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5 Cool things you never knew about Elmer's Glue

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9:53 am Marina Biotech Chairman, President and CEO J. Michael French to resign effective June 10 to pursue other opportunities () : Current board member, Joseph W. Ramelli, will assume the roles of chairman of the board and acting chief executive officer. The board of directors is currently conducting a search for a new CEO.

9:52 am FBR & Co issues statement in response to report by Institutional Shareholder Services relating to the election of its Board, 'strongly believes ISS reached the wrong conclusion' () : FBR & Co states that all shareholders of record are 'encouraged' to review FBR's definitive proxy filing and vote for all eight nominees proposed by the co's Board and 'strongly urged' not to sign or return any blue proxy card sent by Voce Catalyst Partners.

9:44 am Opening Market Summary: Oil Leads Averages Lower at Open (:WRAPX) :

As expected, the stock market opened on a lower note as the Dow Jones Industrial Average (-0.3%) and the S&P 500 (-0.3%) trail the Nasdaq Composite (-0.2%).

Nine sectors trade in the red with energy (-1%), technology, (-0.6%), and materials (-0.5%) leading the downside. The remaining decliners sport losses between 0.1% (consumer discretionary) and 0.3% (financials). Conversely, countercyclical health care (+0.4%) sports the only gain.

In the energy space (-1.0%), independent oil and gas names lead the losses with Anadarko Petroleum (APC 51.66, -0.74) declining by 1.5%. Separately, Dow component Exxon Mobil (XOM 87.88, -1.36) is the worst performer in the price-weighted index.

On the flipside, biotechnology outperforms in the health care space (+0.4%), evidenced by the 0.8% gain in the iShares Nasdaq Biotechnology ETF (IBB 283.27, +2.09).

On the commodities front, WTI crude has fallen 1.4% to $48.33/bbl while gold has ticked down 0.1% ($1,213.70/ozt).

9:42 am UnitedHealth pushes above its April high () : Yesterday noted the test of the early week peak (134.75) with the breakout extended today above its April / previous all time intraday high at 135.11.

9:35 am Weaker start for market averages -- Dow -61, S&P -6, Nasdaq Comp -12 (:TECHX) : Early sector laggards include: Crude Oil USO, Mining XME, Oil Service OIH, Energy XLE, Solar TAN, Gold Miners GDX, Software IGV, Airline JETS, Steel SLX, Technology XLK.

9:29 am Prudential commences cash tender offer for up to $500 mln of its medium-term notes () : Co commences a tender offer to purchase for cash up to $500 mln aggregate principal amount of its 6.100% Medium-Term Notes, Series D, due 2017, 6.000% Medium-Term Notes, Series D, due 2017, 2.300% Medium-Term Notes, Series D, due 2018, and 7.375% Medium-Term Notes, Series D, due 2019

9:26 am Aratana Therapeutics receives a technical section complete letter for chemistry, manufacturing and controls for NOCITA from the FDA; plans to submit the administrative NADA in the coming weeks () :

  • The technical section complete letter for CMC is the last of three major technical section complete letters required to file an administrative NADA for approval with the CVM.
  • Co plans to finalize the product label, complete the other minor sections and submit the administrative NADA in the coming weeks.
  • If Nocita receives FDA approval, co expects to commence commercialization in late-2016.

9:24 am Kinder Morgan subs receive authorization from the FERC for the Elba Liquefaction Project () :

  • Co announced that subsidiaries Elba Liquefaction Company and Southern LNG Company have received authorization from the Federal Energy Regulatory Commission for the Elba Liquefaction Project. The approximate $2 billion project will be constructed and operated at the existing Elba Island LNG Terminal near Savannah, Georgia. As previously announced, the first of 10 liquefaction units is expected to be placed in service in the second quarter of 2018, with the remaining nine units coming online before the end of 2018. This project is supported by a 20-year contract with Shell.
  • KMI also announced today that Elba Express Company and Southern Natural Gas Company have received from FERC Certificates of Public Convenience and Necessity for the EEC Modification Project and SNG Zone 3 Expansion Project, respectively. Together these projects total $306 million and include additional compression and related work for north-to-south capacity expansions on Elba Express Pipeline that will supply additional gas to industrials and utilities in Georgia and Florida and to Elba Island for liquefaction. Facilities for these pipeline projects are expected to be placed in service late in the fourth quarter of 2016.

9:23 am On The Wires (:WIRES) :

  • Genisphere, a provider of the 3DNA drug delivery platform, announces it has executed a collaborative research and option to license agreement with MedImmune, the biologics R & D arm of AstraZeneca (AZN). Under the agreement, MedImmune and Genisphere will develop nanoparticles utilizing its 3DNA dendrimer scaffold with up to six MedImmune oncology molecules, as the nanoparticle configuration may help to improve targeting of the drug, according to the co.
  • Zayo Group Holdings (ZAYO) has been selected by Link11, a German infrastructure provider and CDN specializing in DDoS protection and server hosting, to provide an Ethernet 'solution'. The network for Link11 will span London, Frankfurt, Miami, New York, and Los Angeles; financial terms undisclosed.
  • Gen9 and Amyris (AMRS) announce an agreement for the supply of multiple megabases of synthetic DNA content; terms undisclosed.
  • Energy Focus (EFOI) announces that it has been selected by St. John's University to retrofit its main Queens, NY Campus with tubular LED technology, Intellitube; terms undisclosed.
  • MSA Safety (MSA) announces it has been awarded a multi-year contract to supply, service, and maintain 3,600 AirGo eXXtreme self-contained breathing apparatus for Fire and Rescue New South Wales in Australia. The contract is valued at ~$4 mln.

9:23 am Hovnanian reports Q2 (Apr) results, beats on revs; lowers FY16 guidance () :

  • Reports Q2 (Apr) GAAP loss of $0.06 per share, including land charges, may not be comparable to the Capital IQ Consensus of $0.03; revenues rose 39.6% year/year to $654.7 mln vs the $643.05 mln two analyst estimate. 
    • The dollar value of consolidated net contracts increased 9.6% to $768.1 million for the three months ended April 30, 2016 compared with $700.7 million during the same quarter a year ago. The dollar value of net contracts, including unconsolidated joint ventures, during the second quarter of fiscal 2016 increased 5.1% to $789.3 million compared with $750.9 million in last year's second quarter.
    • Consolidated deliveries were 1,598 homes in the second quarter of fiscal 2016, a 30.7% increase compared with 1,223 homes in the second quarter of fiscal 2015. For the three months ended April 30, 2016, deliveries, including unconsolidated joint ventures, increased 27.8% to 1,647 homes compared with 1,289 homes in the second quarter of the prior year.
    • Homebuilding gross margin percentage, before interest expense and land charges included in cost of sales, was 16.1% for both the second quarter ended April 30, 2016 and 2015.
  • Co issues in-line guidance for FY16, lowers FY16 revs to $2.7-2.9 bln from $2.7-3.1 bln vs. $2.78 bln Capital IQ Consensus Estimate. Adjusted EBITDA is expected to be between $200 million and $225 million and income before income taxes, excluding land related charges, gains or losses on extinguishment of debt and other non-recurring items such as legal settlements, is expected to be between $25 million and $50 million for all of fiscal 2016, down from $40-100 mln.
  • "we continue to believe that we will have the liquidity to pay off the remaining debt maturities through the end of 2017. We are certain that we are taking the correct steps that will best position our company for future success. While it is discouraging to report a loss for the first half of fiscal 2016, it is nevertheless a significantly reduced loss, and we anticipate our profitability in the second half of the year will more than offset this loss."

9:19 am S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -7.60. (:WRAPX) :

The stock market is on track for a lower open as the S&P 500 futures trade six points below fair value.

Equity futures have been under pressure in recent action as investors look to potential development from OPEC's biannual meeting. The energy component slipped from the $48.95/bbl price level amid reports alleging that the group has been unable to agree on an output target. Currently, WTI crude trades lower by 1.8% ($48.14/bbl).

On the central bank front, the European Central Bank recently left its interest rate corridor unchanged, as expected. ECB President Draghi is currently taking part in a press conference where he stated that he expects interest rates to remain at their present level, or lower, for an extended period of time. Furthermore, he stated that low interest rates may persist past the horizon for the asset purchase program. The program is expected to be carried out until March 2017.

In company specific news, Qlik Tech (QLIK 30.05, +1.08) has gained 3.7% after agreeing to be acquired by Thoma Bravo for $30.50 per share in cash. The deal is valued at approximately $3 billion and is expected to close in the third quarter of 2016. Oracle (ORCL 39.00, -1.26) has fallen 3.1% as investors continue to respond to allegations that a former accountant at the company was told to change sales figures.

The U.S. Dollar Index (95.43, -0.03) has climbed in recent action as the greenback gains against commodity currencies and slides against the safe haven yen. The dollar/Canadian dollar pair trades higher by 0.5% (1.3136) while the dollar has lost 0.7% against the yen (108.80).

9:16 am Mattersight announces issuance of patent that further refines its pairing process () : The invention covered by the new patent enables its analytics engine to blend its exclusive personality data with a host of other known information, including demographic data and prior call behavior.

9:12 am GoPro announced an exclusive partnership with Reliance Digital, India's largest Consumer Electronics retailer; GoPro's cameras, mounts and accessories will be available at 1800 Reliance Digital spread across 500 cities () :  

9:09 am Nelnet subsidiary FACTS acquires the business of Private School Aid Service; terms not disclosed () : Private School Aid Service provides need analysis services for private schools.

9:08 am NASDAQ to commence a public offering of U.S. dollar-denominated senior notes pursuant to an effective shelf registration () : The Company expects to use the net proceeds from the Offering, together with cash on hand and/or borrowings under the Company's senior credit facility, to fund the cash consideration payable by the Company for its acquisition of 100% of the equity interests in U.S. Exchange Holdings and related expenses and for general corporate purposes, which may include, without limitation, the repayment of indebtedness or the funding of other future acquisitions.

