InPlay from Briefing.com

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5:01 pm Aetrium receives Nasdaq notification letter due to delay in filing form 10-Q (ATRM) : Co announced that it received a notification letter from the Listing Qualifications Department of The NASDAQ Stock Market on November 19, 2014 which stated that the Company no longer complies with Nasdaq's Rule 5250(c)(1) for continued listing because it has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2014.

  • As previously disclosed, the Company is in the process of reviewing its financial statements for the second quarter of 2014 and working to improve the processes, procedures and controls at its subsidiary KBS Builders and to correct accounting errors that occurred at KBS during the preparation of such financial statements.
  • The Company intends to file an amendment to its Quarterly Report on Form 10-Q for the period ended June 30, 2014 and to file its Quarterly Report on Form 10-Q for the period ended September 30, 2014 as soon as reasonably practicable.

4:37 pm Tejon Ranch reports Los Angeles County approves new Antelope Valley Area Plan (TRC) : Co reported that the Los Angeles County Board of Supervisors, by a 4-0 vote, has approved a new Antelope Valley Area Plan. This Plan is designed to guide future development and conservation in the northern-most region of unincorporated Los Angeles County. 

4:31 pm Royal Caribbean and Ctrip (CTRP) announce joint venture through SkySea Cruises (RCL) : Co and Ctrip.com (CTRP) announced that they have agreed to form a strategic partnership through SkySea Cruises, a joint venture which is designed to serve the Chinese cruise market. Royal Caribbean and Ctrip will each own 35% of the new company, with the balance being owned by SkySea management and a private equity fund. The transaction is expected to close before the end of November. The new cruise line will begin service in the middle of 2015 and will operate with one ship. The venture anticipates the potential for additional vessels to be added over time. Sales and marketing activities have commenced.

4:16 pm Sunshine Heart reports inducement grants under NASDAQ listing rule 5635(c)(4) (SSH) : Co announced that on November 20, 2014, the Compensation Committee of its Board of Directors, which is composed entirely of of independent directors, approved seven equity awards under Sunshine Heart's New-Hire Equity Incentive Plan, as material inducements to seven individuals entering into employment with the Company. The equity awards were approved in accordance with NASDAQ Listing Rule 5635(c)(4), which also requires a public announcement of equity awards that are not made under a stockholder approved equity plan.

  • 7 individuals, who were not previously employees or directors of Sunshine Heart, received options to purchase an aggregate of 84,000 shares of the Company's common stock. 
  • Options granted to six of the new hires, for an aggregate of 76,500 shares, have an exercise price of $4.70 per share, which is equal to the closing price of the Company's common stock on November 20, 2014. 
  • One of the options, for 7,500 shares, will be granted effective November 24, 2014, and will have an exercise price equal to the closing price of the Company's common stock on that date.

4:13 pm Supernus Pharma sues Zydus for infringement of Trokendi XR Patents; patent protection for Trokendi XR does not expire until 2029 (SUPN) : Co announced that it sued generic drug makers Zydus Pharmaceuticals and Cadila Healthcare for infringement of three patents covering its antiepileptic drug Trokendi XR. Supernus' United States Patents Nos. 8,298,576, 8,298,580, and 8,663,683 cover once-a-day topiramate formulations and methods of treating seizures using those formulations. Patent protection for Trokendi XR does not expire until 2029.

  • The Complaint - filed in the U.S. District Court for the District of New Jersey-alleges that Zydus infringed Supernus' Trokendi XR patents by submitting to the FDA an Abbreviated New Drug Application ("ANDA") seeking to market a generic version of Trokendi XR prior to the expiration of Supernus' patents. Filing its Complaint within 45 days of receiving Zydus' Paragraph IV certification notice entitles Supernus to an automatic stay preventing the FDA from approving Zydus' ANDA for 30 months.

4:11 pm Closing Market Summary: Stocks End Upbeat Week On Higher Note (:WRAPX) : The major averages ended an upbeat week with modest gains despite pulling back from their early highs. The S&P 500 gained 0.5% while the Nasdaq Composite (+0.2%) underperformed.

The stock market-and specifically equity futures-donned their party hats in the early morning hours after two major central banks spiked the punchbowl. Most notably, the People's Bank of China announced its first rate cut in two years, lowering its deposit rate 25 basis points to 2.75% and trimming its one-year lending rate 40 basis points to 5.60%. The news boosted U.S. futures and European equities, while comments made by European Central Bank President Mario Draghi also contributed to increased risk tolerance.

Mr. Draghi served up another reminder that low eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. The euro (1.2390) responded by returning near its early November low, while the resulting greenback strength sent the Dollar Index (88.29, +0.70) to a fresh four-year high.

The Dollar Index finished near its best level of the day while equities endured a bit of a hangover following the early morning extravaganza. Despite the pullback, all ten sectors ended in the green with telecom services (+0.1%) bringing up the rear.

Cyclical sectors fared better than their defensively-oriented counterparts with commodity-linked groups posting solid gains. The strength in these areas could be traced back to the news of the rate cut in China that underpinned miners and steelmakers. Rio Tinto (RIO 47.51, +2.20) surged 4.9% while the broader materials sector (+1.3%) settled in the lead. As for steelmakers, the Market Vectors Steel ETF (SLX 41.08, +1.54) soared 3.9%.

Manufacturers of heavy machinery also rallied with Caterpillar (CAT 106.45, +4.36) jumping 4.3%. The Dow component gave a boost to the industrial sector (+1.0%), which ended among the leaders.

Also of note, the energy sector (+1.2%) rallied with help from crude oil, which rose 1.1% to $76.53/bbl. However, crude ended well below its early high in the neighborhood of $77.75/bbl.

Elsewhere, the consumer discretionary sector (+0.2%) could not hold its early gain amid weakness in select retailers. GameStop (GME 37.86, -5.67) fell 13.0% after missing earnings/revenue expectations and guiding lower while Gap (GPS 38.46, -1.68) lost 4.2% after reporting in-line with its warning from November 6 and lowering its earnings guidance for fiscal year 2015. High-beta sector components also lagged with Expedia (EXPE 84.69, -1.39) and Netflix (NFLX 360.28, -7.86) ending lower by 1.6% and 2.1%, respectively.

Similarly, technology (+0.2%) could only hold a slim portion of its opening advance with Apple (AAPL 116.35, +0.04), Intel (INTC 35.60, -0.35), and Microsoft (MSFT 47.96, -0.73) pressuring the top-weighted sector from its early high.

Interestingly, Treasuries spent the day in a steady advance from their morning lows. The 10-yr note ended at its best level of the day with the benchmark yield down three basis points at 2.31%.

Today's participation was ahead of recent averages with roughly a billion shares changing hands at the NYSE floor.

Monday's session will be free of notable economic data.

  • Nasdaq Composite +12.8% YTD 
  • S&P 500 +11.6% YTD 
  • Dow Jones Industrial Average +7.4% YTD 
  • Russell 2000 +0.7% YTD
Week in Review: S&P 500 Posts Fifth Consecutive Weekly Advance

The stock market began the week on an unassuming note. The S&P 500 (+0.1%) added just over a point while the Nasdaq (-0.4%) and Russell 2000 (-0.8%) underperformed throughout the session. The benchmark index started under modest pressure, but was able to finish near its best level of day with help from countercyclical sectors. News from overseas contributed to the early weakness as Japan's preliminary GDP report for Q3 revealed the second consecutive decline (-0.4%; expected 0.5%), meaning the country is now in recession. The news gave an overnight boost to the yen, but the currency was back to unchanged against the dollar (116.20) by the start of the U.S. session. The yen weakened a bit during the session, sending the dollar/yen pair to 116.50.

The major averages ended Tuesday near their highs with the S&P 500 (+0.5%) registering its fifth consecutive advance. The benchmark index settled at a fresh record high while the Nasdaq Composite (+0.7%) outperformed after struggling on Monday. The Tuesday session began on a flat note, but the health care sector (+1.6%) quickly pulled away from its unchanged level thanks to significant strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB) jumped 2.2% and contributed to the relative strength of the Nasdaq. In addition to drawing support from biotech, the Nasdaq received a solid boost from chipmakers after SunEdison (SUNE) agreed to acquire First Wind for $2.40 billion as part of a joint venture with TerraForm Power (TERP). Shares of SUNE soared 29.4% while the broader PHLX Semiconductor Index spiked 1.9% with all but two components registering gains.

Equities ended the midweek session on a lower note with Tuesday's leader-Russell 2000-pacing the retreat. The small cap index lost 1.1% while the S&P 500 surrendered 0.2% with seven sectors finishing in the red. The benchmark index slumped at the start due to notable losses among several heavily-weighted sectors. However, the S&P 500 was able to pull away from its late-morning low thanks to relative strength in consumer discretionary (+0.5%), consumer staples (+0.4%), and energy (+0.6%). Although the trio helped the S&P 500 recover from its low, the index could not complete its comeback as industrials (-0.3%), technology (-0.6%), and health care (-0.5%) weighed.

Thursday ended on a modestly higher note despite a cautious start. The S&P 500 added 0.2% while the Nasdaq Composite (+0.6%) and Russell 2000 (+1.1%) outperformed. Equities faced some pressure at the start after disappointing data from overseas led to profit taking in Europe. Specifically, China's HSBC Manufacturing PMI came in at 50.0, which represents the difference between expansion and contraction, while Japan reported a slim downtick to 52.1 from 52.4. As for the eurozone, Manufacturing PMI slipped to 50.4 from 50.6 and Services PMI fell to 51.3 from 52.3. The key indices began inching away from their lows right after the open and the cautious sentiment evaporated in a hurry after better than expected Existing Home Sales (5.26 million; Briefing.com consensus 5.17 million), Leading Indicators (0.9%; consensus 0.6%), and Philadelphia Fed Survey (40.8; expected 18.3) crossed the wires at 10:00 ET.

4:06 pm CPI Aerostructures receives protest in connection with F-16 wing components contract (CVU) : Co announced that its status as a small business concern has been protested in connection with its previously announced receipt of a U.S. Government prime contract from the Defense Logistics Agency to provide structural wing components and logistical support for F-16 aircraft maintenance, repair and overhaul operations. The Company has been notified by the U.S. Small Business Administration that the SBA will be making a determination of the size status of the Company after the Company provides required information to the SBA. Because of the protest, the Company has received a stop-work order from the DLA. The Company is preparing its response to the SBA.

4:06 pm BE Aerospace announced that its wholly-owned subsidiary KLX Inc. has priced its previously announced offering of $1.2 bln aggregate principal amount 5.875% of senior notes due 2022 in preparation for the spin-off of KLX from B/E Aerospace. The Notes were priced at 100% of the aggregate principal amount (BEAV) : It is expected that the proceeds from the offering of the Notes will be deposited into an escrow account pending the completion of the spin-off.

4:04 pm TransAtlantic Petroleum achieves record production levels; averaging ~7000 BOEPD over last seven days (TAT) : Co has achieved a record high production level in Turkey. Average net production in Turkey for the past seven days exceeded 6,000 BOEPD, consisting of ~4,500 BOPD and 9.5 MMCFPD.

When combined with its recently acquired properties in Albania, TransAtlantic's total average net production for the past seven days was ~7,000 BOEPD, consisting of ~ 5,500 BOPD and 9.5 MMCFPD.

4:03 pm Marrone Bio Innovations receives NASDAQ notice regarding late form 10-Q filing (MBII) :

  • Co announced that, as anticipated, it has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying MBI of its noncompliance with Nasdaq listing rule 5250 as a result of the company's filing of a Notification of Late Filing on Form 12b-25 on November 14, 2014.
  • Briefing Note: Co filed to delay from 10-Q on Nov 14 (see 11/17 6:50)

4:00 pm Exxon Mobil: Stephen Pryor to retire as President of ExxonMobil Chemical Co; Neil Chapman expected to be appointed (XOM) : Co announces Stephen Pryor, president, ExxonMobil Chemical Co and VP of Exxon Mobil Corp, has elected to retire on Jan 1, 2015. It is anticipated that the BoD of XOM will appoint Neil Chapman as president of ExxonMobil Chemical and elect him a VP of the corp, effective Jan. 1, 2015. Chapman is currently senior vice president, Polymers, ExxonMobil Chemical.

