InPlay from Briefing.com

6:04 pm Skyline Corporation comments on ongoing evaluation of strategic initiatives; sees transaction with Evergreen is aligned with strategic objectives (SKY) : Co announces its Board has established a special committee tasked to "evaluate strategic initiatives and make recommendations to the full Board. As part of its work, that committee, with input from our management team and advisors, plans to thoroughly evaluate all potential strategic proposals and other initiatives to further improve operations and strengthen our capitalization."

  • Board believes the transaction with Evergreen is aligned with strategic objectives and is in the best interest of shareholders.

6:02 pm Zebra Tech announces pricing of its offering of $1.05 billion in aggregate principal amount of 7.25% senior unsecured notes due 2022 in a private offering (ZBRA) : Co announced the pricing of its offering of $1.05 billion in aggregate principal amount of 7.25% senior unsecured notes due 2022 in a private offering.

  • The Notes were priced at 100% of par. 
  • Zebra intends to use the net proceeds from the Notes offering, together with cash on hand and proceeds from Zebra's previously announced senior secured term loan, upsized to $2.2 billion, to fund the $3.45 billion cash acquisition of the Enterprise business of Motorola Solutions (MSI), as well as to pay related transaction fees and expenses.

5:54 pm Dominion accepts FERC Order approving Cove Point LNG export project; plans to start construction in the very near future (D) : Co notified the Federal Energy Regulatory Commission that it has accepted the commission's order approving the Cove Point LNG liquefaction and export project and all of FERC's environmental conditions.

5:40 pm SunEdison announces closing of $50 million debt financing arrangement; proceeds will finance construction of a SUNE owned 23.8 megawatt (MW) DC solar power plant in Southern Jordan (SUNE) : Co announced the closing of a $50 million debt financing arrangement with the European Bank for Reconstruction and Development and the Overseas Private Investment Corporation.

  • The debt proceeds will be used to finance the construction of a SunEdison owned 23.8 megawatt (MW) DC solar power plant in the Ma'an Governate, in Southern Jordan.
  • Construction will begin in Q4 2014 and interconnection is expected to take place in Q3 of 2015.

5:38 pm Intellipharmaceutics Intl announces resignation of Chief Financial Officer (IPCI) : Co announced the resignation of Shameze Rampertab, Vice President, Finance and Chief Financial Officer, who is leaving the Company effective October 10, 2014 to pursue an opportunity in the medical devices industry.

  • The Company has commenced a search to fill Mr. Rampertab's role. Pending the hiring of a replacement for Mr. Rampertab, the functions of Chief Financial Officer for Intellipharmaceutics will be carried out by the Company's President and former Chief Financial Officer, Dr. Amina Odidi.

5:33 pm Vornado Rlty Trust announces impact of Toys "R" Us' second quarter financial results (VNO) : Co announced its 32.7% share of Toys "R" Us' second quarter financial results that it will record in its third quarter ending September 30, 2014. Vornado's results will include a net loss of $18,418,000 or $0.09 per diluted share, compared to a net loss of $34,209,000, or $0.17 per diluted share recorded in the quarter ended September 30, 2013.

5:32 pm 1-800-FLOWERS completes acquisition of Harry & David Holdings; now sees FY15 revenue in excess of $1.1 bln; sees FY15 EPS of $0.45-0.50 (FLWS) :

  • These figures incorporate the acquisition and are not comparable to current analyst estimates. 
  • FLWS noted that the acquisition of Harry & David is significantly accretive to the Company's top and bottom line results before including any potential benefits from operating or revenue generating synergies.
  • In the 9/11 earnings release, FLWS said the acquisition will increase total annual revenue "to more than $1 billion"

5:31 pm Tekmira Pharma now trading +21% in after-hours at $25.75 on reports of confirmed Ebola case in Dallas, TX; others moving include HEB, NLNK, LAKE, BCRX, NNVC (TKMR) :

  • As mentioned earlier, it has been reported that the first U.S. Ebola case was confirmed in Dallas, TX 
  • The CDC will hold a news conference at 5:30 pm ET on U.S. Ebola case 
  • The FDA has authorized the use of TKMR's TKM-EBOLA in patients with confirmed or suspected Ebola virus infections.
  • TKMR is the biggest gainer in after-hours related to this news 
  • Other stocks moving in reaction: 
    • HEB +18.8% 
    • NLNK +15.8% 
    • LAKE +15.1% 
    • BCRX +14.0% 
    • NNVC +13.0%
    • SRPT +6.2%
    • INO +4.1% 
  • Other potentially related stocks, not moving at this point: SIGA, IBIO,  GSK, AMGN 
  • Airline stocks moving lower include AAL -2.3%, JBLU -2.0%, HA -1.9%, UAL -1.7%, LUV -1.7%, DAL -1.2%

5:13 pm Endo Health announces master settlement agreements to resolve substantially all of the AMS U.S. vaginal mesh-related claims (ENDP) : Co announced that it has reached master settlement agreements with several of the remaining leading plaintiffs' law firms to resolve claims relating to vaginal mesh products sold by Endo's AMS subsidiary.

  • The agreements, were entered into solely by way of compromise and settlement and are not in any way an admission of liability or fault.  
  • The settlements are expected to resolve substantially all of the AMS U.S. vaginal mesh-related claims.
  • Endo previously established a pre-tax product liability reserve of approximately $1.2 billion. As a result of these additional agreements described above, the Company expects to increase its pre-tax product liability accrual for all known, pending and estimated future claims primarily related to vaginal mesh products to approximately $1.6 billion in total. AMS expects to fund the payments under all settlements in 2014, 2015, 2016 and 2017.

5:07 pm ClubCorp continues to evaluate various potential REIT strategies; no assurance that the Company will change its current business strategy or effectuate a REIT conversion (MYCC) :

  • The Company and its Board are reviewing the letter as part of their ongoing evaluation of various potential REIT strategies, which the Company discussed during its last two earnings calls.   
  • The implementation and operational complexities being evaluated include the application of highly technical provisions of the Internal Revenue Code that govern REIT qualification.
  • In light of this and various factual determinations not entirely within the Company's control, there can be no assurance that the Company will change its current business strategy or effectuate a REIT conversion. 
  • As the Company announced previously, it expects to provide updated information on its evaluation by the end of this year. 

5:06 pm Hecla Mining agreed to acquire 3,095,238 units of Canamex Resources Corp (HL) : Co announced that a wholly owned subsidiary of Hecla has entered into a subscription agreement pursuant to which it has agreed to acquire 3,095,238 units of Canamex Resources Corp.

  • Each unit is comprised of one common share and one-half of a common share purchase warrant (the "Units"). 
  • Each common share purchase warrant is exercisable for a period of two years from the date of issuance at a price of $0.30 per share. 
  • The 3,095,238 common shares comprised in the Units to be acquired by Hecla Canada represent 2.4% of the outstanding common shares of Canamex upon completion of the private placement to Hecla.

5:04 pm TherapeuticsMD announced that the U.S. Patent and Trademark Office has issued two new patents related to the company's proprietary SYMBODA technology platform (TXMD) :  

5:03 pm American Realty Capital promotes David S. Kay to CEO and Lisa E. Beeson to President (ARCP) : Co announced that effective October 1, 2014, as previously communicated through its shareholder letters, David S. Kay will become Chief Executive Officer and Lisa E. Beeson will become President. Nicholas S. Schorsch, who had served as CEO, will remain Chairman of the Board. Mr. Kay joined the company as President in December 2013. Ms. Beeson joined the company in October 2013 as Chief Operating Officer, and will continue to serve in that capacity in addition to assuming her role as President.

5:02 pm Retrophin appointed Stephen Aselage as interim CEO, effective immediately, to replace Martin Shkreli, Founder and CEO (RTRX) : Co's Board of Directors has appointed Stephen Aselage as interim CEO, effective immediately, to replace Martin Shkreli, Founder and CEO.

  • The Company intends to appoint additional independent directors with robust industry experience in the near term, and discussions with candidates are ongoing. 
  • The Board will soon commence a search for a permanent CEO.

5:02 pm Bristol-Myers to transfer $1.4 bln in U.S. pension obligations to Prudential (PRU) (BMY) : Co announced it will settle $1.4 billion in pension obligations through the purchase of a group annuity contract from The Prudential Insurance Company of America (PRU) for approximately 8,000 U.S. retirees and their beneficiaries who started receiving their monthly retirement benefit payments on or before June 1, 2014.

4:54 pm Tekmira Pharma now trading +16% in after-hours at $24.50 on reports of confirmed Ebola case in Dallas, TX (TKMR) :

  • As mentioned earlier, it has been reported that Ebola was confirmed in a Dallas, TX patient 
  • The FDA has authorized the use of TKMR's TKM-EBOLA in patients with confirmed or suspected Ebola virus infections.
  • Related: BCRX, TKMR, DRTX, SIGA, NNVC, IBIO, HEB, SRPT, LMNX, AMGN 

4:46 pm CoreLogic announced sale of Collateral Solutions and Field Services business units of CLGX (CLGX) : Co announced the completion of the sale of its Collateral Solutions and Field Services business units to Mortgage Contracting Services, LLC (MCS).

  • Total consideration for the sale of Collateral Solutions and Field Services includes $25 million due at closing and an additional contingent amount of up to $20 million based on the achievement of certain performance thresholds during the year following the closing of the transaction.

4:33 pm Fifth Street Finance expands syndicated credit facility to $705 mln (FSC) : Co announced additional commitments from one new and one existing lender to its syndicated credit facility led by ING Capital LLC. As a result, the committed facility size increased by $25 million to $705 million.  

4:32 pm HCC Insurance to acquire Producers Ag Insurance Group for $110 mln (HCC) : Co has reached a definitive agreement to acquire Producers Ag Insurance Group from CUNA Mutual Group in an all-cash purchase of ProAg's capital stock for $110 million, subject to a net worth adjustment at closing as described in the purchase agreement. The transaction, which is subject to regulatory approvals, is expected to close in the first quarter of 2015. ProAg's current management team will continue to operate the business.

4:29 pm Westport Innovations (halted) lowers FY14 rev guidance -- Matching investment and rev outlook with pace of mkt adoption (WPRT) : Co announced an update to its Westport high pressure direct injection (Westport HPDI) second generation or "HPDI 2.0" development program and identified plans to further refine investment programs to align with its original equipment manufacturer (:OEM) customers and the global pace of natural gas vehicle adoption and related infrastructure build out.

  • Westport is changing its revenue outlook for the year ended December 31, 2014 based on three primary factors. 
    • First, continued market uncertainty in Westport's primary markets-Europe, Russia and China-have impacted revenue in the Applied Technologies business in the second half of 2014. 
    • Second, key OEM development partners are moving to the newly co-developed Westport HPDI 2.0 injectors, which are expected to lower the cost of the system and provide benefits noted above, but the revised development schedule will defer related service revenue milestone payments in the near term. Westport will, however, be able to reduce its overall program expenses, offsetting the reduction in service revenue; and synergies across multiple customer programs are expected to allow better long-term returns. 
    • Third, a Westport customer who placed a significant order for Westport iCE PACK LNG Tank Systems has been unable to provide sufficient comfort to Westport that it will be able to meet its obligations and requirements in respect of such orders, and as such Westport does not intend to ship product to this customer until such comfort has been received.
  • Co lowers FY14 rev to $130-140 mln from $175-185 mln vs. $174 mln consensus.
  • "Westport is developing high performance natural gas engines that will be produced on the same production lines as the most advanced diesel engines, and will set the technology standard as natural gas penetrates global markets in Asia, Europe and North America."

4:24 pm DR Horton announces CEO Donald Tomnitz to retire effective October 1, names COO David Auld as successor (DHI) : Michael Murray promoted to COO from his current role of Senior VP of Business Development. 

4:17 pm Arctic Cat initiates all-terrain vehicle recall; Warranty expense will lead to one-time pre-tax charge of ~$5.4 mln (ACAT) : This recall affects an estimated 35,386 ATVs from the 2008 model year and 4,495 ATVs from the 2009 model year. The company will record a charge of approximately $5.4 million pretax (about $3.5 million after-tax, or $0.27 per diluted share) to cover warranty expense for the ATV repairs. Arctic Cat plans to take the non-recurring charge in the 2015 fiscal second quarter ending today, September 30, 2014.

4:16 pm Akorn acquires Xopenenx Inhalation Soplutions for approx $45 mln in cash; expects this transaction to add ~$18 million to $20 million in revenues and approximately $0.07 to $0.08 of net income per diluted share in 2015 (AKRX) :

  • Co announced that it has signed a definitive agreement to acquire certain rights to short-acting bronchodilator Xopenex Inhalation Solution from Sunovion Pharmaceuticals Inc. for $45 million, paid in cash at closing, net of certain liabilities. 
  • Akorn expects this transaction to add approximately $18 million to $20 million in revenues and approximately $0.07 to $0.08 of net income per diluted share in 2015, excluding the impact of acquisition-related amortization. 
  • Akorn plans to ship product immediately upon closing the transaction.

4:15 pm Midstates Petroleum announces increase in revolver borrowing base (MPO) : Co announces that, as a result of its lenders' semiannual review, the borrowing base under its revolving credit facility has been increased by $50 million to $525 million. The borrowing base is supported by the company's Midcontinent assets only and on September 30, 2014 the company had $369 million drawn under this facility.

4:15 pm Xenith Bankshare announces senior term loan credit facility and private placement of common equity (XBKS) : Co announced the signing of a senior term loan credit agreement with a national bank providing for a senior unsecured term loan credit facility up to $15 mln under which the company initially has borrowed $12 mln.

  • An additional $3 mln is available for a one-year period under a delayed draw term loan commitment. 
  • The company also announced the issuance and sale in a private placement to two investors of an aggregate of 880K shares of the co's common stock for $6.35 per share, resulting in total proceeds to the company of nearly $5.6 mln.
  • A substantial portion of the net proceeds from this senior term loan and private placement will be contributed to Xenith Bank to fund organic loan growth, continued investment in infrastructure and personnel, and for other general corporate purposes.

4:15 pm Bill Barrett no longer expects to record this write-off in Q3 for Ruby Pipeline (BBG) : Co announced on September 16, 2014 that it may be required to record a non-cash write-off of its Ruby Pipeline and other firm transportation agreements for an estimated $128 million. After further review of the financial reporting guidelines, the Company no longer expects to record this write-off in the third quarter of 2014. The Company will continue to have the cash commitments associated with these contracts of ~$4.5 million per quarter.

4:13 pm Magnum Hunter subsidiary announces sale of certain non-core assets located in Divide County, North Dakota for ~23.05 mln in cash (MHR) : Co announced that Bakken Hunter, a wholly-owned subsidiary of the co, closed on the sale of certain non-core and non-operated working interests in oil and gas properties located in Divide County, North Dakota to a privately held company affiliated with Formation Energy L.P.

  • The sales price of the Properties was $23,051,320 in cash, after taking into account customary purchase price adjustments, and was received by Magnum Hunter from this sale today. 
  • The Properties currently account for ~170 BOE of average daily production, net to the ownership interest sold to the buyer, and consist of a non-operated working interest in ~34,600 gross (2,852 net) leasehold acres.

4:11 pm Closing Market Summary: Third Quarter Ends on Defensive Note (:WRAPX) : The stock market finished the third quarter on a cautious note with small caps leading the retreat. The S&P 500 shed 0.3% to narrow its Q3 gain to 0.6%, while the Russell 2000 (-1.5%) widened its quarterly loss to 7.7%.

Equity indices endured another volatile affair after the S&P 500 alternated between gains and losses during the past five trading days. Today's retreat represented the second consecutive decline for the benchmark index, which registered a September loss of 1.6%.

The benchmark index displayed modest strength in the early going with help from influential sectors like technology (+0.2%), financials (-0.2%), and industrials (-0.1%). The three cyclical groups helped the S&P 500 climb to a late morning high at 1985.18, but the index spent the next two hours in a steady retreat.

The slide from highs took place amid significant weakness in the two commodity-related sectors. Most notably, the energy space (-1.2%) widened its Q3 loss to 9.2% and was pressured by a 3.6% decline in crude oil. The energy component finished the pit session at $91.16/bbl, which represented a 13.6% loss for the quarter.

Similarly, the materials sector (-1.2%) stumbled in reaction to sliding prices of metals. Silver plunged 2.9% to $16.85/ozt, while gold (-0.6% to $1211.40/ozt) and copper (-1.6% to $3.01/lb) held up a bit better.

Also weighing on commodities was the continued strength of the Dollar Index, which added 0.4% to book a 3.9% gain for the month and an even more impressive 7.8% surge for the third quarter.

On the upside, the technology sector (+0.2%) finished ahead of the remaining cyclical groups and helped the S&P 500 trim its loss into the close. Large cap components displayed strength with Apple (AAPL 100.75, +0.64), Cisco Systems (CSCO 25.17, +0.24), and Visa (V 213.37, +2.44) climbing between 0.6% and 1.2%. Meanwhile, chipmakers traded alongside small-cap stocks as evidenced by a 0.9% decline in the PHLX Semiconductor Index.

Likewise, the high-beta biotechnology group underperformed, causing the health care sector (-0.6%) to finish behind the other three countercyclical sectors. The iShares Nasdaq Biotechnology ETF (IBB 273.63, -2.43) lost 0.9%.

Treasuries registered losses after spending the entire session in the red. The 10-yr note fell seven ticks to send its yield higher by three basis points to 2.50%.

Today's participation was ahead of average with more than 910 million shares changing hands at the NYSE floor.

Economic data included Chicago PMI, Consumer Confidence, and the Case-Shiller 20-City Index:

  • The Chicago PMI fell to 60.5 in September from 64.3 in August, while the Briefing.com consensus expected a decline to 61.5 
    • Even though the PMI dropped more than expected, the current reading is far from a disappointment. Levels have remained above 60 for five of the past six months, and readings above 60 are generally considered too strong for long-term stability 
  • The Conference Board's Consumer Confidence Index dropped to 86.0 in September from an upwardly revised 93.4 (from 92.4), while the Briefing.com consensus expected a fall to 92.0 
    • This was the lowest reading in the Consumer Confidence Index since May
  • The Case-Shiller 20-city Home Price Index for July rose 8.1%, while a 7.4% increase had been expected by the Briefing.com consensus 
    • The reading followed June's increase of 8.1% 
Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET, while ADP Employment Change for September (Briefing.com consensus 202K) will be released at 8:15 ET. The day's data will be topped off with the 10:00 ET release of the ISM Index for September (consensus 58.5) and the Construction Spending report for August (consensus 0.4%).
  • Nasdaq Composite +7.6% YTD 
  • S&P 500 +6.7% YTD 
  • Dow Jones Industrial Average +2.8% YTD 
  • Russell 2000 -5.3% YTD

4:11 pm Synacor reaffirms Q3 guidance; raises FY14 EBITDA guidance; revises strategic plan (SYNC) :

  • Co announced plans to streamline the business and focus R&D costs. These actions include a workforce reduction of approximately 70 positions, or about 20% of the Company's employees, effective at the end of the third quarter. 
  • Synacor reaffirms revenue and adjusted EBITDA guidance for Q3 2014, of $25.0 million to $26.0 million in revenue (Capital IQ consensus $25.3 mln) and ($0.5) million to $0.5 million in adjusted EBITDA, excluding one-time costs related to the reduction in workforce. 
  • For FY 2014, the Company reaffirms its revenue guidance of $100.0 million to $103.0 million (Capital IQ consensus $102.3 mln). FY 2014 adjusted EBITDA guidance increases from a range of ($2.5) million to ($1.0) million to a range of ($1.0) million to breakeven, excluding the one-time costs related to the reduction in workforce and a $1.0 million pretax gain from the sale in Q2 of a domain name.

