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  • Tuesday, March 31, 2015

  • 11:18 PM
    • ZaZa Energy (NASDAQ:ZAZA): FY'14 EPS of -$0.75 vs. -$6.53 in FY'13
    • Revenue of $11.5M (+29.2% Y/Y).
    • Press Release
    | Comment!
  • 10:02 PM
    • Coherus BioSciences (NASDAQ:CHRS) prices its public offering of 4,137,931 shares of common stock at $29 per share. Underwriters over-allotment is an additional 620,689 shares. Closing date is April 7.
    • The $120M gross proceeds is up from the original $100M announced yesterday.
    | Comment!
  • 9:54 PM
    • The Board of Directors at Sarepta Therapeutics (NASDAQ:SRPT) appoints Chief Medical Officer Edward Kaye, M.D., as interim CEO. He replaces Christopher Garabedian who resigned effective immediately. Dr. Kaye will serve in a dual capacity until a new CEO is hired.
    • Interim Chairman John Hodgman says, "We believe this change will facilitate the company's clinical and regulatory discussions and relationships with the goal of meeting its stated timelines for bringing a potentially disease-modifying treatment [eteplirsen] to patients with DMD as soon as possible."
    | 4 Comments
  • 9:08 PM
    • Verizon's (NYSE:VZ) plans to join competitors with its own mobile video streaming service (as early as June, in Verizon's case) could hit a snag with the FCC's recent net neutrality ruling.
    • The key comes in data caps that most wireless customers face; trying to treat video as a "managed service" and exempting the streaming usage from the caps "would be a very provocative move," says analyst Craig Moffett. "I don't think the FCC would be pleased."
    • Unlike key competitors pressing their own over-the-top services -- Sony, Dish Network, Apple -- Verizon operates its own 4G network, and could face resistance from content partners that need to maintain relationships with the pay-TV providers.
    • If a managed service doesn't fly with the FCC, Verizon may need to sell unlimited LTE or its streaming plans could get too costly.
    • Verizon may make the service ad-supported, in part or whole replacing subscription revenues, CFO Fran Shammo suggested last week. The company bought its OnCue streaming tech from Intel last year and has Digital Media Services technology to splice in ads.
    | Comment!
  • 7:31 PM
    • Media General (NYSE:MEG) says its secondary offering of 6.8M shares has been priced at $16/share by the selling stockholder.
    • Underwriters also got an option to purchase up to an additional 1.02M shares. The company won't receive any proceeds.
    • The offering's expected to close April 7.
    • Today: MEG -1.8% to $16.49.
    | Comment!
  • 7:26 PM
    • In the wake of yesterday's analyst day, Palo Alto Networks (NYSE:PANW) has announced it's expanding its partnership with server virtualization kingpin VMware (NYSE:VMW) to cover mobile security.
    • The companies plan to integrate VMware's AirWatch enterprise mobility management platform (acquired last year) with Palo Alto's next-gen firewalls, WildFire threat-detection service (seeing rapid growth), and GlobalProtect mobile security service.
    • They're also offering an iOS VPN app that uses GlobalProtect to create a secure connection between AirWatch-managed devices and Palo Alto firewalls, so as to improve traffic inspection and policy enforcement. In 2014, Palo Alto and VMware announced a solution that combines Palo Alto's virtualized (software-based) next-gen firewall with VMware's NSX SDN/networking virtualization platform.
    • Also unveiled by Palo Alto: AutoFocus, a cyber threat intelligence service that gives IT security personnel "instant access to actionable intelligence derived from billions of file analysis artifacts" from data collected by 5K+ entities targeted by cyber attacks. The solution, which takes aim at FireEye's Mandiant unit and others, follows the September launch of a new endpoint security service, and comes amid strong corporate interest in better threat intelligence.
    • Not surprisingly (given recent sell-side bullishness), reactions to Palo Alto's analyst day have been positive. FBR: "[W]e feel that the company is doing the right things at the right time with 'red-hot' growth prospects given execution acumen, a laser-focused growth strategy, and expanding total addressable market." Pac Crest has praised AutoFocus' ability to leverage the huge amounts of user data Palo Alto collects from its customers.
    • Separately, CRN reports VMware is thinking of hiring a global sales chief, in part to boost sales of its huge enterprise license agreements (ELAs). ELAs accounted for 39% of VMware's Q4 bookings; the company is two months removed from providing light Q1/2015 guidance.
    | Comment!
  • 7:22 PM
    • More than 40 oil companies including Chevron (NYSE:CVX), BP and Ecopetrol (NYSE:EC) have sought access to geological data under Mexico’s first oil auction in 76 years, as interest in the process is holding up despite low oil prices, says the country’s hydrocarbons regulator.
    • The tally comes as Mexico prepares for the third tender in the auction in April, which will include mature fields onshore that already have been producing but where new technology is needed to recover the remaining oil and gas.
    • Tenders are planned later in the year for discovered offshore fields with extra-heavy oil, for deep waters where global oil majors seek to participate, and for unconventional resources such as those in shale rock formations.
    | 5 Comments
  • 6:52 PM
    • Shaw Communications (NYSE:SJR) has named Vito Culmone as its new CFO and executive VP, effective June 1.
    • Culmone most recently was CFO for WestJet Airlines and also has experience with Molson and PricewaterhouseCoopers.
    • Steve Wilson retired as CFO last fall after 10 years with the company.
    | Comment!
  • 6:52 PM
    • The EPA says it will place new restrictions on glyphosate, the key ingredient in Monsanto's (NYSE:MON) popular Roundup weed killer, to help address the rapid expansion of weeds resistant to the chemical.
    • The EPA is not yet giving specifics of the plan, but Reuters says the requirements will be similar to those placed on a new herbicide product developed by Dow Chemical (NYSE:DOW), which included weed monitoring, farmer education and remediation plans.
    • The EPA's action comes in the wake of a finding by the World Health Organization's cancer research unit earlier this month that glyphosate is probably carcinogenic to humans.
    | 3 Comments
  • 6:44 PM
    • GoDaddy's (Pending:GDDY) IPO price is above a $17-$19 range, and good for a $3.02B valuation (1.8x 2014 bookings).
    • The Web hosting/domain name service provider begins trading tomorrow. Not counting a 3.3M-share overallotment option, it's set to raise $440M. Earlier today, the WSJ took a look at GoDaddy's efforts to overhaul its edgy image.
    • Prospectus, IPO analysis
    • Prior GoDaddy coverage
    | 9 Comments
  • 6:35 PM
    • Carl Icahn has disclosed he bought 4.06M shares of mobile ad firm Voltari (NASDAQ:VLTC) at $1.36. The famed activist now owns 4.74M shares, good for a 52.3% stake.
    • The disclosure follows the closing of a rights offering (featured the right to buy 0.9 shares for each share owned) that gave shareholders exercising the right to buy 1.3M+ shares the ability to do so at $1.36 apiece; those buying less paid $0.97/share. The company raised $4.6M in net proceeds through the offering, via the sale of 4.3M shares.
    • Voltari, once known as Motricity, has soared to $2.00 AH. The news might have leaked: Shares rose 18.8% in regular trading.
    | Comment!
  • 6:34 PM
    • Rogers Communications (NYSE:RCI) has turned on its Voice over LTE service across Canada, and the company says it's the first to offer Canadians HD voice and video calls over that network.
    • Customers will be able to conduct a voice call and stream another video as well at higher speeds, Rogers said.
    • Standard transmission of data during a voice call is done over the slower HSPA network.
    | 1 Comment
  • 6:34 PM
    • Kinder Morgan (NYSE:KMI) and Keyera (OTC:KEYUF) announce a 50-50 joint venture to build a new crude oil storage terminal in Edmonton, Alberta.
    • The JV will build 4.8M barrels of crude oil storage at the new Base Line Terminal, and says "strong, creditworthy customers" have entered into long-term, firm take-or-pay agreements; capacity at the new terminal has potential to increase to 6.6M barrels, depending on future demand.
    • KMI says it will invest C$342M for an initial 12-tank buildout, with commissioning expected to begin in H2 of 2017; separately, KMI will invest up to an additional C$69M for connecting pipelines and related infrastructure, for a total project investment of C$411M.
    • The terminal is under development on land owned by Keyera and will be operated by KMI.
    | 2 Comments
  • 6:20 PM
    • Hawthorn Bancshares (NASDAQ:HWBK): FY'14 EPS of $1.46 vs. $0.83 in FY'13
    • Revenue of $48.2M (-4.0% Y/Y).
    • Press Release
    | Comment!
  • 6:12 PM
    • Believing the expiration of ListHub agreements could respectively cost Zillow proper and Trulia 3% and 10% of their listings, Cowen's Thomas Champion has cut his Zillow (NASDAQ:Z) target by $4 to $105.
    • Champion also thinks their could be spillover effects from the loss of ListHub data. "[I]t's possible the loss of ListHub could result in a thinning of listings in some geographies or heightened data inaccuracies ... Although there are many third-party listings sources, ListHub is perceived as being higher-quality. Overall listings and pricing accuracy have historically been an issue for Zillow based on our survey findings."
    • The target cut comes as Zillow/Trulia continue rapidly striking new deals with MLS' to get direct access to their listings. Earlier today, Zillow announced a deal with Arizona's ARMLS, which has 31K members in the state. Last week, Zillow stated it had added 16 new U.S. MLS partners.
    • Zillow and Trulia are both set to lose ListHub's data in April. Trulia settled with ListHub 3 weeks ago.
    | 1 Comment
  • 6:12 PM
    • Rock-Tenn (NYSE:RKT) -5.1% AH after issuing downside Q2 EPS guidance of $0.70-$0.75, reduced from its previous outlook for $0.80-$0.90 and below $0.88 analyst consensus estimate.
    • RKT says strong corrugated packaging business has been more than offset by the effects of winter weather including natural gas curtailment and challenging logistics execution which hit EPS by ~$0.06; a substantial electrical failure at the Panama City mill that resulted in lost production and increased maintenance costs of ~$0.04/share; and lower promotional activity that reduced sales in its merchandising displays business below the year-ago quarter.
    | Comment!
  • 6:10 PM
    • Willbros (NYSE:WG): Q4 EPS of -$0.69 vs. $0.00 in 4Q13
    • Revenue of $450.72M (-10.8% Y/Y).
    • Press Release
    | Comment!
  • 6:10 PM
    • Xunlei Limited (NASDAQ:XNET) will sell its whole stake in video streaming platform Xunlei Kankan, for 130M yuan (about $21M).
    • The buyer is Beijing Nesound International Media. Xunlei is making the move to streamline its non-core and unprofitable businesses as it focuses on mobile Internet from its previous PC focus.
    | Comment!
