InPlay from Briefing.com

Briefing.com

12:55 pm WTI crude oil prices extend losses and just hit a new low for today at $67.10/barrel.. Jan crude is now -8.7% at $67.27/barrel (:COMDX) :  

12:46 pm Jan WTI crude oil hits a new low on the day at $67.50/barrel, now down 8.2% at $67.63/barrel (:COMDX) :  

12:45 pm Dow -2 slips roughly 65 points off high, S&P -6.6, Nasdaq Comp +3.7 (:TECHX) :  

12:36 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

  • AAL (49.12 +9.23%): Strength in major airlines and cruise companies due to decreasing oil prices: UAL, LUV, DAL, RCL, CCL also higher
  • WMT (87.71 +3.21%): Co issued positive comments on early Black Friday results; reiterated with a Neutral at MKM Partners
  • TGT (73.93 +2.45%): Co said it had a "strong early start" to Black Friday weekend; reierated with a Neutral at MKM Partners
Large Cap Losers
  • CLR (40 -21.83%): Weakness in large cap oil & gas companes following OPEC decision to not cut production: CXO, WFT, CPG, EC, STO, HAL, APA, ECA also lower
  • CP (193.09 -8.00%): Weakness in railroads following declines in natural gas prices which lessens the demand for thermal coal: NSC, KSU, UNP, CNI, CSX also lower
  • ABX (11.96 -7.54%): Weakness in gold companies: GG also lower
Mid Cap Gainers
  • JBLU (14.71 +8.16%): Strengh in regional airlines following the decrease in oil prices: ALK, SAVE, ALGT, CPA, LFL also higher
  • JCP (8.03 +3.65%): Mentioned positively in blog article
  • VEEV (33.35 +3.00%): Continued strength following strong Q3 results and Q4 guidance reported on Tuesday
Mid Cap Losers
  • LPI (10.25 -34.80%): Weakness in mid-cap oil & gas companies following OPEC decision to not cut production: OAS, EPE, KOG, PE, WLL, TLM, PWE, RSPP also lower
  • SLCA (31.46 -24.95%): Continued weakness following downgrade to Market Perform from Outperform at Wells Fargo on Wednesday
  • GLNG (41.55 -15.98%): Price target lowered to $52 from $57 at Jefferies, reiterated with a Hold

12:32 pm Minor final hour downticks off morning highs -- Dow +25, S&P -4.2, Nasdaq Comp +11 (:TECHX) :  

12:01 pm Index Changes Reminder: California Resources Corp (:CRC) to replace Rayonier Adv. Materials (RYAM) in S&P MidCap 400; RYAM to replace Symmetry Medical (SMA) in S&P SmallCap 600 at close of trading today (:INDXCH) :  

11:55 am Small-caps set new session lows, major averages working back off morning highs -- Dow +53, Nasdaq Comp +14, S&P -1.2 (:TECHX) :  

11:52 am Stocks/ETFs that traded to new 52 week highs/lows this session- New highs (176) outpacing new lows (60) (:SCANX) : Stocks that traded to 52 week highs: AAL, ABBV, ABC, ACE, ACN, ADP, AGN, AIV, AKAM, ALK, ALL, AMAT, AMGN, AMT, AON, APH, AVGO, AVNR, BC, BDX, BEE, BERY, BIG, BKW, BMY, BRCM, BRK.B, BUD, CAG, CAH, CB, CBG, CCL, CDNS, CELG, CENX, CFN, CHKP, CHTR, CIM, CLX, COL, COST, COV, CSCO, CTSH, CUBE, CVA, CVS, DAL, DGX, DHR, DIS, DISH, DLPH, DLR, DLTR, DPS, DRH, DRI, EAT, EIX, EQR, ESRX, FDX, FIS, FISV, FNF, FOXA, FTNT, GD, GGP, HAS, HBAN, HCN, HCP, HD, HLT, HON, HPQ, HST, INCY, INFY, INTC, JBHT, JBLU, JWN, KIM, KMB, KMX, KO, KR, LB, LBRDK, LBTYA, LBTYK, LEG, LHO, LM, LRCX, LUV, LYV, M, MA, MAC, MAR, MCK, MDT, MDVN, MHFI, MMC, MNST, MO, MU, MYL, NAVI, NCLH, NKE, NOC, NVDA, NVS, NWL, NXPI, OMC, PANW, PEP, PG, PGRE, PPG, QVCA, RAI, RCL, RGC, ROST, RPAI, RTN, SAVE, SBAC, SCG, SCI, SEE, SHO, SKT, SNE, SPR, STOR, STZ, SWFT, SWKS, SYK, SYMC, TGT, TJX, TMO, TQNT, TRV, TSM, TXN, UAL, UDR, UNH, UPS, USB, V, VFC, VRTX, VTR, WFC, WMT, WU, WYN, XEL, XL, XRAY, ZMH, ZTS

Stocks that traded to 52 week lows: AM, APA, ATW, BBEP, BHP, BP, CAM, CIE, CLR, CVE, DNOW, DNR, DO, ECA, EPE, ESV, FCX, FLS, FMSA, FTI, HAL, HP, JOY, KOG, KOS, LINE, LNCO, LPI, MBT, MDU, MEOH, MRO, MUR, NBL, NBR, NE, OAS, OIS, OKS, OXY, PDS, PGH, PTEN, PWE, PXD, RES, RIG, ROSE, SDRL, SID, SLB, SM, SPN, STO, TLM, TS, VIP, WFT, WLL, WPX

