6:07 pm Atlas Pipeline retains Citigroup Global Markets to sell its interest in West Texas LGP Pipeline Limited Partnership (APL) : Co announced that it has retained Citigroup Global Markets Inc. to begin a strategic review of its ownership interest in the West Texas LPG Pipeline Limited Partnership ("WTXLPG"). To the extent that Atlas Pipeline executes any transaction, the potential proceeds will be used to fund part of its significant growth opportunities in its core operating areas. WTXLPG owns a 2,295 mile common carrier y-grade natural gas liquids pipeline operated by a subsidiary of Chevron Corporation. Atlas Pipeline owns a 20% interest in WTXLPG. The pipeline receives natural gas liquids from multiple receipt points in the Permian Basin and Barnett Shale in Texas and transports volumes to Mont Belvieu, TX for fractionation.
6:03 pm W.P. Carey announces pricing of $500 mln offering of senior unsecured notes (WPC) : Co announced today that it has priced an underwritten public offering of $500 million aggregate principal amount of 4.600% Senior Notes due April 1, 2024. The Notes were offered at 99.639% of the principal amount with a yield to maturity of 4.645%. W. P. Carey intends to use the net proceeds from this offering for working capital and general corporate purposes, including the repayment of certain amounts outstanding under its senior unsecured credit facility and certain existing mortgage indebtedness over time, and making investments in the normal course of business. J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo Securities, LLC acted as joint book-running managers for the Notes offering.
6:03 pm BG Medicine compliant with NASDAQ listing requirements (BGMD) : Co announced that it has received correspondence from The NASDAQ Stock Market LLC confirming that the Company has evidenced compliance with the requirements for continued listing on The NASDAQ Capital Market. Accordingly, the NASDAQ compliance matter has been closed.
5:52 pm Louisiana-Pacific and Ainsworth announce amended timing agreements with the Competition Bureau and Department of Justice (LPX) : Ainsworth Lumber and Louisiana-Pacific (LPX) announced that as a result of continued discussions, they have amended the previously announced timing agreements with each of the Canadian Competition Bureau (the "CCB") and the Antitrust Division of the U.S. Department of Justice (the "DOJ"). Ainsworth and LP have agreed pursuant to the amendment that they will provide the CCB and the DOJ with 14 days written notice before closing LP's acquisition of Ainsworth, unless the CCB and the DOJ confirm in writing that closing may proceed within a shorter period. The previously announced timing agreements involved Ainsworth and LP agreeing not to close LP's acquisition of Ainsworth before March 13, 2014. All other provisions of the timing agreements remain in effect. Both Ainsworth and LP continue to work with the CCB and the DOJ as they conduct their reviews.
5:35 pm KAR Auction Services amends and restates credit agreement (KAR) : Co announced that it has amended and restated its credit agreement dated as of May 19, 2011. The term loans under the original credit agreement have been repaid in full and terminated, and refinanced with a $650 million three-year senior secured term loan B-1 facility and a $1,120 million seven-year senior secured term loan B-2 facility. In addition, the amended and restated credit agreement also establishes a five-year $250 million revolving credit facility in place of the previous revolving commitments. The interest rate of term loan B-1 was reduced to LIBOR plus 2.50%. The interest rate of term loan B-2 remains at LIBOR plus 2.75% but the LIBOR floor was reduced to 0.75%. The reduction in pricing is expected to save the Company an annualized amount of approximately $9 million in cash interest. The revolving commitments may be used for ongoing working capital needs and general corporate purposes for the Company and its subsidiaries. The Company has not drawn any amounts under the revolver.
5:13 pm TG Therapeutics announces $18.1 mln underwritten sale of common stock to a single institutional investor (TGTX) : Co announced it has priced an underwritten sale of 2,702,809 shares of its common stock at $6.71 per share, the closing price on March 11, 2014, to JP Morgan Asset Management's Global Healthcare Fund. Gross proceeds from the sale are expected to be approximately $18.1 million. TG Therapeutics intends to use the proceeds from the offering to fund the clinical development of TG-1101 and TGR-1202 and other general corporate purposes. Ladenburg Thalmann & Co. Inc. acted as the exclusive underwriter in connection with the offering.
5:11 pm Midstates Petroleum reports EPS in-line, misses on revs; raises full year production guidance (MPO) : Reports Q4 (Dec) earnings of $0.08 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.08; revenues rose 81.0% year/year to $160.97 mln vs the $164.54 mln consensus. Other highlights:
- Increased year-end 2013 proved reserves 69% to 128 million barrels of oil equivalent ("MMboe") and replaced 700% of its 2013 production at a cost of $20.09 per barrel of oil equivalent ("Boe")
- Grew average daily production by 10% to 31,187 Boe per day from 28,464 Boe per day in the third quarter of 2013; annual daily production rose 139% from 2012
- Midstates said it has increased its full year production guidance range to 33,500 to 36,500 Boe per day from its previous estimate of 33,000 to 36,000 Boe per day and reaffirmed its previous 2014 capital expenditure guidance of $500 to $550 million.
5:07 pm Equity Lifestyle Properties increases quarterly dividend 30% to $0.325 from $0.25 per share (ELS) :
5:06 pm Laboratory Corp: Zero Coupon Convertible Subordinated Notes due 2021 to accrue contingent interest (LH) : Co announced that for the period of March 12, 2014 to September 11, 2014, its Zero Coupon Convertible Subordinated Notes due 2021 will, subject to the terms of the Zero Coupon Notes, accrue contingent cash interest at a rate of no less than 0.125% of the average market price of a Zero Coupon Note for the five trading days ended March 6, 2014, in addition to the continued accrual of the original issue discount. Contingent cash interest, which the Company has determined to be approximately $1.56 per Note, will be payable to holders of the Zero Coupon Notes as of the record date, which is August 27, 2014. The payment of contingent cash interest is expected to be made on September 11, 2014.
5:02 pm NRG Energy announces the pace of construction of eVgo's California electric vehicle infrastructure increases (NRG) : Co announced that it has partnerships and agreements in place to have more than 200 fast-charging Freedom Station charging sites built throughout California. Currently, NRG has a total of 46 electric vehicle (EV) charging sites operational, under construction or currently being permitted in San Diego, Los Angeles and San Francisco with 15 operational across the state of California.
5:01 pm FIrst Security Group announces lifting of regulatory enforcement action (FSGI) : FSGBank, N.A. reported that the Office of the Comptroller of the Currency provided written notification of the termination of the Consent Order with FSGBank, the wholly-owned subsidiary bank of First Security Group (FSGI). With the termination of the Consent Order, FSGBank is now considered "well-capitalized" under the FDIC's prompt corrective action provisions. This designation provides FSGBank with opportunities for enhanced operational efficiencies, including within its liquidity management, mortgage operations and SBA lending operations.
5:00 pm RTI Surgical receives CE Mark approval for Fortiva Porcine Dermis (RTIX) : Co announced that the company received approval to CE mark Fortiva Porcine Dermis and will begin distribution throughout Europe. Fortiva received 510(k) clearance from the U.S. Food and Drug and Administration (:FDA) in March 2013 and was launched in the U.S. in July 2013. The implant is manufactured at RTI's Neunkirchen, Germany facility.
4:56 pm Spansion: US District court dismisses Macronix's patent infringement case against Spansion (CODE) : Co announced that the United States District Court of Virginia has issued two orders in Spansion's favor. The first court order dismisses the case that Macronix had filed against Spansion, explaining that Macronix's allegations failed to state a valid case for patent infringement. In the second order, the court held that, if Macronix files another complaint, the case will be transferred to the U.S. District Court of the Northern District of California, which could take more than a year for a decision.
In Spansion's ITC case against Macronix, the trial is scheduled for the end of May 2014. "We expect a favorable final decision for Spansion's ITC investigation," senior vice president Ali Pourkeramati added.
4:46 pm First American Financial doubles quarterly dividend; increases share repurchase authorization to $250 mln from $150 mln (FAF) : Co announced that its board of directors has declared a quarterly cash dividend of 24 cents per common share, representing a 100 percent increase from the prior level of 12 cents per common share. The cash dividend is payable on June 16, 2014 to shareholders of record as of June 9, 2014. This increase will not impact the previously announced cash dividend of 12 cents per common share payable on March 17, 2014 to shareholders of record as of March 10, 2014.
The company also announced that its board of directors has increased the size of the company's share repurchase plan from $150 million to $250 million. After this increase in authorization, the company has $182.9 million of authorization remaining under the plan.
4:42 pm Seadrill Partners announces public offering of 10.4 mln common units (SDLP) : Co announced that it plans to offer 10,400,000 common units representing liability company interests in a public offering. In addition, and concurrently with the closing of the public offering, Seadrill Limited (SDRL) has agreed that it will purchase at least $50.0 million of common units at the public offering price. The Company intends to use the net proceeds from the public offering and the concurrent private placement to fund its portion of the net (after debt) purchase price in connection with the previously announced proposed acquisition by Seadrill Capricorn Holdings LLC of the entitles that own and operate the drillship, the West Auriga. Goldman, Sachs & Co., BofA Merrill Lynch, Credit Suisse, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities are acting as the joint bookrunning managers, in connection with the offering of common units.
4:34 pm Furiex Pharmaceuticals beats by $0.42, beats on revs (FURX) : Reports Q4 (Dec) loss of $0.63 per share, $0.42 better than the Capital IQ Consensus Estimate of ($1.05); revenues rose 42.4% year/year to $13.1 mln vs the $12.8 mln consensus.
4:31 pm Lear announces pricing of $325 mln senior notes offering (LEA) : Co announced today that it priced an offering of $325 million in aggregate principal amount of 5.375% senior unsecured notes due 2024 in an underwritten public offering. The Company intends to use the proceeds from the offering to redeem the remaining aggregate principal amount of its 7.875% Senior Notes due 2018 and to partially redeem its 8.125% Senior Notes due 2020, as previously announced, and for general corporate purposes. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays Capital Inc., RBC Capital Markets, LLC and UBS Securities LLC are acting as joint book-running managers for the bond offering.
4:27 pm Chelsea Therapeutics reports EPS in-line; co continues to pursue a dual path of actively assessing the Company's strategic alternatives and preparing for the commercial launch of NORTHERA (CHTP) : Reports Q4 (Dec) loss of $0.07 per share, in-line with the Capital IQ Consensus Estimate consensus of ($0.07).
"FDA approval of NORTHERA (droxidopa) this February for symptomatic neurogenic orthostatic hypotension is Chelsea Therapeutics' most important milestone to date," said Joseph G. Oliveto, President and CEO of Chelsea. "NORTHERA is the first new treatment option approved for this indication in nearly two decades, representing a significant market opportunity. We continue to pursue a dual path of actively assessing the Company's strategic alternatives and preparing for the commercial launch of NORTHERA."
4:26 pm Noranda Aluminum announces secondary offering of 10 mln shares by Apollo Global Management (APO) (NOR) : Co announced the commencement of a secondary public offering of 10,000,000 shares of the Company's common stock by certain funds affiliated with Apollo Global Management (APO). The Company itself is not selling any shares and will not receive any proceeds from the proposed offering. Morgan Stanley is the sole underwriter for the offering.
4:24 pm Closing Market Summary: Stocks Slide While Dr. Copper Extends Recent Fall (:WRAPX) : The major averages finished the Tuesday session near their lows with the Russell 2000 (-1.0%) leading the slide. The S&P 500 lost 0.5% with nine sectors ending in the red.
Equities indices started the day with modest gains and spent the first two hours of action in the neighborhood of their flat lines. Although the early trade lacked clear sector leadership, that could have been overlooked due to the strength among heavily-weighted sectors like health care (-0.3%), technology (-0.2%), and consumer staples (unch). The relative strength of the three groups kept the market afloat in the early going considering they account for nearly 42.0% of the entire S&P 500.
However, another influential sector-financials (-0.7%)-was a bit more reluctant and never pulled away from its flat line. Fittingly, the group was among the first to show weakness when the broader market slipped into the red.
Interestingly, the first wave of selling among financials coincided with a notable drop in copper futures, which have been pressured recently amid worries regarding the health of China's corporate sector. Today, the red metal fell 2.8% to $2.947/lb, a level last seen in mid-2010. Furthermore, the base metal extended its March decline to 7.5%. Considering copper's importance to global industry, significant weakness in the price of the metal can be seen as a cautious signal regarding the overall health of the global economy. Similarly, the financial sector is also viewed as a vital factor in global growth.
Although financials lagged, today's retreat came after the sector led last week's advance. Despite today's loss, the sector remains higher by 1.4% so far this year versus a 1.0% gain for the S&P 500. Top sector components with global exposure, however, have not seen comparable gains. Goldman Sachs (GS 169.89, -3.62) lost 2.1% today, widening its year-to-date decline to 3.4% while JPMorgan Chase (JPM 58.19, -1.01) slumped 1.7%, ending the session with a 0.5% loss so far in 2014.
Commodity-linked energy (-1.2%) and materials (-1.0%) also contributed to the slide while crude oil lost 1.1%, ending at $99.99/bbl.
Also of note, the huge intraday reversal in the fuel cell stocks today was another focal point that may have encouraged investors to take some money off the table. Plug Power (PLUG 6.92, -3.39), Fuel Cell (FCEL 3.28, -0.65), and Ballard Power (BLDP 5.10, -1.78), for instance, ended down 48.6%, 30.8%, and 39.1%, respectively, from today's high. A caustic report on Plug Power out of Citron Research contributed to the sharp reversal.
Treasuries held modest intraday losses, but jumped to highs as the market slid into the red. The benchmark 10-yr yield ended lower by two basis points at 2.76%.
Today's selling pressure contributed to demand for volatility protection, sending the CBOE Volatility Index (VIX 14.81, +0.61) higher by 4.3%.
Participation was below average with 630 million shares changing hands at the NYSE floor.
Today's economic data was limited to the Wholesale Inventories report:
- Wholesale inventories increased 0.6% in January after increasing an upwardly revised 0.4% (from 0.3%) in December. The Briefing.com consensus pegged inventory growth at 0.4%. Inventory growth in the durables sector slowed, increasing 0.4% in January after a 1.2% gain in December. Nondurable inventories rose 0.8% in January after falling 0.9% in December. Unfortunately, the strong gain in inventories was likely not planned. Sales, which edged up a slight 0.1% in December, crashed in January and fell 1.9%.
- Nasdaq Composite +3.1% YTD
- Russell 2000 +2.3% YTD
- S&P 500 +1.0% YTD
- Dow Jones Industrial Average -1.4% YTD
4:24 pm India Globalization Capital provides update on acquisition and diversification strategy (IGC) : IGC's Board has approved several efforts to increase shareholder value including:
- IGC intends to change its corporate name from India Globalization Capital to IGC Inc. to more accurately reflect its expanded focus,
- IGC plans to become an "umbrella" of diverse businesses where mining, materials and the acquisition of distressed mining assets will be just one of several expected business lines
- IGC is reviewing opportunities in other targeted areas including technology, logistics and specialty pharmaceuticals, with a focus on capitalizing on specific niches within these areas such as solar energy, medical marijuana and cleantech.
4:24 pm Men's Wearhouse misses by $0.26, misses on revs -- MW bought JOSB today (MW) : Reports Q4 (Jan) loss of $0.38 per share, excluding non-recurring items, $0.26 worse than the Capital IQ Consensus Estimate of ($0.12); revenues fell 7.9% year/year to $560.6 mln vs the $611.11 mln consensus.
- Retail segment sales for the quarter decreased by 3.3% or $17.1 million and corporate apparel sales increased by 3.9% or $2.4 million as compared to the adjusted prior year quarter.
- The consolidated total gross margin was down $17.6 million or 7.8% to the adjusted prior year quarter. The total gross margin rate decreased 210 basis points primarily due to higher markdowns, deleveraging of occupancy costs and an expected decrease in tuxedo margin due to lower rental revenue and higher per unit rental costs. The retail segment total gross margin was down 8.8% and the corporate apparel gross margin increased 4.3%.
4:18 pm ImmunoCellular Therapeutics will hold its 2014 Annual Meeting of Stockholders on Friday, June 13, 2014 (IMUC) : Because the expected meeting date for the 2014 Annual Meeting represents a change of more than thirty days from the anniversary of the co's 2013 annual meeting of stockholders held on September 20, 2013, the co has set a new deadline for the receipt of stockholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended for inclusion in the Company's proxy materials for the 2014 Annual Meeting.
4:17 pm GenMark Diagnostics beats by $0.01, beats on revs (GNMK) : Reports Q4 (Dec) loss of $0.21 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of ($0.22); revenues fell 30.9% year/year to $6.5 mln vs the $6.06 mln consensus.
- Gross profit for the quarter ended December 31, 2013 was $2.9 million, or 45% of revenue, compared with a gross profit of $4.7 million, or 50% of revenue for the same period in 2012.
- "2013 was another year of exceptional execution and performance for our Company, both in terms of the growth of our Base Business, as well as the progress we made toward the development of our NexGen system,"
4:17 pm Nephros Inc and Mar Cor Purification announce distribution agreement to distribute Nephros's dialysis ultrafilters to U.S. and Canadian dialysis clinics (NEPH) :
4:16 pm JMP Group increases quarterly dividend 13% to $0.045 per share (JMP) :
4:16 pm Ligand Pharma announces highlights from presentation at the 26th Annual Roth Capital Conference; 14 new programs could potentially launch by the end of 2017 (LGND) : Financial performance of Ligand partner GlaxoSmithKline's (GSK) Promacta was reviewed, and based on recent trends, sales are on a course to potentially exceed $100 million in quarterly global revenue in 2014, driving continued growth of Ligand's royalty revenues. Annual Captisol sample requests have more than doubled since Ligand acquired the patented delivery technology in 2011. Of Ligand's over 90 "shots-on-goal," 14 new programs could potentially launch by the end of 2017. Five new programs or indications in Ligand's portfolio could potentially launch in 2014, up from four presented previously and four new programs could launch in 2017, up from one presented previously.
4:15 pm Box Ships misses by $0.03, misses on revs (TEU) : Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.22; revenues fell 4.2% year/year to $18.6 mln vs the $19.1 mln consensus.
"The fourth quarter of 2013 was a challenging one, despite being our eleventh consecutive profitable quarter as a public company. The containership market continues to be pressured by the extended weakness in Europe and the United States, and charter rates have continued to decline during the fourth quarter. The Box Queen, formerly known as the Maersk Diadema, was redelivered to us upon expiration of its time charter with Maersk and was subsequently rechartered to MSC at a rate that was $21,900 per day less than its previous employment."
