U.S. Markets closed

InPlay from Briefing.com

9:54 am General Motors drops -3.5% to challenge its 200-day/50-day moving average cluster around 34.75 area (GM) :  

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

The major averages opened Tuesday's session in positive territory with the S&P 500 sporting a gain of 0.2%.

Most sectors trade in the green this morning with energy (-0.1%), health care (-0.1%), and materials (-0.1%) being the only laggards. The heavily-weighted financial sector (+0.3%) is demonstrating relative strength for the second day in a row, extending its week-to-date gain to 1.0%. The real estate space is the top performer, up 0.7%.

U.S. Treasuries have ticked up recently in a curve-flattening trade. The 10-yr yield is unchanged at 2.30% while the 2-yr yield is lower by one basis point at 1.34%.

9:36 am General Motors reports July total sales of -15% YoY to 226107 units (GM) :

  • GM's U.S. commercial vehicles sales were up 40 percent from last July, the best July since 2007, led by strong large van sales (up 89 percent), small utilities (up 61 percent) and large pickup sales (up 21 percent).
  • Guidance on U.S. Vehicle Inventory Levels "We anticipate we will end 2017 at or below last year's level, with fewer cars and more trucks, crossovers and utilities in the mix. Pickup, crossovers and utility sales, GM's strength, are expected to be stronger in the second half of 2017 vs. the first half of the year. We continue to monitor the marketplace and will make additional production adjustments if needed."

9:30 am Qualys to acquire Nevis Networks (QLYS) : . This asset purchase is expected to provide significant domain expertise in passive scanning technologies and allow Qualys to accelerate its move into the adjacent market of mitigation and response at endpoints. Nevis has built a series of high performance security products that extend similar levels of protection found in the perimeter to all users on enterprise LANs. Qualys expects the transaction to close during the third quarter of 2017.

9:26 am On The Wires (:WIRES) :

  • PCTEL, Inc. (PCTI) has sold the assets of its Network Engineering Services business based in Melbourne, Florida, to Gabe's Construction Company, Inc.
  • Buss Global, a group focused on investments in intermodal containers, announced that its affiliate, Marine Container Management has completed the acquisition of approximately 182,000 TEU of standard dry freight and refrigerated containers from Magellan Maritime Services, which commenced insolvency proceedings in Germany in September 2016. MCM has appointed Textainer Group Holdings (TGH), one of the world's largest lessors of intermodal containers, as the manager of the acquired containers. Textainer has managed intermodal containers for entities affiliated with Buss Global for over ten years.
  • CyberOptics (CYBE) to unveil the new SQ3000-DD 3D Automated Optical Inspection system with two Multi-Reflection Suppression (:MRS) Sensors in Booth 1J45 at NEPCON South China, scheduled to take place August 29-31, 2017 at the Shenzhen Convention & Exhibition Center.
  • FARO (FARO) releases the latest addition to the FARO Focus Laser Scanner portfolio. The FARO Focus 70 is a high accuracy, short range scanner specifically designed for architecture, engineering, construction, product design and public safety-forensics professionals.

9:23 am Threshold Pharma to conduct a 1:11 reverse split (THLD) :

The reverse stock split will become effective at 5:00 p.m. EDT on August 1, 2017. Subject to the satisfaction of customary closing conditions, the closing of the merger with Molecular Templates is expected to occur shortly following the effectiveness of the reverse stock split.

  • Additionally, an equity financing in the amount of $40 million is expected to close following the closing of the merger with Molecular Templates, and a separate $20 million equity investment is expected to close following the $40 million financing.
  • Assuming the closing of the merger occurs as expected, the shares of common stock for the combined company, which will be renamed Molecular Templates, Inc., will commence trading on The NASDAQ Stock Market on a post-reverse stock split basis under the new symbol "MTEM" on August 2, 2017.

9:18 am Ford Motor July 2017 sales results; (F) :

Highlights (U.S. Sales):

  • Total vehicle sales down 7.5%
    • Sales of 200,212 vehicles 
  • Retail sales down 1%
    • Retail share was up during the last three month period, including July
  • Fleet sales down 26.4%
    • Due to decline in rental and commercial sales. 
    • Half of the decline attributed to lower transit sales tied to delivery hold
  • Truck sales down 7.1%
  • SUV sales up 2.2%
    • SUV's provided a YTD record 
    • positioned well for launches of Expedition and EcoSport 
    • Escape (+5.5%) and Edge (+6.1%) sales were very strong 
  • Car sales down 19.4%
  • Days supply down y/y 
  • F-Series saw another strong quarter, sales were up 5.8% with 69,467 units sold

9:17 am S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +25.60. (:WRAPX) :

Buyers have the edge this morning following Monday's mixed finish and ahead of Apple's (AAPL 149.10, +0.37) latest earnings report, which will be released following the closing bell. The S&P 500 futures currently trade nine points, or 0.4%, above fair value.

U.S. Treasuries are trading lower after June personal income missed expectations (0.0% actual vs +0.3% Briefing.com consensus). However, June personal spending (+0.1%) and the June core PCE Price Index (+0.1%) both met expectations. The benchmark 10-yr yield is two basis points higher at 2.31%.

Investors will receive two additional pieces of economic data today--June Construction Spending (Briefing.com consensus 0.5%) and the July ISM Index (Briefing.com consensus 56.2). Both reports will be released at 10:00 ET. Also of note, July auto and truck sales will be released throughout the day.

In U.S. corporate news, Pfizer (PFE 33.10, -0.06) is down 0.2% in pre-market action after a mixed earnings report; the Dow component beat earnings estimates but fell short of revenue expectations. Meanwhile, Under Armour (UAA 19.03, -1.01) has dropped 5.0% after announcing a restructuring plan and lowering its guidance for the fiscal year.

Elsewhere on the earnings front, Cummins (CMI 158.50, -9.47) has tumbled 5.6% this morning after missing earnings estimates, Simon Properties (SPG 162.05, +3.55) is up 2.2% after beating bottom-line estimates, and Sprint (S 8.34, +0.36) is up 4.1% after beating earnings expectations and raising its profit guidance.

Crude oil's six-session winning streak is in danger as the commodity currently trades lower by 0.4% at a price of $49.93/bbl. Meanwhile, the U.S. Dollar Index (92.83, +0.16) is higher by 0.2%.

9:17 am Navient acquires Duncan Solutions, a transportation revenue management company serving municipalities and toll authorities w/ approx. $55 mln in annual revs, for approx. $80 mln (NAVI) :  

9:14 am TEGNA beats by $0.02, reports revs in-line; sees Q3 revs declining in high-single to low-double digits (TGNA) :

  • Reports Q2 (Jun) earnings of $0.29 per share, $0.02 better than the Capital IQ Consensus of $0.27; revenues rose 2.6% year/year to $489.36 mln vs the $486.29 mln Capital IQ Consensus.
  • Adjusted EBITDA was $171.5 million in the quarter and the Adjusted EBITDA margin equaled 35 percent. Adjusted EBITDA excluding corporate expenses totaled $185.6 million which resulted in a margin of 38 percent.
  • Outlook: Total company revenue comparisons will be unfavorably impacted by the absence of record Olympic revenue in 2016 and substantially lower political advertising than a year ago, as well as the conclusion of a transition services agreement for several digital marketing services and the absence of revenue from the sale of Cofactor last year. As a result, total company revenue is expected to decline in the high-single digits to low-double digits in the third quarter of 2017 compared to the year-ago quarter (current estimate is for Q3 revs to decline 41% to $501.5 mln). However, on a comparable basis, excluding the impact of the Olympics, political spending, the conclusion of a transition services agreement for several digital marketing services previously reported in the Digital Segment and Cofactor, total company revenue is expected to increase in the mid-single digits year-over-year.

9:13 am Peapack-Gladstone Financial acquires Gladstone, NJ-based, Murphy Capital Management, a SEC Registered Investment Adviser, effective August 1, 2017 (PGC) : With a combined market value of approximately $4.7 billion of client assets under management and administration, and offices in Bedminster, Gladstone, Morristown, Princeton and Teaneck, as well as a trust office in Greenville, Delaware, the private wealth management division of Peapack-Gladstone Bank is the largest New Jersey-headquartered, bank-owned trust company in the state.

9:09 am I.D. Systems acquires Keytroller, a manufacturer and marketer of electronic products for managing forklifts, construction vehicles, and other industrial equipment; terms not disclosed (IDSY) : In 2016, Keytroller generated $6.6 million in revenue and net income of $1.5 million. Keytroller has achieved average annual revenue growth of more than 25% per year over the past three years.

9:08 am Procter & Gamble files proxy statement w/ SEC; 'expects to drive 2% to 3% organic sales growth in fiscal 2018', reaffirms expectations for core earnings per share growth of 5% to 7% (PG) :  

9:07 am Bank of Princeton commences trading on Nasdaq, prices underwritten public offering of 1.5 mln shares of its common stock at a price to the public of $32/share (BPRN) : The Bank of Princeton intends to use the proceeds for general corporate purposes, additional organic growth through its loan portfolio or through strategic acquisitions, financings, investments, and capital expenditures.

9:04 am Fiat Chrysler reports July US sales -10% y/y to 161477 units and retail sales -6% y/y to 145,391 units (FCAU) :

  • In line with FCA's strategy to reduce sales to the daily rental segment, fleet sales of 16,086 units were down, as expected, 35 percent year over year.

9:03 am Scripps has acquired the Katz broadcast networks, which distribute programming for targeted audiences over the air, in a deal worth $302 million (SSP) :

Scripps intends to finance the transaction with $250 million of new debt and about $50 million of cash on hand. Upon closing, Scripps' leverage is expected to be about 3x on a pro forma 2017/18 blended basis.

  • At June 30, 2017, Scripps had $150 million of cash on its balance sheet and unfunded revolver commitments of $125 million.
  • The four national networks, Bounce, Grit, Escape and Laff each reach more than 80 percent of all U.S. households and 'are among the fastest-growing in television today.'
  • The four networks are forecast to generate about $180 million in revenue and about $30 million in segment profit in 2018. The transaction is expected to be accretive to Scripps' earnings in 2018 and beyond.

9:02 am Cree reaches settlement in its patent infringement lawsuit with E. Mishan and Sons; 'Emson has agreed to an exclusive supply agreement to purchase market leading Cree high power LEDs for its high performance tactical flashlights ' (CREE) :  

9:02 am Skyline Medical signs binding letter of intent for a merger transaction with privately held biomedical company CytoBioscience (SKLN) :

CytoBioscience creates and manufactures devices used in human cell research focused on new therapeutic drug development and has a well-known scientific and technical staff, collaborative partnerships with leading pharmaceutical companies and strategic alliances with key groups and academic institutions. CytoBioscience has reported a current backlog of $6 million in orders and anticipated contract research work.

  • The merger is expected to close by September 30, 2017.

8:50 am S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +20.90. (:WRAPX) :

The S&P 500 futures trade eight points, or 0.3%, above fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a higher note. Regional economic data included below-consensus Manufacturing PMI readings from India and Japan while China's Caixin Manufacturing PMI beat expectations. The People's Bank of China reportedly uncovered operational violations at 40 Chinese banks. The banks have up to six months to correct the issues. In Japan, Chief Cabinet Secretary Yoshihide Suga confirmed that Prime Minister Shinzo Abe plans to reshuffle his cabinet on August 3. The Reserve Bank of Australia left its cash rate unchanged at 1.50%, as expected. The central bank noted that the relative strength of the Australian dollar results from weakness in the U.S. dollar. The Reserve Bank of India will meet overnight.

  • In economic data:
    • Japan's July Manufacturing PMI 52.1 (expected 52.2; last 52.2)
    • China's July Caixin Manufacturing PMI 51.1 (consensus 50.4; last 50.4)
    • India's Nikkei July Manufacturing PMI 47.9 (expected 50.8; last 50.9)
    • South Korea's July Nikkei Manufacturing PMI 49.1 (last 50.1)
    • Australia's July AIG Manufacturing Index 56.0 (last 55.0)
    • South Korea's July CPI +0.2% month-over-month (last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.9%). July trade surplus narrowed to KRW10.65 billion from KRW10.77 billion. July Imports +14.5% year-over-year (last 19.8%) and July Exports +19.5% year-over-year (last 13.6%)

---Equity Markets---

  • Japan's Nikkei edged up 0.3%. Toshiba spiked 11.0% while Nitto Denko, Yamato Holdings, Teijin, Sumitomo Mitsui Financial, T&D Holdings, Dentsu, Sumitomo Mitsui, Sony Financial Holdings, and Mitsubishi advanced between 1.8% and 3.7%.
  • Hong Kong's Hang Seng climbed 0.8%, nearing its high from 2015. Financials ended in the lead with Ping An Insurance, China Life Insurance, BoC Hong Kong, Bank of China, Bank of East Asia, China Construction Bank, ICBC, and Hang Seng Bank climbed between 0.8% and 4.1%. On the downside, Geely Automobile lost 1.8%.
  • China's Shanghai Composite slipped from its high in afternoon action, but charged to a fresh high into the close, adding 0.6%. Shanghai Jin Jiang International Industrial Investment, Shanghai Lujiazui Finance & Trade Zone Development, Anhui Expressway, Bestsun Energy, and Beijing Teamsun Technology gained between 4.5% and 5.1%.
  • India's Sensex ticked up 0.2% with more than half of its components moving higher. Hero MotoCorp, Maruti Suzuki, and Mahidra&Mahindra gained between 1.8% and 2.1% while tech consultants were mixed. Wipro gained 1.8%, Tata Consultancy shed 0.2%, and Infosys lost 0.6%. Lupin was the weakest performer, falling 1.4%.

Major European indices trade higher across the board while the euro (1.1810) has shed 0.3% against the dollar after hitting a 19-month high against the greenback yesterday afternoon. British Chancellor Philip Hammond said Brexit will not be postponed or delayed, but the balancing of the UK's budget may be delayed.

  • In economic data:
    • Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8)
    • Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected
    • UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%)
    • France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4)
    • Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2)
    • Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7)

---Equity Markets---

  • Germany's DAX is higher by 0.7% with most components trading in the green. Lufthansa has spiked 2.6% while Prosiebensat 1, Heidelbergcement, and Infineon are up between 1.5% and 1.7%. BMW, Daimler, and Volkswagen show gains between 0.8% and 1.5%. Adidas is the weakest component, falling 0.9%.
  • France's CAC trades up 0.7% with heavyweights among the leaders. Peugeot, Airbus Group, Renault, Louis Vuitton, and Total have added between 1.3% and 1.8%. A handful of consumer names lag with Danone and Pernod Ricard shedding 0.4% and 0.6%, respectively.
  • UK's FTSE has climbed 0.8%. Rolls-Royce has surged 9.6% in reaction to upbeat earnings while BP has climbed 3.2% after it too beat estimates. Consumer stocks like Paddy Power, Imperial Brands, Taylor Wimpey, Burberry, and British American Tobacco show gains between 1.4% and 2.0%. On the downside, select miners like Fresnillo, Anglo American, and Randgold Resources show losses between 0.4% and 2.4%.

8:47 am On The Wires (:WIRES) :

  • Cellectar Biosciences (CLRB) initiates a collaboration with Avicenna Oncology GmbH, a precision medicine company based in Basel, Switzerland. The collaboration will focus on the development of new phospholipid drug conjugates combining Cellectar's patented phospholipid ether delivery platform with Avicenna's novel cytotoxic payloads.
  • AstroNova (ALOT) has been selected by one of Latin America's Top 10 airlines to provide their ToughWriter 640 narrow format flight deck printer for its future fleet of Boeing 737 MAX aircraft.
  • Oshkosh (OSK) announced that the U.S. Army has placed another order for the Joint Light Tactical Vehicle (:JLTV) program including 748 vehicles and 2,359 installed and packaged kits. The order valued at more than $195 million, is the fifth order for JLTVs since the contract was awarded in August 2015.
  • Catasys (CATS) expanded its OnTrak-A program with one of the 'nation's leading health insurance providers' to now include anxiety in three states: Illinois, Kansas and Missouri.

8:46 am Aspen Group approved for listing on the Nasdaq Capital Market effective Wednesday, August 2 (ASPU) :  

8:45 am European Summary (BONDX) :

Core Yields Inch Lower

  • The first half of the European session has been underscored by slim gains in core debt. Today's modest gains come after nearly a week of sideways action. The euro has shed 0.3% to 1.1810 against the U.S. dollar after hitting a 19-month high yesterday. British Chancellor Philip Hammond pushed back against suggestions that Brexit may be delayed or postponed. European economic data showed mostly disappointing revisions to Manufacturing PMI readings, but the figures remained in expansion despite pulling back.
  • Economic Data:
    • Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8)
    • Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected
    • UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%)
    • France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4)
    • Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2)
    • Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7)
  • New Issuance:
    • Germany sold EUR3.20 billion of 2-year Schatz bonds at a yield of -0.63% with a bid-to-cover of 2.0
    • UK's GBP2.25 billion 10-yr gilt reopening drew a yield of 1.267% with a bid-to-cover of 2.56
  • Yield Check:
    • France, 10-yr OAT: -1 bp to 0.79%
    • Germany, 10-yr bund: -1 bp to 0.52%
    • Greece, 10-yr note: +1 bp to 5.21%
    • Italy, 10-yr BTP: -1 bp to 2.08%
    • Portugal, 10-yr PGB: +1 bp to 2.87%
    • Spain, 10-yr ODE: UNCH at 1.49%
    • U.K., 10-yr gilt: +1 bp to 1.24%

8:36 am National Retail Properties beats by $0.02, beats on revs; raises FY17 core FFO guidance (NNN) :

  • Reports Q2 (Jun) core FFO of $0.64 per share, $0.02 better than the Capital IQ Consensus of $0.62; revenues rose 11.2% year/year to $145.55 mln vs the $142.83 mln Capital IQ Consensus. AFFO for Q2 was $0.65 per share.
  • Co issues in-line guidance for FY17, sees core FFO of $2.46-2.50, excluding non-recurring items, vs. $2.48 Capital IQ Consensus Estimate and vs prior guidance of $2.44-2.48. AFFO for 2017 is expected to be $2.50-2.54.
  • "National Retail Properties enjoyed another impressive quarter, driven by our healthy portfolio, our selectively underwritten acquisitions, and our flexible, low leverage balance sheet, all of which has positioned us to raise our guidance and, as previously announced, to raise our common dividend for the 28th consecutive year, a record matched by only three other REITs and less than 90 public companies in the United States."

