InPlay from Briefing.com

Briefing.com

5:50 pm BE Aerospace Board approves separation of KLX Inc. (BEAV) : Co announced that its board of directors has approved the separation of its Consumables Management Segment, consisting of B/E Aerospace's aerospace distribution and energy services businesses, which will be known as KLX Inc. ("KLX"), through a dividend distributing all of the shares of KLX common stock on a pro rata basis to the holders of B/E Aerospace's common stock.

  • For every two shares of B/E Aerospace common stock held, B/E Aerospace's shareholders will receive one share of KLX common stock. No fractional shares of KLX will be issued. Shareholders will receive cash in lieu of fractional shares. The Board has set a record date of December 5, 2014 and a distribution date of December 16, 2014.

5:29 pm Canadian Pacific announces plan to purchase through private agreements up to ~1.2 mln common shares under its repurchase program (CP) : Co announced that it intends to purchase for cancellation up to 1,210,163 of its common shares pursuant to private agreements to be entered into between CP and an arm's-length third-party seller. Purchases will be made in accordance with an issuer bid exemption order issued by the Ontario Securities Commission dated November 25, 2014, and pursuant to the Order, may be made in several transactions prior to March 16, 2015.

5:19 pm Capital City Bank increases quarterly dividend to $0.03 from $0.02 per share (CCBG) :  

5:16 pm McCormick increases quarterly dividend 8.1% to $0.40 from $0.37 per share (MKC) :  

5:15 pm Medley Management adds lenders to its credit facility, increasing commitments to $150 mln (MDLY) : Co announced the closing of an additional $25 million of commitments to its senior secured revolving credit facility. The Credit Facility was arranged and led by ING Capital LLC. One additional lender joined the lending group and committed $15 million to the Credit Facility while two existing lenders committed an additional $5 million each. Total commitments to the Credit Facility are $150 million and the Credit Facility provides for an aggregate accordion feature up to an aggregate maximum amount of $500 million.

5:14 pm Herbalife Chairman and CEO has engaged in a net exercise transaction involving 750k stock options (HLF) : Co announced that Michael Johnson, Herbalife's chairman and CEO, has engaged in a net exercise transaction involving 750,000 stock options that were granted to him in December 2004 and were due to expire in December 2014. "Because of his complete confidence in the continued and future success of the company, Mr. Johnson has decided that he will hold all the shares issued on exercise of the option, which will be the total amount, net of those necessary to cover the exercise price and any taxes related to the transaction."

5:09 pm Perfect World misses by $0.05, reports revs in-line (PWRD) : Reports Q3 (Sep) earnings of $0.42 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.47; revenues rose 18.8% year/year to $158.73 mln vs the $160.25 mln consensus.

  • Gross margin was 69.0%, compared with 73.1% in the previous quarter and 77.8% in the same quarter last year.
Co sees Q4 revs of RMB 1023 - 1072 mln vs ~RMB 983.3 mln Capital IQ Consensus Estimate

5:05 pm Ctrip.com beats by $0.04, beats on revs; guides Q4 revs below consensus (CTRP) : Reports Q3 (Sep) earnings of $0.36 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.32; revenues rose 38.0% year/year to $346.95 mln vs the $336.07 mln consensus.

  • Accommodation reservation volume increased 69% year-on-year, exceeding guidance of 50-60% volume increase year-on year, and accommodation reservation revenues increased 56% year-on-year, reaching RMB950 million (US$155 million) for the third quarter of 2014.
  • Transportation ticketing volume increased 98% year-on-year, exceeding guidance of 60-70% volume increase year-on year, and transportation ticketing revenues increased 32% year-on-year, reaching RMB800 million (US$130 million) for the third quarter of 2014.
  • Gross margin was 72% for the third quarter of 2014, compared to 75% in the same period in 2013, and remained consistent with that in the previous quarter.
Co issues downside guidance for Q4, sees Q4 revs of +30% from prior year (~$309.3 mln) vs. $314.91 mln Capital IQ Consensus Estimate.

4:33 pm Balchem announces investment in agglomeration technology (BCPC) : Co announced that its SensoryEffects business segment will make a multi-million dollar investment in agglomeration technology and production equipment to complement its market leading capabilities in drying and blending of emulsified powders for various markets.

4:31 pm Interdigital Comm: Innovation Partners expands its relationship with McGill University in Canada (IDCC) : Co announced that its Innovation Partners unit has entered into a collaboration agreement with McGill University in Montreal, Canada. The collaboration, which explores new forms of mobile information delivery, is funded by a grant from the Natural Sciences and Engineering Research Council (:NSERC) of Canada.

4:22 pm Cubic beats by $0.19, beats on revs; increases dividend (CUB) : Reports Q3 (Sep) earnings of $1.22 per share, $0.19 better than the Capital IQ Consensus Estimate of $1.03; revenues rose 16.3% year/year to $396.4 mln vs the $390.53 mln consensus. 

  • Sales grew for the quarter for both the Transportation Systems (CTS) and Defense Systems (:CDS) segments, but decreased for the Mission Support Services (:MSS) segment.
  • Co also announced an increase in semi-annual dividend from $0.12 to $0.135 per share approved by Board of Directors and expected to be declared in February 2015.

4:17 pm H.B. Fuller approved a termination and exit plan related to organizational restructuring projects (FUL) : In implementing the Plan, the Company currently expects to incur exit costs of approximately $5.1 million ($3.7 million after-tax) .The Plan will be implemented beginning in the fourth quarter of the current fiscal year and is currently expected to be completed by the end of fiscal 2015. The exit costs will be spread across the next several quarters as the measures are implemented with approximately $3.1 million of the after-tax costs occurring in the fourth quarter of fiscal 2014 and approximately $0.6 million of after-tax costs occurring in fiscal 2015. The exit costs associated with the Plan will be adjusted out of the Company's earnings per share for fiscal year 2014, therefore, the Company's previously announced adjusted diluted earnings per share guidance for fiscal year 2014 will not be impacted by these costs.

4:14 pm AeroVironment reports EPS in-line, misses on revs; guides FY15 revs in-line (AVAV) : Reports Q2 (Oct) loss of $0.13 per share, in-line with the Capital IQ Consensus Estimate of ($0.13); revenues fell 18.8% year/year to $52.7 mln vs the $55.21 mln consensus.

  • Gross MarginAs a percentage of revenue, gross margin decreased to 34% from 37%.

  • Backlog: As of November 1, 2014, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $125.2 million compared to $65.9 million as of April 30, 2014.
     
  • Guidance: Co issues in-line guidance for FY15, sees FY15 revs of $250-270 mln vs. $258.61 mln Capital IQ Consensus Estimate.

4:11 pm Closing Market Summary: Stocks End Flat Following Upward Q3 GDP Revision (:WRAPX) : The stock market ended the Tuesday session on a flat note. The S&P 500 shed 0.1% after spending the day in a ten-point range while the other indices also settled near their unchanged levels.

Despite the flat finish, equity indices rallied at the start after the second revision to Q3 GDP surprised to the upside (3.9%; Briefing.com consensus 3.2%). However, the opening spike marked the session high for the S&P 500, which returned to unchanged by the end of the first hour.

The S&P 500 dipped into the red during morning action with the move taking pace amid weakness in the energy sector (-1.6%). The growth-sensitive group widened its week-to-date loss to 2.3% after a meeting between Russia, Saudi Arabia, Mexico, and Venezuela did not produce an agreement to reduce output. Crude oil also retreated on the news, but saw a short-lived spike on its way down in reaction to reports OPEC members may opt to cut supply at Thursday's meeting in order to stem the recent decline in price. The energy component ended lower by 2.2% at $74.09/bbl.

The energy sector was the lone decliner of note while most of the remaining groups ended with modest gains. The consumer discretionary space (+0.3%) finished in the lead after a few names reported earnings. Brown Shoe (BWS 31.29, +2.81), DSW (DSW 34.39, +0.74), and Signet Jewelers (SIG 131.59, +8.60) beat estimates while Tiffany & Co (TIF 107.62, +2.61) missed by a penny. The sector finished in the lead even though homebuilders lagged with the iShares Dow Jones US Home Construction ETF (ITB 25.93, -0.15) shedding 0.6%.

Elsewhere, the industrial sector (+0.2%) also finished near the lead with help from transport stocks. The Dow Jones Transportation Average extended to a fresh record, ending higher by 0.4%. Airlines benefitted from lower fuel prices with Delta Air Lines (DAL 44.08, +0.57) advancing 1.3%.

Another cyclical sector-technology-led at the start, but narrowed its gain to just 0.1% by the close. Apple's (AAPL 117.61, -1.02) market cap briefly crossed the $700 billion mark in the morning, but the top-weighted sector component retreated into the close. Unlike Apple, the sector was able to avoid turning negative thanks to gains in other large components like Intel (INTC 36.32, +0.07) and Facebook (FB 75.63, +1.62).

Treasuries notched their lows in reaction to the GDP report, but rallied throughout the day. The 10-yr yield ended lower by five basis points at 2.26%.

Participation was ahead of average with more than 830 million shares changed hands at the NYSE floor.

Economic data included Q3 GDP, Case-Shiller 20-city Index, FHFA Housing Price Index, and Consumer Confidence:

  • Third quarter GDP was revised up to 3.9% in the second estimate from 3.5% while the Briefing.com consensus expected a reading of 3.2% 
    • All of the gain in third quarter GDP resulted from an upward swing in inventories 
    • Real final sales were revised down to 4.1% from 4.2% 
    • The positive surprise was mostly the result of an unexpected upward revision to personal consumption expenditures with goods spending in the third quarter revised up to 4.3% from 3.1% 
  • The Case-Shiller 20-city Index for September rose 4.9%, which was ahead of the Briefing.com consensus (4.6%) 
  • The September FHFA Housing Price Index was unchanged to follow last month's 0.4% uptick 
  • The Consumer Confidence Index dropped to 88.7 in November from a downwardly revised 94.1 (from 94.5) while the Briefing.com consensus expected an increase to 96.0. 
    • The Present Conditions Index declined to 91.3 from 94.4 while the Expectations Index fell to 87.0 from 93.8 
Tomorrow will be busy on the economic front with the MBA Mortgage Index set to cross the wires at 7:00 ET. Weekly Initial Claims, October Durable Orders, and October Personal Income/Spending Data will be released at 8:30 ET while the Chicago PMI for November will cross at 9:45 ET. The final reading of the Michigan Sentiment Survey will be released at 9:55 ET while New and Pending Home Sales will be reported at 10:00 ET.
  • Nasdaq Composite +13.9% YTD 
  • S&P 500 +11.8% YTD 
  • Dow Jones Industrial Average +7.5% YTD 
  • Russell 2000 +2.1% YTD

4:10 pm Lilis Energy receives NASDAQ notice regarding listing requirements; issuance of the letter has no immediate effect on the listing of co's common stock (LLEX) :  

4:10 pm Medivation announced that Joseph Lobacki will join the co as CCO on Dec 8, 2014 (MDVN) : Co announced that Joseph Lobacki will join the co as CCO on Dec 8, 2014. He will succeed Dawn Svoronos, who has served as MDVN's interim CCO since July 2014. Previously, Mr. Lobacki served as the GM of the oncology business at Idera Pharmaceuticals.

4:10 pm Hewlett-Packard beats by $0.01, misses on revs; guides Q1 EPS within range (midpoint below consensus); reaffirms FY15 EPS guidance (HPQ) : Reports Q4 (Oct) adj. earnings of $1.06 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.05; revenues fell 2.5% year/year to $28.41 bln vs the $28.76 bln consensus.

  • Personal Systems revenue was up 4% YoY with a 4.0% operating margin. Commercial revenue increased 7% and Consumer revenue decreased 2%. Total units were up 5% with Desktops units down 2% and Notebooks units up 8%. 
  • Printing revenue was down 5% YoY with an 18.1% operating margin. Total hardware units were down 1% with Commercial hardware units up 5% and Consumer hardware units down 4%. Supplies revenue was down 7%. 
  • Enterprise Group revenue was down 4% YoY with a 14.8%. 
  • Enterprise Services revenue was down 7% YoY with a 6.8% operating margin operating margin.
Co issues guidance for Q1, sees EPS of $0.89-0.93, excluding non-recurring items, vs. $0.93 Capital IQ Consensus.

Co reaffirms guidance for FY15, sees EPS of $3.83-4.03, excluding non-recurring items, vs. $3.96 Capital IQ Consensus Estimate. 

HP generated $2.7 billion in cash flow from operations in the fourth quarter, down 4% from the prior-year period. HP also utilized $750 million of cash during the quarter to repurchase approximately 21.7 million shares of common stock in the open market. HP exited the quarter with $15.5 billion in gross cash. 

4:09 pm Hoegh LNG Partners reports Q3 results (HMLP) : Co reports Q3 op income of $6.94 mln vs $3.92 mln year ago; revs 41.9% to $16.52 mln (no estimates).

4:08 pm Infoblox beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line (BLOX) : Reports Q1 (Oct) earnings of $0.05 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.02; revenues rose 5.0% year/year to $66.7 mln vs the $64.44 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $0.04-0.05, excluding non-recurring items, vs. $0.04 Capital IQ Consensus Estimate
  • Co sees Q2 revs of $66.5-68.5 mln vs. $66.73 mln Capital IQ Consensus Estimate.

4:08 pm Net 1 UEPS Techs provided an update on the South African Social Security Agency tender process; the company concluded that the tender specifications were not sufficiently clear regarding a number of critical points and failed to comply with the RFP requirements specified in the Court's order (UEPS) : Following a detailed analysis of the tender specifications, the Company concluded that the tender specifications were not sufficiently clear regarding a number of critical points and failed to comply with the RFP requirements specified in the Court's order. The Company wrote a letter to SASSA, requesting that the RFP be withdrawn, corrected and reissued. SASSA declined the Company's request and, in order to avoid further delays and prejudice, the Company applied to the Constitutional Court on November 6, 2014 for an order setting aside the RFP and directing SASSA to issue a corrected RFP.

4:08 pm Board of Governors of the Federal Reserve and the Board of Directors of the FDIC announced that they had completed their review of Wells Fargo & Co.'s 2014 resolution plan (WFC) : The agencies noted improvements from the original plan submitted in 2013, including the narrative describing the firm's preferred resolution strategy and the progress in addressing the five obstacles identified in guidance issued by the agencies. These improvements notwithstanding, the agencies have also jointly identified specific shortcomings of the 2014 resolution plan that need to be addressed in the 2015 plan. The letter details the specific shortcomings and the expectations of the agencies for the 2015 submission.

