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5 Cool things you never knew about Elmer's Glue

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6:34 pm Mylan Labs: Meda's (MDABY) Board unanimously recommends that the shareholders of Meda accept the offer made by MYL (MYL) :

  • The Offer represents a premium of: ~9 percent compared to the 52-week intraday high of SEK 152 per Meda share on Nasdaq Stockholm on 13 April 2015 for the 52-week period up to and including 10 February 2016, the last trading day prior to the announcement of the Offer.
  • The Board's opinion of the Offer is based on an assessment of a number of factors that the Board has considered relevant in relation to the evaluation of the Offer. These factors include, but are not limited to, Meda's present position, the expected future development of the Company and thereto related possibilities and risks. In the Board's opinion, Meda has a well-defined and viable strategy going forward, notably in relation to further organic growth of the Dymista franchise both in Europe and the US, a strong and growing presence in emerging markets and further margin expansion following the integration of the Rottapharm business.

6:19 pm Agnico-Eagle Mines reports EPS in-line, misses on revs (AEM) :

  • Reports Q4 (Dec) earnings of $0.02 per share, in-line with the Capital IQ Consensus of $0.02; revenues fell 63.6% year/year to $182.9 mln vs the $488.88 mln Capital IQ Consensus.
  • Co is announcing its production and cost guidance for 2016 through 2018. The Company expects average annual production of approximately 1.53 million ounces over the next three years with a stable cost profile.
  • Various internal projects at current operating mines have the potential to add incremental production in 2018, while Amaruq, Meliadine and El Barqueo are expected to add significant production starting in 2019 to 2020. However, the Company continues to take a prudent and measured approach to development while maintaining financial flexibility.

6:12 pm Green Plains Partners reports Q4 $0.37 vs $0.38 Capital IQ Consensus Estimate; revs $22.7 mln vs $23.12 mln Capital IQ Consensus Estimate (GPP) :

  • On Jan. 21, 2016, the board of directors of the partnership's general partner declared a quarterly cash distribution of $0.4025 per unit on all outstanding common and subordinated units, or $1.61 per unit on an annualized basis, for the fourth quarter of 2015. This distribution represents a 0.25 cent increase over the partnership's previous quarterly distribution of $0.40 per unit.

6:11 pm Helix Energy amends credit agreement (HLX) :

  • Co announces that it has amended its credit agreement to provide the Company with increased financial flexibility through the third quarter of 2017. The Amendment includes the following items: Increasing the trailing four quarter maximum leverage ratio to 5.5x for the quarter ending March 31, 2016 then decreasing gradually over successive quarters to 3.5x by December 31, 2017.

5:54 pm Flowers Foods misses by $0.05, misses on revs; guides FY16 EPS below consensus, revs below consensus (FLO) :

  • Reports Q4 (Dec) earnings of $0.16 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.21; revenues fell 2.2% year/year to $858.4 mln vs the $903.77 mln Capital IQ Consensus.
  • Co issues downside guidance for FY16, sees EPS of $0.98-1.04, excluding non-recurring items, vs. $1.10 Capital IQ Consensus Estimate; sees FY16 revs of $3.986-4.080 bln vs. $4.07 bln Capital IQ Consensus Estimate.
  • Non-GAAP gross margin increased 220 basis points compared to prior year driven by strong operational performance, structural cost reductions, favorable material costs and price realization, partially offset by lower volume.

5:44 pm Green Plains misses by $0.31, misses on revs (GPRE) :

  • Reports Q4 (Dec) loss of $0.09 per share, $0.31 worse than the Capital IQ Consensus of $0.22; revenues fell 10.8% year/year to $739.9 mln vs the $758.74 mln Capital IQ Consensus.
  • EBITDA for Q4 was $32.5 mln compared with $91.1 mln for the same period last year. EBITDA was $127.8 mln for the twelve months ended Dec. 31, 2015, compared with $352.5 mln for the same period last year.

5:41 pm Commvault Systems: M+K Lawyers adopt CVLT data platform (CVLT) :

  • Co announces that Australian based law firm, M+K Lawyers, has adopted the Commvault Data Platform and Pure Storage FlashArray to drive savings, speed and security through holistic management of their information assets.

5:39 pm Coeur d'Alene Mines reports FY15 year end probable mineral reserves of ~302.2 mln silver equivalent ounces (CDE) :

  • Co announced year-end contained proven and probable mineral reserves of ~302.2 mln silver equivalent ounces, a decrease of 88.5 mln silver equivalent ounces compared to year-end 2014, primarily due to the reclassification of silver reserves at La Preciosa to resources and from the production of 35.6 mln silver equivalent ounces, comprised of 15.9 mln silver ounces and 327,908 gold ounces, during 2015.
  • In addition to these reserves, Coeur announced measured and indicated mineral resources totaling ~414.7 mln silver equivalent ounces, and inferred mineral resources totaling 120.3 mln silver equivalent ounces, a 42% increase and 5% decrease, respectively, compared to year-end 2014.

5:36 pm Xenith Bankshare and Hampton Roads Bankshares (HMPR) agree to merge; XBKS shareholders will receive 4.4 shares of HMPR common stock for each share of Xenith common stock (XBKS) :

  • Cos announce that they have reached a definitive agreement to merge. The transaction has been unanimously approved by the Boards of Directors of each company. The combination, with pro forma total assets of $2.9 bln and combined deposits of $2.5 bln, will create the second-largest community bank by deposits in the Virginia Beach/Norfolk/Newport News MSA and the fifth-largest community bank by deposits in the Commonwealth of Virginia.
  • Under the terms of the agreement, Xenith shareholders will receive 4.4 shares of HRB common stock for each share of Xenith common stock. Based on the closing price of the HRB's common stock on February 10, 2016, the transaction will be valued at ~$107.2 mln. Upon closing, HRB shareholders and Xenith shareholders will own ~74% and 26%, respectively, of the stock in the combined company.
  • The combined company expects to realize cost savings equal to ~10% of the combined company's expense base as a result of rationalization of operations. The cost savings are expected to generate earnings per share accretion for shareholders of both companies.
  • The combination is subject to regulatory approval, approval of HRB's and Xenith's shareholders and other customary closing conditions. The transaction is expected to close in the third quarter of 2016.

5:32 pm Shire's partner, Shionogi submits NDA in Japan for ADHD treatment for children (SHPG) :

  • Co announces that Shionogi submitted a New Drug Application for the manufacturing and marketing in Japan of "S-877503* for the treatment of Attention-Deficit/Hyperactivity Disorder in children. The Japanese clinical studies were conducted in children 6 to 12 years old with this disorder.
  • Shire and Shionogi, under a co-development and commercialization licensing contract signed in 2011, have been developing S-877503 as an investigational pediatric ADHD candidate.

5:27 pm FMC Corp beats by $0.14, misses on revs; guides FY16 EPS below consensus (FMC) :

  • Reports Q4 (Dec) earnings of $0.77 per share, $0.14 better than the Capital IQ Consensus of $0.63; revenues rose 1.3% year/year to $899.3 mln vs the $951.38 mln Capital IQ Consensus.
  • Revenue for FMC Agricultural Solutions was $657 mln, an increase of 5% versus reported revenue for the prior-year quarter. Health and Nutrition revenue was $172 mln, 10% lower versus the prior-year quarter, driven by lower carrageenan and alginate sales, along with the impact of the weaker euro. Lithium reported segment revenue of $70 mln, an increase of 1% from the prior-year quarter.
  • Co states that results were significantly impacted by foreign exchange movements, particularly the depreciation of the Brazilian real against the U.S. dollar, compared to the same period in 2014. Local currency price increases in Brazil recovered over 70%of the currency impact in the quarter. 
  • Co issues downside guidance for FY16, sees EPS of $2.50-$2.80 vs. $2.95 Capital IQ Consensus Estimate.

5:25 pm Coeur d'Alene Mines misses by $0.08, beats on revs; co sees 2016 total silver production at 14,630-16,000/oz, gold at 320,000-347,000/oz, sees all-in sustaining costs per silver oz equiv. $16.00-17.25 (2015 was $16.16) (CDE) :

  • Reports Q4 (Dec) loss of $0.27 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus of ($0.19); revenues rose 16.8% year/year to $164.2 mln vs the $160.03 mln Capital IQ Consensus.
    • Silver equivalent production totaled 9.5 mln ounces
    • Silver production was 4.0 mln ounces and gold production was 91,551 ounces as previously announced on January 11, 2016
  • The co realized average silver and gold prices of $14.27 and $1,093 during Q4 which were 3% and 2% lower, respectively, compared with Q3 and 13% and 8% lower, respectively, compared to last year's Q4
  • For the full year, the co realized average prices of $15.46 per ounce of silver and $1,143 per ounce of gold, representing declines of 18% and 9%, respectively, compared to 2014
    • Fourth quarter revenue increased 1% compared with Q3 to $164.2 mln
  • Silver contributed 38% of metal sales and gold contributed 62% during Q4
    • For the full year, revenue rose 2% to $646.1 mln. Silver contributed 40% of metal sales and gold contributed 60% during 2015.
  • Fourth quarter capital expenditures of $30.0 mln were 26% higher compared to the third quarter due primarily to higher spending at Kensington for the development of the high-grade Jualin deposit
  • Full-year capital expenditures were $95.2 mln, driven by development of the high-grade Guadalupe and Independencia deposits at Palmarejo, development of the Jualin deposit at Kensington, and the Rochester crusher expansion.

5:23 pm Oceaneering Intl reports EPS in-line, beats on revs (OII) :

  • Reports Q4 (Dec) earnings of $0.58 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.58; revenues fell 21.4% year/year to $722.1 mln vs the $695.97 mln Capital IQ Consensus.
  • "For 2016, we are expecting lower demand for our services and products, and continued pricing pressure and spending cuts from our customers. Consequently, we are projecting that all of our oilfield business segments will have lower operating income in 2016 than in 2015. With our limited market visibility on how weak 2016 may actually be, we are not prepared to quantify the magnitude or duration of the decline or give annual and quarterly EPS guidance ranges."

5:23 pm Psychemedics reports Q4 EPS of $0.03 vs. $0.13 in prior year period; revs declined 10% YoY to $6.1 mln - no ests (PMD) :  

5:17 pm Taro Pharm reports Q3 EPS of $4.41 vs. $3.33 in prior year period; revs rose 9% YoY to $258.3 mln - no ests (TARO) :

  • The Company recently received an approval from the U.S. FDA for an Abbreviated New Drug Application ("ANDA") Naftifine Hydrochloride Cream USP, 2%.
  • The Company currently has a total of thirty-five ANDAs awaiting FDA approval.

5:16 pm Sun Life beats by CAD 0.11; Net premium revenue increased 31% y/y to $3.6 bln (SLF) :

  • Reports Q4 (Dec) operating earnings of CAD $0.98 per share, CAD $0.11 better than the Capital IQ Consensus of CAD $0.87. Net Premium Revenue increased 31% y/y to CAD $3.6 bln.
  • Reports operating return on equity of 12.7% and underlying ROE of 13.8% in 4Q15, compared to operating ROE and underlying ROE of 12.6% and 8.8% in the same period last year, respectively.
  • Global AUM were $891 bln.

5:14 pm Meda AB reports Q4 adj EPS of SEK 1.11; net sales decreased 3% YoY to SEK 5.019 bln (MDABY) :

  • EBITDA, excluding non-recurring items, was SEK 6,482 million (4,700), corresponding to an increase of 38%, and a margin of 33.0%
  • Mylan Labs (MYL) announced it will acquire MDABY -- see 16:23

5:10 pm After-hours earnings summary: TSLA +12%, CSCO +8%, TWTR little changed after initially trading lower (:SUMRX) :

  • Tesla Motors (TSLA) +12% in extended hours after missing Q4 estimates but offering better than feared FY16 guidance, reaffirmed deliveries. TSLA also said it sees net cash flow positive in FY16.
  • Twitter (TWTR) is little changed after initially trading lower by more than 10%, following a mixed quarter and downside guidance. TWTR reported Q4 earnings of $0.16 per share, $0.04 better than the Capital IQ Consensus of $0.12; revenues rose 48.3% year/year to $710.47 mln vs the $710.05 mln Capital IQ Consensus. Q4 Monthly Active Users 320 mln vs. expectations for a slightly higher number, similar to Q3's 324 mln.
  • Cisco Systems (CSCO) is +8% after it beat on the top and bottom lines; guided Q3 EPS in-line, approved $15 billion increase to stock repurchase program.
  • iRobot (IRBT) is lower by 11% after it beat on the top and bottom lines but guided Q1 EPS and revs below consensus, revs below consensus; guides FY16 EPS below consensus, revs below consensus.
  • LifeLock (LOCK) is little changed after it beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY16 EPS below consensus, revs below consensus.
  • Skechers USA (SKX) is higher by 8% after it reported EPS in-line, beats on revs; comfortable with Q1 consensus estimates.
  • Whole Foods (WFM) beats by $0.06, reports revs in-line; reaffirms FY16 revs guidance.
  • Expedia (EXPE) is +14% after they missed misses by $0.24, reports revs in-line.
  • Zynga (ZNGA) is -7% reports EPS in-line, revs in-line; guides Q1 EPS in-line, revs below consensus; announces acquisition of Zindagi Games.

5:05 pm Intl Flavors misses by $0.10, misses on revs; guides FY16 below consensus (IFF) :

  • Reports Q4 (Dec) earnings of $1.05 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus of $1.15; revenues fell 5.4% year/year to $715.6 mln vs the $746.94 mln Capital IQ Consensus.
  • Co issues downside guidance for FY16, sees EPS of +1.5-3.5% to ~$5.33-5.43, excluding non-recurring items, vs. $5.70 Capital IQ Consensus Estimate; sees FY16 revs of +1-2% to ~$3.05-3.08 bln vs. $3.2 bln Capital IQ Consensus Estimate. 
  • "As we look ahead to 2016, we are preparing ourselves for even more challenging conditions given a higher level of economic uncertainty and the more cautious volume outlook of consumer packaged goods companies."

5:04 pm Kinross Gold misses by $0.01, beats on revs (KGC) :

  • Reports Q4 (Dec) loss of $0.06 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of ($0.05); revenues fell 10.8% year/year to $706.2 mln vs the $693.07 mln Capital IQ Consensus
  • Kinross produced 623,716 attributable Au eq. oz. in Q4 of 2015, a decrease over the fourth quarter of 2014, due mainly to the temporary curtailment of milling operations at Paracatu in response to a lack of rainfall in southeastern Brazil and lower mill grades at Chirano.
  • All-in sustaining cost: $991 per Au eq. oz. sold, compared with $1,006 in Q4 2014
  • All-in sustaining cost per gold ounce (Au oz.) sold on a by-product basis was $988 in Q4 2015, compared with $1,001 in Q4 2014

Outlook, Mineral Reserves and Mineral Resources, Exploration update:

  • 2016 Outlook:
    • Kinross expects to produce a record 2.7 - 2.9 mln Au eq. oz. at a production cost of sales per Au eq. oz. of $675 - $735 and an all-in sustaining cost per Au eq. oz. of $890 - $990
    •  Total capital expenditures are forecast to be ~$595 mln.
  • Mineral reserves and mineral resources5 : Proven and probable mineral reserve estimates at year-end 2015 were 34.0 mln Au oz. with additions largely offsetting depletion over the year
    • Measured and indicated mineral resources estimates were 28.6 mln Au oz., a 24% increase compared with year-end 2014.
  • Exploration: Exploration activities at La Coipa, Tasiast and Dvoinoye added ~1.4 mln Au oz. and 43.1 mln silver ounces (Ag oz.) to Kinross' estimated measured and indicated mineral resources and 0.13 mln Au oz. and 2.1 Ag oz. to its estimated inferred mineral resources
  • Nevada asset acquisition: On January 11, 2016, Kinross completed the acquisition of Bald Mountain, which includes one of the largest land packages in Nevada, and 50% of Round Mountain, from Barrick Gold for $610 mln8 in cash.

5:04 pm Safe Bulkers misses by $0.02, misses on revs (SB) :

  • Reports Q4 (Dec) loss of $0.13 per share, $0.02 worse than the Capital IQ Consensus of ($0.11); revenues fell 23.5% year/year to $29.9 mln vs the $34.34 mln two analyst estimate.
  • As of Feb 5, 2016, the company's operational fleet comprised of 37 drybulk vessels two of which have been agreed to be sold, with an average age of 6.1 years and an aggregate carrying capacity of 3.3 mln dwt. The fleet consists of 14 Panamax class vessels, 8 Kamsarmax class vessels, 12 Post-Panamax class vessels and 3 Capesize class vessels, all built from 2003 onwards.
  • As of Dec 31, 2015, the company had agreed to acquire eight newbuild vessels, with four to be delivered in 2016, two to be delivered in 2017, one to be delivered in 2018 and one to be delivered in 2019.
  • As of Dec 31, 2015, the company had liquidity of $362.3 mln consisting of $132.2 mln in cash and bank time deposits, $72.3 mln in restricted cash and $157.8 mln available under committed loan facilities and financing transactions for eight newbuild vessels.
  • The company has not declared a dividend for 4Q15.

5:00 pm Tal International obtains all required antitrust clearances for the proposed combination with Triton (TAL) :

  • Co announces that its wholly owned subsidiary TAL International Container Corporation closed an add-on financing to its existing term loan with various lenders and SunTrust Bank, as Administrative Agent and Collateral Agent, thereby increasing the commitment of the loan from $307 mln to $407 mln. All other terms and conditions of the facility remain the same. Additionally, and as disclosed on January 20, 2016, TAL International's indirect wholly owned subsidiary, TAL Advantage III LLC, successfully expanded its asset backed warehouse credit facility from $650 mln to $750 mln, with no changes to the existing terms and conditions.
  • Update on Triton and TAL Merger: At this time, both companies have now obtained all required antitrust clearances for the proposed combination. The combined entity, to be named Triton International Limited, will be domiciled in Bermuda and is expected to trade on the New York Stock Exchange.

4:47 pm Iroquois Bancorp, Inc. increases quarterly dividend to $0.08/share from $0.05/share (IROQ) :  

4:47 pm CSRA beats by $0.08, misses on revs; guides Q4 EPS above consensus, revs below consensus (CSRA) :

  • Reports Q3 (Dec) earnings of $0.48 per share, $0.08 better than the Capital IQ Consensus of $0.40; revenues fell 5.1% year/year to $1.27 bln vs the $1.31 bln Capital IQ Consensus. 
  • Co issues guidance for Q4, sees EPS of $0.45-0.49, excluding non-recurring items, vs. $0.41 Capital IQ Consensus; sees Q4 revs of $1.28-1.33 bln vs. $1.34 bln Capital IQ Consensus Estimate. 
  • The co affirms its long-term model of average compound annual growth in revenue of 2 percent to 3 percent and average compound annual growth in adjusted EPS of 8 percent to 10 percent. 
  • Pro forma bookings of $1.8 billion represent industry leading book-to-bill ratio of 1.4
  • Repurchased 1.8 million shares in December and January under $400 million share repurchase authorization

4:41 pm Intl Game Tech announces that its subsidiary has signed a multi-year license agreement to develop & distribute Life is Good lottery products throughout US (IGT) :  

4:41 pm Franco-Nevada announces $550 mln bought deal financing (FNV) : The co announced that it has entered into an agreement with a syndicate of underwriters pursuant to which they have agreed to purchase, on a bought deal basis, 11,500,000 common shares of Franco-Nevada at a price of $47.85 per common share, for aggregate gross proceeds to Franco-Nevada of approximately $550 million

4:38 pm Omega Health beats by $0.02, beats on revs; guides FY16 FFO in-line (OHI) :

  • Reports Q4 (Dec) funds from operations of $0.81 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.79; revenues rose 60.3% year/year to $210.5 mln vs the $168.76 mln Capital IQ Consensus.
  • Co issues in-line guidance for FY16, sees FFO of $3.25-3.30, excluding non-recurring items, vs. $3.25 Capital IQ Consensus Estimate.

4:37 pm Vicon reports Q1 adj EPS ($0.07) vs ($0.17) year ago; revenue +7% y/y to $10.9 mln (no estimates) (VII) :  

4:37 pm Williams Partners executes long-term contracts with two shippers for Gulf Connector, a 475,000 dekatherm per day expansion of the Transco pipeline system to connect U.S. natural gas supplies with global liquefied natural gas markets (WPZ) :

  • Gulf Connector will deliver gas for the Cheniere Energy (LNG) Corpus Christi liquefaction project and a shipper in Freeport LNG Development, L.P.'s liquefaction project near Freeport, Texas. Both the Corpus Christi and Freeport liquefaction facilities are currently under construction.
  • Transco is a wholly owned subsidiary of Williams Partners, of which Williams (WMB) owns controlling interests and is the general partner.

4:36 pm Pilgrim's Pride increases repurchase authorization to $300 mln from $150 mln (PPC) :  

4:35 pm Advanced Emissions Solutions announces timeline to become current with its financial statements-expects to file all of its quarterly and annual financial statements for 2015 by the end of March 2016 (ADES) :

  • "The finalization of our 2014 Form 10-K has been a rigorous and comprehensive process to ensure accuracy across the period 2011 through 2014, but we and our independent auditor are in the final stages of review and we look forward to the filing and the conference call. We are progressing well in preparing all of our 2015 financial statements and are targeting the end of March 2016 to file and host an investor call. The Company is pursuing relisting onto the NASDAQ Stock Market upon becoming current with our SEC reporting obligations."
  • Credit Agreement -  In accordance with the affirmative covenants in the Company's October 2015 term loan agreement with Franklin Mutual Quest Fund and MFP Investors, the Company is disclosing the following information: At December 31, 2015, the Company had unrestricted cash and cash equivalents of $8 million and $12 million in restricted cash. During the fourth quarter of 2015, the Company earned $2.9 million in Royalty Income.

4:35 pm Corrections Corp misses by $0.02, misses on revs; guides Q1 FFO below consensus; guides FY16 FFO below consensus (CXW) :

  • Reports Q4 (Dec) adj funds from operations of $0.58 per share, $0.02 worse than the Capital IQ Consensus of $0.60; revenues rose 5.7% year/year to $447.8 mln vs the $456.71 mln Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees FFO of $0.56-0.58, excluding non-recurring items, vs. $0.61 Capital IQ Consensus Estimate.
  • Co issues downside guidance for FY16, sees FFO of $2.47-2.55, excluding non-recurring items, vs. $2.64 Capital IQ Consensus Estimate.
  • "During 2016, we expect to invest approximately $96.0 million to $111.0 million in capital expenditures, consisting of approximately $40.0 million to $50.0 million in on-going prison construction and expenditures related to potential land acquisitions; approximately $27.0 million in maintenance capital expenditures on real estate assets; and approximately $29.0 million to $34.0 million for capital expenditures on other assets and information technology."