8:34 am S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +19.80. (:WRAPX) :

The S&P 500 futures currently trade six points, or 0.2%, above fair value.

Just in, personal income was unchanged in June (Briefing.com consensus +0.3%) after a downwardly revised 0.3% increase for May (from 0.4%). Personal spending rose 0.1%, as expected, while the prior month's reading was revised to 0.2% from 0.1%.

The core PCE Price Index, which excludes food and energy, increased 0.1%, as expected.

8:33 am Cerus signs two, new, expanded contracts with tablissement Franais du Sang, the French National Blood Service, for the INTERCEPT Blood System (CERS) : One contract covers the supply of INTERCEPT Platelet kits while the other is for the purchase of additional Illuminators to help support the roll-out to new regions. The initial term of this platelet kit supply agreement is two years with two one-year extension options, supporting INTERCEPT platelet production in all EFS regional centers.

8:33 am Simon Properties beats by $0.03, reports revs in-line; guides FY17 FFO in-line (SPG) :

  • Reports Q2 (Jun) funds from operations of $2.47 per share, $0.03 better than the Capital IQ Consensus of $2.44; revenues rose 3.5% year/year to $1.36 bln vs the $1.37 bln Capital IQ Consensus
    • Growth in comparable FFO per diluted share for the three months ended June 30, 2017 was 7.6%
    • Total portfolio NOI growth for the three months ended June 30, 2017 was 5.0% and was 5.3% for the six months ended June 30, 2017
  • Co issues in-line guidance for FY17, sees FFO of $11.14-11.22 vs. $11.21 Capital IQ Consensus Estimate.

8:32 am Cidara Therapeutics announces publication of data, in the journal Antimicrobial Agents and Chemotherapy, from an in vivo study investigating the deep tissue distribution of CD101 compared tomicafungin in the setting of intra-abdominal candidiasis (CDTX) :

The study is the first to use MALDI-MS imaging, a powerful tool that enables investigators to acquire molecular information about drug distributions in tissues, as well as drug quantification methods, in a clinically relevant mouse intra-abdominal abscesses model.

  • Results show that CD101 had a dose-dependent four-to-six-fold superior penetration into infectious lesions days after the single CD101 dose as compared to daily micafungin.
  • CD101 accumulated at levels that would be expected to prevent mutations leading to antifungal resistance.
  • "The in vivo data published in AAC confirm the potential of CD101 as a future treatment option for patients with IAC because of the extraordinary tissue penetration at the site of infection." said David Perlin, Ph.D., executive director and professor, PHRI.

8:31 am Sientra enters a settlement agreement regarding mutual IP ownership and contract disputes with its former breast implant contract manufacturer, Silimed-Indstria de Implantes; co to pay $10 mln and up to $5 mln in royalty payments (SIEN) :

The settlement resolves all claims that the parties filed against each other, and clears the path for Sientra to execute on its going-forward plans, unencumbered and undistracted by these disputes.

  • The Company has also agreed to pay Silimed a lump sum of $9,000,000 within 30-days of execution of the Settlement Agreement, and $1,000,000 on or by July 1, 2018.
  • In addition, should the Company enter into international markets using certain breast implant specifications, the Company has agreed to make royalty payments of $12.50 on its net sales of such products, up to a maximum royalty of $5,000,000.
  • The Settlement Agreement was a compromise and settlement of disputed claims between the parties and not an admission of liability which was expressly denied.

8:31 am Medovex reports initial results from the first cases conducted in Germany for the DenerveX System; 'excellent initial success' (MDVX) :

  • Dr. Martin Deeg stated, "Both of the first two DenerveX System cases met with what I consider excellent initial success. Both patients experienced initial pain reduction of the Facet Joint during the actual running of the device. Additionally, both patients walked out of the procedure room on their own power and were discharged shortly following the procedure."
    • Case One: Female, 40 years old, L4, two joints treated. Patient had injection local only at the facet joint. At the end of the procedure the patient moved herself from the table and walked under her own power out of the procedure room and was discharged shortly after with no pain prescription provided other than over the counter pain relief medicines.
    • Case Two: Male, 42 year old, L5, two joints treated. Patient had an injected local only at the facet joint. At the end of the procedure the patient moved from the table and walked out of the procedure room on their own power and was discharged shortly after, again no pain relief prescriptions provided only over the counter medicines recommended.

8:27 am On The Wires (:WIRES) :

  • Workhorse (WKHS) announced that Brink's (BCO) has purchased two Workhorse Class 5 E-GEN and E-100 chassis, paired with a Brink's custom logistics body. The E-100 all-electric truck and the E-GEN electric extended-range truck will be deployed in California and Chicago to enhance the Brink's U.S. fleet with cleaner, more economic vehicles.
  • WPP (WPPGY) announces that tenthavenue, its global out of home media and experiential marketing division, is investing in LOOM Media, a US-based start-up company specializing in creating opportunities for brands to sponsor urban innovation.
  • ParkerVision, Inc. (PRKR) will begin taking orders for Milo, its new distributed Wi-Fi system for consumers, by the middle of August. Milo will initially be available for purchase at Amazon.com, as well as the Milo online store at milowifi.com.
  • Acceleron (XLRN) announced that the first patient has been treated in a Phase 2 clinical trial of ACE-083, the Company's locally acting muscle agent, for the treatment of patients with Charcot-Marie-Tooth disease (CMT), a commonly inherited neurological disease leading to focal muscle weakness. The phase 2 trial in CMT expands wholly-owned ACE-083 program and muscle franchise into new area of high unmet medical need

8:19 am Ecolab beats by $0.01, beats on revs; guides Q3 EPS in-line; reaffirms FY17 EPS guidance (ECL) :

  • Reports Q2 (Jun) earnings of $1.13 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.12; revenues rose 4.4% year/year to $3.46 bln vs the $3.40 bln Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees EPS of $1.36-1.44, excluding non-recurring items, vs. $1.42 Capital IQ Consensus Estimate.
  • Co reaffirms guidance for FY17, sees EPS of $4.70-4.90, excluding non-recurring items, vs. $4.79 Capital IQ Consensus Estimate.
  • "Our business is improving and we remain positioned to deliver good results for the year. [Q2] results were as expected, with our Institutional, Industrial and Other segments showing continued sales acceleration and our Energy segment sales moved to growth. Our operating income was virtually flat with last year as all of our good work driving sales, pricing and cost savings were largely offset by higher delivered product costs including a currency hedging headwind."
  • "We already have solid new business and pricing momentum across all of our segments. In addition, we expect delivered product costs including hedging to be less of a year-on-year headwind in the second half...In total, we forecast a strong second half delivering a good 2017, and expect to exit the year with excellent momentum moving into 2018."

8:16 am ManTech receives a multi-year award IDIQ contract with a total ceiling value of $200 million to provide support for Defense Advanced Research Projects Agency's Scientific, Engineering, and Technical Assistance program (MANT) :  

8:14 am Royal Caribbean beats by $0.04, reports revs in-line; guides Q3 EPS above consensus; guides FY17 EPS above consensus (RCL) :

  • Reports Q2 (Jun) earnings of $1.71 per share, $0.04 better than the Capital IQ Consensus of $1.67 and above prior guidance of $1.60-1.65; revenues rose 4.3% year/year to $2.20 bln vs the $2.19 bln Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees EPS of approx $3.45, excluding non-recurring items, vs. $3.30 Capital IQ Consensus Estimate.
  • Co issues upside guidance for FY17, sees EPS of approx $7.35-7.45, excluding non-recurring items, vs. $7.25 Capital IQ Consensus Estimate and vs prior guidance of $7.00-7.20.
  • "Our brands are executing beautifully, keeping the business in an exceptionally strong position...Strong close-in demand for cruise bolstered the quarter, and we see further uplift for the balance of the year, positioning us well for the Double-Double and beyond."
  • Gross Yields were up 10.2% on a Constant-Currency basis. Net Yields on a Constant-Currency basis increased 11.5%, exceeding prior guidance due to strong close-in demand driving higher pricing and occupancy.

8:14 am Vertex Pharma announces that the FDA has approved KALYDECO (ivacaftor) for use in more than 600 people with cystic fibrosis; increases guidance for KALYDECO product revenues (VRTX) :

  • This approval was based on Phase 3 clinical data for KALYDECO in these mutations and follows the FDA's approval of KALYDECO in May 2017 for 23 other residual function mutations, which was based on analyses of in vitro data. Both approvals are supported by more than five years of real-world clinical experience that demonstrate KALYDECO's established safety and efficacy profile.
  • Based on today's approval, Vertex increased its guidance for 2017 KALYDECO product revenues to a range of $770 million to $800 million (prior: $740 to $770 million).
    • Vertex's guidance range for total CF product revenues in 2017 is now $1.87 billion to $2.1 billion (prior: $1.84-$2.07 billion), including ORKAMBI guidance of $1.1 billion - $1.3 billion (prior: $1.1-1.3 billion). 
  • "In the five years since KALYDECO became the first approved medicine to treat the underlying cause of cystic fibrosis, we have been relentless in our efforts to bring this important medicine to all who may benefit," said Jeffrey Chodakewitz, M.D., Executive Vice President and Chief Medical Officer at Vertex. "We will continue to pursue this goal until all people with CF have a medicine that treats their form of this serious and life-shortening disease."

8:11 am Overnight Treasury Market Summary (BONDX) :

Little Changed Once Again

  • U.S. Treasuries have spent the night inside a narrow range, which leaves the market on track for a flat start. However, some movement is expected to follow the 8:30 ET release of June Personal Income (Briefing.com consensus 0.3%), Personal Spending (Briefing.com consensus 0.1%), and core PCE Prices (Briefing.com consensus 0.1%). Treasuries held their ground overnight, showing little reaction to Asian economic data, which showed below-consensus Manufacturing PMI readings from Japan and India while China's Caixin Manufacturing PMI beat expectations after the official reading missed estimates on Monday. The Reserve Bank of Australia held its cash rate at 1.50%, as expected. The central bank's statement noted that strength of the Australian dollar is mostly due to the underperformance of the greenback. The S&P 500 futures trade five points above fair value while crude oil is down 0.6% at $49.89/bbl. The Dollar Index is up 0.1% after ending yesterday's session at its lowest level since May 2016.
  • Yield Check:
    • 2-yr: UNCH at 1.36%
    • 5-yr: +1 bp to 1.84%
    • 10-yr: UNCH at 2.30%
    • 30-yr: UNCH at 2.90%
  • International News:
    • Japan's July Manufacturing PMI 52.1 (expected 52.2; last 52.2)
    • China's July Caixin Manufacturing PMI 51.1 (consensus 50.4; last 50.4)
    • India's Nikkei July Manufacturing PMI 47.9 (expected 50.8; last 50.9)
    • South Korea's July Nikkei Manufacturing PMI 49.1 (last 50.1) Australia's July AIG Manufacturing Index 56.0 (last 55.0) South Korea's July CPI +0.2% month-over-month (last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.9%). July trade surplus narrowed to KRW10.65 billion from KRW10.77 billion. July Imports +14.5% year-over-year (last 19.8%) and July Exports +19.5% year-over-year (last 13.6%)
    • Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8)
    • Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected
  • Data out Today:
    • June Personal Income (Briefing.com consensus 0.3%), Personal Spending (Briefing.com consensus 0.1%), core PCE Prices (Briefing.com consensus 0.1%) at 8:30 ET
    • June Construction Spending (Briefing.com consensus 0.5%) at 10:00 ET
    • July ISM Index (Briefing.com consensus 56.2) at 10:00 ET July auto and truck sales reported throughout the day

8:11 am Precipio to offer for sale its common stock and warrants in an underwritten public offering; size not disclosed (PRPO) : The Company intends to use the net proceeds from this offering for the repayment of debt, growth of its sales force, progression of its product development and for working capital and general corporate purposes.

8:10 am HCP beats by $0.01, reports revs in-line; reaffirms FY17 FFO guidance in-line (HCP) :

  • Reports Q2 (Jun) funds from operations of $0.48 per share, $0.01 better than the Capital IQ Consensus of $0.47; revenues fell 14.8% year/year to $458.9 mln vs the $456.29 mln Capital IQ Consensus.
  • Co reaffirms guidance for FY17, sees FFO of $1.89-1.95 vs. $1.94 Capital IQ Consensus Estimate
  • In addition, co expects 2017 SPP Cash NOI to increase between 2.5-3.5%

Tandem debt investment update:

  • During the second quarter, continued challenges in the post-acute/skilled nursing operating environment and tenant-specific headwinds contributed to a decline in the financial performance of the assets underlying our Tandem debt investment
  • "As a result, the fair value of our collateral, net of the senior mortgage debt, fell below the carrying value of our investment. As part of our quarterly review process, we recorded a $57 million impairment write-down during the second quarter and reduced the carrying value of our Tandem debt investment to $200 million"
  • "On July 31, subsequent to the aforementioned impairment, we entered into a definitive agreement to sell our Tandem debt investment for $197 million, subject to customary closing conditions. This investment represents our last meaningful exposure to both post-acute/skilled-nursing assets and highly-leveraged mezzanine investments. The transaction is expected to close during 2017"

8:09 am Independence Realty Trust beats by $0.01, reports revs in-line; guides FY17 FFO in-line (IRT) :

  • Reports Q2 (Jun) funds from operations of $0.19 per share, $0.01 better than the Capital IQ Consensus of $0.18; revenues rose 2.9% year/year to $39.43 mln vs the $39.43 mln Capital IQ Consensus.
  • Co issues in-line guidance for FY17, sees FFO of $0.73-0.76 vs. $0.74 Capital IQ Consensus Estimate.

8:07 am athenaHealth announces a 'comprehensive review of its operations, cost structure and capital allocation'; has identified approx. $100 mln in cost-savings opportunities and to separate chairman and CEO role (ATHN) :

In conducting its review, athenahealth has identified ~$100 million in cost-savings opportunities 'that will drive efficiency and targeted investment in the Company's hospital and network services businesses.'

  • athenahealth will provide additional information regarding details of these strategic initiatives, including plans to significantly increase operating margins, in 2018 and thereafter, by its 3Q17 earnings release anticipated in October 2017.

athenahealth also intends to establish the role of president.

  • The Board has retained a leading search firm to fill the president and CFO roles promptly.

The Board plans to separate the roles of chairman and CEO and is working to recruit an independent chairman.

  • In addition, the Board has begun a search process to appoint an additional independent director.

8:07 am Meritage beats by $0.22, beats on revs; raises revenue guidance (MTH) :

  • Reports Q2 (Jun) earnings of $0.98 per share, $0.22 better than the Capital IQ Consensus of $0.76; revenues rose 0.5% year/year to $802 mln vs the $760.39 mln Capital IQ Consensus. Home closing revenue was consistent with the prior year, as a 3% increase in average closing price offset a 2% decrease in home closings compared to the second quarter of 2016. The West and Central regions delivered year-over-year increases of 11% and 9% in home closing revenue, respectively, reflecting strong growth in Arizona and Texas. A 21% decline in East region home closing revenue reflected lower orders over the last three quarters as the region was going through a product library upgrade which delayed the openings of a number of communities.
  • Total orders for the second quarter increased 4% year-over-year due to strong demand in the West and Central regions. Orders increased 30% over the second quarter of 2016 in Texas, as a result of a 24% increase in average active communities during the quarter and a 5% increase in absorptions (orders per average active community). Orders increased 2% in the West on a 4% increase in absorptions that was mostly offset by a 3% decline in average community count. East region orders were down 13% compared to the prior year's second quarter, primarily due to a 12% decline in absorptions. Home closing gross margin was 17.7% for the second quarter of 2017, compared to 17.3% in the second quarter of 2016. The margin improvement reflects increases in home prices that generally offset increases in land and construction costs, as well as improved leverage of construction overhead expenses.
  • "Housing market conditions remain healthy and Meritage is well-positioned in many of the best markets. We believe that demand for new homes will continue to be strong, and we are prepared to take advantage of it," Mr. Hilton concluded. "We are on track to deliver approximately 7,600-8,000 homes and generate estimated total closing revenue of $3.2-3.4 billion for the year (up from $3.1-3.2 bln vs. $3.27 bln consensus). We anticipate pricing power in most markets will allow us to maintain gross margins consistent with 2016 while generating ~$230-250 million in pre-tax earnings through a combination of cost management and operating leverage with our anticipated revenue growth."

8:07 am GenMark Diagnostics misses by $0.05, reports revs in-line (GNMK) :

  • Reports Q2 (Jun) loss of $0.37 per share, $0.05 worse than the Capital IQ Consensus of ($0.32); revenues fell 1.2% year/year to $12.36 mln vs the $12.44 mln Capital IQ Consensus.
  • "We are delighted to have accomplished several important goals in the second quarter. Our team achieved FDA 510(k) clearance of the ePlex instrument and Respiratory Pathogen Panel as well as CE Mark for all three of our Blood Culture ID Panels," said Hany Massarany, President and Chief Executive Officer of GenMark. "In addition, we significantly strengthened our balance sheet, which will enable us to bring even more focus to the global commercialization of our ePlex System and its menu expansion," added Massarany.

8:05 am Bayer AG and Rothamsted Research sign strategic framework agreement (BAYRY) :

  • Cos have entered into a strategic framework agreement to improve collaborations in scientific areas that will support the development of more customized agronomic solutions for farmers.
  • Building on a track record of collaborations, the partners are forming this strategic alliance to support a digital revolution for detecting and managing biotic threats such as pests, pathogens and weeds more sustainably. Co-ordinated activities, in the laboratory and in the field, will generate the data, know-how, tools and technologies that help to support a transition to smarter crop protection.

