6:55 am Prosperity Bancshares beats by $0.03 (PB) : Reports Q1 (Mar) earnings of $1.01 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.98.
- Net interest margin on a tax equivalent basis for the three months ended March 31, 2014 increased to 3.62% compared with 3.42% for the same period in 2013 and decreased from 3.82% for the three months ended December 31, 2013.
- Average loans increased 47.3% or $2.492 billion to $7.756 billion for the quarter ended March 31, 2014, compared with $5.264 billion for the same period in 2013. On a linked quarter basis, average loans increased 7.2% or $517.559 million from $7.238 billion for the quarter ended December 31, 2013.
- Average deposits increased 30.8% or $3.622 billion to $15.382 billion for the quarter ended March 31, 2014, compared with $11.760 billion for the same period of 2013. On a linked quarter basis, average deposits increased 8.4% or $1.191 billion from $14.191 billion for the quarter ended December 31, 2013.
- The provision for credit losses was $600 thousand for the three months ended March 31, 2014 compared with $7.865 million for the three months ended December 31, 2013 and $2.800 million for the three months ended March 31, 2013.
- Net charge offs were $786 thousand for the three months ended March 31, 2014 compared with $496 thousand for the three months ended December 31, 2013 and $315 thousand for the three months ended March 31, 2013.
6:51 am Asbury Automotive beats by $0.17, beats on revs (ABG) : Reports Q1 (Mar) earnings from comt ops of $1.03 per share, $0.17 better than the Capital IQ Consensus Estimate of $0.86; revenues rose 10.6% year/year to $1.36 bln vs the $1.31 bln consensus.
- On April 21, 2014, Michael Kearney, Executive Vice President and Chief Operating Officer of Asbury Automotive Group provided notice that he will retire from the positions of Executive Vice President and Chief Operating Officer on March 31, 2015. Mr. Kearney will continue to serve as Executive Vice President and Chief Operating Officer until that time. On April 23, 2014, the Company issued a press release announcing Mr. Kearney's plan to retire from the Company. A copy of the Company's press release is filed as Exhibit 99.2 to this Current Report and incorporated herein by reference.
6:42 am Hess: PTTEP to acquire 100% equity stakes of subsidiaries of HES in Thailand for ~ $1 bln (HES) :
- PTT Exploration and Production Public Company Limited or PTTEP announced that PTTEP Offshore Investment and PTTEP International, subsidiaries of PTTEP, have successfully signed Share Purchase Agreements to acquire 100% equity stakes of the subsidiaries of Hess in Thailand, namely Hess Thailand Holdings II and Hess Exploration Thailand. The details of HTH and HETCL are as follows:
- Own 15% interest in block B12/27 (mainly in Pailin, Morakot and Ubon fields) and block G7/50 of Contract 4 Project
- Own 35% interest in Block EU-1 and Block E5 North of Sinphuhorm Project
- The total consideration of transaction is ~ $1,000 million which will be funded by PTTEP's cash. The transaction of HTH closes on April 22, 2014 while the transaction of HETCL is expected to be closed within May 2014 as prescribed in the SPA.
6:33 am Marketaxess beats by $0.01, misses on revs (MKTX) : Reports Q1 (Mar) earnings from cont ops of $0.46 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.45; revenues rose 18.1% year/year to $63.4 mln vs the $65.09 mln consensus.
- Commission revenue for the first quarter of 2014 totaled $52.0 million on total trading volume of $187.4 billion, compared to $47.2 million in commission revenue on total trading volume of $160.4 billion for the first quarter of 2013.
- U.S. high-grade trading volume as a percentage of FINRA's high-grade TRACE trading volume increased to an estimated 13.4%, compared to an estimated 12.3% for the first quarter of 2013.
- "Trading volumes were very strong this quarter with record quarterly average daily volume in U.S. high-grade and other credit products. Client trading momentum was evident in both the U.S. and Europe in spite of the robust new issue calendar and the reduction of credit spreads and yields during the quarter...New solutions on the trading system continue to gain traction, and our integration of the Xtrakter business is on track in Europe."
