InPlay from Briefing.com

6:09 pm Columbia Property Trust filed a universal shelf registration statement (CXP) :  

6:01 pm Celanese announced that it will increase the price of acetate tow for core grade items by 5-6% (CE) :  

5:57 pm Viper Energy Partners prices public offering of 3.5 mln common units at $28.50 per unit; (VNOM) : Viper intends to use the net proceeds from the offering, including the proceeds from any exercise of the underwriters' option to purchase additional common units, to repay borrowings under its credit agreement and for general partnership purposes, primarily to fund pending and future acquisitions.

5:56 pm Ixia reports Q2 EPS of $0.01 vs $0.04 Capital IQ Consensus Estimate; revs $109.5 mln vs $111.31 mln Capital IQ Consensus Estimate (XXIA) :

  • "We are pleased that we are now current in filing all required periodic financial reports with the SEC," said Errol Ginsberg, Ixia's chairman and chief innovation officer. 
  • "We would like to thank the investment community and our shareholders for their patience and understanding as we worked to become current with our financial reporting, and we look forward to engaging with them in the months ahead.

5:48 pm Boeing awarded multiple Dept. of Defense contracts (BA) : BA awarded multiple DoD contracts:

  •  The Boeing Company, St. Louis, Missouri, has been awarded a maximum $293,197,885 modification (P0004) on a five-year base contract (SPRPA1-14-D-002U), with one five-year option period. This is a fixed-price-incentive, requirements-type contract for performance-based support used across supported platforms. Location of performance is Missouri, with a Sept. 14, 2019, performance completion date. Using military services are Army, Navy, Air Force, and Marine Corps. 
  • The Boeing Company, Mesa, Arizona, was awarded a $130,000,000 modification (P00013) to fixed-price incentive, full rate production contract W58RGZ-12-C-0055; the cumulative total of the contract, before this modification, was $1,156,446,681. This is an undefinitized contract action to build seven new Apache AH-64E helicopters.
  • The Boeing Company, Ridley Park, Pennsylvania, was awarded a $27,700,422 modification (0308) to cost-plus-fixed-fee contract W58RGZ-04-G-0023 for development, fabrication, testing and bench qualifying a modified electrical system that can be integrated into a twin engine, tandem rotor, which will result in an improved electrical system for the CH-47 aircraft.

5:41 pm YUM! Brands and Churchill Downs (CHDN) announce 5-year extension of current Kentucky Derby sponsorship agreement (YUM) : YUM and CHDN have signed a five-year agreement that extends Yum!'s role as the presenting sponsor of the $2 million-guaranteed Kentucky Derby.

5:31 pm Salix Pharma announced that the FDA has granted tentative approval for UCERIS (budesonide) rectal foam for the induction of remission in patients with active mild-to-moderate distal ulcerative colitis (:UC) extending up to 40cm from the anal verge (SLXP) :

  • Co announced that the FDA has granted tentative approval for UCERIS (budesonide) rectal foam for the induction of remission in patients with active mild-to-moderate distal ulcerative colitis (:UC) extending up to 40cm from the anal verge.
  • The foam is a rectally administered corticosteroid that overcomes treatment limitations associated with currently approved therapies which are often ineffective due to insufficient distribution of active drug to the distal colon.
  • The FDA's tentative approval of this product means that Salix's product meets all of the FDA's manufacturing quality and clinical safety and efficacy standards and will be granted final approval upon the resolution of patent issues. Salix anticipates resolution of patent issues early in the fourth quarter of 2014 and the launch of UCERIS rectal foam during the first quarter of 2015.
  • A significantly greater percentage of patients treated with UCERIS rectal foam experienced improvement in rectal bleeding within the first two weeks of treatment (twice daily dosing); this percentage increased and was maintained after an additional two and four weeks of treatment once a day.
  • At week six, the percentage of patients achieving MMDAI rectal bleeding score of 0 was 46.6% vs 28.0% in the first trial and 50.0% vs 28.6% in the second trial.

5:31 pm SunEdison and TerraForm Power (TERP) announced the interconnection of two large-scale solar projects totalling 50 megawatts DC in the UK (SUNE) :

  • The solar projects will become part of TerraForm Power's operating portfolio before the end of 2014, and SunEdison will continue to manage them. 
  • This portfolio consolidates SunEdison and TerraForm Power's presence in the UK solar market and continues SunEdison's steady expansion in the region. 
  • The energy produced from the projects will be purchased by Statkraft, a market-leading purchaser of independently generated electricity in the UK, through a Power Purchase Agreement.

5:26 pm Cos regains compliance with Nasdaq listing requirements (COSI) :  

5:26 pm Dataram receives NASDAQ listing notification; intends to request hearing; Co also reported Q1 results, reports a loss of ($0.32), incl charges, vs a loss of ($0.50) in the prior year's quarter; revenue rose 4.1% to $7.7 mln (DRAM) : Co announced that on September 11, 2014, the co was notified by the Listing Qualifications Staff of The NASDAQ Stock Market LLC that, based upon the  co's non-compliance with the minimum $2,500,000 stockholders' equity requirement for continued listing on The NASDAQ Capital Market, the Company's securities are subject to delisting unless the co timely requests a hearing before a NASDAQ Listing Qualifications Panel.

5:26 pm Global Payments to acquire Ezidebit for AU$305 mln., a Payments Technology Company in Australia and New Zealand, expanding its Presence in Asia Pacific (GPN) :

  • Similar to Accelerated Payment Technologies and PayPros, Ezidebit markets its products through a network of integrated software vendors and direct channels to numerous vertical markets.
  • Under the terms of the agreement, Global Payments will acquire Ezidebit for AU$305 mln.
  • The transaction is expected to close during Q2 of GPN's FY15, subject to receipt of regulatory approvals in Australia and the satisfaction of customary closing conditions.
  • For the partial year of FY15, Global Payments expects the transaction to contribute ~US$25 mln in revenues and to be slightly additive to total co cash operating margins.
  • Additionally, it is anticipated that the transaction will be modestly accretive on a cash earnings basis for FY15 and dilutive to fiscal 2015 GAAP EPS.

5:25 pm FormFactor files mixed securities shelf registration for indeterminate amount of up to $150 mln (FORM) :  

5:15 pm Atlas Pipeline Partners, L.P. announces start-up of new Edward plant In West Texas with higher than expected initial utilization rate (APL) :

  • Co announced that the Partnership has successfully brought into service its previously announced 200 million cubic feet per day ("MMCFD") Edward processing plant in the Permian Basin.
  • The addition of the Edward facility increases the name-plate processing capacity on APL's WestTX system from 455 MMCFD to 655 MMCFD, an increase of ~ 44%.
  • The incremental capacity, located in Upton county near the Benedum plant, is fully integrated into the WestTX system and can process producer volumes from anywhere across APL's best-in-class footprint.
  • Due to the continuing high level of dedicated producer activity across the Partnership's WestTX system, the initial utilization of the Edward processing plant's 200 MMCFD of processing capacity has exceeded APL's preliminary expectations

5:10 pm Credit Acceptance extended the date on which its $75.0 mln revolving secured warehouse facility will cease to revolve from Sept 10, 2015 to Sept 10, 2017 (CACC) : The maturity of the facility was also extended from September 10, 2017 to September 10, 2019. There were no other material changes to the terms of the facility.

5:02 pm PBF Logistics announces first asset acquisition from PBF Energy (PBF) (PBFX) :

  • The cos entered into an agreement to acquire the Delaware City Heavy Crude Unloading Rack from a subsidiary of PBF for total consideration of $150 mln. The purchase price payable to PBF will consist of cash of $135 mln and PBFX limited partner interests of $15 mln. 
  • Upon closing, the Partnership plans to enter into a seven-year term throughput agreement with subsidiaries of PBF Energy containing a minimum throughput volume commitment of 40,000 barrels per day. The West Rack is expected to contribute approximately $15.0 mln of EBITDA in its first full year of operation after the close. Annual maintenance capital expenditures are expected to be approximately $1.25 mln.

5:01 pm FX Energy begins production at Lisewo-2 well; updates operations at Karmin-1, Baraniec-1 and Angowice-1 Wells (FXEN) :

  • Co reported that the Lisewo-2 well has started production at an initial gross rate of over 3 million cubic feet of gas per day (Mmcf/d).
  • The Company's 49% share of this new production represents a 12% increase over the Co's average daily rate of 12.9 Mmcf/d equivalent during the first half of 2014.
  • The Lisewo-2 well was completed in December 2013 and started delivering gas to the Lisewo facility just nine months later, the shortest time for any of the Fences wells to date.

5:00 pm Valeant Pharma announces redemption of all of the outstanding $500.0 mln aggregate principal amount of its 6.75% senior notes due 2017 and has mailed an irrevocable notice of redemption for the Notes. (VRX) :  

4:52 pm Grupo Aeroportuario del Pacifico's Los Cabos and La Paz Airports Affected by Hurricane Odile (PAC) :

  • Co informs that operations at the Los Cabos and La Paz International Airports were suspended as of yesterday afternoon, Sept 14, 2014, as Hurricane Odile, a Category 3 storm, struck the area of Baja California.
  • Fernando Bosque, CEO of the co, stated, "Our main concern is the safety of our passengers and employees. As such, we are fully cooperating with the state and federal authorities to ensure that are precautions are taken. Flights have been suspended since yesterday afternoon; at this time we are not fully aware of the extent of the damage to the operations and will keep the community posted as information becomes available.
  • "Our goal is to resume normal operations as soon as is possible."
  • The co is currently in the process of surveying the airports in order to determine the extent of the damage.

4:51 pm PC Connection's GovConnection awarded national professional services contract (PCCC) : This 5-year agreement enables GovConnection to supply E&I members with professional services through February 28, 2019, building on a previously awarded contract extension to supply computer hardware, software, peripherals, and services through March 31, 2017.

4:51 pm Alibaba.com files amended F-1; confirms raised price range of $66-68 vs. prior $60-$66 range (BABA) :  

4:49 pm Build-A-Bear Workshop names new CFO (BBW) :

  • Co announced the appointment of Voin Todorovic as the Company's new Chief Financial Officer, effective Sept. 15, 2014.
  • As Chief Financial Officer, Todorovic will be responsible for global finance, accounting, tax, capital management and investor relations.
  • He will report to the Chief Executive Officer of Build-A-Bear Workshop, Sharon John.
  • Todorovic was most recently employed at Wolverine World Wide (WWW). 

4:48 pm Majesco Entertainment reports Q3 results; EPS of ($0.44) vs. ($0.66) in prior year; revs fell 28% YoY to $2.9 mln (COOL) : Co's Board of Directors has retained Bond Lane Partners, LLC to act as its financial advisor to assist in evaluating strategic alternatives to maximize Company value.

4:46 pm Citigroup releases mid-cycle stress test; under severely adverse scenario Basel I Hybrid Tier 1 Common Ratio would fall to 8.4% (C) :  

4:42 pm ClubCorp Holdings prices and allocates $250 mln in additional senior secured term loans under its term loan facility. The incremental term loans and existing term loans are priced at L+350 bps, with a 1% LIBOR floor and will mature on July 24, 2020 (MYCC) :

  • The existing term loan facility is expected to be amended to permit the incremental term loans, creating one fungible term loan tranche of ~ $900 million.
  • The co anticipates execution of the amendment to its term loan facility and funding of the incremental term loans to be effective on Sept 30, 2014, simultaneous with the closing of its acquisition of Sequoia Golf.

4:40 pm Endeavour Intl announces Rochelle field is offline; revises Q3 guidance down 500 barrels of oil equivalent per day (END) :

  • Co announced that the Rochelle field is offline until repairs to the dry gas export compressors on the Scott platform are completed. 
  • As a result of the unplanned downtime at the Rochelle field, the Company is revising its third quarter 2014 guidance down 500 barrels of oil equivalent per day ("boepd") to 9,000 -- 10,000 boepd.

4:36 pm Elec For Imaging expands its European print and packaging MIS/ERP footprint by acquiring DiMS! organizing print (EFII) :

  • Co announced that it has acquired substantially all the assets of DiMS! organizing print, a developer of comprehensive MIS/ERP systems for print and packaging companies.
  • Based in Lichtenvoorde, The Netherlands, and founded in 1986, DiMS! offers multi-language, seamlessly integrated MIS/ERP workflow products. 
  • While financial terms of the acquisition were not disclosed, it is not expected to be material to EFI's Q3 or full year 2014 results. 

4:25 pm Gastar Exploration Board of Directors has approved a 2015 capital budget of ~$257.3 mln; sees 2015 production guidance at 15.5-18.0 Net average daily (MBoe/d) (GST) :

  • Gastar's 2015 capital budget is expected to provide for 44 gross (27.1 net) wells in the Hunton Limestone play, six gross (3.0 net) wells in the Marcellus Shale play, two gross (1.5 net) wells total in the Utica Shale play, including one gross (0.5 net) horizontal well and one gross (1.0 net) vertical well, and two gross (1.5 net) wells in the Mid-Continent Stack Play.
  • Gastar's 2015 capital budget is based on its projection that future lower Hunton Limestone wells will be completed at an average gross cost of ~$5.5 mln with an average 4,200-foot lateral, Marcellus Shale wells will be completed at an average gross cost of ~$7.8 mln with an average 5,000-foot lateral, Utica Shale horizontal wells will be completed at an average gross cost of ~$16.0 mln with an average 6,700-foot lateral, Mid-Continent Stack Play wells will be completed at an average gross cost of ~$12.0 mln with an average 10,500-foot lateral and the Utica Shale vertical well will be completed for ~$3.0 mln

4:24 pm Opexa Therapeutics announces proposed public offering of common stock (no amount given) (OPXA) :

  • Co announced that it intends to offer shares of its common stock in an underwritten public offering.
  • All of the shares in the offering are to be sold by Opexa.
  • The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
  • Aegis Capital Corp. is acting as sole book-running manager in this offering

4:23 pm Five Prime Therapeutics announces option exercise by GlaxoSmithKline (GSK) for a commercial license to a novel muscle disease target (FPRX) : Five Prime and GSK established the collaboration in 2010 to enable the potential discovery, development and commercialization of drug targets for skeletal muscle diseases using Five Prime's protein target discovery platform. By exercising its option, GSK will receive exclusive rights to develop and commercialize products globally, at its own cost and expense, that incorporate or are directed to the selected target. Five Prime will receive a payment of $1.5 million in connection with the option exercise and is entitled to receive up to $122.5 million in preclinical, development and commercial-related milestone payments and royalties in the low- to mid-single-digit range on net sales of products related to the target.

4:17 pm Thor Industries announces expansion projects at Heartland (THO) : Co announced several projects to expand production and office space at its Heartland subsidiary in Elkhart. The projects include the purchase and renovation of an existing office building, expansion of a plant dedicated to production of lightweight travel trailers, expansion of a production facility to produce Toy Haulers, the renovation and dedication of a single facility to the production of destination trailers and the purchase and renovation of a building for a new service center.

4:17 pm Gastar Exploration announced that it intends to offer 17 mln shares of its common stock (GST) : Co announced that it intends to offer, subject to market and other conditions, 17 mln shares of its common stock, par value $0.001 per share, in a public offering pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission.

  •  In connection with the offering, Gastar intends to grant the underwriters a 30-day option to purchase up to an additional 2,550,000 shares of common stock. Gastar intends to use the net proceeds from the offering to repay all of the outstanding borrowings under its revolving credit facility, to fund its drilling and development program and for general corporate purposes.

4:16 pm Mercury receives $2 mln order from US Navy for DRFM jammers (MRCY) : Co announced that its Mercury Defense Systems subsidiary has received a $2 million follow-on order against its 5 year sole source basic ordering agreement to deliver advanced Digital RF Memory (:DRFM) jammers to the U.S. Navy. The order is expected to be shipped by the end of the Company's fiscal 2016 third quarter.

4:16 pm Abraxas Petroleum raises Q3 production guidance to 6.9-7.0 Boepd, up from 6.5-6.7 Boepd, lowers LOE (oper costs) to $12-13/Boe, down from $13-14/Boe (AXAS) : Williston Basin

  • At Abraxas' North Fork prospect, in McKenzie County, North Dakota, the Ravin 5H, 6H and 7H, which are testing 660 foot spacing in the Middle Bakken, are flowing back at very encouraging rates. Henceforth, Abraxas will provide average per well rates across a group of pad drilled wells in the same formation (Middle Bakken or Three Forks), opposed to providing individual well results in the Bakken
Eagle Ford
  • At Abraxas' Jourdanton prospect in Atascosa County, Texas, the Ribeye 1H was recently placed on pump and is producing to sales at reasonable rates. The Ribeye 2H was recently placed on pump and is producing to sales at encouraging rates. 30 day rates will be provided when available. Abraxas owns a 100% working interest across the Jourdanton prospect.
Guidance Update
  • Abraxas production for the third quarter 2014 to date surpassed initial expectations on the back of strong well performance.
  • Also, lease operating expenses ("LOE") for the third quarter 2014 to date have been below original expectations.
  • Therefore, Abraxas is raising the Co's Q3 2014 production guidance and lowering third quarter 2014 LOE guidance.
  • Bob Watson, President and CEO of Abraxas, commented, "Although it is still quite early, the rates on our first Middle Bakken downspacing test are very encouraging

4:15 pm Alcoa announces proposed public offering of 25 mln depository share of Mandatory Convertible Preferred Stock (AA) : Co announced that it has commenced an underwritten public offering of 25 mln of its depositary shares. Each Depositary Share represents a 1/10th interest in a share of Alcoa's Class B Mandatory Convertible Preferred Stock, Series 1, par value $1.00 per share, $500 liquidation preference per share of Mandatory Convertible Preferred Stock (equivalent to $50 per Depositary Share).

  • Co intends to use the net proceeds of the offering, if completed, as partial consideration to finance the previously announced proposed acquisition of the Firth Rixson business and to pay related fees and expenses. The completion of the offering is not contingent on the completion of the acquisition. 
  • Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC are acting as joint book-running managers of the offering.

4:14 pm PG&E takes action to address ex parte communication issues identified in self-report to CPUC today; pledges 'no excuses' compliance (PCG) : Pacific Gas and Electric Company notified the California Public Utilities Commission that an extensive internal review of nearly five years of emails between the company and officials at the Commission has identified a number of instances in which PG&E believes it violated the CPUC's rules governing communications with the state regulator in the pending Gas Transmission & Storage rate case. Co issued actions to address:

  • "As a company, we must be committed to complying with both the letter and the spirit of the law and PG&E's own Code of Conduct at all times. No excuses. That is, and must be, the standard for our behavior individually and as a company," Chairman and CEO Tony Earley and President Chris Johns said in a joint letter to employees today."

4:13 pm BB&T Corp releases results of its mid-cycle stress test -- BBT would maintain strong capital levels to withstand a severe recession (BBT) : BB&T's performance under the BB&T Severely Adverse scenario indicated that BB&T would maintain strong capital levels to withstand a severe recession.

4:13 pm Lehigh Gas Partners announces public offering of 3.6 mln common units (LGP) : Co announced the commencement of a public offering of 3.6 mln common units representing limited partner interests in the Partnership. In connection with the offering, the Partnership expects to grant the underwriters a 30-day option to purchase up to an additional 540,000 common units.

  • The Partnership intends to use the net proceeds from this offering to reduce indebtedness outstanding under its credit facility and for general partnership purposes.