ETFs that traded to 52 week highs: DIA, IBB, ICF, IGN, IGV, IHF, IHI, ITA, IWF, IYF, IYG, IYH, IYK, IYR, IYT, KIE, OEF, PFF, PPA, PPH, PSK, QQQ, RTH, SDY, SMH, SOXX, SPY, URE, UYG, VNQ, XBI, XLF, XLK, XLP, XLV, XLY, XRT

ETFs that traded to 52 week lows: BNO, DBC, DJP, FXA, FXY, GSG, JJC, OIH, OIL, REMX, RSX, UGA, UHN, USCI, USO, XES, XOP

Note: To reduce the list of stocks making 52 week highs/lows to a manageable size we have filtered out stocks below $2 bln in market cap and below 1 mln average volume. Without this filter 459 stocks made 52 week highs and 228 stocks made 52 week lows.

11:51 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:+0.1%
  • France's CAC:+0.2%
  • Spain's IBEX:+0.4%
  • Portugal's PSI:-2.1%
  • Italy's MIB Index:-0.4%
  • Irish Ovrl Index:+0.2%
  • Greece ASE General Index: +1.3%

11:46 am Dow +69 hovering slightly under session and last week's all time highs at 17893/17894 (:TECHX) :  

10:58 am J. C. Penney probes early week/seven week high and its 50 sma (JCP) : Noted the test of its Nov/Oct range highs on Monday (7.87) with today's upticks testing Tuesday's breakout high and 50 day sma at 8.10 (session high 8.08).

10:56 am Jan WTI crude oil sits near $69/barrel, now -6.3% at $69.08/barrel, Natural gas fell to a new LoD, now -4.4% at $4.17/MMBtu (:COMDX) :  

10:54 am NGL Energy Partners: Rimrock Midstream enters construction management & pipeline operating agreements with Grand Mesa Pipeline (NGL) : Co announced Rimrock Midstream has entered into agreements with Grand Mesa Pipeline, a subsidiary of NGL Energy Partners (NGL), to construct and operate the Grand Mesa Pipeline.

  • In addition to Grand Mesa, Rimrock is actively developing the Platte River gathering system that will deliver significant volumes of crude oil to Grand Mesa Pipeline's origin point at Lucerne, Colorado. 
  • The gathering system will consist of more than 220 miles of pipeline and will be capable of delivering multiple grades of crude oil from several counties throughout North Central and Eastern Colorado.

10:44 am Nasdaq Comp +23 continues gradual climb, Dow +49 hovering near session high, S&P +0.6 back in the black (:TECHX) : Relative sector strength in recent trade has been noted in Technology XLK, Software IGV, Networking IGN, Internet FDN, Semi SMH, Biotech IBB, Disk Drive, Casino.

10:35 am Energy Select Sector continues to hover near its 52-wk close low from Oct at 79.95 (XLE) : The 52-wk intraday low from Oct does note come into play until 77.51. 

10:16 am Lowe's probes its multi-year high from early this week at 64.14 -- session high 64.12 (LOW) :  

10:02 am Covidien: European Commission clears Medtronic (MDT) acquisition of Covidien (COV) :  

10:02 am Relative sector strength (:TECHX) : Sectors displaying relative strength this morning include: Airline, Retail XRT, Discretionary XLY, Transports IYT, Staples XLP, Health XLV, Pharma PPH, Medical Supplies, Utility XLU, REITs IYR.

10:00 am Nasdaq Comp +14 joins Dow +47 at new session highs -- S&P -0.9 edging off low (:TECHX) :  

9:53 am Dow +34 sets fractional new session high, S&P -3.1 remains near morning low -- Nasdaq Comp +5.6 (:TECHX) :  

9:48 am Opening Market Summary: Energy Displays Opening Weakness (:WRAPX) : As expected, the S&P 500 (-0.1%) began the session under modest pressure stemming from the early weakness in the energy sector (-5.8%), which has slumped in reaction to the 5.8% decline in crude oil ($69.41/bbl). Furthermore, other commodity-related sectors like materials (-1.7%) and industrials (-0.2%) have also faced early pressure.

On the upside, the two consumer sectors have shown early strength. Consumer staples (+1.1%) lead while the discretionary sector (+0.9%) follows right behind. Also of note, health care has been boosted by early strength in biotechnology with the iShares Nasdaq Biotechnology ETF (IBB 305.71, +1.84) higher by 0.6%. This has helped the Nasdaq (+0.2%) register an opening advance.

Treasuries remain in the green with the 10-yr yield down two basis points at 2.21%.

9:45 am Coca-Cola vacillating near last week's high at 44.78, hovering slightly below its multi-year high from Oct at 44.87 -- session high 44.80 (KO) :  

9:42 am Merck breaks above Nov range highs, vacillating near its Oct peak at 60.51 (MRK) :  

9:40 am Major averages pause after firmer start, S&P -3 has lagged thus far -- Dow +27, Nasdaq Comp +8 (:TECHX) : Weighing on the S&P are Energy XLE -6% and Materials XLB -1.5.