4:09 pm Vital Therapies announced that it plans to commence an underwritten public offering of 2.5 mln shares of its common stock (VTL) :  

4:09 pm Celldex Therapeutics announces publication of glembatumumab vedotin Phase 1/2 studies in the Journal of Clinical Oncology (CLDX) : Co announced the publication of two papers highlighting early studies of glembatumumab vedotin in breast cancer and metastatic melanoma in the Journal of Clinical Oncology. The papers, "A Phase 1/2 Study of the Antibody-Drug Conjugate Glembatumumab Vedotin in Patients with Advanced Melanoma" and "A Phase 1/2 Study of the Antibody-Drug Conjugate Glembatumumab Vedotin in Patients with Locally Advanced or Metastatic Breast Cancer" have been published as Early Release Articles on JCO's website and will appear in a future print edition.

  • The article "A Phase 1/2 Study of the Antibody-Drug Conjugate Glembatumumab Vedotin in Patients with Advanced Melanoma," presents results from the first study of glembatumumab vedotin. The primary efficacy endpoint was the objective response rate (ORR.V) for the q3w expansion cohort. One hundred seventeen patients were treated using the q3w (n=79), q2/3w (n=15) or qw (n=23) schedules. The MTDs were 1.88, 1.5, and 1.0 mg/kg for the q3w, q2/3w and qw schedules, respectively. 
  • The most significant treatment-related toxicities were rash, fatigue, alopecia, neuropathy, and neutropenia. Three deaths were reported as potentially treatment related (resulting from pneumococcal sepsis, toxic epidermal necrolysis and renal failure) at doses exceeding the MTDs. 
  • In the q3w Phase 2 expansion cohort (n=34), five patients (15%) had a partial response (:PR) and eight patients (24%) had stable disease for greater than or equal to 6 months. 
  • The overall response rate (ORR.V) was 2 of 6 (33%) for the q2/3w schedule MTD and 3 of 12 (25%) for the qw schedule MTD.

4:07 pm XOMA initiates U.S. clinical trial of Gevokizumab in patients with Behcet's Disease Uveitis - EYEGUARD-US (XOMA) :  

4:07 pm Ubiquiti Networks announced new dividend policy; first annual dividend of $0.17/share will be paid on October 28, 2014 (UBNT) : Pursuant to the Dividend Policy, the Company intends to pay an annual cash dividend to its shareholders of record on a record date and in an amount to be determined annually by the Board of Directors.

4:06 pm Anworth Mortgage announces the conversion rate of the Series B Preferred Stock will increase from 4.0919 shares of Anworth's common stock to 4.1519 shares of its common stock effective Oct 1, 2014 (ANH) :  

4:06 pm Global Payment to acquire FIS Gaming Business, a subsidiary of Fidelity National Information Services (FIS); terms not disclosed (GPN) :

  • The co intends to fund the acquisition through operating cash flows and it is not expected to have a material impact on the company's fiscal 2015 results or capital plans.

4:03 pm Fortune Brands Home & Security announces $250 mln share repurchase authorization (FBHS) :  

4:03 pm Fannie Mae releases August 2014 Monthly Summary (FNMA) :

  • Fannie Mae's Book of Business decreased at a compound annualized rate of 4.0 percent in August.
  • Fannie Mae's Gross Mortgage Portfolio declined at a compound annualized rate of 16.7 percent in August. 
  • The Conventional Single-Family Serious Delinquency Rate fell one basis point to 1.99 percent in August; the Multifamily Serious Delinquency Rate fell one basis point to 0.09 percent in August.
  • The Effective Duration Gap on Fannie Mae's portfolio averaged zero months in August. 

4:02 pm Agree Realty announces recent acquisition and development activity; total acquisition volume for the third quarter was a record $41.3 mln (ADC) : Co announces that it recently closed on the acquisition of four net lease retail properties with an aggregate purchase price of $16.4 mln. Inclusive of these and previously announced transactions, total acquisition volume for Q3 was a record $41.3 mln. These properties were acquired at a weighted-average cap rate of 8.14% and have a weighted-average remaining lease term of approximately 15.9 years.

4:02 pm American Science & Engineering (halted) sees Q2 net loss vs. $0.21 consensus; announced workforce reduction (ASEI) :

  • Co has reduced its workforce by ~10% and has implemented additional targeted cost reductions to further reduce its operating expenses. These actions were taken in response to the continued global volatility impacting its markets. 
  • The co is anticipating a net loss in Q2 vs. the $0.21 Capital IQ Consensus. 
  • Co will provide Q2 fiscal year 2015 results in its quarterly press release on November 7, 2014. 
  • The Company expects to realize the benefits of the cost cutting measures beginning in the third quarter of fiscal year 2015. 
  • "The escalating global volatility negatively impacted our quarterly results with shipment delays for orders already recorded in backlog."

4:02 pm American Capital Agency announces change from quarterly to monthly common dividend distributions; also to begin disclosing a month-end NAV (AGNC) : "We are pleased to announce the change to our common dividend distribution schedule as well as the disclosure of monthly net asset value estimates. We believe these initiatives will provide significant benefits to our stockholders and are consistent with our objective of enhancing shareholder value and providing best-in-class disclosures."

4:02 pm Red Hat proposes to offer $700 mln aggregate principal amount of its convertible senior notes due 2019 (RHT) :  

4:01 pm Westport Innovations trading halted, news pending (WPRT) :  

4:01 pm Principal Fincl's Principal Global Investors increases ownership stake in Columbus Circle investors from 70% to 95% (PFG) :

  • Co announced its subsidiary, Principal Global Investors has agreed to increase its stake in Columbus Circle Investors from 70 to 95%.
  • Since the initial acquisition, assets under management at Columbus Circle Investors have more than quadrupled, going from $3.9 bln in 2005 to $17.5 bln (as of June 30, 2014).

4:00 pm RGS Energy announces strategy to exit large commercial business (RGSE) :

  • The co announced its strategy to focus on its core residential solar engineering, procurement and construction business. 
  • To provide greater financial resources for its Residential and Sunetric business segments, the co decided today to exit its legacy, large commercial business segment. 

4:00 pm American Science & Engineering trading halted, news pending (ASEI) :  

3:49 pm Klondex Mines increases mineral resource estimate at Midas (KLNDF) : The mineral resource update includes: Increased total M&I AuEq ounces to 526k oz; Increased Inferred AuEq ounces to 287k oz; Increased M&I grade to 0.47 opt AuEq and Mineralization located near current mine workings. 

3:41 pm Lannett: class action lawsuit against Lannett voluntarily dismissed without prejudice; company is reviewing its options to determine whether there is a basis to seek reimbursement of the legal fees and costs incurred defending what it believes was a meritless case (LCI) :  

3:37 pm Earnings Calendar (:SUMRX) : Today after the close no companies are scheduled to report earnings.

Tomorrow before the open the following companies are scheduled to report earnings:

  • AYI, AZZ

3:34 pm Chesapeake Lodging Trust sells Courtyard Anaheim at Disneyland Resort for $32.5 mln; represents a 7.1% trailing twelve month NOI cap rate and produces a 13.3% unleveraged internal rate of return for the Trust over its ownership period (CHSP) :  

3:26 pm Darden Restaurants: ISS and Glass Lewis recommend for all twelve of Starboard's nominees for Darden (DRI) : Starboard Value LP issued the following statement to Darden shareholders following reports issued by Institutional Shareholder Services and Glass Lewis & Co., the two leading independent proxy voting advisory firms, recommending that Darden shareholders vote on Starboard's WHITE proxy card to elect all twelve of Starboard's highly qualified nominees.

  • Starboard is extremely gratified that the two leading independent proxy voting advisory firms have recommended Darden shareholders vote for all twelve of Starboard's nominees on starboard's white proxy card 
  • ISS concludes that "significant board change is warranted" and Glass Lewis states that the election of all twelve of Starboard's nominees "is more likely to effect long-term improvements and provide greater board oversight" at Darden 
  • ISS states that Starboard's entire Director slate "is endowed with an embarrassment of riches" and Glass Lewis finds Starboard's twelve supremely qualified nominees to be "far more compelling" and "significantly better-suited" than Darden's proposed nominees 
  • Corporate governance research firm, Proxy Mosaic, has also now recommended for all twelve of Starboard's nominees for Darden 
  • Starboard urges all shareholders to follow the lead of ISS, Glass Lewis, and Proxy Mosaic and vote the white proxy card to support the election of all twelve of Starboard's nominees

3:24 pm Mountain Province Diamonds trading halted, news pending (MDM) :  

3:24 pm Stock indices push further off afternoon pullback lows -- Dow +2.4, S&P -1.8, Nasdaq Comp -2.1 (:TECHX) :  

3:00 pm mCig forms Colorado Subsidiary mCig CBD Technologies; subsidiary will design and manufacture new products for the delivery of Cannabis plant derivatives (MCIG) :  

2:55 pm Index Change Reminder (:INDXCH) : CDK Global (CDK) will replace Bill Barrett (BBG) in the S&P MidCap 400, and Bill Barrett will replace ITT Educational Services (ESI) in the S&P SmallCap 600 after the close of trading today.

2:50 pm NYMEX Energy Closing Prices (:COMDX) :

  • Nov crude oil fell $3.37 to $91.16/barrel 
    • Crude oil fell below the $91 level today after pulling back from a session high of $94.85 set moments after pit trade opened. The energy component traded as low as $90.86 while the dollar index held gains. Unable to find buying support, it settled 3.6% lower, booking a loss of 11.5% for the quarter. 
  • Nov natural gas fell 2 cents to $4.12/MMBtu 
    • Natural gas also retreated into negative territory after touching a session high of $4.17 in early morning action. It settled 0.5% lower, bringing losses for the quarter to 7.6%. 
  • Nov heating oil fell 6 cents to $2.65/gallon 
  • Nov RBOB fell 7 cents to $2.44/gallon

2:29 pm Magna to acquire the Techform Group of Companies; financial terms not disclosed (MGA) : Co announced today that one of its subsidiaries has signed an agreement to acquire the Techform Group of Companies, an automotive supplier of hinges, door locking rods and other closure products.

2:26 pm Dollar Marches Higher: 10Y: -02/32..2.487%..USD/JPY: 109.63..EUR/USD: 1.2631 (:SUMRX) :

  • The Dollar Index sports modest gains as trade fights to hold the 85.90 level. Click here to see a daily Dollar Index chart.
  • Early buying ran the greenback above the 86.00 level, and up to 86.20, for the first time since July 2010 before surrendering a portion of the advance in U.S. trade. 
  • EURUSD is -60 pips @ 1.2625 as action readies for its lowest close in two years. The single currency came under early selling pressure after Germany saw a jump in unemployment and eurozone Flash CPI slowed to 0.3% YoY, the lowest on record. These levels will remain of interest into Thursday's ECB rate decision with many expecting some clarity on the recently announced ABS purchases, However, few believe sovereign bond buying will be announced. Italian and Spanish Manufacturing PMI are due out tomorrow.
  • GBPUSD is -35 pips @ 1.6205 as trade slides to a three-week low. Today's weakness comes in the face of mixed data that saw Q3 Final GDP tick up to 0.9% QoQ (0.8% QoQ expected), but the current account deficit widen. A break below the 1.6200 level puts the September lows in focus. Britain's Manufacturing PMI will be announced tomorrow. 
  • USDCHF is +35 pips @ .9545 as action likes almost certain to close at a fresh 14-month high. The pair tested the .9600 level in early action, but has pulled back as the euro rallies off its lows. 
  • USDJPY is +20 pips @ 109.65 as trade ticks to a six-year high. Traders will be monitoring the 110.00 level into tonight's Tankan Manufacturing and Tankan Non-Manufacturing releases.
  • AUDUSD is +25 pips @ .8745 as action ticks off seven-month lows. The hard currency tested key support at the .8700 level for a second session, and buyers emerged despite the disappointing Chinese HSBC Final Manufacturing PMI. Australian data set for tonight is limited to retail sales while China's Manufacturing PMI will be released. Chinese banks will be closed for Golden Week.
  • USDCAD is +40 pips @ 1.1200 as buyers remain in control for the seventh time in eight days. Today's advance developed after Canada's GDP (0.0% MoM actual v. 0.2% MoM expected) and RMPI (-2.2% MoM actual v. -1.7% MoM expected) readings both fell short of estimates with action on track to close at its best level in six months. Traders will be monitoring the 1.1250/1.1300 area as a breakout would produce levels last seen in July 2009.

2:25 pm Floor Talk (:TALKX) : The stock market has been acting funny lately.  Not funny as in "ha ha," but funny as in strange.  The strange feeling is that it has been very volatile ever since the S&P 500 hit a record high on September 19 -- the day of the Alibaba Group (BABA 88.68, -0.07) IPO.

Since then, it really hasn't responded all that favorably to good news.  Market breadth has narrowed, former leadership stocks have come under increased selling pressure, the 50-day moving average for the S&P 500 has been violated on the downside, and there has been a stronger inclination to sell into strength rather than buy into weakness.

A lot of explanations have been put forth to help explain this temperamental side of the market that hasn't been seen often this year.  No single explanation really suffices, which has been part of the problem as it has created an air of uncertainty that has led to stepped-up selling interest.

Accordingly, it doesn't take much right now to get the stock market worked up, which is what we saw Monday in the overreaction to the protest news out of Hong Kong.

Not to be overlooked in the midst of everything is that we are at the end of a quarter that, until recently, was a very good quarter.

What has taken place the last few weeks, then, could very well be a case of portfolio rebalancing that involves dialing back some equity exposure as global economic data points to signs of weakening activity and the US dollar continues to strengthen in a trade buttressed by interest rate differentials and safe-haven appeal.

The strength of the greenback has certainly taken a toll on the commodity space, which has seen some heavy selling pressure today and throughout the month.  To wit, crude oil futures are down 3.6% today to $91.18/bbl and down 5.0% for the month; gold futures are down 0.7% to $1210.10/oz. and down 5.9% for the month; silver futures are down 3.0% to $17.05/oz. and down 12% for the month; and wheat futures are down 1.3% to $4.75/bu and down 16% for the month.

The sharp selling is engendering some concerns that it could be a product of forced selling, the very thought of which is exacerbating the selling interest.

The drop in oil prices in particular has taken a heavy toll on the energy sector, which is down 1.5% today, bringing its quarter-to-date loss to 9.5%.

There could be a buy-the-dip effort in commodities before the day is done (or not), but the very weak price action there is acting as a deterrent today for the stock market at quarter end.

2:24 pm CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (:COMDX) :

  • Dec corn fell 6 cents to $3.20/bushel 
  • Dec wheat fell 4 cents to $4.78/bushel 
  • Nov soybeans fell 11 cents to $9.12/bushel 
  • Nov ethanol rose 1 cent to $1.57/gallon 
  • Nov sugar (#16 (U.S.)) fell 0.11 of a penny to 25.84 cents/lb

2:24 pm Underperforming small-caps slide to new lows, major averages slide back toward their lows -- Dow -48, S&P -8.4, Nasdaq Comp -19 (:TECHX) :  

2:13 pm Darden Restaurants: proxy advisory firm Egan-Jones reaffirms its recommendation that Darden shareholders vote "for all" of Darden's director nominees on blue proxy card (DRI) : Co announced that leading independent proxy advisory firm, Egan-Jones Proxy Services, has reaffirmed its recommendation that Darden shareholders vote on the Company's BLUE proxy card "FOR ALL" of Darden's nominees to the Board of Directors at the Company's 2014 Annual Meeting of Shareholders to be held on October 10, 2014.

  • Egan Jones stated: 
    • We believe that the total turnover of the board, as proposed by the dissidents, would have an extremely disruptive effect upon the Company's implementation of its current plans and search for a new CEO. We also note that we believe it would be unwise to turn over complete control of the board to a shareholder which has not paid shareholders a control premium for their shares.
    • The nominees appear qualified, and we recommend that clients vote "FOR ALL" the nominees.
    •  The Darden Board urges shareholders to vote ONLY on the BLUE proxy card "FOR ALL" of Darden's highly qualified, experienced and independent director nominees

2:05 pm Infosys extends relationship with Oracle (ORCL) to enhance support for a range of solutions and services on new technology platforms (INFY) : Co announced that it is extending its relationship with Oracle (ORCL) to enhance support for a range of innovative solutions and services on new technology platforms.

  • These platforms will enable enterprises to use Oracle products to reshape their business and create new innovation ecosystems.
  • Infosys and Oracle will expand their relationship across digital marketing, big data and Oracle Cloud Applications, underpinned by investments from Infosys in Oracle technology.

2:03 pm Microsoft confirms Windows 10; company gives first look at Windows 10, highlighting enterprise advancements and open collaboration (MSFT) : Co unveiled its next Windows operating system, Windows 10, and gave a first look at an early technical preview for the PC available Oct. 1.

  • The company also introduced the Windows Insider Program, kicking off its largest-ever open collaborative development effort to change the way Windows is built and delivered to best meet the needs of customers. 
  • Program participants will receive the technical preview of Windows 10 and a steady stream of builds through the development cycle to use and give feedback on.
  • Technical updates:
    • Expanded start menu, apps that run in a window, snap enhancements, new task view button, multiple desktops

1:56 pm Natl Oilwell Varco announces $3 bln share repurchase plan (stock halted) (NOV) : Co announced that its Board of Directors has authorized a share repurchase program to purchase up to $3 bln of the co's outstanding common stock.

  • The duration of the share repurchase program is 36 months, although it may be increased, extended, suspended or discontinued without prior notice. 
  • The co will fund the repurchases using U.S. cash; however, depending on U.S. cash balances, the Company could borrow from time-to-time to finance the transactions.

1:54 pm COMEX Metals Closing Prices (:COMDX) :

  • Dec gold fell $7.40 to $1211.40/oz 
    • The commodities space was mostly weaker today as the dollar index traded higher. Gold touched a session high of $1220.70 in morning action but quickly retreated back into negative territory. Earlier in overnight trade, the yellow metal fell as low as $1204.30, its lowest level since early January. It managed to erase some of the losses as it headed into the close and settled 0.6% lower, booking a loss of 8.4% for the quarter. 
  • Dec silver fell $0.51 to $17.07/oz 
    • Silver slid to $16.85 in early afternoon pit trade, its lowest level since February 2010. It recovered back above $17 later in the session and settled with a 2.9% loss, declining 19.1% over the quarter. 
  • Dec copper fell 4 cents to $3.01/lb

1:51 pm Alimera Sciences receives $25 mln advance from Hercules Technology Growth Capital (HTGC); Growth Capital allows Alimera to fulfill its milestone obligation triggered by FDA approval of ILUVIEN (ALIM) : Co announced that it has received a $25 mln advance from Hercules Technology Growth Capital (HTGC).

