InPlay from Briefing.com

6:05 pm Digital Realty Trust and Prudential Financial's (PRU) Prudential Real Estate Investors announces $369 mln joint venture (DLR) : Co announced today the formation of a $369 million joint venture with an investment fund managed by Prudential Real Estate Investors ("PREI"), the real estate investment management and advisory business of Prudential Financial (PRU). Digital Realty seeded the joint venture, which was formed on September 27, 2013, with nine Powered Base Building data centers totaling 1.06 million square feet and valued at approximately $366.4 million (excluding $2.8 million of closing costs), or $346 per square foot. The properties are expected to generate cash net operating income of approximately $24.5 million in 2013, representing a 6.7% cap rate. The properties are 100% leased, with an average remaining lease term of approximately nine years. The PREI-managed fund will take an 80% interest in the joint venture and Digital Realty will retain a 20% interest. The joint venture is structured to provide a current annual preferred return from cash flow to the PREI -managed interest, while Digital Realty will receive fees and a promote participation for managing the properties.

6:02 pm Agrium: Chuck Magro to succeed Mike Wilson as CEO January 1, 2014 (AGU) : Co announced that its Board of Directors has appointed Agrium's Chief Operating Officer, Chuck Magro to succeed Mike Wilson as CEO upon his retirement, which will be effective December 31, 2013. Mr. Magro will join the Agrium Board of Directors immediately.

5:40 pm Health Care REIT announces pricing of $400 mln of 4.5% senior unsecured notes (HCN) : Co announced that it has priced $400 million in aggregate principal amount of 4.5% senior unsecured notes due January 15, 2024. The notes were priced at 98.958% of their face amount to yield 4.626%. Subject to customary closing conditions, the offering is expected to close on October 7, 2013. The company intends to use the net proceeds from this offering to repay outstanding indebtedness under its unsecured line of credit and for general corporate purposes, including investing in health care and seniors housing properties. Pending such use, the net proceeds may be invested in short-term, investment grade, interest-bearing securities, certificates of deposit or indirect or guaranteed obligations of the United States. BofA Merrill Lynch, J.P. Morgan, UBS Investment Bank, Citigroup and Deutsche Bank Securities acted as joint book-running managers for the offering.

5:20 pm United Tech announces government shutdown impact: 'if shutdown continues aerospace businesses will be forced to furlough thousands of workers (UTX) : Co stated that if the U.S. Government shutdown continues its aerospace businesses will be forced to furlough thousands of workers due to the absence of Defense Contract Management Agency (:DCMA) inspectors who audit and approve operations throughout the manufacturing process for military products. Without the required DCMA inspectors, who were deemed non-essential federal employees, certain defense manufacturing work must be halted, which will result in employee furloughs. United Technologies' Sikorsky Aircraft, which produces the BLACK HAWK helicopter, will be impacted immediately, with nearly 2,000 Sikorsky workers expected to be placed on furlough Monday, Oct. 7. This includes employees at Sikorsky facilities in Stratford, Connecticut; West Palm Beach, Florida; and Troy, Alabama. If the shutdown continues through next week, UTC's Pratt & Whitney and UTC Aerospace Systems units would also be affected, and company-wide furloughs are expected to double to include 4,000 workers. This number could exceed 5,000 employees if the government shutdown continues into next month.

4:34 pm Marketaxess announces monthly volume statistics for September 2013 (MKTX) : Co announced total monthly trading volume for September 2013 of $65.6 billion, consisting of $44.0 billion in U.S. high-grade volume, $15.7 billion in other credit volume, and $5.9 billion in liquid products volume. This data can be accessed on MarketAxess' website at www.marketaxess.com.

4:33 pm Intermolecular names C. Richard Neely, Kr. as CFO (IMI) : Co announced that it has named C. Richard (Rick) Neely, Jr. as the company's chief financial officer (:CFO) and senior vice president. Mr. Neely will assume responsibility for finance, accounting, and various other general and administrative functions, effective immediately. He replaces Reed Birnbaum, Intermolecular's vice president of finance and corporate controller, and acting principal financial and accounting officer.

4:32 pm General Steel receives notice regarding NYSE listing criteria (GSI) : Co announced that on September 26, 2013, it received a notice from the New York Stock Exchange that the Company is currently below the NYSE's continued listing standards. Specifically, the Company is below the NYSE minimum requirements for average global market capitalization of no less than $50 million over a 30 trading-day period, and total shareholders' equity of not less than $50 million.

4:31 pm OCZ Tech announces settlement of consolidated shareholder class action litigation; settlement of $7.5 mln will be funded by the co's D&O liability insurance (OCZ) : Co announced that it has reached a settlement in principle in the federal shareholder class action litigation filed in connection with the Company's financial restatement. Subject to Court approval, the settlement of $7.5 million will be funded by the Company's D&O liability insurance. The settlement may include an additional payment of the lesser of $6M or 4% of the net proceeds in the event that the company or any portion of it is sold within six months of the executed settlement agreement. This settlement would resolve the consolidated shareholder class actions pending in connection with the restatement.

4:29 pm Forest Labs files additional lawsuit against First Time US Generics LLC for infringement of SAVELLA patents (FRX) : Co announced that it and Royalty Pharma Collection Trust have jointly filed an additional lawsuit in the U.S. District Court for the District of Delaware against First Time US Generics LLC for infringement of U.S. Patent No. 6,602,911 ("the '911 patent"), U.S. Patent No. 7,888,342 ("the '342 patent"), and U.S. Patent No. 7,994,220 ("the '220 patent), which relate to Forest's SAVELLA product. Forest licenses the '911 patent, the '342 patent, and the '220 patent from Royalty Pharma. The '911 patent expires in January 2023, the '342 patent expires in November 2021, and the '220 patent expires in September 2029. Forest and Royalty Pharma received notification from First Time that it has filed an Abbreviated New Drug Application with Paragraph IV certifications seeking approval to market generic versions of SAVELLA before the expiration of the '911 patent, the '342 patent, and the '220 patent. This lawsuit was commenced before the expiration of forty-five days from the date of receipt of First Time's notification letter.

4:16 pm Whitestone REIT announces proposed offering of 4 mln common shares (WSR) : Co announced that it intends to sell 4,000,000 of its common shares in an underwritten public offering. In connection with the offering, Whitestone intends to grant the underwriters a 30-day option to purchase up to an additional 600,000 common shares to cover over-allotments, if any. Robert W. Baird & Co. Incorporated and JMP Securities LLC are acting as joint-book running managers of the offering.

4:16 pm Allied World Assurance acquires renewal rights to Markel's (MKL) aviation business (AWH) : Co and Markel International (MKL) announced that Allied World Europe and Markel International have entered into an agreement whereby Allied World Europe will acquire the renewal rights to a book of aviation business written by Lloyd's Syndicate 1400 and Markel Europe plc. This business encompasses airline, aerospace and general aviation classes. In addition, the former Markel underwriting team led by Olivier Marre has joined Allied World Europe, ensuring continuity of service and coverage to clients and brokers. Markel acquired the aviation book of business in May this year as part of its acquisition of Alterra Capital. Required regulatory approvals for this transaction have been received from the Central Bank of Ireland and Lloyd's.

4:16 pm GNC Holdings acquires Discount Supplements (:UK); terms not disclosed (GNC) : Co expects the acquisition to be earnings neutral in 2013, as the EBITDA contribution is offset by deal costs and amortization of intangibles. Discount Supplements - founded in 2004 -- is expected to grow to approximately 20 million in revenue in 2013, and generate positive EBITDA margin.

4:11 pm CalAmp (+8%) makes new 13 year high in the after hours following upside Q2 results and solid Q3 guidance (EPS in-line, rev above consensus) (CAMP) :  

4:10 pm Comstock Homebuilding subsidiary to Build Maxwell Square; Will Sell 45 Classic Townhomes in Historic Downtown Frederick, Maryland (CHCI) : CHCI announced it will build Maxwell Square, a community of 45 townhomes, in the historic district of Frederick, Maryland. The property is fully entitled and Comstock will begin construction shortly. The Sales Center opened in September 2013 and the first deliveries are expected in early 2014.

4:08 pm Horizon Technology finance provides investment portfolio update for 3Q2013; new loans funded during 3Q2013 totaled ~ $11.5 mln (HRZN) : provided a portfolio update for the third quarter of 2013. "Our investment activity during the third quarter reflects management's disciplined approach to capitalizing on high-quality venture debt opportunities within our target markets," said Gerald A. Michaud, President of Horizon. "We are pleased to continue our success in providing important growth capital for well-sponsored technology companies. Management remains committed to deploying capital efficiently and profitably into a diverse mix of earning assets while maintaining the potential for upside returns from warrant gains."

New Loans Funded
New loans funded during the third quarter of 2013 totaled ~$11.5 mln.

Refinanced Principal Balances, Early Principal Payoffs, and Principal Payments Received
During the quarter ended September 30, 2013, Horizon had no refinanced principal balances and experienced early pay-offs of principal totaling $7.5 mln, compared to no refinanced balances and pay-offs of principal totaling $19.3 mln during Q2 of 2013. During the quarter ended September 30, 2013, Horizon received principal payments on investments totaling $10.5 mln compared to the quarter ended June 30, 2013, wherein Horizon received principal payments on investments totaling $8.7 mln.

Commitments
During the quarter ended September 30, 2013, Horizon closed new loan commitments totaling $8.0 mln to three companies, compared to the quarter ended June 30, 2013, wherein Horizon closed new loan commitments totaling $33.5 mln to seven companies.

Pipeline
As of September 30, 2013, Horizon's unfunded loan approvals and commitments ("Committed Backlog") were $11.5 mln to seven companies, compared to a Committed Backlog of $19.0 mln to 10 companies as of June 30, 2013. While Horizon's portfolio companies have discretion whether to draw down such commitments, in some cases, the right of a company to draw down its commitment is subject to the portfolio company achieving specific milestones.

4:07 pm Cascade Microtech acquires ATT Advanced Temperature Test Systems GmbH; transaction to be accretive to earnings beginning in the fourth quarter of 2013 (CSCD) : Co has acquired ATT Advanced Temperature Test Systems GmbH, which is headquartered in Munich Germany. ATT Systems provides enhanced thermal solutions for wafer testing over expanded temperatures that typically range from -60 to 300 degrees centigrade. The purchase price for the acquisition includes ~ 8.4 mln Euros in cash (net of ~ 0.4 mln Euros of acquired cash), ~ 1.6 mln shares of Cascade Microtech common stock, and deferred payments of ~ 0.8 mln Euros. "Based upon the unaudited, trailing 12-months' performance of ATT Systems, the purchase price for the company approximates six times EBITDA. Before the effects of purchase accounting, we expect this transaction to be accretive to earnings beginning in the fourth quarter of 2013, and will provide additional support to achieve our success model which includes EBITDAS of greater than 20% of revenue." Going forward, ATT Systems will be reported with Cascade Microtech's Systems segment.

4:06 pm Tech Data receives NASDAQ determination letter (TECD) : TECD announced that on 10/1, it received a letter from NASDAQ notifying co that it has not regained compliance with Nasdaq Listing Rule 5250(c)(1), the continued listing requirement to timely file all required periodic reports with the SEC, and, therefore, that the co's common stock would be subject to delisting unless co timely requests a hearing before a Nasdaq Listing Qualifications Panel. Co intends to timely request a hearing before the Panel. At the hearing, co will present its plan for regaining compliance with the Rule, and request continued listing pending its return to compliance.

4:05 pm Annaly Capital Mgmt announces conversion rate adjustment for 4.00% Convertible Senior Notes due 2015 (NLY) : The adjustment to the conversion rate for the Notes is being made pursuant to the governing indenture for the Notes in light of the co's previously announced third quarter 2013 common stock cash dividend of $0.35 per common share. The new conversion price for the Notes is $12.9246 per common share, effective September 27, 2013. The conversion price for the Notes was previously $13.3111 per common share. The new conversion rate for each $1,000 principal amount of Notes is 77.3716 of the co's common shares. The conversion rate for each $1,000 principal amount of Notes was previously 75.1250 of the co's common shares.

4:05 pm CalAmp beats by $0.03, beats on revs; guides Q3 EPS in-line, revs above consensus (CAMP) : Reports Q2 (Aug) earnings of $0.19 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.16; revenues rose 33.6% year/year to $58.8 mln vs the $54.82 mln consensus.

Wireless Datacom revenue increased to $47.2 million from $34.2 million in the same period last year, and Satellite revenue was $11.6 million compared to $9.8 million in the second quarter last year.

The consolidated gross margin was 33.7% in the fiscal 2014 second quarter, up from 32.1% in the second quarter last year. The increase in consolidated gross margin reflects the higher proportion of total revenues represented by the Wireless Datacom segment in fiscal 2014 versus the prior year and, within Wireless Datacom, the shift in revenue mix toward higher margin subscription-based revenues associated with the Wireless Matrix acquisition.

Co issues guidance for Q3, sees EPS of $0.19-0.23, excluding non-recurring items, vs. $0.21 Capital IQ Consensus; sees Q3 revs of $59-63 mln vs. $57.85 mln Capital IQ Consensus.  

"Our focused execution coupled with continued strong customer demand for our products and services resulted in a 38% year-over-year increase in Wireless Datacom revenue during the second quarter. This growth was driven to a large extent by our Mobile Resource Management (:MRM) products business, which benefited from significant channel demand for stolen vehicle recovery products, along with continued strength in fleet management and asset tracking. Our Wireless Networks business, which comprises the remainder of our Wireless Datacom segment, also generated strong year-over-year growth. The acquired operations of Wireless Matrix, along with growth in the Energy vertical, more than offset a year-over-year reduction in Rail revenue resulting from the completion of our Positive Train Control development project in the second quarter last year. In addition, our Satellite segment once again generated meaningful operating cash flow and contributed to our bottom-line profitability. We believe CalAmp's strong momentum exiting the second quarter and healthy pipeline of new opportunities, driven by an expanding network of global channel partners and a robust portfolio of innovative products, provide the Company with a strong tailwind as we enter the second half of fiscal 2014."

4:04 pm SED International Holdings: Paragon files suit against SED to hold annual meeting; re-issues warning to SED Board regarding entrenchment activities (SED) : Paragon Technologies, Inc. has today filed litigation against SED International Holdings, Inc. (NYSE MKT:SED) in Gwinnett County, Georgia to force SED to call and hold its 2013 annual meeting of shareholders, which SED is required under its by-laws and applicable law to hold by the end of December 2013. Paragon, together with its director nominees and one of its affiliates, is the largest shareholder of SED, holding approximately 32.83% of SED's shares.

The existing SED board has failed to call its annual meeting in accordance with its historical practices, and Paragon believes the SED board is taking every action possible to avoid a shareholder vote, including ignoring Paragon's previous valid and lawful notice calling a special meeting of shareholders to remove and replace the SED board.