9:34 am Adobe Systems extends opening push to 73.50, stalls just shy of its multi-year close high from July and Sep peak at 73.57/73.58 (ADBE) :  

9:14 am S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: +9.80. (:WRAPX) : The stock market is on track to begin the abbreviated Friday session on a slightly lower note. The S&P 500 futures trade two points below fair value after slipping at the start of the European session.

Traditionally, Fridays after Thanksgiving feature breathless reports from nondescript malls in the Northeast, focusing on the crowd volumes in an attempt to craft a narrative about holiday spending trends. However, instead of focusing on Black Friday sales today, investors are more likely to respond to what happened to black gold while U.S. markets were closed on Thursday.

Yesterday, the Organization of the Petroleum Exporting Countries [OPEC] chose to leave its output quota unchanged at 30 million barrels per day. That news sent crude oil below the $70.00/bbl level in short order. Currently, the energy component is lower by 5.9% at $69.35/bbl with the weakness likely to weigh on the energy sector. To that point, Dow components Chevron (CVX 111.20, -3.91) and ExxonMobil (XOM 91.04, -3.44) are indicated to open lower by 3.4% and 3.6%, respectively.

Treasuries hold modest gains with the 10-yr yield lower by two basis points at 2.21%.

Investors did not receive any economic data today and the New York Stock Exchange will close at 13:00 ET.

9:01 am Ingram Micro announced that it has made a binding offer for the acquisition of ANOVO (IM) : Co announced it has made a binding offer for the acquisition of ANOVO, a France based provider of reverse logistics and repair services for high-tech products such as smartphones and set-top boxes across Europe and Latin America. Upon completion of the acquisition, which is expected in early 2015, ANOVO is anticipated to contribute in excess of $300 mln in annual revenue and be modestly accretive to IM's non-GAAP diluted earnings per share. Further details were not disclosed.

9:01 am Philips Electronics announced the launch of the Ambient Experience patient in-bore solution (PHG) : Co announced the launch of the Ambient Experience patient in-bore solution designed to reduce patient anxiety and movement during magnetic resonance imaging (:MRI) examinations. The patient in-bore solution is the latest innovation in Philips' Ambient Experience portfolio, which integrates dynamic lighting, projection, sound, spatial design and workflow improvements.

9:00 am BE Aerospace announced that it has been informed by Nasdaq about the certain key dates relating to trading in common stock of KLX and B/E Aerospace in connection with the spin-off (BEAV) :

  • Co announced that it has been informed by NASDAQ about the certain key dates relating to trading in common stock of KLX and B/E Aerospace in connection with the spin-off.
  • As previously announced, the record date for the distribution of KLX common stock to B/E Aerospace shareholders will be the close of business on Friday, December 5, 2014, and the distribution date will be December 16, 2014.
  • Also starting on Wednesday, December 3, 2014, there will be two markets in B/E Aerospace common stock: a 'regular-way' market and an 'ex-distribution' market.

8:56 am S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: +9.90. (:WRAPX) : The S&P 500 futures trade two points below fair value.

The major Asian indices ended mostly higher with China's Shanghai Composite (+2.0%) pacing the rally. According to the Wall Street Journal, China is preparing to launch a system for insuring bank deposits up to CNY500,000

  • In economic data: 
    • Japan's National CPI eased to 2.9% from 3.2% year-over-year (expected 3.0%) while National Core CPI also came in at 2.9%, as expected. Tokyo CPI increased 2.1% year-over-year (consensus 2.3%; prior 2.5%) while Tokyo Core CPI came in at 2.4% (expected 2.3%; last 2.5%). Also of note, Industrial Production ticked up 0.2% month-over-month (expected -0.4%; last 2.9%), Retail Sales rose 1.4% year-over-year (consensus 1.5%; last 2.3%), and Household Spending fell 4.0% year-over-year (expected -4.8%; previous -5.6%), and the Unemployment Rate eased to 3.5% from 3.6% (expected 3.6%) 
    • South Korea's Industrial Production fell 1.6% month-over-month (consensus 0.8%; last 0.0%) 
    • Australia's Private Sector Credit rose 0.6% month-over-month (expected 0.5%; previous 0.5%) 
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  • Japan's Nikkei rose 1.2% with exporters showing strength. Olympus, Konica Minolta, and Sony gained between 4.0% and 4.5%. 
  • Hong Kong's Hang Seng shed 0.1%. Energy names kept a lid on the index with CNOOC, PetroChina, and Kunlun Energy down between 3.1% and 5.5%. Bank of Communications outperformed, surging 6.5%. 
  • China's Shanghai Composite advanced 2.0% with help from financials. China Everbright Bank and China CITIC Bank Corp both surged the limit, 10.0% 
Major European indices trade lower with Italy's MIB (-0.6%) leading the decline. Italian debt has been in demand following a spike in the Unemployment Rate. The country's benchmark yield is lower by three basis points at 2.04% while Spain's 10-yr is holding its ground at 1.90%.
  • Economic data was plentiful: 
    • Eurozone CPI rose 0.3% year-over-year while Core CPI climbed 0.7%. Both figures matched expectations. The Unemployment Rate held at 11.5%, as expected 
    • Germany's Retail Sales rose 1.9% month-over-month (expected 1.7%; last -2.8%) 
    • Great Britain's Nationwide HPI rose 8.5% year-over-year (expected 8.6%; previous 9.0%) 
    • French Consumer Spending fell 0.9% month-over-month (expected 0.2%; prior -0.5%) while PPI slipped 0.2% month-over-month (consensus 0.0%; last 0.5%) 
    • Italy's CPI ticked down 0.2% month-over-month (expected -0.3%; last 0.1%) while the year-over-year reading inched up 0.2% (consensus 0.0%; previous 0.1%). Separately, PPI slipped 0.4% month-over-month (prior 0.0%) and the monthly Unemployment Rate rose to 13.2% from 12.9% (consensus 12.6%) 
    • Spain's Retail Sales rose 1.0% year-over-year (expected 2.0%; prior 0.8%) and the Current Account surplus narrowed to EUR440 million from EUR1.29 billion 
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  • Great Britain's FTSE is lower by 0.2% with energy names facing broad pressure. BG Group, Tullow Oil, and BP are down between 2.5% and 7.4%. Consumer names outperform with Kingfisher and Marks & Spencer group up 2.8% and 1.3%, respectively 
  • In France, the CAC has given up 0.3%. Energy names also lag with Total and Technip both down near 3.0% while Gemalto leads with a gain of 1.0% 
  • Germany's DAX trades down 0.2%. Conglomerates BASF and Siemens weigh with respective losses of 1.9% and 1.6% while Deutsche Lufthansa outperforms. The airline has jumped 3.4% 
  • Italy's MIB underperforms with a loss of 0.6%. Saipem is the weakest performer, down 4.9% while many financials also trade in the red. BMPS, Mediobanca, UBI Banca, and Unicredit are down between 0.7% and 1.2%

