2:24 pm CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (:COMDX) :
- Dec corn rose 10 cents to $5.01/bushel
- Sep wheat rose 3 cents to $6.63/bushel
- Nov soybeans rose 24 cents to $12.52/bushel
- Aug ethanol rose 1 cent to $2.41/gallon
- Sep sugar (#16 (U.S.)) settled unchanged at 18.55 cents/lbs
2:17 pm Index Change Reminder (:INDXCH) : Nielsen Holdings (NLSN) will replace Sprint Nextel (S) in the S&P 500 after the close of trading today.
1:51 pm COMEX Metals Closing Prices (:COMDX) :
- Aug gold rose $22.50 to $1235.00/ounce
- Sep silver rose $0.31 to $19.05/ounce
- Sep copper rose $0.03 to $3.10/lb
1:46 pm Clearwire confirms minority shareholders overwhelmingly approved merger transaction with Sprint (S) (CLWR) : Co announced the results of its Special Meeting of Stockholders held today. The co reported that the required majority of Clearwire stockholders not affiliated with Sprint (S) or SoftBank (SFTBY) and more than 75 percent of the outstanding shares entitled to vote thereon voted in favor of the merger agreement proposal to acquire all shares of Clearwire which Sprint does not currently own for $5.00 per share. In total, at the Special Meeting, the holders of ~ 82 percent of the unaffiliated outstanding shares of common stock, as of April 2, 2013, the record date for the Special Meeting, cast votes in favor of the transaction. Also, the holders of ~ 95 percent of the outstanding shares of common stock as of April 2, 2013, including the ~ 50.2 percent of shares already held by Sprint, cast votes in favor of the transaction.
1:17 pm Hasbro acquires 70% stake in Backflip Studios for $112 mln (HAS) : Co announced the acquisition of a majority stake in Backflip Studios. The Boulder, Colorado based company develops some of the mobile industry's most popular games including DragonVale, NinJump and Paper Toss. Hasbro paid $112 million in an all cash transaction for 70% of the company.
1:17 pm Tetra Tech EC awarded $100 mln U.S. Navy remedial action contract (TTEK) : Co announced that its Tetra Tech EC operating unit was awarded the $100 million U.S. Navy Unrestricted Remedial Action Contract (:RAC) VI for environmental remediation services at various Department of Defense installations in Alaska, Arizona, California, Colorado, Nevada, New Mexico, Oregon, Utah, Washington, and other installations within the Naval Facilities Engineering Command Atlantic area of responsibility. This is the fourth consecutive time that Tetra Tech EC has been selected for this contract. The single award, indefinite delivery/indefinite quantity contract is a cost-plus award fee contract with a one-year base period and four, one-year option periods.
1:06 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).
Large Cap Gainers
- SI (103.21 +2.97%): Reuters reporting that Siemens and Swiss rail company Stadler are considering a joint venture
- PCLN (880.06 +2.91%): Upgraded to Overweight from Equal-Weight at Morgan Stanley
- DELL (13.4 +2.88%): Institutional Shareholder Services recommended that shareholders vote in favor of proposed sale transaction at $13.65 per share in cash
Large Cap Losers
- INTC (23.12 -3.91%): Downgraded to Underweight from Equal Weight at Evercore
- REGN (226.74 -2.89%): Bloomberg published article discussing Ohr Pharmaceutical's Squalamine, a potential competitor with Regeneron in the wet age-related macular degeneration market
- QCOM (60.05 -1.48%): Removed from Top Picks Live list at Citigroup; trading lower in sympathy with Intel
Mid Cap Gainers
- LINE (26.08 +11.22%): Upgraded to Buy from Neutral at BofA/Merrill
- TRQ (5.86 +7.33%): Reuters reporting that the Rio Tinto's (RIO) Oyu Tolgoi mine in Mongolia will start exporting copper on Tuesday; TRQ owns a 66% stake in the mine
- ATLS (48.39 +4.54%): Upgraded to Outperform from Neutral at Robert W. Baird
Mid Cap Losers
- ONNN (8.02 -4.30%): Downgraded to Equal Weight from Overweight at Evercore
- CFX (50.72 -4.03%): Downgraded to Hold from Buy at Deutsche Bank
- MLNX (47.55 -3.49%): Target lowered to $59 from $65 at Craig Hallum
12:37 pm TAT Technologies reports that court and lending banks approval for FIMI Opportunity V's proposal to acquire TAT's shares has been received (TATT) : Co reported that the Receiver of the Company's shares held by its previously controlling shareholders informed the Company that (i) the court; and (ii) the lending banks to TAT industries and KMN Industries, had approved FIMI Opportunity V's ("FIMI") proposal to acquire the Shares. Following such approvals, the only remaining condition for Closing is the receipt of an approval from the Israeli Anti-Trust Authority. Closing is expected to occur within 10 business days after receipt of such an approval. In the event Anti-Trust Authority approval is not obtained within 75 days from July 7th 2013, the date of the court approval, (other than as a result of a default by FIMI) then the proposal will expire.
12:05 pm TD Ameritrade's Investor Movement Index: IMX reading moves in positive direction after recent negative trending (AMTD) : TD Ameritrade, a broker-dealer subsidiary of TD Ameritrade Holding, is revealing the Investor Movement IndexSM reading for June 2013. The Investor Movement Index, or the IMXSM, is a proprietary, behavior-based index created by TD Ameritrade that aggregates Main Street investor positions and activity to measure what investors are actually doing and how they are positioned in the markets. The June 2013 Investor Movement Index for the four weeks ending June 28, 2013, reveals:
- Reading: 5.15 (compared to 5.02 in May)
- Trend direction: Positive
- Trend length: 1 month
- Score relative to historic ranges: High
June's IMX reading marks a turn in a positive direction after two consecutive months of declines. Clients ramped up their equity market exposure as they were net buyers of equities and sold fixed income mutual funds and ETFs. In June clients continued to have an overall bullish positioning. The IMX bounced higher while the S&P 500 hit an intra-month low almost 6% lower than the record high reached in May. After dialing back equity market exposure in May, many clients treated the dip in June as a buying opportunity and increased their equity market exposure. June's IMX reading was at the high end of a more than three year history. Clients were net buyers of most sectors. Consumer goods and basic materials attracted the most net buying activity.
12:01 pm European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:
- UK's FTSE: + 1.2%
- Germany's DAX: + 2.1%
- France's CAC: + 1.9%
- Spain's IBEX: + 1.9%
- Portugal's PSI: + 2.3%
- Italy's MIB Index: + 1.7%
- Irish Ovrl Index: + 0.5%
- Greece ASE General Index: + 2.1%
12:01 pm American Intl: ILFC's 2013 mid-year lease transactions total 125 (AIG) : International Lease Finance Corporation (:ILFC), a wholly owned subsidiary of American International Group, Inc. (AIG), announced that it has completed 125 lease transactions during the January through June timeframe of 2013. These transactions include extensions, new leases of used aircraft as well as placements of new aircraft from ILFC's aircraft portfolio, which today supports a worldwide network of approximately 200 airline customers across more than 80 countries.
11:57 am Neustar announces commencement of exchange offer (NSR) : Co announced its offer to exchange certain of its outstanding unregistered notes for new registered notes in accordance with the terms of its registration rights agreement with existing holders of those notes. Under the exchange offer, Neustar is offering to exchange up to $300 mln aggregate principal amount of its outstanding 4.500% Senior Notes due 2023 for a like principal amount of its new 4.500% Senior Notes due 2023. The Exchange Offer will expire at 5 p.m., Eastern Time, on August 5, 2013, unless extended. The settlement date for the Exchange Offer will occur promptly following the Expiration Date.
11:57 am Nasdaq Comp -0.5 joins Nasdaq 100 -3.5 in the red -- Dow +61, S&P +6 (:TECHX) :
11:54 am Dow +73 and S&P +7.1 slip to new pullback lows off early highs -- Nasdaq Comp +1 near its pullback low and flat line (:TECHX) :
11:50 am Stocks/ETFs that traded to new 52 week highs/lows this session- New highs (98) outpacing new lows (0) (:SCANX) : Stocks that traded to 52 week highs: ADBE, ADM, AEG, AME, AMP, AMTD, AMZN, BA, BBBY, BBT, BBY, CERN, CI, CIT, CMA, CNO, COF, CREE, CVC, DFS, DISCA, DLPH, DNKN, EA, EOG, ETFC, EWBC, F, FHN, FITB, FLIR, FMER, FNFG, FNP, GD, GME, GNW, GPK, GPS, GT, HBAN, HCBK, HDS, HIG, HPQ, HTZ, IPG, ISIS, JWN, KEY, LEA, LGF, LMT, LNC, LYG, M, MCHP, MET, MFC, NDAQ, NOC, NOW, NTRS, ONXX, PBCT, PNC, PRU, QIHU, RF, SBGI, SBH, SBUX, SCHW, SE, SEE, SNV, SPLK, SPWR, STI, STT, STX, TCB, TEL, TSLA, TSN, TWTC, TYC, UNH, UNM, USB, V, VNTV, WFC, WFM, WLP, WSM, XLS, ZION
Stocks that traded to 52 week lows: none
ETFs that traded to 52 week highs: FDN, IAI, ITA, IWC, IWM, KBE, KIE, KRE, RTH, SOCL, UWM, XLY
ETFs that traded to 52 week lows: EPU
Note: To reduce the list of stocks making 52 week highs/lows to a manageable size we have filtered out stocks below $2 bln in market cap and below 1 mln average volume. Without this filter 585 stocks made 52 week highs and 22 stocks made 52 week lows.
11:42 am NeuroMetrix announces sleep indication for SENSUS Pain Management System (NURO) : Co reported that the SENSUS Pain Management System became the first transcutaneous electrical nerve stimulator to receive 510(k) clearance (K130919) from the U.S. Food and Drug Administration (:FDA) for use during sleep. "SENSUS is a convenient and wearable non-invasive device that offers physicians and their patients a non-narcotic pain relief option as a complement to medications. The device is lightweight and can be worn during the day while remaining active. It is the only transcutaneous electrical nerve stimulator designed specifically for people with diabetes and chronic pain."
