Seeking Alpha
Flip Order
  • Monday, April 27, 2015

  • 11:57 PM
    • MSA Safety (NYSE:MSA): Q1 EPS of $0.42 misses by $0.10.
    • Revenue of $257M (-3.0% Y/Y) misses by $21.55M.
    • Press Release
    | Comment!
  • 11:46 PM
    • A.H. Belo (NYSE:AHC): Q1 EPS of $0.02
    • Revenue of $65.44M (+1.6% Y/Y)
    • Press Release
    | Comment!
  • 11:45 PM
    • Seaspan (NYSE:SSW): Q1 EPS of $0.25 beats by $0.02.
    • Revenue of $188.54M (+12.2% Y/Y) beats by $0.43M.
    • Press Release
    | Comment!
  • 11:45 PM
    • Barrick Gold (NYSE:ABX): Q1 EPS of $0.05 misses by $0.04.
    • Revenue of $2.25B (-15.1% Y/Y) misses by $130M.
    • Press Release
    | Comment!
  • 11:40 PM
    • MiMedx Group (NASDAQ:MDXG): Q1 EPS of $0.04 beats by $0.01.
    • Revenue of $40.77M (+108.4% Y/Y) misses by $0.07M.
    • Press Release
    | Comment!
  • 11:40 PM
    • Bloomberg reports FCC chairman Tom Wheeler has asked fellow commission members to give Pandora (NYSE:P) a foreign-ownership stake waiver that would pave the way for it to buy a Rapid City, SD radio station for $600K, and in doing so pay lower performance royalties to trade groups such as ASCAP and BMI.
    • Pandora originally struck a deal to buy the radio station in 2013. ASCAP accuses Pandora to trying to create a loophole. Pandora argues it's only seeking to enjoy the same rates paid by station-owning rivals such as Clear Channel and CBS.
    • Though not inconsequential, performance royalties are a much smaller expense for Pandora than recording royalties paid to SoundExchange. The company's content acquisition costs rose 16% Y/Y in Q1 to $126M, and equaled 54.6% of revenue vs. 55.7% a year ago.
    | 2 Comments
  • 11:39 PM
    | Comment!
  • 8:49 PM
    • After a two-week delay, Telefonica Brasil (NYSE:VIV) has priced its new share offering at 47 reais ($16.11) for preferred shares and 38.47 reais ($13.19) for common shares.
    • The shares should start trading in Sao Paulo on Wednesday.
    • The company's raising the funds to buy local broadband provider GVT, which is expected to cost €7.2B ($7.8B).
    • Vivo's ADRs closed today up 1.5% on the NYSE, and were down 0.4% after hours to $16.46.
    | Comment!
  • 8:42 PM
    • Barrick Gold (NYSE:ABX) -3% AH after reporting Q1 earnings and revenues that trailed analyst estimates, and production that also slightly lagged expectations.
    • ABX says net Q1 EPS was $0.05 on revenues of $2.25B, below the consensus estimate of $0.09 EPS on $2.35 in revenues and less than year-ago results of $0.08 and $2.65.
    • Q1 gold production totaled 1.39M oz. at an all-in sustaining cost of $927/oz., with $316M in operating cash flow; year-ago production was 1.59M oz. and the Q1 analyst consensus was 1.49M.
    • ABX left unchanged its production and cost forecast for the year at 6.2M-6.6M oz. of gold at all-in sustaining costs of $860-$895/oz., and remains committed to debt reduction of at least $3B by the end of 2015.
    • Says it has started a process to sell a stake in its Zaldivar copper mine in Chile, and announced a "significant" new gold discovery, known as Alturas, in Chile.
    | 2 Comments
  • 8:38 PM
    • CenturyLink (NYSE:CTL) has expanded its data-center presence into Australia with five in-country locations, the company said.
    • The move comes as a deal with NEXTDC Limited, providing a data-center-as-a-service offering.
    • CenturyLink will be able to sell co-location space and offer managed hybrid IT services to customers around the world (including East Asia) who are aiming to expand in Australia.
    • It will deploy a public cloud service there later this year. CenturyLink recently deployed a public cloud platform in Singapore.
    • The company's hosting and co-location services are available now through NEXTDC's sites in Sydney, Melbourne, Brisbane, Canberra and Perth.
    | Comment!
  • 8:25 PM
    • After fighting off a hostile bid from Charter Communications (NASDAQ:CHTR) just over a year ago, Time Warner Cable (NYSE:TWC) is now open to merger talks with the cableco now that Comcast (NASDAQ:CMCSA) has called off its $45B friendly pursuit, Reuters reports.
    • One key change from before: TWC now views Charter stock as more valuable this time around. CHTR shares are up 40.7% over the past 12 months.
    • Still, the deal would have to be significantly sweeter as well. Charter's previous hostile bid for TWC was for about $132.50/share; Comcast's $45B offer was valued around $158.82/share.
    • As for competitive concerns, Charter/TWC would have about 15M video customers, whereas Comcast/TWC would have had about 30M.
    | Comment!
  • 8:15 PM
    • A.H. Belo (AHC -2.3%) posted a revenue gain of 1.6% in Q1 and net income from continuing operations swung to a gain of $0.02/share, though EBITDA fell to -$1.4M. Production costs rose 10.6%, leading to an operating loss.
    • Overall consolidated net operating revenue was $65.4M.
    • Revenue breakouts: Advertising/marketing services, $36.8M (down 2.4%); circulation, $21M (flat); printing, distribution and other, $7.6M (up 33.8%).
    • Cash and equivalents stood at $81.4M at quarter's end, against no debt.
    • Conference call tomorrow at 2 p.m. ET.
    • Press release
    | Comment!
  • 7:35 PM
    • Results from a 14,724-patient CV risk study, TECOS (Trial Evaluating Cardiovascular Outcomes with Sitagliptin), showed Merck's (NYSE:MRK) Januvia (sitagliptin) was no worse than (non-inferior) placebo in cardiovascular (CV) risk as measured by the composite CV endpoint. The composite CV endpoint was defined as the composite of time to the first of any of the following confirmed events: CV-related death, nonfatal myocardial infarction, nonfatal stroke or unstable angina requiring hospitalization. The mean followup period was ~three years.
    • Also, there was no increase in hospitalization for heart failure in the sitagliptin cohort versus placebo.
    • The complete results will be presented on June 8 at the 75th Scientific Sessions of the American Diabetes Association.
    • Januvia is indicated as an adjunct to diet and exercise to improve glycemic control in patients with type 2 diabetes mellitus.
    | 1 Comment
  • 7:34 PM
    • T-Mobile (NYSE:TMUS) reports earnings Tuesday morning and it's likely going to be the only major U.S. wireless firm to actually add postpaid subscribers, Goldman Sachs says.
    • Revenues are expected to rise 12%, a contrast to AT&T and Verizon, where wireless service revenues dropped in Q1.
    • As necessary as it is, the sub growth could "pressure Q1 EBITDA and EBITDA margins," says Evercore's Jonathan Schildkraut. T-Mobile had forecast postpaid subscriber adds of 2.2M-3.2M.
    • Consensus expectations have the company losing $0.04/share (losing $0.10/share on a GAAP basis) on $7.7B in revenues. EBITDA is expected at $1.4B.
    | 1 Comment
  • 7:17 PM
    • The Container Store (NYSE:TCS) -24.9% AH after FQ4 earnings came in well below expectations and guiding Q1 2016 and full-year 2016 earnings below analyst estimates.
    • Comparable store sales fell 0.8% for FQ4 and 1.4% for full-year 2015, and gross margin narrowed to 57.8% from 58.2% a year earlier; TCS says the strong dollar hurt sales for the quarter, wiping 14.9% from net sales of Elfa in the Nordic market due to the dollar's gain against the Swedish krona.
    • The quarter typically accounts for 60% of TCS annual profit, and management had put more emphasis on the quarter this time, expecting to make 70% of the year's profit.
    • TCS also issues downside guidance, now seeing Q1 EPS of $0.12-$0.14, with comp-store sales falling 3%-4%, and FY 2016 EPS of $0.30-$0.38 vs. $0.56 consensus on revenues of $800M-$815M vs. $873M consensus, with comp-store sales flat to -2%.
    | Comment!
  • 7:15 PM
    • In addition to slightly beating FQ4 estimates, Barrcauda Networks (NYSE:CUDA) has guided on its CC for FQ1 revenue of $76M-$78M and EPS of $0.08-$0.09 (favorable to a consensus of $76M and $0.08), and FY16 (ends Feb. '16) revenue of $325M-$330M and EPS of $0.36-$0.41 (above a consensus of $322.1M and $0.35).
    • The firewall/application delivery controller vendor's shares have nonetheless fallen to $41.50 AH. They went into earnings up over 80% from their fall lows, thanks in part to a broader rally in security tech plays.
    • FQ4 results, PR
    | 3 Comments
  • 7:03 PM
    • Silicon Motion (NASDAQ:SIMO) expects Q2 revenue to be up 5%-10% Q/Q. That implies a range of $84.6M-$88.7M vs. an $85.7M consensus. Full-year revenue is expected to be up 17%-25% Y/Y; consensus is for 22.5% growth.
    • Though officially beating consensus, Q1 revenue of $80.6M matched guidance (provided in SIMO's April 8 pre-announcement) for sales to be roughly flat from a Q4 level of $80.5M.
    • SIMO: "Our first quarter revenue benefited from strong client SATA 3 SSD controller sales momentum and stable eMMC controller sales. Client SSD controller sales doubled sequentially ... we expect a new major SSD program with our controllers, again for both channel and OEM markets, to begin shipping in the second quarter. Our storage OEM partner began shipping SSDs to three global tier-1 PC OEMs in the first quarter and recently started shipping to two additional OEMs."
    • Mobile storage (flash controller) sales rose 41% Y/Y to $63.6M. Mobile communications (4G transceiver and TV IC) sales rose 176% to $15.2M. Gross margin (non-GAAP) was 52% vs. 52.5% in Q4 and 48.6% a year ago. Op. margin was 24.1% vs. 26% in Q4 and 16.7% a year ago. Q2 GM guidance is at 50%-52%; full-year GM guidance is still at 49.5%-51.5%.
    • Shares have risen to $31.70 AH. They fell hard on Friday after SIMO announced it's buying Chinese SSD/storage array vendor Shannon Systems and (perhaps more importantly) Northland Securities reported SK Hynix is planning to launch its own UFS 2.0 flash controllers.
    | Comment!
  • 6:47 PM
    • MDC Partners (NASDAQ:MDCA) logged a 10% increase in revenue in Q1, but its net loss widened to $32.1M as the company noted "continued currency headwinds." Adjusted EBITDA of $31.2M (down 13%) beat an expected $28.15M.
    • Organic revenue was up 7.4%. The company's maintaining guidance for 2015 of $1.3B-$1.33B in revenue and adjusted EBITDA of $195M-$205M, both in line with expectations.
    • MDC Partners also noted CEO Miles Nadal reimbursed the company $8.6M in perks and payments connected to an SEC inquiry, an amount that the company will recognize as a gain in Q2.
    • Shared closed down 1.5% today, but are up 23.2% YTD.
    • Press release
    | Comment!
  • 6:45 PM
    | 21 Comments
  • 6:40 PM
    • About 20% of the iPhone installed base has upgraded to the iPhone 6/6 Plus, Tim Cook states on the FQ2 call. He adds Apple has seen a higher rate of switchers from other platforms than in previous iPhone cycles, and that a large number of first-time buyers of the iPhone (69% of FQ2 revenue) still come from emerging markets. (live blogs: BI, WSJ)
    • No numbers have been given for early Apple Watch sales. Cook does note demand is higher than supply (previous), and that over 3,500 Watch apps are now available. "Customer response is close to 100% positive from what I've seen." The device will is expected to launch in more markets in late June.
    • Cook also talked up Apple's (NASDAQ:AAPL) Chinese performance (Greater China sales +71% and 29% of total revenue). In addition to iPhone 6 sales, local demand was lifted by higher Mac and (in spite of weakness elsewhere) iPad sales, and a 100%+ increase in Chinese App Store revenue. 70% of Chinese iPad buyers and 40% of U.S. buyers are first-time.
    • Multiple analysts asked about Apple's FQ3 gross margin guidance (38.5%-39.5% vs. a year-ago GM of 39.4%) CFO Luca Maestri states Watch margins (below the company average for now) will have an impact, as will a strong dollar (affecting many U.S. multinationals).
    • Other details: 1) Over $171B of Apple's $193.5B cash/investment balance is offshore. 2) iPhone channel inventory rose by 1M Q/Q, but is at the low end of Apple's target range. iPad inventory fell by 1.1M. 3) Cook thinks the iPhone and Mac are cannibalizing iPad sales. 4) Total emerging markets revenue (much of it from China) was up 58% Y/Y.
    • AAPL +1.5% AH to $134.58. Results/guidance, details.
    | 31 Comments
  • 6:14 PM
    • Boeing (NYSE:BA) is seeing renewed interest in the freighter version of its 747-8 jumbo jet as the global air cargo market rebounds from a long slump, CEO Jim McNerney says.
    • While the jet's fate has been in question amid dwindling demand for four-engine jets, the IATA said this month that airfreight volumes jumped 12% in February, crediting Asian Lunar New Year holiday shipments and congestion in U.S. ports with accelerating an increase that began last year.
    • "It’s premature to say we’re at the end of the program," the CEO says.
    | Comment!
  • 6:11 PM
    • A few months after Dish Network (NASDAQ:DISH) made the surprise bids in the FCC's AWS-3 wireless spectrum auction, the FCC may reject the company's $3.3B in small-business discounts it sought, The Wall Street Journal reports.
    • The discounts have been unapproved since the auction. Competing bidders including T-Mobile (NYSE:TMUS), AT&T (NYSE:T) and Verizon (NYSE:VZ) -- along with FCC commissioner Ajit Pai -- raised loud complaints about Dish's use of two designated entities, SNR Wireless and Northstar Wireless, to bid for $13.3B in spectrum but pay only $10B.
    • FCC Chairman Tom Wheeler reportedly told his staff after the auction that something didn't "smell right." Both Dish Network and its partner in Northstar Wireless stuck up for the practice.
    • If the discounts are rejected, the small companies would have to pay back the discounts or risk losing the licenses.
    | 1 Comment
  • 6:09 PM
    | Comment!
  • 6:05 PM
    • German American (NASDAQ:GABC): Q1 EPS of $0.55 beats by $0.04.
    • Revenue of $25.69M (+4.9% Y/Y) beats by $0.55M.
    • Press Release
    | Comment!
  • 6:03 PM
    • Silicon Motion Technology (NASDAQ:SIMO): Q1 EPS of $0.48 beats by $0.04.
    • Revenue of $80.6M (+52.5% Y/Y) beats by $0.86M.
    • Press Release
    | Comment!
  • 6:00 PM
     