  • 6:02 PM
    • The Vicks VapoSteam U.S. liquid inhalant business had 2014 revenue of $10M. Helen of Troy (NASDAQ:HELE) has acquired it from Procter & Gamble (NYSE:PG) for an undisclosed sum. The acquisition is expected to be paid for via HELE's revolving credit facility, and to be accretive in FY16 (ends Feb. '16).
    • As part of the deal, HELE has "acquired a fully paid-up license of P&Gs Vicks VapoPad trademarks for scent pads in the United States." The company notes "the vast majority of Vicks VapoSteam and VapoPads are used in Vicks humidifiers, vaporizers and other health care devices already marketed by Helen of Troy."
    | 1 Comment
  • 6:00 PM
     
    • S&P -0.07%.
    • 10-yr +0.03%.
    • Euro +0.07% vs. dollar.
    • Crude -0.19% to $47.48.
    • Gold -0.03% to $1,183.10.
    | Comment!
  • 5:56 PM
    • The Sprott Junior Gold Miners ETF (NYSEARCA:SGDJ) is the junior miners equivalent to Sprott's popular Sprotts Gold Miners ETF (NYSEARCA:SGDM).
    • SGDJ tracks an index of 36 U.S. and Canada listed companies with market values below $250 million, to remove the risk that comes with very early stage exploration firms.
    • The Index also weights companies differently by using two factors – revenue growth and price momentum – to emphasize companies with stronger growth potential. These factors have historically been strong predictors of long-term stock performance in the junior gold mining sector,” said John Ciampaglia, head of ETFs at Sprott, in a press release.
    • Other junior gold miner ETFs: GDXJ, JNUG, JDST
    | 3 Comments
  • 5:54 PM
    • Vuzix Corp (NASDAQ:VUZI): FY'14 EPS of -$0.75 vs -$1.69 in FY'13
    • Revenue of $3.03M (+26.8% Y/Y).
    • Press Release
    | Comment!
  • 5:49 PM
    • Air Industries (NYSEMKT:AIRI): FY'14 EPS of $0.10 vs. $0.65 in FY'13
    • Revenue of $64.33M (+2.4% Y/Y).
    • Press Release
    | Comment!
  • 5:48 PM
    • UTi Worldwide (NASDAQ:UTIW) -12.9% AH after reporting a larger than expected FQ4 loss on a 10% Y/Y decline in revenue as well as one-time expenses related to restructuring efforts.
    • UTIW also lowers its EBITDA guidance for the year ending January 2016 to $125M-$150M from its previous projection of $190M-$210M, reflecting expectations for currency exchange rates, and a reduced outlook for its freight forwarding business as it executes on its new strategy.
    • During the latest period, freight forwarding segment net revenue fell 30% Y/Y to $118M amid a 6.6% decline in air freight volume and a 4.9% drop in ocean freight volumes; contract logistics and distribution revenue fell 1.6% to $194M but rose 3.6% when excluding currency effects.
    • UTIW says it expects its restructuring and reorganization efforts will begin to show results in the current quarter.
    | Comment!
  • 5:45 PM
    • RiceBran Technologies (NASDAQ:RIBT): FY'14 Loss from operations of -$3.96/share
    • Revenue of $40.1M (+14.2% Y/Y).
    • Press Release
    | Comment!
  • 5:41 PM
    • xG Technology (NASDAQ:XGTI): Q4 EPS of -$0.20 vs. -$0.25 in 4Q13
    • Revenue of $0.06M (-83.8% Y/Y).
    • Press Release
    | Comment!
  • 5:37 PM
    • ETSY's $14-$16 IPO price range translates into a $1.55B-$1.78B valuation range. At the midpoint, that's equal to 8.5x 2014 sales. Given recent growth, the forward P/S multiple could be 6-7x. (prospectus)
    • With Etsy selling 13.3M new shares through the IPO, the company's gross proceeds stand to total $186M-$213M. Existing holders are initially selling 3.3M shares, and could sell another 2.5M if a greenshoe option is picked up.
    • Accel Partners and other entities associated with VC Jim Breyer are selling 1.53M shares, thus lowering their stake to 25% from 30%. Union Square Ventures affiliates are selling 861K shares (cutting their stake to 12.6% from 15.2%), Index Ventures affiliates are selling 724K (cutting their stake to 12.8% from 15.6%). and Acton Capital affiliates are selling 222K (cutting their stake to 3.3% from 3.9%).
    • Prior Etsy coverage
    | Comment!
  • 5:36 PM
    | 3 Comments
  • 5:35 PM
  • 5:31 PM
    • The Obama administration reaffirms a 2008 government auction of Arctic drilling rights over objections from environmentalists, delivering a victory to Royal Dutch Shell (RDS.A, RDS.B) as it aims to resume exploratory drilling in the Chukchi Sea this summer.
    • In validating the seven-year-old auction, Interior Secretary Sally Jewell says the Arctic “is an important component of the administration’s national energy strategy."
    • The move removes a critical hurdle for Shell to return to the area north of Alaska this summer but is far from the final regulatory step, as the company still must secure individual drilling permits and win the Bureau of Ocean Energy Management’s approval of its broad exploration plan.
    | Comment!
  • 5:30 PM
  • 5:29 PM
    • Discovery Communications (NASDAQ:DISCA) has closed on its deal to buy Eurosport France, moving to 51% control from its previous minority stake.
    • The move brings some completion to the network's deal last year to take control of Eurosport International, which didn't include the French operation.
    • With consolidation complete, Discovery CEO David Zaslav says he expects the Eurosport group to reach 1M subscribers in the next two years (from its current 200K), to the tune of an extra $100M in revenues.
    • It's another sports move for Discovery, which has been moving further into international sports in search of growth "as things taper here in the U.S.," Zaslav says. Eurosport International operates six all-sports pay channels.
    | Comment!
  • 5:21 PM
    • Chevron (NYSE:CVX) says its board approved salary increases for top executives, including CEO John Watson and outgoing Vice Chairman and Executive VP George Kirkland.
    • Watson, who has been CEO since 2010 and is a 35-year veteran of the company, will receive a $27.5K increase to raise his base salary to $1.9M, while Kirkland, who CVX says will retire effective June 15, an additional $25K to lift his base salary to $1.6M.
    • James Johnson, who joined CVX in 1981, will replace Kirkland as executive VP for upstream operations.
    • CVX's 2014 profit fell 10% Y/Y on a 7.4% decline in revenue, and shares have dropped nearly 12% over the past 12 months.
    | 13 Comments
  • 5:15 PM
    • Delaware Enhanced Global Dividend&Income Fund (NYSE:DEX) declares $0.075/share monthly dividend, in line with previous.
    • Forward yield 7.89%
    • Payable April 24; for shareholders of record April 10; ex-div April 8.
    | Comment!
  • 5:08 PM
    • Todd Sloan, Tremor Video's (NYSE:TRMR) CFO since 2011, is stepping down to "pursue other opportunities," effective May 31.
    • Sloan will remain with Tremor as a strategic advisor until Aug. 15. A search has begun for a successor.
    | Comment!
  • 5:06 PM
    • Pangaea Logistics (NASDAQ:PANL): FY'14 EPS of $0.03 vs. $0.45 in FY'13
    • Revenue of $398.27M (+1.5% Y/Y).
    • Press Release
    | Comment!
  • 5:01 PM
    • Delaware Investments Dividend&Income Fund (NYSE:DDF) declares $0.0525/share monthly dividend, in line with previous.
    • Forward yield 6.26%
    • Payable April 24; for shareholders of record April 10; ex-div April 8.
    | Comment!
  • 5:00 PM
     
    • S&P -0.05%.
    • 10-yr +0.03%.
    • Euro -0.94% vs. dollar.
    • Crude +0.13% to $47.63.
    • Gold -0.01% to $1,183.30.
    | Comment!
  • 5:00 PM
    • Altisource Residential (NYSE:RESI) declares $0.55/share quarterly dividend, in line with previous.
    • Forward yield 10.55%.
    • Payable April 23; for shareholders of record April 13; ex-div April 9.
    | Comment!
  • 5:00 PM
    • In the nick of time before all-out liquidation, RadioShack (OTCPK:RSHCQ) has won court approval for Standard General's rescue deal that will permit it to save 1,743 stores and 7,500 jobs.
    • Despite objections from competing lender Salus Capital Partners, Judge Brendan Shannon said Standard General offered more money (about $160M) and was the only bidder with the “added and terribly important benefit of saving more than 7,000 jobs and preserving a century-old American retailing icon."
    • The 1,743 stores represent a substantial slimming from the Shack's overwhelming 4,000 stores; Standard General intends to operate the remaining stores along with Sprint (NYSE:S).
    • Salus has first claim on RadioShack's IP, including trademark, patents and customer lists.
    • The sale will likely leave nothing (or very little) for any unsecured creditors. The firm is estimated to owe them about $500M.
    | 10 Comments
  • 4:57 PM
    • Jinpan (NASDAQ:JST) declares $0.03/share annual dividend, -81.3% decrease from prior dividend of $0.16.
    • Forward yield 0.66%
    • The payable and record date will be declared in the second quarter.
    • The company has changed dividend payable policy from quarterly to annually.
    | 1 Comment
  • 4:55 PM
    • Cytosorbents (NASDAQ:CTSO): FY'14 EPS of -$1.29 vs. -$0.75 in FY'13
    • Revenue of $4.1M (+70.8% Y/Y).
    • Press Release
    | Comment!
  • 4:52 PM
    • Adcare Health Systems (NYSEMKT:ADK) declares cash dividend of $0.05/share.
    • Payable April 30; for shareholders of record April 15; ex-div April 13.
    | Comment!
  • 4:48 PM
    | Comment!
  • 4:45 PM
    • Dyax (NASDAQ:DYAX) +35.7% AH after announcing positive results from a Phase 1b clinical trial of its DX-2930 investigational product for the prevention of hereditary angioedema attacks.
    • Dyax says primary proof-of-concept efficacy analyses were based on subjects in the 300 mg, 400 mg, and placebo dose groups who reported having at least two attacks in the three months prior to study entry; the company says DX-2930 was well tolerated at all dose levels.
    • Dyax also says it received Fast Track designation from the FDA for the investigation of DX-2930 for prevention of hereditary angioedema attacks.
    | Comment!
  • 4:44 PM
    • NovaGold Resources (NYSEMKT:NG): Q1 EPS of -$0.03 misses by $0.01.
    • Shares -3.1%.
    • Press Release
    | Comment!
  • 4:43 PM
    • Riverview Bancorp (NASDAQ:RVSB) reinstates quarterly dividend of $0.0112/share, resulting in an annual yield of 0.99%.
    • The dividend is payable on Apr 21, to shareholders on record of Apr 6.
    | Comment!
  • 4:42 PM
    • Solar3D (NASDAQ:SLTD): FY'14 Adjusted Net Income of $0.28M vs. -$1.08M in FY'13
    • Revenue of $20.2M
    • Shares +4.5% AH.