11:24 am Intel continuous to weaken, slides to minor new session low (INTC) : Stock has been a drag on the underperforming Semi sector after a downgrade with it extending the breakdown below a two week trade range to 23.14 in recent action. The next area of importance on the downside is at 23.07/23.06 which marks its 200 day ema and the Jan high/breakout point.
11:01 am iSoftStone forms Independent Committee and appoints advisors (ISS) : Co announced that its board of directors has formed a committee composed of three of its independent directors, Tom Manning, Chung-Kao Hsieh, and Al-Noor Gulamali Abdulla Ramji to evaluate the previously announced preliminary non-binding proposal received by the Company's board of directors on June 6, 2013 from Mr. Tianwen Liu, the Company's CEO and the chairman of its board of directors, and ChinaAMC Capital Management Limited to acquire the Company for $0.585 in cash per ordinary share or $5.85 in cash per American depositary share. The Independent Committee has retained Goldman Sachs (Asia) L.L.C. as its financial advisor and Kirkland & Ellis International LLP as its United States legal counsel. Goldman Sachs and Kirkland & Ellis will assist the Independent Committee in its work in connection with the Proposed Transaction and any potential alternatives. No decisions have been made by the Independent Committee with respect to the Company's response to the Proposed Transaction.
10:54 am Underperforming Nasdaq Comp +4.5 slips to new session low -- Dow +105, S&P +10.2 (:TECHX) : Relative weakness in Semi/Technology SMH / XLK noted earlier continues.
10:49 am Currency Commentary: DXY Fails to Break 84.60 (:SUMRX) :
- The Dollar Index spent most of the overnight session testing the 84.60 resistance level. Profit taking ensured when the DXY failed to break through the barrier. The greenback has now given up some of its recent gains and dipped back into the 84.30 level. The upward trend remains firmly in place. Market focus will center on Wednesday events as the latest FOMC minutes are released and Fed Chairman Ben Bernanke will give a speech at an NBER conference. Mr. Bernanke will be sitting in for a Q&A session after his speech.
- The euro has bounced off the 1.2810 level this morning and is now attempting to push back toward 1.29. The single currency received a boost as EU officials announced they had reached a deal with Greece that would allow for the latest bailout tranche to be released. In addition, reports came in that Portuguese officials had reached a tentative deal. This has overshadowed some weak German current account and trade balance data as well as a miss on expectations for European Investor sentiment. The currency is also receiving an early boost from comments by ECB President Draghi as he continues his dovish rhetoric.
- The pound has recovered some of last week's losses. Sterling has pushed back into the 1.49 area after dropping approx 2.5% last week against the dollar as the Bank of England took a decidedly dovish turn under the new leadership of Mark Carney.
- The yen was able to push to 101.50 in overnight traded but it has cooled off from its recent selling to move back toward the 101 area. The market focus will be on a Bank of Japan meeting on Thursday night but there is little expected from the meeting as the central bank is likely to maintain the current status quo of aggressive easing (BONDX, FOREX).
10:37 am Grupo Aeroportuario del Pacifico reports passenger traffic increase of 6.4% for June 2013 (PAC) : Co announced preliminary terminal passenger traffic figures for the month of June 2013 compared to traffic figures for June 2012. During June 2013, total terminal passengers increased 6.4% compared to the previous year. Domestic passenger traffic increased 3.9%, while international passenger traffic increased 12.0% compared to June 2012. During the month of June, the following routes were opened: Hermosillo to Puerto Pe asco to Las Vegas as well as La Paz to Los Angeles, both by Aerom xico, Hermosillo to Dallas by American Airlines, Los Cabos to Dallas by Spirit Airlines, Los Cabos to Austin by United and Southwest (operated by Air Tran Airways).
10:29 am American Science & Engineering receives orders for two Z Portal X-ray screening systems for Middle East government agencies (ASEI) :
10:26 am Republic Airways reports June 2013 traffic: revenue passenger miles decreased 4% year/year to 1.8 bln (RJET) : Co reported preliminary passenger traffic results for June 2013. The Company generated approximately 1.8 billion revenue passenger miles (RPMs), a decrease of 4% from June 2012, on a 5% reduction in available seat miles (ASMs). Block hours were 4% greater than the same period in 2012. Consolidated load factor increased one point to 87% from June 2012. Republic Airways carried 2.8 million passengers in June, a 4% increase from the prior year.
10:11 am Lender Processing announces the expiration of the 'go-shop' period (LPS) : Co announced the expiration of the "go-shop" period pursuant to the terms of the previously announced merger agreement dated May 28, 2013, among LPS, Fidelity National Financial (FNF) and Lion Merger Sub, Inc., a subsidiary of FNF. LPS engaged in an active and extensive solicitation of 42 potentially interested parties in connection with the "go-shop" period, which resulted in three parties negotiating and entering into confidentiality agreements with LPS. Despite its solicitation efforts, LPS did not receive any alternative acquisition proposals during the "go-shop" period. The LPS board of directors continues to recommend that LPS stockholders adopt the merger agreement with FNF.
10:10 am Lender Processing announces the expiration of the go-shop period (LPS) : LPS engaged in an active and extensive solicitation of 42 potentially interested parties in connection with the "go-shop" period, which resulted in three parties negotiating and entering into confidentiality agreements with LPS. Despite its solicitation efforts, LPS did not receive any alternative acquisition proposals during the "go-shop" period. The LPS board of directors continues to recommend that LPS stockholders adopt the merger agreement with FNF. The transaction is subject to approval by LPS and FNF stockholders, approvals from applicable federal and state regulators and satisfaction of other customary closing conditions. Closing of the transaction is currently expected to occur in the fourth quarter of 2013.
10:05 am No let-up yet as Dow +126 and S&P +12.6 run to new session highs, previously lagging Nasdaq Comp +14.9 is now back at early high (SPY) :
10:00 am American Eagle sets new high near its 50 ema (AEO) : The stock and the Retail sector as a whole (XRT) has displayed relative strength in recent trade. AEO has recently high 19.04 near its 50 ema at 19.07. Its 50 sma comes into play at 19.24.
9:55 am Apple displays relative weakness after the open as price sinks below Friday's low of 415.35 (AAPL) : Price action stuggled around its "multi-tested" 420-resistance area last week. Note this area has been a crticial "make or break" point for buyers and sellers on multiple occassions for almost 2-years.
9:55 am Relative Weakness (:TECHX) : Earlier noted the relative weakness in Semi SMH and Technology XLK with underperformance vs. the S&P also noted in recent leader Reg Bank KRE and Bank KBE along with Oil Service OIH, Networking IGN, Software IGV, Industrial XLI, Crude Oil USO, Gold MIners GDX, Rail.
9:50 am Mylan Labs: U.S. District Court issues final judgment in favor of Mylan in patent infringement litigation against Sunovion's Brovana product (MYL) : Co announced that the U.S. District Court for the Southern District of New York has issued a Final Judgment and Order following a ruling by the Court of Appeals for the Federal Circuit in favor of Mylan Specialty L.P., f/k/a Dey Pharma, L.P. The Order states that five of Mylan's patents related to its Perforomist Inhalation Solution are valid and enforceable. Further, the Order states that Sunovion's Brovana product infringes each of those patents. Mylan previously announced a settlement agreement with Sunovion resolving the litigation relating to Sunovion's Brovana product. In May 2012, the U.S. District Court for the Southern District of New York issued a Final Judgment and Order stating that Sunovion has acknowledged that two Mylan patents related to its Perforomist Inhalation Solution are valid, enforceable and infringed by Sunovion's Brovana product. As a result of the two Court Orders, all seven Mylan patents relating to Perforomist have been upheld as valid and enforceable and infringed by Sunovion's Brovana product.
9:47 am Dow +88 and S&P +8.9 set new session highs -- Nasdaq Comp +13.6 has not yet confirmed amid relative weakness in Semi/Tech SMH/XLK (:TECHX) :
9:44 am Intel slumps lower on a downgrade, threatening its 2-week support along the 23.41/23.45 area... (INTC) : Struggling just below its 50-day sma the last 2-weeks, INTC is poised to break below 2-week support on this morning's downgrade. Next level of interest below lies around its 100-day sma near 22.88/23.00.
9:38 am Semiconductor Hldrs ETF displays relative weakness in early trade (SMH) : INTC -2%, TSM -1.8%, MU -1.3%, AMD -0.1%.
9:32 am Broad based strength in early trade, Russell 2000 probing its May/all time high -- Dow +72, S&P +8.3, Nasdaq Comp +15 (:TECHX) :
9:28 am On The Wires (:WIRES) :
- sTec (STEC) announced the appointment of Mark Rochlin as vice president of government and defense.
- TSYS (TSS) has signed a multi-year payments agreement with KBC Bank Ireland to launch its debit card portfolio in Ireland.
- GP Strategies (GPX) has been selected by HSBC as its Managed Services Integrator to provide global learning services.
- Rackspace Hosting (RAX) announced that Rick Jackson has joined the co as Chief Marketing Officer.
- Red Lion Insulation, part of the Masco (MAS) Contractor Services family of cos, announced its expansion into the Farmingdale, New Jersey area.
- Citi's (C) Board of Directors has elected Gary M. Reiner and James S. Turley as new independent directors.
- MetroPCS (TMUS) brings the Samsung (SSNLF) Galaxy S 4 to its growing nationwide 4G smartphone lineup.
- Blizzard Entertainment (ATVI) and NetEase (NTES) announced an agreement to license Blizzard Entertainment's Hearthstone: Heroes of Warcraft to a NetEase affiliate in mainland China for a term of three years.
- Medbox (MDBX) announced that they have been listed in a CNBC story as an investment opportunity in the legal marijuana industry.
- Boingo Wireless (WIFI) announced that Samsung Electronics America (SSNLF) has selected the co to provide premium Wi-Fi connectivity for Galaxy Tab 3 and Galaxy Note 8 Wi-Fi tablet users.
- Tech Data (TECD) announced a partnership with BitTitan to offer its software solutions, which includes MigrationWiz, to its channel of resellers.
9:24 am On The Wires (:WIRES) :
- Intevac Photonics, a subsidiary of Intevac (IVAC), announced that their ISIE10 EBAPS camera was selected as the digital low light sensor for a major international helicopter night vision-based landing system.