3:57 pm Procter & Gamble: Chairman and CEO Lafley enters 10b5-1 trading plan (PG) : The Procter & Gamble Company has been advised that A.G. Lafley, Chairman of the Board, President and Chief Executive Officer of the Company, has entered into a stock trading plan designed to comply with Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended. Mr. Lafley's plan is designed to manage the exercise of options for 430,441 shares of common stock that were granted to him in February 2006, during his prior tenure as Chief Executive Officer, and will expire on February 28, 2016. Sales pursuant to this plan may begin on January 28, 2015.

3:39 pm Praxair announced it has priced EUR500 mln of 1.625% notes due December 1, 2025 (PX) : The offering is expected to close on December 1, 2014. The company anticipates using the proceeds of the offering for general corporate purposes, including repayment of debt and share repurchases under its share repurchase program. Prior to that use, the net proceeds may be invested in short-term investments.

3:32 pm Earnings Preview for the week of November 24 - 28 (:SUMRX) : Of the companies reporting earnings for the week of November 24 - 28 some of the bigger names include:

  • Monday:
    • Pre Market - TSL, NM, DCIX, ENTA
    • After Hours - ANW, BRCD, NUAN, DY, QIHU, CPRT, WDAY, PANW, ANFI, KANG, VMEM
  • Tuesday:
    • Pre Market - TECD, HRL, CPB, VAL, SIG, TIF, BECN, BWS, PLL, CHS, CBRL, DSW, YGE, FRED, EV, DANG, LG, AMWD, MOV, DAKT, CTRN, XCRA, DSX, NJR
    • After Hours - HPQ, ADI, CUB, CTRP, PWRD, VNET, TIVO, VEEV, BLOX, NMBL, AVAV, XNET
  • Wednesday:
    • Pre Market - DE, SDRL, SOL
    • After Hours - LEDS

3:12 pm Neostem provides further information regarding the design of the Phase 2 PreSERVE AMI clinical trial (NBS) : Co is sharing additional information to clarify certain facts regarding the Phase 2 PreSERVE trial as "we are extremely disappointed, in the face of exciting results, that shareholder value is being diminished by pervasive inaccurate or incomplete statements about the study," said Dr. Robin Smith, Chairman and CEO of NeoStem. The original phase 2 primary endpoints were an imaging endpoint that was designed to provide evidence of changes in blood flow and a safety endpoint that was limited to the bone marrow harvest and infusion period.

Prior to data lock, NeoStem elected to revise its primary safety endpoint to include a comprehensive assessment of safety including all adverse events, serious adverse events and MACE. This decision was made after consultation with the FDA and based on:

  • Published FDA guidance regarding the preferred endpoints for approval of cell therapies for acute myocardial.
  • Emerging scientific literature showing a dose-dependent benefit of cell therapies in terms of reduced major adverse cardiac events.

2:47 pm Energy price action (:COMDX) :

  • Crude oil rose $0.83 (+1.1%) to $76.53/barrel
  • Natural gas fell 21 cents (-5%) to $4.28/MMBtu
  • Heating oil rose 3 cents to $2.06/gallon
  • RBOB rose 2 cents to $2.40/gallon

2:46 pm Agricultural price action (:COMDX) :

  • Corn fell 2 to $3.71/bushel
  • Wheat rose 9.25 cents(+1.7%) $5.47/bushel
  • Soybeans rose 17 cents (+1.7%) to $10.2175/bushel
  • Ethanol rose 11 cents (+5.6%) to $2.06/gallon
  • Sugar #11 fell 0.01 cents to 16.09 cents/gallon

2:34 pm Nasdaq comp +3 sets new session low near flat line, small-caps slip into the red -- Dow +67 and S&P +6.6 hold above early afternoon pullback lows (:TECHX) :  

2:32 pm Abengoa awarded new power transmission project in Morocco worth ~EUR 23 mln (ABGB) : The contract, worth ~EUR 23 mln, will enable part of the country's energy demand to be supplied in an efficient and sustainable way, as well as improving the interconnection with Algeria.

  • Abengoa will be responsible for the engineering, design, construction, maintenance and commissioning of the 210 km power transmission line, ensuring the highest levels of quality at every stage. The line is expected to come into operation in 2016.

2:25 pm Aetna increases quarterly dividend to $0.25 from $0.225/share, authorized repurchase up to an additional $1 bln of its common stock (AET) :

  • The Board authorized the company to repurchase up to an additional $1 bln of its common stock from time to time. This authorization is in addition to the ~$464 mln of repurchase authority available under Aetna's prior authorization as of November 20, 2014. The company intends to continue buying shares in the open market from time to time.

2:21 pm Dollar Flirts with Best Close Since June 2010: 10Y: +06/32..2.318%..USD/JPY: 117.71..EUR/USD: 1.2388 (:SUMRX) :

  • The Dollar Index trades on session highs and is on track to post its best close since June 2010. Click here to see a daily Dollar Index chart.
  • EURUSD is -155 pips @ 1.2385 and is flirting with its lowest levels in 27 months. The single currency has been punished following early comments from ECB head Mario Draghi that suggested the central bank will "do what we must to raise inflation and inflation expectations as fast as possible." A close below 1.2375 would be the worst since August 2012. 
  • GBPUSD is -40 pips @ 1.5650 as action contends with its own 14-month low. Participants have taken note of prior comments from MPC member David Miles, which warned specific rate guidance is dangerous as there are many unforeseeable developments that could change that path. Also impacting trade was a disappointing net lending to individuals number. A finish below 1.5630 would be the lowest since September 2013. 
  • USDCHF is +120 pips @ .9700 as trade piggybacks the weakness in the euro. Traders are watching the .9725 region closely as a finish above there would be the best since May 2013. 
  • USDJPY is -40 pips @ 117.80 as action slides off seven-year highs. Today's selling has been exacerbated by the flight to risk that developed in response to the People's Bank of China cutting both its deposit and lending rates
  • AUDUSD is +50 pips @ .8670 as trade lifts off key support in the .8550/.8600 area. The hard currency climbed as high as .8722 after the PBOC announcement crossed the wires, but has surrendered a decent amount of those gains. Aussie bulls hope to put in a close above .8650. 
  • USDCAD is -65 pips @ 1.1240 as modest selling takes hold for a second day. The pair probed 1.1200 support and the 50 dma following the hotter than expected Core CPI (0.3% MOM actual v. 0.2% MoM expected) reading, but has seen a bounce off the level.

1:46 pm Metals price action (:COMDX) :

  • Gold rose $7 to $1197.70/oz
  • Silver fell 25 cents to $16.40/oz
  • Copper rose 1 cent to $3.03

1:21 pm Nasdaq Comp +12 joins Dow +58 and S&P +6.7 at new pullback low (:TECHX) :  

1:15 pm Kaman announces $28.9 mln joint programmable fuze order (KAMN) : Co was awarded a contract modification in the amount of $28.9 million for the procurement of Joint Programmable Fuzes.

  • The award is a follow-on order raising the total under Option 11 of Kaman's JPF contract with the U.S. Air Force to ~$90 million. 
  • Delivery of fuzes under Option 11 is anticipated to occur in 2015 and 2016.

1:01 pm S&P +8.6 and Dow +75 again slightly extend slide off early highs -- Nasdaq Comp +18 and small-caps still above morning pullback levels (:TECHX) : Relative sector weakness in Bank KBE, Reg Bank KRE, Semi SMH.

1:01 pm Midday Market Summary: Commodity-Related Sectors Lead After PBoC Rate Cut (:WRAPX) : The major averages trade higher across the board at midday despite spending the first half of the session in a steady retreat from their opening highs. The S&P 500 has narrowed its gain to 0.5% while the Russell 2000 (+0.6%) outperforms.

The stock market began the final session of the week on a broadly higher note after the People's Bank of China announced its first rate cut in two years. The central bank cut its deposit rate 25 basis points to 2.75% and its one-year lending rate 40 basis points to 5.60%. The news boosted U.S. futures and European equities, while comments made by European Central Bank President Mario Draghi also contributed to increased risk tolerance. Specifically, Mr. Draghi served up another reminder that low eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. The euro (1.2385) responded by returning into the neighborhood of its early November low, while the resulting greenback strength has sent the Dollar Index (88.31, +0.72) to a new multi-year high.

Unlike the Dollar Index, equities have been unable to build on their early gains, but that should not be a shock when recognizing the S&P 500 has soared more than 13.0% from its lowest point on October 15.

Despite the pullback from highs, eight sectors continue hold gains with materials (+1.3%), industrials (+1.0%), and energy (+0.8%) in the lead. The cyclical trio has benefitted from the PBOC rate cut, but the underlying commodities have had a difficult time maintaining gains. Copper futures have narrowed their gain to 0.3% at $3.03/lb after being up 1.5% while crude oil is higher by 0.3% at $76.07/bbl after touching $77.75/bbl overnight.

Elsewhere, the top-weighted technology sector (+0.2%) has given up the bulk of its gain. If the sector continues its retreat during afternoon action, that could present a headwind to the benchmark index.

On the earnings front, Gap (GPS 37.90, -2.24) is lower by 5.6% after reporting in-line with its warning from November 6 and lowering its earnings guidance for fiscal year 2015. In other retail names, GameStop (GME 38.36, -5.18) has surrendered 12.0% after missing earnings and revenue expectations and guiding lower.

Treasuries have spent the day in a steady rally off their overnight lows. The 10-yr yield is lower by two basis points at 2.32%.

1:00 pm DeVry Education: appointed Christopher Begley as Board Chair of DeVry Education Group (DV) : Begley founded Hospira (HSP), serving as its CEO from 2004 until 2011 and as its executive chairman from 2007 to 2012.

12:41 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

  • ADSK (62.49 +6.99%): Beat Q3 consensus estimates by $0.03, beat on revs; guided Q4 EPS below consensus, revs above consensus; Co raised billings growth and net subscriptions.
  • ROST (88.85 +6.78%): Beat Q3 consensus estimates by $0.06, beat on revs; reaffirmed Q4 EPS guidance; Tgt raised at Canaccord, Telsey, FBR, others.
  • HTZ (24.06 +5.76%): The company appointed John Tague President and CEO effective Nov 21, 2014; positive reception from activist shareholders.
Large Cap Losers
  • GPS (38.01 -5.31%): Reported Q3 earnings in-line with preannouncement; lowered FY15 EPS guidance; Tgt lowered at Mizuho, Canaccord Genuity, others.
  • MAT (31.2 -1.08%): Resumed with a Neutral at Goldman.
  • RBS (11.82 -0.96%): The co recognized an error in its calculation of the modeled Common Equity Tier 1 ratio for the 2014 European Banking Authority stress test results which led to RBS's published CET1 stress test ratios being overstated.
Mid Cap Gainers
  • BID (42.38 +8.03%): Announced that CEO William F. Ruprecht will step down by mutual agreement with the Board; Ruprecht to continue as Chairman, President, and CEO until a successor is in place.
  • SPLK (68.19 +5%): Beat Q3 consensus estimates by $0.01, beat on revs; guided Q4 revs above consensus; guided FY16 revs above consensus; Tgt raised at FBR, Stifel, BMO, others.
  • AWAY (31.3 +4.16%): Rose following rumors than Priceline (PCLN) may be interested in buying the co.
Mid Cap Losers
  • GME (38.24 -12.18%): Missed Q3 consensus estimates by $0.04, missed on revs; guided Q4 EPS below consensus; guided FY15 EPS below consensus; Downgraded at Telsey.
  • WX (35.12 -2.88%): Downgraded to Hold from Buy at Jefferies; tgt lowered to $38 from $40.
  • DDS (118.43 -2.16%): Downgraded to Neutral from Buy at BofA/Merrill.

12:33 pm Time Warner: Turner Broadcasting and DISH Network (DISH) agree to extension (TWX) : Turner Broadcasting, a Time Warner (TWX) company, and DISH Network (DISH) announced that they have mutually decided to restore service of CNN, Cartoon Network, Adult Swim, truTV, TCM, HLN, CNN en Espanol and Boomerang, and extend the carriage of TBS and TNT. Dish and Turner will not have any further comment.

12:22 pm Video Display receives expected NASDAQ notice of non-compliance (VIDE) : Consistent with Listing Rules 5810(c)(3)(D), NASDAQ will provide the Company a 180 day cure period ending May 12, 2015 in which to regain compliance with $5.0 million MVPHS for ten consecutive day period.