    • S&P -0.08%.
    • 10-yr +0.01%.
    • Euro -0.06% vs. dollar.
    • Crude -0.05% to $56.67.
    • Gold -0.06% to $1,201.20.
    | Comment!
  • 5:59 PM
    • First Banchares (NASDAQ:FIBK): Q1 EPS of $0.46 misses by $0.02.
    • Revenue of $92.1M (+12.0% Y/Y) misses by $2M.
    • Press Release
    | Comment!
  • 5:58 PM
    • Boston Prop (NYSE:BXP): Q1 FFO of $1.30 beats by $0.06.
    • Revenue of $618.5M (+10.2% Y/Y) beats by $121.83M.
    • Press Release
    | Comment!
  • 5:57 PM
    • South Dakota's Public Utilities Commission votes to delay a key hearing discussing construction of the long-delayed Keystone XL pipeline through the state, agreeing with Keystone opponents who asked for the postponement because they said the original schedule was too tight.
    • The hearing, which had been planned to begin next week, now likely will be held later this summer.
    • The state initially authorized TransCanada (NYSE:TRP) to construct the project in 2010, but state rules dictate permits must be re-authorized if the construction of the project does not start within four years of their issuance.
    | 1 Comment
  • 5:54 PM
    • Perceptron (NASDAQ:PRCP) expects to report FQ3 (March quarter) revenue of "just over" $16M and EPS (excluding $0.11 worth of one-time expenses) of -$0.05 to -$0.07; consensus is at $17.3M and $0.09.
    • The 3D measurement/scanning hardware maker says it's still on track to produce FY15 (ends June '15) revenue of ~$70M, up from FY14's $59.6M; consensus is at $70.3M.
    • A weak euro had an impact on Q1 results. In addition, gross margin was hurt by project timing issues.
    • Shares have fallen to $12.33 AH. The news comes 5 days after Perceptron announced CFO Keith Marchiando is leaving to take a position with a private company.
    | Comment!
  • 5:43 PM
    • Regal-Beloit (NYSE:RBC) declares $0.23/share quarterly dividend, 4.5% increase from prior dividend of $0.22.
    • Forward yield 1.19%
    • Payable July 17; for shareholders of record July 2; ex-div June 30.
    | Comment!
  • 5:42 PM
    • Owens & Minor (NYSE:OMI) Q1 results ($M): Net Revenues: 2,391.2 (+6.0%); SG&A: 233.8 (+3.6%); Operating Income: 41.0 (-11.4%); Net Income: 18.9 (-25.9%); EPS: 0.30 (-26.8%); Quick Assets: 159.1 (+180.1%); CF Ops: 168.7 (+81.0%).
    • 2015 Guidance: Non-GAAP EPS: $1.90 - 1.95 (unch).
    | Comment!
  • 5:41 PM
    • Crane (NYSE:CR) declares $0.33/share quarterly dividend, in line with previous.
    • Forward yield 2.17%
    • Payable June 9; for shareholders of record May 29; ex-div May 27.
    | Comment!
  • 5:40 PM
    • Top gainers, as of 5:15 p.m.: FOLD +8.6%. RTEC +7.9%. RCII +7.5%. MRK +4.1%. WNC +4.1%.
    • Top losers, as of 5:15 p.m.: TCS -23.0%. AMKR -8.1%. ALSN -5.3%. OSTK -4.2%. EJ -3.6%.
    | Comment!
  • 5:40 PM
    • Crane (NYSE:CR): Q1 EPS of $0.92 misses by $0.08.
    • Revenue of $649M (-9.5% Y/Y) misses by $25.43M.
    • Press Release
    | Comment!
  • 5:35 PM
  • 5:34 PM
    • Arguing "stockholders should have right to choose between Intels reported $54 cash offer and [the] uncertain future of standalone Altera (NASDAQ:ALTR)," TIG Advisors (1.5% stake) is urging Altera investors to vote against lead independent director T. Michael Nevens' reelection at the FPGA maker's May 11 annual meeting. It's too late for investors to submit alternate candidates.
    • TIG argues rejecting Nevens will "send a strong signal to the Board to immediately re-engage with Intel." It also thinks the company's reported decision to reject a $54/share Intel offer is unsurprising given "Altera has had a history of overestimating its growth rate."
    • The firm thinks Altera would need to produce annual EPS of $2.70 to justify a $54/share valuation, something it thinks is "unlikely to happen over the next few years given the outlook for a secular decline in worldwide base station deployments in 2016-2019 until 5G starts ramping." The 2015 EPS consensus is at $1.31.
    • Bloomberg reported two weeks ago TIG, Cadian Capital, and other investors were pushing Altera to restart Intel talks. The company posted a Q1 miss and provided light Q2 guidance last Thursday.
    | 2 Comments
  • 5:33 PM
    | Comment!
  • 5:30 PM
    • Land drilling activity cuts that began late last year are nearing an end with the bottom likely this quarter, Goldman Sachs says as it upgrades land drillers Patterson-UTI Energy (NASDAQ:PTEN), Nabors Industries (NYSE:NBR) and Helmerich & Payne (NYSE:HP) to Buy from Neutral.
    • Goldman believes the sharp reduction in rig activity - with rig declines reaching 900-plus rigs on average in Q2 2015 v- has started the self-correcting mechanism in oil supply, and that oil production should flatten in Q2 and is unlikely to grow Y/Y by Q4; the firm now expects the U.S. land rig count to increase by ~430 rigs by year-end 2016, with the horizontal rig count increasing by nearly 300 rigs.
    • Earlier: Helmerich & Payne upgraded to Buy from Neutral at Goldman
    | Comment!
  • 5:30 PM
  • 5:25 PM
    • Q1 core operating income of $34.5M or $1.50 per share vs. $32.6M and $1.40 in Q4. Dividend is $0.88.
    • Book value per share of $24.83 falls from $27.95 at the start of the year. Today's close was $23.39. Management notes reduced expectations for rate hikes decreased the value of its hedges, without an equal increase in the value of its MBS portfolio. Long-term hedges are cut to 27% of total hedge portfolio from 35% at the start of the year.
    • Conference call tomorrow at 9 ET
    • Previously: Arlington Asset Investment beats by $0.30, misses on revenue (April 27)
    • AI flat after hours, down 12% YTD.
    | 1 Comment
  • 5:24 PM
    • Olin (NYSE:OLN): FQ1 EPS of $0.17 misses by $0.08.
    • Revenue of $518M (-10.3% Y/Y) misses by $39.94M.
    • Press Release
    | Comment!
  • 5:23 PM
    • Owens & Minor (NYSE:OMI): Q1 EPS of $0.44 misses by $0.01.
    • Revenue of $2.39B (+5.8% Y/Y) in-line.
    • Press Release
    | Comment!
  • 5:19 PM
    • QTS Realty (NYSE:QTS): Q1 FFO of $0.50 in-line.
    • Revenue of $61.39M (+25.4% Y/Y) beats by $1.16M.
    • Press Release
    | Comment!
  • 5:14 PM
    • Adjusted FFO of $13.7M or $0.07 per share vs. $11.6M and $0.06 one year ago.
    • RevPAR at the company's 46 hotels up 10.9% to $138.59 from 44 hotels one year ago. The ADR of $175.60 up 6.6%. Occupancy up 301 bps to 78.9%. EBITDA margins up 70 bps to 30.9%. Hotel EBITDA up 22.4% to $29.5M.
    • Best-performing market was Boston with 25.3% RevPAR growth. West Coast portfolio RevPAR growth of 18.4%. South Florida growth of 7.9%, partly due to renovations holding the number back.
    • NYC portfolio (17 hotels) RevPAR decline of 2.7%, with ADRs of $167.41 down 1.6%  and occupancy of 83.9% down 93 bps. The company notes a difficult comparison due to the Super Bowl in 2014.
    • 2M shares repurchased during quarter at average price of $6.36 each.
    • 2015 outlook is maintained: AFFO of $0.56-$0.58 per share.
    • Conference call tomorrow at 9 ET
    • Previously: Hersha Hospitality beats by $0.01, beats on revenue (April 27)
    • HT flat after hours
    | Comment!
  • 5:13 PM
    • Select energy E&P stocks are ready to be bought on weakness following the recent rally in the space, Cowen says as it names Anadarko Petroleum (NYSE:APC), Pioneer Natural Resources (NYSE:PXD) and Range Resources (NYSE:RRC) its top picks; the three are started at Outperform with respective price targets of $72, $216 and $73.
    • Cowen says its top picks have low-cost assets and high quality balance sheets that will allow them to emerge from the oil price downturn with higher margins.
    • Devon Energy (NYSE:DVN), Noble Energy (NYSE:NBL) and Cimarex Energy (NYSE:XEC) also are initiated with Outperform rating, while Apache (NYSE:APA) and Continental Resources (NYSE:CLR) are started at Market Perform.
    | Comment!
  • 5:13 PM
    • American Financial (NYSE:AFG): Q1 EPS of $1.25 beats by $0.11.
    • Revenue of $1.29B (+6.6% Y/Y) beats by $280M.
    • Press Release
    | Comment!
  • 5:12 PM
    • Hudson Valley Holding (NYSE:HVB) declares $0.08/share quarterly dividend, in line with previous.
    • Forward yield 1.29%
    • Payable May 22; for shareholders of record May 8; ex-div May 6.
    | Comment!
  • 5:08 PM
    • HF Financial (NASDAQ:HFFC): Q1 EPS of $0.23
    • Revenue of $10.9M (-9.2% Y/Y)
    • Press Release
    | Comment!
  • 5:07 PM
    • The sale of 22.7M shares of stock in the hot-handed consumer lender includes 3.79M shares by selling stockholders and 18.9M shares by the company.
    • Springleaf's (NYSE:LEAF) proceeds will be used to help fund its purchase of Citigroup's OneMain Financial.
    • Source: Press Release
    • Shares -2% after hours, but up 160% since the late-2013 IPO.
    | Comment!
  • 5:06 PM
    • Energizer Holdings (NYSE:ENR) declares $0.50/share quarterly dividend, in line with previous.
    • Forward yield 1.43%
    • Payable June 10; for shareholders of record May 20; ex-div May 18.
    | Comment!
  • 5:06 PM
    • Ohio Valley (NASDAQ:OVBC): Q1 EPS of $0.88
    • Revenue of $12.42M (-3.7% Y/Y)
    • Press Release
    | Comment!
  • 5:06 PM
    • Arlington Asset Investment (NYSE:AI): Q1 EPS of $1.50 beats by $0.30.
    • Revenue of $33.24M (+54.0% Y/Y) misses by $0.12M.
    • Press Release
    | Comment!
  • 5:05 PM
    • Independent Bank (NASDAQ:IBTX): Q1 EPS of $0.60 in-line.
    • Revenue of $40M (+63.5% Y/Y) misses by $0.65M.
    • Press Release
    | Comment!
  • 5:04 PM
    • Universal Health Services (NYSE:UHS): Q1 EPS of $1.78 beats by $0.22.
    • Revenue of $2.23B (+14.9% Y/Y) beats by $100M.
    • Shares +2.3% AH.
    • Press Release
    | Comment!
  • 5:03 PM
    • M B T Financial (NASDAQ:MBTF): Q1 EPS of $0.12 vs. $0.08 in 1Q14
    • Revenue of $12.96M (+6.6% Y/Y)
    • Press Release
    | Comment!
  • 5:03 PM
    • Q1 AFFO of $0.37 up 12% from one year ago.
    • Same-store revenue up 5.1%. NOI up 6.2%.
    • Q2 AFFO guidance of $0.34-$0.36 per share. Full-year AFFO per share guidance is lifted to $1.44-$1.48 per share from $1.41-$1.47. NOI growth is expected at 4.75-5.75% from 4-5% previously.
    • Conference call tomorrow at 1 ET
    • Previously: UDR beats by $0.02, misses on rental income (April 27)
    • UDR flat after hours
    | Comment!
  • 5:02 PM
    • Hersha Hospitality (NYSE:HT): Q1 FFO of $0.07 beats by $0.01.
    • Revenue of $95.71M (+19.7% Y/Y) beats by $4.05M.
    • Press Release
    | Comment!
  • 5:01 PM
    • With strong iPhone sales (and perhaps also lower memory prices) providing a lift, Apple (NASDAQ:AAPL) had an FQ2 gross margin of 40.8%, up 150 bps Y/Y and above guidance of 38.5%-39.5%. FQ3 GM guidance is at 38.5%-39.5%.
    • Product line performance: iPhone revenue (69% of total revenue) +55% Y/Y to $40.3B; units +40%. iPad -29% to $5.4B; units -23%. Mac +2% to $5.6B; units +10%. Services (iTunes, App Store, AppleCare, Apple Pay, etc.) +9% to $5B. Other products (iPod, Apple TV, Beats) -10% to $1.7B.
    • Regional performance: Americas revenue +19% to $21.3B. Europe +12% to $12.2B. Greater China +71% to $16.8B. Japan -15% to $3.5B. Rest of Asia-Pac +48% to $4.2B. International sales were 69% of revenue, up from FQ1's 65%.
    • iPhone ASP was $659, down from FQ1's $687 but up from FQ4's $603 (iPhone 6 Plus boost). iPad ASP was $430 vs. $419 in FQ1 and $432 in FQ4. Mac ASP was $1,231 vs. $1,258 in FQ1 and $1,200 in FQ4.
    • GAAP SG&A spend rose 18% Y/Y to $3.46B. R&D spend rose 35% to $1.92B.
    • $7B was spent on buybacks, up from FQ1's $5B. Apple ended FQ2 with over $193B in cash/investments (much of it offshore), and nearly $44B in debt.
    • Apple's increased quarterly dividend of $0.52/share is good for a yield of 1.5% at current levels. The next dividend is payable on May 14 to shareholders on record as of the May 11 close.
    • AAPL +1.5% AH to $134.59. The CC is underway (webcast).
    • FQ2 results/FQ3 guidance, PR
    | 32 Comments
  • 5:00 PM
     