4:12 pm Closing Market Summary: Stocks Begin Week on Mixed Note (:WRAPX) : The stock market welcomed the new trading week with a mixed session that saw relative strength among large-cap stocks, while high-beta names underperformed. The Dow Jones Industrial Average (+0.3%) and S&P 500 (-0.1%) finished near their flat lines, while the Nasdaq Composite and Russell 2000 both lost 1.1%.

Equities began the day on a cautious note amid continued concerns regarding the strength of the global economy. Over the weekend, China reported its first decline in electricity production since 2009, while Industrial Production (6.9%; expected 8.8%) grew at its slowest pace since December 2008. Likewise, the Industrial Production report from the U.S. (-0.1%; Briefing.com consensus 0.3%) also left a bit to be desired.

In that same vein, participants have had to contend with cautious comments from the Organization for Economic Co-operation and Development (:OECD), which lowered its 2014 GDP forecast for the U.S. (to 2.1% from 2.6%) and the Eurozone (to 0.8% from 1.2%).

Once the session got going, high-growth stocks weighed on the market and led to the underperformance of the Nasdaq Composite. Biotech names played a part with the iShares Nasdaq Biotechnology ETF (IBB 266.09, -3.48) sliding 1.3%. For its part, the top-weighted countercyclical sector-health care (-0.3%)-finished among the laggards.

Elsewhere, the top-weighted cyclical sector-technology (-0.6%)-suffered from noteworthy losses among social media and chipmaker names. Twitter (TWTR 49.38, -2.73), Facebook (FB 74.58, -2.90), Weibo (WB 21.05, -2.76), LinkedIn (LNKD 207.71, -17.12), and Yelp (YELP 76.62, -5.16) tumbled between 3.7% and 11.6%. Chipmakers did not fare much better with the PHLX Semiconductor Index falling 1.2%. The sector-wide weakness masked the outperformance of Apple (AAPL 101.60, -0.06), which settled little changed after confirming record orders for the upcoming iPhone.

Also of note, the energy sector (+0.7%) rebounded after ending last week well behind other sectors. The growth-sensitive sector narrowed its September loss to 4.5% with help from Dow components Chevron (CVX 124.24, +1.58) and ExxonMobil (XOM 96.29, +0.51). The two added 1.3% and 0.5%, respectively, while crude oil rose 0.7% to $92.89/bbl.

Treasuries notched their highs shortly before the start of the session and spent the remainder of the day near those levels. The 10-yr note added six ticks with its yield slipping two basis points to 2.59%.

Participation remained on the light side with fewer than 600 million shares changing hands at the NYSE.

Economic data was limited to the Empire Manufacturing Survey and Industrial Production:

  • The Empire Manufacturing Survey for September registered a reading of 27.5, which was above the prior month's reading of 14.7 
    • The Briefing.com consensus expected a reading of 16.0 
  • The industrial production report for August certainly didn't go according to script as it showed production declining 0.1% versus the Briefing.com consensus estimate, which called for a 0.3% increase 
    • A 7.6% decline in the production of motor vehicle and parts was the big drag on total industrial production for the month. That contributed to a 4.4% drop in the output of durable consumer goods and led to a 0.4% decline in manufacturing production 
    • The production data for July was revised down to show a 0.2% increase versus an originally reported 0.4% increase 
    • Capacity utilization slumped to 78.8%, which was also below the Briefing.com consensus estimate of 79.3% and below a downwardly revised 79.1% (from 79.2%) reading for July 
Tomorrow, The Producer Price Index (Briefing.com consensus 0.0%) will be released at 8:30 ET, while Net Long-Term TIC Flows will be reported at 16:00 ET.
  • Nasdaq Composite +8.2% YTD 
  • S&P 500 +7.4% YTD 
  • Dow Jones Industrial Average +2.7% YTD 
  • Russell 2000 -1.4% YTD

4:10 pm TearLab: Study demonstrates hyperosmolarity of the ocular surface may impact cataract surgery planning (TEAR) : The study demonstrated that hyperosmolar patients demonstrated a wider variation in keratometry calculations between visits relative to the normal osmolar group. In the hyperosmolar group, 16% of hyperosmolar eyes had more than 1 diopter of change in K cylinder values between the first and second visit.

4:08 pm Boston Scientific REPRISE II data demonstrate sustained safety and performance outcomes at one year for the Boston Scientific Lotus Valve System (BSX) : Data from the REPRISE II clinical trial confirmed safety and effectiveness out to one year, with more than 86% of patients exhibiting a complete absence of paravalvular aortic regurgitation and no patients demonstrating moderate or severe paravalvular aortic regurgitation.

  • New data from the REPRISE I and REPRISE II clinical trials were presented at the 26th Transcatheter Cardiovascular Therapeutics meeting, the annual scientific symposium of the Cardiovascular Research Foundation. 
  • REPRISE II data build on the positive findings from REPRISE I, a prospective, single-arm, feasibility study that evaluated 11 patients. 
  • The REPRISE I two-year results also demonstrated no instances of moderate or severe paravalvular leak and no instances of death.

4:07 pm Avista Makes Annual Price Adjustment Request in Idaho; says residential customers using an average of 60 therms a month could expect their bill to decrease by 2% (AVA) :

  • Co's customers in Idaho could see an overall 2.1 percent decrease in their natural gas rates on Nov. 1, 2014 if the Idaho Public Utilities Commission approves the company's annual Purchased Gas Cost Adjustment filed today. 
  • If the request is approved, Avista residential customers using an average of 60 therms a month could expect their bill to decrease by $1.16, or 2.0 percent, for a revised monthly bill of $58.32 beginning Nov. 1, 2014. Avista's natural gas revenues would decrease by $1.6 mln, or ~2.1%.

4:07 pm Eprise Remicade biosimilar receives final approvals in India (EPRS) : EPIRUS and its commercialization partner Ranbaxy Laboratories (RBXZF) expect to launch the drug, under the brand name Infimab, by the first quarter of 2015.

4:06 pm WEX (WEX) extends its existing fuel-price risk management program; locks in fuel price range of ~$3.28 to $3.34 per gallon :  

4:06 pm Seaspan extends agreements and considers strategic options for Greater China Intermodal Investments (SSW) :

  • Co announced that it has entered into an agreement with Greater China Intermodal Investments and Blue Water Commerce to extend the term of their Right of First Refusal Agreement by one year to March 31, 2016. 
  • Seaspan has also extended to March 31, 2016 its employment, transaction services and lock-up agreements with its CEO, Gerry Wang and its financing services agreement with Tiger Ventures Limited, or Tiger Ventures, an affiliate of Porter. 

4:05 pm Team Health Holdings names Oliver Rogers COO (TMH) : Co announced the appointment of Oliver Rogers as the company's EVP and COO effective Sept. 15, 2014. Rogers previously served as the organization's president of hospital based services.

4:05 pm Envision Healthcare Holdings and Ascension form joint venture (EVHC) :

  • Ascension Health, a direct subsidiary of Ascension, has entered into an agreement with Evolution Health, a division of Envision Healthcare, to form a joint venture to provide an array of post-acute services including home care, hospice care and infusion therapy to individuals in communities served by Ascension's Health Ministries.
  • This arrangement advances Ascension's commitment to providing person-centered care across the continuum of care, while strengthening its ability to serve all persons with special attention to those who are poor and vulnerable.
  • Under the arrangement, Ascension has selected Evolution Health as its exclusive partner in the provision of these services to patients in their homes and other facilities.
  • The new joint venture will initially include five of Ascension Health's 23 communities, with the first phase of the agreement beginning at the end of 2014. 
  • Revenues in the first year of operation are estimated to be $75-100 mln and expansion into additional communities is planned in a phased implementation over the next three years

4:04 pm Penske Auto acquires MTU Detroit Diesel Australia; expected to contribute $225-250 million in annualized revenue (PAG) : Upon closing of the transaction, MTU-DDA is expected to contribute an estimated $225 - $250 million in annualized revenue to Penske Automotive Group. The transaction is subject to customary closing deliveries and is expected to be completed in the fourth quarter of 2014.

4:03 pm TiVo announces proposed private offering of $200 mln convertible senior notes primarily to fund additional share repurchases; majority of proceeds to fund share repurchases and offset most of the potential dilution of existing convertible debt; repurchases are separate from previously announced $350 mln share repurchase program (TIVO) : Co announced that it intends to offer, subject to market and other conditions, $200 mln aggregate principal amount of Convertible Senior Notes due 2021 in a private offering.

  • The notes will be offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended. 
  • TiVo also expects to grant the initial purchasers of the notes an over-allotment option to purchase up to an additional $30 mln aggregate principal amount of notes. 
  • Any repurchases funded by the proceeds of this offering are separate from TiVo's previously announced $350 million share repurchase program.

4:03 pm United Continental and the Association of Flight Attendants to offer enhanced early out program for Flight Attendants (UAL) : United Airlines and the Association of Flight Attendants (AFA) today announced that United will offer its Flight Attendants an Enhanced Early Out Program, which allows participants a one-time opportunity to voluntarily separate from the company and receive a severance payment.

  • United also announced that it is recalling all Flight Attendants who are on voluntary and involuntary furlough. 
  • United will offer lump sum payouts of up to $100,000 for Flight Attendants who apply for the early out and meet certain service and eligibility qualifications, and the company will award early outs in seniority order.

4:02 pm Actua to acquire FolioDynamix, a cloud-based wealth management technology platform for $199 mln in cash; expected to occur in 4Q14 (stock halted) (ACTA) : Co announced that it has reached agreement to acquire FolioDynamix, a leading, secure, cloud-based investment and wealth management platform.

  •  In the transaction, Actua would acquire an ~97% primary equity interest in FolioDynamix for an estimated $199 mln in cash, subject to transaction expenses and "true-up" adjustments for working capital, cash, debt and other items. 
  • The consummation of the acquisition, which is subject to a number of customary closing conditions, is expected to occur in the fourth quarter of 2014. 
  • Subject to final accounting (including purchase accounting) adjustments, FolioDynamix brings to Actua a current net revenue run rate of over $30 mln (~$50 mln on a gross revenue basis), with positive earnings and cash flow. 
  • The company grew over 40% in 2013, and growth is expected to continue at that rate in 2014. 
  • Actua will update its 2014 guidance upon the close of this transaction.

4:01 pm Amgen: New analyses of Phase 2 study presented at ASBMR show romosozumab treatment resulted in continued increases in bone mineral density (AMGN) : Co announced results from several exploratory analyses of the Phase 2 study evaluating romosozumab in postmenopausal women with low bone mineral density. Romosozumab is an investigational bone-forming agent that is designed to work by inhibiting the protein sclerostin, thereby increasing bone formation and decreasing bone breakdown.

  • Results from one analysis showed that treatment with romosozumab led to significant increases in lumbar spine and total hip BMD during the first 12 months, with continued increases through year two. After year two, patients transitioned to either treatment with Prolia (denosumab) for 12 months, which led to further BMD increases, or to placebo, in which case BMD decreased towards initial baseline. 
  • An additional analysis of the Phase 2 study found that women treated with romosozumab had greater improvements in cortical parameters of the vertebrae, including thickness and mass, compared with those taking open-label Forteo (teriparatide) or placebo at 12 months.

4:00 pm Actua trading halted, news pending (ACTA) :  

3:19 pm Earnings calendar (:SUMRX) : Today after the close look for the following companies to report:

  • ALOG
Tomorrow before the open look for the following companies to report:
  • FDS

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

  • Oct crude oil rose $0.71 to $92.89/barrel 
    • Crude oil lifted from its session low of $91.29 set at pit trade open and broke into positive territory by mid-morning action. The energy component continued to trend higher and settled just below its session high of $92.97, booking a gain of 0.7%. 
  • Oct natural gas rose 7 cents to $3.93/MMBtu 
    • Natural gas rose for a second consecutive session, trading as high as $3.95 in morning pit trade. It brushed a session high of $3.90 and settled with a 1.8% gain. 
  • Oct heating oil settled unchanged at $2.74/gallon 
  • Oct RBOB rose 1 cent to $2.53/gallon

2:40 pm S&P +1.4 joins Dow +61 at new session high, Nasdaq Comp -41 pushes 20 points off its low (:TECHX) :  

2:32 pm Taseko Mines announces proven and probable reserves of 84 mln tonnes grading 0.50% Nb2O5 for its 100%-owned Aley Niobium Project (TGB) : Project Highlights:

  • Pre-tax net present value of ~ C$860 mln at an 8% discount rate 
  • Pre-tax internal rate of return of 17% with a 5.5 year payback
  • Anticipated operating margin of US$21/kg of niobium (Nb) 
  • Average annual production of 9 mln kilograms Nb in the form of FeNb 24 year mine life at a milling rate of 10,000 tonnes per day 
  • Life of mine strip ratio of 0.5:1
  • Total pre-production capital cost of C$870 mln, including; $520 mln for mine, concentrator and site infrastructure; $180 mln for the converter, $100 mln for offsite infrastructure including the transmission line, and $70 mln for pre-stripping

2:30 pm Gyrodyne Co. of America declares supplemental special dividend of $0.46/share; payable on Dec. 31,2014 to shareholders of record on Sept. 26, 2014 (GYRO) :  

2:21 pm PulteGroup names Manish Shrivastava new Vice President and Chief Marketing Officer (PHM) : Co announced that Manish Shrivastava has joined the Company as Vice President and Chief Marketing Officer.

  • Reporting to the Executive Vice President, Homebuilding Operations, Shrivastava will lead marketing strategy, consumer insights and marketing communications across the Company's portfolio of brands, including Pulte Homes, Centex, Del Webb and DiVosta Homes.
  • Shrivastava joins PulteGroup from The Coca-Cola Company (KO) where he held roles leading the Coca-Cola Brand Team and the Global and North American Shopper Marketing functions.

2:20 pm CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (:COMDX) :

  • Dec corn rose 5 cents to $3.43/bushel 
  • Dec wheat fell 2 cents to $5.01/bushel 
  • Nov soybeans rose 3 cents to $9.88/bushel 
  • Oct ethanol rose 1 cent to $1.82/gallon 
  • Nov sugar (#16 (U.S.)) fell 0.23 of a penny to 25.05 cents/lb

2:18 pm Dollar Pauses Near 14-Month Highs: 10Y: +07/32..2.583%..USD/JPY: 107.16..EUR/USD: 1.2942 (:SUMRX) :

  • The Dollar Index trades little changed near 80.25. Click here to see a daily Dollar Index chart.
  • The greenback tested the 80.40 level in early trade, but surrendered those gains following the disappointing industrial production and capacity utilization data. 
  • EURUSD is -20 pips @ 1.2940 as trade continues to test 14-month lows. Today's trade has been rather quiet for the single currency with action favoring the downside since early this morning. Eurozone data scheduled for tomorrow includes ZEW Economic Sentiment and German ZEW Economic Sentiment. 
  • GBPUSD is -30 pips @ 1.6235 as a schizophrenic trade takes hold ahead of Thursday's vote on Scottish independence. The majority of the weekend polls showed 'NO' is the likely outcome, suggesting Scotland could remain a member of the United Kingdom; however, nothing is certain. Key support rests in the 1.5900/1.6200 region. Britain's CPI, PPI Input, and RPI will be released tomorrow. 
  • USDCHF is +20 pips @ .9350 as trade drifts near one-year highs. The pair saw little reaction to the cooler than anticipated Swiss PPI with action instead dictated by the fluctuations in the euro. 
  • USDJPY is -15 pips @ 107.15 as selling takes hold for the first time in six sessions. The 105.00 area provides the first level of support should the parabolic rise need a breather. Bank of Japan Governor Haruhiko Kuroda will speak tonight in Osaka. 
  • AUDUSD is flat @ .9035 as trade steadies near six-month lows. Weak Chinese data coupled with a drop in new motor vehicles sales was responsible for the overnight weakness, but action has managed to recoup those early losses. The latest Reserve Bank of Australia policy minutes will be released this evening. 
  • USDCAD is -50 pips @ 1.1040 as today's selling has wiped away all of Friday's gains. Near-term support checks in near 1.0980/1.1000. Canadian data is limited to manufacturing sales. Bank of Canada Governor Stephen Poloz speaks tomorrow at the Drummondville Economic Development Society.

2:02 pm Duke Energy Renewable Services signs a long-term agreement to service Pattern Energy (PEGI)'s 283-megawatt Gulf Wind energy project in Armstrong, Texas (DUK) : Duke Energy Renewable Services will supply operations and maintenance services for three years, beginning in November, with an option for a two-year extension. Duke Energy Renewable Services has also provided service and maintenance work at PEGI's Hatchet Ridge wind site in Burney, Calif., since 2012.

1:54 pm New session lows for the Nasdaq Comp -56, S&P -4 near mid-range with Dow +18 a modest 15 points under its session high (:TECHX) : Relative sector weakness vs. the S&P in recent trade has been noted in Internet FDN, Biotech IBB, Health XLV, Medical Supplies, Retail XRT, Casino, Housing XHB.

1:47 pm COMEX Metals Closing Prices (:COMDX) :

  • Dec gold rose $3.60 to $1234.80/oz 
    • Gold rose for the first time in six sessions, trading in a tight range between $1232.20 and $1236.90. It eventually settled with a 0.3% gain. 
  • Dec silver rose $0.01 to $18.62/oz 
    • Silver touched a session low of $18.56 in morning action after pulling back from a session high of $18.69. It managed to rise back above the unchanged line and closed with a 0.1% gain. 
  • Dec copper fell 2 cents to $3.09/lb

1:31 pm Merck announces data from pivotal Phase 3 fracture outcomes study for odanacatib, an investigational oral, once-weekly treatment for osteoporosis; odanacatib met its primary endpoints and significantly reduced the risk of osteoporotic hip, spine and non-vertebral fractures compared with placebo (MRK) : Co announced data from the pivotal Phase 3 fracture outcomes study for odanacatib in postmenopausal women with osteoporosis. Odanacatib is co's investigational once-weekly cathepsin K inhibitor.

  • In the Long-Term Odanacatib Fracture Trial (:LOFT), odanacatib met its primary endpoints and significantly reduced the risk of osteoporotic hip, spine and non-vertebral fractures compared with placebo. The results from this trial were presented today at the ASBMR Annual Meeting in Houston, Texas. 
  • The rates of adverse events overall in LOFT were generally balanced between patients taking odanacatib and placebo. Adjudicated events of morphea-like skin lesions and atypical femoral fractures occurred more often in the odanacatib group than in the placebo group. Adjudicated major adverse cardiovascular events were generally balanced overall between the treatment groups. There were numerically more adjudicated stroke events with odanacatib than with placebo. 
  • Co now plans to submit a New Drug Application to the FDA for odanacatib in 2015. Co also plans to submit applications to the European Medicines Agency and the Ministry of Health, Labour, and Welfare in Japan.

1:11 pm Ford Motor's total European vehicle sales rose 14.4% in August vs a year ago, outpacing industry growth of 2% (F) : Co announced its total European vehicle sales rose 14.4% in August versus a year ago, outpacing the overall industry sales increase of 2%.

  • Ford's year-to-date sales in Europe have increased 7.1% largely on the strength of new and significantly refreshed vehicles.
  • Ford's total vehicle market share rose by 0.8 percentage points to 7.8% in August and now totals 7.9% for the first eight months of the year.

1:02 pm Technip signs agreement to sell 100% of its North American diving assets to Ranger Offshore (TKPPY) : Proceeds from this divestment will be partially reinvested directly into Technip's Subsea business, specifically focusing on improvements to the rigid pipe fabrication facility (spoolbase) in Mobile, Alabama, USA.

