.52 Capital IQ Consensus Estimate; sees Q3 revs of $2.00-2.10 bln vs. $2.01 bln Capital IQ Consensus Estimate.

For FY14, co narrows EPS to $1.90-2.00 from $1.85-2.05; raises FY14 revs to $7.60-7.80 bln from $7.4-7.8 bln vs. $7.63 bln Capital IQ Consensus Estimate.

6:46 am Diageo plc reports Q4 results (DEO) : Net sales, up 0.4%, reflecting mixed performance; growth in North America, stability in Western Europe and weakness in emerging market economies.

  • Fourth quarter net sales up 0.8%Positive consumer trends in higher priced categories, Diageo's reserve brands net sales were up 14% and targeted price increases drove 3ppt of positive price/mix
  • Operating margin improved 0.8pptProcurement driven savings, worth 4% of total marketing spend, more than offset the cost of increased activity, contributing 0.2ppt of the total margin improvement
  • Eps before exceptionals was down 7.6p to 95.5 pence per share as foreign exchange movements reduced eps by 10 pence per share
  • Free cash flow was 1,235 million
  • Recommended final dividend of 32.0 pence per share, up 9%

6:46 am Alcatel-Lucent misses by 0.11, reports revs in-line (ALU) : Reports Q2 (Jun) loss of 0.11 per share, 0.11 worse than the Capital IQ Consensus Estimate of ( 0.00); revenues fell 4.7% year/year to 3.28 bln vs the 3.27 bln consensus.

  • Gross margin expanding by 140 basis points year-over-year to 32.6%

6:43 am MEDNAX announced acquisition of Illinois-based anesthesiology practices; expected to be immediately accretive to earnings (MD) :

  • Co announced the acquisition of Associated Anesthesiologists of Joliet, S.C., a private physician group practice based in Joliet, Ill., and its related entities: Madison Avenue Anesthesia Placement Services, Crawford Avenue Anesthesia Placement Services, and Pain Centers of Chicago.
  • This was a cash transaction, and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.

6:42 am Strayer Education beats by $0.02, misses on revs; announces CFO to retire (STRA) : Reports Q2 (Jun) earnings of $1.29 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.27; revenues fell 14.6% year/year to $112.7 mln vs the $114.81 mln consensus.

  • Total enrollments at Strayer University for the 2014 summer term decreased 6% to 36,403 students compared to 38,627 students for the same term in 2013
  • The Company also announced that, effective March 1, 2015, Chief Financial Officer Mark Brown will retire after 13 years with the Company. Brown will be replaced by Daniel Jackson, who is being promoted from his current role as Senior Vice President and Treasurer.

6:42 am Sony reports Q1 (Jun) results, beats on revs; guides FY15 revs above consensus (SNE) : Reports Q1 (Jun) earnings of YEN22.94 per share, may not be comparable to the Capital IQ Consensus Estimate of (YEN10.30); revenues rose 5.7% year/year to YEN1809 bln vs the YEN1692.74 bln consensus. This increase was primarily due to a significant increase in G&NS segment sales, reflecting the contribution of the PlayStation 4 which was launched in November 2013, a significant increase in Pictures segment sales primarily due to higher theatrical revenues in Motion Pictures, as well as the favorable impact of foreign exchange rates. This increase was partially offset by a significant decrease in sales in All Other, primarily related to Sony's exit from the PC business. On a constant currency basis, sales increased 3% year-on-year.

Co issues upside guidance for FY15, sees FY15 revs of YEN7800 bln vs. YEN7642.19 bln Capital IQ Consensus Estimate.

6:41 am CNOOC Ltd announced its Panyu 10-2/5/8 project has commenced production (CEO) : Co announced that its Panyu 10-2/5/8 project has commenced production. Panyu 10-2/5/8 project is located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 100 meters. This project includes 3 oilfields, Panyu 10-2, Panyu 10-5 and Panyu 10-8 and was designed to share some facilities of Panyu 4-2 oilfield. The main newly-built production facilities include 1 wellhead platform and 9 producing wells. Currently there are 4 wells producing ~ 9,000 barrels per day, and the project is expected to hit its peak production of ~ 13,000 barrels per day in 2015.

6:40 am IBM acquired CrossIdeas; financial terms not disclosed (IBM) : Co announced it has acquired CrossIdeas, a privately held provider of security software that governs user access to applications and data across on-premise and cloud environments. Financial terms were not disclosed.

6:40 am Newell Rubbermaid beats by $0.04, reports revs in-line; reaffirms FY14 EPS guidance (NWL) : Reports Q2 (Jun) earnings of $0.59 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.55; revenues rose 3.1% year/year to $1.52 bln vs the $1.51 bln consensus.