Paragon also restates its warning to the existing SED board that if it takes any action between now and the 2013 annual meeting of shareholders to thwart or impede Paragon's efforts to elect a new SED board, Paragon will immediately file suit against the SED directors to protect the SED business and its shareholders. If any third party is involved in any such actions, whether through the pretext of a corporate transaction or otherwise, Paragon will also file suit against such third party.

4:02 pm Meadowbrook Ins announces elimination of its quota share reinsurance contract with Swiss Re (SSREY) (MIG) : Co announced its agreement with Swiss Re (SSREY) to mutually terminate the quota-share reinsurance agreement for business effective as of October 1, 2013. The original agreement, which became effective December 31, 2012, provided for the ceding of 50% of the co's unearned premium on a select book of business and the receipt by Swiss Re of a provisional ceding commission. In addition, the co ceded 25% of direct written premium on a select book of business commencing January 1, 2013. During the first six months of 2013, this agreement provided surplus relief, but also increased the co's combined ratio by 3.2 percentage points and reduced net after tax operating income by $4.1 million, or $0.08 per diluted share.

4:01 pm Zalicus announces 1-for-6 reverse stock split (ZLCS) : ZLCS announced a 1-for-6 reverse stock split of co's common stock, effective 10/3/13 at 12:01am EST. The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 147.5 mln to approximately 24.6 mln.

4:01 pm Alpha Natural Resources amends its secured credit facility (ANR) : The credit agreement amendment eliminates the interest coverage ratio through the end of 2014 and relaxes the interest coverage ratio from 2.00 times to 1.25 times during 2015 and from 2.00 to 1.50 times during the first two quarters of 2016.

4:00 pm Tomorrow's Events of Interest : Events and conferences of interest for tomorrow October 3rd include:

• IEEE METSAC Symposium
  • Scheduled to appear: ANSS
• 5th AIChE (American Institute of Chemical Engineers) Southwest Process Technology Conference
  • Scheduled to appear: ALB
• Analogic Corporation Investor Day 2013
  
  • Scheduled to appear: ALOG

3:29 pm Earnings Calendar (:SUMRX) : Today after the close look for the following companies to report:

• TXI, CAMP

Tomorrow before the open look for the following companies to report:

• STZ, ISCA

3:17 pm DCT Industrial Trust's operating partnership subsidiary, DCT Industrial Operating Partnership, priced an offering of $275 mln aggregate principal amount of 4.500% Notes due 2023 at 99.038% of face value (DCT) :  

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

• Nov crude oil rose $2.06 to $104.08/barrel 
• Crude oil rose for the first time in four sessions following a Bloomberg report that TransCanada (TRP) expects to complete the expansion of its Keystone Gulf Coast pipeline by the end of the month; the company expects linefill to start shortly after the completion. The advance came despite weak inventory data that showed crude oil inventories had a build of 5.47 mln barrels when expectations called for a smaller build of 2.4 mln. The energy component came off its session low of $101.51 per barrel set in early morning pit trade and trended higher as the session progressed. It settled just below its session high of $104.23, booking a 2.0% gain. 
• Nov natural gas fell 7 cents to $3.54/MMBtu 
• Natural gas trended lower after pulling back from its session high of $3.64 set moments after pit trade opened. It settled with a 1.9% loss at its session low. 
• Nov heating oil rose 4 cents to $2.99/gallon 
• Nov RBOB gasoline rose 2 cents to $2.63/gallon
  

2:31 pm Dollar Breaks Below 80.00: 10-yr: +08/32..2.623%..USD/JPY: 97.42..EUR/USD: 1.3584 (:SUMRX) : The Dollar Index dollar slumped for the fourth time in five days as early action pressured the Index down to 79.80. Currently, the Index is looking to retake the 80.00 level, but action looks as though it will post its worst close (79.90) in eight months. Click here to see a daily Dollar Index chart. 

• EURUSD is +60 pips at 1.3580 with action holding at its best level since early February. The strength in the single currency comes following this morning's ECB rate decision which saw the central bank hold its key rate unchanged at 0.50%. At the accompanying press conference, ECB head Mario Draghi insisted rates would remain low for an extended period of time and that the ECB still has many tools at its disposal. Also aiding the advance was word Italian Prime Minister Letta survived a 'no confidence' vote as Silvio Berlusconi's PDL party expressed their support. The 1.3600/1.3650 area should put a lid on any near-term upside. Eurozone data includes retail sales, as well as Spanish and Italian Services PMI. German banks are closed for Unity Day. 
• GBPUSD is +20 pips at 1.6210 as trade ticks higher for a fourth consecutive session. However, gains over the past two days have been limited as data has begun to miss estimates. Key resistance rests at the 1.6300 level. Britain's Services PMI is due out tomorrow. 
• USDCHF is -30 pips at .9025 as action readies for its lowest close in 19 months. Early weakness probed the .9000 area for a second straight session, but bulls were once again able to support the level. 
• USDJPY is -60 pips at 97.40 as trade looks to post its worst close in a month. The 97.00 area should provide some support while additional help is likely to be provided by the 200-day moving average (96.50). 
• AUDUSD is -30 pips at .9365 as sellers are in control for the first time in three days following the disappointing building approvals and trade data. Participants continue to watch the .9300 support level, which also should see some help from the 100-day moving average (.9280). Chinese banks remain closed for Golden Week, but that will not prevent Non-Manufacturing PMI from crossing the wires. 
• USDCAD is flat at 1.0330 amid a rather uneventful session. The pair saw an early test of 1.0350 resistance fail as sellers stepped in to defend the 50- and 100-day moving averages. That level remains under careful scrutiny as a breakout sets up the potential for a move into the 1.0500 region.

2:26 pm CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (:COMDX) :

• Dec corn settled unchanged at $4.39/bushel 
• Dec wheat rose 2 cents to $6.86/bushel 
• Nov soybeans rose 6 cents to $12.74/bushel 
• Nov ethanol fell 4 cents to $1.63/gallon 
• Nov sugar (#16 (U.S.)) fell 0.09 of a penny to 21.21 cents/lbs
  

1:52 pm COMEX Metals Closing Prices (:COMDX) :

• Dec gold rose $35.00 to $1320.70/ounce 
• Gold rose for the first time in three sessions, gaining support from a drop in the dollar index and weaker-than-anticipated ADP employment data. The ADP report showed 166,000 new private jobs were added in September, while the Briefing.com consensus expected the ADP report to show the addition of 170,000 new jobs. The yellow metal lifted from its session low of $1297.30 and settled slightly below its session high of $1324.20, booking a gain of 2.7%. 
• Dec silver rose $0.76 to $21.92/ounce 
• Silver also traded higher today. It brushed a session high of $22.04 in late morning floor action and eventually settled with a solid 3.6% gain. 
• Dec copper rose 4 cents to $3.32/lbs
  

1:36 pm BAE Systems' HybriDrive Series-E electric drive system selected by King County Metro Transit in Seattle, Washington to power 120 New Flyer Xcelsior buses (BAESY) : This is the largest order to date of the HybriDrive Series-E propulsion system, which enables electric drive modes to eliminate emissions from the vehicle and to reduce engine idling.

1:34 pm NYSE Euronext and IntercontinentalExchange (ICE) announce the Chairmen's Committee of Euronext Regulators have issued a letter to ICE and NYSE Euronext indicating that they are 'not minded to object' to the proposed merger between ICE and NYX (NYX) : IntercontinentalExchange (ICE) provided the following update in regard to its acquisition of NYSE Euronext: IntercontinentalExchange and NYSE Euronext are pleased that the Chairmen's Committee of Euronext Regulators have issued a letter to ICE and NYSE Euronext indicating that they are "not minded to object" to the proposed merger between ICE and NYSE Euronext. With this important milestone achieved, ICE and NYSE Euronext now await final approvals to be issued by national authorities and regulatory bodies in each of the relevant European jurisdictions in order to complete the transaction.

1:07 pm Sotheby's acknowledges 13D filing (BID) : Co acknowledged today's Schedule 13D filing by Third Point LLC.

"Sotheby's actions as a leader in the global art business have been producing superior results - including a share price increase exceeding the Standard & Poor's Midcap index over the one, five and ten year periods. The comprehensive capital allocation review already underway demonstrates the Company's ongoing efforts to optimize the balance sheet improve the cost of capital and manage financial policies in a way that supports Sotheby's strategy and delivers outstanding value to shareholders. Today, rather than debating incendiary and baseless comments, we are focused on serving our clients' needs during this critical autumn sales season, including this week in Hong Kong, where our offerings are 77% higher than the same series last year - the highest estimate of any Sotheby's sale in Asia. We will comment on the communication from Third Point at the appropriate time."

12:31 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

• PCLN (1067.09 +2.78%): Mentioned positively at Susquehanna
• VLO (34.65 +2.40%): Upgraded to Buy from Neutral at Citigroup
• ABX (18.46 +2.38%): Upgraded to Buy from Hold at Deutsche Bank

Large Cap Losers

• LKQ (32.62 -3.00%): Downgraded to Hold from Buy at Wellington Shields
• BAX (63.92 -2.53%): Downgraded to Neutral from Outperform at Credit Suisse, target lowered to $73 from $81
• GMCR (75.46 -1.97%): Largely followed investor David Einhorn says his firm is still short the stock, believes co will miss on the earnings side at least once over the next year

Mid Cap Gainers

• GPN (56.24 +10.93%): Beat quarterly EPS by $0.05 ($1.00 ex items vs $0.95 estimate), revs rose 6.7% yoy to $629.7 mln vs $624.13 mln estimate; sees FY14 EPS of $3.98-4.05 ex items vs $3.97 estimate, revs of $2.51-2.56 bln vs $2.53 bln estimate; announced it intends to enter into an accelerated $100 mln accelerated share repurchase plan
• OIBR (2.1 +10.85%): Co and Portugal Telecom (PT) announced they have signed a memorandum of understading setting out the bass for a merger of activities; PT also higher
• P (27.16 +6.38%): Announced that September listener hours increased 18% year over year to 1.36 bln, active listeners increased 25% to 72.7 mln

Mid Cap Losers

• BBRY (7.53 -4.95%): Disclosed it expects to incur $400 mln in pre-tax charges related recently announced workforce reductions; had previously estimated charges of $100 mln
• TGP (42.54 -3.91%): Priced follow-on public offering of 3 mln common units, which represent limited partner interest, at $42.62 per unt
• AYI (95.68 -3.27%): target raised to $100 from $78 at Cannaccord Genuinty

12:30 pm Autodesk extends to 42.38 near its 52-wk high from last week at 42.41 (ADSK) :  

12:20 pm Floor Talk: September Review (:TALKX) : Equity markets were faced with an array of issues throughout September, but the major averages were able to end the month in positive territory with ease. Small caps had the best showing as the Russell 2000 surged 6.2%.

The S&P 500 jumped 3.0% with all ten sectors settling in the green even as participants contended with headlines related to the situation in Syria, the new Fed chair nomination, the September FOMC meeting, the German election, and the situation in Washington where lawmakers were locked in a battle to avert a government shutdown.

First-Half Advance Aided By Removal of Unknowns

The first half of the month saw the S&P rally steadily off its 100-day moving average (1640) after the index started the month by testing this key level for just the second time this year.

Gains during the early part of the month were fueled by the removal of some unknowns, including the likelihood of U.S. military involvement in Syria. Even though the Senate Foreign Relations Committee approved a limited military operation, a strike against Syria never materialized as the U.S. elected to support a diplomatic plan to put Syria's chemical weapons under international control.

After the risks associated with intervention in Syria became an afterthought, the market received another boost when Larry Summers withdrew his name from the running to become the next Fed chair due to concerns about a potentially acrimonious confirmation process. That announcement was received positively by the markets given the perception that Mr. Summers was more hawkish than Janet Yellen who is now the odds-on favorite to be nominated to become the next Fed chairman.

Fed Tapers Taper Talk

Going into the September 17/18 FOMC meeting, the Federal Reserve was widely expected to announce a reduction in the size of its monthly asset purchases. After Ben Bernanke floated the first taper trial balloon in May, Treasuries sold off over the next three months, sending the 10-yr yield from 2.18% to 2.85%. Meanwhile, the stock market entered the September meeting just a shade below its all-time high.

On September 18, the Fed surprised the markets-by not doing anything. The Fed's decision to maintain its policy course boosted the S&P to a new record high (1725.52) while the 10-yr yield fell to 2.71% immediately following the announcement. Yields continued retreating for the remainder of the month with the 10-yr surrendering another 10 basis points as the month drew to a close.

After the Fed made no changes to its policy course, participants heard from regional presidents, some of whom were none too pleased with the decision not to taper. Notably, Kansas City Fed President Esther George said the markets were ready for the first taper, and that the central bank lost some credibility by not doing so.

Shutdown and Debt Ceiling Showdown Spark Profit-Taking

Following a 1.2% spike in reaction to the FOMC meeting, the S&P registered losses in seven of the final eight September sessions. The retreat placed the S&P just above its 50-day moving average (1680) and occurred as participants displayed little faith in Washington's ability to avert a government shutdown with a debt ceiling fight also looming. Estimates provided by Secretary of Treasury Jack Lew suggested the U.S. would officially hit the ceiling on October 17 while the Congressional Budget Office expected the debt limit to be reached sometime during the final two weeks of the month.

After lawmakers failed to agree to a continuing resolution by the end of the month, the U.S. government suffered a partial shutdown as non-essential functions were suspended due to a lack of funding.

Cyclical Sectors Register Solid Gains

While all ten sectors finished the month in positive territory, it was the six cyclical groups (consumer discretionary, energy, financials, industrials, materials, and technology) that had the best showing. Industrials (+5.4%) and materials (+3.9%) displayed significant strength with upbeat economic data from Asia contributing to the gains in the two growth-sensitive sectors.

Elsewhere, the consumer discretionary space advanced 5.1% with homebuilders making a significant contribution. The group drew strength from the retreat in yields, which in turn lowered mortgage rates. The homebuilder ETF (ITB) soared nearly 9.0% after tumbling 21.6% between late May and the end of August.

The health care sector (+2.8%) also outperformed thanks to its mixed composition that includes a fair share of companies specializing in biotechnology. This has been a hot area throughout the year. The iShares Nasdaq Biotechnology ETF (IBB) spiked 8.2% in September to extend its year-to-date gain to 52.8%.

German Election Comes and Goes Amid Political Circus in Italy

The markets appeared to be largely unconcerned going into the September 22 German federal election. This proved to be the right mindset as Chancellor Angela Merkel received the most votes since Helmut Kohl's post-reunification victory in 1990. Following her re-election, the Chancellor said she did not see a present need to change Europe's policy course.