6:31 am Alexion Pharma announces European Commission has granted an orphan drug designation to Soliris (eculizumab) for the prevention of graft rejection following solid organ transplantation (ALXN) :
- Co announced that the European Commission has granted an orphan drug designation to Soliris (eculizumab), a first-in-class terminal complement inhibitor, for the prevention of graft rejection following solid organ transplantation. Graft rejection can cause severe injury to the transplanted organ and is a significant barrier to successful transplantation.
- Soliris is currently approved in the U.S., European Union, Japan and other countries for the treatment of patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome, two disorders caused by chronic uncontrolled complement activation.
6:31 am S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -0.50. :
6:31 am European Markets : FTSE...6672.17...-9.60...-0.10%. DAX...9568.18...-31.90...-0.30%.
6:31 am Asian Markets : Nikkei...14546.27...+157.50...+1.10%. Hang Seng...22509.64...-221.00...-1.00%.
6:30 am Lakes Entertainment announces sale of its ownership in Dania Entertainment (LACO) :
- Co announced that on April 21, 2014, its wholly owned subsidiary Lakes Florida Development, entered into a Redemption Agreement with Dania Entertainment (:DEH). The Redemption Agreement provides that DEH redeemed Lakes's 20% ownership in DEH in consideration for DEH transferring to Lakes 5% ownership in Dania Entertainment Center (the entity that owns the Dania Casino & Jai Alai in Dania Beach, Florida). Concurrently, Lakes entered into a Purchase Agreement with ONDISS pertaining to the sale of Lakes's membership interest of DEC.
- The Purchase Agreement provides that ONDISS will pay Lakes a total purchase price of ~ $2.5 mln for the 5% ownership in DEC that was transferred to Lakes by DEH. ONDISS made an initial payment to Lakes of $1 mln on April 21, 2014 at which time 40% of Lakes's ownership in DEC was transferred to ONDISS. The remaining purchase price will be paid in three equal semi-annual installments of $530,323.76, and 20% of Lakes's original ownership in DEC will be transferred to ONDISS upon each payment.
6:30 am NeoGenomics extends/amends Strategic Laboratory Services Agreement with Florida Cancer Specialists (NEO) : Co disclsoed that on April 22, 2014, NeoGenomics entered into a Second Amended and Restated Strategic Laboratory Services Agreement with Florida Cancer Specialists, P.L. Under the terms of the Agreement, FCS agreed that, subject to certain exceptions, it would first offer to have NeoGenomics perform all cytogenetics and molecular testing services on cancer specimens from FCS's 72 practice locations before either performing such services in its own laboratory or referring such specimens to other laboratories. FCS also agreed, subject to certain exceptions, that it would first offer to have NeoGenomics perform any other cancer genetic testing services not otherwise performed by FCS's internal laboratory before referring such specimens to other laboratories. NeoGenomics agreed to perform all accessioning and customer service functions and provide certain other services relating to cancer genetics testing for all of FCS's practice locations. The Agreement extends the current contract through December 31, 2015, but will automatically renew for additional one year terms thereafter, unless either party gives the other party six months' prior written notice.
6:29 am Novartis AG announces new data at AAN to confirm efficacy of co's Gilenya across four key measures of MS disease activity, including brain volume loss (NVS) :
- New analyses of pooled data from the FREEDOMS and FREEDOMS II trials will be presented at the 66th American Academy of Neurology (AAN) Annual Meeting in Philadelphia, Pennsylvania, and will show the consistent efficacy of Gilenya (fingolimod) on four key measures of multiple sclerosis disease activity - reducing relapses, new MRI lesion counts, brain volume loss and disability progression.
- An additional analysis of FREEDOMS and FREEDOMS II will show that significantly more Gilenya-treated patients (vs. patients on placebo) had brain volume loss rates comparable to people without MS.