12:58 pm Midday Market Summary: High-Beta Names Lag at Midday (:WRAPX) : The major averages are mixed at midday with the Dow Jones Industrial Average (+0.1%) and S&P 500 (-0.1%) trading ahead of the Nasdaq (-1.0%) and Russell 2000 (-1.1%).

Equities began the new trading week on a cautious note amid continued concerns regarding the strength of the global economy. On that note, China reported its first decline in electricity production since 2009, while Industrial Production (6.9%; expected 8.8%) grew at its slowest pace since December 2008. Similarly, the Industrial Production report (-0.1%; Briefing.com consensus 0.3%) from the U.S. also left a bit to be desired.

Adding insult to injury, the Organization for Economic Co-operation and Development (:OECD) lowered its 2014 GDP forecast for the U.S. (to 2.1% from 2.6%) and the Eurozone (to 0.8% from 1.2%) with the latest FOMC policy decision due this week.

The tech-heavy Nasdaq has been leading the market lower since the start amid weakness in biotechnology and chipmaker listings. The iShares Nasdaq Biotechnology ETF (IBB 264.89, -4.68) is lower by 1.7%, while the health care sector (-0.3%) is among the laggards.

Elsewhere, the technology sector (-0.5%) is one of two groups that has had a worse showing than health care. The sector has suffered from broad weakness among names that made big moves in recent days like Twitter (TWTR 50.29, -1.82), Facebook (FB 75.08, -2.40), FireEye (FEYE 33.20, -1.87), Weibo (WB 21.01, -2.80), LinkedIn (LNKD 212.68, -12.15), and Yelp (YELP 76.77, -5.01). Chipmakers also lag notably with the PHLX Semiconductor Index down 1.0%. Despite the widespread losses, the top-weighted tech component-Apple (AAPL 102.30, +0.64)-outperforms after confirming record orders for its latest iPhone.

On the upside, the energy sector (+0.6%) displays relative strength amid a comparable uptick in crude oil prices (+0.4% at $92.64/bbl), while consumer staples (+0.4%), telecom services (+0.4%), and utilities (+0.1%) also trade ahead of the broader market.

Treasuries hold modest gains with the 10-yr yield down two basis points at 2.59%.

Economic data was limited to the Empire Manufacturing Survey and Industrial Production:

  • The Empire Manufacturing Survey for September registered a reading of 27.5, which was above the prior month's reading of 14.7 
    • The Briefing.com consensus expected a reading of 16.0 
  • The industrial production report for August certainly didn't go according to script as it showed production declining 0.1% versus the Briefing.com consensus estimate, which called for a 0.3% increase 
    • A 7.6% decline in the production of motor vehicle and parts was the big drag on total industrial production for the month. That contributed to a 4.4% drop in the output of durable consumer goods and led to a 0.4% decline in manufacturing production 
    • The production data for July was revised down to show a 0.2% increase versus an originally reported 0.4% increase 
    • Capacity utilization slumped to 78.8%, which was also below the Briefing.com consensus estimate of 79.3% and below a downwardly revised 79.1% (from 79.2%) reading for July

12:57 pm Dow +21 set minor new session high, S&P -2 held above its first hour low, Nasdaq Comp -43 edges 10 points off support (:TECHX) : Noted gap support (4513/4509) for the Nasdaq Comp (11:29, The Technical Take) with it edging slowly off this area (session low 4513.61) in early afternoon trade.

12:38 pm iShares DJ Real Estate extends aggressive slide off last week's high near support zone (IYR) : The IYR has been hammered over the last week with it dropped as much as 5.7% off last Monday's 52-wk high (74.95). The follow through pressure has brought into play the May - Aug trading range lows at 70.84/70.29 (session low 70.66). Its 200 sma is slightly below this zone at 70.14. There have been no signs of buying interest yet with an initial resistance area to monitor at 71.05/71.15 -- BXP, PCL, PLD, CPT, SPG, VNO, PEI, MAC, AIV, PSA, KIM, GGP, EQR.

12:32 pm Ball Corp's Systems Engineering Solutions business unit Aerospace wins five general services administration prime contracts (BLL) : Co has been awarded five contracts by the General Services Administration through the One Acquisition Solution for Integrated Services program.

  • Ball's Systems Engineering Solutions business unit, Fairborn, Ohio, led the effort to secure these indefinite delivery/indefinite quantity five-year contracts, awarded August 20, 2014. 
  • Each contract has an initial five-year ordering period with an opportunity for exercise of one five-year option.
  • The contracts have a projected total life of 15 years when the option period and performance periods are considered.
  • The contracts have an unlimited ceiling value and can be used by any federal agency.

12:21 pm L-3 Communications receives award to develop Hawk Oman Training System (LLL) : Co announced that its Link Simulation & Training business has received an award from BAE Systems (BAESY) to develop the Hawk Oman Training System.

  •  The training system, which is planned to achieve its ready-for-training milestone during the first quarter of 2017, will prepare Royal Air Force of Oman pilots to operate BAE Systems' Hawk MK166 Advanced Jet Trainer aircraft.

12:17 pm Fractional new lows for Nasdaq 100/Comp and small-/mid-caps -- S&P -5.6 still hovering above its first hour low with Dow +7.4 40 points above its early low (:TECHX) :  

12:08 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

  • TAP (77.15 +7.45%): Lifted in sympathy with M&A speculation among its peers.
  • NOK (8.61 +2.93%): Upgraded to Outperform at Oppenheimer; tgt $12.
  • BUD (114.71 +3.39%): WSJ report indicated that co is in financing talks for SabMiller (SBMRY) deal.
Large Cap Losers
  • TSLA (258.33 -7.47%): Weakness attributed to cautious Morgan Stanley analyst comments.
  • SNP (93.71 -5.57%): Co will subscribe for 29.99% shareholding interest in Marketing Co. for an aggregate amount of RMB107.094 bln.
  • ALXN (157.52 -3.2%): Reported improved survival observed in pediatric patients with severe HPP who were treated with investigational Asfotase Alfa for up to 5 years.
Mid Cap Gainers
  • ALR (41.16 +12.43%): Zwanziger filed 13D disclosing 4.68% stake; intends to promptly propose a consensual all-cash transaction at the buyout price of $46 per share.
  • BAH (23.38 +3.54%): Upgraded to Outperform from Mkt Perform at Cowen; tgt raised to $28 from $25.
  • DRI (49.47 +3.98%): Upgraded to Outperform from Underperform at Credit Agricole; filed investor presentation regarding operating initiatives; believes current initiatives address the majority of Starboard's operating suggestions.
Mid Cap Losers
  • NPSP (27.61 -15.57%): FDA Advisory Committee voted 8-5 to recommend approval of Natpara
  • JBLU (11.37 -6.73%): Downgraded to Underperform from Neutral at BofA/Merrill; tgt $10.50.
  • TEX (32.52 -6.28%): Lowered 2014 EPS guidance to $2.35-2.50, ex-items, vs $2.56 consensus, down from $2.50-2.80; sees Q3 EPS of $0.55-0.65, ex-items, vs $0.80 consensus.

12:00 pm Coca-Cola: Wintergreen Advisers renews call for withdrawal of KO equity plan in light of new disclosures about significant shareholder opposition to the plan (KO) : Wintergreen Advisers today renewed its call for The Coca-Cola Company to withdraw its 2014 Equity Plan in light of new disclosures about significant shareholder opposition to the plan.

  • As recently reported in the media, several of Coca-Cola's largest shareholders did not support the plan, according to proxy-voting records filed with the SEC. Those filings show that funds managed by State Street, Fidelity and Capital Group voted against the Plan. 
  • "In our view, Coca-Cola's plan does not have sufficient investor support to justify its implementation, and the board should do the right thing and set it aside without further delay. This is a test of whether the Coca-Cola board truly is prepared to act in the interests of shareholders. If it is not, the board should be replaced," said David Winters, CEO of Wintergreen Advisers.

12:00 pm IBM announces strategic collaboration with Yonyou Software to accelerate the adoption of IBM Big Data & Analytics (IBM) :  

12:00 pm iShares NASD Biotech continues to underperform drops to new session low near support (IBB) : The IBB has underperformed the S&P throughout the morning with the downside extension in recent trade bringing a support zone near 263/261 into play (session low 263.64). This approximates the 50% retrace of the Aug-Sep run, its 50 ema, an equality target and its late July high (260.81) -- ICPT -6.5%, CLVS -5.3%, CELG -3%, ALXN -3%, SGEN -3%, MDVN -2.8%, ILMN -2.7%, BMRN -2.4%, GILD =-2.3%, BIIB -2.2%.

11:55 am Allergan: Pershing Square submits additional special meeting requests (AGN) : Pershing Square announced that on Friday it submitted to Allergan additional special meeting requests from shareholders owning ~0.6% of Allergan's shares. With these requests, Pershing Square has delivered requests from 51 institutions representing 35.68% of the outstanding common stock of Allergan.

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:+0.1%
  • France's CAC:-0.3%
  • Spain's IBEX:-0.5%
  • Portugal's PSI:-1.3%
  • Italy's MIB Index:-1.0%
  • Irish Ovrl Index:-0.8%
  • Greece ASE General Index: -0.5%

11:30 am Protective Life announces notice of redemption of 8.00% Senior Notes due 2024 (PL) : Co announced that it has issued notice to redeem the entire $100 mln outstanding principal amount of the co's 8.00% Senior Notes due October 15, 2024 issued on October 9, 2009. Holders of the Senior Notes will receive on the redemption date the outstanding principal amount of the Senior Notes plus accrued and unpaid interest to the redemption date.

11:29 am Underperforming Nasdaq Comp -49 nears Mid-Aug gap at 4513/4509 -- session low 4515 (:TECHX) :  

11:24 am New lows for small-/mid-caps and Nasdaq 100/Comp -- Dow +2, S&P -5.2 (:TECHX) :  

11:12 am Northrop Grumman: US Air Force announced earlier expansion of RQ-4 Global Hawk fleet (NOC) : U.S. Air Force awarded Northrop Grumman a $354 mln primarily firm-fixed-price contract to expand their RQ-4 Global Hawk unmanned aircraft system fleet by three aircraft.

  • The contract also includes retrofit kits to add Airborne Signals Intelligence Payload sensors into two of the existing RQ-4, providing them with Multi-INT capability. 
  • ASIP is an advanced ISR collection sensor also built by Northrop Grumman.

11:02 am Divergent trade continues with Dow +12.4 just under session high while Nasdaq Comp -43 hovers just above its low -- S&P -3.3 (:TECHX) :  

10:47 am Lagging Nasdaq Comp -44 drops to new session low -- Dow -8, S&P -4.5 (:TECHX) :  

10:36 am PPL Corp announces re-connection of Unit 2 at Susquehanna Nuclear Power Plant; co is preparing to install new blades in Unit 2 in spring of 2015 (PPL) :  

10:32 am Top performing Dow +13 extend push off early low to fresh session high -- S&P -0.7 just under flat line, Nasdaq Comp -32 is testing its morning rebound high at 4535 (:TECHX) :  

10:32 am Amtrust Financial acquires renewal rights to tower Commercial Lines Business (AFSI) : The co announced that, in connection with today's closing of ACP Re's acquisition of Tower Group International (TWGP), AmTrust and ACP Re have entered into a series of agreements by which AmTrust has acquired renewal rights to Tower's commercial lines business.

  • For the first six months of 2014, Tower's Commercial Lines Business generated over $400 million in premium for AmTrust.
  • Before the open, National General (NGHC) also announced the closing of the Tower Personal Lines transaction. In conjunction with the transaction, NGHC acquired the rights for new and renewal business for the Tower Personal Lines Insurance Operations, which produced $433.1 mln in gross written premiums in 2013.

10:31 am Wi-LAN enters into license agreement with Wincor (WILN) : Co announced that the co's subsidiary, Open Network Solutions Inc., has entered into a license agreement with Wincor Nixdorf International GmBH and Wincor Nixdorf Inc. The licensed patents relate to networking capabilities of non-standard devices.

10:30 am Chevron dropped to a new three month low in early trade, pushes back into positive territory (CVX) : Stock has declined roughly 5.6% this month with the last several sessions spent vacillating near its 200 day sma. It did establish a new three month low in opening trade but has rebounded back above the 200 sma and into positive territory.

10:24 am Sector Summary: Technology (XLK -0.5%) trading lower today, behind the broader market (:SUMRX) : The tech sector -- XLK -- trades behind the broader market. Semiconductors, meanwhile, display relative weakness as the SOX index trades -0.8%. Within the SOX index, ASML (+0.9%) outperforms, while SUNE (-2.5%) lags. Among other major indices, the SPY is trading 0.1% lower, while the QQQ -0.8% and the NASDAQ -0.3% are both negative on the session. Among tech bellwethers, AAPL (+0.7%) is showing relative strength, while LNKD (-4.1%) lags.

Looking at earnings from last night:

  • No earnings from Friday after the close 
This morning in earnings:
  • No earnings Monday before the open 
In news:
  • IDN (+3.7%) co has been awarded a $220K contract to provide its IM2610 TWIC Plus readers to the Port of New Orleans in Louisiana.
  • VNET (+8.3%) co issues CEO letter to shareholders; 'notes' the accusation that our business is a Ponzi scheme is a malicious and baseless attack. Such attacks will neither tarnish our record nor prohibit us from pursuing opportunities that we believe to be in the best interests of the shareholders. 21Vianet is and has been adequately capitalized. 
  • NETE (-27.2%) co enters into a debt exchange agreement with Crede CG III; co immediately eliminated $15,876,860 of indebtedness under certain promissory notes. 
  • RATE (-19.6%) co appoints Steven Barnhart interim Chief Financial Officer; announces SEC Investigation relating to 2012 financial reporting. 
Among notable analyst upgrades:
  • CNVR (-0.2%) upgraded to Neutral from Sell at Goldman 
  • NOK (+2.5%) upgraded to Outperform from Perform at Oppenheimer 
  • VECO (+0.2%) upgraded to Neutral from Sell at Goldman 
In downgrades:
  • RAX (-4.6%) downgraded to Neutral from Overweight at JP Morgan 
  • CREE (-3.5%) downgraded to Neutral from Buy at Goldman 
  • SYMC (-1.8%) downgraded to Sector Perform from Outperform at RBC Capital Mkts
Earnings expected after the close:
  •  No earnings scheduled for Monday after the close 
 Earnings scheduled for tomorrow morning:
  • FDS (-0.4%)

10:16 am Scorpio Bulkers announces further upsizing and pricing of public offering of senior notes due 2019 (SALT) : Co announced that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering.

  • The size of the offering has been further increased from the previously announced size of $60 million in aggregate principal amount of Notes to $65 million in aggregate principal amount of Notes.
  • The Notes will mature on September 15, 2019 and may be redeemed in whole or in part at any time or from time to time after September 15, 2016. 
  • The Notes will bear interest at a rate of 7.5% per year, payable quarterly on each March 15, June 15, September 15 and December 15, commencing on December 15, 2014. 
  • The Company intends to use all or substantially all of the net proceeds of this offering to fund installment payments due under its newbuilding program, and the remaining amount, if any, for general corporate purposes and working capital.
  • The offering is expected to close on September 22, 2014.

10:15 am Dow +4 pushes back into positive territory, S&P -2.6 nearing flat line, underperforming Nasdaq Comp -35 a minor six points off low thus far (:TECHX) : Top performing Dow components include: PG, HD, XOM, CVX, MRK, TRV, V, DIS, DD, MCD, PFE.

10:07 am eBay partners with FICO; announces new commerce marketing platform to drive one-to-one commerce marketing at scale (EBAY) : Co announced the eBay Enterprise Commerce Marketing Platform, a new omnichannel engagement suite that will enable marketers to drive and optimize one-to-one commerce at scale.

  • Designed and built from the ground up, in strategic partnership with FICO, a leading predictive analytics and decision management software company, the platform combines the commerce insights, demand generation delivery technologies and intellectual property of eBay Enterprise with FICO's analytics technologies and products to optimize the relevance and value of each individual customer's purchasing journey.

10:06 am Stock indices attempting to stabilize -- Dow -8, S&P -3, Nasdaq Comp -35 (:TECHX) : The market indices have edged off early lows with relative sector strength noted in Energy XLE, Oil Service OIH, Staples XLP, Steel SLX, Housing XHB.

10:02 am Eltek signed a significant railway contract in Africa; The contract covers powering signaling equipment, and the order value is EUR 1.4 mln (thinly traded stock) (ELTK) :  

10:02 am Air Products will increase product pricing and monthly service charges for merchant customers in N. America; up to 15% for liquid oxygen, liquid nitrogen, liquid and bulk hydrogen, helium and bulk carbon monoxide (APD) : Effective October 1, 2014, or as contracts permit, Air Products will increase product pricing and monthly service charges for merchant customers in North America. The pricing adjustments include increases of:

  • Up to 15% for liquid oxygen, liquid nitrogen, liquid and bulk hydrogen, helium and bulk carbon monoxide 
  • p to 20% for liquid carbon dioxide 
  • Up to 25% for liquid argon

9:57 am Fresh lows for major averages with Nasdaq Comp -40 continuing to pace the way after breaking three week range low -- Dow -16, S&P -5.5 (:TECHX) : Relative weakness in Biotech IBB (took out Sep low), Health XLV, Retail XRT, Semi SMH, Software IGV, Networking IGN, Internet FDN, Telecom IYZ.

9:56 am Southern: Plant Vogtle Unit 2 begins planned refueling and maintenance outage (SO) : Plant operators safely took Unit 2 of the Alvin W. Vogtle Electric Generating Plant offline on Sunday, Sept. 14, for a scheduled refueling and maintenance outage. In addition to refueling the reactor during the outage, workers will perform regular maintenance and tests, and upgrade plant equipment.

9:53 am Gamestop announces strategic update regarding its European operations; to exit Spanish market through the partial sale of store locations; financial terms not disclosed (GME) : Under the terms of this proposed agreement, the co will transfer ownership of a portfolio of GameStop stores located in Spain with the remaining retail sites winding down in 2014. The strategic decision to exit the Spanish market was made after a careful review of the market's financial performance and future opportunities, which ultimately indicated the company would be better served by curtailing its operations in Spain and focusing its resources in other countries where GameStop has significant market share. The proposed deal will require Spanish Competition Authority approval, which is expected to be completed in October. Financial terms of the deal were not disclosed.

9:51 am Amtrust Financial announces expansion of credit agreement to $350 mln (AFSI) : Co announced it has entered into a $350 mln credit agreement.

  • The credit facility is a revolving credit facility with a letter of credit sublimit of $175 mln and an expansion feature of not more than an additional $150 mln. 
  • Proceeds of borrowings under the credit facility may be used for working capital, acquisitions and general corporate purpose. 
  • The new revolving credit facility replaces a four year $200 mln credit agreement with a $100 mln letter of credit sublimit.

9:47 am Kips Bay Medical announces that its common stock began trading on the OTCQB Marketplace on Sep 12, 2014 (KIPS) :  

9:41 am Nasdaq Comp -20 underperforming this morning, breaks under Friday's low (:TECHX) : The index had held up better than the S&P last week as it remained within its multi-week trade range. It has lagged this morning and taken out Friday's low (S&P still above). The low end of the range comes into play at 4544/4542 (session low 4546).

9:39 am Opening Market Summary: Influential Sectors Pressured Early (:WRAPX) : The major averages slipped out of the gate amid relative weakness in some influential sectors. The S&P 500 trades lower by 0.2% with energy (-0.2%), health care (-0.4%), financials (-0.3%), and industrials (-0.3%) weighing on the market.