Elsewhere, the Italian government was on the verge of collapse when Silvio Berlusconi tried to retaliate after being convicted for tax fraud. Mr. Berlusconi contended the law was put in place after he committed the violations, and was unwilling to give up his Senate seat. The PDL leader ordered his party to withdraw support for Prime Minister Enrico Letta with initial indications suggesting Mr. Berlusconi would succeed in breaking up the government. However, the 77-year old came up short after more than 20 PDL lawmakers said they would support the current order. In the end, Mr. Berlusconi voted in support of the premier after being the initial reason for the confidence vote.

Click here to see a breakdown of monthly sector ETF performance

12:17 pm S&P -5.2 extends bounce in midday trade (SPY) : The index has notched a new rebound high to reach the 62% retracement of the decline off yesterday's midday high near 1690 (bounce high 1690). Initial intraday resistances above at at 1693 and 1695.

11:59 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE: -0.4%
• Germany's DAX: -0.7%
• France's CAC: -0.9%
• Spain's IBEX: + 0.1%
• Portugal's PSI: + 0.9%
• Italy's MIB Index: + 0.7%
• Irish Ovrl Index: -0.3%
• Greece ATHEX Composite: -1.0%

11:53 am WPP Group plc's Data Alliance and FourthWall Media announce data partnership agreement (WPPGY) : The Data Alliance, a WPP co, and FourthWall Media, the largest independent source of cable set-top box viewing data, announced a partnership to collaborate on data-driven marketing solutions that optimize advertising effectiveness. Under the terms of the partnership, The Data Alliance will facilitate FourthWall's MassiveData division to work with the WPP companies Kantar Media and KBM Group's i-Behavior on next-generation products, which are already being used by the WPP agencies GroupM and Xaxis. Together they are harnessing US television viewership data to plan and deliver cross-channel advertising campaigns and extend the reach and frequency of their clients' campaigns.

11:43 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (195) outpacing new lows (29) (:SCANX) : Stocks that traded to 52 week highs: AAMC, ACAD, ACT, ACTV, ADHD, AGX, AIQ, ALU, AMIC, AMZN, ARG, ARWR, ASPS, ASX, AUDC, AWH, BBVA, BEAV, BEST, BID, BIDU, BITA, BONA, BPI, BRID, BTUI, BWLD, BZC, CAMP, CBI, CCIH, CCO, CELG, CEMP, CGEN, CLDX, CMN, CMT, CNK, CRIS, CRS, CRVL, CSCD, CSIQ, CTRP, CWST, CXDC, DAL, DOC, DXPE, DYAX, EBF, ECPG, EDG, EDMC, EDU, EFII, EVK, FC, FELE, FI, FOE, FORTY, FTK, GEVA, GIVN, GLPW, GPN, GSAT, GSM, GTAT, GTLS, HCA, HLF, HOMB, HRG, HRT, IBKR, ICFI, IDXX, IMMU, INCY, INSY, INTL, IQNT, JFBI, JKS, JOBS, JXSB, KERX, KOG, LCC, LCI, LIN, LONG, LOPE, LSBI, LTD, MAKO, MDCA, MEAS, MEI, MELI, MFB, MHR, MILL, MOVE, MPEL, MTSN, MU, MWE, MY, MYL, NBTB, NDZ, NEOG, NFLX, NPSP, NTRI, NVDQ, NYLD, NYNY, OILT, OLBK, OSK, OTEX, PAM, PBI, PCLN, PCRX, PCYC, PFBC, PFSW, PHII, PKOH, PLXS, PMTC, PRCP, PSDV, PTNR, PWX, QIWI, QTWW, RATE, RDI, RE, REMY, RGP, RMTI, ROIA, RP, SATS, SCS, SGMO, SGMS, SGY, SHEN, SI, SKM, SOHU, SPNS, SPWR, SSP, STAN, STJ, STRZA, SVA, SWIR, SYNA, TASR, TEF, TOFC, TPLM, TREE, TSCO, TSL, TW, UFPT, USM, USTR, UTHR, VIPS, VNET, VOD, VRX, WAL, WGO, WPO, WPP, WVVI, WYNN, YELP, YHOO, YOKU, ZLCS

Stocks that traded to 52 week lows: AEO, ALJ, AMBC, BODY, CASM, CMFO, CVM, DO, DXM, GSS, HMST, HTWR, IMI, LIME, NOR, OFIX, OXF, PATH, PBMD, PGEM, PTGI, PTX, PVD, RITT, RLH, RPI, STEM, SXE, SYNC

ETFs that traded to 52 week highs: BJK, EWI, EWP, FDN, FXF, PBW

ETFs that traded to 52 week lows: UUP

11:31 am Liberty Interactive invests $300 mln in Abengoa's solar plant, Solana (LINTA) : Abengoa has added Liberty Interactive as an investor in Solana, the largest parabolic trough solar plant in the world. Solana, which is in its final testing phase, has a total installed capacity of 280 gross megawatts (MW) and will be the first solar plant in the United States with thermal energy storage. Liberty's $300 million investment in the limited liability company that holds Solana has been approved by the U.S. Department of Energy (:DOE) and the Federal Energy Regulatory Commission (:FERC). Abengoa will continue as managing partner and will be responsible for the management, operation and maintenance of the plant. The total investment in the plant is approximately $2 billion and during financing, received a federal loan guarantee for $1.45 billion. Liberty's investment is attributed to its Liberty Ventures Group.

11:27 am Murphy Oil Board extends repurchase program expiration date to April 15, 2014 (MUR) : Co announced that in October 2012, Murphy Oil's Board of Directors authorized a share repurchase program of up to $1 billion of the Company's Common stock. To date, Murphy has repurchased slightly more than 8 million shares at a total cost of $500 million. On October 2, 2013, the Company's Board extended the repurchase program expiration date to April 15, 2014.

11:20 am SanDisk sets new session high of 61.68 slightly under its two month high from Sep at 61.77. (SNDK) :  

11:16 am Fresh recovery highs for stock indices -- Dow -93, 55 points off low, S&P -8.1, Nasdaq Comp -11.9 (:TECHX) :  

11:16 am Phillips 66 increases quarterly dividend ~25% to $0.39 from $0.3125 per share (PSX) :  

11:15 am Nov crude oil pushes to new session highs; now up 1.7% at $103.74 (:COMDX) :  

11:10 am Currency Commentary: DXY Slides to 8-month Low on Weak ADP (:SUMRX) :

• The Dollar Index has slipped to an 8-month low this morning. With the BLS report likely delayed, the ADP number became the top jobs number for the week. And the figure fell short of expectations for the month of September and also saw a downward revision to the August report. This, couple with the impact of a government shutdown, will push out tapering expectations until December at the earliest. Markets will now prepare for a busy calendar of Fed speakers headlines by Fed Chairman Ben Bernanke who will be speaking at a community bank conference at 3:30pm. Mr. Bernanke's speech is expected to center around community banks but participants will be listening closely to see if he comments on the current government developments. Also speaking today is St. Louis Fed President James Bullard and Boston Fed Chief Rosengren. 
• The euro is on the rise after the European Central Bank left rates unchanged. That, coupled with the weak U.S. economic data, helped the single currency shake off dovish comments from ECB President Mario Draghi who reiterated that rates would remain at the current level or lower for an extended period of time and that the ECB had numerous tools to address the current situation. Perhaps oif particular interest was a vague reference toward the EURUSD exchange rate when asked during the Q&A. Central banks rarely comment on exchange rates and Mr. Draghi said as much, but he did note that they were paying attention to the rate at the current level. In the past the central bank has noted the 1.35 level is an area that can impact export growth. 
• And then there is the pound which continues to stretch its legs in the 1.62 area. The 1.63 area should be interesting as that marks the 52-week high and it also represents resistance for the single currency. Sterling has been strong but economic data ahs shown some sings of cooling off from its recent levels. Couple in some key resistance and some potential buyer exhaustion and the recent run in the pound may be coming to an end in the short term. 
• The yen is pushing back into the 97 level on the dollar weakness and also some safe haven buying. The currency is slowly moving back toward the 200 sma (96.51) which is an area that the yen has not tested for resistance since last December. This will be a moving average to keep an eye on in coming sessions. Overnight PM Abe said that his government would release details on a planned $5 trl yen ($50 bln) stimulus package in December (FOREX, BONDX).
  

11:01 am PACCAR commences production of DAF trucks in Brasil (PCAR) : "The independent dealer network in Brasil consists of 20 service locations in 2013 and will expand to 40 locations in 2014. The first DAF model produced in this plant is the premium DAF XF-105, designed for long-haul applications. In the future, the factory will also produce the versatile CF and LF models."

10:59 am Astex Pharma: Sarissa Capital issues open letter regarding Astex; 'recently announced merger transaction with Otsuka Pharmaceutical significantly undervalues Astex' (ASTX) : Sarissa Capital issued a letter regarding Astex Pharmaceuticals (ASTX). Highlights:

• We are one of Astex's largest shareholders, owning approximately 5% of the outstanding shares of the company. We believe the recently announced merger transaction with Otsuka Pharmaceutical significantly undervalues Astex and therefore we do not intend to tender our shares.
• With regard to timing, Astex's recent report on August 28th of clinical data on SGI-110, the company's second-generation DNA methyltransferase inhibitor, suggested the promise of the drug. However, it is the clinical studies to be reported in December 2013 and in 2014 that could most definitively illustrate the value the drug will confer to Astex. The fact that Astex is trying to consummate the sale process before these data are available is inexplicable and disturbing.
• With regard to the manner in which the auction was conducted, we believe that the process was flawed. It is our view that Astex did not reach out to all potentially interested bidders, and we are troubled by the carefully worded language in the various public disclosures by Astex that suggests that the auction process may have been inappropriately biased towards a transaction that would preserve the existing infrastructure of Astex rather than obtain the highest value transaction for shareholders.
• In summary, we believe near term clinical data and the possibility of a properly run bidding process in the future could lead to significantly more value for our Astex shares.
  

10:59 am Pitney Bowes announces notice of its election to redeem its remaining August 2014 bonds valued at ~ $300 mln (PBI) : The bonds will be repurchased with proceeds from the sale of its Management Services business to funds affiliated with Apollo Global Management (APO) which was completed Oct 1, 2013.

10:57 am Relative sector strength as stock indices extend rebound -- Dow -101, S&P -9.9, Nasdaq Comp -13 (:TECHX) : Outperformance off the open note in: Crude Oil USO, Gold GLD, Gold Miners GDX, Silver SLV. Relative sector strength on the market's attempt to stabilize noted constructive divergences in 10:24 update: Technology XLK, Retail XRT, Oil Service OIH, Telecom IYZ, Housing XHB, Materials XLB.

10:53 am Gold and silver remains near session highs, gold just hit a new session high and silver is now back near its session high (:COMDX) : Dec gold is now +2.8% at $1321.70/oz, Dec silver is +3.6% at $21.93/oz.

10:42 am FirstEnergy's Pennsylvania Utilities launch request for proposal for solar photovoltaic alternative energy credits (FE) : Co announced that a Request for Proposal (RFP) will be issued to purchase 13,500 Solar Photovoltaic Alternative Energy Certificates annually over a 10-year period on behalf of FirstEnergy's Pennsylvania Utilities - Metropolitan Edison Company, Pennsylvania Electric Company, and Pennsylvania Power Company.

10:38 am L&L Energy recruited David Wang as Strategic Advisor to assist L&L's clean energy initiatives with China Low Carbon Industry Investment Center in Beijing (LLEN) :  

10:35 am United Tech - - 50 Day Alert (UTX) : Price extends recent weakness down to the 50-day moving averages near 105 vicinity.

10:30 am Crude oil drops following inventory data... Nov crude oil is now +0.4% at $102.45/barrel (:COMDX) :  

10:24 am Stock indices set fresh session lows -- Dow -126, S&P -12.6, Nasdaq Comp -21 (:TECHX) : Fresh lows for the indices but some constructive intraday divergences have potentially developed.

10:14 am Gold, silver and oil prices spike, all hitting new session highs (:COMDX) : Nov crude oil is now +0.4% at $102.43/barrel, Dec gold is +2.1% at $1313/oz, Dec silver is +2.4% at $21.69/oz.

10:09 am Stock indices unable to build on stabilization attempt, drop to new session lows -- Dow -133, S&P -13.8, Nasdaq Comp -26 (:TECHX) :  

10:01 am General Electric to provide close to $600 mln in turbomachinery equipment for Russia's Yamal LNG megaproject (GE) : Co has received a contract to provide key turbomachinery equipment for the Yamal liquefied natural gas (LNG) "megaproject" that is being developed on the Yamal Peninsula in Russia's northern Siberia region. The LNG produced at the site will be used to help meet the growing energy needs, primarily of Asia and Pacific Region countries. The LNG megaproject is owned by JSC Yamal LNG, a joint venture between Russia's largest independent gas producer OAO Novatek (80 percent) and France's Total SA (20 percent).

9:53 am McDonald's displaying relative weakness slides to new low of 94.42 (MCD) : Its seven month close low from Aug is at 94.36 with the Sep/Aug intraday lows at 94.12/94.01.

9:52 am DCT Industrial Trust announces private offering of senior unsecured notes (DCT) : Co announced today that its operating partnership subsidiary, DCT Industrial Operating Partnership LP, intends to offer, subject to market and other conditions, senior unsecured notes in a private offering. The Notes will be initially guaranteed by the Company and each of the Operating Partnership's wholly owned subsidiaries that guarantees borrowings under the Operating Partnership's revolving credit facility. In addition, the Operating Partnership will cause any consolidated subsidiary (including any future subsidiary) that guarantees indebtedness of the Operating Partnership for money borrowed in an amount greater than $5.0 million at any time after the issuance of the Notes to also guarantee the Notes. The Operating Partnership intends to use the net proceeds to repay existing indebtedness, including its $175.0 million senior unsecured term loan, $50.0 million of senior unsecured fixed rate notes and borrowings under its revolving credit facility, and for general corporate purposes.

9:50 am Major averages pull back to second level supports -- Dow -115, S&P -10, Nasdaq Comp -14 (:TECHX) : Noted second level supports in The Technical Take at 1682/1681 S&P (session low 1683), 3796/3789 Nasdaq Comp (session low 3792) and 15085/15067 Dow (session low 15071) with these levels neared/tested in recent trade.

9:50 am Acasti Pharma and Neptune Technologies (NEPT) announce patent infringement settlements reached; NEPT grants a royalty bearing license on its patent (shares halted) (ACST) : Acasti Pharma and Neptune Technologies & Bioressources (NEPT) announced the conclusion of a settlement with Rimfrost; Olympic Seafood; Olympic Biotec; Avoca; and Bioriginal Food & Science resolving the U.S. International Trade Commission's (ITC) investigation related to infringement of Neptune's composition of matter patents by the settling Respondents. The investigation was instituted earlier this year by Neptune and Acasti in a complaint filed with the ITC. As part of the settlement, Neptune granted a world-wide, non-exclusive, royalty-bearing license to the Settling Respondents, allowing them to market and sell within the nutraceutical market products containing components extracted from krill. The Settling Respondents also agreed to pay Neptune an additional royalty amount due for the manufacture and sale of krill products prior to the effective license commencement date. As part of the settlement, Neptune agreed to dismiss a related patent infringement case against Rimfrost, Olympic Seafood AS and Avoca, Inc. filed in March, 2013 with the United States District Court for the District of Delaware. However, the exact terms and conditions of the settlements are confidential.