  • The payment is the second and final advance under the Loan and Security Agreement that Alimera's subsidiary in the United Kingdom, Alimera Sciences Limited, entered into with Hercules in April of this year. 
  • Receipt of the $25 million was conditional on the approval, on or before October 31, 2014, of ILUVIEN by the FDA.
  • Alimera will use the advance to fund a $25 mln milestone payment owed to the licensor of certain intellectual properly as a result of the recent FDA approval of ILUVIEN.

1:50 pm S&P -8.5 continues to weaken to set a new session low -- Dow -49 and Nasdaq Comp -17 approach their morning lows (:TECHX) :  

1:11 pm Echostar Holdings welcomes FCC initiating further rulemaking on satellite licensing reform (SATS) : Jennifer Manner, vice president of regulatory affairs at EchoStar Corp. stated, "We welcome the FCC continuing to work with the satellite industry to revise its rules to provide increased flexibility and efficiency to satellite operators. We look forward to reviewing today's notice and providing our comments."

1:03 pm IBM: AmerisourceBergen (ABC) selects IBM to manage IT Infrastructure (IBM) : Co announced that it has extended, by three years, its multiyear services agreement with AmerisourceBergen (ABC). IBM will manage the IT infrastructure that supports the co's 13,000 employees and operations across 25 of its distribution centers in North America.

  • Among the benefits of the relationship, AmerisourceBergen will have the ability to access IBM's industry-leading capabilities in areas such as cloud for new workloads and advanced analytics to address opportunities across its business.

1:00 pm Midday Market Summary: Small Caps Lag (:WRAPX) : The major averages are little changed at midday after enduring a volatile start to the trading day. The Dow, Nasdaq, and S&P 500 hover near their respective flat lines, while small caps underperform with the Russell 2000 down 0.8%.

Equity indices slipped out of the gate amid continued weakness in the energy sector (-1.1%), which has widened its September loss to 7.5%. Despite the early retreat, the indices were able to return into the green thanks to relative strength among influential sectors like technology (+0.4%), financials (unch), and industrials (+0.2%). However, the rebound did not involve small-cap stocks, and their continued weakness, combined with new lows in the energy sector, caused the broader market to return near its opening low. Furthermore, the Russell 2000 has widened its month-to-date loss to 5.5%.

Staying among high-beta names, chipmakers have been unable to stage a rally despite the relative strength of the tech sector. The PHLX Semiconductor Index is lower by 0.7%, which puts the industry group on track to register a September loss of 0.9%.

Similarly, the biotech space lags with the iShares Nasdaq Biotechnology ETF (IBB 273.93, -2.13) trading lower by 0.8%. Meanwhile, the health care sector (-0.3%) is the weakest countercyclical group at this juncture.

The remaining countercyclical sectors have fared better with telecom services (+0.5%) and utilities (+0.3%) holding modest gains, while the consumer staples sector trades flat.

Treasuries hold slim losses with the 10-yr yield up one basis point at 2.49%.

Economic data included Chicago PMI, Consumer Confidence, and the Case-Shiller 20-City Index:

  • The Chicago PMI fell to 60.5 in September from 64.3 in August, while the Briefing.com consensus expected a decline to 61.5 
    • Even though the PMI dropped more than expected, the current reading is far from a disappointment. Levels have remained above 60 for five of the past six months, and readings above 60 are generally considered too strong for long-term stability 
  • The Conference Board's Consumer Confidence Index dropped to 86.0 in September from an upwardly revised 93.4 (from 92.4), while the Briefing.com consensus expected a fall to 92.0 
    • This was the lowest reading in the Consumer Confidence Index since May 
  • The Case-Shiller 20-city Home Price Index for July rose 8.1%, while a 7.4% increase had been expected by the Briefing.com consensus 
    • The reading followed June's increase of 8.1%

1:00 pm Amedica has elected B. Sonny Bal, to serve as its President and Chief Executive Officer effective September 30, 2014 (AMDA) :  

12:56 pm Wynn Resorts continues to display relative strength breaks above last week's high (WYNN) : Last week's recovery high is at 187.48 was recent breached (187.48) with the Sep peak coming into play at 190.45. Other top performing names in the sector include: LVS +4.5%, MGM +4.2%, MPEL +4.9%.

12:39 pm Small-caps set new session low, major averages extend pullback -- Dow -7, S&P -3.9, Nasdaq Comp -8 (:TECHX) :  

12:28 pm Major averages cut morning rebound in half -- Dow +18, S&P -1.1, Nasdaq Comp -1.2 (:TECHX) : Energy XLE, Oil Service OIH, Materials XLB, Gold GLD, Silver SLV, Crude Oil USO have continued to pace the way lower.

12:12 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

  • EBAY (56.55 +7.39%): Co to separate eBay and PayPal into independent publicly traded companies in 2015; expects tax-free spin-off in 2H2015; Dan Schulman will be President of PayPal, effective immediately; Devin Wenig will become CEO of the new eBay co; reconfirmed Q3 guidance; downgraded to Hold from Buy at Canaccord Genuity.
  • WFM (38.53 +2.58%): Heard takeover chatter making the rounds.
  • CP (210.45 +2.58%): Co amended share repurchase program from 5,270,374 common shares to 12,650,862 common shares.
Large Cap Losers
  • LPL (15.92 -3.52%): Downgraded to Sell from Outperform at Credit Agricole.
  • PBR (14.25 -3.06%): Brazil ADRs trading lower on continued concerns ahead of Presidential Elections Oct 5th.
  • LYB (110.34 -2.61%): Announced that CEO James L. Gallogly will retire in early 2015.
Mid Cap Gainers
  • TK (66.81 +14.48%): Co adopted new dividend policy; intends to increase dividend by 75-80% with future increases linked to growing cash flows from two MLP subsidiaries; upgraded to Buy from Hold at Deutsche Bank; tgt raised to $90 from $68.
  • CENX (26.23 +9.91%): Upgraded to Buy from Neutral at BofA/Merrill.
  • CTAS (71.39 +8.25%): Beat on EPS by $0.04, reported revs in-line; adjusted FY15 guidance; tgt raised to $68 at RBC Capital Mkts.
Mid Cap Losers
  • CNW (48.07 -4.01%): Confirmed plans to increase pay for Con-way Freight drivers system-wide.
  • SGEN (36.85 -4.01%): Downgraded to Underperform from Neutral at BofA/Merrill.
  • IRM (32.65 -3.69%): Recall Holdings (RCLHF) confirmed that it is not in discussions with IRM or any other potential buyer.

12:06 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (217) outpacing new highs (55) (:SCANX) : Stocks that traded to 52 week highs: AMAG, AMBA, AMBR, ANET, APT, BBLU, BSTC, CP, CQB, CTAS, CVGW, CVTI, DUK, EIGI, ESPR, ETP, FARM, FB, FDX, FNHC, GPRO, GTIM, HAWK, ICLR, IG, INTU, JACK, KNX, LMT, MACK, MAS, MFSF, MGPI, MO, MOVE, MSON, MYCC, NAII, NI, NSC, NVTL, OVAS, PFSW, PTEK, SEMI, SMCI, SNCR, SONA, STRP, TK, TREE, TTPH, VIMC, VRNT, WLDN

Stocks that traded to 52 week lows: AAN, ABX, ACRE, ACXM, ADNC, ADTN, AG, ALB, ALSK, ALTI, ALU, AMCO, ANGI, ATU, AUDC, AUY, AVD, AVL, AXLL, AXN, AXU, B, BAA, BAMM, BBL, BEBE, BHP, BIOC, BNFT, BRC, BRN, BSI, CA, CACQ, CALL, CASS, CCSC, CDE, CEF, CIEN, CIK, CLF, CLNE, COOL, CRCM, CRR, CRS, CVD, CVEO, CVO, CYD, DDE, DEST, DF, DO, DWSN, EDAP, EGLT, ELSE, EMITF, EOPN, ERA, ERII, ESP, ESV, ETN, EXXI, FF, FFIN, FLR, FMC, FNSR, FOSL, FRED, GBIM, GES, GEVO, GFA, GGB, GLDD, GLPI, GLT, GMO, GSK, GURE, HCAP, HL, HMNY, HMY, HOG, HOS, HOV, IAG, ICFI, IMMR, IMRS, INNL, ISSC, IVC, JEC, KBH, KBR, KEG, KGC, KN, KOP, KVHI, KZ, LFL, LRN, LTRPA, LUK, LVS, MAN, MAT, MBT, MCF, MDC, MDRX, MEA, MEIL, MELA, MFG, MGCD, MGI, MM, MOV, MPEL, MRKT, MTH, MVC, NAUH, NE, NGVC, NM, NTLS, OC, OGXI, OI, OMN, ONCY, ONP, OREX, OSK, OZM, PACD, PBY, PDFS, PDII, PERI, PGH, PGN, PHMD, PIR, PKE, PLG, POWL, PRGN, PULS, QIHU, QSII, RAVN, RBC, RIG, RLOC, RNF, RPXC, RWT, RXII, SANW, SCL, SD, SHOS, SID, SINA, SIR, SKYW, SMRT, SNTA, SOHU, SOQ, SPRT, SUNS, SVA, SYT, SYUT, TAC, TCK, TEAR, TEU, TEX, THRX, TMHC, TPH, TRIB, TRK, TRS, TTMI, TUP, TWI, TX, USAP, UVV, VALE, VIP, VTG, WGA, WGO, WPP, WPRT, WTI, WTSL, XCO, XONE, XTLB, ZA, ZEP

ETFs that traded to 52 week highs: PPH, UUP

ETFs that traded to 52 week lows: BJK, BNO, BWX, DBC, EWO, FXE, FXF, FXY, GSG, JJG, REMX, SIVR, SLV

11:56 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:-0.4%
  • Germany's DAX:+0.6%
  • France's CAC:+1.3%
  • Spain's IBEX:+1.3%
  • Portugal's PSI:+0.6%
  • Italy's MIB Index:+1.8%
  • Irish Ovrl Index:+1.4%
  • Greece ASE General Index: +0.8%

11:48 am Dec silver falls below $17; now down 3.5% at $16.96 (:COMDX) :  

11:46 am Archer-Daniels and Marubeni expand export JV in U.S. Pacific Northwest (ADM) : Co and Marubeni announced that they have expanded Kalama Export, their joint venture in the U.S. Pacific Northwest, as a result of Marubeni's contribution of its grain export elevator operations at Terminal 5 in The Port of Portland, Oregon, to Columbia Export Terminal, a subsidiary of KEC. In connection with the transaction, the parties also intend to rename KEC as Pacificor, LLC.

11:45 am General Dynamics awarded $50 mln to continue submarine modernization program for U.S. and Australian Navies (GD) :  

11:43 am RADA Electronic Industries confirms that there are no material undisclosed corporate developments that might account for the recent unusual trading activity of the co's shares or the increase in market price (RADA) : The co does not otherwise comment on market activity.

  • The co also reiterated its previously announced belief that it expects that its gross margins for the remainder of 2014 will be consistent with the gross margins recorded for the first six months of 2014 and that it continues to maintain its expectation for favorable 2014 results.

11:37 am Major averages test first level resistance (:TECHX) : Noted at 10:10 that the S&P +6 and Nasdaq Comp +14 probed second level supports at 1970 and 4487/4480, respectively. The hold and recovery off these levels has been extended to first level resistance at 1985/1986 S&P (session high 1985), 4515/4523 Nasdaq Comp (session high 4522) and 17148/17159 Dow (session high 17145).

11:36 am Nov crude oil sells off to new LoD; now down 2.6% at $92.12 (:COMDX) :  

11:36 am Valeant Pharma's Bridgewater location receives warning letter from FDA (VRX) : The Warning Letter pertains to the management of Valeant's contract manufacturers with regard to some specific Good Manufacturing Practice activities, including review and documentation of supplier's deviation reports prior to batch release and performing corrective and preventive action effectiveness checks as required by procedure.

  • The warning letter does not prevent the manufacturing or distribution of Sculptra nor the manufacture or distribution of any of Valeant's products, and does not relate to the pending review of any Bausch + Lomb compounds.

11:31 am Nasdaq Comp +14.8 joins Dow +69 and S&P +6.7 at new session highs (:TECHX) : Relative sector strength (outperforming the S&P) in recent action has been noted in: Oil Service OIH, Semi SMH, Disk Drive, Casino, Rail, Transports IYT.

11:31 am Currency Commentary: DXY Slips From Highs on Poor Data (:SUMRX) :

  • The Dollar Index was able to rally above 86 following another round of poor European CPI and Jobs reports. However the greenback would give up these gains as the U.S. posted its own economic misses. The latest Case Shiller, Chicago PMI, and Consumer Confidence all missed consensus by wide margins. This all comes ahead of the U.S. jobs numbers at the end of the week. A round of poor numbers here will have participants wondering if the Fed will still exit at the end of the month and might even raise the potential for the Fed to actually raise its program. Given its recent run, a continuing run of poor econ data in the U.S. and a flip into Q4 may cause some short term profit taking that has bears watching. 
  • The euro continued its collapse. The euro has now fallen 10% since hitting highs in early May. All eyes will be on Thursday's ECB meeting but there is plenty of concern that Mario Draghi will fail to inspire. Mr. Draghi is expected to provide more details on the central banks ABS program. But there is concern that he will fall short. There is hope that he will also announce a sovereign bond purchase program. But that is highly questionable given the political hot potato that remains and simply the fact the sovereign yields remain very low.
  • The pound continues to give up the post-Scotland vote gains as it slides back to 1.6250. Adding to selling pressure here is the current account report which showed a larger than expected deficit. This is notable given prior comments from BoE governors that they were concerned the stronger sterling will impact exports. The Q2 GDP number was revised slightly higher to +0.9% from +0.8%.
  • The yen continues to make fresh multi-year lows as the dollar rallies. Yen is closing in on an inevitable test of the 110 level. Economic data from the region remains light with Industrial production seeing a miss this morning. That will continue to drive expectations for further stimulus from the Bank of Japan (FOREX, BONDX).

11:08 am Dow +63 and S&P +6.2 set new session highs, Nasdaq Comp +10.4 working up toward its morning high at 4519 (:TECHX) :  

10:49 am Trulia announces it entered into a direct license agreement with Edina Realty, a Berkshire Hathaway (BRK.B) affiliate (TRLA) : Co has entered into a direct license agreement with Edina Realty, a Berkshire Hathaway (BRK.B) affiliate. The agreement establishes a direct data connection to Trulia for Edina Realty. "The agreement is structured to provide great value for Edina Realty agents and their clients by establishing an efficient technical framework to guarantee the accuracy and timeliness of listings. As part of the agreement, Edina Realty will receive fresh, accurate listings on Trulia, prominent branding and exposure to Trulia's large consumer audience."

10:49 am Cadence Design and ARM (ARMH) expand collaboration for IoT and wearable device applications targeting TSMC's (:TMS) ultra-low power technology platform (CDNS) : Co and ARM (ARMH) announced an expanded collaboration for IoT and wearable devices targeting TSMC's (TSM) ultra-low power technology platform. The collaboration will enable the rapid development of IoT and wearable devices by optimizing the system integration of ARM IP and Cadence's integrated flow for mixed-signal design and verification, and their low-power design and verification flow.

10:45 am Major averages extend recovery with Dow +24 and S&P +3.2 near early highs -- Nasdaq Comp +6 (:TECHX) :  

10:32 am Wi-LAN subsidiary enters license with Union Wireless; granted certain patents related to wireless phone service, including current LTE networks; terms not disclosed (WILN) :  

10:17 am Magnegas signs LoI for the placement of a 50kW Unit with a fish farm company located in Fort Myers, Florida (MNGA) : The executed Letter of Intent stipulates that upon successful trial runs and test results, the Companies will work together to pursue aquaponic farms and certain other agricultural applications.

10:10 am S&P -4.5 and Nasdaq Comp -13 probe second level support (:TECHX) : Noted second level support in The Technical Take at 4487/4480 Nasdaq Comp (session low 4483) and 1970 S&P (session low 1970) with these levels tested in recent action.  

10:04 am Bank of America announces that beginning this week it will include chip technology on all new and reissued consumer and small business debit cards (BAC) :  

10:01 am Major averages slide to new session lows following confidence data -- Dow -49, S&P -6.6, Nasdaq Comp -19 (:TECHX) :  

9:54 am Further weakness develops but attempting to stabilize -- Dow -31, S&P -4.8, Nasdaq Comp -13 (:TECHX) : The weakest sectors on a percentage basis have been led by: Auto, Casino, Trucking, biotech IBB, Semi XSD, Copper JJC, Social Media SOCL, Solar TAN, Transports IYT.

9:46 am Opening Market Summary: Equities Surrender Opening Gains (:WRAPX) : Equity indices began the session with slim gains before slipping to their lows. The S&P 500 trades lower by 0.2% with three sectors showing gains.

The technology space (+0.2%) has displayed opening strength, while other advancers include utilities (+0.3%) and telecom services (+0.1%). On the flip side, the weakest sector of the month-energy (-0.7%)-has extended its September loss to 7.1%.

Just released, the Chicago PMI for September fell to 60.5 from 64.3, while the Briefing.com consensus expected a decrease to 61.5.

Treasuries remain pressured with the 10-yr yield up two basis points at 2.50%.

9:43 am New session lows for major averages -- Dow -9, S&P -1.7, Nasdaq Comp -6.4 (:TECHX) :  

9:39 am S&P -0.5 and Nasdaq Comp -0.7 join underperforming small-/mid-caps in the red (:TECHX) :  

9:35 am Relative sector weakness in Energy XLE, Semi SMH, Retail XRT, Housing XHB (:TECHX) :  

9:34 am Slightly firmer start for market averages stalls -- Dow +8, S&P +1.2, Nasdaq Comp +7 (:TECHX) :  

9:34 am Tecogen signs contract for tri-generation energy system for large Jersey City Hotel; contract value is ~$1.45 million (TGEN) :

  • Co announced it signed a contract with a prominent hotel chain to provide a tri-generation energy system for a 400 room hotel complex in Jersey City, New Jersey. Tecogen will install the system, comprised of a group of Tecogen InVerde 100 kW cogeneration modules, including absorption chillers, to provide electricity as well as hot water for heating and chilled water for cooling. The contract value is ~$1.45 mln.

9:33 am Lee Enterprises on track to achieve 2014 guidance for cash cost reduction (LEE) :

  •  Lee has completed the introduction of Full Access subscriptions in the majority of its larger markets and expects a positive impact on 2015 revenue. 
  • Since the sequential rollout of Full Access subscriptions began in April, more than 100,000 subscribers have activated their Full Access accounts.
  • Lee continues to drive digital revenue at an accelerating pace, up 17.4% in the June 2014 quarter over a year ago.
  • Lee is on track to achieve its 2014 guidance for cash cost reduction of 3.0-3.5%, exclusive of a previously announced fee-for-service reclassification.
  • Beginning in 2014, Lee will begin to generate Federal NOL carryforwards, and, based on the current level of performance, doesn't expect to make any meaningful tax payments for at least the next 3-4 years. 
  • With its recent long-term refinancing completed, Lee intends to continue to devote substantially all of its free cash flow to reducing debt, with a goal of achieving leverage of two times Adjusted EBITDA.