On the upside, countercyclical consumer staples (+0.2%) and utilities (+0.5%) hold modest gains, while the remaining groups sit near their respective flat lines.

Treasuries have continued their steady advance and they now hover near their highs with the 10-yr yield at 2.59%.

9:35 am Mixed start turns slightly weaker -- Dow -12, S&P -2.3, Nasdaq Comp -8.7 (:TECHX) : Relative sector weakness in early trade has been noted in Biotech IBB, Casino, Energy XLE, Copper JJC, Reg Bank KRE, Crude Oil USO, Internet FDN, Trucking.

9:34 am Capital Southwest Corp. portfolio company, RectorSeal, acquired the Polyslab, Evo-Crete and related HVAC brands from Evolve Composites, based in Queensland, Australia; financial terms not disclosed (CSWC) :  

9:32 am Abbott Labs initiates ABSORB IV trial to evaluate quality of life and cost savings of dissolving heart device (ABT) : Co announced the start of the ABSORB IV clinical trial, which will test whether its Absorb Bioresorbable Vascular Scaffold (:BVS) is more cost-effective and offers a higher quality of life than a best-in-class, permanent, metallic drug eluting stent. ABSORB IV is designed to enroll ~ 3,000 people with coronary artery disease, mostly in the U.S.

9:31 am Dominion will acquire two solar projects for a total of 57 megawatt peak (D) : The co announced an agreement to acquire two solar energy projects totaling 42 megawatts from EDF Renewable Energy. The acquisitions of the California projects are expected to close in 2015. 

  • With the anticipated addition of Cottonwood and Catalina Solar 2, Dominion's total contracted solar generating portfolio would consist of 274 megawatts.

9:29 am Vantage Energy (NYSE: VEI) announces commencement of its IPO of 23,550,000 shares of its common stock, at an anticipated price between $24.00 and $27.00 per share (:IPOXX) : Vantage Energy (VEI) announced the commencement of its IPO of 23,550,000 shares of its common stock, at an anticipated initial public offering price between $24.00 and $27.00 per share.

  • The co is offering 15.7 mln shares of its common stock, and the selling stockholders named in the registration statement are offering 7.85 mln shares of the co's common stock.
  • The co has been approved to list its common stock on the NYSE under the symbol "VEI," subject to official notice of issuance. 
  • Barclays, Goldman, Sachs & Co., Citigroup, Credit Suisse, Tudor, Pickering, Holt & Co. and Wells Fargo Securities will act as joint book-running managers of the offering.

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

  • Coverity, a Synopsys company (SNPS), announced the results of its latest Coverity Scan Project Spotlight, which analyzed the LibreOffice open source project, including defect density and the types of defects identified, as compared to the industry average.
  • Equifax (EFX) announced that defi SOLUTIONS is now offering its automotive lender clients access to income and employment verifications through The Work Number using defi SOLUTIONS' cloud-based loan origination system.
  • Quantum Fuel Systems Technologies Worldwide (QTWW) has entered into an amended and restated lease agreement for its facilities located in Lake Forest, California.
  • Lockheed Martin (LMT) and Advanced Electronics Company will establish a Sniper Advanced Targeting Pod Expanded Repair Capability facility in the Kingdom of Saudi Arabia.
  • Acxiom (ACXM) will be opening a new office in Austin, Texas, to accommodate growing demand in its technology, engineering and operations.
  • Chevron Products, a Chevron U.S.A. (CVX) division unveiled a new category of heavy duty motor oil designed to address the growth of severe duty applications in on- and off-highway markets.
  • American Express' (AXP) U.S. Small Merchant Group has partnered with Birchbox, Bonobos and Rent the Runway to present Online's Day Off.
  • OncoCyte, a subsidiary of BioTime (BTX), and Abcodia announced their collaboration focused on the development of OncoCyte's blood-based PanC-Dx test for early detection of breast cancer. 
  • Lazard Middle Market, a subsidiary of Lazard Ltd (LAZ), announced an expansion of its industrials and energy coverage with two senior hires and a new office in Houston. 
  • Ikanos Communications (IKAN) announced that its access and gateway chipsets, including the Fusiv gateway processor, will provide the enabling architecture for Sumitomo Electric's high-speed broadband networks throughout many of the company's service areas in Japan.
  • Marathon Patent Group (MARA) announced the commercial launch of the Opus Patent Analysis Platform.
  • Red Robin Gourmet Burgers (RRGB) is two weeks away from bringing craveable gourmet burgers to North Riverside, Ill.
  • BlackBerry Limited (BBRY) announced that they're working together to help AIESEC Canada's executive team stay connected, collaborative and productive as they lead the international leadership-development organization.
  • Hill International (HIL) has received a contract from the Ministry of Infrastructure for the Republic of Kosovo to provide construction supervision and management services for the Pristina-Hani i Elezit. 
  • Intercontinental Exchange (ICE) announced that ICE Futures U.S. reached a daily volume record in the mini MSCI Index futures complex, the mini MSCI EAFE Index contract, and the Russell 1000 Value Index mini contract on Friday, September 12, 2014. 
  • Profire Energy (PFIE) have reached a non-exclusive distribution agreement with Unlimited Petroleum Consulting.
  • Dominion (D) Virginia Power has selected Capital One's (COF) Chester facility to house the first ground-mounted solar energy system in Central Virginia.
  • Impac Mortgage Holdings (IMH), announces the launch of a new initiative with Macquarie Group on a major expansion into the non-qualified mortgage space. 
  • RLJ Lodging Trust (RLJ) today announced that it has acquired the 215-room DoubleTree Grand Key Resort located in Key West, FL for a purchase price of $77.0 mln, or ~$358K per key. 

9:29 am GFI Group responds to unsolicited acquisition proposal; determines that current proposal for $5.25/share could lead to a 'Superior Proposal' (GFIG) : The board of directors of the Company, upon the recommendation of its special committee, has determined in good faith, after consultation with outside legal counsel and independent financial advisors, that the Proposal could reasonably be expected to lead to a "Superior Proposal" as defined in the existing merger agreement with CME Group Inc. (CME). That determination allows the Company to provide information to and conduct discussions and negotiations with BGC (BGCP)  subject to the execution of a confidentiality agreement, but does not allow the Company to terminate its agreement with CME or enter into any other agreement with BGC. 

  • The co's board of directors has not changed its recommendation with respect to, and continues to support, the pending transaction with CME.

9:24 am Darden Restaurants files investor presentation regarding operating initiatives; believes current initiatives, which are already delivering encouraging results, address the majority of Starboard's operating suggestions (DRI) : Co filed an investor presentation with the SEC in connection with the co's 2014 Annual Meeting of Shareholders to be held on October 10, 2014.

  • "After reviewing Starboard's proposed operating plan, we believe Darden's current initiatives, which are already delivering encouraging results, address the majority of Starboard's suggestions. We are pleased that Starboard agrees with the actions we are taking to reinvigorate restaurant performance, reduce costs, and drive growth...
  • Given the significant risks that we believe could result from allowing Starboard to take control of Darden, we do not believe it is necessary for shareholders to elect an entirely new Board to implement operating initiatives that are largely already underway and delivering encouraging results."

9:19 am Silgan Holdings acquired substantially all of the assets and assumed certain specified limited liabilities of Van Can; financial terms not disclosed (SLGN) : Co announced that it has acquired substantially all of the assets and assumed certain specified limited liabilities of Van Can, a manufacturer of metal containers in the United States. The acquired business, with sales of ~ $40 million, included two metal container manufacturing facilities.

9:17 am TRW Automotive confirms it will be acquired By ZF Friedrichshafen for $105.60 per share in cash (TRW) :

  • Co announced it has entered into a definitive agreement with ZF Friedrichshafen AG ("ZF") under which ZF will acquire all outstanding shares of TRW for US$105.60 per share in an all-cash transaction valued at ~US$13.5 billion on an enterprise value basis.
  • The acquisition price represents a premium of ~16% and 15% over TRW's undisturbed closing stock price of $91.40 on July 9, 2014 and all-time undisturbed high price of $91.62 on July 7, 2014, respectively, and a 7.6x multiple of TRW's adjusted EBITDA for the 12 months ended June 27, 2014.
  • The agreement has been unanimously approved by TRW's Board of Directors and ZF's Supervisory Board and Management Board.

9:17 am S&P futures vs fair value: flat. Nasdaq futures vs fair value: +7.70. (:WRAPX) : The stock market is on track for a subdued start to the trading week as futures on the S&P 500 trade in line with fair value. Index futures displayed losses overnight, but have climbed steadily off those levels.

The early weakness followed some disappointing data from China, which included the first decline in electricity consumption since 2009. Additionally, Industrial Production (6.9%; expected 8.8%) grew at its slowest pace since December 2008. The weakness on the economic front has given a boost to the Dollar Index, which has extended its September gain to 2.0%.

Domestically, the Empire Manufacturing Survey beat estimates (27.5; Briefing.com consensus 16.0), while Industrial production decreased 0.1% in August, which was below the 0.3% increase expected by the Briefing.com consensus. Industrial production for July was revised lower to show an increase of 0.2% versus an originally reported increase of 0.4%. Separately, capacity utilization hit 78.8%, while the Briefing.com consensus expected a reading of 79.3%.

Treasuries hover near their best levels of the morning with the 10-yr yield down two basis points at 2.59%.

9:16 am 21Vianet issues CEO letter to shareholders; 'notes' the accusation that our business is a Ponzi scheme is a malicious and baseless attack. Such attacks will neither tarnish our record nor prohibit us from pursuing opportunities that we believe to be in the best interests of the shareholders. 21Vianet is and has been adequately capitalized (VNET) : "We have been running a market-leading internet infrastructure business for almost 15 years; the accusation that our business is a "Ponzi scheme" is a malicious and baseless attack. We stand firmly by our reports on data centers, cabinet growth and utilization rates. We have, and will continue to, prudently pursue investments that are strategically complementary; such attacks will neither tarnish our record nor prohibit us from pursuing opportunities that we believe to be in the best interests of the shareholders. 21Vianet is and has been adequately capitalized.  It has also been alleged that we have, or likely will, breach our existing debt covenants. This is far from the truth. As of September 5, 2014, we had RMB2.7 billion cash and cash equivalents. We have met all the requirements under our existing debt covenants, including financial and other covenants for our outstanding RMB denominated bonds. "

9:15 am Profire Energy reached a non-exclusive distribution agreement with Unlimited Petroleum Consulting (PFIE) : Company extends distribution network with new international Oil/Gas Supplier. 

9:13 am ANN responds to Engine Capital LP and Red Alder; Board appreciates the input; says 'none of the analyses contained in their presentation is new to the Board' (ANN) :

  • The Company and its Board of Directors always welcome open communications with shareholders and value their input. The co has met with Engine Capital and Red Alder, and the full Board has had the opportunity to review the presentation of Engine Capital and Red Alder referenced in their press release. 
  • "The conclusions that one draws from these analyses depend heavily on the various assumptions made. The Board continues in a very deliberate manner and on an informed basis to consider and determine the courses of action that are in the best interests of all of its shareholders."

9:08 am Copa Holdings announces monthly traffic for August 2014; ASMs of 1,788.5 up 8.0% YoY; RPMs of 1,392.8, up 9.0% YoY; load factor of 77.9%, up 0.7% YoY (CPA) :  

9:06 am Net Element enters into a debt exchange agreement with Crede CG III; co immediately eliminated $15,876,860 of indebtedness under certain promissory notes (NETE) : Co announced that it has entered into a debt exchange agreement with Crede CG III, Ltd. in which Crede paid more than $15 million to the company's note holders to acquire certain promissory notes. After acquiring the promissory notes, Crede exchanged them for company common stock. Under the agreement, the company immediately eliminated $15,876,860 of indebtedness under certain promissory notes, which will be reflected in Net Element's quarterly financial results for the period ending September 30, 2014. 

9:05 am Blackhawk Network acquires Cardlab (HAWK) : Co has completed the acquisition of Dallas, Texas-based CardLab, Inc., a leading online provider of customizable prepaid incentive and rewards cards. The deal is part of Blackhawk's strategy to extend its prepaid card solutions from physical and online retail channels into the B2B channels that issue incentives and rewards to consumers, customers and employees.

  • CardLab is expected to be earnings neutral to Blackhawk's financial results for the remainder of fiscal 2014.

9:03 am CBS and Media General (MEG) sign deal to renew all affiliation agreements (CBS) : Cos announced a comprehensive deal that renews all of Media General's existing station affiliation agreements.

9:02 am Plandai expects to begin commercial production of its green tea extract, Phytofare Catechin Complex, in the coming weeks when the first green tea crop of the season is ready for processing at the co's 8,000 acre Senteeko facility in South Africa (PLPL) :  

9:02 am Microsoft confirms agreement to acquire Mojang, maker of 'Minecraft' franchise for $2.5 bln; expects the acquisition to be break-even in FY15 on a GAAP basis (MSFT) :

  • Under the terms of the agreement, Microsoft will acquire Mojang for $2.5 billion. 
  • Microsoft expects the acquisition to be break-even in FY15 on a GAAP basis. Subject to customary closing conditions and any regulatory review, the acquisition is expected to close in late 2014.

9:02 am Johnson Controls announces reorganization of its Building Efficiency business to drive improved growth and profitability (JCI) :

  • Co announced a significant reorganization of its Building Efficiency business to better align the division with the company's long-term strategies and to position it for profitable global growth.
  • Effective immediately, the North America branch business will be operating separately from Building Efficiency's global products business.

9:01 am Duke Energy commits $500 million to North Carolina solar power expansion (DUK) : Co announced a $500 million commitment to a major expansion of solar power in North Carolina

  • The company will acquire and construct three solar facilities -- totaling 128 megawatts of capacity --  including the largest solar photovoltaic facility east of the Mississippi River.
  • Also signed power-purchase agreements with five new solar projects in the state, representing 150 MW of capacity
    •  Together, the eight projects will have a capacity of 278 MW.
  • In addition to these five power-purchase agreements, Duke Energy has signed 33 other agreements in North Carolina in 2014 for projects totaling 109 MW of capacity.

9:01 am Ultragenyx announces positive results from a long-term phase 1/2 study of KRN23 in adult patients with X-linked hypophosphatemia; KRN23 was generally safe and well tolerated (RARE) :

  • Co announced the presentation of results from a long-term Phase 1/2 extension study, conducted by Kyowa Hakko Kirin Pharma, Inc., of the investigational fully human anti-FGF23 monoclonal antibody KRN23 (UX023) in adult patients with X-linked hypophosphatemia.  
  • Data from the INT-002 study demonstrated that the increases in serum phosphorus levels, urinary phosphorus reabsorption, and 1,25 dihydroxy vitamin D levels observed in the initial INT-001 study were generally sustained during the 12-month extension. All patients continued to demonstrate increases in serum phosphorus levels. Approximately 52.6%-85.7% of subjects in the extension study had serum phosphorus levels that reached the normal range (2.5 to 4.5 mg/dL) at peak time on Day 7 or Day 14 after each dose over this 12-month period.
  • The mean increases in markers of bone remodeling (procollagen type I N propeptide  and osteocalcin) observed in INT-001 were also generally sustained.
  • KRN23 was generally safe and well tolerated over the cumulative treatment period.

9:01 am Inovio Pharma has met the listing criteria for the NASDAQ Global Select Market and effective today has transferred to this U.S. stock exchange from the NYSE MKT; co will continue to trade under its current ticker symbol (INO) :  

9:01 am Baxter: FDA approves Baxter's RIXUBIS for treatment of children with Hemophilia B (BAX) :

  • Co announced that the United States Food and Drug Administration has approved RIXUBIS for routine prophylactic treatment, control and prevention of bleeding episodes, and perioperative management in children with hemophilia B. RIXUBIS was the first recombinant factor IX approved for routine prophylaxis and control of bleeding episodes in the U.S. for adults living with this chronic condition.
  • The approval is based on the results of a clinical trial investigating the efficacy and safety of RIXUBIS among 23 previously-treated male patients less than 12 years of age with severe or moderately severe hemophilia B. The patients were treated with a twice-weekly RIXUBIS prophylaxis regimen (mean dose 56 IU/kg) for a mean treatment duration of six months and a mean of 54 exposure days (EDs). The median annualized bleeding rate (ABR) was 2.0 (0.0 for spontaneous bleeds and joint bleeds).

8:59 am Tower Group trading halted, information requested by NASDAQ (TWGP) :  

8:58 am On The Wires (:WIRES) :

  • Tech Data (TECD) announced a distribution agreement with EarthLink Holdings (ELNK) to provide EarthLink's suite of managed cloud and support services to solution providers in the United States through the company's TDCloud business unit. 
  • 3D Systems (DDD) announced the addition of a new Simbionix ultrasound training module for the practice of transvaginal ultrasound exams at the International Society of Ultrasound in Obstetrics and Gynecology exhibition in Barcelona, Spain.
  • TrueCar (TRUE) has renewed its partnership with AAA and will continue to power its auto buying program.
  • LightStream, a division of SunTrust Bank (STI) announces Kelley Blue Book as exclusive online lender. 
  • Sterling Construction (STRL) announced that its subsidiary, J. Banicki Construction, was the selected bidder on the Terminal 4, North Apron Reconstruction Project for the City of Phoenix at Sky Harbor International Airport with a value of ~ $26 mln.
  • Washington Trust's Commercial Real Estate Group, a subsidiary of Washington Trust Bancorp (WASH), recently provided $2.24 mln to PVRD to finance the acquisition of a multi-tenant retail property currently occupied by PetSmart (PETM) and Michaels Stores (MIK).

8:57 am S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: +3.70. (:WRAPX) : The S&P 500 futures trade one point below fair value.

Markets in Asia ended broadly lower while China's Shanghai Composite (+0.3%) outperformed despite a set of disappointing data that included the first decline in electricity consumption since 2009.

  • In economic news: 
    • China's Retail sales rose 11.9% year-over-year (expected 12.1%; previous 12.2%), while Industrial Production increased 6.9% year-over-year (consensus 8.8%; prior 9.0%), and Fixed Asset Investment climbed 16.5% year-over-year (forecast 16.9%; last 17.0%) 
    • South Korea's Import Price Index fell 9.9% year-over-year (last -8.6%), while Export Price Index declined 8.6% (last -9.4%) 
    • India's WPI Inflation eased to 3.74% from 5.19% (expected 4.50%) 
    • Australia's New Motor Vehicle Sales fell 1.8% month-over-month (prior -1.5%) 
    • Singapore's Retail Sales slipped 0.2% month-over-month (expected -1.0%; last -1.1%), while the year-over-year reading jumped 5.5% (consensus 3.6%; previous 0.4%) 
------
  • Japan's Nikkei was closed for Respect-for-the-Aged-Day. 
  • Hong Kong's Hang Seng lost 1.0%, seeing its sixth straight day of selling. Energy giant Sinopec tumbled 6.7% after unloading a $17.5 billion stake in its retail unit. 
  • China's Shanghai Composite added 0.3%, rallying to its best level since March 2013. Coal stocks outperformed with Yanzhou Coal gaining 1.6%. 
  • India's Sensex lost 0.9%, falling for the fourth time in five days. Energy names lagged as Oil & Natural Gas Corp and Coal India sank 1.8% and 1.6% respectively. 
Major European indices trade little changed with Italy's MIB (-0.9%) struggling to keep pace. Over the weekend, a second aid convoy was sent from Russia into Ukraine without clearance from Ukraine's government.
  • Economic data was limited: 
    • Eurozone trade surplus narrowed to EUR12.20 billion from EUR13.80 billion (expected surplus of EUR15.90 billion) 
    • Swiss PPI slipped 0.2% month-over-month (expected 0.2%; previous 0.0%), while the year-over-year reading fell 1.2% (consensus -1.0%; last -0.8%) 
------
  • Germany's DAX is higher by 0.2% with Adidas in the lead. The stock has added 2.1%. Chemical producers lag with BASF and Lanxess both down near 0.5%. 
  • Great Britain's FTSE is flat. SABMiller is the top performer, up 10.9%, after making an offer for Heineken, which was rejected. On the downside, energy names BP and BG Group are down 0.8% and 1.6%, respectively. 
  • In France, the CAC holds a loss of 0.2% amid weakness in energy names. Technip has given up 1.7% and Total trades down 1.0%. Software name Cap Gemini leads with a gain of 1.9%. 
  • Italy's MIB is lower by 0.9% amid weakness in financials. Banco Popolare, BMPS, and Unicredit are down between 1.5% and 2.9%.