In addition, Neptune and Rimfrost USA announced that they have signed a strategic non-exclusive krill oil Manufacturing and Supply Agreement giving Neptune the right to purchase, at a preferred price, up to 800 metric tons of krill oil during the first three-year term of the renewable agreement.

9:49 am Cisco Systems slumps lower off the open to challenge multi-month gap along the May 23 low of $23.06... (CSCO) : Note the 200-day ema/sma below near 22.50/22.35.

9:43 am S&P -10.9 and Dow -104 drop to new session lows -- Nasdaq Comp -18 holding above its opening low (:TECHX) :  

9:37 am Stock indices attempting to stabilize after negative start -- Dow -76, S&P -8.5, Nasdaq Comp -18 (:TECHX) : Early relative weakness has been noted in: Discretionary XLY, Materials XLB, Defense PPA, Auto CARZ, Solar TAN, Coal KOL, Broker IAI.

9:33 am SNAP Interactive announces subscriber gains in September 2013 (STVI) : Co announced that the number of active subscribers on AYI.com increased 2.5% during the month of September 2013, signifying the first monthly increase in active subscribers in 18 months (since March 2012). "We ended September 2013 with approximately 77,000 active subscribers, up from 75,000 at the end of August 2013. We believe that the number of active subscribers is a key operating metric, and we plan to increase this metric by increasing user acquisition campaigns, building a recognizable brand and increasing user engagement on AYI through the development of a superior feature set. In addition, new subscription transactions for September 2013 were at their highest level since October 2012. This is an important development in our transition as it signifies we are again growing the AYI.com brand."

9:32 am Alcobra Pharma selects CNS clinical trials expert Premier Research as CRO for Phase III clinical study of MG01CI as a treatment for adults with ADHD (ADHD) : Co announced that it has selected Premier Research as its Clinical Research Organization to conduct a Phase III clinical study of its proprietary drug MG01CI as a treatment for adults with Attention Deficit Hyperactivity Disorder.

9:30 am Dunkin Brands: Dunkin' Donuts announces plans to develop restaurants in Turkey (DNKN) : Dunkin' Donuts announced plans to develop restaurants in major metropolitan areas across Turkey. Dunkin' Donuts is seeking to recruit large, well-capitalized groups with deep operating experience capable of building out a region with a minimum of 20-25 restaurants or the entire country. The brand's initial focus in Turkey will be specifically developing Istanbul, Ankara, Izmir, Bursa and Adana. Dunkin' Donuts is targeting an early 2015 entry with the goal of developing more than 100 restaurants over the next 10 years.

9:28 am FAB Universal believes that misinformation pertaining to the co's stock distribution schedule is contributing to the unusual trading activity (FU) : Co announced that the New York Stock Exchange has notified the co about significant and unusual trading activity in FAB's shares on Oct 1, 2013 and requested that the co respond by press release to the unusual activity. Ordinarily, it is FAB's policy not to comment on unusual market activity or market rumors. However, FAB management believes that misinformation pertaining to the co's stock distribution schedule, as established in the Share Exchange Agreement dated April 5, 2012 and related to its Sep 26, 2012 acquisition of DEI, is contributing to the unusual trading activity. FAB has been transparent with investors about the terms of the DEI acquisition, in accordance with NYSE corporate governance rules, in its filings with the SEC and conversations with shareholders and interested investors. In addition, the co has posted its current investor presentation to the investor relations section of its corporate web site under News and Events. Slide 21 of the presentation contains a detailed share distribution schedule.

9:27 am American Eagle Energy prices 13,709,386 share offering at $1.70 per share (AMZG) :  

9:25 am On The Wires (:WIRES) :

• Kewill and Stamps.com (STMP) announced the availability of Stamps.com online USPS postage service within both Kewill Flagship and Netship, now part of the Transport component of the new Kewill MOVE platform. 
• Riverbed Technology (RVBD) announced that the SAP Integration and Certification Center has certified that Riverbed Stingray Traffic Manager version 9 integrates with the SAP NetWeaver 7.0 technology platform. 
• Red Hat (RHT) and Shadow-Soft announced that its Red Hat JBoss Middleware technology has been deployed by RegEd as part of an extensive application infrastructure migration initiative. 
• Zhone Technologies (ZHNE) announced its membership in the Open Networking Foundation.
• AeroVironment (AVAV) received a $20 mln U.S. Army order for RQ-11B Raven unmanned aircraft system gimbaled sensor payloads. 
• ANADIGICS (ANAD) announced that the co's AWL9581 802.11ac front-end integrated circuit, AWT6651 ProEficient power amplifier, and ALT6702 HELP4 PA are enabling wireless connectivity in the new GALAXY Note 3 by Samsung Electronics (SSNLF). 
• Planet Payment (PLPM) and Banorte announced the first implementation in Mexico of MICROS Systems' (MCRS) MICROS Payment Gateway integrated payment solution. 
• Fabory Group is optimizing its network connectivity through IT services provided by Orange Business Services. The company signed a multimillion euro, 5-year contract extension with Orange Business Services (ORAN), which will result in a 20-year partnership. 
• Autodesk (ADSK) has partnered with Portland-based design and manufacturing facility ADX to create a new space called The Bridge. This new space will bring together digital and analog fabrication and will be unveiled as a part of Design Week Portland on Oct 11, 2013. 
• Quantum Fuel Systems Technologies Worldwide (QTWW) announced several new purchase orders for ~ $500,000 representing initial order flow and further adoption from several new customers and new end users for ultra-lightweight high-capacity CNG fuel storage tanks and fully-integrated modules. 
• Opexa Therapeutics (OPXA) announced that Tcelna has been featured in a FOX Atlanta Channel 5 Newscast titled "New Therapy Could Battle Autoimmune Diseases." The story highlights Opexa's ongoing Phase IIb clinical trial in secondary progressive MS and provides an interview with Dr. Ben Thrower and one of the principal investigators in Opexa's Abili-T clinical trial. 
• Praxair (PX): Through their unanimous passage of the Helium Stewardship Act of 2013 (H. Res. 527), the U.S. Senate and House of Representatives voted to avert the pending shutdown of the Federal Helium Reserve. 
• Swisher Hygiene (SWSH) announced the unveiling of its newest 54,000 square foot manufacturing and training facility near Phoenix, Arizona, enabling the co to expand its production and innovation capabilities in the Southwest region.
  

9:16 am Curtiss-Wright flow control company announced that it has acquired the assets of Ovalpath, Inc. for ~ $3 mln in cash (CW) : Co announced that it has acquired the assets of Ovalpath, for ~$3 million in cash. This acquisition will be integrated into Scientech, a business unit of the Nuclear Group of CWFC

9:15 am S&P futures vs fair value: -9.70. Nasdaq futures vs fair value: -19.00. (:WRAPX) : The major averages are set to begin today's session in negative territory, and index futures suggest the S&P 500 will surrender most of yesterday's gain at the open. Despite yesterday's late-afternoon speculation, lawmakers in Washington have not made much progress in their quest to reopen the government. As such, the shutdown is now in its second day.

Overseas, most European indices are on the defensive while Italy's MIB (+1.0%) outperforms after Silvio Berlusconi changed his tune and voiced support for Prime Minister Enrico Letta. It appears Mr. Berlusconi made the decision after seeing more than 20 PDL lawmakers ready to shun the party in order to preserve the current government.

In today's economic news, the weekly MBA Mortgage Index slipped 0.4% to follow the prior week's increase of 5.5%. Separately, the September ADP report showed that employment in the nonfarm private business sector rose 166K in September. This was a bit below the increase of 170K expected by the Briefing.com consensus. While the report indicated steady employment growth, the gains were not robust enough to speak in favor of tapering in the near term.

9:15 am Revlon names David Kennedy interim CEO (REV) : Co's Board of Directors has elected David L. Kennedy as Vice Chairman and Interim Chief Executive Officer. He succeeds Alan Ennis, who has decided to leave the co to pursue other interests. Mr. Kennedy is currently Vice Chairman of the Company's Board of Directors and served as a senior executive of Revlon from 2002 to 2009, including as President and CEO of Revlon from 2006 to 2009. Mr. Kennedy's appointment is effective immediately and Revlon anticipates the appointment of his successor in the near term.

9:07 am Star Bulk Carriers prices public offering of 7 mln shares at $8.80 per share (SBLK) :  

9:05 am Contango Oil & Gas closes merger with Crimson Exploration (CXPO) (MCF) : In accordance with the terms of the merger agreement, Crimson has become a wholly-owned direct subsidiary of Contango, and Contango will issue ~3.9 million shares of its common stock in exchange for all of Crimson's outstanding capital stock. Contango also announced today its newly constituted board of directors consists of Joseph J. Romano, Allan D. Keel, B.A. Berilgen, B. James Ford, Brad Juneau, Lon McCain, Charles M. Reimer, and Steven L. Schoonover. The board of directors has appointed Allan D. Keel as President and Chief Executive Officer of Contango. Joseph J. Romano will remain as Chairman.

"The new combined co will have a pre-tax SEC PV-10 proved reserve value approximating $1 billion, future resource potential which it hopes to exploit both onshore and offshore, excellent cash flow, ~$110 million of debt and 19.1 million shares of common stock outstanding after closing."

9:03 am Seattle Genetics announced that Jonathan Drachman, M.D., has been promoted to Chief Medical Officer and EVP of R&D (SGEN) : Co announces that Jonathan Drachman, M.D., has been promoted to Chief Medical Officer and Executive Vice President, Research and Development. Dr. Drachman joined Seattle Genetics in November 2004, serving most recently as Senior Vice President, Research and Translational Medicine.

9:02 am Actavis announced the appointment of its Board of Directors, effective until the next annual meeting of shareholders in May 2014 (ACT) : Co announced the appointment of its Board of Directors, effective until the next annual meeting of shareholders in May 2014. The appointment of the Actavis plc Board follows the completion of Actavis acquisition of Warner Chilcott plc in a stock-for-stock transaction valued at ~$8.5 bln.

9:02 am BOK Financial acquires GTRUST Financial Corp -- adds $600 mln in assets to wealth mgmt platform -- terms not disclosed (BOKF) : Co has entered into an agreement to acquire GTRUST Financial Corporation, a Topeka, Kansas-based independent trust and asset management company. This acquisition will increase BOK Financial's assets under management or custody by $600 million and expand the co's capabilities and presence in the Kansas market. Terms of the transaction were not disclosed.

9:01 am StemCells receives FDA authorization of IND for spinal cord injury (STEM) : Co announced that the U.S. Food and Drug Administration (:FDA) has authorized the Co's Investigational New Drug (IND) application for clinical testing of the Co's proprietary HuCNS-SC human neural stem cells as a treatment for spinal cord injury. As a first action under this IND, the Co is working to open U.S. sites for its Phase I/II clinical trial for chronic spinal cord injury, which is currently underway in Switzerland and Canada.

9:01 am MAKO Surgical announces agreement to acquire assets of Pipeline Biomedical Holdings (MAKO) : Co announced that it has entered into an agreement with Pipeline Biomedical Holdings, Inc. to acquire substantially all of Pipeline's business dedicated to the design, development, manufacture and commercialization of orthopedic devices and related instruments for use with both robotic devices and manual medical procedures.

Since 2010 Pipeline has been MAKO's partner in developing and supplying advanced implant technologies for use with MAKO's RIO Robotic-Arm Interactive Orthopedic system, including the proprietary MAKO-branded RESTORIS PST Cup and Tapered Stem hip implant system for use with the RIO's MAKOplasty Total Hip Arthroplasty software application.

The purchase price for the transaction consists of a credit for a cash down payment previously paid to Pipeline in the amount of $2,500,000 and the issuance of an aggregate of 3,953,771 unregistered shares of common stock of MAKO.

9:01 am Delta Air Lines reports Sep PRASM +5.5% YoY (DAL) : Co reports financial and operating performance for September 2013. Consolidated passenger unit revenue for the month of September increased 5.5% year over year, with particularly strong results in the trans-Atlantic and domestic entities. The negative impact of yen devaluation lessened from its peak in August, resulting in 1 point of system PRASM pressure for the month. Co completed 99.9 percent of its flights in September and ran an on-time arrival rate of 90.2%.

 Additional metrics:

• Projected September quarter fuel price per gallon, adjusted: $2.98 - $3.03
• September on-time performance (preliminary DOT A14): 90.2%
  

9:00 am ZAGG announced an agreement to distribute ZAGG products through Dick Smith retail outlets in the Australian market. (ZAGG) : Co announced an agreement to distribute ZAGG products through Dick Smith retail outlets in the Australian market. Along with the invisibleSHIELD, Dick Smith will offer a broad array of ZAGG products, including Bluetooth keyboards for mobile devices.

9:00 am SS&C Techs acquires Prime Management Ltd (SSNC) : Co announces it has acquired Prime Management, a fund administrator and a service provider to investment structures, sponsors and managers in the insurance linked securities market. Prime currently services 25 managers with $6 bln in assets under administration from its Bermuda and Canadian offices. Clients range from emerging managers to large institutional managers.

8:59 am ACST and NEPT halted, news pending (ACST) :  

8:57 am Institutional Financial Mkts (thinly traded) to consolidate C&Co/PrinceRidge and JVB Financial into one broker-dealer; reduces size of workforce by ~ 20% (IFMI) : Co announced that it has begun the process of consolidating its two registered broker-dealer subsidiaries, C&Co/PrinceRidge and JVB Financial Group into a single broker-dealer subsidiary. Following the receipt of necessary regulatory approvals, the co intends to operate its broker-dealer subsidiary under the JVB Financial brand. In connection with the anticipated consolidation, the co has reduced the size of its workforce by ~ 20%. IFMI expects to incur pre-tax charges in the fourth quarter of 2013 for employee separation and vendor contract termination expenses of ~ $2.0 to $2.5 million.

8:57 am S&P futures vs fair value: -11.60. Nasdaq futures vs fair value: -19.80. (:WRAPX) : The S&P 500 futures trade down 0.8% after returning to their overnight lows.

Markets across most of Asia piggybacked yesterday's gains on Wall Street as traders gobbled up shares on signs its business as usual despite the U.S. government shutdown. The region's advance was paced by Indonesia's Jakarta Composite (+1.0%) while Japan's Nikkei (-2.2%) lagged. Markets on mainland China remained closed for Golden Week, and India's Sensex was shuttered for Mahatma Gandhi's birthday. Data out of the region was limited to Australia as building approvals disappointed (-4.7% month-over-month actual versus -0.7% expected) and trade deficit posted a wider than expected miss ($815 million actual versus $450 million expected, $1.38 billion previous).