9:30 am General Electric announces largest North American power project for its 60-Hertz J920 FleXtra gas engine technology (GE) : GE Power & Water's Distributed Power business announced that it has signed a contract to provide Sky Global Partners with its Jenbacher gas engine technology along with a 30-year contractual service agreement for a new 50-MQ high-efficiency power plant in Colorado County, Texas, near San Bernard's Rock Island substation. This represents the largest North American power project for GE's Jenbacher J920 FleXtra gas engine so far.

9:29 am Nov crude oil slips to LoD; now down 0.5% at $94.13 (:COMDX) :  

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

  • Energy Focus (EFOI) announced that as of Sep 29, 2014, its tubular LED lighting products are now listed on the US General Services Administration Schedules.
  • Progressive Waste Solutions (BIN) added about 250 natural gas-powered trucks to its waste and recycling collection fleet since it announced its commitment in May 2013 to increase the number of natural gas powered trucks it purchases. The co now has close to 400 natural gas powered-vehicles on the road in North America, which represents ~ 10% of its collection fleet.
  • Marketo (MKTO) announced it is partnering with nearly 150 digital agencies to help brands and marketers succeed in today's new era of engagement marketing. 
  • Neustar (NSR) is expanding its cloud-based mitigation platform and delivering new services to provide customers greater protection from malicious, constantly evolving DDoS attacks.
  • CA Technologies (CA) announced that Hanseatic Bank has selected CA Transaction Manager and CA Risk Analytics, components of CA's SaaS-based payment authentication solution, to help reduce fraud and improve cardholder engagement. 
  • AeroVironment (AVAV) received three firm fixed-price orders from the United States Army totaling $27,178,075 for RQ-11B Raven and RQ-20A Puma AE unmanned aircraft systems spare parts. The co received two orders on Aug 29, 2014 and one on Sep 18, 2014. 
  • Belgian Post (bpost) has implemented multi-vendor software from Diebold (DBD) across its network of 450 heterogeneous ATMs.  
  • Tyler Technologies (TYL) has signed a contract with the city of Huntsville, Alabama, for Tyler's Munis enterprise resource planning solution, which will provide the city with a fully integrated financial and human resources system.
  • Crouching Tiger, Hidden Dragon: The Green Legend will premiere exclusively on Netflix (NFLX) and in selected global IMAX (IMAX) theaters on Aug 28, 2015.

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

  • Enphase Energy (ENPH) announced a new solar energy solution for the commercial market.
  • Tyco (TYC) Integrated Security will offer small businesses cost-effective, commercial-grade, scalable security systems and services.
  • Amazon.com (AMZN) announced that the new Blake Shelton album, Bringing Back the Sunshine, is available on Prime Music - the same day as its full release.
  • Morgans Hotel (MHGC) opened its newest hotel, Mondrian London at Sea Containers on London's South Bank.
  • Spanish Broadcasting System (SBSA) has entered into a partnership with 7digital. 7digital will provide LaMusica.com, SBS' online Latin music, entertainment and news destination, with secure content management technology and a royalty reporting system to support additional music products beyond the site's current radio station streaming offering. 
  • Radiant Logistics (RLGT) announced the further expansion of its Distribution By Air network with a new location in Fort Lauderdale, Florida. 
  • AirPatrol, a subsidiary of Sysorex Global (SYRX), announced that the USPTO has issued two new patents to AirPatrol for its technology developments in the areas of mobile device detection, locationing and security.
  • Synopsys (SNPS) has collaborated with TSMC (TSM) to develop an expanded 16FF+ custom design reference flow using Synopsys' custom design solution.
  • NetSuite (N) announced new members in its Commerce Agency Program. The new partners, Astound Commerce, Explore Consulting and NetScore, are focusing their expertise on NetSuite's unified cloud commerce solution to help businesses drive revenue, speed time-to-market, deliver unique and engaging brand experiences and improve operational cost-efficiencies. 
  • Gevo (GEVO) is selling renewable isobutanol to Gulf Racing Fuels for their new line of marine and off-road fuels.
  • First Hawaiian Bank partnered with Planet Payment (PLPM) to launch the MICROS Payment Gateway and Pay in Your Currency with The Westin Resort Guam.

9:26 am CorEnergy announces new $30 mln revolving credit facility (CORR) : The co announced the closing of a new $30 million senior secured revolving credit facility with Regions Bank. The new four-year Credit Facility replaces the company's existing $20 million revolving line of credit with KeyBank that was scheduled to mature in May 2016.

9:22 am Argos Therapeutics enters into $25 million venture loan facility led by Horizon Technology Finance (HRZN) (ARGS) :

  • Co announced that it has entered into a $25 mln venture loan led by Horizon Technology Finance Corporation (HRZN). Argos plans to devote the loan proceeds to the continuing development of AGS-003, the company's lead oncology product candidate, currently being evaluated in the pivotal ADAPT phase 3 clinical trial for the treatment of metastatic renal cell carcinoma, and further development of its Arcelis technology platform, including the leasing, build-out and equipping of Argos's planned automated commercial manufacturing facility, and general corporate purposes.
  • The loan is available in two tranches of $12.5 mln. The initial funding of the first $12.5 mln tranche closed on September 29, 2014. 

9:16 am S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +13.50. (:WRAPX) : The stock market is on track for a slightly higher start to the final session of the third quarter. The S&P 500 futures trade two points above fair value, which should put the benchmark index on track to narrow its September loss of 1.3%. As for the quarter, the index has added 0.9% since the end of June. However, it is worth mentioning that index futures have slid from their highs over the past 30 minutes on no news.

Overnight, equities in Hong Kong remained pressured amid continued student protests, while markets in Europe (except for UK's FTSE) have been able to rebound from yesterday's weakness. Notably, Catalonia's President Artur Mas said he will suspend the campaign for Catalan independence after the Constitutional Court said it will block the vote.

Domestically, participants have been responding to stock-specific developments, including news that eBay (EBAY 56.80, +4.15) plans to spin-off PayPal during the second half of 2015. On the earnings front, Walgreen (WAG 59.70, +0.10) trades up 0.2% after reporting in-line results.

Treasuries hover in the red with the 10-yr yield up almost three basis points at 2.51%.

The Chicago PMI report for September (Briefing.com consensus 61.5) will be released at 8:45 ET and the Consumer Confidence report for September (expected 92.0) will cross the wires at 10:00 ET.

9:16 am Inuvo amended and renewed its financing agreement with Bridge Bank providing up to a $10 mln revolving credit facility through Sep 2016 as well as a new $2 mln term loan through Sep 2017 (INUV) : The revised agreement refinances existing indebtedness while also providing access to additional growth capital at interest rates significantly lower than Inuvo currently pays.

9:15 am LRAD receives $610,000 order from the United States Army (LRAD) :

  • Co announced the receipt of an order totaling $610,000 for LRAD 500X systems and accessories from the United States Army for ongoing operations in Afghanistan. 
  • The order from the Army follows an approximately $300,000 order received in June. 
  • The devices are expected to be mounted on Army vehicles, towers and at checkpoints to provide clear communications and a safety zone for Army personnel. 
  • The order is expected to ship during the Company's fiscal fourth quarter, ending September 30, 2014.

9:13 am Murphy Oil announces sell down of Malaysian assets for $2 bln in cash (MUR) : Co announced today that its wholly owned subsidiaries, Murphy Sabah Oil Co., Ltd.and Murphy Sarawak Oil Co., Ltd., have entered into anagreement with PT Pertamina Malaysia Eksplorasi Produksi to sell30% of Murphy's Malaysian oil and gas assets for an aggregate sales price of$2.0 billion in an all cash transaction, subject to customary closing costs andadjustments for the period from effective date to closing. 

  • The effective date of the transaction will be January 1, 2014 with closingexpected to take place in two phases. The first phase is expected to becompleted in the fourth quarter of 2014 and the second phase is expected to becompleted by the first quarter of 2015. The transaction is subject to, amongother things, the approval of Petroliam Nasional Berhad

9:10 am Sysorex Global's Airpatrol receives two patents for mobile location and security (SYRX) : Co announced that the U.S. Patent and Trademark Office has issued two new patents to AirPatrol for its technology developments in the areas of mobile device detection, locationing and security. The first patent, number 8,838,812, is for a method of securing a device by automatically turning off its WiFi when it connects to a network via a wired connection. The second patent, number 8,843,155, is for a system that detects, locates and monitors the movement of mobile devices - smartphones, tables and wirelessly connected "things" -- based on the radio frequencies.

9:08 am Mosaic is reducing phosphate fertilizer production; sees Q3 potash and phosphate sales volumes to be at or near the lower-end of the previously communicated ranges (MOS) :

  • Co announced that it is reducing phosphate fertilizer production, primarily because of high sulfur and ammonia prices. This curtailment will result in lower operating rates at Mosaic's mines and concentrates plants, but is not expected to result in employee layoffs. 
  • Co also announced an update of volume guidance for its third calendar quarter 2014. The Company now expects potash and phosphate sales volumes to be at or near the lower-end of the previously communicated ranges, primarily as a result of weather-driven production outages in potash, and in part driven by timing of shipments in phosphates. Prices are expected to remain near the midpoints of the prior guidance ranges.

9:07 am Xplore Tech awarded contract from airline to deploy Xplore XC6 ultra-rugged tablets for use in airport ground operations (XPLR) : Co received its first order as part of a multi-million dollar project for one of the world's largest airlines. Xplore's XC6 Windows tablet PCs will be utilized by the airline's ground crews at airports throughout the U.S. "This order is the initial phase of an enterprise-level project and additional orders are expected as the project rolls out at airports around the country."

9:04 am AOL announced the global expansion of its content integration, which will deliver premium video and news to the redesigned MSN (AOL) : With this expansion, MSN will now feature both video and news content from additional AOL brands, including The Huffington Post, Engadget, TechCrunch, StyleList, KitchenDaily, Autoblog, DailyFinance, Parentdish and Joystiq across all web properties, software and hardware platforms in the US, Canada and UK.

9:04 am Aviat Networks receives expected NASDAQ notice related to delay in Form 10-K filing; co expects to submit a plan to regain compliance within the timeline prescribed by NASDAQ (AVNW) : Aviat has 60 calendar days from the date of the letter to submit a plan to regain compliance. If the plan is accepted, Aviat can be granted an exception of up to 180 calendar days from the Form 10-K's due date, or until March 24, 2015, to regain compliance. Aviat expects to submit a plan to regain compliance within the timeline prescribed by NASDAQ.

9:04 am Enterprise Products to build Natural Gas Processing facility and pipelines to serve Delaware Basin (EPD) : Co announced plans to construct a new cryogenic natural gas processing plant in Eddy County, New Mexico and associated natural gas and natural gas liquid pipeline infrastructure to facilitate growing production of NGL-rich natural gas in the Delaware Basin. These assets are expected to begin operations in the first quarter of 2016. The South Eddy natural gas processing plant will have an initial capacity of 200 million cubic feet per day of natural gas, with the potential for future expansions. Upon completion, this will bring Enterprise's total natural gas processing plant capacity in the Delaware Basin to 400 MMcf/d.

9:04 am CEMEX S.A. enters into a new credit agreement for $1.35 bln with nine of the main lending banks from its Facilities Agreement dated Sep 17, 2012 (CX) : "We are very pleased with the improved terms of this transaction which reflect the better credit profile that CEMEX has achieved in the last years. It also represents CEMEX's return to the syndicated bank market under conventional conditions."

9:03 am Johnson Controls announces its intention to divest its Global Workplace Solutions business (JCI) : Co announced its intention to divest its Global Workplace Solutions business. The action reflects the company's previously stated intention to invest in businesses that are core to its long-term growth strategy and multi-industrial portfolio.

  • Co has retained Bank of America Merrill Lynch as exclusive financial advisor to assist in the initiative. Johnson Controls will know more about timing after it identifies potential buyers. 

9:03 am UnitedHealth's Optum to Acquire MedSynergies; financial terms not disclosed (UNH) : MedSynergies provides physician practice management, revenue management, physician referral management and other business services to physician groups aligned with large health systems, serving more than 9,300 care providers across the U.S. 

9:02 am Westmoreland Coal and Cabot (CBT) announce activated carbon capacity expansion; JV partners to double manufacturing capacity at Canadian plant to meet demand for mercury removal products (WLB) : The jointly owned facility will produce an additional 35 million pounds of powdered activated carbon. The Bienfait plant will continue to be served from a co-located mine that is operated by Westmoreland. The additional capacity will be commissioned in 2016.

9:02 am S&P futures vs fair value: +4.10. Nasdaq futures vs fair value: +16.50. (:WRAPX) : The S&P 500 futures trade four points above fair value.

The Case-Shiller 20-city Home Price Index for July rose 6.7%, while a 7.4% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 8.1%.

9:01 am Delphi signs definitive agreement to acquire Unwired Technology LLC; financial terms not disclosed (DLPH) : Co announced it has entered into a definitive agreement to acquire media connectivity module supplier, Unwired Technology LLC, expanding its data and media connectivity capabilities. Unwired Technology is owned by American Capital, Ltd. (ACAS). The transaction is expected to close in the fourth quarter of 2014. Terms of the transaction were not disclosed.

9:00 am TRC acquires NOVA Safety & Environmental; expects the transaction to be immediately accretive, financial terms not disclosed (TRR) : Co announced it has acquired NOVA Safety & Environmental. NOVA's approximately 60 employees provide safety training, environmental services as well as oil spill response, remediation and general oil field construction services to customers in the oil and gas industry. Financial terms of the agreement were not disclosed. NOVA reported gross revenues of $16.5 million for the year ended December 31, 2013. TRC expects the transaction to be immediately accretive.

8:59 am Fidus Investment Corporation prices public offering of 2 mln shares of common stock at $17.00 per share (FDUS) :  

8:56 am On The Wires (:WIRES) :

  • Fiserv (FISV) converted the Randolph-Brooks Federal Credit Union based in Live Oak, Texas, and Navigant Credit Union based in Smithfield, R.I., to the DNA platform over Labor Day weekend. 
  • 3D Systems (DDD) will showcase a full suite of advanced 3D printing and design-to-manufacturing solutions at this year's TCT Show + Personalize in Birmingham, UK, Sep 30 - Oct 2, 2014. 3D Systems will feature a host of professional and consumer 3D printers along with its reimagined engineer's desktop for scanning, designing and prototyping.
  • Ixia (XXIA) announced that its higher speed Ethernet test solutions were recently used to test and verify the performance of the Cisco (CSCO) Nexus 7718 high density and high scale networking switch.
  • Navigant (NCI) launched the Navigant Center for Healthcare Research and Policy Analysis - a data-driven, non-partisan resource center designed to bring insights relative to how changing health policy and market dynamics are impacting the U.S. healthcare system. 
  • InvenSense (INVN) announced that its recently launched, third-generation 6-axis motion sensing solution is shipping into flagship customer platforms worldwide, and that its 6-axis product line has now surpassed the milestone of having shipped over four hundred million units into smartphones, tablets, gaming consoles and controllers, smartTVs, and a myriad of wearables and health and fitness devices. 
  • Artisan Partners Asset Management (APAM) announced that decision making authority on its Growth team has transitioned completely to lead portfolio managers James D. Hamel, Matthew H. Kamm and Craigh A. Cepukenas. Andrew C. Stephens will remain an active member of the team as a Managing Director, but will not have portfolio management responsibility on the mutual funds or client separate accounts the team manages. Jason L. White remains associate portfolio manager.

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

  • Mellanox Technologies (MLNX) announced that the Science & Technology Facilities Council has selected Mellanox's Ethernet technology for the upgrade and expansion of its JASMIN super-data-cluster.
  • Vulcan Materials (VMC) has completed six acquisitions during Q3. The most recent acquisitions include five aggregates facilities and associated downstream assets in Phoenix, Arizona and Albuquerque and Santa Fe, New Mexico, as well as an aggregates operation in Delaware serving Northern Virginia and Washington, DC. These transactions totaled a $320 mln of investment..
  • Texas Roadhouse (TXRH) filed a lawsuit in U.S. District Court, Western District of Kentucky, asking the Court to require the Equal Employment Opportunity Commission to comply with the federal Freedom of Information Act and produce agency records requested in letters received by EEOC in July and August of this year.
  • GameStop (GME) Technology Institute business unit is collaborating with AT&T (T) to further its focus on delivering to its brick-n-mortar retail stores technology advancements. Co is utilizing AT&T Network Services, such as AT&T Business Fiber, so GameStop stores have reliable and scalable speeds. 
  • Itron (ITRI) is collaborating with DTE Energy (DTE) on a smart cities demonstration project in Detroit.  
  • WiserTogether announced that its personalized treatment comparison and decision support solution, Wiser Health, will be integrated into Castlight Health's (CSLT) Enterprise Healthcare Cloud technology platform for shared employer customers. 
  • LightPath Technologies (LPTH) received a new order from laser component manufacturer Changzhou Huada Kejie Opto-Electro Instrument for 1,000,000 molded aspheric lenses. Co expects delivery of the lenses to be completed before the end of 2015. 
  • Silver Spring Networks (SSNI) announced an enhanced smart water solution for utilities which offer water service in combination with electric service to their customers. The Silver Spring IPv6 network enables multi-service advanced metering.

8:47 am Aemetis receives $19 mln into escrow from EB-5 investors (AMTX) : Co announced $19 million in EB-5 program funds have been received into escrow from foreign investors, representing more than 50% of the maximum of $36 million to be raised in the offering. A total of 47 qualified investors at $500,000 per investor have subscribed for $23.5 million in the offering.

8:43 am GP Strategies reports preliminary results of its modified 'Dutch Auction' self-tender offer for the purchase of up to $80 mln in value of its common stock; total of 2,146,787 shares of GP Strategies' common stock were properly tendered and not properly withdrawn at or below the expected final purchase price of $29.00 per share (GPX) : In accordance with the terms and conditions of the tender offer, and based on the preliminary share count by the depositary and an anticipated final purchase price of $29.00 per share, co expects to accept for purchase 2,146,787 shares of its common stock for an aggregate cost of ~ $62.3 million, excluding fees and expenses relating to the tender offer.

8:36 am Albemarle will increase prices on all shipments globally of COMPALOX products by avg 10% and PERGOPAK products by avg of 8.5% effective immediately or as contracts allow (ALB) :  

8:34 am Clean Diesel Technologies appoints Charles Engles as Chairman of CDTi Board (CDTI) : Co announced that platinum group metals industry veteran and current member of the Board of Directors, Charles R. Engles, Ph.D., has been appointed Chairman of CDTi's Board of Directors, effective September 29, 2014. Dr. Engles was appointed upon the resignation of longtime Chairman Alexander "Hap" Ellis III, who resigned to focus more time on the venture capital firm of which he is a partner.

8:33 am Iron Mountain appoints former Microsoft (MSFT) Executive Ted MacLean as Chief Marketing Officer (newly created role) (IRM) : MacLean comes to Iron Mountain from Microsoft, where he held multiple customer and partner-facing general manager roles with P&L responsibilities for large business units and geographies.