- The University of North Carolina General Administration has selected LED lighting by Cree (CREE) to help system institutions operate more efficiently and cost-effectively.
- Baxter International (BAX) issued its 14th consecutive Sustainability Report detailing the co's commitment and progress to creating lasting social, environmental and economic value by addressing the needs of stakeholders worldwide.
- GenScript has aided Novavax (NVAX) in developing an avian influenza A/H7N9 vaccine candidate, by synthesizing three constructs containing genes that encode for key vaccine proteins in just 6 business days.
- SAP AG (SAP) announced that Aasonn is the first co to implement and run its global financial and travel management operations on the SAP Cloud for Financials solution and integrate it with the SAP Cloud for Travel solution.
- BAE Systems (BAESY) advanced warfighter communications with successful test of WNW Anti-Jam mode.
- BSD Medical (BSDM) reported completion of intensive training of Terumo sales personnel in preparation for the commercial launch by Terumo Europe NV of BSD's MicroThermX Microwave Ablation System at the European Conference on Interventional Oncology.
- Art's Way Manufacturing (ARTW) announced its subsidiary, Art's Way Scientific, has completed a contract for a modular swine nursery building for Japan's Zen-Noh - the National Federation of Agricultural Co-operative Associations.
9:14 am S&P futures vs fair value: +8.30. Nasdaq futures vs fair value: +15.00. (:WRAPX) : With 15 minutes to go before the start of today's cash session, equity futures signal a modestly higher open. The S&P 500 futures saw the bulk of their overnight gains as the European session got underway.
Markets in Europe continue to hover near their highs after a joint EU-IMF panel issued a statement saying Greece has made important progress but remains behind in some areas of policy implementation. The Eurogroup and IMF will consider the request for review approval later this month.
Although index futures trade near their early highs, pre-market action has been generally quiet. However, Dell (DELL 13.38, +0.36)trades higher by 2.7% on heavy volume after Institutional Shareholder Services recommended Dell stockholders vote in favor of the proposed sale at $13.65 per share.
Today's economic data will be limited to the May consumer credit report, which will be released at 15:00 ET.
9:09 am RCS Capital announces year-to-date outperformance by its operating subsidiaries (RCAP) : Co announces that two of its operating subsidiaries outperformed management's expectations for 2013 year-to-date. RCS Capital, its investment banking division, advised on over $13.7 bln of closed and pending mergers and acquisitions transactions, including corporate mergers and acquisitions totaling ~$11.4 bln and strategic property portfolio acquisitions totaling ~$2.3 bln.
In addition, Realty Capital Securities, RCAP's wholesale broker dealer, reported record year-to-date equity capital raised of ~$4.7 bln across its alternative investments platform, surpassing management's 2013 year-to-date projections by ~24%.
9:06 am Saratoga Resources Awarded Four Gulf of Mexico Leases (SARA) : Co announced that it has been awarded four leases in the shallow waters of the Central Gulf of Mexico by the U.S. Bureau of Ocean Energy Management. The four lease blocks cover a total of 19,814 acres on a net and gross basis, and are all located in the shallow Gulf of Mexico Shelf in water depths of 13 to 77 feet and very close to existing infrastructure. The leases contain multiple prospects, all well-defined by high-quality 3D seismic data and tied to well control with either production tests, log pay or sidewall core shows. Furthermore, most of the prospects have amplitude versus offset (:AVO) support, which is a common geophysical technology for risk reduction in the oil and gas industry. Saratoga will be seeking joint venture partners for these blocks with first drilling targeted for 2014.
9:06 am Cellcom Israel announces CTO'S resignation from office (CEL) : Co announced today that Eliezer Ogman notified the Company of his resignation from office as the Company's CTO. The Company will announce his substitute in the coming weeks.
9:05 am FMC Corp acquires rights to novel Bayer (BAYRY) CropScience's crop protection product in US and Canada (FMC) : Co announces that it has acquired exclusive rights to a patented, broad-spectrum crop protection product from Bayer (BAYRY) CropScience.
- FMC will develop and distribute the novel product for row crops in the United States and Canada.
- FMC will start product development and the registration process next year and expects to launch the product in the following two to three years.
- Financial terms were not disclosed.
9:04 am Luna Innovations Announces multi-year agreement with Intuitive Surgical (ISRG) (LUNA) : Co announced a multi-year agreement that amends its development and supply agreement with ISRG. The agreement provides for the achievement of various development milestones through 2015. The new agreement builds on previous work between the companies to integrate Luna's high-speed shape-sensing technology into Intuitive's platform for robotically-assisted minimally invasive surgery. The agreement covers the work planned over a multi-year period so that the component representing Luna's technology is ready to be brought to market. Under the existing development and supply agreement, Luna is the exclusive supplier to Intuitive of these components.
9:04 am EMC acquires Aveksa, a provider of business-driven identity and access management solutions (EMC) : Terms of the deal were not disclosed. The acquisition is not expected to have a material impact to EMC GAAP or non-GAAP EPS for the full 2013 fiscal year.
9:04 am Aug natural gas pops to new session high of $3.72, now up 2.7% at $3.71 (UNG) :
9:03 am Cross Country announced today that William Grubbs became the Chief Executive Officer and President of the Company, effective July 5, 2013 (CCRN) : Co announced today that William Grubbs became the Chief Executive Officer and President of the Company, effective July 5, 2013. In March, the Company announced that Joseph A. Boshart, who had been the CEO and President since 1994, would be retiring in July 2013 and that Grubbs would be transitioning into that role. Effective July 5, 2013, Mr. Boshart also retired as a Director of the Company. Mr. Boshart led the Company from its private ownership through its IPO in 2001 and its growth as a publicly traded company over the past decade, including several successful acquisitions.
8:59 am European Markets Update: FTSE +1.3%, CAC +2.1%, DAX +2.5% (:SUMRX) : Major European indices hover near their highs after a joint EU-IMF panel issued a statement saying Greece has made important progress but remains behind in some areas of policy implementation. The Eurogroup and IMF will consider the request for review approval later this month. Regional economic data was limited. Germany reported a trade surplus of EUR14.1 billion (EUR17.5 billion expected, EUR17.5 billion prior) while the country's industrial production declined 1.0% month-over-month (-0.5% expected, 2.0% prior). Elsewhere, Eurozone Sentix Investor Confidence declined to -12.6 from -11.6 (-10.0 expected).
- In the United Kingdom, the FTSE is higher by 1.3% as financials outperform. Barclays, Royal Bank of Scotland, and Lloyds Banking Group are all up between 2.8% and 5.4%.WM Morrison Supermarkets is among the few advancers with a loss of 0.8%.
- France's CAC sports a gain of 2.1% as 38 of 40 components advance. Credit Agricole and Societe Generale are both up near 3.0%. On the downside, Alstom trades lower by 1.0%.
- In Germany, the DAX trades up 2.5% with exporters in the lead. BMW is higher by 3.2% and Daimler sports a gain of 2.3%. German financials have underperformed other European banks. Commerzbank and Deutsche Bank are lower by 1.9% and 0.1%, respectively.
8:58 am Navios Maritime Acquisition announces delivery of one MR2 product tanker and one-year charter extension for a chemical tanker (NNA) : Co announces that that the Nave Equinox, a 2007-built MR2 Ice Class 1A product tanker vessel of 50,922 dwt, was delivered on June 26, 2013.
NNA also announced that it has agreed to extend the existing charter on the Chemical Tanker Nave Polaris for one additional year ending in Q3 2014 at the increased base rate of $12,188 with 50% profit sharing.
8:58 am S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +15.20. (:WRAPX) : The S&P 500 futures trade higher by 0.5%.
It was a sea of red across Asia as all of the major indices ended with losses. China's Shanghai Composite (-2.4%) was a notable underperformer despite further declines in the Shanghai Interbank Offered Rate (overnight rate -12 bps to 3.256%). Property names led equities to the downside after real estate agents in Hong Kong staged a mass protest against government property curbs. Economic data was limited to just a handful of releases. Japan reported a current account surplus of JPY0.54 trillion (JPY0.60 trillion expected, JPY0.75 trillion prior) while its adjusted current account indicated a surplus of JPY0.62 trillion (JPY0.62 trillion expected, JPY0.85 trillion previous). In addition, the country's bank lending increased 1.9% year-over-year (1.8% prior). Lastly, the Economy Watchers Current Index declined to 53.0 from 55.7 (55.6 expected). Elsewhere, Australia's ANZ Job Advertisements decreased 1.8% month-over-month (-2.5% previous).
- In Japan, the Nikkei slid 1.4% as growth-oriented names underperformed. Mitsui Fudosan and Nisshin Steel Holdings both lost near 4.0%. On the upside, Tokyo Electric Power gained 4.3%.
- Hong Kong's Hang Seng ended lower by 1.3% amid broad weakness. Hang Lung Properties and Sino Land weighed with respective losses of 3.8% and 3.2%. Energy producer CNOOC added 0.5% to outperform the region.
- In China, the Shanghai Composite slumped 2.4%. Technology names Hangzhou Silan Microelectronics and Shenzhen Kingdom Sci-Tech both lost near 10.0%.
Major European indices hover near their highs after a joint EU-IMF panel issued a statement saying Greece has made important progress but remains behind in some areas of policy implementation. The Eurogroup and IMF will consider the request for review approval later this month. Regional economic data was limited. Germany reported a trade surplus of EUR14.1 billion (EUR17.5 billion expected, EUR17.5 billion prior) while the country's industrial production declined 1.0% month-over-month (-0.5% expected, 2.0% prior). Elsewhere, Eurozone Sentix Investor Confidence declined to -12.6 from -11.6 (-10.0 expected).
- In the United Kingdom, the FTSE is higher by 1.3% as financials outperform. Barclays, Royal Bank of Scotland, and Lloyds Banking Group are all up between 2.8% and 5.4%.WM Morrison Supermarkets is among the few advancers with a loss of 0.8%.
- France's CAC sports a gain of 2.1% as 38 of 40 components advance. Credit Agricole and Societe Generale are both up near 3.0%. On the downside, Alstom trades lower by 1.0%.