8:53 am Stoneridge enters into a new $300.0 mln Senior Secured Revolving Credit Facility; will replace the co's Asset-Based Facility and will be used to redeem the remaining $157.5 mln of its outstanding Senior Secured 9.5% Notes (SRI) : Co announced that on September 12, 2014, the co entered into a new $300.0 mln Senior Secured Revolving Credit Facility.

  • The new Credit Facility will replace the co's Asset-Based Facility and will be used to redeem the remaining $157.5 mln of its outstanding Senior Secured 9.5% Notes. 
  • The new Credit Facility uses a pricing grid to determine interest based on LIBOR plus a LIBOR margin and a facility fee. 
  • The co expects the initial LIBOR margin to be 145 basis points for borrowed amounts and the initial facility fee to be 30 basis points for the entire $300.0 mln facility. 
  • In addition, the co expects initial borrowing under the new facility to ~$110.0 mln after redemption of the remaining notes which is expected to occur in mid-October, 2014.

8:52 am Atwood Oceanics is initiating a quarterly cash dividend of $0.25 per share for the co's first quarter of fiscal 2015 (ATW) :  

8:46 am MDU Resources initially drops 7% to $28.12/share after lowering FY14 guidance (MDU) :  

8:46 am Charles Schwab reports monthly activity for Aug 2014; total client assets were a record $2.45 trillion as of month-end Aug, up 18% from Aug 2013 and up 3% vs July 2014 (SCHW) : Co highlights for the month of August 2014 include:

  • Net new assets brought to the co by new and existing clients in Aug 2014 totaled $8.5 billion. 
  • Total client assets were a record $2.45 trillion as of month-end Aug, up 18% from Aug 2013 and up 3% compared to July 2014. 
  • Clients' daily average trades were 460 thousand in Aug 2014, down 1% compared to Aug 2013 and flat compared to July 2014. Aug 2014 trading activity included a 6% sequential decrease in daily average revenue trades.

8:45 am MDU Resources lowers FY14 EPS, oil production guidance at Analyst Day (MDU) : Co said that while its pipeline, utility and construction businesses are continuing the solid performance they reported at midyear, current challenges with oil production in the Paradox Basin have led the co to lower its 2014 earnings guidance.

  • "However, as we noted during our last earnings conference call in August, the Paradox Basin is both very promising and at times very challenging. Its unique characteristics are causing operational issues that we believe are short term, but which will lower our expected growth in oil production to a range of 3 to 7 percent this year," Goodin said. This range includes the effects of the previously announced pending sales of South Texas and certain Mountrail County assets. The company's prior oil production growth guidance was a range of 10 to 15 percent. 
  • As a result, adjusted earnings per share for 2014 is now projected in the range of $1.40 to $1.50 per share vs. $1.59 consensus. Prior guidance was in the range of $1.50 to $1.65 per share.

8:44 am Turquiose Hill Resources announcesOyu Tolgoi has received a written decision from the Mongolian Tax Authority on the pending tax act (TRQ) : Co announced that Oyu Tolgoi has received a written decision from the Mongolian Tax Authority on the pending tax act. Following translation of the ruling, Oyu Tolgoi will review it in detail and evaluate the implications of the decision. Co will update the market in due course.

8:44 am Rock-Tenn amends share repurchase plan; new plan will allow repurchase of 16.9 mln shares of common stock, up from 9.2 mln shares (RKT) : Co reported that its board of directors has amended the co's share repurchase plan to allow for the repurchase of a total of 16.9 mln shares of common stock, an increase from the 9.2 mln shares previously authorized.

  • The co now has 10.0 mln shares available for repurchase after this amendment. 
  • These shares may be purchased from time to time in open market or privately negotiated transactions. 
  • Prior to this board action, the co had repurchased 1.9 mln shares during the current fiscal quarter.

8:41 am Tech Data announces distribution agreement with EarthLink (ELNK) to provide ELNK's suite of managed cloud and support services to solution providers in the US through the co's TDCloud business unit (TECD) : Co announced a distribution agreement with EarthLink (ELNK) to provide EarthLink's suite of managed cloud and support services to solution providers in the U.S. through the co's TDCloud business unit. EarthLink solutions are available immediately in Tech Data's Solutions Store, powered by StreamOne, its global IT platform.

8:39 am Hemispherx Biopharma's drug Ampligen Plus Intranasal seasonal influenza vaccine induces cross-reactive antibody formation against Avian H5N1 and H7N9 influenza HA in humans; Antibodies against flu strains with pandemic potential observed (HEB) : Co announced a peer-reviewed publication which detailed the combination of the intranasal FluMist along with the rintatolimod generated specific secretory IgA responses of at least 4 fold over baseline against at least one of the homologous vaccine strains included in the vaccine in 92% of the study subjects. The next phase of this research will focus on comparing the immunogenicity of FluMist combined with placebo and two different dosage levels of rintatolimod. The combination of rintatolimod and FluMist was well tolerated.  The authors of the publication include staff of Hemispherx.

8:36 am Celator Pharma announces publication of preclinical data for CPX-351 in Acute Lymphoblastic Leukemia Models; supporting ongoing Phase 1 trial of CPX-351 in pediatric patients with Relapsed Acute Lymphoblastic Leukemia or Acute Myeloid Leukemia (CPXX) : announced the publication of preclinical data in Pediatric Blood & Cancer that further characterize the therapeutic potential of lead compound CPX-351 in hematological malignancies and support its ongoing clinical testing in pediatric patients with ALL. CPX-351 is currently being studied in a pivotal Phase 3 clinical trial in older patients with high risk (secondary) AML.

  • "We are very pleased with these study results and believe they support our decision to evaluate CPX-351 in additional hematological malignancies beyond secondary AML... CPX-351 has demonstrated broad activity across a variety of cancers and in high-risk patient populations, and we hope to continue to evaluate its potential in childhood leukemias, where the prognosis is still poor in certain patient subsets."

8:35 am Nova Lifestyle announces a more than 200% increase in online sales for the months of July and August through Alibaba's (BABA) B2C Site TMall and JD.com (JD) in China (NVFY) :

  • Co announced a more than 200% increase in online sales for the months of July and August.
  • This upward sales trend, as compared with the first and second quarters of this year, was achieved partly through the sale of its furniture brand Wo Zhi Bao, sold exclusively in China via the online sales venues of TMall and JD.com.

8:35 am Thomson Reuters recommends shareholders reject TRC Capital's 'mini-tender' offer to purchase 2.5 mln TRI common shares at C$39.75/share (TRI) : "Shareholders are cautioned that the mini-tender offer has been made at a price below market, representing a discount of 4.33% and 4.41%, respectively, to the closing prices of Thomson Reuters shares on the Toronto Stock Exchange and New York Stock Exchange on September 10, 2014, the last trading day before the mini-tender offer was commenced. In addition, the offer is highly conditional. TRC Capital's offer states that it may terminate the offer if, among other things, the market price of Thomson Reuters shares declines since the close of business on September 10, 2014. "

8:34 am Pacific Ethanol announces agreement to sell CO2 from its Columbia Plant in Boardman, Oregon (PEIX) : Co announced its agreement with Kodiak Carbonic, LLC to sell CO2 from the Pacific Ethanol Columbia plant located in Boardman, Oregon. Kodiak plans to construct a liquefaction and dry ice processing plant adjacent to the Columbia facility and expects to purchase up to 200 tons of CO2 per day to sell to food processing and beverage producers.

8:33 am Nucor confirms purchase of Gallatin Steel; sees deal immediately accretive to cash flow and adj. earnings (NUE) : Co has entered into an agreement to purchase all the equity of Gallatin Steel (from MT and GGB) for a cash purchase price of ~$770 million. Adjusting for the net present value of the anticipated tax benefits, the realized effective purchase price for Nucor is ~$630 million.

  •  Nucor anticipates that this transaction will close promptly after the satisfaction of all closing conditions and the receipt of required regulatory approvals. 
  • It is expected to be immediately accretive to cash flow and accretive to earnings after working through purchase accounting-valued finished goods inventories.
  • The acquisition will be funded with available cash and commercial paper borrowings. With its strong balance sheet and healthy cash flow generation, Nucor does not anticipate issuing either long-term debt or equity as result of this purchase.

8:33 am Richmont Mines Inc. announces commencement of additional deep exploration drilling at Island Gold; will consist of four diamond drill holes for ~4,800 metres at an estimated cost of $0.5 mln (RIC) : Co announced that it is commencing an additional exploration drilling program from surface to test part of the down plunge projection of the Island Gold deposit. This is in addition to the remaining budgeted 2014 exploration and definition drill programs currently underway from underground. The new program will consist of four diamond drill holes for approximately 4,800 metres at an estimated cost of $0.5 million

  • The recently approved 4,800 metre exploration drill program (approx. 4 holes) is expected to commence shortly.

8:33 am Office Depot to transfer the listing of its common stock from the NYSE to The NASDAQ Global Select Market (ODP) :

  • The co expects its common stock to cease trading on the NYSE effective at the close of business on Sept 25, 2014, and to commence trading on NASDAQ on Sept 26, 2014, when the market opens.
  • The co will retain its current ticker symbol "ODP" when trading begins on NASDAQ.

8:33 am Wells-Gardner Electronics sold the assets of its LCD business to HT Precision Technologies for ~$8.0 mln in cash (WGA) : The assets of the LCD business, which includes the Wells-Gardner name, wereacquired by HTP for approximately $8.0 million in cash, subject to post-closingadjustments. Wells-Gardner Electronics Corporation expects to take a one-timecharge of approximately $6.2 million, consisting of asset write-offs andtransaction-related expenses of a total of $4.4 million, and $1.8 million ofnon-cash charges for the write-off of AGE goodwill and the deferred tax asset.

  • Effective upon shareholder approval, Wells-Gardner Electronics Corporation willassume the corporate name of AG&E Holdings Inc.
  • Management expects that itscommon stock will continue to trade on the NYSE MKT exchange under the tickersymbol WGA for the foreseeable future.

8:32 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: TEX -7.8% 

Select oil/gas related names showing early weakness: E -1.2%, SDRL -1%, TOT -1%, BP -0.7%

Other news: NPSP -14.0% (FDA Advisory Committee votes 8-5 the recommend approval of Natpara), NETE -7% (pulling back following Friday's advance), ACHN -3% (still checking), INSY -2.9% (disclosed it received a subpoena requesting documents regarding Subsys), ALXN -1.8% (reports 5 yr results of Asfotase Alfa in ped patients with severe HPP), WB -1.5% (still checking), BHP -0.8% (weak industrial production figures out of China), DE -0.6% (in sympathy with TEX), CAT -0.5% (in sympathy with TEX)

Analyst comments: RAX -3.9% (downgraded to Neutral from Overweight at JP Morgan), TSLA -2.2% (weakness attributed to Morgan Stanley analyst comments, suggesting stock may be a bit ahead of itself), PKD -1.6% (downgraded to Equal Weight from Overweight at a boutique firm), PLOW -1.2% (downgraded to Neutral from Outperform at Robert W. Baird), UBS -1.2% (downgraded to Equal Weight from Overweight at Barclays), TRP -1% (downgraded to Sell from Neutral at Goldman), CLW -0.7% (downgraded to Neutral at DA Davidson)

8:31 am Avanir Pharmaceuticals announces positive Phase II trial results for AVP-923 in treatment of agitation in patients with Alzheimer's disease (AVNR) :

  • Co announced positive results from its phase II clinical trial evaluating the safety and efficacy of AVP-923 for the treatment of agitation in patients with Alzheimer's disease.
  • Treatment with AVP-923 was associated with significantly reduced agitation as measured by the primary endpoint, the agitation/aggression domain score of the neuropsychiatric inventory (NPI) compared to placebo (p=0.00008).
  • The reduction in agitation was observed in both stage 1 (p=0.0002) and stage 2 (p=0.021) of the Sequential Parallel Comparison study design.
  • Significantly Improved Agitation in 220-Patient 10-week Study - - Co Plans to Meet with FDA to Discuss Initiation of Pivotal Development Program.

8:31 am Apple announced that iPhone 6 orders top 4 mln in first 24 hours (AAPL) :

  • Co announced a record number of first day pre-orders of iPhone 6 and iPhone 6 Plus with over 4 mln in the first 24 hours. 
  • Demand for the new iPhones exceeds the initial pre-order supply and while a significant amount will be delivered to customers beginning on Friday and throughout September, many iPhone pre-orders are scheduled to be delivered in October. 
  • Additional supply of iPhone 6 and iPhone 6 Plus will be available to walk-in customers on Friday, September 19.
  • Related Supplier Stocks: IDTI, QCOM, SNDK, SWKS, NUAN, BRCM, CRUS, TQNT, AVGO, SNE, STM, NXPI and LPL

8:31 am S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: +2.00. (:WRAPX) : The S&P 500 futures trade one point below fair value.

The Empire Manufacturing Survey for September registered a reading of 27.5, which was above the prior month's reading of 14.7. It was also ahead of the Briefing.com consensus estimate, which was pegged at 16.0.

8:30 am Macy's outlines new developments in Omnichannel strategy and technology; same-day delivery to be piloted in fall 2014; Macy's and Bloomingdale's to help launch Apple Pay (M) :

  • Apple Pay: As announced on Sept. 9, 2014, Macy's and Bloomingdale's stores will be among the first retailers to support the new Apple Pay (AAPL) mobile payment system which will be available beginning this fall on new iPhone 6 and iPhone 6 Plus mobile devices, as well as on the newly unveiled Apple Watch. More details will be available in October, when the new service is scheduled to launch.
  • Same Day Delivery: Macy's and Bloomingdale's this fall will begin piloting same-day delivery of products purchased online at macys.com, bloomingdales.com and on both brands' mobile-enabled websites. Macy's will offer same-day delivery to customers in eight major U.S. markets - Chicago, Houston, Los Angeles, New Jersey, San Francisco, San Jose, Seattle and Washington, D.C. Bloomingdale's will offer same-day delivery to customers in four major markets - Chicago, Los Angeles, San Francisco and San Jose. Deliveries to customers will be powered by Deliv in collaboration with major mall owners, including General Growth Properties (GGP), Macerich (MAC), Simon (SPG) and Westfield Corporation. 
  • Buy Online Pickup in Store (:BOPS) Rollout Completed:BOPS, originally piloted in fall 2013, recently completed its rollout to all full-line Macy's and Bloomingdale's store locations nationwide. 
  • Smart Fitting Rooms: Bloomingdale's has introduced smart fitting rooms in five store locations. These fitting rooms have wall-mounted tablets where selling associates and customers are able to scan merchandise items to view other colors and sizes available and, in many cases, see additional product information, product ratings/reviews and recommendations on complementary items to "complete the look."
  • Innovation in Stores Selling Technology: Macy's is piloting a variety of selling technology innovations at select stores in Georgia and New Jersey. These include a new generation of enhanced handheld point-of-sale devices and tablets designed to improve the in-store shopping experience by enabling sales associates to engage customers more effectively, offer merchandise ideas and product information, and speed transactions. 
  • Macy's Digital Editions: With the launch of Macy's Fall Fashion direct mail catalog, macys.com will take the pages of the physical book and transform them into a virtual diary of special content.

8:30 am Sparton Corp names Don Pearson as CFO, effective immediately (SPA) : Mr. Pearson most recently served as Senior Vice President and Chief Financial Officer of AMCOL International Corporation 

  • Pearson replaces Mark Schlei who is leaving Sparton to pursue other career opportunities.

8:30 am ArcelorMittal and Gerdau (GGB) agree to sell Gallatin Steel to Nucor (NUE) for $770 mln (MT) : Co and Gerdau (GGB) jointly announced that they have entered into a definitive transaction agreement to sell their respective 50% interests in Gallatin Steel to Nucor (NUE) for a total cash consideration of $770 mln, subject to customary closing adjustments.

8:28 am European Markets Update: DAX +0.2%, FTSE UNCH, CAC -0.2%, MIB -0.9% (:SUMRX) : Major European indices trade little changed with Italy's MIB (-0.9%) struggling to keep pace. Over the weekend, a second aid convoy was sent from Russia into Ukraine without clearance from Ukraine's government.

  • Economic data was limited: 
    • Eurozone trade surplus narrowed to EUR12.20 billion from EUR13.80 billion (expected surplus of EUR15.90 billion) 
    • Swiss PPI slipped 0.2% month-over-month (expected 0.2%; previous 0.0%), while the year-over-year reading fell 1.2% (consensus -1.0%; last -0.8%) 
------
  • Germany's DAX is higher by 0.2% with Adidas in the lead. The stock has added 2.1%. Chemical producers lag with BASF and Lanxess both down near 0.5%. 
  • Great Britain's FTSE is flat. SABMiller is the top performer, up 10.9%, after making an offer for Heineken, which was rejected. On the downside, energy names BP and BG Group are down 0.8% and 1.6%, respectively. 
  • In France, the CAC holds a loss of 0.2% amid weakness in energy names. Technip has given up 1.7% and Total trades down 1.0%. Software name Cap Gemini leads with a gain of 1.9%. 
  • Italy's MIB is lower by 0.9% amid weakness in financials. Banco Popolare, BMPS, and Unicredit are down between 1.5% and 2.9%.