4:34 pm Microsoft and hardware firm Acer, Inc. expand relationship (MSFT) :

  • Per the agreement, Acer will begin pre-installing Microsoft services and apps on its portfolio of Android smartphones and tablets.
  • Specifically, customers will benefit from the productivity tools including Microsoft Word, Excel, PowerPoint, Outlook, OneNote, OneDrive and Skype on select Android smartphones and tablets from Acer.

4:34 pm O'Reilly Auto beats by $0.11, beats on revs; guides Q1 EPS above consensus; guides FY16 EPS in-line, revs in-line; adds $750 mln to repurchase program (ORLY) :

  • Reports Q4 (Dec) earnings of $2.19 per share, $0.11 better than the Capital IQ Consensus of $2.08; revenues rose 10.5% year/year to $1.95 bln vs the $1.91 bln Capital IQ Consensus.
  • Co issues upside guidance for Q1, sees EPS of $2.41-2.51 vs. $2.38 Capital IQ Consensus Estimate. Sees comparable store sales +3-5%.
  • Co issues in-line guidance for FY16, sees EPS of $10.10-10.50 vs. $10.39 Capital IQ Consensus Estimate; sees FY16 revs of $8.4-8.6 bln vs. $8.5 bln Capital IQ Consensus Estimate. Sees comparable store sales +3-5%.
  • The Company also announced that its Board of Directors approved a resolution to increase the authorization amount under its share repurchase program by an additional $750 million, raising the aggregate authorization under the program to $6.25 billion.

4:33 pm Twitter beats by $0.04, reports revs in-line; guides Q1 revs below consensus (TWTR) :

  • Reports Q4 (Dec) earnings of $0.16 per share, $0.04 better than the Capital IQ Consensus of $0.12; revenues rose 48.3% year/year to $710.47 mln vs the $710.05 mln Capital IQ Consensus.
    • Q4 Monthly Active Users 320 mln (+10% y/y); Street Expectations were for approx flat q/q; Q3 was 324 mln (+11% y/y), 4Q14 was 292 mln.
  • MAU Commentary
    • Total MAUs were 320 million for the quarter, flat versus Q3 and an increase of 9% on a year-over-year basis. MAUs, excluding SMS Fast Followers, grew 6% year over year to 305 million, but were down on a sequential basis from 307 million in Q3. Importantly, as of the end of January, we have already seen total MAUs, excluding SMS Fast Followers, return to Q3 levels. In Q4, we saw positive impacts from our marketing initiatives which contributed meaningfully to MAU growth; however, these were more than offset by organic declines, partially due to fourth quarter seasonal trends.
  • Revenue Breakdown
    • Advertising revenue totaled $641 million, an increase of 48% year-over-year. Excluding the impact of year-over-year changes in foreign exchange rates, advertising revenue would have increased 53%; Q3 Advertising revenue totaled $513 mln (+60% y/y).
    • Mobile advertising revenue was 86% of total advertising revenue;Q3 Mobile advertising revenue was 86% of total advertising revenue.
    • Data licensing and other revenue totaled $70 million, an increase of 48% year-over-year. o U.S. revenue totaled $463 million, an increase of 47% year-over-year.
    • International revenue totaled $247 million, an increase of 51% year-over-year; Q3 Data licensing and other revenue totaled $56 million (+37% y/y)
  • Co issues downside guidance for Q1, sees Q1 revs of $595-610 mln vs. $629.03 mln Capital IQ Consensus Estimate. Adjusted EBITDA to be in the range of $150 to $160 million.
    • FY16- Capital expenditures to be $300 million to $425 million; Adjusted EBITDA margin in the range of 25-27%

4:32 pm Pilgrim's Pride misses by $0.14, reports revs in-line (PPC) :

  • Reports Q4 (Dec) adjusted earnings of $0.26 per share, $0.14 worse than the Capital IQ Consensus of $0.40; revenues fell 7.1% year/year to $1.96 bln vs the $1.95 bln Capital IQ Consensus.
  • Co states: "Our case ready and small bird operations continued to deliver strong results in spite of challenges in the export markets, while the weakest chicken cutout in the past five years continued to impact the commodity segments of our business, as well as our Mexico operations. Despite the headwinds, our team managed to deliver margins that are above periods when prices were at similar levels..."

4:32 pm Cisco Systems increases qtrly dividend to $0.26 from $0.21/share; increases repurchase program (CSCO) :

  • Also, as noted in the 16:10 earnings comment, CSCO's BoDs approved a $15 bln increase to the co's stock repurchase authorization
  • Cisco's board had previously authorized up to $97 billion in stock repurchases.

4:32 pm LivePerson beats by $0.03, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY16 EPS below consensus, revs below consensus (LPSN) :

  • Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.04; revenues rose 1.7% year/year to $59.2 mln vs the $59.48 mln Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees EPS of ($0.02)-0.00, excluding non-recurring items, vs. $0.05 Capital IQ Consensus Estimate; sees Q1 revs of $55-56 mln vs. $61.95 mln Capital IQ Consensus Estimate.
  • Co issues downside guidance for FY16, sees EPS of $0.05-0.10 vs. $0.24 Capital IQ Consensus Estimate; sees FY16 revs of $230-235 mln vs. $259.65 mln Capital IQ Consensus Estimate.

4:32 pm Equifax beats by $0.03, reports revs in-line; guides Q1 in-line; guides FY16 including Veda acquisition; raises dividend 14% (EFX) :

  • Reports Q4 (Dec) earnings of $1.14 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $1.11; revenues rose 6.7% year/year to $666.3 mln vs the $662.67 mln Capital IQ Consensus.
  • Co issues in-line guidance for Q1, sees EPS of $1.14-1.16, excluding non-recurring items, vs. $1.16 Capital IQ Consensus Estimate; sees Q1 revs of $685-695 mln vs. $688.09 mln Capital IQ Consensus Estimate.
  • Co issues guidance for FY16 including Veda acquisition (not in estimates), sees EPS of $4.95-5.05, may not be comparable to $4.94 Capital IQ Consensus Estimate; sees FY16 revs of $3.0-3.1 bln, may not be comparable to $2.85 bln Capital IQ Consensus Estimate. 
  • The Equifax Board of Directors has approved a 14% increase in the quarterly cash dividend, to $0.33 per share from $0.29 per share.

4:31 pm Ensign Group misses by $0.01, beats on revs; reaffirms FY16 EPS, revs guidance (ENSG) :

  • Reports Q4 (Dec) earnings of $0.35 per share, $0.01 worse than the Capital IQ Consensus of $0.36; revenues rose 34.8% year/year to $373.16 mln vs the $368.05 mln Capital IQ Consensus.
  • Co reaffirms guidance for FY16, sees EPS of $1.43-1.50 vs. $1.48 Capital IQ Consensus Estimate; sees FY16 revs of $1.53-1.58 vs. $1.55 bln Capital IQ Consensus Estimate.
  • Same store skilled revenue mix increased by 115 basis points over the prior year to 52.9%

4:31 pm DGSE confirms receipt of a non-binding proposal from Elemetal Metals and NTR Metals to convert certain debt the Company owes to Elemetal and NTR into equity (DGSE) :  

4:30 pm CenturyLink beats by $0.15, beats on revs; guides Q1 EPS above consensus, revs in-line; guides FY16 EPS above consensus, revs in-line (CTL) :

  • Reports Q4 (Dec) earnings of $0.80 per share, $0.15 better than the Capital IQ Consensus of $0.65; revenues rose 0.9% year/year to $4.48 bln vs the $4.42 bln Capital IQ Consensus.
  • Co issues guidance for Q1, sees EPS of $0.67-0.73 vs. $0.62 Capital IQ Consensus Estimate; sees Q1 revs of $4.40-4.45 bln vs. $4.41 bln Capital IQ Consensus Estimate.
  • Co issues guidance for FY16, sees EPS of $2.50-2.70 vs. $2.37 Capital IQ Consensus Estimate; sees FY16 revs of $17.55-17.8 bln vs. $17.67 bln Capital IQ Consensus Estimate.
  • ""CenturyLink achieved strong fourth quarter financial results as revenues, cash flow and adjusted diluted earnings per share exceeded the top end of our guidance for the quarter, driven by solid revenue performance and lower operating costs."

4:28 pm Insight Enterpr's Board authorizes $50 mln stock repurchase program (NSIT) :

  • On February 10, 2016, co's BoDs authorized the repurchase of up to $50 million of the Company's common stock.
  • The Company intends to retire the repurchased shares.

4:27 pm Tesla Motors misses by $0.99, misses on revs; sees net cash flow positive FY16, reaffirms FY16 deliveries (TSLA) :

  • Reports Q4 (Dec) loss of $0.87 per share, excluding non-recurring items, $0.99 worse than the Capital IQ Consensus of $0.12; non-GAAP revenues rose 59.5% year/year to $1.75 bln vs the $1.81 bln Capital IQ Consensus.
  • Preannounced deliveries +76% to 17.4K vs. 17-19K guidance.
  • "For 2016, we are planning for even faster delivery growth than last year. We plan to be net cash flow positive and achieve non-GAAP profitability for the year (consensus $1.51), even after investing about $1.5 billion to add more production capacity, start cell production at the Gigafactory, and establish additional customer support infrastructure. Moderate GAAP profitability is expected in the fourth quarter. These investments will help prepare the way for Model 3, which is on schedule to be unveiled on March 31st and to start production and deliveries in late 2017.
  • To achieve these goals we plan to deliver 80,000 to 90,000 new Model S and Model X vehicles in 2016 (reaffirmed), representing accelerating growth over 2015 at the midpoint of the range. We expect our average vehicle transaction price to increase slightly during 2016, as Model X grows to become a larger share of our deliveries throughout the year.
  • In Q1, we plan to grow deliveries 60% year on year to ~16,000 vehicles, and we plan to directly lease about the same percentage of cars as we did in Q4. Throughout the rest of 2016, Automotive gross margin should continue to increase, helped by cost reductions for Model S and improving margin on Model X as our manufacturing efficiency improves for that vehicle. By year-end, Model S gross margin should begin to approach 30% and Model X gross margin should be~25%, with continued improvement for X in 2017."

4:27 pm CYS Investments beats by $0.02, beats on revs (CYS) :

  • Reports Q4 (Dec) core earnings of $0.29 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.27; revenues rose 2.6% year/year to $85.8 mln vs the $84.21 mln Capital IQ Consensus
  • Interest rate spread net of hedge, including drop income, of 1.43%
  • December 31, 2015 leverage ratio of 6.77 to 1
  • Operating expenses of $3.3 million, or 0.75% of average stockholders' equity

4:25 pm Rayonier beats by $0.03, beats on revs; gives 2016 outlook, announces $100 mln repurchase program (RYN) :

Reports Q4 (Dec) earnings of $0.09 per share, $0.03 better than the Capital IQ Consensus of $0.06; revenues fell 7.0% year/year to $137.1 mln vs the $128.69 mln Capital IQ Consensus. Outlook: 

  • "In 2016, we expect a modest increase in Southern harvest volume, reflecting recent acquisitions, at prices generally comparable to 2015. We continue to believe that U.S. housing starts will improve gradually, but that in 2016 we will not reach conditions favorable to significantly improve sawlog pricing. In the Pacific Northwest, we expect volumes comparable to 2015 and are cautiously optimistic that prices will improve from current levels, which will largely depend upon export market conditions. In our New Zealand joint venture, we anticipate a reduction in harvest volume of approximately 10% due to timber age-class variations, with average prices broadly in line with 2015. Also, we are on track with our previously announced plans to recapitalize our New Zealand joint venture and thereby reduce consolidated interest expense while increasing our ownership interest from 65% to an estimated 77%. In our Real Estate segment, we expect continued steady demand for rural properties. We also anticipate strengthening interest in selected development properties, particularly as we begin to sell parcels within our East Nassau mixed use development project, which we anticipate in the second half of 2016. We are also planning on a higher level of investment in 2016 as we ramp up our development efforts in this area"
  • On February 10, 2016, Rayonier's Board of Directors approved an additional $100 million share repurchase authorization.

4:24 pm j2 Global increases qtrly dividend to $0.3250 from $0.315/share; extends share repurchase program by an additional year (JCOM) :

  • The Company has extended its one-year five million share repurchase program set to expire Feb. 20, 2016 by an additional year. About 2.9 mln shares remain available for purchase under the program.

4:24 pm American Equity Investment Life misses by $0.03 (AEL) :

  • Reports Q4 (Dec) earnings of $0.60 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.63.
  • "As we previously disclosed, fourth quarter sales were outstanding, contributing to a record year. We achieved this milestone by capturing market share in the independent agent distribution channel. Our attractive product offerings and unmatched service levels enabled us to capitalize on the market opportunity created earlier in the year when one of our competitors in this channel withdrew a highly competitive product from the market. We also withstood some new competition in that channel that emerged in the third quarter..."

4:24 pm Taubman Centers reports FFO in-line, beats on revs; guides FY16 FFO below consensus (TCO) :

  • Reports Q4 (Dec) funds from operations of $0.98 per share, in-line with the Capital IQ Consensus of $0.98; revenues fell 1.3% year/year to $156.22 mln vs the $152.65 mln Capital IQ Consensus.
  • Co issues downside guidance for FY16, sees FFO of $3.45-3.65 vs. $3.67 Capital IQ Consensus Estimate.

4:23 pm Closing Market Summary: Indices End Day Under Heavy Selling Pressure (:WRAPX) :

[BRIEFING.COM] The major averages ended Wednesday's affair under heavy selling pressure, which left the Dow Jones Industrial Average and S&P 500 in negative territory when the closing bell rang.  The Nasdaq managed a modest gain, yet still gave back a huge chunk of an earlier 101-point gain. Once again, trade centered on troubles inthe oil patch, concerns over global and domestic growth, currency swings, and the future path of the fed funds rate. Today saw limited articulation of that final point as Fed Chair Yellen gave her semiannual monetary policy report before the House Financial Services Committee.

The major averages hit session highs within the first hour of trading but were unable to hold those levels as participants once again showed a propensity to sell into strength. The financial sector, for instance, was an early leader -- and an influential one at that -- as it followed in the footsteps of European banks, which attracted a bargain-hunting bid on Wednesday. Deutsche Bank (DB 16.21, +0.83), which has been under heavy selling presure of late on investor concerns about its financial condition, helped lead that effort. Financials (-0.5%) here, though, were unable to hold their gains and helped precipitate the late-day selling interest.

Oil prices attempted an early rally, climbing above $29.00/bbl after the weekly inventory report from the EIA report showed a draw of 0.754 million barrels. That rally was short-lived though and the commodity soon rolled over.  The disappointing price action there after an ostensibly bullish catalyst took some wind out of the stock market's sails. WTI crude settled the day down 1.6% at $27.54/bbl.  The S&P 500 energy sector declined 0.5%.

Fed Chair Yellen's testimony was largely a middle-of-the-road presentation as she made it sound as if the Fed is open to holding off on another rate hike at its March meeting; however, she didn't make it sound as if the Fed is willing to concede anything past that meeting.  One notable thing she said in the Q&A portion of her testimony was that she doesn't think it will be necessary to cut rates soon, yet she did add the Fed will do what is necessary to achieve its goals.

By and large, the response to Ms. Yellen's presentation was mixed and was reflected in the S&P closing the day relatively flat.

Healthcare (+0.9%) and technology (+0.4%) were the only sectors that were able to end the day with a gain, yet both groups ended the session well off their highs (+2.4% and +1.8%, respectively). The technology group saw leadership from large-cap components like Facebook (FB 101.00, +1.46) and Microsoft (MSFT 49.71, +0.43) while health care could attribute its relative strength to the biotechnology stocks.

The commodity-sensitive materials sector (-1.0%) ended the day with the worst performance.

At their highs of the day, the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 were up 1.2%, 2.4%, and 1.3%, respectively. 

There were 1.05 billion shares traded at the NYSE, which was a bit light of the recent average. 

Treasuries traded in a narrow range for most of the session, but came on strong in the afternoon and rolled to their best levels of the session as stocks sold off in the final hour of trading.  The yield on the 10-yr note dropped four basis points to 1.69%.

Strikingly, the late selling in the equity market took place alongside a strengthening in the Japanese yen.  The stronger yen has been problematic for Japanese exporters and has been a catalyst for heavy selling in Japan's stock market this month.

Today's economic data included the weekly MBA Mortgage Index and the Treasury Budget for January:

  • Mortgage applications were up 9.3% in the latest week driven by a 16.0% surge in refinancing applications.
  • The January Treasury Budget showed a surplus of $55.2 billion versus a deficit of $17.5 billion for the same period a year ago. This Treasury data is not seasonally adjusted, so the January surplus cannot be compared to the December deficit of $14.4 billion.
  • Total receipts in January were $313.6 billion while total outlays were $258.4 billion. Receipts were $6.8 billion more than January 2015 receipts while total outlays were $65.9 billion less than January 2015. The 12-month deficit decreased by $72.7 billion to $405.3 billion.

Tomorrow's economic data is limited to the weekly Initial Claims (Briefing.com consensus 280k). Tomorrow will also conclude Fed Chair Yellen's semiannual monetary policy report before the House Financial Services Committee

  • Russell 2000 -15.2% YTD
  • Nasdaq -14.5% YTD
  • S&P 500 --9.4% YTD
  • Dow Jones -8.7% YTD

4:23 pm General Cable misses by $0.10, reports revs in-line; guides Q1 EPS below consensus, revs in-line (BGC) :

  • Reports Q4 (Dec) earnings of $0.05 per share, $0.10 worse than the Capital IQ Consensus of $0.15; revenues fell 34.0% year/year to $913.3 mln vs the $911.48 mln Capital IQ Consensus.
  • Co issues guidance for Q1, sees EPS of ($0.05) - $0.15, excluding non-recurring items, vs. $0.17 Capital IQ Consensus Estimate; sees Q1 revs of $825-875 mln vs. $873.90 mln Capital IQ Consensus Estimate.
  • Guidance Details: "In the first quarter, we expect sequentially stable-to-improved volumes and further benefits from restructuring and business improvement initiatives, partially offset by unfavorable metal price impact and significantly easing performance of our submarine turnkey business. Visibility is low, but we are encouraged by the resilience in our utility, non-residential construction and communications end markets, even while industrial and oil and gas end markets may soften further. It is a challenging environment, but I am excited that we now have a strategic roadmap, and we are relentlessly focused on execution."

4:23 pm Mylan Labs misses by $0.06, misses on revs; guides FY16 EPS in-line, revs in-line; co released news (see 16:04 post).. co to acquire Meda (MDABY) for SEK 165/Meda Share (MYL) :

  • Reports Q4 (Dec) earnings of $1.22 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus of $1.28; revenues rose 19.6% year/year to $2.49 bln vs the $2.7 bln Capital IQ Consensus.
  • Co issues in-line guidance for FY16, sees EPS of $4.85-5.15 vs. $4.99 Capital IQ Consensus Estimate; sees FY16 revs of $10.5-11.5 bln, with or without Meda, vs. $10.63 bln Capital IQ Consensus Estimate.

4:22 pm CNO Financial beats by $0.15 (CNO) :

  • Reports Q4 (Dec) earnings of $0.52 per share, $0.15 better than the Capital IQ Consensus of $0.37. Sales, as defined by total new annualized premium, were $111.0 mln, down 3% from 4Q14.
  • Net realized investment losses in 4Q15 were $10.3 mln(net of related amortization and taxes) including total other-than-temporary impairment losses of $18.3 mln recorded in earnings. Net realized investment losses in 4Q14 were $2.3 million (net of related amortization and taxes) including total other-than-temporary impairment losses of $12.6 mln recorded in earnings.
  • Debt-to-total capital ratio, excluding accumulated other comprehensive income  at December 31, 2015, was 19.6%, an increase of 280 basis points from December 31, 2014, reflecting the previously announced completion of its debt refinancing transactions.
  • Book value per diluted share, excluding accumulated other comprehensive income (loss), increased to $20.05 at December 31, 2015, compared to $18.75 at December 31, 2014.

4:22 pm Realty Income beats by $0.02, beats on revs; guides FY16 FFO in-line (O) :

  • Reports Q4 (Dec) funds from operations of $0.71 per share, $0.02 better than the Capital IQ Consensus of $0.69; revenues rose 6.5% year/year to $263.7 mln vs the $251.33 mln Capital IQ Consensus.
  • Co issues in-line guidance for FY16, sees FFO of $2.82-2.89 vs. $2.86 Capital IQ Consensus Estimate.

4:22 pm Black Knight Financial beats by $0.01, reports revs in-line; guides FY16 EPS above consensus, revs in-line (BKFS) :

  • Reports Q4 (Dec) earnings of $0.26 per share, $0.01 better than the Capital IQ Consensus of $0.25; revenues rose 7.8% year/year to $240 mln vs the $238.95 mln Capital IQ Consensus.
  • Co issues guidance for FY16, sees EPS of $1.09-1.13, excluding non-recurring items, vs. $1.08 Capital IQ Consensus Estimate; sees FY16 revs of +6-8% y/y (Approx $0.996-1.015 bln) vs. $1.01 bln Capital IQ Consensus Estimate.

4:21 pm Prudential misses by $0.36, beats on revs (PRU) :

  • Reports Q4 (Dec) earnings of $1.94 per share, $0.36 worse than the Capital IQ Consensus of $2.30; revenues fell 16.3% year/year to $13.24 bln vs the $11.48 bln Capital IQ Consensus.
  • "While fourth quarter earnings were adversely affected by the seasonal pattern of expenses and increased spending on key initiatives, we continue to believe that our business mix and strong execution position us well to continue to deliver superior returns and solid cash flows going forward even in challenging market conditions,"

4:21 pm Fidelity National beats by $0.03, beats on revs (FNF) :

  • Reports Q4 (Dec) earnings of $0.55 per share, $0.03 better than the Capital IQ Consensus of $0.52; revenues rose 14.5% year/year to $1.93 bln vs the $1.87 bln Capital IQ Consensus.

4:20 pm Insight Enterpr misses by $0.03, misses on revs; guides FY16 EPS in-line (NSIT) :

  • Reports Q4 (Dec) earnings of $0.57 per share, excluding non-recurring items, $0.03 worse than the two analyst estimate of $0.60; revenues fell 4.1% year/year to $1.39 bln vs the $1.49 bln two analyst estimate.
  • Co issues in-line guidance for FY16, sees EPS of $2.25-2.35 vs. $2.33 two analyst estimate; expects sales growth in the low- to mid-single digit range in U.S. dollar terms.

