InPlay from Briefing.com

Briefing.com

6:04 pm Celanese announces acetyls price increases in China (CE) : Co will increase list and off-list selling prices for acetic acid and acetic anhydride in view of the recent rapid increase and continued volatility in China methanol prices. The price increases below will be effective immediately, or as contracts allow.

  • China - Acetic Acid: 100 RMB/MT
  • China - Acetic Anhydride 100 RMB/MT

5:39 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

  • Healthcare:HRTX (19.76 +58.46%),FPRX (25.64 +27.88%),CLLS (42.9 +26.18%),IDRA (3.84 +22.68%),AMRN (2.31 +20.31%),HUM (214.65 +19.92%),RTRX (31.64 +18.9%),KANG (20.7 +17.88%),AGEN (8.18 +16.69%),PRTA (39.44 +15.86%),CCXI (8.67 +15.75%),MNKD (5.18 +14.6%)
  • Industrials:TITN (15.89 +17.97%)
  • Consumer Discretionary:SFXE (4.87 +18.2%)
  • Information Technology:RALY (19.42 +42.69%),BRCM (56.85 +20.3%),SIMO (35.46 +15.47%),VIMC (14.89 +13.58%)
  • Energy:MDR (5.46 +16.92%)
  • Utilities:NYLD (27.07 +14.9%)
This week's top 20 % losers
  • Materials:SID (1.91 -17.67%),CENX (11.18 -12.18%),GEF (38.19 -11.62%)
  • Industrials:URI (88.91 -15.24%),MY (3.09 -14.88%),TEX (24.73 -13.92%),EGLE (9.05 -13.06%)
  • Consumer Discretionary:TLYS (9.64 -26.8%),KORS (46.5 -24.55%),DANG (8.37 -21.85%),TOUR (16.69 -17.9%),QUNR (44.09 -15.76%),JMEI (22.53 -11.3%)
  • Information Technology:LEJU (7.56 -12.8%)
  • Energy:FRO (2.58 -13.71%),GTE (2.9 -12.91%),IO (1.42 -11.8%),CNX (27.84 -11.59%),ECR (6.3 -11.39%),TDW (24.54 -11.18%)

5:03 pm Kinross Gold announces that mining and crushing operations at its Maricunga mine resumed earlier this month, ahead of the anticipated June restart target (KGC) : Operations were partially suspended on March 25 following an extreme weather event in northern Chile, which caused heavy damage to local infrastructure. The ADR plant operated throughout the restart effort, producing gold from existing material in the heap leach. The temporary suspension of mining and crushing will have an impact on production and costs at Maricunga, particularly in the third quarter. However, as noted in the Company's Q1 2015 news release, Kinross expects no change to its Company-wide or regional production guidance.

4:58 pm AAR Corp announces final results of modified Dutch auction tender offer: Co has accepted for purcahse ~4.186 mln shares at a price of $31.90 (AIR) : Co announced today the final results of its "modified Dutch auction" tender offer, which expired at the end of the day, 12:00 midnight, New York City time, on May 22, 2015. AAR CORP. has accepted for purchase 4,185,960 shares of its common stock at a purchase price of $31.90 per share, for an aggregate amount of $133,532,124, excluding fees and expenses relating to the tender offer. These shares represent all shares validly tendered at or below the purchase price and approximately 10.6% of the total number of shares of AAR's currently outstanding common stock.

4:57 pm Canadian Pacific intends to purchase for cancellation up to 1.425 mln common shares through private agreements under its share repurchase program (CP) :  

4:39 pm MGP Ingredients announces CFO Don Tracy has left the company; co has retained a search firm to seek a replacement (MGPI) :  

4:39 pm Darling Ingredients prices private offering of EUR 515 mln of 4.75% unsecured senior notes due 2022 (DAR) :  

4:32 pm O'Reilly Auto announces additional $500 mln share repurchase authorization, raising aggregate authorization to $5.5 bln (ORLY) : Co announces that its Board of Directors approved a resolution to increase the authorization amount under its share repurchase program by an additional $500 million, raising the aggregate authorization under the program to $5.5 billion.

4:31 pm Dollar Tree reaches agreement to sell 330 Family Dollar stores to Sycamore Partners contingent on completion of Family Dollar merger (DLTR) : Co and Sycamore Partners, a private equity firm specializing in consumer and retail investments, announce that they have entered into a definitive agreement pursuant to which Dollar Tree will sell Sycamore Partners a divestiture package of 330 Family Dollar (FDO) stores contingent on completion of Dollar Tree's pending acquisition of Family Dollar Stores. As previously disclosed, the 330 stores represent approximately $45.5 million of operating income for Family Dollar. Sycamore Partners intends to operate the 330 stores under the Dollar Express banner.  The divestiture announced today enables Dollar Tree to address Federal Trade Commission concerns.

4:17 pm Rally Software Development cancels Q1 earnings call and Analyst Day in light of proposed acquisition by CA Technologies (RALY) :  

4:14 pm SCANA Corp subsidiary South Carolina Electric & Gas Company files for an overall 2.78% increase to its approved electric rates, with the Public Service Commission of South Carolina (SCG) :  

4:14 pm BioMed Realty announces the sale of its property at 145 King of Prussia Road in Radnor, PA to Penn Medicine for $35 mln (BMR) :  

4:10 pm Closing Market Summary: Stocks End May on Cautious Note (:WRAPX) : The major averages registered their second consecutive decline on Friday, but they managed to end May in the green. The S&P 500 lost 0.6% today, but added 1.1% for the month while the Nasdaq Composite (-0.6%) ended in-line with the S&P 500 on Friday, but gained 2.6% in May.

Equity indices spent the duration of the session in negative territory with heavily-weighted sectors like consumer discretionary (-0.7%), financials (-0.9%), industrials (-1.0%), and technology (-0.8%) exerting pressure on the market. Furthermore, uninspiring economic data and the lack of tangible progress between Greece and its creditors weighed on the overall sentiment.

To be sure, stocks climbed off their late-morning lows after Greece's Economy Minister Giorgos Stathakis said his country will make its next debt payment to the International Monetary Fund. According to Mr. Stathakis, the country will pay EUR304 million next Friday. That headline was viewed as a positive sign considering deposit outflows in Greece have accelerated, dropping overall balances to levels not seen in more than ten years, according to reports.

The late-morning boost helped the S&P 500 reclaim more than 2/3 of its decline, but the index revisited its session low during afternoon action amid persistent weakness in some of the most influential sectors. Eight sectors ended the day in negative territory with industrials (-1.0%) spending the day behind its peers.

Once again, transport stocks struggled, evidenced by a 0.8% decline in the Dow Jones Transportation Average. The bellwether complex lost 2.2% for the week and surrendered 3.4% in May. Con-way (CNW 40.47, -1.42) was the weakest performer of the bunch, falling 3.4% after Bank of America/Merrill Lynch downgraded the stock to 'Underperform.'

Elsewhere, the technology sector (-0.8%) slipped behind the broader market during afternoon action, but chipmakers showed relative strength. The PHLX Semiconductor Index added 0.3% with Altera (ALTR 48.85, +1.88) spiking 4.0% amid renewed speculation the company may be acquired by Intel (INTC 34.51, +0.50). For the month, the PHLX Semiconductor Index soared 8.6% while the tech sector added 2.1%.

All ten sectors registered losses with energy (-0.1%) ending just below its flat line even as crude oil jumped 4.5% to $60.26/bbl. Over on the countercyclical side, health care (-0.2%) and utilities (-0.2%) outperformed while consumer staples (-0.7%), and telecom services (-0.5%) ended near the broader market.

Treasuries climbed into the afternoon, ending on their highs with the 10-yr yield down three basis points at 2.10%.

Today's participation was above-average with month-end flows contributing to the increased activity as more than a billion shares changed hands at the NYSE floor.

Economic data included Q1 GDP, Chicago PMI, and Michigan Sentiment Index:

  • First quarter GDP was revised down to -0.7% in the second estimate from an originally reported +0.2% in the advance release, which is what the Briefing.com consensus expected 
    • That was the first contraction in GDP growth since Q1 2014 
    • The real final sales component, which strips out volatile inventories, declined 1.1%. That topped the 1.0% decline from Q1 2014 and was the biggest real final sales drop since a 3.3% decline in Q1 2009, suggesting that economic growth trends in Q1 2015 were some of the worst seen since the Great Recession 
  • The Chicago PMI declined to 46.2 in May from 52.3 in April while the Briefing.com consensus expected an increase to 53.0 
    • That was the third time the Chicago PMI has fallen below 50, the expansion/contraction threshold, in the last four months 
    • With the exception of the Prices Paid Index (51.2 from 43.1), all of the sub-indexes declined and also contracted in May 
  • The University of Michigan Consumer Sentiment Index was revised up to 90.7 in the May final reading from 88.6 in the preliminary reading while the Briefing.com consensus expected an increase to 89.0 
    • The month-over-month decline in sentiment generally reflects higher gasoline prices while other factors that influence sentiment trends, like equity movements and labor market conditions, were largely flat in May 
On Monday, Personal Income/Spending data for April and Core PCE Prices will be released at 8:30 ET while April Construction Spending and the May ISM Index will both be reported at 10:00 ET.
  • Nasdaq Composite +7.1% YTD 
  • Russell 2000 +3.6% YTD 
  • S&P 500 +2.4% YTD 
  • Dow Jones Industrial Average +1.1% YTD 
Week in Review: Nasdaq Sets Fresh Record Close

Bond and equity markets were closed on Monday for Memorial Day.

On Tuesday, each of the major indices fell at least 1.0% as buyers proved to be a reluctant bunch. That reluctance started early and it continued for most of the session, which saw the S&P 500 flirt with testing support at its 50-day simple moving average (2096). The fact that the S&P 500 didn't pierce that level was perhaps the lone bright spot in Tuesday's action, which saw all ten sectors lose ground and all 30 Dow components end with a loss.

The major averages enjoyed a daylong rally on Wednesday that helped the S&P 500 (+0.9%) erase the bulk of its decline from Tuesday. Meanwhile, the Nasdaq Composite (+1.5%) closed at a fresh record high and turned its weekly decline into a 0.3% advance for the week. Equity indices began the session with modest gains and enjoyed an early surge amid reports that Greek officials and Eurogroup members have started crafting a staff-level agreement to secure funds for the country. However, those reports were refuted during the next hour with Bloomberg citing a Eurogroup official as saying the two sides have yet to begin working on a joint statement. Strikingly, the stock market all but ignored the prompt refutation and continued rising into the afternoon with the technology sector (+1.8%) pacing the move. The PHLX Semiconductor Index surged 3.9% after it was reported that Avago Technologies (AVGO 141.49, +10.19) is in advanced talks to acquire Broadcom (BRCM 57.13, +10.21). Shares of AVGO jumped 7.8% while Broadcom soared 21.8%.

The stock market spun its wheels throughout the Thursday session, ending on a modestly lower note. The S&P 500 shed 0.1% after spending the entire day in negative territory amid light volume. Equity indices began the day in the red with some residual damage to risk tolerance after China's Shanghai Composite tumbled 6.5% in reaction to more equity brokers increasing their margin requirements. Furthermore, repurchase operations conducted by the People's Bank of China stirred concerns that the central bank may be preparing to stop or slow its easing cycle. To be fair, the decline in the Shanghai Composite only caused the index to surrender its week-to-date gain. In either case, things did not get any more cheery by the start of the European session with signals from the G7 meeting in Dresden suggesting that wide-ranging differences remain between Greece and the creditor institutions. The PHLX Semiconductor Index added 0.1% after Wednesday's rumor became Thursday's news and Avago Technologies (AVGO 142.38, +0.89) confirmed its acquisition of Broadcom (BRCM 56.25, -0.91) for $37 billion.

4:07 pm Fannie Mae releases April 2015 monthly summary (FNMA) : April Monthly Summary

4:06 pm Richardson Elec announces retirement of CFO; To leave once a successor is named (RELL) :  

4:06 pm Lattice Semi subsidiary SiBEAM, Inc announces that Google ATAP has selected it as a partner for integrating touchless gesture sensing to smart devices (LSCC) :  

4:04 pm Qualcomm subsidiary Qualcomm Technologies announces that its Qualcomm Snapdragon 810 processor will power Google's (GOOG) next-gen Project Tango smartphone development platform (QCOM) :  

4:04 pm Books-A-Million reports Q1 results (BAMM) :

  • Q1 EPS ($0.37) vs. ($0.38) last year; rev -2% to $101.8 mln (no estimates); comps -0.9%.
  • "Our comparable store sales decline versus last year was largely due to a strong prior year title line-up in our teen category. This decline was moderated by improvements in our fiction and kids categories as well as continued growth in our non-book categories of toys, games and puzzles."