  • Co reaffirms guidance for FY14, sees EPS of $1.94-2.00 vs. $1.97 Capital IQ Consensus Estimate; reaffirms core sale growth of 3-4%

6:39 am Chart Industries misses by $0.04, misses on revs; lowers FY14 EPS guidance FY14 EPS in-line, revs in-line (GTLS) : Reports Q2 (Jun) earnings of $0.70 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of $0.74; revenues rose 2.8% year/year to $306.8 mln vs the $312.99 mln consensus.

  • "Based on second quarter results, current order backlog, and business expectations for the remainder of 2014, the Company is adjusting its previously announced sales and earnings guidance. Due primarily to customer delays in D&S China, annual sales and earnings are no longer expected to reach the Company's previous estimates. Overall, we remain positive on the long-term outlook for the use of natural gas as a transportation fuel."
  • Co lowers FY14 guidance, lowers EPS to $2.85-3.15 vs. $3.07 Capital IQ Consensus Estimate, down from $3.00-3.40; lowers FY14 revs to $1.22-1.27 bln vs. $1.27 bln Capital IQ Consensus Estimate., down from $1.25-1.30 bln.

6:38 am CTC Media agreed on terms of broadcasting for the second multiplex (CTCM) :

  • Co announced new agreements with Russian Television and Radio Broadcasting Network (:RTRS) establishing terms and conditions for participation of CTC and Domashny channels in the second multiplex of Russian digital television broadcasting system. 
  • Under the new terms CTC Media will pay up to 185 million rubles exclusive of VAT in 2014, compared to the previous estimate of 900 million rubles. This change in distribution costs reflects the adjustments to network development and launch schedule.

6:38 am NiSource reports EPS in-line, beats on revs (NI) : 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 11.0% year/year to $1.34 bln vs the $1.25 bln consensus. 

  • Columbia Pipeline Group Operations reported operating earnings of $103.7 million for the three months ended June 30, 2014, compared with operating earnings of $88.8 million for the prior year period. Net revenues, excluding the impact of trackers, increased by $22.2 million primarily due to higher demand margin revenue as a result of growth projects placed into service and increased mineral rights royalty revenue.

6:38 am CTC Media misses single estimate by $0.02, reports revs in-line (CTCM) : Reports Q2 (Jun) earnings of $0.17 per share, $0.02 worse than the single analyst estimate of $0.19; revenues fell 10.5% year/year to $184.3 mln vs the $184.9 mln consensus.

6:37 am Ball Corp beats by $0.11, beats on revs (BLL) : Reports Q2 (Jun) earnings of $1.13 per share, $0.11 better than the Capital IQ Consensus Estimate of $1.02; revenues rose 4.1% year/year to $2.29 bln vs the $2.25 bln consensus.  

"Our second quarter results exceeded our expectations. While we still have a few manufacturing challenges and tough volume comparisons in the second half, we remain confident in our ability to increase EVA dollar generation and achieve our long-term diluted earnings per share growth goal of 10 to 15 percent in 2014."

6:37 am Pluristem Therapeutics completed the approval process and received final clearance from a fifth regulatory agency for its 3D cell therapy manufacturing processes in use at its new facility in Haifa (PSTI) : Co annoucned that it has completed the approval process and received final clearance from a fifth regulatory agency for its 3D cell therapy manufacturing processes in use at its new facility in Haifa. The latest approval comes from Israel's Ministry of Health and follows similar clearances from the FDA, the European Union's Qualified Person, Germany's Paul Ehrlich Institute, and the South Korean Ministry of Food and Drug Safety.

6:36 am MediWound misses by $0.17, beats on revs (MDWD) : Reports Q2 (Jun) loss of $0.37 per share, $0.17 worse than the Capital IQ Consensus Estimate of ($0.20); revenues rose 128.2% year/year to $0.89 mln vs the $0.19 mln consensus.

6:35 am L-3 Communications misses by $0.05, beats on revs; lowers FY14 EPS below consensus, raises FY14 revs in-line (LLL) : Reports Q2 (Jun) earnings of $1.96 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $2.01; revenues fell 5.7% year/year to $3.02 bln vs the $2.98 bln consensus.

  • Co issues guidance for FY14, lowers EPS to $7.90-8.10 from $8.20-8.40 vs. $8.40 Capital IQ Consensus Estimate; raises FY14 revs to $12.025-12.225 bln from $11.95-12.15 bln vs. $12.08 bln Capital IQ Consensus Estimate. 
  • Orders: Funded orders for the 2014 second quarter were $3.3 billion, a decline of 6% compared to the 2013 second quarter. Funded orders for the 2014 first half were $6.3 billion compared to $6.4 billion for the 2013 first half. The book-to-bill ratio was 1.08 for the 2014 second quarter and 1.05 for the 2014 first half. Funded backlog increased 3% to $10.7 billion at June 27, 2014 compared to $10.3 billion at December 31, 2013.