12:17 pm Dow +96 and S&P +10 extend slow drift back off highs -- Nasdaq Comp +19 holding just above its pullback level (:TECHX) :  

12:15 pm Peoples Bank (NC) declared a cash dividend for the fourth quarter of 2014 in the amount of $0.06 per share, a 50% increase from the previous dividend of $0.04 (PEBK) : The cash dividend will be paid on December 15, 2014 to shareholders of record December 2, 2014.

12:08 pm Zayo Group Holdings announced a deal with wholesale carrier solutions provider IX Reach to provide colocation and dark fibre connecting main data centres in the New York and New Jersey markets (ZAYO) : Delivery of services began in October of 2014.

12:02 pm Relypsa announced that results from the pivotal Phase 3 program of the company's lead product candidate, Patiromer for Oral Suspension, were published in the New England Journal of Medicine (RLYP) : All endpoints were met in the two-part Phase 3 program consisting of a treatment phase, which was designed to assess the ability of Patiromer FOS to correct hyperkalemia, and a placebo-controlled randomized maintenance phase designed to evaluate the effect of continued treatment with Patiromer FOS on potassium control and ability of patients to continue RAAS inhibitor therapy compared to placebo. Of note during this phase, the Patiromer FOS group had no change in median potassium from baseline, but in the placebo group, median serum potassium increased (P

12:01 pm ZS Pharma announces publication of results from Phase 3 study of ZS-9 in patients with Hyperkalemia in the New England Journal of Medicine; ZS-9 normalizes 98% of patients within 48 hours (ZSPH) : Co announced the publication of previously unreleased detailed results from the ZS003 study in the New England Journal of Medicine. ZS003 was a Phase 3, 753 patient, multicenter, randomized, double-blind, placebo-controlled trial that assessed the safety and efficacy of ZS-9 (sodium zirconium cyclosilicate) in treating patients with hyperkalemia, a life threatening condition characterized by abnormally high concentrations of potassium in the blood (serum K+ =5.1 mEq/L). 

  • ZS-9 normalizes 98% of patients within 48 hours and a high proportion of patients who continued on ZS-9 maintained Normokalemia

12:00 pm SWS Group announced that a majority of the outstanding shares of SWS common stock voted to approve the adoption of the merger agreement with Hilltop Holdings (HTH) (SWS) : The transaction is expected to close by the end of 2014.

11:52 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:+1.1%
  • Germany's DAX:+2.6%
  • France's CAC:+2.7%
  • Spain's IBEX:+3.2%
  • Portugal's PSI:+2.5%
  • Italy's MIB Index:+3.9%
  • Irish Ovrl Index:+1.8%
  • Greece ASE General Index: +3.7%

11:52 am Crude oil drops into the red and back near its LoD... Jan crude now -0.2% at $75.69/barrel (:COMDX) :  

11:50 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (275) outpacing new lows (41) (:SCANX) : Stocks that traded to 52 week highs: AA, AAPL, ABBV, ABMD, ACCO, ACE, ACMP, ADM, ADSK, AEC, ALKS, ALL, AMGN, AMOT, AMP, AMT, ANAC, APD, APOG, ARG, ASH, AUPH, AUXL, AXS, BAP, BCR, BDL, BDX, BEP, BERY, BG, BGCP, BIG, BLK, BLT, BMY, BOOT, BPL, BPY, BR, BRCD, BRK.A, BRK.B, BURL, CASY, CATO, CB, CFN, CHD, CHKP, CIM, COKE, COST, COV, CQB, CSCO, CSL, CST, CSTE, CSX, CTLT, CVTI, DDC, DG, DGX, DHI, DHIL, DHR, DIN, DISH, DJCO, DLPH, DLTR, DNB, DPS, DPZ, EA, EEFT, EEP, EEQ, EHIC, ELLI, ESRX, FAF, FARM, FDP, FDX, FFIV, FFNW, FIS, FISV, FL, FLT, FNF, FTNT, GD, GLP, GNCMA, GNTX, GPC, GPI, GPN, HBI, HCC, HDB, HI, HIG, HON, HRC, HRL, HSNI, HTLD, IBCA, IBN, IDCC, INCR, INCY, INGR, INTC, INTU, IPXL, IRF, ITW, JAH, JBLU, JCOM, JJSF, JLL, JWN, KMG, KNX, KONA, KR, LB, LBRDK, LBY, LEG, LEN, LEN.B, LM, LNC, LNDC, LOW, LQ, LSTR, LVLT, LWAY, M, MAG, MCRL, MDT, MERC, MHG, MIK, MLI, MMC, MMM, MMP, MNST, MPC, MRGE, MTD, MTG, MUSA, MWV, NAVI, NCLH, NDAQ, NICE, NKE, NOC, NTES, NVEE, NWL, NXPI, ODFL, ODP, PAYC, PEI, PEP, PETM, PH, PHM, PJC, PLL, PPG, PRAH, PSEM, QTM, QTNT, QTWO, QVCA, RAI, RAX, RBA, RCL, RCPT, RDCM, RDI, RDN, RDY, RE, RFMD, RGA, RHP, RHT, RIC, RL, ROST, RPM, RTN, SBAC, SBFG, SCI, SEE, SEP, SERV, SHO, SHW, SIRO, SJR, SNA, SNPS, SPR, SSNC, STOR, STRT, STX, STZ, SUSQ, SWFT, SWI, SWKS, SXL, SYK, TAP.A, TASR, TCP, TCX, TFSL, TFX, THG, THI, TQNT, TRV, TSM, TSO, TSRA, TTWO, TUES, TXN, TXT, UCFC, UNP, USB, USCR, V, VAC, VAL, VAR, VFC, VOYA, VR, VRNT, WAB, WAT, WBB, WERN, WHR, WLDN, WRB, WSM, XRAY, Y, ZUMZ

Stocks that traded to 52 week lows: AM, AMDA, APDN, ASPN, ATAI, BANX, BIND, BRN, CRDC, CRNT, DSCO, ECT, FORD, HSON, LQDT, LXRX, MCP, MOLG, MRVC, NBS, NSPR, ORPN, OTIV, OXFD, PICO, PRSS, RENN, RVLT, SIFY, SMT, SPHS, SR, SYRX, SZYM, UAMY, VIVO, VJET, VLTC, WAIR, WHZ, XNY

ETFs that traded to 52 week highs: DIA, DVY, IGN, IGV, IHI, IWF, IYF, IYH, IYJ, IYK, IYT, KIE, MDY, MOO, OEF, PPA, PSK, QQQ, RTH, SDY, SMH, SOXX, SPY, UUP, UYG, VTI, XLB, XLF, XLI, XLK, XLP, XLV, XLY, XRT

ETFs that traded to 52 week lows: none

11:18 am Currency Commentary: DXY Higher on PBoC, Draghi (:SUMRX) :

  • The Dollar Index was able to climb off the low end of its recent consolidation range as China and Europe central banks moved towards further easing. A rate cut by the PBoC and more dovish language from ECB President Mario Draghi led to a run in risk assets and moved the DXY back above 88. The DXY hit 88.21 in early trade, just a shade below its recent mutli-year high of 88.26 set November 14. There is no economic data today. Next week all data will be released on Tuesday and Wednesday due to the Thanksgiving Holiday. Notables include: Tue- Q3 GDP revision, Housing Prices, and Consumer Confidence; Wed- Claims, Durables, Personal Income & Spending; Chicago PMI, and New home Sales. 
  • The euro fell as ECB president Mario Draghi once again was able to use the pulpit as an effective QE tool. Mr. Draghi reiterated that the ECB would take whatever action it needed and also stated that the central bank did not need a crisis to take action. The ECB also finally announced the official ABS program was underway. The euro is trading at 1.2411 as we head towards the weekend. 1.2358 is the multi-year low the single currency hit on November 7 and is on traders radars. 
  • The pound has dipped back into 1.56 territory following the dollar rally. Against the euro, sterling held the 80 support level and has moved back to 0.7913 following the Draghi comments. It is currently testing the 100 sma (0.7920) in that trade. 
  • The yen is holding 118 and has moved higher as equity markets and risk assets see a small roll over. A poll today showed that Japanese citizens were growing skeptical of Abenomics which is helping provide a boost to the yen. This will be a key issue to watch as the snap elections are set for December 21 (BONDX, FOREX).

11:17 am S&P +13.6 slips back to mid-point of range at 2064 and stabilizes (:TECHX) :  

11:17 am Phillips 66 Partners and Paradigm Energy Partners announce midstream logistics joint ventures (PSXP) : Co and Paradigm Energy Partners, LLC announce that they have executed agreements to form two joint ventures to develop midstream logistics infrastructure in North Dakota. Consisting of two previously announced projects, the Sacagawea Pipeline and Palermo Rail Terminal, the joint ventures are designed to enhance logistical options for crude oil transportation in the Bakken region.

  • Under the terms of the Pipeline JV Agreement, Phillips 66 Partners and Paradigm will each own a 50 percent interest in the joint venture and will fund their proportionate share of the construction costs. Paradigm will construct the pipeline and Phillips 66 Partners will be the operator. 
  • The transactions are expected to close in the fourth quarter of 2014 with total capital cost for the joint ventures estimated to be approximately $300 million, subject to the terms set forth in the final agreements. Both the pipeline and rail terminal are expected to commence commercial operations in the first quarter of 2016.

11:08 am AstraZeneca announces plans to expand its Frederick, Maryland biologics manufacturing center (AZN) : Co announced plans to expand its biologics manufacturing center in Frederick, Md. The more than $200 million project will increase production capacity at the facility to support AstraZeneca's maturing pipeline, and will help position the company to keep pace with a growing demand for the development and use of biologics, which currently represent nearly 50% of AstraZeneca's overall pipeline.

11:02 am Intraday relative weakness (:TECHX) : Sectors displaying relative weakness vs. the S&P in recent trade include: Internet FDN, Retail XRT, Bank KBE, Reg Bank KRE, Technology XLK, Biotech IBB.

11:01 am Upland Software acquired Solution Q and its SaaS project and portfolio management application for ~$5.8 mln (UPLD) : The company expects the Eclipse product to generate ~$4.5 mln in revenue in 2015, subject to reductions for a deferred revenue discount as a result of GAAP purchase accounting. The purchase price consideration paid in the transaction was ~$5.8 mln, and consisted of ~$3.2 mln in cash payable at closing (net of $0.4 mln of cash acquired), a $0.9 mln cash holdback payable 18 months following the closing (subject to indemnification claims), and 150,977 shares of the company's common stock.

10:54 am Nasdaq Comp +29 joins Dow +129 and S&P +14 at minor, slow drift off early highs (:TECHX) :  

10:44 am Quiet trade at firmly higher levels -- Dow +132, S&P +15, Nasdaq Comp +34.5 (:TECHX) : The S&P/Dow fractionally extended the minor slip off opening highs in recent trade but the Nasdaq Comp did not confirm the move amid some relative strength Semi SMH and Networking IGN.

10:25 am Marvell morning upside extension nears its 200 sma at 14.45 -- session high 14.41 (MRVL) :  

10:14 am Flowers Foods announces George Deese to retire as Exec Chairman at the end of the year; will become non-exec Chairman and continue to be involved in direction of the co (FLO) :  

10:11 am Flowers Foods announced a 10.4% increase in the annual dividend rate, which raises the rate from $0.48 to $0.53 per share; also increased the company's share repurchase authorization by 7.1 mln shares (FLO) : The dividend is paid quarterly at the new rate of $0.1325 per share and the next payment is on December 19, 2014 to shareholders of record on December 5, 2014. At the close of the company's third quarter on October 4, 2014, 7.9 million shares remained under the existing authorization. With the board's action today, the current authorization increases to 15.0 million shares, affording ample repurchase capacity as the company continues to execute its growth plan and maintain balance sheet discipline.

10:09 am Stock indices slip back slightly off opening highs -- dow +143, S&P +16, Nasdaq Comp +31 (:TECHX) :  

10:02 am Crawford & Company merging its Specialty Markets and Global Technical Services units into an expanded GTS division (CRD.B) : Crawford Specialty Markets is comprised of the following specialty services focused on serving Lloyd's of London and the International Adjusting market: Energy, Marine, Aviation, Forensic Accounting, and Mining. Its establishment strengthen the large and complex claim capabilities of Crawford Global Technical Services, and offered the market a single solution to meet the claims needs of clients in these important niche areas and their insureds irrespective of location. GTS is Crawford's definitive solution for large, complex claims, providing the highest level of world class talent in the industry's largest network to strategically manage losses around the globe.