8:33 am Marrone Bio Innovations: Zequanox achieves 100% mortality for invasive mussels in Minnesota Lake (MBII) : The co announced the successful results of a Zequanox treatment conducted at Christmas Lake in Shorewood, Minn"

  • Minnesota Department of Natural Resources and the Minnehaha Creek Watershed District's Aquatic Invasive Species Program requested Zequanox treatment from MBI after discovering zebra mussels near the public boat launch. The non-chemical product approved for use in open water was applied to a 50 by 60 foot containment area with an average depth of 2.5 feet. Before treating, there were approximately 5,000 live mussels in the enclosure. The treatment began on September 8 and eleven days later results showed 100% mortality of the zebra mussels in the treatment area.

8:33 am S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +18.50. (:WRAPX) : The S&P 500 futures trade six points above fair value.

Markets across Asia settled on a mixed note. The 'Occupy Central' protests for democracy continue in Hong Kong. Elsewhere, the Reserve Bank of India kept its benchmark interest rate unchanged at 8.00%, as expected.

  • In economic data: 
    • China's HSBC Manufacturing PMI ticked down to 50.2 from 50.5 (expected 50.5) 
    • Japan's Household Spending fell 4.7% year-over-year (expected -3.8%; previous -5.9%), but Retail Sales rose 1.2% year-over-year (expected 0.3%; prior 0.5%). The Unemployment Rate ticked down to 3.5% from 3.8% (consensus 3.8%) and Industrial Production fell 1.5% month-over-month (expected 0.2%; last 0.4%). Separately, Average Cash Earnings rose 1.4% year-over-year (expected 1.1%; prior 2.6%) and Housing Starts fell 12.5% year-over-year (expected -14.2%; previous -14.1%) 
    • South Korea's Retail Sales rose 2.7% month-over-month (consensus 0.5%; prior 0.3%) 
    • Australia's Private Sector Credit expanded 0.4% month-over-month, as expected 
    • New Zealand's ANZ Business Confidence eased to 13.4% from 24.4% 
------
  • Japan's Nikkei lost 0.8%, falling from seven-year highs. Trading giant Sumitomo tumbled 12.0% after cutting its annual profit forecast 96% due to lower prices in the commodity space. 
  • Hong Kong's Hang Seng fell 1.3% to a three-month low as sellers remained in control for the sixth time in seven sessions. Casino stocks remained weak as Galaxy Entertainment and Sands China shed 2.7% and 2.4%, respectively. 
  • China's Shanghai Composite added 0.3% to finish at a 19-month high ahead of Golden Week. Coal names posted solid gains as Datong Coal Industry jumped 3.5% to lead the sector higher. 
  • India's Sensex ticked up 0.1% to hold its 50-day average. Financials ended mixed as HDFC Bank gained 0.9% and ICICI Bank lost 1.7%. 
Major European indices trade mostly higher with Italy's MIB (+1.2%) in the lead. Also of note, Spain's El Pais has reported Artur Mas will stop campaigning for Catalan independence after the Constitutional Court announced it will block the vote.
  • Economic data was plentiful: 
    • Eurozone CPI ticked up 0.3% year-over-year, as expected, while core CPI rose 0.7% (consensus 0.9%; prior 0.9%. Separately, the Unemployment Rate held steady at 11.5%, as expected 
    • Germany's Claimant Count rose by 13,000 (expected -2,000; previous 3,000), but the Unemployment Rate remained unchanged at 6.7%, as expected 
    • Great Britain's GDP rose 0.9% quarter-over-quarter (expected 0.8%; previous 0.7%), while the current account deficit widened to GBP23.10 billion from GBP20.50 billion (expected deficit of GBP17.00 billion). Separately, Nationwide HPI rose 9.4% year-over-year (expected 10.4%; previous 11.0%) 
    • French Consumer Spending rose 0.7% month-over-month (expected -0.2%; previous 0.8%), while PPI ticked down 0.3% month-over-month (consensus 0.0%; last -0.3%)
    • Spain's Business Confidence ticked down to -6.9 from -6.7 (expected -6.8) 
    • Italy's CPI ticked down 0.3% month-over-month, as expected. Also of note, PPI fell 1.7% year-over-year (expected -1.6%; previous -1.6%) 
------
  • Great Britain's FTSE is lower by 0.2% with consumer names on the defensive after Next issued a cautious forecast. The stock has tumbled 5.0%, while Marks & Spencer Group and Sports Direct International hold respective losses of 2.5% and 1.7%. 
  • Germany's DAX has added 0.4% with help from utilities. E.On and RWE are both up near 1.5%. On the downside, Infineon Technologies is lower by 3.0%. 
  • In France, the CAC trades up 1.2% with energy names providing support. Technip and Total hold respective gains of 3.2% and 1.9%. Renault has given up 2.6% after Ford issued a cautious sales forecast for Europe. 
  • Italy's MIB is higher by 1.2% amid broad strength. Banco Popolare, BMPS, UBI Banca, and Unicredit are up between 1.8% and 2.8%.

8:33 am Novadaq Tech. announces multi-unit agreement with SerenaGroup for Luna (NVDQ) : Co announced that it has entered into a partnership agreement for multiple Luna fluorescence angiography systems with SerenaGroup, in Cambridge, Massachusetts.

8:32 am Quest Rare Minerals signed non-binding MOU with Fednav Limited (QRM) : Co announced that it has signed a non-binding Memorandum of Understanding with Fednav Limited to develop and deliver shipping solutions for Quest's Strange Lake Project, subject to certain conditions. Fednav and Quest intend to execute a final binding agreement in the future.

  • Under this agreement, Fednav will supervise the development of detailed ship specifications required to transport concentrate and mine provisions, as well as assistance in berth design, ship-loading equipment and port operational procedures.

8:32 am Richmont Mines Inc. announces an accelerated and expanded development plan for the estimated 1.1 million ounce inferred resource extension below the corporation's Island Gold Mine in Ontario (RIC) :

  • A contract will be signed with Manroc to accelerate ramp development into the lower Island Gold zone, with work expected to commence in mid-October. The contracted development is expected to take 12 months and will extend the ramp from the current 635 metre level to a depth of 660 metres by year end, and to a depth of 735 metres by the end of the contract (November 2015).
  • In preparation for mining of the first stopes in the lower resource, which is expected at the end of 2014 and in early 2015, a ventilation raise and an escape way system, from the 585 metre level to the 390 metre level will also be completed.
  • This 12-month contract plus the escape way extension have an estimated cost of $10 million, $4 million of which is expected to be spent in 2014. This increases capital expenditures at Island Gold for this year from $16.4 million to $20.4 million.

8:31 am Johnson & Johnson to acquire Alios BioPharma for $1.75 bln (JNJ) : Co announces a definitive agreement to acquire Alios BioPharma, a privately held clinical stage biopharma focused on developing therapies for viral diseases, for approximately $1.75 bln in cash. The acquisition will include Alios BioPharma's portfolio of potential therapeutics for viral infections including compound AL-8176, an orally administered antiviral therapy currently in Phase 2 studies for the treatment of infants with respiratory syncytial virus (RSV.V).

8:31 am Schnitzer Steel sees Q4 adj. EPS $0.28-0.32 vs $0.20 Capital IQ Consensus (SCHN) : In Q4, all three of the Company's businesses delivered higher volumes sequentially and our Metals Recycling and Steel Manufacturing Businesses are expected to generate substantially higher profitability.

  • Due to the successful execution of our productivity and cost reduction initiatives, combined with higher sales volumes sequentially and less market price volatility, our Metals Recycling Business is expected to generate operating income in the range of $13 to $14 per ton, the highest quarterly performance since fiscal 2012.
  • Accelerating demand from West Coast construction markets and the benefits of productivity initiatives are expected to drive significant operating leverage in our Steel Manufacturing Business, resulting in operating income in the range of $8 to $9 million, SMB's highest quarterly operating income since fiscal 2008. 
  • In the Auto Parts Business, higher car purchase volumes in the fourth quarter were largely offset by seasonally lower retail sales, leading to operating income in the range of $4 to $5 million. 
  • Significant productivity initiatives currently in process within APB are expected to drive favorable impacts beginning in the second half of fiscal 2015. 
  • Co will report the financial results for its fourth quarter and fiscal year ended August 31, 2014, on Tuesday, October 28, 2014

8:31 am Intelsat announces redemption of $500.0 mln principal amount of 81/2% Senior Notes due 2019; Affirms 2014 debt reduction guidance of ~ $475.0 mln (I) : The co announced that it intends to redeem all of the $500.0 million aggregate principal amount of the 81/2% Senior Notes due 2019 issued by its subsidiary, Intelsat Jackson Holdings

  • The co also affirmed its previously announced guidance that it expects to reduce indebtedness by approximately $475.0 million in 2014, inclusive of $24.0 million of amortization payments made over the course of the year under a credit facility related to a joint venture, and net of any revolver borrowings that may be outstanding at the end of 2014. 

8:31 am Rovi: Yahoo (YHOO) has licensed Rovi Music for use across Yahoo Sites, Products and Services (ROVI) : Co announced that Yahoo has licensed Rovi Music, the company's music database of "rich information, editorial and multimedia content."

  • Under the terms of the agreement, Yahoo may use Rovi Music enterprise wide including within its music services, search offerings, and developer APIs.  

8:29 am On The Wires (:WIRES) :

  • M/A-COM Technology Solutions (MTSI) announced a new portfolio of surface mount S-Band GaN power products optimized for commercial air traffic control, weather radar and military radar applications.
  • 2K, a label of Take-Two Interactive Software (TTWO), announced additional details for MyCareer in WWE (WWE) 2K15, the forthcoming release in the flagship WWE video game franchise. MyCareer will take players through the life of a prospective WWE Superstar, allowing them to experience the journey of being a rookie and working toward the ultimate goal of winning the WWE World Heavyweight Championship. 
  • Extreme Networks (EXTR) announced that its comprehensive wired and wireless software defined networking solution has completed qualification with Microsoft Lync.
  • QLogic (QLGC) announced a comprehensive suite of connectivity solutions for next-generation servers based on the new Intel (INTC) Xeon processor E5-2600 v3 product family.
  • Windstream (WIN) has begun deployment of phase two of its 100 Gigabit per second long-haul express network.
  • Solutionary, an NTT Group (NTT) security co, announced that its Security Engineering Research Team is combining its security expertise with big data analytics to expand global correlation, providing customers with a greater view of attack indicators. 
  • ACI Worldwide (ACIW) announced that its global payment processing solution, ACI Money Transfer System, has achieved the 2014 SWIFT Certified Application for Payments label.
  • Advanced Photonix (API) has signed a value-added reseller agreement for its T-Gauge industrial terahertz gauging system with Seltek. 
  • PTC (PTC) announced that FourthWing selected PTC Creo software to condense development time.
  • 8x8 (EGHT) announced the release of Virtual Contact Center 8.1. 
  • Regal Entertainment (RGC) deployed MobileIron (MOBL) to manage its new iOS deployment to theatres across the country.

8:28 am On The Wires (:WIRES) :

  • NCR (NCR) announced that ratiopharm arena in Neu-Ulm, Germany has chosen NCR to quickly move customers through vendor lines and get them back to the action.
  • Aruba Networks (ARUN) announced that a growing base of customers ranging from enterprises to educational institutions are upgrading their network infrastructures with 802.11ac Wi-Fi to prepare for an all-wireless world.
  • Microchip Technology (MCHP) added two new 3-phase Brushless DC motor gate drivers with integrated power module, LIN transceiver and Sleep mode-the MCP8025 and MCP8026.
  • Cowen Group (COWN) said that Cowen / ATM announced the successful launch of CLEAN SEEK, the newest algorithm in the Cowen / ATM liquidity seeking suite of products.
  • Cheetah Mobile (CMCM) launched its first PC application in the U.S., Clean Master for PC. 
  • Digital Realty Trust (DLR) is enabling access, via direct connections, to VMware (VMW) vCloud Air from Digital Realty's data center portfolio. This offering is available now.
  • VeriFone Systems (PAY), and Elavon, a subsidiary of U.S. Bancorp (USB), announced that Elavon's new Fanfare loyalty solution for small to mid-sized customers is now available on VeriFone's countertop payment terminals and PIN pads-the VX 520 and VX 820.
  • Starwood Hotels & Resorts Worldwide (HOT) will relocate its global headquarters from the U.S. to India in March 2015 for a month-long immersion.
  • Palo Alto Networks (PANW) announced the availability of Traps, an Advanced Endpoint Protection offering designed to prevent sophisticated cyber attacks on endpoints. 
  • Electro Scientific Industries (ESIO) announced the Flex Series multi-axis precision laser micromachining platform, enabling new levels of price-performance in laser applications for consumer electronics, medical devices, automotive components, and many other industries.
  • AMD (AMD) will make the first public demonstration of Apache Hadoop running on an ARM (ARMH) Cortex-A57-based AMD Opteron A-Series processor.

8:20 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: PDFS -17.8%, JRJC -8%, TA -5.2%, SANW -4.1%

M&A news: DWA -9.1% (Softbank (SFTBY) merger talks with DWA being donwplayed, according to reports; also reports indicate SFTBY may purchase Legendary Pictures)

Select metals/mining stocks trading lower: AU -2.1%, GFI -2%, SSRI -1.6%, AG -1.5%, IAG -1.4%, SLV -1.4%, PAAS -1.4%, FSM -1.2%, GDX -1.1%, ABX -0.9%, GLD -0.8%, SLW -0.8%

Other news: MTL -13.3% (cont bankruptcy speculation), TSL -3% (announces the offering of ~7 mln American Depositary Shares), FDUS -2.2% ( announces commencement of public offering of common stock), WUBA -1.8% (still checking), F -0.9% (following late weakness on comments from Investor Day -- says it will miss its 2014 pretax profit goal of $6 bln), SVU -0.9% (announced the discovery of malware on some of its point of sale systems; protective technology believed to have limited the risk of data theft)

Analyst comments: ARMH -2.1% (downgraded to Underperform from Mkt Perform at Bernstein), CRR -1% (downgraded to Underweight from Equal-Weight at Morgan Stanley), SGEN -1% (downgraded to Underperform from Neutral at BofA/Merrill), K -0.9% (downgraded to Underweight from Equal-Weight at Morgan Stanley)

8:20 am European Markets Update: FTSE -0.2%, DAX +0.4%, CAC +1.2%, MIB +1.2% (:SUMRX) : Major European indices trade mostly higher with Italy's MIB (+1.2%) in the lead. Also of note, Spain's El Pais has reported Artur Mas will stop campaigning for Catalan independence after the Constitutional Court announced it will block the vote.

  • Economic data was plentiful: 
    • Eurozone CPI ticked up 0.3% year-over-year, as expected, while core CPI rose 0.7% (consensus 0.9%; prior 0.9%. Separately, the Unemployment Rate held steady at 11.5%, as expected 
    • Germany's Claimant Count rose by 13,000 (expected -2,000; previous 3,000), but the Unemployment Rate remained unchanged at 6.7%, as expected 
    • Great Britain's GDP rose 0.9% quarter-over-quarter (expected 0.8%; previous 0.7%), while the current account deficit widened to GBP23.10 billion from GBP20.50 billion (expected deficit of GBP17.00 billion). Separately, Nationwide HPI rose 9.4% year-over-year (expected 10.4%; previous 11.0%) 
    • French Consumer Spending rose 0.7% month-over-month (expected -0.2%; previous 0.8%), while PPI ticked down 0.3% month-over-month (consensus 0.0%; last -0.3%)
    • Spain's Business Confidence ticked down to -6.9 from -6.7 (expected -6.8) 
    • Italy's CPI ticked down 0.3% month-over-month, as expected. Also of note, PPI fell 1.7% year-over-year (expected -1.6%; previous -1.6%) 
------
  • Great Britain's FTSE is lower by 0.2% with consumer names on the defensive after Next issued a cautious forecast. The stock has tumbled 5.0%, while Marks & Spencer Group and Sports Direct International hold respective losses of 2.5% and 1.7%. 
  • Germany's DAX has added 0.4% with help from utilities. E.On and RWE are both up near 1.5%. On the downside, Infineon Technologies is lower by 3.0%. 
  • In France, the CAC trades up 1.2% with energy names providing support. Technip and Total hold respective gains of 3.2% and 1.9%. Renault has given up 2.6% after Ford issued a cautious sales forecast for Europe. 
  • Italy's MIB is higher by 1.2% amid broad strength. Banco Popolare, BMPS, UBI Banca, and Unicredit are up between 1.8% and 2.8%.

8:17 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance
: SNX +8.1%, (also initiates quarterly cash dividend of $0.125 per common share), SCOK +7.7%, WAG +2.3%, RBS +2.1%, CTAS +1.1%, HTGC +0.8%, (on track to achieve annual new commitments of approximately $700-$850 million for 2014)

M&A news: MOVE +37% (to be acquired by News Corp (NWSA) for $21 per share),DLIA +25% (announces review of strategic alternatives; received several inquiries from third parties regarding potential acquisition of the company),MAS +7.2% (announces strategic initiatives; Co to spin-off installation and other services segment, initiate share repurchase program and reduce corporate expense),SMPL +4.9% (HomeStreet to merge with Simplicity Bancorp; Simplicity stockholders to receive one share of HomeStreet common stock for each share of Simplicity common stock)

Other news: WYY +17.8% (received two new Task Orders from federal agencies under a recently awarded Federal Government Blanket Purchase Agreement),VIMC +13.8% (announces $12.4 mln contract win in Taiyuan City of Shanxi Province),CPRX +13.7% (announces positive top-line Phase 3 Data From Pivotal Firdapse clinical trial in patients with Lambert-Eaton Myasthenic Syndrome),ACST +11.5% (announces 'Positive' top-line Pharmacokinetic results),CRNT +10.8% (receives follow-on orders from a global Tier 1 operator serving 20 countries across Asia and Africa),CANF +9.6% (USPTO issues Can-Fite patent for CF102 in the treatment of liver regeneration and function following surgery),EBAY +8.9% (eBay to separate eBay and PayPal into independent publicly traded companies in 2015),BLDP +8.2% (receives ElectraGen fuel cell system order for deployments in Digicel network),CNET +7.8% (Co's Liansuo.com signs 12 new clients following Guangzhou Franchise Exhibition),HTZ +5.4% (still checking),TASR +3.9% (selected by the London Metropolitan Police Service to provide another 500 AXON cameras),PLUG +3.4% (move attributed to positive blog mention, also peer BLDP received large order),RWLK +2.9% (cont momentum post IPO),MCP +2.4% (announces that its expanded leach system has now been placed into service at its Mountain Pass, California Facility),CTRP +2.3% (Priceline (PCLN) disclosed a 5.84% active stake in 13D filing)MBLY +2.3% (still checking),RADA +2.2% (following yesterday's 35% move higher),GPRO +1.9% (following 11% upside move yesterday),HIMX +1.8% (cont momentum),EXXI +1.5% (provides operations update: Q1 production expected at mid-point of guidance; West Delta horizontal program continues to deliver with three new wells brought online ),Z +1.4% (MOVE peer),KR +1.2% (positive commentary on Monday's Mad Money),SDRL +1.1% (still checking, may be just bouncing - shares have sold off significantly in recent weeks),AAPL +0.8% (iPhone 6 & iPhone 6 Plus available in China on Friday, October 17)

Analyst comments: TK +6.6% (upgraded to Buy from Hold at Deutsche Bank),MLNX +3.3% (upgraded to Overweight from Neutral at Piper Jaffray),RMBS +2.8% (attributed to positive Jefferies comments suggesting RMBS as Apple Pay beneficiary),EPAM +1.7% (initiated with a Positive at Susquehanna),AA +1% (upgraded to Buy from Neutral at BofA/Merrill),NWBI +1% (upgraded to Outperform from Neutral at Boenning & Scattergood),TM +0.8% (upgraded to Overweight from Neutral at JP Morgan),FB +0.7% (target raised to $95 from $90 at Evercore),LMT +0.5% (upgraded to Buy from Hold at Stifel)

8:15 am Centrus Energy (formerly USEC) emerges from Chapter 11 restructuring (LEU) : Co announced that it has satisfied all conditions for emergence from Chapter 11 bankruptcy as set forth in its Plan of Reorganization that was approved by the U.S. Bankruptcy Court for the District of Delaware on September 5, 2014.