- Co is also presenting trial design information on PARADIGMS, the first controlled clinical trial investigating a disease-modifying therapy in pediatric MS patients. In collaboration with regulatory agencies and international leaders in pediatric MS, co has developed the PARADIGMS study to evaluate the efficacy and safety of fingolimod versus an injectable interferon beta 1-a treatment in pediatric patients treated for 24 months.
6:25 am Praxair reports EPS in-line, misses on revs; guides Q2 EPS below consensus; raises FY14 EPS slightly, raises low end of FY14 rev (PX) : Reports Q1 (Mar) earnings of $1.51 per share, in-line with the Capital IQ Consensus Estimate consensus of $1.51; revenues rose 4.8% year/year to $3.03 bln vs the $3.06 bln consensus.
- Organic sales grew 6% driven by higher on-site volumes from new project start-ups primarily in North America and Asia. By end-market, sales growth was strongest for energy, chemicals, and food and beverage customers, as compared to the prior-year quarter. Acquisitions contributed 2% growth in the quarter.
Co issues in-line guidance for FY14, narrows EPS to $6.30-6.50 from $6.25-6.55 vs. $6.46 Capital IQ Consensus Estimate; sees FY14 revs of $12.4-12.8 bln (from $12.3-12.8 bln) vs. $12.62 bln Capital IQ Consensus Estimate.
"Praxair delivered solid results in the first quarter with sales growth of 9% and operating profit growth of 12%, excluding the impact of currency headwinds. Organic growth of 6% reflected contributions from new projects in North America and Asia, as well as modest volume growth in our South America, Europe and Surface Technologies operating segments. Praxair's relentless focus on achieving productivity benefits and higher price to offset cost inflation produced strong operating leverage and an operating margin of 22.3%. We expect base volumes for the remainder of 2014 to continue to reflect modest growth in-line with the current macro-economic environment. Through continued operational excellence, project execution and financial discipline, we expect to continue to deliver increasing cash flow and earnings per share. We expect contribution from new projects and acquisitions to increase return on capital in the second half of the year."
6:24 am Morgans Hotel Group files investor presentation; says Kerrisdale's retention of Sydell Group, a direct competitor and Yucaipa affiliated entity, is not beneficial to stockholders and likely dangerous (MHGC) :
- Co announced that it has filed with the SEC an investor presentation that it will be using with stockholders in advance of its Annual Meeting to be held on May 14, 2014. On April 22, 2014, the Board of Directors also voted to redeem the co's Stockholder Protection Rights Plan.
- The presentation discusses in detail the significant progress Morgans' Board has overseen in only ten months since stockholders overwhelmingly voted for change to the co's leadership. The presentation also outlines why the slate put forth by Kerrisdale Capital Management introduces unnecessary and substantial risk to the co's future by disrupting key value creating initiatives currently underway.
- "As fiduciaries, the current Board is constantly exploring opportunities to do what is right in the short and longer-term for stockholders, but only at the right time and the right price. The improvements the Board is making, including the recent decision to redeem the Rights Plan, will allow Morgans to consider and pursue a broad range of business opportunities and strategic alternatives from a position of strength and flexibility. We urge all stockholders to vote the WHITE proxy card today."
6:22 am Air Products misses by $0.03, beats on revs; guides Q3 EPS below consensus; guides FY14 EPS in-line (APD) : Reports Q2 (Mar) earnings of $1.32 per share, $0.03 worse than the Capital IQ Consensus Estimate of $1.35; revenues rose 3.9% year/year to $2.58 bln vs the $2.54 bln consensus.
- Co issues downside guidance for Q3, sees EPS of $1.42-1.47 vs. $1.50 Capital IQ Consensus Estimate.
- Co issues in-line guidance for FY14, lowers top end of EPS to $5.70-5.85 from prior guidance of $5.70-5.90 vs. $5.78 Capital IQ Consensus Estimate.
- Merchant Gases sales of $1,040 million increased four percent versus prior year, primarily on higher volumes in U.S./Canada, Asia and Latin America, partially offset by lower helium volumes due to continued global supply constraints. Operating income of $143 million was down 15 percent versus prior year and operating margin of 13.8% was down 300 basis points, primarily due to higher costs, including weather-related impacts in U.S./Canada.
