5:54 am Shanghai... -13.73 (-0.45%) (FXI) :
5:54 am S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +6.90. :
5:54 am European Markets : FTSE...7505.13...+8.80...+0.10%. DAX...12652.6...+33.10...+0.30%.
5:54 am Asian Markets : Nikkei...19613...-65.00...-0.30%. Hang Seng...25403...+11.80...+0.10%.
5:41 am Momo beats by $0.12, beats on revs; guides Q2 revs above consensus (MOMO) :
- Reports Q1 (Mar) earnings of $0.44 per share, $0.12 better than the Capital IQ Consensus of $0.32; revenues rose 421.0% year/year to $265.2 mln vs the $245.48 mln Capital IQ Consensus.
- Monthly Active Users were 85.2 million in March 2017, compared to 72.3 million in March 2016
- Co issues upside guidance for Q2, sees Q2 revs of $283-288 mln vs. $273.62 mln Capital IQ Consensus Estimate.
5:28 am On The Wires (:WIRES) :
- PDC Healthcare, a unit of Brady Corp (BRC), announced the release of ScanBand DR, its newest line of thermal patient identification wristbands. Specifically designed to deliver optimal and reliable print durability and performance throughout a patient's stay, from admission to discharge, ScanBand DR improves patient safety through positive patient identification for adults, pediatrics, and infants.
- IBM (IBM) announced that Concern Galnaftogaz, a leading fuel station, convenience store and cafe operator in the Ukraine, has tapped IBM to deploy a company-wide asset and service management solution that will be used by all departments and divisions to bring greater simplicity, flexibility and security to its growing operations.
- Total Solar, a 100% owned Total (TOT) subsidiary dedicated to solar activities, has launched construction of its second solar power plant in Japan. The 25-megawatt-peak photovoltaic power plant in Miyako, in Iwate province, is expected to start up in 2018 and will provide clean and reliable electricity to over 8,000 households
- Grifols (GRFS) now provides European countries accepting products with the CE marking with a test to detect the presence of the Zika virus in donated blood. CE marking means a product conforms to relevant legislation for sale in the European economic area. The test is conducted using nucleic acid testing on the Procleix Panther system automated platform and enables blood banks and donor centers to enhance the safety of their blood supplies.
5:24 am Fresnillo reaffirms production guidance for FY17 at AGM (FNLPF) :
- During co's Annual General Meeting, co stated it remain on track to achieve our production guidance for 2017, with silver production of between 58-61 million ounces (including Silverstream), and gold production of between 870-900 thousand ounces.
- Co's capital expenditure is anticipated to be ~$800 million and exploration expenses of around $160 million, including the capitalised portion
5:19 am Global Sources enters definitive amalgamation agreement; to receive an amount equal to $18.00 in cash (GSOL) :
Co announced that it has entered into an Agreement and Plan of Amalgamation with Expo Holdings I and Expo Holdings II, a wholly-owned subsidiary of Parent, pursuant to which Amalgamation Sub and the Company will be amalgamated and continue as an exempted company limited by shares registered under the laws of Bermuda, which will become a wholly-owned subsidiary of Parent
- Subject to the terms and conditions set forth in the Amalgamation Agreement, at the effective time of the Amalgamation, each issued and outstanding common share of the Company will be automatically cancelled and converted into the right to receive an amount equal to $18.00 in cash, without interest.
- The Amalgamation Consideration represents a premium of 50.0% over the Company's closing price of $12.00 per Share on May 22, 2017, the last trading day prior to the date that the Company entered into the Amalgamation Agreement, and a premium of 72.65% to the volume-weighted average closing prices of the Shares during the 30 trading days prior to May 22.
5:10 am Toll Brothers beats by $0.10, beats on revs; guides FY17 revs in-line; reaffirms GM guidance (TOL) :
- Reports Q2 (Apr) earnings of $0.73 per share, $0.10 better than the Capital IQ Consensus of $0.63; revenues rose 22.2% year/year to $1.36 bln vs the $1.26 bln Capital IQ Consensus.
- Home building deliveries of 1,638 units increased 22% in dollars and 26% in units, compared to FY 2016's second quarter.
- The average price of homes delivered was $832,400, compared to $855,500 one year ago. The drop in the average price of homes delivered, as well as in contracts and backlog, was due to mix changes.
- Backlog - Backlog of $5.00 billion and 6,018 units rose 19% in dollars and 22% in units, compared to FY 2016's second-quarter-end backlog. The average price of homes in backlog was $831,000, compared to $848,600 one year ago.
- Co issues in-line guidance for FY17, sees FY17 revs of $5.4-6.1 bln vs. $5.77 bln Capital IQ Consensus Estimate, and compared to prior guidance of $5.19-6.19 bln
- Based on FY 2017's second-quarter-end backlog and the pace of activity at its communities, the Company now estimates it will deliver between 6,950 and 7,450 homes in FY 2017, compared to previous guidance of 6,700 to 7,500 units, at an average delivered price for FY 2017's full year of between $775,000 and $825,000 per home.