- In Germany, the DAX trades up 2.5% with exporters in the lead. BMW is higher by 3.2% and Daimler sports a gain of 2.3%. German financials have underperformed other European banks. Commerzbank and Deutsche Bank are lower by 1.9% and 0.1%, respectively.
8:53 am On The Wires (:WIRES) :
- Tutor Perini (TPC) has been awarded a contract by the National Railroad Passenger Corporation to construct an underground concrete casing beneath the Eastern Rail Yard of the Hudson Yards site in New York City. The contract value is ~ $133 mln.
- iStar Financial (SFI) has agreed to provide up to $146 mln of preferred equity to Landmark Apartment Trust of America.
- First Potomac Realty Trust (FPO) announced that a professional services firm has signed a lease to expand into the remaining 30,036 square feet at Redland Corporate Center in Rockville, Maryland, bringing the property to 100% leased.
- Capstone Turbine (CPST) received an order to provide four C200 C1D2 Capstone microturbines to a leading oil and gas producer for two offshore platforms in Vietnam. The platforms are expected to yield an oil flow of ~ 50,000 barrels per day combined and generate a production value of ~ $5 mln per day.
- Eagle Rock Energy Partners (EROC) announced the successful startup of its previously announced 60 MMcf/d cryogenic processing facility in Wheeler County, Texas, in the heart of the prolific Granite Wash play.
8:46 am On The Wires (:WIRES) :
- Varian Medical Systems (VAR) has successfully integrated its Eclipse treatment planning system with Elekta linear accelerators to deliver VMAT treatments at Kantonsspital St. Gallen in Switzerland.
- Towers Watson (TW) and WageWorks (WAGE) announced an agreement for WageWorks to administer health savings accounts and health reimbursement arrangements on OneExchange Active, Towers Watson's new private health insurance exchange.
- Broadcom (BRCM) announced the appointment of Dr. Ting Wei Li as Senior Vice President of Sales for China, Taiwan and Hong Kong and President of Greater China.
- USMD Holdings (USMD) announced it is extending medical care to the 49th state by partnering with the Alaska Institute of Surgical & Medical Specialties in Anchorage.
- Silicom (SILC) announced that one of the world's largest networking security cos has now standardized on additional Silicom's modules for both the current and an additional appliance product line. The co expects that sales of these new wins will ramp up its revs from this customer to ~ $4 mln per year.
- Erickson Air-Crane (EAC) was awarded option period extensions with Special Operations Command Africa. The option awards were made to Evergreen Helicopters, a recently acquired subsidiary of Erickson, to provide a fleet of fixed and rotary wing aircraft for personnel and cargo transport for the Department of Defense in Central Africa. The total value of the contract options is in excess of $8 mln.
8:42 am Forest City Enterprises expands credit facility to $500 mln (FCE.A) : Co announced that it has exercised the accordion feature of its existing revolving credit agreement and increased the total size of the facility to $500 million. The expansion reflects the addition of Citibank N.A. to the bank group, as well as increased commitments from KeyBank National Association and PNC Bank, National Association, both of which were already part of the facility.
8:39 am Baltic Trading announces agreement to acquire two Handysize vessels for ~ $41 mln (BALT) : Co announced that it has agreed to acquire two 32,000 dwt Handysize vessels, for an aggregate purchase price of approximately $41.0 million. The two vessels, the 2010-built Baltic Fox and the 2009-built Baltic Hare, are expected to be delivered to Baltic Trading by the end of the third quarter of 2013. Baltic Trading has reached an agreement to enter both vessels upon delivery into the Clipper Logger Pool, a Handysize pool operated by Clipper Bulk.
8:37 am Asian Markets Close: Nikkei -1.4%, Hang Seng -1.3%, Shanghai -2.4% (:SUMRX) : It was a sea of red across Asia as all of the major indices ended with losses. China's Shanghai Composite (-2.4%) was a notable underperformer despite further declines in the Shanghai Interbank Offered Rate (overnight rate -12 bps to 3.256%). Property names led equities to the downside after real estate agents in Hong Kong staged a mass protest against government property curbs. Economic data was limited to just a handful of releases. Japan reported a current account surplus of JPY0.54 trillion (JPY0.60 trillion expected, JPY0.75 trillion prior) while its adjusted current account indicated a surplus of JPY0.62 trillion (JPY0.62 trillion expected, JPY0.85 trillion previous). In addition, the country's bank lending increased 1.9% year-over-year (1.8% prior). Lastly, the Economy Watchers Current Index declined to 53.0 from 55.7 (55.6 expected). Elsewhere, Australia's ANZ Job Advertisements decreased 1.8% month-over-month (-2.5% previous). Looking at the currencies...USDCNY ticked down to 6.1338; USDINR fell to 60.757; USDJPY is stronger at 101.25; AUDUSD is higher near .9081. In Japan, the Nikkei closed -1.4% as growth-oriented names underperformed. Mitsui Fudosan and Nisshin Steel Holdings both lost near 4.0%. On the upside, Tokyo Electric Power gained 4.3%.
In Hong Kong, the Hang Seng ended -1.3% amid broad weakness. Hang Lung Properties and Sino Land weighed with respective losses of 3.8% and 3.2%. Energy producer CNOOC added 0.5% to outperform the region...In China, the Shanghai Composite settled -2.4%. Technology names Hangzhou Silan Microelectronics and Shenzhen Kingdom Sci-Tech both lost near 10.0%.
In India, the Sensex finished -0.9%. Tata Motors and Tata Steel settled lower by 2.8% and 1.8%, respectively. ICICI Bank also underperformed with a loss of 2.2%.
In Australia, the ASX ended -0.7%. Ausdrill and Silver Lake Resources both lost near 9.0% while Billabong settled higher by 9.6%.
In Taiwan, the Taiex settled -1.4% as HTC plunged 6.9% after missing sales estimates...In South Korea, the Kospi finished -0.9% as Kumho Industrial fell 6.8%.
In other regional markets...Indonesia -3.7%...Thailand -2.6%...Singapore -0.5%...Vietnam -0.6%...Malaysia -0.5%...Philippines -2.8%.
8:35 am WellCare Group names Dr. Steven Goldberg Chief Medical Officer (WCG) : Co announced that Steven Goldberg has been named the company's chief medical officer. Before joining WellCare, Dr. Goldberg served as senior medical director for Coventry Healthcare of Kentucky.
8:33 am Huntsman signs Agreement to acquire US polyols manufacturer, Oxid; financial terms not disclosed; transaction will be immediately accretive (HUN) : Co announced that it has signed a definitive agreement to acquire the business of Oxid, a manufacturer and marketer of specialty urethane polyols based in Houston, Texas. The financial terms of the agreement were not disclosed. The transaction is expected to close during the third quarter and will be immediately accretive to Huntsman's earnings. Oxid generated $86 million of revenue in 2012.
8:32 am Coeur d'Alene Mines' La Preciosa project PEA indicates 17-year initial mine life; average annual silver production of 9.1 million ounces over the first 14 years (CDE) : Co announced results from a Preliminary Economic Assessment (:PEA) for its wholly-owned La Preciosa silver-gold project located in Durango state, Mexico. The PEA indicates an initial estimated mine life of 17 years recovering an estimated 134.5 million ounces of silver and generating a 17% after-tax internal rate of return (IRR) using price assumptions of $25 per silver ounce and $1,500 per gold ounce. Over the first 14 years of production, La Preciosa is expected to produce an average 9.1 million ounces of silver per year at anticipated average cash operating costs1 of $13.86 per silver ounce, and is expected to average approximately $93 million in operating cash flow1 per year. At forecast production rates, La Preciosa would be one of the top 10 primary silver mines in the world. The references herein are in U.S. dollars and U.S. customary units.
8:32 am Warren Resources announced the promotion of Timothy Larkin to Executive VP-mergers and acquisitions and Stewart Skelly to VP and CFO (WRES) : Co announced the promotion of Timothy A. Larkin to Executive Vice President-Mergers and Acquisitions and Stewart P. Skelly to Vice President and Chief Financial Officer. Larkin has served as Warren's CFO since 1995 and was appointed as an Executive Vice President in March 2004. Skelly has served as Warren's Corporate Controller since 2002 and was appointed as a Vice President in March 2004. From 2000 to 2002, he served as the company's Assistant Controller.
8:32 am 3D Systems announced that Enventys selected 3D Systems' complete portfolio of 3D printers for use (DDD) : Co announced that Enventys, the company behind Edison Nation, Everyday Edisons and Edison Nation Medical, has selected 3D Systems' complete portfolio of 3D printers for use across its programs and services.
8:31 am OvaScience announces creation of International Product Advisory Board (OVAS) : Co announced the creation of an International Product Advisory Board (:IPAB). Comprised of fertility experts, the IPAB will assist OvaScience in the development and commercialization of its technologies worldwide. OvaScience convened the inaugural meeting of the IPAB during the European Society of Human Reproduction and Embryology (:ESHRE) 2013 Annual Meeting, the world's leading event in reproductive science and medicine, being held this week in London.
8:30 am S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +17.70. (:WRAPX) : Equity futures hold solid pre-market gains and the S&P 500 futures trade higher by 0.6%. The overnight advance occurred as the European session got off to a strong start after a joint EU-IMF panel issued a statement saying Greece has made important progress but remains behind in some areas of policy implementation. The Eurogroup and IMF will consider the request for review approval later this month.
European indices trade near their highs with Germany's DAX (+2.4%) pacing the advance. On a related note, the euro holds a slim gain against the dollar as the pair trades near 1.2850.
Domestically, pre-market action has been generally quiet but Dell (DELL 13.37, +0.35) has been a notable mover, trading higher by 2.6% after Institutional Shareholder Services recommended Dell stockholders vote in favor of the proposed sale at $13.65 per share.
May consumer credit will be reported at 15:00 ET.
8:28 am On The Wires (:WIRES) :
- La Jolla Pharmaceutical (LJPC) announced that the first patient was dosed in a randomized, single blind, Phase 2 clinical trial of GCS-100 for chronic kidney disease.