9:43 am Opening Market Summary: Cyclical Sectors Pace Opening Rally (:WRAPX) : As expected, the major averages began the session with solid gains The S&P 500 trades higher by 0.9% with nine sectors in the green.

Of the nine advancers, energy (+1.4%) and materials (+1.8%) display the largest gains, which makes sense considering the strength among commodities. Crude oil has added 0.8% to $76.37 while copper ($3.06/lb) and gold futures ($1202.80/ozt) trade higher by 1.4% and 1.0%, respectively.

Elsewhere, heavily-weighted sectors like industrials (+1.0%) and financials (+1.0%) also trade ahead of the broader market.

Treasuries have inched back into the green as they continue climbing off their overnight lows. The 10-yr yield is lower by one basis point at 2.33%.

9:40 am S&P +18 and Nasdaq Comp +41 reach second level resistances (:TECHX) : Noted second level resistance in The Technical Take at 2070/2073 S&P (session high 2071) and 4744/4751 Nasdaq Comp (session high 4751) with this levels probed shortly after the open.

9:37 am Strong, broad based push off the open -- Dow 156, S&P +17, Nasdaq Comp +40 (:TECHX) : Early relative strength has been noted in: Steel SLX, Mining XME, Solar TAN, Casino, Coal KOL, Gold Miners GDX, Oil Service OIH, Materials XLB, software IGV, Copper JJC, Energy XLE, Silver SLV, Social Media SOCL.

9:30 am Knightsbridge Tankers Ltd misses by $0.05 (VLCCF) : Reports Q3 (Sep) loss of ($0.11) per share, $0.05 worse than the Capital IQ Consensus of a loss of ($0.06).

  • The Company received $3.3 million as partial settlement for a claim for damages and unpaid charter hire in October 2014 and this will be recorded as income in the fourth quarter.
  • The average daily time charter equivalent ("TCE") earned by the Capesize vessels in the third quarter was $10,200 compared with $15,000 in the preceding quarter.
  • In Nov 2014, the co estimates an approximately average cash cost breakeven rate for the remainder of 2014 on a TCE basis for its Capesize vessels of $13,000 per vessel per day. 
Outlook:
  • The Board of Directors is satisfied with the merger agreement entered into with Golden Ocean.
  • The main focus for the management is now related to the implementation process, and the Board and management are dedicated to conclude the process of creating one of the world's leading dry bulk companies.
  • After completion of the merger the Combined Company will be in a position to look for further consolidation opportunities in the dry bulk market. 
  • The spot market has improved in the fourth quarter relative to the third quarter, however long term coverage has not been offered at attractive earnings so far.
  • As a consequence a vast majority of the fleet remains exposed to spot earnings.
  • The Combined Company will consider taking cover for a part of the fleet when the market improves and such charters offer an attractive return on the investment.
  • The Company and Golden Ocean are discussing financing of most of the remaining newbuildings in the Combined Company.
  • Several lending banks are showing strong interest. A financing with low margins and long repayment profile is expected.
  • Together with low operating cost and G&A, this financing should secure attractive cash break even rates for Knightsbridge and the Combined Company going forward.

9:26 am Airmedia announced that it has entered into a strategic partnership agreement with China Telecom Satellite Communications Co. Ltd. to jointly develop and operate a network for in-flight satellite connectivity services and multimedia cabin entertainment on airplanes (AMCN) : According to the strategic partnership agreement, CTSAT agrees to provide the Company with, under the same conditions, priority access to satellite and on-the-ground network and operation services for developing and operating secure, reliable, and consistent in-flight connectivity in compliance with the laws and regulations of China.

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

  • Points (PCOM) announced the expansion of its strategic partnership with Collinson Latitude. The expanded relationship will enable both parties to reach a larger portion of the global loyalty industry and bring a robust suite of ancillary revenue products and services to more loyalty programs worldwide. 
  • Novatel Wireless (MIFI) announced that the award-winning line of MiFi Powered SA 2100 LTE IoT gateways for telemetry and telematics has been certified by Verizon Wireless (VZ) for AWS/Band 4 and support for Private Network.
  • The Chinese Ministry of Industry and Information Technology on November 20 issued a fourth batch of licenses as part of its large-scale trial of opening the Chinese mobile sector up to MVNOs, and Youku Tudou (YOKU) has been a recipient and the only company whose main business is Internet entertainment services and content out of all the recipients.

9:16 am Nationstar Mortgage's Solutionstar announces acquisition of Title365; expected to be accretive to earnings, and anticipated to close in January 2015 for $36 million in cash (NSM) : Title365 will enable Solutionstar to expand its purchase title services, further diversify its revenue streams through access to a significant third-party customer base, adopt industry leading workflow technology and position the combined enterprise as a premier national title player and innovator.

  • It is expected that the acquisition will generate financial and operational synergies including the ability to utilize Title365's licenses to expand into new geographic markets, particularly in California, resulting in both cost savings as well as new revenue opportunities. 
  • The acquisition is expected to be accretive to earnings. Subject to customary approvals and consents, the transaction is anticipated to close in January 2015 for $36 million in cash with additional consideration dependent on the ongoing involvement of certain key employees and achieving certain performance targets. Title365 was advised by JMP Securities.

9:11 am S&P futures vs fair value: +20.10. Nasdaq futures vs fair value: +37.00. (:WRAPX) : The stock market is on track for a sharply higher open with futures on the S&P 500 trading 20 points above fair value. Futures began their advance overnight amid comments from European Central Bank President Mario Draghi who said eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. The euro responded by sliding 1.0% against the dollar to 1.2420 while the Dollar Index (88.14, +0.55) has returned near its early November high.

Another spike followed after the People's Bank of China cut its deposit rate 25 basis points to 2.75% and its one-year lending rate 40 basis points to 5.60%. The move boosted commodities while futures continued their advance after the initial spike, which suggests a short-squeeze may have contributed to the big pre-market rally.

Domestically, investors did not receive any economic data, but they are responding to a few quarterly reports. Gap (GPS 38.90, -1.24) is on course to open lower by 3.1% after reporting in-line with its warning from November 6 and lowering earnings guidance for fiscal year 2015. Elsewhere among retailers, GameStop (GME 39.55, -3.99) has given up 9.2% in pre-market after missing estimates and guiding lower. On the flip side, Foot Locker (FL 59.25, +2.25) is tracking an early gain of 4.0% in reaction to a bottom-line beat.

Treasuries are flat with the 10-yr yield at 2.34%.

9:08 am CSX reaffirms Q4, FY15 guidance a RailTrends Conf. (CSX) : Co continues to expect fourth quarter earnings per share growth at a similar level as it achieved in the third quarter. CSX remains confident in its ability to deliver double digit earnings growth and margin expansion in 2015 as it progresses toward a mid-60s operating ratio over the longer term.

Co is positioning itself to continue delivering strong financial results by balancing stabilized service levels, improving efficiency and continued growth opportunities, Chief Transportation Officer Cindy Sanborn told an industry audience today at the annual RailTrends conference in New York City.

9:05 am New York Mortgage Trust announces pricing of public offering of 13 mln common stock at $7.94/share (NYMT) : NYMT intends to use the net proceeds of this offering to fund a portion of the purchase price of a pool of residential mortgage loans. If such acquisition is not completed, NYMT intends to use the net proceeds to fund the acquisition of its targeted assets and for general working capital purposes. UBS Investment Bank, Deutsche Bank Securities, Barclays, RBC Capital Markets and Credit Suisse Securities are acting as joint bookrunning managers for the offering.

9:02 am Magnum Hunter announces expansion of its senior secured revolving credit facility; increased by $108 mln from $117 mln to $225 mln (MHR) : Co announced that Eureka Hunter has closed on an expansion of its Senior Secured Revolving Credit Facility.

  • Pursuant to this expansion, the aggregate loan commitment amount under the Revolving Credit Facility increased by $108 million from $117 million to $225 million.
  • The number of participating banks under the facility increased from five to thirteen. The Revolving Credit Facility is non-recourse to Magnum Hunter.

8:59 am TCP Capital prices 5.9 mln common shares at $17.05/share (TCPC) :  

8:57 am TerraForm Power prices $350 mln private placement of common stock at $30/share (TERP) : TerraForm Power intends to use the net proceeds from this private placement to fund a portion of the purchase price payable by TerraForm Power in the previously announced acquisition by TerraForm Power of 521 MW of operating power assets from First Wind Holdings.

8:55 am S&P futures vs fair value: +17.90. Nasdaq futures vs fair value: +35.00. (:WRAPX) : The S&P 500 futures trade 18 points above fair value.

Markets rallied across much of Asia. The People's Bank of China cut its deposit rate 25 basis points to 2.75% and its one-year lending rate 40 basis points to 5.60% after markets were closed. Elsewhere, Japan's Prime Minister Shinzo Abe dissolved parliament, as expected.

  • Economic data was limited: 
    • New Zealand's Credit Card Spending increased 6.7% year-over-year (previous 4.5%) 
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  • Japan's Nikkei added 0.3% to remain near seven-year highs. Exporters were a mixed bag as Toyota Motor slipped 0.1% and Sony Corp. added 0.9%. 
  • Hong Kong's Hang Seng saw its first gain in five sessions, climbing 0.4%. Casino names saw strong gains as Galaxy Entertainment jumped 4.2% and Sands China rallied 1.6%.
  • China's Shanghai Composite rose 1.4% to end just shy of three-year highs. Financials provided support with Industrial & Commercial Bank of China rallying 1.4%. 
  • India's Sensex climbed 1.0% to an all-time high. Financials had a strong showing after a merger between two small banks. State Bank of India and ICICI Bank gained 2.8% and 2.5%, respectively. 
Major European indices trade higher across the board after ECB President Mario Draghi said eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. The pledge to tackle falling inflation pressured the euro to 1.2420 against the dollar, representing a 1.0% decline on the session. The euro weakness reflects heightened expectations that the European Central Bank will deploy a sovereign QE program.
  • Economic data was scarce: 
    • Great Britain's Public Sector Net Borrowing came in at GBP7.05 billion (expected GBP6.90 billion; prior GBP10.57 billion) 
    • Italy's Wage Inflation ticked up 0.1% month-over-month (previous 0.0%) while the year-over-year reading rose 1.0% (last 1.1%) 
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  • Great Britain's FTSE is higher by 1.2% amid broad strength. Miners lead with Anglo American, BHP Billiton, Fresnillo, and Rio Tinto up between 4.5% and 6.1%. Tullow Oil also displays strength, up 6.1% 
  • Germany's DAX has added 2.2% with growth-sensitive names in the lead. HeidelbergCement, ThyssenKrupp, and BASF are up between 3.6% and 4.6%. Adidas is the lone decliner, down 0.6% 
  • In France, the CAC trades up 2.4% with all 40 components in the green. ArcelorMittal and Cie de St-Gobain lead with respective gains of 5.2% and 5.4% 
  • Spain's IBEX is higher by 2.7% amid broad gains. Construction and engineering names lead with ACS, FCC, Sacyr up between 4.1% and 7.1%.

8:52 am On The Wires (:WIRES) :

  • Ultra Clean Holdings (UCTT) announced the launch of its 3D Printing service through the acquisition of privately held Prototype Asia and the opening of its Additive Manufacturing Center in Singapore. 
  • Tandem Diabetes Care (TNDM) announced a partnership with Tidepool by offering an open source software platform that increases diabetes data accessibility.
  • Gap (GPS) announced the promotion of two current executives to become global brand presidents for Gap and Banana Republic. Jeff Kirwan will become Global President for Gap brand in December Andi Owen will become Global President for Banana Republic, effective January 5.
  • Merchants Bancshares (MBVT), President and CEO, Michael Tuttle, announced the appointment of Geoffrey Hesslink as the thirteenth President and CEO of Merchants' main operating subsidiary, Merchants Bank, effective January 1, 2015.

8:51 am European Central Bank tweets that it has started its ABS program today (VGK) : Briefing.com Note: This has been widely expected. There may have been some concerns over its delay. So some will take this action as a plus, but really it has been expected and should not move the needle too much.

ECB Tweet.