    • S&P -0.1%.
    • 10-yr +0.01%.
    • Euro +0.13% vs. dollar.
    • Crude -0.16% to $56.61.
    • Gold -0.04% to $1,201.40.
    | Comment!
  • 4:55 PM
    • Q1 FFOM of $76.1M or $0.67 per share vs. $70.9M and $0.66 one year ago.
    • Same-store wholly-owned NOI up 3.7% Y/Y, with revenues up 3% and operating expenses up 2%.
    • Same-store wholly-owned occupancy of 97.6% up 80 basis points from a year ago.
    • Preleased same-store wholly-owned portfolio for upcoming year to 85.5% applied for and 76.9% leased with projected annual rent increase of 2.9%. One year ago, portfolio was 84.5% applied for and 76.8% preleased.
    • 2015 outlook: FFOM guidance of $2.30-$2.42 per share is maintained.
    • Conference call tomorrow at 11 ET
    • Previously: American Campus Communities beats by $0.01 (April 27)
    • ACC flat after hours
    | Comment!
  • 4:55 PM
    • Disney (NYSE:DIS) finished up 0.6% today following an upgrade from Guggenheim to Buy, from Neutral -- reversing course from a fall downgrade.
    • Guggenheim says it's cautious on media networks, but Disney has "significantly outperformed media peers" and has key assets that should cascade into multiple revenue streams -- namely, Marvel's upcoming Avengers: Age of Ultron, and an upcoming set of Star Wars films, which "should fuel incremental future media, parks and product opportunities."
    • The analysts set a $127 price target on the stock, up previously from $109.53. Shares closed today at $110.16.
    | 2 Comments
  • 4:54 PM
    • MasterCard (NYSE:MA) agrees to acquire Applied Predictive Technologies, an analytics software company that helps companies gauge pricing, marketing and merchandising, for $600M.
    • MA says APT helps companies tailor investments and boost earnings by using analytics to design, measure and calibrate marketing, merchandising, operations and capital initiatives.
    • MA says the deal will complement its recent acquisition of London-based retail consulting and analytics firm 5One, which was announced in November.
    | 1 Comment
  • 4:53 PM
    • A joint meeting of the FDA's Cellular, Tissue and Gene Therapies Advisory Committee and the Oncologic Drugs Advisory Committee is on tap for this Wednesday. The two groups will discuss and make recommendations regarding regulatory approval of Amgen's (NASDAQ:AMGN) Biologic License Application (BLA) for talimogene laherparepvec for the treatment of patients with injectable regionally or distantly metastatic melanoma.
    • Briefing doc
    • Amgen's briefing doc
    | Comment!
  • 4:52 PM
    • C.H. Robinson Worldwide (NASDAQ:CHRW): Q1 EPS of $0.73 misses by $0.01.
    • Revenue of $3.3B (+5.1% Y/Y) misses by $150M.
    • Press Release
    | Comment!
  • 4:50 PM
    • UDR (NYSE:UDR): Q1 FFO of $0.43 beats by $0.02.
    • Rental income of $207.04M (+6.5% Y/Y) misses by $0.36M.
    • Press Release
    | Comment!
  • 4:49 PM
    • Upon completion of the offering, Carlyle (NASDAQ:CG) will continue to hold 20.775M partnership units in CoreSite's (NYSE:COR) operating partnership - translating into a stake of 43.9% of the common stock (or 42.5% if the underwriters exercise their 675K share greenshoe).
    • CoreSite will receive no proceeds from the offering.
    • Source: Press Release
    • CoreSite is higher by 28% YTD, 63% Y/Y, and 200% since the IPO 4+ years ago. Bravo Carlyle.
    | Comment!
  • 4:49 PM
    • Procera Networks (NASDAQ:PKT): FQ1 EPS of -$0.03 beats by $0.07.
    • Revenue of $20.5M (+41.0% Y/Y) beats by $3.49M.
    • Press Release
    | Comment!
  • 4:46 PM
    • Kforce (NASDAQ:KFRC) declares $0.11/share quarterly dividend, in line with previous.
    • Forward yield 1.98%
    • Payable June 26; for shareholders of record June 12; ex-div June 10.
    | Comment!
  • 4:46 PM
    • Orchid Island Capital (NYSE:ORC): Q1 EPS of $0.33 misses by $0.22.
    • Net interest income of $13.3M (+294.7% Y/Y) beats by $1.16M.
    • Press Release
    | 10 Comments
  • 4:45 PM
    • China Xiniya Fashion (NYSE:XNY): FQ4 EPADS of -$0.05
    • Revenue of RMB201.56M (-58.6% Y/Y)
    • Press Release
    | Comment!
  • 4:43 PM
    • Q1 core earnings of $452M or $1.04 per share vs. $501M and $1.05 one year ago.
    • CEO Chris Swift: "[The] U.S. P&C pricing cycle that is increasingly competitive."
    • Commercial Lines core earnings of $234M down 11% Y/Y. Underlying combined ratio of 92.4% improves a hair from a year ago after backing out a 3.2 point expense ratio benefit from NY Assessments in Q1 of 2014. Net investment income of $257M about flat from last year.
    • Personal Lines core earnings of $75M down 26% from a year ago. Combined ratio of 89.9% deteriorates from 88.7%. Net investment income of $35M flat from last year.
    • Group Benefits core earnings of $52M up 16% Y/Y. Mutual Funds core earnings of $22M up 5%.
    • Talcott Resolution core earnings of $111M down 1%. VA and fixed annuity contract counts fell 13% and 16%, respectively, from a year ago.
    • Annualized investment yield, excluding LPs of 4.1% down 10 basis points from last year.
    • Book value (excl. AOCI) of $41.47 vs. $40.71 at start of year.
    • Conference call tomorrow at 9 ET
    • HIG +0.5% after hours
    | Comment!
  • 4:41 PM
    | Comment!
  • 4:40 PM
    • Jones Lang Lasalle (NYSE:JLL): Q1 EPS of $0.94 beats by $0.47.
    • Revenue of $1.2B (+15.4% Y/Y) beats by $40M.
    • Press Release
    | Comment!
  • 4:40 PM
    • Jones Lang Lasalle (NYSE:JLL): Q1 EPS of $0.94 beats by $0.47.
    • Revenue of $1.2B (+15.4% Y/Y) beats by $40M.
    • Press Release
    | Comment!
  • 4:40 PM
    • InterOil (NYSE:IOC) says it has begun flow testing at the Elk-Antelope gas field in Papua New Guinea as part of its field appraisal.
    • IOC says Antelope-5 has the best reservoir thickness, quality and fracture density of all wells on the field, and signifies a "world-class reservoir."
    • The data from the testing will help the Elk-Antelope LNG Project, a joint venture of IOC, Total (NYSE:TOT) and Oil Search (OTCPK:OISHF), to optimize design of the liquefied natural gas plant and associated infrastructure.
    | Comment!
  • 4:38 PM
    • CTS Corporation (NYSE:CTS): Q1 EPS of $0.20 in-line.
    • Revenue of $98.31M (-2.4% Y/Y)
    • Press Release
    | Comment!
  • 4:38 PM
    • United Therapeutics (NASDAQ:UTHR) will report Q1 results tomorrow before the open. Consensus view is EPS of $2.14 on revenues of $353.5M.
    | Comment!
  • 4:37 PM
    • Churchill Downs (NASDAQ:CHDN): Q1 EPS of -$0.09 beats by $0.06.
    • Revenue of $250.9M (+50.0% Y/Y) beats by $5.97M.
    • Press Release
    | Comment!
  • 4:36 PM
    • Pfizer (NYSE:PFE) will report Q1 results tomorrow before the open. Consensus view is EPS of $0.49 on revenues of $10.7B.
    | Comment!
  • 4:35 PM
    • Apple (NASDAQ:AAPL): FQ2 EPS of $2.33 beats by $0.17.
    • Revenue of $58.01B (+27.1% Y/Y) beats by $1.95B.
    • 61.2M iPhones (above expectations), 12.6M iPads (below expectations), 4.6M Macs (near expectations).
    • Expects FQ3 revenue of $46B-$48B vs. $47.06B consensus.
    • Dividend increased by 11%, buyback authorization increased by $50B to $140B.
    • Shares +2.2% AH.
    • Press Release
    | 144 Comments
  • 4:34 PM
    • Gold Resource (NYSEMKT:GORO) declares $0.01/share monthly dividend, in line with previous.
    • Forward yield 3.52%
    • Payable May 26; for shareholders of record May 11; ex-div May 7.
    | Comment!
  • 4:34 PM
    • Merck (NYSE:MRK) will report Q1 results tomorrow before the open. Consensus view is EPS of $0.74 on revenues of $9B.
    | Comment!
  • 4:33 PM
    • Q1 FFO of $1.75 per share up 7.4% from a year ago, $0.02 higher than guidance, but missing Street estimates by $0.08.
    • For established communities, rental revenue up 4.3% due to higher average rental rates (occupancy was flat). NOI up 5.3%. Northern and Southern California and the Pacific NW were strong, with rental rates up 8.9%, 5.6%, and 6.2%, respectively. Mid-Atlantic renal rates lagged, up 0.1%.
    • Q2 outlook: Core FFO of $1.80-$1.84.
    • Conference call tomorrow at 11 ET
    • Previously: AvalonBay Communities misses by $0.08, misses on revenue (April 27)
    • AVB +0.3% after hours
    | Comment!
  • 4:33 PM
    • National Interstate (NASDAQ:NATL): Q1 EPS of $0.33 misses by $0.09.
    • Revenue of $124.09M (-7.0% Y/Y) misses by $24.77M.
    • Press Release
    | Comment!
  • 4:32 PM
    • NBT Bancorp (NASDAQ:NBTB) declares $0.22/share quarterly dividend, 4.8% increase from prior dividend of $0.21.
    • Forward yield 3.53%
    • Payable June 15; for shareholders of record May 29; ex-div May 27.
    | Comment!
  • 4:31 PM
    • Bristol-Myers Squibb (NYSE:BMY) will report Q1 results tomorrow before the open. Consensus view is EPS of $0.51 on revenues of $3.8B.
    | Comment!
  • 4:30 PM
    • UniPixel (NASDAQ:UNXL) has "exercised its right to terminate" its InTouch touch sensor manufacturing and supply agreement with Kodak (NYSE:KODK). UniPixel says it "concluded that the risks required to achieve a viable business model in a reasonable time frame were too great, particularly under an agreement that shared any profits generated." No termination penalties are expected. (8-K filing)
    • The decision follows UniPixel's purchase of Atmel's XSense touch sensor assets. Kodak has issued a statement declaring it's "committed to moving forward independently with development of copper mesh touch sensor technology," and that it "continues to believe that copper mesh technology for large-size touch screens, together with the silver-halide based touch sensors for phones and tablets that Kodak has been developing separately, will give the company a broad offering in the rapidly growing touch screen market."
    • UniPixel has fallen to $5.15 AH.
    • Update (8:40PM ET): UniPixel closed AH trading down 41.9% to $3.39.
    | 4 Comments
  • 4:30 PM
    • Berkshire Hills Bancorp (NYSE:BHLB) declares $0.19/share quarterly dividend, in line with previous.
    • Forward yield 2.73%
    • Payable May 28; for shareholders of record May 14; ex-div May 12.
    | Comment!
  • 4:29 PM
    • PerkinElmer (NYSE:PKI) declares $0.07/share quarterly dividend, in line with previous.
    • Forward yield 0.54%
    • Payable Aug. 10; for shareholders of record July 17; ex-div July 15.
    | Comment!
  • 4:29 PM
    | Comment!
  • 4:29 PM
    • Boston Scientific (NYSE:BSX) will report Q1 results tomorrow before the open. Consensus view is EPS of $0.21 on revenues of $1.8B.
    | Comment!
  • 4:28 PM
    • Rent-A-Center (NASDAQ:RCII): Q1 EPS of $0.52 beats by $0.02.
    • Revenue of $877.6M (+5.9% Y/Y) beats by $14.27M.
    • Press Release
    | Comment!
  • 4:27 PM
    • Chico's FAS (NYSE:CHS) declares $0.0775/share quarterly dividend, in line with previous.
    • Forward yield 1.79%
    • Payable June 29; for shareholders of record June 15; ex-div June 11.
    | Comment!
  • 4:27 PM
    • Q1 FFO of $91.3M or $1.28 per share vs. $83.1M and $1.17 one year ago.
    • NOI of $136.4M up 10.3%. Same-property NOI up 2.3%, up 7.8% on cash basis.
    • Executed leases for 1M square feet in Q1. Occupancy for operating properties of 96.8% up 20 bps from a year ago.
    • Operating margins of 69% flat from a year ago.
    • 2015 FFO per share guidance is narrowed to a dime and boosted by $0.02 at the midpoint, now $5.17-$5.27.
    • Conference call tomorrow at 3 ET
    • Previously: Alexandria Real Estate Equities beats by $0.02, beats on revenue (April 27)
    • ARE flat after hours
    | Comment!
  • 4:26 PM
    • Partnerre (NYSE:PRE): Q1 EPS of $3.09 beats by $0.59.
    • Revenue of $1.65B (-5.2% Y/Y) misses by $130M.
    • Press Release
    | Comment!
  • 4:25 PM
    • Hartford Financial (NYSE:HIG): Q1 EPS of $1.04 beats by $0.07.
    • Revenue of $4.62B (+0.2% Y/Y) misses by $90M.
    • Press Release
    | Comment!
  • 4:23 PM
    • AvalonBay Communities (NYSE:AVB): Q1 FFO of $1.75 misses by $0.08.
    • Revenue of $341.96M (+4.3% Y/Y) misses by $98.75M.
    • Press Release
    | Comment!
  • 4:23 PM
    • Overstock.com (NASDAQ:OSTK): Q1 EPS of $0.11 misses by $0.09.
    • Revenue of $398.3M (+16.7% Y/Y) beats by $11.6M.
    • Press Release
    | Comment!
  • 4:21 PM
    • Barracuda Networks (NYSE:CUDA): FQ4 EPS of $0.07 beats by $0.01.
    • Revenue of $72.17M (+19.6% Y/Y) beats by $0.43M.
    • Shares -4% AH.
    • Press Release
    | Comment!
  • 4:20 PM
    • Wabash National (NYSE:WNC): Q1 EPS of $0.19 beats by $0.03.
    • Revenue of $438M (+22.3% Y/Y) beats by $18.11M.
    • Press Release
    | Comment!
  • 4:20 PM
    • Though Amkor (NASDAQ:AMKR) beat Q1 estimates, it's guiding for Q2 revenue of $725M-$775M and EPS of $0.05-$0.15, below a consensus of $815.3M and $0.18.
    • The chip packaging/testing firm states "inventory adjustments and other issues at a major customer" are mostly responsible. It expects demand to pick up in 2H15 thanks to "the launch of flagship mobile devices with high Amkor content" - that could be a reference to the iPhone 6S. The full-year capex budget is unchanged at $600M.
    • Q1 gross margin (non-GAAP) was 18.2%, down from Q4's 22.9% and Q1 2014's 18.5%, but within a 16%-19% guidance range. Q2 GM guidance is also at 16%-19%. Amkor ended Q1 with $494M in cash and $1.5B in debt.
    • Shares have fallen to $7.70 AH. They dropped 7% in the last two trading days before earnings.
    • Q1 results, PR
    | Comment!
  • 4:20 PM
     
    • Stocks slipped from last week's record levels, as investors turned cautious ahead of major earnings reports and the two-day Fed meeting.
    • Big declines in biotech names (-4.2%) caused the Nasdaq to snap a five-session winning streak and pressured the health care sector (-1.8%) to the bottom of the day's leaderboard.
    • The tech sector (+0.4%) kept the market from sliding deeper into the red thanks to solid gains among large cap components, particularly Apple (+1.8%) ahead of its earnings, while chipmakers held up relatively well despite Applied Materials' 8.4% plunge on news that it ended its merger deal with Tokyo Electron due to regulatory concerns.
    • Today's investor participation was ahead of recent averages, with more than 780M shares changing hands at the NYSE floor.
    • U.S. Treasurys recouped most of their early losses, with the 10-year yield ending higher by a basis point to 1.92%.
    | Comment!
  • 4:20 PM
    • Merchants Bancshares (NASDAQ:MBVT) declares $0.28/share quarterly dividend, in line with previous.
    • Forward yield 3.8%
    • Payable May 25; for shareholders of record May 11; ex-div May 7.
    | Comment!
  • 4:20 PM
    • Q1 FFO of $309M or $0.32 per share vs. $292M and $0.31 one year ago.
    • Same-store leased percentage of 95.8%. Same-store NOI up 3.3%.
    • Initial rental rates for executed leases starting this year up 8.7% to $62.64 per square foot.
    • Tenant sales (all less anchors) up 3.4% to $20.4B on a trailing 12-month basis, up 4.1% for the quarter.
    • 2015 guidance: Full-year adjusted FFO of $1.31-$1.37 per share, with Q2 at $0.30-$0.32.
    • Conference call tomorrow at 9 ET
    • Previously: General Growth Properties FFO in-line, misses on revenue (April 27)
    • GGP flat premarket
    | Comment!
  • 4:19 PM
    • Innophos Holdings (NASDAQ:IPHS): Q1 EPS of $0.55 misses by $0.10.
    • Revenue of $202M (-6.6% Y/Y) misses by $16.1M.
    • Press Release
    | Comment!
  • 4:19 PM
    • American Capital Agency (NASDAQ:AGNC) declares $0.20/share monthly dividend, -9.1% decrease from prior dividend of $0.22.
    • Forward yield 11.17%
    • Payable June 5; for shareholders of record May 29; ex-div May 27.
    | 10 Comments
  • 4:19 PM
    • Alexandria Real Estate Equities (NYSE:ARE): Q1 FFO of $1.28 beats by $0.02.
    • Revenue of $196.8M (+11.7% Y/Y) beats by $3.53M.
    • Press Release
    | Comment!
  • 4:18 PM
    • NBT Bancorp (NASDAQ:NBTB): Q1 EPS of $0.41 misses by $0.01.
    • Revenue of $88.7M (+1.0% Y/Y) misses by $2.53M.
    • Press Release
    | Comment!
  • 4:18 PM
    • Compass Minerals (NYSE:CMP): Q1 EPS of $1.79 misses by $0.08.
    • Revenue of $393M (-6.9% Y/Y) misses by $19.25M.
    • Press Release
    | Comment!
  • 4:17 PM
    • Time Warner Cable (NYSE:TWC) reached out to a resistant Cox Communications to talk merger, The Wall Street Journal reports, but a TWC spokesperson tells Reuters "It's simply not true."
    • "We have not engaged in any discussions with Cox," says TWC's Susan Leepson.
    • Meanwhile, Cox indicates "We’ve been clear we’re not for sale and we’ll continue to explore any potential growth opportunities that align with our business objectives."
    • TWC is the second-largest cable provider in the country, with some 12.25M subscribers, and Cox is No. 3 with 4.5M. TWC's failed merger partner, Comcast, is No. 1 with 22.4M subscribers.
    • Previously: It's over: Comcast officially ends $45B pursuit of TWC (Apr. 24 2015)
    | Comment!
  • 4:17 PM
    • Berkshire Hills Bancorp (NYSE:BHLB): Q1 EPS of $0.50 beats by $0.03.
    • Net interest income of $45.49M (+6.4% Y/Y) misses by $1.39M.
    • Press Release
    | Comment!
  • 4:17 PM
    • SB Financial Group (NASDAQ:SBFG): Q1 EPS of $0.23 vs. $0.20 in 1Q14
    • Revenue of $9.22M (+23.3% Y/Y)
    • Press Release
    | Comment!
  • 4:17 PM
    • John B. Sanfilippo & Son (NASDAQ:JBSS): FQ3 EPS of $0.58 beats by $0.20.
    • Revenue of $209.4M (+20.1% Y/Y)
    • Press Release
    | Comment!
  • 4:16 PM
    • Zogenix (NASDAQ:ZGNX) promotes President Stephen Farr, Ph.D, to CEO effective immediately. He succeeds Roger Hawley who will continue to serve on the Board.
    | 1 Comment
  • 4:15 PM
    • MDC Partners (NASDAQ:MDCA) declares $0.21/share quarterly dividend, in line with previous.
    • Forward yield 3.0%
    • Payable May 22; for shareholders of record May 8; ex-div May 6.
    | Comment!
  • 4:15 PM
    • Waste Connections (NYSE:WCN): Q1 EPS of $0.46 in-line.
    • Revenue of $506.1M (+5.1% Y/Y) misses by $2.78M.
    • Press Release
    | Comment!
  • 4:14 PM
    • Q1 net spread and dollar roll income of $0.70 per share down from $0.92 in Q3. Quarterly dividend run rate of $0.66.
    • Book value per share of $25.53 slips from $25.79 estimated one month ago and $25.74 at the start of the year. Today's close of $21.47 is a 15.9% discount to March 31 book.
    • Economic return for the quarter - defined as the dividend plus/minus the change in book value of 1.7%, or 7.1% annualized.
    • 8.4% CPR for the quarter vs. 9% in Q4. Net interest spread of 1.64% slips 21 basis points.
    • "At-risk" leverage of 6.4x down from 6.9x in Q4. The CFO notes the company is operating at its lowest leverage level in more than six years - a conscious decision made by management in light of what it expects to be significant volatility.
    • Earnings call tomorrow at 11 ET
    • Previously: American Capital Agency misses by $0.04 (April 27)
    • AGNC flat after hours
    | 15 Comments
  • 4:14 PM
    • Allison Transmission (NYSE:ALSN): Q1 EPS of $0.38 beats by $0.04.
    • Revenue of $503.6M (+2.0% Y/Y) misses by $9.64M.
    • Shares -4.5%.
    • Press Release
    | Comment!
  • 4:14 PM
    • Everest Re Group (NYSE:RE): Q1 EPS of $7.34 beats by $1.41.
    • Premium earned of $1.31B (+14.9% Y/Y) misses by $10M.
    • Press Release
    | Comment!
  • 4:12 PM
    • Plum Creek Timber (NYSE:PCL): Q1 EPS of $0.24 beats by $0.02.
    • Revenue of $406M (+28.1% Y/Y)
    • Press Release
    | Comment!
  • 4:12 PM
    • Digimarc (NASDAQ:DMRC): Q1 EPS of -$0.52 misses by $0.02.
    • Revenue of $5.99M (-16.8% Y/Y) misses by $0.03M.
    • Press Release
    | Comment!
  • 4:12 PM
    • GW Pharmaceuticals (NASDAQ:GWPH) commences a public offering of 1.25M American Depositary Shares (ADSs). Underwriters over-allotment is an additional 187.5K shares. Price and terms have yet to be announced.
    | 3 Comments
  • 4:12 PM
    • The Container Store (NYSE:TCS): FQ4 EPS of $0.24 misses by $0.07.
    • Revenue of $224.3M (+3.5% Y/Y) misses by $9.34M.
    • Shares -17%.
    • Press Release
    | 2 Comments
  • 4:11 PM
    • Trina (NYSE:TSL) has signed a "strategic cooperation framework agreement" to build a 300MW solar project in the Chinese city of Hefei. Construction for the project's first phase (a 30MW commercial rooftop installation) will start in Q2.
    • For reference, Trina has forecast it will connect 700MW-750MW of downstream projects to the grid this year, with 30%-40% in China. The company recently sold a 50MW U.K. solar project for $92M.
    | 2 Comments
  • 4:11 PM
    • Brixmor Property (NYSE:BRX): Q1 FFO of $0.46 misses by $0.02.
    • Revenue of $315.29M (+2.5% Y/Y) beats by $1.3M.
    • Press Release
    | Comment!
  • 4:11 PM
    • Rudolph Technologies (NYSE:RTEC): Q1 EPS of $0.17 beats by $0.06.
    • Revenue of $52.57M (+26.2% Y/Y) beats by $3.79M.
    • Press Release
    | Comment!
  • 4:10 PM
    • Globus Maritime (NASDAQ:GLBS): FQ4 EPS of -$0.08
    • Revenue of $4.38M (-36.5% Y/Y)
    • Press Release
    | Comment!
  • 4:10 PM
    • Agree Realty (NYSE:ADC): Q1 FFO of $0.56 misses by $0.01.
    • Revenue of $15.75M (+25.2% Y/Y) beats by $0.11M.
    • Press Release
    | Comment!
  • 4:10 PM
    • Paratek Pharmaceuticals (NASDAQ:PRTK) commences a $60M public offering of common stock. Underwriters over-allotment will be an additional 15% of the number of shares offered. Price and terms have yet to be announced.
    | Comment!
  • 4:10 PM
    • GigOptix (NYSEMKT:GIG): Q1 EPS of $0.02 beats by $0.03.
    • Revenue of $9.1M (+23.1% Y/Y) beats by $0.39M.
    • Press Release
    | Comment!
  • 4:09 PM
    • SS&C (NASDAQ:SSNC): Q1 EPS of $0.60 beats by $0.01.
    • Revenue of $205.73M (+10.7% Y/Y) misses by $1.92M.
    • Press Release
    | Comment!
  • 4:09 PM
    • American Campus Communities (NYSE:ACC): Q1 FFO of $0.67 beats by $0.01.
    • Revenue of $192.49M (+5.1% Y/Y)
    • Press Release
    | Comment!
  • 4:08 PM
    • Danaos (NYSE:DAC): Q1 EPS of $0.28 beats by $0.07.
    • Revenue of $138.6M (+2.3% Y/Y) beats by $2M.
    • Press Release
    | Comment!
  • 4:08 PM
    • W.R. Berkley (NYSE:WRB): Q1 EPS of $0.80 beats by $0.07.
    • Revenue of $1.75B (+2.3% Y/Y) beats by $1.75B.
    • Press Release
    | Comment!
  • 4:08 PM
    • PMC - Sierra (NASDAQ:PMCS): Q1 EPS of $0.10 beats by $0.01.
    • Revenue of $133.07M (+5.2% Y/Y) misses by $0.25M.
    • Press Release
    | Comment!
  • 4:08 PM
    • MDC Partners (NASDAQ:MDCA): Q1 EPS of -$0.52 misses by $0.38.
    • Revenue of $302.2M (+10.0% Y/Y) beats by $5.71M.
    • Press Release
    | Comment!
  • 4:08 PM
    • General Growth Properties (NYSE:GGP): Q1 FFO of $0.32 in-line.
    • Revenue of $594.14M (-4.6% Y/Y) misses by $37.12M.
    • Press Release
    | Comment!
  • 4:07 PM
    • Cadence Design Systems (NASDAQ:CDNS): Q1 EPS of $0.23 beats by $0.02.
    • Revenue of $411.36M (+8.7% Y/Y) beats by $2.28M.
    • Press Release
    | Comment!
  • 4:06 PM
    • Amkor Technology (NASDAQ:AMKR): Q1 EPS of $0.12 beats by $0.02.
    • Revenue of $743M (+6.7% Y/Y) beats by $2.13M.
    • Press Release
    | Comment!
  • 4:06 PM
    | Comment!
  • 4:05 PM
    • Merchants Bancshares (NASDAQ:MBVT): Q1 EPS of $0.53 beats by $0.01.
    • Revenue of $14.22M (-3.5% Y/Y)
    • Press Release
    | Comment!
  • 4:05 PM
    | Comment!
  • 4:03 PM
    • Heartland Financial (NASDAQ:HTLF): Q1 EPS of $0.76 beats by $0.19.
    • Revenue of $84.59M (+25.6% Y/Y) beats by $6.25M.
    • Press Release
    | Comment!
  • 4:02 PM
    • J & J Snack Foods (NASDAQ:JJSF): FQ2 EPS of $0.72 misses by $0.02.
    • Revenue of $225M (+9.6% Y/Y) beats by $6.2M.
    • Press Release
    | Comment!
  • 4:00 PM
     