4:08 pm 21Vianet beats by $0.01, misses on revs (VNET) : Reports Q3 (Sep) earnings of $0.09 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.08. 

  • For Q4, co expects net revenues to be in the range of RMB812-RMB848 mln, up  61% yr/yr at the mid point. 
  • Adjusted EBITDA is expected to be in the range of RMB152-RMB168 mln, up 68% yr/yr at the mid point.

4:07 pm TiVo misses by $0.01, reports revs in-line; guides Q4 revs below consensus (TIVO) : Reports Q3 (Oct) earnings of $0.06 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.07; revenues rose 7.8% year/year to $88.1 mln vs the $87.77 mln consensus.

  • Adjusted EBITDA of $27.7 million, up 16% y/y
  • Added 328,000 TiVo subscriptions, bringing total subscriptions to over 5.1 million, a 32% y/y increase 
  • Repurchased $128 million or 9.9 million shares in the quarter; over $400 million worth of stock remaining to be repurchased under current authorization
Co issues downside guidance for Q4, sees Q4 revs of $87-90 mln vs. $90.37 mln Capital IQ Consensus Estimate; sees Adjusted EBITDA to be in the range of $21-24 mln and net income to be in the range of $2-5 mln.

TIVO shares are down 2.8% in after-hours trading

4:07 pm NASDAQ announced November mid-month short interest data; short interest totaled 8,208,446,111 shares compared with 8,401,155,376 shares reported for the prior settlement date of October 31, 2014 (NDAQ) : The Mid-November short interest represents 4.31 days average daily NASDAQ Global Market share volume for the reporting period, compared with 3.87 days for the prior reporting period. Short interest in 641 securities on The NASDAQ Capital MarketSM totaled 589,171,780 shares at the end of the settlement date of November 14, 2014 compared with 609,336,646 shares in 636 securities for the previous reporting period. This represents 5.17 days average daily volume, compared with the previous reporting period's figure of 5.70.

In summary, short interest in all 2,899 NASDAQ securities totaled 8,797,617,891 shares at the November 14, 2014 settlement date, compared with 2,887 issues and 9,010,492,022 shares at the end of the previous reporting period. This is 4.36 days average daily volume, compared with an average of 3.96 days for the previous reporting period.

4:06 pm Veeva Systems beats by $0.01, beats on revs; guides Q4 EPS above consensus, revs above consensus (VEEV) : Reports Q3 (Oct) earnings of $0.09 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.08; revenues rose 52.4% year/year to $83.8 mln vs the $78.97 mln consensus.

  • Third quarter operating income was $19.9 million, compared to $10.0 million one year ago, an increase of 100% year-over-year.
     
  • Guidance: Co issues upside guidance for Q4, sees EPS of $0.08-$0.09 vs. $0.07 Capital IQ Consensus Estimate; sees Q4 revs of $84.5-$85.5 mln vs. $81.62 mln Capital IQ Consensus Estimate.

4:06 pm Webster Financial announces receipt of regulatory approval to acquire health savings account business from JPMorgan Chase (JPM) (WBS) : The transaction is expected to close early in the first quarter of 2015, subject to satisfaction of customary closing conditions.

4:06 pm Tangoe announces additional stock repurchase program of up to $30 mln of common stock (TNGO) : The $30 mln authorization includes ~$2.3 mln of remaining repurchase capacity under the co's prior, $20 mln repurchase program authorized in November 2012. The repurchase program will be funded using Tangoe's working capital.

4:06 pm Escalera Resources extends letter of intent agreement to explore feasibility of developing GTL Plant (ESCR) :

  • This extension allows for co and WYGTL to continue to perform the detailed engineering, operations, construction, supply and related due diligence required to reach a definitive agreement. 
  • The Letter Agreement will terminate on January 31, 2015 if a definitive agreement between co and WYGTL has not been executed.

4:05 pm eGain Comm. announced that it has established a new $20 mln credit facility (EGAN) : Co announced that it has established a new $20 million credit facility with Wells Fargo Capital Finance. The new facility, which includes a $10 million, five-year term loan and a $10 million revolver, replaces eGain's current credit facility.

4:05 pm Infoblox names Jesper Andersen President and Chief Executive Officer (BLOX) :

  • Prior to joining co, Andersen served in a number of roles at Cisco from September 2008 to November 2013, including as senior vice president for network management during his first three years at the company.

4:05 pm Nimble Storage beats by $0.01, beats on revs; guides Q4 EPS below consensus, revs above consensus (NMBL) : Reports Q3 (Oct) loss of $0.15 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of ($0.16); revenues rose 76.9% year/year to $59.1 mln vs the $57.73 mln consensus. Q3 Adjusted EBITDA was negative $8.6 million or negative 15% of revenue compared to negative 21% in the third quarter of fiscal 2014.

  • Co issues guidance for Q4, sees EPS of ($0.15) - ($0.14), excluding non-recurring items, vs. ($0.13) Capital IQ Consensus Estimate; sees Q4 revs of $65-67 mln vs. $64.34 mln Capital IQ Consensus Estimate. Co sees Q4 Adjusted EBITDA loss of $7.0 to $8.0 million.

4:04 pm Matson's 2015 Westbound Hawaii service rates to increase by $225 per container (MATX) : Co announced that Matson Navigation Company will raise its rates for the co's Guam/Commonwealth of the Northern Marianas Islands and Micronesia services by $225 for both westbound and eastbound containers, effective Jan 25, 2015.

  • "This is Matson's second rate increase for Guam/CNMI and Micronesia in four years, During that time, our operating costs have continued to rise, necessitating this adjustment."

4:04 pm Analog Devices beats by $0.01, beats on revs; guides Q1 EPS in-line, revs in-line (ADI) : Reports Q4 (Oct) earnings of $0.69 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.68; revenues rose 20.1% year/year to $814 mln vs the $804.58 mln consensus. Non-GAAP gross margin of 66.4% of revenue; Non-GAAP operating margin of 33.2% of revenue.

  • Co issues in-line guidance for Q1, sees EPS of $0.58-0.64 vs. $0.62 Capital IQ Consensus Estimate; sees Q1 revs of $745-775 vs. $766.22 mln Capital IQ Consensus Estimate.

4:03 pm Aehr Test Systems announces private placement of 1,065,029 shares of common stock at $2.431/share (AEHR) : Total gross proceeds to co will be $2.6 million, before offering expenses. The closing of the private placement will take place on November 26, 2014, and no placement agent was used in connection with the transaction.

4:03 pm Books-A-Million reports Q3 results (BAMM) : Co reports Q3 EPS of $0.50 vs $0.47 year ago; revs 1.2% to $101.2 mln (no estimates). Comparable store sales for the third quarter increased 1.8%.

4:03 pm Texas Roadhouse COO announces retirement effective Jan 2015; Doug Thompson is being promoted to VP of Operations. (TXRH) :  

4:02 pm Silver Bay Realty Trust increases its share repurchase program by an additional 2.5 mln shares (SBY) :  

4:01 pm Amgen and AstraZeneca (AZN) announce positive results from third and final Pivotal Phase 3 study of brodalumab in patients with moderate-to-severe plaque psoriasis (AMGN) : Cos announced that AMAGINE-2TM, a pivotal, multi-arm Phase 3 trial evaluating two doses of brodalumab in more than 1,800 patients with moderate-to-severe plaque psoriasis, met its primary endpoints when compared with both Stelara (ustekinumab) and placebo at week 12.

  • Results showed that 44.4 percent of patients in the brodalumab 210 mg group, 33.6 percent of patients in the brodalumab weight-based group, 25.7 percent of patients in the brodalumab 140 mg group, 21.7 percent of patients in the Stelara group and 0.6 percent of patients in the placebo group achieved total clearance of skin disease (PASI 100). 
  • In addition, 86.3 percent of patients in the brodalumab 210 mg group, 77.0 percent of patients in the brodalumab weight-based group, 66.6 percent of patients in the brodalumab 140 mg group, 70.0 percent of patients in the Stelara group and 8.1 percent of patients in the placebo group achieved PASI 75.

4:01 pm Northeast Comm. Bancorp approved the repurchase of up to 255,123 shares, or ~5.0% of the outstanding common stock (NECB) :  

4:00 pm Hain Celestial announces 2 For 1 stock split; Stockholders of record at the close of business on Dec 12 will receive one additional share of HAIN; expected to be distributed on or about Dec 29 (HAIN) :  

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

  • HPQ, ADI, CUB, CTRP, PWRD, VNET, TIVO, VEEV, BLOX, NMBL, AVAV, XNET
Tomorrow before the open look for the following companies to report:
  • DE, SDRL, SOL

2:58 pm Stock indices extend afternoon pullback -- Dow +11, S&P -1.3, Nasdaq Comp +1 (:TECHX) :  

2:34 pm Energy price action; WTI crude falls near $74/barrel ahead of Thursday's OPEC meeting (:COMDX) :

  • Crude oil fell $1.66 to $74.09/barrel
  • Natural gas rose 27 cents to $4.41/MMBtu
  • Heating oil closed unchanged at $2.03/gallon
  • RBOB fell $0.01 to $2.39/gallon

2:25 pm Agricultural price action (:COMDX) :

  • Corn rose 8 to $3.75/bushel
  • Wheat rose 10 cents to $5.52/bushel
  • Soybeans rose 16 cents to $10.51/bushel
  • Ethanol fell 2 cents to $2.06/gallon
  • Sugar #11 ended unchnaged at 16.00 cents/gallon

2:15 pm Dollar Dips Below 88.00: 10Y: +08/32..2.273%..USD/JPY: 117.82..EUR/USD: 1.2481 (:SUMRX) :

  • The Dollar Index holds on session lows near 87.85 as sellers remain in control for a second session. Click here to see a daily Dollar Index chart.
  • The recent weakness has many participants turning their attention towards 87.50 support. 
  • EURUSD is +35 pips @ 1.2475 as action continues its climb off 1.2400 support. The single currency pressed to its worst levels of the session following the strong U.S. GDP number, but has seen steady buying over the remainder of the session as home prices and consumer confidence were light. A run through 1.2600 and the 50 dma (1.2630) helps the bull case. 
  • GBPUSD is +10 pips @ 1.5715 as trade contends with a two-week high. Sterling was punished in early trade after the latest Bank of England Inflation Report showed a split Monetary Policy Committee, but has attracted bids amid the broad based dollar weakness. British data scheduled for tomorrow includes Second Estimate GDP, preliminary business investment, and CBI Realized Sales. 
  • USDCHF is -25 pips @ .9640 as trade continues to slide off 16-month highs. An absence of news and data out of Switzerland has kept the pair tightly correlated to the euro.
  • USDJPY is -50 pips @ 117.75 as trade tests the lower end of the 117.50/118.50 range that has been in place for much of the past week. The pair failed to rally following further promises of more easing by Bank of Japan Governor Haruhiko Kuroda
  • AUDUSD is -80 pips @ .8530 as action looks likely to close at its lowest level in 52 months. The hard currency has seen selling after comments from Reserve Bank of Australia Deputy Governor Lowe suggested the exchange rate remains too high. Australia's construction work done will cross the wires tonight. 
  • USDCAD is -40 pips @ 1.1235 as action flirts with the 50 dma. Today's selling comes following the mixed core retail sales (0.0% MoM actual v. 0.4% MoM expected) and retail sales (0.8% MoM actual v. 0.6% MoM expected) data.

2:12 pm Metals price action (:COMDX) :

  • Gold rose $1.70 to $1197.30/oz
  • Silver rose 17 cents to $16.55/oz
  • Copper fell 4 cents to $2.96/lb

1:46 pm Territorial Bancorp announced that its Board has declared a special cash dividend of $.10 per share (TBNK) : The dividend is payable on December 23, 2014 to shareholders of record as of December 9, 2014.

1:33 pm Continental Building Products announced that Isaac Preston, President and CEO, passed away overnight (shares halted) (CBPX) : Pursuant to a succession and contingency plan adopted by the Board of Directors previously, the Board has appointed Jay Bachmann, Continental's Senior Vice President and Chief Financial Officer, as Interim Chief Executive Officer, effective immediately.

1:30 pm Canterbury Park Holding announced that it has entered into a non-binding Letter of Intent with Kraus-Anderson, Incorporated related to the development of excess and underutilized property adjacent to its racetrack in Shakopee, Minnesota (CPHC) : Pursuant to the Letter of Intent, Kraus-Anderson will conduct due diligence to determine the feasibility of developing a portion of the land owned by CPHC into a mixed use center that could include retail shops, restaurants, entertainment and multi-family housing, as well as other compatible uses. If Kraus-Anderson is satisfied with the results of its due diligence, the Letter of Intent contemplates that the parties will negotiate a mutually acceptable comprehensive development plan and enter into a binding Development Agreement.

1:01 pm Merck announced that the Board has increased the company's quarterly dividend to $0.45 per outstanding share, up $0.01 from the previous dividend of $0.44 (MRK) : Payment will be made on Jan. 8, 2015, to stockholders of record at the close of business on Dec. 15, 2014.

12:57 pm Midday Market Summary: Little Changed (:WRAPX) : The major averages are little changed at midday with the Dow, Nasdaq, and S&P 500 all trading within 0.1% of their respective flat lines.

Equities began the day on a modestly higher note after receiving a pre-market boost from the Q3 GDP report, which was revised up to 3.9% from 3.5% (Briefing.com consensus 3.2%). However, the opening spike marked the session high for the benchmark index, which has spent the bulk of the first half near its flat line.

Over the past few sessions, investors have been reminded time and time again that the S&P 500 is due for a pullback after soaring more than 13.0% from its mid-October low. Strikingly, the index has resisted selling efforts repeatedly and is doing so once again today.

The energy sector (-0.9%) weighs, with the decline coming after a meeting between Russia, Saudi Arabia, Mexico, and Venezuela did not result in an agreement to reduce output. Crude responded by sliding to lows, but recently inched up from those levels amid reports OPEC members may opt for a supply cut. Crude remains lower by 1.1% at $74.93/bbl. The recent OPEC news lifted the energy sector off its low and sent the benchmark index back into the green. Outside of energy, the remaining sectors trade closer to their flat lines.