8:05 am LogMeIn acquires Nanorep all of the outstanding equity interests in Nanorep for a purchase price of approximately $45 million; NanoRep is a digital self-service, chatbot and virtual assistant company (LOGM) : Headquartered in Herzliya, Israel, Nanorep harnesses artificial intelligence and patented natural language processing technologies to create solutions that make self-service more engaging and intuitive. LogMeIn is also expected to pay up to $5 million in contingent cash payments to certain continuing employees of Nanorep upon their achievement of milestone and retention targets over the two-year period following the closing of the transaction.

8:05 am Fiserv acquires the assets of PCLender, a provider of enterprise internet-based mortgage software and mortgage lending technology solutions; terms not disclosed (FISV) :  

8:04 am Nant Health: Blue Cross and Blue Shield of Nebraska has signed a three-year contract extension for NaviNet Open (NH) :  

8:04 am American Railcar Industries misses by $0.04, misses on revs (ARII) :

  • Reports Q2 (Jun) earnings of $0.57 per share, $0.04 worse than the Capital IQ Consensus of $0.61; revenues fell 27.6% year/year to $109 mln vs the $113.62 mln Capital IQ Consensus
  • This decrease was due to decreased revenues in the manufacturing segment, partially offset by slightly increased revenues in the railcar leasing and railcar services segments
  • Lease fleet reaches 12,414 railcars as of June 30, 2017 vs. 10,641 railcars as of June 30, 2016, with 545 railcars added during the second quarter
  • ARI's backlog as of June 30, 2017 was 2,878 railcars with an estimated market value of $270.0 million. Of the total backlog, co currently expect 715 railcars, or 25%, having an estimated market value of $66.5 million, will be placed into our lease fleet.

8:03 am Insperity beats by $0.14, beats on revs; guides Q3 EPS below consensus; guides FY17 EPS above consensus (NSP) :

  • Reports Q2 (Jun) earnings of $0.82 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus of $0.68; revenues rose 12.5% year/year to $795.5 mln vs the $778.88 mln Capital IQ Consensus. Adjusted EBITDA increased 30% over the second quarter of 2016 to $33.3 million.
  • Co issues downside guidance for Q3, sees EPS of $0.94-1.00, excluding non-recurring items, vs. $1.02 Capital IQ Consensus Estimate.
  • Co issues raised guidance for FY17, sees EPS of $4.47-4.60 from $4.30-4.44, excluding non-recurring items, vs. $4.33 Capital IQ Consensus Estimate.

8:02 am ProAssurance sees prelim Q2 $0.38-0.41 vs $0.54 Capital IQ Consensus Estimate (PRA) :  Co states, "We believe gross premiums written in the quarter will be approximately $206.0 million and net earned premium for the quarter will be approximately $180.5 million. We anticipate favorable loss development will be in the range of $28.5 million to $30.0 million and we project our consolidated combined ratio to be in a range between 95% and 97% for the quarter."

8:02 am Sabre reports EPS in-line, revs in-line; reaffirms FY17 EPS and revenue guidance but now expects EPS to be in lower half of guidance; announces reorganization, 9% headcount reduction (SABR) :

  • Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.35; revenues rose 6.6% year/year to $900.7 mln vs the $895.1 mln Capital IQ Consensus.
  • Co reaffirms guidance for FY17, sees EPS of $1.31-1.45, excluding non-recurring items, vs. $1.39 Capital IQ Consensus Estimate; sees FY17 revs of $3.54-3.62 bln vs. $3.58 bln Capital IQ Consensus Estimate. However, Sabre now expects that 2017 EPS results will likely be in the lower half of this guidance. Strategic prioritization has led Sabre to reduce its expectations for 2017 cap-ex and capitalized implementation costs by $50 million in aggregate.
  • Co announces an initiative to streamline and focus the business through reorganizing certain functions, reducing layers of management, and lowering costs to enable a more nimble, faster moving and focused organization. The initiative is expected to reduce global headcount by approximately 9%. At full run-rate, the program is anticipated to result in approximately $110 mln of annual savings. Sabre expects the program to be neutral to 2017 Free Cash Flow. Cost savings under the initiative are expected to achieve full run-rate in 2018.

8:02 am IPG Photonics beats by $0.26, beats on revs; guides Q3 EPS above consensus, revs above consensus (IPGP) :

  • Reports Q2 (Jun) earnings of $1.91 per share, $0.26 better than the Capital IQ Consensus of $1.65; revenues rose 46.1% year/year to $369.37 mln vs the $333.06 mln Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees EPS of $1.70-1.90 vs. $1.59 Capital IQ Consensus Estimate; sees Q3 revs of $350-375 mln vs. $318.62 mln Capital IQ Consensus Estimate.
    • Demand for our core products, particularly high-power, kilowatt-scale fiber lasers, has never been stronger. Our leadership position within this fast-growing market drove record order activity in the quarter, resulting in a book-to-bill ratio above one. Based on these trends and the strength of our current backlog, we believe we are in excellent position to deliver another strong quarter in three months
    • Year-to-date bookings have exceeded our expectations, pointing to strong revenue growth in 2017. Based on first half outperformance and current backlog, we are now targeting approximately 32% to 34% revenue growth for the full year. Our fourth quarter performance will be driven by order activity through the end of the third quarter and during the fourth quarter, for which our visibility is low. Given the magnitude of outperformance during the first half of the year, we believe it is prudent to assume a lower growth rate in the fourth quarter due to more challenging comparisons and an expected slowdown in spending related to typical seasonality in China and the consumer electronics investment cycle. Should this anticipated spending slowdown fail to materialize at a level consistent with historic trends, this could result in upside to our full year guidance range

8:01 am S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +20.40. (:WRAPX) :

It appears that the stock market will open Tuesday's session in the green following yesterday's mixed finish. The S&P 500 futures currently trade five points, or 0.2%, above fair value.

Apple (AAPL 149.00, +0.27), the S&P 500's largest component by market cap, will release its latest earnings report following today's closing bell. Investors will be looking for further details on the much-anticipated iPhone 8, which is expected to be released later this year. AAPL shares currently hold a year-to-date gain of 28.4%.

The Personal Income and Personal Spending Report for June, which will cross the wires at 8:30 ET, is the highlight on today's economic calendar. The Briefing.com consensus expects that personal income and personal spending will increase by 0.3% and 0.1%, respectively. The report will also include the core PCE Price Index (Briefing.com consensus 0.1%).

In addition, investors will also receive the June Construction Spending Report (Briefing.com consensus 0.5%) and the July ISM Index (Briefing.com consensus 56.2), both of which will be released at 10:00 ET. Auto and truck sales will be released throughout the day.

U.S. Treasuries are trading flat for the second day in a row, leaving the benchmark 10-yr yield unchanged at 2.29%. Meanwhile, the U.S. Dollar Index (92.82, +0.15) is up 0.2% and crude oil is down 0.4% at $49.98/bbl. The commodity enters today's session on a six-session winning streak. 

In U.S. corporate news:

  • Pfizer (PFE 33.38, +0.22): +0.7% after better than expected earnings outweighed lower than expected revenues.
  • Sprint (S 8.20, +0.22): +2.8% after beating bottom-line estimates and raising its profit guidance.
  • Under Armour (UAA 19.61, -0.41): -2.1% after downbeat guidance overshadowed better than expected earnings and revenues.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a higher note. Japan's Nikkei +0.3%, Hong Kong's Hang Seng +0.8%, China's Shanghai Composite +0.6%, India's Sensex +0.2%.
    • In economic data:
      • Japan's July Manufacturing PMI 52.1 (expected 52.2; last 52.2)
      • China's July Caixin Manufacturing PMI 51.1 (consensus 50.4; last 50.4)
      • India's Nikkei July Manufacturing PMI 47.9 (expected 50.8; last 50.9)
      • South Korea's July Nikkei Manufacturing PMI 49.1 (last 50.1)
      • Australia's July AIG Manufacturing Index 56.0 (last 55.0)
      • South Korea's July CPI +0.2% month-over-month (last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.9%). July trade surplus narrowed to KRW10.65 billion from KRW10.77 billion. July Imports +14.5% year-over-year (last 19.8%) and July Exports +19.5% year-over-year (last 13.6%)
    • In news:
      • Regional economic data included below-consensus Manufacturing PMI readings from India and Japan while China's Caixin Manufacturing PMI beat expectations.
      • The People's Bank of China reportedly uncovered operational violations at 40 Chinese banks. The banks have up to six months to correct the issues.
      • In Japan, Chief Cabinet Secretary Yoshihide Suga confirmed that Prime Minister Shinzo Abe plans to reshuffle his cabinet on August 3.
      • The Reserve Bank of Australia left its cash rate unchanged at 1.50%, as expected. The central bank noted that the relative strength of the Australian dollar results from weakness in the U.S. dollar.
      • The Reserve Bank of India will meet overnight.
  • Major European indices trade higher across the board while the euro (1.1814) has shed 0.2% against the dollar after hitting a 19-month high against the greenback yesterday afternoon. Germany's DAX +0.3%, France's CAC +0.5%, UK's FTSE +0.5%.
    • In economic data:
      • Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8)
      • Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected
      • UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%)
      • France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4)
      • Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2)
      • Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7)
    • In news:
      • British Chancellor Philip Hammond said Brexit will not be postponed or delayed, but the balancing of the UK's budget may be delayed.

7:50 am Libbey misses by $0.21, reports revs in-line; reaffirms FY17 Outlook (LBY) :

  • Reports Q2 (Jun) loss of $0.04 per share, $0.21 worse than the Capital IQ Consensus of $0.17; revenues fell 5.0% year/year to $197.5 mln vs the $198.29 mln two analyst estimate.
    • Net sales in the U.S. and Canada segment were lower due to softer sales in the retail and business-to-business channels, which were down approximately 10 percent and 2 percent, respectively. U.S. and Canada foodservice net sales were flat versus prior year, despite volume increases in the channel.
    • In Latin America, net sales declined as a result of lower net sales across all channels, primarily due to lower volume in the retail channel. Decreased volume in the business-to-business channel was offset by favorable price and mix.
    • Net sales in the EMEA segment decreased primarily as a result of unfavorable currency.
    • Net sales in Other were down as a result of softer sales in China.
  • FY17 Outlook
    • Affirmed its previous full-year 2017 outlook, but indicated that it expects Adjusted EBITDA margin to be near the low end of its previously provided 11 percent to 13 percent range. 
      • Net sales decline in the low-to-mid single digits, compared to the full year 2016, on a reported basis, with continued currency headwinds    
      • Capital expenditures of approximately $50 million.
  • "Second quarter sales results were in line with our expectations, as an intensely competitive pricing environment continues to linger on a global basis," said Chairman and Chief Executive Officer William Foley. "We remain confident that we are taking the appropriate measures to improve the long-term performance of our business. We're seeing indications that certain pricing initiatives we implemented last quarter are taking hold, and that our new product initiatives are beginning to gain traction in the marketplace. We're also very pleased that our new e-commerce platform launched on time and on budget in mid-July."

7:46 am On The Wires (:WIRES) :

  • Mateon Therapeutics (MATN) has completed enrollment of more than 80 patients in the phase 2 portion of its FOCUS study evaluating CA4P in combination with bevacizumab (Avastin) and physician's choice chemotherapy for the treatment of platinum-resistant ovarian cancer.
  • Madrigal Pharmaceuticals (MDGL) has completed patient enrollment of 125 patients, exceeding its targeted enrollment of 117 patients, in its Phase 2 proof-of-concept study evaluating MGL-3196 for the treatment of non-alcoholic steatohepatitis (NASH). MGL-3196 is a first-in-class, oral, once-daily, liver-directed, thyroid hormone receptor (THR) -selective agonist medication. The primary endpoint is the reduction of liver fat, assessed by MRI-PDFF, at 12 weeks. The co expects to report top-line results by year-end.
  • Mallinckrodt Pharmaceuticals (MNK) confirmed inclusion of the first patient in the company's Phase 4 registry assessing the use of INOMAX (nitric oxide) gas for inhalation for premature (less than 34 weeks gestational age) neonates versus term and near-term neonates (greater than 34 weeks gestational age).

7:46 am Jacobs signed a global Enterprise Framework Agreement renewal with Shell Oil Company to provide concept, front-end engineering, detailed design, procurement, project management, construction management and construction services for Shell projects globally (JEC) :  

7:40 am Intellia Therapeutics misses by $0.03, beats on revs (NTLA) :

  • Reports Q2 (Jun) loss of $0.45 per share, $0.03 worse than the Capital IQ Consensus of ($0.42); revenues rose 40.5% year/year to $5.9 mln vs the $5.83 mln Capital IQ Consensus. 
  • "We are very excited that our initial non-human primate data in vivo continue to validate our mRNA delivery technology. These preclinical data accelerate our momentum as we advance the development of potential therapies to treat patients with high unmet medical needs."
  • Primary uses of capital will continue to be research and development programs, laboratory and related supplies, compensation and related expenses, legal and other regulatory expenses, patent prosecution, filing and maintenance costs for our licensed intellectual property, and general overhead costs. During 2017, the company expects expenses to continue to increase compared to prior periods relating to our ongoing activities, particularly as research and development and preclinical activities gather further momentum toward human clinical trials, and we spend a full year occupying our new office and laboratory facility, which we began to occupy in the fourth quarter of 2016. Expect that the cash and cash equivalents as of June 30, 2017, as well as technology access and research funding from Novartis and Regeneron, will enable Intellia to fund operating expenses and capital expenditures through mid-2019, excluding any potential milestone payments or extension fees received under our collaboration agreements with Novartis and Regeneron.

7:37 am Erin Energy announces the arrival of the Pacific Bora drilling rig to the Oyo field offshore Nigeria, expected to double its production (ERN) :

Erin Energy plans to use Pacific Bora to drill the Oyo-9 well (Oyo-9) on the Oyo field in deepwater offshore Nigeria.

  • The Company expects to commence drilling of Oyo-9 in ~10 days and the well to add an additional 6,000 to 7,000 barrels per day.

7:37 am Zynerba Pharma misses by $0.05; Top-line Phase 2 results for STAR 1 trial in epilepsy and STOP trial in osteoarthritis remain on track for reporting in August 2017 (ZYNE) :

  • Reports Q2 (Jun) loss of $0.64 per share, $0.05 worse than the Capital IQ Consensus of ($0.59). 
  • "We expect to announce top-line results from the STAR 1 trial soon, followed by top-line data from the STOP trial later this month; and we remain on track to report top-line results from the FAB-C Fragile X study in September," said Armando Anido, Chairman and Chief Executive Officer. "We also met a significant milestone during the quarter in initiating the Phase 1 program for ZYN001, a pro-drug of THC delivered via patch, and expect to initiate our Phase 2 program by the end of this year. With two clinical stage assets, Zynerba is well-positioned to address a number of serious unmet medical needs."
  • The Company believes that the current cash and cash equivalent position of $70.2 million is sufficient to develop five Phase 3-ready programs and, assuming support from the FDA to move forward, initiate at least one Phase 3 program and fund operations and capital requirements into 2019.

7:36 am Affimed Therapeutics beats by $0.02, misses on revs (AFMD) :

  • Reports Q2 (Jun) loss of 0.18 per share, 0.02 better than the Capital IQ Consensus of (0.20); revenues fell 75.4% year/year to 0.51 mln vs the 1.31 mln Capital IQ Consensus.
  • "We are encouraged by the progress of our clinical programs, in particular moving into the expansion phase of our AFM13 combination trial with Keytruda," said Dr. Adi Hoess, CEO of Affimed. "In our preclinical programs addressing the medical need in solid tumors and multiple myeloma, we have designed and characterized well-differentiated molecules and determined advantages in safety and potency."

7:35 am Cummins misses by $0.03, beats on revs; guides FY17 revs above consensus (CMI) :

  • Reports Q2 (Jun) earnings of $2.53 per share, $0.03 worse than the Capital IQ Consensus of $2.56; revenues rose 12.1% year/year to $5.08 bln vs the $4.8 bln Capital IQ Consensus.
  • Co issues upside guidance for FY17, sees FY17 revs of +9-11% (Approx $19.08-19.43 bln) vs. $18.52 bln Capital IQ Consensus Estimate.
    • Cummins expects full year 2017 revenues to be up 9 to 11 percent, higher than the prior forecast of up 4 to 7 percent.
    • EBIT is expected to be in the range of 11.75 to 12.5 percent of sales, unchanged from prior guidance. This forecast excludes the impact of our new Eaton Cummins Automated Transmission Technologies joint venture.

7:33 am Myers Industries beats by $0.04, reports revs in-line; reaffirms FY17 revs outlook (MYE) :

  • Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.13; revenues fell 1.2% year/year to $142.3 mln vs the $142.95 mln Capital IQ Consensus.
  • The Company continues to anticipate that total revenue will be flat on a constant currency basis in fiscal year 2017 as compared to the prior year.

7:33 am TG Therapeutics and FDA reach agreement regarding a Special Protocol Assessment on the design of two Phase 3 clinical trials for TG-1101 for the treatment of relapsing forms of Multiple Sclerosis (TGTX) :

The SPA provides agreement that the two Phase 3 trial designs adequately address objectives that, if met, would support the regulatory submission for approval of TG-1101.

  • Co states, "The early data from our Phase 2 clinical trial, the highly successful pivotal results for the anti-CD20 monoclonal antibody ocrelizumab in MS, and the substantial safety data generated in our oncology program, gives us a high level of confidence in the potential for a successful outcome. Our team in concert with our CRO has been hard at work on the logistics and the launch of these Phase 3 trials on a global basis, and we look forward to enrolling our first patient before the end of the summer."

