5:09 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).
This week's top 20 % gainers
- Healthcare:ICLR (80.8 +21.07%),INCR (50.03 +19.83%)
- Materials:CYT (74.23 +27.15%),RYAM (14.05 +20.81%)
- Industrials:YRCW (19.3 +55.77%),HEES (17.94 +26.25%)
- Consumer Discretionary:BOJA (24.99 +23.16%),SKX (150.45 +22.31%),SHAK (68.05 +20.34%),COLM (71.54 +19.85%)
- Information Technology:SONS (8.07 +31.22%),MGI (10.2 +25.46%),ATEN (6.51 +24.71%),RKUS (12.33 +21.72%),OTEX (45.51 +21.68%),CALX (8.43 +21.12%)
- Consumer Staples:SVU (9.22 +24.76%),BDBD (8.33 +21.78%),NHTC (30.3 +20.14%)
- Telecommunication Services:I (9.51 +20.23%)
- Healthcare:IMMU (2.05 -44.74%),FMI (20.3 -35.94%),ESPR (62 -18.32%)
- Industrials:RJET (5.04 -40.71%),TAL (19.8 -28.9%)
- Consumer Discretionary:MMYT (14.6 -25.05%),BGFV (11.01 -24.59%),SFXE (3.18 -17.62%)
- Information Technology:GCA (5.05 -27.86%),YELP (26.4 -23.61%),QLGC (8.87 -21.92%),IXYS (10.46 -21.53%),QRVO (57.95 -19.83%),CMPR (64.53 -19.18%),COHU (9.91 -18.5%),DATA (104.74 -17.81%)
- Financials:OCN (8.43 -22.09%)
- Energy:LNCO (3.9 -32.87%),LINE (4.04 -30.22%),SGY (5.79 -23.31%)
5:03 pm Western Refining Logistics increases quarterly cash distribution by 5% to $0.365 frmo $0.3475 per unit (WNRL) :
5:03 pm Yahoo! to acquire Polyvore, a social shopping site; terms not disclosed (YHOO) : Co announces it reached a definitive agreement for Yahoo to acquire Polyvore, a social shopping site.
- "The acquisition will enhance Yahoo's consumer and advertiser offerings - Polyvore will strengthen Yahoo's digital magazines and verticals through the incorporation of community and commerce, and together Yahoo and Polyvore will power native shopping ads that drive traffic and sales to retailers. Broadly, Polyvore will accelerate Yahoo's Mavens growth strategy (mobile, video, native, social) through its strong offerings in social, native, and mobile."
- Following the closing of the acquisition, Polyvore products and services will continue to operate.
5:01 pm Alliance Resource completes acquisition of remaining Oak Equity interests; updates guidance (ARLP) : Co announces that it has acquired from White Oak Finance, Inc. and other parties all of the equity interests in White Oak Resources not currently owned by ARLP. Under the terms of the agreement, ARLP paid $50 million cash at closing, which was funded with cash on hand and availability under its current credit facilities. Additional contingent consideration may be due in the future, which ARLP believes has a nominal present value based upon current market conditions.
Reflecting the acquisition of White Oak and ARLP's results to date and continuing adjustments in response to market conditions, the following full-year guidance for 2015 is provided:
- Coal Production and Sales Volumes - For the full year 2015, coal production is expected in a range of 42.8 to 43.5 million tons and sales volumes are expected in a range of 42.7 to 43.8 million tons, including anticipated coal production and sales volumes from Mine No. 1 for the remainder of 2015.
- Revenue, EBITDA and Net Income Estimates - ARLP is currently expecting 2015 revenues in a range of $2.37 to $2.41 billion, excluding transportation revenues (may not compare to $3.36 bln Capital IQ Consensus Estimate).
- ARLP anticipates financial performance from its existing operations will be in line with prior guidance and that gaining operating and marketing control of Mine No. 1 should be modestly accretive to EBITDA and net income for the remainder of 2015, however, the year-to-date non-cash net equity in loss of affiliates related to our preferred equity investment in White Oak was larger than our initial expectations. As a result, ARLP is adjusting previous estimates for full-year 2015 EBITDA and net income to a range of $765.0 to $795.0 million and $405.0 to $435.0 million, respectively.
- Per Ton Estimates - ARLP anticipates its average coal sales price per ton at the midpoint of its 2015 guidance ranges will be approximately 4.0% lower than 2014 realizations
- Capital Expenditures and Investments - ARLP's optimization efforts continue to drive capital expenditures lower. Total 2015 capital expenditures, including maintenance capital expenditures, are now estimated in a range of $265.0 to $285.0 million, a decrease at the midpoint of approximately $40.0 million since the beginning of the year.