"The CMA CGM Kingfish and CMA CGM Marlin have both extended their charters with CMA CGM for a period of four to seven months at a rate which is $16,000 per day less than their previous employment. This continued decline in rates, coupled with the fact that we have another vessel employed at a charter rate well above the current market levels expiring in 2014, has caused the Board of Directors to refrain from paying a common stock dividend with respect to Q4 of 2013 in an effort to maintain our liquidity and ensure the sustainability of the Co going forward. The Board of Directors will continue to evaluate the market conditions at regular intervals to consider a potential reinstatement of the common stock dividend when the market recovers, as we remain committed to our policy of paying out excess free cash flow in the form of dividends"
4:13 pm Herbalife responds to Pershing Square's presentation: 'Remains confident in its business in China' (HLF) : Co issued the following statement in response to Pershing Square's presentation:
- Herbalife remains confident in its business in China, which is built on customers enjoying and benefiting from our nutrition products each and every day.
- Herbalife (China) has designed and implemented a business model unique to China that is in compliance with Chinese direct-selling and anti-pyramid regulations, and includes strict rules of conduct that prohibit, among other things, illegal recruitment, "pyramid" activities, false product and income claims, and conduct that is deemed illegal under Chinese laws.
- Herbalife (China) is committed to the protection of the Chinese consumer and protecting the integrity of the direct-selling channel.
- To date, Herbalife (China) has obtained direct-selling licenses in 25 provinces and regional municipalities, which collectively service 97 percent of the Chinese consumer population.
- Currently, Herbalife (China) has almost 150,000 Preferred Customers, who purchase our products for self-consumption, not for distribution, and there are nearly 3,000 Nutrition Clubs throughout China.
4:12 pm General Mills declares 8% dividend increase to $0.41 per share (GIS) :
4:12 pm AllianceBernstein announces preliminary AUM increased to $458 bln during Feb 2014 from $445 bln at the end of Jan (AB) : The 2.9% increase was primarily driven by market appreciation, though firmwide net inflows contributed as well. By channel, net inflows to Institutions and Private Client were partially offset by Retail net outflows.
4:11 pm Global Cash Access reports EPS in-line, misses on revs; guides FY14 EPS in-line (GCA) : Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.19; revenues rose 3.2% year/year to $140.5 mln vs the $143.64 mln consensus. Co issues in-line guidance for FY14, sees EPS of $0.82-0.87 vs. $0.86 Capital IQ Consensus Estimate.
4:10 pm MagnaChip Semi: Audit Committee has determined that co incorrectly recognized revenue on certain transactions; will restate its financial statements (stock halted) (MX) : Co announced that the Audit Committee of the Company's Board of Directors has determined that the Company incorrectly recognized revenue on certain transactions and as a result will restate its financial statements. This conclusion is based upon preliminary findings of an ongoing internal review into practices and procedures by management, conducted at the Audit Committee's request by outside professional advisors and after consultation with management and the Company's independent auditors. Revenue on these transactions was recognized when products were shipped to a distributor but should have been recognized when the distributor shipped the product to the customer. As a result, revenue on these transactions will be reversed and recognized in the period when the products were shipped by the distributor.
- The correction of the Company's revenue recognition methodology will be applied retroactively, which the Company currently expects will require the restatement of its financial statements for each of the first, second and third quarters of 2013 and 2012 and for the years ending 2012 and 2011.
- The Company does not anticipate that the restatement will cause any changes to the previously reported cash and debt balances as of the end of each of the periods being restated. Based on preliminary unaudited results, the Company currently estimates that its balance of cash and cash equivalents as of December 31, 2013 was approximately $153.6 million.
- As a result of the ongoing internal review and information known to date, the Company does not expect that it will be in a position to complete the restatement and preparation of its fourth quarter and full year 2013 financial statements and audit and file its Annual Report on Form 10-K before its due date of March 17, 2014. Accordingly, the Company expects to file a Form 12b-25 with the Securities and Exchange Commission and currently does not expect that the restatement and Form 10-K will be completed and filed within the 15-day extension period.
- The Company also announced today that it has appointed Jonathan W. Kim as Senior Vice President, Chief Accounting Officer and principal accounting officer of the Company, effective immediately, and expects that Mr. Kim will assist in the financial statement restatement, accounting policy change and evaluation of internal controls associated with the Audit Committee's internal review. As a result of Mr. Kim's appointment, Margaret Sakai, Executive Vice President and Chief Financial Officer of the Company, will no longer serve as the Company's principal accounting officer.
- The Men's Wearhouse (MW) announced that it has extended its all-cash tender offer for $63.50 per share for all of the currently outstanding shares of common stock (including associated stock purchase rights) of Jos. A. Bank Clothiers to 5:00 p.m. New York City time on March 19, 2014, unless further extended. The tender offer was previously set to expire at 5:00 p.m. New York City time on March 12, 2014.
- In connection with the execution of a Merger Agreement with Jos. A. Bank on March 11, 2014, Men's Wearhouse will amend its tender offer in accordance with the terms and conditions of the Merger Agreement by March 19, 2014, to reflect the increase in the purchase price to be offered to $65.00 per share and other changes contemplated by the Merger Agreement between Men's Wearhouse, Java Corp. and Jos. A. Bank. As of 5:00 p.m. New York City time on March 10, 2014, 60,508 shares of Jos. A. Bank have been tendered in and not withdrawn from the tender offer.
4:08 pm GSI Group beats by $0.04, reports revs in-line; guides FY14 revs in-line (GSIG) : Reports Q4 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 32.1% year/year to $87.7 mln vs the $88.01 mln consensus.
- Co issues in-line guidance for FY14, sees FY14 revs of $360-370 mln vs. $361.87 mln Capital IQ Consensus Estimate.
- During Q4 of 2013, the Co organized its business lines into three operating segments, each of which offers different product technologies to customers in distinct end market applications. Each of the operating segments has implemented specific business strategies to pursue profitable growth on an organic basis and through potential acquisitions
4:08 pm Western Gas Partners announces pricing of $500 mln of mixed senior notes (WES) :
- Co announced that it has priced an offering of $100 mln in aggregate principal amount of 2.60% senior notes due 2018 at a price to the public of 100.857% of their face value and $400 mln in aggregate principal amount of 5.45% senior notes due 2044 at a price to the public of 98.443% of their face value.
- The senior notes due 2018 are being offered as additional senior notes under an indenture pursuant to which Western Gas Partners issued $250 mln aggregate principal amount of 2.60% senior notes due 2018 on August 14, 2013.
- These additional senior notes due 2018 are identical to, and will be treated as a single class of debt securities with, the previously issued senior notes due 2018 under the indenture governing such notes.
- Net proceeds from the offering are expected to be used to repay all of the amounts outstanding under Western Gas Partners' revolving credit facility and for general partnership purposes.
- RBS Securities Inc., Mitsubishi UFJ Securities (USA), Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, SG Americas Securities, LLC and U.S. Bancorp Investments, Inc. are acting as joint book-running managers for the offering.
4:08 pm Callon Petroleum amends existing credit facility with new administrative agent; enters into new second lien term loan facility; announces full redemption of 13% senior notes due 2016 (CPE) :
- The Amended Credit Facility has commitments from ten lending institutions, including five new participants in the co's bank group, and contains the following key provisions:
- $500 million facility, with an initial borrowing base of $95 million based on the co's December 31, 2013 reserve report
- First scheduled borrowing base redetermination to be based on a reserve report as of May 30, 2014, with subsequent redeterminations occurring every six months beginning on September 1, 2014
- Interest expense calculated based on a pricing grid providing for Eurodollar advances ranging from LIBOR plus 1.75% to 2.75%, depending on utilization
- Maturity date of March 11, 2019
- In conjunction with the Amended Credit Facility, the co entered into the Second Lien Facility with J.P. Morgan as Administrative Agent.
- The Second Lien Facility is structured as a multiple-advance, term loan facility with commitments from five institutions.
- The initial draw of the Second Lien Facility will be used in part to redeem the outstanding principal amount of the Senior Notes.
- Key provisions of the Second Lien Facility include:
- $125 million facility, with initial commitments of $100 million
- Flexibility to make periodic draws for one year in addition to the initial draw of $62.5 million
- Prepayable at any time, with a premium of 102% in the first year, 101% in the second year and no premium thereafter
- Interest expense on Eurodollar advances calculated at a rate of LIBOR plus 7.75% per annum
4:08 pm Fox Factory Holding reports EPS in-line, revs in-line; reaffirms Q1 & FY14 guidance (FOXF) : Reports Q4 (Dec) earnings of $0.16 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.16; revenues rose 15.4% year/year to $65.3 mln vs the $64.9 mln consensus. Co reaffirms guidance for Q1, sees EPS of $0.09-0.12 vs. $0.11 Capital IQ Consensus Estimate; sees Q1 revs of $53-57 mln vs. $55.67 mln Capital IQ Consensus Estimate. Co reaffirms guidance for FY14, sees EPS of $0.79-0.89 vs. $0.88 Capital IQ Consensus Estimate; sees FY14 revs of $275-295 mln vs. $290.90 mln Capital IQ Consensus Estimate.
4:08 pm Inter Parfums beats by $0.04, reports revs in-line; reaffirms FY14 EPS guidance, revs guidance (IPAR) : Reports Q4 (Dec) loss of $0.13 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.17); revenues fell 40.4% year/year to $105.5 mln vs the $105.57 mln consensus. Gross margin was 57.3% of net sales compared to 63.0%.
- Co reaffirms guidance for FY14, sees EPS of $0.93-0.98 vs. $1.08 Capital IQ Consensus Estimate; sees FY14 revs of $495 mln vs. $512.43 mln Capital IQ Consensus Estimate.
- "We are extremely enthusiastic about the outlook for our business. Sales from ongoing brands are generating excellent growth; we have recently added several important high potential brands to our portfolio; our balance sheet remains very strong; we have a global distribution network reaching over 100 countries; and our new product pipeline for 2014 is one of the most ambitious in recent years."
4:08 pm Compass Group reports Q4 (Dec) results, beats on revs (CODI) : Reports Q4 (Dec) loss of $0.47 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.14; revenues rose 6.6% year/year to $232.6 mln vs the $205.72 mln consensus. The net loss for the quarter ended December 31, 2013 was $5.1 million, as compared to a net loss of $5.2 million for the quarter ended December 31, 2012. During the fourth quarter ended December 31, 2013, CODI recorded a $12.0 million non-cash impairment charge for the Company's Tridien Medical subsidiary, reflecting a decline in the estimated current fair market value for this subsidiary.
4:07 pm Horizon Technology Finance misses by $0.01, beats on revs (HRZN) : Reports Q4 (Dec) earnings of $0.35 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.36; revenues rose 10.6% year/year to $8.78 mln vs the $7.91 mln consensus.
- Interest income on investments rose year-over-year primarily due to the increased average size of the loan portfolio. Additionally, fee income increased year-over-year primarily due to a one-time success fee of $0.4 million received upon the completion of an acquisition of one portfolio company. For the year ended December 31, 2013, total investment income increased 26.2% to $33.6 million, as compared to $26.7 million for the year ended December 31, 2012.
- The Company's dollar-weighted average annualized portfolio yield on average loans for the three months ended December 31, 2013 and 2012 was 15.5% and 14.7%, respectively. The Company's dollar-weighted average annualized portfolio yield on average loans for the years ended December 31, 2013 and 2012 was 14.4% and 14.2%, respectively.
4:07 pm Diamond Foods beats by $0.01, beats on revs; reaffirms FY14 YoY adj. EBITDA growth (DMND) : Reports Q2 (Jan) earnings of $0.09 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.08; revenues fell 0.1% year/year to $220.6 mln vs the $216.67 mln consensus.
- Snacks Segment: Net sales during the second quarter increased 10.8% to $116.8 million compared to prior year period. Gross profit during the second quarter was $42.5 million, 36.4% of net sales, compared to $34.8 million, 33.0% of net sales, in the prior year period.
- Nuts Segment: Net sales during the second quarter decreased 10.1% to $103.8 million compared to the prior year period. Gross profit during the second quarter was $13.4 million, 12.9% of net sales, compared to $15.7 million, 13.6% of net sales, in the prior year period.
Despite continued headwinds associated with tree nut commodity costs in the second half of fiscal 2014 that will adversely impact the Nuts segment, the Company expects to realize an increase in Adjusted EBITDA year-over-year.
"Overall we are pleased with our second quarter performance. Our consolidated gross margin improved 250 basis points reflecting strong sales growth and gross margin expansion in our Snacks segment. These results, however, were weighed down by lower sales and gross margin compression in the Nuts segment due to higher tree nut costs," said Brian Driscoll, President and CEO. "While we expect to face further headwinds in the Nuts segment in the second half of fiscal 2014, our team remains focused on the execution of our multi-year turnaround strategy and we are confident that we are taking the right steps to position our business for long-term sustainable growth."
4:07 pm Invesco reports preliminary month-end AUM of $791.2 bln, an increase of 3.4% month over month (IVZ) : The increase was driven by positive market returns, total net inflows and foreign exchange. During the month, long-term net flows were positive while FX contributed $2.6 bln in AUM. Preliminary average total AUM for the quarter through February 28 were $774.9 bln, and preliminary average active AUM for the quarter through February 28 were $635.8 bln.
4:07 pm NASDAQ announces end-of-month open short interest positions in NASDAQ stocks: Short interest in all NASDAQ securities totaled ~7.815 bln shares (NDAQ) :
- Co announced that at the end of the settlement date of February 28, 2014, short interest in 2,175 NASDAQ Global Market securities totaled 7,272,486,663 shares compared with 7,264,979,104 shares in 2,175 Global Market issues reported for the prior settlement date of February 14, 2014. The end-of-February short interest represents 3.99 days average daily NASDAQ Global Market share volume for the reporting period, compared with 3.52 days for the prior reporting period.
- Short interest in 587 securities on The NASDAQ Capital Market totaled 542,583,385 shares at the end of the settlement date of February 28, 2014 compared with 537,933,555 shares in 580 securities for the previous reporting period. This represents 3.08 days average daily volume, compared with the previous reporting period's figure of 3.47.
4:06 pm Gibraltar Industries announces adoption of pre-arranged trading plan by Chairman and CEO Brian J. Lipke (ROCK) : Co announced that a trust that holds shares of the co's common stock for the benefit of Brian J. Lipke, the co's Chairman and Chief Executive Officer, has entered into a pre-arranged trading plan to sell a portion of those shares. The trading plan is designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and with the co's insider trading policy. Mr. Lipke has authorized the entry into the trading plan in connection with his personal estate planning and a related long-term asset diversification program.
4:06 pm Leidos awarded contracts by Department of Veterans Affairs totaling $16 mln (LDOS) :
4:06 pm Codexis misses by $0.05, beats on revs; guides FY14 revs in-line (CDXS) : Reports Q4 (Dec) loss of $0.26 per share, $0.05 worse than the Capital IQ Consensus Estimate of ($0.21); revenues rose 20.3% year/year to $9.5 mln vs the $8.62 mln consensus.
- Product gross margin in the fourth quarter was 9%, a decrease compared to 15% in the prior year quarter, primarily due to inventory adjustments required at year end and the relatively low gross margin achieved for the intermediate order that Codexis delivered to Novartis.
- Guidance: Co issues in-line guidance for FY14, sees FY14 revs of $33-$35 mln vs. $33.79 mln Capital IQ Consensus Estimate. Sees gross profit of approximately $19-$20 mln in 2014, which would be an increase of 9% to 15% compared to 2013. As CDXS previously guided in November 2013, the company continues to expect a cash burn of less than $8 million in 2014.
4:05 pm VeriFone beats by $0.04, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY14 EPS above consensus, revs in-line (PAY) : Reports Q1 (Jan) earnings of $0.31 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.27; non-GAAP revenues rose 1.6% year/year to $437 mln vs the $428.65 mln consensus.
- Co issues in-line EPS guidance for Q2, sees EPS of $0.30-0.32 vs. $0.31 Capital IQ Consensus Estimate; sees Q2 non-GAAP revs of $440-445 vs. $438.90 mln Capital IQ Consensus Estimate.
- Co issues upside EPS guidance for FY14, sees EPS of $1.40 vs. $1.39 Capital IQ Consensus Estimate; sees FY14 non-GAAP revs of $1.78-1.81 bln vs. $1.79 bln Capital IQ Consensus Estimate.
4:04 pm Kratos Defense and Security reports EPS in-line, misses on revs; guides FY14 revs in-line (KTOS) : Reports Q4 (Dec) earnings of $0.06 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.06; revenues fell 10.6% year/year to $235.7 mln vs the $253.35 mln consensus.
- Co issues in-line guidance for FY14, sees FY14 revs of $920 to $980 million vs. $971.05 mln Capital IQ Consensus Estimate, Adjusted EBITDA of $92 to $106 million, and Free Cash Flow of $25 to $40 million. Kratos' fiscal 2014 financial guidance assumes approximately $18 million to $28 million in IR&D expense and other discretionary internally funded investments by the Company, with the first half and in particular the first quarter of 2014's currently forecasted IR&D spend expected to be significantly higher than the second half of 2014, as the Company pursues large new opportunities in the UAS, electronic warfare, radar, signal processing, and satellite communication areas.
3:59 pm Newmont Mining continues to divest non-core assets with sale of 5.4% equity interest in Paladin Energy; to generate over $24 mln in cash (NEM) : Co announced today that the Company has sold its 5.4 percent equity interest in ASX-listed Paladin Energy Ltd. through a block sale agreement with UBS Australia. The Company's ownership interest in Paladin was established through its acquisition of Fronteer Gold in 2011.
"The sale of Paladin will generate over $24 million in cash and reflects Newmont's ongoing strategy to divest non-core assets, some of which are included in the Company's marketable securities portfolio," said Randy Engel, Executive Vice President of Strategic Development. "Newmont will continue to evaluate its holdings and may, from time to time, divest other equity positions and assets under favorable conditions and terms," Engel added.
3:54 pm OXiGENE will resume trading at 4:15pm ET (OXGN) :
3:40 pm Jos. A. Bank: Eminence Capital commends Men's Wearhouse (MW) and Jos. A. Bank on reaching the merger agreement (JOSB) : "Eminence Capital is happy to see these two great companies coming together, and we congratulate both The Men's Wearhouse and Jos. A. Bank on the merger agreement announced today. In addition, as a result of the announced merger agreement we are withdrawing our nominees for Board seats of Jos. A. Bank."
3:37 pm OXiGENE announces positive topline results from randomized phase 2 study GOG186I of ZYBRESTAT in combination with Avastin for recurrent ovarian cancer (OXGN) : Co announced positive results from a randomized Phase 2 clinical trial evaluating Avastin (bevacizumab) with or without ZYBRESTAT (fosbretabulin; CA4P) to treat patients with recurrent ovarian cancer. The study, known as Gynecologic Oncology Group protocol 186I, met its primary endpoint of a statistically significant increase in progression-free survival (p
- As previously reported, the GOG protocol 186I enrolled 107 patients with platinum-sensitive and -resistant recurrent ovarian cancer at 67 clinical sites in the U.S. Patients were randomized 1:1 into one of two treatment arms: one arm received Avastin, and the second arm received Avastin plus ZYBRESTAT. Both therapies were administered intravenously every three weeks and patients were treated until disease progression or until adverse effects prohibited further therapy.