8:28 am Gapping up (:SCANX) : Gapping up

M&A news: TWGP +11.7% (ACP Re announced that ACP Re has received all regulatory approvals required in connection with its previously announced acquisition of Tower. ),CTSH +2.8% (to acquire TriZetto for $2.7 bln in cash),WHR +2.1% (receives written approval from the China Securities Regulatory Commission to acquire a 51% stake in Hefei Rongshida Sanyo Electric),VC +1.1% (may be a possible takeover target, Bloomberg real M&A column says)

Other news: RSH +17.6% (considering $585 mln financing package, also Hearing Suntrust analyst suggesting reasoning behind potential Amazon (AMZN) deal),OTIV +13.2% (extending last weeks gains),TAP +7.2% (in response to M&A stories in the space),HALO +5.9% (partner Baxter (BAX) receives FDA approval from HYQVIA for treatment of adults with primary immunodeficiency),AU +5.5% (Hearing speculation that company will not proceed with restructuring),BPOP +3.8% (positive Barrons mention),ATHM +3.6% (favorable commentary on Friday's Mad Money, Tiger Global Management discloses 18.5% passive stake),BUD +3.1% (in financing talks for SABMiller deal),MYL +2.5% (Mylan Labs signs agreement with Gilead (GILD) to accelerate access to hepatitis C treatments),BITA +2.5% (Tiger Global Management discloses 14.9% passive stake),TGTX +2.5% (announces special protocol assessment agreement with the FDA for its first phase 3 clinical trial of TG-1101),DEO +2.2% (in response to M&A stories in the space),TASR +2% (Knox County Sheriff's Office to deploy 600 AXON Cameras and EVIDENCE.com over 5 years; new body-worn camera programs launch in Argentina and United Arab Emirates),YHOO +1.8% (Alibaba (BABA) may increase IPO range amid high demand to above $70 from $60-66 prior, according to reports),MO +1.8% (co has a 26.9% voting interest in Sabmiller (SBMRY))

Analyst comments
: WGO +5.2% (initiated with an Outperform at BMO Capital Mkts),PAY +1.8% (initiated with a Buy at Monness Crespi & Hardt),NOK +1.7% (upgraded to Outperform at Oppenheimer),AYI +1.6% (upgraded to Buy from Neutral at Goldman),ABX +0.9% (upgraded to Neutral from Underweight at HSBC Securities)

8:27 am On The Wires (:WIRES) :

  • Dot Hill Systems (HILL) announced at the IBC symposium in Amsterdam that two leading post-production solution providers have certified Dot Hill AssuredSAN 4004 storage for use with their workflow solutions.
  • Altera (ALTR) announced its Arria V FPGAs are delivering the high performance needed for Dolby Laboratories' innovative Dolby Vision imaging technology for ultra-high definition displays.
  • Medtronic (MDT) announced the U.S. launch of the SEEQ Mobile Cardiac Telemetry System, an external, wire-free, adhesive heart monitor that can be worn for up to 30 days to help detect and diagnose the cause of irregular heartbeats in patients.
  • Varian Medical Systems (VAR) and Infor announced a strategic alliance to add new data management capabilities across Varian's software products for enhanced security, interoperability and performance.
  • Marvell (MRVL) announced that Bouygues Telecom is launching industry's first quad-core Android PayTV set-top box powered by the Marvell ARMADA 1500 PRO system-on-chip platform. 
  • Broadcom (BRCM) announced the industry's highest performance, lowest power multi-rate 100 Gigabit Ethernet gearbox physical layer transceiver, optimized for next-generation cloud-scale data center, enterprise and core networks.
  • ResMed's (RMD) AirView compliance management platform is now securely connected to Fairview Health Services' Epic EHR system.
  • Texas Instruments (TXN) introduced seven SIMPLE SWITCHER regulators that simplify wide VIN synchronous power supply design and help engineers create energy-efficient, electromagnetic interference compliant products.
  • XRS (XRSC) announced a new integration between its mobile platform and McLeod Software's LoadMaster application.
  • Huawei has selected the TrueTouch Gen5 capacitive touchscreen controller from Cypress Semiconductor (CY) for the MediaPad X1 tablet.
  • Digimarc (DMRC) introduced Digimarc Guardian Watermarking for Publishing.
  • ACI Worldwide (ACIW) announced that Horizon Healthcare Services is leveraging ACI's UP Bill Payment solutions to power mobile, web, IVR, call center, card and ACH payment options on one integrated payment system.
  • Oracle (ORCL) has released Oracle Transportation Management Cloud and Oracle Global Trade Management Cloud.
  • Epizyme (EPZM) announced the appointments of Peter Ho, as Chief Development Officer and Michael Shih, as Vice President, Business Development.
  • St. Jude Medical (STJ) has secured CE Mark and FDA clearance for the new OPTIS Integrated System.
  • Panasonic (PCRFY) announces the new firmware update program for the LUMIX DMC-FZ1000.
  • Novatel Wireless (NVTL) has entered into a distribution agreement with SYNNEX MOBILITYSolv group for the advanced MiFi Powered SA 2100 M2M LTE gateway.
  • Calix (CALX) announced that EPB SmartNet has deployed the Calix E7-2 Ethernet Service Access Platform and 700GE family of optical network terminals for its new residential and business gigabit fiber network in Russellville, Kentucky.

8:25 am Advanced Photonix, Inc. awarded $1.6 mln contract for U.S. Navy missile weapons program (API) : Co announced that it has received a contract worth ~$1.6 mln from a leading military contractor, which acts as a prime supplier for the U.S. Navy's Guided Missile Weapon System.

  • The contract is for a custom photodiode and is expected to be completed within the next 18 months, and payment is due upon shipment.

8:24 am CGI Group announces $855 mln equivalent debt private placement; four tranches with a weighted average maturity of 8 years and coupon of 3.62% (GIB) : Co announced that it has entered into a $745 mln and EUR85 mln debt private placement.

  •  The private placement is comprised of four tranches of senior unsecured notes, with a weighted average maturity of 8 years and a weighted average fixed coupon of 3.62%. 
  • The proceeds will be used to pay the co's credit facility and its existing term loan tranche maturing in May 2015.

8:13 am E*TRADE reports monthly activity for Aug 2014; DARTs for Aug were 146,165, a 5% decrease from July and a 1% decrease from the year-ago period (ETFC) : Co released its Monthly Activity Report for August 2014.

  • Daily Average Revenue Trades for Aug were 146,165, a 5% decrease from July and a 1% decrease from the year-ago period. 
  • The co added 30,879 gross new brokerage accounts in August, ending the month with ~3.1 mln brokerage accounts - an increase of 13,377 from July. 
  • Net new brokerage assets were $0.9 bln in the month. 
  • During the month, customer security holdings increased by 5%, or $8.9 bln, and brokerage-related cash increased by $1.0 bln to $41.0 bln. 
  • Bank-related cash and deposits ended the month unchanged at $5.9 bln. 
  • Customers were net sellers of ~ $0.4 bln in securities during the month.

8:10 am Terex initially drops 4.6% to $33.10/share after lowering guidance (see 08:06 post) (TEX) :  

8:08 am Brocade acquires Vistapointe visibility and analytics solutions for mobile network operators; terms not disclosed (BRCD) : Co announced that it has acquired the network visibility and analytics technology assets in an all cash transaction from privately held Vistapointe, The Vistapointe technologies are software-based, carrier-grade network visibility and analytics solutions for mobile operators embracing Network Functions Virtualization architectures.

8:06 am Midway Gold provides progress update on the construction of the Pan Project (MDW) : Co provides a progress update on the construction of the Pan Project, the co's first open pit, heap leach project in White Pine County, NV. Overall, the project is proceeding on a schedule that should allow for gold production to begin late this year. The schedule for completion has slipped by approximately one month due to extraordinary summer rainfall, especially impacted by a major storm event at a critical construction time in late July.

8:06 am Terex lowers 2014 EPS guidance to $2.35-2.50, ex-items, vs $2.56 Capital IQ Consensus Est, down from $2.50-2.80; sees Q3 EPS of $0.55-0.65, ex-items, vs $0.80 consensus (TEX) :

  • The primary driver of the guidance change is weakness in the Cranes segment.
  • Despite a positive trend in book-to-bill ratios over the first half of 2014, the Cranes order rate has dropped significantly in July and August.
  • Additionally, Cranes customers in developing markets are struggling to secure financing for orders scheduled for delivery in the second half of 2014.
  • "We do not take lightly the need to adjust market expectations. Admittedly, the global Cranes marketplace has been challenging to forecast. During 2014, we have certainly seen more muted end markets in Cranes than we originally contemplated back in February.
  • "While we do see positive trends in certain aspects of our other segments, this has been more than offset by the recent weakness in Cranes end markets," commented Ron DeFeo, Terex Chairman and CEO.:
  • "The balance of our guidance remains intact, including our guidance for Free Cash Flow of between $200-250 mln in 2014. We also remain positive on the longer term prospects for EPS growth in our business, driven in no small part by the internal improvement initiatives underway throughout our Company."

8:05 am Cardiovascular Systems releases new peripheral data at 2014 TCT conference; TRUTH study demonstrates orbital atherectomy's effectiveness at reducing and modifying calcified lesions with low procedural complications (CSII) :

  • Co unveiled new data about the treatment of arterial calcification at the 2014 Transcatheter Cardiovascular Therapeutics conference in Washington D.C. Arterial calcium is a common occurrence for the millions of patients suffering from peripheral artery disease and it can lead to significant complications.
  • Results from the company's Tissue Removal Assessment with Ultrasound of the SFA and Popliteal (:TRUTH) study, a prospective, single-arm, non-randomized feasibility study of 25 patients were featured. TRUTH evaluated the removal of plaque with CSI's Peripheral Orbital Atherectomy System (OAS) by analyzing changes in plaque volume and composition via an independent virtual histology (VH.V) - intravascular ultrasound core laboratory.
  • Key TRUTH results included:
    • All patients were asymptomatic two weeks after OAS treatment (Rutherford Classification (RC.TO) of 0 (100% asymptomatic) compared to a baseline RC of 3 (96.0%); 
    • 100% freedom from recoil, slow flow/no reflow, flow-limiting dissections or perforations after OAS treatment; 
    • At the treated lesion site, the minimum lumen area increased significantly from 4.0 mm to 9.1 mm post-treatment (p
    • At the site of maximum calcium removal, calcium reduction was responsible for 86% of the lumen area increase; and 
    • Calcium modification was directly related to OAS usage. 

8:04 am SFX Entertainment to acquire Netherlands-based Monumental Productions B.V.; no terms disclosed (SFXE) : Co announced it has entered into an agreement to acquire Netherlands-based Monumental Productions B.V., producers of Awakenings Festival and other world-class techno music events under the brand Awakenings.

8:03 am Exterran Holdings names Jon Biro as CFO, effective on Sep 22, 2014 (EXH) :

  • Co announced the appointment of Jon Biro as Senior Vice President and Chief Financial Officer, effective on Sept. 22, 2014. Biro most recently served as Executive Vice President and Chief Financial Officer of Consolidated Graphics (CGX.TO).

8:02 am Galectin Therapeutics announces issuance of U.S. patent for GR-MD-02 in diabetic nephropathy; Pre-clinical studies have found that treatment of diabetic mice with GR-MD-02 reversed diabetic nephropathy (GALT) :

  • Co announced that the U.S. Patent and Trademark Office has issued a patent for the Co's application titled "Galactose-Pronged Carbohydrate Compounds for the Treatment of Diabetic Nephropathy and Associated Disorders." The patent, assigned U.S. Patent No. 8,828,971, was issued September 9, 2014.
  • The patent covers both composition claim for and uses of the Company's carbohydrate-based galectin inhibitor compound GR-MD-02 in patients with diabetic nephropathy, a type of progressive kidney disease that occurs in individuals with diabetes. Diabetic nephropathy is the major cause for chronic renal failure in the United States.
  • The patent also covers other glomerulopathies, a set of diseases affecting function of the kidneys, that lead to renal failure. Pre-clinical studies have found that treatment of diabetic mice with GR-MD-02 reversed diabetic nephropathy.

8:02 am Simulations Plus has been notified by the FDA that the co has been awarded a $200K cooperative agreement to develop improved modeling and simulation capabilities for dosage forms designed to be applied to the eye (SLP) :

  • Co announced that it has been notified by the FDA that the company has been awarded a $200,000 cooperative agreement to develop improved modeling and simulation capabilities for dosage forms designed to be applied to the eye. 
  • The initial award provides support for the first year of the project. Funding for a second and third year of effort, at $200,000 per year, is subject to the availability of funds and satisfactory progress of the project.

8:01 am Shire plc announces FDA acceptance for filing with priority review of sNDA for Vyvanse capsules for adults with binge eating disorder (SHPG) : Co announced that the FDA has accepted for filing with priority review a supplemental New Drug Application for Vyvanse Capsules as a treatment for adults with binge eating disorder. The FDA is expected to provide a decision in February 2015, based on the anticipated Prescription Drug User Fee Act action date.

8:00 am On The Wires (:WIRES) :

  • Intellicheck Mobilisa (IDN) has been awarded a $220K contract to provide its IM2610 TWIC Plus readers to the Port of New Orleans in Louisiana.
  • Ebix (EBIX) has launched its Exchange Platform to support an array of In-Force Transaction capabilities offered by The Depository Trust & Clearing Corporation's Insurance & Retirement Services.
  • PAR Springer-Miller Systems --- a wholly owned subsidiary of PAR Technology (PAR) announces that the Las Vegas Downtown Project has selected PAR's ATRIO Property Management System to power their growing collection of hospitality properties.

7:59 am S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -0.50. (:WRAPX) : U.S. equity futures trade near their flat lines amid cautious action overseas. The S&P 500 futures hover two points below fair value after spending the night in a steady climb off their overnight lows. Disappointing data from China contributed to cautious action in Asia, while markets in Europe currently trade near their flat lines.

Notably, the Dollar Index has continued its recent surge with the greenback showing modest gains against the euro, pound, and the yen today. Treasuries, meanwhile, hold a slim gain with the 10-yr yield down one basis point at 2.60%.

The Empire Manufacturing Index for September (Briefing.com consensus 16.0) will be released at 8:30 ET, while August Industrial Production (consensus 0.3%) and Capacity Utilization (expected 79.3%) will be reported at 9:15 ET.

In U.S. corporate news of note:

  • Cree (CREE 41.30, -1.37): -3.2% after Goldman Sachs downgraded the stock to 'Neutral' from 'Buy.' 
  • Mylan (MYL 48.23, +1.17): +2.5% after signing an agreement with Gilead Sciences (GILD 102.93, -0.73) to accelerate access to hepatitis C treatment in developing countries.
Reviewing overnight developments:
  • Asian markets ended mostly lower. Hong Kong's Hang Seng -1.0%, China's Shanghai Composite +0.3%, and Japan's Nikkei was closed for a Day of Respect for the Aged 
    • In economic data: 
      • China's Retail sales rose 11.9% year-over-year (expected 12.1%; previous 12.2%), while Industrial Production increased 6.9% year-over-year (consensus 8.8%; prior 9.0%), and Fixed Asset Investment climbed 16.5% year-over-year (forecast 16.9%; last 17.0%) 
      • South Korea's Import Price Index fell 9.9% year-over-year (last -8.6%), while Export Price Index declined 8.6% (last -9.4%) 
      • India's WPI Inflation eased to 3.74% from 5.19% (expected 4.50%) 
      • Australia's New Motor Vehicle Sales fell 1.8% month-over-month (prior -1.5%) 
      • Singapore's Retail Sales slipped 0.2% month-over-month (expected -1.0%; last -1.1%), while the year-over-year reading jumped 5.5% (consensus 3.6%; previous 0.4%) 
    • In news: 
      • The slowdown in China's Industrial Production represented the lowest level of output since December 2008. Also of note, electricity production declined for the first time in five years.
  • Major European indices trade little changed. France's CAC -0.2%, Great Britain's FTSE -0.1%, and Germany's DAX +0.1%. Elsewhere, Spain's IBEX -0.3% and Italy's MIB -0.9% 
    • Economic data was limited: 
      • Eurozone trade surplus narrowed to EUR12.20 billion from EUR13.80 billion (expected surplus of EUR15.90 billion) 
      • Swiss PPI slipped 0.2% month-over-month (expected 0.2%; previous 0.0%), while the year-over-year reading fell 1.2% (consensus -1.0%; last -0.8%) 
    • Among news of note: 
      • A second aid convoy sent by Russia crossed into Ukraine over the weekend without receiving clearance from Ukraine's government.

7:55 am Ivanhoe Energy announces its CFO, Greg Phaneuf, is leaving the co to accept a role with another co (IVAN) : Co announced that Senior Vice President, Finance and CFO, Greg Phaneuf, is leaving Ivanhoe Energy to accept a role with another co. Mr. Phaneuf's resignation is effective Oct 10, 2014 and he will continue in the role until that date to assist the co with the transition to a new CFO.

7:49 am Brookfield Renewable Energy Partners increases distribution growth range to 5%-9% annually, up from 3%-5% previously (BEP) : Co will be hosting a meeting for the investment community in New York, where management will provide an overview of its business objectives, market opportunity, and strategy for continued long-term growth.

  • Co also announced an increase in its distribution growth target to 5% - 9% annually, up from 3% - 5% previously. 
  • The co expects to achieve this new target while maintaining its target current payout ratio of 60% to 70% of Funds from Operations.

7:35 am Alliance Data provides Private Label performance update for Aug 2014; co reported an increase of 23% in average receivables; reported net charge-offs as a percentage of average receivables of 4.1% (ADS) :  

7:32 am TASER: Knox County Sheriff's Office to deploy 600 AXON Cameras and EVIDENCE.com over 5 years; new body-worn camera programs launch in Argentina and United Arab Emirates (TASR) : Co announced multiple orders of AXON body-worn video cameras and EVIDENCE.com the back-end digital evidence management system. These orders were received and are expected to ship in the third quarter of 2014.

  • Hayward Police Department (CA): 150 AXON flex cameras with five years of EVIDENCE.com and TASER Assurance plan.
  • Knox County Sheriff's Office (:TN): 615 AXON flex cameras with five years of EVIDENCE.com and TASER Assurance Plan. 

7:32 am KCG Holdings reports August trade volumes (KCG) : In Market Making, KCG averaged $22.6 billion dollar volume traded, 5.6 billion shares traded, and 3.1 million trades per day in U.S. equities.

  • As for the overall market conditions in August, consolidated U.S. equity volume averaged $215.9 billion in dollar volume and 5.2 billion shares traded per day. The realized volatility for the S&P 500 was 7.9.

7:31 am Tim Hortons pre-announces Q3 Canadian same-store sales growth of 3.6%; U.S. same-store sales growth 7.0% (THI) : THI issued this news release in connection with disclosure of such information in debt financing activities pertaining to the company's proposed strategic transaction involving 3G Capital and Burger King Worldwide (BKW).

7:31 am Asian Markets Close: Nikkei CLOSED, Hang Seng -1.0%, Shanghai +0.3% (:SUMRX) :

  • Markets fell across most of Asia. 
  • China's industrial production (6.9% YoY actual v. 8.8% YoY expected) and fixed asset investment (16.5% YTDoY actual v. 16.9% YTDoY expected) both missed estimates while electricity consumption slipped 2.2% YoY to post its first decline in four years. 
  • India's Wholesale Price Index slowed to 3.74% YoY (5.19% YoY expected). 
  • Australia's new motor vehicle sales fell 1.8% MoM. 
  • Japan's Nikkei was closed for Respect-for-the-Aged-Day. 
  • Hong Kong's Hang Seng (-1.0%) saw a sixth straight day of selling. Energy giant Sinopec tumbled 6.7% after unloading a $17.5 bln stake in its retail unit. 
  • China's Shanghai Composite (+0.3%) rallied to its best level since March 2013. Coal stocks outperformed with Yanzhou Coal gaining 1.6%. 
  • India's Sensex (-0.9%) fell for the fourth time in five days. Energy names lagged as Oil & Natural Gas Corp and Coal India sank 1.8% and 1.6% respectively. 
  • Australia's ASX (-1.0%) pressed lower for the eighth time in nine sessions as trade finished at a one-month low. All of the big four banks saw losses with CBA falling 1.6% to pace the decline. 
  • Regional Decliners: Singapore -1.0%...Philippines -0.6%...Malaysia -0.5%...Vietnam -0.3%...South Korea -0.3%...Thailand -0.1%...Taiwan -0.1% 
  • Regional Advancers: None 
  • Fx: USDCNY ticked up to 6.1423...USDINR climbed to 61.15...USDJPY -5 pips @ 107.25...AUDUSD -20 pips @ .9015

7:27 am Industrial Production Preview (ECONX) : Industrial production increased 0.4% for a second consecutive month in July. The Briefing.com consensus expects industrial production increased 0.3% in August.