9:06 am Elephant Talk receives a non-compliance notice from the NYSE; expects to take the necessary steps to regain compliance () :

Notice b/c co has fallen below the stockholders' equity standards of Section 1003(a)(iii) of the NYSE MKT Company Guide and may no longer be in compliance with the financial impairment standards of Section 1003(a)(iv) of the NYSE MKT Company Guide and the stock price standards of Section 1003(f)(v) of the Guide.

  • In order to maintain its listing, co is required to submit a specific plan of compliance by June 27, 2016 addressing how it intends to regain compliance with the continued listing standards of NYSE by November 27, 2017.
  • Co states, "This notification was not unexpected given the impact of the restructuring and we expect to take the necessary steps to regain compliance."

9:01 am S&P Global acquires RigData; terms not disclosed () : RigData is a provider of daily information on rig activity for the natural gas and oil markets across North America.

9:01 am Open Text to acquire privately-held Recommind - provider of eDiscovery and information analytics; transaction purchase price is ~$163 mln () : The solutions being acquired are expected to generate between $70m and $80m of annualized revenues, be immediately accretive to earnings and be on the OpenText operating model within the first 12 months after closing. The transaction is expected to close in the first quarter of fiscal 2017 and is subject to customary regulatory approvals and closing conditions.

9:01 am Delta Air Lines May PRASM -5% vs. -4% in April () :

Consolidated passenger unit revenue (:PRASM) for the month of May declined 5.0% year over year due to persistent close-in domestic yield weakness and continued pressures from foreign exchange. April PRASM fell 4%. RPM +3.3% +5.3% domestic and +0.2% Intl.

  • DAL recently cut capacity for Q4 as it aims to be first airline to return to positive PRASM.

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

  • GOL Linhas Areas Inteligentes (GOL) announces that it is extending the Expiration Time for its previously announced private Exchange Offers until 11:59 p.m., New York City time, on June 8, 2016.
  • RELM Wireless (RWC) announces that the Transportation Security Administration of the U.S. Department of Homeland Security has exercised a portion of the first option year for its contract with RELM, and placed an order for additional equipment and services totaling ~$1.9 mln. Also, the contract term has been extended for one additional year to Sept 27, 2017.
  • Noble Energy (NBL) announces that it has received approval from the Petroleum Commissioner in the Ministry of National Infrastructure, Energy, and Water Resources for the development of the Leviathan project offshore Israel. The fixed platform's initial capacity is anticipated to start at 1.2 billion cubic feet of natural gas per day (Bcf/d) and is expandable to 2.1 Bcf/d. Leviathan is expected to provide a second source of supply and entry point into Israel's domestic natural gas transport system, while also delivering exports to regional countries.
  • Marrone Bio Innovations (MBII) announces that it has obtained a waiver from the lenders of its $40 mln senior secured promissory notes, dated Aug 20, 2015, terminating the requirement that the co maintain a $15 mln min cash balance.

8:58 am S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -5.50. (:WRAPX) :

The S&P 500 futures trade five points below fair value as crude oil extends its loss. 

Equity indices in the Asia-Pacific region ended Wednesday on a mostly higher note while Japan's Nikkei (-2.3%) lagged. The index was pressured by continued yen strength, which resulted in weakness for exporters. Recent concerns about the Japanese economy have not stopped Standard & Poor's from raising its forecast for 2017 Japanese GDP to 1.0% from 0.4%.

  • In economic data:
    • Japan's May Household Confidence 40.9 (expected 40.4; last 40.8) and Monetary Base +25.5% year-over-year (consensus 27.2%; last 26.8%)
    • Australia's May AIG Manufacturing Index 51.0 (previous 53.4) and April Retail Sales +0.2% month-over-month (expected 0.3%; last 0.4%). April trade deficit narrowed to AUD1.58 billion from AUD1.97 billion (expected deficit of AUD2.00 billion)
    • South Korea's Q1 GDP +0.5% quarter-over-quarter (expected 0.4%; last 0.4%); +2.8% year-over-year (consensus 2.7%; last 2.7%)

---Equity Markets---

  • Japan's Nikkei lost 2.3% with all ten sectors ending in the red. Financials (-3.3%), industrials (-2.9%), and technology (-2.7%) paced the slide while consumer staples (-0.8%) outperformed. Mitsui Engineering & Shipbuilding, TDK, Honda Motor, Denso, Konica Minolta, and Mazda Motor fell between 3.2% and 5.7%.
  • Hong Kong's Hang Seng added 0.5%. Consumer and gaming names contributed to the advance with China Mengniu Dairy, Tingyi, Galaxy Entertainment, and Belle International rising between 1.3% and 6.3%. Lenovo fell 4.0% after Alphabet said it plans to sell more than $200 million in Lenovo shares.
  • China's Shanghai Composite ticked up 0.4%. Deluxe Family, Wuxi Taiji Industry, and IRICO Display added between 1.1% and 5.9%.

Major European indices trade flat, but have ticked lower following remarks from European Central Bank President Mario Draghi and developments at the biannual OPEC meeting. The central bank head recently stated that the ECB has raised its 2016 GDP estimate to 1.6% (from 1.4%). Meanwhile, crude oil extended its loss when reports suggested that OPEC did not reach a new supply agreement. Official results from the meeting will be released later in the day. The euro (1.1205) and the pound (1.4458) have gained a respective 0.1% and 0.3% against the dollar. 

  • In economic data:
    • Eurozone April PPI -0.3% month-over-month (expected 0.1%; last 0.3%); -4.4% year-over-year (consensus -4.1%; last -4.1%)
    • UK's May Construction PMI 51.2 (consensus 52.0; last 52.0)
    • Spain's Unemployment Change -119,800 (expected -110,000; prior -83,600)

---Equity Markets---

  • France's CAC has lost 0.5%. Financials are mixed with Credit Agricole and Societe Generale up 2.2% and 1.3%, respectively, while BNP Paribas has given up 2.7%. Exporters are among the leaders with Peugeot, Renault, and Michelin up between 0.9% and 1.8%.
  • Germany's DAX has ticked down 0.2% with heavyweights Deutsche Bank, Volkswagen, BMW, and Daimler up between 0.3% and 1.8%. On the downside, Munich Re and Vonovia hold respective losses of 2.6% and 1.2%.
  • UK's FTSE has inched lower by 0.1%. Barclays, Standard Chartered, RBS, HSBC, and Prudential have added between 1.6% and 1.9%. Select consumer names appear among the laggards with Marks & Spencer, Associated British Foods, and Dixons Carphone up between 0.3% and 0.5%.

8:47 am Gapping down () : Gapping down
In reaction to disappointing earnings/guidance
: CONN -16.3%, (also appoints Lee Wright as CFO; will succeed Tom Moran) BOX -8.2%, CCCL -5.4%, COST -1.8%, (reported flat comps for May (vs +0.9%e) WUBA -1.2%, AMWD -0.5%


Other news: DEA -4.1% (announces 6.13 mln share offering), CPST -3.2% (modestly pulling back following recent strength), ORCL -2.5% (reports that former accountant has filed lawsuit - allegedly was told to change sales figures), OPTT -2.3% (modestly pulling back following recent strength), TEGP -1% ( files for ~109.5 mln class A share shelf offering by selling shareholders; proposed max offering price of $23.94/share ), BUD -1% (reports results of consent solicitation), WFT -0.7% (upsizes and prices offering of $1.1 bln of Exchangeable Senior Notes), BABA -0.5% (agrees to purchase 27,027,027 ordinary shares from SoftBank () at $74.00 per share)

Analyst comments: CMC -2% (downgraded to Underperform from Neutral at BofA/Merrill), XLNX -1% (downgraded to Neutral from Buy at Goldman), XOM -0.8% (downgraded to Neutral from Buy at BofA/Merrill), WSM -0.8% (initiated with a Sell at BTIG Research)

8:46 am Easterly Government Properties prices ~6.126 mln share public offering of common stock by the co & selling shareholders at $18.00/share () :

  • The pricing of a public offering of an aggregate of 6,126,967 shares of its common stock, consists of 3,800,000 shares offered directly by the co, 1,500,000 shares offered on a forward basis in connection with forward sales agreements, and 826,967 shares offered by certain selling stockholders.
  • The co intends to contribute the net proceeds from this offering to its operating partnership, which intends to use a portion of the net proceeds to fund the previously announced pending acquisition of a four-property portfolio.
  • The balance of the net proceeds, if any, may be used to repay borrowings outstanding under the co's senior unsecured revolving credit facility, to fund other potential acquisition opportunities, for general corporate purposes, or a combination of the foregoing.
  • The co will not receive any proceeds from the sale of the shares of its common stock by the selling stockholders in this offering.

8:46 am Ampliphi Biosciences announces that the European Patent Office has issued a decision to grant its patent titled 'Beneficial effects of bacteriophage treatments' () :

  • A corresponding patent has been granted in Australia and a species-specific patent for Pseudomonas aeruginosa has been granted in the United States.
    • Additional patents are pending in Canada, Japan and the United States.
  • The claims of the patent cover the treatment of antibiotic-resistant infections through the staged use of bacteriophage preparations followed by the antibiotic to which the bacteria were initially resistant.

8:43 am Crude oil futures tick to lows; headlines circulating suggesting OPEC has not reached a new supply agreement () : Crude oil is now -0.47 at 48.45.

8:43 am Gapping up () : Gapping up
In reaction to strong earnings/guidance
: CIEN +9.5%, JOY +8.9%, MGCD +8.8%, DCI +6.7%, GWRE +3.5%, LB +2%, (May same store sales were flat vs -3.5%e) OLLI +1.1%, SMTC +0.8%

Select financial related names showing strength: BCS +2.2%, ING +2.2%, DB +1.9%, HSBC +1.5%, PUK +0.9%, .