- Outlook Details: Capital expenditure forecast for the current fiscal year is unchanged at approximately $2.0 billion...Air Products' momentum will continue to increase as we load assets, win new business and bring projects on-stream. Going forward, we remain focused on continuing to increase productivity and generate benefits from further price and cost actions. We are confident in our ability to deliver strong earnings growth in the second half of this year."
6:22 am Polaris Inds beats by $0.03, reports revs in-line; raises FY14 EPS below consensus, raises revs in-line (PII) : Reports Q1 (Mar) earnings of $1.19 per share, $0.03 better than the Capital IQ Consensus Estimate of $1.16; revenues rose 19.1% year/year to $888.3 mln vs the $891.44 mln consensus.
Q1 perf by segment:
- Off-Road Vehicles +11%
- Snowmobiles +6%
- Motorcycles +52%
- Small Vehicles +248%
- Parts, Garments & Accessories +20%
Co raises guidance for FY14, sees EPS of $6.30-6.45 vs. $6.47 Capital IQ Consensus Estimate and above prior guidance of $6.17-6.37; sees FY14 revs of +14-16% YoY to ~$3.83-4.38 bln vs. $4.35 bln Capital IQ Consensus Estimate and above prior guidance of +11-14% YoY to ~$4.193-4.306 bln.
6:20 am TE Connectivity beats by $0.04, reports revs in-line; guides Q3 EPS below consensus, revs in-line; tweaks FY14 guidance, in-line (TEL) : Reports Q2 (Mar) earnings of $0.95 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.91; revenues rose 5.1% year/year to $3.43 bln vs the $3.45 bln consensus.
Co issues guidance for Q3, sees EPS of $0.96-1.00 vs. $1.02 Capital IQ Consensus Estimate; sees Q3 revs of $3.54-3.64 bln vs. $3.62 bln Capital IQ Consensus Estimate.
Co issues in-line guidance for FY14, narrows EPS to $3.72-3.84 from $3.65-3.85 vs. $3.78 Capital IQ Consensus; sees FY14 revs of $13.8-14.1 bln from $13.8-14.2 bln vs. $14.01 bln Capital IQ Consensus Estimate.
"Orders and sales were up organically in all regions, driven by strong performance in most of our markets including automotive, industrial transportation, aerospace, oil and gas, industrial equipment, appliances and broadband networks," said Tom Lynch, TE Connectivity Chairman and Chief Executive Officer. "I continue to be pleased with our execution as we improved our adjusted operating margins to 15.5 percent, up 190 basis points over the prior year, and had another quarter of solid cash flow. "During the quarter, orders increased 4 percent, keeping us on track for continued double digit adjusted earnings growth in the second half of the year," said Lynch. "We expect continued strength in our transportation and industrial markets in the second half.
6:20 am QRxPharma announced earlier the FDA Anesthetic and Analgesic Drug Products Advisory Committee has voted to recommend against approval of Moxduo (QRXPY) : Co announced that the FDA Anesthetic and Analgesic Drug Products Advisory Committee has voted to recommend against approval of Moxduo, an immediate release Dual Opioid for the treatment of moderate to severe acute pain. The Advisory Committee found the co did not provide sufficient evidence to warrant approval of Moxduo at this time.
6:17 am Navigator Holdings exercises an option for three newbuilds (NVGS) : Co announced that it exercised its option to build an additional three 35,000 cubic meter ethylene/ethane capable semi-refrigerated liquefied gas carriers, in addition to the one vessel of the same size already under construction. The three additional vessels will be built at Jiangnan Shipyard in China for $78.4 million each.
6:15 am On The Wires (:WIRES) :
- K12 (LRN) released a new AP Exam Review Flashcard mobile app on iTunes, Google Play and the Amazon AppStore.
- ContraVir Pharma (CTRV) announced that Timothy M. Block has joined the co's Board of Directors.