4:02 pm Hologic announces entrance into a five-year, secured credit agreement consisting of a $1.5 bln senior term loan and a $1 bln revolving credit facility (HOLX) : Co has borrowed $0.175 bln against the new revolver initially, and used these proceeds and the Term Loan to pay off the Company's previous senior secured term loans, which had an aggregate principal amount outstanding of $1.69 bln as of March 28, 2015. As a result, the Co's total indebtedness remains substantially unchanged.

4:01 pm B&G Foods announces it has entered into a five-year logistics services agreement with DSC Logistics (BGS) : Pursuant to the agreement, DSC will provide all warehousing and distribution management services at BGS' three primary distribution centers after the distribution centers are transitioned over the next three to nine months.

4:01 pm Gold Resource announces it has sustained an illegal mine protest and work stoppage at its Aguila Project (GORO) : ~80 to 100 union members protested and ultimately blocked access to the Aguila Project's mill and mine on Thursday, May 27. The majority of the Company's 300 plus unionized workers and all of the non-unionized workers chose not to participate in this illegal protest. The protest was in response to the annual employee bonus being less than the year prior, which is a reflection of the continued weakness in precious and base metal prices. The union did not condone or support the illegal protest, therefore technically the action has not been classified as a strike. The protest has ended and the co is currently working to return the Aguila Project back to normal operations over the next few days.

3:38 pm Treasury Market Summary (BONDX) : Governments Rally on Bad Data

  • The Treasury complex pushed higher today, first on the weak Q1 GDP number (-0.7%) and then on a Chicago PMI that showed the second sub-50 reading of 2015. The 5-year led the gains, but all maturities participated
  • Yield Check:
    • 2-yr: -2 bps to 0.61%
    • 5-yr: -4 bps to 1.48%
    • 10-yr: -2 bps to 2.11%
    • 30-yr: -1 bp to 2.88%
  • News:
    • First quarter GDP was revised down to -0.7% in the second estimate from an originally reported +0.2% in the advance release. GDP increased 2.2% in Q4 2014. The Briefing.com Consensus expected GDP to be revised down to -0.7% 
      • Real final sales, which strips out volatile inventories, declined 1.1%, reflecting a growth trend that is one of the worst since the Great Recession
      • The real trade deficit was revised down to -$548.4 bln from -$522.1 bln in the advance release. That caused a 1.90 percentage point reduction in first quarter GDP growth, up from a 1.25 reduction in the advance release
    • The Chicago PMI declined to 46.2 in May from 52.3 in April. The Briefing.com Consensus expected a gain to 53.0 
      • The Production Index dropped to 45.8 in May from 52.7 in April. That move came as both the new orders (47.5 from 55.1) and unfilled orders (47.3 from 48.5) indices softened considerably
    • The University of Michigan Consumer Sentiment Index was revised up to 90.7 in the May final reading from 88.6 in the preliminary reading. The index is still down from 95.9 in April
    • The economy minister of Greece, Giorgos Stathakis, said that Greece will make the June 5th payment due to the IMF
  • Commodities:
    • WTI Crude: +4.30% to $60.16/bbl
    • Gold: +0.19% to $1,191.0/troy oz.
    • Copper: -1.50% to $2.726/lb.
  • Currencies:
    • EUR/USD: +0.14% to $1.0985
    • USD/JPY: +0.29% to 124.11
  • Week Ahead:
    • Monday: April Personal Income and Personal Spending (08:30 ET); April PCE Prices -- Core (08:30 ET); Boston Fed President Rosengren speaks before the 2015 Workforce Stars Breakfast (09:05 ET); May ISM Index (10:00 ET); April Construction Spending (10:00 ET)
    • Tuesday: April Factory Orders (10:00 ET); May Auto and Truck Sales (17:00 ET)
    • Wednesday: MBA Mortgage Index for the week of 5/30 (07:00 ET); May ADP Employment Change (08:15 ET); April Trade Balance (08:30 ET); May ISM Services (10:00 ET); Crude Inventories for the week of 5/30 (10:30 ET); Fed's Beige Book (14:00 ET); Chicago Fed President Evans (FOMC voter) speaks before the Chicago Banking Symposium (14:15 ET)
    • Thursday: May Challenger Job Cuts (07:30 ET); Initial Jobless Claims for the week of 5/30 and Continuing Jobless Claims for the week of 5/23 (08:30 ET); Q1 Productivity -- Revised and Unit Labor Costs -- Revised (08:30 ET); Natural Gas Inventories for the week of 5/30 (10:30 ET)
    • Friday: May Employment Situation Report (08:30 ET); New York Fed President Dudley (FOMC voter) speaks before the Economic Club of Minnesota (12:30 ET); April Consumer Credit (14:00 ET)

3:31 pm Dover Saddlery announces that shareholders have approved its planned merger with an affiliate of Webster Capital, for $8.50/share in cash (DOVR) :  

3:31 pm Earnings Preview for the week of June 1 - 5 (:SUMRX) : Of the companies reporting earnings for the week of June 1 - 5 some of the bigger names include:

  • Monday:
    • After Hours - PVH
  • Tuesday:
    • Pre Market - MDT, DG, CBRL, CONN, SOL, AMWD, DAKT
    • After Hours - ABM, ASNA, GES, GIII, NCS, GWRE, AMBA, VMEM
  • Wednesday:
    • Pre Market - BF.B, NX
    • After Hours - FIVE, LF
  • Thursday:
    • Pre Market - NAV, SJM, MIK, JOY, CIEN, LE, CYBX
    • After Hours - THO, ESL, PAY, COO, IDT, DMND, ZUMZ, ALOG, ZOES, VNCE, RALY, SEAC
  • Friday:
    • Pre Market - YGE, LITB, IXYS

2:57 pm Currency Market Summary (FOREX) : Majors Are Little Changed

  • The U.S. dollar saw only small movements against the majors today, despite a bad miss on May's Chicago PMI (46.2 versus Briefing.com consensus of 53.0)
  • U.S Dollar Index: -0.09% to 96.88
  • EUR/USD: +0.14% to $1.0984
    • German retail sales beat expectations, rising 1.7% m/m in April against a 1.4% decline in March
    • Spanish and Italian CPI and HICP (harmonized index of consumer prices) readings also beat estimates, adding evidence to the idea that the European periphery is gaining momentum relative to the core
    • Greece's economy minister said that the country will successfully makes its payment to the IMF on June 5th
  • USD/JPY: +0.23% to 124.02
    • The pair is trading very close to a 13-year high
  • USD/CHF: -0.34% to 0.9393
  • GBP/USD: -0.20% to $1.5298
  • USD/CAD: +0.10% to 1.2433
    • Canadian GDP contracted 0.6% in the first quarter of 2015. That is deepest contraction since the crisis
    • AUD/USD: -0.06% to $0.7654
    • NZD/USD: -1.18% to $0.7109

2:43 pm Opko Health announces is has submitted an NDA to the US FDA for Rayaldee (OPK) :  

2:35 pm American Express announces that President Ed Gilligan has passed away from an unexpected illness (AXP) :  

2:30 pm ABM Industries announces it was awarded a multi-year contract to manage parking operations at Nashville International Airport (ABM) : Under the terms of the multi-million dollar contract, ABM Parking Services will operate and oversee 11,150 parking spaces across BNA's five parking facilities, including the valet parking service

2:25 pm Market View: SPY, QQQ, & DIA seeing a notable pullback from recovery bounce highs with SPX now @ 2108.51 -12.28 (:TECHX) :  

2:15 pm Merck announces study results evaluating DNA mismatch repair, as a genetic Guide for immunotherapy treatment with its Keytruda therapy at the Annual ASCO Meeting (MRK) : Co announced results from the first study evaluating the correlation of benefit with an immunotherapy based on DNA mismatch repair (MMR.V) deficiency, for its Keytruda therapy, in patients with advanced colorectal cancer and other solid tumors.

  • In the colorectal cancer group with MMR-deficient tumors, an objective response rate of 62 percent was observed (n=8/13). In contrast, no responses were observed in the colorectal cancer group with MMR-proficient tumors (n=0/25). 
  • At the time of analysis, the median progression-free survival and overall survival were not reached in the MMR-deficient colorectal cancer group

2:08 pm Bristol-Myers announces data regarding its Phase III study of Opdivo will be presented at the 51st Annual ASCO Meeting (BMY) : Co announced that Opdivo demonstrated superior overall survival versus standard of care in an open-label, randomized Phase III study evaluating previously-treated patients with advanced, non-squamous non-small cell lung cancer. A 27% reduction in the risk of progression or death -the primary study endpoint - was reported for Opdivo (n=292) versus docetaxel (n=290) based upon a hazard ratio of 0.73.

  • Opdivo was associated with a doubling of overall median survival across the continuum of PD-L1 expression, starting at 1% level of expression, in the trial. 
  • The safety profile of Opdivo in CheckMate -057 was favorable versus docetaxel with grade 3--5 treatment-related adverse events reported in 10% of patients who were treated with Opdivo versus 54% in the docetaxel arm.

2:07 pm Merck announces new investigational data evaluating Keytruda as a monotherapy at the 51st Annual ASCO Meeting (MRK) : Co announced new investigational data evaluating Keytruda (pembrolizumab), from the KEYNOTE-012 Phase 1b study in 132 pre-treated patients with recurrent or metastatic head and neck cancer, regardless of PD-L1 expression status.

  • In the evaluable patients, the overall response rate was 24.8 percent for KEYTRUDA (200 mg fixed dose every three weeks) (n=29/117). 
  • When looking at HPV status, the ORR was similar among HPV-positive and HPV-negative disease
  • Additional findings showed tumor shrinkage was achieved in 56 percent of total evaluable patients who had measurable disease with one post baseline scan (n=59/106). 
  • The median duration of response was not reached (7.3+ - 25.1+ weeks among patients with a confirmed response), with a median follow up duration of 5.7 months

2:04 pm Bristol-Myers announces results from an interim analysis of CA209-040, a Phase I/II dose-ranging trial evaluating the safety and anti-tumor activity of Opdivo in previously-treated patients with hepatocellular carcinoma or advanced liver cancer (BMY) : Initial findings demonstrated that the estimated survival rate in evaluable patients (n=47) was 62% at 12 months. Results also show the safety profile of Opdivo is generally consistent with that previously-reported for Opdivo in other tumor types. These data will be featured today, May 29, during the 51st Annual Meeting of the American Society of Clinical Oncology (TATD) press briefing at 1:00 -- 2:00 p.m. CDT and presented on Saturday, May 30

2:03 pm NN Inc announces the acquisition of plastic component supply firm Caprock, including both manufacturing and enclosure businesses; financial terms not disclosed (NNBR) :  

2:01 pm Donaldson increases its quarterly dividend to $0.17/share from $0.165/share, and authorizes a share repurchase program for 14 mln shares of common stock (DCI) :  

1:49 pm Pharma- XLV & Energy- XLE lead all SPX sectors nearing the start of afternoon trading with SPX now @ 2115.94 -4.85 (SPY) :  

1:13 pm WTI crude oil futures extend gains some following Baker Hughes data, hits a new HoD at $60.29/barrel; July crude oil is now +4.4% at $60.24/barrel (:COMDX) :  

12:58 pm Midday Market Summary: Industrials Pace Midday Losses (:WRAPX) : The major averages hover in the red at midday with the Dow Jones Industrial Average (-0.4%) trading behind the S&P 500 (-0.3%).

Equity indices have spent the first half of the session below their flat lines, pressured by relative weakness among heavily-weighted sectors like industrials (-0.8%), financials (-0.6%), and technology (-0.3%). In addition, today's economic data disappointed across the board while European investors have shown continued concern about the glacial pace of negotiations between Greece and its creditors.

That being said, the market climbed off its session low after Greece's Economy Minister Giorgos Stathakis said his country will make its next debt payment to the International Monetary Fund. According to Mr. Stathakis, the country will pay EUR304 million next Friday.

Despite the rebound, eight sectors remain in negative territory with industrials (-0.8%) at the bottom of the leaderboard. The growth-sensitive sector has had to grapple with continued weakness in transport stocks that has sent the Dow Jones Transportation Average lower by 0.8%. Including today's decline, the bellwether complex is lower by 2.2% for the week and down 3.4% since the end of April. Airlines have bucked the trend with all five carriers showing gains led by United Continental's (UAL 54.57, +1.08) 2.0% advance.

Elsewhere among cyclical sectors, technology (-0.3%) trades near the broader market, but chipmakers have shown broad strength. The PHLX Semiconductor Index is higher by 0.4% with Altera (ALTR 49.02, +2.05) climbing 4.4% amid renewed speculation the company may be an acquisition target for Intel (INTC 34.49, +0.48).