7:33 am Sprint beats by $0.10, reports revs in-line; raises profit guidance (S) :

  • Reports Q1 (Jun) earnings of $0.05 per share, $0.10 better than the Capital IQ Consensus of ($0.05); revenues rose 1.8% year/year to $8.16 bln vs the $8.14 bln Capital IQ Consensus, its fourth consecutive quarter of year-over-year growth, and 88,000 postpaid phone net additions, its eighth consecutive quarter of net additions. Postpaid phone gross additions also grew year-over-year for the sixth consecutive quarter and were the highest first-quarter result in five years. "Sprint reached an important milestone this quarter by returning to profitability for the first time in three years," said Sprint CEO Marcelo Claure. "This represents the progress of a turnaround journey that has delivered improvements in postpaid phone and prepaid customer growth, a return to top-line growth, and a significantly transformed cost structure."
  • Sprint continued to make progress on its multiyear plan to transform the way it does business and improve its cost structure. The company delivered nearly $370 million of combined year-over-year reductions in cost of services and SG&A expenses in the quarter, bringing the total reduction during the last nine quarters to nearly $4 billion. The ongoing cost-reduction program contributed to a return to profitability this quarter, as the company reported net income for the first time in three years. Excluding the after-tax benefit of non-recurring items in the quarter, Sprint would have reported net income of more than $150 million, demonstrating the improved underlying trends of the business. Sprint expects an additional $1.3 billion to $1.5 billion of year-over-year net reductions in cost of services and SG&A expenses in fiscal year 2017. Although the gross reductions are expected to be higher, the company plans to reinvest some of the savings into future growth initiatives.
  • The company is increasing the low end of its previous Adjusted EBITDA* expectations and now expects $10.8 billion to $11.2 billion for fiscal year 2017. The previous expectation was $10.7 billion to $11.2 billion. The company is increasing the low end of its previous operating income expectations and now expects operating income of $2.1 billion to $2.5 billion. The previous expectation was $2 billion to $2.5 billion. The company continues to expect cash capital expenditures, excluding devices leased through indirect channels, of $3.5 billion to $4 billion.

7:33 am CDK Global beats by $0.01, beats on revs; guides FY18 EPS above consensus (CDK) :

  • Reports Q4 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.54; revenues rose 4.3% year/year to $565.4 mln vs the $556.68 mln Capital IQ Consensus.
  • Co issues upside guidance for FY18, sees EPS of $2.90-3.00, excluding non-recurring items, vs. $2.93 Capital IQ Consensus Estimate.
  • "I am pleased with the results of our fiscal year and benefits delivered by executing our transformation plan. Adjusted EBITDA margin expansion of 550 basis points in fiscal 2017, combined with the 370 basis points of expansion achieved in fiscal 2016, puts us on track to achieve our transformation goals," said Brian MacDonald, chief executive officer. "By improving our products and processes and focusing on our dealer customers, we are making solid progress. Based on successes to date, we expect to exceed the fiscal 2018 adjusted EBITDA target of 35%."

7:32 am Eyegate Pharmaceuticals has enrolled its first patient in the Company's Phase 2b clinical trial of its EGP-437 combination product (EYEG) :

The EyeGate II Delivery System and EGP-437 combination product, is being evaluated for the treatment of pain and inflammation in patients having undergone cataract surgery with implantation of a monofocal posterior chamber IOL.  

  • As announced in the first quarter of 2017, EyeGate and Valeant (VRX) entered into an exclusive, worldwide licensing agreement through which EyeGate has granted a subsidiary of Valeant exclusive, worldwide commercial and manufacturing rights to the EGP-437 combination product candidate for the treatment of post-operative ocular inflammation and pain in ocular surgery patients.

7:31 am Flex Pharma initiates Phase 2 CONMEND trial in the US, will evaluate FLX-787 in patients with motor neuron disease, focused on ALS, who suffer from painful, debilitating cramps; co expects to report topline results from this study in the middle of 2018 (FLKS) :

The co has initiated a Phase 2 randomized, controlled, double-blinded, parallel design trial in the US, referred to as the COMMEND trial.

  • The COMMEND trial will evaluate FLX-787, the Company's co-activator of TRPA1 and TRPV1, in patients with motor neuron disease, focused on ALS, who suffer from painful, debilitating cramps.
  • The FDA has granted FLX-787 Fast Track designation for the treatment of severe muscle cramps associated with ALS.
  • The Company expects to report topline results from this study in the middle of 2018.
  • The Company also intends to initiate a Phase 2 clinical trial in CMT this quarter.

7:29 am Penske Auto commences $300 mln offering of Senior Subordinated Notes due 2020 (PAG) : The company intends to use the net proceeds of this offering to repay amounts currently outstanding under the company's U.S. credit agreement and for general working capital purposes.

7:25 am Martin Marietta misses by $0.10, misses on revs; guides FY17 revs in-line (MLM) :

  • Reports Q2 (Jun) earnings of $2.25 per share, $0.10 worse than the Capital IQ Consensus of $2.35; revenues rose 8.8% year/year to $996.3 mln vs the $1014.78 mln Capital IQ Consensus.
    • Building Materials net sales of $931.7 million compared with $856.6 million, an increase of 8.8%, and Magnesia Specialties net sales of $64.6 million compared with $58.8 million, an increase of 9.7%
    • Consolidated gross profit of $274.1 million compared with $247.4 million, an increase of 10.8%
  • Co issues in-line guidance for FY17, sees FY17 revs of $3.75-3.95 bln vs. $3.93 bln Capital IQ Consensus Estimate.
    • Infrastructure market to increase mid-single digits.
    • Nonresidential market to increase in the low- to mid-single digits.
    • Residential market to increase in the mid- to high-single digits.
    • ChemRock/Rail market to remain stable.
    • 2017 consolidated net sales exclude $390 million related to estimated interproduct sales.
  • Ward Nye, Chairman, President and CEO of Martin Marietta, stated, "Our record second-quarter results reflect improved sales, gross profit and earnings from operations in each reportable group, underscoring the breadth of our business and our ability to capitalize on the ongoing recovery in construction activity. Positive residential and nonresidential activity drove results, along with pricing improvements across our aggregates product line, led by the Southeast Group's 10.6 percent increase. We overcame challenging operating conditions in several key states, as near-record levels of precipitation in North Carolina, South Carolina, Georgia and Florida negatively impacted aggregates shipments and operating efficiencies in our historically most profitable geographic areas. Looking ahead, we are optimistic about the remainder of 2017 and beyond due to increased momentum across almost our entire geographic footprint and the positive near- and medium-term outlooks expressed by our customers."

7:20 am Intesa Sanpaolo reports H1 results (ISNPY) :

  • Net income was 1,738 million excluding the aforementioned public contribution and 2,198 million excluding, in addition, levies and other charges concerning the banking industry.
  • Net interest income in Q2 2017 up 0.6% on Q1 2017, and in H1 2017 up 1.5% on H1 2016 when excluding the impact of the devaluation of the Egyptian currency.
  • The credit quality trend improved. the past 21 months recorded a 10 billion gross npl stock reduction, which was achieved at no extraordinary cost to shareholders. in q2 2017, gross npl inflow from performing loans was at its lowest since the creation of intesa sanpaolo.

7:18 am Lifepoint Hospitals beats by $0.06, misses on revs; guides FY17 EPS lower, revs below consensus (LPNT) :

  • Reports Q2 (Jun) earnings of $0.96 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.90; revenues rose 0.2% year/year to $1.59 bln vs the $1.64 bln Capital IQ Consensus.
  • William F. Carpenter III, Chairman and Chief Executive Officer of LifePoint Health, said, "We are pleased to deliver another quarter of solid results with EBITDA growth and expanded margins both year-over-year and sequentially. Our longstanding operating discipline continues to be integral to our success even while the volume environment remains challenging. We are successfully integrating recently acquired hospitals and health systems and remain committed to our strategic priorities of quality and service, growth, operational excellence and talent development at every location to drive long-term value for our shareholders."
  • Co issues guidance for FY17, sees EPS of $3.92-$4.20 vs. $4.19 Capital IQ Consensus Estimate and prior guidance of $4.05-$4.34; sees FY17 revs of $6.425-$6.500 bln vs. $6.55 bln Capital IQ Consensus Estimate and prior guidance of $6.50-$6.60 bln.

7:18 am European Markets Update: DAX +0.3%, CAC +0.5%, FTSE +0.5% (:SUMRX) :

Major European indices trade higher across the board while the euro (1.1814) has shed 0.2% against the dollar after hitting a 19-month high against the greenback yesterday afternoon. British Chancellor Philip Hammond said Brexit will not be postponed or delayed, but the balancing of the UK's budget may be delayed.

  • In economic data:
    • Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8)
    • Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected
    • UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%)
    • France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4)
    • Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2)
    • Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7)

---Equity Markets---

  • Germany's DAX is higher by 0.3% with most components trading in the green. Lufthansa has spiked 2.6% while Prosiebensat 1, Heidelbergcement, and Infineon are up between 1.0% and 1.2%. BMW, Daimler, and Volkswagen show gains between 0.6% and 1.0%. Adidas is the weakest component, falling 0.7%.
  • France's CAC trades up 0.5% with heavyweights among the leaders. Peugeot, Airbus Group, Renault, Louis Vuitton, and Total have added between 1.1% and 1.5%. A handful of consumer names lag with L'Oreal, Danone, and Pernod Ricard shedding between 0.2% and 1.1%.
  • UK's FTSE has climbed 0.5%. Rolls-Royce has surged 9.4% in reaction to upbeat earnings while BP has climbed 2.7% after it too beat estimates. Consumer stocks like Paddy Power, Imperial Brands, Taylor Wimpey, Burberry, and British American Tobacco show gains between 0.9% and 1.7%. On the downside, select miners like Fresnillo, Anglo American, and Randgold Resources show losses between 0.6% and 2.5%.

7:17 am Broadwind Energy reports EPS in-line, revs in-line; guides Q3 EPS below two analyst estimate, revs below consensus (BWEN) :

  • Reports Q2 (Jun) loss of $0.05 per share, in-line with the Capital IQ Consensus of ($0.05); revenues were unchanged from the year-ago period at $43.4 mln.
  • Co issues downside guidance for Q3, sees EPS of ($0.15)-(0.17), excluding non-recurring items, vs. $0.02 two analyst estimate; sees Q3 revs of $30 mln vs. $41.25 mln Capital IQ Consensus Estimate.
  • Q4 outlook highly uncertain due to change in tower procurement and engineering practices.

7:16 am ACCO Brands beats by $0.05, misses on revs; raises FY17 EPS guidance to be at the high end of prior range, in-line, reaffirms revs in-line (ACCO) :

  • Reports Q2 (Jun) earnings of $0.31 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.26; revenues rose 19.5% year/year to $490 mln vs the $497.17 mln Capital IQ Consensus.
  • Co raises 2017 EPS guidance....
  • Co expects FY17 EPS to be at the high end of its prior adjusted EPS range, at $1.07-1.10, excluding non-recurring items, vs. $1.08 Capital IQ Consensus Estimate; reaffirms FY17 revenue growth expectation of 22-26%, which equates to roughly $1.90-1.96 vs. $1.94 bln Capital IQ Consensus Estimate.

7:15 am Endurance International misses by $0.11, reports revs in-line; updates guidance (EIGI) :

  • Reports Q2 (Jun) GAAP loss of $0.29 per share, $0.11 worse than the Capital IQ GAAP consensus estimate of ($0.18); revenues rose 0.5% year/year to $292.26 mln vs the $289.4 mln Capital IQ Consensus.
  • Total subscribers on platform at June 30, 2017 were approximately 5.217 million, compared to approximately 5.480 million subscribers at June 30, 2016 and 5.304 million subscribers at March 31, 2017.
  • Adjusted EBITDA for the second quarter of 2017 was $82.5 million, an increase of 7 percent compared to $76.9 million for the second quarter of 2016.
  • Updated Guidance:
    • Co sees GAAP revenue +5-5.5% (Prior 4-5%)
    • Co sees Adjusted EBITDA +14-16% (Prior +12-14%)
    • Co sees Free cash flow +25% (Prior +35%)

7:15 am Scotts Miracle-Gro beats by $0.12, beats on revs; reaffirms FY17 guidance; expects to rasie dividend in near future (SMG) :

  • Reports Q3 (Jun) earnings of $2.63 per share, $0.12 better than the Capital IQ Consensus of $2.51; revenues rose 8.5% year/year to $1.08 bln vs the $1.06 bln Capital IQ Consensus. U.S. Consumer increased 5 percent to $792.2 million from $756.7 million. Europe Consumer sales declined 3 percent, but increased 2 percent when excluding the impact of foreign exchange rates, to $93.2 million. Sales in the "Other" segment increased 36 percent to $192.6 million due to the acquisitions of Botanicare and Gavita as well as year-over- year growth within The Hawthorne Gardening Company.
  • Co reaffirms guidance for FY17, sees EPS of $4.00-4.20, excluding non-recurring items, vs. $4.13 Capital IQ Consensus Estimate; sees FY17 revs of +3-4% to $2.92-2.95 bln vs. $2.93 bln Capital IQ Consensus Estimate. 
  • The Company now expects to complete the pending sale of its European and Australian businesses in the fourth quarter and anticipates lowering its guidance for Non-GAAP adjusted earnings by ~$0.20 per share at that time. "Once this pending divestiture is behind us, the material changes in reconfiguration of our portfolio will largely be behind us," Hagedorn said. "Where appropriate, we will continue to seek tuck-in acquisitions that complement our remaining portfolio, however, our bias going forward will be to return cash to shareholders. We expect to increase our quarterly dividend in the near future and will continue to be an active acquirer of our shares." 

7:15 am Lexicon Pharma beats by $0.11, misses on revs (LXRX) :

  • Reports Q2 (Jun) loss of $0.33 per share, $0.11 better than the Capital IQ Consensus of ($0.44); revenues fell 40.3% year/year to $12 mln vs the $18.34 mln Capital IQ Consensus.
  • Anticipated Upcoming Milestones September 11-15, 2017 -- Two oral presentations (inTandem2 and JDRF studies) and two poster presentations (dose ranging and in Tandem studies) at the 53rd Annual Meeting of the European Association for the Study of Diabetes (:EASD) in Lisbon. Q3 2017 - Secondary endpoint data from inTandem. Q3 2017 - Pooled continuous glucose monitoring (:CGM) data from inTandem1 and inTandem.

7:13 am On The Wires (:WIRES) :

  • Magellan Health (MGLN) has launched a hemophilia management program in collaboration with Health New England, a non-profit health plan serving the commercial, Medicaid and Medicare markets.
  • Spectrum Pharmaceuticals (SPPI) has completed enrollment with 405 patients randomized in the ROLONTIS Phase 3 ADVANCE pivotal study under a Special Protocol Assessment (SPA) with the FDA. The study is evaluating the safety and efficacy of ROLONTIS in the management of chemotherapy-induced neutropenia in patients with breast cancer. Enrollment has been completed ahead of schedule. The Company plans to announce topline data in Q1 2018 and file a Biologics License Application (:BLA) next year.
  • Acceleron Pharm (XLRN) announced that the first patient has been treated in a Phase 2 clinical trial of ACE-083, the Company's locally acting muscle agent, for the treatment of patients with Charcot-Marie-Tooth disease (CMT).

7:12 am Government Properties Income Trust beats by $0.01, beats on revs (GOV) :

  • Reports Q2 (Jun) funds from operations of $0.60 per share, $0.01 better than the Capital IQ Consensus of $0.59; revenues rose 9.1% year/year to $69.89 mln vs the $69.08 mln Capital IQ Consensus.
    • Completed 288,428 Square Feet of Leasing in the Second Quarter for a 13.5% Increase in Rents.
    • Occupancy was 95.0% at Quarter End, Up 80 Basis Points Year Over Year.
    • Announced Agreement to Acquire First Potomac Realty Trust for Approximately $1.4 Billion.
  • "Government Properties Income Trust achieved solid leasing results during the second quarter of 2017. We entered into new and renewal leases for over 288,000 square feet of space for rents that were 13.5% higher than previous rents for the same space. We also announced our planned strategic acquisition of First Potomac Realty Trust and began to implement our long term financing and business repositioning plans associated with that acquisition by raising $494 million of net proceeds from the sale of common equity and the issuance of $300 million aggregate principal amount of senior unsecured notes due 2022."

7:11 am Oxford Immunotec misses by $0.42, beats on revs; guides Q3 revs in-line; raises FY17 revs guidance in-line (OXFD) :

  • Reports Q2 (Jun) loss of $0.74 per share, $0.42 worse than the two analyst estimate of ($0.32); revenues rose 35.9% year/year to $26.1 mln vs the $25.05 mln Capital IQ Consensus.
  • Co issues in-line guidance for Q3, sees Q3 revs of $29.5-$30.5 mln vs. $30.38 mln Capital IQ Consensus Estimate.
  • Co issues in-line guidance for FY17, sees FY17 revs of $103.0-$106.0 mln vs. $103.99 mln Capital IQ Consensus Estimate and prior guidance of $102.0-$105.0 mln.

7:11 am IDEXX Labs beats by $0.02, beats on revs; raises FY17 guidance (IDXX) :

  • Reports Q2 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.85; revenues rose 9.1% year/year to $508.9 mln vs the $502.44 mln Capital IQ Consensus.
  • Co issues raised guidance for FY17, sees EPS of $3.12-3.22 from $2.95-3.11 vs. $3.07 Capital IQ Consensus Estimate; raises FY17 revs to $1.945-1.965 bln from $1.925-1.95 bln vs. $1.94 bln Capital IQ Consensus Estimate.
  • Gross profits increased 12%, and gross margin increased to 57.5% from 55.8% in the prior year period.

7:11 am Phillips 66 Partners misses by $0.07, reports revs in-line (PSXP) :

  • Reports Q2 (Jun) earnings of $0.61 per share, $0.07 worse than the Capital IQ Consensus of $0.68; revenues were unchanged from the year-ago period at $234 mln.
  • Adjusted EBITDA was $170 million in the second quarter, compared with $155 million in the prior quarter.
  • The Sand Hills Pipeline expansion continues to progress. The project will expand capacity from 280,000 barrels per day (:BPD) to 365,000 BPD, with an expected in-service date by the end of 2017. In addition, DCP Midstream, the operator of the pipeline, has announced plans to further expand the line to approximately 450,000 BPD. Phillips 66 Partners owns a one-third interest in this joint venture.

7:11 am Colliers beats by $0.08, beats on revs (CIGI) :

  • Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $0.68; revenues rose 12.8% year/year to $544.2 mln vs the $515.45 mln Capital IQ Consensus.