- Secondary endpoints in the study include safety, objective response rate (measured according to RECIST criteria) and overall survival. Patients receiving the combination of ZYBRESTAT and Avastin achieved a higher objective response rate, which was not statistically significant. All patients will continue to be followed for overall survival.
3:31 pm Earnings Calendar (:SUMRX) : Today after the close look for the following companies to report:
- CZR, MX, DRC, FURX, GCA, GSIG, HRZN, CODI, FOXF, IPAR, KTOS, CDXS , GNMK, DMND, NCS, PAY
- AMED, SCLN, QIWI, EXPR
3:12 pm Stock indices extend to fresh session lows -- Dow -85, S&P -12, Nasdaq Comp -36 (:TECHX) : Relative sector weakness (underperforming the S&P) has been noted in: Internet FDN, Retail XRT, Oil Service OIH, Energy XLE, Housing XHB, Discretionary SLY, Networking IGN, Software IGV, Steel SLX, Casino, Medical Supplies, Defense PPA,
3:10 pm Garmin announces victory in Paching Technologies patent case (GRMN) : Co announced victory today in the lawsuit brought by Pacing Technologies, LLC, against Garmin. The United States District Court for the Southern District of California granted Garmin's motion for summary judgment of non-infringement and found that Garmin's popular Forerunner and Edge products could not be covered by Pacing's patent. The Court's decision is subject to appeal.
3:05 pm Mylan Labs launches Naloxone Hydrochloride injection (MYL) : Co announced that it has launched Naloxone Hydrochloride Injection USP, 0.4 mg/mL packaged in 1 mL single-dose vials. Mylan's product was determined to be bioequivalent and, therefore, therapeutically equivalent to the reference listed drug, Naloxone Hydrochloride Injection 0.4 mg/mL, of Hospira Inc. Naloxone Hydrochloride Injection is indicated for the complete or partial reversal of opioid depression, including respiratory depression, induced by natural and synthetic opioids including propoxyphene, methadone, and certain mixed agonist-antagonist analgesics. Mylan received final approval from the FDA for its Abbreviated New Drug Application (ANDA) for this product. Mylan's Naloxone Hydrochloride Injection is preservative free and not made with natural rubber latex. Naloxone Hydrochloride Injection USP, 0.4 mg/mL, had U.S. sales of approximately $12.3 million for the 12 months ending Dec. 31, 2013, according to IMS Health.
3:03 pm Floor Talk (:TALKX) : The stock market has been on the defensive for most of today's session, drawing only limited buying interest amid some broad-based profit taking activity. The defensive posture appears to have become more ingrained in conjunction with the continued drop in copper prices, which is stirring concerns about demand out of China specifically and global economic activity more broadly.
NYMEX copper futures have slipped 2.5% today to $2.96/lb, breaking a notable psychological level at $3.00. The red metal has dropped 4.0% since Friday's settlement and is down 10% from where it settled on February 21. The quick downshift is raising concerns about possible financing problems for Chinese companies which are also getting squeezed by the weakness in the yuan. Those factors in turn are playing into worries that additional bond defaults might be seen out of China's corporate sector.
The dust has clearly yet to settle around copper's pullback, but for a stock market that has gotten overextended on a short-term basis, it is a yield sign of sorts encouraging some profit-taking activity.
Similarly, the huge intraday reversal in the fuel cell stocks today has been another focal point that has encouraged investors to take some money off the table. Plug Power (PLUG 6.92, -3.39), Fuel Cell (FCEL 3.35, -0.59), and Ballard Power (BLDP 5.50, -1.38), for instance, are down 41%, 29%, and 34%, respectively, from today's high. A caustic report on Plug Power out of Citron Research has contributed to the sharp reversal.
Another item not to be overlooked in considering the reluctance of buyers today is the March 16 referendum in Crimea regarding the possible annexation of that region to Russia. The referendum has been denounced by the US as a violation of international law while Vladimir Putin has defended its legality. It is shaping up as a factor that is going to raise the diplomatic stakes over Ukraine and could possibly invite a war of economic sanctions. The outcome is uncertain at this point and that uncertainty is serving as a headwind.
Finally, there is a lack of leadership to act as an offset to the selling interest. The financial sector (-0.6%), which has been the best-performing sector this month, is underperforming today along with the energy (-1.1%), materials (-0.8%), and industrial (-0.7%) sectors. Their underperformance fits with the notion that economic growth concerns are playing into copper's weakness.
Fittingly, the 10-yr Treasury note has perked up a bit, gaining four ticks to bring its yield down to 2.77%, and so has the CBOE Volatility Index (14.62, +0.42).
3:01 pm Mylan Labs launches Critical Care segment in India (MYL) : Co announced that its subsidiary, Mylan Pharmaceuticals Private Limited, has launched a Critical Care segment in India. The new segment focuses on anti-fungal, antibiotics and anti-coagulant therapies. AmBisome, a leading anti-fungal, is one of the first critical care products Mylan is offering. Critical care is a leading therapeutic category in India, with $2.6 billionin annual sales.
2:53 pm Praxair acquires packaged gas distributors in Texas and Oklahoma (PX) : Co announced that it has acquired two independent distributors of packaged gas and welding supplies - United Welding Supplies, LLC (United) in Texas and Best Welders Supply, Inc. (Best) in Oklahoma, with combined 2013 annual sales of about $30 million. Financial terms of the transactions were not disclosed.
2:49 pm NYMEX Energy Closing Prices (:COMDX) :
- Apr crude oil fell $1.08 to $99.99/barrel
- Crude oil extended yesterday's losses, falling below $100 for the first time since early February. The energy component brushed a session low of $99.88 as it headed towards the close and settled with a 1.1% loss.
- Apr natural gas fell 5 cents to $4.60/MMBtu
- Natural gas spent its entire floor session in the red, falling as low as $4.57. Unable to find buying support, it settled with a 1.1% loss.
- Apr heating oil fell 1 cent to $2.96/gallon
- Apr RBOB rose 1 cent to $2.96/gallon
2:47 pm NeuroMetrix submits regulatory application for NC-stat DPNCheck in Japan (NURO) : The submission was prepared in close collaboration with Omron Healthcare Co., Ltd, NeuroMetrix' partner for NC-stat DPNCheck in Japan and other Asia markets. The submission seeks marketing certification for a Class II Designated Controlled Medical Device as defined in the technical standards of the Japan Ministry of Health, Labor, and Welfare. Clearance of the submission will allow NC-stat DPNCheck to be marketed within Japan.
2:36 pm S&P -9 tests secondary support zone (SPY) : The index has slipped to a new session low of 1867 to probe secondary support at 1867/1865 which marks Monday's low/Feb high, Feb-March trendline, 9 day ema.
2:33 pm Stock indices slide to new session lows -- Dow -70, S&P -9.5, Nasdaq Comp -17 (:TECHX) :
2:26 pm CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (:COMDX) :
- May corn rose 6 cents to to $4.84/bushel
- May wheat rose 19 cents to $6.58/bushel
- May soybeans fell 7 cents to $14.12/bushel
- Apr ethanol rose 1 cent to $2.28/gallon
- May sugar (#16 (U.S.)) settled unchanged at 22.06 cents/lbs
2:18 pm Dollar Hovers Little Changed: 10-yr: +03/32..2.767%..USD/JPY: 102.95..EUR/USD: 1.3868 (:SUMRX) :
- The Dollar Index trades flat near 79.80. Click here to see a daily Dollar Index chart.
- A rather uneventful session has seen trade confined to a 20 cent range after an early morning bid failed to reclaim 80.00.
- EURUSD is -15 pips @ 1.3860 as trade slips for the first time in four days. Today's pullback comes following the narrower than anticipated German trade surplus, and has action edging off its best levels since October 2011. The 1.3800 level remains key in the days ahead. Eurozone data is limited to industrial production.
- GBPUSD is -25 pips @ 1.6620 as sellers remain in control for a third session. The three-day skid has trade testing important support in the 1.6600 region with today's weakness coming despite the manufacturing production beat as the flight out of risk prevails.
- USDCHF is +5 pips @ .8780 as trade lingers near its worst levels since November 2011. The .8860 area provides the first level of resistance, and remains a near-term target for the bulls.
- USDJPY is -35 pips @ 102.90 as selling has pushed the pair back below its 50 dma (102.98). Overnight, the Bank of Japan kept its asset purchase program unchanged, continuing its pledge to expand the money supply by JPY60-JPY70 trln per year. The 102.50/102.75 level is being viewed as decent near-term support. Japanese data includes BSI Manufacturing Index and tertiary industry activity.
- AUDUSD is -40 pips @ .8980 as sellers take control for a third session. The recent weakness has caused traders to turn their attention back towards .8950 support as worries over the health of the Chinese economy persist. Australia's Westpac Consumer Sentiment and home loans will be released tonight.
- USDCAD is -5 pips @ 1.1100 amid a mostly uneventful session. The 1.1185 level remains under close watch with any closing print above there marking the best since July 2009.
1:50 pm Stratasys subsidiary, MakerBot, announced MakerBot Replicator Z18 3D printer now available for order and shipping of the 5th generation MakerBot Replicator Desktop 3D printers to customers (SSYS) :
1:49 pm COMEX Metals Closing Prices (:COMDX) :
- Apr gold rose $4.90 to $1346.50/oz
- Gold dipped to a session low of $1337.80 in late morning action after trading as high as $1352.90 earlier in the session. However, the yellow metal managed to push back into positive territory and settled with a 0.4% gain.
- May silver fell $0.09 to $20.82/oz
- Silver pulled back from its session high of $21.33 and brushed a session low of $20.67 by late morning pit trade. It eventually settled with a 0.4% loss.
- May copper fell 8 cents to $2.95/lb
- Copper extended losses for a third consecutive session as concerns over China and its financing deals weighed on the metal. It traded as low as $2.94, its lowest level since July 2010, and settled with a 2.6% loss.
1:32 pm Biolase: Oracle Partners announces its proxy contest against Biolase; submits nominations for four independent directors (BIOL) :
- Oracle Partners, L.P. Biolase's largest shareholder, announced its nomination of four independent directors for election to the Biolase Board, citing management and Board entrenchment in the face of continuing poor financial performance.
- "The financial results of the Company for the year ended 2013 were very disappointing, with a 2% decrease in net revenue (including an approximate 9% year-over-year decline in the most important laser product line) and a decrease in gross margins to 38% from 46% year-over-year. Reflecting investors' concern, the price of Biolase's Common Stock has declined an astounding 50.8%, from a high of $5.83 on April 26, 2013 to the closing price of $2.87 on March 10, 2014."
- "In addition to financial performance issues, at the apparent behest of Federico Pignatelli, the Company's Chairman and CEO, management is now attempting to unlawfully entrench itself and certain Board members, which raises significant corporate governance concerns."
1:06 pm OXiGENE announces updated time for presentation at ROTH Conference; presentation and webcast will take place on Wed March 12 at 9:30am PT (OXGN) :
1:02 pm Midday Market Summary: Stocks Near Lows at Midday (:WRAPX) : At midday, the major averages hover near their recently-established lows. The S&P 500 holds a loss of 0.3% while small caps lag with the Russell 2000 trading lower by 0.6%.
Equities began the day with modest gains, spending the first two hours of action near their flat lines. The S&P 500 inched to a session high of 1882.43 before reversing swiftly. The quick turn took place after a significant retreat in copper futures weighed on the two commodity-linked sectors-energy (-0.9%) and materials (-0.6%)-and the bellwether financial space (-0.4%).
Copper futures have been on the defensive since the start of the year, but the weakness has accelerated notably in March following disappointing trade data from China and news of the first corporate default in the Middle Kingdom. At this juncture, copper futures trade lower by 2.7% at $2.950/lb, and are down 7.4% so far in March. The continued weakness is noteworthy considering today's drop sent the base metal to levels last seen in mid-2010. Furthermore, copper is often used as a gauge of global economic health due to a multitude of applications.
This brings us to the financial sector, which is also used to evaluate the level of activity in the economy as rapid growth leads to an increased need for financial services. On the flip side, a weakening financial sector can be an early signal of impending weakness. Currently, the group is among the laggards with two major components-Goldman Sachs (GS 171.16, -2.35) and JPMorgan Chase (JPM 58.54, -0.66)-both down in excess of 1.0%.
It is also worth mentioning that the underperformance of the financial sector comes after the group paced last week's advance. Including today's loss, the sector remains higher by 1.7% for the year versus a 1.4% gain for the S&P 500. A somewhat different tale has been told by the aforementioned top components as Goldman Sachs holds a year-to-date loss of 3.4% while JPMorgan Chase is essentially unchanged in 2014.
While today's weakness among financials could be just a case of profit-taking after a solid run last week, the sector bears watching over the coming days.
For now, the S&P 500 has been kept from registering additional losses by the outperformance of technology (+0.2%), health care (+0.1%), and consumer staples (+0.1%).
Treasuries jumped to highs in a move coinciding with the weakness in copper. The 10-yr yield is lower by one basis point at 2.77% after notching a high below 2.80%.
Today's economic data was limited to the Wholesale Inventories report:
- Wholesale inventories increased 0.6% in January after increasing an upwardly revised 0.4% (from 0.3%) in December. The Briefing.com consensus pegged inventory growth at 0.4%. Inventory growth in the durables sector slowed, increasing 0.4% in January after a 1.2% gain in December. Nondurable inventories rose 0.8% in January after falling 0.9% in December. Unfortunately, the strong gain in inventories was likely not planned. Sales, which edged up a slight 0.1% in December, crashed in January and fell 1.9%.
12:57 pm European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:
- UK's FTSE:-0.1%
- Germany's DAX:+0.5%
- France's CAC:-0.5%
- Spain's IBEX:-0.3%
- Portugal's PSI:+1.0%
- Italy's MIB Index:+0.4%
- Irish Ovrl Index:+0.9%
- Greece ATHEX Composite: +1.6%
12:47 pm Edison announces that Edison Mission Energy's Plan of Reorganization was approved by the U.S. Bankruptcy Court (EIX) : Co announced that Edison Mission Energy's (EME) Plan of Reorganization was approved today by the U.S. Bankruptcy Court. The approved Plan incorporates the Settlement Agreement reached on February 18, 2014, between EME, Edison International, and certain of EME's creditors. This approval will allow the Settlement, as well as the planned sale of substantially all of EME's assets and stock of subsidiaries to NRG Energy (NRG), to be implemented.
Under the Plan of Reorganization and consistent with the Settlement Agreement, EME will emerge from bankruptcy free of liabilities and remain a subsidiary of Edison International. All assets and liabilities of EME that are not otherwise discharged in the bankruptcy or sold to NRG Energy, Inc. will be transferred to a newly-formed trust under the control of EME's creditors, other than certain income tax and pension related liabilities being assumed by Edison International under the Settlement Agreement. For more details on the Settlement Agreement, please see Edison International's February 18, 2014, Form 8-K. Closing of the Settlement transaction is expected in late March or early April.
12:45 pm NRG Energy to acquire Dominion's (D) retail electric business (NRG) : Co has entered into agreements with Dominion Resources (D) to acquire its retail electric business. Dominion currently serves more than 600,000 customer accounts in Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York, Ohio and Pennsylvania, and through its Cirro Energy brand in Texas. Once completed, the acquisition will support NRG's ongoing efforts to expand the company's retail footprint in the Northeast and to grow its leading retail position in Texas. While customers will see more options to improve their ability to understand and control their use of energy, customers should expect a seamless transition and no change in their service once becoming NRG customers. The transaction is expected to close by the end of March.
12:21 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
- GMCR (108.45 +4.29%): Coca-Cola (KO) disclosed 10.1% active stake in 13D filing; pursuant to Feb. agreement.
- IRE (19.74 +3.35%): Upgraded to Buy from Neutral at BofA/Merrill.
- BCS (15.84 -2.76%): Weakness in European financial names (RBS also lower).
- ACMP (55.99 -2.55%): Announced pricing of secondary public offering of common units at $54.85 by Global Infrastructure Partners II.
- GM (36.33 -2.04%): Co's slow response in recall to be investigated by US House, according to reports.
- JCP (9.18 +9%): Upgraded to Buy from Neutral at Citigroup; tgt raised to $11 from $7.50.
- UBNT (49.55 +5%): Initiated with a Outperform at Bernstein; tgt $65.
- LGF (33.08 +4.06%): The Hunger Games: Catching Fire sold ~3.9 mln DVD and Blu-Ray units in first weekend of North American release.
- MYGN (34.1 -9.66%): Co disclosed that the District Court denied its motion for preliminary injunctive relief against Ambry Genetics.
- AEO (13.47 -5.21%): Beat on EPS by $0.01, reported revs in-line; guided Q1 EPS below consensus.
- URBN (35.88 -4.36%): Beat on EPS by $0.04, rev in-line with Feb 10 downside preannouncement; tgt lowered to $45 from $50 at Oppenheimer.
12:21 pm Dow -55 and Nasdaq Comp -9.7 join S&P -7 at new session lows (:TECHX) : Relative weakness has been noted in Energy XLE, Oil Service OIH, Materials XLB, Finance/Bank XLF/KBE, Biotech IBB.
12:13 pm Minor new session low S&P -4.7, probing 1872/1871 support zone again -- Dow -39, Nasdaq Comp -3 (:TECHX) :
12:08 pm Wilson Greatbatch issues voluntary field corrective action for Standard Offset Cup Impactors (GB) : On January 29, 2014, Greatbatch, Inc. initiated a voluntary field corrective action for all Standard Offset Cup Impactors after an internal review determined that the sterilization recommendation in the Instructions for Use for the product did not meet requirements for sterility assurance, which has the potential to result in surgical infection. No incidents have been reported during clinical use of the product, nor have there been any reported adverse events. Greatbatch has developed new sterilization recommendations that meet acceptable sterility assurance levels (AAMI ST79 standard) and provided them to affected customers. Customers who have this product should immediately begin utilizing the new sterilization instructions. The company has informed the FDA of this action.
12:07 pm Jos. A. Bank: Men's Wearhouse (MW) to acquire Jos. A. Bank for $65.00/share in cash (both halted) (JOSB) : MW and JOSB have entered into a definitive agreement under which Men's Wearhouse will acquire all of the outstanding shares of common stock of Jos. A. Bank for $65.00 per share in cash, or total consideration of $1.8 billion. The boards of directors of both cos have unanimously approved the transaction.