- Digital River (DRIV) announced the expansion of its Digital River SMB Payments solution into the United Kingdom.
- Dunkin' Donuts (DNKN) announced the signing of multi-unit store development agreements with two new franchise groups to develop 20 new restaurants in South Orange County and the San Fernando Valley area over the next several years.
- rfXcel announced that SciClone Pharma (SCLN) has selected rfXcel Traceability System to meet its China product compliance needs and further advance its ongoing efforts to minimize counterfeiting of its proprietary products in China.
- AtTask and WebDAM, a Shutterstock (SSTK) co, announced a strategic partnership and launched a joint integration of their marketing-focused technologies.
- OncoSec Medical (ONCS) has named Adil Daud as Chief Clinical Strategist.
- DaVita Kidney Care, a division of DaVita HealthCare Partners (DVA), acquired three hemodialysis centers from Malaysian dialysis provider Sinar Indentiti Sbn Bhd, further expanding its care of kidney patients in the country.
6:15 am CORRECTION: UNS Energy was incorrectly attributed to a blog article in an earlier posting; that has been deleted (UNS) :
6:14 am JAKKS Pacific beats by $0.02, beats on revs; reaffirms FY14 EPS guidance, revs guidance (JAKK) : Reports Q1 (Mar) loss of $0.74 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.76); revenues rose 5.6% year/year to $82.5 mln vs the $75.57 mln consensus.
- Co reaffirms guidance for FY14, sees EPS of $0.30-0.40 vs. $0.36 Capital IQ Consensus Estimate; sees FY14 revs of $633-640 mln vs. $642.33 mln Capital IQ Consensus Estimate. Co sees FY14 EBITDA in the range of $41 million to $43 million.
- As of March 31, 2014, the Company's working capital was $120.4 million, including cash and equivalents and marketable securities of $113.6 million, compared to working capital of $158.3 million including cash and equivalents and marketable securities of $165.6 million as of March 31, 2013.
6:12 am Unilife Corporation responds to Blog article (UNIS) : Co announces a response on behalf of its shareholders in relation to a series of malicious blogs containing false and misleading information published over recent months by short sellers on a notable website.
- Unilife has requested that the SEC investigate these short sellers and their associates for stock manipulation and illicit gains. Unilife categorically refutes any allegations of wrong-doing by the Company, its directors, officers and management. In particular, Unilife would like to address the following:
Unilife has refuted these allegations, declined a settlement offer by the plaintiff, and expects to prevail should the case proceed to trial. Unilife has co-operated fully with the SEC in its review, provided extensive information, and responded to all questions. Unilife does not believe that there are any grounds for any action to be taken against the Company.
- Unilife has never paid anyone to publish articles about it. No officer has ever sold Unilife stock since the Company listed on NASDAQ in 2010, with the CEO and COO having purchased in excess of $4 million in Unilife stock in recent years.
- The CFO's departure was not due to a resignation but part of a long-term succession plan. Mr. Shortall has never been a director or officer of a Company that has failed, or gone bankrupt.
- Unilife has successfully been through numerous due diligence processes conducted by multiple global pharmaceutical customers, investors, analysts, financial auditors and regulatory bodies.
6:11 am W.R. Grace beats by $0.03, reports revs in-line (GRA) : Reports Q1 (Mar) earnings of $0.77 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.74; revenues rose 4.9% year/year to $744.5 mln vs the $738.98 mln consensus.
- Segment Gross Margin of 36.3 percent declined 90 basis points compared with the prior-year quarter primarily due to higher operating costs resulting from the impact of extreme cold weather on the company's large manufacturing facility at Curtis Bay, MD. The Curtis Bay facility, which produces both refinery catalysts and silica-based engineered materials, was closed intermittently for 13 days in the first quarter due to the weather conditions.
- Adjusted EBIT of $111.3 million decreased 4.7 percent compared with $116.8 million in the prior-year quarter.