On the upside, the energy sector (+0.3%) holds a modest gain while crude oil has jumped 3.8% to $59.88/bbl. The dollar has had little impact on the commodity as the Dollar Index (96.97, 0.00) trades flat.

Economic data included Q1 GDP, Chicago PMI, and Michigan Sentiment Index:

  • First quarter GDP was revised down to -0.7% in the second estimate from an originally reported +0.2% in the advance release, which is what the Briefing.com consensus expected 
    • That was the first contraction in GDP growth since Q1 2014 
    • The real final sales component, which strips out volatile inventories, declined 1.1%. That topped the 1.0% decline from Q1 2014 and was the biggest real final sales drop since a 3.3% decline in Q1 2009, suggesting that economic growth trends in Q1 2015 were some of the worst seen since the Great Recession 
  • The Chicago PMI declined to 46.2 in May from 52.3 in April while the Briefing.com consensus expected an increase to 53.0 
    • That was the third time the Chicago PMI has fallen below 50, the expansion/contraction threshold, in the last four months 
    • With the exception of the Prices Paid Index (51.2 from 43.1), all of the sub-indexes declined and also contracted in May 
  • The University of Michigan Consumer Sentiment Index was revised up to 90.7 in the May final reading from 88.6 in the preliminary reading while the Briefing.com consensus expected an increase to 89.0 
    • The month-over-month decline in sentiment generally reflects higher gasoline prices while other factors that influence sentiment trends, like equity movements and labor market conditions, were largely flat in May

12:39 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

  • ALTR (48.99 +4.3%): Reports out the co is near a deal to be acquired by Intel (INTC) for $15 bln.
  • AVGO (147.04 +3.27%): Favorable commentary on Thursday's Mad Money; Upgraded to Buy from Hold at Jefferies; PT raised at Brean Capital, Craig Hallum, & Canaccord Genuity.
  • LLY (78.46 +2.68%): Announced a clinical trial collaboration with AstraZeneca (AZN) to evaluate the safety and preliminary efficacy of MEDI4736 in combination with ramucirumab; also notable earnings activity in the name.
Large Cap Losers
  • VIPS (24.69 -2.72%): Underperforming following renewed cautious blog commentary.
  • POT (31.71 -1.93%): Downgraded to Hold from Buy at TD Securities.
  • CMI (136.12 -2.25%): Under pressure following negative commentary from BofA/Merrill on the trucking industry.
Mid Cap Gainers
  • GME (44 +7.53%): Beat Q1 consensus EPS estimates by $0.09, beat on revs; guided Q2 EPS in-line; raised FY16 EPS guidance, just below consensus, reaffirmed comps. Price tgt raised at Telsey Advisory Group.
  • ALKS (61.98 +3.44%): Said it would present data from its phase 1 clinical study of ALKS 8700 for the treatment of multiple sclerosis; exposures comparable to Tecfidera, with favorable gastrointestinal tolerability.
  • NBR (14.9 +2.55%): Initiated with an Overweight at JP Morgan.
Mid Cap Losers
  • GEF (37.75 -9.6%): Revised its FY15 EPS guidance to $1.65-1.75, down from previous guidance of $2.25 to $2.35; downgraded to Underperform at BofA/Merrill.
  • VEEV (27.63 -4.72%): Beat Q1 consensus EPS estimates by $0.02, beat on revs; guided Q2 EPS in-line, revs in-line; guided FY16 EPS in-line, revs in-line.
  • URI (89.16 -6.1%): Downgraded to Underperform from Neutral at BofA/Merrill.

12:33 pm Market View: QQQ, DIA, & SPY all post recovery bounce highs here moving through midday trading with SPX now seen @ 2115.00 -5.79 well off the 2104.89 session low (:TECHX) :  

12:28 pm New Hampshire Thrift Banc to change name to Lake Sunapee Bank Group effective June 1, ticker to become LSBG (NHTB) :  

12:11 pm The Eastern Company says it will not expand its Board of Directors to six members and that it will not appoint any new directors without shareholder approval (EML) :  

12:09 pm Insperity increases quarterly dividend to $0.22/share from $0.19/share and adds 1 mln shares to its repurchase program (NSP) : The program now has 1,678,717 shares available for repurchase

12:05 pm Alpha Natural Resources says it has received notification from the Wyoming Department of Environmental Quality's Land Quality Division stating that Alpha no longer qualifies under the self-bonding program in the State (ANR) : Alpha states it disagrees with LQD's assessment, continues to believe it has fully complied with the regulations, and is currently reviewing all options to reverse or rectify this flawed judgment by the LQD. According to the LQD's notification, Alpha now has 90 days to provide substitute bonding.

11:53 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:-0.8%
  • Germany's DAX:-2.3%
  • France's CAC:-2.5%
  • Spain's IBEX:-1.7%
  • Portugal's PSI:-1.6%
  • Italy's MIB Index:-1.1%
  • Irish Ovrl Index:-1.4%
  • Greece ASE General Index: -1.4%

11:49 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (90) outpacing new lows (78) (:SCANX) : Stocks that traded to 52 week highs: ALJ, ALN, ALTR, AMAG, AMBA, ANAC, ANCX, ATTU, ATVI, AVGO, AVID, BCV, BF.A, BLOX, BSQR, CBIN, CBPO, CE, CIEN, CIVI, COHU, CSGS, CYNI, DATE, DRC, DRRX, EBAY, EGRX, EMKR, EPAM, FHN, FMBI, FOE, FTNT, FUN, GKNT, GTT, HMHC, HMPR, HOLX, HRTX, HSKA, HSP, IMPV, IMS, INNL, ISSI, KTWO, LLY, LOGI, LYTS, MDLZ, MFG, MMI, MOFG, MRTX, MTG, NEP, NFLX, NPTN, NUVA, NYCB, PBCT, PKBK, PLXS, PRAH, PZZA, Q, QTEC, RARE, RTRX, SAGE, SAL, SBUX, SEDG, SFG, SIMO, SKX, SNOW, SNX, SOXX, STRP, STRZA, SUNE, TCX, UEC, ULTA, VC, VIMC, ZTS

Stocks that traded to 52 week lows: AA, ACI, AIQ, AMIC, ARO, ASM, AVH, AWX, AXE, BKK, BOOM, CBD, CCG, CEN, CKP, CLI, CNI, CNW, CP, CPA, CPST, CRD.B, CTL, CTP, CVSL, DAVE, DEJ, DXM, FAX, FHCO, FPO, GCO, GMCR, GRVY, HGG, HK, HNRG, IMRS, INF, ISH, KEM, KORS, KSU, LXFR, MPA, MUJ, MXWL, NAV, NCZ, NMRX, NOR, NRP, NSC, NTX, NUM, NVDQ, ORN, PFIS, PNX, PQ, PRI, RBCN, RELL, RLJE, SGI, SJR, SJT, STRM, TRMB, TROX, UE, USEG, VNCE, WPG, WRES, WYNN, XPL, YRCW

ETFs that traded to 52 week highs: PPH, SMH, SOXX

ETFs that traded to 52 week lows: KOL

11:26 am Currency Commentary: DXY Slips on Weak Data (:SUMRX) :

  • The Dollar Index has tumbled below the 97 level. The move was facilitated by some poor economic data. The Q1 GDP was revised to -0.7% (in line with Briefing.com consensus) from the first reading of +0.2%. The Chicago PMI also saw a big miss. The Michigan Sentiment number saw a slight upward revision. The news has helped lead the dollar lower and bring the 50-sma (96.55) into play. Focus will now turn to next week's jobs data (Fri). 
  • The euro is seeing a small bounce that has it testing its 50 sma (1.0966). The move comes despite cautious headlines surrounding the Greek situation. An IMF payment next week (Thu) will be a closely watched event. It was a busy day on the economic front in the region as Germany Retail Sales (beat), French PPI (weak), Spain inflation (Mixed), Italy GDP revision (beat), Spain Current Account (beat), Greece Retail Sales (Beat), Greece PPI (weak), and Greece Q1 GDP revision (lower) all hit the wires. But the Greek debt story remains the most captivating for market participants. 
  • The pound remains offered but is showing some signs of holding the 1.5240 level. From April 14 to May 14 the currency rallied approx 10% but it has given up approx half of those gains over the past two weeks. The 50- and 100-sma are converging at 1.5164 which will set up as a key test for support. The Bank of England meets next week (Thu) but is not expected to take any action.
  • The yen remains in the 124 area despite the dollar weakness. The currency is showing some signs of holding on following selling to fresh multi-year lows over the past week. Japan had a slew of economic reports out overnight that included a preliminary look at Industrial Production (beat), CPI (hot), Unemployment (beat) and Housing Starts (beat) which are helping provide some support (BONDX, FOREX). 

11:16 am Market View: Solar- TAN, Cyber-Security- HACK, Banks- KRE, KBE, XLF, Transports- IYT, & Industrials- XLI among the weakest Sector ETFs vs. SPY into mid-morning trading (:TECHX) :

  • SPX now @ 2108.11 -12.68

11:05 am Floor Talk (:TALKX) : Thus far, the morning session has proved to be a disappointment for the bulls.  The major indices are all underwater, having been pushed lower by broad-based selling interest.  Catalysts for the selling interest have included the following:

  • Weak data that has played into belief a rate hike from the Fed will happen later rather than sooner.  That consideration has led to the underperformance of the financial sector (-0.9%), which is seen as a primary beneficiary of the Fed raising rates.
    • Q1 GDP declined 0.7% versus an advance estimate of 0.2% growth
    • Chicago PMI for May dropped to 46.2 from 52.3 in the prior month.  A number below 50 denotes contraction for the manufacturing sector in the Chicago Fed district.
  • Ongoing uncertainty regarding the negotiations between Greece and its creditors
  • The continued underperformance of the transports.  Dow Jones Transportation Average -1.1% today and down 9.6% for the year.
  • Violation of technical support for the S&P 500 at 2114/2112, which invited slide to secondary support level at 2106/2105, which is currently holding
Today is the last trading day of the month, so month-end maneuverings could be playing a role in the early selling interest.  That can't be known for certain considering month-end activity could also include buying interest.

At the moment, though, sellers have had the upper hand.  Not surprisingly, there has been a notable jump in the CBOE Volatility Index (14.24, +0.93) with today's downside activity and next week setting up to be a big week with the June 5 deadline looming for Greece's next debt payment to the IMF and a large batch of economic data covering the second quarter, highlighted by the May employment report which also hits on June 5. 

10:41 am Comcast announces it will redeem $750 mln of its 5.85% Senior Notes due 2015 and $1 bln of its 5.90% Senior Notes due 2016, using funds from its recent $4 bln bond issuance (CMCSA) :  

10:38 am Garmin confirmed favorable patent lawsuit outcome (GRMN) : Co announced victory in the lawsuit brought by Silver State Intellectual Technologies, LLC, against Garmin. A jury sitting in the United States District Court for the District of Nevada found that Silver State's patents were invalid. The decision is subject to appeal.

10:32 am Market View: SPY & DIA slide to new session lows in recent trading with SPX now seen @ 2112.91 -7.88 (:TECHX) :  

10:05 am General Dynamics announces the award of a $64 mln contract from the US Navy, for maintenance and modernization of the USS Montpelier, a Los Angeles-class attack submarine (GD) :  

10:05 am Lowe's declares 21.7% increase in quarterly cash dividend to $0.28/share (LOW) :  

9:54 am Eli Lilly (+3%) surges to new 13 year high (LLY) :  

9:46 am Market View: DIA, SPY tick lower following weaker-than-expected May Chicago PMI print; SPX @ 2114.87 -5.92 (:TECHX) :  

9:45 am Opening Market Summary: Chipmakers Display Opening Strength (:WRAPX) : As expected, the major averages began the day in negative territory. The S&P 500 trades lower by 0.2% while the Nasdaq Composite (-0.1%) trades a little ahead.

The tech-heavy Nasdaq has been able to stay ahead of the benchmark index thanks to gains among chipmakers. The PHLX Semiconductor Index is higher by 0.4% with Altera (ALTR 49.39, +2.42) climbing 5.2% amid renewed speculation the company may be an acquisition target for Intel (INTC 34.37, +0.36). For its part, the broader technology sector (-0.1%) trades not far below its flat line.

Similar to technology, seven other sectors display losses while health care (+0.1%) and utilities (+0.1%) outperform slightly.

Just released, the Chicago PMI for May fell to 46.2 from 52.3 while the Briefing.com consensus expected an increase to 53.0.