Men's Wearhouse shareholders will benefit from ~$100 to $150 million of run-rate annual synergies realized over three years, through improving purchasing efficiencies, optimizing customer service and marketing practices, and streamlining duplicative corporate functions. Additionally, Men's Wearhouse's vertical direct sourcing model will be leveraged to improve combined merchandising and sourcing across the combined co and rationalize inventory over time.
Combined company positioned to succeed: The combined company will be the fourth largest U.S. men's apparel retailer with pro forma sales of ~$3.5 billion.
In conjunction with this transaction, Jos. A. Bank has terminated its agreement to acquire Everest Holdings LLC, the parent co of Eddie Bauer.
The Men's Wearhouse tender offer is not conditioned on financing, and the Company expects to finance the transaction with a combination of balance sheet cash and committed debt financing from BofA Merrill Lynch and JPMorgan Chase Bank, N.A. The strong free cash flow generated by the combined company is expected to enable rapid deleveraging.
The transaction, which is expected to close by the third quarter of 2014, is subject to satisfaction of customary closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Act
12:04 pm Diamond Resorts announces Executive Vice President of Sales and Marketing, North America, Michael Flaskey has been promoted to Executive Vice President, Chief Sales and Marketing Officer (DRII) :
11:52 am Apr gold is now -0.01% at $1341.30/oz, May silver is -0.4% at $20.82/oz (:COMDX) :
11:46 am Copper futures are selling off hard here and just hit a new session low... May copper is now -2.2% at $2.97/lb (:COMDX) :
11:45 am Dow -21 and S&P -2.1 extend further into the red -- Nasdaq Comp +1.7 (:TECHX) :
11:44 am Men's Wearhouse and JOSB spike to highs; looking for catalyst (MW) :
11:38 am ZBB Energy confirms its policy is not to comment on unusual market activity (ZBB) :
11:38 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (213) outpacing new lows (12) (:SCANX) : Stocks that traded to 52 week highs: AA, AAOI, ACU, AET, AFH, AGN, AIMC, AIRT, AIZ, ALL, AMC, ASPX, AV, BBCN, BCR, BDSI, BFAM, BGCP, BKU, BKW, BLDP, BONA, BPZ, BRK.A, BRK.B, BX, CACQ, CAK, CASH, CBAK, CBS, CBZ, CDTI, CELH, CHE, CIS, CISG, CJES, CPS, CPST, CRWN, CTP, CVCO, DAVE, DBD, DFRG, DLPH, DNKN, DOV, DOX, DPS, DPZ, DRII, DY, EA, ECA, ECL, EMC, EMES, EONC, ESRX, ETFC, EVC, EVER, EVK, EWBC, FB, FBIZ, FCEL, FLXS, FMNB, FSRV, GLOG, GPN, GSAT, GSI, GVA, GWPH, HAFC, HELE, HFBC, HNRG, HNT, HRG, HRS, HRT, HSIC, HST, HTLD, HUSA, HYGS, HZNP, IART, IBKC, IDXX, IMOS, INTU, ISH, ISSI, ITC, ITRN, JACK, JW.A, KAMN, KATE, KLAC, KNX, KRNY, LABC, LACO, LCUT, LJPC, LKFN, LLTC, LUV, M, MANH, MD, MEMP, MGA, MHFI, MLR, MMC, MNTX, MSCI, MTSI, MTW, NEU, NGS, NLP, NRF, NSTG, NTCT, NWBO, NYT, OGXI, OHRP, OILT, OMN, ONTY, OPTT, PCAR, PF, PHX, PLM, PLUG, POWR, PQ, PRI, PRMW, PRXL, PSIX, PTSI, QCOM, R, RARE, RCAP, RGA, ROK, ROX, RSPP, RTRX, SAAS, SAIA, SBSA, SIMG, SIX, SNMX, SPIL, SQNS, SSL, ST, STO, SXL, SXT, SYX, SZYM, TAOM, TAP, TDY, TMNG, TPC, TREE, TSH, TSRA, TTC, TXN, UCP, UCTT, UNFI, UQM, VAC, VAR, VCYT, VIAB, VLCCF, VMW, VNO, VRA, VSB, VSCI, VTSS, WAB, WAIR, WBC, WDR, WES, WGP, WLFC, XNCR, ZBB, ZIGO, ZMH
Stocks that traded to 52 week lows: AHP, ALAN, ANR, APL, CTCM, EPB, HNP, LEI, NEWL, OTEL, RLOC, WLT
ETFs that traded to 52 week highs: COW, DBA, EGPT, EWI, IHF, IHI, JO, PBW
ETFs that traded to 52 week lows: JJC
11:35 am Stock indices slip further off morning highs -- Dow +5.8, S&P +1.3, Nasdaq Comp +11 (:TECHX) : The S&P stalled at 1881/1883 resistance (The Technical Take) with relative sector weakness during the pullback off highs (underperforming the S&P) has been noted in: Finance XLF, Bank KBE, Reg Bank KRE, Energy XLE, Oil Service OIH.
11:20 am Currency Commentary: DXY Remains Below 80 (:SUMRX) :
- The Dollar Index made a push toward 80 overnight but topped out at 79.94. The greenback would eventually roll over and is now floating just above the session lows of 79.75. It has been a relatively quiet session on the news front allowing technicals to dominate trading. This morning Wholesale Sales came in higher than expected while January JOLTS- Job Openings rose to 3.974 mln from December's 3.914 mln.
- The euro came under early selling pressure as another ECB member came out to jawbone the single currency. ECB Vice President Vitor Constancio said that the market misinterpreted last week's message from Mr. Draghi. The euro would dip to 1.3830 before finding support and rallying back to 1.3870. Of note, Germany's trade balance missed expectations which may further fan the concerns over the higher euro valuation and its impact on trade. Especially when the EU's largest trading partner, China, is seeing a slow down.
- The pound continued its recent pullback as it dipped to 1.6595, its lowest level in a month. The pound slipped as Industrial and Manufacturing Production numbers suggested the economy was leveling off after a hot finish to 2013. This, coupled with the multi-year resistance levels, has led to a small bout of profit taking in cable.
- The yen has been trading in a tight range and remains in the 103 area. Last night the Bank of Japan left its rates and asset purchase program untouched which was widely expected. The central bank did lower its outlook on exports citing weaker global demand. It was more upbeat about domestic demand but the question remains whether or not that will continue following the consumption tax hike in April (FOREX, BONDX).
10:44 am U.S. Steel solid performance thus far tests/pauses near last week's high of 25.28 -- session high 25.25 (X) : If a break is seen, its 100 ema is just above at 25.32 with the 50 ema following at 25.68.
10:40 am S&P +2 retests opening session high (SPY) : Noted support at 1872/1871 this morning (09:59, The Technical Take) with a hold and recovery off leaving the index back near its opening high at 1879.73. Its highs from Thur./Friday (all time high) come into play slightly above at 1881/1883.
10:31 am Stock indices extend push off first hour pullback lows with Nasdaq Comp +12 setting a new session high -- Dow +12, S&P +1.8 (:TECHX) : Relative sector strength in recent trade (outperforming the S&P) has been noted in: Restaurant, Biotech IBB, Health XLV, Casino BJK, Internet FDN, Telecom IYZ, Steel SLX, REITs IYR.
10:31 am Blackstone to acquire majority stake in Accuvant as part of private equity portfolio, terms not disclosed (BX) : Accuvant, a source for enterprise information security, announced that it has reached a definitive agreement under which Blackstone (BX) will acquire a majority stake in Accuvant as part of their private equity portfolio. Accuvant management and existing shareholder Sverica International LLC, a private equity investment firm, will invest alongside Blackstone in the transaction. Financial terms of the transaction are not being disclosed. The transaction is expected to close in April pending relevant regulatory approvals.
10:20 am Seadrill Partners provides operational update on the semi-submersible West Aquarius (SDLP) : The West Capricorn and West Leo have returned to service since the fourth quarter 2013 report. The remaining 5 rigs have operated with an average technical utilization of 98% in the first quarter to date. The loss of contract hire for this additional downtime for Seadrill Partners' 30% ownership share of the West Aquarius is ~$5 million. This will not impact the ability to make management's recommended distribution for the first quarter 2014 of between $0.50 and $0.5125. As of today, the Company's orderbacklog stands at $4.4 billion and the average remaining contract term is 3.6 years.
10:19 am Relative strength in Restaurant (:TECHX) : MCD +2.8% set a new four month high.
10:18 am Antares Pharma: Medac Pharma and medac GmbH announce filing of a lawsuit in the United States District Court in New Jersey against Antares, LEO Pharma A/S and LEO Pharma for infringement of the '231 patent (ATRS) : Medac Pharma and medac GmbH announced the filing of a lawsuit in the United States District Court in New Jersey against Antares Pharma, LEO Pharma A/S and LEO Pharma for infringement of the '231 patent by their making, selling and offering for sale of Otrexup (methotrexate) injection products for treating forms of rheumatoid arthritis, polyarticular idiopathic arthritis and psoriasis.
9:59 am S&P -2.1 weakens but holds at first level support (:TECHX) : The index opened mildly firmer but stalled shy of first level resistance from The Technical Take at 1881/1883 (session high 1879.73). The pullback was extended to first level support at 1872/1871 (session low 1872) in recent trade.
9:47 am Stock indices falter after mildly firmer early action -- Dow -32, S&P -2.5, Nasdaq Comp -1.2 (:TECHX) : Relative sector weakness in recent trade (underperforming the S&P) has been noted in: Transports/Rail, Utility XLU, Bank KBE, Finance XLF.
9:45 am Opening Market Summary: Stocks Slip Out of the Gate (:WRAPX) : The major averages began the trading day with modest gains before slipping into the red. The Nasdaq remains in the green while the Dow Jones Industrial Average (-0.2%) and S&P 500 (-0.1%) hover just below their flat lines with eight sectors trading in the red.
Most notably, the largest S&P 500 sector, technology (+0.2%) has claimed the early lead thanks to broad gains among chipmakers. The PHLX Semiconductor Index is higher by 0.1%. This has contributed to the outperformance of the Nasdaq.
On the flip side, energy (-0.3%), financials (-0.1%), health care (-0.1%), and materials (-0.4%) are among the early laggards.
9:40 am J. C. Penney strong run in early dealings, probes its March peak at 8.98 (JCP) : Its three month peak from Jan is at 9.17.
9:37 am Advantage Oil and Gas announces Glacier 2013 reserves additions replace 840% of production, achieves 135 mmcfe/d Phase VI production ahead of schedule with capital spending below budget (AAV) :
- Co reports strong year end 2013 reserve additions for its Montney resource property at Glacier, Alberta. Proven plus probable ("2P") reserve additions were achieved at a finding and development cost of $1.33/mcfe ($7.99/boe) and a recycle ratio of 2.1. Total 2P reserves are up 20% to 1.7 trillion cubic feet ("Tcfe"). Co also reported Glacier production reached its 135 mmcfe/d Phase VI target ahead of schedule with capital spending below budget.
- Co replaced 840% of Glacier's 2013 annual production based on Sproule's 2013 Glacier reserve report.
- A total of 415 developed and undeveloped locations are booked in Sproule's 2013 Glacier reserve report which is an increase of 55 locations compared to Sproule's 2012 Glacier reserve report. The additional locations resulted from recognition of wells that were drilled during 2013 and undeveloped locations which were primarily assigned in the Middle Montney on lands offsetting new wells.
- Strong well results from co's current drilling program and solid long term production from existing wells contributed to achieving Advantage's Phase VI Glacier production target of 135 mmcfe/d in early March 2014 which is approximately one month ahead of co's Phase VI Budget schedule.
9:35 am Firmer tone off the open with Nasdaq pacing the way -- Nasdaq Comp +9.2, Dow +16, S&P +2.4 (:TECHX) : AAPL, WYNN, NFLX, AKAM, GMCR.
9:35 am Aetna and Atlantic Accountable Care Organization forge new relationship; Atlantic Accountable Care Organization and Aetna to serve more than 28,000 members in six NJ counties (AET) : Co and Atlantic Accountable Care Organization, a partner of Atlantic Health System, announced a new accountable care agreement that will improve the coordination and delivery of patient care. Atlantic ACO will deliver a better patient experience for more than 28,000 Aetna members in Morris, Sussex, Union, Somerset, Warren and Passaic counties.
9:34 am IsoRay announces Greek governmental approval for sales of its entire product line (ISR) : Co announced today that IASIS Medical has received formal approval for the sale of IsoRay's complete product line in Greece. IsoRay is a medical technology company and innovator in seed brachytherapy and medical radioisotope applications for brain cancer, lung cancer, head and neck cancer, prostate cancer and gynecologic cancer.
9:33 am Check Point Software is collaborating with VMware (VMW) to automate and simplify the provisioning and deployment of network security in private clouds (CHKP) : Co announced that it is collaborating with VMware (VMW) to automate and simplify the provisioning and deployment of network security in private clouds. Check Point will make its security protection solutions interoperable with VMware infrastructure.
9:32 am Demand Media and Electus Digital, an operating business of IAC (IACI), announce a strategic advertising partnership (DMD) : Co and Electus Digital, the digital creative and distribution arm of Electus, announced a strategic advertising partnership. Electus Digital will now offer exclusive premium ad sales representation for Demand Media's Cracked.com, including all custom branded content and high-impact ad units across the site. The partnership forms a new network of the most popular online humor destinations and establishes the largest collection of humor websites directly available to advertisers. Electus is an operating business of IAC (IACI).
9:31 am Westell Tech signs TESSCO Technologies(TESS) as an authorized distributor in the Westell Independent Reseller Network partner program (WSTL) : TESSCO (TESS) will be selling the entire suite of Westell solutions for cell sites, DAS and small cells, outside plant, and industrial networks.
9:26 am On The Wires (:WIRES) :
- INTL FCStone (INTL) announced that the investment banking division of its subsidiary, INTL FCStone Securities, acted as the exclusive financial advisor to Korea Flour Mills/ DongA One relating to a strategic investment by CHS.
- Benefitfocus (BNFT) announced that BECU has selected Benefitfocus HR INTOUCH to support benefit enrollment, employee communication and HR management processes.
- BioClinica announced that its technology was utilized by Pharmacyclics (PCYC) and supported the accelerated approval of IMBRUVICA (ibrutinib) for Mantle Cell Lymphoma and Chronic Lymphocytic Leukemia.
- Level 3 Communications (LVLT) announced Northrop Grumman (NOC) has selected the co to deliver network services as part of the defense contractor's multi-million dollar agreement with the U.S. Air Force to support their distributed simulation training network.
- ListHub, operated by Move (MOVE), announced a new agreement with ListGlobally, making ListGlobally the newest international advertising opportunity in the ListHub Global offering for brokers and agents in the U.S.
- Sysmex America and Henry Schein (HSIC) announced the signing of a three-year distribution agreement between the companies effective immediately.
- inContact (SAAS) announced that a growing consumer products co has selected inContact to help increase agent productivity and improve customer service delivery across two contact center locations with more than 100 agents, including both on site and at-home agents.
- Perfect World Entertainment, a subsidiary of Perfect World (PWRD), Cryptic Studios, and TransGaming announced that Star Trek Online is now live on AAPL Mac.
- Diebold (DBD) implemented a deposit automation-enabled Opteva ATM) at each of Iowa Credit Union's seven branches.
- WidePoint (WYY) has launched and now provides ePassport Certificate Management & Validation as part of its PIVotal ID Managed Validation Services.
9:23 am On The Wires (:WIRES) :
- Hershey (HSY) announced that sales of its Hershey's Kisses Brand Chocolates have surpassed $100 mln in annual sales in China.
- InnerWorkings (INWK) signed a new retail management agreement with Energizer.
- Synopsys (SNPS) announced that STMicroelectronics (STM) has standardized on Synopsys' IC Compiler place-and-route solution for all its CPU and GPU implementations inside its Design Enablement and Services organization.
- Ubiquiti Networks (UBNT) announced that Crowne Plaza Hickory in North Carolina is using Ubiquiti products to provide fast and reliable WiFi to hotel guests and corporate clients.
- Red Hat (RHT) announced the extension of its application certification program to include containerized applications.
- Shiloh Industries (SHLO) has entered into a strategic manufacturing agreement with Velocys, plc. to be the preferred fabricator of microchannel cores and future products being explored.
- KB Home (KBH) has acquired land in New Braunfels to develop a new home community called West Village at Creekside, where the builder plans to construct 469 Built to Order homes in the northeast IH-35 corridor.
- ClearSign Combustion (CLIR) has successfully demonstrated an early prototype design utilizing its Duplex burner architecture in a residential natural gas hot water heater, driving NOx levels to an unprecedented 7PPM (less than half the level currently required in the State of California).
- RDA Microelectronics (RDA) announced volume production of its RDA5991 WiFi combo chip integrating Bluetooth and FM with 802.11b/g/n wireless technologies.
- StarTek (SRT) is using AT&T (T) cloud services to create a highly-secure suite of cloud solutions that will speed STARTEK's ability to provide services to new and existing customers.
9:16 am S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +8.50. (:WRAPX) : Equity indices are on track to begin the Tuesday session on a modestly higher note as futures on the S&P 500 trade almost three points above fair value. Futures spent the bulk of the overnight session just below their flat lines, but returned into positive territory during the past 30 minutes. There was no news coinciding with the move, but it is worth mentioning that Germany's DAX (+0.5%) climbed to a session high at the same time.
Participants received a handful of quarterly results between yesterday's close and today's opening bell with discretionary names providing another reminder of spotty consumer spending. Bon-Ton Stores (BONT 10.25, -0.62) missed on earnings and revenue while American Eagle Outfitters (AEO 13.40, -0.81) and Dick's Sporting Goods (DKS 55.50, +1.17) beat estimates, but issued below-consensus guidance.
With regards to economic data, the January Wholesale Inventories report will be released at 10:00 ET.
Treasuries have alternated between slim gains and losses for the past hour with the 10-yr yield hovering near 2.78%.
9:12 am W.P. Carey announces offering of senior unsecured notes (WPC) :
- Co announced that it intends to offer, subject to market and other conditions, senior unsecured notes.
- W. P. Carey intends to use the net proceeds from this offering for working capital and general corporate purposes, including the repayment of certain amounts outstanding under its senior unsecured credit facility and certain existing mortgage indebtedness over time, and making investments in the normal course of business.
9:08 am Ultragenyx Pharma announces first patient enrolled in phase 2 study of Triheptanoin in glucose transporter Type-1 deficiency syndrome (RARE) : Co announced the first patient enrolled in the Phase 2 study of triheptanoin (UX007) for the treatment of glucose transporter type-1 deficiency syndrome (Glut1 DS), at Columbia University. Glut1 DS, also known as De Vivo disease, is a rare, severely debilitating disease characterized by seizures, developmental delay, and movement disorder. "We anticipate that data from this trial will be available in 2015."