- In addition to these capital expenditures, ARLP now anticipates funding in 2015 investments of approximately $95.0 to $100.0 million.
4:57 pm Verizon reports 'little progress' has been made in negotations over new contracts of east landline employees (VZ) : Co said, "After nearly seven weeks of challenging negotiations, Verizon is preparing for all potential scenarios following the expiration of its contracts with the CWA and IBEW, covering more than 37,000 Wireline employees in the Northeast and Mid-Atlantic regions. The contracts expire at midnight, Aug. 1, 2015. While the company presented union leaders with a comprehensive initial offer on June 22 that included a solid wage increase, union leaders countered with a series of proposals that did virtually nothing to advance the progress of negotiations...Verizon is ready in the event of a work stoppage. Over the past several months, thousands of non-union Verizon employees and outside business partners have undergone extensive training in various network and customer service functions."
4:47 pm Mueller Industries announces appointment of CEO Gregory L. Christopher as Chairman of the Board; current Chairman Gary S. Gladstein appointed as Lead Independent Director (MLI) : Co announces that Gregory L. Christopher, the current Chief Executive Officer of the Company, will be appointed as Chairman of the Board, effective January 1, 2016. Gary S. Gladstein, the Company's current Chairman, will be appointed as the Lead Independent Director of the Board effective January 1, 2016. Accordingly, Mr. Christopher will be the Chief Executive Officer of the Company and the Chairman of Board effective January 1, 2016 and the remainder of the Board's composition will remain the same.
4:45 pm Canadian Pacific announces plan to purchase up to 736,625 common shares through private agreements under its share repurchase program (CP) : Co announces that it intends to purchase for cancellation up to 736,625 of its common shares pursuant to private agreements to be entered into between CP and two arm's-length third-party sellers. Purchases made by CP will be counted towards CP's normal course issuer bid announced on March 16, 2015 for up to 9,140,000 CP common shares and will not exceed, in aggregate, one third of the maximum number of common shares CP may purchase under the Bid, being 3,046,667 common shares.
4:33 pm SunEdison company TerraForm Global prices $810 mln offering of 9.75% senior notes due 2022 (SUNE) :
4:32 pm Onebeacon Insurance announces exit from crop insurance business following sale of Climate Crop Insurance Agency to AmTrust (AFSI) (OB) : Co announces it has exited the crop insurance business due to the sale of its exclusive managing general agency, Climate Crop Insurance Agency, to AmTrust Financial Services, Inc. (AFSI). The company's existing crop insurance business has been transferred to AmTrust, including policyholder servicing.
4:30 pm Ossen Innovation regains compliance with Nasdaq minimum bid price rule (OSN) :
4:24 pm F.N.B. Corp receives regulatory approval for acquisition of five branch offices from Bank of America (FNB) : Co announces that the Office of the Comptroller of the Currency has approved the purchase and assumption application by F.N.B.'s largest affiliate, First National Bank of Pennsylvania, to acquire five branch offices from Bank of America, N.A. which include two branches in Berks County, two branches in Lancaster County and one branch in Chester County. There are no additional regulatory approvals needed to complete the transaction. The transaction is scheduled to close on September 18, 2015.
4:22 pm Pinnacle Finl: Magna Bank shareholders approve of proposed merger of Magna with Pinnacle Bank (PNFP) :
4:11 pm Closing Market Summary: July Ends on Cautious Note (:WRAPX) : The stock market ended July on a cautious note with the S&P 500 shedding 0.2%. Despite today's downtick, the benchmark index added 1.2% for the week, ending the month higher by 2.0%. Meanwhile, the Nasdaq Composite ended flat, locking in a 2.8% gain for July.
Equities held modest gains at the start thanks to a pre-market jump in the futures market after it was reported that the Employment Cost Index increased just 0.2% in the second quarter while the Briefing.com consensus expected an increase of 0.6%. The lack of strong wage growth was viewed as an argument in favor of the Federal Reserve delaying its first rate hike, which gave a boost to equity futures and Treasuries. The 10-yr note surged immediately after the report was released, and remained near its high into the close, sending the benchmark yield lower by six basis points to 2.20%.
Meanwhile, stocks climbed during the first three hours of action, but relative weakness among several cyclical sectors acted as a drag on the broader market, pulling the S&P 500 to new lows during the afternoon.