On the upside, the technology sector (+0.4%) has shown strength since the start. The early outperformance was fueled by shares of Apple (AAPL 117.73, -0.90), but the top-weighted sector component has slid into the red. Other large cap components have filled the void with Google (GOOGL 551.31, +3.83), Qualcomm (QCOM 72.18, +0.49), and Intel (INTC 36.40, +0.15) up between 0.4% and 0.7%.

Elsewhere among influential sectors, the consumer discretionary space (+0.3%) holds a modest gain after several components reported earnings. Brown Shoe (BWS 31.02, +2.54), DSW (DSW 34.31, +0.66), and Signet Jewelers (SIG 129.72, +6.73) beat estimates while Tiffany & Co (TIF 107.03, +2.02) missed by a penny.

Treasuries hover in the middle of their trading range with the 10-yr yield lower by a basis point at 2.29%.

Economic data included Q3 GDP, Case-Shiller 20-city Index, FHFA Housing Price Index, and Consumer Confidence:

  • Third quarter GDP was revised up to 3.9% in the second estimate from 3.5% while the Briefing.com consensus expected a reading of 3.2% 
    • All of the gain in third quarter GDP resulted from an upward swing in inventories 
    • Real final sales were revised down to 4.1% from 4.2% 
    • The positive surprise was mostly the result of an unexpected upward revision to personal consumption expenditures with goods spending in the third quarter revised up to 4.3% from 3.1% 
  • The Case-Shiller 20-city Index for September rose 4.9%, which was ahead of the Briefing.com consensus (4.6%) 
  • The September FHFA Housing Price Index was unchanged to follow last month's 0.4% uptick 
  • The Consumer Confidence Index dropped to 88.7 in November from a downwardly revised 94.1 (from 94.5) while the Briefing.com consensus expected an increase to 96.0. 
    • The Present Conditions Index declined to 91.3 from 94.4 while the Expectations Index fell to 87.0 from 93.8

12:54 pm Apple: AAPL -0.80% coming under pressure in recent midday trade as shares slide to a new Lod print @ 117.60, well off the 119.75 all-tome highs traded earlier today (AAPL) :  

12:47 pm American Airlines: Color on move following drop in oil and upcoming holiday (AAL) : As oil continues its precipitous drop ahead of Thursday's much anticipated OPEC meeting, a number of companies and sectors are benefiting as the implications of long-term lower gas prices mean more business and less costs. In recent trade, crude oil fell almost 2% to $74.27, reaching a new multi-year low price not seen since 2010. One industry that doesn't seem to mind the price action is the airline sector. Shares of American Airlines (AAL) are leading the pact, +2.5% on the day; shares of AAL are up over 75% this year. Shares of Delta Air (DAL) are also having a strong day, up 1.5%. While airlines are sure to benefit from the lower fuel prices, the moves can also be attributed anticipations ahead of the busiest travel day of the year.

Another market that looks to benefit from lower fuel costs is retail. With consumers having less travel-related expenses, shoppers should have a larger budget to spend on gifts, especially in advance of the busiest shopping season of the year. Any early indicators from this coming weekend will illustrate meaningful signs of how strong investors can expect retail performance to be going into the end of the year.

12:44 pm Philips Electronics announced 510(k) clearance from the FDA for its IQon Spectral CT (PHG) : The additional level of spectral information in the CT exam helps clinicians identify the composition of materials in the body for further diagnostic interrogation.

12:43 pm Fresh rebound highs from Dow +19 and S&P +1.2 -- Nasdaq Comp +5 (:TECHX) : Relative sector strength in recent trade has been noted in Energy XLE, Crude Oil USO, Oil Service OIH, Steel SLX, Materials XLB, Bank KBE.

12:43 pm EXACT Sciences announced that the Centers for Medicare & Medicaid Services has issued its final payment decision regarding Cologuard (EXAS) : The final payment decision follows a comprehensive evaluation by the agency as part of a joint FDA and CMS parallel review pilot program. Cologuard is the first technology to gain approval through this program.

  • CMS to reimburse $502 per test.

12:29 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

  • PLL (97.15 +2.6%): Beat Q1 consensus estimates by $0.09, beat on revs; reaffirmed FY15 EPS guidance.
  • CMCSA (56.37 +2.46%): Added to US 1 List at BofA/Merrill.
  • AAL (44.36 +2.67%): Strength in airlines ahead of the busiest travel day of the year and as crude oil prices continue their drop to multi-year lows.
Large Cap Losers
  • WDAY (86.65 -6.31%): Reported Q3 that beat consensus estimates by $0.06, beat on revs; guided JanQ revs in-line; Tgt lowered at FBR on disappointing guidance.
  • HRL (52 -3.93%): Missed Q4 consensus estimates by $0.01, reported revs in-line; guided FY15 EPS below consensus.
  • LVLT (48.6 -2.9%): Downgraded to Neutral from Outperform at Macquarie.
Mid Cap Gainers
  • QIHU (75.2 +8.26%): Reported Q3 earnings that beat consensus estimates by $0.02, beat on revs; guided Q4 revs above consensus; Bullish commentary from Stifel.
  • SIG (129.9 +5.62%): Reported Q3 results that beat consensus estimates by $0.03, revs were in-line; guided Q4 EPS in-line.
  • PANW (119.59 +5.59%): Reported Q1 earnings of $0.15 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.12; revenues rose 50.0% year/year to $192.3 mln vs the $181.73 mln consensus; Tgt raised at Northland, FBR, Topeka, others.
Mid Cap Losers
  • CASY (79.95 -9.01%): Announced that it will revise financial results due to error in ethanol excise tax reporting; aggregate impact of the unrecorded excise taxes for the period from Jan 1, 2012 through Jul 31, 2014, fully diluted EPS is ~4.5 cents in each of the affected quarters; Downgraded to Neutral at Northcoast.
  • P (18.58 -5.88%): Downgraded to Underperform from Mkt Perform at FBR Capital; tgt lowered to $11 from $28.
  • NBR (15.89 -3.11%): Lower after a judge yesterday suspended merger plans between NBR and C&J Energy (CJES), instructing CJES to solicit proposals from other potential buyers.

12:04 pm Minor new rebound highs for Dow +14 and S&P -0.5 in midday trade -- Nasdaq Comp +4.9 (:TECHX) :  

11:52 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:+0.0%
  • Germany's DAX:+0.8%
  • France's CAC:+0.3%
  • Spain's IBEX:+0.4%
  • Portugal's PSI:+0.1%
  • Italy's MIB Index:+0.4%
  • Irish Ovrl Index:+0.4%
  • Greece ASE General Index: -2.8%

11:50 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (261) outpacing new lows (62) (:SCANX) : Stocks that traded to 52 week highs: AAPL, AAVL, ABAX, ABG, ACNB, ACT, ACTG, AEC, ALSN, AMAG, AMC, AMT, ANCX, AON, APD, AVGO, AVNR, BBW, BC, BDR, BDX, BERY, BIF, BIN, BJRI, BKW, BLK, BLT, BMRN, BNDX, BOOT, BRK.A, BRK.B, BSET, BTF, BURL, BWLD, CACI, CAF, CATO, CBAN, CBRL, CELG, CENX, CFN, CFO, CHKP, CHSP, CIM, COKE, COLM, COTY, COV, CPRT, CSCO, CST, CSX, CTRN, CVA, CVTI, DENN, DGX, DIN, DISH, DLPH, DLTR, DNB, DPLO, DPO, DPS, DSGX, DSPG, DYAX, EA, EAT, EEFT, ELLI, ENL, EPB, EVN, EW, FBMS, FCB, FEUZ, FFC, FFIV, FFNW, FGL, FII, FIS, FLC, FNF, FOLD, FPXI, FTCS, FTNT, FV, GGG, GGP, GK, GPC, GPI, GPN, GTT, HBI, HCKT, HDS, HIG, HLT, HPI, HRC, HSIC, HSNI, HSP, HTLD, HUM, IMAX, IMKTA, INCY, JBLU, JBSS, JWN, KEYS, KLAC, KMP, KMR, KMX, KNX, LB, LBRDA, LBRDK, LBTYK, LBY, LEAF, LEN, LII, LM, LNC, LOW, LQ, LSTR, M, MCRL, MDT, MDXG, MGPI, MMC, MNDO, MRH, MSTR, MTD, MUSA, MWV, MYCC, NAVG, NCLH, NDAQ, NOC, NSC, NUW, NVDA, NXPI, OCUL, ODFL, ONEQ, ORLY, OVAS, PANW, PDCO, PEI, PERY, PLKI, PLL, PLOW, PMCS, PSCD, PSCT, QQXT, QTEC, QTM, R, RAND, RBA, RDI, RDY, RE, RFMD, RGC, RL, RMAX, ROP, RSTI, RT, RTN, RUK, RVP, RVSB, SBAC, SEIC, SFBS, SHLX, SIG, SJR, SNE, SNPS, SONC, SPR, SQBK, ST, STOR, SWFT, SWKS, SYK, SYMC, TBK, TCX, TDY, TFSL, TFX, THI, TIF, TJX, TMO, TNET, TQNT, TQQQ, TRI, TSEM, TSRA, TTWO, TXT, UCFC, UNP, UPLD, V, VAC, VAL, VDSI, VEC, VFC, VMEM, VONG, VR, VTHR, VTR, VUSE, VWR, WAB, WDC, WERN, WEX, WHR, WLDN, WRB, WY, XL, XNPT, XRAY, ZAYO, ZSPH, ZUMZ

Stocks that traded to 52 week lows: ALE, AMDA, APDN, BGH, BIND, BLRX, BRSS, CEL, CSUN, DCTH, DWSN, ECT, EEI, ENVA, EPM, ESEA, EVGN, FES, FMD, GNBC, GOMO, GZT, HIX, JMEI, KMDA, LEU, MCP, MDGN, MIN, MRTX, MZOR, NCQ, NDRM, NDRO, NSPH, NSPR, ORPN, OXFD, PBIB, PHMD, PICO, PRSS, PTNR, RCPI, RGDO, RNO, RVLT, SALT, SARA, SDLP, SIFY, SIR, SLTC, SPKE, SQQQ, SYPR, SZYM, TGA, VLTC, WGA, WRES, XOOM

ETFs that traded to 52 week highs: IGN, IHF, IHI, IWF, IYF, IYH, IYJ, IYT, MDY, PPA, QQQ, RTH, SDY, SMH, SOXX, UYG, VTI, XBI, XLI, XLK, XLV, XLY, XRT

ETFs that traded to 52 week lows: FXA

11:49 am Currency Commentary: DXY Rolling Over (:SUMRX) :

  • The Dollar Index has rolled back below the 88 level. The DXY was able to pop to session highs after the Q3 GDP was revised higher to +3.9% from +3.5%. But the greenback was unable to hold those gains and would roll over and see significant selling pressure once it broke the 88.15 area. The selling would continue after the November Consumer Confidence number underwhelmed, posting an 88.7 compared to the 96.0 Briefing.com consensus. Trading volume is declining as we head closer to the Thanksgiving Day holiday but there still remains a significant amount of economic data due out tomorrow. Of note: Durables, Initial Claims Spending & Income, Chicago PMI, and New & Pending Home Sales are all expected tomorrow. 
  • The euro has been able to take the dollar weakness and rally to the 1.2486 area. Aiding the rise was a revision to Q3 Germany GDP data which was higher than expected. Q3 GDP numbers and CPI data will be the primary interest for markets as we head into the end of the week. 
  • The pound has also been able to parlay the dollar weakness into a rally despite dovish comments from Bank of England Governor Mark Carney at an inflation hearing. Mr. Carney stated that he was concerned about the down side to the global economy in its current condition. This will certainly lower expectations for a rate increase near term. The pound though was able to shake off any concern and run to 1.5730 before finally bumping into resistance. 
  • The yen is seeing some small bids as markets see some risk off trading ahead of the Thanksgiving Holiday. With a big run in equities we are seeing some profit taking ahead of a big OPEC meeting and that is helping provide some strength to the yen. The yen is currently trading at 117.90 (BONDX, FOREX).

11:45 am SanDisk displaying some relative strength, nearing yesterday's two month high at 103.56 -- session high 103.47 (SNDK) : Note that its Sep/four month high is at 104.37.

11:24 am Motorola Solutions announced that it has issued a notice to redeem all of the remaining ~$3.45 mln outstanding of its 8.4% debentures due Aug. 15, 2031 (MSI) : In accordance with the terms of the indenture under which the debentures were issued, the debentures will be redeemed in full on Dec. 26, 2014, at a redemption price equal to 100 percent of the principal amount, plus accrued and unpaid interest from the most recent interest payment date, Aug. 15, 2014 to, but not including, the redemption date.

11:10 am iRadimed announced that it has filed a submission for premarket notification with the FDA relating to its MRidium 3860+ MRI IV infusion pumps (IRMD) : This submission follows a September 2, 2014 announcement that the Company received a warning letter from the FDA requesting that it cease commercial distribution of its MRI IV infusion pumps and submit a 510(k).

11:09 am New low S&P -3.5, Nasdaq Comp -1.7 dips back into the red, Dow -17 hovering slightly above its low (:TECHX) : Relative strength in V +1.2%, UNG +0.7%, DIS +0.7%, CSCO +0.5%, MSFT +0.5% have helped Dow outperform in recent trade.

10:55 am S&P -2.5 dips slightly under first hour low, Dow -17 and Nasdaq Comp +3.3 range trading in lower half of their ranges (:TECHX) :  

10:51 am Crude oil dropping sharply, just hit a new session low of $75.25/barrel; Jan crude now -0.6% at $75.34/barrel (:COMDX) :  

10:47 am Citigroup announced the commencement of offers to purchase for cash certain of its notes of the series up to an aggregate principal amount with respect to each series of notes; aggregate principal amount outstanding of ~$8.62 bln as of November 24, 2014 (C) : The Offers are being made pursuant to the offer to purchase, dated November 25, 2014, and the related letter of transmittal which set forth in more detail the terms and conditions of the Offers.The Offers will expire at 11:59 p.m., New York City time, on January 5, 2015, unless extended or earlier terminated

10:47 am Jan crude oil prices erase gains, drop back near unchanged line; Jan crude is now +0.1% at $75.86/barrel (:COMDX) :  

10:35 am Norwegian Cruise Line announced a definitive agreement with Princess Cruises to purchase Ocean Princess for its newly acquired Oceania Cruises brand (NCLH) : Upon delivery in March 2016, Sirena will immediately undergo a 35-day, $40 million refurbishment in Marseille, France to elevate the ship to the Oceania Cruises' standard of elegance. The ship will welcome her first guests in late April 2016. 