4:19 pm Cousins Prop beats by $0.02, misses on revs; guides FY16 FFO in-line (CUZ) :

  • Reports Q4 (Dec) funds from operations of $0.23 per share, $0.02 better than the Capital IQ Consensus of $0.21; revenues fell 11.8% year/year to $93.6 mln vs the $96.19 mln Capital IQ Consensus. Same property net operating income on a cash basis increased 8.2% during the fourth quarter and increased 7.3% for the year.
  • Co issues in-line guidance for FY16, sees FFO of $0.86-0.92, excluding non-recurring items, vs. $0.91 Capital IQ Consensus Estimate. This guidance does not include the operational or capital impact of any future unannounced acquisition or disposition activity. This guidance also excludes the operational or capital impact of any development activity other than Carolina Square and the NCR project.

4:18 pm Franco-Nevada to acquire precious metals stream from Glencore (GLNCY) for $550 mln - expected to be immediately EPS accretive; will host a conference call today to discuss the transaction (FNV) :

  • The co plans to use the net proceeds of the offering for the funding of Franco-Nevada's acquisition of a precious metals stream with reference to production from Glencore's (GLNCY) Antapaccay Mine located in Peru, as announced on Feb 10, 2016, & the balance will be added to the working capital of the co and used for further investments and other general corporate purposes.
  • FNB will make a one-time US$500 mln advance payment upon closing of the transaction which is expected to occur in February. Gold and silver deliveries to FNB will initially be determined by reference to copper shipments until 630,000 ounces of refined gold and 10 mln ounces of refined silver have been delivered. FNB will initially pay an on-going price of 20% of the spot price of gold and silver until 750,000 ounces of refined gold and 12.8 mln ounces of refined silver have been delivered. Thereafter, the on-going price will increase to 30% of the spot price of gold and silver.
  • Based on current projections, the mine life at Antapaccay is estimated to extend until 2030 and would mine 538 mln tonnes of sulphide ore at an average copper grade of 0.52%.
  • Co will host a conference call today, Wednesday, February 10, 2016 at 4:45 p.m. Eastern Time to discuss the transaction.
  • Financing the Acquisition  - To provide the initial upfront cash payment of US$500 mln, Franco-Nevada intends to use the net proceeds of a US$550 mln equity offering announced concurrently as of today's date. At December 31, 2015 the Company had approximately US$290 mln in net debt with US$460 mln outstanding under its US$1.0 bln credit facility. On completion of the Offering and after funding the acquisition of the Glencore Stream, the Company expects to have in excess of US$800 mln in available capital to complete further investments.

4:18 pm Determine beats by $0.05, beats on revs (DTRM) :

  • Reports Q3 (Dec) loss of $0.14 per share, $0.05 better than the two analyst estimate of ($0.19); revenues rose 5.1% year/year to $7.19 mln vs the $7.02 mln two analyst estimate.
  • New ARR bookings were $1.44 million in Q3 FY2016, compared to $0.88 million in Q3 FY 2015, representing a 64% year-over-year increase, and compared to $1.04 million in Q2 FY 2016, representing a 39% quarter-over-quarter increase.

4:18 pm j2 Global beats by $0.11, beats on revs; guides FY16 EPS in-line, revs above consensus (JCOM) :

  • Reports Q4 (Dec) earnings of $1.29 per share, $0.11 better than the Capital IQ Consensus of $1.18; revenues rose 22.6% year/year to $204.8 mln vs the $202.49 mln Capital IQ Consensus.
  • 4Q15 free cash flow increased 88.7% to $75.1 mln compared to $39.8 mln for 4Q14.
  • Co issues guidance for FY16, sees EPS of $4.70-$5.00 vs. $4.82 Capital IQ Consensus Estimate; sees FY16 revs of $830-$860 mln vs. $828.11 mln Capital IQ Consensus Estimate.

4:17 pm MINDBODY beats by $0.03, beats on revs; guides Q1 revs above consensus; guides FY16 revs in-line (MB) :

  • Reports Q4 (Dec) loss of $0.17 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of ($0.20); revenues rose 42.1% year/year to $28.7 mln vs the $27.57 mln Capital IQ Consensus
  •  End of year subscribers grew 27% year over year to 51,481
  • Average monthly revenue per subscriber (:ARPS) grew 13% year over year to ~$185.
  • Co issues upside guidance for Q1, sees Q1 revs of $29.7-30.7 mln vs. $29.61 mln Capital IQ Consensus Estimate.
  • Co issues in-line guidance for FY16, sees FY16 revs of $132.5-136.5 mln vs. $133.41 mln Capital IQ Consensus Estimate.

4:17 pm Regency Centers beats by $0.03; guides FY16 FFO in-line (REG) :

  • Reports Q4 (Dec) funds from operations of $0.79 per share, $0.03 better than the Capital IQ Consensus of $0.76.
  • Co issues in-line guidance for FY16, sees FFO of $3.20-3.26 vs. $3.23 Capital IQ Consensus Estimate.

4:17 pm Continental Resources announce YE 2015 proved reserves of 1.23 bln Boe, -9% YoY (CLR) :

  • Year-end 2015 proved reserves were 57% crude oil, 87% operated by the Company, and 43% proved developed producing.
  • Total production for FY2015 was 80.9 MMBoe, or 221,700 Boe per day, +27% YoY.
  • Proved reserves finding cost was an average $9.87 per Boe for 2015.

4:17 pm W.P. Carey names Mark DeCesaris CEO effective immediately; reaffirms AFFO guidance range and continues review of strategic alternatives (WPC) :

  • DeCesaris succeeds Trevor Bond who has stepped down as Chief Executive Officer and as a Director of the Company to pursue other interests. DeCesaris has served on the W. P. Carey Board of Directors since 2012, and previously served as an executive of the Company from 2005 until 2013, including as the Chief Financial Officer.
  • W. P. Carey also announced that it is continuing to review a range of strategic alternatives and is being advised by J.P. Morgan Securities LLC in this process.
  • In addition, W. P. Carey today reaffirmed its previously announced 2015 AFFO guidance range, and expects final results to be above the midpoint of $4.83-4.97 (vs AFFO $4.90 consensus). The Company expects to provide guidance on fiscal year 2016 in conjunction with its first quarter earnings in May 2016.

4:17 pm Clearwater Paper misses by $0.20, beats on revs (CLW) :

  • Reports Q4 (Dec) earnings of $0.75 per share, $0.20 worse than the two analyst estimate of $0.95; revenues fell 8.6% year/year to $431.6 mln vs the $414.45 mln two analyst estimate.
  • EBITDA, was $58.2 million for the fourth quarter of 2015. Adjusted EBITDA of $58.9 million was up 8.0% compared to fourth quarter 2014 Adjusted EBITDA of $54.5 million.

4:16 pm NCI beats by $0.04, beats on revs; guides Q1 in-line; guides FY16 in-line; declares special dividend (NCIT) :

  • Reports Q4 (Dec) earnings of $0.26 per share, $0.04 better than the Capital IQ Consensus of $0.22; revenues rose 12.9% year/year to $84 mln vs the $81.7 mln Capital IQ Consensus.
  • Q4 bookings were $130 million, or 1.5 times revenue.
  • Co issues in-line guidance for Q1, sees EPS of $0.21-0.23 vs. $0.22 Capital IQ Consensus Estimate; sees Q1 revs of $80-86 mln vs. $83.07 mln Capital IQ Consensus Estimate.
  • Co issues in-line guidance for FY16, sees EPS of $0.86-1.00 vs. $0.88 Capital IQ Consensus Estimate; sees FY16 revs of $330-354 mln vs. $340.73 mln Capital IQ Consensus Estimate.
  • The co's Board of Directors also declared a special cash dividend of $0.15 per share payable March 18, 2016, to shareholders of record as of the close of business on February 26, 2016. The aggregate amount of payment to be made in connection with this special dividend will be approximately $2.0 million.

4:16 pm MoSys reports EPS in-line, beats on revs (MOSY) :

  • Reports Q4 (Dec) loss of $0.09 per share, in-line with the single analyst estimate of ($0.09); revenues rose 60.0% year/year to $1.6 mln vs the $1.46 mln two analyst estimate.

4:16 pm UPS elects CEO David Abney as Chairman of the Board, effective immediately; increases quarterly dividend to $0.78/share from $0.73/share (UPS) : Abney succeeds Scott Davis as Chairman, who will retire from his position on the UPS Board effective as of the 2016 annual shareholders meeting. Prior to his appointment as CEO in 2014, Abney served as COO, overseeing logistics, sustainability, engineering, and all facets of the UPS transportation network.

4:15 pm Expedia misses by $0.24, reports revs in-line (EXPE) :

Reports Q4 (Dec) earnings of $0.77 per share, $0.24 worse than the Capital IQ Consensus of $1.01; revenues rose 25.3% year/year to $1.7 bln vs the $1.71 bln Capital IQ Consensus.

  • Gross bookings increased 40% and revenue increased 29% year-over-year in the fourth quarter of 2015. Foreign exchange had a negative impact of 6 percentage points on gross bookings growth and 5 percentage points on revenue growth in the fourth quarter of 2015.
  • Room night growth accelerated to 39% year-over-year in the fourth quarter of 2015, with domestic and international room nights growing 33% and 47% year-over-year, respectively

4:15 pm Techtarget misses by $0.01, misses on revs; guides Q1 revs below consensus; guides FY16 revs below consensus (TTGT) :

  • Reports Q4 (Dec) earnings of $0.10 per share, $0.01 worse than the Capital IQ Consensus of $0.11; revenues fell 3.9% year/year to $29.4 mln vs the $30.33 mln Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees Q1 revs of $24-25 mln vs. $25.81 mln Capital IQ Consensus Estimate.
  • Co issues downside guidance for FY16, sees FY16 revs of $120-125 mln vs. $125.75 mln Capital IQ Consensus Estimate.

4:14 pm Whole Foods beats by $0.06, reports revs in-line; reaffirms FY16 revs guidance (WFM) :

  • Reports Q1 (Dec) earnings of $0.46 per share, $0.06 better than the Capital IQ Consensus of $0.40; revenues rose 3.4% year/year to $4.83 bln vs the $4.81 bln Capital IQ Consensus. 
    • Comps fell 1.8 % vs. ests near -2%
  • Co reaffirms guidance for FY16, sees FY16 revs +3-5% to ~$15.85-16.16 bln vs. $16 bln Capital IQ Consensus. EBITDA margin of ~8.5% The Company is hopeful that comps will improve over the course of the year as comparisons get easier and sales-building initiatives gain traction; however, there could be some offsetting impact from a ramp up in price investments and promotions throughout the year. The 3% to 5% sales outlook for the year reflects comps of -2% to 0%. Based on year-to-date results, the Company now expects a decline in operating margin for the fiscal year of up to 70 basis points from the 6.1% reported last year excluding fourth quarter charges.

4:14 pm HubSpot beats by $0.05, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY16 EPS in-line, revs above consensus (HUBS) :

  • Reports Q4 (Dec) loss of $0.12 per share, $0.05 better than the Capital IQ Consensus of ($0.17); revenues rose 55.3% year/year to $53.1 mln vs the $50.35 mln Capital IQ Consensus.
  • Company grew total customers to 18,116, up 33% from December 31, 2014.
  • Company increased average subscription revenue per customer to $11,135 from $9,530 in 4Q14.
  • Co issues guidance for Q1, sees EPS of ($0.20)-($0.16) vs. ($0.20) Capital IQ Consensus Estimate; sees Q1 revs of $54.7-$55.7 mln vs. $52.40 mln Capital IQ Consensus Estimate.
  • Co issues guidance for FY16, sees EPS of ($0.78)-($0.66) vs. ($0.73) Capital IQ Consensus Estimate; sees FY16 revs of $248-$251 mln vs. $241.03 mln Capital IQ Consensus Estimate.

4:14 pm Genomic Health misses by $0.01, beats on revs; guides FY16 EPS below two analyst estimate, revs in-line (GHDX) :

  • Reports Q4 (Dec) loss of $0.10 per share, $0.01 worse than the two analyst estimate of ($0.09); revenues rose 7.8% year/year to $74.5 mln vs the $73.53 mln Capital IQ Consensus.
  • Co issues guidance for FY16, sees EPS of ($0.55)-($0.37), excluding non-recurring items, vs. ($0.20) two analyst estimate; sees FY16 revs of $320-335 mln vs. $328.97 mln Capital IQ Consensus Estimate. "We expect our net loss in the first half of the year to be within the full year loss guidance of $12 to $18 million and to move toward profitability in the second half of the year."

4:13 pm Manning & Napier Advisors reports prelim January AUM of $33.8 bln, -4.5% to December (MN) :  

4:12 pm Applied DNA Sciences misses by $0.04, misses on revs (APDN) :

  • Reports Q1 (Dec) loss of $0.13 per share, $0.04 worse than the two analyst estimate of ($0.09); revenues rose 6.5% year/year to $1.32 mln vs the $2.2 mln Capital IQ Consensus.
  • "Our fiscal first quarter performance reflects continued penetration of near-term business verticals beyond textiles, our most mature vertical. We are pleased to report revenue growth on a year-over-year basis, which was driven by orders from our Diagnostics and Asset Marking verticals and two government contract awards. As expected, seasonality of the cotton ginning season caused revenue to dip from the fiscal 2015 fourth quarter."

4:12 pm Andersons misses by $0.46, misses on revs (ANDE) :

  • Reports Q4 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.46 worse than the Capital IQ Consensus of $0.64; revenues fell 6.9% year/year to $1.18 bln vs the $1.22 bln Capital IQ Consensus. 
  • Rail Group earns record $50.7 million of pre-tax income for the year.
  • Ethanol Group delivers $28.5 million of pre-tax income in a difficult energy market.

4:11 pm Pioneer Natural Resources beats by $0.15, beats on revs (PXD) :

  • Reports Q4 (Dec) loss of $0.18 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of ($0.33); revenues fell 35.8% year/year to $1.07 bln vs the $930.01 mln Capital IQ Consensus
  • Production was 215 thousand barrels oil equivalent per day (:MBOEPD) in the fourth quarter, of which 53% was oil; production grew by 4 MBOEPD, or 2%, compared to the third quarter of 2015 and was at the top end of Pioneer's revised fourth quarter production guidance range of 213 MBOEPD to 215 MBOEPD

Pioneer's plans for 2016 in response to the outlook for continuing weak oil prices are summarized below:

  • Reducing horizontal drilling activity by 50% from 24 rigs at year-end 2015 to 12 rigs by the middle of 2016, while still growing 2016 production by 10%+ and preserving the Company's strong balance sheet and cash position
  • Relocating Pioneer's two Eagle Ford Shale pressure pumping fleets to the Spraberry/Wolfcamp
  • Planning capital expenditures for 2016 of $2.0 billion as a result of the reduction in drilling activity and vertical integration spending, down from Pioneer's preliminary forecast of $2.4 billion to $2.6 billion and 2015 actual spending of $2.2 billion

First Quarter 2016 Financial Outlook:

  • The Co's Q1 2016 outlook for certain operating and financial items is provided below
  • Production is forecasted to average 211 MBOEPD to 216 MBOEPD
  • Production costs are expected to average $10.50 per BOE to $12.50 per BOE
  • DD&A expense is expected to average $18.50 per BOE to $20.50 per BOE
  • Total exploration and abandonment expense is forecasted to be $20 million to $30 million.

4:11 pm CUI Global: wholly-owned subsidiary Orbital Gas Systems announces award of first purchase order for delivery of its gasPT technology (CUI) : The order is for 400 devices, including 65 high pressure installations. The total scope of the project includes the deployment of 3,300 analyzers across the Italian pipeline system. Orbital, through its Italian Distributor, SOCRATE is the only vendor providing analyzers against this first PO. The roll-out schedule calls for 50 units to be deployed within 30 days, another 250 units to be deployed 50 days thereafter, and the remainder to be deployed no later than Oct 2016. Co representatives will be attending the "kick-off" meeting in Milan next week. The co will conduct a conference call and webcast to review the details of this release on Thursday, February 11, 2016.

4:11 pm Zynga reports EPS in-line, revs in-line; guides Q1 EPS in-line, revs below consensus; announces acquisition of Zindagi Games (ZNGA) :

Reports Q4 (Dec) net of breakeven, in-line with the Capital IQ Consensus of ($0.00); revenues fell 3.5% year/year to $185.77 mln vs the $185.4 mln Capital IQ Consensus.

  • Co issues guidance for Q1, sees EPS of ($0.01)-$0.00 vs. $0.00 Capital IQ Consensus Estimate; sees Q1 revs of $160-175 mln vs. $189.67 mln Capital IQ Consensus Estimate.
  • Announces completion of $200 mln share repurchase program
  • "We expect to launch 10 new games in 2016. In Social Casino in the first half of this year, we plan to launch Spin It Rich!, Willy Wonka Slots, True Vegas and Vegas Diamond Slots. In Match-3, we expect to launch 2 new games in the first half of this year with Zindagi's Crazy Cake Swap and a branded game leveraging the Wizard of Oz license. In Invest Express, we expect to launch a sequel to FarmVille 2: Country Escape as well as CityVille Mobile in the second half of 2016. Finally, in Action Strategy, we also expect to launch CSR2 and Dawn of Titans in the second half of the year. As we exit the year with this slate of new games launched and in the market, we expect to have changed our mix of R&D and unlaunched slate to live, revenue generating games which will improve our company's predictability, profitability and growth,"
  • Zynga announced its Q1 2016 acquisition of Zindagi Games. Zindagi is made up of world-class engineers, game designers, product managers and artists who have delivered high quality games with small teams. Led by founders Umrao Mayer and George Simmons, the Zindagi team has delivered high quality Match-3 games, in addition to developing second party mobile titles.

4:10 pm Morgans Hotel Group provides corporate update; believes that it has sufficient liquidity to meet its current working capital needs (MHGC) :

  • As previously disclosed, certain subsidiaries of the Company exercised their first option to extend the initial maturity date of the nonrecourse mortgage notes and the mezzanine loans outstanding under the Hudson/Delano 2014 Mortgage Loan by one year from February 9, 2016 to February 9, 2017 and prepaid approximately $28.2 mln of outstanding indebtedness under the Hudson/Delano 2014 Mortgage Loan. The prepayment reduced the aggregate principal amount of indebtedness outstanding under the Hudson/Delano 2014 Mortgage Loan from $450.0 mln to approximately $421.8 mln, which provides the Company with lower leverage and expected annual cash flow savings of approximately $1.7 mln. Following the prepayment, the Company believes that it has sufficient liquidity to meet its current working capital needs.
  • Strategic Process and CEO Search Updates - On December 7, 2015, the Company announced that it had engaged Hodges Ward Elliot. The marketing process is underway with a number of prospective domestic and international parties and an expected call for offers by the end of the first quarter of 2016. The Company currently expects to complete the process during the second quarter of 2016.
  • In addition, the search process for a new Chief Executive Officer remains a high priority of the Board of Directors. The Board has interviewed a number of highly qualified candidates with significant industry experience and has narrowed the search. The Board currently expects to finalize that process in the near term.

4:10 pm Cisco Systems beats by $0.03, beats on revs; guides Q3 EPS in-line, approves $15 billion increase to stock repurchase program (CSCO) :

  • Reports Q2 (Jan) earnings of $0.57 per share, $0.03 better than the Capital IQ Consensus of $0.54; revenues fell 0.1% year/year to $11.93 bln vs the $11.75 bln Capital IQ Consensus.
  • Non-GAAP total gross margin and product gross margin were 64.2% and 63.3%, respectively.
  • Cash Flow from Operating Activities was $3.9 bln, an increase of 36% compared with $2.9 bln for 2Q15.
  • Co approves a $15 bln increase to the authorization of the stock repurchase program. CSCO had previously authorized up to $97 bln in stock repurchases.
  • Co issues in-line guidance for Q3, sees EPS of $0.54-$0.56 vs. $0.55 Capital IQ Consensus Estimate. Sees 1-4% revenue growth, which is normalized to exclude SP Video CPE business.

4:09 pm Skechers USA reports EPS in-line, beats on revs; comfortable with Q1 consensus estimates (SKX) :

  • Reports Q4 (Dec) earnings of $0.20 per share, ex-$0.01 in higher tax expense, in-line with the Capital IQ Consensus of $0.20; revenues rose 26.9% year/year to $722.7 mln vs the $693.48 mln Capital IQ Consensus. 
  • "As we look at the coming year, we believe our Company-owned retail stores are on target with mid- to high-single digit retail comps in January and we are continuing to gain market share. We have had a very strong start to the first quarter with January sales up approximately 35 percent compared to January 2015 as well as a strong first week of February. Our backlogs are up 9.5 percent at December 31, 2015, which were impacted by some distributors pulling forward orders from January to December. During the fourth quarter, our distributor sales increased 91.6 percent as compared to the same period last year. Additionally, our incoming order rate in January was also very strong with both our domestic wholesale and European subsidiary businesses ordering closer to season, which is resulting in increasingly improved backlogs for the first quarter
  • "We remain comfortable with the majority of the analysts' current consensus range of $885 million to $920 million in net sales and $0.50 to $0.55 in earnings per share for the first quarter."

4:09 pm Forrester Research beats by $0.05, beats on revs; guides Q1 in-line; guides FY16 below consensus; increases dividend (FORR) :

  • Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.19; revenues rose 0.4% year/year to $81 mln vs the $80.13 mln Capital IQ Consensus.
  • Co issues in-line guidance for Q1, sees EPS of $0.16-0.20, excluding non-recurring items, vs. $0.20 Capital IQ Consensus Estimate; sees Q1 revs of $75-78 mln vs. $78.11 mln Capital IQ Consensus Estimate.
  • Co issues downside guidance for FY16, sees EPS of $1.15-1.22, excluding non-recurring items, vs. $1.26 Capital IQ Consensus Estimate; sees FY16 revs of $322-330 mln vs. $332.08 mln Capital IQ Consensus Estimate.
  • Forrester also announced that its board of directors has authorized a 6% increase to its regularly quarterly dividend from $0.17 per share to $0.18 per share.

4:09 pm LifeLock beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY16 EPS below consensus, revs below consensus (LOCK) :

  • Reports Q4 (Dec) earnings of $0.30 per share, $0.01 better than the Capital IQ Consensus of $0.29; revenues rose 20.4% year/year to $156.2 mln vs the $154.71 mln Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees EPS of ($0.08)-($0.07) vs. $0.03 Capital IQ Consensus Estimate; sees Q1 revs of $156-158 mln vs. $158.99 mln Capital IQ Consensus Estimate.
  • Co issues downside guidance for FY16, sees EPS of $0.71-0.76 vs. $0.77 Capital IQ Consensus Estimate; sees FY16 revs of $660-670 mln vs. $676.76 mln Capital IQ Consensus Estimate.