Most notably, the energy sector tumbled 2.6%, widening its July decline to 7.8% after Dow components Chevron (CVX 88.48, -4.55) and ExxonMobil (XOM 79.21, -3.80) reported disappointing results. The two names posted respective losses of 4.9% and 4.6% while crude oil slid 2.9% to $47.12/bbl. For the month, the energy component plunged more than 21.0%, returning to its January low.
Elsewhere among growth-sensitive sectors, financials (-0.4%) and technology (-0.5%) lagged throughout the day with high-beta chipmakers pressuring the technology sector. The PHLX Semiconductor Index lost 1.2%, ending the month lower by 5.0% while KLA-Tencor (KLAC 53.05, +0.99) bucked the trend, rallying 1.9%, in reaction to a bottom-line beat.
Typically, underperformance in the technology sector tends to be consistent with weakness in the Nasdaq, but the tech-heavy index outperformed today thanks to gains in the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 382.53, +3.73) gained 1.0% after Amgen (AMGN 176.59, +4.90) beat estimates and raised its guidance. Shares of AMGN spiked 2.9% while the broader health care sector (+0.5%) ended among the leaders, drawing secondary support from the likes of Molina Health (MOH 75.28, +7.28), and Universal Health Systems (UHS 145.23, +3.79) after the two reported better than expected results.
Similar to health care, the three other countercyclical groups settled ahead of the broader market. The utilities sector spiked 1.0% while consumer staples (+0.1%) and telecom services (+0.1%) posted slimmer gains.
Today's participation was ahead of recent averages with more than 915 million shares changing hands at the NYSE floor.
Economic data included Employment Cost Index, Chicago PMI, and Michigan Sentiment:
- Employment costs rose 0.2% in Q2 2015 after a 0.7% increase in the first quarter while the Briefing.com consensus expected an increase of 0.6%
- That was the smallest increase in employment costs since the index was created in 2001
- The Chicago PMI increased to 54.7 in July from 49.4 in June while the Briefing.com consensus expected an increase to 54.7
- The reading represented the first increase in three months
- There was a large improvement in production as the related index increased to 61.8 in July from 49.8 in June. The production gain came on the heels of strengthening growth in the new orders index, which rose to 58.5 from 51.7
- The University of Michigan Consumer Sentiment Index was revised down to 93.1 in the final June reading from 93.3 in the preliminary report while the Briefing.com consensus expected an increase to 94.0
- The index is down from 96.1 in June, which was the best reading since January
- The Expectations Index was revised down from 85.2 in the preliminary reading to 84.1 while the Current Conditions Index was revised up to 107.2 from 106.0
- Nasdaq Composite +8.3% YTD
- S&P 500 +2.2% YTD
- Russell 2000 +2.8% YTD
- Dow Jones Industrial Average -0.7% YTD
The stock market began the trading week on a cautious note with the S&P 500 (-0.6%) settling just above its 200-day moving average (2,064) while the Nasdaq Composite (-1.0%) underperformed. Equity indices spent the entire day in negative territory after the overnight session was highlighted by an 8.5% plunge in China's Shanghai Composite, which endured its largest one-day decline in more than eight years. The index widened its slide from June highs to 28.0%, falling to lows during the final hour of action after the International Monetary Fund voiced concerns about the degree of recent government intervention in the market. The overseas weakness weighed on investor sentiment in Europe and the U.S. while German Bunds (10-yr yield -6 bps to 0.65%) and U.S. Treasuries (10-yr yield -4 bps to 2.23%) advanced. Nine sectors finished the day in negative territory with all six cyclical groups ending in the red. Furthermore, five of six growth-sensitive groups settled behind the broader market while the industrial sector (-0.4%) ended just ahead. Similar to the sector, high-beta transport stocks fared better than the broader market with the Dow Jones Transportation Average shedding 0.2%.
Equities snapped their five-day losing streak with a daylong Tuesday rally that sent the S&P 500 higher by 1.2%. The benchmark index tested its 100-day moving average (2,095) during afternoon action while the Nasdaq Composite (+1.0%) underperformed throughout the day. The key indices rebounded from losses registered over the past week, starting the day on an upbeat note after the overnight session saw more volatility in Asia. Specifically, China's Shanghai Composite was down as much as 5.1% at the start of the trading day, but narrowed its loss to 1.7% by the close. The turnaround off session lows coincided with a spike in S&P 500 futures in the wee hours of the morning. All ten sectors posted gains with some of the recent underperformers leading the market higher. To that point, the energy sector surged 2.9% after sliding 4.3% over the past five days. The growth-sensitive sector was lifted by the shares of BP (BP 37.29, +1.24) after the industry giant reported a bottom-line miss on better than expected revenue. Another large sector member, LyondellBasell (LYB 92.46, +2.61) spiked 2.9% in reaction to a bottom-line beat. On a related note, crude oil rose 1.3% to $47.98/bbl, providing added support.