8:50 am BCE Inc to acquire its mobile phone distributor Glentel (GLNIF); valued at ~$670 mln; GLENTEL shareholders to receive $26.50 per share in a combination of cash and BCE shares (BCE) :

  • Co announced that they have entered into a definitive agreement whereby BCE will acquire all of the issued and outstanding shares of GLENTEL, the Canadian-based multi-carrier mobile products distributor. Valued at ~$670 mln, the transaction enhances Bell's strategy to accelerate wireless 
  • Bell will acquire all of GLENTEL's ~22.4 mln fully diluted common shares, for a total consideration for GLENTEL's equity of ~ $594 mln. GLENTEL shareholders may elect to receive either $26.50 in cash, or 0.4974 of a common BCE share, for each GLENTEL common share, representing a premium of 108% based on GLENTEL's closing share price on the TSX on November 27, 2014 and a 121% premium to the volume weighted trading average share price on the TSX for the past 10 days. 
  • The BCE share consideration is based on the 10-day volume weighted trading average share price on the TSX of $53.27.
  • The agreement between Bell and GLENTEL provides for a non-solicitation covenant on the part of GLENTEL and a right in favour of Bell to match any superior proposal. If Bell does not exercise its right to match, Bell would receive a termination fee of $33.6 mln in the event GLENTEL supports any superior proposal.
  • Expected to close by the end of the first quarter of 2015.

8:31 am Align Tech announced it expanded chairside CAD/CAM workflow options for the iTero intraoral scanner by announcing connectivity to IOS Technologies, unit of Glidewell Laboratories (ALGN) :  

8:30 am Alimera Sciences announces agreement with Deerfield Management for $50.0 mln financing (ALIM) : Co announces it has entered into a Securities Purchase Agreement with Deerfield Management pursuant to which ALIM will issue shares of preferred stock to Deerfield with an aggregate purchase price of ~$50.0 mln.  ALIM plans to use the proceeds for commercial launch of its lead product, ILUVIEN, in the U.S, continued marketing efforts in Europe and general corporate purposes. The closing of the financing is expected to occur on or before Dec 17, 2014.

8:29 am S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: +9.40. (:WRAPX) : U.S. equity futures continue facing modest pressure with the S&P 500 futures three points below fair value. The few participants who are getting ready for today's session have not received any economic data or earnings of note. With that in mind, the energy sector is likely to be today's focal point after OPEC's decision to leave production quotas unchanged.

That news has weighed on crude oil, which has been trying to pare its losses. The energy component has been able to add about 50 cents from yesterday's low, but remains down 5.9% at $69.31/bbl. This has led to early weakness in major energy names like Chevron (CVX 111.60, -3.51), EOG Resources (EOG 89.00, -5.07), ExxonMobil (XOM 91.17, -3.31), and Halliburton (HAL 44.97, -2.37).

8:21 am European Markets Update: FTSE -0.3%, CAC -0.4%, DAX -0.4%, MIB -0.7% (:SUMRX) : Major European indices trade lower with Italy's MIB (-0.7%) leading the decline. Italian debt has been in demand following a spike in the Unemployment Rate. The country's benchmark yield is lower by two basis points at 2.05% while Spain's 10-yr holds a slim loss with its yield higher by a basis point at 1.91%.