• In Japan, the Nikkei closed lower by 2.2% as trade nears a test of the 50- and 100-day moving averages. The strong yen lead to underperformance from exporters as Kyocera sank 5.2% and Fanuc shed 2.8%. Heavyweight Fast Retailing was also under pressure, giving up 4.2%. 
• Hong Kong's Hang Seng added 0.6% as trade rebounded off a three-week low. Casino operator Galaxy Entertainment rose 2.7% as traders moved into the name ahead of its monthly revenue release. Meanwhile, aluminum maker Chalco slipped 1.4% as materials lagged. 
• In China, the Shanghai Composite was closed. 

Most major European indices trade in negative territory while Italy's MIB (+1.0%) outperforms after Silvio Berlusconi changed his tune and voiced support for Prime Minister Enrico Letta's government. It appears Mr. Berlusconi made the decision after seeing more than 20 PDL lawmakers ready to shun the party in order to preserve the current government. Economic data was limited as Great Britain's Construction PMI slipped to 58.9 from 59.1 (59.2 expected) and Housing Equity Withdrawal came in at -GBP15.4 billion (-GBP7.2 billion expected, -GBP13.4 billion prior). In Spain, the number of unemployed increased by 25,600 (12,300 expected, 0 previous).

• Germany's DAX is lower by 0.5% with Deutsche Lufthansa (-2.6%) leading to the downside after receiving a downgrade from Deutsche Bank. Financials are holding up despite the broader weakness as Commerzbank and Deutsche Bank hold respective gains of 2.2% and 0.8%. 
• In Great Britain, the FTSE holds a loss of 0.7%. Food retailer Tesco is the weakest performer (-3.2%) after reporting disappointing results. Utilities are among the outperformers with National Grid and Severn Trent up 1.9% and 0.9% respectively. 
• France's CAC trades down 0.7% as consumer names weigh. LVMH Moet Hennessy Louis Vuitton and Pernod Ricard sport respective losses of 1.7% and 1.3%. Meanwhile, bank shares trade higher with BNP Paribas and Credit Agricole up 1.0% and 1.7%, respectively. 
• In Italy, the MIB is higher by 1.0%. Construction company Finmeccanica and financial Mediobanca lead with gains close to 6.0%.

8:48 am On The Wires (:WIRES) :

• CIT Group (CIT) announced that CIT Maritime Finance provided a $83.7 mln senior secured credit facility to PST Tankers, to finance the acquisition of a fleet of eight product tankers managed by Product Shipping & Trading S.A.  
• Sarepta Therapeutics (SRPT) announced a new online resource center, called Let's Skip Ahead, for families affected by Duchenne muscular dystrophy and their healthcare providers. 
• Greenway Medical Technologies (GWAY) announced an alliance with Harland Technology Services to support small to medium-sized ambulatory healthcare practices in implementing advanced health information technology solutions. 
• KEMET (KEM) announced the opening of its new Electrolytic Innovation Center in Weymouth, U.K. 
• Broadridge Financial Solutions (BR) and PwC's Center for Board Governance released their third ProxyPulse report covering over 4,000 shareholder meetings from Jan 1 through June 29, 2013. It includes the finding that directors were elected with 95% of shares voted in their favor.  
• Cerner (CERN) announced a strategic relationship with Shawnee Mission Medical Center and TMC Lakewood that will focus on providing a new, enhanced maternity experience in Kansas City. 
• TSYS (TSS) and FICO (FICO) announced that they will protect more than 1.8 mln cardholders in Brazil using FICO Falcon Fraud Manager. TSYS will deploy FICO Falcon Fraud Manager version 6.3.  
• Ameresco (AMRC) is commencing implementation of a $63.6 mln Energy Savings Performance Contract for the University of Illinois at Chicago, as approved by the University of Illinois Board of Trustees. 
• Hill International (HIL) announced that its JV with APSI Construction Management has received a contract from Los Angeles World Airports to provide project controls support services. The three-year contract has an estimated value to the JV of ~ $32.5 mln. Hill is a 70% partner in the JV and APSI is a 30% partner.
  

8:47 am Omega Health prices public offering of 2.5 mln shares at $30.00 per share (OHI) :  

8:33 am Pandora Media announces listener hours during Sep2013 were 1.36 bln, an increase of 18% from 1.15 bln during the same period last year (P) :

• Listener hours for Pandora during the month of September 2013 were 1.36 bln, an increase of 18% from 1.15 bln during the same period last year. 
• Share of total U.S. radio listening for Pandora in September 2013 was 7.77%, an increase from 6.53% at the same time last year. 
• Active listeners were 72.7 mln at the end of September 2013, an increase of 25% from 58.3 mln during the same time period last year.
  

8:33 am AutoNation reports Q3 Total Retail New Vehicle Unit Sales of 76,743, +13% YoY (AN) : Co reports that its total retail new vehicle unit sales in the third quarter of 2013, as reported to the applicable automotive manufacturers, were 76,743, an increase of 13% as compared to the third quarter of 2012.

SSS comps:
Same-store retail new vehicle unit sales, as reported to the applicable automotive manufacturers, increased 8% compared to the third quarter of 2012.

Total retail new vehicle unit sales for AutoNation's operating segments, in the third quarter of 2013, were as follows:

• 23,782 for Domestic, +17% YoY
• 39,092 for Import, +9% YoY
• 13,869 for Premium Luxury, +19% YoY.
  

8:33 am Integra announces podium presentation of NeuraGen nerve guide multi-center clinical trial at ASSH; Results showed that operation time using the collagen conduit was significantly shorter than performing conventional repair (IART) : The presentation provides two-year follow up of a controlled, randomized, blind multi-center study of peripheral nerve repair, comparing NeuraGen Nerve Guide to direct suture in patients who had complete traumatic nerve injuries to the median and/or ulnar nerves. Thirty-two patients completed the two-year post-operative follow-up period, during which they were routinely examined for sensory and motor electrophysiological function, post-operative pain assessments and overall hand function.

Results showed that operation time using the collagen conduit was significantly shorter than performing conventional repair, and patients who received NeuraGen Nerve Guide had lower post-operative pain than those treated with direct suture repair. The overall study conclusion was that entubulation nerve repair using the NeuraGen Nerve Guide is as effective a method of joining severed nerves as direct microsurgical suture.

8:32 am IntercontinentalExchange reports September futures volume; ICE's Sept average daily volume was 3.22 mln contracts, a decrease of 3% compared to Sept 2012 (ICE) : Co reported futures volume for September and the third quarter of 2013. ICE's September average daily volume (:ADV) was 3.22 mln contracts, a decrease of 3% compared to September 2012. Total volume for the month increased 2% compared to the prior September.

Third quarter 2013 ADV was 3.06 mln contracts compared to 3.09 mln contracts in the third quarter of 2012. All prior period contract volumes have been adjusted to include the transitioned futures contracts, which previously traded in ICE's OTC markets.

8:31 am Prospect Global Resources receives air quality permit for construction and operation of Holbrook Project (PGRX) : Co announce that it has received its Air Quality Control Permit ("Air Permit") for the construction and operation of an underground potash mine and surface processing facilities from the Arizona Department of Environmental Quality. The mine and facilities are to be located ~30 miles southeast of the city of Holbrook, AZ in Apache County.

The Air Permit is for the emissions from a 2.2 million ton per annum, two train processing plant and related mine production as contemplated by the Company's Preliminary Economic Assessment completed in December 2011.

Prospect Global is continuing to evaluate building only one of the two processing trains and related mine output with correspondingly reduced emissions as analyzed in the Co's Pre-Feasibility Study. The Co is on track to finish its infill drilling program over the next two weeks and complete an updated 43-101 resource report by the end of 2013.

8:31 am Nature's Sunshine appoints Chairman Gregory Probert as Chief Executive Officer (NATR) : Co announces that its Board of Directors has appointed Gregory Probert as Chief Executive Officer. Probert will continue as Chairman of the Board. Willem Mesdag, who has served on the board since 2009 and was previously the chair of the Audit Committee, will continue as Lead Independent Director.

8:31 am China Metro-Rural states that its policy is not to comment on unusual market activity (CNR) :  

8:31 am WellCare Group expands its medicare advantage service area; eight counties added across Arizona, California And Kentucky (WCG) : Co announced that it has added eight new counties across three states to its 2014 Medicare Advantage service area. With the addition of these new counties, WellCare will offer Medicare Advantage plans in 210 counties in 14 states. The additional counties are in our newest Medicare Advantage markets in Arizona, California and Kentucky.  

When Medicare open enrollment begins, eligible seniors in Arizona's La Paz, Maricopa and Pima counties; California's Fresno County; and Kentucky's Bullitt, Carroll, Gallatin and Owen counties will now be able to select WellCare as their Medicare Advantage plan. Medicare's open enrollment period begins on October 15 and ends on December 7.

8:30 am Fonar reported 2013 results, reports net income of $1.34 in 2013, which includes a partial reversal of the deferred tax valuation allowance of $2.5 mln, or $0.41. Revenue rose 25% in 2013 to $49.1 mln (FONR) :

8:26 am S&P futures vs fair value: -10.70. Nasdaq futures vs fair value: -17.00. (:WRAPX) : The S&P 500 futures trade lower by 0.7%.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 166K in September. This was a bit below the increase of 170K expected by the Briefing.com consensus.

8:25 am European Markets Update: DAX -0.3%, FTSE -0.5%, CAC -0.5%, MIB +1.0% (:SUMRX) : Most major European indices trade in negative territory while Italy's MIB (+1.0%) outperforms after Silvio Berlusconi changed his tune and voiced support for Prime Minister Enrico Letta's government. It appears Mr. Berlusconi made the decision after seeing more than 20 PDL lawmakers ready to shun the party in order to preserve the current government. Economic data was limited as Great Britain's Construction PMI slipped to 58.9 from 59.1 (59.2 expected) and Housing Equity Withdrawal came in at --GBP15.4 billion (-GBP7.2 billion expected, -GBP13.4 billion prior). In Spain, the number of unemployed increased by 25,600 (12,300 expected, 0 previous).

• Germany's DAX is lower by 0.3% with Deutsche Lufthansa (-2.6%) leading to the downside after receiving a downgrade from Deutsche Bank. Financials are holding up despite the broader weakness as Commerzbank and Deutsche Bank hold respective gains of 2.2% and 0.8%. 
• In Great Britain, the FTSE holds a loss of 0.5%. Food retailer Tesco is the weakest performer (-3.2%) after reporting disappointing results. Utilities are among the outperformers with National Grid and Severn Trent up 1.9% and 0.9% respectively. 
• France's CAC trades down 0.5% as consumer names weigh. LVMH Moet Hennessy Louis Vuitton and Pernod Ricard sport respective losses of 1.7% and 1.3%. Meanwhile, bank shares trade higher with BNP Paribas and Credit Agricole up 1.0% and 1.7%, respectively. 
• In Italy, the MIB is higher by 1.0%. Construction company Finmeccanica and financial Mediobanca lead with gains close to 6.0%.
  

8:24 am Gapping down (:SCANX) : In reaction to disappointing earnings/guidance: TISI -10.6%, MON -2.4%.

MON peers under pressure: POT -1.6%, AGU -1.5%, SYT -1.2%, MOS -1.1%

European drug names trading lower: SHPG -2.2%, SNY -1.3%, GSK -1.0%,  AZN -0.7% (Court will allow S Korea's Hanmi Pharmaceutical to introduce Nexium stomach-acid drug compeitor to AZN, according to reports)

Other news: GTXI -17.6% (discloses workforce reduction of 53 non-executive employees, constituting ~60% of the company's workforce; CFO resigns), SBLK -12.7% (announces public offering of common stock, size not disclosed), SURG -11.8% (announces plan to close King of Prussia facility and to consolidate manufacturing operations in O'Fallon), STEM -10.7% (prices public offering of 11.17 mln units at $1.45 per unit), GNRC -6.2% (ticking lower, cautious mention on MadMoney), TGP -4.4% (announced 3 mln share public offering of common units), ICPT -3.3% (announces additional results of Global Primary Biliary Cirrhosis; files for $115 mln share common stock offering by selling shareholders), ASML -1.9% (still checking), STO -1.9% (still checking), OHI -1.8% (announces $75 mln public offering of common stock), BUD -1.8% (still checking), CCL -1.2% (still checking), BBRY -1% ( discloses $400 mln charge following recent workforce reduction announcement, up from its previous expectation of $100 million), BIDU -0.6% (unit Qunar Cayman Islands may consider US IPO, according to reports ), BP -0.5% (Lawyers say the co lied about size of Gulf spill, according to reports ), FB -0.3% (confirms earnings will be released after market close on Wednesday, October 30; also FT discusses Facebook's (FB) efforts to expand mobile advertising products), .

Analyst comments: AA -3.3% (downgraded to Sell from Hold at Deutsche Bank), IVR -2% ( downgraded to Equal-Weight from Overweight at Morgan Stanley), HTS -2% ( downgraded to Underweight from Equal-Weight at Morgan Stanley), ARMH -1.8% ( downgraded to Neutral from Buy at Natixis ), TSLA -1.6% (downgraded to Neutral from Outperform at Robert W. Baird), UL -1.6% ( Unilever downgraded to Neutral from Buy at UBS ), LKQ -1.6% (downgraded to Hold from Buy at Wellington Shields)

8:24 am On The Wires (:WIRES) :

• WD, a Western Digital (WDC) co, introduced its new My Cloud family of personal cloud solutions. 
• ACI Worldwide (ACIW) announced a partnership with Experian Decision Analytics to market Experian's decisioning solutions to ACI customers and prospects. 
• GE Capital's (GE) Commercial Distribution Finance business announced that it plans to expand its inventory financing capabilities and coverage of the commercial foodservice and refrigeration industries across the U.S. and Canada. 
• IDI announced it has merged with Verde Realty. The entity, which will operate under the IDI name, has combined assets valued at more than $2 bln. Verde Realty is an existing majority-owned real estate holding of Brookfield Property Partners (BPY) and its institutional partners.  
• CARDFREE has been selected by SONIC Drive-In (SONIC) as its mobile commerce platform. 
• Axcelis Technologies (ACLS) has received an order for the co's new Purion MTM medium current implanter. 
• BNY Mellon (BK) has been appointed by Controladora Vuela Compania de Aviacion S.A.P.I. DE C.V. (VLRS) as depositary bank for ADR program in the first dual-listed initial public offering from Mexico this year.  
• PIH Health has selected the Allscripts (MDRX) Sunrise product suite as the electronic health record solution for its newly acquired 199-bed acute care facility, PIH Health Hospital - Downey. In total, the Agreement is expected to result in ~ $120 mln of incremental rev to Allscripts over the life of the contract. 
• The Cheesecake Factory (CAKE) announced the opening of its newest restaurant in Canoga Park, CA. at the Westfield Topanga Shopping Mall.  
• Atmel (ATML) announced that Atmel's maXTouch mXT540S controller is powering the 5-inch touchscreen for the recently launched full high-definition Mi3 smartphone from Xiaomi.
  