7:10 am Incyte misses by $0.02, beats on revs; raises sales guidance (INCY) :

  • Reports Q2 (Jun) loss of $0.06 per share, $0.02 worse than the Capital IQ Consensus of ($0.04); revenues rose 32.5% year/year to $326.4 mln vs the $318.45 mln Capital IQ Consensus. Net product revenues of Jakafi were $276 million as compared to $208 million for the same period in 2016, representing 33 percent growth.
  • Raises Jakafi net rev to $1.09-1.12 bln from $1.02-1.07 bln; reaffirms Iclusig $60-65 mln. Proof-of-concept data for the combination of epacadostat plus PD-1 inhibition presented at the American Society of Clinical Oncology Annual Meeting (:ASCO) 2017 across multiple tumor types; expanded Phase 3 program on track for planned initiation in 2017 Multiple product candidates in late-stage clinical development illustrates transformational growth potential of Incyte's portfolio.
  • "Revenue growth from Jakafi and Iclusig continues to be very robust, driven by strong demand, and we have also made significant progress across our clinical portfolio. As we look forward to the second half of 2017, we anticipate the publication of important data from our development candidates, as well as the initiation of multiple additional pivotal combination studies with epacadostat."

7:10 am Innophos Holdings beats by $0.04, beats on revs; guides Q3 revs below two analyst estimate; reaffirms FY17 EPS guidance, revs guidance (IPHS) :

  • Reports Q2 (Jun) earnings of $0.57 per share, excluding non-recurring items, $0.04 better than the two analyst estimate of $0.53; revenues fell 1.5% year/year to $179.14 mln vs the $172.65 mln two analyst estimate.
    • All segments showed positive year-over-year volume comparisons
    • Delivered final $2 million of $16 million procurement savings pipeline from Phase 1 Operational Excellence initiatives
    • H2 2017 on track to realize $5 million of the identified $13 million Phase 2 Operational Excellence cost savings in the areas of MRO, packaging and logistics
    • The acquisition of Novel Ingredients will create a Food, Health and Nutrition (FHN) platform of nearly $0.5 billion in revenue representing 60% of total sales. The combined Company will benefit from leading, innovative technology; a broader and deeper product portfolio; and access to new market segments
  • Co issues downside guidance for Q3, sees Q3 revs of down ~4% y/y to ~$178.59 mln vs. $186.30 mln two analyst estimate.
    • Earnings in the third quarter are forecast to be positively affected sequentially by reduced implementation fees and first-time cost savings from Phase 2 operational excellence.
    • Input costs are otherwise expected to be in line with second quarter 2017.
    • The Company anticipates that the tax rate will be at the more normalized level of approximately 33% in the thirdquarter.
  • Co reaffirms guidance for FY17, sees EPS of broadly in line with 2016 which was $2.55 vs. $2.48 two analyst estimate; sees FY17 revs of ~$696 mln vs. $692.45 mln Capital IQ Consensus Estimate.
    • On a full-year basis, overall market conditions and the competitive landscape for 2017 are expected to be similar to 2016.
    • The Company anticipates that the Phase 2 Operational Excellence fees incurred in the first half of the year will be more than offset by the Phase 2 savings, of which $5 million is estimated to take effect in the second half of 2017.
    • As a result of these factors, the Company continues to expect full-year revenues to be down by approximately 4% compared with 2016 (equates to ~$696 mln). The Company further continues to expect full-year earnings to be broadly in line with 2016, reflecting the impact of management's focus on cost actions and productivity initiatives given the challenging market conditions.
  • "We delivered a very robust second quarter with top and bottom line results above our expectations," said Kim Ann Mink, Ph.D., Chairman, President and Chief Executive Officer. "By remaining focused on cost savings from performance improvement initiatives, we grew margins on a year-over-year basis despite continuing market pressure. As we transition into the second half of the year, we are encouraged by several recent developments, including improvements in sales volume. We are confident in our ability to deliver on a strong second half of the year and are reiterating our guidance, excluding the Novel Ingredients acquisition.

7:09 am Schneider National reports EPS in-line, revs in-line; raises low-end of FY17 EPS guidance (SNDR) :

  • Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.23; revenues rose 8.1% year/year to $1.08 bln vs the $1.07 bln Capital IQ Consensus.
  • Co raises guidance for FY17, sees EPS of $0.94-1.02 (Prior $0.92-1.02) , excluding non-recurring items, vs. $0.97 Capital IQ Consensus Estimate.
    • "The market pressures of the first quarter continued into the second quarter," said Lofgren. "However, in June indications of improving market conditions began to appear. July is always a challenging month, so we will have a better read by mid-August, but we are cautiously optimistic that the market will see strengthening in the second half of 2017. The market improvement, our efforts to increase driver capacity, new Dedicated contracts and our ongoing revenue management work positions us well for the second half of 2017. Last quarter, I discussed my commitment to be thoughtful and disciplined as to capital expenditures. In light of anticipated market improvement and new customer wins, we have increased our anticipated full year net capital expenditures range to $350 million to $400 million which includes $100 million for chassis. Further, we anticipate full year 2017 adjusted diluted earnings per share in the range of $0.94 to $1.02, which includes the impact of increased share count from the IPO estimated at $0.10 per share."

7:08 am Phillips 66 beats by $0.08 (PSX) :

  • Reports Q2 (Jun) earnings of $1.09 per share, $0.08 better than the Capital IQ Consensus of $1.01.
  • Phillips 66 generated $1.9 billion in cash from operations during the second quarter, including $422 million of cash distributions from equity affiliates. Excluding working capital impacts, operating cash flow was $1.2 billion.
  • During the quarter, Phillips 66 funded $458 million of capital expenditures and investments, and distributed $360 million in dividends and $381 million in share repurchases. The company ended the quarter with 512 million shares outstanding.
  • As of June 30, 2017, cash and cash equivalents were $2.2 billion, and consolidated debt was $10.0 billion, including $2.3 billion at Phillips 66 Partners (PSXP). The company's consolidated debt-to-capital ratio and net-debt-to-capital ratio were 30 percent and 25 percent, respectively. Excluding PSXP, the debt-to-capital ratio was 26 percent and net-debt-to-capital ratio was 20 percent.

7:07 am Dorman Products misses by $0.02, beats on revs (DORM) :

  • Reports Q2 (Jun) earnings of $0.83 per share, $0.02 worse than the Capital IQ Consensus of $0.85; revenues rose 9.4% year/year to $229.26 mln vs the $225.91 mln Capital IQ Consensus.
  • "In the quarter, we also started to realize meaningful revenue from the launch of our Dorman Premium full line chassis program. We are truly excited to see the results of a lot of hard work by the team as we strive to become a market leader in this category. Overall, we continue to execute well, and although we are very pleased with our first half growth, we remain cautious entering the back half of the year given current market conditions. However, our previously issued full year guidance for top and bottom line growth remains unchanged" said Matt Barton, President and Chief Executive Officer.
  • Operating Cash Flow was $3.8 million in the quarter compared to $12.6 million in the same quarter last year. Investment in inventories (of approximately $29 million in the quarter), to ensure high customer fill rates, was the driver of the decreased Operating Cash Flows. We expect inventory to plateau in the third quarter and begin to decline slightly in the second half of the year.

7:05 am Innophos Holdings to acquire Novel Ingredients for $125 mln in cash (IPHS) :

Novel Ingredients are a New Jersey-based provider of dietary supplement ingredient solutions primarily owned by GenNx360 Capital Partners, a New York-based private equity firm.

  • Under the terms of the merger agreement, Innophos will acquire all of the outstanding shares of Novel Ingredients for a total purchase price of $125 million (enterprise value), payable in cash.
  • Co will fund the acquisition with borrowings under its existing credit facility.
  • The acquisition is expected to be accretive to Innophos' earnings per share in the first year following the close of the transaction.
  • Closing of the transaction is expected to be completed in the third quarter of 2017.
  • Annual revenue of nearly $100 million; 2008-2016 CAGR of 19%.
  • Annual cost synergies estimated at $4 million; revenue synergies are anticipated from combined product technology and customer relationships

7:05 am Shopify beats by $0.06, beats on revs; guides Q3 revs above consensus; raises FY17 above consensus; CFO will retire (SHOP) :

  • Reports Q2 (Jun) adj. loss of $0.01 per share, $0.06 better than the Capital IQ Consensus of ($0.07); revenues rose 75.2% year/year to $151.7 mln vs the $143.94 mln Capital IQ Consensus. Within this, Subscription Solutions revenue grew 64% to $71.6 million. The acceleration in Subscription Solutions revenue growth was driven by the continued rapid growth in Monthly Recurring Revenue as another record number of merchants joined the platform in the period. Merchant Solutions revenue grew 86% to $80.1 million, driven primarily by the growth of Gross Merchandise Volume.
    MRR as of June 30, 2017 was $23.7 million, up 64% compared with $14.4 million as of June 30, 2016. Shopify Plus contributed $4.3 million, or 18%, of MRR compared with 13% of MRR as of June 30, 2016.
    GMV for the second quarter was $5.8 billion, an increase of $2.5 billion, or 74% over the second quarter of 2016. Gross Payments Volume3 ("GPV") grew to $2.2 billion, which accounted for 38% of GMV processed in the quarter, versus $1.3 billion, or 38%, for the second quarter of 2016.
    Gross profit dollars grew 83% to $86.8 million as compared with the $47.5 million recorded for the second quarter of 2016.
  • Co issues upside guidance for Q3, sees Q3 revs of $164-166 mln vs. $157.03 mln Capital IQ Consensus Estimate; adj. operating loss $2-4 mln
  • Co issues upside guidance for FY17, sees FY17 revs of $642-648 mln vs. $627.77 mln Capital IQ Consensus Estimate; adj. operating loss $7-11 mln
  • Shopify's Chief Financial Officer Russ Jones has informed the Company and its Board of Directors of his decision to retire in 2018. Russ, who joined Shopify in 2011, intends to continue to serve as CFO until his successor is found and has transitioned into the role, a process that is now underway and that Shopify expects will be completed within the next 12 months.

7:05 am Archer-Daniels beats by $0.05, misses on revs (ADM) :

  • Reports Q2 (Jun) earnings of $0.57 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.52; revenues fell 4.4% year/year to $14.94 bln vs the $15.86 bln Capital IQ Consensus.
  • "Our actions in the first half of the year reflect ADM's continuous efforts to create shareholder value. We are diversifying our capabilities and geographic reach through acquisitions and organic expansions. We are aggressively managing costs and capital, and taking additional portfolio actions; and we are ahead of pace to meet our 2017 target of $225 million in run-rate savings...With these collective actions, we expect to deliver solid year-over-year earnings growth and returns in 2017, and we are poised to be an even stronger company in 2018."

7:03 am CME Group beats by $0.01, reports revs in-line (CME) :

  • Reports Q2 (Jun) earnings of $1.22 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.21; revenues rose 2.1% year/year to $925 mln vs the $931.05 mln Capital IQ Consensus.
    • Second-quarter 2017 average daily volume was a record 16.5 million contracts, up 9 percent compared with second-quarter 2016.
    • Clearing and transaction fee revenue was $792 million, up 3 percent compared with second-quarter 2016.
    • Second-quarter 2017 total average rate per contract was 74.9 cents, up 2 percent from first-quarter 2017, driven primarily by a sequential product mix shift with an increased proportion of the volume from commodity contracts, which capture higher fees.
    • Market data revenue was $96 million, down 7 percent compared with the second quarter last year, but relatively in line with the first quarter of this year.

7:03 am Steven Madden beats by $0.06, beats on revs; raises FY17 EPS, revs guidance (SHOO) :

  • Reports Q2 (Jun) earnings of $0.51 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.45; revenues rose 15.0% year/year to $374.15 mln vs the $355.22 mln Capital IQ Consensus.
  • Gross margin was 37.3%. Adjusted gross margin was 37.4% as compared to 37.2% in the same period last year, an increase of 20 basis points.
  • Same store sales increased 2.2% in the quarter compared to a 5.4% same store sales increase in the second quarter of 2016. Retail gross margin decreased slightly to 62.6% in the second quarter of 2017 as compared to 62.8% in the second quarter of the prior year.
  • Co raises guidance for FY17, sees EPS of $2.18-2.24 (Prior $2.12-2.18), excluding non-recurring items, vs. $2.19 Capital IQ Consensus Estimate; sees FY17 revs of $1.53-1.55 bln (+9-11%) (Prior +8-10%) vs. $1.53 bln Capital IQ Consensus Estimate.

7:03 am AcelRx reported key results from the Phase 3 IAP312 study of ZALVISO (sufentanil sublingual tablet system), an investigational product candidate being developed for the management of moderate-to-severe acute pain (ACRX) :

Throughout the study in 320 enrolled patients, 2.2% of patients experienced a ZALVISO device error, which was statistically less than the 5% limit specified in the study objectives.

  • Importantly, none of these device errors resulted in an over-dosing event.
  • This 2.2% rate was lower than the 7.9% rate of device errors during patient use previously reported for the earlier version of the ZALVISO device in the Phase 3 IAP311 study.
  • In addition, as requested by FDA, the IAP312 study prospectively evaluated the number of inadvertently misplaced tablets which occurred during patient dosing.
  • No patient had a repeat incidence of an inadvertently misplaced tablet following
    re-training on the device.

7:03 am Pitney Bowes misses by $0.03, reports revs in-line; guides FY17 EPS in-line (PBI) :

  • Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.36; revenues fell 1.7% year/year to $821.4 mln vs the $822.9 mln Capital IQ Consensus.
  • Co issues narrows guidance for FY17, sees EPS of $1.70-1.78 from $1.70-1.85 vs. $1.74 Capital IQ Consensus Estimate.
  • Revenue, on a constant currency basis, to be in the range of flat to 1 percent growth, when compared to 2016. This has been updated from the original range of a 2 percent decline to 1 percent growth. Free cash flow to be in the range of $400 million to $430 million. This has been updated from the original range of $400 million to $460 million.

7:03 am Caterpillar CFO Brad Halverson to retire in early 2018; co will launch an external search to fill the position (CAT) :  

7:02 am Under Armour beats by $0.03, beats on revs; lowers FY17 guidance; announces restructuring (UAA) :

  • Reports Q2 (Jun) loss of $0.03 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of ($0.06); revenues rose 8.7% year/year to $1.09 bln vs the $1.08 bln Capital IQ Consensus, up 8 percent currency neutral. Revenue to wholesale customers rose 3 percent to $655 million and direct-to-consumer revenue was up 20 percent to $386 million. A dynamic and promotional retail environment in North America continued to temper results with revenue in line with last year's same period. Outside North America, the strong momentum continued with international revenue up 57 percent (up 54 percent currency neutral), representing 22 percent of total revenue. Within our international business, revenue in EMEA was up 57 percent (up 53 percent currency neutral), up 89 percent in Asia-Pacific (up 87 percent currency neutral) and up 10 percent in Latin America (up 9 percent currency neutral). Apparel revenue increased 11 percent to $681 million including strength in men's and women's training, and golf. Footwear revenue was down 2 percent to $237 million, against last year's same period which was up 58 percent due to significant strength in basketball sales. Accessories revenue increased 22 percent to $123 million with strength in men's and women's training, and youth performance.
  • Gross margin declined 190 basis points to 45.8 percent as benefits from channel and product mix were offset by inventory management initiatives, changes in foreign currency rates, and higher air freight in connection with our enterprise resource planning (:ERP) system implementation, which impacted the timing of shipments to certain key customers.
  • Co issues guidance for FY17, sees EPS of $0.37-0.40, excluding non-recurring items, vs. $0.42 Capital IQ Consensus Estimate; sees FY17 revs of +9-11% to ~$5.26-5.36 bln vs. $5.35 bln Capital IQ Consensus Estimate. 
  • Under Armour's Board of Directors has approved a restructuring plan to more closely align its financial resources to support the company's efforts to better serve the evolving needs of the changing consumer and customer landscape. "As we stand up our category management structure within a consumer-led approach, we intend to meaningfully increase our go-to-market speed and amplify our digital capabilities," continued Plank. "We've identified a number of areas to enhance our operational capabilities, drive process improvement and gain greater efficiencies. We remain steadfast in driving and building our brand while shifting our operational focus to become more return-on-investment and cost of capital centric - institutionalizing discipline to deliver more consistent, long-term shareholder value." In conjunction with this plan, the company expects to incur total estimated pre-tax restructuring and related charges of ~$110-130 million. 

7:01 am Cara Therapeutics appoints Mani Mohindru, Ph.D., as CFO effective August 15 (CARA) :

  • Josef Schoell, who has held the CFO position at Cara for more than a decade, will be retiring.
  • Most recently, Mohindru served as Chief Strategy Officer at Curis (CRIS)

7:01 am Granite Constr misses by $0.20, beats on revs (GVA) :

  • Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.20 worse than the Capital IQ Consensus of $0.55; revenues rose 26.2% year/year to $762.9 mln vs the $684.32 mln Capital IQ Consensus.
  • The Company's expectations for 2017 are:
    • Mid- to high-teens consolidated revenue growth
    • Consolidated EBITDA margin1 of 6.0% to 6.5%
  • "Our businesses continue to win new work across the portfolio, with broad project wins driving Company backlog above $4 billion for the first time in our Company's 95-year history. For the fifth consecutive quarter, Construction segment backlog finished above the $1-billion mark"

7:00 am Xylem beats by $0.02, reports revs in-line; guides FY17 EPS above consensus, revs above consensus (XYL) :

  • Reports Q2 (Jun) earnings of $0.59 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.57; revenues rose 24.9% year/year to $1.16 bln vs the $1.17 bln Capital IQ Consensus.
  • Co issues raised guidance for FY17, sees EPS of $2.30-2.40 from $2.23-2.38, excluding non-recurring items, vs. $2.31 Capital IQ Consensus Estimate; raises FY17 revs of $4.65-4.70 bln from $4.50-4.60 bln vs. $4.6 bln Capital IQ Consensus Estimate.
  • Orders exceeded $1.2 billion in the second quarter, growing eight percent organically. On a pro forma organic basis, Xylem projects revenue growth of three to four percent. On an organic basis, which excludes the impact of acquisitions and the impact of foreign exchange translation, Xylem's revenue growth is now anticipated to be in the range of two to three percent. "Looking ahead, we have solid plans and are operating in improving end markets, which reinforce our confidence in our ability to deliver solid growth and margin expansion in line with our improved guidance for the full year."