  • Economic data was plentiful: 
    • Eurozone CPI rose 0.3% year-over-year while Core CPI climbed 0.7%. Both figures matched expectations. The Unemployment Rate held at 11.5%, as expected 
    • Germany's Retail Sales rose 1.9% month-over-month (expected 1.7%; last -2.8%) 
    • Great Britain's Nationwide HPI rose 8.5% year-over-year (expected 8.6%; previous 9.0%) 
    • French Consumer Spending fell 0.9% month-over-month (expected 0.2%; prior -0.5%) while PPI slipped 0.2% month-over-month (consensus 0.0%; last 0.5%) 
    • Italy's CPI ticked down 0.2% month-over-month (expected -0.3%; last 0.1%) while the year-over-year reading inched up 0.2% (consensus 0.0%; previous 0.1%). Separately, PPI slipped 0.4% month-over-month (prior 0.0%) and the monthly Unemployment Rate rose to 13.2% from 12.9% (consensus 12.6%) 
    • Spain's Retail Sales rose 1.0% year-over-year (expected 2.0%; prior 0.8%) and the Current Account surplus narrowed to EUR440 million from EUR1.29 billion 
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  • Great Britain's FTSE is lower by 0.3% with energy names facing broad pressure. BG Group, Tullow Oil, and BP are down between 2.5% and 7.4%. Consumer names outperform with Kingfisher and Marks & Spencer group up 2.8% and 1.3%, respectively 
  • In France, the CAC has given up 0.4%. Energy names also lag with Total and Technip both down near 3.0% while Gemalto leads with a gain of 1.0% 
  • Germany's DAX trades down 0.4%. Conglomerates BASF and Siemens weigh with respective losses of 1.9% and 1.6% while Deutsche Lufthansa outperforms. The airline has jumped 3.4% 
  • Italy's MIB underperforms with a loss of 0.7%. Saipem is the weakest performer, down 4.9% while many financials also trade in the red. BMPS, Mediobanca, UBI Banca, and Unicredit are down between 0.7% and 1.2%

8:18 am Flamel announced that it has entered into an agreement to divest its development and manufacturing facility located in Pessac, France, to Recipharm AB; Recipharm will pay Flamel EUR 10.6 million (FLML) :

  • Under the agreement, Recipharm will pay Flamel EUR 10.6 million and make an investment of EUR 10.5 million in Flamel's stock upon the closing of deal at a purchase price equal to the trailing 20-day average price. This new partnership allows Flamel to retain access to the development and manufacturing capabilities of Pessac and gain the use of any of Recipharm's other facilities for the development or manufacture of their proprietary pipeline if needed. 
  • In a separate transaction, Recipharm AB will also make an investment of EUR 10.5 million into Flamel's stock upon the closing of deal at a purchase price equal to the trailing 20-day average price.

7:57 am Rayonier Adv. Materials consolidates management positions (RYAM) :

  • Co announced that it had consolidated its senior management position of chief financial officer with corporate development and strategic planning. Frank Ruperto, senior vice president, corporate development and strategic planning, will assume the new combined role of chief financial officer and senior vice president, finance and strategy. 
  • Ruperto joined Rayonier in March 2014 as senior vice president, corporate development and strategic planning. Following the separation, he was appointed to the same position at Rayonier Advanced Materials.

7:56 am S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: +9.70. (:WRAPX) : U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover two points below fair value with the bulk of the weakness occurring after markets in Europe opened for action. European indices enjoyed an upbeat session yesterday, but they are giving back those gains today.

Crude oil has been under pressure since yesterday after an OPEC meeting resulted in no changes to production quotas. The energy component is currently lower by 6.4% at $69.01/bbl.

Treasuries hold gains with the 10-yr yield down two basis points at 2.21%.

There is no economic data on today's schedule and the stock market will close at 13:00 ET.

In U.S. corporate news of note:

  • Airline names have shown pre-market strength following the drop in fuel prices. Delta Air Lines (DAL 46.51, +2.27) and United Continental (UAL 59.60, +3.00) are both up near 5.0% in pre-market action 
  • Conversely, major energy companies have been pressured by the weakness in crude. BP (BP 39.25, -2.34), Chevron (CVX 110.50, -4.61), and ExxonMobil (XOM 90.95, -3.53) are down between 3.7% and 5.6% 
Reviewing overnight developments:
  • Asian markets ended mostly higher. Japan's Nikkei +1.2%, China's Shanghai Composite +2.0%, and Hong Kong's Hang Seng -0.1% 
    • In economic data: 
      • Japan's National CPI eased to 2.9% from 3.2% year-over-year (expected 3.0%) while National Core CPI also came in at 2.9%, as expected. Tokyo CPI increased 2.1% year-over-year (consensus 2.3%; prior 2.5%) while Tokyo Core CPI came in at 2.4% (expected 2.3%; last 2.5%). Also of note, Industrial Production ticked up 0.2% month-over-month (expected -0.4%; last 2.9%), Retail Sales rose 1.4% year-over-year (consensus 1.5%; last 2.3%), and Household Spending fell 4.0% year-over-year (expected -4.8%; previous -5.6%), and the Unemployment Rate eased to 3.5% from 3.6% (expected 3.6%) 
      • South Korea's Industrial Production fell 1.6% month-over-month (consensus 0.8%; last 0.0%) 
      • Australia's Private Sector Credit rose 0.6% month-over-month (expected 0.5%; previous 0.5%) 
    • In news: 
      • According to the Wall Street Journal, China is preparing to launch a system for insuring bank deposits up to CNY500,000
  • Major European indices trade mostly lower. Great Britain's FTSE -0.4%, France's CAC -0.3%, and Germany's DAX -0.3%. Elsewhere, Italy's MIB -0.5% and Spain's IBEX +0.1%
    • Economic data was plentiful: 
      • Eurozone CPI rose 0.3% year-over-year while Core CPI climbed 0.7%. Both figures matched expectations. The Unemployment Rate held at 11.5%, as expected 
      • Germany's Retail Sales rose 1.9% month-over-month (expected 1.7%; last -2.8%) 
      • Great Britain's Nationwide HPI rose 8.5% year-over-year (expected 8.6%; previous 9.0%) 
      • French Consumer Spending fell 0.9% month-over-month (expected 0.2%; prior -0.5%) while PPI slipped 0.2% month-over-month (consensus 0.0%; last 0.5%) 
      • Italy's CPI ticked down 0.2% month-over-month (expected -0.3%; last 0.1%) while the year-over-year reading inched up 0.2% (consensus 0.0%; previous 0.1%). Separately, PPI slipped 0.4% month-over-month (prior 0.0%) and the monthly Unemployment Rate rose to 13.2% from 12.9% (consensus 12.6%) 
      • Spain's Retail Sales rose 1.0% year-over-year (expected 2.0%; prior 0.8%) and the Current Account surplus narrowed to EUR440 million from EUR1.29 billion 
    • Among news of note: 
      • Italian debt has been in demand following the spike in the Unemployment Rate. The country's benchmark yield is lower by two basis points at 2.05% while Spain's 10-yr holds flat at 1.90%