9:06 am Gartner announces acquisition of Software Advice; financial terms not disclosed (IT) : Co announced the acquisition of Software Advice, a privately-held company based in Austin, Texas that employs approximately 100 people. Terms were not disclosed.
9:05 am Quantum Fuel announces significant order for large-diameter Q-lite tanks for Class 8 heavy duty truck applications (QTWW) : Co received a $5.3 million order for its industry leading large-diameter Q-Lite CNG storage tanks. The order includes certain add-on features that could drive the total value of the order to in excess of $6.0 million.
"The order represents continued strong interest in converting heavy duty class 8 trucks to compressed natural gas (:CNG)," said Mr. Brian Olson, President and CEO of Quantum. "Our high-capacity, light-weight type IV tank technology is gaining momentum in the heavy duty marketplace due to its ability to offer the needed range for this market segment," concluded Mr. Olson.
9:05 am Darden Restaurants confirmed it has filed a Form 10 Registration Statement in connection with the separation of the Red Lobster business (DRI) : As previously announced, the Company is exploring parallel paths for the separation, including a tax-free spin-off of the Red Lobster business to Darden shareholders as well as a sale of the Red Lobster business, the process for which is well underway.
9:05 am Roche Hldg's Ventana enters into multi-year agreement with Bayer Pharma AG (BAYRY) to develop companion diagnostics, with a focus on immunohistochemistry, across Bayer's portfolio of targeted therapy projects (RHHBY) :
- RHHBY's announced that it has entered into a multi-year agreement with Bayer Pharma (BAYRY) to develop companion diagnostics, with a focus on immunohistochemistry, across Bayer's portfolio of targeted therapy projects.
- This new agreement extends an already existing collaboration and focuses on the development of diagnostic tests for Bayer's biomarker targeted therapeutics from early discovery through commercialization.
9:04 am SanDisk announces Santa Clara County jury has awarded SanDisk $28.5 mln in damages for PNY's breach of its license agreement (SNDK) : The jury found that PNY had failed to pay SanDisk amounts owed for the right to license SanDisk's valuable intellectual property.
9:03 am Lifevantage announced that its Board of Directors approved an initial $6 million that will be used for an accelerated debt pay down and common stock repurchase program (LFVN) : Co announced that its Board of Directors approved an initial $6 million that will be used for an accelerated debt pay down and common stock repurchase program. The Co will fund up to $3 million in stock repurchases with the remainder being used to accelerate the pay down of debt, through cash on hand and future cash flow from operations.
As of Dec 31, 2013, the Co's cash and cash equivalents were $34.5 million and total debt was $47 million. Over the past 15 months, the Co has repurchased $50 million of its stock.
9:03 am Euroseas Ltd. enters into agreement to sell common stock in a private placement raising $14.4 mln in net proceeds (ESEA) :
- Co announced that it entered into an agreement to sell ~11.2 million shares of its common stock in a private placement at a price of $1.3435 per share to an institutional investor for expected net proceeds of ~$14.4 million.
- The Company intends to use the proceeds for the acquisition of vessels and general corporate purposes. The transaction is expected to close by March 14, 2014. RMK Maritime acted as an advisor to the Company in the transaction.
9:01 am Gartner acquires Software Advice, Inc., a privately-held co based in Austin, TX that employs ~100 people -- terms were not disclosed. (IT) : Software Advice offers detailed reviews, comparisons and research to assist organizations in finding products that best fit their current and future needs. The company has helped more than 180,000 people choose the right software for their organizations.
9:01 am Safeguard Sci announces repurchase notification for 2.625% convertible senior debentures due 2024 (SFE) :
- Co announced that it is notifying holders of its outstanding 2.625% Convertible Senior Debentures Due 2024 that they have the right to require the Company to repurchase for cash such holders' Notes upon the terms and subject to conditions set forth in the Notes and the indenture governing the Notes.
- The repurchase date of the Notes is April 8, 2014 which represents an extension of the date provided in the indenture, in order to comply with applicable tender offer rules. The repurchase price will be 100% of the principal amount of the outstanding Notes, plus accrued and unpaid interest on the Notes to, but excluding, the Repurchase Date.
9:00 am S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +8.00. (:WRAPX) : The S&P 500 futures trade 2.5 points above fair value.
It was a sea of green across Asia as all of the major bourses, aside from India's Sensex (-0.5%), finished with gains. The Bank of Japan opined overnight, opting to leave its asset purchase program at JPY60-JPY70 trillion per year ahead of next month's planned sales tax increase.
In regional economic news, India's trade deficit narrowed to $8.13 billion from $9.91 billion and Australia's NAB Business Confidence slipped to 7 from 9.
- Japan's Nikkei gained 0.7%, but remained near late-January levels. Heavyweight Softbank provided support, climbing 2.6%.
- Hong Kong's Hang Seng finished just above its flat line. Energy and real estate shares were a drag with CNOOC sliding 2.7% and China Resources Land giving up 2.4% to lead their respective sectors lower.
- China's Shanghai Composite added 0.1%, narrowly avoiding a close near seven-month lows as trade reclaimed the 2000 level. Property shares posted solid gains with China Vanke and Poly Real Estate jumping 4.9% and 4.4%, respectively.
Among news of note, Eurogroup President Jeroen Dijsselbloem said 'solid' progress has been made on the Single Resolution Fund.
- Germany's DAX is higher by 0.4% with exporters showing strength. BMW, Daimler, and Volkswagen display are up between 0.2% and 1.2%. On the downside, producers of basic materials lag. BASF, Lanxess, and Linde display losses between 0.2% and 0.7%.
- Great Britain's FTSE holds a loss of 0.1% as financials weigh. Barclays, Royal Bank of Scotland, and Old Mutual are down between 1.8% and 3.0%. On the upside, apparel retailer Sports Direct International trades up 3.4%.
- In France, the CAC is lower by 0.3% with consumer names on the defensive. Carrefour and Kering are both down near 1.3%. Software company Gemalto outperforms, trading higher by 2.4%.
8:59 am Oxford Lane Capital prices public offering of 2.8 mln shares of its common stock at $17.00 per share (OXLC) :
8:58 am Royal Bancshares of PA enters into binding commitments with Emerald Advisers, a group of institutional investors, certain directors and officers of Royal, and other private investors to issue and sell a total of 11,656,666 shares of Royal's Class A common stock in a private placement (RBPAA) :
- Co announced that it had entered into binding commitments with Emerald Advisers, a group of institutional investors, certain directors and officers of Royal, and other private investors to issue and sell a total of 11,656,666 shares of Royal's Class A common stock in a private placement. The issuance of the shares in the private placement was previously approved by the co's shareholders at the 2013 annual meeting. Emerald and the group of institutional investors have each agreed to purchase up to 2,400,000 shares of Class A common stock in the private placement.
- All shares issued in the private placement will be sold at a price of $1.20 per share. The date of the auction has not been scheduled.
8:57 am Sandstorm Gold announces record gold sales and revenue in Q4 2013; Co sees 2014 attributable production between 40,000-.50,000 gold equivalent ounces (SAND) : Co has released its unaudited results for the fourth quarter and year ended December 31, 2013 (all figures in U.S. dollars).
- Record gold sales of 10,523 ounces, excluding Premier Royalty Inc.'s ("Premier Royalty") attributable ounces.
- Record revenue of $15.8 mln.
- Average cash cost per ounce1 of $407 resulting in cash operating margins of $863 per ounce.
- Operating cash flow of $8.1 mln.
- Net loss of $39.9 mln primarily due to a non-cash impairment charge of $52.2 mln relating to the Serra Pelada Gold Stream.
- Record gold sales of 36,146 ounces, excluding Premier Royalty's attributable ounces.
- Record revenue of $59.8 mln.
- Operating cash flow of $32.2 mln.
- Average cash cost per ounce1 of $420 resulting in cash operating margins1 of $981.
- Net loss of $74.6 mln.
Based on the existing gold streams and including attributable production relating to the Co's NSRs, forecasted 2014 attributable production is between 40,000-50,000 gold equivalent ounces, increasing to ~60,000 of gold equivalent ounces per annum by 2016. This growth is largely driven by the Co's portfolio of gold streams with mines, most of which are either currently producing or expected to commence production by 2015.
8:56 am On The Wires (:WIRES) :
- Itron (ITRI) announced that FirstEnergy (FE) has signed a contract with Itron to deploy Itron's OpenWay smart grid solution across its four Pennsylvania-based utilities, including Metropolitan Edison, Pennsylvania Electric, Pennsylvania Power and West Penn Power.
- Journal Communications (JRN) launched a new company brand with three cohesive new logos representing Journal Communications and its two major business segments, Journal Broadcast Group and Journal Publishing.
- CounterPath (CPAH) entered into a licensing and distribution agreement with Gryphon Networks, adding new capabilities to Gryphon's mobile solutions and further empowering its clients' dispersed and mobile workforces.
- Canal Insurance and Guidewire Software (GWRE) announced that Canal has successfully deployed Guidewire BillingCenter to manage its billing operations including agency bill.
8:54 am Access Midstream Partners, L.P. announces pricing of secondary public offering of common units @ $54.85 by Global Infrastructure Partners II (ACMP) : Co announced the pricing of an underwritten public offering of 8,000,000 common units representing limited partner interests owned by Global Infrastructure Partners II (GIP II). GIP II offered the units to the public at $54.85 and has granted the underwriter a 30-day option to purchase up to 1,200,000 additional common units.
8:50 am Liberty Interactive subsidiary, QVC, announces proposed offering of two series of senior secured notes (LINTA) : QVC, a wholly-owned subsidiary of Liberty Interactive, announced its intention to offer two series of senior secured notes. One series of Notes will mature in 2019 and the other series will mature in 2024. The Notes will be secured by a first-priority lien on the capital stock of QVC, which is the same collateral that secures QVC's existing secured indebtedness and certain future indebtedness. The net proceeds from the offering will be used to repay indebtedness under QVC's senior secured credit facility and for working capital and other general corporate purposes.
8:49 am Odyssey Marine Q4 EPS in-line, misses on revs; Co reports record Q4 and full year 2013 results (OMEX) : Reports Q4 (Dec) earnings of $0.13 per share, in-line with the Capital IQ Consensus Estimate of $0.13; revenues rose 118% year/year to $17.2 mln vs the $20 mln consensus.
- "Our record revenue growth in 2013 and profitability in Q4 reflects our unique abilities to discover, recover and monetize valuable undersea assets," said Mark Gordon, Odyssey's president and chief operating officer. "In Q4, we monetized the majority of the 61 tons of silver we recovered in 2013 from the SS Gairsoppa shipwreck, which drove these record top and bottom line results."
8:46 am Chevron reaffirms strategies and future growth; expected to add over 800,000 barrels of oil equivalent per day by 2017 (CVX) : "Our upstream portfolio leads the industry in quality, breadth and depth. We have the right strategies, always adhere to a disciplined investment approach, and are constantly managing the portfolio to extract and maximize value for our shareholders. Our base business is performing exceptionally well and provides us a substantial, longer-term competitive advantage, driving continued peer-leading financial and operational performance."
"Our plan for production growth is solid and will be driven by near-term project ramp-ups as well as our larger major capital projects which begin starting up later this year....These projects are attractive, and when combined with profitable production growth from our shale and tight resource developments, are expected to add over 800,000 barrels of oil equivalent per day by 2017. We also have a deep queue of other growth opportunities which should allow us to continue growing production to the end of the decade."
8:45 am Mobile Mini adopts majority voting standard for election of directors and other shareholder friendly corporate governance policies (MINI) :
- Co announced that its Board of Directors has amended the co's bylaws to adopt a majority voting standard for the election of Directors. The new standard is effective immediately and will apply to all future elections of Directors.
- The co's majority vote standard requires each nominee for election to the Board to receive a majority of the votes cast in order to be elected to the Board. Previously, Directors were elected under a plurality vote standard, in which candidates receiving the most votes were elected, regardless of whether those votes constituted a majority. Plurality voting still will apply in contested elections, where the number of Director candidates exceeds the number of available Director positions.
- Additionally, the Board has adopted policies that it believes further enhance the co's corporate governance standards and are aligned with the interests of shareholders. These policies will take effect immediately.
8:44 am On The Wires (:WIRES) :
- WuXi PharmaTech (Cayman) (WX) and Pacific Biomarkers announced a biomarker collaboration. PBI will provide access to its extensive menu of validated biomarker assays to support WuXi's integrated clinical trial testing services.
- Meru Networks (MERU) announced that Royal Caribbean Cruises (RCL) has chosen Meru 802.11ac as its standard for wireless LAN connectivity on all new onboard deployments.
- Cisco (CSCO) announced that RST Fiber is using Cisco's end-to-end network infrastructure solution to deliver 100 Gigabit connectivity in a new statewide network in North Carolina.
- Brocade (BRCD) announced the appointment of Christine Heckart to the position of Chief Marketing Officer.
- Marvell (MRVL) announced that the Marvell ARMADA Mobile PXA986 is powering Samsung's (SSNLF) second generation7-inch tablet, the Galaxy Tab 3 Lite.
- Harmonic (HLIT) announced that Intigral has deployed a comprehensive Harmonic headend solution to support its IPTV and OTT multiscreen services.
- TD Ameritrade (AMTD) has reached a new milestone: monthly average client trades per day eclipsing 500,000 for the first time in its history. Average client trades per day for the month of Feb 2014 were a record 501,000, up 1% from the record 496,000 average trades per day it reported for Jan 2014.
- Starwood Hotels & Resorts Worldwide (HOT) announced that its Element brand is gaining momentum in Florida with plans for a second hotel in the Miami metropolitan area.
- Liquidity Services (LQDT) will be conducting an online auction for surplus equipment no longer needed in Hallmark Cards' daily operations.
- Senomyx (SNMX) announced that its new Sweetmyx flavor ingredient, previously referred to as S617, has been determined to be Generally Recognized As Safe under the provisions of the Federal Food, Drug and Cosmetic Act, administered by FDA.
- BNY Mellon (BK) has implemented an enhanced collateral management program for BofA Merrill Lynch (BAC) that expands collateral eligibility and creates greater collateral management efficiencies for depositing eligible margins at CME Clearing.
- Greater Giving, a division of Global Payments (GPN), has signed an agreement with ClickBid to provide cloud-based mobile bidding technology to power Greater Giving Mobile Bidding.
- EnerNOC (ENOC) announced that the City of Philadelphia will deploy EnerNOC's EfficiencySMART Insight application across ten of the city's largest buildings.
8:43 am European Markets Update: DAX +0.2%, FTSE -0.2%, CAC -0.4% (:SUMRX) : Major European indices trade in mixed fashion with Germany's DAX (+0.2%) leading while France's CAC (-0.4%) lags. Participants received several economic data points. Germany's trade surplus narrowed to EUR17.20 billion from EUR18.30 billion (EUR17.70 billion expected). Great Britain's Industrial Production ticked up 0.1% month-over-month (0.2% expected, 0.5% prior) while the year-over-year reading increased 2.9% (3.0% consensus, 1.9% previous). Manufacturing production rose 0.4% month-over-month (0.3% consensus, 0.4% prior) while the year-over-year reading increased 3.3% (3.3% expected, 1.4% last). BRC Retail Sales Monitor fell 1.0% year-over-year (1.6% expected, 3.9% prior). Elsewhere, Italian GDP ticked up 0.1% quarter-over-quarter (0.1% consensus, 0.1% prior) while the year-over-year reading fell 0.9% (-0.8% expected, -0.9% last). Also of note, Swiss Industrial Orders fell 0.6% (2.0% forecast, -1.1% previous).
Among news of note, Eurogroup President Jeroen Dijsselbloem said 'solid' progress has been made on the Single Resolution Fund.
- Germany's DAX is higher by 0.2% with exporters showing strength. BMW, Daimler, and Volkswagen display are up between 0.2% and 1.2%. On the downside, producers of basic materials lag. BASF, Lanxess, and Linde display losses between 0.2% and 0.7%.
- Great Britain's FTSE holds a loss of 0.2% as financials weigh. Barclays, Royal Bank of Scotland, and Old Mutual are down between 1.8% and 3.0%. On the upside, apparel retailer Sports Direct International trades up 3.4%.
- In France, the CAC is lower by 0.4% with consumer names on the defensive. Carrefour and Kering are both down near 1.3%. Software company Gemalto outperforms, trading higher by 2.4%.
8:31 am Clean Diesel Technologies announces new Honda Vehicle award (CDTI) : Co announced that it has begun production of catalysts featuring CDTi's high-performance Mixed Phase Catalyst technology for Honda's 2015 Acura TLX model.
- Shipments are expected to commence in the first half of 2014.
8:31 am Oramed Pharmaceuticals granted its 3rd patent in Australia for oral administration of exenatide (ORMP) : Co announced that IP Australia, the Australian government's patent office, has issued the co its third patent in the country. The patent, titled "Methods and Compositions for Oral Administration of Exenatide," covers oral exenatide compositions made using the co's proprietary technology, including its ORMD-0901 oral exenatide capsule. IND-enabling toxicity studies are scheduled to begin later this year in the U.S. and a Phase 1b study outside of the U.S. is also planned for 2014.
8:28 am S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +4.00. (:WRAPX) : U.S. equity futures continue trading little changed after spending the night in narrow ranges. Although the overnight session was largely uneventful, the Bank of Japan maintained its current policy stance ahead of the sales tax increase, which is planned for April. The BoJ did not hint at plans for additional easing in the near-term, which was met with modest yen strength. The dollar/yen pair has recouped its slim losses while the Japanese currency continues trading modestly higher against the euro.
Staying on the currency theme, the U.S. Dollar Index (79.84, +0.07) holds a modest gain of 0.1% with the greenback showing strength against the British pound and the euro.
Treasuries are little changed with the 10-yr yield at 2.78%.
8:26 am On The Wires (:WIRES) :
- Cannabis Science (CBIS) acknowledged Dr. Sanjay Gupta for objectively addressing treatment benefits of cannabis for several critical ailments. Leading up to the airing of his new documentary, 'Weed 2', to be aired this evening on CNN at 10 p.m. EDT, Dr. Gupta published an article in which he states "I am more convinced than ever that it is irresponsible to not provide the best [medical] care we can, care that often may involve marijuana. I am not backing down on medical marijuana; I am doubling down."
- Engility (EGL) has won a position on a $50 mln multi-award contract to provide a range of engineering and technology support for U.S. Navy anti-submarine warfare sensor systems.
- The Medical University of South Carolina and Alliance Oncology, a division of Alliance HealthCare Services (AIQ), announced a newly formed affiliation designed to strengthen and expand MUSC's Hollings Cancer Center as the radiation therapy market leader in Charleston, South Carolina.