- Advantage Insurance Holdings entered into a long-term agreement for GSO Capital Partners to serve as Advantage's exclusive portfolio advisor. GSO, the credit investment affiliate of The Blackstone Group (BX), will be responsible for deploying the capital and surplus of Advantage's licensed insurance subsidiaries into secured bank loans, collateralized loan obligations and other corporate credit investments.
- ServiceNow (NOW) announced that Colorado Springs Utilities has implemented ServiceNow software-as-a-service to transform the quality of their IT services, provide better end-user experience and meet audit and regulatory compliance requirements.
- Citrix (CTXS) announced it can enable enterprise customers and service providers to deliver mobile apps and Windows Server-based session desktops from Microsoft's (MSFT) Windows Azure cloud platform with the recently announced Citrix XenDesktop 7.
- Donaldson (DCI) announced the construction of a new filter manufacturing plant in Skarbimierz, Poland to serve the filtration needs of its European and Russian Customers.
- SEMATECH announced that Air Products (APD) has joined its Front End Processes program, and will work with SEMATECH to assess advanced materials and technologies for the development of sub-10 nm node III-V devices.
- Broadcom (BRCM) announced that Dish TV India has selected Broadcom's systems-on-a-chip to power its upcoming generation of satellite set-top boxes.
- Extreme Networks (EXTR) announced the appointment of Allison Amadia as vice president and general counsel.
- Hollysys Automation Technologies (HOLI) signed a contract to provide the ground-based high-speed rail signaling system to Mudanjiang-Suifenhe high-speed rail line with a designed traveling speed of 200 km/h and 138.82 km in length. The contract is valued at ~ RMB 33.77 mln or $5.47 mln.
8:27 am ChromaDex announces deal for its recently launched Niagen Nicotinamide Riboside with Thorne Research (CDXC) : Co announced a three-year marketing deal worth at least $3.5 million with Thorne Research Inc. for ChromaDex's recently launched Niagen, its novel, patented branded nicotinamide riboside (NR) ingredient. Under the terms of the agreement, Thorne Research receives marketing rights for Niagen for use in nutritional supplements exclusively for the direct to healthcare-practitioner channel in the United States and Canada. ChromaDex will receive a royalty on sales of Thorne Research products that will contain Niagen. In addition, Thorne Research will collaborate with ChromaDex on future human clinical trials of Niagen.
8:27 am On The Wires (:WIRES) :
- NCR (NCR) has entered in to an agreement with Adelaide Oval SMA to deploy the NCR venue management solution at the Adelaide Oval, as part of the major redevelopment currently underway.
- Stifel Financial (SF) has entered into a strategic relationship whereby Stifel and Carlyle GMS Finance, a business development co focused on senior debt investment in middle-market cos recently formed by affiliates of The Carlyle Group (CG), will mutually refer middle-market opportunities to each other. As part of the strategic relationship, Stifel has made an investment in Carlyle GMS Finance.
- Hooper Holmes (HH) announced an agreement with Pacific Life Insurance to provide efficient data acquisition, processing, and underwriting solutions for its new Pacific PRIME Term product now being launched in the U.S.
- MoneyGram (MGI) has acquired Latino Services, an Atlanta, Georgia-based funds transfer agent, to increase the number of MoneyGram-owned locations.
- Mechel OAO (MTL) announces the closure of the deal on disposal of 100% of the shares of Toplofikatsia Rousse EAD. The disposal is valued at ~ 29 mln euro based on the asset's equity value.
- Cadence Design Systems (CDNS) announced that TSMC has expanded collaboration with Cadence on the Virtuoso custom and analog design platform to design and verify its own IP.
- Layne Christensen (LAYN) announced that Martha R. Vance has been named Vice President, Chief Accounting Officer, effective July 8, 2013.
- HCP (HCP) announced the appointment of Brian G. Cartwright to the co's Board of Directors. The Board determined that Mr. Cartwright qualifies as an independent director under the applicable NYSE and SEC requirements.
- Computer Services has become an OEM partner of SAP (SAP) to provide the SAP BusinessObjects Business Intelligence platform embedded within CSI's NuPoint core system.
8:20 am Silicom Limited confirms Top-Tier networking security company to standardize on Silicom's Modules; sales to this customer are now expected to reach $4m per year (SILC) : Co announced that one of the world's largest networking security companies, which for the past two years has been using Silicom's 10Gbps modules in one of its appliance product lines, has now standardized on additional Silicom's modules for both the current and an additional appliance product line. The Company expects that sales of these new wins will ramp up its revenues from this customer to approximately $4 million per year.
8:17 am Oramed Pharmaceuticals enrolls first patient in its phase 2a u.s. oral insulin clinical trial (ORMP) : Co announced that the first patient has been enrolled in a Phase 2a trial of ORMD-0801, an orally ingestible insulin capsule, on patients with type 2 diabetes. The current trial is to be a randomized, double-blind study designed to assess the safety of ORMD-0801.
8:12 am Alere: Coppersmith Capital files definitive proxy materials to elect three candidates to Alere's Board and sends letter to Alere stockholders; urges stockholders to vote the blue proxy card (ALR) : Coppersmith Capital Management and the other participants in its proxy solicitation, the fourth-largest stockholder of ALR, owning ~7% of the shares outstanding announced that it has filed with the SEC definitive proxy materials in connection with the election of Coppersmith's three highly-qualified and independent candidates to Alere's Board of Directors at its upcoming annual meeting of stockholders on Wednesday, August 7, 2013.
Letter stated "Coppersmith Capital Management, LLC and the other participants in its proxy solicitation own approximately 7.0% of Alere...We have nominated three highly qualified, independent candidates, Curt R. Hartman, Theodore E. Martin and Jerome J. Lande, for election to Alere's board of directors (the "Board") at the upcoming annual meeting of stockholders....We believe we are the fourth-largest stockholder of Alere and have consistently continued to increase our position by close to 20% since the announcement of our nomination of director candidates because we believe in the strength of Alere's core assets and are encouraged by the strong support we have received from our fellow stockholders. Alere is deeply undervalued and chronically underperforming, in our view, largely as a result of major strategic, structural and operational problems within the control of management and the Board. Yet, Alere's management and Board have proposed only feeble half-measures, with no quantified targets or timetables, in what appears to be nothing more than an attempt to placate frustrated stockholders."
8:12 am API Tech: Behrman Capital portfolio company Data Device Corporation acquires National Hybrid Inc. (ATNY) : Co announced that its portfolio company Data Device Corporation (DDC) has acquired National Hybrid Inc. from API Technologies Corp. (ATNY) in a transaction valued at $32.5 million. The addition of National Hybrid expands DDC's data bus product offering and reinforces DDC's position as a leading supplier of high-reliability data networking electronics for the US Department of Defense and leading defense and aerospace contractors. National Hybrid is a designer and manufacturer of military standard data networking technology, specializing in critical components for the defense and aerospace sectors.
8:11 am Guidance Software has successfully gained market share and built an impressive client roster for its solutions in the EMEA region (GUID) : Co is broadening the scope of operations across Western Europe to bolster sales, support and training for its world-class analytics, security and e-discovery solutions with in-region offices and a partnership with a major, global distributor.
8:11 am Eli Lilly announces John Lechleiter has returned to his duties as chairman, president, and CEO (LLY) : Co announced that John C. Lechleiter, Ph.D., has returned to his duties as chairman, president, and chief executive officer. Lechleiter has been on medical leave since his scheduled surgery for a dilated aorta on May 13, 2013. Lechleiter's surgery and recovery were successful and he has been cleared by his personal physician and the company's employee health services physician to return to full-time work.
8:10 am Teledyne Tech Acquires Remaining Shares of Nova Sensors; terms not disclosed (TDY) : Co announced today that its subsidiary, Teledyne Scientific & Imaging, LLC, has acquired the remaining 49% interest in Nova Research, Inc. that it did not already own. Terms of the transaction were not disclosed.
8:10 am ClickSoftware sees Q2 loss (Capital IQ consensus called for profit); sees Q2 revs below consensus; co attributes guidance to to a faster than expected shift in its revenues to cloud-based software (CKSW) : Co issues downside guidance for Q2 (Jun), sees EPS of ($0.08) - ($0.06) vs. $0.02 Capital IQ Consensus Estimate; sees Q2 (Jun) revs of ~$24.5 mln vs. $27.27 mln Capital IQ Consensus Estimate. (Non-GAAP net income excludes amortization of intangible assets expenses of about $50,000, share-based compensation expenses of about $600,000, and tax benefit of about $70,000 in the second quarter of 2013).
The Company primarily attributes the lower than expected growth rate in revenues to a faster than expected shift in its revenues to cloud-based software-as-a-service (SaaS) sales. As this revenue shift is happening, there are some delays in closing certain contracts with customers that are performing additional due diligence comparing our cloud and on-premise offerings. The transition to a SaaS model is a positive development for ClickSoftware's long term growth prospects; however this shift and the tendency of customers to lower up-front investment are having an impact on the Company's short term growth rate. Additionally, while the Company has started to gain traction in its geographical expansion, the deal closing processes are taking longer than expected.
"During the second quarter we closed a relatively higher number of new contracts, including a growing number of cloud-based engagements. Some of these customers are initially implementing our service to a smaller user base but have the potential for a larger number of users once a full roll-out is completed. We also have a number of prospect customers in advanced stages of closing during the remainder of 2013 and are encouraged by our pipeline.
8:10 am Centene subsidiary exits Kentucky Medicaid Managed Care Program (CNC) : Co announces its Kentucky subsidiary, Kentucky Spirit Health Plan, exited the Commonwealth's Medicaid managed care program as of midnight Friday, July 5, 2013. The Commonwealth has taken steps to transfer Kentucky Spirit's members to other managed care organizations.
8:09 am AOL announces a $150 mln increase to its current stock repurchase authorization; announces the closing of a $250 mln revolving credit facility (AOL) : Co announced today that its Board of Directors authorized an additional $150 million share repurchase authorization. Year-to-date, AOL has repurchased 1.4 million shares of common stock at an average price of $35.65, or $50 million in aggregate, bringing AOL's total current available authorization to $200 million. At the same time, AOL's Board has authorized the Company to enter into a five-year secured $250 million revolving credit facility with a syndicated bank lending group, led by JP Morgan Chase Bank, N.A. The facility is secured by substantially all the assets of AOL and its material domestic subsidiaries, subject to customary exceptions, and was not drawn upon at closing. AOL intends to use borrowings under this facility for general corporate purposes.