8:50 am Berry Plastics misses by $0.02, misses on revs (BERY) : Reports Q4 (Sep) earnings of $0.35 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.37; revenues rose 8.8% year/year to $1.31 bln vs the $1.33 bln consensus.  Co anticipates fiscal year 2015 adjusted free cash flow to be $320 million, after deducting the $39 million payment paid in October 2014 under the Company's tax receivable agreement.

8:48 am Tyco announced that it has appointed Daryll Fogal as CTO, launched its new 'Tyco On' software solutions platform, and made a strategic investment in Qolsys; terms not disclosed (TYC) : Co introduced Tyco On, its integrated data and smart services platform. Tyco On provides a set of software-enabled Internet of Things capabilities that enhance safety and security systems using open standards to connect a wide range of intelligent devices, systems and services, enabling customers to improve their operations.

  • Co also advanced its Internet of Things strategy with a strategic investment in Qolsys, a San Jose, Calif.-based innovator that has extended the boundaries of "all-in-one" home automation with its IQ panel. The Android-based panel delivers the industry's most advanced, connected home control platform supporting life safety, residential security, home control, energy management and other functions, supported by best-in-class technology providers, including Google (GOOG), Foxconn Technology Group and Alarm.com.

8:47 am Dow Chemical and Third Point LLC (TPRE) announced a comprehensive agreement to add four new, independent directors to Dow's Board (DOW) : The agreement also provides that: 

  • The four independent directors will be included in Dow's nominees for election at the 2015 Annual Meeting. 
  • Thirteen directors will stand for election at the 2015 Annual Meeting. However, Dow has agreed to reduce the size of its Board to twelve members before its Annual Meeting in 2016.
  • Third Point has agreed to a one year customary standstill and voting agreement. 
Dow and Third Point will be making no further public comment on the matter and both are pleased to have resolved the matter amicably and to have arrived at an agreeable path forward.

8:46 am Intrawest Resorts announced the hiring of Thomas F. Marano as the Company's CEO, effective immediately; company reaffirms Fiscal 2015 guidance (SNOW) : William A. Jensen has tendered his resignation as CEO, for personal reasons. Additionally, Intrawest has promoted Sky Foulkes, President of Stratton Mountain Resort, to the position of Chief Operating Officer. Most recently, Mr. Foulkes has been the President and Chief Operating Officer of Stratton Mountain Resort since 2007.

  • From their November 10 earnings, "Net Loss Attributable to Intrawest Resorts Holdings, Inc. to be in the range of $16 million to $6 million; Total Segment Adjusted EBITDA to be in the range of $111 million to $116 million; Total Reportable Segment Revenue to be in the range of $570 million to $595 million"

8:46 am Elephant Talk achieves NYSE MKT compliance; meets NYSE MKT listing standards and requirements (ETAK) :

  • As a result of meeting the Exchange's listing standards, the Company will be removed from the list of noncompliant issuers posted on the Exchange's website.

8:35 am Physicians Realty Trust announced $123.2 mln in acquisitions and anticipated acquisitions (DOC) : The co announced the partial closing of the 309,865 square foot Columbus Regional Medical Office Portfolio which includes thirteen medical office buildings, twelve of which are located in Columbus, Georgia and one in Phenix City, Alabama. The Company has closed on 12 of the 13 buildings, with the final building expected to close by the end of 2014. The total purchase price will be approximately $34.5 million with an anticipated first year unlevered yield of 8.1%.

  • The Company also announced that it entered into three separate additional purchase agreements with an aggregate value of $88.7 million.

8:33 am Intra-Cellular Therapies announces additional results from Phase I/II clinical trial for ITI-007 in healthy geriatric subjects and patients with dementia; indicate that ITI-007 is safe and well-tolerated across a range of low doses (ITCI) : Co presented additional results from ITI-007-200, a Phase I/II clinical trial designed to evaluate the safety, tolerability and pharmacokinetics of low doses of its lead drug candidate, ITI-007, in healthy geriatric subjects and in patients with dementia, including Alzheimer's disease (trial Part 2). Secondary endpoints explored the effects of ITI-007 on measures of cognitive function.

  • The additional data showing clinical signals for ITI-007 to improve cognition are being presented at the Clinical Trials on Alzheimer's Disease conference being held in Philadelphia, Nov 20-22.
  • The ITI-007-200 trial results to date indicate that ITI-007 is safe and well-tolerated across a range of low doses, has linear- and dose-related pharmacokinetics and improves cognition in the elderly. 
  • These results further position the drug as a development candidate for the treatment of behavioral disturbances in patients with dementia and other neuropsychiatric and neurological conditions. 
  • The Company plans to initiate a Phase 2 clinical program evaluating ITI-007 in patients with behavioral disturbances associated with dementia and related disorders, including Alzheimer's disease, in 2015.

8:32 am Cerus announced that the FDA has accepted its clinical protocol to make the INTERCEPT Blood System for plasma available under an IDE for treatment of convalescent plasma collected from Ebola disease survivors for passive immune therapy (CERS) : Following testing for Ebola antibodies at the Centers for Disease Control, the treated plasma will be stored at Emory for use with future patients. If needed, Emory will also supply the treated plasma for use at other Ebola treatment centers such as the University of Nebraska Medical Center. To further increase the availability of convalescent plasma, Cerus and the trial investigators are collaborating with the American Red Cross and America's Blood Centers to create a national network of plasma collection sites to access recovered Ebola patients.

8:32 am BioSpecifics Tech announces new data on XIAFLEX for Peyronie's Disease presented at SMSNA Scientific Meeting; showed that greater improvement in penile curvature deformity was associated with greater reduction in Peyronie's disease symptom (BSTC) : Co announced new data on XIAFLEX for the treatment of Peyronie's disease from the Phase 2 and the pivotal Phase 3 IMPRESS trials, presented by BioSpecifics' licensee, Auxilium Pharmaceuticals (AUXL) at the 20th Annual Fall Scientific Meeting of the Sexual Medicine Society of North America held in Miami, FL from November 20-23, 2014.

  • XIAFLEX demonstrated statistically significant mean percent improvement in penile curvature deformity compared to placebo within each Peyronie's disease duration grouping (disease duration 6 to
  • Between Peyronie's disease duration groupings, there were no statistically significant differences in improvement of penile curvature deformity (mean percent improvement and mean degree improvement) or symptom bother improvement with XIAFLEX. 
  • An increased placebo effect was also observed in patients with Peyronie's disease duration of 6 to

8:32 am Genocea Biosciences announced that it has entered into a loan and security agreement with Hercules Technology Growth Capital (HTGC) for a term loan of up to $27.0 mln (GNCA) : Co announces it has entered into a loan and security agreement with Hercules Technology Growth Capital (HTGC) for a term loan of up to $27.0 mln. The proceeds of the initial draw of $12.0 mln will be used to repay GNCA's existing term loan facility and to provide additional working capital for general corporate purposes.

  • GNCA can draw up to an additional $5.0 mln at its option through June 30, 2015. Two further tranches of $5.0 mln each can be drawn down at GNCA's option on or prior to Dec 15, 2015 subject to the achievement of certain clinical and corporate milestones.
  • Additionally, GNCA entered into an equity rights letter agreement with HTGC pursuant to which HTGC purchased 223,463 shares of GNCA's common stock at $8.95 per share, the closing price of GNCA on Nov 19, 2014.

8:32 am European Markets Update: FTSE +1.2%, DAX +2.2%, CAC +2.4%, IBEX +2.7% (:SUMRX) : Major European indices trade higher across the board after ECB President Mario Draghi said eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. The pledge to tackle falling inflation pressured the euro to 1.2420 against the dollar, representing a 1.0% decline on the session. The euro weakness reflects heightened expectations that the European Central Bank will deploy a sovereign QE program.

  • Economic data was scarce: 
    • Great Britain's Public Sector Net Borrowing came in at GBP7.05 billion (expected GBP6.90 billion; prior GBP10.57 billion) 
    • Italy's Wage Inflation ticked up 0.1% month-over-month (previous 0.0%) while the year-over-year reading rose 1.0% (last 1.1%) 
------
  • Great Britain's FTSE is higher by 1.2% amid broad strength. Miners lead with Anglo American, BHP Billiton, Fresnillo, and Rio Tinto up between 4.5% and 6.1%. Tullow Oil also displays strength, up 6.1% 
  • Germany's DAX has added 2.2% with growth-sensitive names in the lead. HeidelbergCement, ThyssenKrupp, and BASF are up between 3.6% and 4.6%. Adidas is the lone decliner, down 0.6% 
  • In France, the CAC trades up 2.4% with all 40 components in the green. ArcelorMittal and Cie de St-Gobain lead with respective gains of 5.2% and 5.4% 
  • Spain's IBEX is higher by 2.7% amid broad gains. Construction and engineering names lead with ACS, FCC, Sacyr up between 4.1% and 7.1%.

8:31 am Immunomedics announces Orphan Drug Designation for Veltuzumab for the treatment of pemphigus (IMMU) : Co announces the Office of Orphan Products Development of the FDA has granted orphan status for the use of veltuzumab, the Co's humanized anti-CD20 antibody, for the treatment of pemphigus. In a recently published compassion-use case study report1, a patient with pemphigus vulgaris refractory to multiple agents, including rituximab, was successfully treated with veltuzumab administered by subcutaneous injection. Subcutaneous veltuzumab was safe and effective, resulting in complete remission of disease off therapy and no serious adverse events during 35 months of follow-up.

8:31 am Marsh McLennan subsidiary Mercer announced that it has entered into a definitive agreement to acquire SCM Strategic Capital Management , a Swiss-based specialist private markets advisor and delegated solutions provider; terms not disclosed (MMC) : The acquisition will further strengthen Mercer's capabilities in alternative investments, an area of growing importance in the global institutional marketplace.

8:27 am S&P futures vs fair value: +19.40. Nasdaq futures vs fair value: +38.00. (:WRAPX) : Equity futures have climbed to new highs with the S&P 500 futures 19 points above fair value. Futures spiked after ECB President Draghi provided another reminder that the central bank stands ready to combat falling inflation in the single currency region. The euro responded by sliding to within a 100 pips of its early November low (1.2358) against the dollar. Currently, the pair hovers near 1.2425.

In turn, the dollar strength has sent the Dollar Index into the neighborhood of its early November high (88.36). The Index is higher by 0.6% at 88.13.

8:23 am On The Wires (:WIRES) :

  • IMAX (IMAX) announced that writer-director John Woo's two-part 3D film The Crossing will be digitally re-mastered in the immersive IMAX 3D format and released by Le Vision in IMAX theatres in China.
  • DTS (DTSI) announced a new iOS app from Deepak Chopra and ABOVE Technologies that allows users to experience meditative poetry in immersive sound over any set of headphones through DTS Headphone:X technology. 
  • Lion Biotechnologies (LBIO) announced that Steven Rosenberg, chief of surgery at the NCI and principal investigator of the CRADA, will provide an update on a Phase 2 clinical trial in patients with metastatic melanoma at the American Society of Hematology annual meeting in San Francisco.
  • NORESCO has won a $43 mln energy savings performance contract for work at Fort Jackson in Columbia, South Carolina. NORESCO is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp. (UTX).
  • Splunk (SPLK) announced that Valve has selected and standardized on Splunk Enterprise for Operational Intelligence. Valve, creators of the best-selling game franchises Counter-Strike, Dota 2, Half-Life, Left 4 Dead, Portal and Team Fortress as well as leading technologies Steam and Source, will implement Splunk Enterprise across its security and IT operations teams.
  • Kennedy Wilson (KW) announced that the co purchased Bella Sonoma, a 280-unit apartment community located in Fife, WA, for $46.75 mln investing $11.1 mln of equity in the transaction. The co also secured new debt of $37.3 mln through Fannie Mae (FNMA) with 5-years interest only, fixed rate over 10 years at 3.59%. This acquisition increases the total 2014 purchases in the Pacific Northwest to 2,185 units.
  • International Flavors & Fragrances (IFF) announced the opening of a creative facility in Jakarta, Indonesia, and a sales office and applications laboratories in Santiago, Chile.
  • Centene (CNC) announced that Centurion Managed Care, LLC has been notified by the State of Vermont of its intent to award Centurion a contract for comprehensive correctional healthcare services.