4:09 pm Cognex beats by $0.04, beats on revs; guides Q1 revs in-line (CGNX) :

  • Reports Q4 (Dec) earnings of $0.22 per share, $0.04 better than the Capital IQ Consensus of $0.18; revenues fell 0.7% year/year to $97.77 mln vs the $95.33 mln Capital IQ Consensus.
  • Co issues in-line guidance for Q1, sees Q1 revs of $91-94 mln vs. $94.87 mln Capital IQ Consensus Estimate.

4:09 pm Primerica misses by $0.01, reports revs in-line (PRI) :

  • Reports Q4 (Dec) earnings of $0.97 per share, $0.01 worse than the Capital IQ Consensus of $0.98; revenues rose 3.3% year/year to $357.48 mln vs the $359.68 mln Capital IQ Consensus.

4:07 pm Vanda Pharma beats by $0.04, reports revs in-line (Pre-announced 1/11); reaffirms FY16 guidance (VNDA) :

Reports Q4 (Dec) loss of $0.23 per share, $0.04 better than the Capital IQ Consensus of ($0.27); revenues rose 107.2% year/year to $31.85 mln vs the $31.9 mln two analyst estimate. Co reaffirmed guidance as follows:

  • Net product sales from both HETLIOZ and Fanapt of between $143 and $153 millionHETLIOZ net product sales of between $73 and $78 million; Fanapt net product sales of between $70 and $75 million; Non-GAAP Operating expenses, excluding cost of goods sold, of between $125 and $135 million. The primary drivers of the expected increase over the prior year are investments in the U.S. Fanapt and European HETLIOZ commercial businesses; Non-GAAP Operating expenses also excludes intangible asset amortization expense of $10.9 million and stock-based compensation of between $9 and $11 million; Year end 2016 Cash is expected to be between $123 million and $143 million.

4:07 pm Service Corp reports EPS in-line, misses on revs; guides FY16 EPS in-line (SCI) :

  • Reports Q4 (Dec) earnings of $0.37 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.37; revenues fell 1.8% year/year to $769.4 mln vs the $785.43 mln Capital IQ Consensus.
  • Co issues in-line guidance for FY16, sees EPS of $1.20-1.36 vs. $1.28 Capital IQ Consensus Estimate.
  • "Given the headwinds of lower funeral services performed, negative currency impacts, and the volatility of the financial markets, we are pleased to report earnings and cash flow results that were within our guidance range. Strong cemetery sales production and the impact of our share buybacks during the year were key to accomplishing our financial results."

4:07 pm Pioneer Natural Resources reports YE 2015 reserves and finding costs; add proved reserves totaling 210 MMBOE during 2015 from discoveries, extensions and technical revisions of previous estimates (PXD) :

These drillbit proved reserve additions equate to a drillbit reserve replacement of 273% of Pioneer's full-year 2015 production of 77 MMBOE, which includes production used for field fuel of 3 MMBOE.

  • The Company's substantial reserve additions in 2015 are primarily due to (i) the continued successful execution of Pioneer's horizontal drilling program in the Spraberry/Wolfcamp and (ii) improved performance and reduced costs in the Spraberry/Wolfcamp, Raton and West Panhandle areas.
  • The Company's drillbit finding and development (F&D) cost was $10.18 per BOE.
  • Total costs incurred during 2015 were $2.2 billion, which included $2.0 billion for exploration and development spending; $36 million for small bolt-on property acquisitions in the Spraberry/Wolfcamp area; and $163 million for asset retirement obligations, capitalized interest and geological and geophysical G&A.
  • In 2015, Pioneer added 136 million barrels of proved developed reserves from (i) discoveries and extensions and (ii) transfers from proved undeveloped reserves at year-end 2014, including any revisions associated with those transfers, at a cost of $2.0 billion.
  • This equates to a proved developed F&D cost of $14.96 per BOE.

4:07 pm Cepheid promotes Warren Kocmond to President & COO (CPHD) : Warren Kocmond was most recently Ex VP and COO of CPHD before being promoted internally to President & COO.

4:07 pm Rapid7 beats by $0.05, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY16 EPS above consensus, revs above consensus (RPD) :

  • Reports Q4 (Dec) loss of $0.31 per share, $0.05 better than the Capital IQ Consensus of ($0.36); revenues rose 50.2% year/year to $32.9 mln vs the $29.74 mln Capital IQ Consensus.
  • Co issues upside guidance for Q1, sees EPS of ($0.26)-($0.23), excluding non-recurring items, vs. ($0.27) Capital IQ Consensus Estimate; sees Q1 revs of $32.9-34.3 mln vs. $31.07 mln Capital IQ Consensus Estimate.
  • Co issues upside guidance for FY16, sees EPS of ($0.97)-($0.88), excluding non-recurring items, vs. ($0.99) Capital IQ Consensus Estimate; sees FY16 revs of $145-151 mln vs. $138.22 mln Capital IQ Consensus Estimate.

4:06 pm Hortonworks beats by $0.07, beats on revs; guides Q1 revs in-line; guides FY16 revs (HDP) :

  • Reports Q4 (Dec) loss of $0.72 per share, $0.07 better than the Capital IQ Consensus of ($0.79); revenues rose 194.5% year/year to $37.4 mln vs the $35.71 mln Capital IQ Consensus. 
  • Co issues in-line guidance for Q1, sees Q1 revs of $39.5 mln vs. $39.37 mln Capital IQ Consensus Estimate. Adjusted EBITDA to be a loss of $23.5 million.
  • Co issues guidance for FY16, sees FY16 revs of $188 mln vs. $189.34 mln Capital IQ Consensus Estimate. Adjusted EBITDA to be a loss of $55.0 million.

4:05 pm Bruker beats by $0.11, beats on revs; guides FY16 EPS in-line (BRKR) :

  • Reports Q4 (Dec) earnings of $0.38 per share, $0.11 better than the Capital IQ Consensus of $0.27; revenues fell 5.9% year/year to $478.2 mln vs the $470.03 mln Capital IQ Consensus.
  • Co issues in-line guidance for FY16, sees EPS of $0.97-1.02 vs. $0.91 Capital IQ Consensus Estimate.

4:04 pm Cornerstone OnDemand misses by $0.04, misses on revs (CSOD) :

  • Reports Q4 (Dec) loss of $0.02 per share, $0.04 worse than the Capital IQ Consensus of $0.02; revenues rose 25.7% year/year to $96 mln vs the $97.7 mln Capital IQ Consensus.
  • Q4 bookings rose +24% year-over-year to $142.0 million.
  • "Strong sales for the fourth quarter finished out another year of solid execution for Cornerstone. Despite major headwinds from significant foreign exchange movements, we had an outstanding year at the top end of the market, further expanded our global presence, and enhanced our strategic alliances, all while improving win rates and achieving higher client retention..."

4:04 pm Mylan Labs confirms plans to acquire Meda (MDABY) for SEK 165 per Meda Share; expected to be immediately accretive (MYL) :

Price of SEK 165 per Meda Share at Announcement Represents a Multiple of Approximately 12.9x 2015 Adjusted EBITDA and 8.9x 2015 Adjusted EBITDA with Synergies. Strengthens Mylan's Position as a Diversified Global Pharmaceutical Leader with an Expansive and Growing Portfolio of Specialty, Generic and OTC Products and a Strong, Complementary Therapeutic Presence.

  • Expected to Be Immediately Accretive to Mylan Earnings, with Accretion Increasing Significantly after First Full Year (2017) as Synergies Are Realized; Creates Opportunity to Achieve $0.35-$0.40 Accretion in 2017 and to Accelerate Achievement of Previously Stated $6.00 Adjusted Diluted EPS Target in 2017 Versus 2018.
  • Anticipated Annual Operational Synergies of Approximately $350 million.

4:04 pm BioAmber: Mitsui & Co (MITSY) invests an additional CAD$25 mln in the JV for 10% equity, increasing its stake from 30% to 40% (BIOA) :  

4:04 pm Ligand Pharma beats by $0.02, misses on revs (LGND) :

  • Reports Q4 (Dec) earnings of $0.66 per share, excluding non-recurring items, $0.02 better than the two analyst estimate of $0.64; revenues fell 7.8% year/year to $21.2 mln vs the $24.71 mln Capital IQ Consensus.
  • Partner Development: Spectrum Pharmaceuticals (SPPI) received a Complete Response Letter from the FDA for EVOMELA as a conditioning treatment prior to hematopoietic stem cell transplant for patients with multiple myeloma. In the letter, the FDA did not identify any clinical deficiency in Spectrum's NDA package. Spectrum resubmitted the EVOMELA NDA on November 7, 2015 and has received a targeted NDA decision date of May 9, 2016.

4:04 pm iRobot beats by $0.03, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY16 EPS below consensus, revs below consensus (IRBT) :

  • Reports Q4 (Dec) earnings of $0.60 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.57; revenues rose 29.6% year/year to $206.4 mln vs the $202.89 mln Capital IQ Consensus.
  • Co issues downside guidance for Q1, sees EPS of ($0.03)-$0.04, excluding non-recurring items, vs. $0.29 Capital IQ Consensus Estimate; sees Q1 revs of $125-135 mln vs. $138.16 mln Capital IQ Consensus Estimate.
  • Co issues downside guidance for FY16, sees EPS of $1.20-1.40, excluding non-recurring items, vs. $1.64 Capital IQ Consensus Estimate; sees FY16 revs of $630-642 mln vs. $688.37 mln Capital IQ Consensus Estimate.

4:04 pm Navigators Group misses by $0.17 (NAVG) :

  • Reports Q4 (Dec) earnings of $1.19 per share, $0.17 worse than the Capital IQ Consensus of $1.36.
  • Gross written premiums and net written premiums were $323.5 mln and $244.7 mln, respectively, a decrease of 2.9% and an increase of 7.3% from the comparable period in 2014.
  • The combined ratio for the three and twelve months ended December 31, 2015 was 97.2% and 94.1%, respectively, compared to 93.8% and 92.6% for the comparable periods in 2014.
  • Stockholders' equity was $1.096 bln, or $75.96 per share, as of December 31, 2015 compared to $1.027 bln, or $71.93 per share, as of December 31, 2014.

4:03 pm Amazon authorizes $5 bln share repurchase (AMZN) : This stock repurchase authorization replaces the previous $2 billion stock repurchase authorization, approved by the Board of Directors in 2010.

4:01 pm QuickLogic reports EPS in-line, misses on revs (QUIK) :

  • Reports Q4 (Dec) loss of $0.08 per share, excluding non-recurring items, in-line with the two analyst estimate of ($0.08); revenues fell 36.8% year/year to $3.6 mln vs the $4 mln two analyst estimate.

4:01 pm BIND Therapeutics announces the publication of data highlighting the ability of ACCURIN polymeric nanoparticle technology to utilize hydrophobic ion pairing (BIND) : In the paper entitled, "Aurora kinase inhibitor nanoparticles target tumors with favorable therapeutic index in vivo," researchers demonstrated the accumulation and retention of a specific AZD2811 nanoparticle formulation in tumors, resulting in an extended reduction of tumor phosphorylated histone H3 levels in vivo for up to 96 hours following a single administration with minimal impact on bone marrow pathology. This formulation also demonstrated continuous drug release for more than one week in vitro, and displayed lower toxicity and increased efficacy in multiple tumor models at half the dose intensity of a water-soluble prodrug of AZD2811.

3:37 pm S&P +1.6 and Nasdaq Comp +22 join Dow -94 at a new session low (:TECHX) :  

3:24 pm Dow -43 slips to new session low -- S&P +6.7 and Nasdaq Comp +35 are vacillating near mid-morning lows (:TECHX) :  

2:41 pm Dow -13 slides back toward its morning/session low -- S&P +11, Nasdaq Comp +50 (:TECHX) : Sector weakness during the recent pullback has been noted in Biotech IBB, Bank KBE, Reg Bank KRE, Finance XLF, Retail XRT, Materials XLB.

2:23 pm Cellceutix executives meet with FDA to discuss Phase 2 trial of Kevetrin for ovarian cancer (CTIX) :

Cellceutix executives met this week with the staff of the FDA Division of Oncology Products 1 to discuss the Kevetrin Phase 1 study data as well as a proposed design of a planned Phase 2 trial in patients with ovarian cancer that have resistance to platinum-based therapy.

  • The FDA has agreed with Cellceutix's plan to initiate such a trial, and based upon the data from the Phase 1 trial, that the administration of Kevetrin doses at three times per week would be acceptable.

2:01 pm Aviat Networks Q2 EPS ($0.09) vs. ($0.07) last year; rev -22.6% to $70.4 mln (no estimates) (AVNW) :  

1:30 pm Retrophin issues statement in response to Imprimis Pharma's (IMMY) announcement of its intention to make a compounded alternative to Thiola (RTRX) : Co states, "Imprimis Pharmaceuticals' proposed compounded form of tiopronin, the active ingredient in Thiola, in combination with potassium citrate has no safety or efficacy data supported by clinical trials and should not be considered a valid substitute for Thiola...It is also important to note that the cystinuria community has been extremely supportive of the increased investment in, and access to Thiola that Retrophin has continuously provided, and we do not believe there will be demand from patients or physicians to treat with any compounded version that could potentially jeopardize therapeutic outcome."

1:19 pm LHC Group and Baton Rouge General announce a new JV in Baton Rouge (LHCG) :  

1:04 pm Midday Market Summary: Holding Firm in Wake of Yellen Testimony and Volatile Oil Trade (:WRAPX) :

The US equity market has been swayed today by developments abroad as well as developments at home, namely the rebound in the European banking sector, Fed Chair Yellen's semiannual monetary policy report before the House Financial Services Committee, and some volatile action (again) in the energy pit.

The rebound in European banks, which was helped by an abeyance of concerns surrounding Deutsche Bank's (DB 16.45, +1.07) financial position, helped fuel sizable gains in European bourses and a positive bias in the futures market that led to a higher start for the cash market. The overall trading action, however, has been a bit skittish as traders have been busy toiling with Ms. Yellen's remarks and some frenetic oil price movements.

Briefly, the takeaway from Ms. Yellen's testimony is that it sounds like Ms. Yellen is open to taking a pass on raising the fed funds rate in March, but that she is not willing to concede anything past that meeting because more time and data need to pass to help the Fed gain a better feel for the effects on the U.S. economy of the recent tightening in financial conditions and foreign economic developments.

One notable revelation in the Q&A portion of her testimony was her acknowledgment that she doesn't think it will be necessary soon to cut interest rates. She did add, however, that the Fed will do what is necessary to achieve its goals.

At their highs of the morning, the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 were up 1.2%, 2.4%, and 1.3%, respectively. The Dow Jones eventually slipped into negative territory, hurt by weakness in Disney (DIS 88.83, -3.49), which failed to impress investors with its latest earnings results.

The major indices have been putting up a fight today though and have shown some resilience to more concerted selling efforts. The relative strength of the health care (+2.4%) and technology (+1.8%) sectors, which have been underpinned by the outperformance of the biotech stocks and large-cap leaders like Facebook (FB 102.72, +3.18) and Alphabet (GOOG 694.70, +16.59), has provided an important measure of broad market support.

The energy sector (+0.7%) is also helping at this time in what has been a roller-coaster trade for oil prices following weekly inventory data from the Department of Energy that showed a 0.754 million barrel draw in stockpiles.

That headline led to a spike in prices above $29 per barrel, yet just as quickly as oil prices spiked, they rolled back over again and eventually slipped below $28.00 per barrel. There was some related movement in the broader market in response to that volatility. Oil prices are currently down 0.3% at $27.86 per barrel.

There weren't any key economic releases out this morning, although it was reported that mortgage applications were up 9.3% in the latest week driven by a 16% surge in refinancing applications. 

Consistent with the standing of the major indices, market internals show advancing issues leading declining issues by a better than 2-to-1 margin at the NYSE and Nasdaq.

Exiting the New York lunch hour, the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 are up 0.5%, 2.0%, and 1.2% respectively.

1:03 pm AGL Resources increases qtrly dividend to $0.53 from $0.51/share (GAS) :  

12:24 pm Sonoco Products affirms $0.35/share quarterly dividend, adopts proxy access by-law amendments (SON) : The Company's Board of Directors today approved amendments to the Company's By-laws to provide eligible shareholders with new "proxy access" rights for nominating director candidates. Under the amendments, a shareholder, or a group of up to 20 shareholders, owning at least three percent of the Company's outstanding common stock continuously for at least three years may submit eligible director nominees for up to the greater of two directors or 20 percent of the Board, subject to the procedures, terms and conditions specified in the By-laws.

12:03 pm Nielsen and Hearst Television sign a multiyear renewal agreement for Nielsen's Local Television Measurement (NLSN) : The renewal agreement provides Hearst with continued access to Nielsen local market ratings data from a variety of sources and methodologies including local people meter, viewer assignment, code reader and diary markets, and a broad suite of analytical services.

11:58 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:+0.7%
  • Germany's DAX:+1.6%
  • France's CAC:+1.6%
  • Spain's IBEX:+2.7%
  • Portugal's PSI:+0.3%
  • Italy's MIB Index:+5.0%
  • Irish Ovrl Index:+3.3%
  • Greece ASE General Index: -0.3%

11:38 am Dow -9 extends slip off first hour high into the red -- S&P +8, Nasdaq Comp +45 (:TECHX) : Underperforming Dow components include: DIS -5%, CAT -1.9%, KO -1.4%, INTC -1%, IBM -0.8%.

11:36 am Bob Evans closes on a $30 mln mortgage of its corporate support center in Ohio, says $200 mln restaurant property sale-leaseback transaction is progressing as expected (BOBE) :  

11:33 am Zayo Group Holdings awarded a $15.6 mln, 12-year contract by the City of Fort Worth to provide a dark fiber solution to upgrade its municipal network (ZAYO) :  

11:18 am Currency Commentary: DXY Rallies on Yellen Comments (:SUMRX) :

  • The Dollar Index was able to rally as Fed Chair Janet Yellen's prepared remarks made its way across markets. The DXY rallied from the 96 level to approx 96.70 before running into some resistance. Ms. Yellen  struck a slightly more dovish tone in comparison to the last time we saw her when she led a fed rate hike of 25 bps in December. Cautious commentary on the growth in 2H15 as well as International developments were notable. But Ms. Yellen stopped short of suggesting that the direction of the Fed had changed. Rather that the Fed simply continues to monitor developments and that it is likely to raise rates at a more gradual rate.
  • The euro saw steady profit taking ahead of the announcement. The single currency would dip to the 1.1150 level before finding support. It has now bounced back 70 pips to the 1.1220 area. 1.12 will set up as a key level moving forward. In the euro region, we saw Industrial Production numbers continue to disappoint as France and Italy missed expectations, following a similar path as Germany did yesterday. Focus will turn from the FOMC back to the ECB as Mario Draghi is set to speak next Monday and the March 10 ECB meeting looms on the horizon.
  • The pound was able to rally to 1.4570 in overnight trade before giving up those gains and falling approx 125 pips. Industrial and Manufacturing Production numbers both missed expectations, but it is the dollar trade that continues to dominate the intraday trading direction.
  • The yen continues to see a steady bid as it rallies deep into the 114 area. The yen just hit a fresh 18-month high at 113.97. Yen has now rallied an amazing 6% against the DXY since last Friday (BONDX, FOREX). 

11:11 am Service Corp appoints Michael Webb as President and COO (SCI) : Webb currently serves as EVP and COO

11:02 am SGOCO regains compliance with NASDAQ bid price requirement (SGOC) :  

11:00 am Stock indices working back off first hour highs -- Dow +62, S&P +14, Nasdaq Comp +54 (:TECHX) : A post data jump in crude oil helped to underpin the market during the first hour but the indices have been backtracking over the last half hour along with oil. The sloppy price action this week off the 1828 low persists which is more typical of a corrective pause.

10:46 am 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

  • DB (16.59 +7.87%): Reports that Co is considering a multi-billion euro bond buyback.
  • CRM (60.37 +5.31%): Upgraded to Buy from Outperform at Credit Agricole.
  • HUM (163 +2.18%): Missed on Q4 EPS of $1.45 ($1.46 Consensus); upside guidance for FY16 EPS of at least $8.85 ($8.80 Consensus).

Large Cap Losers

  • ARMH (39.19 -5.32%): Reported in-line Q4 EPS of GBP 0.08; beat on revs of GBP 269.1 mln (GPB 263.15 mln Consensus).
  • TWX (60.27 -4.65%): Beat on Q4 EPS of 1.06 ($1.01 Consensus); missed on revs of $7.1 bln ($7.5 bln Consensus).
  • HCP (27.04 -4.55%): Target lowered to $26 from $37 at Mizuho; downgraded to Long-Term Buy from Buy at Hilliard Lyons.

Mid Cap Gainers

  • AKAM (48.44 +22.4%): Beat on Q4 EPS of $0.72 ($0.62 Consensus) and on revs of $579 mln ($569 mln Consensus).
  • TRMB (22.16 +17.72%): Beat on Q4 EPS of $0.27 ($0.24 Consensus) and on revs of $560 mln ($549 mln Consensus); upgraded to Buy at Needham.
  • OTEX (47.47 +10.78%): Beat on Q1 EPS of $1.01 ($0.90 Consensus); slight beat on revs of $465 mln ($462 mln Consensus).

Mid Cap Losers

  • SCTY (19.49 -26.03%): Issued downside guidance for a Q1 loss of $2.65-2.55/share ($2.36/share loss Consensus).
  • EEFT (59.54 -13.26%): Missed on Q4 EPS of $0.92 ($0.93 Consensus) and on revs of $471 mln ($502 mln Consensus).
  • KNX (24.56 -6.4%): Downgraded to Hold from Buy at Evercore.

10:42 am Advanced Disposal postpones this week's planned IPO (ADSW) : The company elected to postpone the offering as a result of unfavorable equity market conditions and will continue to evaluate the proposed offering as market conditions develop.

10:34 am Stock indices running to new session highs -- Dow +183, S&P +29, Nasdaq Comp +100 (:TECHX) : Relative strength has been noted in Crude Oil USO, Energy XLE, Oil Service OIH after the inventory data along with Internet FDN, Housing XHB, Materials XLB, Discretionary XLY.

10:33 am U.S. Oil Fund ETF spikes to highs on bullish inventory data, showing a surprise draw; oil futures jumped nearly a point, now +3.5% at 28.91 (USO) :  

10:29 am Facebook pushes to new session high of 102.45, this week's high and its 50 ema are at 102.68/102.77 (FB) : Note that is 50 sma and Monday's gap top are at 103.23/103.18

10:19 am Stock indices push to new highs -- Dow +130, S&P +22, Nasdaq Comp +78 (:TECHX) :  

10:01 am Clean Energy Fuels: UPS expands agreement for renewable liquefied natural gas in Texas (CLNE) :

  • UPS has expanded its agreement with Clean Energy Fuels Corp.to use up to 500,000 gallon equivalents of renewable liquefied natural gas (:RLNG) annually in Texas. UPS stations in Houston and Mesquite will dispense the RLNG to a fleet of about 140 UPS tractors. The deal builds on UPS's current agreement with Clean Energy Fuels whereby UPS is using ~1.5 million gallon equivalents of renewable compressed natural gas (:RCNG) annually in California where UPS operates nearly 400 CNG vehicles.