9:38 am Shutterfly: Marathon Partners Equity Management sends letter to co, indicating openness to continued settlement discussions; states that prior offers 'fall short of addressing serious issues' (SFLY) :  

9:35 am Market View: Industrials- XLI, Staples- XLP, & Financials- XLF lagging the SPX in early trading; SPX @ 2116.75 -4.04 (:TECHX) :  

9:33 am Nevada Gaming Board reports April 2015 gaming win +7.8% YoY to $499 mln on the Las Vegas Strip; +5.4% YoY to $898 mln statewide (MGM) : MGM, CZR, LVS, WYNN, BYD

9:31 am Essex Rental: Casey Capital Shareholder Group announces that ISS and Glass Lewis proxy advisory firms, recommend a shareholder vote for its Gold proxy card at the co's upcoming annual meeting (ESSX) :  

9:30 am Lifeway Foods says it has begun distribution of its core kefir product line and is working with distributors Baja Food Service and Intimidea to bring its probiotic smoothies to shelves in Mexico (LWAY) :  

9:29 am On the Wires (:WIRES) :

  • Uranium Energy Corp (UEC) announced that its Yuty ISR Project in Paraguay has received a signed resolution from the Ministry of Public Works and Communication, the national agency that regulates mining in Paraguay, advancing the Project from the Exploration Phase into the Exploitation Phase.
  • BlackBerry Limited (BBRY) announced that the Blackberry Leap will now be available in white on ShopBlackBerry.com
  • Walgreens Boots Alliance (WBA) announced that Tim Theriault, executive vice president, global chief information officer, will step down effective 1 June 2015 for personal reasons. Anthony Roberts, who had served as senior vice president, international CIO, will assume the vacated role
  • QTS Realty Trust (QTS) announced today that Stan Sword has joined as the company's first Chief People Officer.
  • Royal Philips (PHG) announced that its Respironics V680 Ventilator has launched for commercial sale in Canada

9:28 am Rosetta Stone confirms its Board has received an expression of interest from RDG Capital Fund Management (RST) : The co confirmed reports that its Board of Directors has received an expression of interest from RDG Capital Fund Management.

  • The Board stated that it will carefully evaluate the expression of interest. The Board also said that the Company is actively implementing its strategic plan, which it believes will deliver attractive value for shareholders.

9:26 am Jiayuan.com announces it has received additional non-binding proposals beyond the offer from Vast Profit Holdings Limited; no Board decisions have been made regarding any proposal (DATE) :  

9:18 am Tyler Tech acquires mobile hand-held solutions provider Brazos Technology Corporation; financial terms not disclosed (TYL) :  

9:16 am United Stationers announces it will officially change its name to Essendant, and trade under the 'ESNT' ticker beginning on June 1, 2015 (USTR) :  

9:15 am Geeknet announces that the binding offer from a strategic acquiror, to acquire the Company for $20.00/share in cash constitutes a 'superior proposal' to the one offered by Hot Topic (GKNT) : The Company has notified the Hot Topic of the Board of Directors that it has the option until 9:00 a.m on Monday, June 1, 2015  to match or exceed the Bidder's offer.

  • The co is not permitted, under the Hot Topic Merger Agreement, to enter into the Bidder's merger agreement or change its recommendation in favor of the Hot Topic transaction unless, at the end of the Match Period, the Board has determined that the Bidder's offer continues to be a "Superior Proposal." 
  • The Company is required, and intends to, negotiate in good faith with Hot Topic during the Match Period. Under the Hot Topic Merger Agreement, the Company would be required to pay a 3% break-up fee to Hot Topic if the Board terminates the agreement in favor of the Bidder's proposal. 
  • The Bidder has agreed to reimburse the Company for the break-up fee to Hot Topic in such event.

9:08 am S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -5.10. (:WRAPX) : The stock market is on track for a modestly lower open as futures on the S&P 500 trade three points below fair value. Index futures have spent the bulk of the morning near their flat lines after climbing off their overnight lows. That being said, the overnight trading range has been limited to just ten points.

Futures saw little reaction to the recently released revision to Q1 GDP, which took the reading into negative territory (-0.7%), as expected by the Briefing.com consensus. A couple more data points remain on today's schedule with Chicago PMI for May (consensus 53.0) and the final reading of the Michigan Sentiment Index for May (consensus 89.0) set to be reported at 9:45 ET and 10:00 ET, respectively.

Treasuries hold modest gains with the 10-yr yield down almost three basis points at 2.11%.

9:01 am Integrated Silicon says that Uphill Investment Co has increased its acquisition consideration to $20.00/share from $19.25/share (ISSI) : The co and Uphill amended the Uphill Agreement after ISSI received a previously announced non-binding offer by Cypress Semiconductor (CY) to acquire all of ISSI's common stock for a cash purchase price of $19.75 per share.  After considering that the non-binding offer from Cypress had a lower price than the $20.00 per share provided by the amended Uphill Agreement, the ISSI Board has determined that the non-binding proposal from Cypress no longer constitutes, and would not be reasonably expected to lead to a Superior Proposal

  • The so said that its special meeting of stockholders to consider approval of the Uphill acquisition and related matters will be held on June 12, 2015

9:01 am Delcath announces that positive Chemosat data will be highlighted at ASCO 2015 (DCTH) : Co announced that results of a European single-center experience of the treatment of uveal melanoma patients with hepatic metastases with the Delcath Hepatic Chemosat Delivery System, were highlighted in an on-line abstract at the American Society of Clinical Oncology Annual Meeting 2015.

  • In the study, 20 patients received 34 treatments with Chemosat. Radiologically, 2 patients (10%) demonstrated stable disease for >3 months, 13 patients (65%) had a partial response in the liver with complete responses in 2 patients (10%). 
  • Nine deaths from disease progression occurred after a median of 264 days from the first procedure. Eleven patients remain alive after a median of 280 days with one complete response ongoing at >1 year. From the diagnosis of liver metastases, 11 patients (55%) have survived to one year and 3 (15%) for >2 years. No procedure related deaths were seen. 
  • Adverse events (AEs) seen were grade 1 (n=12), 2 (n=13), 3 (n=5) and 4 (n=1). The grade 4 complication was pulmonary edema due to fluid overload. 
    • Early AEs often expected with percutaneous hepatic perfusion (:PHP) were observed including coagulopathy, electrolyte disturbances and transient transaminases (elevated liver enzymes). Rare late AEs (1 patient each) included hair loss, skin rash, myelosuppression and persistent transaminases

9:01 am Heartland Finl announces a definitive merger agreement with Premier Valley Bank (PVLY), whereby Premier Valley shareholders may receive either HTLF stock and cash, or $7.73/share in cash (HTLF) : Under the terms of the merger agreement, Premier Valley (PVLY) will become a subsidiary of Heartland, and continue operating under its present name and management team as Heartland's tenth state-chartered bank. After the merger, Heartland will have assets of ~$7 billion.

  • The merger agreement provides that Premier Valley shareholders will receive ~$95 million or $7.73 per share of Premier Valley common stock in the merger, and may elect to receive this payment in shares of Heartland common stock or in cash, so that 70% of the total payment is in Heartland common stock and 30% in cash. Shares of Heartland common stock will not be valued at more than $39.41 per share or less than of $29.13 per share. 
  • Heartland expects the transaction to be accretive to its earnings per share within the first full year of combined operations. 
  • The transaction is expected to close during the fourth quarter of 2015, with the systems conversion to be completed during the first quarter of 2016.
  • The directors and executive officers of Premier Valley have entered into agreements with Heartland and Premier Valley pursuant to which each has agreed to vote his or her shares of Premier Valley common stock in favor of the transaction.

9:00 am iPass reaches settlement agreement with Maguire Asset Management, Francis Capital Management and Foxhill Opportunity Fund (IPAS) : Co announces it has reached an agreement with Maguire Asset Management, LLC, Francis Capital Management, LLC, Foxhill Opportunity Fund, L.P. and their respective affiliates and nominees regarding the composition of the iPass Board of Directors and related matters, pursuant to which iPass will appoint Damien Park, Richard Karp and Brent Morrison as new independent members of the Board, and Kenneth Traub will serve as an advisor and observer to the Board, all effective immediately.

8:59 am On the Wires (:WIRES) :

  • Starwood Hotels & Resorts Worldwide (HOT) announced it has achieved its strongest first five months of the year for deal signings since 2008. Co continues to see balanced growth across brands, with North America leading, accounting for nearly 40% of new signings so far in 2015. Development highlights include a 30% increase in deal signings for Starwood's Specialty Select brands, Aloft, Element and Four Points by Sheraton, which together account for more than three-quarters of North America signings year-to-date
  • Teva Pharmaceutical Industries (TEVA) announced the launch of the generic equivalent of Lomedia 24 Fe as part of an extensive line of Women's Health products. The product will be launched under the name Junel Fe 24 and is now available in the United States.
  • InterCloud Systems (ICLD) announced the launch of a new cloud service, the SDN/NFV Proof of Concept (POC.V)-as-a-service or POCaaS. The service will allow enterprise customers and service providers to utilize a "pay as you go model," in an effort to reduce their POC lead times.
  • TG Therapeutics, Inc. (TGTX) announced updated data presentations for its lead compounds will be presented at 51st Annual Meeting of the American Society of Clinical Oncology. The first presentation will be titled "Ublituximab plus TGR-1202 activity and safety profile in relapsed/refractory B-cell NHL and high-risk CLL." The second presentation will be a clinical activity and safety profile of TGR-1202.
  • Owens-Illinois (OI) announced that Sergio Galindo has been named President of O-I North America and Tim Connors has been named President of O-I Asia Pacific, effective June 1, 2015.

8:54 am S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: -5.70. (:WRAPX) : The S&P 500 futures trade three points below fair value.

Markets in the Asia-Pacific region were mostly mixed on Friday. All eyes were on the Shanghai Composite following Thursday's 6.5% plunge and it didn't disappoint in terms of trading volatility. It saw a swing of as much as 6.0% between its intraday low and intraday high before settling the session with a pedestrian 0.2% decline.

  • In economic data: 
    • Eurozone April Private Sector Loans 0.0% year-over-year (expected 0.2%; prior 0.1%) and M3 Money Supply +5.3% year-over-year (expected 4.9%; last 4.6%) 
    • Germany's April Retail Sales +1.7% month-over-month (consensus 0.8%; prior -1.4%); +1.0% year-over-year (expected 2.5%; last 4.3%) 
    • France's April Consumer Spending +0.1% month-over-month (expected 0.2%; last -0.7%) and PPI -0.4% month-over-month (consensus 0.2%; prior 0.1%) 
    • Spain's May CPI -0.2% year-over-year (expected -0.5%; last -0.6%) 
    • Italy's May CPI +0.2% month-over-month (expected 0.1%; prior 0.2%) while Q1 GDP was left unrevised at 0.3%, as expected 
------
  • Japan's Nikkei edged up 0.1% to finish with its eleventh consecutive gain after a large batch of economic news. For the week, the Nikkei added 1.5%. Strength in the utilities (+0.9%) and communications (+0.6%) sectors helped offset weakness in the financial (-0.7%) and consumer non-cyclical (-0.4%) sectors on Friday. Upside leaders included Yahoo Japan (+11.7%), Hokuetsu Kishu Paper (+4.9%), and Toshiba (+4.8%). Kyowa Hakko Kirin (-4.3%) was the worst-performing issue. Out of the 225 index members, 104 ended higher, 107 finished lower, and 14 were unchanged. 
  • Hong Kong's Hang Seng slipped 0.1%, done in by some late selling interest. For the week, the Hang Seng declined 2.0%. The weak links on Friday were the consumer cyclical (-1.2%) and consumer non-cyclical (-1.2%) sectors. Belle Intl. (-3.5%), Hang Lung Properties (-3.0%), and China Unicom Hong Kong (-2.8%) paced the decliners. China Merchants Holdings Intl. (+2.9%) led all gainers. Out of the 49 index members, 19 ended higher, 29 finished lower, and 2 were unchanged. 
  • China's Shanghai Composite declined 0.2% but had been down as much as 4.0% in early trading on the heels of Thursday's 6.5% plunge. From its intraday low to its intraday high, the Composite moved as much as 6.0%. Late selling interest prevented a positive finish. For the week, the Shanghai Composite declined 1.0% 
Major European indices trade mostly lower with Germany's DAX (-1.0%) and France's CAC (-1.0%) leading the retreat. Investor sentiment remains dampened by the lack of progress between Greece and its creditors with latest reports indicating that deposit outflows in Greece have accelerated, dropping overall balances to levels not seen in more than ten years.
  • In economic data: 
    • Eurozone April Private Sector Loans 0.0% year-over-year (expected 0.2%; prior 0.1%) and M3 Money Supply +5.3% year-over-year (expected 4.9%; last 4.6%) 
    • Germany's April Retail Sales +1.7% month-over-month (consensus 0.8%; prior -1.4%); +1.0% year-over-year (expected 2.5%; last 4.3%) 
    • France's April Consumer Spending +0.1% month-over-month (expected 0.2%; last -0.7%) and PPI -0.4% month-over-month (consensus 0.2%; prior 0.1%) 
    • Spain's May CPI -0.2% year-over-year (expected -0.5%; last -0.6%) 
    • Italy's May CPI +0.2% month-over-month (expected 0.1%; prior 0.2%) while Q1 GDP was left unrevised at 0.3%, as expected 
------
  • Germany's DAX is lower by 1.0% with Deutsche Lufthansa (-1.5%) and BMW (-1.2%) among the laggards. Meanwhile, Fresenius SE outperforms, trading higher by 1.7% while Commerzbank has added 0.1%. 
  • France's CAC has given up 1.0% amid broad weakness. Defense contractors Airbus and Safran are both down near 2.0% while Credit Agricole and AXA display losses close to 1.5% apiece. On the upside, utilities outperform with Electricite de France and Veolia Environnement both up near 0.2%. 
  • UK's FTSE has added 0.1% amid strength in mining names. Antofagasta, Fresnillo, Glencore Xstrata, and Randgold Resources are up between 0.6% and 2.0%. Consumer names lag with WM Morrison Supermarkets, TUI, and Diageo down between 1.1% and 1.5%.