6:35 am Pioneer Energy beats by $0.07, beats on revs (PES) : Reports Q2 (Jun) earnings of $0.14 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.07; revenues rose 4.6% year/year to $259.8 mln vs the $253.95 mln consensus. 

  • In the third quarter of 2014, drilling rig utilization is expected to average between approximately 86% and 89%, based on a fleet of 62 rigs. Drilling Services Segment margin is expected to be approximately $8,500 to $8,700 per day, which is flat with the second quarter when excluding the non-recurring benefit from the scope-of-work agreement in Colombia. 
  • Production Services Segment revenue in the third quarter is expected to be up approximately 3% to 5% as compared to the second quarter. Production Services Segment margin as a percentage of revenues is expected to be up approximately 1% as compared to the second quarter.

6:34 am MAXIMUS appoints Bruce Caswell to President (MMS) : Co announced the appointment of Bruce Caswell as the company's President. Mr. Caswell will continue to report to CEO Richard Montoni.

  • His appointment is effective October 1, 2014.

6:34 am Endo Health beats by $0.17, beats on revs; raises FY14 guidance (ENDP) : Reports Q2 (Jun) earnings of $1.06 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus Estimate of $0.89; revenues rose 0.9% year/year to $718.7 mln vs the $647.63 mln consensus. The decrease in adjusted diluted EPS is primarily attributable to an increase in the number of shares outstanding. The increase in shares outstanding is attributable to additional Endo shares that were issued to exchange for the former shares of Paladin Labs as well as the dilutive effects of the company's 1.75% Convertible Notes and related warrants.

Co issues upside guidance for FY14, raises EPS to $3.80-4.00, excluding non-recurring items, from $3.60-3.85 vs. $3.76 Capital IQ Consensus Estimate; raises FY14 revs to $2.72-2.80 from $2.55-2.64 bln vs. $2.61 bln Capital IQ Consensus Estimate. 

6:34 am Bunge beats by $0.38, beats on revs (BG) : Reports Q2 (Jun) earnings of $1.76 per share, $0.38 better than the Capital IQ Consensus Estimate of $1.38; revenues rose 8.4% year/year to $16.79 bln vs the $15.4 bln consensus. 

Agribusiness
A strong global oilseed processing environment in most regions of the world was the primary driver of higher results in the quarter. In the Southern Hemisphere, record soybean crops, strong export demand and good farmer selling led to solid processing margins. Our team in Brazil continued to do an excellent job in managing logistical flows of crops through a complicated interior structure resulting in lower transportation and execution costs. Oilseed processing results were also higher in the Northern Hemisphere led by strong softseed margins in Canada and soybean margins in Europe. U.S. soybean processing results were comparable to last year. Results in China were down. Grain origination results were within expectations, but lower than last year primarily due to Brazilian farmers postponing commercialization of the safrinha corn crop as a result of the drop in market prices. Risk management results were comparable to last year and in line with expectations.

6:33 am Superconductor provides an update on Conductus superconducting wire production equipment; machines required for the first two steps of the Conductus process are operational (SCON) : Co provided an update on the status of its Conductus superconducting wire manufacturing assembly process:

  • As previously announced, the machines required for the first two steps of the Conductus process are operational. 
  • The third and final machine, the 1 kilometer Reactive Co-evaporation system, now is expected to be operational late in the Q3 of 2014.

6:33 am L-3 Communications changes conference call time today to 8:30 a.m. ET from 11 a.m. ET (LLL) :  

6:32 am Helmerich & Payne beats by $0.12, reports revs in-line (HP) : Reports Q3 (Jun) earnings of $1.75 per share, $0.12 better than the Capital IQ Consensus Estimate of $1.63; revenues rose 13.3% year/year to $952.1 mln vs the $944.04 mln consensus. 

  • The fiscal 2014 capital expenditures total is now expected to be slightly under the Company's prior estimate of $1.1 billion. However, the actual spending level for the fiscal year may vary depending primarily on the timing of procurement related to our ongoing FlexRig construction program. The Company now expects total depreciation expense for fiscal 2014 to be one to two percent higher as compared to its original estimate of approximately $500 million. 
  • General and administrative expenses for the year are now expected to total two to three percent higher as compared to the original estimate of approximately $130 million. The Company's effective income tax rate is expected to be slightly over 35% for fiscal 2014.

6:31 am Boeing, All Nippon Airways finalize order for 40 widebody airplanes (BA) : Co and All Nippon Airways finalized an order for 40 widebody airplanes -- 20 777-9Xs, 14 787-9 Dreamliners and six 777-300ERs (Extended Range) -- as part of the airline's strategic long-haul fleet renewal plan. The order, valued at ~ $13 billion at list prices, was originally announced as a commitment in March.