  • The Plan becomes effective today, and Centrus, formerly known as USEC Inc. (USU), emerges from restructuring in a stronger position to supply customers with nuclear fuel and support the energy and national security needs of the United States. 
  • Centrus stock is expected to begin trading on the New York Stock Exchange today under the ticker symbol LEU. 
  • Under the Plan of Reorganization, Centrus will issue 9 million shares of new common stock today, September 30, 2014. Centrus will also issue new debt totaling $240.4 million that matures in five years. Subject to certain conditions, the debt can be extended an additional five years.

8:12 am WidePoint receives two new task orders under existing Federal Government Blanket Purchase Agreement totaling $87.9 mln (WYY) : The co announced that it has received two new Task Orders from federal agencies under a recently awarded Federal Government Blanket Purchase Agreement. The agencies, one responsible for civilian aviation security and the other one of its subcomponents, awarded two Task Orders totaling $87.9 million. Both Task Orders have a period of performance of a one-year base period and four one-year option periods.

8:07 am CAMAC Energy suspended rig activities of the Energy Searcher drillship have now resumed (CAK) : Co announces the technical problem with the drillship's blow out preventer (:BOP) control hoses has now been resolved. New hoses have been installed, and the BOP is fully function tested.

8:07 am Bellatrix Exploration announces that Grafton has committed an additional $250 million towards further joint venture development (BXE) : The co announced that based upon the success of the first joint venture with Grafton Energy Co I Ltd., the co has entered into a new multi-year joint venture arrangement with Canadian Non-Operated Resources Corp, a non-operated oil and gas company managed by Grafton Asset Management Inc. pursuant to which CNOR has committed $250 million in capital towards future accelerated development of a portion of Bellatrix's extensive undeveloped land holdings. 

  • Under the terms of the agreement, CNOR will pay 50% of the drilling, completion, equipping and tie-in capital expenditures associated with development plans to be proposed by Bellatrix and approved by a management committee comprised of representatives of Bellatrix and CNOR in order to earn 33% of Bellatrix's working interest before payout and automatically converting to a 10.67% gross overriding royalty on Bellatrix's pre-joint venture working interest after payout

8:06 am Quartet Merger Corp stockholders approved the merger between Quartet and privately-held Pangaea Logistics Solutions (QTET) :  

8:05 am Raytheon awarded $149 million contract by Rafael for Iron Dome interceptor components (RTN) : Co announced it has received a contract award from Rafael Advanced Defense Systems Ltd. valued at $149.3 mln to provide products for the Tamir interceptor used in the defensive Iron Dome Weapon System.

8:05 am GlaxoSmithKline and GE Healthcare (GE) to collaborate on commercial oncology testing (GSK) : GE Healthcare and GlaxoSmithKline (GSK) announce a collaboration which aims to improve access to diagnostic testing for cancer patients by establishing a network of clinical labs to identify genetic mutations associated with different tumour types. The collaboration will enable GE to develop a broader laboratory and data analytics service that will enable better efficiency in the healthcare market related to oncology precision medicine. This will be made available as a subscription-based service and operated by GE Healthcare.

8:04 am Dunkin Brands announces entry into Austria; Master franchise agreement with M&D Restaurant Development calls for the development of 25 restaurants over the next five years (DNKN) : Co announced that it has signed a master franchise agreement with M&D Restaurant Development GmbH to begin developing Dunkin' Donuts restaurants across Austria.

8:04 am Leapfrog announced that Antony Hicks has joined the company as CIO (LF) : Prior to joining LeapFrog, Mr. Hicks was CEO, Indochina at The Carlsberg Group where he was responsible for leading the company's Indochina region, driving market share across the key countries in the region.

8:03 am Pattern Energy Group announces long-term PPA with Minera Los Pelambres for 104 MW Conejo Solar project in Chile (PEGI) : Co announced its Conejo Solar photovoltaic power project in Chile has secured a 22-year power purchase agreement (PPA) with an affiliate of Antofagasta Minerals SA.

  • The 104 megawatt (MW) Conejo Solar project, which will be constructed approximately 30 kilometers east of Taltal in Chile's Atacama Desert, was originated by Pattern Development and upon completion will be the largest solar energy project in Chile with a PPA.
  • Co also announced it expands list of identified Right of First Offer Projects to seven projects with 724 MW of total owned capacity.

8:03 am InterOil provides drilling update (IOC) : Co provides an update on its current exploration drilling program.

  • RAPTOR-1, PPL 475: InterOil is preparing to set seven-inch casing in the Raptor-1 well in PPL 475 in the Gulf Province of Papua New Guinea. The casing point is slightly above the Kapau Limestone target zone, and is in line with the well program. At this stage, calcimetry, temperature and background hydrocarbon concentrations are similar to those experienced before InterOil entered the Antelope reservoir. 
  • BOBCAT-1, PPL 476: The Bobcat-1 well in PPL 476 in Papua New Guinea continues to drill in the Orubadi shale, towards the Kapau Limestone target zone. Bobcat-1 is about 30 km northwest of InterOil's multi-trillion cubic feet Elk-Antelope gas field.

8:03 am Masco announces strategic initiatives; Co to spin-off installation and other services segment, initiate share repurchase program and reduce corporate expense (MAS) : The strategic initiatives are comprised of:

  • The spin-off of 100% of Masco's Installation and Other Services businesses into an independent, publicly-traded company through a tax-free stock distribution to Masco's shareholders
  • The implementation of a share repurchase program for an aggregate of 50 million shares of Masco's common stock
  • The reduction of corporate expense and simplification of Masco's organizational structure, resulting in an estimated charge of approximately $30 million over the next several quarters with anticipated company-wide annual savings of $35-40 million 
The Service Business management team will be lead by:
  • Jerry Volas, currently Masco Group President, will become the Chief Executive Officer
  • Robert Buck, currently Masco Contractor Services' President, will become the President and Chief Operating Officer
  • John Peterson, currently Masco Contractor Services' Chief Financial Officer, will become the Chief Financial Officer

8:02 am ChinaNet Online's Liansuo.com signs 12 new clients following Guangzhou franchise exhibition (CNET) : The Company signed 12 new clients and re-signed 55 existing clients for Liansuo.com, its integrated advertising and marketing services platform. Among the new clients are included Sesame St. English, affiliated with the Sesame Workshop in the US; October Mammy, a retailer for expectant mothers with 800 stores across China; Origus, pizza buffet concept in China, which currently operates 80 locations in Beijing; and Thankyou99 Hotel.

8:02 am New Oriental Education announces completion of SEC investigation; no enforcement action to be taken (EDU) : Co announces that it has been advised by the SEC that the investigation by the SEC as to the company has been completed and that the staff does not intend to recommend any enforcement action by the SEC. The company had initially reported the existence of this investigation in July 2012. "I am pleased to announce that the SEC has concluded its investigation. We are gratified to share the positive news with our investors that this matter is now behind us. We will keep focusing on our business and look forward to delivering long-term value to our shareholders."

8:01 am Acasti Pharma announces 'Positive' top-line Pharmacokinetic results; CaPre demonstrated near dose proportional increase with plasma EPA and DHA levels increasing as dose increases (ACST) : Following a single daily dose, CaPre reached steady state (EPA and DHA levels plateaued) within 7 days of dosing. The bioavailability of CaPre does not appear to be meaningfully affected by the fat content of the meal consumed prior to dose administration. CaPre was found to be safe and well tolerated at all doses tested, with all subjects completing the study. Three adverse events were reported and considered relating to CaPre, all of which were mild.

8:01 am CECO Environ. announces acquisition of SAT Technology, a provider of Volatile Organic Compounds abatement solutions for the Chinese air pollution control market (CECE) :

  • SAT Technology is based in Shanghai, China, and has approximately $5 million in annual revenue and 17 employees.

8:01 am S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +21.20. (:WRAPX) : U.S. equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures hover seven points above fair value after inching up over the course of the night. Given the current indication, the benchmark index will get an early boost in an attempt to narrow its September loss of 1.3%. Furthermore, the S&P 500 will enter the day with a quarter-to-date gain of 0.9%.

Market participants will receive three economic reports to round out the month with the Case-Shiller 20-city Index for July (Briefing.com consensus 7.4%) set to be released at 9:00 ET, while the Chicago PMI for September (consensus 61.5) will cross the wires at 9:45 ET. The day's data will be topped off with the 10:00 ET release of the Consumer Confidence report for September (expected 92.0).

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

In U.S. corporate news of note:

  • Alcoa (AA 16.15, +0.22): +1.4% after Bank of America/Merrill Lynch upgraded the stock to 'Buy' from 'Neutral.' 
  • eBay (EBAY 58.58, +5.94): +11.3% after announcing plans to spinoff PayPal during the second half of next year. 
  • Walgreen (WAG 61.00, +1.40): +2.4% in reaction to in-line earnings and revenue. 
Reviewing overnight developments:
  • Asian markets ended mixed. Japan's Nikkei -0.8%, Hong Kong's Hang Seng -1.3%, and China's Shanghai Composite +0.3% 
    • In economic data: 
      • China's HSBC Manufacturing PMI ticked down to 50.2 from 50.5 (expected 50.5) 
      • Japan's Household Spending fell 4.7% year-over-year (expected -3.8%; previous -5.9%), but Retail Sales rose 1.2% year-over-year (expected 0.3%; prior 0.5%). The Unemployment Rate ticked down to 3.5% from 3.8% (consensus 3.8%) and Industrial Production fell 1.5% month-over-month (expected 0.2%; last 0.4%). Separately, Average Cash Earnings rose 1.4% year-over-year (expected 1.1%; prior 2.6%) and Housing Starts fell 12.5% year-over-year (expected -14.2%; previous -14.1%) 
      • South Korea's Retail Sales rose 2.7% month-over-month (consensus 0.5%; prior 0.3%) 
      • Australia's Private Sector Credit expanded 0.4% month-over-month, as expected 
      • New Zealand's ANZ Business Confidence eased to 13.4% from 24.4% 
    • In news: 
      • Japan's Finance Minister Taro Aso welcomed the improvement in the Unemployment Rate, but cautioned that poor weather is likely to impact economic data from the third quarter
  • Major European indices trade mostly higher. Great Britain's FTSE -0.1%, Germany's DAX +0.5%, and France's CAC +1.2%. Elsewhere, Spain's IBEX +1.1% and Italy's MIB +1.3%
    • Economic data was plentiful: 
      • Eurozone CPI ticked up 0.3% year-over-year, as expected, while core CPI rose 0.7% (consensus 0.9%; prior 0.9%. Separately, the Unemployment Rate held steady at 11.5%, as expected 
      • Germany's Claimant Count rose by 13,000 (expected -2,000; previous 3,000), but the Unemployment Rate remained unchanged at 6.7%, as expected 
      • Great Britain's GDP rose 0.9% quarter-over-quarter (expected 0.8%; previous 0.7%), while the current account deficit widened to GBP23.10 billion from GBP20.50 billion (expected deficit of GBP17.00 billion). Separately, Nationwide HPI rose 9.4% year-over-year (expected 10.4%; previous 11.0%) 
      • French Consumer Spending rose 0.7% month-over-month (expected -0.2%; previous 0.8%), while PPI ticked down 0.3% month-over-month (consensus 0.0%; last -0.3%) 
      • Spain's Business Confidence ticked down to -6.9 from -6.7 (expected -6.8) 
      • Italy's CPI ticked down 0.3% month-over-month, as expected. Also of note, PPI fell 1.7% year-over-year (expected -1.6%; previous -1.6%) 
    • Among news of note: 
      • Spain's El Pais has reported Artur Mas will stop campaigning for Catalan independence after the Constitutional Court announced it will block the vote

8:01 am Merrimack Pharma presents additional phase 2 Biomarker data further strengthening the finding that MM-121 increases PFS in patients with biomarker positive metastatic breast cancer (MACK) :

  • Co announced additional clinical and biomarker data from a Phase 2 study in ER/PR-positive, HER2-negative metastatic breast cancer showing that patients with high heregulin mRNA levels achieved a statistically significant benefit from combining the novel agent MM-121 with exemestane. Updated data from this biomarker subgroup, representing 45% of patients with metastatic breast cancer, showed a hazard ratio of 0.26 with a p-value of 0.003. 
  • Data presented as part of meta-analysis showing MM-121's favorable impact on progression free survival in 38-54% of patients with ovarian, lung and breast cancers across three phase 2 studies.Clinical and Biomarker data from phase 1 studies of MM-151 and MM-111 presented; MM-151 wins 'best poster' in developmental therapeutics poster session.
  • Previous results from the MM-121 Phase 2 program presented at the 2014 American Society of Clinical Oncology Annual Meeting identified high heregulin mRNA as prognostic of poor response to standard-of-care therapy across multiple cancers. These results also showed that patients with heregulin-high tumors experienced a reduction in their risk of progression when they received a combination of MM-121 with their standard-of-care therapy as compared to patients who received the standard therapy alone. The previous analysis included 55 patients with breast cancer, 17 of whom were biomarker positive. The poster presented at ESMO 2014 provides biomarker data on 76 ER/PR positive, HER2-negative patients with metastatic breast cancer, 34 of whom were biomarker positive (heregulin-high). The poster also provides the first cross-indication analysis of biomarker data from platinum-resistant ovarian cancer, ER/PR+ HER2- breast cancer and EGFR wild-type non-small cell lung cancer. 
  • An additional 17 biomarker positive patients with metastatic breast cancer were included in this study analysis. Patients in this population with high heregulin levels have a greater risk of disease progression on standard-of-care therapy compared than those who have low heregulin levels. With the addition of MM-121 to standard-of-care therapy, however, patients with high heregulin levels have a significantly reduced risk of progression.

7:52 am On The Wires (:WIRES) :

  • Agilysys (AGYS) announced the general availability of InfoGenesis POS v4.4.5, the latest version of its point-of-sale software solution. 
  • Textura (TXTR) announced that two of its solutions, Submittal Exchange and Greengrade, have been awarded the GSA IT 70 Schedule. 
  • Engineers from Stanford University, Honeywell International (HON) and ANSYS (ANSS) are working together with simulation software to create more energy-efficient aircraft engines at lower costs. 
  • WidePoint (WYY) has received two new Task Orders from federal agencies under a recently awarded Federal Government Blanket Purchase Agreement. The agencies, one responsible for civilian aviation security and the other one of its subcomponents, awarded two Task Orders totaling $87.9 mln. Both Task Orders have a period of performance of a one-year base period and four one-year option periods. 
  • HP (HPQ) announced that the city of Auckland, New Zealand has selected HP Software to deliver a Big Data project designed to provide a safer community and more efficient roadways for its citizens.
  • Leidos (LDOS) was awarded a task order by the Department of Veterans Affairs to provide technical and programmatic support to assist the VA in executing the OneVA Enterprise Architecture program. The single-award firm fixed-price task order has a one-year base period of performance, two one-year options and a total contract value of ~ $25 mln if all options are exercised.

7:49 am Jacobs announces multiple contracts (JEC) :

  • Co announced that it has been awarded a contract from Novo Nordisk (NVO) for a research and development facility in Denmark. Officials did not disclose the contract value. 
  • Also, co has been awarded a contract from Transport Scotland to provide multi-disciplinary consultancy services for one of the largest road infrastructure projects in Scotland's history. The Scottish Government estimates the value for each of the three contracts to be $60-100 mln (GBP40-60 mln).
  • In addition, co announced that its JV with AMEC and Balfour Beatty has been selected by Sellafield to deliver its Box Encapsulation Plant project in West Cumbria, United Kingdom. Sellafield officials noted that the potential value range of the framework agreement is between $380 mln (GBP240 mln) and $540 mln (GBP336 mln) over a period of four years.
  • Finally, co announced the opening of its Elko, Nevada office.

7:43 am SinoCoking reports FY14 results (no estimates) (SCOK) : FY15 EPS $0.05 vs. $0.05 last year; rev -25% to $50.3 mln (no estimates).

  • Looking forward, SinoCoking chief executive Mr. Jianhua Lv said that he expects the co's two syngas projects, once running at full capacity, will produce "substantial revenue and gross profit." 
  • He said the co would soon issue an update on construction and financing developments at both facilities.

7:39 am Asian Markets Close: Nikkei -0.8%, Hong Kong -1.3%, Shanghai +0.3% (:SUMRX) :

  • Markets settled mixed across Asia.
  • The 'Occupy Central' protests for democracy continue in Hong Kong. 
  • The Reserve Bank of India kept its benchmark interest rate unchanged at 8.00%, as expected. 
  • China's HSBC Final Manufacturing PMI (50.2 actual v. 50.5 expected, 50.5 previous) fell short of estimates. 
  • Japanese data was mixed as household spending (-4.7% YoY actual v. -3.5% YoY expected) and preliminary industrial production (-1.5% MoM actual v. 0.2% MoM expected) missed while retail sales (1.2% YoY actual v. 0.4% YoY expected) and average cash earnings (1.4% YoY actual v. 1.1% YoY expected) beat. 
  • Japan's Nikkei (-0.8%) fell from seven-year highs. Trading giant Sumitomo tumbled 12.0% after cutting its annual profit forecast 96% due to lower prices in the commodity space.
  • Hong Kong's Hang Seng (-1.3%) fell to a three-month low as sellers remained in control for the sixth time in seven sessions. Casino stocks remained weak as Galaxy Entertainment and Sands China shed 2.7% and 2.4%, respectively. 
  • China's Shanghai Composite (+0.3%) finished at a 19-month high ahead of Golden Week. Coal names posted solid gains as Datong Coal Industry jumped 3.5% to lead the sector higher.
  • India's Sensex (+0.1%) held the 50 dma. Financials ended mixed as HDFC Bank gained 0.9% and ICICI Bank lost 1.7%. 
  • Australia's ASX (+0.5%) bounced off seven-month lows. All of the big four banks advanced with NAB adding 1.5%.
  • Regional Decliners: Singapore -0.4%...South Korea -0.3%...Vietnam -0.2%...Indonesia -0.1%...Thailand UNCH...Malaysia UNCH 
  • Regional Advancers: Taiwan +0.1%...Philippines +0.2%
  • Fx: USDCNY fell to 6.1392...USDINR climbed to 61.83...USDJPY +30 pips @ 109.75...AUDUSD -5 pips @ .8710

7:37 am Walgreens reports EPS in-line, revs in-line (WAG) : Reports Q4 (Aug) earnings of $0.74 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.74; revenues rose 6.2% year/year to $19.06 bln vs the $19.01 bln consensus. 