8:53 am Israel Chemical signs agreement with Israel's General Federation of Labor and unions representing ICL Israel employees (ICL) : The agreement provides a framework and procedures for the execution of a restructuring plan and a reduction of the workforce at two of ICL's potash and bromine production facilities in Israel, ICL Dead Sea and ICL Neot Hovav (the bromine compounds plant). Employees of both plants, who were on strike for over three months, will return to work immediately.

  • The strike decreased ICL revenues by $164 million in the first quarter and net income was impacted by $76 million. However, the impact of the strike during the first quarter was offset by a $154 million after-tax economic gain from divestitures of non-core businesses which management intentionally timed to cushion the effect of the strike, and which more than compensated for its financial impact during the first quarter. The impact of the strike will be higher in Q2 due to depleted inventories of bromine during the quarter and because the strike at ICL Dead Sea only began in the last half of Q1.
  • After taking into account costs related to loss of sales, early retirement and provisions for layoffs, as well as for costs related to the resumption of operations at the plants, the total economic contribution of the measures that will be implemented following the strike are estimated at $150-200 million.

8:36 am European Markets Update: DAX -1.0%, CAC -1.0%, FTSE +0.1% (:SUMRX) : Major European indices trade mostly lower with Germany's DAX (-1.0%) and France's CAC (-1.0%) leading the retreat. Investor sentiment remains dampened by the lack of progress between Greece and its creditors with latest reports indicating that deposit outflows in Greece have accelerated, dropping overall balances to levels not seen in more than ten years.

  • In economic data: 
    • Eurozone April Private Sector Loans 0.0% year-over-year (expected 0.2%; prior 0.1%) and M3 Money Supply +5.3% year-over-year (expected 4.9%; last 4.6%) 
    • Germany's April Retail Sales +1.7% month-over-month (consensus 0.8%; prior -1.4%); +1.0% year-over-year (expected 2.5%; last 4.3%) 
    • France's April Consumer Spending +0.1% month-over-month (expected 0.2%; last -0.7%) and PPI -0.4% month-over-month (consensus 0.2%; prior 0.1%) 
    • Spain's May CPI -0.2% year-over-year (expected -0.5%; last -0.6%) 
    • Italy's May CPI +0.2% month-over-month (expected 0.1%; prior 0.2%) while Q1 GDP was left unrevised at 0.3%, as expected 
------
  • Germany's DAX is lower by 1.0% with Deutsche Lufthansa (-1.5%) and BMW (-1.2%) among the laggards. Meanwhile, Fresenius SE outperforms, trading higher by 1.7% while Commerzbank has added 0.1%. 
  • France's CAC has given up 1.0% amid broad weakness. Defense contractors Airbus and Safran are both down near 2.0% while Credit Agricole and AXA display losses close to 1.5% apiece. On the upside, utilities outperform with Electricite de France and Veolia Environnement both up near 0.2%. 
  • UK's FTSE has added 0.1% amid strength in mining names. Antofagasta, Fresnillo, Glencore Xstrata, and Randgold Resources are up between 0.6% and 2.0%. Consumer names lag with WM Morrison Supermarkets, TUI, and Diageo down between 1.1% and 1.5%.

8:35 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: GEF -10.2%, VEEV -8.6%, PSUN -7%, QADA -5.2%, GCO -4.1%, FRO -3.9%, NBG -3.7%, SPLK -2.3%, DECK -2.2%, PLUS -1.8%

Other news: GEVO -3.6% (pulling back after late day move yesterday), CYBR -3.1% (files a registration statement for a follow-on offering of common stock), YGE -2.9% (acknowledges awareness of a class action lawsuit against the company, and after reviewing the claims believes they are without merit), SYT -2.1% (cont volatility surround M&A chatter), MEET -2% (disclosed that Richard Friedman resigned as Chief Technology Officer effective as of July 3, 2015), SD -1.7% (priced upsized offering of offering of $1.25 bln of 8.75% senior secured notes due 2020),, AZN -1.3% (AstraZeneca and Eli Lilly (LLY) enter into a clinical trial collaboration to evaluate the safety and preliminary efficacy of MEDI4736 in combination with ramucirumab)

Analyst comments: HIMX -2% (downgraded to Sell from Neutral at Chardan Capital Markets), ARCB -1.9% (downgraded to Underperform from Neutral at BofA/Merrill), URI -1% (downgraded to Underperform from Neutral at BofA/Merrill), ALDW -0.9% (reinstated with an Underweight at Barclays), POT -0.7% (downgraded to Hold from Buy at TD Securities)

8:33 am Amgen and Merck (MRK) expand their collaboration to evaluate the efficacy and safety of talimogene laherparepvec in combination with KEYTRUDA (AMGN) : The co and Merck (MRK) announced an expanded collaboration to evaluate the efficacy and safety of talimogene laherparepvec, Amgen's investigational oncolytic immunotherapy, in combination with KEYTRUDA (pembrolizumab), Merck's anti-PD-1 therapy, in a Phase 1, open-label trial of patients with recurrent or metastatic squamous cell carcinoma of the head and neck.

  • In addition, the companies announced that a global, randomized Phase 3 trial evaluating the combination in patients with regionally or distantly metastatic melanoma is being initiated. As previously announced, the compounds are being studied in a Phase 1, open-label trial in this patient population.  

8:32 am S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -2.70. (:WRAPX) : The S&P 500 futures remain within a point of fair value.

The second estimate of first quarter GDP pointed to a contraction of 0.7%, down from the 0.2% increase observed in the preliminary reading. The downwardly revised decrease is in-line with the Briefing.com consensus estimate. The fourth quarter GDP Deflator was revised left unrevised at -0.1%, which is what the consensus expected.

8:32 am Market View: Front-month Jun. stock-index futures trade nearly in-line to slightly lower versus fair values following the 8:30 am ET economic data points (:TECHX) :

  • ESm5 @ 2118.50 -3.25

  • YMm5 @ 18109 -25

  • NQm5 @ 4530.75 -12.00

8:31 am Ally Financial announces the early results of cash tender offers and increases aggregate maximum tender amount to $875 mln (ALLY) : Co announces the early results of its previously announced cash tender offers to purchase up to $700 mln aggregate principal amount. Co also announces that it increased the aggregate maximum principal amount of Notes that may be accepted for purchase in the Tender Offers from $700 mln to $875 mln.

8:31 am Pfizer confirms FDA approval of Rapamine for Lymphangioleiomyomatosis (PFE) :  

8:31 am American Woodmark announces that Cary Dunston, President and COO, will assume the role of CEO, effective August 26, 2015 (AMWD) :  

8:30 am Peregrine Pharma Enters Into A Research Collaboration to Investigate Novel PS-Targeting Immunotherapy Combinations (PPHM) : Co announces it has entered into a sponsored research agreement with Memorial Sloan Kettering Cancer Center (MSK) to explore the potential of Peregrine's proprietary phosphatidylserine-targeting antibody platform. The goal of the research is to identify effective treatment combinations based on PPHM's PS-targeting agents, including PPHM's lead clinical agent bavituximab, with other checkpoint inhibitors or immune stimulating agents that will further guide the bavituximab clinical development program.

  • As part of the collaboration, researchers at MSK will conduct research to further explore the combination of PS-targeting agents, including bavituximab, that block a primary immunosuppressive pathway thereby allowing anti-tumor immune responses with other immuno-stimulatory agents that enhance immune responses. Specifically, MSK researchers will examine the combination of bavituximab alongside models of checkpoint blockade that are unresponsive to inhibition or co-stimulation given the ability of bavituximab to reprogram myeloid derived suppressor cells and increase tumoricidal T-cells in tumors, a mechanism of action that is complementary to checkpoint blockade and T-cell activation.

8:29 am On the Wires (:WIRES) :

  • Aflac Incorporated (AFL) announced that Japan Post will be expanding the number of post offices selling Aflac cancer products to an additional 10,064 starting July 1, 2015, which will bring the total number of post offices selling Aflac cancer products to 20,076 throughout Japan.
  • Raytheon (RTN) announced the U.S. Navy has achieved initial operational capability (IOC) with its Rolling Airframe Missile Block 2 product line
  • Kite Pharma (KITE) announced the Company will report on preliminary biomarker data from patients with relapsed/refractory B cell malignancies treated with anti-CD19 chimeric antigen receptor (CAR) T cell therapy in a poster presentation during the 51st Annual Meeting of the American Society of Clinical Oncology
  • Heat Biologics, Inc. (HTBX) announced that a poster highlighting viagenpumatucel-L in combination with low dose cyclophosphamide in advanced non-small cell lung cancer (:NSCLC) will be presented at the American Society of Clinical Oncology
  • Digimarc Corporation (DMRC) announced that its technology has enabled visual recognition on Shazam's mobile engagement platform.
  • athenahealth, Inc. (ATHN) announced the appointment of Kyle Armbrester, currently athenahealth's vice president of business development, to the position of acting chief product officer, effective immediately
  • GE's (GE) announced it will supply President Container Group, a manufacturer of corrugated shipping containers and point-of-purchase displays, with a new 2 MW ground-mounted solar installation outside its factory in Middletown, NY.

8:28 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance
: MX +9.4%, GHM +8%, GME +6.9%, BOOT +5.5%, BIG +3.8%, BLOX +2.6%, ULTA +2.4%

M&A news: ALTR +6.6% (NYPost article saying that Intel (INTC) is close to a $15 bln deal to buy Altera, for as much as $54/share)

Select small cap biotech/pharma related names showing strength ahead of ASCO: OPXA +9.8%, ONTY +4.1%, HALO +1.8%

Other news: HRTX +37.9% ( announces positive, top-line results from its recently completed Phase 3 MAGIC study; the study's primary endpoint was achieved),PBMD +17.4% (announces an update on its lead product, IMP321, stating that it has filed for patent protection over the use of IMP321),STML +10.5% (announced top-line results from the lead-in stage of its BPDCN trial, demonstrating an acceptable safety profile, with no cumulative side effects),BIOD +6.4% (announces the intended presentation of its ultra-rapid-acting/basal insulin and glucagon product candidates),RST +5.8% (move attributed to PE interest),CCXI +5.1% (announces presentation of 52-week data from the company's Phase II clinical trial in patients with diabetic nephropathy with CCX140),APRI +3% (announces launch of its topical treatment for Erectile Dysfunction in France by Laboratoires Majorelle ),STNG +3% (announces a new $250 mln share repurchase program, and that it has recently taken delivery of an MR product tanker),STV +2.2% (China Digital TV and Tongda Venture co-invest in fund targeting digital radio and television investments),MNGA +2.1% (says that a major construction company based in California has selected MagneGas fuel to replace acetylene and has placed their first order),DDD +1.2% (cont strength, may be related to M&A rumors)

Analyst comments: BV +3.4% (initiated with a Buy at Needham; tgt $9),KGC +1.7% (upgraded to Buy at UBS),HAL +0.9% (initiated with an Overweight at JP Morgan),AVGO +0.8% (upgraded to Buy from Hold at Jefferies)

8:28 am Digital Ally receives a follow-on order from Superior Ambulance for ~175 additional DVM-250Plus Event Recorders (DGLY) : This order, which will be shipped in the current quarter, will allow Superior to complete the outfitting of its over 400 ambulances and paratransit vehicles with Digital Ally DVM-250Plus Event Recorders and access to the Company's FleetVU Manager cloud-based asset tracking and telematics software storage and management systems.

8:27 am Neostem to change its corporate name to Caladrius Biosciences effective June 8, 2015 (NBS) : Caladrius will trade on the NASDAQ stock exchange under ticker symbol CLBS beginning on June 8, 2015.