- On February 3, 2014, Grace emerged from Chapter 11 pursuant to the terms of its Joint Plan of Reorganization. The Joint Plan sets forth how all pre-petition claims and demands against Grace were resolved. See Grace's most recent periodic reports filed with the SEC for a detailed description of the Joint Plan.
6:07 am Thermo Fisher beats by $0.13, beats on revs; raises FY14 EPS & revenue guidance (TMO) : Reports Q1 (Mar) earnings of $1.53 per share, $0.13 better than the Capital IQ Consensus Estimate of $1.40; revenues rose 22.3% year/year to $3.9 bln vs the $3.78 bln consensus.
- Co issues guidance for FY14, raises EPS to $6.80-6.95 from prior guidance of $6.70-6.90, excluding non-recurring items, vs. $6.85 Capital IQ Consensus Estimate; raises FY14 revs to $16.84-17.0 bln from prior guidance of $16.63-16.83 bln vs. $16.81 bln Capital IQ Consensus Estimate.
- "I'm pleased to report that the integration is on track, and we are confident that we will deliver on our previously outlined synergy targets. Our enhanced technology offering was already apparent when we showcased innovative new Thermo Scientific and Life Technologies products side by side at industry conferences. In Asia-Pacific and emerging markets, our combined scale is a key advantage in providing customers with solutions to achieve their goals."
6:03 am OncoGenex Pharma announces Fast Track designation granted for custirsen in combination with cabazitaxel/prednisone as second-line chemotherapy in Phase 3 AFFINITY trial of men with metastatic castrate-resistant prostate cancer (OGXI) :
- Co announced that the FDA has granted Fast Track designation to the investigation of custirsen when administered in combination with cabazitaxel/prednisone for the treatment of men with metastatic castrate-resistant prostate cancer following prior treatment with a docetaxel-containing regimen.
- Custirsen has also received Fast Track designation from the FDA for treatment of patients with metastatic non-small cell lung cancer as part of the Phase 3 ENSPIRIT trial and for men with metastatic CRPC as part of the Phase 3 SYNERGY trial. Enrollment in the ENSPIRIT trial is ongoing and top-line survival results from SYNERGY are expected by mid-2014.
6:02 am Genworth Financial announces filing of prospectus for Australian IPO (GNW) : Co announces a prospectus has been filed with the Australian Securities and Investments Commission by Genworth Mortgage Insurance Australia, a holding company for Genworth's Australian mortgage insurance business, for an initial public offering of up to 40% of Genworth Australia's ordinary shares by Genworth Australia.
5:35 am On The Wires (:WIRES) :
- Dassault Syst mes (DASTY) announced the extension of the tender offer by its wholly owned indirect subsidiary, 3DS Acquisition, to purchase all outstanding shares of Accelrys (ACCL) have agreed that the expiration date of the tender offer will be extended until midnight, New York City time, at the end of the day on Monday, April 28, 2014, unless otherwise extended or terminated. Except for the extension of the tender offer, all other terms and conditions of the tender offer remain unchanged.
- Sapiens International (SPNS) announced that the Altshuler-Shaham Group, an Israeli firm in the field of asset management, has selected the Sapiens Life & Pension (Sapiens L&P) solution to support the company's Israel based Greenfield life insurance operation
- Federal Express Canada, a subsidiary of FedEx (FDX), has announced its most comprehensive Canadian retail expansion in the company's history. An agreement has been reached with Home Hardware Stores Limited that allows individual Dealer-Owners the ability to house full-service FedEx Authorized ShipCentres within their stores. This agreement represents the largest opportunity for FedEx Express and FedEx Ground retail growth within Canada to date
- Abu Dhabi Securities Exchange and NASDAQ OMX Group (NDAQ) announced that ADX has gone live with X-stream Trading technology.
- Citi, acting through Citibank N.A., has been appointed by Skandinaviska Enskilda Banken AB, a leading Nordic financial services group, as depositary bank for its sponsored Level 1 American Depositary Receipt programme.