6:31 am Fuel Systems Solutions expects to delay Second Quarter 2014 reporting; co will announce the timing of its earnings conference call as it nears the completion of its Form 10-Q (FSYS) :  

6:30 am Acorda Therapeutics beats by $0.13, beats on revs (ACOR) : Reports Q2 (Jun) earnings of $0.42 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 11.5% year/year to $97.13 mln vs the $91.69 mln consensus.  

  • Reported AMPYRA net revenue of $87.4 mln vs $77.8 mln yr-ago. 
  • Reits 2014 AMPYRA  net revenue guidance of $328-$335 mln.

6:30 am Becton Dickinson misses by $0.02, reports revs in-line; guides FY14 EPS in-line (BDX) : Reports Q3 (Jun) earnings of $1.65 per share, $0.02 worse than the Capital IQ Consensus Estimate of $1.67; revenues rose 5.1% year/year to $2.16 bln vs the $2.14 bln consensus. Co issues in-line guidance for FY14, sees EPS of $6.22-6.25 vs. $6.25 Capital IQ Consensus Estimate. The Company reaffirms its previously communicated currency-neutral revenue guidance range of 4.5 to 5.0 percent. On a reported basis, the Company expects revenue growth of 4.0 to 4.5 percent. The Company is also reaffirming its previous guidance for diluted earnings per share from continuing operations for the full fiscal year to be between $6.22 and $6.25 excluding the impact of the previously aforementioned adjustments. The Company plans to complete the repurchase, subject to market conditions, of $450 million of its common stock for fiscal year 2014.

6:30 am Host Hotels reports FFO in-line, revs in-line; guides FY14 FFO in-line (HST) : Reports Q2 (Jun) funds from operations of $0.43 per share, in-line with the Capital IQ Consensus Estimate of $0.43; revenues rose 2.3% year/year to $1.43 bln vs the $1.43 bln consensus. Co issues in-line guidance for FY14, sees FFO of $1.44-1.47 vs. $1.46 Capital IQ Consensus Estimate.

6:29 am Banro's board of directors has engaged CIBC World Markets as well as Mining Research to assist and advise the co in review of optimization of Namoya gold plant and assessing financial requirements of co (BAA) :

  • Co provided a corporate update in respect of its financial requirements. 
  • Over the past several weeks, Banro has been evaluating options for the optimization of the Namoya gold plant and assessing the financial requirements of the Company for the upcoming months to implement the strategy outlined in the July 9, 2014 press release. In conjunction with this process, Banro's board of directors has engaged CIBC World Markets as well as Mining Research, an affiliate of HanOcci Capital Partners, to assist and advise the co in this review.

6:29 am Sun Communitiesto acquire American Land lease manufactured housing portfolio from Green Courte Partners for $1.32 bln (SUI) : Co announced that it has entered into an agreement to acquire a portfolio from Green Courte Partners, LLC sponsored funds. The ALL portfolio consists of 59 manufactured home communities, including those acquired from American Land Lease, Inc. by GCP in 2009.

  • The communities comprise over 19,000 sites in eleven states, including nearly 11,000 sites located in Florida. 
  • Over 14K sites, or 73%, of the ALL portfolio are age-restricted. In connection with this transaction, the co will assume GCP's right to acquire an additional manufactured home community pursuant to a binding purchase agreement. 
  • Total consideration for the acquisition is ~ $1.32 bln, including the assumption of ~ $560 mln of debt. 
  • The co will pay ~ $311 mln in cash, issue ~ $262 mln in a combination of the co's common stock and Operating Limited Partnership units, and issue $175 mln of newly-created Series A-4 Convertible Perpetual Preferred stock or Convertible Perpetual Preferred Operating Limited Partnership units to GCP investors. 
  • Additionally, GCP will be making an ~ $13 mln investment in the co's equity.

6:27 am Xcel Energy misses by $0.01, beats on revs; guides FY14 EPS in-line (XEL) : Reports Q2 (Jun) earnings of $0.40 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.41; revenues rose 4.1% year/year to $2.69 bln vs the $2.62 bln consensus. Co issues in-line guidance for FY14, sees EPS of $1.90-2.05 vs. $2.00 Capital IQ Consensus Estimate. "Notably, we are encouraged to see the continuation of better-than-expected weather-normalized sales growth. In addition, our year-to-date operating and maintenance expenses are consistent with our plan and we are on track to meet our guidance of a 2 to 3 percent annual increase over 2013 levels."

6:27 am Time Warner Cable misses by $0.01, reports revs in-line (TWC) : Reports Q2 (Jun) earnings of $1.89 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $1.90; revenues rose 3.2% year/year to $5.73 bln vs the $5.74 bln consensus.