9:59 am Infosys and M Financial Group announce 10-year BPO Partnership extension (INFY) :  

9:56 am New session highs for market averages -- Dow +91, S&P +17, Nasdaq Comp +66 (:TECHX) :  

9:49 am Relative sector weakness (:TECHX) : Underperforming sectors include: Crude Oil USO, Solar TAN, Gold Miners GDX, Utility XLU, Energy XLE, Oil Service OIH, Steel SLX, Semi SMH.

9:47 am Relative sector strength (:TECHX) : Sectors displaying relative strength in the early going include: Software IGV, Internet FDN, Cloud Comp SKYY, Airline JETS, Medical Supplies, Health XLV, Broker IAI, Biotech IBB, Pharma PPH, Technology XLK, Networking IGN.

9:45 am Modestly firmer start but little follow through interest thus far -- Dow +34, S&P +8, Nasdaq Comp +32 (:TECHX) : The indices opened stronger with first level resistances from The Technical Take probed at 1868/1872 S&P (session high 1867) and 4319/4329 Nasdaq Comp (session high 4322).

9:43 am Opening Market Summary: Indices Open Higher (:WRAPX) :

The stock market has opened the day on a higher note with the tech-heavy Nasdaq (+1.1%) leading the advance while the S&P 500 (+0.7%) follows. 

Seven sectors currently trade in positive territory with technology (+1.4%) and health care (+1.3%) leading the advance. The remaining advancers show gains between 1.2% (financials) and 0.4% (consumer discretionary). On the flipside, commodity-sensitive energy (-1.0%) shows the largest decline. 

On the commodities front, WTI crude has slipped 1.6% to trade at $27.50/bbl. The energy component will be looking ahead to the EIA weekly inventory report, crossing the wires at 10:30 a.m. ET.

Treasuries have ticked higher since the open to have the group trade largely flat. The yield on the 10-yr note trades unchanged at 1.73%. 

9:41 am Immune Pharmahas files a patent application directed to the treatment of Acute Myeloid Leukemia and other cancers (IMNP) : The new invention provides methods of treating cancer by administration of Ceplene (histamine dihydrochloride) in combination with immune checkpoint inhibitors. The new invention also provides methods of predicting the efficacy of Ceplene and IL-2 therapy in patients with Acute Myeloid Leukemia.

9:38 am Panera Bread strong start after reporting last night, pushes above yesterday's high and its 50 day sma (PNRA) :  

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

  • Imprimis Pharmaceuticals (IMMY) announced plans to introduce new patent-pending tiopronin and potassium citrate delayed release compounded formulations that may be prescribed by physicians as a lower cost therapeutic alternative to FDA-approved Thiola. The formulations are expected to be available to prescribers in April 2016. Imprimis believes that its patent-pending compounded combination of tiopronin and potassium citrate may improve patient compliance.
  • I.D. Systems (IDSY) secured a one-year warranty renewal contract with a leading global retail customer. The contract, in excess of $850K, will extend the warranty on both hardware and software for the customer's Vehicle Management Systems deployed in their regional distribution centers worldwide.
  • CME Group (CME) announced reduction of CME livestock trading hours, pending CFTC approval. CME Globex futures and options -- 8:30 a.m. to 1:05 p.m. CT Monday to Friday Open outcry options -- 8:30 a.m. to 1:02 p.m. CT Monday to Friday
  • Edge Therapeutics (EDGE) announced that the full dataset from its North American Phase 1/2 NEWTON (Nimodipine microparticles to Enhance recovery While reducing TOxicity after subarachNoid hemorrhage) study of EG-1962 has been accepted for an oral presentation at the International Stroke Conference 2016 to be held February 19 in Los Angeles.
  • Metabolix (MBLX) to provide company update at Source Capital Conference today. In early 2016, co plans to ramp up pilot production to nameplate capacity and expect to sell a significant portion of the material it produces to customers for commercial applications. Co also plans to use a stream of pilot material to continue commercial development efforts with a view to building the baseload for the first tranche of commercial scale capacity we are working to secure.

9:23 am Quantum Fuel receives $8.4 mln purchase order for natural gas virtual pipeline trailers with $13 mln option for upgrades and additional trailers (QTWW) :

Co receives a purchase order from Xpress Natural Gas for the delivery of 15 Q-VP650 virtual pipeline trailers with delivery dates expected to start in the second half of 2016 following the Company's receipt of regulatory approval for the Q-VP650 trailer.

  • The order includes a customer option for 20 additional trailers and system upgrades which, if exercised, would have delivery dates starting in 2017.
  • The trailers will be used to supply natural gas to customers throughout North America that lack access to or capacity on existing pipelines.
  • The order is subject to cancellation and/or price reduction at the option of XNG if the Company fails to obtain the requisite regulatory approval for the Q-VP650 trailer by August 1, 2016.

9:17 am S&P futures vs fair value: +11.30. Nasdaq futures vs fair value: +46.00. (:WRAPX) :

The stock market is on track for a modestly higher open with S&P 500 futures trading 11 points above fair value. Futures slipped from their overnight highs after Fed Chair Yellen released her prepared statements ahead of today's Congressional testimony. Ms. Yellen cited tightening financial conditions amidst a global slowdown but also maintained that moderate growth at home would justify "gradual adjustments" to the Fed's monetary policy stance.

Overnight, a rebound in European Banking stocks has helped regional indices overseas enjoy moderate gains. Deutsche Bank (DB 16.42, +1.04) has rebounded from short-term oversold conditions on news that the bank is considering a big buyback of its senior bonds. Oil helped add on to early gains in futures but have since reversed ahead of the Department of Energy's Inventory Report at 10:30 ET. At this juncture oil trades lower by 0.6% at $27.81/bbl.

On the corporate front, Panera Bread (PNRA 189.94, +5.22) has climbed 2.8% after reporting Q4 EPS results above-consensus on in-line revenue.  The company also issued in-line guidance with Q1 EPS estimates growing 2.0-5.0%.

Treasuries have pulled off their lows but the yield on the 10-yr note remains higher by two basis points at 1.75%. 

9:13 am Mast Therapeutics prices an underwritten public offering of 29,090,910 units at a price to the public of $0.275 per unit (MSTX) : Each unit consists of one share of the Company's common stock and one warrant to purchase one share of the Company's common stock at an exercise price of $0.42 per share. The warrants are exercisable six months and one day following issuance and have a term of exercise of five years following issuance. The gross proceeds from this offering are expected to be approximately $8 million and, after deducting the underwriting discount and estimated offering expenses, Mast Therapeutics expects to receive net proceeds of approximately $7.3 million, not including any future proceeds from the exercise of the warrants.

9:11 am Golar LNG Partners acquires ownership interests in Tundra Corp (disponent owner & operator of Golar Tundra) for $330 mln, enters into new 5-year $800 mln credit facility (GMLP) : Acquisition price is $330 mln less $230 mln of net lease obligations and will be accretive to EPS. The Partnership intends to use borrowings under the revolving credit facility to fund the remaining $70 mln cash purchase price. The Golar Tundra acquisition will increase revenue backlog to a total of $2.62 bln as at Dec 31, 2015 & is expected to generate annual contracted revenues less operating expenses of ~$44 mln.

9:02 am Aimmune Therapeutics announces presentation at the 2016 American Academy of Allergy, Asthma & Immunology annual meeting (AIMT) :

Co announces that the results of ARC002, an open-label Phase 2 continuation trial of Aimmune's lead investigational product, AR101 for the treatment of peanut allergy, will be presented at the 2016 American Academy of Allergy, Asthma & Immunology Annual Meeting in Los Angeles.

  • Co announces that AR101 demonstrated robust efficacy in ARC001, a Phase 2 trial in peanut-allergic patients ages 4-21, at the European Academy of Allergy and Clinical Immunology Congress 2015 in June.
  • In ARC001, 100% of active-arm patients who completed the study's up-dosing protocol were desensitized to a cumulative amount of 443 mg of peanut protein, and 78% of active-arm patients who completed the study were desensitized to a cumulative amount of 1,043 mg of peanut protein (the highest amount challenged in the ARC001 exit double-blind, placebo-controlled food challenge). Co also announces additional positive AR101 findings, from the ARC002 continuation trial, in November
  • In ARC002, which moved former placebo patients to active treatment and followed all patients through an additional 12-week maintenance period, a substantial number of patients were desensitized to a higher cumulative amount of 2,043 mg of peanut protein, and AR101's favorable safety and tolerability profile was confirmed.

9:02 am Cliffs Natural Resources announces results to date of exchange offers for senior notes, an extension of early tender date and an increase of to the 2018 senior notes exchange consideration (CLF) :

  • As of 5:00 p.m., New York City time, on February 9, 2016, a total of ~$465.3 mlnprincipal amount of Existing Notes had been tendered in the Exchange Offers.
  •  With 17 days remaining in the exchange offer, the company is extending the early tender deadline across the entire series of bonds as well as increasing the total exchange consideration on the 3.95% Senior Notes due 2018 from $500 to $650.

9:02 am RCI Hospitality announces institution of regular quarterly dividend of $0.03/share (RICK) :  

9:02 am Lennox Intl announces $200 mln accelerated share repurchase (LII) :

  • Co announces it has entered into an accelerated share repurchase agreement with Merrill Lynch International, acting through its agent, Merrill Lynch, Pierce, Fenner and Smith Incorporated, to repurchase $200 mln of Lennox International's common stock.

8:58 am On The Wires (:WIRES) :

  • XTL Biopharma (XTLB) announced that its lead drug candidate hCDR1 has been granted a patent by the Israel Patent Office. The patent, titled "Pharmaceutical Compositions Comprising a Peptide and a Substituted Cyclodextrin for use in Treating Systemic Lupus Erythematosus and Processes for their Manufacture," addresses the pharmaceutical composition of hCDR1 and its manufacturing processes. The compound hCDR1 and its formulations have been previously granted patents in numerous key jurisdictions including the U.S., Europe, Israel, Japan, China, India, Russia, Australia and Canada. XTL expects to initiate a Phase 2 trial of hCDR1 in the treatment of SLE in 2016.
  • Delcath Systems (DCTH) began patient enrollment in co's Phase 3 clinical trial: "A Randomized, Controlled, Phase 3 Study to Evaluate the Efficacy, Safety, and Pharmacokinetics of Melphalan/HDS Treatment in Patients with Hepatic-Dominant Ocular Melanoma" (the FOCUS Trial).
  • Scripps (SSP) announced a new content licensing deal with Newsy. Through the partnership, Newsy's daily news coverage will be incorporated into Frequency's personalized cloud-based video service, available today on all web, Apple, and Android platforms, and via TV and mobile operators later this year.
  • RedHill Biopharma (RDHL) received a Notice of Allowance from the USPTO for a new patent covering RHB-104. The patent application, entitled "Compositions Comprising Rifabutin, Clarithromycin, and Clofazamine and Uses Therof" significantly expands RedHill's patent portfolio covering RHB-104 and is expected to be valid until 2029 once granted.

8:57 am Equity futures trim gains on heels of Yellen testimony (SPY) :

Equity futures just cut their gains in a sell-the-news response to the release of the text of Fed Chair Janet Yellen's monetary policy report. Yellen's remarks were a little dovish but generally unsurprising; however, the market may have hoped for a more dovish tone.

To summarize:

  • Fed Chair Yellen's remarks were largely as one would expect -- acknowledging weakening financial conditions while stating that monetary policy is by no means on a preset course and data dependent.
  • Everyone was waiting anxiously to see if Fed Chair Yellen could apply a more dovish tone about the pace and direction of Fed policy changes this year, but it didn't seem likely that the Fed Chair would rule out further rate hikes at this juncture. Her remarks appear to be a little dovish, but perhaps less than the market had hoped for.
  • For now, the initial response appears to be a sell-the-news one:
    • Equity futures pulled back further from morning highs and S&P futures are currently +15 at 1863. Intraday/overnight support lies around 1859. Additional support is in the 1852/1850 area. Buyers need to regain control back above 1865/1867. 
    • The dollar has also strengthened modestly.
    • Oil pulled back around the same time, now +0.12 a 28.02.

Fed Chair Yellen delivers her semiannual monetary policy report before the U.S. House Financial Services Committee beginning at 10:00 ET.

8:56 am Ferro reaffirms 2015 EPS guidance at the high end of $0.82-0.85 vs. $0.83 Capital IQ Consensus Est; sees strong growth in 2016 (FOE) :

  • For 2016, on a constant currency basis, co expects continued strong adjusted EPS growth, driven primarily by previously announced acquisitions coupled with organic growth

8:56 am S&P futures vs fair value: +15.50. Nasdaq futures vs fair value: +54.30. (:WRAPX) :

The S&P 500 futures trade 16 points above fair value. 

Equity markets in the Asia-Pacific region had another rough outing on Wednesday with defensive sentiment pressuring most of the markets that were open. However, the yen notched its high early in the session (114.26), spending the rest of the night in a steady retreat from that mark. The dollar/yen pair currently trades near 114.80. On a somewhat related note, Japan's Prime Minister Shinzo Abe voiced confidence in the Bank of Japan despite the recent volatility in the country's bond market.

  • In economic data:
    • Japan's January Corporate Goods Price Index -0.9% month-over-month (expected -0.7%; last -0.3%); -3.1% year-over-year (consensus -2.8%; last -3.4%)
    • Australia's December HIA New Home Sales +6.0% month-over-month (last -2.7%) and February Westpac Consumer Sentiment 4.2% (expected -1.0%; last -3.5%)
    • New Zealand's January Electronic Card Retail Sales +0.3% month-over-month (consensus 0.3%; prior 0.1%); +5.2% year-over-year (last 6.6%)

---Equity Markets---

  • Japan's Nikkei lost 2.3%, setting a new low for the year. All ten sectors ended the day in negative territory with utilities (-5.0%), communications (-3.6%), and financials (-3.4%) leading the retreat. Mitsubishi Materials, Asahi Group Holdings, TEPCO, Ebara, Pioneer, Shinsei Bank, and Sharp lost between 6.0% and 12.8%.
  • Hong Kong's Hang Seng was closed for Lunar New Year.
  • China's Shanghai Composite was closed for Lunar New Year.

Major European indices trade higher across the board after gathering steam through the first three hours of the session. The advance comes ahead of Fed Chair Janet Yellen's semiannual congressional testimony. Ms. Yellen's will begin at 10:00 ET.

  • Economic data was limited:
    • UK's December Industrial Production -1.1% month-over-month (expected -0.1%; last -0.8%); -0.4% month-over-month (expected 1.0%; last 0.7%). December Manufacturing Production -0.2% month-over-month (consensus 0.1%; prior -0.3%); -1.7% year-over-year (consensus -1.4%; last -1.2%)
    • France's December Industrial Production -1.6% month-over-month (consensus 0.2%; last -0.9%)
    • Italy's December Industrial Production -0.4% month-over-month (expected 0.3%; last -0.5%); -1.0% year-over-year (consensus 1.4%; previous 1.1%).

---Equity Markets---

  • UK's FTSE trades up 0.6% with more than 85% of its components in the green. Financials have shown relative strength with Prudential, Aberdeen Asset Management, Old Mutual, and Hargreaves Lansdown up between 3.1% and 6.6%. On the downside, miners have struggled with Randgold Resources, Glencore, Fresnillo, and BHP Billiton down between 0.7% and 3.1%. Hikma Pharmaceuticals has plunged 12.6% after agreeing to lower the price for its acquisition of Roxane Laboratories and Boehringer Ingelheim Roxane.
  • France's CAC has spiked 2.0%, erasing its loss from yesterday. Just about every index component trades in the green with financials pacing the advance. Societe Generale, BNP Paribas, Credit Agricole hold gains between 5.8% and 8.2% while consumer names like Accor, Vivendi, Kering, and L'Oreal have climbed between 2.6% and 4.4%.
  • Germany's DAX is higher by 2.1% amid broad strength. Deutsche Bank has surged 12.6% following reports the bank is considering a multi-billion buyback. Commerzbank has followed, trading higher by 8.6%, while Thyssenkrupp, Lufthansa, Linde, and BMW show gains between 2.5% and 4.0%.

8:54 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: SCTY -30.2%, OESX -23.8%, KS -18.6%, USNA -14.9%, KFRC -9.8%, MCZ -4.1%, DIS -3.6%, CSC -3.6%, ARMH -2.9%, DWRE -2.5%, SGEN -2.3%, LF -2.1%, AXTA -1.6%, ARI -1.2%, EEFT -0.8%, WU -0.7%


Select SCTY related peers showing weakness: SUNE -4.2%, FSLR -2.5%, CSIQ -1.4%, JASO -0.8%

Select metals/mining stocks trading lower: AUY -2.1%, KGC -2.1%, MUX -2%, IAG -1.6%, AG -1.6%, GG -1.3%, ABX -1.1%, GOLD -0.8%, NEM -0.7%, AU -0.6%

Other news: CTIC -44% (reports Pacritinib has been placed on full clinical hold; co withdraws its NDA), MSTX -33.3% (intends to offer shares of common stock and warrants to purchase common stock in an underwritten public offering ), TRXC -11.1% (finalizes FDA submission process related to Surgibot System 510(k) application), TTM -5.3% (reports January global wholesales), EXC -2.3% (Pepco Hldgs dropped in late trade on reports Exelon may walk away from POM deal)

Analyst comments: N/A

8:50 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance
: ELMD +46.6%, AKAM +18%, LLNW +17.8%, PAYC +15.6%, CRTO +15.2%, PSEC +11.2%, MKTO +9.9%, FDC +8.1%, RSYS +7.9%, UNIS +7.7%, ATEN +7.3%, NUAN +5.9%, SCSC +5.4%, SGMO +5.1%, PNRA +3.4%, GWPH +3%, USAC +2.9%, CG +2.7%, TCX +1.5%, RICK +1.5%, FWRD +1.2%, TWX +0.6%

M&A news: EDE +15.2% (Empire District Elec to be acquired by Algonquin Power & Utilities for $34/share, or ~$2.4 bln)

Select financial related names showing strength: DB 8% (co is considering a multi-billion euro bond buyback), BBVA 5.4%, SAN 5%, CS 2.1%, C 2.1%

Other news: FIT +3.8% (Salesforce.com's (CRM) Marc R. Benioff discloses 5.3% passive stake ),RACE +3.5% (cont pre-mkt vol),QGEN +2% (Qiagen & 10x Genomics to enter into Co-marketing and co-development collaboration),SHPG +2% (granted orphan designation by the FDA for its compound for the treatment of retinitis pigmentosa),JOY +1.9% (still checking),TWTR +1.7% (reports earnings AMC),NOK +1.4% (publishes results for its public exchange offer for Alcatel-Lucent (ALU); Nokia to hold ~91% of the share capital of ALU)

Analyst comments: RBS +5.4% (upgraded to Outperform from Underperform at Exane BNP Paribas+),BUD +3.9% (upgraded to Buy from Neutral at BTIG Research),HES +1.3% (added to Conviction Buy List at Goldman),SYT +0.6% (upgraded to Buy at Kepler)

8:37 am Anheuser-Busch InBev confirms that it has received a binding offer from Asahi Group (ASBRF) to acquire some of SABMiller's (SBMRY) European brands (BUD) : Asahi's offer values the Peroni, Grolsch, and Meantime brand families and associated businesses in Italy, the Netherlands, UK and internationally at EUR 2,550 million on a debt free/cash free basis. The parties will now commence the relevant employee information and consultation processes applicable to a potential sale of these brands and businesses. AB InBev has agreed to a period of exclusivity with Asahi in respect of these brands and businesses while these consultation processes are ongoing.

8:34 am CAE beats by CAD 0.01, misses on revs; expects growth in FY16 across all business segments, will establish a 2% normal course issuer bid (CAE) :

Reports Q3 (Dec) earnings of CC$0.22 per share, CC$0.01 better than the Capital IQ Consensus of CC$0.21; revenues rose 10.2% year/year to CC$616.3 mln vs the CC$624.77 mln Capital IQ Consensus. Outlook:

  • CAE continues to expect growth in fiscal 2016 across all business segments. In Civil, the Company expects double-digit annual operating income growth and an improvement in operating margins from the 16.3% level reached last year, driven mainly by higher training utilization. With 39 Civil FFS sales announced fiscal year-to-date, CAE now expects to exceed its prior year Civil FFS unit sales. In Defence, CAE expects modest growth with operating margins in the 12-13% range. CAE continues to anticipate higher annual returns on capital employed going forward as it fills training centre capacity, undertakes a greater share of its customers' training activities, brings its process improvement plan to fruition, and incrementally invests in accretive, customer-driven growth opportunities.
  • In addition to reporting quarterly results, CAE today announced its intention to establish a normal course issuer bid (:NCIB), which is expected to commence shortly after the regulatory approvals are obtained. The common shares that may be repurchased under the program over a period of approximately one year will represent up to two percent (2%) of the issued and outstanding common shares of CAE.

8:32 am Berry Plastics misses by $0.04, misses on revs; raises FY16 EBITDA slightly; reaffirms FCF (BERY) :

  • Reports Q1 (Dec) earnings of $0.35 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus of $0.39; revenues rose 32.1% year/year to $1.61 bln vs the $1.65 bln Capital IQ Consensus. 
  • Posted record Operating EBITDA of $276 million (17.1 percent of net sales) in the December 2015 quarter compared to $182 million (14.9 percent of net sales) in the prior year quarter.
  • "Given the strong start to our fiscal year we are now increasing our operating EBITDA guidance for the 2016 fiscal year by $20 million to $1,180 million. The benefits we anticipated from the Avintiv acquisition are on track and exceeding initial estimates. Today, we are reaffirming our fiscal 2016 adjusted free cash flow guidance of $475 million assuming no significant impact from resin cost changes. The estimate includes cash flow from operating activities of $817 million less $285 million of net additions to property, plant, and equipment and the $57 million tax receivable agreement payment made in October 2015."

8:32 am Ardmore Shipping announces additional debt refinancing; reiterates commitment to dividend policy (ASC) :

  • Co announced an additional debt refinancing which brings the total amount of debt refinanced since the start of 2016 to $408 mln. This refinancing further strengthens the financial flexibility by extending and aligning debt maturities to 2022. Ardmore has received senior secured term loan commitments of $64 mln from Credit Agricole Corporate and Investment Bank, comprising $39 mln to refinance two existing vessels, plus a $25 mln commitment for additional financing.
  • "We are firmly committed to both building and returning value to our shareholders. As a central component of that approach, we pay out 60% of earnings from continuing operations each quarter in the form of a dividend...also intend to look for opportunities to utilize our existing share repurchase program to take advantage of the highly attractive price of our shares."