- The Company reaffirms its previous guidance for full FY Adjusted Gross Margin of between 24.8% to 25.3%, SG&A as a percentage of revenues of 10.6%, Other income and Income from unconsolidated entities of $160 million to $200 million and effective tax rate of 37.5%.
- The Company expects FY 2017 third-quarter deliveries of between 1,675 and 1,975 units with an average price of between $790,000 and $815,000.
4:39 am AstraZeneca reports Bydureon EXSCEL trial meets primary safety objective (AZN) :
- Co announced top-line results from the Phase IIIb/IV EXSCEL trial. The trial compared the effect of once-weekly Bydureon versus placebo, when added to usual type-2 diabetes care, on the risk of MACE, a composite endpoint of CV death, non-fatal myocardial infarction or non-fatal stroke, in adults with type-2 diabetes at a wide range of CV risk.
- The EXSCEL trial met its primary safety objective of non-inferiority for MACE.
- These results address the FDA requirement that medicines to treat T2D are not associated with an increase in CV risk.
- Fewer CV events were observed in the Bydureon arm of the trial, however, the efficacy objective of a superior reduction in MACE did not reach statistical significance.
- Data were consistent with the known safety profile of Bydureon.
4:31 am Novartis provides new analyses from the FLAME study suggest dual bronchodilator Ultibro Breezhaler provides similar or better efficacy versus steroid-containing therapies (NVS) :
- Further analyses of Novartis' head-to-head FLAME study suggest that inhaled corticosteroids (may not be needed in some chronic obstructive pulmonary disease patients with high blood eosinophil (a type of white blood cell) counts.
- The new data showed that Ultibro Breezhaler consistently provided superior or similar benefits over Seretide in COPD patients regardless of the eosinophil count
- These results contrast with data suggesting better clinical outcomes with ICS therapies for patients with high eosinophil counts
- The data was published in the centenary issue of the American Thoracic Society's 'Blue Journal and solidifies the need for individualized risk-benefit assessments when considering ICS treatments.
4:29 am Sony provides update at its Corporate Strategy Meeing; outlines plans for FY17 and beyond (SNE) :
Co held a Corporate Strategy Meeting during which co provided an update on the progress of the current mid-range plan, the final year of which is the fiscal year ending March 31, 2018 . Sony plans to achieve its mid-range financial targets and continue to be a company that generates a sustainably high level of profit and creates new value beyond FY2017. Highlights from his presentation are outlined below:
- Progress of Mid-range Plan (FY2015 - FY2017)
- 10% or more ROE and 500 billion yen or more operating income are the financial targets for the Sony Group for FY2017, which is the final year of Sony's second mid-range plan for the fiscal year ended March 31, 2016.
- After achieving the mid-range targets, Sony aims to generate sustainably high profit and continue to be a company that continuously generates new value.
- In order to achieve the financial targets for FY2017 and to generate sustainably high profit for the next fiscal year and beyond, Sony believes that it not only needs consumer electronics to generate stable profit, but it also needs profits in the Game & Network Services segment to increase, the image sensor for mobile use business to recover and the Music and Financial Services segments to continue to contribute high profits.
- In the Pictures segment, the profit forecast for FY2017 is significantly below the original target set in the mid-range plan, but Pictures remains an important business for Sony. Inside the Pictures business, the level of urgency with which measures are being implemented to improve the profitability of the Motion Pictures business has increased. Due to the nature of the business model for Motion Pictures, it takes time for results to improve, but Sony is aiming to transform this business into one that generates a high level of profit.
- Looking Towards FY2018 and Beyond - FY2017 is the final year of the current mid-range plan and is the year during which Sony will establish the next mid-range plan.
- There is no change to Sony's mission to "be a company that inspires and fulfills your curiosity" and its vision to "use our unlimited passion for technology, content and services to deliver groundbreaking new excitement and entertainment, as only Sony can."
- Having diverse businesses in the Electronics, Entertainment and Financial Services sectors, and managing those diverse business domains with a common set of values under the SONY brand is the fundamental strength of Sony.
- In order to continue to generate a high level of profit over the mid- to- long term, the Sony Group as a whole, and each business unit within it, will work to pursue new businesses. The company will work together as One Sony to create a sustainably high level of profit and continue to be a company that provides new value to society.
4:22 am Eisai receives Marketing Authorisation for Zebinix from EME (ESALY) :
- Bial and Eisai announce that the European Medicines Agency has approved Zebinix for use as a once-daily monotherapy to treat adults with newly-diagnosed partial-onset epilepsy. Eslicarbazepine acetate is already indicated in Europe as adjunctive therapy in adults, adolescents and children aged above six years, with partial-onset seizures with or without secondary generalisation
- This marketing authorisation is based on results from a Phase III, randomised, double-blind, active-controlled, non-inferiority study which compared once-daily eslicarbazepine acetate as monotherapy to twice-daily, controlled-release carbamazepine in newly diagnosed adults with partial-onset seizures.