6:26 am PG&E subsidiary, Pacific Gas & Electric, expressed confidence that the legal process will uphold its position that federal charges contained within a superseding indictment formally filed are unwarranted (PCG) :

  • Pacific Gas & Electric expressed confidence that the legal process will uphold its position that federal charges contained within a superseding indictment formally filed yesterday are unwarranted. The charges relate to 27 alleged violations of the federal Pipeline Safety Act as well as an allegation that the company attempted to obstruct a National Transportation Safety Board investigation following the 2010 explosion of a natural gas transmission line in San Bruno.
  • The indictment also seeks to increase financial penalties associated with the charges. However, PG&E noted that the financial penalties would be moot if the government fails to prove its case.
  • The company has settled claims amounting to more than $500 million with the victims and families of the San Bruno accident, established a $50 million trust for the City of San Bruno for costs related to recovery and contributed $70 million to support the city's and community's recovery efforts.

6:25 am Tyson Foods announced after hours the pricing of of 23.81 mln shares of its Class A common stock at $37.80/share and 30 mln of its 4.75% tangible equity units (TSN) : Co announced that it has priced its concurrent public offerings of 23.81 mln shares of its Class A common stock at $37.80/share and 30 mln of its 4.75% tangible equity units, with each tangible equity unit having a stated amount of $50. These offerings are separate public offerings made by means of separate prospectus supplements under Tyson Foods' effective shelf registration statement and are not contingent on each other or upon the consummation of the Hillshire Brands Acquisition discussed below. Each offering is expected to close on August 5, 2014, subject to customary closing conditions.

6:25 am Quintiles Transnational beats by $0.04, reports revs in-line; guides FY14 EPS above consensus, revs above consensus (Q) : Reports Q2 (Jun) earnings of $0.65 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.61; revenues rose 9.6% year/year to $1.03 bln vs the $1.03 bln consensus. Co issues upside guidance for FY14, sees EPS of $2.57-2.67, excluding non-recurring items, vs. $2.56 Capital IQ Consensus Estimate; sees FY14 revs of $4.20-4.24 bln vs. $4.15 bln Capital IQ Consensus Estimate.

6:24 am Suncor Energy increases quarterly dividend to $0.28 per share from $0.23 per share (SU) :  

6:23 am On The Wires (:WIRES) :

  • New York REIT (NYRT) announced that it has entered into a purchase and sale agreement to acquire Twitter's (TWTR) headquarters in Manhattan located at 245-249 West 17th Street in the Chelsea neighborhood.
  • Tamarind Energy announced its formation with a commitment from Blackstone Energy Partners (BX). Blackstone Energy Partners and affiliated funds have provided a capital commitment of up to $800 mln alongside Tamarind.
  • Hansen Technologies (HSN) announced that DIRECTV (DTV) Latin America has signed a 7 year license agreement for the use of Hansen's ICC Customer Care and Billing Solution for its PanAmericana division in Latin America.
  • Data I/O (DAIO) announced the release of the PSV3000 automated programming system.  

6:23 am Ceragon prices underwritten public offering of 21.25 mln ordinary shares at $2/share (CRNT) : Co announced the pricing of an underwritten public offering of 21.25 mln of its ordinary shares at a price of $2.00/share.

  • The company has also granted to the underwriters a 30-day option to acquire an additional 3,187,500 shares to cover overallotments in connection with the offering. 
  • After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of ~$39.8 mln, assuming no exercise of the overallotment option.
  • The offering is expected to close on August 5, 2014, subject to customary closing conditions. Needham & Company is acting as lead book-running manager of the offering. Oppenheimer & Co. is acting as co-book runner.

6:21 am EW Scripps and Journal Communications (JRN) agreed to merge their broadcast operations and spin off and then merge their newspapers (SSP) :

  • E.W. Scripps and Journal Communications (JRN) have agreed to merge their broadcast operations and spin off and then merge their newspapers, creating two focused and separately traded public companies that offer long-term opportunities to create value for shareholders. 
  • The merged broadcast and digital media company, based in Cincinnati, will retain The E.W. Scripps Company name, and the Scripps family shareholders will continue to have voting control. The co will have ~ 4,000 employees across its television, radio and digital media operations and is expected to have annual revenue of more than $800 mln. 
  • The newspaper co will be called Journal Media Group and will combine Scripps' daily newspapers, community publications and related digital products in 13 markets with Journal Communications' Milwaukee Journal Sentinel, Wisconsin community publications and affiliated digital products. The co, with expected annual rev of more than $500 mln and ~ 3,600 employees, will be headquartered in Milwaukee. 
  • The Scripps and Journal Communications boards of directors have approved the stock-for-stock transactions, which are subject to customary regulatory and shareholder approvals. 
  • Scripps shareholders of record just prior to the closing will receive a $60 million special dividend. The transaction is expected to be tax-free to shareholders of both companies.
  • The companies project about $35 million in combined transaction synergies in the near term.