- Mast Therapeutics (MSTX) announced that the United States Adopted Names Council has selected "vepoloxamer" as the unique non-proprietary (generic) name for the active pharmaceutical ingredient in MST-188, the co's lead product candidate.
- Axcelis Technologies (ACLS) has received a multiple system order for the co's new Purion XE single wafer, high energy implanter.
- Jack Henry & Associates' (JKHY) Symitar division announced that Dominion Credit Union has selected Episys as its in-house core processing solution.
- Meridian Health of New Jersey is initiating a program to deploy TrueBeam technology from Varian Medical Systems (VAR) across its network of cancer treatment clinics.
8:23 am Gapping down (:SCANX) : In reaction to disappointing earnings/guidance: FTEK -19%, BONT -8% (also announces Brendan L. Hoffman's term as President and Chief Executive Officer will end in 2015), AEO -6.8%, URBN -4.5%, CASY -2.4%, VRNG -2.1%, RNF -1.8% (light volume), SNTA -1.2%(also Synta Pharma and QuantumLeap Healthcare Collaborative Announce Selection of Ganetespib for I-SPY 2 TRIAL in Breast Cancer), DD -0.9%.
European financial names showing weakness: BCS -3.3%, NBG -2.4%, RBS -2.2%, DB -1.5%, CS -0.8%, HSBC -0.4%.
A few oil/gas related names showing early weakness: CEO -2.6%, RDS.A -1%, BP -0.3%, .
Other news: AMZG -10.9% (announces exercise of purchase option and updated 2014 capital budget; Announces offering of 10 mln shares of common stock after giving effect to a 1 for 4 reverse stock split that will occur concurrently with pricing of the offering), MYGN -9.4% ( request for injunction in patent related dispute has been denied, according to reports), OXLC -3.9% (commences public offering of 2.35 mln shares of common stock), VIPS -3.4% (proposes to offer $400 mln of the Notes due 2019; downgraded to Neutral from Buy at Goldman), ACMP -3.2% (announced the commencement of an underwritten public offering of 8 mln common units representing limited partner interests owned by Global Infrastructure Partners II), STCK -2.3% (announces commencement of public offering of 6.6 mln shares of common stock by selling stockholders), TKMR -2.2% (announced that it is offering to sell shares of its common stock in an underwritten public offering to raise gross proceeds of ~US$60 mln), HLF -1.8% (ahead of Pershing presentation), KO -1.7% (Coca Cola discloses GMCR stake in 13D), MMYT -1.3% (announces public offering of 4.5 mln ordinary shares), NVO -1.2% (still checking), AMGN -1.1% (Amgen and Bayer report Phase 3 Study results of NEXAVAR as adjuvant treatment for patients with liver cancer who have undergone surgery or local ablation), CCL -1.1% (still checking), MCD -0.3% (Barron's profiles cautious view on McDonalds), BHP -0.2% ( plans to sell African iron ore assets, according to reports).
Analyst comments: ARTX -1.8% (downgraded to Neutral from Buy at B. Riley & Co. on valuation; tgt raised to $5 from $3.70), NXTM -3.5% ( downgraded to Underperform from Market Perform at Wells Fargo), RKUS -2% (initiated with a Underperform at Bernstein), AIXG -1.9% (downgraded to Neutral from Outperform at Exane BNP Paribas), NTRS -1.3% (downgraded to Sell from Neutral at UBS), ARUN -0.7% (initiated with a Underperform at Bernstein), USB -0.4% (downgraded to Market Perform from Outperform at Keefe Bruyette ), INTC -0.2% (initiated with a Sell at Ascendiant Capital Markets)
8:14 am Gapping up (:SCANX) : In reaction to strong earnings/guidance: FCEL +18.3%, PME +16.7%, (light volume), POWR +16% (light volume), PWRD +9.4%, NVAX +9.2% (light volume), EJ +8.6%, PLOW +5.4%, HIL +4.6%, ARCO +3%, CISG +2.6%, ROYL +2.3% (thinly traded), ONTX +2% (light volume)
M&A news: TMUS +2% ( Softbank still attempting to buy TMUS and merge it with Sprint, according to reports).
Select metals/mining stocks trading higher: GFI +1.8%, SLV +1.5%, SLW +1.2%, AUY +1.2%, GG +1.2%, GDX +1.1%, GOLD +0.8%.
Battery related names seeing continued momentum: CPST +12.2%, PLUG +11.5%, BLDP +10.5%, CBAK +2.5%
Other news: LJPC +63.9% (reports positive, top-line results from Phase 2 Clinical Trial of GCS-100 in chronic kidney disease; primary efficacy endpoint of improved kidney function achieved),RCON +22.6% (Recon Technology's BHD division receives new authorization to provide fracturing equipment and services for SinopeC),HOTR +19.3% (modestly rebounding),DSS +11.6% (files patent infringement claim against Samsung (SSNLF), TSMC, and NEC),UQM +10.4% (continued strength),BYD +8.5% (Elliott Associates and Elliott International disclosed a combined 4.99% stake),RGSE +7.1% (continued strength),RNN +6.4% (Announces Initial Results from Phase I Trial of Supinoxin (RX-5902) for Solid Cancer Tumors; Supinoxin is safe and well tolerated over the dose range tested in cancer patients),PPHM +4.2% ( Data Presentations at Keystone Symposium Support Potential of co's PS-Targeting Antibodies to Overcome Immune Suppression and Enhance Anti-Tumor Activity of Anti-CTLA-4 and PD-1 Antibodies),GTAT +2.9% (Signs Agreement to Supply $336 Million of Equipment and Technology for a 25,000 MTA Polysilicon Production Facility in Sarawak, Malaysia),EXXI +1.7% ( positive comments on Mad Money),BBRY +1.3% (has sold its US HQ in Las Colinas, according to reports),KYTH +1.1% (acquired rights to ATX-101 outside of the U.S. and Canada from Bayer (BAYRY) Consumer Care),MSG +0.8% ( Sean 'Diddy' Combs bid ~$200 mln for the MSG owned Fuse cable-TV channel, according to reports).
Analyst comments: JCP +6.9% (upgraded to Buy from Neutral at Citigroup),ITMN +4% (upgraded to Buy from Neutral at Goldman),DDD +2.7% ( upgraded to Overweight from Equal Weight at a boutique firm),GWPH +2.1% (initiated with a Buy at BofA/Merrill),ARO +1.4% ( initiated with a Buy at Buckingham Research),BLOX +0.9% (Infoblox initiated with an Overweight at Piper Jaffray),M +0.8% (upgraded to Outperform from Market Perform at Wells Fargo),AAPL +0.7% (upgraded to Outperform from Sector Perform at Pacific Crest),FB +0.7% (target raised to $85 from $70 at Citigroup),RFMD +0.7% ( initiated with a Buy at Ascendiant Capital Markets)
8:13 am Springleaf Hldgs misses by $0.01 (LEAF) : Reports Q4 (Dec) core earnings of $0.42 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.43; interest income rose 38.5% year/year to $579.1 mln.
Co sees FY14 consumer net finance receivables at year end $3.6-3.75 bln; comsumer risk adj. yield 22-23%; pretax earnings 85-105 mln.
The co has agreed to sell to three different parties a total of ~$1.0 billion of mortgage loans serviced by PennyMac. The sale is expected to generate a gain of ~$55 million, with closing anticipated by March 31, 2014. This transaction reflects an acceleration of the liquidation of the legacy mortgage portfolio through continued organic runoff and opportunistic sales.
8:12 am Lions Gate Entertainment: The Hunger Games: Catching Fire sells ~3.9 mln DVD and Blu-Ray units in first weekend of North American release (LGF) : Co announced that the global blockbuster Hunger Games franchise continued to gain momentum as The Hunger Games: Catching Fire sold an estimated 3.9 million DVD and Blu-ray units in its first weekend of North American release and had the biggest digital launch in the Company's history with opening weekend digital sales increasing nearly 40% over the first Hunger Games film.
8:11 am Ameris Bancorp acquires Coastal Bankshares in transaction valued at ~ $36.7 mln (ABCB) : Ameris Bancorp announces the signing of a definitive merger agreement under which Ameris will acquire Coastal Bankshares, the parent company of The Coastal Bank.
- As of December 31, 2013, Coastal reported assets of $433 mln, loans of $295 mln, and deposits of $364 mln.
- Upon completion of the transaction, the combined company will have ~$4.1 bln in assets, $2.8 bln in loans, $3.4 bln in deposits and a branch network of 74 banking locations across four states.
- Coastal shareholders will receive 0.4671 shares of Ameris common stock for each share of Coastal common stock.
- The transaction is valued at ~$36.7 mln in the aggregate, or $10.00 per Coastal share, based on Ameris's average closing stock price of $21.41 for the three days ending March 7, 2014.
8:08 am Arcos Dorados misses by $0.03, misses on revs; guides FY14 revs above consensus (ARCO) : Reports Q4 (Dec) earnings of $0.15 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.18; revenues rose 3.6% year/year to $1.05 bln vs the $1.08 bln consensus.
- Organic revenue growth was 15.8%, partially offset by depreciation of local currencies, mainly in Brazil, Venezuela and Argentina.
- Strong organic revenue growth was driven by a 10.6% expansion in systemwide comparable sales and a contribution of $58.5 million in constant currency from the net addition of 114 restaurants during the last 12-month period.
- The Caribbean division and SLAD reported double-digit increases in comparable sales and organic revenues.
- Systemwide comparable sales increased by 10.6% year-over-year.
- Adjusted EBITDA increased by 5.7% to $118.0 million, on an as reported basis.
- Excluding currency translation and special items, Adjusted EBITDA was 20.0% higher year-over-year.
Co issues upside guidance for FY14, sees FY14 revs of +13-16% to ~$4.55-4.68 bln vs. $4.19 bln Capital IQ Consensus Estimate.
- Adjusted EBITDA Growth + 15% - 18%
- Capital Expenditures: $200 million
- Restaurant openings (Gross): 90
8:08 am Osiris Therapeutics announced Q4/FY13 accounting adjustment (OSIR) : Co announced today an accounting adjustment to its Fourth Quarter and Full Year 2013 financial results reported on March 5. The adjustment results from a change in the allocation of income tax benefits from continuing operations to discontinued operations. There is no change in net income, cash or cash flow.
- This adjustment reduces the income tax benefit allocated to Continuing Operations from $3.6 million to $1.3 million in both the fourth quarter and full fiscal year. Correspondingly, this changes Income from Continuing Operations for the fourth quarter of 2013 from $3.7 million to $1.5 million. Income from Continuing Operations for the 2013 fiscal year changes from $1.1 million to a loss of $1.1 million. In addition, Total Assets are increased from $92 million to $92.1 million.
8:07 am Recro Pharma announced the full exercise of the over-allotment option granted to the underwriters to purchase an additional 562,500 shares of common stock at a public offering price of $8.00/share, in connection with the co's recently announced initial public offering of 3,750,000 common shares (:REPH) : Co announced the full exercise of the over-allotment option granted to the underwriters to purchase an additional 562,500 shares of common stock at a public offering price of $8.00 per share, in connection with the company's recently announced initial public offering of 3,750,000 common shares. The full exercise of the option brings total gross proceeds from the offering to $34,500,000, before deducting underwriting discounts and commissions and other offering expenses payable by the company. The offering is expected to close on March 12, 2014. Aegis Capital Corp. is acting as sole book-running manager for the offering. Brean Capital is acting as a co-manager for the offering.
8:06 am American Eagle beats by $0.01, reports revs in-line; guides Q1 EPS below consensus (AEO) : Reports Q4 (Jan) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.26; revenues fell 7% year/year to $1.04 bln vs the $1.04 bln consensus.
- CO lowered Q4 EPS guidance to $0.26 from $0.26-0.30 on Jan 9.
- Consolidated comparable sales for the 13 weeks decreased 7% over the same 13 week period last year. This follows a 4% comparable sales increase last year.
- Gross profit decreased 28% to $332 million and decreased 930 basis points to 31.9% as a rate to revenue. The decrease was primarily the result of increased promotional activity and the deleverage of rent on negative comparable sales.
- Business conditions remain challenging, with severe winter weather contributing to weak demand. Co guyides for a high single-digit decline in comparable sales. "The Company's results in 2013 were highly disappointing. While tough macro conditions have persisted in our retail sector, our merchandise and overall customer experience fell short of expectations. We're taking steps to bring greater focus and excitement to our product offering and better engage our core customers. Our brands remain incredibly strong and I'm confident in our ability to execute the strategic plan and resume long-term profitable growth."
8:06 am CommonWealth REIT Board sends letter to shareholders pointing out tangible results from business plan and enhanced governance standards; recommends shareholders support the CWH board and mgmt by voting the white consent revocation card today (CWH) :
8:06 am Infinity Cross Border Acquisition Corp announces extension of tender offer for ordinary shares until 11:59pm ET on March 31, 2014 (INXB) :
8:04 am GT Advanced Technologies signs agreement to supply $336 mln of equipment and technology for a 25,000 MTA polysilicon production facility in Sarawak, Malaysia (GTAT) : Co announces the signing of a $336 mln supply agreement with Cosmos Chemicals Berhad to provide equipment and technology for a 25,0000 metric ton annual polysilicon facility, a project sponsored by Saudi Arabia based Project Management & Development Company, that will be located in Sarawak, Malaysia.
Under the terms of the agreement, which is subject to financing, GTAT will supply its complete suite of polysilicon production equipment and technology including engineering services, hydrochlorination, SDR CVD reactors, filament production, and polysilicon processing. Cosmos Chemicals Berhad is currently securing final financing for the project. Contingent upon completion of this step, GTAT expects the project to commence in phases beginning with the commissioning of engineering work followed by an equipment order.
8:04 am Cantel Medical beats by $0.01, beats on revs (CMN) : Reports Q2 (Jan) earnings of $0.27 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 11.8% year/year to $119 mln vs the $117.73 mln consensus.
- "We are pleased to have delivered record sales and solid earnings performance in the second quarter. These positive results confirm the continued success of our strategic approach to growth which includes investing in new product development, sales and marketing programs and acquisitions. Most importantly, for the third consecutive quarter we had strong organic sales growth of 10%."
- Overall, we expect to continue to accelerate these investments over the next several quarters, while remaining committed to an active global acquisition program.
8:04 am Peregrine Pharma: Data presentations at Keystone Symposium support potential of co's PS-targeting antibodies to overcome immune suppression and enhance anti-tumor activity of anti-CTLA-4 and PD-1 antibodies (PPHM) :
- Co announced that preclinical data presentations made validate the immune-stimulatory mechanism of its phosphatidylserine (:PS) targeting platform while demonstrating that the combination of an anti-PS antibody and anti-CTLA-4 or anti-PD-1 antibody displayed superior tumor growth than either anti-CTLA-4 or anti-PD-1 antibody alone in animal tumor models. These data were outlined in two presentations at the Keystone Immune Evolution in Cancer meeting being held March 9-13, 2014 in Whistler, British Columbia, Canada. Peregrine's lead PS-targeting antibody, bavituximab, is currently being evaluated in second-line non-small cell lung cancer (:NSCLC) as part of the SUNRISE pivotal Phase III clinical trial.
- In the poster titled: "Phosphatidylserine-Targeting Antibodies Induce M1 Macrophage Polarization, Promote Myeloid Derived Suppressor Cell Differentiation and Boost Tumor-Specific Immunity", Dr. Huang and colleagues demonstrate that PS-targeting antibodies significantly decreased the ratio of M2 to M1 tumor associated macrophages (TAM) and decreased the levels of myeloid derived suppressor cells (:MDSC). In addition, PS-targeting antibodies were shown to promote and increase the frequency of dendritic cell (:DC) maturation into cells having the phenotype of functional antigen presenting cells while also eliciting specific anti-tumor T-cell responses. In combination studies with anti-PD-1, tumor progression was slowed compared to anti-PD-1 treatment alone. As well, combination treated splenic T-cells produced increased levels of the cytokines IL-2 and interferon gamma.
- In a poster titled: "Phosphatidylserine Targeting Antibodies Enhance the Activity of Immune Checkpoint Inhibitors in Tumors" scientists from Peregrine and the University of Texas Southwestern Medical Center demonstrate that PS-targeting antibodies enhance the anti-tumor activity of anti-CTLA-4 and anti-PD-1 antibodies through infiltration of activated immune cells in tumors and induction of adaptive immunity.
- Results from these preclinical studies found that animals administered a combination of a PS-targeting antibody and an anti-CTLA-4 or an anti-PD-1 antibody exhibited greater tumor growth suppression and longer survival than anti-CTLA-4 and anti-PD1 antibodies alone. In addition, data showed that animals that survive the initial tumor challenge develop tumor-specific protective immunity and are resistant to re-challenge of the initial tumor. Lastly, tumors from animals treated with PS-targeting in combination with anti-CTLA-4 antibodies show strong and uniform T-cell and macrophage infiltration by immunohistochemical staining.
8:03 am Canadian Pacific Railway Limited announces that the Toronto Stock Exchange has accepted CP's notice to implement a normal course issuer bid to purchase, for cancellation, up to 5,270,374 common shares (CP) : CP announces that the Toronto Stock Exchange (:TSX) has accepted CP's notice to implement a normal course issuer bid (:NCIB) to purchase, for cancellation, up to 5,270,374 common shares, being 3 percent of the common shares outstanding as at March 4th, 2014.
- The NCIB is scheduled to commence on March 17th, 2014 and is due to terminate no later than March 16th, 2015.
- CP believes that the purchase of its shares from time to time is an appropriate and advantageous use of the Corporation's funds.
- The actual number of common shares that will be repurchased under the NCIB, and the timing of any such purchases, will be determined by CP.
8:02 am Odyssey Marine receives preliminary assessment of Oceanica resources mineral deposit (OMEX) : Co has received an NI 43-101 compliant technical report/preliminary assessment from an independent Qualified Person that provides an extensive preliminary evaluation of a portion of the mineral deposit controlled by the co's subsidiary, Oceanica Resources, S. de. R.L. The preliminary report does not include an evaluation of the entire deposit, but utilizes data from 594 core intervals from 161 drill holes tested and analyzed to date. This does not include concession extension areas where testing is still in process, or areas below the core sample depth in which the core ended with full mineralization. The report concludes for the areas tested to date:
Measured phosphorite resources are estimated at 92.4 million ore tonnes at 18.5% P2O5 in an area of 23.11 sq. km. Indicated phosphorite resources are estimated at 181.1 million ore tonnes at 18.8% P2O5 in an area of 42.88 sq. km. Inferred phosphorite resources are estimated at 231.9 million ore tonnes at 20.1% P2O5 in an area of 44.19 sq. km
8:02 am New Residential announces acquisition of interests in $900 mln pool of mortgage loans from Springleaf (NRZ) : NRZ committed to purchase interests in a $900 million pool of non-Agency residential mortgage loans (approximate current face amount) that were previously securitized by an affiliate of Springleaf Financial Corporatio.