    • Dow -0.21% to 18,042.60. S&P -0.41% to 2,108.90. Nasdaq -0.63% to 5,060.22.
    • Treasurys: 30-year -0.01%. 10-yr -0.08%. 5-yr -0.07%.
    • Commodities: Crude -0.6% to $56.81. Gold +2.3% to $1,202.00.
    • Currencies: Euro +0.14% vs. dollar. Yen +0.09%. Pound -0.27%.
    | Comment!
  • 4:00 PM
    • An ITC administrative law judge has ruled Microsoft phones (offered via Nokia's former phone unit) infringe two InterDigital (IDCC +0.2%) patents, and that it wouldn't be against the public interest to place import bans on the phones. The full commission will rule on the matter later.
    • In February, InterDigital lost an appeal of an adverse ITC ruling on a separate infringement suit against Microsoft and ZTE. Last week, a jury ruled ZTE didn't infringe a patent for which a mistrial was declared last October (infringement verdicts had been given for 3 other patents).
    • After initially selling off today, InterDigital has turned positive in response to the ITC news. Q1 results arrive on Wednesday.
    | Comment!
  • 3:58 PM
    • BHP Billiton (BHP +0.9%) says it is contesting A$522M ($409M) in Australian tax bills on its Singapore marketing operations up to 2010, after having paid almost no tax in Singapore since 2006.
    • BHP told an Australian Senate panel that during 2006-14 its Singapore marketing business earned profits of $5.7B on which it paid just $121K in tax in Singapore, but that 58% of the profit earned by the Singapore hub is subject to tax in Australia at the company tax rate of 30%.
    • The A$522M in taxes BHP faces from Australia include contested tax plus interest and penalties owed on transfer pricing - the price at which BHP's Australian entities sell commodities they mine to the Singapore marketing business.
    • Rio Tinto (NYSE:RIO) revealed at the tax hearing that it pays a 5% tax rate on its Singapore marketing operations.
    | 1 Comment
  • 3:45 PM
    • Boeing (NYSE:BA) declares $0.91/share quarterly dividend, in line with previous.
    • Forward yield 2.46%
    • Payable June 5; for shareholders of record May 8; ex-div May 6.
    | 2 Comments
  • 3:42 PM
    • SoTHERLY Hotels (NASDAQ:SOHO) declares $0.075/share quarterly dividend, 7.1% increase from prior dividend of $0.07.
    • Forward yield 3.66%
    • Payable July 10; for shareholders of record June 15; ex-div June 11.
    | Comment!
  • 3:42 PM
    • Teva Pharmaceutical Industries (TEVA -4.3%) is allegedly scheduled to meet with institutional holders of Mylan (MYL -5.5%) this week in an effort to clarify the valuation necessary to close the deal. Some observers think a revised bid will be in the $85 - 95 range. Teva's first offer, which Mylan rejected, was $82.
    | 2 Comments
  • 3:38 PM
    • F-35 engines from United Technologies (UTX -0.3%) are proving so unreliable that U.S. plans to increase production of the fighter jet may be slowed, congressional auditors say.
    • Data from flight tests evaluated by the GAO show the reliability of engines from UTX’s Pratt & Whitney unit is "very poor (less than half of what it should be) and has limited” progress for the F-35, the agency said in a report sent to lawmakers this month.
    • According to GAO officials, engines on the Marine Corps’ complex version of the F-35, designed for short takeoffs and vertical landings, flew ~47 hours between failures caused by engine design issues instead of the 90 hours planned for this point, while Air Force and Navy model engines flew ~25 hours between failures instead of the 120 hours planned.
    • Bennett Croswell, president of Pratt & Whitney Military Engines, says the company was surprised by the report's unusually stern language but that "the engine is reliable."
    • The U.S. military plans to spend $391B for a fleet of 2,443 planes from prime contractor Lockheed Martin (LMT -0.8%).
    | 10 Comments
  • 3:30 PM
    • Two Phase 3 clinical trials evaluating Tetraphase Pharmaceuticals' (TTPH -5.1%) lead product candidate, eravacycline, show positive results for the treatment of complicated intra-abdominal infections (cIAI) and complicated urinary tract infections (cUTI).
    • The first study, IGNITE-1, compared eravacycline to Merck's (MRK -1.1%) Invanz (ertapenem) for the treatment of cIAI. It achieved the primary endpoint of statistical non-inferiority (no worse than) of clinical response at the test-of-cure (TOC) visit. In the microbiological intent-to-treat (micro-ITT) population (n=446) 86.8% of patients receiving eravacycline achieved a clinical cure compared to 87.6% of patients receiving ertapenem (FDA criteria). In the clinically evaluable population (n=477) 92.9% of patients receiving eravacycline achieved a clinical cure versus 94.5% of patients receiving ertapenem (EMA criteria). These results were first reported in December.
    • In the lead-in portion of the second study, IGNITE-2, both IV-to-oral dosing regimens of eravacycline (1.5 mg/kg followed by 200 mg or 250 mg) compared favorably with levofloxacin, a broad spectrum antibiotic, for the treatment of cUTI. The primary endpoint, per the FDA's criteria, was the responder rate (defined as both clinical cure and successful microbiological outcome) in the micro-ITT population. The responder rates for 200 mg (n=24), 250 mg (n=28) and levofloxacin (n=23) were 75.0%, 64.3% and 56.4%, respectively. In the microbiologically evaluable population, the primary endpoint was the microbiological response per the EMA's criteria. The respective responses for levofloxacin isolates (n=24) were: 83.3%, 72.7% and 42.9%. Based on these data, the 200 mg dose will be used for the pivotal portion of the Phase 3 that is currently underway.
    • The company expects to submit its regulatory applications by the end of the year.
    • The data were presented at this week's 25th European Congress of Clinical Microbiology and Infectious Diseases in Copenhagen, Denmark.
    • Previously: Tetraphase antibiotic non-inferior to ertapenem in Phase 3 study (Dec. 17, 2014)
    | Comment!
  • 3:28 PM
     
    • According to ETFGI, assets in the global ETF/ETP industry hit $2.926T at the end of Q1, setting the stage to move past the amount invested in hedge funds in Q2 (hedge funds stood at $2.939T at Q1's close).
    • Pre-crisis, assets in hedge funds of about $1.8T more than doubled those in ETFs/ETPs, but over the past several years, hedge fund returns have badly lagged those of the broader market.
    | Comment!
  • 3:26 PM
    | Comment!
  • 3:15 PM
    • Emerge Energy Services (EMES -10%) and Hi-Crush Partners (HCLP -5.9%) are both downgraded to Hold from Buy at Wunderlich, which now believes frac sand market conditions are much worse than previously anticipated.
    • Wunderlich says its downgrades are based on an assumption that even though oil prices have seemingly found a bottom, the deep discount in frac sand prices might not recover nearly as fast; price concessions secured by E&P companies would not be for just the short-term and could put a lid on low sand prices for 12-18 months even if oil prices stage a convincing recovery.
    • The firm cuts its stock price target for EMES to $40 from $65 and for HCLP to $35 from $53.
    | 2 Comments
  • 3:06 PM
    • Thanks to the strong dollar, a better idea for capital allocation might be buying companies overseas rather than returning cash to shareholders, suggests Goldman's David Kostin, citing FedEx's $4.8B purchase of TNT Express as a prime example.
    • American firms are expected to repurchase roughly $1T in stock this year, up 18% from 2014's strong level. Most notably of late is GE's promise of $50B in buybacks, the 2nd-largest-ever commitment (behind Apple's $90B).
    • Of course, if a nice chunk of that $1T were instead devoted to M&A, Goldman's bottom line wouldn't complain.
    • ETFs: PKW, SYLD, SPYB
    | 1 Comment
  • 3:06 PM
    • Today's notable tech gainers include online real estate leader Zillow (Z +4.3%), online travel deals platform Travelzoo (TZOO +8%), and gaming IP licensing firm Worlds (OTCQB:WDDD +15.5%).
    • Notable decliners include wireless charging tech developer Energous (WATT -9.3%), enterprise mobility management software firm MobileIron (MOBL -9.4%), Chinese mobile game publisher iDreamSky (DSKY -7.1%), and cloud tech support software provider Support.com (SPRT -6.6%). The Nasdaq is down 0.6%.
    • Zillow is now up 10% since providing soft full-year guidance on April 14. Travelzoo is up 32% since posting a Q4 beat on April 16.
    • Energous is selling off after filing a $75M mixed shelf following Friday's close. MobileIron is down 34% since issuing a Q1 warning last Wednesday. iDreamSky is missing out on a Chinese tech rally.
    • Previously covered: Applied Materials, Aerohive, Taser, Oclaro, JD.com, Sky-mobi, 3D Systems/Stratasys
    | 1 Comment
  • 3:02 PM
    • Trucking stocks are notably weak today with several analyst downgrades out in the sector.
    • Knight Transportation (KNX -4%) received one of the harsher actions with Wolfe Research downgrading the stock to an Underperform rating.
    • Other analysts cite apprehension in the sector into key earnings reports.
    • Trucking decliners: Celadon Group (CGI -3.2%), Swift Transportation (SWFT -2.8%), Heartland Express (HTLD -2.9%), Werner Enterprises (WERN -6.9%), USA Truck (USAK -6.4%), P.A.M. Transportation (PTSI -4.9%), Roadrunner Transportation Systems (RRTS -2%).
    | Comment!
  • 3:00 PM
     
    • Dow -0.1%.
    • 10-yr -0.1%.
    • Euro +0.06% vs. dollar.
    • Crude -0.36% to $56.95.
    • Gold +2.34% to $1,202.50.
    | Comment!
  • 2:53 PM
    • Royal Dutch Shell (RDS.A, RDS.B) and Total (NYSE:TOT) have delayed multibillion-dollar offshore oil projects in west Africa as part of efforts to rein in costs and shore up cash flow following the collapse in crude prices, FT reports.
    • Shell reportedly has postponed until next year a final investment decision on the offshore Bonga South West project in Nigeria, which would require an estimated $12B of spending and include the construction of one of the world’s biggest floating production platforms.
    • TOT is said to have delayed a final investment decision on Zinia 2, an offshore satellite of Angola’s Pazflor field, on concerns that projected capital spending is too high relative to the field’s 78M boe reserves.
    • The two projects highlight how oil majors are hoping the waters off west Africa can be a major source of future crude production, but Shell and Total will give themselves time to bring down contractors’ costs by delaying final investment decisions.
    | Comment!
  • 2:51 PM
    • Working through its European logistics arm Logicor, Blackstone (NYSE:BX) pays nearly £400M for 16 U.K. industrial warehouses - all the rage in Europe as retailers shift to online delivery-focused business models, with next-day delivery a vital requirement.
    • In 2014, €24.9B flowed into European industrial properties, up from €19.3B a year earlier, according to Real Capital Analytics, and a report from Deutsche says the sector is set to be the best-performing in Europe over the next five years.
    • Blackstone formed Logicor in 2012 and last year the group acquired more than €2B in logistics properties. A similar Blackstone unit for the U.S. was IndCor - launched in 2010 and sold to Singapore's SWF in December for $8.1B.
    • Source: WSJ
    | Comment!
  • 2:44 PM
    • In his Q1 investor letter, Lakewood Capital's Anthony Bozza says he sees almost 50% downside for Taser's (NASDAQ:TASR) shares, which have rallied strongly since last summer thanks in large part to enthusiasm over its body camera efforts.
    • Bozza thinks Taser's core weapons business might be worth just $12/share, and has trouble seeing how its body camera ops are worth even $4/share. (hat tip: Notable Calls)
    • Shares have fallen sharply in afternoon trading after Bloomberg reported on Bozza's views. Q1 results arrive on Thursday morning.
    | 13 Comments
  • 2:42 PM
    • Any fine above $2B against BP (BP -0.5%) for the 2010 Gulf of Mexico oil spill would be "extraordinary and severe," double the highest-ever U.S. water pollution fine and potentially crippling its U.S. oil business, BP said in court documents filed late Friday that marked its final legal argument before a federal judge is clear to render environmental fines as high as $13.7B for the spill.
    • BP says a fine above $2B would be 58x greater than any civil Clean Water Act fine before Deepwater Horizon, and that it should not have to pay a high penalty because it has already spent $27.5B to clean up the spill and compensate claimants along the Gulf; it also wants credit for its $1.25B criminal penalty.
    • U.S. government prosecutors blasted BP’s argument that a high penalty would render the U.S. unit insolvent, arguing that U.S. oil unit BPXP was insolvent in 2011-12 with no evidence that the insolvency changed or jeopardized BPXP’s operations in any way, and that the BP parent company alone makes investment decisions for the group.
    | 12 Comments
  • 2:41 PM
    | Comment!
  • 2:41 PM
    • Franklin Financial Services (OTCQX:FRAF) declares $0.19/share quarterly dividend, 11.8% increase from prior dividend of $0.17.
    • Forward yield 2.99%
    • Payable May 27; for shareholders of record May 8; ex-div May 6.
    | Comment!
  • 2:39 PM
    • Forward Air (NASDAQ:FWRD) declares $0.12/share quarterly dividend, in line with previous.
    • Forward yield 0.91%
    • Payable June 12; for shareholders of record May 27; ex-div May 22.
    | Comment!
  • 2:39 PM
    • Genuine Parts (NYSE:GPC) declares $0.615/share quarterly dividend, in line with previous.
    • Forward yield 2.68%
    • Payable July 1; for shareholders of record June 5; ex-div June 3.
    | Comment!
  • 2:37 PM
    • A month after launching a platform for integrating 3rd-party apps with Messenger, Facebook (FB +0.8%) is updating its iOS/Android Messenger apps to support video calling over mobile and Wi-Fi connections. The U.S. and 17 other markets are initially covered; more will be added later.
    • Facebook's PC Messenger client (built into Facebook's site) has supported video calls since 2011, following a deal with Skype; Facebook later built its own video call infrastructure. Today's update makes the feature available to the 600M+ monthly active users of Messenger's mobile apps.
    • One current shortcoming: Messenger app users can't place video calls to PC Facebook users. An exec says Facebook will soon fix the issue, and also plans to add group chat and video stabilization support. The long list of mobile apps/platforms currently supporting video calls includes Skype, Apple's FaceTime, Google's Hangouts, Tango, imo, WeChat, Line, and Viber.
    • Both voice and video serve as natural extensions of Messenger's core chat features. Mark Zuckerberg stated in March Messenger now accounts for 10% of global VoIP phone calls. WhatsApp, which recently added VoIP call support to its mobile apps, doesn't yet support video calls.
    | Comment!
  • 2:24 PM
    • China’s probe into alleged corruption involving senior executives at state firms has widened to ensnare the no. 2 exec at Sinopec (SNP +3.3%), who has been placed under investigation for suspected "serious law and discipline violations," according to the state's top anti-graft authority.
    • The official resigned from all his positions at SNP, including vice chairman and non-executive director.
    • The news that the probe into China’s state-owned energy industry is still expanding after China National Petroleum and its listed PetroChina arm lost more than a dozen senior officials to government investigations.
    | 3 Comments
  • 2:13 PM
    • Rave Restaurant Group (RAVE -1.9%) plans to open new Pie Five locations in Texas and Missouri.
    • Each location will cater to local tastes.
    • The company has 44 Pie Five locations open already and planned launches in another 7 states.
    • Shares of Rave Restaurant have retreated a bit today after going on a rush last week after Domino's reported strong numbers.
    • Previously: Pizza stocks rip gains after stellar Domino's quarter (Apr. 23 2015)
    | Comment!
  • 2:00 PM
     