8:07 am Dejour Energy's Kokopelli 'Green Completion' program with Halliburton underway (DEJ) : Co announce that production facility installations and pipeline tie-ins have been completed and pre-completion logistics for the fracking of Dejour's initial four wells are currently underway at Kokopelli. Each of the wells will be completed in the Williams Fork formation with up to eight frac stages per well. Halliburton (HAL) is performing the work under a turnkey contract arrangement. As soon as the wells are capable of sustained flow they will be turned into the sales line and the cleanup of the wells will be completed while producing the wells into the gas sales lines in order to minimize the release of the hydrocarbons to the atmosphere, per Dejour's policy of "green completions." All facility installations and pipeline connections for the immediate transportation and processing of gas, condensate and NGL's have been completed ahead of the scheduled completions in order to accomplish the goal of minimum hydrocarbon flaring during the completion process and startup of production. Additionally, in order to reduce costs and impact on the environment, the first two wells will be completed in early July followed in late July by the completion of the remaining two wells, maximizing the utility of the water and treating all fluids in an environmentally responsible manner.
8:05 am Eli Lilly and Boehringer Ingelheim announce regulatory submission for new insulin glargine biosimilar product (LLY) : Eli Lilly and Company (LLY) and Boehringer Ingelheim announced that the companies' marketing authorisation application (MAA) for LY2963016, an investigational basal (long-acting) insulin for the treatment of type 1 and type 2 diabetes, has been accepted for review by the European Medicines Agency (:EMA). LY2963016 is a new insulin glargine product and has been filed through the EMA's biosimilar pathway.
8:03 am India Globalization Capital executes iron ore sale and purchase agreement with $10-12 mln projected aggregate revenue (IGC) : Co announced the signing of an iron ore sale and purchase agreement with Mon Resources International LLC on July 3rd, 2013. Mon Resources supplies iron ore produced in Mongolia. The contract encompasses an aggregate shipment of up to 126,000 metric tons of iron ore, and is effective through December 31, 2013, and can be extended via mutual agreement. IGC will purchase an aggregate of 126,000 metric tons of 54% Fe content ore delivered to the IGC hub at the border of Mongolia and China. IGC's subsidiary in China will then beneficiate this ore to 66% Fe content, which is then sold to the steel mills. The shipments are expected to commence in August with projected aggregate revenue between $10 million and $12 million, based on current pricing, and favorable profit margins.
8:02 am HollySys announced $5.47 mln contract to provide the ground-based high-speed rail signaling system to Mudanjiang-Suifenhe high-speed rail line (HOLI) : Co announced that it signed a contract to provide the ground-based high-speed rail signaling system to Mudanjiang-Suifenhe high-speed rail line ("this line") with a designed traveling speed of 200 km/h and 138.82 km in length. The contract is valued at approximately RMB 33.77 million or US $5.47 million.
8:01 am Assisted Living Concepts announces an update on the previously announced agreement and plan of merger; substantially all state licenses to operate its assisted living facilities have been obtained by Aid Holdings (ALC) : Co announced that substantially all state licenses to operate its assisted living facilities have been obtained by Aid Holdings in connection with the previously announced Agreement and Plan of Merger dated as of February 25, 2013 among Parent, Aid Merger Sub, LLC and ALC. Parent and Merger Sub are affiliates of TPG Capital, L.P.
- ALC believes that the remaining state licenses to operate its assisted living facilities will be obtained by Parent within the next few weeks and that the closing pursuant to the Merger Agreement will occur shortly thereafter.
8:01 am FLY Leasing upsizes aircraft acquisition to $450 mln (FLY) : Co announced that it has increased the size of its aircraft acquisition facility from $250 million to $450 million. The facility's availability period has also been extended for two years, followed by a three year term out period to July 2018. The margin on the facility was reduced by 0.50% to 3.25% during the availability period. In addition, two new lenders, EverBank Commercial Finance and Scotiabank, joined the facility.
7:59 am SunCoke Energy reports consolidated domestic coke production for 2Q2013 is estimated to be 1,081 thousand tons, down slightly from 1,095 thousand tons in 2Q2012 (SXC) : Co reported that consolidated domestic coke production for second quarter 2013 is estimated to be 1,081 thousand tons, down slightly from 1,095 thousand tons in second quarter 2012.
- The year-over-year change reflects lower production at our Indiana Harbor cokemaking facility, which is undergoing a significant refurbishment, partly offset by higher production at our Haverhill and Middletown facilities.
- Domestic capacity utilization in second quarter 2013 is estimated to be 102%, down two percentage points from the same prior year period primarily due to lower production at Indiana Harbor.
7:58 am S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +17.00. (:WRAPX) : U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.6%.
Looking at overnight developments:
- Asian markets ended lower across the board. Hong Kong's Hang Seng lost 1.3%, Japan's Nikkei fell 1.4%, and China's Shanghai Composite settled lower by 2.4%.
- In regional economic data:
- Japan reported a current account surplus of JPY0.54 trillion (JPY0.60 trillion expected, JPY0.75 trillion prior) while its adjusted current account indicated a surplus of JPY0.62 trillion (JPY0.62 trillion expected, JPY0.85 trillion previous). In addition, the country's bank lending increased 1.9% year-over-year (1.8% prior). Lastly, the Economy Watchers Current Index declined to 53.0 from 55.7 (55.6 expected).
- Australia's ANZ Job Advertisements decreased 1.8% month-over-month (-2.5% previous).
- Looking at news:
- Citigroup has lowered China's 2013 GDP growth forecast to 7.4% from 7.7%.
- Markets in China and Hong Kong underperformed with property names leading to the downside after real estate agents in Hong Kong staged a mass protest against government property curbs.
- In regional economic data:
- Major European indices have spent the first half of the session in positive territory. Great Britain's FTSE is higher by 0.8%, France's CAC trades with a gain of 1.7%, and Germany's DAX sports a gain of 2.3%.
- Regional economic data was limited to a handful of releases:
- Germany reported a trade surplus of EUR14.1 billion (EUR17.5 billion expected, EUR17.5 billion prior) while the country's industrial production declined 1.0% month-over-month (-0.5% expected, 2.0% prior).
- Eurozone Sentix Investor Confidence declined to -12.6 from -11.6 (-10.0 expected).
- In news:
- A joint EU-IMF panel has issued a statement saying Greece had made important progress but remains behind in some areas of policy implementation. The Eurogroup and IMF will consider the request for review approval later this month.
- Regional economic data was limited to a handful of releases:
In U.S. corporate news:
- Dell (DELL 13.37, +0.35) trades higher by 2.6% after Institutional Shareholder Services recommended Dell stockholders vote in favor of the proposed sale transaction at $13.65 per share.
- Intel (INTC 23.95, -0.11) is lower by 0.5% after Evercore downgraded the stock to 'Underweight' from 'Equal Weight.'
May consumer credit will be reported at 15:00 ET.
7:57 am Ivanhoe Energy receives $3.6 mln in anticipated holdback proceeds from the transaction with MIE Holdings (IVAN) : The receipt of these funds marks the completion of the corporate disposition of Ivanhoe's wholly-owned subsidiary, Pan-China Resources, to MIE.
7:50 am On The Wires (:WIRES) :
- Green Innovations (GNIN) announced that its subsidiary, Green Hygienics, has received 11 purchase orders from Grocery Outlet. This most recent Grocery Outlet purchase of "Sensational" branded bath tissue is valued in excess of $200,000, making it the largest single purchase of Green Hygienics product to date.
- Foster Wheeler (FWLT) announced that a subsidiary of its Global Engineering and Construction Group has signed a Master Service Agreement to support the North American capital project program of Enterprise Products Operating, a subsidiary of Enterprise Products Partners (EPD). FWLT will provide services for multiple projects that will be awarded in a "release" arrangement.
- Ebix (EBIX) announced its subsidiary Ebix Latin America executed a contract with SINCOR-SP for the implementation and deployment of a Multi-Quote Exchange Solution for auto insurance.
- Novavax (NVAX) announced that enrollment has begun in a Phase 1 clinical trial of its monovalent virus-like particle vaccine candidate for the prevention of disease due to A/Anhui/1/13-like A(H7N9) avian influenza viruses (A(H7N9) vaccine).
- Sharp (SHCAY) Business Systems announced the acquisition of Copifax, a provider of copying, scanning and photographic business equipment. The transaction is based on an undisclosed fee.
- HP (HPQ) announced that EastWest Bank, a bank in the Philippines, has selected HP Converged Infrastructure to provide a modern, flexible and agile foundation to transition to private cloud.
7:32 am BioDelivery Sciences secures a $20 mln senior secured loan from an affiliate of MidCap Financial (BDSI) : Co announced that it has secured a $20.0 million senior secured loan from an affiliate of MidCap Financial. The proceeds of the loan strengthens the cash position as BDSI moves toward the submission of a New Drug Application for BUNAVAIL and the completion of the two Phase 3 clinical studies for BEMA Buprenorphine for chronic pain, the latter of which would result in milestone payments to BDSI from its commercial partner, Endo Health Solutions (ENDP). The secured loan has a term of 36 months with interest only payments for the first 6 months. The interest rate is 8.45% plus a LIBOR floor of 0.5%. Under the terms of loan, MidCap was also issued a warrant to purchase 357,143 shares of BDSI common stock with an exercise price of $4.20, the 20-day volume-weighted average share price of BDSI's common stock prior to closing of the loan.
7:32 am Soligenix announces commercial collaboration with SciClone Pharmaceuticals (SCLN) in China for SGX942 in the treatment of oral mucositis (SNGX) : Co announced a personalized medicine collaboration with SciClone Pharmaceuticals (SCLN) in the Company's oral mucositis clinical program with SGX942. As part of this collaboration, Soligenix will receive access to SciClone's oral mucositis clinical and regulatory data library in exchange for commercialization rights in the People's Republic of China, including Hong Kong and Macau. Specific deal terms have not been disclosed at this time.