8:21 am Rowan Cos provided fleet contract status update yesterday after the market close (RDC) : Notable events in the current report include:

  • Rowan Louisiana: As previously indicated, awarded a one-well contract with an estimated minimum duration of 45 days with EnVen in the Gulf of Mexico at $85,000 per day, which commenced in mid-November 2014.
  • Rowan Resolute: As previously indicated, commenced operations on October 16, 2014 in the US Gulf of Mexico. Increased previously planned 4Q 2014 off rate time by 20 days to a total of 27 days in order to complete certain commissioning tasks. 
  • Rowan Gorilla VI: As previously indicated, commenced operations in early September 2014. Increased off rate time by 19 days to a total of 26 days during 4Q 2014. 
  • Rowan EXL I: Reduced previously scheduled off rate time for inspections by 15 days to a total of 30 days, which is now expected to occur during 4Q 2014/1Q 2015 instead of 4Q 2014. 
  • Rowan EXL II: Added 30 days off rate time for inspections which is expected to occur during 2Q 2015. 
  • Hank Boswell and Bob Keller: Reduced previously scheduled off rate time for repairs and inspections by 10 days to a total of 35 days, which is expected to occur during1Q and 2Q of 2015.
Complete fleet status report

8:21 am Petrobras Brasileiro announced that the offshore platform Cidade de Ilhabela started-up this Thursday, November 20, in the Santos Basin pre-salt field of Sapinhoa (PBR) : The offshore platform was set up at a site where the water depth reaches 2,140 meters, some 310 km off the coast of Sao Paulo state. It will be able to produce up to 150 thousand barrels of oil per day, compress up to 6 million m /day of natural gas and store 1.6 million barrels of oil. Moreover, the platform will be able to inject 180 thousand barrels of water per day. Well 3-SPS-69, the first to go into operation, has a production potential of 32 thousand bpd. The oil produced in Sapinho field is of excellent quality -- 29 API on average -- and is to be offloaded by tankers.

  • The estimated local content for Sapinho field development is above 55%, higher than the 30% minimum local content stipulated by Brazil's National Petroleum, Natural Gas and Biofuels Agency.

8:08 am Kaman's Kaman Aerosystems awarded contract extension by Bell Helicopter for commercial rotor blade components; expected value in excess of $24 mln (KAMN) : This three-year follow on contract has an expected value in excess of $24 mln. The components will continue to be manufactured at Kaman's facility in Bloomfield, Connecticut.

8:07 am Endurance International prices public offering of 13 mln shares of common stock at $14.50/share (EIGI) :

  • In the offering, Endurance is selling 3,000,000 shares of common stock, with net proceeds to Endurance of ~$41.3 million, after deducting underwriting discounts and commissions and estimated offering expenses, and certain existing stockholders are selling 10,000,000 shares of common stock.
  • In addition, certain selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,950,000 shares of common stock Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC are acting as lead joint book-running managers.
  • Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are also acting as book-running managers.

8:06 am OncoMed Pharma presents new clinical and biomarker data from its Tarextumab and Demcizumab clinical trials at the EORTC-NCI-AACR Symposium (OMED) :

  • Using OncoMed's proprietary Notch3 gene expression assay for predictive biomarkers, OncoMed researchers observed an emerging trend suggesting that patients with higher levels of tumor-derived Notch3 gene expression at baseline exhibit improved response to tarextumab treatment. Notch3 gene expression was evaluable in pancreatic tumor samples from 80 percent of the patients enrolled in the Phase 1b trial. Notch3 gene expression is now being evaluated as a predictive biomarker for tarextumab in the Phase 2 portion of the ALPINE clinical trial.
  • In the demcizumab presentation, a patient tumor sample from the Phase 1b clinical trial of demcizumab combined with standard of care was evaluated using OncoMed's proprietary patient-derived xenograft models and the anti-tumor response was compared between the clinical and preclinical studies. The Phase 1b patient progressed rapidly on treatment with a combination of demcizumab and gemcitabine. When a tumor derived from the Phase 1b patient was grown in a xenograft model, the new tumor was also insensitive to gemcitabine and the combination of demcizumab plus gemcitabine. This tumor was significantly more sensitive to the triple combination using demcizumab-gemcitabine-Abraxane. These data suggest that OncoMed's patient-derived xenograft models can mirror activity in the clinic. Analysis of key characteristics of responsive tumors relative to non-responsive tumors may provide insights into potential biomarkers of sensitivity to demcizumab treatment.

8:06 am Digital Power Corporation announced it has secured a repeat order of $600K to provide a switching power solution for a medical application (DPW) : The co will supply a universal power source solution to power a portable oxygen concentrator for people who require a constant source of oxygen enriched breathing air.

8:05 am Orexigen Therapeutics announces allowance of new U.S. Patent for Contrave (naltrexone HCl /bupropion HCl extended release) (OREX) : Co announces that it has received a notice of allowance from the U.S. Patent and Trademark Office for U.S. Patent Application No. 11/757,773, which covers use of OREX's sustained release formulation of naltrexone, which was designed to improve drug tolerability for Contrave (naltrexone HCl /bupropion HCl extended release), in a method for treating obesity.

  • The patent is expected to expire in March of 2028. 
  • OREX expects the patent to be listed in the Orange Book maintained by the United States Food and Drug Administration.

8:05 am Carnival signed MOU with Fincantieri to explore possibility of shipbuilding JV aimed at accelerating development in China (CCL) : The MOU between Carnival Corporation and Italy-based Fincantieri outlines the framework for evaluating and exploring a potential shipbuilding joint venture for constructing cruise ships for the Chinese market.

8:04 am Heritage Financial declares a special cash dividend of $0.16 per share (HFWA) : Co declares a special cash dividend of $0.16 per common share to be paid on December 12 to shareholders of record on December 2.

8:04 am AbbVie: CHMP grants positive opinions of AbbVie's Viekirax + Exviera for the treatment of chronic Hepatitis C in Europe; major regulatory milestone achieved toward approval in the European Union (ABBV) :

  • The European Committee for Medicinal Products for Human Use of the European Medicines Agency has granted positive opinions for AbbVie's (ABBV) investigational, all-oral, interferon-free treatment of VIEKIRAX  EXVIERA with or without ribavirin for patients with genotype 1 and genotype 4 chronic hepatitis C virus infection. 
  • The European Commission will review the opinions and make a final decision sometime in the first quarter of 2015.
  • The marketing authorization applications were submitted to the EMA on May 6, 2014 under an accelerated assessment, designated to new medicines of major public health interest. Review of the MAAs is being conducted under the centralized licensing procedure, which if approved will result in marketing authorizations valid in all 28 member states of the European Union, as well as Iceland, Liechtenstein and Norway.

8:04 am Gordmans Stores beats by $0.01, misses on revs; guides Q4 below consensus (GMAN) : Reports Q3 (Oct) loss of $0.10 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.11); revenues fell 3.0% year/year to $146.7 mln vs the $151.23 mln consensus.

  • Comparable store sales for the third quarter of fiscal 2014 decreased by 7.8% versus a 6.1% comparable store sales decrease in the third quarter of fiscal 2013. 
  • "Third quarter sales were negatively impacted by record high temperatures in October this year versus record low temperatures last October."
Co issues downside guidance for Q4, sees EPS of $0.03-0.08 vs. $0.09 Capital IQ Consensus, which includes a $0.01 impact of interest expense associated with writing off debt issuance costs associated with paying down $15.0 million in senior term debt during the fourth quarter; sees Q4 revs of $198-202 mln vs. $204.65 mln Capital IQ Consensus Estimate, which reflect a mid-single digit comparable store sales decrease. 

8:04 am UGI Corp subsidiary UGI Energy Services announced the successful completion of two previously announced midstream projects (UGI) :

  • UGI Energy Services, LLC ("UGIES"), the midstream and energy marketing subsidiary of UGI Corp (UGI), announced the successful completion of two previously announced midstream projects.
  • UGIES completed its Union Dale Pipeline project consisting of approximately six miles of 12" pipeline and two interconnection facilities.
  • The project is a direct link between abundant and locally produced natural gas supplied by Cabot Oil & Gas (COG) to the UGI Penn Natural Gas, Inc. ("UGI PNG") distribution system.
  • The project is capable of delivering 100,000 dekatherms per day directly into UGI PNG. Additionally, UGIES completed phase one of a two-phase expansion of its Auburn Gathering System with the construction of three additional compressor units at its Manning Compressor Station in Wyoming County, Pennsylvania and a new interconnection facility.

8:04 am Gold and silver futures just spiked to a new high for the day... Dec gold popped back above $1200/oz and is now +0.9% at $1201.70/oz, while Dec silver is +1.9% at $16.45/oz (:COMDX) :  

8:02 am Amedica prices public offering of of 11,441,646 shares at $1.14/share (AMDA) : The company expects gross proceeds of ~$13.0 mln

8:02 am Exelon announced the Federal Energy Regulatory Commission yesterday approved its proposed merger with Pepco Holdings (POM) (EXC) : The companies anticipate completing the merger in the second or third quarter of 2015.

8:02 am Neptune Technologies appointed Jim Hamilton President & CEO effective Feb 2, 2015 (NEPT) : Hamilton is currently VP Human Nutrition and Health, North America, and President of DSM Nutritional Products USA.

8:01 am Cytori Therapeutics reported positive results from a clinical study of Cytori Cell Therapy in anterior cruciate ligament reconstruction of patients with ACL tears; cell therapy in ACL surgery may provide quicker recovery in BPTB transplantation (CYTX) : Co announces positive results from a clinical study of Cytori Cell Therapy in anterior cruciate ligament (ACL.V) reconstruction of patients with ACL tears. The 6 month results from the first 20 patients with combination Cytori Cell Therapy and bone-patellar tendon-bone grafts were presented at the Barcelona Knee Symposium on Nov 20, 2014. The procedure was feasible and not associated with safety issues above that seen with a standard small volume liposuction. All patients recovered without any complications.

8:01 am Talisman Energy and Ecopetrol (EC) announce hydrocarbon discovery in block CPO-9, Colombia (TLM) :

  • The Nueva Esperanza-1 well was spudded on July 18, 2014 and reached total depth at 12,056 feet on September 26, 2014. During an initial 8-day flow test using an electro submersible pumping system, 309 feet of perforations in the T2 formation stabilized at a daily flow rate of 910 barrels of 8 degrees API crude oil with less than 2% water cut during the last day of flow.

8:01 am Merrimack Pharma presents on multiple programs at the 26th EORTC-NCI-AACR Symposium on molecular targets and cancer therapeutics (MACK) : Co announces data from multiple presentations at the 26th EORTC-NCI-AACR Symposium on Molecular Targets and Therapeutics.

  • Computational modeling predicted that MM-131 would block HGF from binding to c-Met with higher potency through concurrent binding to epithelial cell adhesion molecule, an abundant protein on the cell surface of many cancer types. The models also suggested that the potency of MM-131 would increase with higher levels of EpCAM, as binding to EpCAM enables MM-131 to concentrate at the cell surface and effectively compete with HGF binding to c-Met. 
  • Preclinical studies validated this prediction and MM-131 was shown to inhibit HGF-mediated pathway activation and both the growth and migration of tumor cells across a panel of cell lines in vitro. Additionally, MM-131 inhibits tumor growth in models of c-Met-driven cancer in vivo. MM-131 potently inhibits both HGF-dependent signaling and HGF-independent signaling with no associated agonistic activity. 
  • Quantitative assays measuring EpCAM, HGF, and c-Met in patient tumor samples showed that EpCAM is expressed at high levels in a wide range of c-Met-driven tumor types. EpCAM, c-Met, and HGF were found to be co-expressed in lung, colorectal, and gastroesophageal cancers, suggesting a broad opportunity for the clinical development of MM-131.

8:00 am Dillard's Board has approved a share repurchase program authorizing the Co to repurchase up to $500 mln; also declared a cash dividend of $0.06 per share (DDS) :  

7:58 am S&P futures vs fair value: +18.40. Nasdaq futures vs fair value: +35.50. (:WRAPX) : U.S. equity futures trade sharply higher amid upbeat action overseas. The S&P 500 futures hover 18 points above fair value after receiving a boost from comments made by ECB President Mario Draghi, who said eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. Markets in Europe and U.S. futures soared on the comments. In addition, The People's Bank of China cut its deposit rate 25 basis points to 2.75% and lowered the lending rate by 40 basis points to 5.6%, which gave a boost to commodities.

Treasuries are little changed with the 10-yr yield at 2.34%.