8:21 am European Yields (BONDX) : European Sovereigns Continue Rally

  • Inflation in Spain and Italy exceeded market expectations 
    • The CPI in Spain grew 0.5% m/m in May and the HICP (harmonized index of consumer prices) rose 0.4% m/m
    • In Italy, both the CPI and HICP grew 0.2% m/m in May
    • The European Central Bank prefers the harmonized indices for its inflation targeting 
  • German Retail Sales beat expectations, growing 1.7% m/m in April
  • KOF Leading Indicators in Switzerland for May was 93.1, ahead of expectations and the 89.8 reading in April
  • U.S. Treasury Secretary Jack Lew gave a press conference in Dresden at the meeting of the G7 finance ministers
    • He called on Greece to produce a credible set of reforms. He also called on surplus nations doing more to create growth, which obviously refers to Germany
  • Greeks withdrew 5.6 billion euro from the banking system in April
  • Greek GDP fell 0.2% in Q1 2015
  • Yield Check:
    • France, 10-yr OAT: -3 bps to 0.81%
    • Germany, 10-yr Bund: -3 bps to 0.50%
    • Greece, 10-yr note: +15 bps to 11.07%
    • Italy, 10-yr BTP: -2 bps to 1.84%
    • Portugal, 10-yr note: +4 bps to 2.56%
    • Spain, 10-yr Bono: -2 bps to 1.82%
    • U.K., 10-yr Gilt: -3 bps to 1.82%

8:04 am Casella Waste: JCP Investment Management shareholder group sends a letter to the Board, indicating it will nominate three candidates for possible election to the Board at the co's 2015 annual meeting (CWST) : Group stated:

  • "Strong apparent interest in Casella as an attractive acquisition target means that now more than ever substantial shareholder representation is urgently needed on the Board to ensure that appropriate actions are taken to create value for ALL shareholders. 
  • This Board should set a date for the 2015 Annual Meeting without delay to allow shareholders to elect their representatives that they believe are best suited to capitalize on the available opportunities. 
  • We continue to be open, as we always have been, to a constructive engagement with the Board. In the spirit of such a collaborative effort we have proposed to the Board a framework for a mutually acceptable resolution that we believe is in the best interests of all shareholders."

8:03 am China Digital TV and Tongda Venture co-invest in fund targeting digital radio and television investments (STV) : Initially, STV and Tongda will invest RMB100 mln and RMB200 mln in the fund, respectively, as limited partners. Shoutai Jinxin, a fund management company, will be the general partner. The fund aims to raise ~RMB3 bln. STV will work closely with the general partner and leverage its rich experience in the digital television industry to contribute to the success of the fund.

8:02 am Magnegas says that a major construction company based in California has selected MagneGas fuel to replace acetylene and has placed their first order (MNGA) : The construction company has been operating for over twenty years in three states with projects in steel, drywall and carpentry. MagneGas anticipates that additional orders will be placed in the coming weeks for multiple construction projects.

8:02 am Wilshire Bancorp increases quarterly dividend to $0.06/share from $0.05/share (WIBC) :  

8:02 am Ashland sells its industrial biocides assets within Ashland Specialty Ingredients, to Troy Corporation; financial terms not disclosed (ASH) : Co signed a definitive agreement to sell the industrial biocides assets within Ashland Specialty Ingredients to Troy Corporation, a global leader in microbial control products and performance additives. The transaction is expected to close within 60 days, contingent on standard closing conditions and completion of required employee information and consultation processes. Financial terms were not disclosed.

8:01 am SFX Entertainment: Chairman/CEO Sillerman affirms that his affiliate's proposed acquisition of SFXE would be financed on an all-equity basis (SFXE) : As made public in the May 26 announcement disclosing terms of the agreement, SFX stockholders will receive $5.25 in cash from an affiliate of Mr. Sillerman for each share of SFX common stock they hold, in a transaction valued at approximately $774 million. Mr. Sillerman presently owns approximately 37.4 percent of the Company's outstanding common stock.

8:01 am Materialise announced that CFO Frederic Merckx intends to resign; co will undertake a search for a new CFO (MTLS) : To facilitate an orderly transition, Mr. Merckx has agreed to remain in his current role with Materialise until September 2015. In the event a successor has not been appointed by that time, the board of directors intends to appoint an interim chief financial officer.

8:01 am Wayfair appoints Jeremy Delinsky as Chief Technology Officer (W) :

  • Co announced that Jeremy Delinsky has joined the company's leadership team as chief technology officer. Delinsky joins Wayfair with more than a decade of leadership experience, formerly serving as CTO and, most recently, chief product officer (:CPO) at athenahealth.
  • Delinsky will report directly to Steve Conine, Wayfair's co-founder and co-chairman. Prior to his roles on the executive leadership team, Delinsky held a variety of leadership positions in product management and operations at athenahealth.

8:01 am Ritchie Bros. names Sharon Driscoll as CFO, effective July 6 (RBA) : Co announces that Sharon Driscoll will be joining the co as CFO, effective July 6. In particular, she will focus on driving initiatives to optimize the balance sheet with an emphasis on capital allocation, capital structure and improving Return on Net Assets to enhance shareholder value. Most recently, Sharon was Exec VP and CFO of Katz Group Canada (more commonly known as Rexall), a national pharmacy retailer based in Canada. Prior to Rexall, Ms. Driscoll was CFO of Sears Canada (SRSC), one of Canada's largest retailers.

8:01 am Hospitality Props: ISS recommends shareholders vote the Blue Card, says UNITE HERE (HPT) :  

7:59 am On the Wires (:WIRES) :

  • Cancer Genetics (CGIX) announced the presentation of results from a research collaboration with Memorial Sloan Kettering Cancer Center at the 2015 American Society of Clinical Oncology Annual Meeting. The findings of the study, showcase that novel copy number alterations detected by whole genome comparative genomic hybridization may provide insight into sunitinib resistance in patients with advanced renal cell carcinoma
  • Transgenomic (TBIO) announced the launch of its new Multiplexed ICE COLD-PCR (MX-ICP) CLIA service for mutation detection in cancer patients. The first tests are for the detection of EGFR exon 20 T790M mutations that affect the utility of tyrosine kinase inhibitor (:TKI) drugs used for non-small cell lung cancer and EGFR exon 12 S492R mutations that render colorectal cancer patients resistant to the widely-used drug cetuximab. Co intends to add additional single mutation and mutation panel detection tests to its suite of testing services in the coming months.

7:59 am Portola Pharma announces updated data from its ongoing Phase 1/2a study of the dual kinase inhibitor Cerdulatinib (PTLA) : Results to be presented at ASCO demonstrated evidence of clinical activity in this study of patients with relapsed/refractory B-cell malignancies.

  • To date, partial responses have been observed, including in patients with chronic lymphocytic leukemia, follicular lymphoma, and transformed FL. Tumor reductions were seen in multiple patients, including those whose disease progressed on other BCR pathway inhibitors. 
  • Results also showed that cerdulatinib was well tolerated in these heavily pre-treated patients, with no dose-limiting toxicities identified. Grade 3/4 adverse events included fatigue. Dose-escalation is ongoing in the Phase 1 part of the study as the maximum tolerated dose has not yet been achieved.

7:59 am Azure Midstream Partners (formerly Marlin Midstream, FISH on the Nasdaq) begins trading on the NYSE today (AZUR) :  

7:55 am Scorpio Tankers announces a new $250 mln share repurchase program, and that it has recently taken delivery of an MR product tanker (STNG) : Co additionally stated that it will not exercise the options to purchase two LR2s currently under construction from Scorpio Bulkers. Co also gave charter info on its MR product tanker delivery, the STI Notting Hill, which began a time charter for up to 120 days at ~$18,000 per day.

7:54 am S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -1.60. (:WRAPX) : U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover within a point of fair value after maintaining a ten-point range throughout the night.

Meanwhile, Treasuries also trade little changed with the 10-yr note showing a slight gain and its yield lower by a basis point at 2.13%.

The second estimate of Q1 GDP will be released at 8:30 ET (Briefing.com consensus -0.7%) while Chicago PMI for May (consensus 53.0) and the final reading of the Michigan Sentiment Index for May (consensus 89.0) will be reported at 9:45 ET and 10:00 ET, respectively.

In U.S. corporate news of note:

  • Gamestop (GME 43.50, +2.58): +6.3% after beating estimates and raising its earnings guidance for the fiscal year. 
  • Splunk (SPLK 70.32, -0.72): -1.1% despite better than expected results and upbeat guidance. 
  • Ulta Salon (ULTA 161.00, +4.73): +3.0% in reaction to better than expected results and in-line earnings guidance for Q2.
Reviewing overnight developments:
  • Asian markets ended mixed. Japan's Nikkei +0.1%, China's Shanghai Composite -0.2%, and Hong Kong's Hang Seng -0.1% 
    • Investors received a full slate of economic data: 
      • Japan's April National CPI +0.6% year-over-year (expected +0.6%; prior +2.3%); National Core CPI +0.3% year-over-year (expected +0.2%; prior +2.2%). April Household Spending -5.5% month-over-month (expected -0.7%; prior +2.4%); -1.3% year-over-year (expected +3.1%; prior -10.6%). April Industrial Production +1.0% month-over-month (expected +0.8%; prior -0.8%). April Construction Orders -12.1% year-over-year (prior +10.8%), April Housing Starts +0.4% (expected +0.1%; prior +0.7%), and April Unemployment Rate 3.3% (expected 3.4%; prior 3.4%) 
      • South Korea's April Industrial Production -1.2% month-over-month (expected +0.2%; prior -0.3%); -2.7% year-over-year (expected -0.1%; prior 0.0%). Separately, Retail Sales +1.6% month-over-month (expected +0.6%; prior -0.5%), April Service Sector Output +0.5% month-over-month (prior -0.4%), and June Manufacturing BSI Index 75 (prior 76) 
      • Australia's April Private Sector Credit +0.3% month-over-month (expected +0.5%; prior +0.5%), April Housing Credit +0.5% (prior +0.5%), and April New Home Sales +0.6% month-over-month (prior +4.4%) 
      • Singapore's April Bank Lending SGD 594.3 bln (prior SGD 601.1 bln) 
      • New Zealand's May Business Confidence 15.7% (prior 30.2%) 
    • In news: 
      • China's Shanghai Composite remained volatile following yesterday's 6.5% plunge, falling as much as 4.0% intraday before recovering to end with a slight loss
  • Major European indices trade mostly lower. France's CAC -0.9%, Germany's DAX -0.7%, and UK's FTSE +0.2%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX -0.2% 
    • In economic data: 
      • Eurozone April Private Sector Loans 0.0% year-over-year (expected 0.2%; prior 0.1%) and M3 Money Supply +5.3% year-over-year (expected 4.9%; last 4.6%) 
      • Germany's April Retail Sales +1.7% month-over-month (consensus 0.8%; prior -1.4%); +1.0% year-over-year (expected 2.5%; last 4.3%) 
      • France's April Consumer Spending +0.1% month-over-month (expected 0.2%; last -0.7%) and PPI -0.4% month-over-month (consensus 0.2%; prior 0.1%) 
      • Spain's May CPI -0.2% year-over-year (expected -0.5%; last -0.6%) 
      • Italy's May CPI +0.2% month-over-month (expected 0.1%; prior 0.2%) while Q1 GDP was left unrevised at 0.3%, as expected 
    • Among news of note: 
      • Investor sentiment remains dampened by the lack of progress between Greece and its creditors

7:37 am Overnight Treasury Summary (BONDX) : Treasuries Little Changed

  • Despite some overnight equity volatility, governments are generally flat before the open with the yield curve slightly steeper. European yields are lower, with the exception of Portugal and Greece, despite some positive European economic releases. The German 10-year Bund is now yielding only 0.50%, from 0.80% on May 7th 
  • Yield Check:
    • 2-yr: unch at 0.63%
    • 5-yr: unch at 1.51%
    • 10-yr: -1 bp to 2.13%
    • 30-yr: -2 bps to 2.87%
  • International News:
    • Germany's Retail Sales report handily beat expectations, growing 1.7% m/m in April versus a 1.4% decline in March
    • French Consumer Spending fell 0.1% in April, missing expectations but beating March's drop of 0.7%
    • Inflation in the Spanish economy exceeded expectations, with both the CPI and the harmonized index of consumer prices beating expectations, down 0.2% and 0.3% m/m, respectively
    • Italian CPI also beat expectations, rising 0.2% m/m
      • Spanish and Italian inflation metrics surpassing expectations feeds into the developing theme of stronger growth and price pressures in the European periphery versus the European core
    • At the meeting of G7 finance ministers, Wolfgang Schauble, the German finance minister, said that Greece has until June 30th, when the existing program expires, to reach a deal with its creditors
  • Data out Today:
    • Q1 GDP -- Second Estimate and GDP Deflator -- Second Estimate (08:30 ET)
    • May Chicago PMI (09:45 ET)
    • May Michigan Sentiment -- Final (10:00 ET)

7:37 am Genesco misses by $0.17, reports revs in-line; lowers FY16 EPS below consensus (GCO) : Reports Q1 (Apr) earnings of $0.51 per share, excluding non-recurring items, $0.17 worse than the Capital IQ Consensus of $0.68; revenues rose 5.1% year/year to $660.6 mln vs the $665.88 mln consensus.