6:20 am MEDNAX beats by $0.01, reports revs in-line; guides Q3 EPS in-line (MD) : Reports Q2 (Jun) earnings of $0.79 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.78; revenues rose 12.6% year/year to $596 mln vs the $601.95 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.82-0.86 vs. $0.86 Capital IQ Consensus Estimate. This outlook assumes that total same-unit revenue growth for the three months ended September 30, 2014 will grow by 2.0 percent to 4.0 percent from the prior-year period. This same-unit revenue growth will be driven primarily by net reimbursement growth, including the positive impact from parity. The forecast estimates volume to be 0.5 percent higher to 1.5 percent higher for the 2014 third quarter, as compared to the 2013 third quarter. Included in the outlook for the 2014 third quarter is approximately $0.05 per share from Medicaid parity, reflecting the impacts from incentive compensation and income taxes.

6:18 am ServiceMaster announced a plan to release its preliminary unaudited 2Q2014 financial results after 3:00 pm central time on Aug 4; co will hold a conference call to discuss its financial and operating results Aug 5 at 8:00 a.m. central time (SERV) :  

6:17 am Generac beats by $0.06, reports revs in-line; reaffirms 2014 outlook (GNRC) : Reports Q2 (Jun) earnings of $0.82 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.76; revenues rose 4.6% year/year to $362.5 mln vs the $364.13 mln consensus. 

Outlook
The Company is reaffirming its prior guidance for 2014 in terms of revenue growth, EBITDA margins and cash flows. For the full-year 2014, the Company still expects net sales to increase in the mid-single digit range as compared to the prior year. This sales outlook assumes an increased level of power outage severity in the second half of 2014 as compared to recent quarters, returning to a more normalized annual baseline level. Adjusted EBITDA margins are expected to remain in the mid-20% range as previously guided, which are consistent with the average levels seen during the past four years. Free cash flow is still expected to be approximately 90% of full year 2014 adjusted net income.

6:11 am CIGNA beats by $0.12, beats on revs; raises FY14 EPS guidance (CI) : Reports Q2 (Jun) earnings of $1.96 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $1.84; revenues rose 9.4% year/year to $8.73 bln vs the $8.4 bln consensus.

Co issues in-line guidance for FY14, raises EPS to $7.20-7.40, excluding non-recurring items, from $7.05-7.35 vs. $7.30 Capital IQ Consensus Estimate.

6:10 am Discovery: S&P Dow Jones Indices announced the treatment of a stock dividend for S&P 500 constituent DISCA (DISCA) : Discovery Communications is paying a stock dividend of 1 share of Class C (DISCK) for each outstanding share of Class A (DISCA) and Class B (DISCB) and Class C. For index purposes, S&P Dow Jones Indices will add the Class C share line to the S&P 500 effective after the close of trading on August 6, the distribution date, in order to replicate the Class C shares being distributed to Class A shareholders. The Class C share line and the Class A share line will both represent Discovery Communications in S&P Dow Jones indices.

6:09 am Valeant Pharma beats by $0.01, reports revs in-line (VRX) : Reports Q2 (Jun) adj. earnings of $1.91 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.90; revenues rose 86.2% year/year to $2.04 bln vs the $2.04 bln consensus, driven by strong growth in almost all of our businesses, including a rebound in our emerging markets in Europe (same store sales organic growth of 13%), continued strong results in Asia (same store sales organic growth of 17%), and robust performance in the U.S. contact lens business (organic growth of 37%) and the U.S. Bausch + Lomb consumer businesses (organic growth of 12%).

  • Same store organic product sales growth for Valeant was 4% in the second quarter of 2014, while pro forma organic growth was 8%, both which exclude certain aesthetic products that were divested to Galderma S.A., as well as 12% organic growth in our Bausch + Lomb businesses. Excluding the impact of generics, same store sales organic product sales growth was 10% and pro forma organic product sales growth for Valeant was 11%. 
  • As mentioned in previous conference calls, we continue to expect a significant acceleration of organic growth in the second half of the year.
  • Co will guide for FY14-16 on the call

6:06 am Swift Energy beats by $0.14, beats on revs; raises production volume guidance (SFY) : Reports Q2 (Jun) earnings of $0.18 per share, $0.14 better than the Capital IQ Consensus Estimate of $0.04; revenues rose 9.3% year/year to $155.7 mln vs the $138.54 mln consensus. 

  • Swift Energy's production increased 24% to 3.45 million barrels of oil equivalent duing the second quarter of 2014, when compared to second quarter 2013 production of 2.78 MMBoe, and a 17% increase over first quarter 2014 production of 2.94 MMBoe. This production growth was driven by the Company's Eagle Ford properties in South Texas, where second quarter 2014 production from the Eagle Ford formation was ~26,600 barrels of oil equivalent per day, an increase of ~71% compared to second quarter 2013 levels. 
  • "Based on the results of our first half 2014 operational efforts, we are increasing our currently estimated production volumes for the year from a range of 31.5 -- 32.3 thousand barrels of oil equivalent per day ("Mboe/d") to a range of 32.6 -- 33.2 Mboe/d. We also believe we can grow our 2015 production to a range of 34.5 -- 36.2 Mboe/d and align our anticipated cash flows with our capital investments."