    • Press Release
    | 1 Comment
  • 4:40 PM
    • Camden National (NASDAQ:CAC) declares $0.30/share quarterly dividend, in line with previous.
    • Forward yield 3.03%
    • Payable April 30; for shareholders of record April 16; ex-div April 14.
    | Comment!
  • 4:38 PM
    • Under the new deal, Altisource Asset Management (NYSEMKT:AAMC) will be Residential's (NYSE:RESI) exclusive asset manager for an initial term of 15 years, with two additional 5-year terms if RESI achieves an average annual return north of 7%.
    • The new fee structure calls for an annual base management fee of 1.5%, increasing to up to 2% based on the  number of rented homes; a quarterly incentive fee of 20% of the amount on which returns exceed a hurdle range of 7-8.25% (based on where Treasurys are at).
    • Residential shall have the option to pay up to 25% of the incentive management fee to AAMC in shares of common stock.
    • A conference call is set for tomorrow at 11:30 ET.
    • Source: Press Release
    • AAMC +1% after hours.
    | 3 Comments
  • 4:38 PM
    • Spanish Broadcasting (NASDAQ:SBSA): Q4 EPS of -$0.82
    • Revenue of $36.34M (-3.1% Y/Y)
    • Press Release
    | Comment!
  • 4:37 PM
    • Archer Daniels Midland (NYSE:ADM) pledges to curb deforestation that results from the farming of soybeans and palm trees, developing ways to trace crops it processes and make those supply chains transparent.
    • ADM - among the world's largest traders of crops - buys all of its soy and almost all of its palm oil from third parties; under the new policy, it "commits to build traceable and transparent agricultural supply chains that protect forests worldwide."
    • ADM’s move comes as global agricultural companies face pressure from environmental and consumer groups to take greater responsibility for the way their products are produced, ranging from cultivation to labor practices.
    | 2 Comments
  • 4:36 PM
    • Immune Design (NASDAQ:IMDZ): Q4 EPS of -$0.78 misses by $0.13.
    • Revenue of $1.8M
    • Press Release
    | Comment!
  • 4:33 PM
    • Professional Diversity (NASDAQ:IPDN): FY'14 EPS of -$0.46 vs. -$0.23 in FY'13
    • Revenue of $11.64M (+188.8% Y/Y).
    • Press Release
    | Comment!
  • 4:33 PM
    • Crossroads' (NASDAQ:CRDS) new StrongBox 3.0 NAS storage appliance is able to automatically write data to two different tape libraries; the company argues the solution, said to work with all major 3rd-party libraries, eliminates "the problems associated with manually shipping duplicate tapes for off-site copies," and allows multiple copies of LTFS tape media to be automatically provided in separately locations.
    • Crossroads also declares StrongBox 3.0 to be the "first and only solution that provides both file and object storage with LTFS tape." It begins shipping in April.
    • Shares rose to $2.54 in regular trading. Crossroads is coming off a January quarter where its product revenue fell 30% Y/Y to $862K, thanks to declining OEM sales for the company's SPHiNX virtual tape/backup system.
    | Comment!
  • 4:31 PM
    • Quest Resource (NASDAQ:QRHC): Q4 EPS of -$0.02 misses by $0.01.
    • Revenue of $46.8M (+23.5% Y/Y) beats by $0.59M.
    • Press Release
    | Comment!
  • 4:27 PM
    | 1 Comment
  • 4:27 PM
    • Pioneer Power (NASDAQ:PPSI): Q4 EPS of -$0.18
    • Revenue of $24.1M (+13.7% Y/Y)
    • Press Release
    | Comment!
  • 4:24 PM
    • NexPoint Credit Strategies Fund (NYSE:NHF) declares $0.06/share monthly dividend, in line with previous.
    • Forward yield 5.92%
    • Payable April 30; for shareholders of record April 23; ex-div April 21.
    | Comment!
  • 4:21 PM
    • Tiptree (NASDAQ:TIPT): FY14 EPS of -$0.31
    • Revenue of $80.31M (+238.3% Y/Y)
    • Press Release
    | Comment!
  • 4:20 PM
    • The 153K square foot office property is called Eden Bluff Corporate Center, and its sale is another step in FSP's strategy of selling non-core assets.
    • The property - located in greater Minneapolis - is in a core market, but as a single-story suburban flex-office building, it no longer fits the company's investment profile of large, urban in-fill and/or central business district assets.
    • Source: Press Release
    | Comment!
  • 4:20 PM
    • Willdan (NASDAQ:WLDN): Q4 EPS of $0.26 in-line.
    • Revenue of $30.2M (+34.5% Y/Y) beats by $3.17M.
    • Press Release
    | Comment!
  • 4:20 PM
     
    • Stocks handed back some of yesterday's big gains, with some market watchers blaming the drop on reduced expectations for Q1 earnings.
    • "Everyone's nervous about what's coming [next] quarter... the path of least resistance seems down," said Maris Ogg, president of Tower Bridge Advisors.
    • Today's action left the Dow with a slight decline for the quarter but the ninth consecutive positive quarter for the S&P 500 and Nasdaq.
    • The discretionary sector (-0.5%) lost ground but finished ahead of its peers with home builders contributing after DR Horton was upgraded at Susquehanna.
    • Energy (-0.9%) lagged amid weakness in crude oil, with WTI falling 1.9% to $47.72/bbl and locking in a 12.7% decline for Q1.
    • Dollar strength again was a headwind for oil, as the Dollar Index added 0.3% for the day and spiked more than 8% on the quarter.
    • Investor participation was above average, with ~950M shares changing hands at the NYSE floor.
    • Treasury prices scratched out slim gains, with the 10-year yield slipping 2 bps to 1.93%.
    | 5 Comments
  • 4:19 PM
    • Flexible Solutions International (NYSEMKT:FSI): FY14 EPS of $0.03
    • Revenue of $15.91M (+0.7% Y/Y)
    • Press Release
    | Comment!
  • 4:18 PM
    • Freshpet (NASDAQ:FRPT): Q4 Net loss of $0.2M vs. $3.3M in 4Q13
    • Revenue of $24.5M (+38.3% Y/Y) beats by $0.62M..
    • Press Release
    | Comment!
  • 4:17 PM
    • Ad-tech firm Rubicon Project (NYSE:RUBI) says it will acquire "intent marketing" technology provider Chango for about $122M, mostly stock.
    • The firm says that deal will let it expand its premium offerings with keyword, contextual targeting and retargeting budgets and give it access to an additional $35B of intent marketing spend.
    • It also will accelerate Rubicon's Buyer Cloud business, "advancing our technology roadmap and team build-out by more than one year," says Rubicon CEO Frank Addante.
    • Chango processes 1T pageviews/month and billions of search events from leading search engines.
    • Rubicon Project reaffirmed its Q1 outlook and set a conference call to discuss the Chango acquisition for 5 p.m. ET today.
    • Rubicon shares are up 1% after hours.
    | Comment!
  • 4:17 PM
    • Acorn Energy (NASDAQ:ACFN): FY14 EPS of -$0.46
    • Revenue of $19.56M (-3.6% Y/Y)
    • Press Release
    | Comment!
  • 4:16 PM
    • Previous guidance (of which BGCP now expects to come in at low end): Distributable earnings revenues up 10-17% Y/Y, pre-tax distributable earnings up 21-42%.
    • These results do not include the impact of the GFI Group purchase, results of which will be consolidated from March 2 on. GFI is expected to generate about $60M in revenues with a pre-tax distributable earnings margin of 3-5%.
    • Source: Press Release
    • Shares -0.5% after hours.
    | Comment!
  • 4:16 PM
    | Comment!
  • 4:15 PM
    • Polycom (NASDAQ:PLCM) will pay a $750K civil penalty to the SEC to settle a probe regarding personal expenses billed to the company by ex-CEO Andrew M. Miller. (8-K filing)
    • Miller himself might not be getting off so easily: The SEC has levied seven charges against him over the alleged use of nearly $200K in Polycom funds for personal use, including trips to luxury resorts with his girlfriend. Miller resigned in 2013 following a board investigation into his expense submissions.
    | Comment!
  • 4:15 PM
    • UTi Worldwide (NASDAQ:UTIW): FQ4 EPS of -$1.02 may not be comparable to consensus of -$0.08.
    • Revenue of $964.6M (-10.7% Y/Y) misses by $115.4M.
    • Press Release
    | Comment!
  • 4:14 PM
    • Adcare Health Systems (NYSEMKT:ADK): Q4 EPS of -$0.28 misses by $0.23.
    • Revenue of $48.7M (+4.1% Y/Y) misses by $8.1M.
    • Press Release
    | 1 Comment
  • 4:12 PM
    • Lime Energy (NASDAQ:LIME): FY14 EPS of -$1.44
    • Revenue of $58.8M (+14.2% Y/Y)
    • Press Release
    | Comment!
  • 4:12 PM
    • Landec (NASDAQ:LNDC): FQ3 EPS of $0.14 in-line.
    • Revenue of $138.5M (+9.6% Y/Y) beats by $2.77M.
    • Press Release
    | Comment!
  • 4:11 PM
    • Kingold Jewelry (NASDAQ:KGJI): Q4 EPS of $0.12
    • Revenue of $209.3M (-34.1% Y/Y)
    • Press Release
    | Comment!
  • 4:11 PM
    • Synnex (NYSE:SNX): Q1 EPS of $1.46 misses by $0.06.
    • Revenue of $3.2B (+5.6% Y/Y) misses by $220M.
    • Press Release
    | 1 Comment
  • 4:10 PM
    • Response Genetics (NASDAQ:RGDX): Q4 EPS of -$0.09
    • Revenue of $4.1M (-14.6% Y/Y)
    • Press Release
    | Comment!
  • 4:10 PM
    • The properties are net leased to five different tenants operating in three different retail sectors operating in seven states. The purchases have a weighted-average cap rate of 8.31% and a weighted-average remaining lease term of 17.8 years.
    • Agree (NYSE:ADC) reaffirms its 2015 targeted acquisition volume of $175M-$200M. In Q1, the company purchased 25 properties for $59.7M.
    • Source: Press Release
    | Comment!
  • 4:10 PM
    • Paragon Shipping (NASDAQ:PRGN): Q4 EPS of -$0.29 misses by $0.07.
    • Revenue of $16.43M (+5.5% Y/Y) misses by $0.07M.
    • Press Release
    | Comment!
  • 4:06 PM
    • Craft Brew Alliance (NASDAQ:BREW) announces it will distribute beers from Appalachian Mountain Brewery.
    • The company will handle selling, marketing, and distribution of the growing North Carolina beer brand to new regions.
    | 1 Comment
  • 4:05 PM
    • Siliconware (NASDAQ:SPIL) has closed down 2.7% in the wake of an afternoon JPMorgan downgrade to Underweight.