  • Comparable sales in the first quarter 2016 increased 4% for the Company with a 5% increase in the Journeys Group, a 3% increase in the Lids Sports Group, a 4% increase in the Schuh Group, and a 3% increase in the Johnston & Murphy Group. 
  • "comparable sales would have been even stronger if not for product delivery delays related to the West Coast port challenges. The year-over-year decrease in earnings reflects expected gross margin pressure from planned actions to reduce inventories in the Lids Sports Group, the growth of businesses that are primarily second-half contributors, and expenses related to the growth of our e-commerce business."
Co issues downside guidance for FY16, lowers EPS to $4.70-4.80, excluding non-recurring items, from $5.10-5.20 vs. $5.15 Capital IQ Consensus; the Lids Sports Group's turnaround will involve additional gross margin pressure and more incremental expenses than we originally planned.

7:34 am SandRidge Energy says it is entering into transactions which will increase current liquidity to ~$1.4 bln (SD) : Co announces it is entering into transactions which will increase current liquidity to ~$1.4 bln, including a revised revolving bank credit facility containing leverage covenants that are less restrictive than under its current credit facility and a private offering of $1.25 bln of senior secured second lien notes.

7:32 am Odyssey Marine announces the ISS and Glass Lewis proxy advisory firms have recommended shareholders vote for its Proposal 2, to adopt and approve the March 11 Purchase Agreement (OMEX) : In addition to recommending that stockholders vote FOR Proposal 2, both ISS and Glass Lewis recommended voting FOR Proposals 3 (including all sub proposals), 4, 5, 6 and 7 included in the proxy statement, as recommended by Odyssey's board of directors. ISS recommended voting FOR all the director nominees named in Proposal 1, and Glass Lewis recommended voting FOR six of the nine nominees.

7:30 am W.P. Carey acquires a multi-tenant retail site in Oslo, Norway for ~$105 million, as part of a joint venture with Oslo-based developer, Winta Eiendom AS (WPC) :  

7:30 am 22nd Century Group announces a $6 mln registered direct offering, consisting of 6 mln common shares and 66-month warrants to purchase 3 mln shares at $1.25/share (XXII) : Offering is expected to close on June 2, 2015 and proceeds of the financing will be used for general corporate purposes, including working capital.

7:28 am On the Wires (:WIRES) :

  • Spectrum Pharmaceuticals (SPPI) announced presentations of clinical data for Beleodaq (belinostat), Folotyn (pralatrexate injection) and Poziotinib will be presented at the American Society of Clinical Oncology (TATD) Annual Meeting
  • Plug Power (PLUG) announces Dietz & Watson, as a new Plug Power GenKey customer. Dietz & Watson will deploy GenDrive fuel cells in its entire fleet of class-2 and class-3 lift trucks for its new warehouse building under a full GenKey agreement.
  • Baxter International Inc. (BAX) announced data showing how innovative dialysis systems with new remote connectivity may improve patient access to home therapy. The data, was presented at the 52nd Congress of the European Renal Association and European Dialysis and Transplant Association. The APD cycler study reported on results of phone and web-based surveys with patients, nephrologists and renal nurses in the UK and US to gauge the importance and utility of a cycler with remote monitoring features compared with a cycler without remote monitoring capability. Of those surveyed, 86% of the healthcare providers agreed an APD cycler with remote patient monitoring capabilities will provide them more confidence and control when managing peritoneal dialysis patients.

7:13 am Asian Markets Close: Japan's Nikkei +0.1%; Hong Kong's Hang Seng -0.1%; China's Shanghai Composite -0.2% (:SUMRX) : Markets in the Asia-Pacific region were mostly mixed on Friday. All eyes were on the Shanghai Composite following Thursday's 6.5% plunge and it didn't disappoint in terms of trading volatility. It saw a swing of as much as 6.0% between its intraday low and intraday high before settling the session with a pedestrian 0.2% decline.

Economic data

  • Japan
    • April National CPI +0.6% year-over-year (expected +0.6%; prior +2.3%); National Core CPI +0.3% year-over-year (expected +0.2%; prior +2.2%)
    • April Household Spending -5.5% month-over-month (expected -0.7%; prior +2.4%); -1.3% year-over-year (expected +3.1%; prior -10.6%)
    • April Industrial Production +1.0% month-over-month (expected +0.8%; prior -0.8%)
    • April Construction Orders -12.1% year-over-year (prior +10.8%)
    • April Housing Starts +0.4% (expected +0.1%; prior +0.7%)
    • April Unemployment Rate 3.3% (expected 3.4%; prior 3.4%)
  • South Korea
    • April Industrial Production -1.2% month-over-month (expected +0.2%; prior -0.3%); -2.7% year-over-year (expected -0.1%; prior 0.0%)
    • Retail Sales +1.6% month-over-month (expected +0.6%; prior -0.5%)
    • April Service Sector Output +0.5% month-over-month (prior -0.4%)
    • June Manufacturing BSI Index 75 (prior 76)
  • Australia
    • April Private Sector Credit +0.3% month-over-month (expected +0.5%; prior +0.5%)
    • April Housing Credit +0.5% (prior +0.5%)
    • April New Home Sales +0.6% month-over-month (prior +4.4%)
  • Singapore
    • April Bank Lending SGD 594.3 bln (prior SGD 601.1 bln)
  • New Zealand
    • May Business Confidence 15.7% (prior 30.2%)
Equity Markets
  • Japan's Nikkei edged up 0.1% to finish with its eleventh consecutive gain after a large batch of economic news. For the week, the Nikkei added 1.5%. Strength in the utilities (+0.9%) and communications (+0.6%) sectors helped offset weakness in the financial (-0.7%) and consumer non-cyclical (-0.4%) sectors on Friday. Upside leaders included Yahoo Japan (+11.7%), Hokuetsu Kishu Paper (+4.9%), and Toshiba (+4.8%). Kyowa Hakko Kirin (-4.3%) was the worst-performing issue. Out of the 225 index members, 104 ended higher, 107 finished lower, and 14 were unchanged.
  • Hong Kong's Hang Seng slipped 0.1%, done in by some late selling interest. For the week, the Hang Seng declined 2.0%. The weak links on Friday were the consumer cyclical (-1.2%) and consumer non-cyclical (-1.2%) sectors. Belle Intl. (-3.5%), Hang Lung Properties (-3.0%), and China Unicom Hong Kong (-2.8%) paced the decliners. China Merchants Holdings Intl. (+2.9%) led all gainers. Out of the 49 index members, 19 ended higher, 29 finished lower, and 2 were unchanged.
  • China's Shanghai Composite declined 0.2% but had been down as much as 4.0% in early trading on the heels of Thursday's 6.5% plunge. From its intraday low to its intraday high, the Composite moved as much as 6.0%. Late selling interest prevented a positive finish. For the week, the Shanghai Composite declined 1.0%
  • India's Sensex increased 1.2% ahead of the fourth quarter GDP report. For the week, the Sensex declined 0.5%. Leading sectors on Friday included the communications (+5.6%) and consumer cyclical (+1.9%) sectors. Bharti Airtel (+5.6%), Maruti Suzuki India (+2.1%), and Coal India (+2.0%) sat atop the list of winners. Hindalco Industries (-1.8%) paced the decliners and was the only issue to decline more than 1.0%.
  • Australia's S&P/ASX 200 jumped 1.1% with end-of-month activity garnering some attribution for the upside move. For the week, the S&P/ASX 200 increased 1.9%. Friday's session was fueled by gains in the gold (+1.8%), financials (+1.5%), and resources (+1.3%) sectors.
  • Regional advancers: South Korea +0.2%, Thailand +0.2%, Philippines +1.0%
  • Regional decliners: Taiwan -0.1%, Singapore -0.8%, Malaysia -0.5%, Indonesia -0.4%, Vietnam -0.6% 
FX
  • USD/CNY -0.05% at 6.1983
  • USD/INR +0.2% at 63.876
  • USD/JPY -0.1% at 123.85

7:05 am Destination XL Group beats by $0.03, beats on revs; raises FY16 EPS, in-line, reaffirms FY16 revs and comps (DXLG) : Reports Q1 (Apr) loss of $0.01 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of ($0.04); revenues rose 8.0% year/year to $104.4 mln vs the $102.93 mln consensus.

  • Total comparable sales increased +5.5% versus +3.4% in prior-year quarter 
  • On a comparable basis, total transactions in the Company's DXL stores were up 6.6% over the prior-year first quarter. The Company is experiencing higher store traffic, as well as improved conversion of store traffic to top-line sales, both of which contributed to an overall increase in transactions.
Co issues guidance for FY16, raises EPS to ($0.14)-(0.12), excluding non-recurring items, from ($0.16)-(0.12) vs. ($0.12) Capital IQ Consensus; reaffirms FY16 revs $438-443 mln vs. $441.86 mln Capital IQ Consensus. A total comparable sales increase of ~5.6% (unchanged). Gross profit margin of ~45.9% (unchanged). 

7:04 am Intl Flavors names Alison Cornell as EVP and CFO, effective July 8, 2015 (IFF) : Most recently, Cornell was Corporate Senior Vice President and Chief Financial Officer for Covance Inc. (LH)

7:03 am Resolute Forest Products announces an increase in its repurchase program by $50 mln; company is now authorized to repurchase up to $83 mln in additional shares (RFP) :  

7:02 am Prima Biomed announces an update on its lead product, IMP321, stating that it has filed for patent protection over the use of IMP321 in conjunction with checkpoint inhibitor molecules (PBMD) :  

7:02 am Actinum Pharma to present Actimab-A high response rates at ASCO this weekend (ATNM) : Co announced its poster and abstract at ASCO 2015, the 51st Annual Meeting of American Society of Clinical Oncology, held in Chicago on May 29 - June 2. Data will be presented from the Company's ongoing multi-center Phase 1/2 Study for Actimab-A for the treatment of newly diagnosed Acute Myeloid Leukemia (AML.V) in elderly patients.

  • Two Actimab-A treated patients achieved complete remission with different degrees of hematological recovery (CRi) and one patient achieved complete remission with incomplete platelet count recovery (CRp), for a combined overall response rate of 25% among all patients and 67% among patients treated at the highest dose level to date. Patients ranged from 68 to 87 years of age, all with high- or intermediate-risk cytogenetics; half of them had prior MDS therapy.

7:02 am Kratos Defense and Security announces the award of a $13.4 mln contract by the Pacific Missile Range Facility (KTOS) : The three and a half year contract will provide technical support and other services to PMRF in support of strategic program test events conducted at the PMRF locations

7:01 am ChemoCentryx announces presentation of 52-week data from the company's Phase II clinical trial in patients with diabetic nephropathy with CCX140 (CCXI) : Co announces that positive 52-week data from the Company's Phase II clinical trial in patients with diabetic nephropathy with CCX140, an inhibitor of the chemokine receptor known as CCR2, were presented by Professor Dick de Zeeuw, M.D., Ph.D., Chair of the Research Section of the Department of Clinical Pharmacy and Pharmacology at the University Medical Center in Groningen, The Netherlands. Professor de Zeeuw's oral presentation focused on the CCX140 Phase II study and its primary endpoint.

  • As previously announced, the trial met its primary endpoint by demonstrating that treatment with 5 mg of CCX140 given orally once daily added to a standard of care regimen (SOC.V) of angiotensin converting enzyme (ACE) inhibitor or angiotensin receptor II blocker (:ARB) treatment resulted in a statistically significant (p=0.0148) reduction in urinary albumin:creatinine ratio (:UACR), beyond that achieved with SOC alone;

7:01 am Alkermes to present data from its phase 1 clinical study of ALKS 8700 for the treatment of multiple sclerosis; exposures comparable to Tecfidera, with favorable gastrointestinal tolerability (ALKS) : Co announces that data from its phase 1, randomized, double-blind clinical study of ALKS 8700, a novel monomethyl fumarate (MMF) molecule in development for the treatment of multiple sclerosis (MS), is scheduled to be presented at the 2015 Annual Meeting of the Consortium of Multiple Sclerosis Centers (:CMSC) being held in Indianapolis, Ind., May 27-30, 2015. ALKS 8700 is designed to rapidly and efficiently convert to MMF in the body and offer differentiated features as compared to the currently marketed dimethyl fumarate, TECFIDERA.