7:00 am Bristol-Myers announces that the FDA has approved Opdivo (nivolumab) injection for the treatment of patients with microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) metastatic colorectal cancer (mCRC) that has progressed with a fluoropyrimidine, oxaliplatin, and irinotecan (BMY) :

Approval for this indication has been granted under accelerated approval based on overall response rate (:ORR) and duration of response.

  • In the CheckMate -142 trial, among patients who received prior treatment with a fluoropyrimidine, oxaliplatin, and irinotecan, 28% responded to treatment with Opdivo.
    • Among these responders, the median duration of response was not reached
  • Opdivo is associated with the following Warnings and Precautions including immune-mediated: pneumonitis, colitis, hepatitis, endocrinopathies, nephritis and renal dysfunction, skin adverse reactions, encephalitis, other adverse reactions; infusion reactions; and embryo-fetal toxicity.

7:00 am Asian Markets Close: Nikkei +0.3%, Hang Seng +0.8%, Shanghai +0.6% (:SUMRX) :

Equity indices in the Asia-Pacific region ended Tuesday on a higher note. Regional economic data included below-consensus Manufacturing PMI readings from India and Japan while China's Caixin Manufacturing PMI beat expectations. The People's Bank of China reportedly uncovered operational violations at 40 Chinese banks. The banks have up to six months to correct the issues. In Japan, Chief Cabinet Secretary Yoshihide Suga confirmed that Prime Minister Shinzo Abe plans to reshuffle his cabinet on August 3. The Reserve Bank of Australia left its cash rate unchanged at 1.50%, as expected. The central bank noted that the relative strength of the Australian dollar results from weakness in the U.S. dollar. The Reserve Bank of India will meet overnight.

  • In economic data:
    • Japan's July Manufacturing PMI 52.1 (expected 52.2; last 52.2)
    • China's July Caixin Manufacturing PMI 51.1 (consensus 50.4; last 50.4)
    • India's Nikkei July Manufacturing PMI 47.9 (expected 50.8; last 50.9)
    • South Korea's July Nikkei Manufacturing PMI 49.1 (last 50.1)
    • Australia's July AIG Manufacturing Index 56.0 (last 55.0)
    • South Korea's July CPI +0.2% month-over-month (last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.9%). July trade surplus narrowed to KRW10.65 billion from KRW10.77 billion. July Imports +14.5% year-over-year (last 19.8%) and July Exports +19.5% year-over-year (last 13.6%)

---Equity Markets---

  • Japan's Nikkei edged up 0.3%. Toshiba spiked 11.0% while Nitto Denko, Yamato Holdings, Teijin, Sumitomo Mitsui Financial, T&D Holdings, Dentsu, Sumitomo Mitsui, Sony Financial Holdings, and Mitsubishi advanced between 1.8% and 3.7%.
  • Hong Kong's Hang Seng climbed 0.8%, nearing its high from 2015. Financials ended in the lead with Ping An Insurance, China Life Insurance, BoC Hong Kong, Bank of China, Bank of East Asia, China Construction Bank, ICBC, and Hang Seng Bank climbed between 0.8% and 4.1%. On the downside, Geely Automobile lost 1.8%.
  • China's Shanghai Composite slipped from its high in afternoon action, but charged to a fresh high into the close, adding 0.6%. Shanghai Jin Jiang International Industrial Investment, Shanghai Lujiazui Finance & Trade Zone Development, Anhui Expressway, Bestsun Energy, and Beijing Teamsun Technology gained between 4.5% and 5.1%.
  • India's Sensex ticked up 0.2% with more than half of its components moving higher. Hero MotoCorp, Maruti Suzuki, and Mahidra&Mahindra gained between 1.8% and 2.1% while tech consultants were mixed. Wipro gained 1.8%, Tata Consultancy shed 0.2%, and Infosys lost 0.6%. Lupin was the weakest performer, falling 1.4%.

---FX---

  • USDJPY +0.2% to 110.45
  • USDCNY -0.1% to 6.7203
  • USDINR -0.1% to 64.08

6:57 am Glatfelter Co misses by $0.13, misses on revs (GLT) :

  • Reports Q2 (Jun) loss of $0.06 per share, excluding non-recurring items, $0.13 worse than the Capital IQ Consensus of $0.07; revenues fell 4.7% year/year to $387.3 mln vs the $394.84 mln Capital IQ Consensus.
    • In the Composite Fibers and Advanced Airlaid Materials business units, net sales increased by 1.4% and 4.9%, respectively, on a constant currency basis.
    • Specialty Papers' net sales declined 8.6% in the quarter-over-quarter comparison.
  • "We had solid growth in shipping volumes and improved performance in our engineered materials businesses during the quarter," said Dante C. Parrini, Chairman and Chief Executive Officer. "However, our overall results for the quarter were lower than expected due to continued weakness in Specialty Papers' markets. Volumes in our Composite Fibers business strengthened, increasing 3% over last year's second quarter and 4% year-to-date, driven by improved demand across most product lines and particularly wall cover products. While we are seeing steady growth in the Composite Fibers business, we remain focused on our cost optimization initiatives that are expected to deliver $10 million in cost savings in 2017. The Advanced Airlaid Materials business performed well delivering top-line growth and improved profitability, as operating income increased 11% over the prior-year quarter and 10% for the year. For the remainder of 2017, we expect continued growth in shipments and strong operating performance from our engineered materials businesses. We also look forward to the incremental growth expected from our new Fort Smith, Arkansas facility coming on-line later this year with commercial shipments beginning early 2018."

6:56 am Louisiana-Pacific reports EPS in-line, revs in-line (LPX) :

  • Reports Q2 (Jun) earnings of $0.58 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.58; revenues rose 19.2% year/year to $694 mln vs the $700.73 mln Capital IQ Consensus. 
  • "Despite concerns about lot availability and labor shortages constraining new construction, we are encouraged by the year-over-year increase in single-family starts...In the second half of the year, we will remain focused on sustainable improvements and growth in all of our businesses, including continued siding growth and launching of new specialty products."

6:54 am Mosaic beats by $0.06, reports revs in-line (MOS) :

  • Reports Q2 (Jun) earnings of $0.29 per share, excluding $0.01 in non-recurring items, $0.06 better than the Capital IQ Consensus of $0.23; revenues rose 4.7% year/year to $1.75 bln vs the $1.75 bln Capital IQ Consensus.
  • Guidance: Total sales volumes for the Phosphates segment are expected to range from 2.2 to 2.5 mln tonnes for the third quarter of 2017, compared to 2.5 mln tonnes last year. Total sales volumes for the Potash segment are expected to range from 1.9 to 2.2 mln tonnes for the third quarter of 2017, compared to 2.2 mln tonnes last year. For calendar 2017, Mosaic now expects: Canadian resource taxes to range from $90 to $110 mln, narrowed from previous guidance of $85 to $135 mln. Brine management costs to range from $150 to $160 mln, down from $160 to $180 mln. Capital expenditures in the range of $800 to $850 mln down from a range of $800 to $900 mln. Potash sales volumes in the range of 8.1 to 8.6 mln tonnes, narrowed from 8.0 to 8.75 mln tonnes. Phosphates sales volumes in the range of 9.5 to 10 mln tonnes, narrowed from 9.5 to 10.25 mln tonnes. International Distribution sales volumes in the range of 6.75 to 7.25 mln tonnes, down from 7.0 to 7.5 mln tonnes.

6:51 am Xerox beats by $0.07, misses on revs; narrows FY17 EPS in-line (XRX) :

  • Reports Q2 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.80; revenues fell 8.1% year/year to $2.57 bln vs the $2.6 bln Capital IQ Consensus.
  • Co issues in-line guidance for FY17, sees EPS of $3.20-3.44 (prior: $3.2-3.52) vs. $3.34 Capital IQ Consensus Estimate.
    • Xerox continues to expect to generate operating cash flow from continuing operations of $700 to $900 million and free cash flow from continuing operations of $525 to $725 million in 2017.
  • "We are pleased with the strong operating margins and cash flow we delivered, as well as the continued progress on our Strategic Transformation initiatives," said Jeff Jacobson, Xerox chief executive officer. "This resulted in solid operating results despite revenue declines, which were driven by lower equipment sales as we transition to the recently launched ConnectKey portfolio." Jacobson added, "The new product line-up has been met with enthusiasm by customers, partners and industry experts, fueling our confidence in improving revenue trends later this year and into next."

6:51 am Intl Game Tech. PLC misses by $0.17, beats on revs; reaffirms EBITDA guidance (IGT) :

  • Reports Q2 (Jun) earnings of $0.15 per share, excluding non-recurring items, $0.17 worse than the Capital IQ Consensus of $0.32; revenues fell 5.1% year/year to $1.22 bln vs the $1.2 bln Capital IQ Consensus. The constant currency decline of 5% is mostly attributable to the new Lotto concession dynamics and the sale of Double Down Interactive LLC, which closed on June 1, 2017. Global lottery same-store revenue, excluding Italy, grew 2.6% in the second quarter, on top of strong North America jackpot activity in the prior year period. Excluding multi-state jackpot games, global lottery same-store revenue grew 4.9%. In Italy, late numbers activity was lower than the elevated levels in the second quarter of 2016. Excluding late numbers, Italy Lotto wagers increased 1%. Gaming service revenue was primarily impacted by the sale of DoubleDown. The global installed base continues to grow, rising 2,701 units from the prior-year period. Global gaming product revenue increased 5% over the second quarter of 2016 driven by 25% growth in terminal sales that was partially offset by lower systems sales. The Company shipped 8,884 gaming machines worldwide during the second quarter, led by strong replacement unit demand.
  • The Company is maintaining its outlook for adjusted EBITDA of $1,600-$1,680 million, and the expectation for net debt remains $6,950-$7,150 million for the full year 2017 period. The outlook for maintenance and growth capital expenditures has been reduced by $50 million to $575-$625 million.

6:51 am TransUnion prices 22.5 mln (upsized from 20 mln shares) common stock offering by selling stockholders; price not disclosed (TRU) :  

6:50 am CONSOL Energy beats by $0.07, beats on revs; updates guidance (CNX) :

  • Reports Q2 (Jun) earnings of $0.17 per share, $0.07 better than the Capital IQ Consensus of $0.10; revenues rose 202.8% year/year to $865.95 mln vs the $678.79 mln Capital IQ Consensus.
  • During the second quarter of 2017, CONSOL's E&P Division sold 92.2 Bcfe, or a decrease of 7% from the 99.3 Bcfe sold in the year-earlier quarter, which resulted primarily from both timing delays associated with the TIL schedule and from the company selling approximately 3.0 Bcfe of production related to the net developed acres located in Doddridge and Wetzel counties, West Virginia. As stated last quarter, the company expected to TIL three pads in the second quarter; however, due to operational delays, the company ended up turning-in-line one pad. Therefore, the company expects to TIL five pads in the third quarter, which includes the two delayed pads from the second quarter. Lastly, the decrease of 3.0 Bcfe of production associated with the West Virginia sale was retroactive starting on January 1, 2017 through May 31, 2017.

  • Guidance: 
    • CONSOL Energy maintains its E&P Division production guidance for 2017 of approximately 420-440 Bcfe, while increasing its total E&P capital expenditures in 2017 to approximately $620-$645 million, compared to previous guidance of approximately $555 million. The increase in 2017 capital is driven primarily by three areas: additional capital associated with operational challenges in the second quarter, service cost inflation related to pressure pumping services, and continuous improvement progress. The continuous improvement progress is driven by improved drilling cycle times resulting in the company expecting to drill nine additional wells in 2017 and by modifying production protocols, both of which are expected to increase 2018 production to 520-550 Bcfe, compared to previous guidance of 490-520 Bcfe. Also, the company has added another layer of hedges for the expected incremental production in 2018 to help lock in returns and cash flows.

    6:47 am Extended Stay America reports EPS in-line, misses on revs; lowers FY17 revs guidance (STAY) :

    • Reports Q2 (Jun) earnings of $0.31 per share, in-line with the Capital IQ Consensus of $0.31; revenues rose 1.7% year/year to $338.36 mln vs the $342.7 mln Capital IQ Consensus.
    • Comparable Hotel RevPAR for the three months ended June 30, 2017 grew 2.4% over the same period in 2016, driven by an improvement in occupancy of 220 basis points to 78.9% while Average Daily Rate ("ADR") declined slightly by 0.5%. Comparable Hotel RevPAR for the six months ended June 30, 2017 grew 2.3% to $49.44 driven by a 150 basis point increase in occupancy and a 0.2% increase in ADR compared to the same period in 2016.
    • Co lowers guidance for FY17, sees FY17 revs of $1.278-1.303 bln (Prior $1.285-1.31 bln) vs. $1.3 bln Capital IQ Consensus Estimate; continues to see comparable RevPAR +1.5-3.5%

    6:47 am Houston American Energy provides production information on its Johnson State #1H well and provided an update with respect to the status of its drilling and completion operations in Reeves County, Texas (HUSA) :

    On July 28, 2017, the operator on the Johnson State well began the process of shutting in the well pending completion of production handling facilities and tying into the gas sales line, which is anticipated within the next two weeks.

    • Prior to shut in, the latest daily flowback report indicated production rates of 351 barrels of oil per day and 4,269 mcf of natural gas per day, or a combined 1,062 barrels of oil equivalent per day. 
    • The company's second Reeves County well, the O'Brien #3H, reached total depth on July 1, 2017.
    • The well, with a 4,575 foot horizontal leg in the Upper Wolfcamp A shale, is scheduled to commence hydraulic fracturing operations during the second half of August 2017. 
    • We expect to see meaningful improvements in our production, revenue and profitability by the end of Q3 2017."

    6:47 am Pfizer beats by $0.01, misses on revs; raises low end of FY17 EPS, reaffirms FY17 revs guidance (PFE) :

    • Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.66; revenues fell 1.9% year/year to $12.9 bln vs the $13.08 bln Capital IQ Consensus. reflecting a slight operational decline of $48 million and the unfavorable impact of foreign exchange of $202 million, or 2%. Excluding the revenues for HIS in both periods and the unfavorable impact of foreign exchange, second-quarter 2017 revenues increased by $248 million, or 2%. Second-quarter 2017 revenues excluding the net impact of acquisitions and divestitures completed in 2016 and the first six months of 2017 were flat operationally compared to second-quarter 2016.
    • Co issues guidance for FY17, raises EPS to $2.54-2.60 from $2.50-2.60, excluding non-recurring items, vs. $2.55 Capital IQ Consensus Estimate; reaffirms FY17 revs of $52-54 bln vs. $52.78 bln Capital IQ Consensus Estimate.

    6:47 am Waddell & Reed beats by $0.01, reports revs in-line (WDR) :

    • Reports Q2 (Jun) earnings of $0.39 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.38; revenues fell 10.2% year/year to $286.7 mln vs the $285.25 mln Capital IQ Consensus.
    • The second quarter of 2017 excluded a tax charge of $8.9 million ($0.11 per diluted share) related to the implementation of new accounting guidance regarding the tax consequences of share-based payments. Assets under management ended the second quarter of 2017 at $80.4 billion, decreasing less than 1% compared to the prior quarter and decreasing 7% compared to the second quarter of 2016.

    6:44 am Tata Motors domestic sales grows by 13% in July 2017 (TTM) :

    • The overall commercial vehicles sales in July 2017, in the domestic market were at 27,842 nos. higher by 15% over July 2016, due to ramp-up of BS4 production, across segments. The Company also passed on the benefits of GST to consumers by reducing the prices of its vehicles across all commercial vehicle segments.
    • In July 2017, Tata Motors passenger vehicles, in the domestic market, recorded sales at 14,933 nos., with a growth of 10%, over 13,547 units, in July 2016, due to continued strong demand for the Tata Tiago and the Tata Tigor. While the car segment marginally degrew by 1% at 12,125 nos., the UV segment grew by 110% at 2,808 nos., due to strong demand for Tata HEXA.

    6:44 am Kamada reports EPS in-line, misses on revs; reaffirms FY17 revs guidance (KMDA) :

    • Reports Q2 (Jun) earnings of $0.13 per share, in-line with the Capital IQ Consensus of $0.13; revenues rose 70.7% year/year to $32.55 mln vs the $33.3 mln two analyst estimate.
    • Co reaffirms guidance for FY17, sees FY17 revs of $100 mln vs. $101.31 mln two analyst estimate.
    • Upcoming Milestones:
      • PDUFA date of August 29, 2017 for the completion of the review of the BLA for Anti-Rabies IgG therapy.
      • Expect to receive FDA approval to conduct a pivotal Phase 3 trial for inhaled AAT.
      • Last patient enrolled in February 2017 in the Company's Type-1 Diabetes Phase 2 trial; top-line results anticipated in the second half of 2017.
      • Completed patient recruitment in the Company's lung transplantation Phase 2 trial; expect to have an interim report from this trial in the second half of 2017.
      • Anticipate submitting Clinical Trial Application for IV AAT in GvHD in Europe in the second half of 2017, and initiating the combined U.S. and European trial in 2018.
    • As of June 30, 2017, the Company had cash, cash equivalents and short term investments of $26.9 million, compared with $28.6 million as of December 31, 2016.

    6:41 am Mobile Mini appoints Van Welch to Executive Vice President & CFO, effective August 31, 2017 (MINI) : Most recently, Mr. Welch held the position of Executive Vice President and Chief Financial Officer at Willbros Inc. (WG), and previously served in senior finance roles at KBR Group.

    6:41 am WestJet reports Q2 results (WJAFF) :

    • Co reported Q2 EPS of CAD 0.41 vs CAD 0.30 last year; revs +11.1% YoY to CAD 1.055 bln.
    • WestJet achieved its 49th consecutive quarter of profitability and flew a record 5.9 million guests. Based on the trailing twelve months, the airline achieved a return on invested capital of 9.8 per cent, compared with the 10.0 per cent reported in the previous quarter.