    • Credit Suisse upgraded the Taiwanese chip packaging/testing firm in January, 3 weeks before it posted a Q4 beat.
    | Comment!
  • 4:02 PM
     
    • Dow -1.11% to 17,776.21. S&P -0.88% to 2,067.89. Nasdaq -0.94%> to 4,900.88.
    | Comment!
  • 4:01 PM
     
     
    • Dow -1.11% to 17,776.50. S&P -0.88% to 2,067.89. Nasdaq +0.94% to 4,900.32.
    • Treasurys: 30-year +0.17%. 10-yr +0.21%. 5-yr +0.15%.
    • Commodities: Crude -2.52% to $47.46. Gold -0.13% to $1,183.70.
    • Currencies: Euro -0.75% vs. dollar. Yen -0.13%. Pound -0.28%.
    | Comment!
  • 3:58 PM
    • “We took our prestige so seriously that as a company we too became elitist and arrogant," says American Express (AXP +0.2%) CEO Ken Chenault, speaking in Boston, the site of the 1991 "Boston Fee Party" in which retailers stopped accepting AmEx cards to draw focus on their high fees.
    • Prestigious, elitist, and expensive worked for AmEx once, says Chenault, but today no customers are taken for granted. There's OptBlue, which aims to win small businesses over with lower costs, and more inclusivity such as adding retailers like grocers where consumers buy everyday items.
    • “We almost missed the boat,” said Chenault, speaking to a room full of execs from places like BJ's Wholesale Club and Legal Sea Foods. "But because of their historical relationship with our brand, our customers gave us time.”
    • Source: Bloomberg
    | 2 Comments
  • 3:57 PM
    • GE (GE -1.1%) agrees to acquire a 49% stake in Enel's (OTC:ELPSY) newly formed partnership holding U.S. renewable energy assets for $440M, with Enel maintaining 51%.
    • The partnership has assets in North America with 760 MW of generating capacity, including a 200 MW wind farm under construction; it will maintain the power plants, and GE’s investment unit will have the first option to invest in additional projects for three years.
    • Enel has said it has no plans to publicly list the yieldco.
    | 7 Comments
  • 3:56 PM
     
    • Nasty Gal opens its second brick-and-mortar store with an outlet in Santa Momica, California.
    • The online fashion concept mixes vintage clothes with hip lines.
    • Nasty Gal brought in a new round of Series C funding last month and continues to be closely watched for M&A or IPO developments.
    • The presence of Ron Johnson as a backer also keeps it in the spotlight.
    • Previously: Funding and some Ron Johnson wisdom for Nasty Gal (Feb. 27)
    | 1 Comment
  • 3:43 PM
    • Look for continued weakness in the short term, with the price maybe bottoming out $100 per ounce below where it is today, says Metals Focus in its inaugural Gold Focus report.
    • The seers naturally trot out Asian demand as helping to save they day, but more interestingly suggest 2015 as the year the tremendous growth in supply over the past two decades comes to an end. Further, producer hedging - selling future supply today - is expected to remain flat at levels far lower than seen a few years back.
    • As for rate the start of U.S. rate hikes - widely anticipated and hurting gold's price at least in dollar terms - it could be a sell the rumor, buy the news moment for the yellow metal as punters realized the pace of hikes will be slow, with real rates remaining negative for years to come.
    • ETFs: GLD, IAU, SGOL, UGL, DGP, GLL, UGLD, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, AGOL, TBAR, UBG, BAR, GYEN, GEUR, BARS
    | 17 Comments
  • 3:38 PM
    • Glass Lewis recommends BP shareholders vote against the pay of CEO Bob Dudley and other executives at the company's annual meeting in two weeks, saying BP's compensation exceeds market peers despite the stock's underperformance.
    • Dudley's package of total pay and bonuses rose 25% to $12.74M last year from $10.17M in 2013, and Glass Lewis' recommendation could lead to a sizable protest against company pay at the April 16 meeting.
    • The proxy voting company last year recommended a vote against the 2013 pay report, in which BP gained support from only 68% of shareholders.
    | 9 Comments
  • 3:25 PM
    • Airline stocks are on watch this week and next with the new round of monthly traffic and sales reports due out.
    • UBS and Credit Suisse both think passenger revenue per available seat mile fell during Q1.
    • Fares have been strong for the early part of the year, but capacity gains in some key markets is chipping away at efficiency.
    • JetBlue (NASDAQ:JBLU), Alaska Airlines (NYSE:ALK), and Southwest Airlines (NYSE:LUV) have added the most capacity on a percentage basis of the major carriers.
    • American Airlines Group (NASDAQ:AAL) has held capacity level.
    • Previously: U.S. airlines fares rise in February (Mar. 24 2015)
    | 4 Comments
  • 3:22 PM
    • World Point Terminals (WPT -4.6%) is downgraded to Underperform from Outperform with a $19 price target, cut from $24, at Credit Suisse, which cites a lack of commentary from management regarding future distribution increases.
    • Credit Suisse says management communication with investors has been sparse, with conference calls held just once per year and no clarity on distribution growth; it sees increased risk regarding WPT's growth outlook and even whether or not distributions will be increased at all.
    • The firm says it is conservatively reducing its distribution growth outlook, assuming no increases in 2015 and $0.05/year or ~4% growth per year thereafter.
    | 5 Comments
  • 3:17 PM
    • Charter Communications (NASDAQ:CHTR) is up 6.2% and has touched a record-high $199 in the wake of its deal to acquire Bright House Networks, which would make it the country's No. 2 cable operator (Charter is now No. 4; Bright House is No. 6).
    • The deal's dependent on Comcast's (NASDAQ:CMCSA) successful pursuit of Time Warner Cable (NYSE:TWC) -- Charter's own bid for TWC fell apart, and Charter could step back in if Comcast's plan falters -- and if Comcast takes such a clear lead, Charter may not stop at Bright House in trying to catch up.
    • Mediacom, CableOne and Suddenlink could be the next targets. "I think it is inevitable most of the rest of the cable industry not owned by Comcast is sold to Charter," Pivotal Research Group analyst Jeff Wlodarczak tells Reuters.
    • As for John Malone, his Liberty Broadband (NASDAQ:LBRDA) -- Charter's biggest shareholder -- has agreed to purchase $700M of shares in the Charter/Bright House combo, in transactions that would leave it with voting power of about 25%.
    • Charter bonds picked up on the news as well.
    | Comment!
  • 3:11 PM
    • Only a handful of tech companies are posting outsized gains or losses amid a 0.6% drop for the Nasdaq.
    • Notable gainers include three Chinese firms: CDN owner ChinaCache (CCIH +18.8%), online classifieds provider 58.com (WUBA +7.1%), and online retailer LightInTheBox (LITB +5.9%). Others include hybrid storage array upstart Nimble Storage (NMBL +4.7%), distributed power system/software provider PowerSecure (POWR +5.8%), and 3D measurement/imaging hardware provider FARO Technologies (FARO +4%).
    • Notable decliners include supercomputer maker Cray (CRAY -4.1%), data management software vendor Varonis (VRNS -3.9%), and local services marketplace Angie's List (ANGI -5.6%).
    • ChinaCache is up 34% since posting Q4 results on Thursday afternoon. 58.com is up 14% from Wednesday's close. Nimble is a day removed from putting to rest a fraud/trade secret dispute with rival NetApp. Angie's List is down 7% over the last two days, following the launch of Amazon's Home Services platform.
    • Oppenheimer's Holden Lewis recently called FARO his top pick, citing the growth potential of its laser scanner line. Today, FARO announced a new software product for Autodesk's Revit building information modeling software.
    • Previously covered: Infinera, Elephant Talk, Dangdang, CyberArk, Zagg, MaxPoint, Spherix, 2U, SouFun/E-House/Leju
    | Comment!
  • 3:06 PM
    • "We're seeing the sausage made and it's not pretty," says Oppenheimer's Chris Kotowski, maintaining an Overweight and $58 price target on CIT Group (CIT +0.7%). "But at the end of this process there are some good businesses here."
    • Kotowski takes note of CIT's transportation equipment leasing business and how it makes up an increasing portion of the company's revenue and earnings. It's comparable to companies like Air Lease and Gatix. It'll take a year or two, says Kotowski, but CIT could be worth a great deal more at the end of the process.
    • Instead of valuing CIT as a mature, stable regional bank, he says, think of CIT as more of a P-E portfolio undergoing a restructuring.
    | Comment!
  • 3:00 PM
     
    • Dow -0.46%.
    • 10-yr +0.18%.
    • Euro -0.84% vs. dollar.
    • Crude -1.84% to $47.79.
    • Gold -0.19% to $1,183.10.
    | 5 Comments
  • 2:58 PM
    • Joining a number of its big bank brethren, Wells Fargo (WFC -0.3%) receives approval from the Fed and the OCC to use its own tailored risk models for figuring its capital requirements.
    | 1 Comment
  • 2:57 PM
    • Financial Times analysis of the latest annual reports for the big five global oil majors - BP, Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), Royal Dutch Shell (RDS.A, RDS.B) and Total (NYSE:TOT) - show that proved reserves for the group as a whole shrank by more than a billion barrels to 78.6B boe in 2014 from 80B-plus boe the previous year in the steepest drop since at least 2008.
    • The five companies’ organic reserve replacement ratio was 84% last year, the lowest level since 2010, with only CVX reporting a Y/Y increase in extensions and discoveries.
    • Behind the fall is a substantial decline in the number of barrels added as a result of recent discoveries and extensions to existing oil and gas fields, which fell 24% last year to 2.3B boe and has been cut nearly in half from 4.4B boe in 2011.
    • The deteriorating exploration performance, if sustained, would raise further questions over the companies' ability to grow in the long run without making acquisitions.
    | 22 Comments
  • 2:54 PM
    | 3 Comments
  • 2:53 PM
    • "We think HBO Now is something of a millennial missile," says HBO (NYSE:TWX) CEO Richard Plepler to CNBC, pointing to their target: 10M broadband-only U.S. homes that are "largely a millennial audience."
    • To reach that audience and push the $14.99/month direct streaming service, he says HBO will definitely target social media ("29M people watched the Game of Thrones trailer alone on Facebook"), and it's a long-term play ("We're not looking at this as a 2015 revenue expansion; we're looking at this as focusing on our future").
    • Plepler again fended off worries about threats to existing partnerships: "We see this as an expansion of the pie, not cannibalistic at all of our current business."
    • Cablevision is the only pay-TV partner to re-sell HBO Now so far, but other partners will get on board, Plepler predicts, because it's good for business: "Nobody's doing us any favors selling HBO. They're selling HBO because it expands their businesses and they're selling HBO because it's a great product."
    • He noted that in picking Apple as the key launch partner, the company looked at HBO Go, its provider-tethered offering, and saw 60% of usage on Apple devices.