- Syntel (SYNT) announced the establishment of a new cross-industry service line called "Syntel Digital One
- Mechel OAO (MTL) announced signing an agreement on creating a pool system for transporting cargo with the Russia's leading intermodal container operator, JSC TransContainer.
4:12 am Mine Safety misses by $0.19, misses on revs (MSA) : Reports Q1 (Mar) earnings of $0.40 per share, $0.19 worse than the Capital IQ Consensus Estimate of $0.59; revenues fell 6.3% year/year to $265.4 mln vs the $285.59 mln consensus.
- First quarter sales in MSA's North American segment increased by $1 million compared to the same period of 2013. A $6 million decline in SCBA revenue associated with the aforementioned product certification delays was offset by improvements of $5 million and $2 million in portable gas detection and head protection product sales, respectively.
- Sales in MSA's European segment increased by $2 million, or 2 percent, compared to the same period last year. Excluding favorable currency effects from a strengthening euro, sales declined by $1 million as strength from ballistic helmet shipments and fixed gas and flame detection sales were offset by a lower level of SCBA and portable gas detection sales.
3:16 am LM Ericsson misses by SEK0.03, misses on revs (ERIC) : Reports Q1 (Mar) earnings of SEK0.90 per share, SEK0.03 worse than the Capital IQ Consensus Estimate of SEK0.93; revenues fell 8.7% year/year to SEK47.5 bln vs the SEK51.4 bln consensus.
- Sales declined YoY, primarily in North America and Japan but partly offset by China, Middle East and Latin America
- Business mix in the quarter was mainly driven by mobile broadband capacity projects. With current visibility, key contracts awarded will gradually impact sales and business mix, mainly in the second half of the year.
- Operating margin improved YoY in all segments to 5.5% (4.0%) mainly driven by mobile broadband capacity sales and lower restructuring charges
3:02 am BE Aerospace beats by $0.05, beats on revs; reaffirms FY14 EPS guidance, guides FY14 revs in-line (BEAV) : Reports Q1 (Mar) earnings of $1.06 per share, $0.05 better than the Capital IQ Consensus Estimate of $1.01; revenues rose 20.1% year/year to $1.01 bln vs the $0.96 bln consensus.
- Bookings during the first quarter of 2014 were strong at ~$1.1 billion, a quarterly record, and reflect a book-to-bill ratio of 1.1 to 1.
- Backlog as of March 31, 2014 was ~$3.9 billion, while awarded but unbooked backlog was approximately $5.0 billion, bringing total backlog, both booked and awarded but unbooked, to a record of ~$8.9 billion.
Co issues mixed guidance for FY14, sees EPS of $4.30, excluding non-recurring items, vs. $4.36 Capital IQ Consensus Estimate; sees FY14 revs of excess of $4.0 bln vs. $4.03 bln Capital IQ Consensus Estimate.
- 2014 free cash flow conversion ratio is expected to be ~65%of net earnings.
2:54 am Dr. Reddy's launches Fenofibrate capsules (RDY) : Co announces that it has launched Fenofibrate Capsules, USP 43 mg and 130 mg a therapeutic equivalent generic version of ANTARA capsules, in the US market on April 22, 2014, approved by the FDA.
- The ANTARA capsules brand and generic had U.S. sales of ~$74 mln MAT for the most recent twelve months ending in February 2014 according to IMS Health.
2:33 am InterXion announces private offering of EUR125 mln of 6.00% Senior Secured Notes due 2020 (INXN) :
2:19 am Allergan adopts one-year Stockholder Rights Plan (AGN) : Co announces its Board has unanimously adopted a one-year stockholder rights plan effective April 22, 2014 and declared a dividend distribution of one preferred share purchase right on each outstanding share of the Company's common stock.
- The Co became aware of the recent rapid and previously undisclosed accumulation of a significant amount of the Company's common stock in connection with an acquisition proposal made today by Valeant Pharmaceuticals, Inc. The Plan is not intended to prevent an acquisition of the Company on terms that the Board considers favorable to, and in the best interests of, all stockholders. Rather, the Plan aims to provide the Board with adequate time to fully assess any proposal.