Manufacturing production in July was strong, up 1.0% following a 0.3% increase in June, and should continue to expand in August. Every regional Federal Reserve manufacturing survey reported a solid expansion in production levels in August. That included the strongest reading in the New York Fed's Empire Manufacturing Survey since March 2010. Meanwhile, the national ISM Production Index reached its highest point since May 2010.

Motor vehicle manufacturing, which surged 10.1%, is likely to pullback in August. Motor vehicle manufacturers kept plants open during normal seasonal retooling periods in July, which resulted in an upward bias from the seasonal adjustments.

The gains in manufacturing are likely to be offset by another month of weakness in utilities production. Mild temperatures in July reduced air conditioning demand. According to the National Climate Data Center, average temperatures returned to normal in August but were not hot enough to drive a big spike in utilities production.

7:27 am On The Wires (:WIRES) :

  • NICE Systems (NICE) will present a live demonstration of NICE Real-Time Authentication to improve the customer experience while reducing the risk of fraud at FinovateFall 2014.
  • Equifax Workforce Solutions (EFX) announced that more than 50,000 users are leveraging its unemployment cost management platform, CaseBuilder.
  • Ritchie Bros. Auctioneers (RBA) sold more than CA$83 million (US$75+ million) of heavy equipment and trucks in Edmonton, Alberta on September 10 - 12, 2014.
  • Response Genetics (RGDX) has launched a new and innovative Non-Small Cell Lung Cancer Profile that merges rapid turnaround on National Comprehensive Cancer Network guideline markers with next-generation sequencing.
  • Rentrak (RENT) expanded its partnership with Meredith Corporation's (MDP) Local Media Group.
  • inContact (SAAS) announces the launch of the inContact Discover WFO Suite, an easy-to-use, fully-featured cloud WFO solution that is purpose-built for small to mid-sized businesses.
  • Xilinx (XLNX) announced its collaboration with China Mobile Research Institute for the development of virtualized 5G wireless networks in a special signing ceremony during the 5G Forum at the International Mobile Internet Conference on August 15.
  • Rexford Industrial Realty (REXR) has acquired 9120 Mason Avenue, a 319,348 square foot industrial building located in Chatsworth, California for $30.5 million, or $96 per square foot. The acquisition was funded with cash.
  • South Africa-based Net1 Mobile Solutions, a business unit of Net 1 UEPS Technologies (UEPS) in partnership with Supa Pesa, has serviced more than 20 million airtime advance requests for the advance airtime service called Pasavute, which is offered by Telekom Networks Malawi.
  • Hanwha SolarOne (HSOL) announced that DK Kim will return to the company as Chief Commercial Officer effective immediately.
  • Avnet Embedded a business region of Avnet (AVT) has entered into a distribution agreement with TrueUC Solutions to offer TrueUC's flagship unified communications.
  • ICF International (ICFI) has been selected as a prime contractor for the One Acquisition Solution for Integrated Services professional services contract by the U.S. General Services Administration.
  • UnitedHealthcare (UNH) has extended its relationship with global well-being improvement leader Healthways (HWAY) and its SilverSneakers Fitness program through 2017 to help seniors and other members of select UnitedHealthcare Medicare Advantage plans stay active. 
  • Covidien plc (COV) announced the start of enrollment in two clinical trials designed to further underscore the safety and effectiveness of the co's advanced neurovascular solutions.

7:11 am Euro Tests 14-Month Lows: 10Y: +03/32..2.602%..USD/JPY: 107.27..EUR/USD: 1.2918 (:SUMRX) :

  • The Dollar Index presses session highs near 84.35 as trade holds onto a slim 0.1% gain. 
  • EURUSD is -40 pips @ 1.2920 as action tests session lows following the narrower than anticipated eurozone trade surplus (EUR12.2 bln actual v. EUR15.9 bln expected, EUR13.8 bln previous). The recent lows near 1.2900 coincide with levels last seen in July 2014 and remain under close watch. Click here to see a daily EURUSD chart.
  • GBPUSD is -25 pips @ 1.6240 as light selling takes hold for a second session. Action is likely to be whippy over the coming days as the outcome of Thursday's Scottish independence vote hangs in the balance. 
  • USDCHF is +30 pips @ .9360 as trade looks to retest one-year highs. Today's Swiss PPI (-0.2% MoM actual v. 0.2% MoM expected) miss may have had a small impact on action, but action remains tightly correlated with the euro. 
  • USDJPY is -5 pips @ 107.25 ass sellers look to put in the first losing session in six days. Today's action has been rather light, limited to a tight 20 pip range as Japanese banks were closed in observance of Respect-for-the-Aged-Day.
  • AUDSD is -20 pips @ .9020 as selling persists for a sixth straight day. The hard currency is lower after Australian new motor vehicle sales fell -1.8% MoM and Chinese data out over the weekend saw both industrial production (6.9% YoY actual v. 8.8% YoY expected) and fixed asset investment (16.5% YTDoY actual v. 16.9% YTDoY expected) fall short of estimates. USDCNY ticked up to 6.1420.
  • USDCAD is -10 pips @ 1.1080 as trade struggles near five and a half-month highs. The 1.0975 area provides near-term support while the March highs in the 1.1250 region are likely to offer some resistance.

7:09 am Golden Star Resources' PEA of wassa mine indicates NPV of $350 mln (GSS) :

  • Assuming an open pit and underground mining scenario, total Measured and Indicated Mineral Resources at Wassa are now 35.7 million tonnes at 2.22 g/t Au for 2.5 million ounces
  • Substantial increase in Inferred Mineral Resources at Wassa Main to 9 million tonnes at an average grade of 3.88 g/t for 1.1 million ounces -- IRR of 129% estimated for Wassa mine, at $1,300/oz. gold price.
  • The PEA assumes the use of mining contractors in the underground mine and owner operated mining in the open pit. A gold price of $1,300/oz. was used in the economic modeling as well as the base case for the pit and underground optimizations. 

7:08 am Group 1 Auto disposes of two dealerships on Long Island, NY; dealerships generated ~$260 mln in trailing-twelve-month revs (GPI) : Co announced the disposition of Hassel BMW MINI and Mercedes-Benz of Massapequa located on Long Island in New York. The co, in addition to the dealerships, also disposed of owned real estate associated with both dealerships.

  • In total, the dealerships generated ~ $260 mln in trailing-twelve-month revs. 
  • Additionally, the co announced the acquisition of a Mercedes-Benz dealership in Campo Grande, which is the capital of the Brazilian state of Mato Grosso do Sul.

7:05 am Dyax announces the USPTO has issued two new patents related to DX-2930 (DYAX) : Co announces that the U.S. Patent and Trademark Office (:USPTO) has issued two new patents related to DX-2930, an investigational fully human monoclonal antibody inhibitor of active plasma kallikrein. One patent, assigned U.S. Patent No. 8,816,055, contains claims covering the specific sequence of DX-2930, and the other, assigned U.S. Patent No. 8,822,653, contains claims covering monoclonal antibodies that bind to the active form of human plasma kallikrein and do not bind human pre-kallikrein. Both patents are expected to provide coverage for DX-2930 until at least 2032.

7:05 am Cleveland Biolabs announces approval to start Phase 1 study for hematopoietic stem cell mobilizer CBLB612 in Russian Federation (CBLI) : Co announced approval from the Ministry of Health of the Russian Federation to start a Phase 1 clinical trial with CBLB612, a drug in development for the induction and mobilization of hematopoietic stem cells.

  • The study will be conducted in healthy subjects and is planned to start in 4Q2014. 
  • The objectives of the study include establishing a maximally tolerated dose, evaluating the safety profile and pharmacokinetics of CBLB612, and characterizing the type, quantity and timing of HSC mobilization.

7:05 am Fifth Street Finance and Fifth Street Senior Floating Rate (FSFR) receive co-Investment Exemptive Order From SEC, providing the platform with even greater scale and investment flexibility (FSC) : Fifth Street Finance (FSC) and Fifth Street Senior Floating Rate (FSFR) received an exemptive order from the Securities and Exchange Commission that allows each of FSC and FSFR to participate in negotiated co-investment transactions with certain affiliates, including other funds managed by their investment adviser, Fifth Street Management LLC, subject to the conditions included in the Order.

  • FSC and FSFR can now co-invest with each other as well as the private funds managed by FSM.

7:04 am Miller Energy Resources announces a number of corporate developments; Carl F. Giesler joins as CEO, tests at latest well RU-9 have confirmed presence of oil, co entered into non-binding letter of intent to acquire all the Alaska operating assets of Buccaneer Energy for ~$40-50 mln (MILL) : Mr. Giesler comes to Miller after having served as a Managing Director of Investments for Harbinger Group, Inc. (HRG), where he was responsible for HRG's oil and gas investments. At HRG, he helped found, structure and build, and served as chairman of HRG's private majority-owned E&P MLP.

  • The company also announces that Deloy Miller will retire as Chairman of the Board and resign as a director.
  • Haag Sherman will join the board of directors to fill that vacancy.
  • While flow rates have varied preliminary results at their RU-9 well are encouraging. Upon completion of well clean-up activities and flow rate stabilization, the company will announce well test results.
  • Co has entered into a non-binding letter of intent to buy substantially all the Alaskan operating assets Buccaneer Energy for ~$40 to $50 mln. Buccaneer Energy has approximately 1.9 MMBoe of proved reserves and produces approximately 1.7 MBoepd.

7:04 am Rex Energy sees Q3 production at or slightly above the high end of the previously announced guidance of 159.0 -- 165.0 MMcfe/d (REXX) :

  • In the Warrior North Prospect, the company recently placed into sales the six-well Grunder pad. The six wells were drilled with an average lateral length of approximately 4,800 feet and completed with an average of 24 completion stages.
  • Given the company's strong production results and operational performance during the quarter, the company expects its third quarter 2014 production to be at or slightly above the high end of the previously announced third quarter production guidance of 159.0 -- 165.0 MMcfe/d. 
  • In addition, the company continues to expect its 2014 average realized natural gas price, including the effects of basis hedges, to be approximately $0.60-$0.80 below the Henry Hub natural gas index price.

7:03 am TG Therapeutics announces special protocol assessment agreement with the FDA for its first phase 3 clinical trial of TG-1101 in combination with imbruvica for patients with previously treated chronic lymphocytic leukemia (TGTX) :

  • Co announced that it has reached an agreement with the FDA regarding a Special Protocol Assessment on the design, endpoints and statistical analysis approach of a Phase 3 clinical trial for TG-1101, its glycoengineered anti-CD20 monoclonal antibody, in combination with Imbruvica for the treatment of Chronic Lymphocytic Leukemia in patients with high risk cytogenetics. 
  • Overall response rate to be the primary endpoint to support accelerated approval with progression-free survival to support full approval
  • Safety and efficacy data from over 30 CLL patients from the on-going phase 2 trial of the combination of TG-1101 plus ibrutinib Anticipated to be presented at ASH 2014
  • The SPA provides agreement that the Phase 3 trial design adequately addresses objectives that would support the regulatory submission for drug approval.
  • Full details of the Phase 3 clinical trial will be released at the launch of the study, which is expected to occur before the end of the year. In this randomized controlled trial, patients will receive either TG-1101 plus ibrutinib or ibrutinib alone.  The trial will enroll approximately 330 patients, with approximately the first two-thirds of the patients included in the ORR assessment. 

7:03 am Primero Mining lowers production, raises cost guidance; updates recently acquired Black Fox Complex (PPP) : Co provided an operational and exploration update on the Company's recently acquired Black Fox Complex as well as a revision to its corporate production and cost guidance.

  • Based on a recent operational review, the Company expects to produce between 220,000 and 240,000 gold equivalent ounces at $675 to $725 cash costs per ounce in 2014. This represents a modest decrease in production and a modest increase in costs compared to previous estimates. 
  • Black Fox production guidance changed moderately to between 65,000 and 75,000 ounces (original guidance; 70,000 to 80,000 ounces) at unchanged cash costs of between $850 and $900 per ounce. Black Fox all in sustaining costs increased slightly to between $1,400 and $1,450 per ounce. The Company also announced new high-grade drilling results that further expand the known mineralization at depth at Black Fox and provide additional confidence in the Grey Fox project. 
  • The recent delineation and definition drilling results support the Company's plan of ultimately utilizing a majority of long-hole mining at Black Fox. While the Company remains confident that it will be able to increase underground throughput at Black Fox by adding additional long-hole stopes, it modified its original short term mine plan in order to build long-hole stope inventory throughout the remainder of 2014 and early 2015. The Company expects to increase
    underground throughput to 1,000 tonnes per day by mid-2015. 

7:03 am Enpro Industries announces results of its tender offer for its 3.9375% convertible senior debentures due 2015; $51,339,000 in aggregate principal amount of the convertible debentures were validly tendered and not properly withdrawn (NPO) :  

7:02 am Bankrate appoints Steven Barnhart interim Chief Financial Officer; announces SEC Investigation relating to 2012 financial reporting (RATE) :

  • Co announced the appointment of Steven Barnhart, as interim Chief Financial Officer, effective immediately. He succeeds Edward DiMaria, Senior Vice President and Bankrate's current Chief Financial Officer. 
  • Barnhart was most recently Senior Vice President and Chief Financial Officer of Sears Hometown and Outlet Stores. Prior to that, he was CFO at Bally Total Fitness.

7:01 am Delcath: Jennifer Simpson, appointed interim President and Interim-CEO of Delcath Systems; Roger Stoll, named Executive Chairman (DCTH) :

  • Co announced the reorganization of the Company's leadership as Jennifer Simpson has been appointed interim President and interim CEO. Dr. Simpson has served as interim Co-President and interim Co-CEO of Delcath since September 2013. 
  • Barbra Keck, currently Vice President, Controller & Principal Accounting Officer will assume the responsibilities of Principal Financial Officer. 
  • In addition, Roger Stoll, who has been a member of the Delcath Board of Directors since 2008, has been appointed to the newly created position of Executive Chairman. He succeeds Gabriel Leung, who is stepping down from his position as Chairman of the Board. 
  • Leung will remain on the Board, but his schedule demands inhibited his ability to continue as Chairman.
  • Importantly, we plan to execute this focused clinical development strategy in a highly cost efficient manner and are reiterating our cash utilization guidance of $4 to $5 mln a quarter for the remainder of 2014."

7:01 am RadioShack announced the appointment of Holly Etlin as interim CFO, replacing John Feray, who resigned on Sept 12, 2014, citing personal reasons (RSH) : Ms. Etlin, a managing director of AlixPartners and longtime RadioShack advisor, served as RadioShack's interim CFO from July 2013 to February 2014.

7:00 am Antares Pharma announces Robert Apple has been promoted to Chief Operating Officer effective immediately (ATRS) :

  • Co announced that Robert Apple has been promoted to Chief Operating Officer effective immediately. 
  • The Company also announced that a retained search has begun to fill the position of Chief Financial Officer. 
  • Until the position is filled, Apple will continue to serve as the Company's Chief Financial Officer as he has since he joined Antares Pharma in 2006.
  • Prior to joining the Company, Apple served as Chief Operating and Financial Officer at InKine Pharmaceutical Company.

6:58 am S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -4.00. :

6:58 am European Markets : FTSE...6791.08...-15.50...-0.20%.  DAX...9660.57...+9.60...+0.10%.

6:58 am Asian Markets : Nikkei...Holiday.........  Hang Seng...24,356.99...-238.30...-1.00%.

6:55 am Superior Drilling Products awarded second patent for Drill-N-Ream tool (SDPI) : Co has been awarded a second patent addressing the design, process, benefits and applications of the Drill-N-Ream tool to condition a well bore while drilling. U.S. Patent number 8,813,877 titled, "Method and Apparatus for Reaming Well Bore Surfaces Nearer the Center of Drift," was issued on August 26, 2014, and provides the co with further intellectual property surrounding the design features and uses of the tool.

6:53 am Diamondback Energy: Viper Energy Partners (VNOM), a subsidiary of Diamondback Energy, announces public offering of 3.5 mln common units (FANG) : Viper Energy Partners LP (VNOM), a subsidiary of Diamondback Energy, and Diamondback announced today that Viper has commenced an underwritten public offering of 3.5 mln common units representing limited partner interests pursuant to a registration statement on Form S-1 filed with the SEC.

6:46 am ANN: Engine Capital and Red Alder issue presentation on ANN; reiterates ANN should be worth between $50 and $55/share to a financial acquirer and presents new analysis showing a strategic acquirer could pay $60 to $65/share (ANN) : Engine Capital and Red Alder, who collectively own in excess of 1% of the outstanding shares of ANN, INC., issued a comprehensive presentation on the co.

  • Presentation supports their strong recommendation that ANN immediately conduct a strategic alternatives review, including a robust sale process, to maximize shareholder value 
  • Reiterates ANN should be worth between $50 and $55 per share to a financial acquirer and presents new analysis showing a strategic acquirer could pay $60 to $65 per share 
  • Engine Capital and Red Alder believe status quo is untenable and that other key shareholders have voiced similar concerns to ANN 
  • Urge ANN to announce publicly that it's reviewing all strategic alternatives, including actively soliciting bids from financial sponsors and strategic buyers

6:32 am Whirlpool receives written approval from the China Securities Regulatory Commission to acquire a 51% stake in Hefei Rongshida Sanyo Electric (WHR) : Co received written approval from the China Securities Regulatory Commission to acquire a 51% stake in Hefei Rongshida Sanyo Electric. This is the final key regulatory approval required in the acquisition process.

  • Co anticipates that the closure of the acquisition will not have a material impact on its earnings and cash flow outlook for 2014
  • Co continues to expect the transaction to be accretive in the first full year of integration.

6:31 am Gilead Sciences announces generic licensing agreements to increase access to Hepatitis C treatments in developing countries (GILD) : Co announced that the company has signed non-exclusive licensing agreements with seven India-based generic pharmaceutical manufacturers to expand access to its chronic hepatitis C medicines in developing countries.

  • The agreements allow the companies -- Cadila Healthcare, Cipla, Hetero Labs, Mylan Laboratories (MYL), Ranbaxy Laboratories (RBXZF), Sequent Scientific and Strides Arcolab -- to manufacture sofosbuvir and the investigational single tablet regimen of ledipasvir/sofosbuvir for distribution in 91 developing countries.
  • The countries within the agreement account for more than 100 million people living with hepatitis C, representing 54% of the total global infected population.

6:30 am Mylan Labs signs agreement with Gilead (GILD) to accelerate access to hepatitis C treatments, Sovaldi (sofosbuvir) and single tablet regimen of ledipasvir/sofosbuvir, in developing countries (MYL) : Co announced that its subsidiary Mylan Laboratories Limited has entered into an agreement with Gilead Sciences (GILD) under which Mylan has been licensed the non-exclusive rights to manufacture and distribute sofosbuvir and the investigational single tablet regimen of ledipasvir/sofosbuvir in 91 developing countries.

  • Sofosbuvir is marketed by Gilead under the brand name Sovaldi. 
  • Under the licensing agreement, Mylan will receive a technology transfer enabling the company to manufacture low-cost versions of the medicines for developing markets.