10:27 am Dow -17 sets new session low, S&P -0.7 and Nasdaq Comp +5 did not confirm the move (:TECHX) :  

10:24 am MasterCard displaying relative strength, probes its multi-year close high from early Nov at 85.99 -- session high 85.96 (MA) : The Nov/multi-year intraday peak is at 86.40.

10:09 am Laboratory Corp: Vivify Health announced that it has received Series B funding from strategic investors Laboratory Corporation of America Holdings and Envision Healthcare Holdings (EVHC) (LH) : Proceeds from the funding will accelerate development, delivery and broadening of Vivify's patient engagement and remote patient monitoring solution designed to span the population health continuum. Vivify's previous investors include Heritage Group and Ascension Health Ventures, whose limited partners encompass several of the largest health systems in the U.S. In connection with the investments, LabCorp will receive a seat on Vivify's Board of Directors.

10:03 am Minor new session lows for Nasdaq Comp +4, Dow -8 and S&P -0.07 (:TECHX) :  

10:02 am RGC Resources declared a quarterly dividend of $0.1925 per share representing an annual dividend of $0.77 per share, a 4.1% per share increase over the prior annual level (RGCO) : The dividend will be paid on February 1, 2015 to shareholders of record on January 15, 2015. This is the Company's 283rd consecutive quarterly cash dividend.

9:56 am Relative sector weakness (:TECHX) : Sectors that have underperformed the S&P on the slip off early highs include: Telecom IYZ, Housing XHB, Energy XLE, Oil Service OIH, Internet FDN, Biotech IBB.

9:47 am DS Healthcare Group announced that the Brazilian Health Surveillance Agency, has approved the company's Spectral.LASH eyelash extender product for marketing in Brazil (DSKX) : "We will immediately begin to market and sell Spectral.LASH through our distribution channels in Brazil's sizeable beauty market and expect Spectral.LASH to be in our top three products sold in Brazil

9:45 am Stock indices pause after opening thrust, limited pull back thus far -- Dow +3.8, S&P +1.8, Nasdaq Comp +15 (:TECHX) : The indices probed first level resistance zones from The Technical Take at 4766/4774 Nasdaq Comp (session high 4774), 2070/2073 S&P (session high 2074) and 17844/17855 Dow (session high 17854) and paused but limited slippage has been noted thus far. 

9:39 am Opening Market Summary: Nasdaq Displays Opening Strength (:WRAPX) : The major averages have climbed out of the gate with the Nasdaq Composite (+0.3%) showing relative strength for the second consecutive day. The index has been underpinned by Apple (AAPL 119.68, +1.06), which trades up 0.9% with its market cap surpassing the $700 billion mark.

With Apple showing early strength, the technology sector (+0.6%) trades ahead of the broader market. Meanwhile, chipmakers trade ahead of the broader market, but behind the sector with the PHLX Semiconductor Index up 0.3%.

Outside of technology, seven other sectors trade in the green while telecom services (-0.1%) and utilities (-0.4%) hover in the red.  

Treasuries have inched up from their lows after holding support at the unchanged level. The 10-yr yield is lower by one basis point at 2.30%.

The Consumer Confidence report for November (Briefing.com consensus 96.0) will be released at 10:00 ET.

9:39 am Relative sector strength (:TECHX) : Sectors providing early leadership include: Silver SLV, Crude Oil USO, Gold Miners GDX, Retail XRT, Casino (CZR, BYD, MGM, LVS, WYNN), Discretionary XLY, Home Const ITB (TPX, PHM, KBH, RYL, DHI, LEN, SPF), Technology XLK. 

9:36 am Boeing up for sixth day in a row, nearing its June gap between 135.53 and 136.29 -- session high 135.35 (BA) :  

9:33 am S&P +2.8 sets minor new all time high, new multi-year high Nasdaq Comp +11 -- Dow +29 (:TECHX) :  

9:32 am Tecogen announced the sale of a Tecochill CH-400x natural gas-powered chiller to a 409 bed nursing home facility located on the Upper West Side of New York City (TGEN) :  

9:31 am Harbinger announced that Philip Falcone, HGI's CEO and Chairman will resign from his positions effective December 1 (HRG) : Joseph S. Steinberg, an independent member of the Board, will become Chairman of the Board. HGI will name a Chief Executive Officer upon the completion of a search process.

9:31 am York Water announced that the Board declared a quarterly dividend of $0.1495 per share, an increase of 4.5% (YORW) :  

9:29 am On The Wires (:WIRES) :

  • Accuride Corporation (ACW) announced that it has successfully reached a new four-year collective bargaining agreement with the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America, Local 718, which represents 291 hourly associates at Accuride's facility in Rockford, Ill. 
  • TrueCar (TRUE) forecasts the pace of auto sales in November accelerated to a seasonally adjusted annualized rate of 17 million new units with the early launch of Black Friday sales campaigns. New light vehicle sales in the U.S. are expected to reach 1,296,700 units for the month, up 4.1 percent from a year ago. On a daily selling rate (DSR.V) basis, with one less selling day this November, deliveries are expected to rise 8.2 percent.
  • Diversified Restaurant Holdings (BAGR) announced the opening of a Buffalo Wild Wings in Oxbow Landing at 2492 Carlson Drive in Hammond, Indiana on Sunday, November 23, 2014. This opening marks the fifth Buffalo Wild Wings location for DRH in the state of Indiana.
  • Hill International (HIL) announced that it has received a contract from the City of Miami Beach to provide owner's representative services in connection with the $500 million renovation and expansion of the Miami Beach Convention Center. The three-and-a-half-year contract has an estimated value to Hill of approximately $4.0 million.

9:22 am Springleaf Hldgs announced that its indirect, wholly owned, subsidiary Springleaf Finance Corporation is proposing to offer up to $500 mln aggregate principal amount of notes due 2019 (LEAF) : SFC intends to use the net proceeds from this offering to retire indebtedness and for other general corporate purposes.

9:19 am On The Wires (:WIRES) :

  • Wheeler Real Estate Investment Trust (WHLR) announced that it has acquired a development property for an acquisition value of $2.4 million. The asset was acquired from Sooner Capital, LLC, an affiliate of the Company, and was paid for using a combination of cash and the assumption of debt.
  • Highpower International (HPJ) announced that two of the Company's wholly-owned subsidiaries, including its new lithium battery facility, have received Sony's Green Partner Certification.
  • Tronair has selected Derco Aerospace, Inc., a Sikorsky company, as its exclusive channel partner for the military aftermarket in a three-year agreement covering all ground support equipment.  Sikorsky Aircraft Corp. is a subsidiary of United Technologies Corp. (UTX).
  • Blackbaud (BLKB) announced the availability of Blackbaud CRM 4.0. The new release offers customers rich developments in the areas of usability, quality, performance and innovation.
  • Imprivata (IMPR) announced that Memorial Healthcare (Owosso, Mich.) is replacing pagers with Imprivata Cortext to improve communication and care coordination. 
  • GameStop (GME) announced that stores closed on Thanksgiving Day, but will open at 12:01 am on Black Friday. Also announced new PowerUp Rewards credit card that offers approved customers a special financing through the end of 2014 for purchases of $250 or more.
  • SAP SE (SAP) announced that ERWIN HYMER GROUP, Europe's leading manufacturer of recreational vehicles, has chosen the SAP HANA Enterprise Cloud service to run SAP ERP powered by SAP HANA in the cloud. SAP HANA Enterprise Cloud brings together the advantages offered by the cloud with the innovation and high performance of the SAP HANA platform.
  • International Rectifier (IRF) announced the introduction of an extensive portfolio of devices featuring IR's latest low-voltage MOSFET silicon for lithium-ion battery protection applications including the IRL6297SD dual N-channel DirectFET MOSFET.
  • TRI Pointe Homes Northern California, a division of TRI Pointe (TPH) announced the acquisition of 39 lots in Fremont, Calif., expanding the company's offerings in Northern California. The new community, 'Parasol,' will include 38 residential townhomes and one refurbished single-family home.
  • Fiserv (FISV) announced that Educational Community Credit Union, based in Kalamazoo, Michigan, has selected the DNA account processing platform and a host of integrated Fiserv solutions to drive future growth. 
  • A10 Networks (ATEN) announced its Thunder TPS Release 3.1. Thunder TPS 3.1 offers customers a fully programmable policy engine via the regex or enhanced aFleX commands, extends new advanced DDoS mitigation capabilities to block additional attacks such as the recent POODLE attack, and provides advanced rate-limiting for granular Layer 4-7 control to enable best-in-class mitigation.
  • Kandi Technologies Group (KNDI) announced that SMA7002BEV05 the first Mid-tier Luxury Pure Electric Vehicle developed by Kandi Electric Vehicles Group has been approved by Ministry of Industry and Information Technology of the People's Republic of China according to No. 69 public announcement of MIIT.

9:17 am Audiocodes announced it has received a court approval to repurchase up to an additional $15 mln of its Ordinary Shares (AUDC) :

  • Co announced it has received a court approval to repurchase up to an additional $15 million of its Ordinary Shares. As of October 31, 2014, AudioCodes had approximately 42.8 million Ordinary Shares outstanding. 
  • Repurchases may now resume after exhausting the initial stage of the repurchase program previously announced in August 2014. In the initial stage, AudioCodes repurchased $3 million of its Ordinary Shares.

9:16 am Autobytel announced that since November 10, 2014, it has purchased ~164.0K shares of its common stock under its authorized $3.0 mln stock repurchase program (ABTL) :

  • Co announced that since November 10, 2014, it has purchased 164,028 shares of its common stock under its authorized $3.0 million stock repurchase program. 
  • Autobytel paid an average $10.85 per share for a total of approximately $1.8 million. 

9:16 am MOL Global announced that it has rescheduled the date it plans to release its third quarter 2014 financial results to Monday, December 1, 2014 before the market open (shares halted) (MOLG) : The Company will hold a conference call on Monday, December 1, 2014 at 8:00 am Eastern Time to discuss the financial results.

9:09 am S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +6.20. (:WRAPX) : The stock market is on track to begin the Tuesday session on a modestly higher note. The S&P 500 futures trade three points above fair value with a portion of the advance coming after the second revision to Q3 GDP showed an increase of 3.9% versus 3.5% that was reported in the preliminary reading. The revision surpassed the Briefing.com consensus, which expected a downward adjustment to 3.2%.

The news gave a small boost to the Dollar Index (88.25, +0.09) while the 10-yr note slipped from its best level of the morning, leaving the benchmark yield flat at 2.31%.

On the corporate front, discretionary components will be in focus after DSW (DSW 36.15, +2.50), Signet Jewelers (SIG 126.50, +3.51) and Movado (MOV 27.27, +0.34) reported better than expected results while Tiffany & Co (TIF 109.00, +3.99) missed by a penny.

The Consumer Confidence report for November (Briefing.com consensus 96.0) will be released at 10:00 ET.

9:08 am Universal Forest announced that one of its subsidiaries has acquired an 80% interest in certain assets of Packnet, Ltd., with the ability to purchase the remaining 20% in three years; terms not disclosed (UFPI) : Packnet is a supplier of industrial packaging and services based in Eagan, Minn. The acquisition further expands Universal's industrial business and its manufacturing and design capabilities. Founded in 1987, it had sales of nearly $9 million in the past year.

9:03 am Medgenics priced an offering of ~5.125 mln shares of its common stock in a previously announced underwritten public offering at a price to the public of $4.10/share (MDGN) : Gross proceeds to the co from the sale of shares are expected to be approximately $21.0 million

9:03 am Pacific Drilling shareholders approved a share repurchase program of up to 8 mln shares at the co's Extraordinary General Meeting; Board intends to immediately commence the repurchase of up to $30 mln of outstanding shares (PACD) :  

9:02 am Oritani Financial declared special cash dividend of $0.25 per share on common stock (ORIT) :  

9:01 am Marathon Patent Group announced that the Board has declared a stock dividend of one additional share of common stock for each share held by such holders as of the close of business Dec 15, 2014 (MARA) :  

9:01 am S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +6.50. (:WRAPX) : The September Housing Price Index from the FHFA was unchanged. 

Separately, the Case-Shiller 20-city Home Price Index for September rose 4.9% against a 4.6% increase expected by the Briefing.com consensus. This followed the previous month's increase of 5.6%.

9:01 am TriNet Group approved $30 mln increase to ongoing stock repurchase program -- authorizing up to $45 mln of its outstanding common stock (TNET) :  

8:51 am Eaton Vance beats by $0.03, reports revs in-line (EV) : Reports Q4 (Oct) earnings of $0.68 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.65; revenues rose 3.2% year/year to $368.4 mln vs the $367.69 mln consensus. 

  • Net inflows of $6.8 billion into long-term funds and separate accounts in the fourth quarter of fiscal 2014 represent a 9 percent annualized internal growth rate (net inflows into long-term assets divided by beginning of period long-term assets managed). 
  • Consolidated assets under management were $297.7 billion on October 31, 2014, an increase of 6 percent from the $280.7 billion of managed assets on October 31, 2013 and an increase of 3 percent from the $288.2 billion of managed assets on July 31, 2014

8:46 am Embraer SA and SkyWest (SKYW) confirmed a firm order for seven E175 jets (ERJ) : The value of the firm order, which will be included in Embraer's 2014 fourth-quarter backlog, is estimated at $301 mln, based on 2014 list prices.

8:45 am Gold futures remain near LoD after reversing following GDP number, gold dropped about $12 earlier and is now -0.2% at $1193.10/oz; Dec silver +0.9% at $16.52/oz (:COMDX) :  

8:42 am Freddie Mac issues October 2014 monthly volume summary (FMCC) :

  • The total mortgage portfolio increased at an annualized rate of 2.5% in October.
  • Single-family refinance-loan purchase and guarantee volume was $11.8 billion in October representing 47% of total single-family mortgage portfolio purchases or issuances. Relief refinance mortgages comprised approximately 17% of our total single-family refinance volume during
  • October 2014 based on unpaid principal balance.
  • Total number of loan modifications were 5,125 in October 2014 and 57,263 for the ten months ended October 31, 2014.