  • Front-end comparable store sales (those open at least a year) increased 1.3% in the fourth quarter compared with last year's fourth quarter. 
  • Customer traffic in comparable stores decreased 2.2% and basket size increased 3.5%, while total sales in comparable stores increased 5.4%. Walgreens Balance Rewards loyalty program reached 82 million active members at the end of this year's fourth quarter. 
  • "While continuing to work through pharmacy margin pressure, we were able to achieve improved top-line pharmacy growth as our retail pharmacy market share for the fiscal year increased 30 basis points to 19.0%. Finally, we maintained solid expense control in the fourth quarter and are moving forward with the implementation of our previously announced cost-reduction initiative to achieve $1 billion in savings by the end of fiscal 2017."
  • Combined fiscal-year synergies with Alliance Boots reach $491 mln; FY15 synergies expected to be ~$650 mln

7:33 am Intelli-Check wins $300k contract to install defense ID system at Fort Meade (IDN) :

  • Co has been awarded another contract for ~$300K for its Defense ID system. This system will be installed at Fort George G. Meade, a U.S. Army base in Maryland, to upgrade their current Defense ID system, and is expected to be installed by close of third quarter.

7:32 am Endeavour Silver continues to intersect high grade silver-gold mineralization in V-Asuncion area at the El Cubo mine, Guanajuato, Mexico (EXK) : Co announced that exploration drilling along the V-Asuncion area at the El Cubo mine in Guanajuato State, Mexico continues to intersect high grade silver-gold mineralization. The main mineralized zone now extends over 1,200 metres (m) in length by up to 450 m vertically, still open to some extent down dip.

  • Drilling highlights since April in the Villalpando and Asuncion veins include 200 grams per tonne (gpt) silver and 5.49 gpt gold (530 gpt silver equivalent (AgEq)) over 8.20 m true width (15.5 ounces per ton (opT) AgEq over 26.9 feet (ft)), in hole CAS-60, including 1,535 gpt silver and 36.70 gpt gold (3,737 gpt AgEq) over 0.40 m true width (109.0 opT AgEq over 1.3 ft).

7:31 am TASER selected by the London Metropolitan Police Service to provide another 500 AXON cameras (TASR) : Co has been selected by the London Metropolitan Police Service to provide another 500 AXON cameras as part of the ongoing pilot led by the Mayor's Office of Policing and Crime. The evidence collected from the cameras will continue to be securely stored and managed through the EVIDENCE.com platform.

7:31 am dELiA*s, Inc. announces review of strategic alternatives; received several inquiries from third parties regarding potential acquisition of the company (Shares halted) (DLIA) : The co announced that the company has received several inquiries from third parties regarding a potential acquisition of the Company. In response, the Company's Board of Directors has determined it appropriate to explore and evaluate strategic alternatives to enhance stockholder value, including a possible sale, merger, or other form of business combination. As part of this process, the Company may also consider debt or equity financing alternatives. 

7:31 am Synergy Resources reported that it reached a peak production rate of 8,700 BOED in late August as flush production from the six wells on its Eberle pad came on-line (SYRG) : The Eberle pad was the fourth pad in as many months to begin producing, as Synergy continues to expand its horizontal drilling program in the Wattenberg Field. The company estimates average production for the first quarter of fiscal 2015 ending in November will range from 7,500 to 8,500 BOED per day. The co has accelerated its permitting activities for horizontal wells to meet future development plans, including preparing to permit a 22 well pad in the Greeley area that will consist entirely of 9,000 foot extended reach lateral wells. Synergy will be the operator of the wells and have a 50% working interest. They will provide further operational and financial details during its fiscal year end conference call.

7:31 am Invacare amended its credit agreement that provides additional flexibility in calculating its financial covenants through the duration of the credit agreement (IVC) : In calculating the Company's financial covenants, the credit agreement amendment provides an add back to the Company's EBITDA for warranty accruals up to $10,000,000 and subtracts cash payments when actually paid in future periods.

7:31 am Steven Madden to acquire Mexico licensee for ~ $15 mln; transaction is expected to be accretive, contributing ~ $0.02 - $0.03 in diluted EPS in 2015 (SHOO) :

  • Co announced that it has signed a definitive agreement to acquire Trendy Imports S.A. de C.V., Comercial Diecisiette S.A. de C.V., and Maximus Designer Shoes S.A. de C.V.. As Steve Madden's Mexican licensee, SM Mexico markets Steve Madden products in Mexico in the wholesale channel as well as in Steve Madden-branded retail stores. 
  • The purchase is a cash transaction for approximately $15 million plus repayment of a short term loan and an earn-out provision based on future financial performance. 
  • The transaction is expected to close in January of 2015 and is expected to be accretive, contributing approximately $0.02 -- $0.03 in diluted EPS in 2015

7:30 am Sarepta Therapeutics announces favorable safety results from Phase I clinical study of influenza drug candidate (SRPT) : Co announced favorable safety results from the single ascending dose portion of a Phase I study of AVI-7100, the company's lead candidate for the treatment of influenza virus, in healthy volunteers. 

  • Results showed that AVI-7100 was well-tolerated with no reported serious or clinically significant adverse events. The pharmacokinetic analysis of AVI-7100 reveals a highly similar dose-dependent profile to that of Sarepta's Ebola and Marburg PMOplus drug candidates. An independent Data and Safety Monitoring Board reviewed safety results from the study and recommended the study continue as planned to the multiple dose portion of the study.

7:17 am On The Wires (:WIRES) :

  • ICF International (ICFI) has been awarded a new IDIQ contract by the EPA, Office of Solid Waste and Emergency Response and Office of Superfund Remediation and Technology Innovation, to provide technical, training, meeting and outreach support. This single award contract has a ceiling of $18.5 mln and a term of five years. 
  • Ekso Bionics (EKSO) signed a MoU with SoldierSocks. Over the next three years, SoldierSocks has established a goal of purchasing 80 Ekso GT robotic exoskeleton suits for VA Hospitals, organizations serving veterans, and eventually direct to veterans. 
  • Accenture (ACN) has been selected by American International (AIG) to transform its software platform. Also, ACN is launching the Accenture Innovation Center for Oracle (ORCL) Engineered Systems, enabling faster and more cost-effective deployment of Oracle solutions for clients.

7:17 am Euro Slumps to Two-Year Low: 10Y: -09/32..2.513%..USD/JPY: 109.71..EUR/USD: 1.2584 (:SUMRX) :

  • Early buying has run the Dollar Index above the 86.00 level for the first time since July 2010. 
  • Today's bid has the Index higher by 0.6% @ 86.10. 
  • EURUSD is -100 pips @ 1.2590 as trade presses to its lowest level in two years. The single currency has come under pressure following the jump in German unemployment (12K actual v. -2K expected) and news that eurozone Flash CPI has slowed to 0.3% YoY, the lowest on record. Not all of today's data has been weak as French consumer spending (0.7% MoM actual v. -0.2% MoM expected) and German retail sales (2.5% MoM actual v. 0.6% MoM expected) outpaced estimates; however, those were among the less important readings. The European Central Bank opines on Thursday with many expecting details of the ABS purchases to be announced. Click here to see a monthly EURUSD chart.
  • GBPUSD is -55 pips @ 1.6185 as sellers remain in control for a fifth straight day. The overnight selling comes in response to more disappointing data out of the UK as Nationwide Home Price Index (-0.2% MoM actual v. 0.6% MoM expected) and the current account deficit (GBP23.1 bln actual v. GBP16.9 bln expected) both posted misses while Final GDP improved to 0.9% QoQ (0.8% QoQ expected). Focus will be on the September lows near 1.6050/1.6100 over the coming days. 
  • USDCHF is +75 pips @ .9585 as trade puts in fresh 14-month highs. Today's bid comes despite the in-line KOF Economic Barometer (99.1 actual v. 99.6 previous) as action remains closely correlated to the euro. 
  • USDJPY is +25 pips @ 109.70 as action presses six-year highs. Today's advance comes in response to mixed economic data as household spending (-4.7% YoY actual v. -3.5% YoY expected) and preliminary industrial production (-1.5% MoM actual v. 0.2% MoM expected) missed while retail sales (1.2% YoY actual v. 0.4% YoY expected) and average cash earnings (1.4% YoY actual v. 1.1% YoY expected) beat. 
  • AUDUSD is +5 pips @ .8725 as trade steadies at seven-month lows. The hard currency saw some overnight selling test the .8700 level following China's HSBC Final Manufacturing PMI (50.2 actual v. 50.5 expected, 50.5 previous) miss, but trade was able to hold the .8700 level for a second straight day.
  • USDCNY eased to 6.1395. USDCAD is +15 pips @ 1.1175 as trade marches higher for the seventh time in eight sessions. Today's bid has the pair at a six-month high ahead of Canada's GDP and RMPI releases.

7:14 am American Express appoints Neal Sample President, Enterprise Growth effective immediately (AXP) : Following news that Dan Schulman, Group President of Enterprise Growth, is leaving the co to join eBay, Inc. (EBAY), where he will become CEO of their PayPal business, the co has appointed Neal Sample as President, Enterprise Growth effective immediately

7:03 am C&J Energy reports Nabors Red Lion Limited files S-4 in connection with proposed combination with Nabors' (NBR) completion and production services business (CJES) :

  • Co announced that, in connection with the proposed combination with Nabors' completion and production services business in the United States and Canada, Nabors Red Lion Limited, a subsidiary of Nabors Industries has filed with the SEC a registration statement on Form S-4 which includes a preliminary prospectus of Red Lion and a preliminary proxy statement of C&J. The information contained in the S-4 is subject, in its entirety, to completion or amendment as described within the document.
  • As previously announced on June 25, 2014, C&J, Red Lion and Nabors entered into a merger agreement pursuant to which C&J will combine with Nabors' completion and production services business in the United States and Canada in a transaction valued at ~$2.86 bln at the time of signing the merger agreement. 

7:02 am Main Street Capital amends credit facility; includes extended maturity and improved pricing based on recently announced investment grade rating (MAIN) :

  • The recently closed amendment provides several benefits to Main Street, including (i) an expansion of the total commitments under the facility by $20.0 million, to a total of $522.5 million, (ii) an extension of the final maturity by one year to September 2019, with the facility available on a fully revolving basis for the entire five-year term and (iii) reduced interest rate pricing so long as Main Street maintains an investment grade rating. 
  • Main Street currently has $281.0 million of outstanding debt under the Credit Facility.

7:02 am Can-Fite BioPharma: USPTO issues Can-Fite patent for CF102 in the treatment of liver regeneration and function following surgery (CANF) : The issued patent is titled, "Method for inducing hepatocyte proliferation and uses thereof." Can-Fite has recently been granted a patent for this technology in Japan and the European Union.

7:02 am JinkoSolar Holding to supply solar PV modules for one of the largest rooftop projects in Turkey (JKS) : Co announced that it will supply 500KW of solar PV modules for one of the largest rooftop projects in Turkey. Located in the Izmir Ataturk Organized Industrial Zone, the solar PV power project was built on rooftops covering an area of ~ 4,000m2.

7:01 am Moody's raises full-year 2014 guidance -- to acquire full ownership of Copal Amba (MCO) :

  • Co sees FY14 EPS of $3.95-4.05, excluding $0.36 gain resulting from Moody's acquisition of a controlling interest in ICRA and includes costs related to acquisition of the remaining outstanding shares of Copal Amba, prior guidance $3.90-4.00, vs. $4.02 Capital IQ Consensus Estimate. Full-year 2014 total share repurchases are now expected to be up to $1.25 billion. Certain components of Moody's 2014 revenue guidance have been modified to reflect the Company's current view of business conditions. While global Moody's Investors Servicerevenue for full-year 2014 is still expected to increase in the high-single-digit percent range, U.S. and non-U.S. MIS revenues are now expected to increase in the high-single-digit percent range and low-double-digit percent range, respectively. MIS financial institutions ratings revenue is now expected to grow in the mid-single-digit percent range.
  • Co has agreed to acquire the remaining outstanding shares of Copal Amba. Moody's is currently a majority owner of Copal Amba, which was formed through the acquisitions of Copal Partners in 2011 and Amba Investment Services in 2013. The acquisition of the remaining shares is not expected to have an impact on Moody's earnings per share in 2014 and will be funded from international cash on hand. The terms of the transaction, which is expected to be finalized in Q4 2014, were not disclosed.

7:01 am Transenterix secures up to $25 mln in growth capital from Oxford Finance and Silicon Valley Bank (TRXC) : The co announced that it has expanded its existing agreement with Oxford Finance LLC and Silicon Valley Bank to provide for up to $25.0 mln in growth capital.

  • The loan will mature on April 1, 2018, or October 1, 2018, if certain milestones are achieved. The Loan Agreement provides for up to three separate tranches of $10.0 mln, $5.0 mln and $10.0 mln, respectively. At closing, the company increased its existing borrowings of approximately $5.6 mln under the first tranche to the full $10.0 mln.

7:01 am Fortuna Silver Mines increases silver in reserves by 26% and silver in inferred resources by 67% at San Jose Mine, Mexico (FSM) :

  • Proven and Probable Reserves total 4.3 Mt containing an estimated 31.2 Moz silver and 243 koz gold, reflecting year-over-year increases of 26 percent in contained silver ounces and 13 percent in contained gold ounces relative to the July 4, 2013 reserve and resource estimate (see Fortuna news release dated October 17, 2013).
  • Mineral Reserves for San Jose are estimated using a break-even cut-off grade of 128 g/t Ag Eq based on assumed metal prices of US$21/oz Ag and US$1,260/oz Au; estimated metallurgical recovery rates of 89% for Ag and 89% for Au; and projected operating costs for year-end 2014.

7:01 am Molycorp announces that its expanded leach system has now been placed into service at its Mountain Pass, California Facility (MCP) : While operations of the new Leach system areexpected to be limited in the near term due to constraints in onsite productionand market availability of hydrochloric acid (HCl), Company officials said thatthe system expansion addresses one of the major production bottlenecks atMountain Pass and is expected to boost rare earth production and lower operatingcosts once it is fully operational and sufficient supplies of HCl are available.

  • While onsite production and market availability of HCl are expected to improvein the fourth quarter of 2014 and beyond, company officials said that thirdquarter rare earth production at Mountain Pass is not expected to exceed firstquarter 2014 levels.

7:00 am eBay to separate eBay and PayPal into independent publicly traded companies in 2015; expects tax-free spin-off in the second half of 2015 (EBAY) : Co announced that following a strategic review of the company's growth strategies and structure, has approved a plan to separate the company's eBay and PayPal businesses into independent publicly traded companies in 2015, subject to customary conditions. 

  • The company expects to complete the transaction as a tax-free spin-off in the second half of 2015, subject to market, regulatory and certain other conditions.
  • Devin Wenig, currently president of eBay Marketplaces, will become CEO of the new eBay company.
  • Dan Schulman will be President of PayPal, effective immediately, and CEO-designee of the standalone PayPal company following separation. Since 2010, Schulman served as President of American Express' (AXP) Enterprise Growth Group and led the company's global strategy to expand its alternative mobile and online payment services.
  • eBay Inc. will host a conference call to discuss the separation of eBay and PayPal at 8:00 am ET.

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

  • Radware (RDWR) announced its ongoing contribution to the OpenDaylight Project with Defense4All, an SDN application that provides DoS and DDoS protection as a native network service for Helium. 
  • HP (HPQ) announced two ARM (ARMH) based servers, including the first enterprise-class 64-bit ARM-based server, for customers that value choice in their compute strategy. Additionally, HP is making available a production-ready platform to enable software developers to develop, test and port applications to the 64-bit ARM-based server.

6:55 am Midcoast Energy Partners closed a private placement of senior unsecured notes to a group of institutional investors; total $400 mln of gross proceeds was raised through three tranches in the U.S. private debt market (MEP) : The gross proceeds were raised in three tranches with terms of five, seven, and ten years with an average term of 7.75 years and weighted average coupon of 4.09%.

  • Co intends to utilize the net proceeds to repay short-term debt, to finance a portion of its capital expansion program relating to its core natural gas systems and for general partnership purposes. 
  • Some or all of the net proceeds of this offering may be invested temporarily in short-term investment grade securities pending their use for such purposes.

6:34 am Royal Dutch Shell entered into arrangement with independent third party to enable purchase of ordinary shares, for cancellation, during Q3 results close period (RDS.A) :  

6:32 am ChromaDex secures $5.0 mln in growth capital financing from Hercules (HTGC) (CDXC) : The co announced that it closed on a $5.0 mln growth capital debt financing from Hercules Technology Growth Capital (HTGC). 

  • The financing will provide ChromaDex with additional working capital to support its rapidly-growing ingredient business, as well as accelerate the company's research and development efforts.
  • "This financing should provide ChromaDex with sufficient capital to fund our operations at least until late 2015, as our business transitions to cash flow positive and profitable."

6:32 am Move to be acquired by News Corp (NWSA) for $21 per share, or ~$950 mln, via all-cash tender offer (MOVE) : Co and News Corp (NWSA) announced that News Corp has agreed to acquire Move.

  • REA Group, which is 61.6% owned by News Corp and is the operator of the Australian residential property website, realestate.com.au, plans to hold a 20% stake in Move with 80% held by News Corp. 
  • Under the acquisition agreement, which has been unanimously approved by the board of directors of Move, News Corp will acquire all the outstanding shares of Move for $21 per share, or ~ $950 mln (net of Move's existing cash balance), via an all-cash tender offer. This represents a premium of 37% over Move's closing stock price on Sep 29, 2014. 
  • REA's share will be acquired for ~ $200 mln. 
  • News Corp intends to commence a tender offer for all of the shares of common stock of Move within 10 business days, followed by a merger to acquire any untendered shares.

6:32 am PetroQuest Energy completes sale of its Eagle Ford assets for net proceeds of ~ $9.7 mln; completes semi-annual re-determination of its borrowing base under its credit facility (PQ) :

  • The co announced that in September, the company completed the sale of its Eagle Ford assets for net proceeds of ~$9.7 mln.  
  • The company's bank group has completed its semi-annual re-determination of its borrowing base under its credit facility. 
    • As a result, the company's $200 mln borrowing base has been increased to $220 mln and the commitment level has been increased from $150 mln to $170 mln. The next re-determination of the borrowing base is scheduled to occur before March 31, 2015.

6:26 am S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +14.50. :

6:26 am European Markets : FTSE...6645.09...-1.60...0.00.  DAX...9476.38...+53.70...+0.60%.

6:26 am Asian Markets : Nikkei...16,173.52...-137.10...-0.80%.  Hang Seng...22,932.98...-296.20...-1.30%.

6:26 am Canadian Pacific amends share repurchase program from 5,270,374 common shares to 12,650,862 common shares (CP) : Co announced that it has received the approval of the Toronto Stock Exchange to amend its Normal Course Issuer Bid to increase the maximum number of its common shares that may be purchased for cancellation under the Bid from 5,270,374 common shares, being 3% of the common shares outstanding, to 12,650,862 common shares, or 8% of CP's "public float", each as at March 4, 2014. The increased limit will be effective October 2, 2014.