8:32 am Canadian Natl Rail announces details of its 2016 plan to invest ~CAD 2.9 bln in rail infrastructure and equipment (CNI) :

  • CN plans to spend ~C$1.5 bln on track infrastructure to maintain a highly efficient and safe network
  • CN will invest C$600 mln in rolling stock equipment, allowing the company to tap available growth opportunities and to improve the quality of its car fleet
  • CN will also spend C$400 mln on the implementation of Positive Train Control technology on portions of its U.S. rail network. CN plans to install all the required technology hardware on ~3,500 route-miles of its network by the end of 2018, with full PTC system operability achieved by the end of 2020, as required by U.S. federal government safety legislation

8:32 am Heidrick & Struggles has acquired Decision Strategies International; terms not disclosed (HSII) : Decision Strategies International is a Philadelphia-based strategy and leadership advisory firm.

8:32 am Cumberland Pharma announces the publication of an open label multi-center study adding to the growing body of literature that supports vaprisol (conivaptan) injection (CPIX) : The study evaluated both 20 and 40 mg/day doses of conivaptan in hyponatremic patients. The new publication is currently available as open access articles in the journal Drug Design, Development and Therapy.

8:31 am Market View: Mar. E-mini stock-index futures hold a firm bid above fair values here following the 8:30 am ET release of FOMC Chair Janet Yellen testimony transcript (:TECHX) :

  • ESh6 now +19.00

  • YMh6 now +135

  • NQh6 now +63.00

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

  • Zebra Technologies (ZBRA) announced that Jacksonville State University has deployed a Zebra Wireless Local Area Network for campus-wide Wi-Fi connectivity for faculty, students and visitors.
  • Theravance Biopharma (TBPH) announced that 50% enrollment has been surpassed in each of the three ongoing clinical trials comprising the Company's Phase 3 program for revefenacin. Theravance Biopharma and its affiliates have partnered with Mylan N.V. (MYL) and its affiliates on the development and commercialization of nebulized revefenacin products for COPD and other respiratory diseases. Under terms of the agreement, the achievement of the safety study enrollment milestone triggers a $15 mln payment to Theravance Biopharma from Mylan.
  • Invivoscribe Technologies signed a long-term strategic collaboration agreement with Thermo Fisher Scientific (TMO) to develop multiple next-generation sequencing-based, in vitro diagnostic oncology tests on the Ion PGM Dx System.

8:26 am S&P futures vs fair value: +23.30. Nasdaq futures vs fair value: +70.30. (:WRAPX) :

Equity futures continue to trade sharply higher with the S&P 500 futures currently trading 23 points above fair value. 

On the corporate front, media giant Time Warner (TWX 60.50, -2.71) has tumbled 4.3% despite reporting a Q4 earnings beat. Investors appear to be focusing on the company's revenue miss with revenue falling 5.9% year-over-year. The company has seen large headwinds from their Warner Bros. division. Fellow discretionary large-cap Disney (DIS 89.63, -2.69) has seen pullback after it reported earnings after yesterday's close. The company's top and bottom-line beat is being outshined by continued pessimism regarding the company's ESPN component. Disney also received several downgrades this morning with its price target lowered to $118 from $120 at JP Morgan.

In commodities, oil has slid from its recent high with the commodity still up 1.6% to $28.39/bbl.

Treasuries continue to inch lower with the yield on the 10-yr note now higher by four basis points at 1.77%. 

8:26 am On The Wires (:WIRES) :

  • Cocrystal Pharma (COCP) signed an agreement with Duke University and Emory University to license various patents and know-how to use CRISPR/Cas9 technologies for developing a possible cure for HBV and HPV. This license agreement allows Cocrystal to develop and potentially commercialize a cure for HBV and HPV utilizing the underlying patents and technologies developed by the universities.
  • First Financial Corporation (THFF) entered into an agreement to sell its branch banking office in Hillsboro, Illinois to First Community Bank of Hillsboro. As of December 31, 2015, the Hillsboro branch had deposits of ~$10.2 mln. The transaction is expected to be completed in the second or third quarter of 2016, subject to regulatory approval.
  • Catabasis Pharmaceuticals (CATB) will present CAT-1004 for the treatment of Duchenne muscular dystrophy and the MoveDMDSM trial design at the XIV International Conference on Duchenne and Becker Muscular Dystrophy on February 14 in Rome, Italy
  • ManTech (MANT) will support the U.S. Navy by providing for the collection, reduction, analysis, and reporting of acoustics trials data. This contract will also provide assessments of current measurement procedures for acoustic and special trials, as well as related studies in the assessment of noise measurement systems. The cost-plus-incentive-fee task order has a 12-month base period of performance, two 12-month option periods, and two 12-month award terms, with a potential total value to ManTech of $47 mln.
  • Synlogic signed a multi-year global R&D collaboration with AbbVie (ABBV). The collaboration is focused on developing novel medicines for the treatment of inflammatory bowel disease using Synlogic's proprietary approach for a new class of synthetic biotic medicines that power the microbiome.

8:22 am Tootsie Roll reports Q4 sales +1.4% y/y to $139.88 mln, EPS of $0.32 vs. $0.29 a year ago (no estimates) (TR) : "While we finished 2015 with a 3% increase in fourth quarter domestic sales, our reported consolidated sales for fourth quarter 2015 were adversely impacted by foreign currency translation due to the strength of the U.S. dollar."

8:15 am Lantronix appoints Sanjeev Datla as CTO, effective immediately (LTRX) : Prior to joining Lantronix, Datla served as CEO & founder of Moxtreme Corporation, a Silicon Valley-based startup technology company focused on the development of a cloud-based application-defined IoT and virtualized real-time messaging platform.

8:15 am BGC Partners beats by $0.01, reports revs in-line (BGCP) :

  • Reports Q4 (Dec) earnings of $0.20 per share, $0.01 better than the single analyst estimate of $0.19; revenues rose 34.2% year/year to $692 mln vs the $690 mln single analyst estimate.
  • "This strong performance was driven by the addition of GFI, the ongoing success of Newmark Grubb Knight Frank, our Real Estate Services company, and the 112 percent year-on-year revenue increase generated by our high margin fully electronic FENICS business. BGC's record results came despite the stronger U.S. dollar reducing our reported Financial Services revenues by $18 million and $91 million during the fourth quarter and full year 2015, respectively."

8:08 am Matinas BioPharma receives notice of allowance of U.S. Patent for Cochleate formulation technology; expects the forthcoming cochleate formulation patent to be issued in mid-2016 (MTNB) :

Co receives a Notice of Allowance from the USPTO for patent entitled, "Cochleates Made with Soy Phosphatidylserine." Upon issuance, the patent will provide intellectual property protection through 2033.

  • The allowed patent claims cover proprietary methods related to the composition, methods, formulation and use of Matinas BioPharma's lipid-crystal nano-particle cochleate formulation technology.
  • The patent also includes pharmaceutical treatment of use claims for the co's orally-administered lead anti-infective product candidates, MAT2203 (encochleated amphotericin B, a broad spectrum fungicidal medication) and MAT2501 (encochleated amikacin, a broad spectrum aminoglycoside antibiotic agent).
  • Based on the timing of this Notice of Allowance, coexpects the forthcoming cochleate formulation patent to be issued in mid-2016.

8:07 am Philips receives 510(k) clearance from the FDA (PHG) :

  • Co announced the Expression MR400, a new technology that monitors patients undergoing magnetic resonance imaging (MRIs), has received 510(k) clearance from the U.S. Food and Drug Administration (:FDA)
  • The MR400 provides ICU-comparable, bedside quality monitoring in the MR suite for all patients, including those with serious medical conditions or who require anesthesia

8:07 am Nxstage Medical reports EPS in-line, beats on revs; guides Q1 revs below consensus; guides FY16 revs below consensus (NXTM) :

  • Reports Q4 (Dec) loss of $0.04 per share, in-line with the Capital IQ Consensus of ($0.04); revenues rose 12.4% year/year to $89.8 mln vs the $86.74 mln Capital IQ Consensus and $86-87 mln guidance.
  • Co issues downside guidance for Q1, sees Q1 revs of $87-89 mln vs. $89.26 mln Capital IQ Consensus Estimate.
  • Co issues downside guidance for FY16, sees FY16 revs of $355-360 mln vs. $371.03 mln Capital IQ Consensus Estimate. 
  • The Company also expects a net loss in the range of $7 million to $12 million for the full fiscal year 2016, and a net loss in the range of $2 million to $4 million for the first quarter of 2016. The Company's net loss guidance for both periods reflects expectations for continued operating income from the Products Business offset by the Company's continued investment in NxStage Kidney Care.
  • "Our guidance for the full fiscal year 2016 includes continued strong performance from our System One segment, with expectations for annual growth within Home and Critical Care of 15 percent and 9 percent, respectively, and a modest increase in our Services segment. We've also guided to a much lower revenue level for our low margin In-Center segment. As we continue to scale the higher margin System One segment and align our business in support of our growth opportunities, we remain on track to achieve our long-term growth and profitability targets."

8:07 am Barnwell Industries, Inc. shareholder Ned Sherwood sends letter to shareholders urging them to vote FOR the two stockholder proposals to be presented at the upcoming annual meeting of stockholders (BRN) : The first proposal is the stockholder proposal to "Separate the Chairman from the CEO" and the second proposal is the "Stockholder Proposal to Allow Proxy Access."

8:06 am Stryker to acquire acquire all of the assets associated with Synergetics USA neuro portfolio; expected to be neutral to Stryker's 2016 adj EPS (SYK) : The Synergetics portfolio includes the Malis generator, Spetzler Malis disposable forceps, and Stryker's existing Sonopet tips and RF generator. The Synergetics' portfolio achieved OEM sales in 2015 of approximately $31 mln. Transaction expected to close in 1Q16 and is expected to be earnings-neutral to 2016 adj EPS and accretive to earnings thereafter.

8:06 am Uranium Energy extends $20 mln senior secured credit facility by deferring required principal payments to February 1, 2019 and by extending the maturity date of the Credit Facility to January 1, 2020 (UEC) :  

8:04 am Gain Capital reports January metrics (GCAP) :

  • Retail Metrics
    • OTC average daily volume of $15.9 billion, an increase of 23.5% from December 2015 and 4.9% from January 2015.
    • OTC trading volume of $318.7 billion, an increase of 12.3% from December 2015 and a decrease of 0.05% from January 2015.
    • Active OTC accounts of 143,766, a decrease of 2.2% from December 2015 and an increase of 49.5% from January 2015.
    • Futures average daily contracts of 40,605, an increase of 22.4% from December 2015 and an increase of 9.3% from January 2015.
    • Futures contracts of 812,097, an increase of 11.2% from December 2015 and an increase of 9.3% from January 2015.
  • Institutional Metrics
    • ECN average daily volume of $9.4 billion, an increase of 39.5% from December 2015 and an increase of 21.2% from January 2015.
    • ECN volume of $188.5 billion, an increase of 26.8% from December 2015 and an increase of 15.4% from January 2015.
    • Swap Dealer average daily volume of $2.9 billion, an increase of 10.3% from December 2015 and a decrease of 28.3% from January 2015.
    • Swap Dealer volume of $58.3 billion, an increase of 0.3% from December 2015 and a decrease of 31.7% from January 2015.

8:03 am MYR Group adds $75 mln to repurchase program (MYRG) :

Co announces that its Board has authorized an increase to its existing share repurchase program from $67.5 mln to $142.5 mln.

  • In addition to increasing the size of the program, the MYR Group Board has approved provisions designed to accelerate the pace of share repurchases, increase flexibility for repurchases by raising per share pricing thresholds, and has extended the program through April 30, 2017. 
  • As part of the capital review, the Board has also approved new financing strategies to support the co's equipment needs. 
  • Completion of the $142.5 mln share repurchase program, which includes the new authorization and previously authorized $67.5 mln repurchase program, will represent a significant reduction of co's outstanding shares and be accretive to EPS.
  • Co intends to fund the repurchase program from cash on hand and through borrowing under its credit facility and any shares repurchased will be returned to unissued authorized shares. 
  • In connection with the Company's new financing strategies, co intends to enter into various alternative financing arrangements, including leasing to finance at least half of its future equipment and other asset additions.
  • Co expects these changes to better optimize the Company's balance sheet and expects the increased free cash flow resulting from the new financing activities to be used to support the co's growth initiatives and share repurchase program.

8:02 am Momenta Pharma announces early HSR clearance for biosimilars collaboration with Mylan (MYL) subsidiary (MNTA) : With the early termination of the applicable waiting period under the HSR Act, the collaboration agreement with Mylan is effective as of Feb 9, 2016. Under the collaboration agreement, Mylan (MYL) is obligated to pay Momenta a $45 mln upfront cash payment within 30 days of the effective date.

8:02 am Xenon Pharmaceuticals commences dosing patients in a Phase 2 clinical trial of XEN801, which is a stearoyl Co-A desaturase-1 inhibitor being developed for the treatment of moderate to severe acne (XENE) : The Phase 2 clinical trial is a randomized, double-blind, vehicle-controlled, parallel-group study designed to evaluate the efficacy, safety, tolerability and systemic exposure of XEN801 for the treatment of moderate to severe facial acne. Xenon expects to enroll approximately 150 patients with acne at multiple sites, with topline results expected in the fourth quarter of 2016.

8:00 am S&P futures vs fair value: +23.50. Nasdaq futures vs fair value: +67.10. (:WRAPX) :

U.S. equity futures hover at overnight highs with the S&P 500 futures trading 24 points above fair value. The rally in futures can be attributed to a similar rally in oil and a rebound from European banking stocks. The market appears to maintain a wait-and-see attitude ahead of Fed Chair Yellen's monetary policy report testimony at 10:00 a.m. ET. 

On the economic front, the weekly MBA Mortgage Index was reported at 7:00 ET, showing a seasonally adjusted increase of 9.3% in mortgage applications. Meanwhile, Fed Chair Janet Yellen will offer monetary policy testimony in front of Congress at 10:00 ET and the Treasury Budget for January will cross the wires at 14:00 ET.

Treasuries float near session lows with the yield on the 10-yr note rising three basis points to 1.76%.

In U.S. corporate news of note:

  • Disney (DIS 88.96, -3.36): -3.6% following continued perceived ESPN weakness despite a top and bottom-line beat in its Q1 earnings report 
  • Time Warner (TWX 62.00, -1.21): -1.9% after reporting a Q4 revenue miss with adjusted operating income declining 12.0%
  • SolarCity (SCTY 18.15, -8.20): -31.1% following the company issuing below-consensus Q1 guidance with losses per share between $2.65-2.55

Reviewing overnight developments:

  • In the Asian Market, Japan's Nikkei shed 2.3% while Hong Kong's Hang Seng and China's Shanghai Composite remained closed for the Lunar New Year.
    • In economic data:
      • Japan's January Corporate Goods Price Index -0.9% month-over-month (expected -0.7%; last -0.3%); -3.1% year-over-year (consensus -2.8%; last -3.4%)
      • Australia's December HIA New Home Sales +6.0% month-over-month (last -2.7%) and February Westpac Consumer Sentiment 4.2% (expected -1.0%; last -3.5%)
      • New Zealand's January Electronic Card Retail Sales +0.3% month-over-month (consensus 0.3%; prior 0.1%); +5.2% year-over-year (last 6.6%)
    • In news:
      • Japan's Prime Minister Shinzo Abe voiced confidence in the Bank of Japan despite the recent volatility in the country's bond market.
      • The Dollar/Yen pair notched an early high (114.26) but has since dipped to 114.95.
  • European markets trade broadly higher with Germany's DAX +2.5%, France's CAC +2.5%, and the U.K.'s FTSE +1.1%.
    • Economic data was limited:
      • UK's December Industrial Production -1.1% month-over-month (expected -0.1%; last -0.8%); -0.4% month-over-month (expected 1.0%; last 0.7%). December Manufacturing Production -0.2% month-over-month (consensus 0.1%; prior -0.3%); -1.7% year-over-year (consensus -1.4%; last -1.2%)
      • France's December Industrial Production -1.6% month-over-month (consensus 0.2%; last -0.9%)
      • Italy's December Industrial Production -0.4% month-over-month (expected 0.3%; last -0.5%); -1.0% year-over-year (consensus 1.4%; previous 1.1%).

7:58 am On The Wires (:WIRES) :

  • Mobile TeleSystems PJSC (MBT) signed a binding agreement with MTS Bank PJSC, through which it will acquire 946,347 ordinary shares of the Bank's additional shares issuance for RUB 1.3 bln. Upon completion of the transaction, MTS's ownership stake in the bank will remain 26.4%.
  • CGI Group (GIB) entered into a five-year contract with Preem, the largest fuel company in Sweden, to maintain a mission-critical enterprise resource planning system and also deliver a new card management solution as part of Preem's overall effort to modernize its IT environment. The partnership will lead to the launch of new loyalty and bonus programs.
  • Milestone Scientific (MLSS) Epidural & Intra-Articular Subsidiary announced that its abstract entitled "A randomized, controlled, parallel group, multicenter, pivotal study to assess the safety and effectiveness of the epidural space verification with the CompuFlo Epidural Computer Controlled System," has been accepted for presentation at the Euroanaesthesia 2016 Congress taking place May 28-30, 2016 in London. Milestone's Epidural & Intra-Articular Subsidiary designed the study in conjunction with its Scientific Advisory Board, and in agreement with the FDA, to assess the safety and effectiveness of the pressure sensing technology in identification of the epidural space.

7:46 am Amarantus Bioscience confirmed FDA granted Orphan Drug Designation for Eltoprazine in the treatment of Parkinson's disease levodopa-induced dyskinesia (AMBS) : "PD-LID is a tremendously debilitating disorder, and we will now begin evaluating expedited pathways to market for eltoprazine that may now be afforded by the orphan drug designation."

7:43 am Navios Maritime Acquisition reports Q4 EPS in-line, revenue slightly below consensus (NNA) :

Reports Q4 (Dec) adjusted earnings of $0.13 per share, in-line with the Capital IQ Consensus of $0.13; revenues rose 6.0% year/year to $76.7 mln vs the $76.9 mln Capital IQ Consensus.

  • "All our vessels are on-the-water and are generating cash flow. We have no material debt maturity before 2021 or any committed growth capex. In addition, while our leverage increased slightly in the fourth quarter of 2015 as a result of taking delivery of two vessels, we expect net debt to decline in 2016 through the cash flow we expect to generate."

Impact on Navios Acquisition's 8.125% Secured Bond Due 2021:

  • The Nave Photon has been provided as collateral under the 8.125% First Priority Ship Mortgage Notes due 2021, in place of the Nave Rigel (LR1 product tanker) and the Nave Dorado (MR2 product tanker). As a result, approximately $3.0 million of value has been added to the collateral package.

Time Charter Coverage:

  • Navios Acquisition currently owns 38 vessels; eight are VLCCs, 26 are product tankers and four are chemical tankers, all of which are currently on-the-water
  • As of Feb 10, 2016, Navios Acquisition had contracted 84.2% and 44.3% of its available days on a charter-out basis for 2016 and 2017, respectively, expecting to generate revenues of ~to $194.6 million and $97.8 million, respectively
  • The average contractual daily charter-out rate for the fleet is expected to be $19,238 and $22,475 for 2016 and 2017, respectively
  • Q4 time charter equivalent per day was $22,291/day, up from $22,124/day in the year ago quarter.

7:34 am Humana misses by $0.01; guides FY16 EPS above consensus; Note: Aetna (AET) is buying Humana (HUM) :

  • Reports Q4 (Dec) earnings of $1.45 per share, $0.01 worse than the Capital IQ Consensus of $1.46.

Aetna Transaction:

  • As previously announced, Humana entered into a definitive merger agreement with Aetna on July 2, 2015 under which, at the closing, Aetna will acquire each outstanding common share of Humana for $125 in cash and 0.8375 of an Aetna common share. At separate special stockholder meetings each held on October 19, 2015, Humana stockholders approved the adoption of the Aetna merger agreement and Aetna shareholders approved the issuance of the Aetna common stock in the transaction.
  • Co issues upside guidance for FY16, sees EPS of at least $8.85, reflects expected significant improvement in the co's individual Medicare Advantage business and excludes amortization of identifiable intangibles, vs. $8.80 Capital IQ Consensus Estimate
  • 2016 projected net membership growth in individual Medicare Advantage of 100,000 to 120,000
  • 2016 projected net membership growth in stand-alone PDP offerings of 300,000 to 330,000

7:34 am FirstService beats by $0.02, beats on revs (FSV) :

  • Reports Q4 (Dec) earnings of $0.28 per share, $0.02 better than the Capital IQ Consensus of $0.26; revenues rose 12.0% year/year to $316.1 mln vs the $310.97 mln Capital IQ Consensus.
  • "We completed our inaugural year-end as an independent public company with very strong fourth quarter and annual financial performance for 2015. Both our FirstService Residential and FirstService Brands divisions delivered excellent results, each spurred by double digit top-line growth as well as significant operating margin expansion at FirstService Residential. We expect to continue to deliver mid- to high-single digit organic growth across our operations, benefiting from both the attractive macroeconomic fundamentals in our markets as well as our ability to capture market share by leveraging our strengths and competitive advantages."

7:32 am Sealed Air beats by $0.12, reports revs in-line; guides FY16 EPS in-line, revs in-line (SEE) :

  • Reports Q4 (Dec) earnings of $0.62 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $0.50; revenues fell 11.1% year/year to $1.75 bln vs the $1.77 bln Capital IQ Consensus.
  • Co issues in-line guidance for FY16, sees EPS of $2.52-2.60, excluding non-recurring items, vs. $2.57 Capital IQ Consensus Estimate; sees FY16 revs of Approx $6.8 bln vs. $6.99 bln Capital IQ Consensus Estimate.
  • Co anticipates 2016 Free Cash Flow to be approximately $550 million, including capital expenditures of approximately $275 million and cash restructuring payments of approximately $110 million,

7:32 am European Markets Update: FTSE +1.1%, CAC +2.3%, DAX +2.4% (:SUMRX) :

Major European indices trade higher across the board after gathering steam through the first three hours of the session. The advance comes ahead of Fed Chair Janet Yellen's semiannual congressional testimony. Ms. Yellen's prepared remarks will be released at 8:30 ET and the testimony will begin at 10:00 ET.