Other news: RPRX +20.1% (remains on track for MAA submission for enclomiphene for the treatment of secondary hypogonadism with anticipated registration decision expected fall 2017),PPHM +17.5% (highlights latest developments for contract manufacturing and drug development),XGTI +10.4% (continued volatility in pre-mkt trade),AKAO +9.5% (receives $20 mln for an additional option on its existing contract with the Barda to 'support' the development of plazomicin & announces $25 mln private placement to new investors),KERX +5.9% (Baupost Group shows 42.53% active stake following conversion of $125 mln aggregate principal amount of notes),DERM +4.7% (announces topline results from its Phase 3 ATMOS-1 and ATMOS-2 pivotal trials for DRM04; DRM04 demonstrated statistically significant improvements for both co-primary endpoints and both secondary endpoints compared to vehicle),KITE +2.2% (granted access to the Priority Medicines regulatory initiative for KTE-C19 in the treatment of patients with refractory diffuse large B-cell lymphoma ),CCE +2.1% (cont strength),NVS +0.6% (receives EU approval for Afinitor)

Analyst comments: PSTG +4.6% (upgraded to Buy from Neutral at UBS),OPHT +4.4% (upgraded to Overweight from Neutral at JP Morgan),PENN +1.6% (upgraded to Equal-Weight from Underweight at Morgan Stanley),NVDA +0.5% (initiated with a Buy at Goldman)

8:39 am Village Super Market reports Q3 results; reaffirms FY16 comp guidance () :

  • Q1 EPS $0.42 vs. $0.93 last year (last year benefited from tax item); operating income down ~5% to $10 mln; rev +0.2% to $387.9 mln; comps +0.2%
    • Same store sales also increased 0.2% primarily due to the closing of two competitor stores and continued sales growth in the expanded or replaced stores in Stirling and Greater Morristown. These increases were partially offset by lower sales in the first week of the third quarter of fiscal 2016 due to Winter Storm Jonas, and six new competitor store openings, including stores formerly operated by A&P.
  • Reaffirms same store sales in fiscal 2016 to range from a 0.5% to 1.5% increase.

8:36 am VWR Corp acquires JM Separations, financial details undisclosed () : JM Separations is a supplier of single-use fluid handling and separation technology products for pharmaceutical and biotech customers. JM Separations supplies single-use bag systems and custom 'solutions' for media/buffer preparation, cell harvesting, and for the clarification, concentration, and chromatographic processes.

8:35 am ExamWorks announces the end of its go-shop period in connection with the previously announced acquisition by an affiliate of Leonard Green & Partners, expects closing of the merger in 3Q16 () :

  • Despite its solicitation efforts, all of the parties contacted during the go-shop period notified ExamWorks that they were not interested in pursuing an alternative transaction under the merger agreement and the co did not receive any alternative acquisition proposals during the 25 biz day go shop period.
  • Starting at 12:00 am ET on June 2, 2016, ExamWorks became subject to customary no-shop provisions that limit its ability to solicit alternative acquisition proposals from third parties or to provide confidential information to third parties.

8:34 am US Ecology authorizes $25 mln stock repurchase program () :

  • The program will remain in effect until June 2, 2018, unless extended by the Board of Directors.
  • Co anticipates funding for this program to come from available corporate funds, including cash on hand, revolving credit facility borrowings and future cash flows.

8:33 am S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -2.50. (:WRAPX) :

The S&P 500 futures trade three points below fair value as investors look to mixed employment data and commentary from ECB President Mario Draghi. 

On the economic front, the ADP National Employment Report showed an increase of 173,000 in May (Briefing.com consensus 180,000) while the April reading was revised higher to 166,000 from 156,000. The ADP reading precedes Friday's more influential Employment Situation Report, which is expected to show an increase of 155k in Nonfarm Payrolls, fewer than last month's 160K increase.

Separately, the latest weekly initial jobless claims count totaled 267,000 while the Briefing.com consensus expected a reading of 268,000. Today's tally compared to 268,000 in the prior week. As for continuing claims, they rose to 2.172 million from 2.160 million (revised from 2.163 million).

8:32 am IES Holdings to acquire Technibus in an all cash transaction valued at ~$45 mln; transaction is expected to close within the next few weeks () :

Technibus is a manufacturer of custom-engineered, metal enclosed bus duct solutions.

  • Upon completion of the transaction, Technibus will operate as a subsidiary in its Infrastructure Solutions segment and will continue to operate under the Technibus name.
  • The transaction is expected to close within the next few weeks, subject to customary closing conditions.

8:31 am Stratasys CEO David Reis to retire effective June 30 - Ilan Levin will assume the role on July 1; appoints IBM Veteran Tim Bohling as Chief Marketing Officer () : While David Reis has announced his plans to retire as CEO, he will remain a member of the Stratasys board of directors as an Executive Director.

8:31 am Qlik Tech agrees to be acquired by Thoma Bravo for $30.50/share in cash, or ~$3 bln () : The co announced that, following a review of strategic alternatives, it has entered into a definitive agreement to be acquired by private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at approximately $3.0 billion. The agreement was unanimously approved by Qlik's board of directors. The proposed transaction is expected to close in the third quarter of 2016, subject to approval by Qlik's shareholders and regulatory authorities and the satisfaction of customary closing conditions.

8:31 am Market View: Jun. E-mini stock-index futures trade modestly below fair values here following the 8:30 a.m. ET economic data points as the ECB press conference now gets underway (:TECHX) :

  • ESm6 now -3.25

  • YMm6 now -27

  • NQm6 now -4.50

8:20 am Arlington Asset Investment announces that Egan-Jones recommends shareholders vote for co's director nominees () :  

8:17 am CRH Medical completes 51% purchase of Austin Gastroenterology Anesthesia Associates, expects EBITDA & cash flow accretion () :

  • Austin Gastroenterology Anesthesia Associates provides anesthesia services to two ambulatory surgical centers in Austin, Texas & is expected to generate total annual rev of $11.0 mln.
  • Transaction structured as a JV with CRH Medical having a 51% interest

8:17 am NanoString Technologies announces highlights of its abstracts that will be presented at 2016 ASCO () :

In immuno-oncology, co and collaborators will present new details on nCounter-based assays under development for prediction of response to the checkpoint inhibitor pembrolizumab, including:

  • An interferon-gamma gene signature was shown to predict response more accurately than PD-L1 IHC in squamous cell carcinoma of the head and neck.
  • An interferon-gamma gene signature and an expanded immune gene signature predicted response in five tumor types from the basket trial KEYNOTE-28, underscoring the potentially broad applicability of gene signatures in assessing patient response.
  • Data on the development and analytical performance of an nCounter-based assay incorporating an immune-related gene signature to predict response to checkpoint inhibition in eleven different tumor types.
    • The data show that this assay is robust and may be well-suited to clinical applications.
    • The signature is being evaluated as a predictive biomarker in multiple indications in several studies (Abstract #3034).

Co and collaborators are presenting results generated using nCounter-based assays, including:

  • An update on the ongoing ROBUST trial, a global pivotal phase 3 trial evaluating the addition of lenalidomide to R-CHOP therapy in untreated ABC-type Diffuse Large B-cell Lymphoma (:DLBCL) selected by NanoString's investigational Cell-of-Origin assay.
    • The results show that real-time testing of Cell-of-Origin using nCounter is feasible in a multi-center, global study with turnaround time of less than 3 days, demonstrating that a decentralized gene expression test can be used to select patients for a clinical trial where rapid results are critical for enrollment (Abstract #7538).

8:14 am Mesa Laboratories beats by $0.09, beats on revs () :

  • Reports Q4 (Mar) GAAP earnings of $1.06 per share, $0.09 better than the Capital IQ Consensus of $0.97; revenues rose 34% year/year to $24.8 mln vs the $21.9 mln Capital IQ Consensus.
  • Net income for the fourth quarter was impacted by a $101,000 reduction in income tax expense which resulted from the adoption of a new accounting standard which requires excess tax benefits and deficiencies associated with share-based payment awards to employees to be accounted for as income tax benefit (expense) as compared to the same quarter in the previous year whereby they were accounted for as an increase (decrease) to equity.
  • "The fourth quarter is usually Mesa's strongest quarter, but in fiscal year 2016 it was extraordinary," said John J. Sullivan, President and Chief Executive Officer. "Not only did we break single quarter records for revenues and profits, but the strong finish resulted in new annual records for these performance metrics, as well. Certainly, a portion of the record results were due to ERP-related delays in shipments during the previous quarter, as mentioned in last quarter's release, but we also received record new orders in the fourth quarter."

8:10 am T2 Biosystems announces new data demonstrating that each of the 15 confirmed pediatric candidemia samples in the study were able to identify Candida species in 3 to 5 hours, results published in the American Journal of Clinical Pathology () :

Key findings included:

  • The T2Candida Panel achieved 'accurate' results with only two mL of blood using a manual pipetting procedure instead of the up to five mL volume required for blood culture, the current 'standard' of care
  • The T2Candida Panel provided 'accurate' species identification in all 15 patients in the study.
  • All results were achieved in three to five hours, compared to up to six days for blood culture.

8:08 am Peregrine Pharma highlights latest developments for contract manufacturing and drug development; FY17 contract manufacturing revenue projected between $50-55 mln () :

  • The company's contract manufacturing subsidiary, Avid Bioservices, continues to experience significant organic growth, generating $44 mln in revenue for fiscal year (:FY) 2016 compared to $26.7 mln in contract manufacturing revenue in FY 2015. Peregrine expects to continue to have double digit contract manufacturing revenue growth, and for FY 2017, the company is providing revenue guidance of $50-55 mln for Avid, due in part to the revenue backlog of $56 mln under committed contracts from existing clients (current FY17 estimate is for revs $43.1 mln).
  • Contracting Manufacturing Highlights: Avid Bioservices exceeded its full FY 2016 revenue target of $40 mln, generating $44 mln in contract manufacturing revenue. Avid currently has a revenue backlog of $56 mln under committed contracts from existing clients. The recently commissioned second manufacturing facility has completed its initial process validation runs and is ramping up to conduct multiple new process validation runs for three current clients. Based on significant client demand, Peregrine is in the process of designing a third manufacturing facility focused on clinical manufacturing. This suite will significantly increase the company's manufacturing capacity, with the potential to generate up to $30 mln in additional revenue annually. The company has secured a 25,000 square foot location in close proximity to its current campus and expects the new clinical suite to be complete and ready for clinical manufacturing activities by the first half of calendar 2017.
  • The company will pursue a clinical development strategy focused on conducting small, early stage studies of bavituximab in combination with I-O agents. As part of this new strategy, the company has discontinued plans to initiate further Phase II and Phase III trials.
  • The company continues to evaluate data from the SUNRISE trial in order to collect information that can best inform the ongoing clinical development of bavituximab.
  • As of April 30, 2016, the company had $61 mln in cash and cash equivalents.