- Under the Plan, stockholders of record at the close of business on May 8, 2014 will receive one right for each share of Allergan common stock held on that date. The distribution of the rights is not taxable to stockholders, and the Plan is scheduled to expire on April 22, 2015.
1:53 am On The Wires (:WIRES) :
- Oil States International (OIS) announced that its subsidiary, Civeo Corporation has filed amendment number three to its Form 10 (Form 10) with the SEC in connection with Oil States' previously announced plan to effect a spin-off of its accommodations business.
- Bristol-Myers Squibb (BMY) and Samsung BioLogics announced the companies will increase the scope of their existing manufacturing agreement in which Samsung will manufacture commercial drug substances and drug product for several Bristol-Myers Squibb biologic medicines at its Incheon manufacturing site. Financial terms of the agreement are not disclosed.
- Legacy Reserves LP (LGCY) announced that the Board of Directors of its general partner has approved a cash distribution attributable to the first quarter of 2014 of $0.595 per unit, payable on May 15, 2014, to unitholders of record at the close of business on May 2, 2014. This quarterly distribution is a $0.005 increase from the prior quarter
- Wood Creek Capital Management announced that its affiliate, GFL Holdings, has completed the purchase of 100% of the class A common shares in Genesis Funding from AerCap International Bermuda, a wholly owned subsidiary of AerCap Holdings N.V. (AER).
- SanDisk Corporation (SNDK) announced the availability of its 1Z-nanometer technology, the most advanced NAND flash process node in the world.
- Global energy and commodity news and price reporting agency Argus and IHS Inc (IHS), a leading global source of critical information and insight, have licensed the API 8 coal index to Hong Kong Exchanges and Clearing to enable the listing of coal derivative products.
1:33 am Constellium intends to offer ~EUR590 mln of senior unsecured notes consisting of USD denominated senior notes due 2024 and euro denominated notes due 2021 (CSTM) :
1:27 am MarkWest Energy increases quarterly cash distribution by 1.2% over Q4 (MWE) : Co announces that the Board declared a cash distribution of $0.87 per common unit for the first quarter of 2014, for an implied annual rate of $3.48 per common unit.
- The first quarter 2014 distribution represents an increase of $0.04 per common unit, or 4.8%, compared to the first quarter 2013 distribution and an increase of $0.01 per common unit, or 1.2%, compared to the fourth quarter 2013 distribution.
- The first quarter 2014 distribution is payable May 15, 2014, to unitholders of record on May 7, 2014. The ex-dividend date is May 5, 2014.
1:18 am Insperity responds to Stadium Capital's open letter and stockholder proposals (NSP) : Co announces that it has issued a letter in response to Stadium Capital Management's open letter to Insperity stockholders dated today, April 22, 2014. The Board's response noted, among other things, that:
- Stadium Capital's letter and press release are full of inaccuracies and mischaracterizations as detailed in the Board's response, including:
- Insperity's reported adjusted EBITDA actually increased 12% from 2011 to 2013 (not a decrease of 6% as reported by Stadium Capital), which is in line with the public competitors cited in Stadium Capital's letter, and represents a 67% increase since 2009.
- Stadium Capital overstated the total executive compensation for all named executive officers over the past five years by 14%.
- Despite being a stockholder since 2004 (and a major stockholder since 2008) and a long history of open dialogue, Stadium Capital first raised these concerns in the past few weeks.
- The Board also expressed its disappointment that, after spending significant time and effort considering Stadium Capital's requests and speaking nearly daily to its representatives during the past several weeks, Stadium Capital has chosen this route. The Board prides itself on its accessibility and responsiveness to all stockholder concerns, and reaffirmed its commitment to serving the interests of all stockholders and executing on its strategic plan going forward.
12:57 am InterCloud Systems files Registration Statement in order to comply with its obligations under those certain 12% convertible debentures dated December 13, 2013 (ICLD) :
- Investment & Company Information