- New Residential expects to settle the acquisition by the end of the first quarter of 2014.
- Springleaf is majority owned by private equity funds managed by an affiliate of co's manager.
8:01 am Brandywine Realty Trust announces appointment of Thomas E. Wirth as Executive Vice President and CFO (BDN) : Co announced the appointment of Thomas E. Wirth, age 50, as Executive Vice President and Chief Financial Officer of the Company in replacement of Mr. Howard M. Sipzner effective as of the close of business on March 10, 2014. Since December 2009, Mr. Wirth served the Company as Executive Vice President, Portfolio Management and Investments where he directed portfolio management, acquisition and disposition activities and assisted in formulating the Company's capital allocation tactics, including structuring joint ventures and construction financings.
8:01 am SunCoke Energy's Board of Directors supports management's plan to drop down over time the co's entire domestic coke business to SunCoke Energy Partners. (SXCP); SXC's 1Q14 ajusted EBITDA estimated to be $10 mln to $15 mln lower due to severe winter weather and challenges at its Indiana Harbor cokemaking facility (SXC) :
- Co announced its Board of Directors supports management's plan to drop down over time the Company's entire domestic coke business to SunCoke Energy Partners (SXCP). SXC is the sponsor, general partner and largest unitholder of SXCP, holding a 56 percent limited partnership interest and all the incentive distribution rights.
- The Company also announced its strategic intent to exit the Coal Mining business.
- As a part of management's multi-year plan, the Board of Directors approved the initial dropdown of a 33 percent interest in the Haverhill and Middletown cokemaking operations, in which SXCP already holds a 65 percent interest. SXC will continue to retain a 2 percent interest in both facilities. Although terms have not yet been finalized, SXC anticipates SXCP will finance this transaction through a combination of equity and debt.
- Also at this meeting, SXC noted that the effect of severe winter weather across its operations and challenges at its Indiana Harbor cokemaking facility, which is undergoing a significant refurbishment, negatively impacted coke production by an estimated 60 thousand tons. Due to these issues, the Company expects first quarter 2014 Adjusted EBITDA to be lower by a projected $10 mln to $15 mln. As a result, SXC currently expects full year 2014 Adjusted EBITDA to be in the lower half of its guidance range of $230 mln to $255 mln.
- SXCP announced today that it expects to raise its per unit cash distribution 5.3 percent to $0.50 for its first quarter 2014 distribution payable in May.
- SXCP's sponsor, SunCoke Energy (SXC) announced plans to drop down a 33 percent ownership interest in the Haverhill and Middletown cokemaking facilities to SXCP. This planned transaction will increase SXCP's ownership interest in both facilities to 98 percent from the current 65 percent level. SXC will continue to retain a 2% interest in these facilities. SXC, the largest independent producer of coke in the Americas, is SXCP's general partner and largest unitholder, owning a 56 percent limited partnership interest and all the incentive distribution rights.
- On an annual basis, the additional interest in Haverhill and Middletown is projected to raise SXCP's Adjusted EBITDA attributable to unitholders by ~$45 mln and contribute ~$38 mln to distributable cash flow before financing costs. The proposed terms of the initial dropdown are being reviewed by the independent members of SXCP's Board of Directors.
- The Company's sponsor, SXC, also indicated that over time it expects to drop down to SXCP all of its domestic cokemaking assets. The pace of future dropdowns is flexible based on the execution of potential greenfield and acquisition opportunities.
8:00 am Rexahn announces initial results from phase I trial of Supinoxin (RX-5902) for solid cancer tumors; supinoxin is safe and well tolerated over the dose range tested in cancer patients (RNN) :
- Co announced initial data for the Phase I dose-escalation clinical trial of SupinoxinTM initiated in August 2013. This trial was designed to study safety and efficacy in patients with solid cancer tumors. The study is still ongoing and the maximal tolerated dose has not yet been achieved. Three dosing cycles have been completed and no drug related adverse events have been reported.
- The fourth dosing cycle has been initiated. Two patients have received 2 cycles of treatment and one patient has received 6 cycles of treatment. Pharmacokinetic analysis has shown that SupinoxinTM displays dose-proportional exposure and an estimated oral bioavailability of 51%. The pharmacokinetic profile of Supinoxin is similar to what has been seen in preclinical studies.
7:59 am S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +1.20. (:WRAPX) : U.S. equity futures trade little changed amid mixed action overseas. The S&P 500 futures hover less than a point below fair value.
Reviewing overnight developments:
- Asian markets ended higher. Japan's Nikkei +0.7%, China's Shanghai Composite +0.1%, and Hong Kong's Hang Seng +0.02%.
- Looking at economic data:
- The Bank of Japan made no changes to its policy course, maintaining its key interest rate and the asset purchase at their respective 0-0.10% and JPY60-70 trillion. Separately, Machine Tool Orders jumped 26.0% year-over-year (40.3% previous).
- Australia's NAB Business Survey slipped to 0 from 4 while the Business Confidence component slipped to 7 from 9.
- New Zealand's Electronic Card Retail Sales rose 0.9% month-over-month (0.9% consensus, -0.5% prior) while the year-over-year reading increased 5.7% (6.1% previous).
- In news:
- The Bank of Japan maintained its economic assessment for the seventh consecutive month, saying CPI should be in the neighborhood of 1.25% for 'some' time.
- Speaking at the National People's Conference, People's Bank of China Governor Zhou Xiaochuan said interest rates are likely to be pushed higher by 'market forces' as the country continues on the path to rate liberalization.
- Looking at economic data:
- Major European indices trade in mixed fashion. Germany's DAX +0.3%, Great Britain's FTSE -0.3%, and France's CAC -0.4%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX -0.2%.
- Participants received several economic data points:
- Germany's trade surplus narrowed to EUR17.20 billion from EUR18.30 billion (EUR17.70 billion expected).
- Great Britain's Industrial Production ticked up 0.1% month-over-month (0.2% expected, 0.5% prior) while the year-over-year reading increased 2.9% (3.0% consensus, 1.9% previous). Manufacturing production rose 0.4% month-over-month (0.3% consensus, 0.4% prior) while the year-over-year reading increased 3.3% (3.3% expected, 1.4% last). BRC Retail Sales Monitor fell 1.0% year-over-year (1.6% expected, 3.9% prior).
- Italian GDP ticked up 0.1% quarter-over-quarter (0.1% consensus, 0.1% prior) while the year-over-year reading fell 0.9% (-0.8% expected, -0.9% last).
- Swiss Industrial Orders fell 0.6% (2.0% forecast, -1.1% previous).
- Among news of note:
- Eurogroup President Jeroen Dijsselbloem said 'solid' progress has been made on the Single Resolution Fund.
- Participants received several economic data points:
- Douglas Dynamics (PLOW 17.50, +1.18): +7.2% after beating on earnings and revenue.
- Dick's Sporting Goods (DKS 53.00, -1.33): -2.5% after its below-consensus Q1 earnings guidance overshadowed its in-line results.
- FuelCell Energy (FCEL 4.55, +0.62): +15.8% following its in-line earnings on better-than-expected revenue.
- Urban Outfitters (URBN 36.20, -1.31): -3.5% despite beating earnings estimates on revenue matching the February 10 warning.
7:48 am On The Wires (:WIRES) :
- Local (LOCM) announced the launch of its new Where-to-Buy solution for manufacturers, powered by the co's enterprise-ready Krillion local shopping platform.
- Cardtronics (CATM) has expanded its relationship with Tedeschi Food Shops. The broadened agreement names Cardtronics the exclusive ATM services provider for Tedeschi Food Shops.
- Mad Catz Interactive (MCZ) announced a new range of licensed audio headsets for Microsoft's (MSFT) Xbox One under the TRITTON gaming audio brand, expected to start shipping summer 2014.
- Jacobs Engineering (JEC) was selected by the Naval Facilities Engineering Command Midwest to provide architecture and engineering services for a variety of NAVFAC MW and U.S. Marine Corps Forces Reserve projects. The five year Firm Fixed Price Indefinite Quantity contract value has a maximum order limit of $30 mln. Co also received a contract from North West Redwater Partnership for its Sturgeon Refinery Project in Alberta's Industrial Heartland area.
7:41 am Asian Markets Close: Nikkei +0.7%, Hang Seng UNCH, Shanghai +0.1% (:SUMRX) :
- It was a sea of green across Asia as all of the major bourses, aside from India's Sensex, finished with gains.
- The Bank of Japan opined overnight, opting to leave its asset purchase program at JPY60-JPY70 trln per year ahead of next month's planned sales tax increase.
- India's trade deficit narrowed to $8.13 bln ($9.91 bln previous).
- Australia's NAB Business Confidence slipped to 7 (9 previous).
- Japan's Nikkei (+0.7%) remained near one and a half-month highs. Heavyweight Softbank provided support, up 2.6%.
- Hong Kong's Hang Seng (UNCHF) managed to hold the flat line. Energy and real estate shares were a drag with CNOOC sliding 2.7% and China Resources Land giving up 2.4% to lead their respective sectors lower.
- China's Shanghai Composite (+0.1%) narrowly avoided closing at a seven-month low as trade reclaimed the 2000 level. Property shares posted solid gains with China Vanke and Poly Real Estate jumping 4.9% and 4.4%, respectively.
- India's Sensex (-0.5%) slipped off record highs. Automakers were among the laggards as Maruti Suzuki shed 2.6% and Mahindra & Mahindra lost 2.1%.
- Australia's ASX (UNCHF) ended little changed. All of the 'big four' banks saw gains with Westpac tacking on 1.5%.
- Regional Decliners: None
- Regional Advancers: Singapore +0.1%...Malaysia +0.2%...Taiwan +0.4%...South Korea +0.5%...Indonesia +0.6%...Philippines +0.7%...Thailand +1.1%
- Fx: USDCNY unch @ 6.1383...USDINR ticked up to 60.94...USDJPY unch @ 103.30...AUDUSD unch @ .9025
7:38 am Dick's Sporting Goods reports EPS in-line with raised guidance, revs in-line; guides Q1 EPS below consensus; reaffirms FY15 EPS guidance (DKS) : Reports Q4 (Jan) earnings of $1.11 per share, in-line with the Capital IQ Consensus of $1.11; revenues rose 7.9% year/year to $1.95 bln vs the $1.94 bln consensus.
- Co raised Q4 EPS guidance to $1.10-1.11 from $1.04-1.07 on February 10.
- Adjusted for the shifted calendar, due to the 53rd week in 2012, consolidated same store sales increased 7.3%, compared to the Company's guidance provided on November 19, 2013 of an ~3 to 4% increase.
- Fourth quarter 2012 consolidated same store sales increased 1.2%. Shifted same store sales in the fourth quarter of 2013 for DICK'S Sporting Goods increased 7.9% while Golf Galaxy decreased 11.7%.
- Unshifted consolidated same store sales for the fourth quarter increased 6.3%, compared to the Company's guidance of an approximate 2 to 3% increase. Unshifted same store sales in the fourth quarter of 2013 for DICK'S Sporting Goods increased 6.8% while Golf Galaxy decreased 9.4%.
- eCommerce penetration for the quarter was 12.2% of total sales.
- Total inventory was 12.4% higher at the end of the fourth quarter of 2013 as compared to the end of the fourth quarter of 2012, and in-line with sales growth of 12.5% on a 13-week to 13-week basis.
- In Q4, the co repurchased ~2.6 million shares of its common stock at an average cost of $56.71 per share, for a total cost of $150.0 million.
Co reaffirms guidance for FY15, sees EPS of $3.03-3.08 vs. $3.10 Capital IQ Consensus Estimate. Consolidated same store sales are currently expected to increase ~ 3 to 4%, compared to a 1.9% increase in fiscal 2013. The co expects to open ~50 DICK'S Sporting Goods stores, relocate six DICK'S Sporting Goods stores, and remodel five DICK'S Sporting Goods stores in 2014. The co also expects to open ~ eight Field & Stream stores, relocate two Golf Galaxy stores, and open one Golf Galaxy store in 2014.
7:33 am Chemical Financial Corp. to partner with Northwestern Bancorp in an all cash transaction valued at $120 mln; results in anticipated double-digit accretion to EPS in first full year (CHFC) :
- The boards of directors of Chemical Financial and Northwestern Bancorp announced the execution of a definitive agreement for Chemical Financial to partner with Northwestern Bancorp in an all cash transaction valued at $120 million.
- Chemical anticipates the transaction, with cost saves fully phased in, to be immediately accretive to earnings per share of ~ 16%. Chemical expects net cost savings from post-closing synergies to reach an annual run rate of ~ $11 million, and they are expected to be fully achieved within 2 quarters after the closing. Chemical estimates pre-tax acquisition-related and integration costs of ~ $13 million dollars, which are anticipated to be incurred within 6 months of the closing date.
- Under the terms of the definitive agreement, Chemical will acquire all of the outstanding shares of Northwestern's common stock in an all cash transaction. Pending satisfaction of normal regulatory approval requirements and other customary closing conditions, as well as approval of Northwestern shareholders, the transaction is anticipated to close in the third quarter of 2014. Upon closing of the transaction, Chemical intends to consolidate Northwestern's banking subsidiary, Northwestern Bank, into Chemical's banking subsidiary, Chemical Bank, and operate under the Chemical Bank name. Upon completion of the transaction, one independent member of Northwestern's board of directors will join Chemical's board of directors.
7:32 am Baxano Surgical announces $10 mln private placement of convertible debentures (BAXS) :
- Co announced that it has entered into a definitive agreement with entities affiliated with two institutional investors in connection with a private placement of ~ $10 million aggregate principal amount of subordinated convertible debentures and warrants to purchase 9,428,000 shares of common stock. Prior to the closing of the private placement, the co is required to obtain stockholder approval to increase the total number of its authorized shares of common stock and to approve the issuance of common stock pursuant to the debentures and warrants.
- The debentures will be convertible into common stock at an initial conversion price of $1.06 per share and will bear interest at 6% per year, maturing on March 11, 2017. The warrants will have an initial exercise price of $1.19 per share.
- "We plan to use the proceeds to expand our product portfolio through the development of the Avance pedicle screw system, and to execute our commercial growth strategy as we continue to penetrate the minimally invasive spine market."
- Piper Jaffray & Co. served as the lead placement agent and Stifel, Nicolaus and Company served as co-placement agent for the transaction.
7:32 am MFC Industrial acquires 100% interest in the F.J. Elsner & Co. GmbH (MIL) : Co announced that it acquired 100% interest in the F.J. Elsner & Co. GmbH ("Elsner"), a global commodity co focused on steel and related products which was founded in 1864 with its head office based in Vienna Austria.
Elsner's offerings include a full range of steel products including slabs, booms, billets, hot rolled steel plates, hot and cold rolled coils and sheets, reinforcing bars, galvanized material, pipes, tubers and merchant bars. Elsner has longstanding relationships with many steel mills in Eastern and Southern Europe as well as the Baltic States and the CIS. Revenue for the fiscal year ended June 30, 2013 was US$160 mln. They have significant diversification with their products, customers and suppliers.
7:32 am Lear announces $325 mln senior notes offering (LEA) :
- Co announced that it intends to commence an offering of $325 million in senior unsecured notes due 2024 in an underwritten public offering. The final terms of the offering will depend upon market conditions and other factors.
- The Company intends to use the proceeds from the offering to redeem the remaining aggregate principal amount of its 7.875% Senior Notes due 2018 and to partially redeem its 8.125% Senior Notes due 2020, as previously announced, and for general corporate purposes.
7:31 am Jarden announces proposed private offering of $600 million senior subordinated convertible notes (JAH) :
- Co announced that it intends, subject to market and other conditions, to offer $600 mln in aggregate principal amount of Senior Subordinated Convertible Notes due 2034 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
- The interest rate, initial conversion price, repurchase provisions and other terms of the Convertible Notes will be determined by negotiations between the Company and the initial purchasers. In connection with this offering, the Company expects to grant to the initial purchasers an option to purchase up to an additional $90 mln in aggregate principal amount of the Convertible Notes.
- The Company intends to use the net proceeds to repurchase up to $250 mln shares of its common stock under its stock repurchase program, subject to availability, and the remainder for general corporate purposes, which may include.
7:30 am Kindred announces plans to refinance its existing secured debt (KND) : Co announced that it intends to undertake a refinancing of its existing secured indebtedness. The proposed refinancing would extend the maturity profile of the Company's long-term debt, increase total availability under the Company's secured facilities, improve pricing and provide additional covenant flexibility. The Company also is evaluating options for refinancing its senior unsecured indebtedness, including through the incurrence of additional senior secured indebtedness and/or new unsecured indebtedness.
7:25 am On The Wires (:WIRES) :
- Procera Networks (PKT) announced a strategic partnership with Emirates Integrated Telecommunications Company PJSC (du), a telecom operator in the Middle East. du has purchased PKT's PacketLogic 10000 series of products.
- Superconductor Technologies (SCON) over the last three months has shipped hundreds of meters of Conductus wire to nine customers. Four of these customers are in the second stage of the wire evaluation process while five are in the first stage of the process. Six of these customers are new.
- ChannelAdvisor (ECOM) announced the addition of Alibaba Group's (ALBCF.PK) Tmall Global solution to the ChannelAdvisor platform.
- Callidus Software (CALD) announced that FusionStorm has selected CallidusCloud's Commissions and Territory and Quota solutions to optimize sales performance and accelerate their lead to money process.
- Electronic Arts (EA) and Respawn Entertainment announced that Titanfall is now available at retail stores across N. America exclusively for Xbox One, the all-in-one entertainment system from Microsoft (MSFT) and on Origin.com for PC.
- Rentrak (RENT) announced a partnership with i360 to provide insights into political audiences by integrating 18 segments of actual voter data with Rentrak's local television viewing ratings.
- DSP (DSPG) announced that Grandstream has chosen DSP Group's DVF99 VoIP platform for its new GXP2140 and GXP2160 IP phone models.
- Kratos Defense & Security Solutions (KTOS) announced that its Integral Systems Europe business group has been selected by TrustComm to deliver its Starlight gateway satellite earth station for installation in Cyprus to service Europe, the Middle East, Africa, Asia and Australia.
- Sizmek (SZMK) announced that its Sizmek MDX ad management platform has been accredited for its Viewable Impression metric by the Media Rating Council.
- RADCOM (RDCM) announced the initial phase of a multi-year deal at the ~ amount of $3.5 mln with a major operator in Brazil. This deal will cover the operator's 3G and LTE network providing new agility that reduces OPEX and CAPEX.