8:36 am LiveDeal announced a 783% increase in net site visits in the first week of a recent ad campaign, as compared to site traffic over the same period during the prior month (LIVE) : The mobile ad campaign, which LiveDeal recently announced, is part of the company's expanding awareness campaign.

8:35 am Solar Power announces agreement to provide EPC services in Jiangsu Province, China (SOPW) :

  • Co announced that two of its wholly-owned subsidiaries in China have entered into agreements to develop two rooftop sites; one in Sheyang City, and another in Suzhou Industrial Park, both in Jiangsu Province, China. 
  • The project agreement for the site in Sheyang City calls for SPI Solar China to provide engineering, procurement and development services for a 13 megawatt  distributed generation PV project. Construction of the 13 MW project is expected to begin in December 2014, with grid connection anticipated in early 2015.

8:33 am Vonage announced it was granted four new patents in November by the U.S Patent and Trademark Office (VG) :

  • U.S. Pat. No. 8,897,177, "Systems and Methods of Conducting Conference Calls," issued today, enables telephone users to set their phones into conference mode so that incoming calls are automatically added to a conference call. 
  • U.S. Pat. No. 8,892,748, "Systems and Methods for Enabling Data Communications to a Telephony Device," issued November 18, provides a battery-efficient method for mobile devices using a VoIP service to maintain a connection when the user is not on a call. 
  • U.S. Pat. No. 8,885,457, "Systems and Methods of Improving the Quality of VoIP Communications," issued November 11, enables VoIP operators to detect when a subscriber's device may be having difficulty registering with the operator's network, instructing their devices to reboot themselves to correct the problem.
  • U.S. Pat. No. 8,879,476, "Method and Apparatus for Performing Network Registration," issued November 4, relates to a system where VoIP operators can partner with operators of other systems, such as social networking platforms or Wi-Fi hotspot networks, to help determine the current IP address of a VoIP user. Even if the VoIP user is not connected to a VoIP operator's network, this technology allows the VoIP operator to complete a call request to the user by requesting the user's IP address information from third-party operators as long as the VoIP user is connected to their systems.

8:32 am Stratasys subsidiary MakerBot announced that for the first time ever, MakerBot 3D printed products designed by MakerBot and 3D printed on MakerBot Replicator 3D Printers are available to Amazon (AMZN) customers in Amazon's 3D Printing Store (SSYS) : Before today, consumers could only purchase MakerBot 3D designs and 3D printed products by purchasing and downloading a digital file or visiting MakerBot Retail Stores.

8:31 am S&P futures vs fair value: +4.10. Nasdaq futures vs fair value: +7.20. (:WRAPX) : The S&P 500 futures trade four points above fair value.

The second estimate of third quarter GDP pointed to an expansion of 3.9%, up from the 3.5% increase observed in the preliminary reading. The upwardly revised increase is higher than the 3.2% growth that economists polled by Briefing.com had expected. The fourth quarter GDP Deflator was revised up to 1.4% from 1.3%.

8:31 am Market View: Dec. stock-index futures set new pre-market highs following the 8:30 a.m. ET economic data points (:TECHX) :

  • ESz4 now trades @ 2071.75 +4.25

  • YMz4 now trades @ 17825 +33

  • NQz4 now trades @ 4293.00 +11.00

8:29 am Gold spikes above $1200/oz, hitting $1202/oz; Dec gold now +0.4% at $1200.40/oz, up $8 in the last 17 min (:COMDX) :  

8:28 am European Markets Update: FTSE +0.2%, CAC +0.6%, DAX +1.1%, IBEX +1.3% (:SUMRX) : Major European indices trade higher across the board with Spain's IBEX (+1.3%) pacing the advance. The European Finance Minister meeting regarding 2015 budgets has been postponed once again. The meeting was originally scheduled for November 21 and was expected to take place on December 1 prior to the news of a second delay.

  • Economic data was limited: 
    • Germany's Q3 GDP was left unrevised at 0.1% quarter-over-quarter while the year-over-year also held at 1.2% 
    • Great Britain's BBA Mortgage Approvals came in at 37,100 (expected 38,500; prior 39,100) 
    • French Business Survey ticked up to 99 from 98 (expected 97) 
    • Spain's PPI slipped 0.2% year-over-year (expected -0.1%; last -0.3%) 
    • Italy's Retail Sales ticked down 0.1% month-over-month (consensus 0.2%; previous -0.2%) while the year-over-year reading fell 0.5% (last -3.0%) 
------
  • Great Britain's FTSE is higher by 0.2% with media names in the lead. ITV, Sky, and Reed Elsevier are up between 1.7% and 2.4%. Miners lag with Anglo American and BHP Billiton down 2.5% and 1.9%, respectively. 
  • In France, the CAC has advanced 0.6%. Financials outperform for the second day in a row with BNP Paribas, Credit Agricole, and Societe Generale up between 2.4% and 3.6%. 
  • Germany's DAX trades up 1.1% amid broad strength. Utilities lead with E.On and RWE both up near 3.7%. Infineon Technologies is the weakest performer, down 0.5%. 
  • Spain's IBEX is higher by 1.3% with bank shares contributing to the strength. Banco Sabadell, Banco Popular, and Caixabank hold gains between 2.1% and 3.0%.

8:23 am Diana Shipping beats by $0.16, beats on revs (DSX) : Reports Q3 (Sep) earnings of $0.08 per share, $0.16 better than the Capital IQ Consensus Estimate of ($0.08); revenues rose 7.6% year/year to $45.1 mln vs the $43.93 mln consensus.

  • This increase in time charter revenue was mainly due to the increase in ownership days resulting from the enlargement of our fleet and was partly offset by decreased time charter rates compared to the third quarter of 2013.
  • Time charter equivalent rate was $12,295, down 5.3% from the prior year's quarter. 

8:22 am On The Wires (:WIRES) :

  • W. P. Carey (WPC) announced that it has completed four acquisitions on behalf of CPA:18 -- Global, one of its managed non-traded REITs. The total cost of the four acquisitions, which include properties located in Minnesota, Michigan, Georgia and Texas, was approximately $45 million.
  • BlackBerry Limited (BBRY) introduced a host of holiday offers -  will be offering limited time incentives, including:  BlackBerry trade-up program for current iPhone users looking to 'work wide' on a BlackBerry Passport.
  • Ryder System (R) announced that Tops Friendly Markets has signed a full service lease agreement for 55 compressed natural gas tractors. This natural gas vehicle project is expected to reduce greenhouse gas emissions by 3,138 tons annually and expected to save Tops more than 50 percent of its fuel costs annually through a reduction of 1,200,000 gallons of diesel fuel consumption. 
  • NCR Corporation (NCR) announced that Banco Falabella of Colombia is introducing a new ATM experience powered by a complete NCR software and hardware solution. Banco Falabella has established its own network of 50 ATMs with specialized software to carry out marketing and loyalty campaigns.
  • Detroit Metropolitan Wayne County Airport has selected Exelis (XLS) to deploy a comprehensive package of airport situational awareness, decision-support and operations management solutions.
  • Kofax Limited (KFX) announced that a leading U.S. based multinational conglomerate has invested more than $775,000 for Kofax AP Agility and Kofax Altosoft Insight to automate end-to-end accounts payable operations in a complex, multi-ERP, multi-language and multi-currency environment.
  • MobileIron (MOBL) announced that M/A-COM Technology Solutions Holdings (MTSI) has selected MobileIron to support the company's Bring Your Own Device program as well as its corporate-owned mobile devices.
  • Kohl's Department Stores (KSS) announced its biggest Cyber Week ever with eight days of savings beginning Saturday, Nov. 29 through Saturday, Dec. 6. 
  • Altera Corporation (ALTR) announced the availability of a functional safety development board and FPGA reference designs through NewTec, a leading European provider of safety-related electronic systems. The new board and reference designs coupled with Altera's TUV Rheinland-qualified FPGAs, tools, and IP, enable customers to accelerate development and certification of FPGA-based system designs.
  • The U.S. Department of Justice has selected Unisys Corporation (UIS) to upgrade the National Criminal Justice Reference Service systems used by the Office of Justice Programs. Under this new contract, worth up to $19 million over three years, if all options are exercised, Unisys will upgrade NCJRS by migrating its web services to a secure cloud environment and providing shared web services managed through a common web content management system.
  • Alaska Airlines (ALK) announced it is expanding its partnership with SkyWest Airlines with the addition of three new destinations from Alaska's Northwest hubs. Flying on new Embraer (ERJ) E175 jets, Alaska will begin offering daily nonstop service starting July 1 between Seattle and Milwaukee, Wisconsin; Seattle and Oklahoma City, Oklahoma; and Portland, Oregon and St. Louis.
  • Intra-Cellular Therapies (ITCI) announced that the first patient has been enrolled in the ITI-007-301 Phase 3 trial, a randomized, double-blind, placebo-controlled trial designed to demonstrate the efficacy of ITI-007 for the treatment of schizophrenia. The Company anticipates top-line results from this trial could be available as early as the fourth quarter of 2015.
  • Robert Wood Johnson University Hospital extends its commitment to Allscripts (MDRX) Sunrise as its core electronic health record until 2020, and will expand its use of Allscripts Sunrise clinical solutions for its newly acquired facility, RWJ Somerset, in
  • NCI (NCIT) announced that it was awarded a new firm-fixed price contract valued at $12.3 million from U.S. Southern Command. The company will provide command, control, communications and computer systems and IT services to support SOUTHCOM's Joint Task Force-Bravo as well as all tenants and activities at Soto Cano Air Base, Honduras. 
  • Microchip Technology (MCHP) announced a new family of 16-bit dsPIC33 Digital Signal Controllers with the dsPIC33 'EV' family.  This new family provides 5V operation for improved noise immunity and robustness, ideal for devices operating in harsh environments such as appliance and automotive applications. 

8:10 am Laclede Group reports EPS in-line, misses on revs (LG) : Reports Q4 (Sep) loss of $0.07 per share, in-line with the Capital IQ Consensus Estimate of ($0.07); revenues rose 51.1% year/year to $222.3 mln vs the $269.32 mln consensus.

  • The Gas Utility segment's earnings are seasonal in nature and generally correspond to the heating season. As a result, the segment typically reports a loss in the fiscal fourth quarter. The increase in NEE was driven by a smaller seasonal loss from Gas Utility reflecting the inclusion in 2014 of MGE's results which are less impacted by seasonality than those of Laclede Gas.
  • The Company reaffirms its long-term NEE per share growth target of between 4 percent and 6 percent first introduced earlier in 2014. It also anticipates that growth in fiscal 2015 and 2016 will be above that target range after excluding the 2014 weather benefit of $0.17 per share recognized by the Gas Marketing segment.

8:07 am Eleven Biotherapeutics announces additional financing of $20 mln (EBIO) : Co announced  it has entered into a securities purchase agreement for the sale of $20 mln of EBIO common stock and warrants in a private placement financing with a select group of investors. Funding from the financing will be used to further advance EBIO's pipeline of protein therapeutics to treat diseases of the eye. Data from EBIO's first pivotal Phase 3 clinical study for EBI-005 in patients with dry eye disease is expected in Q2 of 2015.

8:06 am Arena Pharm issued composition of matter patent by USPTO for Ralinepag and related compounds (ARNA) : The co announced that the US Patent and Trademark Office granted Arena U.S. Patent No. 8,895,776, entitled "Modulators of the Prostacyclin Receptor Useful for the Treatment of Disorders Related Thereto," covering ralinepag, an orally available agonist of the prostacyclin receptor.

8:06 am AOL announced Allie Kline has been promoted to Chief Marketing Officer (AOL) :

  • Co announced Allie Kline has been elevated to Chief Marketing Officer of AOL and will lead the global marketing strategy for the company's corporate efforts, video platforms, programmatic platforms and content marketing solutions group.
  • Kline has more than 20 years in brand management and marketing strategy for technology-focused organizations.
  • Previously, she was the Chief Marketing Officer for big data and social graph company 33Across.

8:05 am Cracker Barrel beats by $0.13, beats on revs; guides Q2 EPS below consensus; raises FY15 guidance (CBRL) : Reports Q1 (Oct) earnings of $1.42 per share, $0.13 better than the Capital IQ Consensus Estimate of $1.29; revenues rose 5.3% year/year to $683.4 mln vs the $665.5 mln consensus.

  • Comparable store restaurant sales increased 3.3%, including a 2.5% increase in average check. The average menu price increase for the quarter was ~2.1%. Comparable store retail sales increased 6.1% for the quarter. The Company opened two new Cracker Barrel stores during the quarter.
Co issues downside guidance for Q2, sees EPS of $1.50-1.60 vs. $1.65 Capital IQ Consensus Estimate.

Co issues guidance for FY15, raises EPS to $5.95-6.10 from $5.80-5.95 vs. $6.02 Capital IQ Consensus Estimate; raises FY15 revs to ~$2.8 bln from $2.75-2.80 bln vs. $2.78 bln Capital IQ Consensus. 

8:04 am GTT Communications announced it will transfer the listing of its common stock to the New York Stock Exchange from the NYSE MKT (GTT) : The co expects its shares to begin trading on the NYSE on November 28, 2014 under its current ticker symbol GTT

8:04 am Borg Warner supplies advanced turbocharging technology for Volkswagen (VLKAY) In China (BWA) : BorgWarner supports Volkswagen's downsizing strategy with turbocharger for high-volume, fuel-efficient gasoline engine. 

8:03 am SFX Entertainment acquired 50% of Alda Holding -- develops, produces and promotes dance music events; terms not disclosed (SFXE) : ALDA Events will continue to operate as an independent company under its current CEO Allan Hardenberg and will become responsible for the touring division of SFX.

8:03 am Valeant Pharmaceuticals announces FDA approval of ONEXTON gel for the treatment of Acne Vulgaris (VRX) : Co announces it has received approval from the FDA for ONEXTON Gel, 1.2%/3.75%, for the once-daily treatment of comedonal and inflammatory acne in patients 12 and older. Acne vulgaris is a common skin disorder that affects 40 to 50 mln people in the U.S.