6:25 am On The Wires (:WIRES) :

  • Wipro (WIT) announced a global alliance partnership.
  • TowerJazz, a collective entity under Tower Semicon (TSEM) and its subsidiary, Jazz Semiconductor, announced the production of a software configurable satellite TV chipset - Romeo & Juliet - for global applications enabled by TowerJazz's advanced SiGe BiCMOS technologies and design enablement services.
  • Limelight Networks (LLNW) announced that AnyClip Media has successfully deployed the Limelight Orchestrate Content Delivery service to dramatically reduce content delivery latency, ensure multi-device delivery, and enable its customers to more effectively monetize content on a global scale.
  • LightStream, the national online consumer lending division of SunTrust Bank (TI), is now the exclusive online lender for KBB.com, announced Kelley Blue Book

6:06 am Cognizant Tech to acquire TriZetto for $2.7 bln in cash; 'transaction is expected to be immediately accretive to Cognizant's non-GAAP EPS, excluding one-time transaction costs and adjustments' (CTSH) : Co announced that it has entered into a definitive agreement to acquire TriZetto for $2.7 bln in cash, subject to customary adjustments. Based in Englewood, CO, privately-held TriZetto is a leading provider of healthcare IT software and solutions.

  • Co expects this acquisition to accelerate significantly its market position and strategy of delivering innovative healthcare software and solutions to a wide range of healthcare clients.
  • TriZetto brings to Cognizant:
    • ~ $1.5 bln of potential revenue synergies cumulatively over the next five years.
    • Attractive, non-linear software revenue.
  • "The transaction is expected to be immediately accretive to Cognizant's non-GAAP EPS, excluding one-time transaction costs and adjustments. That earnings benefit is expected to increase over time as we realize significant revenue synergy potential from the combination of these businesses."

6:05 am U.S. Concrete amends credit facility; Second Amendment amends Loan Agreement to increase the revolving commitments from $125.0 mln to $175.0 mln and to remove certain conditions to funding (USCR) : Co announced that it and certain of its subsidiaries, as guarantors, entered into a second amendment to that certain First Amended and Restated Loan and Security Agreement.

  • The Second Amendment amends the Loan Agreement to increase the revolving commitments from $125.0 mln to $175.0 mln and to remove certain conditions to funding, including removal of 
  • The uncommitted accordion feature
  • The maximum leverage ratio condition for the refinancing of certain senior secured notes of the co
  • A requirement that any such senior notes refinancing debt must mature six months outside the expiration date of the Loan Agreement

6:03 am Acura Pharma submits a formal dispute resolution request with the FDA for Vycavert; dispute pertains to FDA's determination that nasal snorting abuse of hydrocodone with acetaminophen products lacks relevance (ACUR) : Co announced that it has submitted a formal dispute resolution request with the FDA for Vycavert, its abuse deterrent formulation of hydrocodone and acetaminophen tablets. The dispute pertains to the FDA's determination that nasal snorting abuse of hydrocodone with acetaminophen products lacks relevance.

  • By taking this action, Acura is availing itself of the FDA's established appeal process whereby disagreements with conclusions reached by a reviewing Division within the FDA are reviewed above the Division level.

5:05 am KNOT Offshore Partners orders two new DP2 Shuttle tankers for long-term charters with BG (BRGYY) (KNOP) : Knutsen NYK Offshore Tankers (KNOP) entered into new long-term charters with a subsidiary of BG Group plc (BRGYY) to provide shuttle tanker services in Brazil.

  • The contract with BG will be serviced by two Suezmax-size DP2 shuttle tanker newbuildings to be constructed by Hyundai Heavy Industries in South Korea. 
  • Upon delivery being end of 2016, the vessels will commence operations under long-term time-charters. 
  • If BG declares all extension options, the vessels could operate under the charters for up to a maximum of 20 years. BG will also for a period of one year have the option to increase the number of shuttle tankers to three or four in total at similar terms.

4:03 am On The Wires (:WIRES) :

  • The NASDAQ OMX Group (NDAQ) and the Egyptian Exchange have entered an agreement to extend the current contract for EGX till January 2020 to tap NASDAQ OMX's X-stream trading technology, the most widely deployed exchange technology in the world. 
  • Oracle (ORCL) announced that it has signed an agreement to acquire Front Porch Digital, a provider of content storage management solutions that help companies migrate, manage and monetize large-scale media assets. Terms were not disclosed. 
  • ZTE (ZTCOF) and German network operator E-Plus have announced that they are cooperating on the deployment of an IMS based core network infrastructure. This will be the basis for a commercial voice-over-LTE service in the E-Plus network. 
  • Under a $117 million contract awarded to Raytheon (RTN), Raytheon Missile Systems has begun production of the TALON Laser Guided Rocket. In 2013, the Armed Forces General Headquarters of the United Arab Emirates awarded Tawazun a contract to procure the TALON Laser Guided Rocket.  

3:20 am Danaher to acquire Nobel Biocare (NBHGY.PK) for CHF17.10 per share (DHR) : Danaher (DHR) has entered into a definitive transaction agreement with Nobel Biocare (NBHGY.PK) pursuant to which Danaher or one of its direct or indirect subsidiaries will commence a tender offer for all publicly held registered shares of Nobel Biocare in an all-cash transaction valued at ~$2.2 bln.  

  • The deal is expected to widen Danaher's market presence in the global dental industry and allow Nobel Biocare to accelerate its strategic objectives and future growth. 
  • The Company's portfolio of solutions includes dental implant systems, high-precision individualized prosthetics, biomaterials and digital diagnostics, treatment planning and guided surgery.  
  • In 2013, Nobel Biocare generated annual revenues of EUR 567 million (~$750 million based on 2013 calendar year-end exchange rates). 
  • Nobel Biocare would become part of Danaher's $2.2 billion Dental segment and complements Danaher's position in the implant industry.  

3:17 am Amgen presents analyses of Phase 3 Ivabradine data for the treatment of chronic heart failure (AMGN) : Co announces data from the Phase 3 SHIFT study evaluating ivabradine in patients with chronic heart failure were presented at the 18th Annual Scientific Meeting of the Heart Failure Society of America (:HFSA) in Las Vegas. A post-hoc analysis from the SHIFT study confirmed low systolic blood pressure is associated with poor outcomes in chronic HF, and that ivabradine reduced the primary composite endpoint of cardiovascular death or hospitalization for worsening HF in this subgroup with low baseline SBP. Safety was similar across the three SBP groups. Results were published in the July 2014 issue of the European Journal of Heart Failure. 

3:14 am Heineken announces it has been approached by SABMiller (SBMRY) regarding a potential acquisition of Heineken; concluded offer was non-actionable (HEINY) : In response to recent press speculation Heineken N.V. (HEINY) announced today that it has been approached by SABMiller plc (SBMRY) regarding a potential acquisition of Heineken. Heineken has consulted with its majority shareholder and concluded that SABMiller's proposal is non-actionable. 

  • HEINEKEN does not intend to make any further public statements in relation to this announcement. 

3:11 am Alexion Pharma: Improved survival observed in pediatric patients with severe HPP who were treated with investigational Asfotase Alfa for up to 5 years (ALXN) : Co announces that researchers presented new data from an integrated analysis of survival from two open-label, Phase 2 studies of asfotase alfa in pediatric patients (ages =5 years at enrollment) with hypophosphatasia (HPP) compared with data from a retrospective natural history study of untreated historical control patients matched for age and disease severity. In this analysis, survival in patients with HPP at high risk of death who were treated with asfotase alfa for up to five years was significantly improved (89% vs. 27%) compared with untreated historical control patients. 
Investigators also reported the following results: 

  • Among patients with rachitic chest at baseline, 90% (27/30) of treated patients survived compared with 33% (13/40) of historical controls 
  • Among patients with history of respiratory compromise, 89% (24/27) of treated patients survived compared with 18% (7/40) of historical controls 
  • Among patients who experienced Vitamin B6-responsive seizures, 85% (11/13) of treated patients survived compared with 0% (0/10) survival for historical controls 

3:08 am Abbott Labs: ABSORB II study shows Abbott's Dissolving Heart Device comparable to the world's leading heart stent (ABT) : Co announces positive one-year clinical results from ABSORB II, the world's first prospective, randomized, controlled trial comparing the safety and effectiveness of the dissolving Absorb heart device to Abbott's market-leading metallic XIENCE family of DES.  

  • At one year, overall clinical outcomes for Absorb were comparable to XIENCE, and people treated with Absorb experienced  a significantly lower rate of angina, a novel finding given the impact of angina on people's quality of life and its cost burden on healthcare systems. 
  • The data also showed that during the course of one year, people treated with Absorb were less likely to experience angina once they left the hospital than those treated with XIENCE, at a rate of 16.4% versus 25.6%, respectively. 

3:01 am Elbit Medical Imaging announces investment of $12.5 mln in Insightec by Shanghai GEOC Hengtong Investment and Fortune China (EMITF) : Co announces further to the Company's announcement dated June 29, 2014 and September 8, 2014, that it was informed by InSightec, of the closing of investment of $12.5 mln by Shanghai GEOC Hengtong Investment and Fortune China. In the framework of the present investment round in InSightec, the Chinese Group has exercised the right granted thereto in the investment round documents and has acquired a total of 6,444,404 Series D preferred shares of InSightec, which represent ~5% of the share capital of InSightec on a fully diluted basis, in consideration for a total payment of $12.5 mln. Upon the closing of the transaction, the, Elbit Medical's holding in InSightec is 37.6% 

2:57 am St. Jude Medical reports 12-month outcome data from the EnligHTN III study; demonstrated a continuation of safe, rapid and effective treatment with the next-generation EnligHTN (STJ) : Co announces 12-month outcome data from the EnligHTN III study, which demonstrated a continuation of safe, rapid and effective treatment with the next-generation EnligHTN Renal Denervation System for patients with drug-resistant, uncontrolled hypertension. The results were presented during the 26th annual Transcatheter Cardiovascular Therapeutics scientific symposium. 
Twelve-month EnligHTN III data showed: 

  • An average office systolic blood pressure reduction of 23 mmHg points 
  • An average ambulatory systolic blood pressure reduction of 10 mmHg points 
  • 78% of patients responded to the therapy, which is defined as a blood pressure reduction of at least 10 mmHg when measured during an office visit 

2:47 am On The Wires (:WIRES) :

  • Xcel Energy's (XEL) Southwestern Public Service Company is seeking proposals for additional solar energy resources as a component of its resource planning process. Through this solicitation, SPS is requesting proposals for up to 200 megawatts of solar photovoltaic generation resources that could begin delivery to SPS on or before Dec. 31, 2016, and that would be contracted through a power purchase agreement. 
  • ACP Re and Tower Group (TWGP) announced that ACP Re has received all regulatory approvals required in connection with its previously announced acquisition of Tower. 
  • B2Gold ( BTG) announced that B2Gold shareholders have approved the Company's merger with Papillon Resources announced on June 3, 2014. The Company held a special meeting of its shareholders earlier today and 80.3% of the B2Gold shareholders voted 99.9% in favour of the ordinary resolution approving the merger with Papillon. 
  • A+E Networks and Cisco (CSCO) announced that they have successfully integrated and tested the Nielsen ID3 tagging as an essential component of being able to track viewing patterns for mobile screen services. 
  • Entropic (ENTR) announced LG CNS, the leading IT services company in South Korea, has chosen Entropic's EN7190 high- definition IP set-top box system-on-a-chip for LG CNS' new IP Hybrid STB, the LCP3x0, targeting the transition from standard definition to HD TV viewing in India. 
  • TiVo (TIVO) and ONO announced an expansion of the successful TiVo deployment by leveraging TiVo's cloud service APIs to enhance customers' TV viewing experience on multiple screens. 
  • Harmonic (HLIT) announced that the new Ellipse 3202 contribution encoder has been used by several leading satellite operators around the world to test the new DVB Carrier ID standard.  
  • CAE (CAE) Healthcare today announced at the Transcatheter Cardiovascular Therapeutics 2014, that it is delivering a simulation-based solution to Abiomed, a leading provider of breakthrough heart support technologies, for its Impella heart pump education programs. 
  • MaxLinear (MXL) announced the MxL80x, the industry's first family of dual-polarity Ku-band satellite down-conversion ICs targeted for digital and universal analog low-noise block down-converter applications. 

2:39 am AT&T breaks Apple (AAPL) iPhone sales record; states 'biggest iPhone, pre-order launch day ever ' (T) :  

2:27 am Riverbed Technology: Federal Judge upholds infringement verdict against Riverbed in favor of Silver Peak (RVBD) : Silver Peak announced that a federal judge has upheld a jury's verdict in favor of Silver Peak Systems, Inc. against Riverbed Technology (RVBD). 

  • A jury in Delaware federal court found in April that Riverbed directly and contributorily infringes Silver Peak's U.S. Patent No. 7,945,736, that Riverbed induced infringement of Silver Peak's U.S. Patent No. 7,948,921, and that the '921 patent was not invalid. The court had previously granted summary judgment of direct infringement of the '921 patent by Riverbed. 
  • United States District Court Judge denied all of Riverbed's challenges to the jury's verdict. He found that Silver Peak had presented sufficient evidence to show that Riverbed's RiOS and Steelhead devices are infringing the Silver Peak patents. 

2:25 am Baxter: FDA approves Baxter's HYQVIA for treatment of adults with primary immunodeficiency (BAX) : Baxter International and Halozyme Therapeutics (HALO) announced that the FDA approved Baxter's subcutaneous treatment for adult patients with primary immunodeficiency, HYQVIA. 

  • HYQVIA is the first subcutaneous immune globulin treatment approved for PI patients with a dosing regimen requiring only one infusion up to once per month and one injection site per infusion to deliver a full therapeutic dose of IG. 
  • Baxter expects to launch HYQVIA in the U.S. in the coming weeks. HYQVIA was approved in Europe in 2013 for adults (=18 years) with primary immunodeficiency syndromes and myeloma or chronic lymphocytic leukemia (CLL.TO) with severe secondary hypogammaglobulinemia and recurrent infections. It is currently being prescribed in several European countries, including Germany, Netherlands, Sweden, Norway, Denmark, Ireland and Italy. 

2:18 am Echo Therapeutics' largest stockholder accuses Board of impeding the rights of Stockholders (ECTE) : An affiliate of Platinum Management, the largest stockholder of Echo Therapeutics (ECTE) owning ~30% of Echo's outstanding Common Stock on a fully converted basis, filed suit in Delaware following the refusal by Echo to provide documents in response to Platinum's demand for certain books and records of the Company under Section 220 of the Delaware General Corporation Law. Platinum had previously delivered a letter to Echo pursuant to Section 220 demanding to inspect books and records relating to possible mismanagement, breaches of fiduciary duty and wrongdoing by, among others, members of the Board and the Company's current interim CEO, Kimberly Burke. 

Platinum submitted its demand because it has reason to believe based on input from a former service provider that certain directors, officers and other employees of the Company may have been involved in, and/or may have attempted to cover-up potentially improper conduct. 

2:15 am Fifth Street Finance broadens senior leadership team (FSC) : Fifth Street Finance (FSC) announced that its Board of Directors has appointed Bernard Berman as Chairman of the Board of Directors and Todd Owens as President. Leonard Tannenbaum, who stepped down as Chairman of the Board of Directors, effective September 9, 2014, will continue to serve on the Board and as Chief Executive Officer of both FSC and Fifth Street Management LLC, FSC's investment adviser.

Berman joined Fifth Street in 2004 and is a partner and investment committee member of Fifth Street Management. In addition to his role as Chairman of the Board of FSC, Mr. Berman serves as Chairman of the Board of Fifth Street Senior Floating Rate (FSFR).

1:53 am Medtronic's CoreValve data demonstrates favorable cost effectiveness compared to open-heart surgery in high risk patients (MDT) : Co revealed new data demonstrating the cost effectiveness of the CoreValve System from Medtronic (MDT) for high risk patients with severe aortic stenosis. The economic analysis used data from the CoreValve U.S. Pivotal Trial's study of high risk patients, which is the only head-to-head study to show the superiority of TAVR to traditional surgical aortic valve replacement at one year. 

  • In this analysis, TAVR patients used fewer healthcare resources related to the procedure time, ICU time, hospital length-of-stay and need for rehabilitation services at discharge. 
  • While quality of life was similar for TAVR and SAVR patients at 6-months and 1-year, TAVR patients reported improved QOL at 1-month. 
Co also reported CoreValve continued to provide safe and effective treatment, while maintaining exceptional rates of survival out to two years for patients who were considered too ill or frail to have their aortic valves replaced through traditional open-heart surgery. Without treatment, these patients had a 50% chance of death at one year 

1:49 am Edwards Lifesciences reports significant patient benefits with edwards sapien valve demonstrated in 5-year partner trial data (EW) : Co announces the presentation of five-year clinical outcomes for inoperable patients treated in The PARTNER Trial, the world's only prospective randomized trial for transcatheter aortic valve replacement in patients deemed too sick for open-heart surgery. 

  • The prospective, multicenter PARTNER Trial provided the initial experience with transcatheter aortic valve replacement in the United States. The trial documented the outcomes of 358 inoperable aortic stenosis patients treated at 21 centers between 2007 and 2009.  In Cohort B of The PARTNER Trial, inoperable patients with severe, symptomatic AS were evenly randomized to receive either transfemoral TAVR with the SAPIEN valve or standard therapy, which included balloon aortic valvuloplasty or medical management of symptoms. The one- and two-year results from The PARTNER Trial were published in The New England Journal of Medicine.   

1:39 am Novartis demonstrates leadership in ophthalmology with new products and over 40 abstracts at EURETINA (NVS) : Co announces New data on Lucentis and Jetrea from over 40 abstracts, as well as new surgical retina products, were presented at this year's EURETINA congress in London.

  • The new data and products continue to highlight Novartis commitment to ophthalmology, and underscore its dedication to continually find new ways to protect and enhance eye health for patients. Among the Lucentis highlights at EURETINA was the retrospective analysis of data from a US claims database. 
  • The database offers the first direct comparison of the risk of developing a condition known as endophthalmitis for patients with wet age-related macular degeneration treated with injections of Lucentis or aflibercept in the eye. 
  • The results suggest that the risk of endophthalmitis is 65% higher following treatment with aflibercept than treatment with Lucentis. As with all retrospective analysis of important real word data, such results should be interpreted with caution and where feasible, verified by double-blind randomized controlled trials 

1:35 am Kaman announces sale of Moosup facility (KAMN) : Co announces that its subsidiary, Kaman Aerospace, has sold its former manufacturing facility in Moosup, Connecticut, which has been idle since 2004, to TD Development. In connection with the sale, Kaman will contribute $4 million in cash over a four year period to fund environmental remediation work that is expected to be done on the property, and expects to take a related pre-tax charge of approximately $2.2 million in the third quarter. Further terms of the transaction were not disclosed. 

1:30 am CAMAC Energy provides operational update (CAK) : Co provides an update on the Company's operations in West and East Africa, including Nigeria, Ghana, Kenya, and Gambia. 

  • Nigeria - Oyo Offshore Installation - Offshore installation campaign of the Company's Oyo field expansion project using the Normand Pacific installation vessel commenced on September 9, 2014 and consists of the recovery and relocation of umbilicals and flexible flowlines. This offshore installation work will be completed by the first week of October to allow the recently drilled Oyo-7 and Oyo-8 wells to be tied back to the floating production, storage, and offloading vessel Armada Perdana. 
  • Oyo-8 Well - The Company has temporarily halted drilling on the Energy Searcher drillship, which is drilling the horizontal portion of the Oyo-8 well in the Oyo field. This was due to leaks in some control system hoses of the well's blow out preventer. Replacement hoses have been ordered and are en route to the drilling site. The Company expects to resume drilling operations within two weeks, while the current offshore installation work continues. As a result of the leaks in the hoses, CAMAC Energy expects the production from the Oyo-8 well in December of 2014, while the Oyo-7 well will now come on production in January 2015. 

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