    • Dow -0.04%.
    • 10-yr -0.02%.
    • Euro +0.06% vs. dollar.
    • Crude -0.79% to $56.70.
    • Gold +2.3% to $1,202.00.
    | Comment!
  • 2:00 PM
    • Applied Materials (NASDAQ:AMAT) has tumbled towards $20 following news it has cancelled its planned $29B merger with Tokyo Electron, following a DOJ rejection of Applied/Tokyo's proposed remedies.
    • The merger would've created a company that controlled about a quarter of global chip equipment spend, prior to any divestments. Several peers have rallied, perhaps aided by hopes they'll now be targeted.
    • In an attempt to soften the blow, Applied has launched a new $3B buyback. It's good for repurchasing 11% of shares at current levels, and lasts through the third quarter of FY18.
    • Stifel's Patrick Ho (Buy) is "surprised by the [DOJ's] ruling," given limited product overlap that could've been addressed via remedies. "In our view, persistent customer 'complaints' likely made it more difficult for regulators to approve the deal ... we believe that a great deal of focus has been placed on trying to complete this deal and while we believe Applied Materials is still well positioned to capitalize on these emerging industry inflections, there is a feeling of 'wasted energy' in this long tedious process..."
    • Needham's Edwin Mok (Hold) thinks Applied is better off without Tokyo: He argues cultural differences would've limited operational synergies, thinks Tokyo has seen "accelerated share loss" since the 2013 merger announcement, and believes "AMAT alone is better leveraged to increased [etching/deposition equipment] intensity at the leading edge and is likely to see greater growth trajectory ahead."
    | 1 Comment
  • 1:50 PM
    | Comment!
  • 1:50 PM
    • A yoga startup founded by a Goldman Sachs trader and backed up with some venture capital from Goldman alums is set to enter a new phase.
    • Yogasmoga plans to have more than 10 locations open by the end of the year to complement a vibrant website that is drawing notice in retail circles.
    • The company is valuated at $74M based on its last funding round and expects to top $10M in revenue this year.
    • Though Yogasmoga isn't expected to present a major challege to Lululemon (LULU -1%), Gap (GPS -1.7%), or Nike (NKE +0.1%) anytime soon, an acquisition of the brand could give an apparel company a quick entry into high-end athleisure.
    | 7 Comments
  • 1:42 PM
    • McClatchy (NYSE:MNI) promoted Kim Nussbaum to VP for advertising, and Don Burk to corporate director of sales, effective June 1.
    • The moves are part of a previously announced reorganization. Nussbaum was president and publisher of the Wichita (Kan.) Eagle, and Burk was VP for advertising at the Fort Worth Star-Telegram.
    | Comment!
  • 1:39 PM
    • A Phase 1b/2 clinical trial evaluating Ziopharm's (ZIOP -8%) gene therapy candidate, Ad-RTS-hIL-12, for the treatment of women with locally advanced or metastatic breast cancer, is underway at Memorial Sloan Kettering in New York. The study, assessing Ad-RTS-hIL-12 + veledimex following standard chemotherapy, will enroll up to 40 patients, including up to eight with HER2+ breast cancer. Following entry into the study, patients will go on a treatment holiday from chemo and enter into an immunotherapy phase of treatment.
    • The primary objective is to evaluate the safety and tolerability of Ad-RTS-hIL-12. Secondary endpoints include overall response rate, disease control rate and the impact of treatment on tumor and serum immune biomarkers.
    • Veledimex is an oral activator ligand or "gene switch" which is used to control the expression of Interleukin-12 (IL-12), a pro-inflammatory cytokine. The cancer therapy candidate is the product of the company's synthetic biology channel partnership with Intrexon (XON -6.7%).
    | 1 Comment
  • 1:37 PM
    • For-profit education stocks are getting bashed after Corinithian Colleges (COCO -25.9%) closes all of its schools in a development that throws a spotlight on the sector.
    • CNBC reports it's the largest shutdown in the history of higher education in the U.S.
    • Previously: Education stocks on watch after Corinthian Colleges shuts down (Apr. 27 2015)
    • Decliners: Apollo Education (NASDAQ:APOL) -1.5%, Career Education (NASDAQ:CECO) -7.1%, Strayer Education (NASDAQ:STRA) -1.7%, Lincoln Education (NASDAQ:LINC) -1.3%, Education Management (NASDAQ:EDMC) -4.1%, National American University Holdings (NASDAQ:NAUH) -1.8%, American Public Education (NASDAQ:APEI) -1.3%.
    | 3 Comments
  • 1:28 PM
    • Believing "negative risks create enough concern and likely result in a range-bound stock in the near term," SunTrust's Bob Peck has downgraded Twitter (NYSE:TWTR) to Neutral ahead of tomorrow's Q1 report, while cutting his target by $8 to $50.
    • Peck, who upgraded Twitter to Buy last May (when shares were at $32.05), argues (citing the views of "bearish investors") Twitter still isn't a "must buy" for advertisers a la Facebook, that the monetization gap between Twitter and Facebook (often cited by bulls) isn't as large as believed, that engagement questions remain, and that Q2 MAU guidance could be conservative.
    • At the same time, he expects strong Q1 numbers, is pleased with the pace of new product launches (I, II, III), and expects the Google deal to bolster Twitter usage and exposure.
    • While Peck downgrades, JPMorgan, Cantor, MKM, and Axiom are all reiterating bullish ratings and targets of $62 or higher. JPMorgan's Doug Anmuth: "[T]he company is in the midst of a heavy product cycle that should drive logged-in user growth over the next few quarters ... We think it’s also early for TWTR in terms of monetization given both ad load (sub 2%) & number of advertisers (sub 100k vs. 2M+ for FB & higher for GOOG) ... Our advertising checks through 1Q have improved as we believe Twitter is gaining traction w/Tailored Audiences, App Install Ads, & self-serve.”
    • Axiom's Victor Anthony: "Advertiser checks show that Twitter is becoming a “must-buy” with each successive quarter and we believe product enhancements should drive increased usage ... We believe Google is an interested buyer, which makes sense given that their social media efforts have largely floundered.”
    • MKM's Rob Sanderson notes options premiums imply a 10% post-earnings move. "We do think that a beat- and-raise quarter is expected, but if we are correct on improving user growth trends, we expect the stock will be revalued higher.” Shares are close to their 2015 highs.
    | 6 Comments
  • 1:16 PM
    • Anchor Bancorp (NASDAQ:ANCB): FQ3 EPS of $0.12 vs. $0.16 in 3Q14
    • Revenue of $4.28M (-8.4% Y/Y)
    • Press Release
    | Comment!
  • 1:13 PM
    • Romantic fantasy The Age of Adaline (NYSE:LGF), starring Blake Lively, earned $5M at the box office on Friday, just ahead of Furious 7's $4.9M -- then the rest of the weekend happened, and Furious 7 (NASDAQ:CMCSA) became the first film to lead domestic box office for four straight weeks since 2012's The Hunger Games.
    • The racing film took in $18.3M to run its domestic total to $320.5M.
    • Paul Blart: Mall Cop 2 (NYSE:SNE) took second place with $15.5M in its second week, and The Age of Adaline drew $13.4M in total, just ahead of Home's (NASDAQ:DWA) $8.3M.
    • Furious 7's $1.3B global take makes it the fifth-highest grosser in history. Next up: Harry Potter and the Deathly Hallows: Part 2 at $1.34B.
    • Meanwhile, the film that will topple Furious 7 next weekend has already made a small mint overseas. Avengers: Age of Ultron drew $201M in overseas grosses (in only 55% of the global market) ahead of its May 1 U.S. release, presaging a massive haul for the Marvel (NYSE:DIS) sequel.
    • Its predecessor, Marvel's The Avengers, earned a record $207.4M domestically in its debut weekend in 2012.
    | 3 Comments
  • 1:11 PM
    • INTL FCStone (NASDAQ:INTL) clients will now be able to trade OTC FX products over the company's CQG platform, meaning they can trade futures and spot FX all on the same platform.
    • Source: Press Release
    | Comment!
  • 1:11 PM
    • C.H. Robinson Worldwide (CHRW -2.7%) trades lower on brisk volume in front of the company's  earnings report scheduled to be released later today after the close.
    • A downgrade from UBS to a Sell rating isn't helping sentiment on the transportation sector stock.
    • Analysts expect C.H. Robinson to report revenue of $3.423B and EPS of $0.74 for the quarter.
    | Comment!
  • 1:11 PM
    • Due to the lack of market penetration, Antares Pharma (ATRS -1.8%) terminates the exclusive marketing and promotion agreement with LEO Pharma A/S for Otrexup (methotrexate) injection for the indication of systematic control of severe recalcitrant psoriasis in adults. According to Symphony Health Solutions, total Q1 prescription volume for this indication was <5% of the total written for Otrexup.
    • LEO previously paid Antares $10M for the right to commercialize Otrexup. Antares will recognize ($5.2M) from deferred revenue in Q2 for the unamortized portion based on a three-year term.
    • The company is evaluating its options, including recruiting a new sales partner.
    | 1 Comment
  • 1:00 PM
     
    • Dow -0.14%.
    • 10-yr -0.08%.
    • Euro +0.3% vs. dollar.
    • Crude +0.16% to $57.24.
    • Gold +2.67% to $1,206.40.
    | Comment!
  • 12:59 PM
    • Declining output from shale oil fields has in turn cut demand for key types of railroad cars, according to new industry figures, in the latest sign of the fallout from lower crude oil prices.
    • Buyers ordered 4,470 new railway tank cars during Q1, down 6% Y/Y and ~70% below the nearly 15K tank cars ordered during Q4, according to the Railway Supply Institute trade group.
    • Q1 orders for covered “hopper” cars, used mostly to deliver fracking sand to drill sites, also fell to 131 cars from 11.5K a year ago and 8,627 cars during Q4.
    • Tank car orders had surged with shale oil output, generally transported to refineries by rail, but output from North Dakota’s Bakken Shale field dropped in both January and February, and the U.S. Energy Department predicts continued declines in output there for April and May.
    • Relevant tickers: TRN, ARII, GBX, WAB, CSX, NSC, UNP, CNI, CP, KSU, BRK.A, BRK.B
    | 12 Comments
  • 12:57 PM
    • TrueCar estimates U.S. car sales will rise 6.1% Y/Y in April to 1.475M units.
    • Strong demand is expected to be reported in the crossover, SUV, and pickup truck segments. Incentive spending is seen increasing 0.6% Y/Y to $2,601 per unit. April U.S. forecasts from TrueCar by automaker are listed below.
    • Fiat Chrysler Automobiles (NYSE:FCAU): +10.6% to 198.6K units, market share +60 bps Y/Y to 13.5%.
    • Ford (NYSE:F): +6.2% to 223.3K units, market share flat at 15.1%.
    • General Motors (NYSE:GM): +5.9% to 269.1K units, market share -10 bps Y/Y to 18.3%.
    • Honda (NYSE:HMC): +1.9% to 135K units, market share -30 bps Y/Y to 9.2%.
    • Hyundai (OTC:HYMLF): -5.8% to 62.3K units, market share -60 bps to 4.2%.
    • Kia (OTC:HYMLF): +7.9% to 57.9K units, market share flat at 3.9%.
    • Nissan (OTCPK:NSANY): +8.7% to 113K units, market share +20 bps Y/Y to 7.7%.
    • Subaru (OTCPK:FUJHY): +23.5% to 49.5K units, market share +50 bps Y/Y to 3.4%.
    • Toyota (NYSE:TM): +3.4% to 206.4K units, market share -40 bps Y/Y to 14.0%.
    • Volkswagen (OTCQX:VLKAY): -4.7% to 48.4K units, market share -40 bps Y/Y to 3.3%.
    | 10 Comments
  • 12:56 PM
    • Ian Whiting, who has held high-profile sales jobs at Brocade, Riverbed, and Fusion-io over the last several years, has been hired by Ruckus (RKUS -0.7%) to be its chief commercial officer. He'll be in charge of "the Ruckus worldwide enterprise and service provider sales teams, as well as the global pre-and post-sales systems engineering and customer support organizations."
    • Until now, Ruckus' sales chief has been Barton Burstein, the company's SVP of field operations and business development. Burstein sold 11,660 shares last month; he still has a bio page on Ruckus' site.
    • The announcement comes ahead of Ruckus' Thursday Q1 report.
    | 1 Comment
  • 12:56 PM
    • At year's end, American Express (AXP -1.2%) had more employees than any of its publicly-traded card issuing and payment network peers, say Bill Carcache and Yuman Lui. This includes Capital one, which operates a larger physical bank infrastructure.
    • The two note AmEx's CEO recently emphasizing how digitization of payments is transforming the industry and how he's got expense levers to pull. Adding those two comments together, the team looks for AmEx to "opportunistically shrink its employee base." Perhaps the intervention of an activist might speed up the process?
    • Source: Barron's
    • Previously: AmEx lower as another sell-sider bails (April 27)
    | 1 Comment
  • 12:49 PM
    • PetroChina (PTR +3.2%) is higher even after reporting a larger than expected 82% drop in Q1 profit due to lower international crude prices and inventory writedowns at its refining division.
    • PTR's Q1 net profit tumbled to 6.15B yuan ($989M), its lowest since Q3 2007, from 34.2B in the year-ago period and well below the analyst consensus average of 9.98B yuan.
    • Q1 sales fell 22% to 410B yuan and the average realized crude price was halved to $48.87/bbl from a year ago; oil and gas output rose 4.9% to 381M boe.
    • Earlier: PetroChina, Sinopec surge on industry merger speculation
    | 1 Comment
  • 12:48 PM
    • MeadWestvaco (NYSE:MWV) declares $0.25/share quarterly dividend, in line with previous.
    • Forward yield 2.13%
    • Payable May 26; for shareholders of record May 7; ex-div May 5.
    | Comment!
  • 12:47 PM
    • A 365-patient Phase 3 clinical trial (COMPLEMENT 2) assessing Danish biotech Genmab A/S's ofatumumab plus fludarabine (FL) and cyclophosphamide (CY) compared to FL and CY alone in patients with relapsed lymphocytic leukemia (CLL) met its primary efficacy endpoint of improved progression-free survival (p=0.0036).
    • Licensee Novartis (NVS +0.5%) (via Glaxo), which markets ofatumumab under the brand name Arzerra, plans to analyze the data and then share the findings with regulatory authorities to evaluate the potential for filing for the expanded indication. The FDA cleared Arzerra for treatment-naive patients with CLL where fludarabine-based therapy is considered inappropriate. The European Commission approved it, in combination with chlorambucil or bendamustine, for treatment-naive patients with CLL who are not eligible for fludarabine-based therapy. It is cleared for first-line use in Russia, Iceland, Norway, Luxembourg and Brazil.
    | Comment!
  • 12:47 PM
    • ESPN (NYSE:DIS) has filed a lawsuit against Verizon (NYSE:VZ) alleging the programmer's "skinny bundle" FiOS Custom TV is a breach of contract, bringing the simmering disagreement to a legal head.
    • "We are well within our rights under our agreements to offer our customers these choices," a Verizon spokeswoman told Variety in response.
    • Verizon is offering smaller program bundles in its base package, while ESPN argues its contract prohibits including its networks on a separately priced tier.
    • The suit was filed in the New York Supreme Court.
    • Twenty-First Century Fox (FOX, FOXA) had joined Disney in refusing to air ads for Verizon's new service in some markets.
    • Previously: Bundle fight: Verizon says Disney refusing ads for new service (Apr. 23 2015)
    • Previously: More challenge Verizon's new TV bundles (Apr. 22 2015)
    | 22 Comments
  • 12:45 PM
    | Comment!
  • 12:43 PM
    • Body camera maker DirectView plans to integrate xG Technology's (NASDAQ:XGTI) xMax wireless broadband radio tech within a camera set to launch in Q3.
    • xG is higher after closing yesterday near a 52-week low of $0.20. Its market cap is at just $7.4M.
    | Comment!
  • 12:29 PM
    • "Funny how bonds were labeled 'certificates of confiscation' in the early 80s (the long bond yielded in the teens then)," tweets Bill Gross. "What should we call them now when many interest rates are negative," he adds.
    • Gross caused a bit of stir last week when he called German 10-year Bunds - then yielding about 10 basis points - the short of a lifetime, even better than the pound in 1993.
    • Previously: EU debt levels surge to records (April 21)
    • ETFs: AGG, BND, BOND, SCHZ, LAG, DI, FBND, RIGS, SAGG, GBF, IUSB, LDUR, FWDB, VBND
    | 3 Comments
  • 12:26 PM
    • The British's government signal that it would make life difficult for any potential bidder for BP indicates the company's vulnerability to a takeover bid and that a more politically palatable tie-up with Royal Dutch Shell (RDS.A, RDS.B) no longer seems to be an option, Reuters reports.
    • Although the U.K. always has maintained a special interest in BP, in the past when the company has looked vulnerable there was always the notion that Shell would be OK as a white knight in a merger deal that would preserve British interests; but with Shell now tied up in a $70B takeover of BG, that seems much less likely, prompting the government to say it would oppose any bid for BP, according to the report.
    • "Everyone is thinking that Shell is probably out of the... game for a while. So inevitably, it makes BP more vulnerable as you don't have Shell as a white knight anymore," says an unnamed oil investment banker.
    | 9 Comments
  • 12:18 PM
    • United Technologies (NYSE:UTX) declares $0.64/share quarterly dividend, in line with previous.
    • Forward yield 2.2%
    • Payable June 10; for shareholders of record May 15; ex-div May 13.
    | Comment!
  • 12:17 PM
    • Bank of the James Financial Group (NASDAQ:BOTJ): Q1 EPS of $0.27 vs. $0.06 in 1Q14
    • Revenue of $5.14M (+10.1% Y/Y)
    • Press Release
    | Comment!
  • 12:17 PM
    • Chinese Internet stocks are adding to their big recent gains following a 2.7% overnight rally in Shanghai, as investor sentiment towards Chinese equities continues improving following a string of stimulus moves. Today's gains come with the Nasdaq (took out its 2000 highs on Friday) down 0.2%.
    • Baidu (BIDU +3%) is among the winners. Others include Youku (YOKU +10.7%), Vipshop (VIPS +4.1%), Dangdang (DANG +6.7%), 58.com (WUBA +3%), E-House (EJ +3.7%), 500.com (WBAI +4.3%), Sina (SINA +4.1%), Bitauto (BITA +3.1%), Autohome (ATHM +2.4%), Qunar (QUNR +3.5%), Xunlei (XNET +5.7%), and Renren (RENN +2.3%).
    • Baidu's gains come ahead of its Wednesday Q1 report. Vipshop and 58.com have made fresh highs; the latter is up 61% since the first report emerged of a deal (later confirmed) with rival Ganji.com. Youku is up 53% from an April 2 post-earnings low of $12.31, and 500.com is up 47% since the company suspended all online lottery sales in early April, while stating it will work with regulators to restart sales. Renren is up 31% from its March 30 close, possibly aided by enthusiasm for its large and growing portfolio of online lending investments.
    • JD.com and Sky-mobi are rallying today with the help of bullish analyst notes. Perfect World has received a lift from an improved buyout offer.
    • ETFs: KWEB, CQQQ, QQQC
    | Comment!
  • 12:16 PM
    • Two identical randomized, double-blind, sham-controlled Phase 3 studies evaluating Otonomy's (OTIC -5.4%) AuriPro for the treatment of middle ear effusion (fluid) in pediatric patients undergoing tympanostomy tube replacement surgery met the primary efficacy endpoint of a statistically significant reduction in the incidence of treatment failures (p<0.001). AuriPro reduced the risk of treatment failure, as measured by the occurrence of post-operative otorrhea (drainage) or any use of rescue antibiotics, by an average of 49% and the rate of post-operative otorrhea or use or rescue antibiotics (in documented otorrhea or otitis media) by an average of 62% (p<=0.004) compared to sham.
    • AuriPro is a sustained-exposure formulation of the antibiotic ciprofloxacin. A single administration provides a full course of treatment. The company submitted its New Drug Application (NDA) to the FDA for this indication in late February. If all goes well, the U.S. commercial launch will commence in Q1 2016.
    • The results were presented at the American Society of Pediatric Otolaryngology Spring Meetings in Boston, MA.
    | Comment!
  • 12:00 PM
     