7:39 am Vringo announces favorable ruling in the UK High Court of Justice (VRNG) :

  • Co announced that the High Court of Justice, Chancery Division, Patents Court in the United Kingdom issued its decision in the patent infringement lawsuit brought by Vringo's wholly-owned subsidiary, Vringo Infrastructure, Inc., against ZTE's (ZTCOF) UK subsidiary, ZTE Limited.

7:10 am Yen Nears Seven-Year Lows: 10Y: +02/32..2.204%..USD/JPY: 118.21..EUR/USD: 1.2487 (:SUMRX) :

  • The Dollar Index has slipped off its best levels of the day, and is fighting to hold the 88.00 level. 
  • EURUSD is +10 pips @ 1.2475 as action presses the highs. The single currency holds small gains following today's mixed data. German retail sales (1.9% MoM actual v. 1.7% MoM expected) topped estimates while French consumer spending (-0.9% MoM actual v. 0.2% MoM expected) missed. CPI Flash Estimate posted an in-line 0.3% YoY. Action remains stuck in the 1.2400/1.2600 range that has been in place for the past month. 
  • GBPUSD is -40 pips @ 1.5695 as trade slides for a second day. Sterling has seen some selling pressure develop after Nationwide Home Price Index (0.3% MoM actual v. 0.4% MoM expected) was the latest reading to fall short of estimates. The 1.5600 level remains under close watch. 
  • USDCHF is -10 pips @ .9630 as trade piggybacks the euro. The pair has seen little response to KOF Economic Barometer diving to 98.7 (100.1 expected, 99.5 previous), its worst since July. 
  • USDJPY is +55 pips @ 118.25 as trade contends with its best finish in seven years. Data out of Japan was mostly positive as household spending (-4.0% YoY actual v. -4.8% YoY expected) and preliminary industrial production (0.2% MoM actual v. -0.4% MoM expected) beat while retail sales (1.4% YoY actual v. 1.5% YoY expected) missed. Traders are taking note of Tokyo Core CPI, which posted a hotter than anticipated 2.4% YoY (2.3% YoY expected). Any close above 118.26 will be the best in seven years. Click here to see a daily USDJPY chart.
  • AUDUSD is -25 pips @ .8515 as action flirts with fresh 52-month lows. Early selling probed .8500 for the second time in three days, but so far the level been able to hold. The .8400 area is setting up as key support. USDCNY ticked up to 6.1447. 
  • USDCAD is +60 pips @ 1.1390 as trade sees a second day of solid gains. The recent highs near 1.1450 will be watched into today's GDP and RMPI reports.

7:00 am xG Technology announces purchase agreement for ~$1.331 mln with Lincoln Park Capital Fund and certain officers and directors (XGTI) :

  • Co announced the execution of a stock purchase agreement for the sale of an aggregate of ~$1.331 mln of common stock with Lincoln Park Capital Fund. 
  • Under the purchase agreement, dated November 25, 2014, xG sold $625,000 worth of its common stock to LPC at a price of $1.25 per share, $337,500 worth of its common stock to the Affiliate Purchasers at a price of $1.37 per share and $369,500 worth of its common stock to the Other Investors at a price of $1.25 per share pursuant to the Company's current shelf registration statement. No warrants were issued in connection with the transaction.

7:00 am NGL Energy Partners acquires Rimrock Midstream interest in Grand Mesa Pipeline (NGL) :

  • Co announced that it has executed a definitive membership interest purchase agreement with Rimrock Midstream for Rimrock's 50% interest in Grand Mesa Pipeline, LLC. NGL now owns 100% of the pipeline system. 
  • The system is in active development and is scheduled to commence service in Q4 2016. Rimrock will construct and operate the pipeline system.