There is no economic data on today's schedule.

In U.S. corporate news of note:

  • Foot Locker (FL 58.26, +1.26): +2.2% after beating earnings estimates on in-line revenue. 
  • GameStop (GME 39.55, -3.99): -9.2% after missing earnings and revenue expectations and guiding lower. 
  • Gap (GPS 38.83, -1.31): -3.3% after reporting in-line with its warning from November 6 and lowering its earnings guidance for fiscal year 2015. 
  • Splunk (SPLK 69.97, +5.03) after beating estimates and guiding higher. 
  • Ross Stores (ROST 88.00, +4.79): +5.8% after beating earnings and revenue estimates and reaffirming its guidance. 
Reviewing overnight developments:
  • Asian markets ended higher. Japan's Nikkei +0.3%, Hong Kong's Hang Seng +0.4%, and China's Shanghai Composite +1.4% 
    • Economic data was limited: 
      • New Zealand's Credit Card Spending increased 6.7% year-over-year (previous 4.5%) 
    • In news: 
      • The dollar/yen pair pulled back from its recent high just below the 119 level after Japan's Finance Minister Taro Aso said the yen has been depreciating too quickly and that sharp moves in either direction are unwelcomed. The currency pair dipped below 117.50 following the comments, but has recovered to 118.00
  • Major European indices trade higher across the board. Great Britain's FTSE +1.0%, Germany's DAX +2.0%, and France's CAC +2.1%. Elsewhere, Italy's MIB +2.2% and Spain's IBEX +2.5% 
    • Economic data was scarce: 
      • Great Britain's Public Sector Net Borrowing came in at GBP7.05 billion (expected GBP6.90 billion; prior GBP10.57 billion) 
      • Italy's Wage Inflation ticked up 0.1% month-over-month (previous 0.0%) while the year-over-year reading rose 1.0% (last 1.1%) 
    • Among news of note: 
      • Mario Draghi's pledge to tackle falling inflation in the Eurozone pressured the euro to 1.2430 against the dollar, representing a 0.9% decline on the session. The euro weakness reflects heightened expectations that the European Central Bank will deploy a sovereign QE program. Benchmark yields in Italy (-7 bps to 2.225%) and Spain (-9 bps to 2.035%) have dropped to new lows following the comments.

7:55 am ANN beats by $0.03, reports revs in-line; reaffirms Q4 revs guidance (ANN) : Reports Q3 (Oct) earnings of $0.72 per share, $0.03 better than the Capital IQ Consensus of $0.69; revenues fell 1.6% year/year to $646.8 mln vs the $646.89 mln consensus.

  • Co preannounced Q3 rev and guided for Q4 rev on Nov 6.
  • Total Company comparable sales for the quarter decreased 4.3%, compared to an increase of 3.7% in the third quarter of 2013. 
    • At Ann Taylor, total brand comparable sales decreased 6.6%, reflecting a decrease of 4.8% at Ann Taylor, which includes sales results at both Ann Taylor stores and anntaylor.com, and a decline of 10.4% in the Ann Taylor Factory channel. 
    • At LOFT, total brand comparable sales decreased 2.9%, reflecting decreases of 3.3% at LOFT, which includes sales results at LOFT stores and LOFT.com, and 1.0% in the LOFT Outlet channel. 
  • "As previously noted, our performance reflected weak traffic across the industry, a highly promotional retail environment and the impact of labor uncertainty at the West Coast ports, which resulted in product shipment delays in the first half of the quarter and higher air freight expense later in the period. In addition, Ann Taylor experienced soft product performance in select categories, resulting in its first negative comparable sales performance in the last ten quarters.
Co reaffirms guidance for Q4, sees Q4 revs of $630 mln vs. $628.19 mln Capital IQ Consensus, reflecting a comparable sales decline in the low-single digits. Gross margin rate for the Company is expected to be 46.5%, which includes the impact of approximately $8 million of incremental air freight costs as a result of labor uncertainty at the West Coast ports. 

7:46 am Nevsun Resources comments on B.C. Lawsuit; denies the allegations and will vigorously defend itself against this claim (NSU) : "We are confident that the allegations are unfounded. Based on various company-led and third party audits, the Bisha Mine has adhered at all times to international standards of governance, workplace conditions, and health and safety. We are committed to ensuring that the Bisha Mine is managed in a safe and responsible manner that respects the interests of the local communities, workers, national governance, stakeholders, and the natural environment."

7:46 am InterCloud Systems announces a multi-year IPTV $4.2 mln professional services contract (ICLD) :  

7:32 am Asian Markets Close: Nikkei +0.3%, Hang Seng +0.4%, Shanghai +1.4% (:SUMRX) :

  • Markets rallied across much of Asia. 
  • The People's Bank of China cut its deposit rate 25bps to 2.75% and its 1Y lending rate 40bps to 5.60% after markets were closed. 
  • Japanese Prime Minister Shinzo Abe dissolved parliament. 
  • Japan's Nikkei (+0.3%) remained near seven-year highs. Exporters were a mixed bag as Toyota Motor slipped 0.1% and Sony Corp. added 0.9%. 
  • Hong Kong's Hang Seng (+0.4%) saw its first gain in five sessions. Casino names saw strong gains as Galaxy Entertainment jumped 4.2% and Sands China tacked on 1.6%.
  • China's Shanghai Composite (+1.4%) ended just shy of three-year highs. Financials provided support with Industrial & Commercial Bank of China rallying 1.4%. 
  • India's Sensex (+1.0%) climbed to an all-time high. Financials had a strong showing after a merger between two small banks. State Bank of India and ICICI Bank gained 2.8% and 2.5%, respectively.
  • Australia's ASX (-0.2%) fell for the ninth time in ten sessions. Financials weighed with Westpac sliding 0.9% to pace the sector's decline. 
  • Regional Decliners: Vietnam -0.9%...Malaysia -0.7% 
  • Regional Advancers: Philippines +0.1%...Taiwan +0.1%...South Korea +0.4%...Indonesia +0.4%...Thailand +0.7%...Singapore +0.9% 
  • Fx: USDCNY jumped to 6.1233...USDINR slipped to 61.78...USDJPY -20 pips @ 118.00...AUDUSD +85 pips @ .8705

7:30 am Engility announced it has won a $61 mln single award indefinite-delivery/indefinite-quantity contract to provide engineering services and related research, development, test and evaluation efforts in support of the Naval Air Warfare Center Weapons Division (EGL) : This award, which represents new work for the co, is a cost-plus-fixed-fee IDIQ contract and is expected to be completed in December 2017.

7:17 am On The Wires (:WIRES) :

  • Merge Healthcare (MRGE) announced new capabilities and enhancements to Merge PACS, specifically designed to support enterprise health systems and tele-radiology.
  • Rentrak (RENT) has been granted two new patents by the U.S. Patent and Trademark Office, both of which help Rentrak extend its leadership in measuring the new dynamics of television.

7:16 am Sanofi-Aventis's Genzyme announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion recommending approval of Cerdelga capsules (SNY) : The European Commission is expected to make a final decision on granting marketing authorization for Cerdelga in the EU in the coming months. Cerdelga was approved by the U.S. Food and Drug Administration in August, and is under review by other regulatory authorities around the world.

7:15 am EVERTEC announces Morgan Schuessler as new CEO effective January 1, 2015 (EVTC) : Mr. Schuessler will join EVERTEC after having served as President of International at Global Payments (GPN), overseeing businesses in 23 countries throughout Europe and Asia. Mr. Schuessler will succeed Peter Harrington, who will depart the Company at the end of the year for personal reasons.

7:11 am U.S. futures higher by 0.7% following Chinese rate cut and supportive Draghi comments (SPY) :

  • Futures are showing substantial gains this morning after China cut its benchmark interest rate by 40 bps to 5.6% and ECB President Mario Draghi reiterated that the ECB will "do what we must to raise inflation and inflation expectations as fast as possible". Markets initially moved higher on Draghi's speech overnight and then spiked to highs around 5:30 ET on the Chinese interest rate move. 
  • S&P futures are now +14 (+0.7%); DJ futures +105 (+0.7%); Nasdaq futures +30 (+0.7%).
  • European markets are also strong on the news: FTSE +0.7%; DAX +1.6%; CAC +1.5%.
  • The euro is lower by 0.8% at $1.2435 on Draghi's comments.
  • There is no U.S. econ data today so these events should remain the primary macro factors of interest as the trading day progresses.

7:09 am Volkswagen AG: announces EUR 85.6 billion investment for models and facilities; sees CapEx ratio between 6-7%; Chinese joint venture to invest EUR 22.0 bln in 2015-19 (VLKAY) : Co will invest a total of EUR 85.6 bln in new models, innovative technologies and its global presence in its Automotive Division over the coming five years.

  • Around two-thirds of the total investment amount will flow into increasingly efficient vehicles, drives and more environmentally friendly production. 
  • This is the result of the Group's investment planning for 2015 to 2019 discussed by the Supervisory Board of Volkswagen Aktiengesellschaft at its meeting on Friday. 
  • In addition to spending on capex, the plans also include capitalized development costs of EUR 21.9 bln and proceeds from asset disposals of EUR 0.6 bln, net of investments in financial assets. 
  • More than half of the capex spending (around 56%) will be made in Germany.

7:06 am Destination XL Group beats by $0.01, reports revs in-line; reaffirms FY15 guidance; Q3 comps +5.5% (DXLG) : Reports Q3 (Oct) loss of $0.08 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of ($0.09); revenues rose 5.5% year/year to $93.6 mln vs the $93.84 mln consensus. Q3 Total comparable sales increased 5.5%.  Q3 gross margin was 43.3% vs 44.2% last year.

  • Co issues reaffirms guidance  for FY15, sees EPS of ($0.16) - ($0.12), excluding non-recurring items, vs. ($0.17) Capital IQ Consensus Estimate; sees FY15 revs of $413-418 mln vs. $414.41 mln Capital IQ Consensus Estimate. Co sees FY15 comparable sales increase of 12% to 13%; sees gross profit margin to range from 45.5% to 46.1%.

7:06 am Dovish Draghi Drops Euro: 10Y: -02/32..2.347%..USD/JPY: 117.95..EUR/USD: 1.2430 (:SUMRX) :

  • The Dollar Index trades on session highs near 88.20. 
  • The early strength has action contending with its best close since June 2010. 
  • EURUSD is -115 pips @ 1.2420 after another dovish speech by ECB President Mario Draghi, which suggested more easing would help the region's economy. The single currency is testing the November lows in the 1.2400 area, and a breakdown would push action to fresh 27-month lows. Click here to see a daily EURUSD chart.
  • GBPUSD is -30 pips @ 1.5660 as action lingers near 14-month lows. Sterling saw little reaction to the larger than expected public sector net borrowing (GBP7.1 bln actual v. GBP6.9 bln expected) print, and remains trapped in the 1.5600/1.5700 range that has been in place for the past week. 
  • USDCHF is +100 pips @ .9680 as trade flirts with its best level since May 2013. A quiet day for news and data in Switzerland has kept action closely tied to the euro. 
  • USDJPY is -15 pips @ 118.05 after Prime Minister Shinzo Abe dissolved parliament. The pair slid to a low of 117.35, but has recovered after the China rate cut as money moved into riskier assets. 
  • AUDUSD is +80 pips @ .8700 as trade holds just off session highs. The hard currency has been supported by the People's Bank of China rate cut, and has reclaimed the lower end of the .8650/.8850 range that had been in place throughout October. USDCNY jumped to 6.1233.
  • USDCAD is -20 pips @ 1.1280 as trade contends with its worst close since the end of October. A flush below 1.1250 puts 1.1200 support and the 50 dma in play.

7:04 am S&P futures vs fair value: +14.50. Nasdaq futures vs fair value: +30.50. :

7:04 am European Markets : FTSE...6,743.24...+64.70...+0.90%.  DAX...9,664.64...+180.70...+1.90%.

7:04 am Asian Markets : Nikkei...17,357.51...+56.70...+0.30%.  Hang Seng...23,437.12...+87.50...+0.40%.

7:03 am Foot Locker beats by $0.04, reports revs in-line (FL) : Reports Q3 (Oct) earnings of $0.82 per share, ex-$0.01 charge, $0.04 better than the Capital IQ Consensus Estimate of $0.79; revenues rose 6.7% year/year to $1.73 bln vs the $1.72 bln consensus. 

