Today - Tuesday, March 31, 2015
- Wintrust Financial (NASDAQ:WTFC) looks to expand in downtown Chicago with the purchase of North Bank, which has two locations and about $108M in assets, $55M in deposits, and $96M in loans.
- The purchase price is roughly $17M in cash, and the deal is expected to close late in Q2 or early Q3. The purchase isn't expected to have a material effect on 2015 EPS.
- Source: Press Release
- Net income of $2M, or $0.51 per share vs. $4.7M, or $1.34 per share, in the fourth quarter of 2013.
- Revenue by segment: Dyeing and finishing equipment -9%; Forged rolled rings to industries other than wind power -17.2%; Forged rolled rings for the wind power industry -2.2%.
- Gross margin of 22.9% vs. 26% a year ago. Operating expenses increased by 84.2% to $5.8M vs. $3.1M in the same period last year.
- CLNT -0.3% premarket
- Q4 results
- Greece needs to reach a new bailout deal with the troika soon as it's set to soon run out of cash, but, according to Reuters, negotiations in Brussels have ended without an agreement. One Greek official says the process isn't broken, just slow-moving, and - assuming progress is made in Athens on reforms - talks could open up again next week.
- Goldman says the risk of Grexit is rising sharply, and with it the risk of unintended consequences. “Deposit flight exceeds previous episodes and the resulting tightening in financial conditions is a severe shock for an economy,” says Goldman's Robin Brooks, but for now the market is ignoring as there's been no spread to the rest of the EU periphery.
- Mark Mobius, meanwhile, is a buyer now. "Greece will remain in the eurozone. There is no question." The banking sector looks particularly tasty, says Mobius, and he's long National Bank of Greece (NYSE:NBG).
- GREK +1.7% premarket
8:18 AM| Comment!
- Hooper Holmes (HH +5.6%) Q4 results: Revenues: $6.7M (-27.2%); COGS: $5.5M (-16.7%); SG&A: $2.2M (-50.0%); Operating Loss: ($1.1M) (+42.1%); Net Loss: ($1.2M) (+45.5%); Loss Per Share: ($0.02) (+33.3%).
- FY2014 results: Revenues: $28.5M (+17.8%); COGS: $21.7M (+21.9%); SG&A: $14.1M (-19.9%); Operating Loss: ($5.7M) (+53.3%); Net Loss: ($5.9M) (+53.5%); Loss Per Share: ($0.08) (+55.6%); Quick Assets: $5.2M (+30.0%).
- No guidance given.
- Rex Energy (NASDAQ:REXX) announces a joint venture agreement with ArcLight Capital Partners to develop 32 wells in the company's Butler Operated Area in the Marcellus Shale, with ArcLight funding 35% of the well costs.
- REXX expects the agreement to its 2015 capex program by $60M to $135M-$145M, a 30% decrease at the midpoint of guidance; total consideration for the deal is $67M.
- Taking into account the new joint venture, REXX now foresees Q1 production at the midpoint of its previously announced guidance of 190M-196M cfe/day and FY 2015 production of 185M-195M cfe/day, a 23% Y/Y increase at the midpoint of guidance.
8:09 AM| 1 Comment
- GW Pharmaceuticals (NASDAQ:GWPH) commences the Phase 3 segment of a Phase 2/3 clinical trial evaluating Epidiolex (cannabidiol) for the treatment of Dravet syndrome, a rare and catastrophic treatment-resistant form of childhood epilepsy. Top-line data are expected by the end of the year.
- The first part of the study, the Phase 2, determined the pharmacokinetics and dose of Epidiolex in 34 patients over a three-week period. It was completed in February. The dose for the Phase 3 will be 20 mg/kg.
- The 14-week Phase 3 trial will assess Epidiolex versus placebo in 100 patients as an adjunctive antiepileptic treatment. The primary efficacy endpoint is the percent change from baseline in convulsive seizure frequency during the maintenance period of the study compared to placebo. All patients will be newly recruited, with none from the Phase 2 portion.
- The company forecasts that it will submit a New Drug Application (NDA) for Orphan Drug- and Fast Track-designated Epidiolex for Dravet syndrome to the FDA in mid-2016.
- Previously: Encouraging preliminary data for Epidiolex (June 17, 2014)
- Shares of J.C. Penney (NYSE:JCP) perk up in early trading after Piper Jaffray lifts estimates based on channel checks.
- The new price target of $14 represents considerable upside potential for the department store stock.
- Analyst Neely Tammings has JCP rated at Overweight.
- JCP +1.66% to $7.96.
- "I expect that, unless incoming economic reports diverge substantially from projections, the case for raising rates will remain strong at the June meeting," says Richmond Fed boss Jeffrey Lacker, doing nothing to shake his hawkish reputation.
- He says he's looking past some of the weaker economic numbers of late, and blames the strong dollar and lower energy prices for the slow inflation prints.
- Lacker is a voter on the FOMC this year.
- Full speech
- Canadian Solar (NASDAQ:CSIQ) has completed its acquisition of Recurrent Energy from Sharp (OTCPK:SHCAY) for $265M.
- With the closing of the transaction, David Brochu has been appointed Recurrent's new CEO to replace Arno Harris. Michael Metzner, Recurrent's CFO, is also stepping down from his role.
- CSIQ +1.2% premarket
- Previously: Canadian Solar to acquire Sharp's Recurrent for $265M (Feb. 03 2015)
- Starbucks (NASDAQ:SBUX) will begin selling a new smoothie line at 4.3K U.S. stores today.
- The new offerings will include smoothies made from Evolution Fresh juices and Dannon yogurt.
- Starbucks has a long partnership with Danone (OTCQX:DANOY) that is expected to expand into grocery stores this summer.
- Vitae Pharmaceuticals (VTAE +0.9%) Q4 results: Revenues: $0.2M (-98.7%); R&D Expense: $5.1M (+34.2%); SG&A: $2.2M (+57.1%); Operating Loss: ($7.1M) (-171.0%); Net Loss: ($7.3M) (-175.3%); Loss Per Share: ($0.40) (-154.1%).
- FY2014 results: Revenues: $8.7M (-61.3%); R&D Expense: $19.3M (+29.5%); SG&A: $7.9M (+46.3%); Operating Loss: ($18.5M) (-940.9%); Net Loss: ($19.1M) (-999%); Loss Per Share: ($3.61); Quick Assets: $65.3M (+100.9%).
- No guidance given.
- Comcast (NASDAQ:CMCSA) says it will invest $4B in a new company being formed by its outgoing CFO.
- Michael Angelakis will serve as the CEO of the new entity tasked with finding areas of growth and diversification for Comcast.
- The new company will have a 10-year exclusive partnership with Comcast.
- A search for a new Comcast CFO will commence immediately.
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