7:31 am Cytokinetics says it was recently informed by its data management vendor that a programming error in the electronic data capture system, caused 58 patients initially randomized to and treated with tirasemtiv to receive placebo instead; error has been corrected (shares halted) (CYTK) : Co announced an update on the conduct of BENEFIT-ALS. To date, over 450 patients have been enrolled in this study.
Co was recently informed by its data management vendor that a programming error in the electronic data capture system controlling study drug assignment caused 58 patients initially randomized to and treated with tirasemtiv to receive placebo instead at a certain study visit and for the remainder of the study. No patients randomized to placebo were dispensed incorrect treatment.
Cytokinetics and all clinical trial site personnel remain blinded to the specific patients affected by the error. Since the error was detected, the company has taken steps to ensure that no further incorrect study drug assignments have occurred and the programming error in the electronic data capture system controlling study drug assignment has been corrected.
In addition, the company recently convened an ad hoc meeting of the study's Data Safety Monitoring Board (:DSMB) to assess whether the error in dispensing study drug had impacted the safety of the 58 affected patients. After review of the relevant safety data from BENEFIT-ALS, the DSMB reported no concerns regarding patient safety.
The company continues to enroll patients in the study under the current protocol and may amend the protocol to allow increased enrollment.
Following further communications with regulatory authorities, Cytokinetics expects to provide updated guidance relating to the conduct of BENEFIT-ALS, which may include revisions to the timing of publicly available results from the study as well as to the projected costs of the study.
7:31 am Atlas Financial announces signing of non-binding letter of intent to purchase all outstanding preferred shares (AFH) : Co announced that it entered into a non-binding letter of intent to purchase all outstanding Atlas preferred shares that are eligible for redemption, for 90% of liquidation value, or $16.2 mln. Upon execution of definitive agreements, Atlas will pay $7.5 mln in cash. Additional cash from the exercise of outstanding Atlas warrants will also be paid to the current holders of Atlas' preferred stock eligible for redemption. The exercise of all outstanding warrants, which expire on Dec 31, 2013, would generate CAD7,541,030 in connection with the issuance of 1,256,843 shares of Atlas common stock.
7:24 am Dell: ISS recommends Dell shareholders vote 'for' proposed sale transaction at $13.65 per share in cash (DELL) : The Special Committee of the Board of Directors of Dell announced that Institutional Shareholder Services ("ISS"), has recommended that Dell shareholders vote FOR the proposed sale transaction for $13.65 per share in cash. "We are pleased that ISS has recommended, as we have, that Dell shareholders approve the $13.65 per share cash sale transaction. With the assistance of outside advisors over the course of an exhaustive 10-month process, the Committee has thoroughly reviewed Dell's existing business plan as it seeks to transform its business model and various alternatives in support of that transformation. Given the Company's business challenges, intensifying competition and deteriorating industry trends, a sale at $13.65 per share in cash provides the highest value and greatest certainty of any available alternative. We also believe rejection of this transaction would expose Dell and its shareholders to serious risks and uncertainties that will harm the Company's business and erode shareholder value."
7:23 am On The Wires (:WIRES) :
- Pluristem Therapeutics (PSTI) announced that Cha Bio&Diostech has filed its first investigational new drug (IND) application for Pluristem's PLacental eXpanded (PLX) cells with the Korean Food and Drug Administration. This IND is for the use of PLX-PAD in the treatment of intermittent claudication and mirrors the clinical protocol implemented by Pluristem in its FDA supervised Phase II IC clinical trial in the U.S.
- AECOM Technology (ACM) has been awarded a $49 mln task order to act as the implementing partner for the Mali Transition Initiative in support of the U.S. Agency for International Development's Office of Transition Initiatives.
- PC Connection (PCCC) has been chosen by Microsoft (MSFT) to participate in the Microsoft Devices Program, which will allow the organization to sell Surface Pro and Surface RT to commercial customers.
- Kratos Defense & Security Solutions (KTOS) announced that its Public Safety & Security Solutions Division recently received a critical infrastructure security contract with total potential value of $6.5 mln for a security system deployment by a public school system located in the U.S.
- Office Depot (ODP) announced that the co filed its preliminary proxy statement with the SEC on July 5, 2013. The co also announced that Michael J. Massey, previously CEO and President of Collective Brands (PSS), has been nominated to join the Board by the Corporate Governance & Nominating Committee.
- Garmin International, a unit of Garmin (GRMN), announced HUD, the co's first portable head-up display for smartphone navigation apps.
- Eli Lilly (LLY) announced that the Centers for Medicare & Medicaid Services has issued a draft decision proposing Coverage with Evidence Development for the use of beta-amyloid positron emission tomography imaging agents. Beta-amyloid imaging agents are used to evaluate patients with cognitive impairment for Alzheimer's Disease and other causes of cognitive decline.
- Camtek (CAMT) announced that it received repeat orders in excess of $2.5 mln for Xact200 systems, from a number of semiconductor manufacturers.
7:21 am New Residential Investment announces additional closing of previously announced excess MSR transaction (NRZ) : Co announced that on July 1, 2013 it completed an additional closing of excess mortgage servicing rights that it agreed to acquire as part of the previously announced transaction between Nationstar Mortgage (NSM) and Bank of America (BAC). This closing relates to loans held in private label securitizations with an unpaid principal balance of $43 billion, which represents ~ 45% of the total PLS UPB associated with the Transaction.
7:17 am Novartis AG entered into development and licensing agreement with Biological E Limited for two vaccines to protect against typhoid and paratyphoid fevers (NVS) : Co announced that it has entered into a development and licensing agreement with Biological E Limited (BioE), a biopharmaceutical company based in India, for two vaccines to protect against typhoid and paratyphoid fevers. Under the license, NVGH will transfer technology to BioE, which will have financial and operational responsibility for manufacturing, further clinical development, approval and distribution in the developing world. The typhoid vaccine (Vi-CRM197) has achieved Proof of Concept, had successful Phase 2 results, and will be transferred to BioE. A combined typhoid-paratyphoid vaccine will be transferred once Proof of Concept is completed through early, small-scale studies in humans to determine safety and immunogenicity.
7:15 am Office Depot announces filing of preliminary proxy statement for annual meeting; Nominates Michael J. Massey to Join Office Depot Board (ODP) :
7:10 am Sprint Nextel announced the preliminary results of elections made by Sprint (S) shareholders (S) : Co announced the preliminary results of elections made by Sprint (S) shareholders regarding their preferences as to the form of merger consideration they will receive in connection with the pending transaction between Sprint and SoftBank. The deadline for Sprint shareholders to have made elections in connection with the transaction on July 5, 2013.
- Of the ~3.026 bln shares of Sprint common stock outstanding as of July 5, 2013, holders of: ~79.71 mln shares, or ~3% of outstanding shares, elected to receive shares of Sprint Corporation common stock; ~1.607 bln shares, or ~53 percent of outstanding shares, elected to receive cash; and ~1.338 bln shares, or ~44 percent of outstanding shares, made no election and therefore will be deemed to have elected to receive cash.
7:05 am PMC Commercial Trust enters into merger agreement with CIM Urban REIT; existing PCC shareholders to receive a special cash dividend of $5.50 per share (PCC) : Co announced that it has entered into a definitive merger agreement with CIM Urban REIT, LLC and subsidiaries of the respective parties. CIM Urban REIT is a private commercial REIT with Class A commercial real estate assets located in premier urban markets throughout the United States. CIM Urban REIT is managed by a subsidiary of CIM Group, LLC, a real estate and infrastructure investment firm with approximately $12 billion in assets under management.
- All PMC Commercial Common Shares that are outstanding immediately prior to the transactions will remain outstanding following the transactions.
- In addition, PMC Commercial shareholders of record at the close of the business day prior to the closing of the transactions will receive a special cash dividend of $5.50 per common share, to be paid shortly after closing. The special dividend will be funded from existing cash and credit lines. Based on the agreed equity value of CIM Urban REIT's contributed portfolio of $2.386 billion and the issuance of 477.2 million PMC Commercial Common Shares, the merged company (including subsidiaries) will have an implied valuation of $2.439 billion.
- The merged company is initially expected to pay a quarterly cash dividend of $0.175 per common share, which will provide a 3.5% annualized yield on its pro forma equity market capitalization.
7:05 am DaVita announces that Garry Menzel to join the co in mid-September and become its CFO (DVA) : Co announces that Garry Menzel, PhD, is to join the co in mid-September and become its Chief Financial Officer. He will start as SVP Finance, and begin officially serving as the CFO the day after the co files its Quarterly Report on Form 10-Q for the quarter ended September 30, 2013. He most recently held the positions of Chief Operating Officer and Chief Financial Officer at Regulus Therapeutics (RGLS).
7:04 am QIWI announces that Alexander Karavaev has been appointed CFO of the co, effective as of July 4, 2013 (QIWI) : Mr. Karavaev most recently served as QIWI's chief operating officer since August 2012.
7:04 am Exar has acquired Cadeka Microcircuits (EXAR) : Co announced that it has acquired Cadeka Microcircuits. The transaction, which closed on Friday, July 5, 2013, includes $29.0 million in initial consideration to be paid in a combination of cash and stock, and an earn-out against net revenues contributed by Cadeka. With locations in Loveland, Colorado and both Shenzhen and Wuxi, China, Cadeka designs, develops and markets precision analog integrated circuits for use in industrial and high reliability applications.
7:02 am Response Genetics (thinly traded) announces contract with Blue Cross and Blue Shield of Illinois (RGDX) : Co announced that it has recently executed a provider contract with Blue Cross and Blue Shield of Illinois. Blue Cross and Blue Shield of Illinois has 7.4 million members, most of whom are located in the State of Illinois.
7:01 am Cleveland Biolabs: Cell reports publication elucidates role of fact as Accelerator of tumor transformation and potential marker and target of aggressive cancers (CBLI) : Co announced a poster presentation at the European Society for Medical Oncology 15th World Congress on Gastrointestinal Cancer, July 3-6, 2013 in Barcelona, Spain. In March 2013, a Notice of Allowance was received from the U.S. Food and Drug Administration for an Investigational New Drug application for a multi-center, Phase 1, single agent, dose escalation trial evaluating intravenous administration of CBL0137 in patients with advanced solid tumors.