8:06 am Exelon will move forward to shut down the Clinton and Quad Cities nuclear plants, given the lack of progress on Illinois energy legislation; begins taking steps to shut down plants () :

  • The Clinton Power Station in Clinton, Ill., will close on June 1, 2017, and the Quad Cities Generating Station in Cordova, Ill., will close on June 1, 2018. Quad Cities and Clinton have lost a combined $800 mln in the past seven years, despite being two of Exelon's best-performing plants. While the Illinois legislative session has not ended, the path forward for consideration of the Next Generation Energy Plan legislation is not clear. As a result, Exelon has begun taking necessary steps to shut down the two nuclear plants.
  • These include: Making permanent shutdown notifications to the Nuclear Regulatory Commission within 30 days, Terminating capital investment projects required for long-term operation of Clinton and Quad Cities, which will impact more than 200 workers, Immediately taking one-time charges of $150 mln to $200 mln for 2016, and accelerating ~$2 bLN in depreciation and amortization through the announced shutdown dates Cancelling fuel purchases and outage planning, which will impact more than 1,000 outage workers
  • Exelon will continue to work with stakeholders on passing the Next Generation Energy Plan

8:05 am UBIC announces that the Japan Patent Office has recently issued a notification of decision of grant to the co for technology allowing for a data analysis grasping context-dependent meanings () :

  • AI-based technology covered by this patent 'improves the accuracy' of data analytics by extracting meaning clusters from sets of sentences. These clusters are more concretely defined as the word fragments that share meanings when compared to each other. Identifying such clusters allows for a 'more profound' sentence analysis encompassing their meanings.

8:05 am S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -3.10. (:WRAPX) :

U.S. equity futures trade lower with the S&P 500 futures hovering three points below fair value. Earlier this morning the European Central Bank announced that it would leave its interest rate corridor unchanged. However, investors have maintained their wait-and-see posture ahead of ECB President Draghi's 8:30 ET press conference.

On the home front, participants are waiting for a set of employment readings with the May ADP Employment Change Report (Briefing.com consensus 180k) and weekly initial claims (Briefing.com consensus 268k) due out at 8:15 ET and 8:30 ET, respectively. For its part, WTI crude trades lower by 0.1% ($48.99/bbl) as investors respond to inventory data from the API. Additionally, participants will be eyeing developments from OPEC's biannual meeting in Vienna, Austria and the Department of Energy's inventory data at 10:30 ET.

The Treasury complex trades on a higher note with the yield on the 10-yr note slipping one basis point to 1.83%.

In U.S. corporate news of note:

  • Ciena (CIEN 19.82, +2.06): +11.6% after beating analysts' estimates for the quarter
  • Box (BOX 11.50, -1.31): -10.2% following the company missing billings estimates, but beating top- and bottom-line estimates for the quarter
  • Pure Storage (PSTG 12.26, +0.95): +8.4% after receiving an upgrade to "Buy" from "Neutral" at UBS
  • Johnson & Johnson (JNJ 112.78, +0.00):+0.0% announced that it would acquire Vogue International for $3.3 billion in cash

Reviewing overnight developments: 

  • Asia-Pacific markets ended on a mostly higher note with Hong Kong's Hang Seng +0.5% and China's Shanghai Composite +0.4%. Meanwhile,  Japan's Nikkei (-2.3%) lagged.
    • In economic data:
      • Japan's May Household Confidence 40.9 (expected 40.4; last 40.8) and Monetary Base +25.5% year-over-year (consensus 27.2%; last 26.8%)
      • Australia's May AIG Manufacturing Index 51.0 (previous 53.4) and April Retail Sales +0.2% month-over-month (expected 0.3%; last 0.4%). April trade deficit narrowed to AUD1.58 billion from AUD1.97 billion (expected deficit of AUD2.00 billion)
      • South Korea's Q1 GDP +0.5% quarter-over-quarter (expected 0.4%; last 0.4%); +2.8% year-over-year (consensus 2.7%; last 2.7%)
    • In news:
      • In Japan, yen strength pressured exporters.
      • Recent concerns about the Japanese economy have not stopped Standard & Poor's from raising its forecast for 2017 Japanese GDP to 1.0% from 0.4%.
  • European markets trade flat with the U.K.'s FTSE +0.2%, Germany's DAX -0.1%, and France's CAC -0.2%.
    • In economic data:
      • Eurozone April PPI -0.3% month-over-month (expected 0.1%; last 0.3%); -4.4% year-over-year (consensus -4.1%; last -4.1%)
      • UK's May Construction PMI 51.2 (consensus 52.0; last 52.0)
      • Spain's Unemployment Change -119,800 (expected -110,000; prior -83,600)
    • In news: 
      • In Europe, the ECB recently issued its latest policy statement, leaving its interest rate corridor unchanged. 
      • Investor are also looking forward to the ECB press conference at 8:30 ET. 
      • The euro (1.1192) and the pound (1.4457) are both little changed against the dollar

8:04 am Medovex receives 'positive' results from January 11 non-human living tissue test of the DenerveX System () : Co states, "The observed gross and histopathological changes at 30 and 60 days post treatment of the animal subjects were consistent with the findings expected for a radio frequency heating device combined with mechanical abrasion of the facet bone surface. The test results further build confidence in the DenerveX system for our second and final GLP (Good Laboratory Practice) test in the near future. The development of our DenerveX System continues to advance as planned and on schedule."

8:04 am Supernus Pharma announces issuance by the USPTO of a sixth patent covering Oxtellar XR providing protection for the product with expiration that is no earlier than 2027 () :  

8:03 am Galectin Therapeutics reports that GR-MD-02 has shown a 'positive' effect on vascular remodeling in an animal model of pulmonary arterial hypertension () :

The results of this study demonstrated that rat models of PAH have significantly increased right ventricular systolic pressure, right ventricular hypertrophy and pulmonary arterial smooth muscle proliferation and fibrosis, as well as increased right ventricular wall thickness and lower pulmonary blood flow.

  • Further, in rats and humans with PAH, robust induction of gal-3 expression was observed in the smooth muscle layer.
  • Treatment with the gal-3 inhibitors GR-MD-02 and GM-CT-01 resulted in marked improvement in the functional heart characteristics and the vascular remodeling (smooth muscle proliferation and fibrosis) associated with PAH.

8:02 am Kite Pharma and Cell Design Labs announce a research collaboration and license agreement to develop next generation, precision-controlled CAR product candidates () :

Under the agreement, Cell Design Labs will develop "on/off switches" for co's CAR T-cell pipeline.

  • Co will receive exclusive worldwide rights to develop and commercialize CAR T-cell therapies containing Cell Design Labs' "on/off switches" directed to certain targets for the treatment of acute myeloid leukemia.
  • Co also has the exclusive option to develop and commercialize CAR T-cell products containing "on/off switches" directed to certain targets for the treatment of B-cell malignancies.
  • Co will pay Cell Design Labs an upfront payment and additional payments to support Cell Design Labs' research.
  • Cell Design Labs will be eligible to receive milestone payments based upon the successful achievement of pre-specified research, clinical, regulatory and commercial milestones, as well as tiered royalties on product sales.

8:01 am Achaogen receives $20 mln for an additional option on its existing contract with the Barda to 'support' the development of plazomicin & announces $25 mln private placement to new investors () :

Plazomicin is being developed to treat serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae

  • Co announces that it has entered into an agreement to sell shares of its common stock and warrants to purchase shares of its common stock for aggregate gross proceeds of approximately $25 mln in a private placement.
  • The funding from Option 3 is focused on the Phase 3 pivotal clinical trial of plazomicin, the EPIC study, in complicated urinary tract infections (cUTI). Achaogen expects to release top-line results from the EPIC study in the first quarter of 2017, and plans to submit a New Drug Application (:NDA) to the U.S. Food and Drug Administration (:FDA) in the second half of 2017.

8:01 am Chico's FAS: Barington Capital Group sends letter to Chairman highlighting 'serious concerns' with respect to the co's performance & outlines suggested measures to implement () :

Barington Capital Group, which owns over 1.5% of CHS, delivered a letter to the Chairman of the Board. The letter sets forth Barington's serious concerns with respect to the company's performance and outlines measures that Barington believes Chico's needs to implement to unlock its value potential.

  • Barington has nominated two directors for election to the Board of Directors of Chico's at the company's 2016 Annual Meeting to be held on July 21, 2016.
  • Barrington believes the stock is significantly undervalued, particularly given the company's long list of positive attributes. These include a sizable market share in an attractive, underserved market, a loyal customer base, high gross margins, strong cash flow, a healthy balance sheet, and industry-leading store productivity.
  • In order to improve the company's performance and unlock its value potential, Barrington believes that Chico's needs to implement a wide variety of measures. These include (a) initiatives to enhance revenue by improving execution, merchandising and store productivity at each of its three brands, (b) growing the Soma brand, (c) measures to decrease the co's high SG&A costs by at least $100 mln, (d) repurchasing stock at current levels, (e) improving the company's executive compensation practices to better align management and shareholder interests and (f) adding to the Chico's Board experienced directors who can help oversee the implementation of the foregoing measures.
  • Barrington is convinced that if CHS implements these measures, Chico's could more than double its EPS three years, which could translate to a stock price of approximately $25 to $27 per share.