8:03 am Beacon Roofing Supply misses by $0.13, reports revs in-line; cites lower gross margins from reduced selling prices as a result of a soft demand environment (BECN) : Reports Q4 (Sep) earnings of $0.48 per share, $0.13 worse than the Capital IQ Consensus Estimate of $0.61; revenues rose 6.3% year/year to $726.5 mln vs the $727.76 mln consensus. 

  • The EPS decline was due primarily to lower gross margins from reduced selling prices as a result of a soft demand environment, and a continued unfavorable shift in sales mix to lower margin direct shipment and commercial business. 
  • During the fourth quarter, the Company incurred increased operating expenses of $6.1 million related to new stores (greenfield locations not open last year) as the Company continued to expand its footprint in existing and new markets. 
  • "We continue to experience pressure on our gross margins which are down slightly from last quarter and from last year. The soft residential market, coupled with heightened competition, has continued to put pressure on our market pricing. We continue to invest heavily to grow the business through the opening of the new greenfield branches. As a result, we are well positioned to continue to see sales growth. Recognizing the challenges we face from gross margin pressure, in 2015 we will continue our focus on driving more leverage through our operating cost structure and work to lower our overall operating costs as a percentage of sales."

8:03 am Dixie Group and Masland agreed to discontinue cooperation following the anticipated acquisition of Desso by Tarkett (DXYN) : Running orders will continue to be serviced by the respective individual sales representatives in order to have the minimum amount of disturbance for our customers.

8:02 am Timberline Resources has regained compliance with the NYSE MKT continued listing standards. (TLR) :  

8:02 am CACI Intl announced it has been awarded a $62.5 mln contract to support counter narco-terrorism work for U.S. Central Command in Afghanistan (CACI) : Co announced it has been awarded a $62.5 million contract to support counter narco-terrorism (:CNT) work for U.S. Central Command (:CENTCOM) in Afghanistan and throughout CENTCOM's area of responsibility (AOR).

  • This task order was awarded under the Rapid Response 3rd Generation contract vehicle and represents continuing work for CACI, reinforcing its presence in its Integrated Security Solutions market area.

8:02 am Sutor Technology receives NASDAQ Non-Compliance Letter Due To Delay In Filing Quarterly Report on Form 10-Q (SUTR) :  

8:02 am C&J Energy responded to bench ruling; remains committed to Nabors (NBR) transaction (CJES) :

  • The ruling requires the co to solicit competing proposals from other potential buyers for a period of 30 days before it can close its proposed transaction with NBR's completion and production business. 
  • The manner in which the co will be required to solicit competing proposals has not yet been established by the Court.

8:02 am Trex announced it has completed an amendment to its senior secured credit facility (TREX) :  

8:01 am Vascular Solutions receives 510(k) clearance for Gel-Block 10x embolization product; expected to launch in U.S this week. (VASC) :  

7:58 am Revolution Lighting announced the pricing of its underwritten public offering of 8 mln shares of its common stock at a price of $1.25 per share (RVLT) : The co expects to receive net proceeds of approximately $9.3 million from the offering

7:56 am S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +5.70. (:WRAPX) : U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover two points above fair value. Once again, the overnight session was quiet with news limited to Germany's second reading of Q3 GDP, which came in at +0.1%, confirming the engine of the Eurozone narrowly avoided falling into recession. Also of note, yields across the eurozone have slipped to record lows.

Domestically, investors received a modest batch of earnings and a few economic reports will be released over the course of the morning. The second estimate of Q3 GDP (Briefing.com consensus 3.2%) will be reported at 8:30 ET while September Case-Shiller 20-city Index (consensus 4.6%) and FHFA Housing Price Index will both be released at 9:00 ET. The data will be topped off with the 10:00 ET release of the Consumer Confidence report for November (expected 96.0).

Treasuries are modestly higher with the 10-yr yield down almost two basis points at 2.29%.

In U.S. corporate news of note:

  • DSW (DSW 36.10, +2.45): +7.3% in reaction to better than expected results. 
  • Palo Alto Networks (PANW 114.20, +0.94): +0.8% after beating estimates and guiding Q2 revenue above consensus. 
  • Signet Jewelers (SIG 122.35, -0.64): -0.5% despite beating bottom-line estimates. 
  • Tiffany & Co (TIF 104.25, -0.76): -0.7% after reporting a one-cent miss and reaffirming its guidance. 
  • Workday (WDAY 85.05, -7.44): -8.0% despite beating earnings and revenue estimates. 
Reviewing overnight developments:
  • Asian markets ended mixed. China's Shanghai Composite +1.4%, Japan's Nikkei +0.3%, and Hong Kong's Hang Seng -0.2% 
    • In economic data: 
      • Hong Kong's trade deficit narrowed to HKD49.80 billion from HKD50.40 billion (expected deficit of HKD45.30 billion) as exports rose 2.7% month-over-month (consensus 4.0%; prior 4.5%) and imports increased 5.6% (expected 4.3%; last 6.3%) 
      • Japan's Corporate Services Price Index rose 3.6% year-over-year, as expected (prior 3.5%) 
      • Singapore's GDP rose 3.1% quarter-over-quarter (expected 1.4%; last 1.2%) while the year-over-year reading increased 2.8% (consensus 2.5%; previous 2.4%) 
      • New Zealand's Inflation Expectations ticked down to 2.1% from 2.2% 
    • In news: 
      • The Bank of Japan released the minutes from its latest meeting, which revealed concerns about potential side effects from the easing decision among several policymakers
  • Major European indices trade higher across the board. Great Britain's FTSE +0.2%, France's CAC +0.7%, and Germany's DAX +1.1%. Elsewhere, Italy's MIB +1.1% and Spain's IBEX +1.2% 
    • Economic data was limited: 
      • Germany's Q3 GDP was left unrevised at 0.1% quarter-over-quarter while the year-over-year also held at 1.2% 
      • Great Britain's BBA Mortgage Approvals came in at 37,100 (expected 38,500; prior 39,100) 
      • French Business Survey ticked up to 99 from 98 (expected 97) 
      • Spain's PPI slipped 0.2% year-over-year (expected -0.1%; last -0.3%) 
      • Italy's Retail Sales ticked down 0.1% month-over-month (consensus 0.2%; previous -0.2%) while the year-over-year reading fell 0.5% (last -3.0%) 
    • Among news of note: 
      • The European Finance Minister meeting regarding 2015 budgets has been postponed once again. The meeting was originally scheduled for November 21 and was expected to take place on December 1 prior to the news of a second delay

7:55 am Fred's misses by $0.02, beats on revs; guides Q4 EPS below consensus; promotes Craig Barnes to General Merchandising Manager (FRED) : Reports Q3 (Oct) loss of $0.16 per share, excluding non-recurring items, in-line with the co's pre-announcement of ($0.16)-(0.12), which was released on November 6 (Capital IQ Consensus Estimate is ($0.14)); revenues rose 3.4% year/year to $476.2 mln in-line with pre-announcement of $476 mln (Consensus called for $470.3 mln)

  • Co issues downside guidance for Q4, sees EPS of $0.00-0.04, excluding non-recurring items, vs. $0.06 Capital IQ Consensus Estimate.
  • In the fourth quarter of 2014, the Company expects total sales to increase in the range of 4% to 6%. Comparable store sales are expected to increase from flat to up 2.0%.

7:47 am DragonWave announced orders in excess of $10 mln for the month of November from a Tier One North American mobile operator (DRWI) : DragonWave will provide Horizon Compact+ and Horizon Quantum microwave links to support the operator's ongoing upgrade and expansion of its nationwide 4G/LTE network, with more than 50 percent of the orders tied to engineering planning and installation services.

7:45 am Valspar announces $1.5 bln share repurchase program; co also approved a 15% dividend increase, declaring a quarterly dividend of $0.30/share on the co's common stock (VAL) :  

7:39 am NXP Semi announced the pricing of its previously announced private offering of $1 bln aggregate principal amount of 1.00% cash convertible senior notes due 2019 (NXPI) : The Notes will bear interest at a rate of 1.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2015. The Notes will mature on December 1, 2019. The initial conversion rate for the Notes is 9.7236 shares of NXP's common stock per $1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $102.84 per share), which represents an approximately 35.0% conversion premium over the last reported sale price of $76.18 per share of NXP's common stock on the NASDAQ Global Select Market on November 24, 2014.

7:33 am Elbit Medical Imaging announces that Insightec awarded approval in Japan for treatment of pain palliation (EMITF) :

  • Co announced that it was informed by InSightec that Japan's Ministry of Health, Labor and Welfare has approved InSightec's MR-guided Focused Ultrasound system for the treatment of pain palliation caused by bone metastases and advanced treatment for women with uterine fibroids. 
  • As a result, InSightec may expand its product portfolio for the Japanese market.
  • GE Healthcare (GE) is the holder of the above mentioned approval and distributor of ExAblate in Japan.

7:32 am Chico's FAS reports EPS in-line, misses on revs (CHS) : Reports Q3 (Oct) earnings of $0.17 per share, in-line with the Capital IQ Consensus Estimate of $0.17; revenues rose 1.5% year/year to $665.6 mln vs the $672.98 mln consensus. 

  • The 1.6% decrease in comparable sales for the third quarter was following a 1.4% decrease in last year's third quarter, and reflected a decrease in average dollar sale partially offset by an increase in transaction count. 
  • Gross margin was 54.7% of net sales, an 80 basis point decrease from last year's third quarter, primarily reflecting increased promotional activity to sell through seasonal merchandise.

7:32 am Mylan Labs confirmed that it and several subsidiaries have been sued by Baxter International (BAX) in connection with the filing of an Abbreviated New Drug Application with the FDA for Esmolol HCl in Sodium Chloride Injection (MYL) :

  • Co confirmed that it and several subsidiaries have been sued by Baxter International (BAX),  Baxter Healthcare and Baxter Healthcare in connection with the filing of an Abbreviated New Drug Application with the FDA for Esmolol HCl in Sodium Chloride Injection, 10mg/ml and 20 mg/ml. 
  • This product is the generic version of BREVIBLOC, which is indicated for supraventricular tachycardia or noncompensatory sinus tachycardia, and intraoperative and postoperative tachycardia and/or hypertension.

7:32 am Asian markets Close: Nikkei +0.3%, Hang Seng -0.2%, Shanghai +1.4% (:SUMRX) :

  • Markets ended mixed across Asia. 
  • Bank of Japan Governor Kuroda hinted the central bank is ready to ease further.
  • Reserve Bank of Australia Deputy Governor Lowe suggested the Aussie dollar's exchange rate remains too high. 
  • Hong Kong's trade deficit narrowed to HKD49.8 bln (HKD50.37 bln previous). 
  • Singapore's Final GDP printed 2.8% YoY. 
  • Japan's Nikkei (+0.3%) gained as traders returned to work following Labor Thanksgiving Day. Sony Corp surged 6.1% to its best levels since April 2011 after announcing it would stop making smartphones for China. 
  • Hong Kong's Hang Seng (-0.2%) slipped amid a quiet trade. Energy led to the downside as PetroChina and Sinopec shed 2.5% and 2.3%, respectively. 
  • China's Shanghai Composite (+1.4%) climbed to fresh 38-month highs. Real estate developers and automakers provided support as Poly Real Estate added 1.4% and SAIC Motor tacked on 2.8%. 
  • India's Sensex (-0.6%) slipped off all-time highs. ITC tumbled 5.2% following word the country was considering a ban on the sale of single cigarettes.
  • Australia's ASX (-0.5%) halved yesterday's gains as iron ore prices remained under pressure. Miners were weak as Rio Tinto fell 1.5% and BHP Billiton sank 2.4%. 
  • Regional Decliners: Taiwan -0.1%...Indonesia -0.4%...Philippines -0.5%
  • Regional Advancers: South Korea +0.1%...Singapore +0.1%...Malaysia +0.3%...Thailand +0.4%...Vietnam +0.6% 
  • Fx: USDCNY slipped to 6.1365...USDINR was little changed @ 61.87...USDJPY -25 pips @ 118.00..AUDUSD -80 pips @ .8535

7:32 am Minerva Neurosciences appoints Dr. Remy Luthringer as CEO replacing Rogerio Vivaldi, who will be leaving the company by mutual agreement effective November 30, 2014 (NERV) :  

7:22 am Campbell Soup beats by $0.02, beats on revs; lowers FY15 guidance on FX (CPB) : Reports Q1 (Oct) adj. earnings of $0.74 per share, $0.02 better than the Capital IQ Consensus of $0.72; revenues rose 4.2% year/year to $2.25 bln vs the $2.22 bln consensus, driven by favorable volume and mix, partly offset by increased promotional spending and the negative impact of currency.

  • Organic sales increased 5% with gains in four of the co's reportable segments.
  • Excluding items impacting comparability in the prior year, adjusted gross margin declined 1.3 percentage points to 34.7 percent. The decrease in adjusted gross margin was due to cost inflation, higher supply chain costs and higher promotional spending, partly offset by productivity improvements, the benefit from lapping the prior-year Plum recall and favorable mix.
  • "Based on headwinds from currency translation, we have reduced the low end of our guidance ranges. Importantly, our currency-neutral expectations have not changed."
Co issues in-line guidance for FY15, lowers EPS to $2.42-2.50 from $2.45-2.50 vs. $2.46 Capital IQ Consensus Estimate; lowers sales +0-2% from +1-2%; EBIT -1 to +2% from +0-2%.

7:18 am On The Wires (:WIRES) :

  • Cosi (COSI) announced that its franchisee, Fast Casual S.A., has opened its fourth Cos restaurant location in Costa Rica at Paseo de Las Flores in Heredia. 
  • Chambers Street Properties (CSG) announced it has completed the sale of two office properties for aggregate proceeds of $44.9 million. The properties sold include the 124,500 square foot 12650 Ingenuity Drive office building in Orlando, Florida for approximately $26.5 million and the 40,468 square foot Thames Valley Five office building in Reading, United Kingdom for approximately $18.4 million.
  • Microsemi Corporation (MSCC) announced the availability of its new high reliability PD-OUT/SP11, an outdoor-rated lightning protection device supporting both Power-over-Ethernet and non-PoE enterprise installations.
  • Nuverra Environmental Solutions (NES) announced that it has entered into a long-term definitive agreement with XTO Energy, a subsidiary of Exxon Mobil Corporation (XOM), to provide water-related pipeline services in McKenzie County, North Dakota.
  • Diversified Restaurant Holdings (BAGR) announced the opening of a Bagger Dave's in Trillium Circle at 8235 Trillium Circle Avenue in Grand Blanc, Michigan on Sunday, November 23, 2014. This opening marks the fifteenth location for Bagger Dave's in the state of Michigan.
  • Camtek (CAMT) announced that its 3D Functional InkJet Technology system for PCB solder mask applications, known as Gryphon, successfully completed a beta testing phase at Eltek 's (ELTK) site in Israel. The application system and solder mask material performed according to specification and met its quality and process requirements.