    • Dow +0.18%.
    • 10-yr -0.13%.
    • Euro +0.15% vs. dollar.
    • Crude +0.33% to $57.34.
    • Gold +2.26% to $1,201.60.
    | 3 Comments
  • 11:59 AM
    • Newmont Mining (NEM +4%) is upgraded to Buy from Neutral with a $30 price target, raised from $26, at Credit Suisse, which cites the success of NEM's strategy to improve performance since its new CEO took on the reins in 2013.
    • Credit Suisse says NEM has been able to achieve operational consistency, which the firm expects to continue going forward, and cost savings, which it believes is higher than the current perception in the market; NEM's balance sheet has strengthened considerably, and the miner's current cash flow multiple does not reflect its longer-than-average reserve life.
    • NEM's Australian assets now benefit from lower cost structures which could open up new opportunities, the firm adds.
    | 1 Comment
  • 11:51 AM
    • Ennis (NYSE:EBF): FQ3 EPS of $0.34 beats by $0.06.
    • Revenue of $140.24M (+6.1% Y/Y) in-line.
    • Press Release
    | Comment!
  • 11:50 AM
     
    • The new Safeway holding company is considering an IPO for the chain or parts of it, according to CNBC's Kate Kelly.
    • AB Acquisition just completed the merger of Albertson's and Safeway in January after it was inked last year.
    • A deal size of more than $500M is expected.
    | Comment!
  • 11:49 AM
    • The yen weakened for a few minutes following the news, but has since retaken that ground, with dollar/yen stronger by 0.15% on the session to ¥119.09. JGBs are snoring through the news as well, with the 10-years up one basis point at 0.30%.
    • Fitch keeps the outlook stable, but warns of another rating cut if: 1) Evidence that the authorities’ commitment to fiscal consolidation was weakening, such as failure to articulate a clear and credible strategy for stabilizing public debt ratios, or slippage relative to targets; 2) Weaker macroeconomic performance than Fitch expects for a sustained period, intensifying the challenge in stabilizing the public finances; 3) A sharp and sustained rise in real interest rates demanded by investors to hold government debt.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DBJP, NKY, JYN, EZJ, JPNL, EWV, YCL, HEWJ, ITF, JGBL, JPP, JGBT, JGBB, FJP
    | Comment!
  • 11:48 AM
    • Sinopec (SNP, SHI) and PetroChina (NYSE:PTR) are dismissing reports that their parent companies could merge to create a state giant, saying they have never received any official information about such a restructuring.
    • It is the first time Sinopec and PTR have formally downplayed Chinese and foreign media reports in recent months that the government is considering merging Sinopec's parent with China National Petroleum, which controls PTR.
    • Shares are off earlier highs but still sport strong gains, particularly SHI, up nearly 15% in U.S. trading.
    | Comment!
  • 11:45 AM
    • As part of its ongoing efforts to divest non-core neuroimaging assets and refocus on the Manocept platform, Lymphoseek and immuno-oncology therapeutics, Navidea Biopharmaceuticals (NAVB +1.3%) terminates its sub-license agreement with Alseres Pharmaceuticals for NAV5001, an imaging agent in Phase 3 development for early detection of Parkinson's disease.
    • Under the terms of the termination agreement, Navidea will transfer all NAV5001-related assets back to Alseres, but will provide clinical support services for NAV5001 on a cost-plus reimbursement basis. It will also receive a milestone payment based on the FDA's approval of NAV5001's New Drug Application (NDA) and a royalty on subsequent commercial sales. Alseres will reimburse Navidea for any maintenance costs of the contract manufacturer retroactive to March 1.
    | 10 Comments
  • 11:42 AM
    • Psychemedics Corporation (NASDAQ:PMD): Q1 EPS of $0.05
    • Revenue of $6.75M (-4.1% Y/Y)
    • Press Release
    | Comment!
  • 11:39 AM
    • Seadrill (SDRL +2.8%) moves higher even as shares are downgraded to Sell from Neutral with a 20%-plus downside at Citigroup, which sees SDRL breaching debt covenant levels in 2016 with risks in 2015 if contracts are renegotiated.
    • While a waiver likely will be renegotiated in the short term, the firm sees SDRL's financing picture becoming more difficult, especially in the context of financing new deliveries and refinancing of existing debt.
    • Despite a 40% drop in spot deepwater floater dayrates over the last 12 months, Citi sees a potential for another 30% fall before the cycle bottoms; for SDRL, at least 40% of the fleet is uncontracted in 2016, and Citi sees downside risks to both earnings as well as the market’s and lenders’ valuation of the fleet as more units become idled.
    • SDLP +2.8%.
    | 10 Comments
  • 11:38 AM
    • Nike's (NKE +0.6%) sponsorship deal with the NBA is expected to include the placement of logos on NBA jerseys for the first time.
    • The cost of the addition of the Swoosh to all the league's uniforms hasn't been disclosed yet with talks still progressing.
    • The terms of the NBA arrangement are also anticipated to leave room for Under Armour (UA -0.1%) to ink a separate deal for limited distribution of NBA apparel and rights to the televised NBA Summer League.
    • Adidas took itself out of the running to extend its current NBA contract.
    • Previously: Adidas to sit out next NBA sponsor bidding war (Mar. 16 2015)
    | Comment!
  • 11:34 AM
    • Believing "any incrementally positive news will improve sentiment and possibly send MDRX shares higher," Piper's Sean Wieland has upgraded the healthcare IT software/services provider to Neutral ahead of its May 7 Q1 report, and hiked his target by $3 to $12.
    • Wieland thinks positive news could emerge regarding new implementations of Allscripts' Sunrise clinical management software platform and/or deals in the pipeline. Though still believing any such positives will be offset by further Sunrise client losses and "continued market-share attrition on the Ambulatory Side," he now argues "the risk/reward is less favorable on the short side."
    • The upgrade comes with Allscripts continuing to trade well below its pre-financial crisis highs. Shares sold off in February in response to a revenue miss, light guidance, and soft bookings. Baird upgraded to Outperform last month.
    | Comment!
  • 11:26 AM
    • Did Medley Advisors get another leak from the Fed? Ahead of a 2-day FOMC policy meeting starting tomorrow, gold has one of its biggest moves (higher) in recent memory - up about $16 per ounce over the past hour to $1,201 per ounce.
    • GLD +2%
    • One could look at the dollar (UUP, UDN), but it's off only marginally (though down a full 1% vs. the aussie as rate cut expectations Down Under get scaled back).
    • Turning back to the Fed, it's got to account for a long recent string of weaker-than-expected economic reports and Q1 GDP growth that's likely going to come in at less than 1%.
    • ETFs: GLD, IAU, SGOL, UGL, DGP, GLL, UGLD, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, AGOL, TBAR, GEUR, UBG, GYEN, BAR
    | 4 Comments
  • 11:23 AM
    • Kroger (KR -0.3%) announces it will replace a joint venture with data miner dunnhumbyUSA with a new long-term license and service agreement.
    • The company will also acquire assets from dunnhumbyUSA and put them in a new business called 84.51°.
    • The creation of 84.51° will allow Kroger to utilize data tools from other companies in addition to dunnhumbyUSA
    | Comment!
  • 11:19 AM
    • Drug manufacturers have long defended their pricing by citing the need to recoup ultra-high development costs. Now another price-raising scheme is drawing attention. In a report by the Wall Street Journal, there are a growing number of examples where companies acquire drugs they perceive as undervalued and then significantly raise the prices.
    • In February, Valeant Pharmaceuticals (VRX -1.5%) purchased the rights to two heart drugs, Isuprel and Nitropress, from privately-held Marathon Pharmaceuticals for an undisclosed sum. It then immediately raised the prices 525% and 212%, respectively, based on the recommendations of a consultant who researched the price/benefit of each. According to Truven Health Analytics, the cost of a 1mL vial of Isuprel went from $215.46 to $1,346.62 while a 2mL vial of Nitropress went from $257.80 to $805.61.
    • Last year, Mallinckrodt (MNK -0.7%) bought Cadence Pharmaceuticals to gain access to its Ofirmev pain meds. A short time later, the list price for a package of 24 vials jumped 2.5-fold to over $1,019.52.
    • In 2013, Horizon Pharma increased the price of Vimovo pain tablets, after acquiring the rights from AstraZeneca, almost 600% to $959.04.
    • Valeant is apparently leading the price-raising pack. It has boosted list prices by at least 20% about 122 times since early 2011.
    • ETFs: IBB, BIB, BIS, DRGS
    | 6 Comments
  • 11:18 AM
    • General Motors (GM +0.8%) provided an update from its ignition compensation facility.
    • The automaker has processed and approved 90 death claims and 163 injury claims.
    • Just three weeks ago, the tally stood at 80 death claims and 148 injury claims.
    • During GM's earnings call last week execs noted the company was on target with the expected run rate of free cash flow for recall expenses - a category which includes more than compensation payments.
    • GM earnings call transcript
    • GM ignition compensation update (.pdf)
    | Comment!
  • 11:18 AM
    • Halfway through a massive investment in its network infrastructure, Vodafone (NASDAQ:VOD) may have found the European market shifting around it, leaving it to play catch-up to rivals, Thao Hua notes.
    • The company's £19B ($29B) "Project Spring" plan -- in part funded by selling its stake in Verizon Wireless -- aims to shore up fiber infrastructure in Europe and developing countries. But while it's spent years building Europe's largest mobile network, rivals like Orange (NYSE:ORAN) and Telefonica (NYSE:TEF) have outpaced it in bundling mobile with fixed-line telecom, Internet and TV.
    • Raymond James notes a combination with Liberty Global (NASDAQ:LBTYA) would scale up fixed-line assets in Europe -- including the U.K., where Vodafone faces two competitors getting bigger through merger (BT-EE; O2-Hutchison Whampoa) -- but Vodafone is scrambling to digest the acquisitions it's already made.
    • Revenues have been slipping and competitive pressure means the payoff for investors may be getting further away.
    | 4 Comments
  • 11:14 AM
    • Needham's Alex Henderson has upgraded Oclaro (NASDAQ:OCLR) to Buy ahead of its May 5 FQ3 report, and set a $3 target.
    • Henderson: "For much of the last year, we have been gradually getting more positive on OCLR. Management has fixed the balance sheet, cleaned up the product line, started to rebound margins, shifted to Data Comm and managed to be first to market in the important CFP2 100G coherent module market."
    • Though still seeing execution risk in the optical component/module vendor's new product ramps, Henderson thinks "the strong demand growth in Optical suggests Oclaro should be able to show solid improvements and earlier than forecast return to profitability."
    • Shares currently trade for just 0.4x an FY15 (ends June '15) sales consensus of $344.5M, after backing out $73M in net cash.
    | Comment!
  • 11:08 AM
    • Etihad, Emirates, and Qatar Airways are seen as bigger threats to U.S. carriers with international routes after increasing capacity rapidly over the last few years.
    • The aggressive growth of the Middle East airlines has prompted American Air Lines Group (AAL -0.8%), Delta Air Lines (DAL), and United Continental (UAL -1%) to make allegations of unfair competition due to the large subsidies the group takes in.
    • Middle East carriers have increased their presence with some of the highest-profit routes in the world.
    • Chinese airlines (ZNH, CEA, OTCPK:AIRYY) are also catching up to U.S. airlines, due largely to growth in the domestic market. OAG estimates China will pass the U.S. in seat capacity by 2033.
    | 8 Comments
  • 11:03 AM
    • Dell will resell Aerohive's (NYSE:HIVE) 802.11ac Wi-Fi access points and cloud-based HiveManager network management software, per the terms of a new deal.
    • The deal significantly expands Aerohive's reseller network, and comes just two weeks after a Q1 warning that was blamed partly on sales execution challenges. Full Q1 results are due on May 6.
    | Comment!
  • 11:00 AM
     