7:52 am On The Wires (:WIRES) :

  • Gilat Satellite Networks (GILT) announces that Sky Net, a Myanmar TV station & systems integrator, selected Gilat's network for cellular backhaul in Myanmar. Sky Net & Gilat won the bid of a Mobile Network Operator for a turnkey solution for satellite-based cellular backhaul; terms were undisclosed.
  • Enviva Partners (EVA) announces the execution of a new take-or-pay off-take contract to supply wood pellets to Lynemouth Power, a subsidiary of Energetick a prumyslov holding. Lynemouth Power plans to convert its 420 megawatt coal facility in the UK to wood pellet fuel by the end of 2017.
  • SolarCity (SCTY) has unveiled a new solar loan program that will allow customers to pay less for solar each month than they previously paid for utility bills and save additional dollars from applicable tax credits. The co has leveraged its installation volume to negotiate terms on behalf of its customers, according to the co.
  • Achaogen (AKAO) announces that it has achieved over 50% patient enrollment in its ongoing Phase 3 Epic registration clinical trial of plazomicin. Achaogen is developing plazomicin, product to treat serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae.

7:47 am Market View: Jun. E-mini stock-index futures remain little changed here versus fair values following the ECB rate decision (:TECHX) :

  • ESm6 now -1.75

  • NQm6 now -3.00

  • YMm6 now -15

7:33 am L Brands reports May same store sales were flat vs -3.5% Retail Metrics consensus () :

  • May total company comps (stores and direct) at Victoria's Secret Stores -1% vs -4.7% Retail Metrics consensus
  • May total company comps (stores and direct) at Bath & Body Works +3% vs +1.4% Retail Metrics consensus

7:33 am Wesco to offer $350 mln aggregate principal amount of senior notes due 2024 in a private offering () :

Co intends to use the net proceeds from the offering of the Notes to repay its 6.0% Convertible Senior Debentures due 2029, which are redeemable on or after September 15, 2016.

  • Until the 2029 Debentures are repaid, co plans to use the net proceeds to temporarily reduce other debt facilities for which there are no prepayment penalties.

7:32 am Mylan Labs announces the U.S. launch of Azacitidine, a generic version of Celgene's () Vidaza () :

Co announced the U.S. launch of Azacitidine for Injection, 100 mg/vial, which is a generic version of Celgene's Vidaza Injection, 100 mg/vial. Azacitidine for Injection is a nucleoside metabolic inhibitor indicated for the treatment of the five French-American-British () subtypes of myelodysplastic syndrome, a blood cell disorder that can occur as a result of cancer treatments or can progress to leukemia.

  • Azacitidine for Injection, 100 mg/vial, had U.S. sales of ~$236.3 million for the 12 months ending March 31, 2016, according to IMS Health.
  • Mylan's launch of this product adds to the company's portfolio of more than 150 injectable products available to patients in the U.S. across a broad array of therapeutic categories. Currently, Mylan has 254 ANDAs pending FDA approval representing $108.3 billion in annual brand sales, according to IMS Health. Forty-three of these pending ANDAs are potential first-to-file opportunities, representing $37.2 billion in annual brand sales, for the 12 months ending Dec 31, 2015, according to IMS Health.

7:31 am CME Group announces avg daily volume +6% y/y to 14.9 mln contracts/day, options volume +10% y/y at an avg of 2.8 mln contracts/day () :

  • Metals volume averaged 479,000 contracts/day in May 2016, up 42% from May 2015.
  • Energy volume averaged 2.2 mln contracts/day in May 2016, up 28% from May 2015.
  • Equity index volume averaged 2.6 mln contracts/day in May 2016, up 23% from May 2015.
  • Agricultural volume averaged 1.4 mln contracts/day in May 2016, up 22% from May 2015.
  • Interest rate volume averaged 7.5 mln contracts/day in May 2016, down 5% from May 2015.
  • Foreign exchange volume averaged 716,000 contracts/day in May 2016, down 19% from May 2015.

7:30 am Hershey Foods appoints Michele Buck as COO, effective immediately () : In her prior role as President, North America, Buck worked in Hershey's U.S. and Canadian businesses.

7:26 am European Markets Update: CAC UNCH, DAX +0.1%, FTSE +0.5% (:SUMRX) :

Major European indices trade higher across the board, but gains have been limited ahead of the latest policy statement from the European Central Bank, which will be released at 7:45 ET. The euro (1.1199) and the pound (1.4430) are both little changed against the dollar with cable catching a breather after recent weakness that was brought on by polls suggesting the Brexit vote remains a toss-up.

  • In economic data:
    • Eurozone April PPI -0.3% month-over-month (expected 0.1%; last 0.3%); -4.4% year-over-year (consensus -4.1%; last -4.1%)
    • UK's May Construction PMI 51.2 (consensus 52.0; last 52.0)
    • Spain's Unemployment Change -119,800 (expected -110,000; prior -83,600)

---Equity Markets---

  • France's CAC hovers just above its flat line. Financials are mixed with Credit Agricole and Societe Generale up 2.6% and 1.9%, respectively, while BNP Paribas has given up 2.6%. Exporters are among the leaders with Peugeot, Renault, and Michelin up between 0.9% and 1.8%.
  • Germany's DAX is higher by 0.1% with heavyweights Deutsche Bank, Volkswagen, BMW, and Daimler up between 0.5% and 2.0%. On the downside, Munich Re and Vonovia hold respective losses of 2.5% and 1.0%.
  • UK's FTSE has climbed 0.5% with help from financials. Barclays, Standard Chartered, RBS, HSBC, and Prudential have added between 1.5% and 2.5%. Select consumer names appear among the laggards with Marks & Spencer, Associated British Foods, and Dixons Carphone down between 0.2% and 2.5%.

7:14 am On The Wires (:WIRES) :

  • Statoil (STO) announces that based on the latest report from the Accident Investigation Board Norway, the Norwegian Civil Aviation Authority has decided to suspend all use of H225. This helicopter type has already been suspended from regular traffic following the tragic accident at Tury on 29 April. The restriction applies from 1 June and entails that all use of this helicopter for search, rescue and medical assignments is suspended.
  • NeuroMetrix (NURO) announces that Quell will be available, beginning in June 2016, in ~1,000 chain drug stores as part of a retail test with the two largest US drug retailers.
  • Kratos Defense & Security Solutions (KTOS) announces that its Modular Systems Division has now received $2.6 mln in specialized product and hardware contract awards in support of a Chemical, Biological, Radiological, Nuclear and High Explosives program.
  • The Medicines Co (MDCO) has announces the completion of patient enrollment in the ORION-1 study of PCSK9si, its investigational first-in-class RNA interference proprotein convertase subtilisin/kexin type 9 synthesis inhibitor.
  • The French Navy has awarded a four year contract covering the provision of a satellite-based maritime surveillance service to a consortium of Airbus (EADSY) Defence and Space and Telespazio France. Under the Trimaran 2 contract, a follow-up to Trimaran 1, Maritime zone commanders will have access to a portal for surveillance services using optical and radar imaging and AIS (Automatic Identification System) data to enhance the effectiveness of their national maritime missions.

7:04 am Ciena beats by $0.07, beats on revs; guides Q3 revs in-line () :

  • Reports Q2 (Apr) earnings of $0.34 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.27; revenues rose 3.1% year/year to $640.7 mln vs the $630.76 mln Capital IQ Consensus and $615-645 mn guidance.
    • Adj. gross margin 45.1% vs. mid-40s % guidance.
  • Co issues in-line guidance for Q3, sees Q3 revs of $655-685 mln vs. $667.86 mln Capital IQ Consensus; mid 40s % gross margin.
  • Co will update FY16 guidance on call.

7:04 am Donaldson beats by $0.04, beats on revs; guides FY16 EPS range mid-point consistent with prior guidance, revs in-line () :

  • Reports Q3 (Apr) earnings of $0.43 per share, $0.04 better than the Capital IQ Consensus of $0.39; revenues fell 0.7% year/year to $571.3 mln vs the $550.81 mln Capital IQ Consensus.
  • Co issues guidance for FY16, sees EPS of $1.53-1.59 vs. $1.51 Capital IQ Consensus Estimate; sees FY16 revs of approximately $2.225 bln vs. $2.21 bln Capital IQ Consensus Estimate. The midpoint of the EPS range is consistent with prior guidance. 
  • "We delivered strong sequential improvement in both sales and operating margin last quarter, which contributed to overall performance that was in line with our expectations," said Tod Carpenter, president and chief executive officer. "Compared with our sales forecast, favorability in certain areas was offset by accelerated weakening in others."

7:03 am Cato reports May same store sales -2.0% vs -4.0% Retail Metrics consensus but below the co's expectations () :  

7:03 am Mylan Labs launches propafenone hydrochloride extended-release capsules USP, 225 mg, 325 mg, 425 mg, a generic version of GlaxoSmithKline's () Rythmol SR () :

  • Mylan received final approval from the FDA for its Abbreviated New Drug Application for this product, which is indicated to prolong the time to recurrence of symptomatic atrial fibrillation in patients with episodic AF who do not have structural heart disease.

7:02 am Broadwind Energy signs $137 million, three-year framework agreement to supply wind turbine towers to a U.S. wind turbine manufacturer () : The towers will be produced in the Company's two facilities located in Manitowoc, WI and Abilene, TX for delivery into 2019.

7:02 am Advanced Accelerator Applications confirms FDA approval for NETSPOT (Somakit-TATE) for the localization of somatostatin receptor positive neuroendocrine tumors in adult and pediatric patients () : Following today's approval, NETSPOT will be made available to the US market as soon as possible. AAA intends to commercialize the product in the US in two forms: As a kit for reconstitution using a Ga 68 generator, and as NETSPOT Injection, a ready-to-use dose delivered from a local radiopharmacy in selected metropolitan areas.

7:01 am Medivation & Astellas Pharma () announce plans to commence a phase III clinical trial to investigate the use of enzalutamide for treatment of triple-negative breast cancer () :

  • The trial will evaluate the efficacy and safety of enzalutamide in combination with paclitaxel chemotherapy or as monotherapy versus placebo with paclitaxel in patients with locally advanced or metastatic TNBC whose tumors test positive for a novel gene expression profile, which is referred to as diagnostic-positive TNBC.
  • The trial, which will be led by Medivation, is expected to begin patient enrollment in the fourth quarter of 2016.

7:01 am Buckle reports May same store sales -11.0% vs -12.0% Retail Metrics consensus () : Net sales for the 4-week fiscal month ended May 28, 2016 decreased 10.4 percent to $67.4 mln compared to net sales of $75.2 mln for the prior year 4-week fiscal month ended May 30, 2015.