6:51 am ING Group announced that it has agreed to sell its 50% stake in its Chinese insurance JV ING-BOB Life Insurance to BNP Paribas Cardif, the insurance arm of BNP Paribas (BNPQY) (ING) : Co announced that it has agreed to sell its 50% stake in its Chinese insurance joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif, the insurance arm of BNP Paribas (BNPQY). The transaction, which is subject to regulatory approval, is not expected to have a material impact on ING Group results.The transaction is part of ING's earlier announced process to divest ING's insurance and investment management businesses. The process to divest the remaining insurance and investment management businesses in Asia is on-going and any further announcements will be made if and when appropriate. The announcement does not affect ING Bank's 13.7% stake in Bank of Beijing, nor does it affect ING's Commercial Banking activities in China.
6:46 am S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +18.00. :
6:46 am European Markets : FTSE...6442.75...+21.10...+0.30%. DAX...7983.66...+177.70...+2.30%.
6:46 am Asian Markets : Nikkei...14109.34...-200.60...-1.40%. Hang Seng...20582.19...-272.50...-1.30%.
6:33 am American Realty Capital announces intention to close CapLease (LSE) merger earlier than expected in Q3 of 2013 in light of expiration of CapLease's (LSE) 40-day 'go shop' period (ARCP) : Co reaffirmed its intention to close its previously announced merger with CapLease (LSE). Following CapLease's announcement of the expiration of its 40-day "go shop" period without receipt of any alternative proposals, the Company expects to close the transaction in the third quarter of 2013. CapLease's recent filing of its preliminary proxy statement in connection with its special meeting, at which CapLease stockholders will vote whether to approve the merger, and the expiration of the "go shop" period, provide ARCP with a clear timetable for the closing of the CapLease acquisition.
The expiration of CapLease's "go shop" period and the recent filing of its preliminary proxy statement pave the way for another significant step toward ARCP's deliberate yet rapid transformation into the leading net lease REIT with an expected enterprise value in excess of $10 billion by the end of 2013.
6:26 am NRG Energy announces its wholly owned subsidiary, NRG Yield, has commenced an initial public offering of 19.575 mln shares of its Class A common stock (NRG) : Co announced that its wholly owned subsidiary, NRG Yield, has commenced an initial public offering of shares of its Class A common stock. NRG Yield is offering 19,575,000 shares of its Class A common stock to the public. The initial public offering price is currently expected to be between $19.00 and $21.00 per share of Class A common stock. Application has been made to list the Class A common stock of NRG Yield on the New York Stock Exchange under the symbol "NYLD." BofA Merrill Lynch, Goldman, Sachs & Co. and Citi are acting as joint book runners. Barclays, KeyBanc Capital Markets, Mitsubishi UFJ Securities, RBC Capital Markets, Credit Suisse and Deutsche Bank Securities are acting as co-managers.
6:15 am On The Wires (:WIRES) :
- Gigamon (GIMO) will move its corporate headquarters to Santa Clara, CA, expanding from ~ 45,000 square feet to 105,000 square feet at the new location. The move is scheduled for Q1 2014.
- RRsat Global Communications Network (RRST) has signed a long-term agreement with Fox International Channels, 21st Century Fox's (FOXA) international multi-media business, to support broadcast of its French channels throughout Africa.
6:02 am Astex Pharma announces plans to file IND with the FDA for ASTX727 (ASTX) : Co announced its plan to submit an Investigational New Drug or IND application to the FDA for ASTX727, a novel oral hypomethylating agent (HMA) in the fourth quarter of this year. ASTX727 is intended as a fixed dose oral combination product consisting of decitabine and E7727, a novel cytidine deaminase inhibitor (CDAi) licensed from Eisai Inc. ASTX727 allows for an efficient oral delivery of decitabine at low doses. Relevant animal studies revealed that the product can result in therapeutic exposures of decitabine at low doses. The profile of E7727 is expected to result in low inter-patient variability across doses of decitabine with little or no gastrointestinal safety issues. Later this year, preclinical data on ASTX727 will be submitted for presentation at a scientific meeting.
6:01 am Capital Lease Funding announces expiration of 'Go Shop' period (LSE) : Co announces the expiration of the 40-day "go shop" period pursuant to the terms of the previously announced Agreement and Plan of Merger, dated May 28, 2013, by and among the Company, American Realty Capital Properties (ARCP).
During the "go shop" process, the Company was permitted, on the terms and subject to the conditions of the Merger Agreement, to initiate, solicit and encourage inquiries from and engage in discussions and negotiations with third parties relating to alternative acquisition proposals. During the "go shop" period, the co contacted 44 potential alternative acquirors. None of the potential acquirors contacted during the "go shop" period submitted a proposal to acquire the co, and no other person has made an unsolicited inquiry or proposal.
5:46 am On The Wires (:WIRES) :
- Nova Measuring Instruments (NVMI) announced the introduction of its next generation NovaMARS 6.0 optical CD application development solution.
- Cisco (CSCO) announced that Vodafone India will be deploying its end-to-end networking solutions to evolve to a complete Internet Protocol-based architecture in India.
- Jiayuan.com International (DATE) announced that the number of registered user accounts on Jiayuan.com reached the 90 million milestone on July 7, 2013.
- Canadian Solar (CSIQ) announced that it was selected by Argand Energy Solutions for a 2.3MW solar power project in Louisburg, North Carolina.
- Advantest Corporation's (ATE) new T5831 system for testing next-generation ICs used in mobile applications, including NAND Flash with high-speed ONFi or Toggle Mode interfaces as well as managed NAND devices such as embedded multi-media cards, is now being delivered to customers.
- Imperva (IMPV) announced that SEEK has implemented Imperva SecureSphere Web Application Firewall to protect the data it holds on both candidates and recruiters, and to improve overall application performance levels.
4:09 am Inovio Pharma's universal H7N9 DNA Vaccine protects 100% of vaccinated animals in challenge study (INO) : Co announces that in a preclinical study of its influenza DNA vaccine against the virulent, newly emergent H7N9 flu virus, 100% of the vaccinated animals were protected against sickness and death when they were challenged with a lethal dose of H7N9 virus. The results from a study in mice demonstrated that Inovio's vaccine generated not only hemagglutination inhibition-based protection against the H7N9 virus but also strong T-cell responses. Inovio's DNA vaccine created cellular immune responses that could reduce the severity of the infection in a person that acquires the virus and limit the spread of the virus in a pandemic setting.
This study showed for the first time that an H7N9 flu vaccine can protect against this newly emergent influenza subtype, with the added novelty that Inovio's newly created universal "construct" for this subtype was not matched to the virus strain, suggesting the potential to provide protection against other mutated strains that would be expected to emerge within the H7N9 family of influenza. These results also show the speed at which Inovio can construct and test a DNA vaccine against a new virus or new subtype of a virus.
2:21 am Avnet intends to acquire European distributor MSC Investoren GmbH; expected to be immediately accretive to earnings (AVT) : Co announces that it has entered into an agreement to acquire MSC Investoren GmbH, a European distributor focused on electronic component distribution, embedded computing technology and display solutions. The agreement details a two-step approach whereby Avnet will acquire a majority interest in MSC Group after regulatory approval has been granted with the intent to acquire the remainder of the company within a short time frame.
MSC Group is a recognized value-added distributor that leverages its unique combination of distribution, production and system integration capability to address the emerging customer demand for more complex electronic products. The company generated revenue in excess of $450 mln in the 2012 calendar year, with embedded computer technology (including display solutions) accounting for almost 50% of its sales.
This transaction is expected to be immediately accretive to earnings and supports Avnet's long-term return on capital goal of 12.5%
2:18 am Cell Therapeutics provides reimbursement update for the UK for aggressive non-Hodgkin Lymphoma treatment, PIXUVRI; market access granted in Italy (CTIC) : Co announces that the National Institute for Health and Care Excellence, a non-departmental public body of the Department of Health in the United Kingdom, has notified CTI and issued a statement on their website stating that CTI's patient access scheme has been approved by the Department of Health and the appeal stage of this appraisal topic is suspended. The draft final appraisal document and evaluation report have been removed from the NICE website, since it is no longer relevant.
NICE has agreed that the Appraisal Committee will consider the new evidence on the cost effectiveness of PIXUVRI at its meeting on September 11, 2013.
Co also has been granted market access by the Italian Medicines Agency for the medicinal product PIXUVRI as a monotherapy for the treatment of adult patients with multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma (patients with aggressive B-cell NHL who failed 2 or 3 prior lines of therapy). Pixantrone has been classified by AIFA for use in hospitals and additional details on the pricing and reimbursement conditions for PIXUVRI in Italy will be provided coincident with the publication of the "Determina" of AIFA in the Official Gazette, which is expected to take 6 to 8 weeks.
1:20 am On The Wires (:WIRES) :
- GOL Linhas Aereas Inteligentes S.A. (GOL) announced it received from Bank of America informing the acquisition of shareholder interest, so that, on June 28, 2013, Bank of America had seven 7,416,020 preferred shares and in the form of ADR?s, equivalent to 5.49% of the co?s preferred shares
- Shazam announced that America Movil (AMX) has invested $40 mln in Shazam and the companies have formalized a strategic business collaboration for the Americas. The investment will help accelerate Shazam's ongoing growth in music, continued expansion into television and the development of innovative new products.
1:12 am Meade Instruments' Board recommends stockholders reject the unsolicited tender offer of MIT Capital (MEAD) : Co announces that its Board recommends that Meade's stockholders reject the offer of VictoryOne, a wholly-owned subsidiary of MIT Capital, to acquire all of the outstanding shares of Meade's common stock for $3.65 per share in cash and not tender their shares of common stock to Purchaser pursuant to the MITC Offer.
At this time, the Board reaffirms its recommendation that Meade's stockholders vote in favor of the adoption of the merger agreement with JOC North America that is described in the Current Report on Form 8-K that Meade filed with the SEC on May 17, 2013. Under the merger agreement with JOC, JOC will acquire all of the outstanding shares of Meade's common stock for cash consideration of $3.45 per share.