    • Dow +0.22%.
    • 10-yr -0.21%.
    • Euro +0.04% vs. dollar.
    • Crude -0.37% to $56.94.
    • Gold +2.35% to $1,202.60.
    | Comment!
  • 10:58 AM
    • Helmerich & Payne (HP +3.2%) is upgraded to Buy from Neutral with an $85 price target, raised from $51, at Goldman Sachs, which notes HP's high exposure to increased demand for high-spec U.S. land rigs in 2016.
    • The firm foresees 1,500HP or larger rigs to see the sharpest increase in utilization, increasing from 62% currently to the mid-80% range by late 2016, and that HP will be the biggest beneficiary of the demand pick-up since it controls nearly 50% of such available rigs.
    • Goldman also likes HP's pristine balance sheet, with estimates 2016 net debt/capital of less than 1% vs. a 20% average for land drilling peers, and projects HP to generate substantial free cash flow in 2016 which can be used for dividend increases or share buybacks.
    | 5 Comments
  • 10:55 AM
    • Believing the company can deliver a 46% GMV CAGR from 2014-2018 (with potential upside) and will eventually post an 8%-9% net profit margin, JPMorgan's Alex Yao has launched coverage on JD.com (NASDAQ:JD) with an Overweight rating and $42 target.
    • Yao estimates JD had 49% of the Chinese online direct retail market in 2014, and sees its share of the broader Chinese e-commerce market (where Alibaba's platforms still dominate) rising to 16% in 2018 from 9% in 2014, as the company's competitive pricing and logistics infrastructure continue driving share gains. JD's expansion into new product segments such as home appliances and baby/maternity products is also seen as a growth driver.
    • A 34% GMV CAGR is forecast for JD's internal sales, and a 60% CAGR for its 3rd-party seller marketplace, which is expected to monetize better than Alibaba's Tmall thanks to JD's ability to offer logistics services (Alibaba is making its own logistics investments). Yao's 2016/2017 EPS estimates are respectively 15% and 25% above consensus.
    • Shares have made fresh highs. They're up 59% YTD.
    | Comment!
  • 10:55 AM
    • The level of EPS is of less importance than a couple of other factors, says the bullish team at BTIG. First, the bank's credit metrics continue to improve - even as the recession in Puerto Rico nears a decade. Net charge-offs fell 32 basis points to 0.72% of average loans, while the loan loss allowance fell 22 bps to 2.46%.
    • While NPLs did increase, this was mostly due to loans acquired from Doral Bank after its failure. "We believe the increase in NPLs was a small price for Popular (BPOP -3.5%) to pay for the $2.2B in deposits and $1.7B in commercial and residential loans it acquired in the deal, as the loans will help the company to offset the runoff of its loan portfolio, which is one of its most significant challenges."
    • Then there's capital, and BPOP has about $2B more than it needs based on its CET1 ratio of 15.8%. The bank in June expects to announce the Fed's response to its capital return plans - it could mark the first dividends/buybacks since the financial crisis.
    • BTIG reiterates its Buy rating and $41 price target, which is 1.0x estimated TBV.
    • Previously: Popular misses by $0.03, misses on revenue (April 27)
    | Comment!
  • 10:45 AM
    • Volumes at CME Group (CME -0.2%) are tracking down 13% year-over-year and down 32% from a busy Q1, says Credit Suisse, cutting the price target on the Neutral-rated stock to $88 from $95. "We believe a pushback in market expectations for the timing of the first Fed Funds hike has dampened volatility and driven volumes lower."
    • On the positive side, energy activity remains busy, but energy isn't nearly the driver of business at CME interest rates are.
    • The team cuts its EPS estimates for 2015, 2016, and 2017, respectively to $3.65, $4.00, and $4.20 from $3.69, $4.10, and $4.25.
    • Source: Benzinga
    | Comment!
  • 10:45 AM
    • Shareholder proxy firm ISS recommends activist investor Nelson Peltz for a spot on DuPont's (DD +3.1%) board, plus one other nominee put forward by Peltz's Trian Fund Management.
    • "This is not a broken company - but there is compelling evidence that the dissidents are onto something in their critique," ISS says following last week's release of disappointing Q1 results.
    • DuPont and Trian have tried to make offers to settle the increasingly bitter proxy fight over the company's future, but both sides have been steadfast on whether Peltz deserves a seat on the board.
    | 2 Comments
  • 10:40 AM
    • As expected, Mylan's (MYL -3.2%) Board of Directors unanimously rejects the $40.1B offer from Teva Pharmaceutical Industries (TEVA -2.4%) saying it grossly undervalues the company and would require Mylan shareholders to accept "low-quality" TEVA shares in exchange for "high-quality" MYL shares.
    • TEVA won't give up easily. Look for a revised bid in the near future.
    • Previously: Teva proposes to acquire Mylan for $82/share in cash and stock (April 21)
    | 9 Comments
  • 10:39 AM
    • "We believe there is still more work to be done and it may take a few years before the company can right-size its tangible common equity level and deliver more consistent and transparent returns on tangible common equity," says KBW initiating coverage on CIT Group (CIT -0.1%) with a Market Perform and $50 price target.
    • A possible positive catalyst will be the closing of the OneWest purchase, says the team, noting the underperformance of CIT since the initial pop after announcing the acquisition last summer.
    • The GE Capital sales could be a benefit as well, with CIT possibly bidding for smaller blocks of assets in the Americas.
    | Comment!
  • 10:37 AM
    • KLA-Tencor (KLAC +3.1%), ASML (ASML +3.3%), Photronics (PLAB +2.5%), Ultratech (UTEK +1.4%), Xcerra (XCRA +1.9%), and Rudolph Technologies (RTEC +2%) are moving higher after Applied Materials (down 7.4%) abandoned its plans to merge with fellow chip equipment giant Tokyo Electron amid tough antitrust scrutiny. The Nasdaq is up 0.5%.
    • Not counting divestments, Applied/Tokyo were expected to have ~1/4 of the chip equipment market post-merger, far above #2 ASML's ~15% and #3 Lam Research's ~9%. The unraveling of the deal could be fueling speculation Applied will turn its sights on another target.
    • Rudolph reports after the close. KLA is 4 days removed from beating FQ3 estimates, reporting orders ($692M) near the high end of a $500M-$700M guidance range, and announcing plans to lay off ~10% of its workforce. FQ4 guidance was somewhat light: Revenue of $710M-$790M and EPS of $0.78-$1.02 vs. a pre-earnings consensus of $782.7M and $0.99. Orders are expected to total $550M-$750M.
    | Comment!
  • 10:33 AM
    • Kopin (KOPN +1.9%) has received follow-on production orders valued at $1.8M for high brightness SXGA displays in support of the F-35 program.
    • The orders, which will be fulfilled over a fifteen-month period, support continued deliveries of the F-35 Helmet Mounted Display System by Rockwell Collins (COL +0.5%).
    | Comment!
  • 10:32 AM
     
    | 4 Comments
  • 10:31 AM
    • MannKind (MNKD -2.9%) begins manufacturing a 12 unit cartridge strength for its inhalable insulin, Afrezza. The FDA approved the higher dose 10 days ago. The company also offers 4 unit and 8 unit cartridges.
    | 14 Comments
  • 10:25 AM
    • Wausau Paper (WPP +6.7%) trades higher after Sidoti chimes in with an initiation on the paper company at Buy.
    • Shares are threatening to break through the $10 threshold for the first time since February.
    • The company is scheduled to release Q1 results on May 7.
    | Comment!
  • 10:24 AM
    • BioMarin Pharmaceuticals (BMRN +3.5%) concludes its rolling New Drug Application (NDA) with the FDA, as provided under Fast Track and Breakthrough Therapy designations, for drisapersen for the treatment of Duchenne muscular dystrophy (DMD), a fatal genetic disorder affecting ~20K children worldwide each year.
    • DMD, usually affecting boys, is caused by a defective gene for dystrophin, an essential muscle protein.
    • Drisapersen induces the skipping of dystrophin exon 51 which restores the proper dystrophin reading frame in ~13% of DMD patients. The FDA has also tagged it an Orphan Drug for DMD, which provides a seven-year period of market exclusivity for the indication, if approved.
    • DMD-related tickers: (OTCPK:SPHDF)(PTCT -2.1%)(SRPT +2.2%)(CAPR -1.2%)(SMMT +0.9%)(PFE +0.4%)(RNA)(ROSG)(OTCQB:MRNA)
    | 7 Comments
  • 10:21 AM
    • Precision Drilling (PDS +1.6%) opens higher after its Q1 earnings plunge 76% Y/Y on a 24% drop in revenue, but results beat expectations as job cuts and other cost-cutting measures helped maintain margins despite a steep decline in drilling activities.
    • Contract drilling services operating expenses fell 21% Y/Y to C$251.2M, helping PDS mitigate demand for North American land drilling services that "failed to meet even the most pessimistic forecasts," CEO Kevin Neveu said.
    • PDS's U.S. rig count fell to 80 in Q1 from 94 a year earlier, and Canada rig count fell to 69 from 127, and says it current workforce is 2,200 fewer (~28%) than at the end of 2014.
    • However, PDS raises its 2015 capital spending forecast by 8.3% to C$506M due to a stronger dollar.
    • PDS also says it will maintain its quarterly dividend at C$0.07/share.
    | Comment!
  • 10:12 AM
    | Comment!
  • 10:12 AM
    • Nomura downgrades American Express (AXP -0.9%) to Neutral from Buy, with price target cut to $82 from $91.
    • The stock's now off by 17% YTD.
    | 3 Comments
  • 10:01 AM
    • Rubicon Project (RUBI +1.8%) says it's completed its acquisition of Canadian "intent marketing" firm Chango.
    • The firm says the deal allows Rubicon's premium customer base to access an incremental $35B of intent marketing spend.
    • The two companies entered into an acquisition deal for about $122M (mostly in stock) late last month.
    • 8-K
    | Comment!
  • 10:01 AM
    • Lockheed Martin (LMT +0.5%) has announced recent training solutions contracts from the U.S. Air Force valued at more than $80M.
    • The contracts include the following: C-130J AMC weapon systems trainer and C-130J AMC loadmaster; KC-130J weapons systems trainer; C-130 aircrew training system and C-130J Training System Support Center services.
    | Comment!
  • 10:01 AM
    • INC Research (INCR +21.3%) trades higher following a powerful profit beat with its Q1 report.
    • Revenue increased 15.8% for the company during the quarter, while operating expenses were up 9.6%.
    • Shares of INCR reached an all-time high of $38.76 before settling back.
    • Previously: INC Research beats by $0.14, beats on revenue
    | Comment!
  • 10:00 AM
    • Rosenblatt Securities (Buy, $11 target) sees Sky-mobi's (NASDAQ:MOBI) recent hiring of Xiaodong Chen (formerly the CFO of a solar firm) to be its CFO as a positive catalyst.
    • Rosenblatt launched coverage on the Chinese mobile game/app store publisher with a Buy rating on Feb. 26. Shares have risen 48% since.
    | Comment!
  • 10:00 AM
     
    • Dow +0.35%.
    • 10-yr -0.21%.
    • Euro -0.22% vs. dollar.
    • Crude +0.94% to $57.75.
    • Gold +1.17% to $1,188.10.
    | 1 Comment
  • 9:59 AM
    • Thinly-traded nano cap Can-Fite Biopharma (CANF +33.6%) gaps up at the open in response to its announcement of now-positive results from a Phase 2/3 study evaluating its lead product candidate, CF101, for the treatment of patients with moderate-to-sever plaque psoriasis.
    • Shares plunged on March 30 after the company reported that the trial failed to achieve its primary endpoint of a statistically significant improvement in PASI 75 score (Psoriasis Area Severity Index score of a 75% reduction in psoriasis lesions) compared to placebo at Week 12. Further analysis through Week 32, though, showed that 33% of patients achieved PASI 75 while the mean percent improvement in PASI score was 57% (p<0.001). Also, 20% of the patients achieved PASI 90 (90% reductions in psoriasis lesions). A subset analysis of the PASI 90 group suggests a response rate of 27% among patients previously untreated with systemic psoriasis therapy compared to patients pre-treated with systemic drugs. Can-Fite believes this presents an opportunity that CF101 can be developed as a first-line systemic therapy for moderate-to-severe psoriatic patients who want to avoid the safety issues related to currently-available systemic drugs.
    • CEO Dr. Pnina Fishman says, "The cumulative and linear improvement in CF101's efficacy [ ] over a longer period of time is a very significant finding for Can-Fite and the psoriasis treatment market. Based on the very favorable safety data on CF101 from this and other trials, coupled with its oral administration, we believe CF101 offers a valuable potential treatment solution for psoriasis and we are committed to continuing our development program."
    • CF101 an anti-inflammatory oral small molecule drug. Its mechanism of action is mediating A3 adenosine receptors, key signalling proteins which play key roles in the production of inflammatory cytokines.
    | Comment!
  • 9:56 AM
    • Statoil (STO +1.3%) must move ahead with the delayed expansion of the Snorre oil and gas field in the North Sea because it is a time-critical investment, Norway's energy minister says.
    • STO last month delayed a decision on the $4B Snorre upgrade, which could yield an additional 300M barrels of oil, saying margins on the project were too low, particularly after the recent drop in crude prices; STO expects to decide in late 2016 whether to move ahead with building a new platform and extending the field's lifetime to 2040.
    • Exxon Mobil (NYSE:XOM) owns a 17.4% share of Snorre.
    | Comment!
  • 9:56 AM
    • Wunderlich is a buyer on the dip, upgrading Urstadt Biddle Properties (UBA +3.1%) to Buy from Hold after about a 13% dip in the stock over the past two months.
    | Comment!
  • 9:54 AM
    • Deutsche Bank is positive on the impact of Tesla Motors (TSLA +4.9%) entering the home energy and presents an upside outlook ahead of the consensus Street view.
    • "The bull case would be that this business could potentially add $5 to our 2020 EPS estimate of $20. At 20x P/E, this would equate to $100 per share," reads the note from DB.
    • Tesla is rated a Buy at Deutche with a price target of $245.
    • Shares of Tesla are at 2015 highs on pre-announcement enthusiasm.
    • Thursday is when the company makes its presentation.
    • Previously: Energy storage potential a big question with Tesla Motors (Apr. 22 2015)
    • Previously: Tesla Motors preps for energy storage launch (Apr. 23 2015)
    | 80 Comments
  • 9:52 AM
    | Comment!
  • 9:50 AM
    • Chatter about Lone Star Funds sniffing around Home Properties (HME +7.3%) has that stock sharply higher in early action.
    • Activists/buyouts used to be something of a rarity in RETs, but no more. Just last week, another apartment REIT, Associated Estates, agreed to sell itself under activist pressure.
    • Previously: Activist gives thumbs up to Associated Estates sale (April 22)
    | 1 Comment
  • 9:46 AM
    • Canaccord has downgraded 3D Systems (NYSE:DDD) and Stratasys (NASDAQ:SSYS) to Hold in the wake of 3D's Friday Q1 warning. UBS and Piper have respectively downgraded 3D to Sell and Underweight.
    • Piper's Troy Jensen, who has cut his target all the way to $21, thinks the Q1 warning suggests 3D will have to "materially cut" full-year guidance when it reports on May 6, that its issues are "bigger than the company is communicating," and that "pending competition will prevent the company from rebounding from this depressed competitive state." He provided cautious reseller survey data 3 days before the warning.
    • Canaccord, discussing its 3D downgrade: "[G]rowth for professional and production grade printers appears to be slowing. We believe customers are scrutinizing their purchasing decisions more closely following a period of accelerating adoption, especially for non-metal processes. We also think that HP's (NYSE:HPQ) growing marketing presence (no machine until late 2016) is causing some dissonance in the market and is being used as an excuse to delay decisions." The firm thinks Stratasys is affected by slowing industry demand as well.
    • Oppenheimer is "grudgingly" keeping an Outperform rating on 3D. "We believe revenue growth is running well below its 'normalized' trend given industry dynamics, and there is great potential for it to bottom and recover ... Valuation is no longer a catalyst, and it will take time to repair the significant (and deserved) reputational damage stemming from recent performance. But we still see the longer term potential as outstripping the risk..."
    • Credit Suisse (Neutral): "Management is confident demand will return in subsequent quarters as OEMs have adjusted to the current environment and orders have picked up in Q2; we remain cautious given the recent trend of missed quarterly expectations."
    | 7 Comments
  • 9:45 AM
     
    | 1 Comment
  • 9:40 AM
    | Comment!
  • 9:38 AM
    • A REIT backed by Bain and Oaktree, International Market Centers is North America's largest owner/operator of permanent business-to-business showroom space. It owns 12.1M square feet of space over 14 buildings in High Point, NC and three buildings and three exhibition pavilions in Las Vegas.
    • The company expects to sell 11.5M shares at a hoped-for price range of $12-$14 each. At the midpoint, the valuation would be $645M.
    • It will trade on the Big Board under the symbol IMC.
    • Prospectus
    | Comment!
  • 9:34 AM
    • Goldman Sachs adjusts its rating on SeaWorld Entertainment (SEAS +4.9%) to Buy from Neutral and boosts its price target to $26 from $18.
    • Trends at the beat-up theme park are finally turning around, tips GS.
    • The investment firm also increased its price target on Buy-rated Cedar Fair (FUN +0.1%) to $65 from $59.
    • Six Flags (SIX -1.6%) is taken down to Neutral from Buy on a valuation call following the stock's +18% YTD run.
    | 1 Comment
  • 9:32 AM
     
    • Dow +0.54% to 18,178.00. S&P +0.31% to 2,124.20. Nasdaq +0.32% to 5,108.16.
    • Treasurys: 30-year -0.18%. 10-yr -0.11%. 5-yr -0.1%.
    • Commodities: Crude +0.65% to $57.52. Gold +0.89% to $1,185.40.
    • Currencies: Euro -0.2% vs. dollar. Yen +0.29%. Pound +0.27%.
    | Comment!
  • 9:30 AM
    • Notable for the sizable inflows they saw beginning early this year as investors attempted to pick a bottom in crude, oil ETFs have registered about $2.7B of outflows over the last month, according to Macquarie.
    • Some credit the ETF buying with putting a floor underneath oil in mid-March (inflows were $6B YTD then), and they now worry if the reversal sets the stage for black gold to resume its bear market.
    • Thanks to contango,oil ETFs are strictly a trader's vehicle, and the WSJ's Nicole Friedman notes while front-month oil futures are higher by 7.3% YTD, the USO is lower by 3.4%. Similarly in 2009, front-month futures flew 78% from the bottom, while USO gained just 19%.
    • Crude is higher by 0.7% today to $57.56 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | 16 Comments
  • 9:29 AM
    • Golar LNG Partners (NASDAQ:GMLP) declares $0.5775/share quarterly dividend, 2.7% increase from prior dividend of $0.5625.
    • Forward yield 8.24%
    • Payable May 14; for shareholders of record May 7; ex-div May 5.
    | Comment!
  • 9:27 AM
    • Freight truckers working the Long Beach to L.A. route are threatening to strike today, according to Reuters.
    • The group wants to be classified as employees instead of independent contractors.
    • The two ports handle about 43% of all the container goods flowing into the U.S.
    • If the issue were to escalate, it could create some backups again at the ports afflicted by labor unrest over the winter.
    • ETFs: IYK, UGE, SZK
    | Comment!
  • 9:25 AM
     