7:01 am Bellicum Pharma enters a research agreement with Leiden University Medical Center to discover and validate high-affinity TCR product candidates targeting several cancers () :

Under terms of the new collaboration, co will provide financial support to LUMC over a three-year term in exchange for the right to exclusively license any high-affinity TCRs discovered under the agreement.

  • The new collaboration builds on an earlier agreement with LUMC that gave co worldwide rights to TCR product candidates targeting solid tumors that express PRAME (preferentially-expressed antigen in melanoma) and other antigens.

6:55 am Asian Markets Close: Nikkei -2.3%, Hang Seng +0.5%, Shanghai +0.4% (:SUMRX) :

Equity indices in the Asia-Pacific region ended Wednesday on a mostly higher note while Japan's Nikkei (-2.3%) lagged. The index was pressured by continued yen strength, which resulted in weakness for exporters. Recent concerns about the Japanese economy have not stopped Standard & Poor's from raising its forecast for 2017 Japanese GDP to 1.0% from 0.4%.

  • In economic data:
    • Japan's May Household Confidence 40.9 (expected 40.4; last 40.8) and Monetary Base +25.5% year-over-year (consensus 27.2%; last 26.8%)
    • Australia's May AIG Manufacturing Index 51.0 (previous 53.4) and April Retail Sales +0.2% month-over-month (expected 0.3%; last 0.4%). April trade deficit narrowed to AUD1.58 billion from AUD1.97 billion (expected deficit of AUD2.00 billion)
    • South Korea's Q1 GDP +0.5% quarter-over-quarter (expected 0.4%; last 0.4%); +2.8% year-over-year (consensus 2.7%; last 2.7%)

---Equity Markets---

  • Japan's Nikkei lost 2.3% with all ten sectors ending in the red. Financials (-3.3%), industrials (-2.9%), and technology (-2.7%) paced the slide while consumer staples (-0.8%) outperformed. Mitsui Engineering & Shipbuilding, TDK, Honda Motor, Denso, Konica Minolta, and Mazda Motor fell between 3.2% and 5.7%.
  • Hong Kong's Hang Seng added 0.5%. Consumer and gaming names contributed to the advance with China Mengniu Dairy, Tingyi, Galaxy Entertainment, and Belle International rising between 1.3% and 6.3%. Lenovo fell 4.0% after Alphabet said it plans to sell more than $200 million in Lenovo shares.
  • China's Shanghai Composite ticked up 0.4%. Deluxe Family, Wuxi Taiji Industry, and IRICO Display added between 1.1% and 5.9%.
  • India's Sensex climbed 0.5% to a fresh 2016 high. Most components ended in the green with Coal India, Hindalco Industries, Tata Steel, Hero MotoCorp, and Vedanta gaining between 1.4% and 3.2%.

---FX---

  • USDJPY -0.5% to 108.97
  • USDCNY +0.1% to 6.5823
  • USDINR -0.3% to 67.288

6:51 am Juniper Pharma CEO Frank C. Condella, Jr., plans to retire later this year; search for his successor is underway () : Co remains on track to report results of its multi-center double-blind Phase 2b trial evaluating COL-1077 versus placebo bioadhesive vaginal gel in 3Q16.

6:50 am Bank of Montreal to acquire biz of Greene Holcomb Fisher, terms of the deal are not disclosed () : Greene Holcomb Fisher is an M&A advisory firm based in Minneapolis, with additional offices in Seattle and Atlanta. The transaction is expected to close in BMO's fiscal fourth quarter, which ends on Oct 31.

6:45 am Johnson & Johnson to acquire Vogue International for ~$3.3 bln in cash; transaction is not expected to impact its 2016 sales or earnings guidance ranges () :

Vogue International is a privately held company focused on the marketing, development and distribution of hair care and other personal care products. 

  • The acquisition will include the OGX collection of shampoos, conditioners, treatments, styling products, body care and bath products, the FX line of hair styling products, and the Proganix and Maui Moisture hair care lines.
  • The closing is subject to antitrust clearance and other customary closing conditions.
  • The transaction is expected to close during 3Q16.
  • Upon closing, the transaction is not expected to impact the 2016 sales or earnings guidance ranges that co announced on April 19.

6:40 am Colfax appoints Christopher Hix as CFO, effective in August after the co files 2Q16 earnings () : Hix will join Colfax on July 1, 2016 & will formally transition to CFO following 2Q16 earnings. Christopher Hix most recently served as CFO of OM Group (OMG). He succeeds Scott Brannan, who will assist in this transition and will continue to serve as a part-time non-executive advisor while also working for the Rales family office.

6:36 am On The Wires (:WIRES) :

  • The U.S. Navy awarded Science Applications International (SAIC) an indefinite-delivery, indefinite-quantity contract to provide process & data support services to the Naval Supply Systems Command. The multiple-award contract has a one-year base period of performance, four one-year options, and a potential value of $809.5 mln for all awardees. SAIC is one of 11 awardees competing for task orders under this contract.
  • PetroQuest Energy (PQ) announces that it has received a notice from the NYSE that the co has regained compliance with the NYSE's continued listing requirement of a minimum average closing price of $1.00/share over the previous consecutive 30 trading-day period.

6:35 am Correction: Calpine did not name Paul Boziko CFO () : Carpathian Gold (CPN.TO OTC: CPNFF) announced that Paul Bozoki has succeeded Carlos Pinglo as the Corporation's Chief Financial Officer. Prior comment has been removed.

6:34 am American Woodmark misses by $0.01, beats on revs () :

  • Reports Q4 (Apr) adj. earnings of $0.86 per share (ex-$0.05 charge), $0.01 worse than the Capital IQ Consensus of $0.87; revenues rose 16.4% year/year to $240.9 mln vs the $235.11 mln Capital IQ Consensus. The Company experienced growth in all channels during Q4.
  • Gross profit for the fourth quarter of the current fiscal year was 20.3% of net sales compared with 20.9% in the same quarter of the prior year. Gross profit for the entire current fiscal year was 21.1% of net sales compared with 18.5% for the same period in the prior year. Gross profit in the current quarter was unfavorably impacted by higher labor benefit costs and higher depreciation costs related to the previously announced plant expansion. Gross profit for the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency.

6:32 am Ares Management prices $275 mln offering of 11 mln shares of its 7.00% Series A Preferred Units representing limited partner interests with a liquidation preference at $25.00/unit () :  

6:22 am Hilton Hotels files Form 10 Registration Statements w/ SEC in connection with the previously announced plans to pursue a separation into three distinct, publicly traded companies () :

Under the plan announced in February 2016, co will execute tax-free spin-offs to shareholders of its timeshare business, Hilton Grand Vacations, and the bulk of its real estate business, with the intention of electing REIT status for Park concurrently with completion of the spin.

  • One-time cash uses related to the transactions are expected to include ~$200 mln for the cash portion of a special dividend to be paid by Park following the spin-offs in connection with its election of REIT status, ~$200 million for the acceleration of taxes associated with the cancellation of debt income, and ~$250 mln of estimated transaction costs.
  • Completion of the separations is subject to a number of conditions, including, among others, declaration of effectiveness of the Form 10 Registration Statements filed with the SEC, and other customary matters. Approval by Co's shareholders is not required for completion of the separation.
  • The real estate business is to be named Park Hotels & Resorts.
    • With $2.7 bln of revenue, $817 mln of Adjusted EBITDA and $299 mln of net income in 2015, Park will be the second-largest publicly traded lodging REIT.
    • Park's Pro Forma Adjusted EBITDA for FY 16 is projected to be between $795-825 mln, inclusive of Pro Forma Corporate & Other for FY 16 of ~$40-45 mln.
  • Co's core Management & Franchise business will continue operating under the Hilton name.
    • On a stand-alone basis, co's Pro Forma Adjusted EBITDA for full year 2016 is projected to be between $1,770 million and $1,830 million, inclusive of Pro Forma Corporate & Other for full year 2016 between $240 million and $250 million and an incremental $45-50 million of Pro Forma management fee revenue from the real estate business.
  • For the year ended December 31, 2015, HGV, its timeshare business, generated total revenues of $1.5 bln, net income of $174 mln, Adjusted EBITDA of $373 mln, and return on invested capital of 41.3%.
    • HGV's Pro Forma Adjusted EBITDA for full year 2016 is projected to be between $370-390 million, inclusive of Pro Forma Corporate & Other for FY 16 of ~$75 mln, of which ~$25-30 mln is incremental.

6:21 am On The Wires (:WIRES) :

  • Luminex (LMNX) announces that its wholly-owned subsidiary Commodore Acquisition, has commenced its previously announced tender offer to purchase all outstanding shares of common stock of Nanosphere (NSPH) for $1.70/share in cash.
  • RadNet (RDNT) announces a proposed refinancing of its $444.8 mln senior secured first lien term loans and $101.25 mln senior secured revolving credit facility with a proposed seven-year $485 mln senior secured first lien term loan facility and a five-year $100 mln senior secured first lien revolving credit facility. In addition to repaying the existing $444.8 mln senior secured first lien term loan, the proceeds are expected to repay any outstanding balance on the existing senior secured revolving credit facility and a portion of senior secured second lien term loan, and fund fees and expenses associated with the refinancing transaction.
  • Clean Energy Fuels (CLNE) announces that the City of Santa Monica has awarded Clean Energy a multi-year liquefied natural gas contract to fuel its Big Blue Bus fleet of vehicles. The 5-year deal, worth an estimated $3 mln/year, will enable to continue using Clean Energy's Redeem brand of renewable natural gas.
  • SEI (SEIC) announces that WHIreland's Wealth Management Division has agreed to a long-term contract with the co to utilize the SEI Wealth Platform. The strategic partnership with SEI will assist WHI in developing its wealth management biz by establishing a platform to meet emerging client needs, address future regulatory changes and requirements, and help position the firm for future growth; financial details were undisclosed.

6:16 am Credit Suisse to issue 75,518,134 new shares as a result of the scrip dividend elections for FY15; issue price of the new shares is CHF12.47 () :

  • Represents 3.8% of the Credit Suisse Group AG share capital currently issued. 