- The primary endpoint was the proportion of patients seizure-free for the entire 26-week evaluation period.
- The data show that 71.1% of patients for eslicarbazepine acetate and 75.6% of patients for controlled-release carbamazepine were seizure-free for six months or more, at the last evaluated dose
4:19 am On The Wires (:WIRES) :
- NABUFIT Global announced the signing of a marketing agreement with SINA Sports, a division of SINA Corp (SINA). NABUFIT will be utilizing SINA's services for the promotion of its NABUFIT App in China including Chinese social media management via the SINA platform and Weibo. SINA has more than 300 million visitors to their platform each month.
- Slovenia recently introduced a multilateral passenger transport ticket, equipped with technology from NXP Semiconductors N.V. (NXPI). The multilateral ticket is part of Slovenia's 15-month project aimed at simplifying public transportation.
- AU Optronics (AUO) announced that numerous types of innovative mobile displays and technologies will be presented at SID's Display Week 2017 in Los Angeles from May 23 to 25, shaping the future of smart living.
- Istanbul-based fleet management company MNG Jet has selected Honeywell (HON) to provide its Mechanical Protection Plan and Avionics Protection Plan for the company's Bombardier Global 5000 and Challenger 605 aircraft. The plan offers owners and operators greater predictability over repair and maintenance for environmental, cabin control systems and mechanical components.
4:15 am Allergan commences offering of senior unsecured notes in multiple tranches in a registered public offering; terms to be determined (AGN) :
- Nokia and Apple announced they have signed patent license and business collaboration agreement and settled all litigation
- Under a business collaboration agreement, Nokia will be providing certain network infrastructure products and services to Apple.
- Apple will resume carrying Nokia digital health products (formerly under the Withings brand) in Apple retail and online stores, and Apple and Nokia are exploring future collaboration in digital health initiatives.
- Regular summits between top Nokia and Apple executives will ensure that the relationship works effectively and to the benefit of both parties and their customers.
- While details of the agreement remain confidential, Nokia will receive an up-front cash payment from Apple, with additional revenues during the term of the agreement.
- The value of the agreement will be reflected partially as patent licensing net sales in Nokia Technologies and partially as net sales in other Nokia business groups. Nokia will follow its existing practices for disclosing patent licensing revenue in its quarterly announcements and expects that revenues for the agreement will start to be recognized in the second quarter of 2017, including an element of non-recurring catch-up revenue.
- Due to the up-front cash payment from Apple, Nokia intends to provide a comprehensive update of its capital structure optimization program in conjunction with its third quarter 2017 results.
4:03 am On The Wires (:WIRES) :
- VEON (VEON) and its subsidiary Global Telecom Holding, announced the acquisition of additional 4G/LTE spectrum in Pakistan, through their local 85% owned subsidiary, Jazz. Jazz won the auction, awarding it 10 MHz paired spectrum in the 1800 MHz band for a total consideration of $295 mln plus withholding tax of 10%.
- Qualcomm (QCOM) announced that its subsidiary, Qualcomm Technologies, plans to commence the first eMTC/NB-IoT/GSM multimode field trials in China, with China Mobile Research Institute and China's leading smart bike sharing company, Mobike.
- CGG (CGG) announced the extension, until the end of 2021, of its contract with Petroleum Development Oman for the provision of subsurface imaging technology and services at its dedicated processing center in Muscat. Within the terms of the extension, the DPC's capacity, resources and responsibilities will be expanded to respond to the specific requirements of PDO's data acquisition strategy. CGG will also reinforce its significant In-Country Value initiatives, such as developing expert local staff, onsite training, and educational and mentoring support to Sultan Qaboos University.
- F5 Networks (FFIV) announced the availability of offerings designed to provide consistent application services in multi-cloud environments-giving companies greater deployment flexibility, more effective security, and faster time to market.
3:49 am PRA Group prices offering of $300 mln of 3.50% convertible senior notes due 2023 (PRAA) :
3:45 am On The Wires (:WIRES) :
- Playa Hotels & Resorts N.V. (PLYA) announced that it has commenced an exchange offer and consent solicitation relating to certain of its outstanding Warrants. The purpose of the Offer and Consent Solicitation is to simplify the Company's corporate structure and reduce the potential dilutive impact of the Warrants, thereby providing the Company with more flexibility for financing its operations in the future.
- Banro Corporation (BAA) announced the terms of the share consolidation that was approved and authorized by the Company's shareholders at the special meeting of shareholders held on March 31. The Board has determined to now proceed with the Consolidation and has set the ratio for the Consolidation at ten to one, such that every ten Common Shares will be changed into one Common Share.
- U-Haul (UHAL) announced the purchase of all of the portable storage containers of Door To Door, a nationally recognized moving and storage company founded in 1996 and headquartered in Renton, Wash. U-Haul is acquiring containers in 20 major markets across the U.S. Customer containers have been transferred to U-Haul U-Box facilities. Terms were not disclosed.