    • Previously: Cablevision becomes new launch partner for HBO Now (Mar. 16 2015)
    | 1 Comment
  • 2:43 PM
    • Up strongly yesterday in the wake of a Shanghai rally sparked by PBOC remarks suggesting further monetary easing is on tap, SouFun (SFUN -5.4%), E-House (EJ -6.6%), and Leju (LEJU -5.1%) have reversed course today. Shanghai was down 1% overnight, and the Nasdaq is currently down 0.5%.
    • In addition to hinting at monetary easing, Beijing has announced fresh moves to bolster a sluggish housing market. The minimum down payment required for second-home purchases has been cut to 40% - it was at 50%-60% in most cities, and 70% in Beijing and Shanghai - and sellers who have owned their homes for at least two years are now exempt from capital gains tax (the requirement was previously 5 years).
    | Comment!
  • 2:39 PM
    • Cypress Energy Partners (CELP -4.5%) is downgraded to Hold from Buy with a $15 price target, lowered from $23, at Wunderlich, which foresees significant weakness in CELP's Water and Environment Services segment volumes and margins due to weaker commodity prices and the reduction in drilling activities.
    • Wunderlich also expects a lower demand for CELP's Pipeline Inspection and Integrity Services business and lower pricing as customers plan for significant capex reductions.
    • Although CELP has low leverage (0.94x) and $70M available on its recently revised credit facility of $200M, the firm believes the uncertainty in oil prices and lack of a near-term catalyst will keep the stock range-bound.
    | Comment!
  • 2:37 PM
    • Nymox Pharma (NASDAQ:NYMX): FY'14 EPS of -$0.13 vs. -$0.14 in FY'13
    • Revenue of $0.33M (-55.4% Y/Y).
    • Press Release
    | Comment!
  • 2:33 PM
    • Chanticleer Holdings (HOTR) acquires BT's Burger Joint for an undisclosed amount.
    • The North Carolina chain has four outlets.
    • Chanticleer has a total of 30 locations with the better burger concept.
    | Comment!
  • 2:29 PM
    • Compass Point's Michael Tarkan (Buy) has hiked his 2U (TWOU +4.6%) target by $6 to $29 following talks with management.
    • Tarkan is pleased with recent news flow, which includes a new deal with Yale, partnerships with Google and Goldman, a deal extension and the removal of exclusivity provisions with UNC, and a new program (called Scaffold) to deepen ties with school partners. "[W]e believe management continues to build a substantial moat around the company with its top-tier portfolio of schools, strong student outcomes, wide-ranging servicing capabilities, and new expansion into campus-based operations."
    • The cloud online education software provider is up 11% over the last two days, and has surged to new post-IPO highs.
    | Comment!
  • 2:20 PM
    • In addition to beating Q4 estimates, Dangdang (NYSE:DANG) is guiding for Q1 revenue of RMB2.2B ($354.8M), +28% Y/Y and above a $353.5M consensus. Marketplace GMV is expected to rise 49% to RMB1.77B ($285.8M).
    • Active customers +10% Y/Y in Q4 to 9.8M; new customers +20% to 3.7M. Total orders +13% to 20.4M, with mobile accounting for 31%. Media revenue +21.8% to $234.5M; general merchandise +41.7% to $154.7M; Other revenue -9.7% to $14.5M. Marketplace GMV +61.2% to $362.2M.
    • Thanks to a mix shift towards general merchandise sales, gross margin fell to 17.1% from 17.6% in Q4 2013. Fulfillment spend fell to 8.8% of revenue from 9.4%, and G&A to 1.7% from 0.6% (depressed last year by VAT refunds). Tech/content spend rose to 2.6% of revenue from 2%, and marketing to 4.8% from 4.2%.
    • With Dangdang having gone into earnings down nearly 50% from a 52-week high of $16.42, expectations were fairly low.
    • Q4 results, PR
    | Comment!
  • 2:18 PM
    • The Obama administration offers details on how the U.S. proposes cutting greenhouse gases over the next decade, part of a formal submission to the UN ahead of a global effort this year to curb emissions of carbon dioxide.
    • The proposed U.S. cuts rely mostly on previously announced rules for power plant emissions and vehicle efficiency, including a 26%-28% reduction in emissions by 2025 which was unveiled last fall in Beijing.
    • Environmental groups generally praise the plan, particularly the fact that the pollution cuts can be achieved without action from Congress.
    • ETFs: XLU, KOL, IDU, VPU, RYU, FUTY, UPW, PUI, FXU, SDP, PSCU
    | 6 Comments
  • 2:17 PM
    • S&P Ratings revises its outlook on Navistar (NAV +1.3%) to Positive.
    • The ratings agency notes the company has seen improved operating results and is on a path to boost profits.
    • Navistar's order growth in FQ1 was also cited by S&P.
    | Comment!
  • 2:16 PM
    • MKM Partners thinks the smart move is to sell railroad stocks and buy airlines.
    • Chief Market Technician Jonathan Krinsky leans on technical analysis (video) in making the transportation call.
    • Avondale Partners is also out with a bearish take on railroads.
    • The investment firm lowers Canadian Pacific (NYSE:CP), Norfolk Southern (NYSE:NSC), CSX (NYSE:CSX), Canadian National Railway (NYSE:CNI), and Union Pacific (NYSE:UNP) to Market Underperform on earnings growth concerns.
    | 26 Comments
  • 2:04 PM
    • Google's (GOOG -0.1%) Chromebit, launching this summer in partnership with Asus (OTC:ASUUY) for "less than $100," allows any TV or monitor with an HDMI port to be turned into a Chrome OS PC by plugging in a flash drive-like stick. It arrives two years after Google launched its $35 Chromecast HDMI streaming stick.
    • Also unveiled: 1) $149 Chromebooks from China's Haier and Hisense; the notebooks are respectively sold by Amazon and Wal-mart, feature 11.6" displays and quad-core ARM CPUs from China's Rockchip, and are declared to provide all-day battery life. 2) Asus' Chromebook Flip, a $249 all-metal touchscreen notebook; it arrives later this spring.
    • IDC estimates Chrome OS, whose success has been the matter of much debate, accounted for 3.5% of 2014 global PC shipments and 29.9% of U.S. education market shipments.
    • Separately, Google has launched new app install ad options for Android developers looking to promote their apps. Ads can now appear on the Google Display Network (supported by 2M publisher sites), and support for in-app ads has been expanded to include video ads.
    • Google already shows app install ads in mobile search results, as well as through its AdMob unit's display ad network and (more recently) within Google Play. Facebook, which still leads the market, recently announced it had driven over 1M downloads through its app install ads.
    | 17 Comments
  • 2:00 PM
     
    • Dow -0.55%.
    • 10-yr +0.22%.
    • Euro -0.88% vs. dollar.
    • Crude -0.78% to $48.30.
    • Gold -0.27% to $1,182.10.
    | Comment!
  • 1:55 PM
    • Hong Kong Television (NASDAQ:HKTV) has soared 28.3% in U.S. trading on news that its executive chairman, Wai-Kay "Ricky" Wong, is buying a controlling stake in his nearly bankrupt rival Asia Television.
    • Media reports have mainland China businessmen Wong Ching and Wong Ben-Koon selling their stakes to Ricky Wong; the two controlled 52% of ATV.
    • The financial details are undisclosed and regulators would need to clear the deal; the Executive Council is holding a special meeting tomorrow to discuss it.
    • But the government "would rather renew ATV's licence than let it die," says political scientist James Sung Lap-kung.
    | Comment!
  • 1:48 PM
    • PIMCO Total Return Exchange-Traded Fund (NYSEARCA:BOND) announces monthly distribution of $0.18.
    • 30-Day Sec yield of 1.55% (as of 3/27/2015).
    • Payable Apr 7; for shareholders of record Apr 2; ex-div Mar 31.
    | Comment!
  • 1:42 PM
    • Even after his big win with Allergan, Bill Ackman's Pershing Square maintains significant exposure (~50%) to the healthcare sector. In a recent regulatory filing, Pershing disclosed a 19.5M share stake in Valeant Pharmaceuticals (VRX -0.2%) valued at ~$3.83B, making it the largest position in its equity portfolio. It also has a 41.8M share stake in Zoetis (ZTS -0.2%) valued at almost $2B.
    • In case you were wondering, Pershing is also maintaining its short position in Herbalife (HLF -0.9%).
    | 4 Comments
  • 1:41 PM
    • SPDR MFS Systematic Value Equity ETF (NYSEARCA:SYV) announces quarterly distribution of $0.205.
    • 30-Day Sec yield of 1.30% (as of 03/27/2015).
    • Payable Apr 13; for shareholders of record Apr 2; ex-div Mar 31.
    | Comment!
  • 1:41 PM
    • SPDR MFS Systematic Growth Equity ETF (NYSEARCA:SYG) announces quarterly distribution of $0.181.
    • 30-Day Sec yield of 0.99% (as of 03/27/2015).
    • Payable Apr 13; for shareholders of record Apr 2; ex-div Mar 31.
    | Comment!
  • 1:40 PM
    • SPDR MFS Systematic Core Equity ETF (NYSEARCA:SYE) announces quarterly distribution of $0.213.
    • 30-Day Sec yield of 1.35% (as of 03/27/2015).
    • Payable Apr 13; for shareholders of record Apr 2; ex-div Mar 31.
    | Comment!
  • 1:40 PM
    • SPDR SSGA Risk Aware ETF (NYSEARCA:RORO) announces quarterly distribution of $0.108.
    • 30-Day Sec yield of 1.27% (as of 03/27/2015).
    • Payable Apr 13; for shareholders of record Apr 2; ex-div Mar 31.
    | Comment!
  • 1:40 PM
    • SPDR SSGA Multi-Asset Real Return (NYSEARCA:RLY) announces quarterly distribution of $0.019.
    • 30-Day Sec yield of 1.77% (as of 03/27/2015).
    • Payable Apr 13; for shareholders of record Apr 2; ex-div Mar 31.
    | Comment!
  • 1:39 PM
    • SPDR SSGA Income Allocation (NYSEARCA:INKM) announces quarterly distribution of $0.125.
    • 30-Day Sec yield of 3.15% (as of 03/27/2015).
    • Payable Apr 13; for shareholders of record Apr 2; ex-div Mar 31.
    | Comment!
  • 1:39 PM
    • SPDR SSGA Global Allocation (NYSEARCA:GAL) announces quarterly distribution of $0.103.
    • 30-Day Sec yield of 2.56% (as of 03/27/2015).
    • Payable Apr 13; for shareholders of record Apr 2; ex-div Mar 31.
    | Comment!
  • 1:23 PM
    • Allergan's former Chairman & CEO David Pyott converted equity awards totaling $534M after the company was acquired by Actavis (ACT -0.9%). He traded 3M stock options for $497M in cash and swapped more than 285K shares and restricted shares for $36.9M.