6:47 am S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: +7.00. :

6:47 am European Markets : FTSE...6,675.60...-47.70...-0.70%.  DAX...9,937.14...-37.30...-0.40%.

6:47 am Asian Markets : Nikkei...17,459.85...+211.40...+1.20%.  Hang Seng...23,987.45...-16.80...-0.10%.

6:09 am Target announced 'strong early start' to Black Friday weekend; online sales on Wed Nov 26 had already exceeded total sales from the same day last year (TGT) :

  • Target offered a pre-sale of select Black Friday deals to all guests in stores and online on Wednesday, Nov. 26. By 9 a.m, online sales had already exceeded total sales from the same day last year. Top online items were the Apple (AAPL) iPad Air 2, Beats by Dre Solo HD headphones and the Intex Pure Spa Inflatable Hot Tub.
  • In stores, demand was high with the iPad Air 2, Beats by Dre Solo HD headphones and the iPad Mini as top sellers.

6:03 am Dynavax Technologies regains full rights to investigational TLR 7/9 inhibitor DV1179 following expiration of collaboration with GlaxoSmithKline (GSK) (DVAX) :

  • Under the collaboration, Dynavax conducted a Phase 1 study of DV1179 to assess its safety and tolerability in healthy volunteers followed by a Phase 1b/2a study of safety and pharmacodynamics in patients with active systemic lupus erythematosus.
  • In the SLE study, doses up to 60 mg/week for 8 weeks were well tolerated and the most common adverse events were injection site reactions, but DV1179 did not meet the pharmacodynamic endpoints related to reduction in interferon alpha-regulated genes. Following completion of the Phase 1b/2a study, GSK declined to exercise its option to license DV1179. 
  • Nonclinical data suggest that DV1179 may have utility in a range of other indications and Dynavax is actively assessing opportunities for further development of this well-characterized therapeutic product candidate. 

6:02 am Peugot SA signed a partnership agreement with business accelerator EuraTechnologies on developing digital-related projects (PEUGY.PK) :  

4:22 am Rio Tinto reports significant increase to Hunter Valley Coal reserves and resources (RIO) : Co declared a significant increase of its managed thermal coal reserves and resources in the Hunter Valley of New South Wales, Australia, compared to the previous estimates reported in Rio Tinto's 2013 Annual Report.

  • The update under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (JORC Code) is set out in the following Tables 1 and 2 and in Figure 1.
  • Ore Reserves increase by 546 million tonnes (Mt), from 1331 Mt to 1877 Mt.
  • Total Mineral Resources exclusive of Ore Reserves increase by 369 Mt, from 2349 Mt to 2718 Mt.

4:03 am China Xiniya Fashion announces ADS-to-share ratio change (XNY) : Co announced that it will change the ratio of its American depositary shares to ordinary shares, par value $0.00005 per share from 1:4 to 1:16. The effective date of the Ratio Change is expected to be on December 17, 2014.  

3:15 am Wal-Mart issues statement on 2014 early Black Friday results (WMT) : "Tablets, TVs, sheets, children's apparel, and video gaming were the top five categories of the night in our stores. As expected, Disney Frozen Snow Glow Elsa dolls were one of the top toys of the night. We sold enough food storage containers to hold 4.5 million pounds of Thanksgiving leftovers and we sold enough towels to line the banks of the Mississippi River. Video games, wireless pre-paid phones, HDTVs and baby items were popular on Walmart.com on Thanksgiving Day..."

2:47 am Rio Tinto promises to deliver sustainable returns to shareholders at an investor seminar (RIO) : Rio Tinto's transformation into a more streamlined, accountable business is gathering momentum, with a promise for sustainable cash returns to be delivered to shareholders next year.

  • At an investor seminar in Sydney, Rio Tinto also underlined its commitment to capital discipline and shareholder value, confirming it will focus only on the projects with the highest returns to drive shareholder value. 
  • The Group's world-class portfolio of high-quality assets, with industry-leading EBITDA margins and potential for growth, are positioned to generate strong free cash flow.
  • Rio Tinto also revealed fresh detail around the compelling investment fundamentals for the expansion of its flagship Australian iron ore operations, with the Pilbara expansion to 360 million tonnes a year delivering an internal rate of return (IRR) of 40% with a five-year payback period.

2:10 am Enbridge acquires interest in $650 mln value wind portfolio from E.ON (EONGY) (ENB) : Enbridge (ENB) announced a deal whereby the Company will purchase an 80% interest in a portfolio of two wind farms in the U.S. from E.ON (EONGY). The agreed enterprise value for the portfolio is ~$650 million. 

  • The 203 megawatt Magic Valley 1 wind farm located near Harligen, Texas and the 202 MW Wildcat 1 wind farm near Elwood, Indiana are operational and came into service in 2012. 
  • The two wind farms are located in areas with favourable wind regimes and combined, provide enough clean power for more than 120,000 households. 

1:54 am Novartis' heart failure medicine LCZ696 granted accelerated assessment by CHMP in Europe (NVS) : Co announced that the Committee for Medicinal Products for Human Use has granted accelerated assessment to LCZ696, an investigational medicine for patients with heart failure with reduced ejection fraction.

  • The expedited review procedure is granted infrequently by the EMA and has never been awarded in the cardiovascular area until now. 
  • The designation allows the CHMP to grant an opinion at day 150 versus a normal 210 day procedure, meaning a decision on EU approval is expected within 2015. 