    • Stock futures are on track for a higher open following the Nasdaq's and S&P 500's push to all-time highs last week; S&P +0.3%, Dow and Nasdaq +0.4%.
    • Global stock markets begin the week on an upbeat note, with the Shanghai Composite soaring 3% after reports that the PBOC may begin buying local government bonds; in Europe, key regional indexes hold gains of 0.5%-1% despite any progress with regard to Greece.
    • In the U.S., today's batch of earnings so far has not included any notable reports, but Apple +1.3% premarket ahead of its earnings report scheduled for after the closing bell.
    • U.S. crude oil has climbed 0.5% to $57.42/bbl despite modest dollar strength.
    • Treasury prices are slightly in the red, with the benchmark 10-year yield higher a basis point at 1.92%.
    • Still ahead: PMI services index flash, Dallas Fed manufacturing
    | Comment!
  • 9:21 AM
    • Following this month's departures of its CEO and COO, Zynga (NASDAQ:ZNGA) has entered retention agreements with General Counsel Devang Shah and CFO/Chief Accounting Officer David Lee.
    • The two will receive a half-year's worth of their base salary and target bonus, along with an extra six months' vesting of equity awards, if they're terminated without cause or leave for "good reason."
    • COO Clive Downie left the company last week, and on April 8 the firm said CEO Don Mattrick resigned, to be replaced by Zynga founder Mark Pincus.
    | 4 Comments
  • 9:18 AM
    | 3 Comments
  • 9:16 AM
    • LSB Industries (NYSE:LXU) +4.1% premarket after reaching an agreement with activist investor Starboard Value regarding corporate governance and board composition.
    • LXU says that, once its El Dorado facility expansion projects have been completed and brought online in 2016, it plans to separate its chemicals unit from its climate control unit and to explore an MLP structure for the chemicals business.
    • LXU agrees to add five Starboard nominees as new directors, expanding the board to 13 from 10.
    • Starboard, which has been critical of LXU's performance for nearly a year, owns ~7.6% of the company's outstanding shares.
    | Comment!
  • 9:16 AM
    • China Cord Blood (NYSE:CO) receives a non-binding proposal letter from current shareholder Golden Meditech Holdings proposing that it acquire all the outstanding stock of the company that it does not already own plus the 7% senior convertible notes. Meditech will finance the transaction with a combination of cash, debt and equity.
    • China Cord's BOD will form a special committee to consider the proposal.
    • Shares are off 8% premarket on light volume.
    | Comment!
  • 9:16 AM
    • Micron (NASDAQ:MU) is offering $500M worth of senior notes due 2024, and $500M of senior notes due 2026. Pricing hasn't been set yet.
    • The memory giant plans to use the proceeds to "repay, repurchase or make other payments with respect to the extinguishment of its debt, including its convertible notes, and for general corporate purposes."
    • Micron also sold $1B worth of debt in January for refinancing purposes; last July, it launched a $750M debt offering to get rid of its obligations for convertible notes due 203. The company had $6.35B in cash/marketable investments at the end of its February quarter, and $6.7B in debt.
    | 8 Comments
  • 9:11 AM
    • Jaguar Land Rover (NYSE:TTM) is the latest automaker to consider plant expansion in Mexico.
    • Execs with the company say an investment of up to $500M is a possibility.
    • A low wage structure in Mexico and its proximity to the U.S. have already lured in several major automakers with investments to boost capacity.
    | Comment!
  • 9:07 AM
    • Assets at Pacific Ridge Homes include about 350 lots, 90 homes in inventory, and 40 homes in backlog. With the $72M cash purchase, DHI also gets control of about 400 lots through option contracts.
    • For the 12 months ended on March 31, Pacific Ridge closed 182 homes for $79M. The average home size was 2.6K square feet and the ASP $436K.
    • Source: Press Release
    | Comment!
  • 9:05 AM
    • Proxy firms are lining up for and against Tempur Sealy (TPX -0.2%) in its boardroom battle with H Partners.
    • ISS, Glass Lewis, and Proxy Mosaic all recommend a vote against CEO Mark Sarvary, Chairman Andrew McLane, and Christopher Masto.
    • Tempur Sealy did nab the support of Egan Jones for its nominees.
    • H Partners disclosed a ~10% stake in Tempur Sealy in February and has been pressing hard for a swap of directors ever since.
    • The Tempur Sealy annual meeting is scheduled for May 8.
    • UPDATED: A SEC filing from Tempur Sealy indicates Egan Jones is expected to change its recommendation.
    • SEC Form 14A
    | Comment!
  • 9:03 AM
    • Old National Bancorp (NASDAQ:ONB): Q1 EPS of $0.24 misses by $0.01.
    • Revenue of $150.94M (+17.9% Y/Y) beats by $3.24M.
    • Press Release
    | Comment!
  • 9:02 AM
    • OSI Systems (NASDAQ:OSIS): FQ3 EPS of $0.78 beats by $0.01.
    • Revenue of $215.38M (+5.6% Y/Y) misses by $4.36M.
    • Press Release
    | Comment!
  • 9:00 AM
     
    • S&P +0.22%.
    • 10-yr -0.12%.
    • Euro -0.29% vs. dollar.
    • Crude -0.07% to $57.11.
    • Gold +0.94% to $1,186.10.
    | Comment!
  • 8:59 AM
    • Kosmos Energy (NYSE:KOS) says it has made a "significant, play-opening gas discovery" at its Tortue-1 development well, drilled to test the Tortue West prospect, off Mauritania.
    • KOS says Tortue-1 has far exceeded its pre-drill expectations, as seismic imaging indicates the areal extent of Tortue West could cover 90 sq. km that will be better defined with appraisal drilling, and has significantly de-risked its large and under-explored 27K sq. km deepwater position in Mauritania.
    | Comment!
  • 8:59 AM
    • Teva Pharmaceutical Industries (NYSE:TEVA) returns the rights to the investigational prostate and lung cancer candidate, custirsen, to OncoGenex Pharmaceuticals (NASDAQ:OGXI) after it terminated its collaboration that began in 2009. Under the terms of the termination, Teva will pay OncoGenex $23.2M, which is part of a $27M advance reimbursement.
    • OncoGenex believes that its current resources plus the Teva payment will be sufficient to complete the Phase 3 AFFINITY trial in prostate cancer through data readout in late 2015/early 2016 and to continue the Phase 3 ENSPIRIT trial in lung cancer through the second interim futility analysis expected mid-year, as well as advance other development programs.
    • Custirsen blocks the production of the protein clusterin, which is believed to play a key role in cancer cell survival and treatment resistance.
    | 2 Comments
  • 8:57 AM
    • Sun Bancorp (NASDAQ:SNBC): Q1 EPS of $0.15 beats by $0.14.
    • Revenue of $28.28M (+7.4% Y/Y) beats by $11.44M.
    • Press Release
    | Comment!
  • 8:51 AM
    • Tennant (NYSE:TNC): Q1 EPS of $0.27 beats by $0.02.
    • Revenue of $185.7M (+0.9% Y/Y) beats by $0.2M.
    • Press Release
    | Comment!
  • 8:50 AM
    • Popular (NASDAQ:BPOP): Q1 EPS of $0.71 misses by $0.03.
    • Revenue of $343.19M (-0.7% Y/Y) misses by $38.51M.
    • Press Release
    | Comment!
  • 8:49 AM
    • Petrobras (NYSE:PBR) -2.9% premarket as Morgan Stanley cuts its rating to Sell, saying PBR’s debt level is too high to be supported by its operating cash flow.
    • "Debt acceleration is no longer a threat and Petrobras is regaining access to debt markets. But fundamentals are not supportive with cash burn prevailing in the coming four years, as investments are expected to outpace operating cash generation by $6.0B on average,"  the firm writes, adding that cutting capex and intensifying divestments contribute to deleveraging but are not sufficient to completely fix the balance sheet.
    • Stanley is cutting its 2015-16 earnings estimate by 30% and now has a $8.50 price target for the shares.
    | 15 Comments
  • 8:46 AM
    • Ball Aerospace (NYSE:BLL) has finished integrating four out of the five complex instruments that will fly onboard the U.S.'s next polar-orbiting weather satellite, moving toward an on-time delivery scheduled for late 2016 and a launch for no later than the second-quarter of 2017.
    • The NOAA Joint Polar Satellite System (JPSS-1) will be responsible for delivering the primary contribution from the afternoon orbit.
    | Comment!
  • 8:43 AM
    • Campus Crest Communities (NYSE:CCG) in nearing a deal to retain management consulting firm Alvarez & Marsal North America to assist with overhauling the company. As part of the agreement, Alvarez & Marsal managing directors David Coles and John Makuch have been appointed as interim CEO and CFO, respectively.
    • Previous interim CFO Scott Rochon will continue on as Chief Accounting Officer. Aaron Halfacre will stay on as President and CIO.
    • Non-executive Chairman Richard Kahlbaugh was the previous interim CEO.
    • Source: Press Release
    • Previously: Activist turns up pressure on Campus Crest after dividend suspension; shares up 5.9% (April 2)
    | Comment!
  • 8:43 AM
  • 8:39 AM
    • ICICI Bank (NYSE:IBN): FQ4 EPS of ₹29.22B
    • Revenue of ₹85.75B (+16.9% Y/Y)
    • The board declared dividend of $0.16/ADS.
    • The bank maintained capital adequacy ratio at 17.02% and Tier I capital adequacy ratio at 12.78%.
    • Shares -1.6% PM.
    • Press Release
    | Comment!
  • 8:38 AM
    • Drew Industries (NYSE:DW) acquires Spectral Industries through its Lippert Components subsidiary for $22.3M.
    • The company says it's "well-positioned" to take advantage of the acquisition and expects the deal to be immediately accretive.
    • Spectral makes windows and doors for buses, RVs, and trucks.
    | Comment!
  • 8:37 AM
    • Synalloy (NASDAQ:SYNL): Q1 EPS of $0.34 beats by $0.02.
    • Revenue of $51.65M (+3.7% Y/Y) misses by $3.65M.
    • Press Release
    | Comment!
  • 8:36 AM
    • Beginning this fall Discover (NYSE:DFS) cardholders will be able use Apple Pay to settle up at participating stores, whether through the iPhone, iPad, or Apple Watch.
    • Source: Press Release
    | Comment!
  • 8:35 AM
    • Partnerre (NYSE:PRE) declares $0.70/share quarterly dividend, in line with previous.
    • Forward yield 2.17%
    • Payable June 1; for shareholders of record May 8; ex-div May 6.
    | Comment!
  • 8:34 AM
    • Mercury General (NYSE:MCY) declares $0.6175/share quarterly dividend, in line with previous.
    • Forward yield 4.24%
    • Payable June 25; for shareholders of record June 11; ex-div June 9.
    | Comment!
  • 8:33 AM
    • Scorpio Tankers (NYSE:STNG) declares $0.125/share quarterly dividend, 4.2% increase from prior dividend of $0.12.
    • Forward yield 4.97%
    • Payable June 10; for shareholders of record May 21; ex-div May 19.
    | Comment!
  • 8:33 AM
    • Mercury General (NYSE:MCY): Q1 EPS of $0.59 misses by $0.13.
    • Revenue of $744.55M (-2.4% Y/Y) misses by $7.36M.
    • Press Release
    | Comment!
  • 8:31 AM
    • The USPTO issues a Notice of Allowance to GW Pharmaceuticals (NASDAQ:GWPH) for its patent application No. 13/075,873 covering the use of cannabidivarin for treating epilepsy, specifically for the control of generalized or temporal lobe seizures. The patent will provide exclusivity until March 30 2031.
    • Cannabidivarin is a non-psychoactive extract from the cannabis plant.
    | Comment!
  • 8:28 AM
    • FBR Capital buys the dip in Travelers (NYSE:TRV), upgrading to Outperform from Market Perform following about a 5% decline in the stock over the past month. The price target is boosted to $119 from $107.
    • Shares +0.5% premarket
    | 1 Comment
  • 8:28 AM
    • TrueCar (NASDAQ:TRUE) moves higher in early action after landing an upgrade from Goldman Sachs.
    • The investment firm takes its rating on the automobile industry website to Buy from Neutral and assigns a price target of $22.
    • TRUE +2.43% premarket to $16.01.
    | Comment!
  • 8:22 AM
    • Tenneco (NYSE:TEN) reports revenue rose 4% if the impact of currency swings is backed out.
    • Clean Air division revenue fell 2.70% to $1.405B (+5% after excluding the currency impact).
    • Ride Performance division decreased 4.92% to $618M (+5% after excluding the currency impact).
    • Adjusted EBIT increased 30 bps to 6.2%.
    • Q2 Guidance: Revenue: ~+5% (excluding currency impact).
    • FY2015 Guidance: Revenue: +5% to +8% (excluding currency impact).
    | Comment!
  • 8:21 AM
    | Comment!
  • 8:20 AM
    • Synta Pharmaceuticals (NASDAQ:SNTA) appoints EVP and COO Chen Schor as President & CEO effective May 7. He succeeds Anne Whitaker who is departing for a position with another company.
    | 7 Comments
  • 8:20 AM
    | 10 Comments
  • 8:19 AM
    • Silicom (NASDAQ:SILC): Q1 EPS of $0.52 beats by $0.01.
    • Revenue of $18.76M (-1.3% Y/Y) misses by $0.13M.
    • Shares -4.98% PM.
    • Press Release
    | Comment!
  • 8:18 AM
    • Scorpio Tankers (NYSE:STNG): Q1 EPS of $0.24 in-line.
    • Revenue of $160.7M (+109.4% Y/Y) beats by $8.19M.
    • Press Release
    | 1 Comment
  • 8:18 AM
    • Hyundai (OTC:HYMLF) plans to set up a shareholder-rights committee consisting in part of outside directors in response to criticism over a pricey land deal.
    • The pace of audit reports will also be stepped up in an effort to increase transparency.
    • Previously: Hyundai to use cash for controversial land deal (Oct. 16 2014)
    | 1 Comment
  • 8:17 AM
    • Celgene (NASDAQ:CELG) acquires privately-held San Francisco, CA-based Quanticel Pharmaceuticals for $100M in cash and up to $385M in various R&D and regulatory milestones. Celgene expects the transaction to be neutral to 2015 non-GAAP EPS guidance.
    • Quanticel, which as been a strategic alliance partner to Celgene since 2011, is a cancer-focused drug discovery firm based on a proprietary single-cell genomic analysis platform.
    | 3 Comments
  • 8:15 AM
    • PetroChina (NYSE:PTR) and Sinopec (SNP, SHI), China’s two largest oil explorers, jumped by their daily trading limit in Shanghai on speculation the government is considering consolidating the industry.
    • PTR jumped 10% to 14.65 yuan, the highest in more than five years, and SNP also surged 10% to 8.56 yuan at the close in Shanghai; in U.S. premarket action, PTR +5%, SNP +5.7%, SHI +17.1%.
    • A report also said China’s state-assets regulator may cut the number of government-owned enterprises to 40 from 112 through mergers and restructuring.
    • Earlier: Chinese shares continue powerful ascent
    | Comment!
  • 8:12 AM
    • Inogen (INGN +0.3%) FQ4 results: Revenues: $29.1M (+47.0%); COGS: $15.3M (+59.4%); Operating Expenses: $12.4M (+29.2%); Operating Income: $1.4M (+133.3%); Net Income: $1.5M (-16.7%); EPS: $0.07 (-91.1%).
    • FY2014 results: Revenues: $112.5M (+49.2%); COGS: $57M (+56.2%); Operating Expenses: $45M (+30.4%); Operating Income: $10.5M (+133.3%); Net Income: $5.3M (+278.6%); EPS: $0.30 (-55.9%); Quick Assets: $56.8M (+320.7%).
    • 2015 Guidance: Revenues: $133M - 137M from $130M - 135M; Non-GAAP EBITDA: $27M - 30M; Non-GAAP Net Income: $8.0M - 9.5M; positive cash flow.
    | Comment!
  • 8:10 AM
    • GenCorp (NYSE:GY) has officially changed its name to "Aerojet Rocketdyne Holdings" and will begin trading on the NYSE and Chicago Stock Exchange today under trading symbol "AJRD."
    • Previously: GenCorp to change name, ticker symbol (Mar. 10 2015)
    | Comment!
  • 8:08 AM
    • Restaurant Brands International (NYSE:QSR) reports comparable-restaurant sales rose 5.3% at Tim Hortons and 4.6% at Burger King in Q1.
    • Organic sales at Tim Hortons rose 11% Y/Y (constant currency) during the period.
    • Burger King saw organic sales growth of 9.6% (constant currency).
    • Store count: Tim Hortons +53 net to 4,724; Burger King +15 net to 14,387.
    • The company is still in the early process of realizing merger synergies.
    • Previously: Restaurant Brands beats by $0.01, misses on revenue
    • QSR +1.0% premarket.
    | 1 Comment
  • 8:08 AM
    • Lakeland Financial (NASDAQ:LKFN): Q1 EPS of $0.66 beats by $0.02.
    • Revenue of $33.5M (+4.3% Y/Y) misses by $0.38M.
    • Press Release
    | Comment!
  • 8:08 AM
    • Macatawa Bank (NASDAQ:MCBC) declares $0.03/share quarterly dividend, 50% increase from prior dividend of $0.02.
    • Forward yield 2.25%
    • Payable May 29; for shareholders of record May 14; ex-div May 12.
    | Comment!
  • 8:07 AM
    • Silicon Motion Technology (NASDAQ:SIMO) declares $0.15/share quarterly dividend, in line with previous.
    • Forward yield 1.97%
    • Payable May 21; for shareholders of record May 11; ex-div May 7.
    | Comment!
  • 8:04 AM