The market registered its second consecutive advance on Wednesday with the S&P 500 climbing 0.7% to extend its weekly gain to 1.4%. The benchmark index overtook its 100- (2,095) and 50-day moving averages (2,100) during morning action while the tech-heavy Nasdaq (+0.4%) struggled to keep pace with the broader market. Equity indices began the day with slight gains after China's Shanghai Composite spiked 3.4% overnight, which improved risk tolerance among global investors. The Dow and S&P 500 rallied throughout the session while the Nasdaq hovered near its opening levels into the afternoon before setting new highs ahead of the close. The tech-heavy index was pressured by biotechnology as iShares Nasdaq Biotechnology ETF (IBB 377.43, -5.41) lost 1.4% despite better than expected earnings from Gilead Sciences (GILD 115.71, +2.64). Shares of GILD spiked 2.3% while the broader health care sector (+0.2%) settled among the laggards. Elsewhere, Twitter (TWTR 31.24, -5.30) sank 14.5% after the company's bottom-line beat was overshadowed by cautious commentary regarding user growth outlook.
The stock market ended the Thursday session on a slightly higher note after rebounding off its opening low. The S&P 500 settled just above its flat line while the Nasdaq Composite (+0.3%) outperformed. Equities faced some early weakness after the overnight session saw renewed selling in China that sent the Shanghai Composite lower by 2.2%. Furthermore, index futures dropped to new lows ahead of the opening bell after the advance reading of Q2 GDP pointed to an expansion of 2.3%, while the Briefing.com consensus expected a reading of 2.5%. Meanwhile, the first quarter reading was revised up to 0.6% from -0.2%. The GDP report was met with a rally in the Treasury market as the 10-yr note spiked off its low and continued advancing into the afternoon, dropping its yield three basis points to 2.26%.
4:07 pm Press Ganey closes a new $260 million credit facility (PGND) : The new credit facility includes a $185 million term loan and a $75 million revolving credit facility. Proceeds from the new term loan were used to repay and terminate the existing credit agreement, consisting of a $183 million term loan and an undrawn $30 million revolving credit facility. Outstanding balances on the new credit facility will be due upon maturity in July 2020. Under the new credit agreement, interest accrues on outstanding borrowings on the term loan and revolver at LIBOR plus 1.50% to 2.25%.
4:06 pm Freddie Mac announces it sold via auction, 3,577 deeply delinquent non-performing loans from its mortgage investment portfolio, with unpaid balances of $591 mln (FMCC) : The transaction is expected to settle in September, 2015
4:04 pm TPG Specialty Lending announces the resignation of CFO Alan Kirshenbaum, to take effect no earlier than October 2, 2015 (TSLX) : Upon Kirshenbaum's departure, Robert Ollwerther, the Company's Chief Operating Officer, will assume the role of interim Chief Financial Officer, pending a resolution by the Company's Board of Directors. During the transition, Ollwerther will continue to serve as TPG Specialty Lending, Inc.'s Chief Operating Officer.
- Effective immediately, the Company will begin an internal and external search to identify a permanent Chief Financial Officer.
4:03 pm Whole Foods appoints Jason Buechel as EVP and Chief Information Officer, effective immediately (WFM) : Buechel was promoted from global vice president and chief information officer to executive vice president and chief information officer
4:02 pm Almaden Minerals updates spin-out timing (effective as at 12:01am today); sets transaction trading dates (AAU) :
- Pursuant to the Plan of Arrangement, Almaden's shareholders will exchange their existing common shares of Almaden (each an "Almaden Share") and receive one "new" Almaden common share and 0.6 common shares of Almadex Minerals Limited for each Almaden Share currently held.
- Almaden anticipates that New Almaden Shares will commence trading on the Toronto Stock Exchange and the NYSE MKT on Monday August 10, 2015. In order to benefit from the Spin-Out and receive Almadex Shares, an investor must hold, or execute a trade to purchase, Almaden Shares on the TSX or the NYSE MKT before the close of trading on Friday August 7, 2015. Co anticipates the TSX Venture Exchange will issue a bulletin in respect of the commencement of trading of the Almadex Shares, under the symbol "AMZ", within three business days of the commencement of trading of the New Almaden Shares.
4:01 pm Monroe Capital increases current loan commitments on its syndicated credit facility, by $25 mln to $135 mln (MRCC) :
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