7:23 am Angie's List named Robert B. Wiseman Chief Technology Officer (ANGI) : Co announced that Robert B. Wiseman will join the company as Chief Technology Officer on March 19, 2014. Mr. Wiseman had served since 2006 as CTO for Sabre Travel Network, Airline Solutions and Travelocity, which are holdings of the Southlake, Texas-based Sabre, a privately held technology solutions provider to the global travel and tourism industry.
7:21 am Yen Flat as BOJ Stands Pat: 10-yr: unch..2.783%..USD/JPY: 103.26..EUR/USD: 1.3841 (:SUMRX) :
- The Dollar Index presses session highs near 79.90.
- The early bid has the greenback higher for a third straight session as trade looks to reclaim the 80.00 level.
- EURUSD is -35 pips @ 1.3840 as trade probes the overnight lows. Weighing on the single currency is the narrower than anticipated German trade surplus (EUR17.2 bln actual v. EUR19.3 bln expected, EUR18.3 bln previous), which has caused action to slip off its best levels since October 2011. Traders will continue to monitor the key 1.3800 level in the days ahead.
- GBPUSD is -35 pips @ 1.6610 as trade presses lower for a third session. Today's losses come despite the better than expected manufacturing production (0.4% MoM actual v. 0.3% MoM expected) and as Bank of England Governor Mark Carney testifies on the central bank's Inflation Report. Near-term support rests in the 1.6600 region.
- USDCHF is +20 pips @ .8800 as trade ticks higher for a second session. A minor victory for the bulls would be a retaking of .8850 resistance.
- USDJPY is flat @ 103.25 after the Bank of Japan kept policy on hold, as expected. The BOJ continued its pledge to expand the money supply by JPY60-JPY70 trln per year ahead of next month's planned sales tax increase. The 104.00 area provides the first level of resistance while 102.50 is home to support. Click here to see a daily USDJPY chart.
- AUDUSD is +10 pips @ .9035 as a light bid has emerged following two days of selling. Today's advance comes despite the downtick in NAB Business Confidence (7 actual v. 9 expected), and as the slowdown in China has moved off the front pages (for now). USDCNY was unchanged @ 6.1383.
- USDCAD is +10 pips @ 1.1115 as buyers look to remain in control for a third session. Traders continue to watch the 1.1185 level as any close above the mark would be the best since July 2009.
7:20 am Recon Technology's BHD division receives new authorization to provide fracturing equipment and services for Sinopec (SNP) (RCON) : Co announced that its BHD Petroleum Technology division has received a new oil field access Certificate from China's state-owned oil and gas exploration company, Sinopec (SNP), authorizing BHD to provide horizontal fracturing equipment and services at Sinopec's Northeast oilfield branch in China's Jilin Province.
7:07 am Synta Pharma and QuantumLeap healthcare collaborative announce selection of ganetespib for I-SPY 2 TRIAL in breast cancer (SNTA) :
- Co announced that Synta's lead drug candidate, the Hsp90 inhibitor ganetespib, has been selected for study in the I-SPY 2 TRIAL (Investigation of Serial Studies to Predict Your Therapeutic Response with Imaging And moLecular Analysis 2). I-SPY 2 is a standing phase 2 randomized, controlled, multicenter trial for women with newly diagnosed, locally advanced breast cancer (Stage 2 or higher) that is designed to test whether adding investigational drugs to standard chemotherapy is better than standard chemotherapy alone in the neo-adjuvant setting (prior to surgery).
7:06 am Seabridge Gold announces that the first mineral resource estimate for the Walsh Lake deposit at its 100%-owned Courageous Lake Project in Canada's Northwest Territories is reporting 4.62 mln tonnes of inferred resources grading 3.24 g/T (482,000 ounces of gold) (SA) :
- Co announced that the first mineral resource estimate for the Walsh Lake deposit at its 100%-owned Courageous Lake Project in Canada's Northwest Territories is reporting 4.62 million tonnes of inferred resources grading 3.24 g/T (482,000 ounces of gold). The independent NI 43-101 compliant resource estimate was prepared by Resource Modeling of Stites, Idaho.
- Co is now refining parameters to aid in drill testing the greenstone belt for more satellite deposits. The belt has numerous targets with gold at surface.
- The Walsh Lake model is based on 53 diamond core holes (totaling 17,450 meters) spaced at approximately 50 meters. The discovery was made in 2012. This new resource area is about 10 kilometres south of the FAT deposit where Seabridge has developed a 6.5 million ounce proven and probable gold reserve.
7:05 am ARC Group announces its division, 3D Material Technologies, purchased two Electro Optical Systems M 280 Direct Metal Laser Sintering industrial 3D printers for the co's Colorado production facility (ARCW) : The 3D printers have a build size of 250 x 250 x 325 mm (9.85 x 9.85 x 12.8 inches) and will increase 3DMT's capacity to manufacture complex parts out of stainless steel, maraging steel (MS1 material, tool steel), cobalt chrome, titanium, and aluminum.
7:04 am Bon-Ton Stores beats by $0.21, misses on revs; guides FY15 EPS below consensus (BONT) : Reports Q4 (Jan) earnings of $3.04 per share, $0.21 better than the Capital IQ Consensus Estimate of $2.83; revenues fell 9.6% year/year to $934.6 mln vs the $964.28 mln consensus; adj. EBITDA $170-180 mln; CF of $20-30 mln.
- Comparable store sales in the 13 weeks ended February 1, 2014 decreased 7.3% YoY vs. -5% ests.
- The gross margin rate for the fourth quarter of fiscal 2013 increased to 36.3% of net sales from 36.2% of net sales in the prior year.
"Despite disappointing fourth quarter sales results, we continued to make progress on several strategic initiatives that we believe will drive improved performance. Multiple snowstorms and the polar vortex during the December and January periods resulted in a sharp decline in traffic and, therefore, we were unable to achieve our comparable store sales goals in the fourth quarter. In spite of these top line pressures, we were able to achieve a gross margin rate slightly better than prior year and reduce expenses. In addition, we effectively managed our inventory such that we ended the year with inventory levels approximately 5% below that of the prior year, including a significant reduction in carryover merchandise, leaving us well positioned for the spring season."
7:04 am Bridgepoint Education misses by $0.13, beats on revs (BPI) : Reports Q4 (Dec) loss of $0.12 per share, $0.13 worse than the Capital IQ Consensus Estimate of $0.01; revenues fell 21.9% year/year to $163.5 mln vs the $156.71 mln consensus.
- Total student enrollment at the Company's academic institutions, Ashford University and University of the Rockies, was 63,624 at December 31, 2013, compared with 81,810 students at the end of the fourth quarter of 2012.
- Combined new student enrollments for the fourth quarter of 2013 at both of the Company's academic institutions increased to ~10,200, compared with combined new student enrollments of ~9,260 for the fourth quarter of 2012.
7:04 am Quest Diagnostics to acquire Summit Health; financial terms not disclosed (DGX) : Co announced that it has entered into a definitive purchase agreement under which Quest will acquire Summit Health. Terms of the transaction were not disclosed. Summit Health is a provider of on-site prevention and wellness programs primarily for employers.
7:02 am MacQuarie Infrastructure's Hawaii gas business receives Public Utilities Commission approval on LNG shipments; co to use LNG as backup fuel for its synthetic natural gas operations (MIC) :
- Co announced that its Hawaii Gas business has received approval from the Hawaii Public Utilities Commission to land containerized liquefied natural gas ("LNG") in Hawaii. The decision by the HPUC was issued on March 6, 2014. Hawaii Gas is currently the only company in Hawaii approved to introduce LNG into the state.
- Hawaii Gas intends to ship LNG from the U.S. mainland and use it as a backup fuel source for its synthetic natural gas operations on Oahu. The initiative will increase the reliability of its fuel supply to residential and commercial customers.
7:00 am Helen of Troy announces preliminary results of its modified 'Dutch auction' tender offer to repurchase up to $300 mln in value of its common shares (HELE) : Based on the preliminary count by Computershare Trust Company, N.A., the Depositary for the tender offer, ~ 3.69 million common shares were properly tendered and not properly withdrawn at or below the expected final purchase price of $66.50 per share, including shares that were tendered through notices of guaranteed delivery. In accordance with the terms and conditions of the tender offer, the Company expects to acquire 3,694,158 common shares at a final purchase price of $66.50 per share, for an aggregate purchase price of ~ $245.7 million (excluding fees and expenses relating to the tender offer).
6:55 am Bon-Ton Stores announces Brendan L. Hoffman's term as President and Chief Executive Officer will end in 2015 (BONT) : Co announced that Brendan L. Hoffman, President and CEO, has notified the co's Board of Directors that he will not renew his employment agreement with the co at its expiration on Feb 7, 2015. Therefore, Mr. Hoffman's term as President and CEO will end, and he will also resign as a director of the co, on Feb 7, 2015. The Board of Directors will undertake a national search to find a chief executive officer to succeed Mr. Hoffman.
6:46 am Volaris Aviation Holding reports an 11% increase in passengers for February 2014 (VLRS) : Co reports total number of booked passengers in February 2014 reached 625 thousand, a 10.5% increase compared to the same period in 2013. Volaris' demand, measured in Revenue Passenger Miles (RPMs) increased 12.4% year over year in February 2014. Volaris registered a load factor of 80.0% in February 2014.
6:38 am S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +1.00. :
6:38 am European Markets : FTSE...6663.77...-25.70...-0.30%. DAX...9277.43...+11.90...+0.10%.
6:38 am Asian Markets : Nikkei...15224.11...+104.00...+0.70%. Hang Seng...22269.61...+4.70...0.00.
6:30 am AngioDynamics receives expanded FDA clearance for AngioVac (ANGO) : Co announced the FDA cleared an expanded indication for its AngioVac cannula for venous drainage during extracorporeal bypass for up to six hours to include removal of fresh, soft thrombi or emboli.
6:11 am Gray Television misses by $0.01, beats on revs; guides Q1 revs below consensus (GTN) : Reports Q4 (Dec) earnings of $0.09 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.10; revenues fell 24.6% year/year to $95.5 mln vs the $91.65 mln consensus.
- Co issues downside guidance for Q1, sees Q1 revs of $91-92 mln vs. $96.05 mln Capital IQ Consensus Estimate.
- Gray's broadcast advertising revenues are typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups in advance of elections. This political spending typically is heaviest during the fourth quarter.
- Guidance Details: "We believe our first quarter of 2014 local advertising revenue, excluding political advertising revenue, will increase from the first quarter of 2013 by ~10%. We expect our first quarter of 2014 national advertising revenue, excluding political advertising revenue, will increase from the first quarter of 2013 by ~2%. We anticipate our first quarter of 2014 internet advertising revenue, excluding political advertising revenue, will increase from the first quarter of 2013 by ~4%. We believe our first quarter of 2014 retransmission consent revenue will increase from the first quarter of 2013 by ~67%."
6:10 am Sunshine Heart misses by $0.02 (SSH) : Reports Q4 EPS ($0.42) vs ($0.40) CIQ est; co reported no revs, as expected
Cash used in operating activities totaled $17.4 million for the full year 2013 compared to $13.1 million for 2012, with the increase driven primarily by higher clinical and research expenses. We have received net proceeds of $57.6 million through the sale of common shares in 2013 and $20.8 million in the previous year. The Company ended 2013 with $54.1 million in cash and cash equivalents, compared to $14.2 million at December 31, 2012.
In addition to financial results for the fourth quarter and year ended December 31, 2013, Sunshine Heart also announced several corporate updates with regard to the ongoing clinical studies for C-Pulse and progress of internal product development.
6:08 am E-House China announces new strategic initiatives; co to launch two new real estate service platforms (EJ) :
- Co announced two new strategic initiatives that will expand its services to real estate related financial services and community value-added services. To establish the financial services platform, E-House plans to form a JV, together with SINA (SINA), Sequoia Capital China, and Yunfeng Capital. The JV will leverage E-House's vast home buyer data and SINA's huge number of high-end online users to launch a series of asset backed financial products, bridging individuals who have borrowing needs and those who have investment demands. E-House and SINA will each have a 42.5% stake in the new JV.
- Co also announced that it plans to form a JV with SINA, Focus Media Holding and Shentong Express to provide online to offline community value-added services. The community-focused JV, of which E-House will have a 55% stake, will leverage SINA Weibo, WeMeet social network community online accounts, and mobile applications to reach consumers in local communities. Together with Focus Media's leading digital interactive media community networks and Shentong's logistical capabilities, the new JV aims to enable homeowners to find and connect with local service providers best suited to meet their "last mile" needs. In connection with the establishment of this community value-added service JV, E-House has signed a strategic cooperation agreement with Shanghai Shangfang Property Management and nine other leading property management companies in Shanghai.
6:03 am Plandai will assume a role in helping to craft legislation that is expected to result in the eventual legalization of marijuana for medical purposes in South Africa (PLPL) :
- Co announced that it will assume a role in helping to craft legislation that is expected to result in the eventual legalization of marijuana for medical purposes in South Africa. Plandai has retained the law firm Werksmans Attorneys, (LEX Africa) Sandton, South Africa, which includes health law as one of its specialties, to draft and file the co's comments on a recently introduced legislative bill that if passed, would effectively legalize medical marijuana in that country and pave the way for expanded research.
- The bill's objectives are to establish one or more research hospitals where medical innovation can take place, especially with regard to the treatment and cure of cancer. The bill would also legalize the medical, industrial and commercial use of cannabis in South Africa in accordance with emerging world standards.
6:02 am On The Wires (:WIRES) :
- Compuware (CPWR) announced that effective February 1, 2014, it has opened a new Center of Excellence for SAP solutions in the Partner Port, located near SAP headquarters, where more than 100 SAP partners and other companies with close relationships with SAP have office space in Walldorf, Germany.
- Unisys Corporation (UIS) announced that Capgemini UK plc has joined the Unisys channel program as a value-added reseller of Unisys Stealth cybersecurity software in the United Kingdom. Capgemini UK plc is part of the Capgemini Group, one of the world's foremost providers of consulting, technology and outsourcing services.
- Concurrent (CCUR) announced Get, Norway's leading digital television and broadband Internet provider, has selected Concurrent's MediaHawk VX unified content delivery solution to power their "Get TV" online video streaming service.
- SAP AG (SAP) announced a "buy now, pay later" offering that provides small and midsize enterprise customers zero-percent financing for up to 24 months for the purchase of any SAP product on the reseller price list.
- Caisson Biotech announced that it has expanded the scope of its partnership with global healthcare leader Novo Nordisk A/S (NVO).
- CME Group (CME) announced it has received approval from the United Kingdom's Financial Conduct Authority for a London-based derivatives exchange.
5:10 am Ship Finance Intl acquires two container vessels in combination with long-term charters and settlement of claim for breach of charterparties (SFL) : Co announces the agreement to acquire two 5,800 teu post-panamax container vessels built in 2001/2002 in combination with long-term charters.
The vessels are expected to be delivered to SFL over the course of the next few weeks, and the annual EBITDA contribution is estimated to be approximately $5.5 million on average during the charter period. The charters include a purchase option with profit share after 5 years.
4:31 am Amgen and Bayer report Phase 3 Study results of NEXAVAR as adjuvant treatment for patients with liver cancer who have undergone surgery or local ablation (AMGN) : Bayer HealthCare Pharmaceuticals Inc. and Onyx Pharmaceuticals, Inc., an Amgen subsidiary (Nasdaq: AMGN), today announced that a Phase 3 trial evaluating the investigational use of NEXAVAR tablets as an adjuvant treatment for patients with hepatocellular carcinoma (HCC), or liver cancer, who had no detectable disease after surgical resection or local ablation, did not meet its primary endpoint of improving recurrence-free survival. The safety findings were consistent with the known profile of sorafenib. Data from this study will be submitted for presentation at an upcoming scientific congress.
3:57 am On The Wires (:WIRES) :
- QIAGEN N.V. (QGEN) announced new capabilities for GeneGlobe, the Company's Genes & Pathways web portal providing access to biological assays. In its new version, GeneGlobe integrates biological knowledge through its Ingenuity Target Explorer bioinformatics application with GeneGlobe's extensive library of wet lab assay
- TIBCO Software (TIBX) announced TIBCO Spotfire customers now have direct connectivity to popular Big Data repositories from Cloudera, Hortonworks, and Pivotal. solutions.
2:27 am On The Wires (:WIRES) :
- Penn National Gaming (PENN) the licensee for the Commonwealth of Massachusetts' sole slots-only gaming license, announced today that it will break ground and begin construction of Plainridge Park Casino on Friday, March 14, 2014
- Vail Resorts (MTN) announced that the Epic Pass is now on sale for the 2014-15 season at epicpass.com.
- IBM (IBM) announced that premium car manufacturer BMW Group is deploying IBM Big Data & Analytics technology to optimize products, repairs and maintenance. The use of predictive analytics helps to detect and fix vulnerabilities before new models are launched -- and long before they might cause problems in series production.
- Eagle Investment Systems and a subsidiary of BNY Mellon (BK) announced that it is collaborating with AIMS-STM, the leading specialist in capital gains tax software for Australian shares and managed funds to accountants and financial institutions across Australia.
- Accenture (ACN) has been selected by the regional government of the Canary Islands to provide management consulting and technology services to the regional Department of Justice to help modernize its judicial information system.
1:32 am Samson Oil & Gas provides weekly update (SSN) : Co provides its latest update on its North Stockyard Project in North Dakota. The infill development plan for North Stockyard is to drill 10 middle Bakken wells and 8 Three Forks wells.
- Preparations have been completed for the fracture stimulation of the Blackdog 3-13-14H well, which is scheduled for Tuesday.
- All of the Tofte 2 pad wells are now flowing into the pad production facilities.
- Frontier 24 has completed its rig move to the Matilda Bay pad and has spud Matilda Bay 2-15-H.
- Sail and Anchor is flowing ahead of the Blackdog frac and will be subject of a coil tubing clean out in conjunction with the Blackdog frac.
- The Rennerfeldt #1 and 2 wells are scheduled to commence fracking on March 22nd and are currently undergoing wireline operations in preparation of that activity.
1:28 am Loncor Resources receives non-compliance notice relating to the Company's reduced exploration effort (LON) : The Company must submit a plan of compliance to the NYSE MKT by April 2, 2014 addressing how it intends to regain compliance by March 4, 2015.
1:25 am Vipshop proposes to offer $400 mln of the Convertible Notes due 2019 and registered ADS's (VIPS) : Co announces the commencement of:
- A registered underwritten public offering by the Company of its convertible senior notes due 2019
- A registered underwritten public offering by certain shareholders of the Company of American Depositary Shares, each representing two ordinary shares, par value $0.0001 per share, of the Company.
1:23 am Cloud Peak Energy announces successful results of the tender offer for its outstanding 8.250% Senior Notes due 2017 (CLD) :
- Company Earnings
- Commodity Markets