  • Economic data was limited:
    • UK's December Industrial Production -1.1% month-over-month (expected -0.1%; last -0.8%); -0.4% month-over-month (expected 1.0%; last 0.7%). December Manufacturing Production -0.2% month-over-month (consensus 0.1%; prior -0.3%); -1.7% year-over-year (consensus -1.4%; last -1.2%)
    • France's December Industrial Production -1.6% month-over-month (consensus 0.2%; last -0.9%)
    • Italy's December Industrial Production -0.4% month-over-month (expected 0.3%; last -0.5%); -1.0% year-over-year (consensus 1.4%; previous 1.1%).

---Equity Markets---

  • UK's FTSE trades up 1.1% with more than 85% of its components in the green. Financials have shown relative strength with Prudential, Aberdeen Asset Management, Old Mutual, and Hargreaves Lansdown up between 3.1% and 6.6%. On the downside, miners have struggled with Randgold Resources, Glencore, Fresnillo, and BHP Billiton down between 0.7% and 3.1%. Hikma Pharmaceuticals has plunged 12.6% after agreeing to lower the price for its acquisition of Roxane Laboratories and Boehringer Ingelheim Roxane.
  • France's CAC has spiked 2.3%, erasing its loss from yesterday. Just about every index component trades in the green with financials pacing the advance. Societe Generale, BNP Paribas, Credit Agricole hold gains between 5.8% and 8.2% while consumer names like Accor, Vivendi, Kering, and L'Oreal have climbed between 2.6% and 4.4%.
  • Germany's DAX is higher by 2.4% amid broad strength. Deutsche Bank has surged 12.6% following reports the bank is considering a multi-billion buyback. Commerzbank has followed, trading higher by 8.6%, while Thyssenkrupp, Lufthansa, Linde, and BMW show gains between 2.5% and 4.0%.

7:31 am ARAMARK Holdings reports EPS in-line, revs in-line; reaffirms FY16 EPS guidance (ARMK) :

  • Reports Q1 (Dec) earnings of $0.50 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.50; revenues rose 0.2% year/year to $3.71 bln vs the $3.7 bln Capital IQ Consensus.
  • Co reaffirms guidance for FY16, sees EPS of $1.65-1.75, excluding non-recurring items, vs. $1.71 Capital IQ Consensus Estimate. 
  • "Our strong start to 2016 included accelerated organic revenue growth and solid margin expansion which are the direct result of maintaining disciplined execution behind our clear and focused strategy. Our momentum was broad based across sectors and geographies while our transformation initiatives continued driving productivity improvements."

7:31 am KemPharm: The NDA for KP201/APAP has been accepted and granted priority review by the FDA; FDA sets target action date of June 9 (KMPH) : Co announces that the new drug application for KP201/APAP, its investigational drug candidate for the short-term management of acute pain, has been accepted and granted priority review by the U.S. FDA.

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

  • Cytori Therapeutics (CYTX) announced its plans to participate in the Systemic Sclerosis World Congress in Lisbon from February 18-20. On Saturday, February 20, Professor Guy Magalon from the Assistance Publique des Hpitaux de Marseille is scheduled to discuss two year data from the complete set of 12 patients treated in the SCLERADEC-I clinical study as part of a presentation entitled, "Treating Scleroderma of the Face and Hands with Fat and Stromal Vascular Fraction." Results for the twelve patient SCLERADEC-I pilot trial were published in the August 2015 edition of Rheumatology. The data indicated that a single administration of ECCS-50 was safe and that treated patients exhibited significant improvements in hand symptoms, function and Raynaud's Phenomena through one-year post-treatment.
  • ALK announced that its partner for North America, MSD (known as Merck (MRK) in the United States and Canada) has submitted a Biologics License Application to the FDA for its house dust mite sublingual allergy immunotherapy tablet (SLIT-tablet).The application to the FDA is based on results from an extensive clinical development programme that has involved approximately 4,400 patients in North America and Europe and has already seen the product approved in 11 European countries, where it is known as ACARIZAX(r).
  • Yumanity Therapeutics, a company focused on transforming drug discovery for diseases caused by protein misfolding, announced a $45 mln Series A financing from leading life sciences investors. The financing is being led by Fidelity Management & Research Company with participation by Redmile Group, Alexandria Venture Investments, Biogen (BIIB), Sanofi-Genzyme BioVentures (SNY) and Dolby Family Ventures.

7:28 am Owens Corning beats by $0.20, reports revs in-line; sees earnings growth in each business in 2016; raises dividend 6% (OC) :

  • Reports Q4 (Dec) earnings of $0.66 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus of $0.46; revenues rose 3.2% year/year to $1.3 bln vs the $1.29 bln Capital IQ Consensus; EBIT +33% to $138 mln.
  • Outlook "We anticipate all three businesses will grow earnings in 2016 based on consensus expectations for U.S. housing starts and moderate global growth.
    • In Composites, we expect continued growth in the glass fiber market driven by moderate global industrial production growth. Following very strong earnings growth in 2015, we expect Composites to increase EBIT by at least $20 million in 2016, on price and volume improvements.
    • In Roofing, we anticipate modest market growth in 2016, primarily driven by growth in new construction markets. Weaker oil prices should provide opportunity for further asphalt cost deflation.
    • In Insulation, the company expects revenue growth will be slightly weaker than the growth experienced in 2015. While we expect margin expansion, the magnitude of the improvement could fall below that experienced in 2015 and is dependent upon the progression of pricing and volume in the U.S. residential new construction market."
  • The Board of Directors has declared a quarterly dividend of $0.18 per common share payable on April 4, 2016, to shareholders of record as of March 11, 2016, a 6% increase from the prior dividend of $0.17

7:16 am Criteo beats by EUR 0.25, beats on revs; guides Q1 revs in-line (CRTO) :

Reports Q4 (Dec) earnings of 0.66 per share, 0.25 better than the Capital IQ Consensus of 0.41; revenues rose 51.3% year/year to 145.75 mln vs the 138.24 mln Capital IQ Consensus.

  • Co issues in-line guidance for Q1, sees Q1 revs of 139-144 mln vs. 141.13 mln Capital IQ Consensus Estimate; Adjusted EBITDA for the first quarter 2016 is expected to be between 33 million and 37 million
  • For FY16: "We expect Revenue ex-TAC growth for fiscal year 2016 to be between 30% and 34% at constant currency. We expect our Adjusted EBITDA margin as a percentage of revenue for fiscal year 2016 to increase between 60 basis points and 100 basis points compared to fiscal year 2015."
  • "We added over 900 net clients in Q4 2015, while maintaining client retention at over 90%."

7:11 am Time Warner beats by $0.05, misses on revs; guides FY16 EPS above consensus; raises dividend 15%; announces $5 bln buyback (TWX) :

  • Reports Q4 (Dec) earnings of $1.06 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $1.01; revenues fell 5.9% year/year to $7.08 bln vs the $7.54 bln Capital IQ Consensus, due to a decline at Warner Bros., partially offset by increases at Home Box Office and Turner. Adjusted Operating Income declined 12% to $1.4 billion due to decreases at all operating divisions as well as a swing in intercompany eliminations. Revenues and Adjusted Operating Income included the unfavorable impact of foreign exchange rates of ~$270 million and $115 million, respectively, in the quarter.
  • Co preannounced FY15 EPS above $4.60-4.70 (just reported $4.75)
    • Turner adj. operating income -15% to $781 mln; rev +2% to $2.66 bln
    • HBO adj. OI flat $393 mln; rev +5.5% to $1.4 bln
    • Warner Bros adj. OI -5% to $3.3 bln; rev -13% to $3.3 bln
  • Co issues upside guidance for FY16, sees EPS of $5.30-5.40 (up from $5.25 previously), excluding non-recurring items, vs. $5.26 Capital IQ Consensus Estimate
  • Board authorized a 15% increase in quarterly dividend to $0.4025 for March 2016 and new $5 billion share repurchase program. 

7:10 am Rockwell Automation to acquire MagneMotion; terms not disclosed (ROK) : MagneMotion systems are used across a broad range of industrial applications including automotive and general assembly, packaging, & material handling. According to ROK, "this acquisition will compliment Rockwell Automation's iTRAK to create the broadest portfolio of independent cart solutions in this emerging technology area."

7:08 am GW Pharma beats by GBP0.02, beats on revs (GWPH) :

  • Reports Q1 (Dec) loss of GBP0.06 per share, GBP0.02 better than the Capital IQ Consensus of (GBP0.08); revenues fell 54.0% year/year to GBP3.67 mln vs the GBP3.53 mln Capital IQ Consensus.
  • Epidiolex (CBD) childhood epilepsy program:
    • First Phase 3 Dravet syndrome trial fully enrolled above original target sample size (120 randomized), data expected March 2016
    • Second Phase 3 Dravet syndrome trial ongoing, data expected H2 2016
    • Both LGS Phase 3 trials fully enrolled above original target sample sizes (171 for 2-arm, 225 for 3-arm randomized), data expected Q2 2016
    • 9 NDA submission with FDA expected Q4 2016
    • Phase 3 Tuberous Sclerosis Complex trial due to commence Q1 2016
    • Additional clinical development for Epidiolex expected to commence in H2 2016
  • Advanced clinical programs in multiple cannabinoid pipeline product candidates:
    • THCV Phase 2 study in type-2 diabetes data expected Q2 2016
    • THC:CBD Phase 1b/2a study for the treatment of Recurrent Glioblastoma Multiforme (:GBM) fully enrolled with data expected in mid-2016
    • Sativex Phase 2 study in spasticity due to cerebral palsy ongoing with data expected H2 2016
    • CBDV Phase 2 partial-onset epilepsy study in adults ongoing. Part A complete and Part B underway with data expected around the end of 2016
    • Neonatal Hypoxic-Ischemic Encephalopathy (:NHIE) intravenous CBD Phase 1 clinical program expected to commence in H2 2016
    • Clinical trials within the field of autism spectrum disorders expected to commence in H2 2016

7:06 am ACCO Brands beats by $0.01, beats on revs; guides FY16 EPS below consensus (ACCO) :

  • Reports Q4 (Dec) earnings of $0.29 per share, $0.01 better than the Capital IQ Consensus of $0.28; revenues fell 10.4% year/year to $412.1 mln vs the $399.2 mln Capital IQ Consensus.
  • Co issues downside guidance for FY16, sees EPS of $0.73-0.77 vs. $0.78 Capital IQ Consensus Estimate. Expects 2016 sales to decline in the mid-to-high single digits, inclusive of a negative 4% impact from foreign currency translation. 2016 revenue consensus of $1.44 bln represents a 5% decline YoY.

7:05 am Chanticleer reports YTD same store sales in Q4 for Better Burgers segment +9.1%, Just Fresh Fast Casual +4.2%, and domestic Hooters stores +2.4% (HOTR) : "International same store sales were impacted across the board by the weakness of the South African Rand. While South Africa same store sales were down slightly compared to last year, restaurant EBITDA has improved, and we continue to bolster local operational and marketing initiatives at our international locations."

7:03 am Henry Schein beats by $0.02, beats on revs; reaffirms FY16 EPS guidance (HSIC) :

  • Reports Q4 (Dec) earnings of $1.67 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.65; revenues rose 5.5% year/year to $2.85 bln vs the $2.82 bln Capital IQ Consensus.
  • Co reaffirms guidance for FY16, sees EPS of $6.55-6.65 vs. $6.61 Capital IQ Consensus Estimate.

7:03 am Amtrust Financial beats by $0.05, beats on revs (AFSI) :

  • Reports Q4 (Dec) earnings of $0.72 per share, $0.05 better than the Capital IQ Consensus of $0.67; revenues rose 15.7% year/year to $1.21 bln vs the $1.04 bln Capital IQ Consensus.
  • Gross written premium of $1.61 bln, up 10% (14% excluding the impact of European currency fluctuations) compared to $1.46 bln in the fourth quarter 2014

7:02 am Markit misses by $0.01, reports revs in-line; announces $500 mln buyback (MRKT) :

  • Reports Q4 (Dec) earnings of $0.37 per share, $0.01 worse than the Capital IQ Consensus of $0.38; revenues rose 7.4% year/year to $291.5 mln vs the $292.08 mln Capital IQ Consensus.
  • Revenue was driven by new business wins and increased customer assets under management across our Solutions and Information segments, partially offset by a decrease in revenue in our Processing segment, mainly as a result of previously announced price reductions in our derivatives processing product and lower primary loan issuance volumes in our loans processing product.
  • The board of directors authorised the repurchase of up to $500 million of common shares over the next two years, at the discretion of our management and subject to market conditions.

7:02 am Heat Biologics announces that the FDA has lifted the partial clinical hold on the company's Phase 2 clinical trial evaluating HS-410 (HTBX) :

The co announced that the U.S. Food and Drug Administration has lifted the partial clinical hold on the company's Phase 2 clinical trial evaluating HS-410 either alone or in combination with standard of care Bacillus Calmette-Gurin, for the treatment of non-muscle invasive bladder cancer. Heat will resume patient enrollment.

  • "Our clinical timelines remain materially unchanged with topline data expected in the fourth quarter of 2016 for the Phase 2 randomized trial arms evaluating HS-410 in combination with BCG."

7:01 am Cidara Therapeutics confirms that the FDA has granted orphan drug designation to its antifungal drug candidate, CD101 IV, for the treatment of candidemia and invasive candidiasis (CDTX) : In January, Cidara reported data from the company's Phase 1 multiple ascending dose (:MAD) clinical trial of CD101 IV, which demonstrated excellent safety and tolerability across a broad range of doses. The company plans to initiate a Phase 2 candidemia trial in the first half of 2016.

7:01 am Transenterix finalizes FDA submission process related to Surgibot System 510(k) application (TRXC) :

Co announces that it:

  • Completed FDA Response: TransEnterix has successfully completed its response to the U.S. Food and Drug Administration (:FDA) related to the pending 510(k) application submitted for clearance of the company's SurgiBot System
  • Strengthened Balance Sheet: Since September 30, 2015, the co has raised $18 mln in net proceeds at an average price of $3.23/share under its $25 mln equity sales facility. There is no further availability under this facility. The proceeds from these sales will be utilized to continue to support investments for the commercialization of the ALF-X system in Europe, as well as the SurgiBot in the United States, following FDA clearance
  • Filed New ATM Facility: Following the successful completion of the prior ATM facility co has entered into a new ATM facility that allows it the option to raise up to $43.6 mln in equity from time to time through Jan 2017

7:01 am Becton Dickinson has received FDA 510(k) clearance for its BD FACSPresto system and BD FACSPresto CD4/Hb Cartridge (BDX) :  

7:00 am Alkermes initiates ENLIGHTEN-2, the second of two core phase 3 studies for ALKS 3831, an oral atypical antipsychotic drug candidate designed to be a treatment for schizophrenia (ALKS) :

Co announces the initiation of ENLIGHTEN-2, the second of two core phase 3 studies for ALKS 3831, an investigational, novel, oral atypical antipsychotic drug candidate designed to be a broad-spectrum treatment for schizophrenia.

  • ENLIGHTEN-2 will evaluate the weight gain profile of ALKS 3831 in patients with schizophrenia over a six-month treatment period compared to olanzapine, an established atypical antipsychotic agent with proven efficacy but also metabolic liabilities, including significant weight gain.

7:00 am Time Warner increases qtrly dividend to $0.4025 from $0.35/share (TWX) :  

6:59 am DTE Energy beats by $0.02, misses on revs; reaffirms FY16 EPS guidance (DTE) :

  • Reports Q4 (Dec) operating earnings of $1.01 per share, $0.02 better than the Capital IQ Consensus of $0.99; revenues fell 19.2% year/year to $2.49 bln vs the $2.87 bln Capital IQ Consensus.
  • Co reaffirms guidance for FY16, sees operating EPS of $4.80-5.05 vs. $4.96 Capital IQ Consensus Estimate.

6:58 am On The Wires (:WIRES) :

  • Illumina (ILMN) announced the signing of a co-marketing agreement to promote 10x Genomics Linked-Read sequencing products and Illumina sequencing systems. This co-marketing agreement with 10x Genomics, like the one announced in January with NRGene, provides customers with options for applications that benefit from longer read information.
  • Wi-LAN (WILN) announced that the TSX had accepted its Notice of Intention to Make a Normal Course Issuer Bid. Pursuant to the Notice, WiLAN may purchase for cancellation up to 11,762,446 issued and outstanding WiLAN common shares representing ~10% of the 117,624,467 Common Shares in the public float as of January 31 through the facilities of the TSX and/or alternative Canadian trading platforms. The Normal Course Issuer Bid is expected to commence on February 12, 2016 and will expire on February 11, 2017.
  • ENGlobal (ENG) announced an award for the supply of process analytical systems to a world class U.S. Gulf Coast ethylene expansion project. The equipment includes critical components used to monitor compliance with mandated environmental regulations and provides analytical information supporting plant utilities and process controls. The project schedule requires staggered deliveries throughout the third and fourth quarters of 2016.

6:57 am Asian Markets Close: Nikkei -2.3%, Hang Seng CLOSED, Shanghai CLOSED (:SUMRX) :

Equity markets in the Asia-Pacific region had another rough outing on Wednesday with defensive sentiment pressuring most of the markets that were open. However, the yen notched its high early in the session (114.26), spending the rest of the night in a steady retreat from that mark. The dollar/yen pair currently trades near 114.95. On a somewhat related note, Japan's Prime Minister Shinzo Abe voiced confidence in the Bank of Japan despite the recent volatility in the country's bond market.

  • In economic data:
    • Japan's January Corporate Goods Price Index -0.9% month-over-month (expected -0.7%; last -0.3%); -3.1% year-over-year (consensus -2.8%; last -3.4%)
    • Australia's December HIA New Home Sales +6.0% month-over-month (last -2.7%) and February Westpac Consumer Sentiment 4.2% (expected -1.0%; last -3.5%)
    • New Zealand's January Electronic Card Retail Sales +0.3% month-over-month (consensus 0.3%; prior 0.1%); +5.2% year-over-year (last 6.6%)

---Equity Markets---

  • Japan's Nikkei lost 2.3%, setting a new low for the year. All ten sectors ended the day in negative territory with utilities (-5.0%), communications (-3.6%), and financials (-3.4%) leading the retreat. Mitsubishi Materials, Asahi Group Holdings, TEPCO, Ebara, Pioneer, Shinsei Bank, and Sharp lost between 6.0% and 12.8%.
  • Hong Kong's Hang Seng was closed for Lunar New Year.
  • China's Shanghai Composite was closed for Lunar New Year.
  • India's Sensex lost 1.1% with most components settling in the red. Tata Motors fell 6.0% while SBI, Hindalco Industries, Vedanta, Cipla, and Bharat Heavy Electricals lost between 2.6% and 6.0%. On the flip side, Coal India gained 1.6% and Infosys ticked up 0.1%.

---FX---

  • USDJPY -0.1% at 114.99
  • USDCNY UNCH at 6.5739
  • USDINR +0.04% at 67.930

6:56 am AbbVie, in cooperation with Neurocrine Biosciences (NBIX), announce positive top-line results from trial evaluating Elagolix in premenopausal women who suffer pain from endometriosis (ABBV) :

The second of two replicate pivotal Phase 3 clinical trial's results show that after six months of continuous treatment, both doses of Elagolix (150 mg once daily and 200 mg twice daily) met the study's co-primary endpoints

  • Elagolix reduced scores of menstrual pain (dysmenorrhea, DYS) and non-menstrual pelvic pain (:NMPP) associated with endometriosis, at month three and month six, as measured by the Daily Assessment of Endometriosis Pain scale. Responder rates for the co-primary endpoints from this second Phase 3 pivotal study are consistent with results from the first Phase 3 pivotal study.
  • AbbVie will complete the clinical database in anticipation of a New Drug Application submission for endometriosis in 2017.

6:52 am Primero Mining announces $48.1 mln cash redemption of its 6.5% convertible debentures at maturity (PPP) : The co has drawn $50 mln on its previously undrawn $75 mln line of credit to satisfy this obligation; will pay accrued unpaid interest of $1.6 mln in addition to the $48.1 mln redemption price.

6:46 am Wabtec authorizes new $350 mln share repurchase plan; supersedes the previous authorization which had about $33 mlnremaining (WAB) :

  • Co said it repurchased about 4.6 mln shares of its common stock for about $365 mln during 4Q15.
  • Co also said its Board of Directors yesterday approved a new share buyback authorization for up to $350 mln worth of its stock.
    • This new buyback authorization supersedes the previous authorization of $350 mln, which had about $33 mln remaining.

6:46 am Citi Trends sees Q4 revs -3% to $176.1 mln vs $179.55 mln two analyst estimate; comps -5% (CTRN) :

  • Comparable store sales in this year's fourth quarter decreased 5.0% from the fourth quarter of fiscal 2014, a quarter in which comparable store sales increased 13.9%. By month, comparable store sales were down 6.5% in November, down 0.9% in December and down 14.2% in January. The Company believes that January's decrease was largely the result of a later start to tax refund season, as comparable store sales were down 45% (approximately $3.5 million) the last two days of the month.
  • "Fourth quarter sales were challenging, with unusually warm winter weather affecting all apparel categories. However, we continued to realize the benefits of strong inventory control and a new merchandise planning and allocation system, which led to another increase in quarterly gross margin and to a full year gross margin approximating 39%."

6:40 am Medidata Solutions beats by $0.03, misses on revs; guides FY16 below consensus; expands relationship with Celgene (MDSO) :

  • Reports Q4 (Dec) earnings of $0.27 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.24; revenues rose 10.9% year/year to $98.9 mln vs the $105.08 mln Capital IQ Consensus. Subscription revenue was $84.6 million, an increase of 12% compared with the same period last year.
    • Growth in the fourth quarter was impacted by the previously disclosed customer-driven contract modification resulting in a revenue pull forward in the third quarter of 2015. Co added 59 clients in Q4 now at 611.
  • Co issues downside guidance for FY16, sees EPS of ~$0.95-1.03 (adj. net income/share count guidance), excluding non-recurring items, vs. $1.08 Capital IQ Consensus Estimate; sees FY16 revs of $450-474 mln vs. $473.84 mln Capital IQ Consensus Estimate. 
  • Celgene (CELG) has expanded its eight-year technology relationship with Medidata to add the Medidata Clinical Cloud as its enterprise technology platform for all clinical trials worldwide.

6:39 am SPX FLOW misses by $0.24, reports revs in-line, guides FY16 below consensus; targeting $110 mln reduction in cost structure by the end of 2017 (FLOW) :

Reports Q4 (Dec) earnings of $0.51 per share, $0.24 worse than the Capital IQ Consensus of $0.75; revenues fell 15.2% year/year to $612.7 mln vs the $607.28 mln Capital IQ Consensus.