    • No word, though, on Mr. Pyott's post-Allergan plans other than he won't be joining Actavis' board.
    | Comment!
  • 1:22 PM
    • Vanguard Total International Bond ETF (NASDAQ:BNDX) announces monthly distribution of $0.056.
    • 30-Day Sec yield of 0.78% (as of 03/30/2015).
    • Payable Apr 8; for shareholders of record Apr 6; ex-Div. Apr 1.
    | Comment!
  • 1:21 PM
    • Vanguard Emerging Markets Government Bond ETF (NASDAQ:VWOB) announces monthly distribution of $0.313.
    • 30-Day Sec yield of 4.82% (as of 03/30/2015).
    • Payable Apr 8; for shareholders of record Apr 6; ex-Div. Apr 1.
    | Comment!
  • 1:21 PM
    • Conn's (CONN +12.1%) trades higher after reporting earnings and disclosing it's considering a sale of its loan portfolio.
    • Execs talked about the deal during the earnings call, saying the company still plans to originate and underwrite loans.
    • Underwriting changes by the company will impact comps going forward.
    • Appliances, furniture, and mattresses are categories where comp growth can stay positive, maintains management.
    • Conn's earnings call webcast
    • Previously: Conn's EPS of $0.42
    • Previously: Conn's reports 1.3% comp, guides for margin improvement
    | Comment!
  • 1:21 PM
    • Vanguard Mortgage-Backed Securities ETF (NASDAQ:VMBS) announces monthly distribution of $0.069.
    • 30-Day Sec yield of 1.77% (as of 03/30/2015).
    • Payable Apr 8; for shareholders of record Apr 6; ex-Div. Apr 1.
    | Comment!
  • 1:21 PM
    • Vanguard Long-Term Corporate Bond ETF (NASDAQ:VCLT) announces monthly distribution of $0.338.
    • 30-Day Sec yield of 4.16% (as of 03/30/2015).
    • Payable Apr 8; for shareholders of record Apr 6; ex-Div. Apr 1.
    | Comment!
  • 1:21 PM
    • Vanguard Intermediate-Term Corporate Bond ETF (NASDAQ:VCIT) announces monthly distribution of $0.232.
    • 30-Day Sec yield of 2.99% (as of 03/30/2015).
    • Payable Apr 8; for shareholders of record Apr 6; ex-Div. Apr 1.
    | Comment!
  • 1:20 PM
    • Vanguard Short-Term Corporate Bond ETF (NASDAQ:VCSH) announces monthly distribution of $0.134.
    • 30-Day Sec yield of 1.68% (as of 03/30/2015).
    • Payable Apr 8; for shareholders of record Apr 6; ex-Div. Apr 1.
    | Comment!
  • 1:20 PM
    • Vanguard Long-Term Government Bond ETF (NASDAQ:VGLT) announces monthly distribution of $0.162.
    • 30-Day Sec yield of 2.44% (as of 03/30/2015).
    • Payable Apr 8; for shareholders of record Apr 6; ex-Div. Apr 1.
    | Comment!
  • 1:20 PM
    • Vanguard Intermediate-Term Government Bond ETF (NASDAQ:VGIT) announces monthly distribution of $0.082.
    • 30-Day Sec yield of 1.50% (as of 03/30/2015).
    • Payable Apr 8; for shareholders of record Apr 6; ex-Div. Apr 1.
    | Comment!
  • 1:19 PM
    • Vanguard Short-Term Government Bond ETF (NASDAQ:VGSH) announces monthly distribution of $0.03.
    • 30-Day Sec yield of 0.56% (as of 03/30/2015).
    • Payable Apr 8; for shareholders of record Apr 6; ex-Div. Apr 1.
    | Comment!
  • 1:17 PM
    • Spherix (NASDAQ:SPEX) filed its 2014 10-K after the close yesterday afternoon.
    • Shares are down 12% over the last two days. Yesterday morning, Spherix announced the trial date for its suit against Verizon had been pushed back from May 18 to August 10.
    • Spherix soared 11 days ago after receiving a favorable claim construction order for its suits against VTech and Uniden.
    | Comment!
  • 1:10 PM
    • SunEdison's (SUNE +0.3%) TerraForm Power (TERP +1.2%) YieldCo has taken control of 168MW of solar plants from its parent company in Q1. The plants were on TerraForm's 3.4GW project call right list, and are being paid for with existing funds. 153MW of the capacity is in the U.K.
    • TerraForm is paying $110M in cash and assuming $177M in project debt. It expects the plants to deliver $17M in 2015 cash for distribution (CAFD), and $24M in annualized unlevered CAFD. The expected unlevered cash-on-cash return is expected to be above 8%. The company is reiterating guidance for 2015 CAFD of $214M and dividends of $1.30/share.
    • SunEdison had a solar project backlog of 2.6GW at the end of 2014, and a solar pipeline of 5.1GW. TerraForm had a 1.51GW operating portfolio at the end of January.
    | Comment!
  • 1:08 PM
    • Corn (CORN -4%) inventories of 7.745B bushels as of March 1 are up 10.5% from a year ago and stand against trade estimates for 7.609B. Acres planted drop 1.398M from a year ago.
    • Wheat (WEAT -3.5%) stocks of 1.124B bushels are up from 1.057B a year ago and stand against estimates for 1.141B. Acres planted drop 1.648M from a year ago.
    • Soybean (SOYB +0.4%) inventories of 1.334B bushels are up from 994M a year ago and stand against estimates for 1.348B. Acres planted gain 934K from a year ago.
    • Sources: USDA, Arlan Suderman, Bloomberg
    • ETFs: JJG, GRU
    | Comment!
  • 1:07 PM
    • There's a new largest toy company by market cap in the U.S. with Hasbro (HAS +1%) passing Mattel (MAT +0.8%) for the first time since 1993 (h/t WSJ's Paul Ziobro).
    • Over the last 52 weeks Hasbro has run up a 13.4% gain fueled by Frozen sales, while Mattel's share price has faded by 43%.
    • Despite the rough year, Mattel still has its supporters. Citigroup has a Buy rating locked on and SA contributor Daniel Jones says value investors should take a look.
    | 3 Comments
  • 1:00 PM
     
    • Dow -0.57%.
    • 10-yr +0.17%.
    • Euro -0.97% vs. dollar.
    • Crude -1.97% to $47.72.
    • Gold -0.14% to $1,183.60.
    | Comment!
  • 12:59 PM
    • PetroQuest Energy (PQ +6.1%) is sharply higher after saying its lenders have revised its $220M borrowing base to $190M.
    • PQ is asking for an interim re-determination of its borrowing base in to reflect the likely addition of its Thunder Bayou discovery well in Louisiana as a producing asset.
    • PQ sees Thunder Bayou production increasing by 25M cf/day when first well comes on-line in May and eventually growing as high as 70M cf/day; production is expected to begin in May.
    | Comment!
  • 12:56 PM
    • Oppenheimer upgrades Teva Pharmaceutical Industries (TEVA +1.1%) from Perform to Outperform and raises its price target to $77 (22% upside) citing more M&A deals to come.
    • Piper Jaffray upgrades Horizon Pharma (HZNP +1%) from Neutral to Overweight with a price target of $31 (19% upside) due, no doubt, to its recent take out of Hyperion Therapeutics (HPTX -0.3%).
    | 2 Comments
  • 12:45 PM
    | Comment!
  • 12:44 PM
    • Ron O'Hanley was chief of Fidelity's asset management business until retiring in February 2014, about 18 months after Abigail Johnson was tapped as the successor to her father to lead all of Fidelity.
    • He'll succeed Scott Powers, who is retiring later in 2015 as head of State Street Global Advisors (NYSE:STT) after seven years in charge.
    | Comment!
  • 12:37 PM
    • Former Nomura analyst Amit Roy says the market for cancer immunotherapies called PD-1 inhibitors will only be ~$10B, far below the $20B - 30B forecasts being circulated today. He cites two main factors that could hamper growth: they only work for certain groups of cancer patients plus several layers of selection will be required for some cancers such as breast and colorectal, and there is a growing evidence that shorter therapy, cutting the treatment period to eight from 16 weeks, may be sufficient. If this comes to fruition, it would shrink the market by almost half (although a price increase could mitigate some of the shrinkage).
    • PD-1 (programmed cell death protein 1) is found on the surface of cancer cells. It is used by tumors to evade the immune system so blocking its action enables the body to attack and kill cancer.
    • Current FDA-approved PD-1 inhibitors are Bristol-Myers Squibb's (BMY -1.2%) Opdivo (nivolumab) and Merck's (MRK -0.7%) Keytruda  (pembrolizumab).
    • PD-1-related tickers: (MDVN -2.4%)(FPRX -1.2%)(CELG -3.1%)(OTCQX:RHHBY +0.6%)(AZN -1.7%)(SRNE +3.4%)
    | 4 Comments
  • 12:34 PM
    • The growing probability that China will devalue its currency could prove potentially “devastating" for fertilizer stocks because global nitrogen prices would plunge instantly with ammonia following in sympathy, Scotiabank's Ben Isaacson says.
    • Potash demand destruction would be swift as Chinese farmers push back on soaring local prices required to cover unchanged U.S. dollar prices, although the phosphate market could be spared as lower-cost Chinese capacity would not be able to push non-integrated India producers off the cost curve, Isaacson says.
    • "Commodities worldwide would suffer greatly,” the analyst says, noting that Agrium (AGU -1.1%) and Mosaic (MOS -0.9%) would be the better picks if a devaluation occurs but would still suffer “first-degree burns."
    • Also: POT +0.4%, CF -1%, SQM -0.9%, IPI -0.5%.
    | 5 Comments
  • 12:31 PM
    • MaxPoint Interactive (MXPT -3.9%) has received four bullish coverage launches (from Deutsche, Needham, Pac Crest, and William Blair) on underwriter coverage day, and just a single neutral one (from Goldman).
    • Deutsche's Ross Sandler ($13 target): "Our Buy rating is based on our belief that MaxPoint will buck the negative stock performance for most of public ad tech, based on the company's unique approach and somewhat insulated competitive landscape."
    • He sees the local online ad services firm going after a $50B addressable market, and argues its contextual ad solutions (i.e. ads based on the content a user is seeing, rather than a user's browsing history) are differentiated from rival local ad offerings.
    • Shares are now down 17% from an $11.50 March 6 IPO price.
    | Comment!
  • 12:24 PM
    • Declaring the mobile accessory maker to be "a classic deep-value turnaround play," Wunderlich's Rommel Dionisio has launched coverage on ZAGG at Buy, and set a $13 target.
    • Dionisio: "Following disappointing sales and earnings performance in 2013 and first half 2014, shares of Zagg remain valued at an approximate 25% discount to the peer group average on an EV/EBITDA basis." He notes Zagg respectively holds 40% and 25% of the screen protector and tablet keyboard markets, and predicts new products, retail channel expansion, better international distribution, and product line rationalization will bolster the company's fortunes.