    6:41 am Edge Therapeutics reports Q2 net loss, in-line (EDGE) :

    • Q2 EPS ($0.44) vs ($0.44) Capital IQ Consensus Estimate
    • "NEWTON 2, our Phase 3 clinical study designed to support potential registrations throughout the world for EG-1962 as a treatment for aneurysmal subarachnoid hemorrhage (aSAH) delivered via external ventricular drain, is ongoing. We look forward to the study's pre-planned futility analysis in late-2017, top-line efficacy results from the interim analysis in the first quarter of 2018 and, if needed, top-line results from the full study in late-2018. We are also evaluating alternative routes of administration to expand the population of aSAH patients who may benefit from EG-1962. This includes our ongoing controlled study of EG-1962 delivered directly into the basal cisterns of the brain in good-grade patients with ruptured brain aneurysms. In addition, during the quarter, we initiated development activities for lumbar administration of EG-1962. There remains a significant unmet need to improve outcomes in patients with aSAH, and we look forward to receiving EG-1962 data in the coming quarters."

    6:40 am Quality Systems beats by $0.02, beats on revs; lowers FY18 EPS in-line, reaffirms FY18 revs guidance (QSII) :

    • Reports Q1 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.15; revenues rose 7.1% year/year to $130.9 mln vs the $126.75 mln Capital IQ Consensus.
    • Co issues guidance for FY18, sees EPS of $0.62-0.70 (prior: $0.66-0.74), excluding non-recurring items, vs. $0.70 Capital IQ Consensus Estimate; sees FY18 revs of $512-530 mln vs. $521.93 mln Capital IQ Consensus Estimate.
      • Lowering FY18 EPS guidance to account for incremental investments in the EagleDream Health platform. 
    • "Fiscal 2018 is off to a very solid start, as we saw strong financial results and continued to make progress on our strategic plan. During the quarter, we leveraged our platform as a service strategy to further enhance our solution offerings and enhance the value we bring to our clients. Furthermore, the significant modifications we've made to our business model will simplify the process and increase the ease of partnering with NextGen going forward. I feel very confident in our position within the market and our ability to drive bookings growth in the back half of fiscal 2018," commented Rusty Frantz, President and Chief Executive Officer of Quality Systems, Inc.

    6:38 am Horizon Global beats by $0.17, beats on revs; guides Q3 EPS below consensus, revs above consensus; raises FY17 EPS above consensus, reaffirms FY17 revs guidance; acquires Best Bars Ltd. (HZN) :

    • Reports Q2 (Jun) adj. earnings of $0.84 per share, $0.17 better than the Capital IQ Consensus of $0.67; revenues rose 51.1% year/year to $253.6 mln vs the $241.08 mln Capital IQ Consensus.
    • Co issues mixed guidance for Q3, sees EPS of $0.35-0.40, excluding non-recurring items, vs. $0.44 Capital IQ Consensus Estimate; sees Q3 revs of $225-235 mln vs. $220.78 mln Capital IQ Consensus Estimate.
    • Co issues guidance for FY17, raises EPS to $1.04-1.14, excluding non-recurring items, vs. $0.98 Capital IQ Consensus Estimate; reaffirms FY17 rev +30-35%.
    • Regionally, Horizon Americas delivered strong growth in e-commerce and aftermarket channels as sales recovered from order delays in the first quarter of 2017. Horizon Asia-Pacific experienced double-digit organic growth by expanding into industrial products. As a whole, the Company's operating profit more than doubled as a result of leverage from increased sales and operational improvements." "We reiterate our confidence in achieving 9 million in expected synergies during 2017 due to our Westfalia integration efforts. The momentum in Horizon Europe-Africa continues to build, and we expect to realize ongoing benefits from the business in the back half of 2017 and beyond.
    • "We are also pleased to announce our recently completed acquisition of Best Bars Limited, an established leader in the towing and trailering industry in New Zealand. Best Bars is now part of Horizon Asia-Pacific, and we expect this acquisition to support the growth of our global OE business."

    6:38 am Eaton misses by $0.01, reports revs in-line; guides Q3 EPS in-line; narrows FY17 EPS in-line (ETN) :

    • Reports Q2 (Jun) earnings of $1.15 per share, $0.01 worse than the Capital IQ Consensus of $1.16; revenues rose 1.0% year/year to $5.13 bln vs the $5.14 bln Capital IQ Consensus.
    • Co issues in-line guidance for Q3, sees EPS of $1.20-1.30 vs. $1.28 Capital IQ Consensus Estimate.
    • Co issues narrows guidance for FY17, sees EPS of $4.50-4.70 from $4.45-4.75 vs. $4.65 Capital IQ Consensus Estimate.
    • "Operating margins in the second quarter were 17.5 percent, and excluding restructuring costs of $11 million, 18.1 percent...Margins increased 0.5 percentage point over the first quarter of 2017, excluding restructuring costs in both quarters."

    6:36 am Versum Materials beats by $0.08, beats on revs; raises FY17 guidance (VSM) :

    • Reports Q3 (Jun) earnings of $0.52 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $0.44; revenues rose 19.8% year/year to $290.8 mln vs the $265.64 mln Capital IQ Consensus.
    • Adjusted EBITDA for the fiscal third quarter ended June 30, 2017 was $97.7 million versus $80.3 million in the same quarter a year ago, a 21.7% increase year on year. Strong volumes in both DS&S and Materials coupled with modestly favorable currency were partially offset by expected higher operating and selling and administrative costs associated with becoming an independent company and unfavorable price/mix in the Materials segment, primarily in Process Materials.
    • Co raises guidance for FY17, sees FY17 revs of $1.09-1.12 bln (Prior $1.02-1.065 bln) vs. $1.07 bln Capital IQ Consensus Estimate; sees Adj-EBITDA of $365-375 mln (Prior $340-355 mln)

    6:36 am Denison Mining reports a new high-grade uranium intersection in basement rocks from the first hole completed as part of the summer 2017 drilling program at the Waterbury Lake property (DNN) :

    Drill hole WAT-17-443 intersected 1.1% eU3O8 over 0.8 metres (from 296.9 to 297.7 metres) ~1.5 kilometres to the northeast of the property's J Zone uranium deposit.

    • The high-grade mineralization occurs immediately below a broader 10.3 metre mineralized interval (from 282.8 to 293.1 metres) with an average grade of 0.15% eU3O8.
    • The mineralization is open in all directions and follow-up drilling is presently underway.

    6:36 am Ingredion beats by $0.03, misses on revs; reaffirms FY17 EPS guidance (INGR) :

    • Reports Q2 (Jun) earnings of $1.89 per share, $0.03 better than the Capital IQ Consensus of $1.86; revenues rose 0.1% year/year to $1.46 bln vs the $1.5 bln Capital IQ Consensus.
    • Co reaffirms guidance for FY17, sees EPS of $7.50-7.80, excluding non-recurring items, vs. $7.58 Capital IQ Consensus Estimate.
    • "We continue to deliver shareholder value with another strong quarter, including solid operating income and earnings per share growth. Good operating efficiency, the impact of acquisitions, and higher specialty volumes more than offset headwinds in South America," said Ilene Gordon, chairman, president and chief executive officer. "Operating income in North America reached record levels, but was lower in South America due to macroeconomic headwinds and the temporary interruption of manufacturing activities in Argentina associated with the implementation of a new labor agreement."

    6:35 am Harris reports EPS in-line, beats on revs; guides FY18 EPS below consensus, revs in-line (HRS) :

    • Reports Q4 (Jun) earnings of $1.49 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $1.49; revenues rose 0.6% year/year to $1.54 bln vs the $1.52 bln Capital IQ Consensus.
    • Co issues guidance for FY18, sees EPS of $5.85-6.05, excluding non-recurring items, vs. $6.08 Capital IQ Consensus Estimate; sees FY18 revs of $6.02-6.14 bln vs. $6.07 bln Capital IQ Consensus Estimate. Harris expects fiscal 2018 free cash flow in a range of $850 - 900 million.
    • "Our fiscal 2017 performance, including higher revenue and strong orders in the fourth quarter, positions us well for returning to growth in fiscal 2018 and accelerating in the medium term...We enter the year at an inflection point, with positive momentum and a continued focus on generating organic growth, driving flawless execution, maintaining margins through operational excellence, and deploying capital in a balanced manner."

    6:34 am Epizyme and US Oncology Research announce a collaboration to screen and identify relapsed or refractory follicular lymphoma and diffuse large B-cell lymphoma patients with EZH2 mutations (EPZM) :

    Under the collaboration, US Oncology Research will implement a separate screening protocol in 68 locations in the U.S. to identify relapsed or refractory FL and DLBCL patients with tumors bearing EZH2 mutations who may be candidates for enrollment in Epizyme's ongoing Phase 2 clinical trial.

    • US Oncology Research will direct identified patients to the tazemetostat Phase 2 clinical trial for protocol screening and potential enrollment into the trial. Sites began screening patients in July 2017.

    6:34 am Crestwood Equity Partners reports Q2 (Jun) results, beats on revs; updates outlook (CEQP) :

    • Reports Q2 (Jun) loss of $0.28 per share, may not be comparable to the Capital IQ Consensus of ($0.07); revenues rose 41.3% year/year to $850.3 mln vs the $706.34 mln Capital IQ Consensus.
    • Second quarter 2017 Adjusted EBITDA of $97.3 million, compared to $106.5 million in the second quarter 2016; Adjusted EBITDA for the second quarter 2017 reflects the deconsolidation of Stagecoach Gas Services compared to the second quarter 2016 which included 100% contribution in April and May 2016
    • Updated Outlook:
      • Adjusted EBITDA of $380 million to $400 million
      • Distributable cash flow of $210 million to $230 million
      • Growth project capital spending and joint venture contributions unchanged in the range of $225 million to $250 million

    6:33 am Quality Systems to acquire EagleDream Health, a cloud-based analytics company, for $26 mln in cash (QSII) :

    With its vendor-agnostic platform for managing value-based care, EagleDream Health empowers organizations with intuitive analytics and actionable intelligence to achieve successful population health management.

    • The proposed acquisition will enable NextGen Healthcare to enhance the care experience and increase patient engagement for ambulatory clinics and health systems while reducing the per capita cost of healthcare and improving the work-life balance for clinicians and staff.
    • The transaction is expected to close in the current quarter.

    6:33 am Thomson Reuters beats by $0.09, reports revs in-line; raises FY17 EPS above consensus; reaffirms revenue (TRI) :

    • Reports Q2 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.51; revenues rose 0.5% year/year to $2.78 bln vs the $2.78 bln Capital IQ Consensus, recurring revenues and contributions from acquisitions were mostly offset by the impact of foreign currency. At constant currency, revenues increased 2%. Operating profit was essentially unchanged as slightly higher revenues and lower expenses, which reflected savings from the company's simplification initiatives, were offset by the unfavorable impact of fair value adjustments associated with foreign currency derivatives embedded in certain customer contracts.
    • Co issues guidance for FY17, raises EPS to $2.40-2.45 from $2.35, excluding non-recurring items, vs. $2.35 Capital IQ Consensus Estimate. Based on the results of the first half of the year, the company raised its full-year outlook for adjusted EBITDA margin and adjusted EPS. The company reaffirmed its full-year outlook for revenue growth and free cash flow. For the full-year 2017, the company currently expects: Low single-digit revenue growth Adjusted EBITDA margin to range between 29.3% - 30.3% - up from previous guidance of 28.8% - 29.8% Free cash flow to range between $0.9 billion and $1.2 billion, which reflects cash payments in 2017 relating to the fourth-quarter 2016 charges, the $500. 

    6:33 am Willbros Group CFO Van A. Welch to resign after accepting a similar position in a different industry effective August 30 (WG) :  

    6:32 am Radian Group beats by $0.07, beats on revs (RDN) :

    • Reports Q2 (Jun) earnings of $0.48 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.41; revenues rose 4.9% year/year to $302.91 mln vs the $299.07 mln Capital IQ Consensus.
      • New MI business written increases 11% and MI in force increases 8% year-over-year.
      • Book value per share grows 3% and tangible book value per share grows 12% year-over-year.
    • "I am pleased to report on our strong operating performance in the second quarter, including a 26% increase in adjusted diluted net operating income per share, 8% growth in our mortgage insurance in force and a 12% increase in tangible book value per share," said Radian's Chief Executive Officer Rick Thornberry. "I continue to be excited about the opportunities ahead for Radian. We have a unique opportunity to leverage our market-leading Mortgage Insurance franchise combined with our core capabilities across the Services segment to deliver high-value and relevant products and services. Successfully capturing these opportunities will enable us to further deepen customer relationships, grow sustainable revenues and profitability and increase stockholder value."

    6:32 am Glowpoint completes debt recapitalization, resulting in an increase of approx. $8.7 mln to stockholders' equity; therefore, the co expects to meet the continued listing standards of the NYSE (GLOW) :  

    6:32 am Columbus McKinnon beats by $0.19, beats on revs (CMCO) :

    • Reports Q1 (Jun) earnings of $0.51 per share, $0.19 better than the Capital IQ Consensus of $0.32; revenues rose 36.7% year/year to $203.7 mln vs the $190.62 mln Capital IQ Consensus.
    • Backlog increased 12.2% to $173.3 million as of June 30, 2017 compared with March 31, 2017.
    • "We anticipate that sales in the fiscal second quarter will be comparable with the quarter just completed, although sales mix will provide somewhat lower operating income. In the meantime, we remain focused on our near-term priorities: the integration of STAHL, strengthening our core business for greater profitability, further leveraging our Magnetek technology for greater revenue potential and reducing debt."

    6:31 am Holly Energy Partners misses by $0.10, misses on revs (HEP) :

    • Reports Q2 (Jun) earnings of $0.36 per share, $0.10 worse than the two analyst estimate of $0.46; revenues rose 15.0% year/year to $109.14 mln vs the $113.12 mln Capital IQ Consensus.
    • Distributable cash flow was $60.9 million for the quarter, up $5.2 million, or 9.3% compared to the second quarter of 2016. HEP announced its 51stconsecutive distribution increase on July 27, 2017, raising the quarterly distribution from $0.62 to $0.6325 per unit, which represents an increase of 8.1% over the distribution for the second quarter of 2016, exceeding HEP's distribution growth target of 8%.

    6:27 am WestRock acquires Hannapak a provider of folding cartons to a variety of markets, including beverage, food, confectionary, and healthcare; WestRock will pay AUD$75 mln in cash (WRK) :  

    6:22 am Corvel reports Q1 results (CRVL) :

    • Q1 EPS $0.46 vs. $0.38 last year; rev +7% to $138 mln (no estimates).
    • Revenue growth for the quarter was driven by an increase in the Company's claims management services. Network Solutions, including Pharmacy Benefit Management (PBM) programs, also had improved results driven by CorVel's value-added performance for clients. Payors face increasing pressure to help contain inflating medical costs which has increased interest in the Company's medical review and provider management services. The Company recently announced the release of an advanced claims management workstation for the insurance carrier marketplace.

    6:18 am ICHOR Corporation commences public offering of 5.5 mln ordinary shares by selling shareholders (ICHR) :  

    6:18 am Freeport-McMoRan sells certain interest in the Gulf of Mexico Outer Continental Shelf to Cox Oil Offshore; terms not disclosed (FCX) :  

    6:13 am On The Wires (:WIRES) :

    • Visa (V) announced its support of the new global QR Code Payment Specifications from EMVCo, the global technical body that manages the EMV Specifications. The specifications cover consumer-presented and merchant-presented QR code use cases for digital payment acceptance. QR codes are two-dimensional machine-readable barcodes, used to facilitate mobile payments at the point-of-sale.
    • Cellcom Israel Ltd. (CEL) announced that following the previously reported amendment to the Company's cellular license in relation to the requirement that Israeli citizens and residents from among the Company's founding shareholders hold at least 5% of the Company's outstanding shares and other means of control, as of July 2017, the Israeli Ministry of Communications amended the Company's cellular license so as to postpone the application of such requirement until October 31, 2017.
    • TransAlta Corporation (TAC) and TransAlta Renewables responded to Fortescue Metals Group Limited's (FSUMF) view that the South Hedland Power Station has not yet achieved commercial operation. All the conditions to establishing that commercial operations have been achieved under the terms of the power purchase agreement with FMG have been satisfied in full. These conditions include receiving a commercial operation certificate, successfully completing and passing certain test requirements, and obtaining all permits and approvals required from the North West Interconnected System and government agencies. The South Hedland Power Station is fully operational and able to meet all of FMG's requirements under the terms of the PPA.

    6:11 am MDC Holdings beats by $0.03, beats on revs (MDC) :

    • Reports Q2 (Jun) earnings of $0.64 per share, $0.03 better than the Capital IQ Consensus of $0.61; revenues rose 13.6% year/year to $648.97 mln vs the $623.95 mln Capital IQ Consensus.
      • Selling, general and administrative expenses as a percentage of home sale revenues improved 40 basis points from 11.3% to 10.9%.
      • Dollar value of net new orders of $710.6 million versus $722.5 million.
        • Monthly sales absorption pace of 3.41 improved 2%.
      • Ending backlog dollar value up 4% to $1.68 billion from $1.61 billion.
      • Approved 3,342 lots for purchase in 44 communities.
      • Last twelve months return on equity improved 340 basis points to 9.3%.
    • Larry A. Mizel, MDC's Chairman and Chief Executive Officer, stated, "We are pleased to announce our 2017 second quarter results, highlighted by a 26% year-over-year increase in our net income. For the second consecutive quarter, we realized a year-over-year improvement in our backlog conversion rate, which helped to drive a double-digit increase in home sale revenues and improved operating leverage. The improved backlog conversion rate was achieved based on stabilizing build-to-order construction cycle times, which decreased sequentially for the first time in almost two years."