7:17 am Aethlon Medical disclosed that an Ebola patient who received Hemopurifier therapy has been reported to have been discharged from Frankfurt University Hospital in Germany (AEMD.OB) : The treatment was well tolerated with no adverse events reported. Additionally, a post-treatment elution protocol verified that 242 million Ebola viruses were captured within the Hemopurifier during treatment. Aethlon will soon begin the first U.S. clinical Hemopurifier studies following the United States Food and Drug Administration's approval of an Investigational Device Exemption.

7:15 am Brown Shoe beats by $0.07, reports revs in-line; raises FY15 EPS (BWS) : Reports Q3 (Oct) earnings of $0.75 per share, $0.07 better than the Capital IQ Consensus of $0.68; revenues rose 3.8% year/year to $729.3 mln vs the $725.21 mln consensus.

  • Famous Footwear third quarter 2014 sales of $435.4 million were down 1.0% year-over-year, with same-store-sales down 0.2%. For the back-to-school selling season, weeks 24 through 33, same-store-sales were up 1.6%. Performance in the quarter was driven by continued strong growth in canvas and aided by an increase in both sandals and boots. 
  • "While we expect to end the year on a positive note, we remain aware of the promotional potential at retail for the holiday season and alert to possible shifts in consumer sentiment."
Co issues upside guidance for FY15, raises EPS to $1.65-1.69 from $1.50-1.60 vs. $1.59 Capital IQ Consensus Estimate; sees FY15 revs of $2.58-2.59 bln from $2.58-2.60 bln vs. $2.58 bln Capital IQ Consensus Estimate. 

7:15 am Pall beats by $0.09, beats on revs; reaffirms FY15 EPS guidance (PLL) : Reports Q1 (Oct) earnings of $0.89 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.80; revenues rose 10.6% year/year to $696.5 mln vs the $684.04 mln consensus.

  • Adjusted EPS includes a detriment of ~$0.05 from foreign currency translation. 
  • Organic revenue growth was 9%, operating margin expanded 210bps and FCF was 118% of net income
Co reaffirms guidance for FY15, sees EPS +9-15% y/y to $3.75-3.95, excluding non-recurring items, vs. $3.88 Capital IQ Consensus Estimate.
  • "The dramatic strengthening of the U.S. Dollar, which began during our first quarter, will be a very significant earnings headwind for the year. However, our operating momentum provides us with confidence that we can largely offset FX and deliver a full year outlook consistent with our original guidance."

7:12 am NJ Resources beats by $0.08; guides FY15 EPS in-line; increases quarterly dividend 7.1% (NJR) : Reports Q4 (Sep) loss of $0.45 per share, $0.08 better than the Capital IQ Consensus Estimate of ($0.53). Co reported operating revs of $591.9 mln vs $733.7 mln last year

  • Co issues in-line guidance for FY15, sees EPS of $2.90-3.10 vs. $3.01 Capital IQ Consensus Estimate. 
  • Dividend: On September 9, 2014, NJR announced its board of directors unanimously approved a 7.1% increase in its quarterly dividend rate to $.45 per share from $.42 per share effective October 1, 2014.

7:10 am DSW beats by $0.04, beats on revs; raises low end of FY15 EPS, in-line; raises comp guidance (DSW) : Reports Q3 (Oct) earnings of $0.56 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.52; revenues rose 5.8% year/year to $670 mln vs the $661.55 mln consensus.

Co issues in-line guidance for FY15, raises EPS to $1.55-1.65 from $1.50-1.65 vs. $1.59 Capital IQ Consensus Estimate.

  • This assumes slightly positive comparable annual sales growth (up from 'flattish' previously) and annual revenue growth in the mid-single digit range (reaffirmed). This guidance includes a tax rate slightly below 39% and diluted shares outstanding of 90.5 million. 
"Sales in all major categories accelerated compared to first half performance. We are especially encouraged by the performance of women's footwear, which posted its first positive comparable sales increase since the second quarter of 2013. The merchandise initiatives we began to implement at the start of the year are gaining traction."

7:09 am Australia Dollar Hits 52-Month Low: 10Y: +04/32..2.288%..USD/JPY: 117.96..EUR/USD: 1.2431 (:SUMRX) :

  • The Dollar Index drifts little changed near 88.15. 
  • A choppy overnight session kept trade in a tight 15 cent range as action lingers near its best levels since June 2010. 
  • EURUSD is -10 pips @ 1.2430 amid a lackluster trade. A session absent tradable news or data has kept the single currency limited to a 30 pip range. The 1.2400 area remains critical. 
  • GBPUSD is -35 pips @ 1.5670 as action fights to hold 14-month lows. Sterling has seen some modest selling after the latest Bank of England Inflation Report shows a split Monetary Policy Committee. Some member believe the path of future rate moves remains higher while other believe the next move will be lower. Also notable was the BBA Mortgage Approvals (37.1K actual v. 38.5K expected) miss. A breakdown of the 1.5600 level would push sterling to a fresh 14-month low. 
  • USDCHF is +5 pips @ .9670 as an uneventful trade takes hold. The quiet session comes as trade remains closely tied to the euro. 
  • USDJPY is -25 pips @ 118.00. The pair remains near a seven-year high following comments from Bank of Japan Governor Kuroda, who once again suggested the central bank is ready to ease further. A close above 118.48 would mark the highest since August 2007. 
  • AUDUSD is -80 pips @ .85835 as trade presses to a fresh 52-month low after Reserve Bank of Australia Deputy Governor Lowe suggested the exchange rate remains too high. The .8350 region is setting up as important support. USDCNY slipped to 6.1368. Click here to see a daily AUDUSD chart.
  • USDCAD is flat @ 1.1280. Support near 1.1250 remains in focus into today's Canadian retail sales data.

7:07 am Tiffany & Co misses by $0.01, reports revs in-line, comparable store sales +6%; reaffirms FY15 EPS guidance, slightly lowers FY15 sales guidance range (TIF) : Reports Q3 (Oct) earnings of $0.76 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.77; revenues rose 5.3% year/year to $959.6 mln vs the $966.82 mln consensus. Gross margin (gross profit as a percentage of net sales) rose to 59.5% in the third quarter from 57.0% year ago.

  • Co reaffirms FY15 EPS of $4.20-4.30 vs. $4.34 Capital IQ Consensus Estimate; sees FY15 revs of +mid to high single digit, prior +HSD vs. $4.36 bln Capital IQ Consensus Estimate. This full year forecast is based on the following assumptions: Operating margin increasing due to a higher gross margin, Net inventories increasing by a high-single-digit percentage, Capital expenditures of $250 million, versus $221 million last year, largely due to incremental investments in information technology systems, Free cash flowof at least $400 million when excluding the after-tax debt extinguishment charge.

7:06 am Signet Jewelers beats by $0.03, reports revs in-line; guides Q4 EPS in-line (SIG) : Reports Q3 (Oct) adj. earnings of $0.21 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 52.7% year/year to $1.18 bln vs the $1.18 bln consensus.

Co issues in-line guidance for Q4, sees adj. EPS of $2.95-3.05 vs. $3.03 Capital IQ Consensus Estimate. 

"We delivered a solid third quarter highlighted by continued strength in same store sales, which rose 4.2%, led by Kay at 7.5% and Jared at 6.5%. Positive momentum in our UK division continued with our highest third quarter increase in same store sales, at 3.7%, in seven years and our best operating result in four years. We believe our Sterling and UK divisions are well-prepared to deliver for the holiday season."

"While Zale same store sales declined 0.9%, we remain pleased with the Zale division integration progress. In the short time period since owning Zale, we have been able to implement select initiatives to further the Zale holiday business. We remain confident in our ability to meet our goal of $150 million to $175 million in cumulative 3-year synergies from January-end 2015 to January-end 2018."

Separately, as part of Signet's ongoing efforts to manage its diamond supply chain, Signet announced it has entered into a rough diamond supply contract in Botswana with DeBeers, the world's leading rough diamond producer

7:04 am Movado Group beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line; announces increase in share buyback (MOV) : Reports Q3 (Oct) earnings of $0.87 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.86; revenues fell 0.6% year/year to $188.6 mln vs the $188.7 mln consensus.

  • Co issues in-line guidance for Q4, sees EPS of $0.18-0.23 vs. $0.20 Capital IQ Consensus Estimate; sees Q4 revs of $132-137 vs. $133.71 mln Capital IQ Consensus Estimate. 
  • Co also announced an increase in share buyback program authorization to $100 million, as well as a $0.10 quarterly dividend.

7:04 am ISIS Pharm announced the initiation of a pivotal Phase 3 study evaluating ISIS-SMNRx in ~120 non-ambulatory children with spinal muscular atrophy; Isis earned a $27 mln milestone payment from its development partner, Biogen Idec (BIIB), for the dosing of the first patient in this study (ISIS) : In addition to the current Phase 3 clinical studies ENDEAR and CHERISH, Biogen Idec (BIIB) plans to conduct two additional ISIS-SMNRx studies, which could begin in the first half of 2015:

  • NURTURE will be a Phase 2 clinical study evaluating ISIS-SMNRx in up to 25 pre-symptomatic newborns that are genetically predisposed to the disease. 
  • EMBRACE will be a Phase 2 clinical study evaluating safety and exploratory efficacy of ISIS-SMNRx in approximately 20 patients with infantile or childhood-onset SMA. This study will bridge the gap in a small subset of patients that do not meet the age and inclusion criteria of the current Phase 3 studies ENDEAR and CHERISH.

7:04 am Entravision announces extension of share repurchase program with additional $10 million authorization (EVC) :

  • Co announced that the Company's Board of Directors has approved the extension of its share repurchase program announced in August 2014 with a repurchase authorization of up to an additional $10 million of the Company's common stock, for a total repurchase authorization of up to $20 million. 

7:03 am Visteon confirms discussions with Hahn & Co. regarding potential sale of ownership interest in Halla Visteon Climate Control Corp (VC) : There can be no assurance that these discussions will result in any transaction or on what terms any such transaction may occur. Visteon undertakes no obligation to provide further updates and does not intend to comment further regarding the discussions or other strategic alternatives involving HVCC until such time as its board of directors has determined that disclosure is appropriate.

7:03 am SinoCoking announced that its aboveground facility for the conversion of carbon dioxide into clean-burning syngas has achieved its initial production target of 25,000 cubic meters per hour and is currently transporting syngas to three customers and agents in and around its facility in Pingdingshan (SCOK) :

  • Co announced that its aboveground facility for the conversion of carbon dioxide into clean-burning syngas has achieved its initial production target of 25,000 cubic meters per hour and is currently transporting syngas to three customers and agents in and around its facility in Pingdingshan. 
  • Based on the current price of $0.139 per cubic meter for syngas, the gross revenue generated per day by the aboveground facility is approximately $83,280. Gross profit margin is expected to be between 45% and 50%.

7:02 am Northern Dynasty Minerals reported that U.S. Federal District Court for Alaska has granted the Pebble Limited Partnership's request for a Preliminary Injunction in its litigation against the EPA (NAK) : "Specifically, the court has granted a Preliminary Injunction that blocks EPA from taking any further steps in the 404c regulatory process it has initiated at Pebble before Judge Holland is able to issue a final decision on the merits of our FACA case. We expect the case may take several months to complete. This means that, for first time, EPA's march to preemptively veto Pebble has been halted."

6:58 am Xcerra beats by $0.03, reports revs in-line; guides Q2 below consensus (XCRA) : Reports Q1 (Oct) earnings of $0.28 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 287.8% year/year to $127.2 mln vs the $126.27 mln consensus.

Co issues downside guidance for Q2, sees EPS of ($0.09)-(0.04), excluding non-recurring items, vs. $0.14 Capital IQ Consensus Estimate; sees Q2 revs of $90-95 mln vs. $112.85 mln Capital IQ Consensus Estimate. 

"We sold a record number of PAx test systems in the quarter to support the production ramp of RF front end devices for several customers. Our Diamondx product continues to gain momentum with now over 60% of units installed at OSATs throughout Asia, enabling new business opportunities.

6:50 am S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +5.00. :

6:50 am European Markets : FTSE...6,738.23...+8.80...+0.10%.  DAX...9,883.87...+98.50...+1.00%.

6:50 am Asian Markets : Nikkei...17,407.62...+50.10...+0.30%.  Hang Seng...23,843.91...-49.20...-0.20%.

6:46 am Citi Trends misses by $0.03, beats on revs (CTRN) : Reports Q3 (Oct) loss of $0.08 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of ($0.05); revenues rose 7.8% year/year to $156.7 mln vs the $153.57 mln consensus. 

  • Comparable store sales increased 6.7% in the quarter.

6:33 am Home Bancorp announced that its Board has declared a quarterly cash dividend on its common stock of $0.07 per share; the company's first dividend since completing its IPO in October 2008 (HBCP) : The dividend will be paid on December 22, 2014 to stockholders of record as of the close of business on December 8, 2014.

6:33 am Gazit-Globe declared quarterly cash dividend of NIS 0.45/share for its common stock and declared quarterly dividend policy for 2015 of minimum of NIS 0.46/share (GZT) :  

6:33 am Hormel Foods misses by $0.01, reports revs in-line; guides FY15 EPS below consensus (HRL) : Reports Q4 (Oct) earnings of $0.63 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.64; revenues rose 9.5% year/year to $2.54 bln vs the $2.52 bln consensus.

  • Co issues downside guidance for FY15, sees EPS of $2.45-2.55, excluding non-recurring items, vs. $2.59 Capital IQ Consensus Estimate. 
  • Guidance Commentary: "We anticipate pork commodity prices and pork operating margins to normalize as the year progresses, providing input cost relief for our Grocery Products team, but leading to challenging comparisons for our Refrigerated Foods group in 2015. Jennie-O Turkey Store is entering the new fiscal year with strong sales momentum and beneficial grain markets, but will likely experience less favorable commodity meat markets. International & Other will continue to deliver growth through expansion of its China business, and Specialty Foods will benefit from the inclusion of the CytoSport franchise, consistent with our acquisition expectations."