  • Data from the study showed that ALKS 8700 was generally well tolerated and provided MMF exposures comparable to TECFIDERA, with less variability and favorable gastrointestinal (GI.V) tolerability. 
    • The most common adverse events (AEs) were flushing and GI-related. 
    • Based on the positive results from the study, Alkermes plans to advance ALKS 8700 with twice-daily dosing into pivotal development in 2015.

7:00 am Myriad Genetics announces new clinical studies on its myChoice HRD companion diagnostic test at the 2015 American Society of Clinical Oncology (MYGN) : New clinical data established a homologous recombination deficiency threshold that can identify 95 percent of patients with mutations in BRCA1/2 and other homologous recombination genes and who have a higher likelihood of responding to treatment with DNA-damaging agents. Specifically, the study validated an HRD threshold score of =42 using a training cohort of 497 breast and 561 ovarian cancer patients.

  • Using this threshold, the myChoice HRD test was evaluated to predict response to neoadjuvant platinum-based chemotherapy in patients with TNBC or BRCA1/2 mutation-associated breast cancer. The endpoints of this analysis were residual cancer burden and pathological complete response.
  • The results showed that a positive myChoice HRD score and/or a BRCA1/2 mutation were statistically significantly associated with treatment response, and the myChoice HRD test identified responders lacking a deleterious BRCA1/2 mutation.
Co also announced that BRCA status and HR-deficiency were assessed in ovarian tumors using the myChoice HRD test to predict response to treatment with niraparib, an investigational PARP inhibitor currently in Phase 3 clinical studies being conducted by Tesaro.
  • Results showed that all BRCA deficient tumors were myChoice HRD positive except one. Additionally, the response to niraparib monotherapy was evaluated in 20 unique tumor models across a range of myChoice HRD scores and all of the tumors that responded to niraparib were myChoice HRD positive, irrespective of BRCA deficiency status.

6:58 am Graham beats by $0.22, beats on revs; guides FY16 revs below consensus (GHM) : Reports Q4 (Mar) earnings of $0.53 per share, $0.22 better than the Capital IQ Consensus Estimate of $0.31; revenues rose 43.7% year/year to $37.5 mln vs the $29.96 mln consensus. Gross profit for the reported quarter was $12.8 million, or 34% of sales, compared with $7.4 million, or 28% of sales, in the same period of the prior fiscal year. Gross profit and margin were favorably impacted by sales volume, however the result was muted by lower pricing for certain orders and higher levels of subcontracting in the quarter.

  • Co issues downside guidance for FY16, sees FY16 revs of $95-105 mln vs. $122.49 mln Capital IQ Consensus Estimate. 
    • Gross margin for fiscal 2016 is expected to be between 26% and 28%, resulting from anticipated lower production facility utilization and increased pricing pressure. SG&A expense as a percent of sales is expected to be between 17% and 18% for fiscal 2016. Graham expects its fiscal 2016 full year effective tax rate to be approximately 32% to 33%.

6:57 am Big Lots beats by $0.01, reports revs in-line; guides Q2 EPS below consensus; raises low end of FY16 EPS; reaffirms comps (BIG) :

  • Reports Q1 (Apr) earnings of $0.60 per share, $0.01 better than the Capital IQ Consensus of $0.59; revenues fell 0.1% year/year to $1.28 bln vs the $1.28 bln consensus. 
    • Comparable store sales for stores open at least fifteen months increased 1.6% for the quarter, compared to our guidance of +1% to +2%. 
    • After a difficult start to the quarter and harsh weather conditions in February, sales trends improved in March and April.
  • Co issues downside guidance for Q2, sees EPS of $0.31-0.35 vs. $0.37 Capital IQ Consensus; comps +2-3%.
  • Co issues in-line guidance for FY16, raises EPS to $2.80-2.90 from $2.75-2.90 vs. $2.87 Capital IQ Consensus; reaffirms low single digit comps. 

6:46 am Amgen presents pooled Phase 3 AMG 416 data for the treatment of secondary hyperparathyroidism in patients with chronic kidney Disease; both studies met the primary endpoint (AMGN) : AMGN announced pooled data from two pivotal Phase 3, global, randomized, placebo-controlled trials evaluating AMG 416, a novel calcimimetic, for the treatment of secondary hyperparathyroidism (:SHPT) in patients with chronic kidney disease (:CKD) receiving hemodialysis.

  • Both studies met the primary endpoint, demonstrating that a greater proportion of patients in the AMG 416 groups achieved a greater than 30% reduction in parathyroid hormone (PTH) during the Efficacy Assessment Phase compared with placebo. The data were presented today at the 52nd ERA-EDTA Congress in London.
  • Global regulatory filings planned for 2015

6:45 am Akebia Therapeutics announces the presentation of Phase 2b data for AKB-6548 in non-dialysis patients at the 52nd ERA-EDTA Congress (AKBA) : The placebo-controlled, 20-week Phase 2b study enrolled 210 patients with CKD stages 3, 4 and 5 who were randomized 2:1 to receive once-daily AKB-6548. New data showed that the group of patients converted from active rESA therapy to AKB-6548 maintained their mean baseline HGB level of 10.5 g/dL throughout the study.

  • In contrast, patients who were switched from active rESA therapy to placebo experienced a decline in the mean HGB level from 10.4 g/dL to 9.8 g/dL within the first two weeks of randomization. 
  • Co states that "Results support a starting dose of 450 mg once daily for patients converting from rESAs to AKB-6548."

6:45 am Atlas Air Worldwide prices its offering of $200 mln aggregate principal amount of its 2.25% convertible senior notes due 2022 (AAWW) : The initial conversion rate for the notes is 13.5036 shares of the company's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $74.05 per share of the company's common stock.

6:45 am InterXion confirms termination of implementation agreement with TelecityGroup (TLEIY) due to its merger with Euinix (EQIX); reaffirms FY15 guidance (INXN) : As a result of the announcement of the Equinix offer for TelecityGroup, Interxion and TelecityGroup has terminated the Implementation Agreement.

Interxion today reaffirmed its guidance for 2015:

  • Revenue 375 million -- 388 million vs. EUR 383.6 mln consensus
  • Adjusted EBITDA 162 million -- 172 million

6:44 am Yingli Green Energy acknowledges awareness of a class action lawsuit against the company, and after reviewing the claims believes they are without merit (YGE) :  

6:30 am Cyber-Ark Software files a registration statement for a follow-on offering of common stock, whereby the majority of shares will be sold by shareholders, in addition to $50 mln in shares by the co (CYBR) :  

6:07 am Scotiabank beats by $0.03 (BNS) : Reports Q2 (Apr) earnings of CC$1.42 per share, CC$0.03 better than the Capital IQ Consensus Estimate of CC$1.39.

  • Common Equity Tier 1 capital ratio of 10.6% 
  • Canadian Banking reported net income attributable to equity holders of $829 million, an increase of $6 million or 1% compared to the same quarter last year.
  • Good growth in assets and deposits, an increase in the net interest margin and higher non-interest income were partially offset by increased provision for credit losses and non-interest expenses. 
Normal Course Issuer Bid
The Bank also announced that OSFI and the TSX approved its normal course issuer bid pursuant to which it may repurchase for cancellation up to 24 million of the Bank's common shares, which represents approximately 2% of the Bank's common shares issued and outstanding as of May 25, 2015. Purchases under the bid may commence on June 2, 2015, and will end on the earlier of June 1, 2016, or the date on which the Bank completes its purchases. On a quarterly basis, the Bank will consult with OSFI prior to making purchases.

5:48 am S&P futures vs fair value: -4.40. Nasdaq futures vs fair value: -13.20. :

5:48 am European Markets : FTSE...7012.19...-28.70...-0.40%.  DAX...11524.69...-150.90...-1.30%.

5:48 am Asian Markets : Nikkei...20563.15...+11.70...+0.10%.  Hang Seng...27424.19...-30.10...-0.10%.

5:16 am Affimed Therapeutics' lead NK-cell engager AFM13 shows highly synergistic efficacy with PD-1 inhibitor (AFMD) : Affimed N.V. (Nasdaq:AFMD), a clinical stage biopharmaceutical company focused on discovering and developing highly targeted cancer immunotherapies, today provided details on preclinical data from a combination study of Affimed's lead candidate AFM13 with checkpoint modulators, including checkpoint inhibitor PD-1. These data will be presented on Saturday, May 30, at the American Society of Clinical Oncology (TATD).

  • In this model, which develops actual human tumors, AFM13, a first-in-class natural killer cell engager, demonstrated significant synergy in combination with a PD-1 inhibitor. 
  • Importantly, these preclinical results were consistent among the four individual studies.

5:03 am Equinix confirms agreement to acquire TelecityGroup (TLEIY) (EQIX) : The Boards of Equinix and TelecityGroup are pleased to announce that they have reached agreement on the terms of a recommended cash and share offer for the entire issued and to be issued share capital of TelecityGroup.

  • The merger and implementation agreement that TelecityGroup entered into with Interxion on 9 March 2015 has been terminated.
  • Under the terms of the Transaction, each TelecityGroup Shareholder will be entitled to receive: 
    • for each TelecityGroup Share: 572.5 pence in cash; and 0.0327 New Equinix Shares
  • The Transaction represents a value of approximately 1,145.0 pence per TelecityGroup Share and a value of approximately 2,351.9 million for TelecityGroup's entire issued and to be issued share capital based on the volume-weighted average share price of $267.74 per Equinix Share for the 5 day period to 28 May 2015 and an exchange rate on 28 May 2015 of 1.5283.

4:21 am Koninklijke DSM repurchased 128,219 of its own shares in the period from May 22-28 at an average price of EUR53.81 (RDSMY) :  

2:38 am On The Wires (:WIRES) :

  • ASUS announced new servers and server boards based on Cavium's (CAVM) ThunderX 64-bit, 48-core ARM platform and designed to deliver extreme efficiency, expandability and enhanced-usability design for premium performance in data centers, high-performance computing and enterprise, as well as small and medium business environments.
  • Quintiles (Q) officially opened the Quintiles Greater China Regional Headquarters, further expanding its ability to help Chinese companies expand globally and multinational companies succeed in the world's second largest biopharmaceutical market. 

2:12 am Ship Finance Intl amends long-term charter agreements with Frontline (FRO) (SFL) : Co announced that it has entered into a heads of agreement to amend the long- term chartering agreements with Frontline (FRO). The new agreement will take effect from July 1, 2015 and will be a combination of reduced long-term base rates, increased profit split and an ownership share in Frontline. 

  • The new profit split agreement will start accruing from July 1, 2015 and will now be calculated and paid on a quarterly basis. Going forward, profit split payments will not be subject to the previous $50 million threshold. 
  • Based on closing shareprice on May 28, 2015, of $3.06 per share, the market value of the Frontline shares to be issued to the Company is approximately $168 million, and based on the volume-weighted shareprice last 3 months of $2.64 per share, the value is approximately $145 million. 

2:05 am Steris: FTC will seek to block merger with Synergy (STE) : STERIS (STE) and Synergy Health have been informed by the FTC that the FTC intends to seek to block their proposed combination. STERIS and Synergy announced that they will contest the FTC's attempted action, and they welcome a full judicial review of the competitive effects of the combination. Under U.K. Listing Authority requirements, Synergy is required to announce this development even though the companies have not seen the FTC announcement or formal complaint.

1:58 am Hawaiian Holdings confirms appointment of Shannon Okinaka as CFO (HA) : Co announced Shannon Okinaka has been appointed to the position of executive vice president and chief financial officer of Hawaiian Holdings and its wholly-owned subsidiary, Hawaiian Airlines. She has been serving as senior vice president and interim chief financial officer since January 2015, filling a vacancy left by the departure of CFO Scott Topping.

1:44 am Time Warner prices $1.5 bln of 3.60% senior notes due 2025 and $600 mln of 4.85% debentures due 2045 (TWX) :  

1:41 am Shutterfly issues letter to shareholders; urges stockholders to vote for all of the company's director nominees on the WHITE Proxy Card (SFLY) : Co announced today that it will mail a letter to stockholders in connection with its upcoming 2015 Annual Meeting of Stockholders, scheduled for June 12, 2015. The letter recapped the company's previously announced results and strategic focus. Moreover, the Shutterfly Board unanimously recommends that stockholders vote the WHITE proxy card today "FOR ALL" of Shutterfly's highly qualified and experienced director nominees

1:25 am Eli Lilly prices cash tender offers for $1.6 bln of its outstanding debt securities (LLY) :

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