  • Co issues guidance for FY16, sees EPS of $0.75-1.05, may not be comparable to $2.34 Capital IQ Consensus Estimate; sees FY16 revs of ~$2.10-2.20 bln (-12% to -8%) vs. $2.28 bln Capital IQ Consensus Estimate. "Looking at 2016, we do not anticipate any meaningful recovery in our key end markets. Notwithstanding the challenging economic environment, I am driving a higher level of accountability and a greater sense of urgency throughout the organization to improve our competitive position and operational execution. I firmly believe we will create significant value over the next 12 to 24 months by growing our bottom line."
  • "At the outset of this year, our executive team established realignment and strategic enterprise initiatives that we expect will improve our competitive position and reduce our cost structure by $110 million as we exit 2017. These initiatives, some of which began last year, include strategically realigning our footprint, streamlining our business processes and improving our working capital performance."

6:37 am Carlyle reports Q4 (Dec) results, misses on revs; announces $200 mln buyback (CG) :

  • Reports Q4 (Dec) economic net income of $0.24 per share, and distributable earnings of $0.39, may not be comparable to the Capital IQ Consensus of $0.32; revenues fell 24.3% year/year to $491 mln vs the $528.09 mln Capital IQ Consensus.
  • "Recent market volatility has created a challenging but opportune investment environment for many of our fund teams. Our current pipeline is strong and we believe that good deals can be financed in the current market. As of early February, we already have signed contracts for approximately $4 billion of new investments and $4 billion of realized proceeds, which we expect to complete during the first half of the year."
  • Co also announced a buyback authorization for up to $200 million of common units and/or Carlyle Holdings units

6:35 am Axalta Coating Systems misses by $0.01, reports revs in-line; issues downside FY16 guidance (AXTA) :

  • Reports Q4 (Dec) earnings of $0.24 per share, $0.01 worse than the Capital IQ Consensus of $0.25; revenues fell 7.1% year/year to $1.01 bln vs the $1.01 bln Capital IQ Consensus. Adjusted EBITDA of $212.8 mln up 4.0% compared to Q4 2014 with an Adjusted EBITDA margin of 21.2% versus 19.0% in Q4 2014.
  • 2016 Guidance: Net sales growth of 4-6% in constant currency; flat to slightly down as-reported from $4.11 bln vs. $4.19 bln Capital IQ Consensus Estimate, Adjusted EBITDA of $900-940 mln, Interest expense of $180-190 mln, Income tax rate, as adjusted, of 25-27%, Diluted shares of 242-245 mln, Working capital as a percentage of net sales of 11-13%, Capital expenditures of ~$150 mln.

6:34 am Carlyle announces buyback authorization for up to $200 million of common units and/or Carlyle Holdings units. (CG) :

  • The Board of Directors of Carlyle's general partner, Carlyle Group Management L.L.C., has authorized the repurchase of up to $200 million of common units and/or Carlyle Holdings units.   
  • CG is also reporting earnings.

6:32 am Caesarstone reports EPS in-line, revs in-line; guides FY16 revs below consensus; announces $40 mln buyback (CSTE) :

  • Reports Q4 (Dec) earnings of $0.55 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.55; revenues rose 12.1% year/year to $127.4 mln vs the $126.29 mln Capital IQ Consensus. On a constant currency basis, fourth quarter revenue growth was 21.6% year-over-year.
    • Growth was primarily driven by continued demand in the United States, the Company's largest market, with Canada and Australia delivering the highest growth rates on a constant currency basis.
    • Gross margin in the fourth quarter was 37.9% compared to 43.0% in the prior year period. The decrease was primarily driven by costs related to the ramp up of both lines in the Company's U.S. manufacturing facility and the impact of significant negative exchange rate fluctuations, which were partially offset by favorable product mix and lower raw material costs.
  • Co issues downside guidance for FY16, sees FY16 revs of $550-565 mln vs. $567.45 mln Capital IQ Consensus; adj. EBITDA $138-145 mln.
  • The Company also announced today that its Board of Directors has authorized a $40 million ordinary share repurchase program.

6:31 am Genesee & Wyoming reports January traffic volumes (GWR) : G&W's traffic in January 2016 was 218,431 carloads, an increase of 51,082 carloads, or 30.5%, compared with January 2015. G&W's same-railroad traffic in January 2016 was 139,511 carloads, a decrease of 27,838 carloads, or 16.6%, compared with January 2015.

6:31 am Jetblue Airways reports Jan traffic; expects ASM growth of 13-15% in 1Q16 (down from prior guidance of 14-16% due to winter storms) (JBLU) :

  • Revenue Passenger miles grew 11.7% y/y
  • Available seat miles grew 10.8% y/y
  • RASM decreased 3.5% y/y
  • Load factor for January 2016 was 82.6%, an increase of 0.7 points from January 2015.

6:16 am Staples' Office Depot acquisition receives approval from EU on the condition that co divests Office Depot's European contract business and all of Office Depot's operations in Sweden (SPLS) :

  • The European Commission approved the acquisition on the condition that Staples divest Office Depot's European contract business and all of Office Depot's operations in Sweden.
  • Staples will meet these requirements, and the parties have decided that they will also divest Office Depot's retail, online and catalog operations in Europe in connection with closing the transaction.
  • The divestiture of Office Depot's European business is subject to the closing of the acquisition.
  • The merger is the subject of ongoing litigation with the U.S. Federal Trade Commission as well as the Canadian Competition Bureau.

6:13 am Rush Enterprises misses Q4 estimates (RUSHA) :

Q4 EPS $0.31 vs. $0.44 consensus; rev -13.6% to $1.16 bln vs. $1.26 bln consensus.

  • "We were able to offset lost revenues from declining energy-related Class 8 truck sales with lower margin truck sales to large fleets throughout 2015. This lower margin business combined with declining demand for aftermarket services from the energy sector and a significant decline in used truck values in the fourth quarter had a negative impact on net income and earnings," explained W. M. "Rusty" Rush, Chairman, Chief Executive Officer and President of Rush Enterprises. "To help offset this decline in business we are implementing broad and significant expense reductions. However, as in past years, the cost of employee benefits and payroll taxes will negatively impact expenses in the first quarter of 2016."

6:07 am Walker & Dunlop beats by $0.02, misses on revs; announces $75 mln repurchase program (WD) :

Reports Q4 (Dec) earnings of $0.67 per share, $0.02 better than the Capital IQ Consensus of $0.65; revenues rose 7.8% year/year to $121.37 mln vs the $130.13 mln Capital IQ Consensus.

  • TOTAL TRANSACTION VOLUME for the fourth quarter 2015 was $4.7 billion, up 10% from $4.3 billion for the fourth quarter 2014.
  • LOAN ORIGINATION VOLUME was up 1% from the fourth quarter 2014 to $4.3 billion.
  • On February 9, 2016 the Company's Board of Directors authorized the repurchase of up to $75.0 million of its outstanding common stock over a one year period.

6:04 am Orbotech beats by $0.03, reports revs in-line; guides Q1 revs in-line (ORBK) :

  • Reports Q4 (Dec) earnings of $0.54 per share, $0.03 better than the Capital IQ Consensus of $0.51; revenues fell 4.7% year/year to $188.24 mln vs the $189.14 mln Capital IQ Consensus.
  • Co issues in-line guidance for Q1, sees Q1 revs of $184-192 mln vs. $185.60 mln Capital IQ Consensus Estimate; gross margin of approximately 45%

6:02 am Valspar acquires ISVA Vernici; terms not disclosed (VAL) : ISVA Vernici is a European coil coatings manufacturer headquartered in Turin, Italy.

5:55 am Shanghai...Closed (FXI) :  

5:51 am S&P futures vs fair value: +20.30. Nasdaq futures vs fair value: +58.90. :

5:51 am European Markets : FTSE...5696.64...+64.50...+1.10%.  DAX...9088.13...+208.70...+2.40%.

5:51 am Asian Markets : Nikkei...15713.4...-372.10...-2.30%.  Hang Seng...Holiday.........

5:07 am On The Wires (:WIRES) :

  • CORPBANCA (BCA) announced that it filed with the Chilean regulators an Event Notice stating that its Board of Directors has agreed to a request by the Chilean Superintendency of Banks and Financial Institutions to amend co's 2015 financial statements with respect to the fine imposed by the SBIF on CorpBanca by letter. CorpBanca confirms that the accounting treatment of the fine that was included in its 2015 financial statements that it submitted to the SBIF conformed to the requirements of IFRS and IAS.
  • RSA has extended its relationship with Accenture (ACN), selecting the company as its preferred supplier for insurance business process outsourcing services for an additional six years to 2021. Under the new contract, Accenture will provide RSA UK with back-office administration and customer support services across its sales, service, claims and finance operations, supporting both direct customer and intermediated businesses.
  • MaxPoint (MXPT) announced the expansion of its programmatic Digital Zip technology to France, Germany, Italy and Spain. The company has mapped over 30,000 new micro-neighbourhoods, or Digital Zips, giving clients the ability to reach consumers at scale with campaigns across Europe.

4:47 am Nokia publishes results for its public exchange offer for Alcatel-Lucent (ALU); Nokia to hold ~91% of the share capital of ALU (NOK) :

Co published the results of the reopened offer period of Nokia's public exchange offer for Alcatel-Lucent securities.

  • 426 695 572 Alcatel-Lucent ordinary shares, 52 286 499 ADSs, 4 795 096 OCEANE 2018 convertible bonds, 19 971 720 OCEANE 2019 convertible bonds, and 56 644 832 OCEANE 2020 convertible bonds have been tendered into the Reopened Offer in France and/or in the U.S
  • As a consequence, following settlement of the Reopened Offer which is expected to occur on February 12, 2016, Nokia will hold 91.25% of the share capital and at least 91.17% of the voting rights of Alcatel Lucent, 99.62% of the outstanding OCEANE 2018 convertible bonds, 37.18% of the outstanding OCEANE 2019 convertible bonds, and 68.17% of the outstanding OCEANE 2020 convertible bonds. This equates to Nokia holding 88.07% of the share capital on a fully diluted basis

4:40 am Moller Maersk reports FY15 results; underlying profit in-line with co's expectations (AMKBY) :

Reports FY15 profit of $925 mln and an underlying profit of $3.1 bln; revs decline to $40.31 bln (vs $47.57 bln in FY14)

  • The underlying profit of $3.1 bln was within co's expectations of ~$3.4 bln
  • Maersk Group was severely impacted by a widening supply-demand gap across most of our businesses, leading to significant oil price and freight rate reductions.
  • Outlook
    • Maersk Line expects an underlying result significantly below last year ($1.3bn) as a consequence of the significantly lower freight rates going into 2016 and the continued low growth with expected global demand for seaborne container transportation to increase by 1-3%.
    • Maersk Oil's entitlement production is expected to be around 315,000 boepd (312,000 boepd). Exploration costs are expected to be in line with 2015 ($423m).
    • Maersk Drilling expects an underlying result significantly below last year ($732m) mainly due to lower dayrates and more idle days.

4:31 am Hermes reports Q4 revs grew 18% YoY (HESAY) :

Reports consolidated revenues amounted to 4,841 million in 2015, up +18%. At constant exchange rates, growth was +8%

  • Growth remained solid in the fourth quarter (+15% at current exchanges rates and +7% at constant exchange rates), despite the impact of the recent events in France and, to a lesser extent, in Europe.
  • Interim dividends - Given the available cash flow, the Executive Management decided on 9 February to pay an interim dividend of 1.50 per share. The ex-coupon date is set for 24 February and the payment date for 26 February 2016.
  • Outlook
    • Herms will continue its long-term development strategy based on creativity, maintaining control over know-how and a singular communication.
    • Due to the economic, geopolitical and monetary uncertainties around the world, sales growth in 2016 could be below the medium-term goal of 8% revenue growth at constant exchange rates.

4:21 am Carlsberg reports Q4 net profit declines 17% YoY (CABGY) :

Co Q4 Adjusted net profit down 17% to DKK 4,557 mln (Q4: DKK 603 mln); Organic net revenue growth of 2% (Q4: +5%) driven by strong Asian performance.

  • In Q4, all regions contributed positively to organic net revenue growth of 5%.
  • Total price/mix of +5% (Q4: +6%)
  • Group beer volumes declined organically by 4% due to continued decline in Eastern Europe.
    • Strong performance of our international premium brands -- Tuborg (+15%), Kronenbourg 1664 (+5%), Grimbergen (+15%) and Somersby (+21%) -- while the Carlsberg brand declined by 2% in its premium markets.
  • 2016 earnings expectations
    • The Group expects to deliver low-single-digit organic operating profit growth and a further reduction in financial leverage.

3:43 am Tullow Oil reports FY15 results; revs fall 27% YoY (TUWLF) :

Reports FY15 EPS of 1.14; revs declined 27% YoY to $1.61 bln

  • 2015 capex of $1.7 billion; $1.1 billion forecast for 2016 with work ongoing to potentially reduce to $0.9 billion; ability to reduce Group annual capex to c.$0.3 billion from 2017 onwards if the low oil price persists.
  • West Africa working interest oil production averaged 66,600 bopd in 2015
  • Production guidance in 2016 for the region is 73-80,000 bopd. TEN Project over 85% complete and on track and on budget for first oil between July and August 2016. 

3:37 am Telenor reports Q4 results, organic rev growth of 2.3% YoY (TELNY) :

Reports Q4 EBITDA of NOK10.86 bln; revs of NOK33.49 bln (vs NOK30.44 bln in 4Q14)

  • Telenor added 6.6 million mobile subscribers during the fourth quarter, taking the total number of customers to 203 million.
  • Dividend: The Board of Directors will propose a dividend of NOK7.50 per share for 2015, to be paid out in two tranches. The proposal is in line with Telenor's ambition to deliver a year over year growth in dividends.
  • OUTLOOK FOR 2016
    • Telenor expects continued healthy organic revenue growth for the Group in 2016, but fierce competition and headwinds in key markets like Thailand and Malaysia put pressure on EBITDA margin expectations.
    • Investments will continue to be centered on the roll-out of high-speed mobile and fixed networks.
    • Based on this, the financial guidance for 2016 is organic revenue growth in the range of 2% to 4% and an EBITDA margin of 33% to 34%. The capex to sales ratio is expected to be 17% to 19%.

3:21 am ARM Holdings reports EPS in-line, beats on revs (ARMH) :

  • Reports Q4 (Dec) earnings of GBP0.08 per share, in-line with the Capital IQ Consensus of GBP0.08; revenues rose 19.1% year/year to GBP269.1 mln vs the GBP263.15 mln Capital IQ Consensus.
  • Outlook
    • Chips based on ARMv8-A technology are expected to continue to gain share in mobile and enterprise markets, and the higher royalty rate earned on these products helps to underpin growth in royalty revenues.
    • Increased economic uncertainty may influence consumer and enterprise spending, potentially impacting semiconductor revenues and industry confidence.
    • Based on current conditions in the semiconductor market, co expects Group dollar revenues for the full year to be broadly in line with market expectations.

3:12 am Millicom International Cellular reports Q4 results; revs fall ~10% YoY (MIICF) :

Reports Q4 adj net loss of 0.33; revs declined 10% YoY to $1.68 bln

  • 1.4 million new mobile data users; 143,000 new Home RGUs
  • Outlook:
    • Service revenue to grow mid-single digit
    • Adjusted EBITDA to grow mid to high-single digit
    • Capex between $1.15 and $1.25 billion

3:04 am Heineken reports FY15 results with revs +6.5%; Proposed 2015 total dividend up 18% at 1.30 per ordinary share (2014: 1.10) (HEINY) :

Reports FY15 EPS of EUR3.57 (vs EUR3.05 in 2014); revs increase 6.5% YoY to EUR20.5 bln (vs EUR19.3 bln in 2014)

  • Outlook statement
    • In 2016 HEINEKEN expects to deliver further organic revenue and profit growth despite an increasingly challenging external environment, with margin expansion in line with the medium term margin guidance of a year on year improvement in operating profit margin of around 40bps.
    • Co sees 2016 the calculated negative currency translational impact would be ~60 million at consolidated operating profit, and 35 million at net profit. Foreign exchange markets remain very volatile.

2:57 am Akzo Nobel reports FY15 results; revs rise 4% YoY (AKZOY) :

Reports FY15 EPS of 4.02 (vs 2.81 in 2014); revs rose 4% YoY to 14,859 mln (vs 14,296 million in 2014)

  • Total dividend proposed for 2015 up 7 percent at 1.55 (2014: 1.45)
  • Outlook
    • Co expects 2016 to be a challenging year.
    • Difficult market conditions continue in Brazil, China and Russia. No significant improvement is anticipated in Europe, particularly in the Buildings and Infrastructure segment.
    • Deflationary pressures continue and currency tailwinds are moderating

2:51 am Wix.com beats by $0.04, beats on revs; guides Q1 revs in-line; guides FY16 revs above consensus (WIX) :

  • Reports Q4 (Dec) loss of $0.13 per share, $0.04 better than the Capital IQ Consensus of ($0.17); revenues rose 36.5% year/year to $56.8 mln vs the $55.82 mln Capital IQ Consensus.
    • Added net premium subscriptions of 125,000 in Q4 and a record 535,000 in 2015 for a total of 1.77 million at year end
    • Added registered users of 4.7 million in Q4 and 19 million in 2015 for a total of 77 million at year end
  • Co issues in-line guidance for Q1, sees Q1 revs of $60-61 mln vs. $60.94 mln Capital IQ Consensus Estimate.
  • Co issues upside guidance for FY16, sees FY16 revs of $270-274 mln vs. $268.80 mln Capital IQ Consensus Estimate.

2:45 am Noranda Aluminum receives approval from Bankruptcy Court for First Day motions (NORN) :

Co announced that it has received approval from the United States Bankruptcy Court for the Eastern District of Missouri for its First Day motions related to its Chapter 11 restructuring.

  • Collectively, the First Day orders issued by the Court on either an interim or final basis will help Noranda continue to operate its business in the ordinary course while the Company evaluates options for its various business operations.
  • The Court granted Noranda interim approval of up to $165 million in new debtor- in-possession financing.

2:43 am First Data beats by $0.06, reports revs in-line (FDC) :

  • Reports Q4 (Dec) earnings of $0.32 per share, $0.06 better than the Capital IQ Consensus of $0.26; revenues rose 2.8% year/year to $2.96 bln vs the $2.98 bln Capital IQ Consensus.

2:38 am TearLab withdraws public offering due to market conditions (TEAR) :

Co announced that it has withdrawn the proposed underwritten public offering of its common stock, due to market conditions.

  • The Company believes that it is not in the best interest of its stockholders to raise equity capital in the current market environment.
  • TearLab will continue to evaluate options to fund its business over the longer-term while, at the same time, prudently manage its resources

2:36 am CTI BioPharma reports Pacritinib has been placed on full clinical hold; co withdraws its NDA (CTIC) :

Co provided an update regarding the clinical studies being conducted under the Company's Investigational New Drug application for pacritinib.

  • Following the issuance of the Company's February 8, 2016, press release describing the partial clinical hold issued by the FDA regarding those clinical studies, the Company received an oral communication from the FDA followed by a letter notifying the Company that the Company's IND for pacritinib has been placed on full clinical hold.
  • The Company has withdrawn its New Drug Application until the Company has had a chance to review the safety and efficacy data from the PERSIST-2 Phase 3 clinical trial and decide next steps.

2:24 am Euronet misses by $0.01; misses on revs; sees Q1 EPS in-line with expectations (EEFT) :

Reports Q4 EPS of $0.92 vs $0.93 Capital IQ consensus; revs increased 2% YoY to $470.6 vs $502.0 consensus

  • Transactions of 2,722 million, a 7% increase from 2,554 million
  • Guidance: Co sees Q1 EPS of ~$0.68 vs $0.68 consensus

2:11 am Black Stone Minerals maintains cash distribution on common units; reduces distribution of subordinate units by 30% (BSM) :

Co announced it has approved a cash distribution of $0.2625 per common unit and $0.18375 per subordinated unit, attributable to Q4.

Co's Commentary: "The Board of Directors is committed to maintaining the growing minimum quarterly distribution for common units and expects to maintain the current minimum quarterly distribution of $0.2625 per common unit and the scheduled increase to $0.2875 per common unit set for the second quarter of 2016. We are also reducing the distribution on subordinated units to $0.18375 per unit for the fourth quarter of 2015, a 30% reduction from last quarter's distribution..."

2:04 am NGL Energy Partners misses on top and bottom lines; lowers FY16 EBITDA guidance (NGL) :

Reports Q3 GAAP EPS of $0.03 vs $0.23 Capital IQ consensus; revs of $2.685 bln vs $3.28 mln consensus

  • Q3 Adjusted EBITDA of $113.5 mln
  • Lowers Guidance: NGL is adjusting the EBITDA guidance for Fiscal Year 2016 to $450 mln from previous guidance of $500 mln.
    • This is driven by the continued decline of the price of crude oil, which has impacted the value of the recovered hydrocarbon revenue in our water solutions business.

1:45 am Atlantic Power announces changes to capital allocation, will eliminate common stock dividend effective immediately; reaffirms FY15 guidance (AT) :

Co announced changes to its capital allocation strategy designed to create value for shareholders in a tax-efficient manner, while also improving the Company's financial flexibility and strengthening its balance sheet.

  • Company will prioritize allocation of its discretionary capital to equity and debt repurchases, each under the normal course issuer bid implemented in December 2015, with a goal of capturing value arising from compelling price-to-value opportunities in its publicly traded securities. In addition, the Company has identified additional high-return investments in its existing projects as well as potential repowering projects linked to extensions of power purchase agreements. Investments of this type yielded an average cash return of approximately 26% in 2015.
  • As a result of this redirection of capital to expected higher-return purposes, the Board of Directors, consistent with management's recommendation, has eliminated the Company's common stock dividend, effective immediately.

Guidance: Additionally, co reaffirms its 2015 guidance for Project Adjusted EBITDA of $200 to $215 million, Adjusted Cash Flows from Operating Activities of $95 to $105 million and Adjusted Free Cash Flow of $0 to $10 million.

1:43 am Pfizer receives FDA committee vote to approve investigational biosimilar infliximab (PFE) :

Co commends the recommendation by FDA's Arthritis Advisory Committee to approve the investigational biosimilar infliximab (CT-P13) across all eligible indications by a vote of 21 to three.

  • Celltrion's proposed biosimilar infliximab, to which Pfizer holds exclusive U.S. commercialization rights, is the first biosimilar monoclonal antibody therapy to be reviewed by the FDA for licensure in the U.S., and is only the second biosimilar to be recommended for approval by a FDA Advisory Committee.
  • The FDA is considering the proposed biosimilar infliximab for all indications of the reference product eligible for licensure, including the treatment of rheumatoid arthritis, adult ulcerative colitis, plaque psoriasis, psoriatic arthritis, ankylosing spondylitis, and adult and pediatric Crohn's disease. 
  • Co's Commentary: "We look forward to the FDA's continued review and, while awaiting its decision and certain other factors, we are moving ahead with the preparation of our launch plans for 2016..."
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