    • Though off its recent highs, Zagg remains up 32% since soundly beating Q4 estimates on Feb. 24. Shares go for 17x 2015E EPS and a little under 1x 2015E sales.
    | Comment!
  • 12:19 PM
    • Delek US Holdings (DK -0.2%) discloses that it is in talks to buy some or all of Alon Israel Oil, one of Israel's largest fuel station and convenience store operators and the parent company of Alon USA Energy (ALJ +5.4%).
    • A deal could give DK a stake in refineries and convenience stores in the U.S. and Israel; ALJ's refineries in Texas, California and Louisiana have an aggregate crude oil throughput capacity of 217K bbl/day and operates nearly 300 7-Eleven convenience stores in central and west Texas and New Mexico.
    • Alon Israel had owned more than 50% of ALJ stock but now owns ~48% after giving up its majority stake through a share sale last month.
    | 1 Comment
  • 12:17 PM
    • Oliver Bilal will join UBS in May as head of asset management in EMEA, reports the WSJ, taking over from interim chief Andreas Schalteer, who took the job in October following a management reshuffle which led to the creation of regional heads.
    • UBS has high hopes for the unit - which currently has CHF664B in AUM - and a recent strategic review targeted an annual profit a CHF1B vs. CHF467M made last year.
    • Bilal's previous employer was Pioneer - owned by Italy's UniCredit, and currently in talks to be merged with Santander Asset Management.
    | Comment!
  • 12:03 PM
    • With the company's lockup expiration out of the way, Summit Research has upgraded CyberArk (CYBR +2.8%) to Hold. The firm still isn't a fan of the privileged account-protection software leader's valuation; its $45 target is 21% below current levels.
    • With the help of a bullish BofA/Merrill launch, CyberArk is up 16% since its lockup expired 8 days ago. Summit CYBR)+at+Sell/10108220.html" target="_blank">launched coverage at Sell on Dec. 18 - it praised CyberArk's "early lead" in the privileged account software market, while criticizing its multiples - when shares were only at $38.62.
    | 1 Comment
  • 12:00 PM
     
    • Dow -0.66%.
    • 10-yr +0.19%.
    • Euro -0.81% vs. dollar.
    • Crude -1.13% to $48.13.
    • Gold +0.14% to $1,187.00.
    | 1 Comment
  • 12:00 PM
    • Thinly-traded nano cap Great Basin Scientific (GBSN +52.5%) jumps on a whopping 46x surge in volume in apparent response to its announcement that it received a notice of allowance from the U.S. Patent and Trademark Office (USPTO) for patent No. 8,936,921 covering the company's method of iosthermal helicase-dependent amplification (HDA) using blocked primers (bpHDA), an approach that simplifies and speeds up the DNA amplification process. bpHDA is the basis for its Clostridium difficile molecular diagnostic test.
    • The '921 patent further strengthens Great Basin's patent family, which includes U.S. patent No. 8,637,250, issued January 28, 2014, covering isothermal amplification using HDA on the surface of chips and No. 8,574,833, issued November 5, 2013, covering methods and compositions for amplifying a detectable signal. The method, called AMPED, is a cost-effective approach for the direct detection of pathogens in clinical samples (blood, lung aspirates, urine, stool) and swabs without the need for PCR-based amplification.
    • The company believes that the patents support a unique cost-effective molecular diagnostics method.
    | 1 Comment
  • 11:53 AM
    • Three years after taking an $8.8B write-down on its $11.1B Autonomy acquisition while levying fraud allegations, HP's (HPQ -0.9%) battle with the enterprise search/indexing software vendor's former leaders is far from over: Autonomy co-founder/ex-CEO Mike Lynch and ex-CFO Sushovan Hussain have been sued for $5.1B over their alleged accounting misdeeds.
    • Lynch has responded by promising a counter-suit over an alleged HP "smear campaign" against him and other Autonomy execs.
    • Though it's quite unlikely HP will get anything close to a $5.1B payout, a favorable verdict would give the the company more legal/PR cover as it continues dealing the Autonomy acquisition's fallout. The DOJ and the U.K.'s accounting regulator are still probing the deal; the U.K.'s Serious Fraud Office dropped its probe in January.
    • Last year, HP paid $57M to settle a shareholder suit regarding the decision-making of ex-CEO Leo Apotheker and his management team (including the Autonomy deal). More recently, a U.S. court approved an Autonomy-related shareholder settlement that doesn't involve monetary payments, but does require HP to make governance changes.
    | 10 Comments
  • 11:53 AM
    • Devon Energy (DVN -0.2%) appears to have limited downside if oil prices remain flat and as much as 30% upside if prices rise, according to a Barron's profile.
    • DVN trades at just 1.2x price-to-book value and its enterprise value to EBITDA is below four, among the lowest of its peers, the report says.
    • Credit Suisse yesterday raised its 12-month price target for DVN to $80, arguing the company is "well positioned to outperform given its defensive valuation, top quartile oil growth profile, and further accretion potential from EnLink," and expects DVN’s drillbit performance to improve “given the mix shift toward the Eagle Ford, Bone Spring and Cana-Woodford programs as well as low maintenance capital required at Jackfish.”
    • BMO, which also has an $80 target, views DVN's positions in the Bone Spring and Eagle Ford as two of the lowest breakeven assets in the U.S. where returns are still attractive.
    | Comment!
  • 11:52 AM
    • According to a filing from AerCap (AER -1.4%), AIG will sell its remaining 97.6M shares in the company (a 46% stake) at a maximum price of $43.74 each.
    • AIG, of course, obtained the stake through its sale of ILFC to AerCap last year.
    • For AerCap, the sale will remove a sizable overhang on the stock. For AIG, the $4B-plus raised will be nice firepower for buybacks.
    • SEC Form F-3ASR
    | 11 Comments
  • 11:47 AM
    • Gray Television (NYSE:GTN) wraps an underwritten stock offering at $175.6M, with 13.5M shares issued at $13/share.
    • The offering to the public was for 12M shares with a 1.5M-share overallotment, a partial exercise of what was a 1.8M-share option.
    • The company will use the proceeds for general purposes. Shares are down 0.4%.
    | Comment!
  • 11:42 AM
    • TJX (NYSE:TJX) declares $0.21/share quarterly dividend, 20% increase from prior dividend of $0.175.
    • Forward yield 1.18%
    • Payable June 4; for shareholders of record May 14; ex-div May 12.
    | 2 Comments
  • 11:41 AM
    • Apache (APA -0.4%) says it will ramp up production from two recently made oil discoveries at the Berenice and Ptah fields in Egypt’s Western Desert after recording strong appraisal and development drilling results.
    • APA says five wells, including the discovery wells, have been completed by its joint venture company with Egypt, with all the wells producing without the need for fracture stimulation at a combined rate of more than 13.6K boe/day since first production in November 2014; the wells have produced ~1M barrels of oil to date.
    • APA says three wells in the Berenice field are producing more than 9,500 bbl/day, and two wells in the Ptah field are totaling 4,350 bbl/day.
    | 2 Comments
  • 11:41 AM
    • Nevada gaming revenue fell 1.1% to $916.1M during February, according to figures released by the Gaming Control Board.
    • Las Vegas Strip casinos saw a 4.4% Y/Y decline to $531.3M during the month
    • A poor month for baccarat play was behind much of the tail-off in Las Vegas, although it's not clear if soft traffic or a dismal hold percentage was behind the drop.
    • The casino sector is seeing some buying action today on yet more REIT speculation.
    • Advancing stocks against a weak tape include Penn National Gaming (PENN +2.2%), Las Vegas Sands (LVS +1%), Wynn Resorts (WYNN +0.7%), Caesars Acquisition (CACQ +2.7%), Caesars Entertainment (CZR +3.4%), Boyd Gaming (BYD +0.7%), Century Casinos (CNTY +1%), Empire Resorts (NYNY +1.1%), and Pinnacle Entertainment (PNK +0.3%).
    • Full Nevada Gaming Control Board report (.pdf)
    • Previously: A warning on casino REITs (Mar. 28 2015)
    | Comment!
  • 11:30 AM
    • Infinity Pharmaceuticals (INFI +0.1%) exercises its option to buy out all future royalty obligations due to Takeda Pharmaceutical Company Limited (OTCPK:TKPHF) (OTCPK:TKPYY) on sales of duvelisib (IPI-145) in oncology indications for an exercise fee of $52.5M. Infinity purchased the option in July 2014 for $5M.
    • Duvelisib is an investigational inhibitor of Class 1 phosphoinositide-3-kinase (PI3K)-delta and PI3K-gamma being jointly developed by Infinity and AbbVie (ABBV +0.6%). The PI3K pathway plays a key role in regulating the growth and survival of certain blood cancers. Inhibiting PI3K-delta and PI3K-gamma signaling blocks the growth and survival of tumor cells. Duvelisib is in Phase 2 development for refractory indolent non-Hodgkin lymphoma and Phase 3 development for previously treated follicular lymphoma and relapsed/refractory chronic lymphocytic leukemia.
    | Comment!
  • 11:25 AM
    • “Companies value secrecy and don’t want people doing analysis," says Martin Fridson. "The more they can keep investors in the dark the better it’s been for them.”
    • More than 55% of speculative-grade debt sold this year was through deals known as private placements for life (144a-for-life) - thus requiring no public registration, according to S&P Capital IQ. That's up from 40% last year - a record until now.
    • Fridson: “Deals are getting worse and worse for the investor, and they have been powerless to stop it ... The only winners are issuers and their underwriters."
    • Source: Bloomberg
    • Meanwhile, junk has risen back to the top of the fixed-income heap, returning 2.5% in Q1, topping investment-grade, muni, and U.S. government debt.
    • ETFs: HYG, JNK, HYLD, SJB, ANGL, HYLS, UJB, XOVR, QLTC
    | 3 Comments
  • 11:21 AM
    • Offshore drillers have not needed to worry too much about cancellations in the Gulf of Mexico, but that no longer looks true after BP canceled contracts (I, II) on rigs owned by Ensco (ESV -1.2%) and Seadrill Partners (SDLP -2.6%).
    • For 365 days lost, ESV will receive a hefty $160M termination fee, or ~78% of total possible revenues, while SDLP will get $160M for almost 800 days lost - solid fees, especially for ESV, but BP’s desire to cancel the contracts in spite of having to pay high fees shows the lack of work to be done in the Gulf, Raymond James says.
    • The firm had believed the deepwater Gulf would be relatively strong as prior in-place contracts would have led to a flat Y/Y rig count - relatively strong in the current environment - but the BP cancellations show the region is not immune.
    | 5 Comments
  • 11:16 AM
    • Shares of Wayfair (W -3.5%) move lower on strong volume.