6:15 am Conn's misses by $0.43, reports revs in-line; comps in-line with pre-announcement; lowers FY17 outlook; announces executive changes () :

Reports Q1 (Apr) loss of $0.31 per share, $0.43 worse than the Capital IQ Consensus of $0.12; revenues rose 6.6% year/year to $389.11 mln vs the $392.4 mln Capital IQ Consensus. Excluding the impact of the April 2015 decision to exit video game products, digital cameras, and certain tablets, same store sales for the quarter decreased 1.3% (Pre-announced Q1 comps 5/5). Provision for bad debts for the first quarter of fiscal 2017 was $57.8 million, an increase of $10.3 million from the same prior-year period.

  • Q2: Sees retail gross margin between 37.0% and 37.5% of total net sales; sees provision for bad debts between 14.25% and 15.25% of the average total customer portfolio balance (annualized); sees credit segment finance charges and other revenues between 18.25% and 18.75% of the average total customer portfolio balance (annualized)
  • FY17: Co lowers FY17 outlook, saying it now expects total revenue growth in the low- to mid-single digits (Previously saw total revenue growth in the mid to high single digits); sees change in same store sales to range from down mid- to low-single digits, considering the sales impact of underwriting changes (Previously saw down low single digits to flat); sees retail gross margin between 36.75% and 37.50% of total net sales (Previously saw retail gross margin between 37.25% and 37.75%)
  • As of April 30, 2016, the Company had $161.9 million of immediately available borrowing capacity under its $810.0 million revolving credit facility, with an additional $567.6 million that could become available upon increases in eligible inventory and customer receivable balances under the borrowing base.
  • The co also announced several executive changes:
    • Lee Wright, formerly Chief Executive Officer for Professional Directional Enterprises, Inc., will succeed Tom Moran as Chief Financial Officer, starting on June 22. Moran is expected to remain at the Company for a period of 120 days to support a seamless transition
    • John Davis was appointed Conn's Chief Credit Officer, in late May. Before joining Conn's, he served as Founder and CEO of GFC Advisors, Ltd, a consultancy in the consumer credit industry.
    • Conn's also promoted Michael Poppe from Executive Vice President and Chief Operating Officer to President and Chief Operating Officer of Credit and Collections.
  • "Our work the past few years to revitalize our retail operation was highly successful, but changes in the underlying behavior of our customer base exposed the need for increased investment in credit risk management. We are temporarily slowing the pace of growth to allow us to implement strategies to turn around our credit segment's financial performance. These strategies include investments in our credit risk management team, improvements to our underwriting strategies and reviewing opportunities to increase the yield on the portfolio. It will take several quarters before the benefits of these efforts begin to meaningfully impact our reported results. I am confident we are headed in the right direction, and will end the year better positioned to achieve consistent and predictable earnings growth."

6:07 am Joy Global beats by $0.10, reports revs in-line; sees FY16 EPS and revs at lower end of prior guidance () :

  • Reports Q2 (Apr) earnings of $0.09 per share, $0.10 better than the Capital IQ Consensus of ($0.01); revenues fell 25.7% year/year to $602 mln vs the $605.64 mln Capital IQ Consensus.
    • Bookings $681 million, down 9 percent from a year ago
    • Equipment bookings $167 million, up 12 percent from a year ago
    • Service bookings $514 million, down 14 percent from a year ago
  • Co issues revises guidance for FY16, sees EPS at low end of prior guidance of $0.10-0.50 vs. $0.20 Capital IQ Consensus Estimate; sees FY16 revs at low end of prior guidance of $2.4-2.6 bln vs. $2.46 bln Capital IQ Consensus Estimate.
    • Commentary: "With lower service sales from the step down in production forecasts for U.S. coal and Canadian oils sands markets, partially offset by increased cost reduction and more sales from growth initiatives, we now expect sales and earnings for the year excluding restructuring charges and mark-to-market pension adjustments to be at the lower end of our previous guidance range.."

6:01 am Natl Hlth Investors acquires two entrance fee continuing care retirement communities for $56.3 mln from funds managed by affiliates of East Lake Capital Management () :

  • The co has committed up to an additional $10 mln for capital improvements and potential expansion of the communities over the next two years. The acquisition was funded with available cash and borrowings on NHI's revolving credit facility.
  • The lease has a term of 15 years, with an initial lease rate to East Lake of 7% with annual escalators of 3.5% in years 2 through 4, and 3% annually thereafter.

5:56 am Shanghai...+0.40% () :  

5:56 am S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: +0.30. :

5:55 am European Markets : FTSE...6213.42...+21.50...+0.40%.  DAX...10220.56...+16.10...+0.20%.

5:55 am Asian Markets : Nikkei...16562.55...-393.20...-2.30%.  Hang Seng...20859.22...+98.20...+0.50%.

5:51 am On The Wires (:WIRES) :

  • Gemalto (GTOMY) has deployed a new mobile app-based ticket for the greater Helsinki area through its Netsize Transport Ticketing offer. Finnish users of the Helsinki transport network will now be able to use their mobile phones to pay for public transport beyond the central tram and metro network, with the cost of the ticket debited to the user's mobile phone bill at the end of the month.
  • Arrow Electronics (ARW) opened the Arrow Open Lab at Hong Kong Science Park, signifying a new milestone in Arrow's support of innovation and technology development in Hong Kong.

5:07 am Clearside Biomedical (Nasdaq) prices 7.2 mln share IPO at $7.00/share, in-line with yesterday's reduced terms () : In an amended IPO prospectus released yesterday, Clearside reduced the terms of their planned IPO from originally planning to offer 4 mln shares between $14.00-$16.00/share (Gross proceeds of $60 mln) to 7.2 mln shares at an expected price of $7.00/share (Gross proceeds of $50.40 mln)

5:04 am Medivation received request from Sanofi () to establish record date, says stockholders of record as of June 1, 2016 are eligible to submit consents or consent revocations () : Medivation confirmed that it has received a request from Sanofi to establish a record date to determine which of its stockholders are eligible to participate in the proposed solicitation of written consents. In accordance with that request, the Company's Board of Directors has set the close of business on June 1, 2016 as the record date for the Sanofi Consent Solicitation. The solicitation of consent forms is not permitted prior to the clearance of solicitation materials by the Securities and Exchange Commission. Following SEC clearance of Sanofi's consent solicitation statement, Medivation stockholders of record as of June 1, 2016 are eligible to submit consents or consent revocations.

4:48 am On The Wires (:WIRES) :

  • Toyota Motor (TM) and KDDI Corporation (KDDIY) have partnered to establish a global communications platform. The platform will enable the operation of communications networks throughout the world to support car connectivity.
  • Solvay (SVYZY) has completed the purchase of Eastman Chemical Company's (EMN) share in their former U.S. joint venture Primester. As the sole owner of the cellulose acetate flake plant, Solvay has secured the most economical long term supply for its own tow businesses while adapting capacity to demand. Eastman will provide the long-term supply of basic utilities and raw materials to the Kingsport, Tennessee-based plant.

4:40 am Yara ASA prices offering $500 mln of 3.894% notes due 2026 () :  

4:32 am Ryanair Hldgs reports May traffic increased 12% YoY () :

Co reports May traffic statistics as follows:

  • Traffic grew 12% to 10.6m customers.
  • Load factor rose 2% points to 94%.
  • Rolling annual traffic to May grew 16% to 108.5 mln customers.

4:31 am On The Wires (:WIRES) :

  • Dassault Systmes (DASTY) and Product Lifecycle Management solutions announced the signing of a definitive share purchase agreement to acquire Ortems, a key provider of on-premise and on the cloud capacity constraint-based production scheduling and dispatching software.
  • Orange Business Services (ORAN) has won an extended contract to deliver global networking services for the Government Offices of Sweden to 100 embassies and consulates around the world. A customer since 2001, the Government Offices of Sweden expanded the current contract Orange Business Services has held since 2013.
  • GE (GE) and Engro Corporation initiated a strategic alliance at GE's Crotonville Global Leadership Institute that will make Engro a key digital industrial partner for GE in Pakistan and the region.
  • HP Inc (HPQ) announced that Shutterfly (SFLY) has leased 25 new HP Indigo 12000 Digital Presses, marking the largest customer installation in HP Indigo history.
  • AstraZeneca (AZN) announced that it has entered into a licensingagreement with Grnenthal GmbH for the exclusive rights to Zurampic in Europe and Latin America. Zurampic was approved by the European MedicinesAgency in February 2016, in combination with a xanthine oxidase inhibitor, for the adjunctive treatment of hyperuricemia in adult patients with uncontrolled gout.
  • Due to parts shortages resulting from the severe earthquakes that struck Japan's island of Kyushu on April 14 and after, Toyota Motor (TM) has continued to make updated announcements regarding decisions about production while continuously monitoring our parts supply situation. Toyota is now able to confirm the stable status of our parts supply. All vehicle assembly lines will recommence after June 6.
  • Scientific Games (SGMS) announced that the company's new payment card technology solution for lottery retail sales is the first in the lottery industry to receive official Payment Card Industry Data Security Standard certification. The Multi-State Lottery Association has also approved Scientific Games' payment card solution for use in the U.S. where authorized.

4:29 am Genmab and Novartis () to begin Phase III trials of Ofatumumab () :

Genmab A/S () announced that its collaboration partner Novartis () will start Phase III studies of the subcutaneous formulation of ofatumumab in relapsing multiple sclerosis with enrolment of patients expected to start in September 2016.

  • The studies will compare the efficacy and safety of subcutaneous ofatumumab versus teriflunomide in patients with relapsing MS.
  • The studies will be conducted by Novartis.

4:09 am Nano Dimension files patent application in US for the 3D printing of stem cells () :

  • The patent covers a number of aspects relating to 3D printing of human tissues and organs by using stem cells and inkjet technology.
  • The patent application concerns converting MRI and CT scans and resulting images in order to create a 3D structure of organs, to be printed in a 3D printer adapted to biological materials.