6:33 am American Woodmark misses by $0.01, reports revs in-line (AMWD) : Reports Q2 (Oct) earnings of $0.48 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.49; revenues rose 14.3% year/year to $217.7 mln vs the $218.2 mln consensus. 

  • The co experienced growth in both the remodeling and new construction channels during the second quarter of fiscal year 2015, with new construction growth exceeding 20%.
  • Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency that was partially offset by material inflation, costs associated with crewing and infrastructure to support higher levels of sales and installation activity, costs associated with new product launches and higher employee benefit costs.

6:32 am Alexion Pharma announced that Soliris has been granted orphan drug designation by Japan's Ministry of Health, Labour and Welfare for the treatment of patients with neuromyelitis optica (ALXN) : ODD provides drug developers with certain benefits and incentives, including priority review for marketing authorization and a period of 10 years of market exclusivity if regulatory approval is received for the designated indication.

6:31 am Hormel Foods announced a 25% increase to the annual dividend to shareholders to $1.00 per share from $0.80 per share (HRL) : The dividend will be paid on Feb. 17, 2015, to stockholders of record at the close of business on Jan. 20, 2015.

6:28 am Taomee Holdings reports Q3 EPS of $0.09 vs $0.01 single analyst estimate; revs -22% y/y to $12.3 mln vs $13 mln two analyst estimate (TAOM) :

  • The number of active accounts for the Company's virtual worlds under operation in mainland China was ~59.4 mln in the third quarter of 2014, an increase of 41.8% from 41.9 mln in the second quarter of 2014 and a decrease of 2.3% from 60.8 mln in the third quarter of 2013.
  • Guidance: Net revenues of the fourth quarter of 2014 are expected to be within in the range of US$6.3 million to US$6.8 million (Capital IQ two est average $10.95 mln) , which represents a year-over-year decrease of approximately 38% to 42%. This forecast reflects the Company's current and preliminary view of the operating results, and is subject to future changes.

6:22 am Brookfield Residential announced that the Special Committee of the Board has appointed Morgan Stanley to act as its exclusive financial advisor in connection with the previously announced non-binding proposal from Brookfield Asset Management (BAM) to acquire the ~30% of the common shares of BRP that it does not already own for $23.00 cash per share (BRP) : The Special Committee is in the process of reviewing the proposal and Brookfield Residential will provide an update at the appropriate time. In addition, in accordance with Canadian securities laws, the Special Committee will supervise the preparation by Morgan Stanley of a formal valuation of the common shares of Brookfield Residential.

6:10 am On The Wires (:WIRES) :

  • Gravity (GRVY) announced that it received a positive determination from the Listing Qualifications department of The Nasdaq Stock Market on November 25, 2014, granting approval of the Company's request to transfer its listing to The Nasdaq Capital Market from The Nasdaq Global Market. 
  • Columbia Sportswear Company (COLM) announced the opening of its first Columbia Performance Fishing Gear concept store in Texas.

6:04 am Tech Data beats by $0.18, reports revs in-line (TECD) : Reports Q3 (Oct) earnings of $1.18 per share, $0.18 better than the Capital IQ Consensus Estimate of $1.00; revenues rose 6.1% year/year to $6.76 bln vs the $6.78 bln consensus.
Segments:

  • The Americas: Net sales were $2.6 billion (~39% of worldwide net sales), an increase of 3% from the prior-year quarter.   
  • Europe: Net sales were $4.1 billion (~61% of worldwide net sales), an increase of 8% (an increase of 13% in euros) from the prior-year quarter. 
Business Outlook 
For the fourth quarter ending January 31, 2015, the Company expects year-over-year low single-digit sales growth in both regions in local currency. 

6:02 am Dangdang misses by $0.01, beats on revs; guides Q4 revs above consensus (DANG) : Reports Q3 (Sep) earnings of $0.05 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.06; revenues rose 30.9% year/year to $326.3 mln vs the $322.67 mln consensus.

  • Gross Merchandise Value from the marketplace in the third quarter of 2014 was RMB1,743.9 million ($284.1 million), a 79.9% increase from the corresponding period in 2013. 
  • The combination of product revenue from principal business and GMV from the marketplace reached RMB3,662.9 million ($596.8 million) and grew 50.3% year over year.  
  • Dangdang had ~9.6 million active customers including ~3.6 million new customers, in the third quarter of 2014, representing increases of 14% and 24%, respectively, from the corresponding period in 2013. 
  • Total orders for the third quarter of 2014 were ~18.8 million, a 19% increase from the corresponding period in 2013.
  • Mobile orders accounted for 24% of total orders for the third quarter of 2014, compared with 10% for the corresponding period in 2013. 
Guidance:
Co issues upside guidance for Q4, sees Q4 revs of ~RMB2.23 bln vs. $1.98 bln Capital IQ Consensus Estimate.
  • The Company also expects GMV from its marketplace to grow at a rate of 60% year-over-year to ~RMB2.23 billion in the fourth quarter of 2014. 

5:12 am On The Wires (:WIRES) :

  • PCTEL (PCTI) launched the M2M Wi-Fi MIMO Antenna at SPS IPC Drives 2014. This rugged omnidirectional antenna is designed for exceptional reliability in machine-to-machine industrial wireless applications. 
  • Walt & Company announced that it has been chosen by Violin Memory (VMEM) as its U.S. public relations agency of record. Headquartered in Santa Clara
  • Advantest (ATE) has launched a new multi-purpose parametric measurement unit module, the T2000 PMU32E, to enhance its T2000 platform's capabilities in testing digital, analog and power-management system-on-chip 
  • AkzoNobel (AKZOY) has joined forces with SuikerUnie, Rabobank, Deloitte, Investment and Development Agency for the Northern Netherlands, Groningen Seaports, and the Province of Groningen, to investigate the possibility of producing chemicals from beet-derived sugar feedstock. 
  • China Mobile Games and Entertainment Group (CMGE) announced that it has entered into a subscription agreement for convertible preference shares of Inplay Interactive, a Korean developer of mobile and PC games. 

4:30 am Sony provides FY17 segment targets; reaffirms FY15 (SNE) : Co announced its financial targets for the electronics businesses for the fiscal year ending March 31, 2018 (in billion JPY). 

  • Game & Network Services Segment Sales: 1,400~1,600
  • Imaging Products & Solutions Segment Sales: 650~700
  • Home Entertainment & Sound Segment Sales: 1,000~1,100
  • Devices Segment Sales: 1,300~1,500
Additionally, co reaffirmed its guidance from Oct 31.

4:29 am Banco Santander appoints Jos Antonio lvarez as CEO (SAN) : Co announced the appointment of Jos Antonio lvarez as Chief Executive Officer replacing Javier Mar n. Prior to his appointment as CEO, served 10 years as Chief Financial Officer at Banco Santander. 

  • Jos Garc a Cantera will assume the responsibilities of Banco Santander CFO. Garc a Cantera was a top-ranked bank analyst at Citi before serving as CEO of Banesto

4:22 am Petrobras Brasileiro receives SEC Subpoena (PBR) : Co informs that on November 21 it received a subpoena from the SEC requesting certain documents relating to the SEC's investigation of the Company.

  • The subpoena requires the production of certain documents that will be gathered with the assistance of Trench, Rossi e Watanabe Advogados and Gibson, Dunn & Crutcher, the Brazilian and U.S. law firms previously retained by Petrobras to conduct an independent internal investigation.

4:05 am Yingli Green Energy supplies 72 MW of solar panels to Solarcentury in the United Kingdom (YGE) : In terms of the agreement between Yingli and Solarcentury, the Company will complete the delivery of ~168,000 solar panels by the end of this year. The panels will be installed in projects across the UK. These projects will produce ~65,000 MWh of clean solar electricity per year, enough to supply around 21,800 typical UK homes. 

4:04 am On The Wires (:WIRES) :

  • MakerBot, a subsidiary of Stratasys (SSYS), and Fry's Electronics announced the availability of MakerBot Replicator 3D Printers and MakerBot Filaments in select Fry's Electronics stores in the U.S. and on frys.com. This national rollout positions MakerBot as a premier partner with Fry's Electronics in the 3D printing area, offering MakerBot Replicator 3D Printers and MakerBot Filaments in Fry's Electronics stores. 
  • Papa John's (PZZA), Avan Projects and Global Franchise Architects announced the acquisition of Pizza Corner stores in South India. Papa John's will convert the existing Pizza Corner stores to Papa John's branded restaurants through Q1 2015. The announcement reinforces Papa John's commitment to expand its presence in India, specifically in Bangalore, Chennai and Hyderabad. 
  • Infraestructura Energetica, A unit of San Diego-based Sempra Energy (SRE), was declared the winner of the Comision Federal de Electricidad tender for the construction and operation of the natural gas pipeline from Ojinaga to El Encino in the state of Chihuahua, Mexico. 
  • Dassault Syst mes (DASTY) announced that PSA Peugeot (PEUGY.PK) has decided to significantly intensify the use of its DELMIA digital manufacturing applications to help simplify the innovation process of its body-in-white division. 
  • Boeing (BA) and Ruili Airlines celebrated the arrival of the airline's first direct purchase Next-Generation 737-700. Ruili is a newly established private airline based at Changshui International Airport in Kunming, the capital city of China's Yunnan province.

3:10 am Volvo makes provision related to EU Antitrust investigation (VOLVY) : Co announces that after an evaluation of the Statement of Objections, issued by the European Commission on November 20, 2014 in the on-going antitrust investigation relating to the time period prior to January 18, 2011, the Volvo Group has decided to make a provision of EUR 400 M (SEK 3.7 bn). The provision will impact the operating income negatively in the fourth quarter 2014. 

  • As a result of an evaluation of the Statement of Objections, the Volvo Group will make a provision of EUR 400 M (SEK 3.7 bn) in the fourth quarter of 2014. However, the proceedings are still at an early stage and there are a number of uncertainties associated with the final outcome of the Commission's investigation as well as the amount of a potential fine. The Volvo Group will re-assess the size of the provision regularly following the development of the proceedings. 
  • The provision will impact the Volvo Group's operating income in the segment Trucks. The net financial debt and cash flow will not be impacted in the fourth quarter 2014. 

2:03 am On The Wires (:WIRES) :

  • American Homecare Federation, a Diplomat company (DPLO), has launched a newly designed website. AHF's web platform features clean design, simple navigation and educational materials for physicians, patients and caregivers.
  • Nordson (NDSN) announced that Nordson Advanced Technology K.K. Japan has relocated to new, larger facilities in Tokyo to deliver superior sales, service, technical training, and support to its customers in Japan. The move is effective November 25, 2014. 

1:21 am Novartis announces extension to FDA review period for multiple myeloma investigational compound LBH589 (NVS) : Co announced today that the FDA has extended their priority review period by up to three months for the new drug application of LBH589 (panobinostat) in combination with bortezomib and dexamethasone for patients with previously treated multiple myeloma.

  • The NDA for LBH589 was submitted to the FDA in March 2014. In May 2014, the FDA granted priority review status to LBH589, reducing the standard 12-month review period to eight months. 
  • The extension to the LBH589 NDA review period follows an FDA Oncologic Drugs Advisory Committee meeting earlier this month. 

1:19 am ING Group to expand digital banking in the Netherlands (ING) : Co announces in order to improve the customer experience and enhance operational excellence, ING will take measures to further expand digital banking, strengthen local advisory capabilities in the branch network and to make additional IT investments in its Dutch retail banking unit. These measures follow earlier initiatives in 2011 and 2012. 

  • Omni-channel approach to create consistent customer service 
  • Investment of EUR 200 million to further simplify and automate IT systems and processes 
  • Measures to result in reduction of ING's Dutch workforce by 1,700 FTEs over a three-year period and a pre-tax provision of around EUR 320 million in 4Q14 
  • Expected annual gross savings of around EUR 270 million from 2018 onwards 

1:10 am Goldcorp signs important Resource Development Agreement with four First Nation communities in Timmins, Ontario (GG) : Co announced announced that Porcupine Gold Mines has signed a Resource Development Agreement with four First Nation communities including Mattagami First Nation, Wahgoshig First Nation, Matachewan First Nation and Flying Post First Nation.  The agreement establishes a framework for continued consultation on existing and future operations in the Timmins area and defines long-term benefits for the four First Nation communities. 

  • Under the agreement, Goldcorp recognizes and respects Aboriginal rights and interests in the area of the Porcupine Gold Mines operation and the four First Nation communities recognize and support Goldcorp's rights and interests in the operation and future development of the mine.
  • The agreement also reflects Goldcorp's commitment to protecting the environment and supporting Aboriginal social and cultural practices in a spirit of continued collaboration. 

12:59 am Samson Oil & Gas provides operational update (SSN) : Co announced that the Bluff 1-11 well was perforated within the 9,500 sand over the interval 7,738 to 7,754 feet, and the well unloaded the completion brine almost immediately and flowed non inflammable gas at a rate of 8 MMcfpd. The rate was relatively constant during the 41 hour flow period. The well flowed on a 20 or 21/64ths inch choke at a tubing pressure of between 2,500 and 2,600 psig that increased during the flow period. No formation water was evident. Gas samples were taken and are in the process of being analyzed. The well is currently shut in for approximately 10 days whilst the pressure response is measured.

12:55 am Copart beats by $0.03, reports revs in-line (CPRT) : Reports Q1 (Oct) earnings of $0.40 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 3.8% year/year to $290.4 mln vs the $292.27 mln consensus.

12:52 am Rubicon Minerals and Wabauskang First Nation reach a settlement agreement and an exploration accommodation agreement (RBY) : Rubicon Minerals announced that is has entered into a Settlement Agreement and an Exploration Accommodation Agreement with Wabauskang First Nation. 

  • Under the Settlement, WFN has agreed to discontinue its appeal against Rubicon regarding the August 28, 2014 decision made by the Ontario Divisional Court to dismiss the application for judicial review in respect of Rubicon's production closure plan for its fully-permitted Phoenix Gold Project. 
  • In turn, an EAA has been signed and terms of a potential benefits agreement are outlined in the Settlement. 

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