1:51 am Grana y Montero to purchase a 70% stake in Morelco S.A. in Colombia (GRAM) : Co presented a binding offer for a majority stake of Morelco S.A., a recognized Colombian company specialized in electromechanical assemblies, civil works, and services for the oil and gas industry as well as energy industry. This transaction will generate significant synergies to the Gra a y Montero Group, allowing it to enhance its participation in the development of large projects in Colombia and Latin America. 

  • The binding offer presented by GyM S.A., involves the acquisition of a 70% stake in the Colombian firm. Therefore, the founders and executives of Morelco S.A. will retain 30% of the ownership, and the current shareholder and CEO Arturo Serna Henao will continue in charge of the management of the company. 

1:49 am Pembina Pipeline announces $105 mln new gas processing plant at its Musreau Facility (PBA) : Co announced that it plans to construct a new facility and expand its gas processing capacity at Musreau by 100 million cubic feet per day for an estimated cost of $105 mln. 

1:38 am UBIC obtains a new Japanese patent for technology related to active knowledge base (UBIC) : Co announced that the Japan Patent Office has recently issued a Notification of Decision of Grant to the Company for a patent application related to "Active Knowledge Base". The technology underlying "Active Knowledge Base" stores and analyzes data containing current operational information, while continuously reactivating and updating relevant knowledge gained from past business matters. Thus, the knowledge base dynamically adapts to changes in data received by the system. 

1:34 am China Digital TV provides update on asset restructuring (STV) : Co provided a further update regarding the progress of the Company's asset restructuring (the "Restructuring"), as referred to in press releases dated June 13, October 7, and October 27, 2014, respectively.

  • Shareholders approved the sale of the Company's CA, network broadcasting platform and video-on-demand businesses through the sale of a 100% equity interest in its indirectly wholly-owned subsidiary, Beijing Super TV Co, to Shanghai Tongda Venture Capital Co 
  • Tongda Venture has informed the Company that its shareholders approved the transaction.

1:28 am Alexion Pharma NICE issues Final Positive Recommendation for National Commissioning of Soliris for all patients with aHUS in England (ALXN) : Co announced that the National Institute for Health and Care Excellence Highly Specialised Technologies Evaluation Committee has recommended that Soliris be commissioned for all patients in England suffering from atypical hemolytic uremic syndrome, a severe and life-threatening ultra-rare disorder. With this final evaluation determination, NICE has recommended Soliris for use within the National Health Service in England as the first and only treatment for patients with aHUS. 

  • In the final evaluation determination published today, the NICE EC again confirmed that Soliris represents an important treatment option of significant value to patients with aHUS. The Committee recommended the commissioning of Soliris, within its marketing authorization, for aHUS subject to the conditions provided in the evaluation consultation document released in September. 

1:24 am Coca-Cola, SABMiller (SBMRY) and Coca-Cola Sabco to form Coca-Cola Beverages Africa (KO) : The Coca-Cola Company (KO), SABMiller plc (SABR) and Gutsche Family Investments have agreed to combine the bottling operations of their non-alcoholic ready-to-drink beverages businesses in Southern and East Africa. The new bottler, Coca-Cola Beverages Africa, will serve 12 high-growth countries accounting for ~40% of all Coca-Cola beverage volumes in Africa. 

  • On full completion of the proposed merger, shareholdings in Coca-Cola Beverages Africa will be SABMiller: 57.0%, Gutsche Family Investments: 31.7% and The Coca-Cola Company: 11.3%. 
  • Coca-Cola Beverages Africa will initially produce and distribute Coca-Cola beverages in nine countries: South Africa, Kenya, Ethiopia, Mozambique, Tanzania, Uganda, Namibia, Comoros and Mayotte.
  • SABMiller intends to include at a later date its Swaziland soft drinks business and those of its listed subsidiaries in Botswana and Zambia, subject to agreement in due course with those subsidiaries and the requisite regulatory and shareholder approvals.

1:02 am Samson Oil & Gas provides oil & gas advisory (SSN) : Co advises that effective November 24, 2014 it executed, closed and updated its credit agreement with Mutual of Omaha Bank to increase the borrowing base of the reserve based lending facility to $19 million, increase the maximum available under the facility to $50 million and decrease the interest rate to 90 day LIBOR plus 3.25%, which is approximately 3.48%. 

  • The original $25 million facility was initiated in January of this year and has a current balance of $15.5 million. 

12:55 am Dominion Diamond reports approval for the A-21 Pipe at Diavik (DDC) : Dominion Diamond (DDC) reports that Rio Tinto (RIO), the parent company of the operator of the Diavik Diamond Mine, has approved the development of the A-21 pipe at the Diavik Diamond Mine, in which the Company holds a 40% stake.

  • DDMI has estimated the total capital cost for the development of the A-21 pipe to be ~$350 million at the Company's estimated Canadian/US dollar exchange rate of $1.11 (on a 100% basis), with the Company's share being $140 million. 
  • The A-21 resource is well understood, and A-21 diamond production is planned for late calendar 2018. The A-21 production will provide an important source of incremental supply for Diavik, ensuring the continuation of existing production levels. 

12:50 am Tekmira Pharma files shelf registration for up to $150 mln (TKMR) :  

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