    6:10 am Pioneer Energy misses by $0.02, beats on revs; offers Q3 guidance (PES) :

    • Reports Q2 (Jun) loss of $0.21 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of ($0.19); revenues rose 72.0% year/year to $107.13 mln vs the $105.23 mln Capital IQ Consensus.
    • Q3 Outlook:
      • In the third quarter of 2017, Production Services Segment revenue is estimated to be up approximately 5% to 10% as compared to the second quarter of 2017. Production Services Segment margin is estimated to be 24% to 26% of revenues in the third quarter. Drilling rig utilization in the third quarter is estimated to average 74% to 77%. Drilling Services Segment margin is expected to be approximately $8,100 to $8,500 per day in the third quarter.

    6:09 am Archrock beats by $0.12, beats on revs (AROC) :

    • Reports Q2 (Jun) loss of $0.03 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of ($0.15); revenues rose 4.2% year/year to $198 mln vs the $196 mln two analyst estimate. 
    • "During the quarter, we grew operating horsepower by 40,000 horsepower, improved contract operations gross margin percentage by 200 basis points, and increased EBITDA, as adjusted, $7 million sequentially. We continued to drive new orders at impressive levels, and in spite of the recent commodity price pull-back, demand for our services has remained at elevated levels providing visibility of new starts through 2017 and into 2018." "As we have communicated over the past nine months, 2017 is a transition year with the prior cyclical downturn giving way to the expansion we expected in the second half of 2017," continued Childers.
    • "We are confident that expansion is underway and we expect to see solid year-over-year growth in year-end 2017 operating horsepower and full year aftermarket services revenue."

    6:08 am Baytex Energy Trust reports Q2 (Jun) results, beats on revs; updates guidance (BTE) :

    • Reports Q2 (Jun) earnings of CC$0.04 per share, may not be comparable to the Capital IQ Consensus of (CC$0.19); revenues rose 40.2% year/year to CC$274.37 mln vs the CC$259.23 mln single analyst estimate.
    • Production increased 5% to average 72,812 boe/d (79% oil and NGL) in Q2/2017, as compared to 69,298 boe/d (79% oil and NGL) in Q1/2017. Production in the first half of 2017 averaged 71,065 boe/d. During the second quarter, exploration and development capital expenditures totaled $78.0 million, bringing the aggregate spending in the first half of 2017 to $174.6 million. We participated in the drilling of 47 (15.3 net) wells with a 100% success rate during the second quarter.
    • Updated guidance:
      • Reflective of our strong operating results in the first half of the year, we are tightening our 2017 production guidance range to 69,000 to 70,000 boe/d (previously 68,000 to 70,000 boe/d). We are now forecasting full-year 2017 exploration and development capital expenditures of $310 to $330 million (previously $325 to $350 million). We are also reducing our guidance for operating expenses by 4% (at the mid-point) to $10.75-$11.25/boe as we continue to drive cost efficiencies in our business.

    6:08 am Archrock Partners beats by $0.01, reports revs in-line (APLP) :

    • Reports Q2 (Jun) earnings of $0.08 per share, $0.01 better than the Capital IQ Consensus of $0.07; revenues fell 1.3% year/year to $138.3 mln vs the $137.1 mln Capital IQ Consensus. 
    • EBITDA, as adjusted was $66.9 million for the second quarter of 2017, compared to $61.1 million for the first quarter of 2017 and $71.2 million for the second quarter of 2016.

    6:06 am Sequans Communications reports EPS in-line, misses on revs; guides Q3 EPS below consensus, revs below consensus (SQNS) :

    • Reports Q2 (Jun) loss of $0.06 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of ($0.06); revenues rose 33.8% year/year to $13.22 mln vs the $14.48 mln Capital IQ Consensus.
    • Gross margin was 42.1% compared to 47.1% in the first quarter of 2017 and compared to 44.6% in the second quarter of 2016, reflecting an increase in the proportion of module sales in the product mix in the second quarter of 2017.
    • Co issues downside guidance for Q3, sees EPS of ($0.07-0.05), excluding non-recurring items, vs. ($0.04) Capital IQ Consensus Estimate; sees Q3 revs of $15-17 mln vs. $17.59 mln Capital IQ Consensus Estimate.

    6:06 am Air Products beats by $0.06, beats on revs; guides Q4 EPS in-line (APD) :

    • Reports Q3 (Jun) earnings of $1.65 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $1.59; revenues rose 10.8% year/year to $2.12 bln vs the $2.06 bln Capital IQ Consensus on eight percent higher volumes and five percent favorable energy pass-through, partially offset by two percent unfavorable currency. Volumes were positive across all three regions, while continued progress on the Jazan project was partially offset by lower LNG activity. Taken together, the Industrial Gas regions increased overall volumes by eight percent. Pricing was flat with the prior year.
    • Co issues in-line guidance for Q4, sees EPS of $1.65-1.70, excluding non-recurring items, vs. $1.67 Capital IQ Consensus Estimate.
    • Co issues in-line guidance for FY17, raises EPS $0.10 to $6.20-6.25, excluding non-recurring items, vs. $6.15 Capital IQ Consensus Estimate. 
    • "We continue to be optimistic about the future performance of Air Products. We see significant opportunities to use our very strong balance sheet to invest in our core business and create value for our shareholders. We have increased our full-year guidance by $0.10 at midpoint, now representing a 10 percent increase over prior year." 

    6:06 am Lumber Liquidators beats by $0.24, beats on revs; comparable store sales +8.8% (LL) :

    • Reports Q2 (Jun) earnings of $0.16 per share, $0.24 better than the Capital IQ Consensus of ($0.08); revenues rose 10.7% year/year to $263.5 mln vs the $256.89 mln Capital IQ Consensus.
      • Net sales in comparable stores increased $21 million, or 8.8%, driven by a 5.3% increase in the number of customers invoiced and a 3.5% increase in the average sale.
      • Merchandise sales in comparable stores grew 6.1% in the quarter. Net sales in non-comparable stores increased $4.4 million.
      • The Company did not open any stores during the second quarter of 2017, so total store count remained at 385 as of June 30, 2017.
    • Dennis Knowles, Chief Executive Officer, commented, "In the quarter, we saw positive results in net revenues, comparable store sales and customer traffic, in addition to gross margin expansion which drove positive operating results. Customers have responded to the investments that we made to broaden and strengthen our assortment with innovative products, while also ensuring the right mix of those products were available in our stores. Although we are pleased with the results in the quarter, we still have work to do. Our management team is confident in the potential of our business, and remains dedicated to carrying out the long-term strategy of the Company. We believe that by continuing to work our plan, we will position the Company for long-term profitability and growth."

    6:05 am Genesee & Wyoming beats by $0.07, reports revs in-line (GWR) :

    • Reports Q2 (Jun) earnings of $0.80 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.73; revenues rose 7.8% year/year to $540.43 mln vs the $539.59 mln Capital IQ Consensus.
    • North American Operations traffic increased 10,924 carloads, or 2.8%, to 397,047 carloads in the second quarter of 2017. Excluding 11,483 carloads from new operations, same railroad traffic decreased 559 carloads, or 0.1%. The traffic decrease was principally due to decreases of 1,873 carloads of metallic ores traffic (primarily in the Mountain West and Coastal regions), 1,839 carloads of petroleum products traffic (primarily in the Northeast and Mountain West regions), 1,695 carloads of metals traffic (primarily in the Southern and Coastal regions), 1,547 carloads of chemicals and plastics traffic (primarily in the Mountain West Region) and 1,514 carloads of pulp and paper traffic (primarily in the Southern and Coastal regions), partially offset by increases of 3,235 carloads of agricultural products traffic (primarily in the Central and Mountain West regions), 2,422 carloads of waste traffic (primarily in the Northeast and Pacific regions) and 1,380 carloads of minerals and stone traffic (primarily in the Central Region). All remaining traffic increased by a net 872 carloads.

    6:03 am Gener8 Maritime misses by $0.05, misses on revs (GNRT) :

    • Reports Q2 (Jun) loss of $0.11 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of ($0.06); revenues fell 29.3% year/year to $74.95 mln vs the $76.55 mln two analyst estimate.
      • Increased vessel operating days by 18.0% to 3,352 in the three months ended June 30, 2017 compared to 2,841 in the same period in the prior year. Increased full fleet "ECO" operating days to 54.2% in the three months ended June 30, 2017, compared to 30.8% in the same period in the prior year.
    • "We continue to take important steps to strengthen our platform and balance sheet" said Peter Georgiopoulos, Chairman and Chief Executive Officer of Gener8 Maritime. "In this seasonally weaker rate environment, we remain focused on maximizing our financial flexibility in order to manage our business for the near- and long-term. We continue to dispose of older vessels, streamlining our fleet and focusing on high quality tonnage with the best return profile. This strengthens our competitive position in the market. We believe the strategy we are pursuing is prudent and reflects our approach to managing our balance sheet and market exposure."

    6:03 am Armada Hoffler Properties reports FFO in-line, misses on revs; lowers FY17 FFO guidance (AHH) :

    • Reports Q2 (Jun) funds from operations of $0.25 per share, in-line with the Capital IQ Consensus of $0.25; revenues rose 10.4% year/year to $26.76 mln vs the $27.18 mln Capital IQ Consensus.
    • Co lowers guidance for FY17, sees FFO of $0.97-0.99 (Prior $0.99-1.03) vs. $0.98 Capital IQ Consensus Estimate.

    5:50 am Shanghai...+0.60% (FXI) :  

    5:50 am S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +32.60. :

    5:50 am European Markets : FTSE...7427.36...+55.40...+0.80%.  DAX...12166...+47.50...+0.40%.

    5:50 am Asian Markets : Nikkei...19986...+60.60...+0.30%.  Hang Seng...27540...+216.20...+0.80%.

    5:26 am Sony beats by JPY 6.53, beats on revs; raises FY18 revs outlook (SNE) :

    • Reports Q1 (Jun) earnings of YEN62.70 per share (Basic EPS was YEN64.03), YEN6.53 better than the Capital IQ Consensus of YEN56.17; revenues rose 15.2% year/year to YEN1858.1 bln vs the YEN1735.86 bln Capital IQ Consensus.
    • Co raises guidance for FY18, sees FY18 revs of YEN8300 bln (Prior YEN8000 bln) vs. YEN8021.31 bln Capital IQ Consensus Estimate.

    5:05 am Allot Comms reports EPS in-line, beats on revs; reaffirms FY17 revs guidance (ALLT) :

    • Reports Q2 (Jun) loss of $0.07 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of ($0.07); revenues fell 15.1% year/year to $19.52 mln vs the $19.2 mln Capital IQ Consensus.
    • Co reaffirms guidance for FY17, sees FY17 revs of $80-84 mln vs. $81.58 mln Capital IQ Consensus Estimate. Revenues for the second half of 2017 are expected to be better than for the first half and the book to bill ratio for the year is expected to be above 1.

    4:34 am Mazor Robotics beats by $0.08, reports revs in-line (Pre-announced Q2 revs) (MZOR) :

    • Reports Q2 (Jun) loss of $0.05 per share, excluding non-recurring items, $0.08 better than the single analyst estimate of ($0.13); revenues rose 86.7% year/year to $15.46 mln vs the $15.38 mln Capital IQ Consensus. The company pre-announced Q2 sales/orders in early July
    • The Company's gross margin for the three months ended June 30, 2017 was 69.4% compared to 76.9% in the year-ago second quarter. This expected decrease is attributed mainly to the higher manufacturing costs of the Mazor X compared to the Renaissance system and the inclusion of four Renaissance trade-ins to Mazor X
    • As previously announced, the Company received purchase orders for 19 systems in the 2017 second quarter and ended the quarter with a backlog of 14 systems.

    4:20 am On The Wires (:WIRES) :

    • Showa Denko (SHWDY) has decided to increase prices of its high-purity fluorine-based gases for electronics. Specifically, SDK will increase prices of high-purity FC-116 and FC-14 gases by about 500 yen (US$4.5) per kilogram each as from shipments on September 1, 2017. SDK will start contacting its customers concerning this price increase. The company also announced that it started to supply "low-carbon" hydrogen gas made from used plastics (low-carbon hydrogen) at its Kawasaki Plant to TOMOE SHOKAI Co., Ltd.'s Shinsuna Hydrogen Station located in Koto-ku, Tokyo last month.
    • Wirecard (WRCDF) and mobilcom-debitel announced a 'ground-breaking collaboration'. From today onwards, all new Android smartphones sold by mobilcom-debitel will come with the preinstalled mobile payment app boon.
    • Isogenica Ltd, a leader in the design and construction of innovative and highly diverse synthetic antibody libraries, announced a new licensing deal with Takeda Pharmaceutical Company Limited (TKPYY). Under the terms of the agreement, Isogenica has granted Takeda licences to its family of llamdA VHH single-domain antibody libraries for the discovery, development and commercialisation of therapeutic products derived from these libraries. Isogenica is entitled to an upfront and annual licence payments. If antibodies are advanced into development, Isogenica is entitled to further licence fees, milestones and royalties.
    • Morrisons (MRWSY) is pleased to announce a major new, long-term wholesale supply initiative with McColl's, which will take wholesale supply sales to more than 1bn in due course. Morrisons is to start supplying both Safeway products and national brands to 1,300 McColl's convenience shops and 350 newsagents across the UK1. The new partnership will replace all McColl's existing supply arrangements in time. Morrisons will supply McColl's shops, with a phased programme starting in January 2018. By the end of 2018, the co expects total annualised wholesale sales to all its partners to be in excess of 700m (inc. tobacco). The co expects this new initiative to make an initial profit contribution in 2018/19, and increase thereafter.
    • Anglo American plc (NGLOY) announces the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for De Beers' sixth sales cycle of 2017, amounting to $572 million.

    4:19 am AstraZeneca granted Breakthrough Therapy Designation by the FDA for acalabrutinib for the treatment of patients with mantle cell lymphoma who have received at least one prior therapy (AZN) : The Breakthrough Therapy Designation is designed to expedite the development and regulatory review of new medicines that are intended to treat a serious condition and that have shown encouraging early clinical results, which demonstrate substantial improvement on a clinically-significant endpoint over available medicines and when there is significant unmet medical need.

    4:08 am British American Tobacco says the Serious Fraud Office has opened a formal investigation into allegations of misconduct (BTI) : "As previously announced, we are investigating, through external legal advisers, allegations of misconduct. We have been co-operating with the Serious Fraud Office ("SFO") and British American Tobacco ("BAT") has been informed that the SFO has now opened a formal investigation. BAT intends to co-operate with that investigation."

    3:58 am Worldpay & Vantiv (VNTV) granted extension by Panel on Takeovers and Mergers to finalize terms of their potential merger (WDDYF) :

    For reference, on 5 July 2017, Worldpay and Vantiv (VNTV) announced that they had reached agreement in principle on the key terms of a potential merger of Worldpay and Vantiv. The announcement stated that in accordance with Rule 2.6(a) of the UK Takeover Code, Vantiv is required to clarify its intentions by no later than 5.00pm on 1 August 2017 (the "PUSU Deadline"), by either announcing a firm intention to make an offer or that it does not intend to make an offer.

    • Positive discussions are continuing between Worldpay and Vantiv, but there can be no certainty that a firm offer will be forthcoming.
    • Therefore, the Board of Worldpay has requested that the Panel on Takeovers and Mergers (the "Panel") extend the PUSU Deadline. In the light of this request, an extension has been granted by the Panel and, in accordance with Rule 2.6(a) of the Code, Vantiv is required, by not later than 5.00pm on 8 August 2017, either to announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

    3:17 am On The Wires (:WIRES) :

    • Graa y Montero S.A.A. (GRAM) announced it signed an agreement with five banks to provide a $162.1 million credit line to GyM, the construction company of the Group, and an additional line of $100 million in order to develop future projects of the company.
    • R1 RCM Inc. (RCM) announced that Central Maine Healthcare, an integrated healthcare delivery system serving 400,000 people living in central, western, and mid-coast Maine, selected R1 for its Revenue Capture Solutions module.
    • CTI BioPharma Corp. (CTIC) announced that the first patient has been enrolled in PAC203, a Phase 2 clinical trial of pacritinib in patients with primary myelofibrosis who have failed prior ruxolitinib therapy. PAC203 is designed to evaluate the dose response relationship for safety and efficacy (spleen volume reduction at 12 and 24 weeks) of three dose regimens: 100 mg once-daily, 100 mg twice-daily (BID) and 200 mg BID. The 200 mg BID dose regimen was used in the Phase 3 PERSIST-2 trial of pacritinib in patients with myelofibrosis. The trial is expected to enroll up to approximately 105 patients.
    • Hiab, part of Cargotec (CYJBF), has entered into an agreement to acquire the loader crane business of one of Brazil's leading loader crane manufacturers Argos Guindastes Indstria e Comrcio Ltda. The acquisition is expected to take place during the third quarter 2017. The parties have agreed not to disclose the transaction value.
    • LivaNova PLC (LIVN) announced its latest VNS Therapy Systems received CE Mark for expanded MRI labeling. VNS Therapy is now the only implantable device indicated for epilepsy therapy that allows patients to have high-quality 1.5T and 3T MRI scans without the need for special equipment.

    3:15 am General Motors closes sale of Opel/Vauxhall business to the Groupe PSA (PEUGF) (GM) : The sale of GM Financial's European operations to Groupe PSA and BNP Paribas (BNPQY) is expected to close later this year, subject to various regulatory approvals.

    3:05 am Bank of Marin to acquire Bank of Napa (OTC: BNNP) for $51 mln in stock (BMRC) :

    Bank of Napa has two branch offices serving Napa County, and had assets of $246.1 million, total deposits of $217.7 million, and total loans of $139.3 million as of June 30, 2017.

    • The transaction will be immediately accretive to BMRC's earnings, adding to shareholder value. BNNP shareholders will receive a fixed exchange ratio of 0.3070 shares of BMRC common stock for each share of BNNP common stock outstanding. Based on BMRC's closing stock price of $65.95 on July 28, 2017, the transaction is valued at $51.0 million, or $20.25 per share of BNNP common stock. Such value will fluctuate with changes in the stock price of BMRC. The total transaction value includes the value of BNNP options assumed by BMRC.
    • The transaction is expected to close in the fourth quarter of 2017, and upon closing the Bank will have approximately $2.4 billion in assets and operate twenty-two branches in five counties, including San Francisco, Marin, Sonoma, Napa and Alameda.