4:06 am On The Wires (:WIRES) :

  • Marine Harvest (MHG) and Deep Sea Supply have entered into a Heads of Agreement to establish a 50/50 owned aquaculture shipping joint venture that is to build, own and operate aquaculture vessels. Marine Harvest and Deep Sea Supply believe there is significant room for efficiency improvements across the value chain in aquaculture shipping, ranging from reduction in newbuilding cost to more cost-efficient operations.
  • Juniper Networks (JNPR) has successfully completed the first phase of Yonsei University's wired and wireless network integration project. 
  • Norsk Hydro's (NHYDY) fully owned subsidiary, Hydro Aluminium Rolled Products GmbH, has secured a power contract with Axpo Trading AG, a Switzerland-based energy company with captive power production and international trading activity, totaling 1.3 TWh (150 MW) annually in the five year period from 2021 to 2025.
  • Praxair (PX) announced that it has completed its acquisition of Yara International ASA's (YARIY) European CO2 business. Praxair also finalized the acquisition of Yara's remaining 34% stake in the Yara Praxair Holding AS industrial gas joint venture.
  • Vestas (VWDRY) can confirm that Vattenfall and MHI Vestas Offshore Wind have entered into a conditional agreement regarding delivery of the V164-8.0 MW turbine for the 400 MW Horns Rev 3 project in Denmark. If and when the project translates into a firm and unconditional order, Vestas will disclose a company announcement about this.
  • Dialog Semiconductor plc (DLGNF) announced the addition of ambient light and color sensor controls to its smart lighting platform of advanced LED drivers and Bluetooth controllers. 
  • NTT Communications, the ICT solutions and international communications business within NTT (NTT), has agreed with 28 of its global telecommunications partner carriers on a number of policies to further improve the quality of its Arcstar global network service
  • Fortumo and Orange (ORAN) are announcing a direct carrier billing partnership, covering 29 markets in which Orange operates. The first country where the payment solution has been launched is Poland where more than 16 million Orange Polska subscribers will be able to make online payments by charging purchases to their mobile phone bill.
  • Royal Caribbean Cruises (RCL) announced that it has entered into an agreement to sell its cruise ship Legend of the Seas to Thomson Cruises in the spring of 2017.
  • Johnson Controls (JCI) launched the YORK YK-EP "Efficiency Plus" water-cooled centrifugal chiller which achieves five percent capacity and efficiency improvements over the previous model. The YK-EP "Efficiency Plus" chiller is ideal for large capacity applications including district cooling, large central plants and gas-turbine inlet-air cooling.

3:58 am Novartis receives EU approval for Afinitor () :

Co announced that the European Commission has approved Afinitor tablets for the treatment ofunresectable or metastatic, well-differentiated (Grade 1 or Grade 2)nonfunctional neuroendocrine tumors of gastrointestinal or lungorigin in adults with progressive disease.

  • Afinitor is the first approvedtherapy in all 28 member states of the European Union, plus Iceland andNorway, for this type of lung NET, and one of very few treatment optionsavailable for this type of GI NET.
  • Afinitor fills critical need in EU as first approved therapy for advanced, progressive, nonfunctional lung NET and first oral therapy for this type of GI NET
  • Nonfunctional GI and lung NET are rare cancers often diagnosed at advanced stages and associated with poor prognoses

3:35 am Innoviva and GlaxoSmithKline () announces acceleration of filing of NDA for Triple Combination Therapy FF/UMEC/VI; now expected by end of 2016 () :

GlaxoSmithKline () and Innoviva () announced that, following discussions with the FDA, GSK has brought forward the plan to file a New Drug Application in the US for the once-daily closed triple combination therapy, fluticasone furoate/umeclidinium/vilanterol (FF/UMEC/VI; a combination inhaled corticosteroid, long-acting muscarinic antagonist, long-acting beta agonist) for patients with chronic obstructive pulmonary disease.

  • The US regulatory submission is now anticipated by the end of 2016, rather than the first half of 2018, as previously expected.
  • The NDA for the closed triple combination therapy will comprise data now in hand from the closed triple combination therapy development programme, as well as data from studies with FF, UMEC and VI either alone or in combination.
  • The companies continue to expect an EU regulatory submission of the closed triple combination therapy for COPD by the end of 2016.

3:31 am Pernod-Ricard prices $600 mln of 3.25% senior unsecured notes due 2026 () :  

3:20 am On The Wires (:WIRES) :

  • SunOpta (STKL) announced it has resumed production of roasted sunflower kernels at its facility in Crookston, Minn. Production had been paused on April 21, 2016, following the discovery of a potential contamination issue which led to a voluntary recall on a limited number of sunflower seeds produced at this facility.
  • Concordia Healthcare (CXRX) announced that it has completed the acquisition of the global rights to four generic products, as previously announced on May 13, 2016.
  • Digital Realty Trust (DLR) announced the opening of Digital Loyang Way, the company's next generation data centre in Singapore. The facility spans 177,000 square feet and will support 13.2 megawatts of IT load.
  • CME Group (CME) announced it has been formally granted the status of Foreign Clearing Organisation by the Prime Minister of Japan. With this FCO status, the clearing house division of CME, CME Clearing, is now able to clear non-Yen interest rate swaps on behalf of Japan-based financial institutions.
  • NetSuite (N) announced that MC Aviation Partners Inc, the aircraft leasing and trading arm of Mitsubishi Corporation, has implemented NetSuite OneWorld to support its business growth.
  • Amazon.com (AMZN) announced plans to open two fulfillment centers in Edwardsville, Illinois, and create more than 1,000 full-time jobs between the facilities when they open. The company also recently announced plans for a new fulfillment center in Joliet, Illinois, and the creation of 2,000 full-time jobs. Amazon has an existing fulfillment center in Joliet where it currently employs 1,500 full-time employees.
  • Radware (RDWR) announced opening of its new office in Bangkok, Thailand.

3:15 am Weatherford upsizes and prices offering of $1.1 bln of Exchangeable Senior Notes; increases aggregate purchase price of cash tender offers () :

  • Co priced an upsized underwritten public offering of $1.1 billion aggregate principal amount of exchangeable senior notes due 2021 by Weatherford International, a Bermuda exempted company and indirect, wholly owned subsidiary of the Company
  • In connection with the upsized Offering, the Company hereby announces that Weatherford Bermuda and Weatherford Delaware (as defined below) have increased the maximum aggregate purchase price for the Tender Offers from $1.0 billion to $1.1 billion

3:06 am Samson Oil & Gas announces NYSE accepts co's plan to regain compliance () :  

3:04 am FLIR Systems prices offering of $425 mln of 3.125% notes due 2021 () :  

2:57 am AVANGRID unit UI files for 3-yr rate increase plan; would increase annual rates by $46 mln in 2017, $52 mln in 2018 and $43 mln in 2019 () :  

2:54 am Alibaba agrees to purchase 27,027,027 ordinary shares from SoftBank () at $74.00 per share () :

Alibaba Group () announced the terms of its previously announced purchase of Alibaba Group ordinary shares from SoftBank ().

  • Alibaba Group has agreed to purchase 27,027,027 Alibaba ordinary shares from SoftBank Group at $74.00 per share for an aggregate of $2 billion.
  • Members of the Alibaba Partnership, acting collectively, have also agreed to purchase 5,405,405 Alibaba ordinary shares from SoftBank Group at the same price per share for an aggregate of $400 million.
  • In conjunction with these transactions, SoftBank Group agreed to separate private placements of Alibaba ordinary shares in the amounts of US$500 million to Gamlight, a wholly owned subsidiary of GIC Private Limited, and $500 million to Aranda Investments Pte, a wholly owned subsidiary of Temasek Limited. The private placements to GIC and Aranda are also at $74.00 per share.

2:51 am Onconova Therapeutics files Form S-1 for rights offering () :

  • Onconova plans to use the proceeds from the rights offering to continue funding INSPIRE, the Company's ongoing global Phase 3 clinical trial of rigosertib IV in a population of patients with higher-risk myelodysplastic syndromes after failure of hypomethylating agent therapy. INSPIRE was initiated in the fourth quarter of 2015, and is now enrolling patients in the U.S. and Europe at 57 sites.
  • The Company also plans to use a portion of the proceeds for other development of the Company's clinical and preclinical programs, other research and development activities, business development and general corporate purposes, which may include capital expenditures and funding working capital needs.

2:50 am Roche Hldg receives FDA approval for cobas EGFR Mutation Test v2 () :

Co announced that the FDA has approved the cobas EGFR Mutation Test v2 for use with plasma samples, as a companion diagnostic for the non-small cell lung cancer therapy, Tarceva.

  • This is the first FDA approval of a liquid biopsy test as an aid in clinical decisions, and makes the cobas EGFR Mutation Test v2 the only companion diagnostic that is FDA-approved for the detection of the epidermal growth factor receptor gene in DNA derived from plasma or tumor tissue.
  • NSCLC patients who have EGFR exon 19 deletions or L858R mutations are candidates for the EGFR-targeted therapy Tarceva, in first-line treatment.

2:45 am 58.com beats by $0.15, beats on revs; guides Q2 revs in-line () :

  • Reports Q1 (Mar) loss of $0.36 per share, $0.15 better than the Capital IQ Consensus of ($0.51); revenues rose 165.6% year/year to $231.3 mln vs the $224.84 mln Capital IQ Consensus.
    • Gross margin was 89.5%, compared with 93.1% during the same quarter of 2015
  • Co issues in-line guidance for Q2, sees Q2 revs of CNY1.93-1.98 bln vs. CNY1.9 bln Capital IQ Consensus Estimate.

2:20 am Costco reports May same store sales 0.0% vs +0.9% Retail Metrics consensus, core comps (ex gas/FX) +4% vs +2.5% Retail Metrics consensus () :

  • May Total Company Comps of 0.0% (US +1%, Can -1%, Int'l -3%); Comparable sales for the period excluding the negative impacts from gasoline prices deflation and foreign exchange were 4% vs +2.5% Retail Metrics consensus (US +4%, Can +6%, Int'l +3%)
  • Reported May net sales +3% YoY to $9.23 bln.
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