8:19 am Gold and silver initially spiked following ADP data, gold popped above $1300/oz. Dec gold is now +0.9% at $1297.10/oz, Dec silver is +0.7% at $21.32/oz (:COMDX) :  

8:16 am StemCells prices public offering of 11.17 mln units at $1.45 per unit (STEM) : Each unit consists of one share of common stock, par value $.01 per share, and a warrant to purchase one half share of common stock. The warrants have an exercise price of $1.80 per share, are exercisable immediately, and will expire five years from the date of issuance.

8:16 am Gapping up (:SCANX) : In reaction to strong earnings/guidance: GPN +6.9%, ADSK +1.3%.

M&A news: OIBR +14.8%  and  PT +14.3% (Portugal Telecom and Oi SA announce MOU for merger of activities).

Select metals/mining stocks trading higher: MT +0.9%, GDX +0.8%, CDE +0.7%, NEM +0.6%, GG +0.6%, SLV +0.4%, GLD +0.2%.

Other news: DCTH +49.3% (FDA grants orphan drug designation to Delcath Systems for use of melphalan hydrochloride in HCC), ALVR +7.7% (continued strength), MCP +5.4% (announced mechanical completion and the start of commissioning of both the Chloralkali plant and the final unit of multi-stage cracking at mountain pass ), ALLT +5.3% (Allot Comms receives multimillion dollar order from major U.S. based cloud provider), PEIX +3.9% (to use sugar to further diversify its feedstock ), ALU +3.5% (still checking), TWGP +2.7% (announces it has entered into agreements with three reinsurers to enhance the company's financial flexibility ), LEE +2.3% (Lee Enterprises debt reduction two years ahead of plan), PSTI +1.7% (receives Israeli Ministry of Health approval to expand its Phase II clinical trial in intermittent claudication to Israel), NOK +1.2% (still checking), ETP +1.1% (announces project development agreement).

Analyst comments: ARTX +9.1% (initiated with a Buy at B. Riley & Co), ABX +1.5% (upgraded to Buy from Hold at Deutsche Bank), BCS +1.2% ( upgraded to Buy from Hold at Societe Generale), VLO +0.8% (Valero Energy upgraded to Buy from Neutral at Citigroup), TSO +0.5% (Tesoro upgraded to Buy from Neutral at Citigroup), STX +0.4% (upgraded to Outperform at Pacific Crest), URBN +0% (initiated with Outperform at FBR)

8:15 am Market View: Front-month Dec. e-Minis continue to trade below fair values following the Sep. ADP Employment Change figure- ESz3 currently trades @ 1679.25 -10.25 (:TECHX) :  

8:14 am Autodesk holds Investor Day where co details business model transition; co reaffirmed Q3 guidance; guided Q4 below consensus and acquired structural fabrication and detailing technology from Graitec (ADSK) : Co is hosting members of the investment community at its annual Investor Day. Held in the Autodesk Gallery in San Francisco, the design and engineering software leader will share plans for expanding its market opportunity and transitioning to a more ratable and recurring business model.

Co reaffirms guidance for Q3 (Oct), sees EPS of $0.36-0.40, excluding non-recurring items, vs. $0.39 Capital IQ Consensus; sees Q3 (Oct) revs of $540-555 mln vs. $547.36 mln Capital IQ Consensus Estimate.

Co issues downside guidance for Q4 (Jan), sees EPS of $0.29-0.36, excluding non-recurring items, vs. $0.48 Capital IQ Consensus; sees Q4 (Jan) revs of $560-580 mln vs. $594.41 mln Capital IQ Consensus Estimate. 

Co has signed a definitive agreement with the shareholders of Graitec to acquire certain technology assets, including Graitec's Advance Steel and Advance Concrete product lines, and associated employees. The acquisition will enhance Autodesk's current offerings for structural engineering and expand its portfolio of technology for Building Information Modeling (:BIM) for structural fabrication and detailing. The transaction is expected to close in the 4th quarter of fiscal year 2014 and is subject to customary closing conditions. The financial terms of the transaction were not disclosed.

8:14 am NPS Pharm reports Gattex Steps 2 study to be presented at american college of gastroenterology meeting; supplemental new drug application submitted for STEPS 2 data (NPSP) : Co reported that results from the company's STEPS 2 study of GATTEXin patients with Short Bowel Syndrome were accepted for presentation at the American College of Gastroenterology (ACG) Annual Scientific Meeting and Postgraduate Course in San Diego, California, October 11-16, 2013. STEPS 2 was a two-year open-label extension study that involved 88 adult SBS patients with short bowel syndrome.

The abstract entitled, "Long-term Safety and Efficacy of Teduglutide for the Treatment of Intestinal Failure Associated with Short Bowel Syndrome: Final Results of the Steps-2 Study, a 2-year, Multicenter, Open-label Clinical Trial" by Schwartz et al. is also being recognized as an ACG Presidential Poster Award recipient.

The ACG Educational Affairs Committee identifies the most highly ranked abstracts selected for the poster sessions in each category and acknowledges their achievement with this award. The company also reported that it has submitted a Supplemental New Drug Application to the FDA for Gattex revising the product label to include long-term data from STEPS 2.

Gattex is indicated for the treatment of adult patients with short bowel syndrome who are dependent on parenteral support. Significant reductions in mean PN/IV infusion volume from baseline to end of treatment were seen in the Phase 3 studies of Gattex. In addition, some patients were able to achieve independence from PN/IV support during these trials. The most common side effects of Gattex include stomach area (abdomen) pain or swelling, skin reaction where the injection was given, nausea, headache, cold or flu like symptoms, vomiting, and holding too much fluid in the body.

NPS is preparing to engage in the pricing and reimbursement processes in key European countries with the goal of commercially launching Revestive in Europe in the first half of 2014. Teduglutide has orphan drug designation for the treatment of SBS from the European Medicines Agency and the FDA.

8:13 am GW Pharmaceuticals announces new Sativex data at ECTRIMS; New data reinforces the efficacy and safety profile of Sativex in multiple sclerosis spasticity (GWPH) : Co announced that data from new MS spasticity studies (clinical trial data, observational study data and registries data collection) is being presented today at the 29th Congress of the European Committee for Treatment and Research in Multiple Sclerosis (:ECTRIMS) in Copenhagen, Denmark. The following press release was issued today by GW's commercial partner, Almirall S.A., regarding the data presentation:

Copenhagen, Denmark, 2nd October 2013: Almirall S.A. (:ALM) announces the latest evidence with Sativex (THC:CBD spray) from new MS spasticity studies (clinical trial data, observational study data and registries data collection). These data, presented today at the 29th Congress of the European Committee for Treatment and Research in Multiple Sclerosis (:ECTRIMS) in Copenhagen, Denmark, show that Sativex effectiveness is maintained long term with no additional safety concerns identified in clinical practice. Two-thirds of the more than 2,000 patients with MS surveyed in the recent Spanish "6E" study reported a certain degree of spasticity, being moderate or severe in 40% of them.

Improving MS spasticity symptoms without affecting patients' abilities
The lack of effects on patient cognition and mood from Sativex are some of the new data presented at the ECTRIMS 2013 congress. A double-blind, randomised, placebo-controlled Phase IV study was carried out in MS specialised EU centres. After 50 weeks of treatment with Sativex spray, (mean dose 6.4 sprays/day) findings demonstrated equivalence to placebo stable status both in cognition and mood scales. The improvements in spasticity were confirmed by more than 70% of patients (Global impression of change, but also by physicians and carers, always significantly different to the placebo treated group. Treatment with Sativex was generally well tolerated.

8:11 am Monsanto misses by $0.04, misses on revs (MON) : Reports Q4 (Aug) loss of $0.47 per share, $0.04 worse than the Capital IQ Consensus Estimate of ($0.43); revenues rose 5.0% year/year to $2.2 bln vs the $2.26 bln consensus.

Co issues EPS guidance for FY14, sees EPS of $5.00-5.20, which includes $0.14 dilution from $930 mln The Climate Corp acquisition, vs $5.31 Capital IQ Consensus Estimate (Note: Mid-point of guidance, whether the dilution was incl or excl is still below consensus).

Seeds segment sales rise... For the fiscal year, Monsanto realized Seeds and Genomics segment sales of $10.3 bln, led by its global corn portfolio that achieved a 13% increase over the prior year. Segment sales in the fourth quarter were ~$1.2 bln.

The co expects continued growth in its Seeds and Genomics segment in fiscal year 2014, reflecting the opportunity in both the core U.S. and accelerating international businesses. The total company gross profit is expected in the range of $8.4 to $8.7 bln in 2014, representing double-digit year-over-year growth.

The biggest driver of the growth is expected to be from the Seeds and Genomics segment in which the company expects to achieve mid-teens gross-profit growth in fiscal year 2014 as it significantly expands gross-profit margins in the segment.

In a separate release, the co announced it has signed a definitive agreement to acquire The Climate Corporation for a cash purchase price of ~$930 million. The acquisition will combine The Climate Corporation's expertise in agriculture analytics and risk-management with Monsanto's R&D capabilities, and will provide farmers access to more information about the many factors that affect the success of their crops. The companies' combined capabilities will support greater productivity while utilizing the planet's finite resources more precisely.

8:09 am Molycorp announced mechanical completion and the start of commissioning of both the Chloralkali plant and the final unit of multi-stage cracking at mountain pass (MCP) : Co announced that the chloralkali plant at Mountain Pass, California, is now mechanically complete and that full- scale commissioning operations have commenced. The chloralkali plant will recycle wastewater and produce hydrochloric acid and caustic soda used as part of the rare earth separations process. 

Company officials said that once fully operational and optimized, the chloralkali plant is expected to help the facility achieve its cash production cost targets, which the Company believes will make it competitive with the lowest cost producers globally.

The Company also confirmed that the final unit of its multi-stage cracking plant at Mountain Pass is now mechanically complete and is being commissioned. The unit is part of a multi-stage chemical process designed to increase the facility's current rare earth recovery rates, increase production throughput, and contribute to lower unit production costs.

8:06 am Asia Entertainment changes name to Iao Kun Group Holding and will trade under new symbol IKGH (AERL) : Iao Kun Group Holding Company Limited (NASDAQ:IKGH), which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, announced today that, pursuant to the vote of IKGH's shareholders at its recent annual meeting, its name has been changed from Asia Entertainment & Resources Ltd. to Iao Kun Group Holding Company Limited, and that its trading symbol will be changed from AERL to IKGH effective at the open of trading on October 2, 2013.

8:05 am Hologic: Breast Brachytherapy Registry Trial Final Results; MammoSite APBI Demonstrates 'Excellent' Cosmesis and Low Local Recurrence (HOLX) : Co announces that the final analysis of the American Society of Breast Surgeons (:ASBS) MammoSite Breast Brachytherapy Registry Trial data confirms previously noted "excellent" results and compares favorably with other forms of accelerated partial breast irradiation and with outcomes seen in patients treated with whole breast irradiation with similar follow-up. "With over 1,400 patients treated and follow-up exceeding five years, it is the only brachytherapy study with over 1,000 patients accrued and five year follow-up available at this time. The final analysis of this trial not only confirmed the efficacy of brachytherapy based partial breast irradiation, but demonstrated that rates of toxicity following treatment remain low and favorable, in line with previously reported toxicity rates using whole breast irradiation."

8:04 am American Capital portfolio company, Cambridge Major Laboratories, and AAIPharma Services announce merger; financial terms were not disclosed (ACAS) : Cambridge Major Laboratories and AAIPharma Services announce their intent to merge to form the premier global supplier of integrated CMC services. Financial terms of the merger were not disclosed.

Regarding the merger, Co states: "The basis for the merger was to start with the right building blocks - a merger of two equals: two highly respected, market-leading firms with proven expertise in API development, analytical chemistry, and finished dosage forms...We believe that we have a strong foundation to deliver superior customer-oriented solutions to expedite drug development and commercialization..."

8:02 am Rockwell Medical announces Phase 3 CRUISE study data accepted as 'Late-Breaking' clinical trial abstract at American Society of Nephrology Meeting November 2013 (RMTI) : The abstract will be presented under the Late-Breaking Posters as "Continuous, Maintenance Iron Therapy Using Soluble Ferric Pyrophosphate Citrate Chelate Infusion via Hemodialysate in CKD-HD: Phase III CRUISE Studies". 

8:01 am Asian Markets Close: Nikkei -2.2%, Hang Seng +0.6%, Shanghai CLOSED (:SUMRX) : Markets across most of Asia piggybacked yesterday's gains on Wall Street as traders gobbled up shares on signs its business as usual despite the U.S. government shutdown. The region's advance was paced by Indonesia's Jakarta Composite (+1.0%) while Japan's Nikkei (-2.2%) lagged. Markets on mainland China remained closed for Golden Week, and India's Sensex was shuttered for Mahatma Gandhi's birthday. Data out of the region was limited to Australia as building approvals disappointed (-4.7% MoM actual v. -0.7% MoM expected) and trade deficit posted a wider than expected miss (AUD815 mln actual v. AUD450 mln expected, AUD1.38 bln previous). Looking at the currencies...USDCNY was little changed at 6.1213; USDINR slipped to 62.51; USDJPY is weaker at 97.50; AUDUSD is lower near .9340. In Japan, the Nikkei closed -2.2% as trade nears a test of the 50- and 100-day moving averages. The strong yen lead to underperformance from exporters as Kyocers sank 5.2% and Fanuc shed 2.8%. Heavyweight Fast Retailing was also under pressure, giving up 4.2%. Click here to see a daily Nikkei chart.    

In Hong Kong, the Hang Seng finished +0.6% as trade rebounded off a three-week low. Casino operator Galaxy Entertainment added 2.7% as traders moved into the name ahead of its monthly revenue release. Meanwhile, aluminum maker Chalco slipped 1.4% as materials lagged...In China, the Shanghai Composite was closed.

In India, the Sensex was closed.

In Australia, the ASX finished +0.2% amid a choppy session. NAB added 0.3% while Rio Tinto gave up 1.3%.

In Taiwan, the Taiex settled +0.4%...In South Korea, the Kospi closed flat.

In other regional markets...Singapore -0.9%...Thailand +0.1%...Malaysia +0.1%...Vietnam +0.4%...Indonesia +1.0%...Philippines +2.7%

8:01 am Cellular Dynamics Issued U.S. Patent Covering iPSC Episomal Reprogramming (ICEL) : Co announced that the U.S. Patent and Trademark Office (PTO) issued Patent No. 8,546,140 entitled "Methods for the Production of iPS Cells Using Non-Viral Approach" on October 1. The newly issued patent relates to the method by which adult tissue cells, such as blood or skin, are reprogrammed into induced pluripotent stem (iPS) cells by the insertion of episomal vectors. This method is used by CDI for the creation of its iCell and MyCell Products. This episomal reprogramming patent has a term extending through May 2030.