  • The Bid commenced on March 17, 2014 and will terminate on March 16, 2015. 
  • Since March 17 CP has repurchased the 5,270,374 common shares or 3% of its common shares outstanding.

6:24 am PC-TEL hires Carolyn Dolezal as Vice President, Strategy and Chief Marketing Officer (PCTI) : Dolezal worked most recently for SmithBucklin as their Executive Vice President and Chief Executive, Technology Industry Practice. Dolezal resigned from PCTEL's Board of Directors, where she served as Compensation Committee Chair, in order to accept this position. Separately, the Board's Corporate Governance and Nominating Committee is actively reviewing potential director candidates. The Board expects to fill the existing vacancy within the quarter.

6:19 am On The Wires (:WIRES) :

  • CytRx (CYTR) announced the initiation of a global Phase 2b clinical trial evaluating aldoxorubicin compared to topotecan in subjects with extensive-stage small cell lung cancer who have relapsed or were refractory to prior chemotherapy.
  • GoldOller Real Estate Investments announced its acquisition of the Canterbury Green Apartments and Townhomes in Ft. Wayne, Indiana for $85.5 mln from AIMCO Holdings QRS. GoldOller completed the acquisition in a venture with Prospect Capital (PSEC) which provided a majority equity investment through a controlled REIT. 
  • BioLife Solutions (BLFS) announced the formation of a JV under the brand name of biologistex Cold Chain Management, a play on biologistics, defined as the processes, tools, and data used to monitor and manage the movement of biologic materials such as vaccines, cells, tissues, and organs across time and space. 
  • Xoom (XOOM) has announced that first time Xoom customers who send $100 or more to the Philippines from now until Oct 31, 2014, can receive a six-month subscription to TFC.tv.
  • Hexcel (HXL) will expand its carbon fiber production capacity through the addition of new precursor and carbon fiber lines in Roussillon, France. The $250 mln investment will also include the associated Quality Control laboratories and offices. 
  • Men's Wearhouse (MW) announced Scott Norris has been named Men's Wearhouse Brand and Moores Brand President and Paul Fitzpatrick has been named Jos. A. Bank's Brand President. Additionally, Jim Thorne was named Executive Vice President of Direct Sourcing.

6:05 am NMI Hldgs reports preliminary statistics through 3Q2014; est new insurance written by National MI during 3Q2014 is ~$950 mln (NMIH) : Co reported preliminary statistics through the third quarter of 2014.

  • Estimated new insurance written ("NIW") by National MI during the third quarter of 2014 is ~ $950 mln, comprised of the following: 
    • Monthly premium NIW of ~ $425 mln. 
    • Single premium NIW of ~ $125 mln. 
    • Aggregated single NIW of ~ $400 mln.
  • National MI estimates that as of Sep 30, 2014, it has approved Master Policies with ~ 650 lender customers, including 25 of National MI's 40 National Accounts.

6:04 am Bristow Group announces multi-year contracts including new clients and new markets; contracts expected to generate in excess of $2.8 bln in revenue (BRS) : Co announced in advance of the Johnson Rice Energy Conference, that since the beginning of calendar year 2014, it has secured several renewal and new multi-year contracts for oil and gas and search and rescue operations. These contracts provide for a total of 31 large and five medium helicopters and are expected to generate in excess of $2.8 billion in revenue over the current life of the contracts.

6:01 am American Campus Communities provides fall 2014 leasing update; Q4 2014 same store properties are 97.5% leased with a 2.1% final projected rental rate increase vs 96.8% as of Sep 30, 2013 (ACC) : Co released leasing information for the 2014-2015 academic year.

  • As of September 29, 2014, the Q4 2014 same store properties are 97.5% leased with a 2.1% final projected rental rate increase compared to 96.8% as of September 30, 2013. 
  • The total new store properties are leased to 98.5%. 
  • The combined total wholly-owned portfolio is 97.5% leased as of September 29, 2014.
  • "... we believe we are positioned to produce same store net operating income growth in excess of three percent for the 2014-2015 academic year."

5:14 am On The Wires (:WIRES) :

  • TSMC (TSM) and ARM (ARMH) announced the results from a key FinFET silicon validation of the ARM big.LITTLETM implementation, using ARM Cortex-A57 and Cortex-A53 processors on TSMC's advanced 16nm FinFET process technology. 
  • Amphenol Aerospace, a division of Amphenol Corporation (APH), announced it now offers Copper-to-Copper and Copper-to-Fiber Ethernet Media & Interface Conversion with Switching. These completely sealed and rugged integrated electronic Ethernet devices are designed for harsh environment applications. 
  • Accenture (ACN) and Alcatel-Lucent (ALU) have formed a strategic alliance to help communications service providers and large enterprises implement integrated ultra-broadband solutions to address the challenges of rising costs and increased data consumption caused by high demand from digital customers and applications. 
  • Toshiba (TOSBF) announced the launch of "TB67S269FTG", a bipolar stepping motor driver offering a high voltage of 50V and current of 2.0A. Sample shipments start today, with mass production scheduled to start in October. 
  • Federal Express Canada, a subsidiary of FedEx (FDX), has announced the latest phase in its comprehensive retail expansion across Canada. An agreement has been reached with Super C, Metro Inc's Quebec chain, to house full-service FedEx Authorized ShipCentres within the majority of the supermarket's 86 stores throughout Quebec. 

5:01 am Ceragon receives follow-on orders from a global Tier 1 operator serving 20 countries across Asia and Africa (CRNT) : This latest upgrade of both African and Asian subsidiaries brings the total order value to over $50 million year to date. 

4:36 am Vimicro announces $12.4 mln contract win in Taiyuan City of Shanxi Province; Vimicro's JV secures $65 mln Revolving Line of Credit (VIMC) : Co announces it has won a contract to provide SVAC-compliant video surveillance cameras and system to the Traffic Police Detachment of Taiyuan for RMB76 million, or $12.4 million approximately. The project is expected to be completed by early 2015. 

  • Co also announced that its joint venture, Shanxi Zhongtianxin Science and Technology Co, has reached an Agreement on Project Financing and Strategic Cooperation with CITIC Bank Taiyuan Branch, including a revolving credit line up to RMB400 million, or $65 mln approximately.

4:29 am Apple iPhone 6 & iPhone 6 Plus available in China on Friday, October 17 (AAPL) : Apple (AAPL) announced that iPhone 6 and iPhone 6 Plus will be available in China beginning Friday, October 17 from the Apple Online Store, Apple's retail stores, and an expansive network of retail stores through all three major carriers and Apple Authorized Resellers.

  • With support for TD-LTE and FDD-LTE, iPhone 6 and iPhone 6 Plus provide customers access to 4G/LTE networks from China Mobile (CHL), China Telecom (CHA) and China Unicom (CHU) across mainland China. 
  • Customers can pre-order iPhone 6 and iPhone 6 Plus from the Apple Online Store beginning Friday, October 10. 
  • Beginning Tuesday, October 14, customers can reserve the new iPhones for in-store pick-up starting Friday, October 17. 

4:24 am Alibaba announces strategic investment in Shiji Information Technology (BABA) : Co announces that Taobao Software Co., Ltd., a subsidiary of Alibaba Group, has agreed to invest RMB2.81 billion in Beijing Shiji Information Technology Co, a China-based hotel information technology provider, in return for a 15% stake. After completion of the transaction, Alibaba Group will have one board seat on the board of directors of Shiji Information. 

4:13 am Royal Bank of Scotland provides an update on Q3 2014 financial performance (RBS) : Co provides an update to its Q3 performance at B of A investor conference.

  • Q3 2014 has seen continued improvement in economic conditions and asset prices in our key markets, including Ireland. This has supported a further quarter of strong operating performance by RBS Capital Resolution. RBS anticipates that RCR will record net impairment provision releases in the region of 0.5bn in Q3 2014.
  • RCR's future overall costs and speed of wind-down remain subject to significant potential volatility. The potential exists, if market conditions remain favourable, for RCR to incur limited future impairments and disposal losses, and an accelerated timetable to achieve its wind-down goals.
  • Rising Irish residential property prices combined with pro-active debt management has resulted in lower arrears in Ulster (excluding RCR), within Personal & Business Banking. As a result we expect Ulster to record net provision releases in the region of 0.3bn in Q3 2014. The potential exists for further releases in future, if market conditions continue to improve.
  • There has been an absence of large one-off impairments and lower levels of new non-performing loans in the rest of RBS's business during Q3 2014.
  • RBS now expects to significantly outperform its previous guidance of c 1bn total impairments for FY 2014. Previously disclosed uncertainties remain, particularly relating to conduct and litigation matters.
  • Corporate & Institutional Banking revenues have been weaker than anticipated in the third quarter.
  • RBS took advantage of improved market prices to dispose of c 9bn legacy available for sale debt securities. These disposals generated a loss of around 0.2bn in Centre revenues. We expect these transactions to be moderately capital ratio accretive.

4:01 am On The Wires (:WIRES) :

  • UTi Worldwide (UTIW) has implemented solutions from Axway for enterprise-level integration across its regional IT departments. 
  • Sierra Wireless (SWIR) announced the launch of AirLink Enterprise Connect, a first-of-its-kind bundled solution for retail and branch locations in the United Kingdom, France, and Germany. 
  • Publicis Groupe (PUBGY) announces the acquisition of leading social media agency, Ambito5, in Italy. Terms were not disclosed.
  • ARM (ARMH) announced support for the ARM High-Speed Serial Trace Port specification and the Marvell SETM protocol in ARM DS software development tools. 
  • Kofax (KFX) announced that a United States government agency has invested $300,000 to expand its Kofax solution 

3:19 am On The Wires (:WIRES) :

  • HP (HPQ) today expanded the innovative HP Stream line-up of thin and light Windows products that leverage the cloud and make it easy to work and play from more places with the addition of two new notebook PCs and two new tablets. 
  • Boeing (BA) will consolidate the majority of its defense services and support-related activities from Washington state to other locations in the U.S. as part of efforts to improve the competitiveness of its Boeing Defense, Space & Security unit. The transition could take up to three years to complete and affect about 2,000 employees. Once completed, approximately 900 positions could be added to Oklahoma City and potentially up to 500 positions to St. Louis.  
  • eBay (EBAY) announced Shoe Carnival (SCVL) has partnered with eBay Enterprise to implement a new omnichannel operational foundation based on eBay Enterprise modular solutions including, Retail Order Management, Payments, Fraud Protection, Ship-from Store, and Customer Care. 
  • Boeing (BA) and Air China celebrated the delivery of the airline's first 747-8 Intercontinental. Air China is the first carrier in Asia to operate the passenger version of the new, fuel-efficient 747-8. The new airplane is the first of seven 747-8 Intercontinentals Air China has on order.  

3:01 am PDF Solutions updates the status of certain contracts and announces the effect of the change in status on previously deferred costs and expected revenues (PDFS) : Co provides an update on certain statements made in the Company's earnings teleconference on July 28, 2014, concerning the status of two contracts that were then expected to close in the near future. Based on current negotiations, the Company believes that the contracts will not be signed. The Company is pursuing resolution with the client but cannot predict the timing or success of any such resolution.

Guidance: Co issues downside guidance for Q3 (Sep), sees Q3 (Sep) revs of $21.5-23.0 mln vs. $29.90 mln Capital IQ Consensus Estimate. Co issues downside guidance for FY14 (Dec), sees FY14 (Dec) revs of ~flat YoY implying $101.5 mln vs. $111.70 mln Capital IQ Consensus Estimate. 

Color to guidance:

  • Based on this change in status, the Company intends to recognize in the third fiscal quarter 2014 ~$1.9 million in previously deferred costs associated with the services, technology, and intellectual property the Company provided to date in connection with these contracts. 
  • Additionally, as a result of these contracts not signing, the Company expects Design-to-silicon-yield solutions revenue to be negatively impacted by approximately $7.0 to $8.0 million in the third fiscal quarter 2014 and by $10.0 to $12.0 million for the full fiscal year 2014. 
  • The change in status of these two contracts will not impact Gainshare performance incentive revenue in either the third fiscal quarter or the full year 2014. 
  • For the full year 2014, the Company now expects total revenues to be flat compared to fiscal year 2013 and to return to growth in fiscal year 2015.

2:26 am Regeneron Pharms and Sanofi (SNY) announce positive Phase 2 top-line dupilumab results in patients with chronic sinusitis with nasal polyps (REGN) : Regeneron Pharmaceuticals (REGN) and Sanofi (SNY) announced that a Phase 2a proof-of-concept study of dupilumab, an investigational therapy that blocks IL-4 and IL-13 signaling, met all primary and secondary endpoints in patients with moderate-to-severe chronic sinusitis with nasal polyps who did not respond to intranasal corticosteroids. 

  • In the study, dupilumab resulted in a statistically-significant improvement in the size of nasal polyps, as measured by endoscopic Nasal Polyp Score, the primary endpoint of the study.  
  • Statistically significant improvements in all secondary efficacy endpoints were also observed, including objective measures of sinusitis by CT scan, nasal air flow, and patient-reported symptoms.  
  • In a pre-specified exploratory analysis, dupilumab-treated patients who also had asthma demonstrated significant improvements in asthma control. The safety profile was consistent with previous studies.  
  • The most common AEs with dupilumab were injection site reactions, nasopharyngitis, oropharyngeal pain, epistaxis, headache and dizziness.

2:20 am Samson Oil & Gas provides weekly operations update (SSN) : Co provides it regularly scheduled weekly update. The Ironbank 4-14-13TFH has completed drilling the lateral and has set and cemented the production liner in the Three Forks Formation bench 1. Rig time on this well totaled 20.75 days which compares favorably with the prior 5 TF1 wells which averaged 21.75 days spud to rig release. The Frontier 24 rig is currently being skidded to the Ironbank 5-14-13H location. The Bootleg 4 and 5 wells continue to flow at rates exceeding 500 BOPD. 

1:47 am On The Wires (:WIRES) :

  • Freescale Semiconductor (FSL) announced three automotive-grade connectivity modules for next-generation telematics and Advanced Driver Assistance Systems 
  • Toshiba (TOSBF) announced that it has begun production of vegetables at the Toshiba Clean Room Farm Yokosuka, a plant factory in Yokosuka, Kanagawa prefecture. Shipment of the first crop is scheduled for the end of October. 
  • ZKenergy Science & Technology Co announced that it has filed a lawsuit against Wuxi Suntech Power (STPFQ). The lawsuit claims that Suntech failed to perform its obligations under the terms of Solar Module Sales Contract and the supplementary agreement, which requires Wuxi Suntech to supply the modules after receiving ZKenergy's combined payment totaling 206 million yuan. ZKenergy is seeking to have Wuxi Suntech restitute the payment and be liable for breach of the agreements. 

1:22 am Dominion welcomes FERC approval of Cove Point LNG Export Project (D) : Co welcomed the Federal Energy Regulatory Commission's approval to site, construct, and operate the Cove Point LNG liquefaction and export project. 

  • Dominion must review and accept the order. Upon completion of that review, the company expects to file an implementation plan describing how it will comply with the conditions set forth in the order. Dominion expects to ask the FERC for a "Notice to Proceed" at that time and plans to begin construction when the notice is received. This process -- from Dominion review through FERC's notice -- is expected to take several weeks.
  • The construction of the export project, which is estimated to cost between $3.4 billion and $3.8 billion, will create thousands of skilled construction jobs, 75 permanent jobs and an additional $40 million in annual tax revenue to Calvert County. Other economic benefits included millions of dollars of new revenues for Maryland and the federal government as well as a reduction in the nation's trade deficit by billions of dollars annually. 

1:16 am Pfizer and Kyowa Hakko Kirin to collaborate on immuno-oncology combination study (PFE) : Pfizer (PFE) and Kyowa Hakko Kirin announced that they have entered into an agreement to explore the therapeutic potential of the combination of Pfizer's PF-05082566, an investigational, fully humanized monoclonal antibody that stimulates signaling through 4-1BB, a protein involved in regulation of immune cell activation, proliferation and survival, with Kyowa Hakko Kirin's anti-CCR4 antibody mogamulizumab, which suppresses some of the immune cells that shield the tumor from the immune system, in a Phase Ib clinical study evaluating the safety and tolerability of the combination in patients with solid tumors. 

  • Pfizer and Kyowa Hakko Kirin will co-fund the clinical study, which will be conducted by Pfizer. 
  • This study is expected to establish a recommended dose regimen and assess the safety and preliminary efficacy of the combination. 
  • This study is expected to begin in 2015 and the results will determine the future clinical development of the combination. 

1:14 am Mannkind announces receipt of $150 mln licensing upfront payment from Sanofi (SNY) (MNKD) : Co announced that it had received a $150 mln upfront payment in connection with an exclusive worldwide collaboration and licensing agreement with Sanofi (SNY) for development and commercialization of Afrezza Inhalation Powder, a new rapid-acting inhaled insulin therapy for adults with type 1 and type 2 diabetes.

1:11 am MacroGenics and Takeda (TKPPY) enter second strategic alliance to develop multiple additional DART Therapeutics (MGNX) : MacroGenics (MGNX) and Takeda Pharmaceutical (TKPPY) jointly announced that they have entered into a collaboration agreement to develop and commercialize up to four product candidates. These four research programs are in addition to MGD010, which was the subject of a prior agreement announced in May 2014.  Each of these product candidates will be directed against jointly selected pairs of molecular targets and incorporate MacroGenics' Dual-Affinity Re-Targeting proprietary platform.

  • Takeda receives an option to obtain an exclusive worldwide license for each of the four product candidates and will fund all research and development activities related to the programs, including reimbursement of MacroGenics' expenses. 
  • Assuming successful development and commercialization by Takeda, MacroGenics could receive up to an additional approximately $400 million in program initiation, pre-clinical, clinical, regulatory and commercialization milestone payments for each of four potential product candidates.  
  • If commercialized, MacroGenics would receive double-digit royalties on any global net sales and has the option to co-promote each product candidate with Takeda in the United States.  Finally, MacroGenics may elect to fund a portion of Phase 3 clinical development of each product candidate in exchange for a North American profit share.

1:09 am Zions Bancorp announces early tender results of Waterfall Tender Offer (ZION) : Co announces that, pursuant to its previously announced tender offer to purchase for cash up to $263,857,000 aggregate principal amount of its outstanding 4.00% Senior Notes due June 20, 2016 and its 4.50% Senior Notes due June 13, 2023, $276,056,000 in aggregate principal amount of Waterfall Notes were validly tendered and not validly withdrawn

1:08 am Trina Solar announces the offering of ~7 mln American Depositary Shares (TSL) : Co announces the commencement of the offering of ~7,000,000 American Depositary Shares, each representing 50 ordinary shares of the Company, ~2,000,000 of which are being offered and sold by the Company and up to ~5,000,000 of which the Company will loan to affiliates of the underwriters of the Company's concurrent offering of convertible senior notes.

  • The Company also commenced a concurrent offering of $100 million in aggregate principal amount of convertible senior notes due 2019

1:06 am Helix Energy announces new 5 yr, $250 mln credit facility for its Subsidiary Helix Q5000 Holdings S.A.R.L. (HLX) :  

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