6:03 am Methanex missed by $0.11, missed on revs (MEOH) : Reports Q2 (Jun) earnings of $0.94 per share, excluding non-recurring items, $0.11 worse than the Capital IQ Consensus Estimate of $1.05; revenues rose 8.0% year/year to $792 mln vs the $818.75 mln consensus. Methanol prices moderated through the second quarter. Entering the third quarter, methanol prices have been relatively stable. We recently announced our August contract prices for Asia at US$410/MT and for North America at US$482/MT, unchanged at the previous month's levels.

6:03 am Auxilium Pharma will receive a $10 mln regulatory milestone payment from its partner Asahi Kasei Pharma (AUXL) : Co announced that the Company will receive a $10 mln regulatory milestone payment from its partner Asahi Kasei Pharma Corporation (Asahi Kasei). The payment is due because of the successful submission of a regulatory application to the Japanese Pharmaceutical and Medical Device Agency for XIAFLEX (collagenase clostridium histolyticum) for the treatment of Dupuytren's contracture.

  • The review by PMDA is expected to be completed by mid-2015. 
  • XIAFLEX is a biologic approved in the U.S., EU, Canada and Australia for the treatment of adult DC patients with a palpable cord and, in the U.S. for the treatment of adult men with Peyronie's disease with a palpable plaque and curvature deformity of at least 30 degrees at the start of therapy.

6:02 am The9 Ltd announces forming a joint venture with Qihoo 360 (QIHU); will each own 50% equity interest in the joint venture and share profits according to this ratio (NCTY) : Co announced that The9 and Qihoo 360 Technology Co., Ltd. (QIHU) had entered into an agreement today to form a joint venture. Pursuant to the joint venture agreement, The9 and Qihoo 360 will each own 50% equity interest in the joint venture and share profits according to this ratio.

  • The9 and Qihoo 360 agreed that the joint venture will publish and operate Firefall, a MMO Shooter game developed by Red 5 Studios, Inc., a subsidiary of The9, for a three-year term in China and may be renewed for additional two years upon satisfaction of certain conditions.

6:02 am Seabridge Gold's KSM environmental assessment application receives final approval from British Columbia (SA) : Co announced that the British Columbia Environmental Assessment Office has advised Seabridge that its Application for an Environmental Assessment Certificate for its KSM Project has received final approval from the British Columbia Ministers of the Environment and Energy and Mines. The Ministers, in their decision, have concluded that the construction, operation and decommissioning of the KSM Project are not likely to result in significant adverse effects.

  • The KSM Project has been undergoing a joint harmonized federal-provincial environmental assessment review as outlined by the British Columbia Environmental Assessment Act and the Canadian Environmental Assessment Act. On July 21, 2014, the Canadian Environmental Assessment Agency released its final Comprehensive Study Report for the KSM Project which concluded that "the KSM Project is not likely to cause significant adverse environmental effects taking into account implementation of the mitigation measures described in the report."

6:02 am Ascent Solar announces termination of $32 mln secured convertible debt agreement (ASTI) : Co announced the transaction contemplated by the Securities Purchase Agreement announced on July 21, 2014 has been terminated.

  • Subsequent to the termination of this transaction, Ascent entered into a new Stock Purchase Agreement with an Asian-based investor to sell 12 mln shares of restricted common stock with no warrants at a fixed price of $0.33 per share for proceeds of $3.96 mln in two tranches. 
  • This common stock will be restricted for resale until 6 months after the closure of the transaction. 
  • The first tranche consisting of 4 mln shares has already closed for proceeds of $1.32 mln. The second tranche consisting of 8 mln shares will close by August 15th, 2014 for additional proceeds of $2.64 mln. 
  • No placement agent or placement fee is involved in this transaction.

6:01 am Chart Industries subsidiary, Chart Energy & Chemicals, receives FLNG liquefaction equipment order from Black & Veatch; also receives LNG liquefaction plant order from Bechtel (GTLS) : Co announced that Black & Veatch has awarded its wholly-owned subsidiary, Chart Energy & Chemicals, Inc., a contract in excess of $20 mln for the supply of brazed aluminum heat exchangers and cold boxes for the recently announced Golar LNG Limited (GLNG) floating liquefied natural gas project. The BAHX will be engineered and manufactured in Chart's recently expanded La Crosse, Wisconsin plant and delivered to Chart's waterside cold box fabrication facility in New Iberia, Louisiana, where they will be installed in cold boxes before being shipped to Singapore.

The co also announced that Bechtel has awarded Chart's wholly-owned subsidiary, Chart Energy & Chemicals, Inc., a contract to provide Chart's proprietary IPSMR liquefaction technology and C450IMR LNG standard liquefaction plant equipment for the FortisBC Tilbury Expansion Project in British Columbia, Canada. Bechtel will execute the engineering, procurement and construction for FortisBC and utilize Chart E&C as its process technology partner and key equipment supplier. The project order is in excess of $40 mln.