8:00 am Envivio announced that Terry D. Kramer has been appointed Chairman of Envivio's board of directors (ENVI) : Kramer served in a variety of executive roles for Vodafone Group/Airtouch Communications during his 18-year tenure with the company, including group strategy and business improvement director and regional president, Vodafone Americas, overseeing Vodafone's investment in Verizon Wireless and its venture capital activities.

7:56 am S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -10.50. (:WRAPX) : U.S. equity futures hover near their lows with the S&P 500 futures down 0.5% as the government shutdown enters its second day.

Reviewing overnight developments:

• Asian markets ended mixed. Japan's Nikkei -2.2%, Hong Kong's Hang Seng +0.6%, and China's Shanghai Composite remained closed for the Golden Week. 
  • In regional economic data: 
    • Japan's monetary base grew 46.1% year-over-year (45.3% forecast, 42.0% prior). 
    • Australia's ANZ Commodity Price Index rose 0.9% month-over-month (0.7% previous), building approvals fell 4.7% month-over-month (-2.0% expected, 10.2% prior), and the trade deficit narrowed to $820 million from $1.38 billion (-$450 million expected). 
  • Looking at news: 
    • Japan's Nikkei endured a notable decline as participants expressed disappointment over the government's decision to raise the sales tax without including a widely-expected corporate tax cut in the package.

• Most major European indices trade in negative territory. Germany's DAX -0.4%, Great Britain's FTSE -0.5%, and France's CAC -0.6%. Elsewhere, Italy's MIB +1.5% and Spain's IBEX is unchanged. 
  • Economic data was limited: 
    • Great Britain's Construction PMI slipped to 58.9 from 59.1 (59.2 expected) and Housing Equity Withdrawal came in at -GBP15.4 billion (-GBP7.2 billion expected, -GBP13.4 billion prior). 
    • In Spain, the number of unemployed increased by 25,600 (12,300 expected, 0 previous). 
  • In news: 
    • Italy's MIB trades well ahead of the remainder of the region amid indications Prime Minister Enrico Letta will survive today's confidence vote. In addition, recent reports indicate Silvio Berlusconi himself will support the premier after trying to convince his party to withdraw from government. 

In U.S. corporate news:

• Alcoa (AA 7.97, -0.21) is -2.6% following a Deutsche Bank downgrade to 'Sell' from 'Hold.' 
• Baxter (BAX 65.00, -0.58) is -0.9% after Credit Suisse downgraded the stock to 'Neutral' from 'Outperform.' 
• Tesoro (TSO 43.49, +0.39) is +0.9% in reaction to a Citigroup upgrade to 'Buy' from 'Neutral.' 

The weekly MBA Mortgage Index slipped 0.4% to follow the prior week's increase of 5.5%.

The September ADP Employment Change report will cross the wires at 8:15 ET.

7:51 am Western Refining subsidiary, Western Refining Logistics, announces launch of its IPO of 12.5 mln common units representing limited partner interests (WNR) : Western Refining Logistics, a Delaware limited partnership and wholly owned subsidiary of Western Refining, announced the launch of its initial public offering of 12.5 mln common units representing limited partner interests. The common units being offered to the public have been approved for listing on the New York Stock Exchange and will be traded under the symbol "WNRL," subject to official notice of issuance.

WNRL was formed by Western to own, operate, develop, and acquire terminals, storage tanks, pipelines, and other logistics assets. The common units being offered to the public represent a 27.4% limited partner interest in WNRL, or a 31.5% limited partner interest if the underwriters exercise their option to purchase additional common units in full. Western, through certain of its subsidiaries, will own the remaining limited partner interest and all of the incentive distribution rights in WNRL.

BofA Merrill Lynch and Barclays are acting as lead joint book-running managers and structuring agents for the offering. Goldman, Sachs & Co. and Wells Fargo Securities are acting as joint book-running managers for this offering, and Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, Credit Agricole CIB and SunTrust Robinson Humphrey are acting as co-managers for this offering.

7:49 am On The Wires (:WIRES) :

• Molina Healthcare (MOH) announced that nine of its state health plan subsidiaries have been selected by the relevant state and federal regulatory agencies overseeing the non-group health insurance marketplaces for individuals in each of those nine states to offer certified Qualified Health Plans.  
• Foster Wheeler (FWLT) announced that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by LLC KINEF for the engineering and material supply of nine fired heaters for the new High Octane Gasoline Compounds Production Complex to be built at the KINEF - Kirishinefteorgsyntez refinery in Kirishi, Leningradsky Region, Russia. 
• Rouse Properties (RSE) has entered into a long-term partnership with Nestle (NSRGY) to open Nestle cafes in the center courts of 18 of its malls throughout the country. 
• CareFirst BlueCross BlueShield and Healthways (HWAY) announced that CareFirst has made a strategic investment of $20 mln in Healthways as part of an expanding commitment to the commercial partnership between the two firms. 
• Cleveland BioLabs (CBLI) and Incuron, a JV between CBLI and Bioprocess Capital Ventures announced a poster presentation at Cell Symposia: Cancer Epigenomics, to be held on Oct 6-8, 2013 in Spain. Co will present a poster entitled, "Facilitates chromatin transcription (:FACT) complex is an "accelerator" of malignant transformation and potential marker and target of aggressive cancer."
• Cardtronics (CATM) announced its subsidiary, Cardtronics USA, has closed on the acquisition of ATM business assets from Chandler, Ariz.-based CGI, adding ~ 1,000 merchant-owned ATMs to its nationwide U.S. fleet. 
• SunOpta (STKL) has completed the construction and commissioning of a new value-added organic and specialty cocoa processing facility located in Middenmeer, The Netherlands. The operation will ramp-up production capabilities and volume over the balance of 2013.  
• HP (HPQ) Enterprise Services has been selected by SecureKey Technologies as a subcontractor to provide enterprise cloud services to host the United States Postal Service's new authentication infrastructure.
  

7:47 am Potbelly raises expected 7.35 mln share IPO price range to $12-13/share from $9-11 (:PBPB) :  

7:39 am Natural gas futures receive a small bid and just pushed into positive territory as well, along with oil. Nov nat gas is currently +0.1% at $3.61/MMBtu (:COMDX) :  

7:38 am Crude oil prices have been in the red all night/early morning, but just pushed into positive territory just by about six cents, hitting a new HoD of $102.10/barrel (:COMDX) : Nov crude oil is now -0.01% at $102.03/barrel.

7:31 am Durata Therapeutics presents new comprehensive review of the efficacy and safety data of salbavancin; showed dalbavancin and New In Vitro Findings -- met its primary and secondary endpoints of early response (DRTX) : Co announced a comprehensive review of the efficacy, safety and microbiology data of the co's lead product candidate, dalbavancin, for the treatment of patients with acute bacterial skin and skin structure infections (:ABSSSI). The data is being presented in six posters at this year's IDWeek 2013 , held in San Francisco, Calif., October 2-6, 2013.

Among the findings, an integrated analysis of two Phase 3 clinical studies (DISCOVER 1 and 2) showed dalbavancin met its primary and secondary endpoints of early response, measured at 48 to 72 hours of therapy, as well as clinical success at the end of treatment. Sensitivity analyses for both timepoints were also included.i A separate analysis showed that patients achieving cessation of spread of the lesion after 72 hours of antibiotic treatment with dalbavancin have a greater than 90% chance of being cured at the end of treatment.

A pooled summary analysis of the safety profile of dalbavancin based on the Phase 2 and 3 clinical program also found it to be generally well-tolerated and to have a similar safety profile to comparators with fewer adverse events. Examination of patients with baseline Gram-positive bacteremia enrolled in the dalbavancin clinical development program as well as in vitro activity against methicillin-resistant Staphylococcus aureus (:MRSA) and Neisseria gonorrhoeae were also presented.

7:31 am CME Group Volume (Avg Contracts per Day) +10% YoY in September; +11% in Q3 (CME) : announced that September 2013 volume averaged 13.1 million contracts per day, up 10% compared with September 2012. Total volume for September 2013 was more than 261 million contracts, of which 84% was traded electronically. Year-to-date volume averaged 13.0 million contracts per day, up 13% from full-year 2012.

CME Group interest rate volume averaged 6.6 million contracts per day in Sept, up 32% from September 2012. Treasury futures volume averaged 2.5 million contracts per day, up 16% compared with the same period a year ago.

CME Group equity index volume in September 2013 averaged 2.9 million contracts per day, up 4% from the same period last year, and equity index options volume was up 52%. CME Group foreign exchange (:FX) volume averaged 825,000 contracts per day, down 20% from September 2012, but up 11% sequentially. The average daily notional value of FX contracts traded in September was more than $98 billion.

In Sept, CME Group metals volume averaged 327,000 contracts per day, down 12% from September 2012. CME Group energy volume averaged 1.6 million contracts per day in September 2013, down 7% compared with the prior September. CME Group agricultural commodities volume in September 2013 averaged 918,000 contracts per day, down 15% compared with the prior-year period.

Third-quarter 2013 volume averaged 12.0 million contracts per day, up 11% from third-quarter 2012.

7:30 am Watsco boosts quarterly dividend 60% to $0.40 per share (WSO) : Co announced today that its Board of Directors has declared a regular quarterly cash dividend of 40 cents on each outstanding share of its Common and Class B common stock, marking a 60% increase in the quarterly dividend rate. Watsco has paid quarterly dividends for 38 consecutive years. The cash dividend is payable on October 31, 2013 to shareholders of record at the close of business on October 15, 2013.

7:30 am Primoris Services subsidiary James Construction Group announces new contract work valued at over $100 mln (PRIM) : Co announced recent major contract awards totaling over $100 million. The new contracts and work authorizations were secured by James Construction Group, a Primoris subsidiary and part of the East Construction Services segment. James Construction Group's Industrial and Infrastructure/Maintenance groups teamed together to secure new contract work related to significant expansions at two industrial facilities in south Louisiana. The projects involve the construction of major new nitrogen and ammonia plants along with the relocation and erection of a methane reformer.

7:29 am Vitran: Engine Capital urges vitran to commence sale process; states that vitran should not remain a standalone company following sale of its U.S. LTL business (VTNC) :

• States that Vitran Should Not Remain a Standalone Company Following Sale of its U.S. LTL Business 
• Believes Both Market and Recent $4.50 Per Share Unsolicited Proposal from TransForce Significantly Undervalue the Company 
• States Vitran Could Be Worth More Than $6.50 Per Share If Proper Value Assigned to Company's Real Estate Assets

"It is our view that the investment community in general, and the TransForce bid in particular, significantly undervalue the Company because neither appear to assign any value to the Company's significant real estate assets. Most analysts assume that after the sale of its U.S. LTL business, Vitran has a net debt position of $25 million, based upon their assumption that Vitran has $22 million of cash and $47 million of mortgage debt. We believe that these assumptions fail to take into account the significant real estate assets the Company has against these mortgages. In other words, analysts are penalizing the Company's valuation because of its mortgage debt without giving it credit for its corresponding real estate assets. To illustrate, assume that the Company executes a sale and leaseback transaction and sells its real estate for $85 million, which we think is a reasonable estimate of the Company's real estate assets. TransForce's proposal of $4.50 per share values the equity value of Vitran at around $75 million and its enterprise value at around $15 million, after taking into account the $60 million of cash post sale and leaseback. This proposal therefore values the Company at around 2 times EBITDA, not taking into account any potential revenue and cost synergies (beyond corporate overhead). Clearly, this proposal significantly undervalues Vitran. As mentioned earlier, we are convinced that consolidation has to take place in this space and it makes little sense for Vitran to remain a small standalone public company at this stage.'

'We therefore think that the best course of action is for the Board to immediately initiate a competitive process. Based on our discussions with different market participants, we think that numerous parties, both strategic and financial, would be interested in this asset. The competitive dynamic of a broad auction is the best way to maximize shareholder value.'

7:28 am Euro Steady Ahead of the ECB: 10-yr: +05/32..2.634%..USD/JPY: 97.40..EUR/USD: 1.3516 (:SUMRX) : The Dollar Index is flat near 80.15 amid a rather uneventful overnight session. Today's lackluster trade has been limited to a 10 cent range as trade holds near eight-month lows.

• EURUSD is -5 pips at 1.3520 as traders await this morning's European Central Bank rate decision. The central bank is expected to hold its key rate steady at 0.50%, and, as always, traders will be paying particular attention to the accompanying Mario Draghi press conference. Spanish unemployment change was released this morning, posting a disappointing 25.6K (12.3K expected), but the data has had little impact on trade as the ECB decision looms. Traders will be watching for a break from the 1.3450/1.3550 range that has been in place over the past two weeks. Click here to see a daily EURUSD chart.
• GBPUSD is +10 pips at 1.6200 as action lingers near nine-month highs. Sterling jumped to its best levels of the session following the UK's Construction PMI miss (58.9 actual v. 60.1 expected, 59.1 previous), but sellers have recently dropped the pair to pre-data levels. Minor help rests in the 1.6150 area with the 1.6000 level being of more assistance.
• USDCHF is -5 pips at .9050 as trade sits near its worst level in 19 months. Today's action has been rather limited, holding in just a 35 pip range. 
• USDJPY is -60 pips at 97.40 with trade slipping to a one-month low. The 97.00 area will be monitored closely with bulls looking for further help from the 200-day moving average (96.50). 
• AUDUSD is -45 pips at .9350 as sellers have taken control following the disappointing Australian building approvals (-4.7% MoM actual v. -0.7% MoM expected) and wider than expected trade deficit (AUD815 mln actual v. AUD450 mln expected, AUD1.38 bln previous). Participants will continue to look at .9300 as support with the 100-day moving average providing additional aid just below. USDCNY was little changed at 6.1213 as Chinese banks remained closed for Golden Week. 
• USDCAD is +10 pips at 1.0340 as action holds at a two-week high. The 1.0350 area is setting up as a big level as resistance is helped by both the 50- and 100-day moving average. A breakout by the pair would likely be a precursor to broad dollar strength.

7:18 am On The Wires (:WIRES) :

• Evolving Systems (EVOL) announced that one of the leading mobile operators in India, and a member of a large global telecom group, has selected the co's Dynamic SIM Allocation solution. 
• Universal Stainless & Alloy Products (USAP) achieved both Nadcap and ISO 17025 lab testing certifications at its Dunkirk Specialty Steel facility in Dunkirk, New York.  
• Actuate (BIRT) and Bitext announced a collaboration to deliver text analytics engines and sentiment analysis for big data through BIRT.  
• Genpact (G) is partnering with Jaguar Land Rover to provide business process management and analytics services to help optimize the British auto manufacturer's procurement operations. 
• FIS (FIS) has been selected by eftpos to build its new Australian payments hub.
  