  • Third quarter comparable-store sales increased 6.9% vs. ests of ~6%. 
  • The Company's gross margin rate increased to 33.2 percent of sales from 33.1 percent in the third quarter of 2013, while the selling, general, and administrative expense rate improved to 20.4 percent of sales from 21.0 percent last year.

7:02 am Verastem announced four poster presentations at the 26th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics; results support continued clinical development of VS-6063 and VS-5584 in Mesothelioma and Other Cancers (VSTM) : Co announced four poster presentations at the 26th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics taking place November 18 - 21, 2014, in Barcelona, Spain.

  • Research on the FAK and PI3K/mTOR signaling pathways has revealed critical roles for each in CSC survival and disease progression. 
  • CSCs represent a subpopulation of cancer cells that have tumor-initiating capability, are particularly resistant to chemotherapy and can mediate tumor recurrence both locally and at metastatic sites.
Full list of poster presentations

7:02 am Nexstar to acquire Las Vegas CBS (CBS) affiliate KLAS-TV for $145 mln in accretive transaction; expected to add an average of ~$0.40/share of free cash flow per year to Nexstar's operating results over the 2015/2016 period (NXST) : Co announced that it entered into a definitive agreement to acquire the equity interests and assets of KLAS-TV, the CBS (CBS) affiliate serving the Las Vegas, Nevada market for $145.0 million plus working capital from Landmark Media Enterprises. The proposed acquisition is expected to be immediately accretive to Nexstar's operating results immediately upon closing and inclusive of all other previously announced transactions, will expand the Company's portfolio to 110 television stations serving 58 markets in 23 states, reaching approximately 20.3 million television households or 18% of U.S. television households.

  • Commenting on the acquisition, Nexstar Broadcasting Group President and Chief Executive Officer, Perry A. Sook said, "Nexstar remains opportunistic in expanding our station platform for growth and the acquisition of KLAS-TV in Las Vegas is consistent with our strategic focus on identifying, executing and integrating accretive transactions. 
  • Pro-forma for expected synergies, including additional retransmission revenues, the purchase price for KLAS is less than 6.0 times the average 2015/2016 pro-forma projected cash flow. 
  • Under Nexstar's ownership we intend to build on KLAS's rich tradition of local programming and local community involvement. 
  • With an enhanced sales effort, additional retransmission revenues and synergistic operating improvements, the acquisition, on a pro-forma basis, is expected to add an average of approximately $0.40 per share of free cash flow per year to Nexstar's operating results over the 2015/2016 period.

7:01 am Miller Energy Resources announced the close of the sale of its Tennessee assets as well as an update on its RU-9 well (MILL) : Yesterday, Miller closed the previously-announced sale of substantially all of its Tennessee oil and gas assets for a purchase price of ~ $3.3 mln in cash.

  • The co has also liquidated its remaining oil and gas inventory in that State, yielding ~ $0.6 mln in net cash proceeds in addition to the purchase price. Miller expects the sale of its Tennessee operations will reduce costs and increase the co's cash flow by ~ $800K per year. 
  • Additionally, the co announced that its RU-9 well entered production. Prior to experiencing a recent electrical failure, oil production from the well had ramped to ~100 Bopd with a continued increasing oil cut. 
  • The co is evaluating the optimal way to return the well to production. 
  • The co's overall production is currently ~4.2 Boepd net.

7:01 am Henry Schein: Cardinal Health (CAH) and Henry Schein enter into long-term strategic agreement to serve physician offices; expect the transaction will be slightly accretive to their respective earnings per share in fiscal year 2015 and increasingly accretive thereafter (HSIC) : Cardinal Health, Inc. (CAH), one of the world's largest health care services companies, and Henry Schein announced that the companies have entered into a long-term strategic agreement to provide one of the most comprehensive service and product offerings to office-based medical practices. This strategic agreement combines Cardinal Health's product line and extensive touch points across the health system with Henry Schein's outstanding service capabilities and history in serving office-based practices.

  • The physician office sales team and physician office distribution business of Cardinal Health's Medical segment, with annual sales of more than $300 mln, will be transitioned into Henry Schein's Medical Group. 
  • Cardinal Health will transition to Henry Schein the servicing of the medical product needs of more than 25,000 physician office customer locations and ~ 200 employees. 
  • Both Cardinal Health and Henry Schein expect the transaction will be slightly accretive to their respective earnings per share in fiscal year 2015 and increasingly accretive thereafter.

6:46 am On The Wires (:WIRES) :

  • Trina Solar Limited (TSL) obtained Carbon Footprint Verification for the Company's solar PV modules from the British Standards Institution, an international standards and certification body.
  • Gordmans Stores (GMAN) announced that effective January 5, 2015 Lisa Evans will join the co as EVP and Chief Merchandising Officer. She was most recently the EVP and Brand Leader for Carters (CRI).

6:34 am Sirona Dental Systems beats by $0.02, beats on revs; guides FY15 EPS below consensus, revs in-line (SIRO) : Reports Q4 (Sep) earnings of $0.93 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.91; revenues rose 4.1% year/year to $290 mln vs the $285.71 mln consensus.

  • Co issues guidance for FY15, sees EPS of $3.95-4.05, excluding non-recurring items, vs. $4.07 Capital IQ Consensus Estimate; sees FY15 revs of +6-8% to ~$1.241-1.264 bln (local currencies) vs. $1.25 bln Capital IQ Consensus Estimate. 
  • Gross profit margin was 54.8% in Fiscal 2014, compared to 53.7% in the prior year.

6:33 am Hibbett Sporting beats by $0.06, misses on revs; raises FY15 EPS above consensus (HIBB) : Reports Q3 (Oct) earnings of $0.67 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.61; revenues rose 5.0% year/year to $218.3 mln vs the $221.63 mln consensus. Comparable store sales for the third quarter increased 0.6%.

  • Co issues upside guidance for FY15, sees EPS of $2.72-2.77 vs. $2.68 Capital IQ Consensus Estimate, up from prior guidance of $2.63-2.73. 
    • The Company also reaffirms an expected increase in comparable store sales in the low single-digit range.

6:17 am CNH Industrial announces signing of a Euro 1.75 billion 5 year committed revolving credit facility (CNHI) : Co signed a Euro 1.75 billion 5 year committed revolving credit facility, intended for general corporate purposes of the Company. The facility will replace an existing 3 year Euro 2 billion facility due to mature in February 2016. Favourable market conditions and strong support by key relationship banks allowed CNH Industrial to improve the existing terms and extend the maturity of the facility.

6:02 am On Track Innovations announces pricing of public offering of 6.25 mln ordinary shares at a price of $1.60/share (OTIV) :  

6:01 am Celgene receives positive CHMP opinion for OTEZLA (apremilast), the first oral PDE4 inhibitor for the treatment of patients with psoriasis and psoriatic arthritis (CELG) : Celgene International S rl, a wholly-owned subsidiary of Celgene Corporation, announced that the European Medicines Agency's Committee for Medicinal Products for Human Use has adopted a positive opinion for OTEZLA (apremilast).

  • In the ESTEEM studies, which form the basis of CHMP's positive opinion for apremilast in psoriasis, treatment resulted in significant and clinically meaningful improvements in plaque psoriasis as measured by PASI-75 (a 75 percent improvement in the Psoriasis Area Severity Index) scores at week 16, the primary endpoint.
  • In the PALACE program, which forms the basis for CHMP's positive opinion for apremilast in psoriatic arthritis, treatment resulted in significant and clinically meaningful improvements in the signs and symptoms of psoriatic arthritis, as measured by the modified ACR-20 (a 20 percent improvement in the American College of Rheumatology disease activity criteria) response at 16 weeks, the primary endpoint.

5:58 am Rolls Royce PLC wins $5 bln Trent order for 50 aircraft from Delta Air Lines (RYCEY) : Co has won a $5 bln order for Trent engines and long-term TotalCare service support from Delta Air Lines (DAL) to power 50 new aircraft.

  • Trent XWB engines will power 25 Airbus A350s and Trent 7000 engines will power 25 Airbus A330neo aircraft.
  • The Trent XWB is the world's most efficient large civil aero engine, and the fastest-selling widebody engine ever with more than 1,500 engines already sold.
  • It will power the first A350 XWB into service later this year. The Trent 7000 was launched this year as the exclusive powerplant of the new A330neo and has already been selected to power a total of 152 aircraft.

5:18 am Walt Disney and Shanghai Media Group expand strategic entertainment alliance in China (DIS) : Walt Disney Company in Shanghai and Shanghai Media Group announced they would expand their strategic relationship to include television content development, movie co-production, content distribution, and co-operation on marketing. The series of projects represents another significant step by both organizations to develop a vibrant creative content industry and connect with audiences in China and globally. 

4:19 am On The Wires (:WIRES) :

  • CGG (CGG) announced another significant commitment from an Exploration and Production company to its StagSeisTM multi-client solution in the Gulf of Mexico, this time with an earlier prefunder expanding their position. 
  • Royal Caribbean Cruises (RCL) announced that Majesty of the Seas will transfer from its Royal Caribbean International cruise brand to its Pullmantur brand in 2016. 

2:31 am Novartis' Cosentyx receives positive CHMP opinion for first-line treatment of moderate-to-severe psoriasis patients (NVS) : Co announced today that the Committee for Medicinal Products for Human Use has adopted a positive opinion recommending approval of Cosentyx as a first-line systemic* treatment of moderate-to-severe plaque psoriasis in adults who are candidates for systemic therapy. This recommendation would mean doctors could use secukinumab first-line to treat their psoriasis patients, as an alternative to other first-line systemic treatments, which have significant side effects 

2:26 am UBS announced the successful conclusion of the initial acceptance period and the preliminary interim results of UBS Group AG's share-for-share exchange offer (UBS) : The initial acceptance period of the exchange offer, which, as announced on 12 November 2014, was extended, expired on 20 November 2014. Subject to any applicable local laws, regulations and restrictions, the exchange offer has been made for any and all issued UBS AG shares which, at the close of the initial acceptance period, comprised a total of 3,844,560,913 UBS AG shares. 

2:23 am Alibaba prices offering of $8.0 bln of Senior Unsecured Notes (BABA) : Co announced the pricing of an offering of $8.0 billion aggregate principal amount of senior unsecured notes, consisting of: 

  • $300 million floating rate notes due 2017 at an issue price per note of 100.000%
  • $1,000 million 1.625% notes due 2017, at an issue price per note of 99.889%
  • $2,250 million 2.500% notes due 2019 at an issue price per note of 99.618% 
  • $1,500 million 3.125% notes due 2021 at an issue price per note of 99.558%
  • $2,250 million 3.600% notes due 2024 at an issue price per note of 99.817%  
  • $700 million 4.500% notes due 2034 at an issue price per note of 99.439% 

2:12 am Perrigo prices 5,921,053 of its ordinary shares at a public offering price of $152.00 per share (PRGO) :  

1:55 am On The Wires (:WIRES) :

  • Starwood Hotels & Resorts Worldwide (HOT) announced it has sold Sheraton on the Park in Sydney, Australia to Sunshine Insurance Group for AUS$463.0 million ($399.0 million). Starwood will continue to operate the hotel as a Sheraton under a long-term management contract.
  • Walmart (WMT) announced plans for its biggest Cyber Week ever on Walmart.com, offering 500 online deals this year -- more than double the number of cyber deals it offered last year. 

1:28 am Lexicon Pharma prices 49,751,244 shares of common stock at a public offering price of $1.005 per share and $80 mln of 5.25% Convertible Senior Notes due 2021 (LXRX) :  

1:15 am American Homes 4 Rent prices $528.4 mln securitization transaction (AMH) : Co announced that it has priced its third securitization transaction. The transaction involves the issuance and sale to third parties of single-family rental homes pass-through certificates that represent beneficial ownership interests in a loan secured by 4,503 single-family rental homes sold to an affiliate from the Company's portfolio of single-family rental homes.

  • The Company anticipates gross proceeds from the sale of its certificates of ~$528.4 million from the offering. 
  • The Certificates were issued for a ten-year term at fixed rates, with a duration-adjusted weighted average coupon rate of 4.395%. 
  • The transaction is expected to close on or about November 25, 2014. 

1:14 am Suncor Energy issues C$750 mln of senior unsecured Medium Term Notes maturing on November 26, 2021 (SU) :  

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