6:00 am Tesla Motors and Panasonic (PCRFY) confirmed agreement for the Gigafactory (TSLA) : Co and Panasonic (PCRFY) have signed an agreement that lays out their cooperation on the construction of a large-scale battery manufacturing plant in the United States, known as the Gigafactory. 

  • According to the agreement, Tesla will prepare, provide and manage the land, buildings and utilities. Panasonic will manufacture and supply cylindrical lithium-ion cells and invest in the associated equipment, machinery, and other manufacturing tools based on their mutual approval. A network of supplier partners is planned to produce the required precursor materials. Tesla will take the cells and other components to assemble battery modules and packs. To meet the projected demand for cells, Tesla will continue to purchase battery cells produced in Panasonic's factories in Japan. Tesla and Panasonic will continue to discuss the details of implementation including sales, operations and investment. 
  • The Gigafactory will produce cells, modules and packs for Tesla's electric vehicles and for the stationary storage market. The Gigafactory is planned to produce 35GWh of cells and 50GWh of packs per year by 2020. Tesla projects that the Gigafactory will employ about 6,500 people by 2020.

5:59 am Carbo Ceramics beats by $0.02, beats on revs (CRR) : Reports Q2 (Jun) earnings of $1.00 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.98; revenues rose 14.9% year/year to $176.6 mln vs the $165.39 mln consensus. 

  • Outlook: "The third quarter has recently been the most active quarter in the year for the industry in North America. We believe our ceramic proppant sales volumes will approximate our quarterly productive capacity with the possibility of drawing down some finished goods inventories, which are at a lower level than last year. We anticipate pricing for ceramic proppant to remain relatively stable during the third quarter of 2014."
  • "Millen Line 1 production is ramping up, and we expect to be at full rate by the end of the third quarter of 2014. Construction on Millen Line 2 and the retrofit of an existing plant to produce KRYPTOSPHERE LD are proceeding well, and both are expected to be completed by the end of the second quarter of 2015. The completion of Millen Line 2 will take our total annual ceramic proppant capacity to 2.25 billion pounds and, in combination with Millen Line 1, will result in an increase to our ceramic proppant capacity of 29 percent in approximately one year. We continue to believe there is increasing demand for high quality, high conductivity ceramic proppant, which provides us with confidence in bringing on additional ceramic proppant capacity."

5:58 am Ensco beat by $0.26 ex-impairments, misses on revs (ESV) : Reports Q2 (Jun) earnings of $1.58 per share, ex-a loss on impairment for four floaters in continuing operations totaling $992 million, or $4.27 per share, $0.26 better than the Capital IQ Consensus Estimate of $1.32; revenues rose 6.5% year/year to $1.2 bln vs the $1.22 bln consensus, due to the addition of ENSCO DS-7, ENSCO 120 and ENSCO 121 to the active fleet.

  • The average day rate for the fleet increased 7% to $242,000. Reported utilization, which includes the impact of uncontracted rigs and planned downtime, declined to 85% from 87% in second quarter 2013. 
  • "We remain committed to our $3.00 per share annualized dividend and continue to have significant financial flexibility with $11 billion of contracted revenue backlog and a leverage ratio under 30% - even as we grow our fleet with seven rigs under construction." Mr. Swent concluded, "Our decision to sell five additional rigs as part of our high-grading strategy will drive down expenses for these rigs more quickly. While second quarter 2014 results were negatively influenced by a non-cash loss on impairment, this has no impact on our liquidity and we believe we are well positioned to capitalize on future demand in the deepwater and ultra-deepwater markets with our remaining fleet of 24 high-quality floaters in continuing operations."

5:55 am Orion Marine misses by $0.02, reports revs in-line (ORN) : Reports Q2 (Jun) loss of $0.04 per share, $0.02 worse than the Capital IQ Consensus Estimate of ($0.02); revenues rose 7.4% year/year to $90.3 mln vs the $89.83 mln consensus. 

  • Gross profit margin for the quarter was 6.5%, which was lower than the prior year period of 9.3%. The decrease was a result of fluctuations in the mix of projects resulting in idle labor and equipment costs as start dates on certain projects were delayed, creating gaps in project schedules.
  • "As we indicated, the mix of projects in the second quarter and the delay in the start dates for certain projects led to gaps in project schedules, which put pressure on margins during the second quarter due to idle labor and equipment...However, the delayed projects are now underway and we remain well positioned for a strong second half of the year as several large projects in backlog begin to execute. Additionally, we have had some positive industry catalysts move forward during the quarter, which bode well for our long term outlook. Overall, we remain excited about the remainder of the year and beyond."

Rates

View Comments (102)