7:05 am Micrel names Robert DeBarr as the co's new CFO (MCRL) : Co announced that effective Oct 2, 2013, it has named Robert DeBarr as the Company's new Chief Financial Officer and Vice President of Finance & Human Resources. Mr. DeBarr replaces Ray Wallin who announced his intent to leave Micrel in August 2013. Prior to joining Micrel, Mr. DeBarr was with Texas Instruments (TXN) as a financial executive with responsibility for integrating the acquisition of National Semiconductor which became effective in Sep 2011.

7:03 am S&P futures vs fair value: -11.00. Nasdaq futures vs fair value: -18.00. :

7:03 am European Markets : FTSE...6040.15...-55.90...-0.90%.  DAX...8638.03...-51.40...-0.60%.

7:03 am Asian Markets : Nikkei...14170.49...-314.20...-2.20%.  Hang Seng...22984.48...+124.60...+0.60%.

7:02 am Enterprise Products announced the construction of a new liquefied petroleum gas (:LPG) export terminal on the Gulf Coast (EPD) : Co announced the construction of a new liquefied petroleum gas (:LPG) export terminal on the Gulf Coast. The facility will have the capability of handling up to VLGC (very large gas carriers) class ships. The initial loading rate for export grade propane or butane service is expected to be approximately 11,000 barrels per hour, which would equate to approximately 6 million to 6.5 million barrels per month.

Following the completion of the site evaluation at potential locations in Louisiana and Texas, this new LPG marine terminal is expected to be in service in the fourth quarter of 2015. Upon completion of the new terminal, and the recently announced expansion of the partnership's existing terminal on the Houston Ship Channel, Enterprise will have aggregate capacity to load ~15 million to 16 million barrels per month of low-ethane propane and/or butane at its LPG marine terminals.

7:02 am Response Genetics announces payor contract with Fortified Provider Network; will join its network of preferred providers (RGDX) :

7:02 am Cellceutix completes final study to file IND application for new psoriasis drug prurisol (CTIX) : Co announces that the bridging study on Prurisol, the Company's anti-psoriasis drug candidate, has been completed by an outside vendor and that Cellceutix has received the report. The study documents the ester bond in Prurisol is readily cleaved and converted as expected. This study was requested by the FDA to be included in the Investigational New Drug application with the FDA under a 505 designation.

This completes the lab studies needed for filing an IND for Prurisol. Cellceutix is reviewing clinical sites in the United States and internationally to initiate a Phase 2/3 trial as Dr. Reddy's Laboratories (RDY) finalizes the Chemistry, Manufacturing, and Controls section of the IND. The CMC is expected by the end of the month and the IND filing shortly thereafter. Dr. Reddy's has already completed the manufacturing and stability studies of Prurisol for a multi-center clinical trial.

7:01 am Visa announces improved payment card fraud detection (V) : Co announced a series of enhancements to Visa's Advanced Authorization technology that significantly improve the ability of its global processing network to detect potential electronic payments fraud. The enhanced model includes additional risk indicators specific to Automated Fuel Dispensers transactions. Visa's network now can pinpoint suspicious activity at a gas station and apply that to all transactions processed through that station. The model also uses account velocity at AFDs compared to that account's normal behavior in the score determination. This can potentially increase the effectiveness of fraud detection in this segment by as much as 266% for debit transactions and 163% in credit.

7:01 am PowerSecure adds $25 mln of new business; includes ~ $10 mln of new company-owned distributed generation projects (POWR) : Co announced it has been awarded ~$25 mln of new business, including ~$10 mln from new company-owned distributed generation projects. In total, the new business awards include ~$12 mln of distributed generation (DG) business, ~$10 mln of additional utility infrastructure (:UI) business, and ~$3 mln in new energy efficiency sales. The ~$12 mln in new DG business includes the $10 mln in new company-owned projects, plus ~$2 mln from a variety of turnkey DG projects.

7:01 am Omeros: US and European regulators accept for review OMS302 Marketing Applications (OMER) : Co announces that the New Drug Application for its ophthalmology product, OMS302, has been confirmed for filing by the FDA, which means that the application, submitted in July of this year, is sufficiently complete to permit a substantive review.

The company also announced that its Marketing Authorization Application for OMS302, submitted last month, has been validated by the European Medicines Agency. Validation of the MAA confirms that the submission package is administratively complete and is ready for formal review by Europe's Committee for Medicinal Products for Human Use.

Omeros is seeking approval of OMS302 for use during intraocular lens replacement surgery for the maintenance of intraoperative mydriasis, prevention of intraoperative miosis, and reduction of postoperative ocular pain. The NDA will undergo FDA's standard review, and the MAA has been designated for EMA's centralized procedure in which a recommendation for approval by CHMP would cover approval for marketing of OMS302 across all European Union Member States and other countries in the European Economic Area.

7:00 am PDL BioPharma provides $60 mln in financing to LENSAR (PDLI) : Co announced that it closed a financing transaction with LENSAR,in which PDL will provide LENSAR with up to $60 mln of debt financing, as part of an $87 mln total financing for LENSAR. The total financing of up to $60 mln was provided pursuant to a credit agreement that included an initial $40 mln in cash funded to LENSAR on October 1, 2013, and provides up to $20 mln in additional funds to LENSAR by September 30, 2014, upon the accomplishment of a specified milestone. In exchange, PDL received a security interest in all of LENSAR's assets and will receive interest on the principal amount outstanding.

6:47 am On The Wires (:WIRES) :

• Primero (PPP) has requested approval from ASX Limited for its removal from the official list of the Australian Securities Exchange. The co expects that delisting of its CHESS Depositary Interests will take place on or around three months from today, or the date approved by the ASX (whichever is the earlier). 
• Syneron Beauty, a subsidiary of Syneron Medical (ELOS), announced that its me smooth professional at-home hair removal device is now clinically proven effective on face and widest range of hair colors.
  

6:45 am Burlington Stores (BURL) priced ~ 13.3 mln share IPO at $17.00, above the $14-16 expected range (:IPOXX) :  

6:39 am St. Joe Company announced earlier Marek Bakun as new CFO (JOE) : Co announced that Marek Bakun is joining the co as Chief Financial Officer effective Oct 7. Mr. Bakun is replacing Tom Hoyer who has held the position since March 2012. Mr. Bakun comes to St. Joe from Orleans Homebuilders in Bensalem, Penn., where he served as Chief Financial Officer and Treasurer since February 2011.

6:32 am Investors Capital: RCS Capital (RCAP) signs letter of intent to acquire ICH; financial terms not disclosed (ICH) : RCS Capital (RCAP) and Investors Capital Holdings announced that they have entered into a letter of intent relating to the acquisition by RCAP of ICH. Following this transaction, ICH and its subsidiaries will become RCAP's sixth line of business and, through the leadership of Tim Murphy, President and Chief Executive Officer of ICH, and his management team, will continue to operate autonomously under ICH's respective brands as part of the RCAP family of companies. Upon the closing of the ICH acquisition, RCAP expects that it will have deployed the remaining proceeds from its June 2013 initial public offering. The transaction is expected to close in the first quarter of 2014.

6:23 am Tesla Motors downgraded to Neutral from Outperform at Robert W. Baird (TSLA) :  

6:21 am Verenium: BASF (BASFY) commences tender offer to Verenium's shareholders; offer period from Oct 2 to Oct 31, 2013 (VRNM) : BASF (BASFY) announced that its U.S. affiliate, BASF Corporation, is commencing a tender offer for the acquisition of Verenium at a cash offer price of $4.00 for each Verenium share. The offer period is scheduled to start today and to expire at 9:00 a.m. Eastern Time (USA) on Oct 31, 2013, unless otherwise extended or terminated. The offer price corresponds to a premium of 56% above the volume-weighted average share price for Verenium's shares in the six months prior to the first announcement of the transaction.

6:19 am SunTrust Banks announced earlier an agreement with Freddie Mac (FMCC) to resolve morgage repurchase claims (STI) : Co announced an agreement under which Freddie Mac (FMCC) agreed to release SunTrust from existing and future loan repurchase obligations for certain breaches of loan-level selling representations and warranties relating to specific populations of single-family loans and certain other obligations. Under the agreement, Freddie Mac has released SunTrust from certain existing and future repurchase obligations for loans funded by Freddie Mac between 2000 and 2008, representing ~ 312,000 loans, which is a broader population of loans than considered in SunTrust's existing mortgage repurchase reserve. The agreement also compensates Freddie Mac for certain outstanding and potential future losses relating to denials, rescissions and cancellations of mortgage insurance. The $65 mln settlement agreement was adjusted for $25 mln of credits related to certain prior repurchases, resulting in a one-time cash payment to Freddie Mac of $40 mln. While the majority of the settlement agreement is covered by SunTrust's existing reserves for mortgage repurchases, SunTrust expects to incur an ~ $15 mln incremental mortgage provision expense in 3Q2013 related to this settlement agreement.

6:08 am On The Wires (:WIRES) :

• Cubist Pharmaceuticals (CBST) announced that it will focus on its expanded pipeline of antibiotics, represented through several presentations, during IDWeek 2013 being held October 2-6 in San Francisco. Presentations will feature the company's development of antibiotics for serious infections caused by multidrug-resistant bacteria.
• The National Association of Hispanic Real Estate Professionals has entered into a two-year partnership with Radian Guaranty (RDN). The partnership, which could be extended beyond 2015 by mutual agreement, will provide training on private mortgage insurance solutions to the association's 20,000 members, according to NAHREP officials who announced the transaction at the group's national convention this week.
• Synergy Pharmaceuticals (SGYP) announced plans to move forward this quarter with SP-333, its proprietary next-generation guanylate cyclase-C agonist, into a phase 2 study for the treatment of opioid-induced constipation.
• Acacia Research Corporation (ACTG) announced that its subsidiary, American Vehicular Sciences LLC, has entered into a settlement and patent license agreement with AISIN SEIKI Co.

6:01 am Gentium promotes CFO Salvatore Calabrese to the position of COO effective October 1, 2013; He will also continue to serve as CFO (GENT) :  

5:52 am On The Wires (:WIRES) :

• Splunk (SPLK) announced the general availability of Splunk Cloud, a new service that delivers Splunk Enterprise in the cloud.
• BJ's Restaurants (BJRI) announced the opening of its newest restaurant in San Jose, California, on Monday, September 30, 2013.
• Toshiba (TOSBF) announced the launch of "TB9043FTG", a multi-output system power supply IC that incorporates multiple DC-DC converters and series regulators1 for general automotive applications. Sample shipments start today, with mass production scheduled to start in October 2014.
• AkzoNobel (AKZOY) intends to introduce a streamlined management structure and new operating model for its Decorative Paints business in order to accelerate profitable growth in Europe and the high growth markets. The planned changes represent the critical next phase in simplifying the organization and making it more agile and competitive following the recent divestment of the Decorative Paints North America business.
• Akamai Technologies (AKAM) announced that blinkbox, the U.K.-based TV and movie streaming service, is using Akamai's Viewer Diagnostics as part of its customer care efforts.
• Cognizant (CTSH) announced that it has acquired Equinox Consulting, a financial services consulting firm based in Paris, France. The terms of the transaction were not disclosed.
• Sempla, an IT solutions provider from Italy, and Guidewire Software (GWRE) announced that Sempla has joined Guidewire PartnerConnect as an Affiliate member.

5:17 am Allot Comms receives multimillion dollar order from major U.S. based cloud provider (ALLT) : Co announces it has received a new multimillion dollar order from a U.S.-based, multinational cloud provider for its Deep Packet Inspection-enabled Service Gateway solution. The solution will be deployed in multiple data centers worldwide. This order was received in the third quarter of 2013.

5:11 am Pluristem Therapeutics receives Israeli Ministry of Health approval to expand its Phase II clinical trial in intermittent claudication to Israel (PSTI) : Co announces that the Israeli Ministry of Health has approved the company's request to initiate a Phase II study using its PLacental eXpanded cells in the treatment of Intermittent Claudication (:IC), a subset of peripheral artery disease. This approval is part of the company's previously announced strategy to conduct a multi-national study for this indication. The protocol will be the same one used for the study previously approved in the U.S.

3:22 am Portugal Telecom and Oi SA (OIBR) announce MOU for merger of activities (PT) : Portugal Telecom, SGPS, S.A., Oi S.A., AG Telecom Participa??es S.A., LF Tel S.A. and their respective affiliates have signed a memorandum of understanding setting out the basis for a proposed merger of PT, Oi and the Oi Holding Companies into a single Brazilian incorporated listed entity.

As part of the merger, Oi proposes to undertake a cash capital increase of a minimum of R$ 7.0 bln (EUR2.3 bln), and with a target of R$ 8.0 bln (EUR2.7 bln) to improve the balance sheet flexibility of CorpCo. Shareholders of Telemar Participa??es S.A. and an investment vehicle managed by Banco BTG Pactual S.A., will subscribe approximately R$ 2.0 bln (EUR0.7 bln) of the cash capital increase.

The proposed exchange terms, based on the 30 days prior to announcement volume-weighted average price ("VWAP") of the PT and Oi shares, are as follows:Oi ON share will be exchanged into 1 CorpCo shareOi PN share will be exchanged into 0.9211 CorpCo share PT share will be exchanged into the equivalent of EUR2.2911 of CorpCo shares (to be issued at the price of Oi's capital increase) plus 0.6330 CorpCo sharesAt completion, and assuming the targeted cash capital increase of R$ 8 bln (EUR2.7 bln) at Oi's last 30 calendar days VWAP (R$ 4.36 or EUR1.45 per share), the PT shareholders will own 38.1% of the voting and outstanding capital of CorpCo

1:44 am Southwest Gas prices $250 mln of 4.875% Senior Notes due 2043 (SWX) :  

1:43 am Kraft Foods increases quarterly dividend by 5% to $0.525 per share vs $0.50 prior (KRFT) :  

1:41 am Zogenix provides update on Zohydro ER NDA; action letter could follow after further delay by govt shutdown (ZGNX) : Co announces that it has been informed today by the FDA that an action letter on the New Drug Application for ZohydroTM ER extended-release capsules could follow after a further delay of short duration. The FDA had previously informed the company that it expected to issue an action letter over the summer. The original PDUFA goal date was March 1, 2013.

On September 10, 2013, the FDA announced safety labeling changes and post-marketing requirements for extended-release and long-acting opioid analgesics. Previously, the FDA had indicated a decision on the Zohydro ER NDA could follow after a significant class-wide action on ER/LA opioid analgesics. Following the announcement, Zogenix and the FDA have completed the final labeling and reached agreement on the post-marketing requirements for Zohydro ER. The FDA has also reconfirmed there are no deficiencies in the NDA. While the FDA indicated its intent to take prompt action on the Zohydro ER NDA, the timing for a decision may be impacted by the current government shutdown. The FDA indicated earlier today that agency activities funded by PDUFA user-fees remain operational.