    • The company's 180-day lockup period expired today giving pre-IPO shareholders a crack at selling.
    • Wayfair trade at $32.11 which is above where the IPO priced ($25-$28) - but below the opening price of $36.
    | Comment!
  • 11:13 AM
    • Wells Fargo has upgraded Zebra Technologies (ZBRA +2.9%) to Outperform. Shares are less than $2 away from a 52-week high of $92.48.
    • Though the Street's initial response was less than enthusiastic, Zebra is now up 33% since announcing a $3.45B deal to buy Motorola Solutions' enterprise hardware unit 11 months ago.
    | Comment!
  • 11:10 AM
    • Synta Pharmaceuticals (SNTA -18%) prices its public offering of 22M shares of common stock at $1.75 per share. Underwriters over-allotment is an additional 3.3M shares. Closing date is April 6.
    | Comment!
  • 11:03 AM
    • U.S. Cellular (NYSE:USM) says a network expansion will bring 4G service to 98% of its customers by year's end.
    • The company says it's adding 600 LTE sites this year, expanding service in 10 states: California, Maine, Maryland, New Hampshire, North Carolina, Oregon, Vermont, Virginia, Washington and West Virginia.
    • U.S. Cellular is working with 700 MHz spectrum provided by partner King Street Wireless to speed up 4G implementation in its networks.
    • Previously: U.S. Cellular up 4.2% on earnings beat, 2015 outlook (Feb. 25 2015)
    | Comment!
  • 11:01 AM
    • Full Circle (FULL) received subscriptions for about 94% of the shares offered, 17% of which came from management and company advisors.
    • Additionally, one institutional investor commits to buying 214K shares in the open market over the seven-day period following the expiration date of the offering.
    • The rights offering and additional commitments will result in the issuance of no more than 11.42M shares of company stock. Estimated gross proceeds should be about $39M (subscription price was $3.50 per share).
    • Source: Press Release
    | 3 Comments
  • 11:00 AM
    • BB&T's Brett Hundley has launched coverage on Sensient (SXT +2.2%) with a Buy rating and $81 target.
    • Hundley: "As one of the larger players in food colors and flavors, Sensient has an opportunity to leverage historical relationships and take advantage of new consumer trends moving towards natural ingredients ... Sensient is in the midst of an internal cost savings plan and flavors segment go-to-market refresh, and this should drive considerable earnings and cash flow improvement in years ahead. Its earnings multiple lags this reality considerably, however, trailing its peer group by a distinct margin."
    • Shares have made fresh highs following the launch.
    | 1 Comment
  • 11:00 AM
     
    • Dow -0.47%.
    • 10-yr +0.17%.
    • Euro -0.84% vs. dollar.
    • Crude -1.23% to $48.08.
    • Gold +0.23% to $1,188.00.
    | Comment!
  • 10:57 AM
     
  • 10:56 AM
    • 2014 net investment income of $20.1M or $0.59 per share vs. $19.9M and $0.62 in 2013 (restated).
    • Taxable distribution income of $0.78 per share vs. $0.70 (restated).
    • Net asset value of $6.94 per share vs. $7.51 (no effect from restatement).
    • 2013 total investment income restated of $39.18M vs. $48.27M originally reported.
    • Quarterly distribution was $0.25 per share at the end of 2014, and has since been cut to $0.21.
    • KCAP -3.7%
    | Comment!
  • 10:51 AM
    • Petrobras (PBR, PZE) agrees to sell its entire interest in the Austral Basin in Argentina, including interest in several onshore concessions, to Compañía General de Combustibles in a deal worth $101M.
    • The concessions cover an area of ~11.5K sq. km, with expiration dates between 2017 and 2037, and produce ~15K boe/day in connection with PESA's interest.
    | Comment!
  • 10:49 AM
    • Along with Prudential Plc, Goldman Sachs (NYSE:GS) agrees to sell at least 30% of Associated British Ports to the Canada Pension Plan Investment Board and Hermes Infrastructure for $2.4B. The deal is expected to close this summer and could include another 3.3% of the company.
    • Associated British Ports owns and operates 21 ports in the U.K.
    | Comment!
  • 10:47 AM
    • Wunderlich has launched coverage on Turtle Beach (HEAR -2.5%) with a Hold rating and $2.50 target (still 29% above current levels).
    • Shares are barely above a 52-week low of $1.92 (set 6 days ago). They're down 19% from where they traded before the gaming headset maker provided soft guidance to go with mixed Q4 results on March 16, and now go for only 0.6x trailing sales after factoring net debt.
    | 2 Comments
  • 10:40 AM
    • Coca-Cola (KO +0.5%) confirms it will invest $500M in Indonesia to accelerate growth in the region.
    • Two new production lines were opened by Coca-Cola Amatil Indonesia in Bekasi, West Java.
    • Coca-Cola owns an equity stake in a local joint venture which runs bottling plants in the region.
    | Comment!
  • 10:40 AM
    • BioTime (BTX -0.6%) subsidiary LifeMap Solutions launches a pilot study of COPD Navigator, an Apple HealthKit-compliant iOS app that helps patients with chronic obstructive pulmonary disease (COPD) monitor and manage their symptoms.
    • After the patient's physician specifies the app's settings and communications, COPD Navigator tracks patient data including symptoms, medication, treatment adherence and overall quality of life. The information, concurrently sent to the doctor, is presented in an easy-to-understand configurable graph that enables the patient to recognize patterns in their own health history. In addition, the app assists patients in avoiding environmental risk factors by providing real-time alerts regarding local air quality and extreme weather and delivers educational content from National Jewish Health hospital.
    • The COPD Navigator app is the first component of LifeMap's COPD management platform, which includes Bluetooth-enabled inhaler technology and a dashboard for care providers. The app accepts inhaler usage information from any HealthKit-compliant Bluetooth-enabled "smart" inhaler device. During the pilot program, LifeMap will provide a smart device of its own design, which allows the app to know automatically when the patient uses the inhaler. This enables it to track medication compliance and identify potential environmental and behavior triggers of exacerbations, situations where COPD symptoms suddenly get much worse.
    • The clinician dashboard for care providers offers a view of the health status of their patient populations. They can flag high-risk patients, set rules for event-based alerts and intervene early in order to reduce the exacerbation risk. They can also send health alerts and reminders to their patients.
    • COPD Navigator is expected to be commercially available in H2.
    | 1 Comment
  • 10:38 AM
    • Pitched as a cheaper alternative to the Surface Pro 3 (starts at $799, launched last May), Microsoft's (MSFT -0.6%) Surface 3 tablet starts at $499 and eschews the Pro 3's Core i3/i5/i7 CPUs in favor of Intel's (NASDAQ:INTC) less powerful/recently-launched Atom x7 (Cherry Trail). Its display is smaller (10.8" vs. 12"), and resolution slightly lower (1920x1280 vs. 2160x1440). In what might be the final nail in the coffin for Windows RT, the tablet runs on Windows 8.1 (free upgrade to Windows 10 later this year).
    • The Surface 3 weighs just 1.37 lbs. and is only 0.34" thick (the Pro 3 is at 1.76 lbs. and 0.37"), and goes without its costlier sibling's fan. The rear and front cameras respectively have 8MP and 3.5MP resolutions vs. 5MP apiece for the Pro 3. Other features - a kickstand, optional type cover accessories, a business-friendly 3:2 aspect ratio, stereo speakers with Dolby (DLB -0.2%) audio support - are similar.
    • Microsoft claims 10 hours of battery life when playing video. The Surface 3 begins shipping on May 5 (pre-orders start today); Verizon and T-Mobile will sell 4G-capable models later this year. To win over consumers, Microsoft is throwing in a free year of Office 365 Personal (normally $70/year).
    • Following a rough start in 2012/2013, the Surface line has gained a following among businesses and consumers wanting a tablet that can double as a PC/productivity device. Microsoft's Surface revenue rose 24% Y/Y in calendar Q4 to $1.1B. IDC estimates Windows devices had a 5.1% 2014 tablet unit share via 11.6M shipments.
    | 50 Comments
  • 10:37 AM
    • Perma-Fix Environmental Services (NASDAQ:PESI): Q4 EPS of $0.07 misses by $0.09.
    • Revenue of $16.96M (+33.2% Y/Y) misses by $0.25M.
    • Press Release
    | Comment!
  • 10:35 AM
    • A group of Corinthian College (NASDAQ:COCO) students are attempting to back out of their student loan obligations after the company closed campuses to diminish the value of degrees from the institution.
    • The students have some support from the CFPB in their bid for debt relief, although the federal agency won't advocate for non-payment.
    • The development is another bright spotlight on a sector already reeling from enrollment losses.
    • "I just turned 22 and I have this much debt and I have nothing to show for it," summed up one Corinthian student on her plight.
    • On watch: Career Education (CECO -2.3%), ITT Educational Services (ESI -2.2%), Education Management (EDMC -7.3%), Strayer Education (STRA -1%), DeVry Education (DV -0.5%).
    | 1 Comment
  • 10:35 AM
    • AngloGold Ashanti (AU +1.9%) says it received an approach for the purchase of stakes in two of its mines in Mali.
    • AU says a potential buyer that meets its criteria has approached it about its 41% stake in the Sadiola mine in Mali and 40% holding in the Yatela mine, and has asked the buyer for a binding bid.
    • AU also says it is seeking a partner or buyer for the Cripple Creek & Victor mine, its only U.S. operation; Barclays has said a sale of the mine could raise $800M.
    • The miner is seeking to sell mines or share capital costs with partners in a bid to cut its $3B of debt, partly accumulated during the decade-long bull run in gold to 2011.
    | Comment!
  • 10:22 AM
    • Sprint (NYSE:S) has settled a class-action suit that charged it with fraud around its 2005 $36B merger with Nextel Communications -- for $131M in cash.
    • The suit claimed former CEO Gary Forsee and others hid integration struggles around the merger and falsely inflated stock and bond prices from October 2006 to February 2008, when Sprint took a $29.7B goodwill writedown.
    • Lead plaintiffs were institutional investors: the United Steelworkers' Pace Industry Union-Management Pension Fund, Skandia Life Insurance Co and the West Virginia Investment Management Board.
    | Comment!
  • 10:16 AM
    • J.P. Morgan tells clients to short U.S. Steel (X -2.7%), expecting the company to operate at a loss this year.
    • JPM cuts its estimated FY 2015 EPS for the company to a loss of $0.25 from its earlier outlook for a $1.57 gain, and sees FY 2016 EPS of $1.42 vs. its earlier view for $3.00.
    • The firm believes a strong dollar, weak oil prices and slowing growth in China will weigh on metals demand.
    • Also: AKS -3.6%, NUE -1.3%, STLD -2.1%, WOR -3%, CLF -3.9%, CMC -1.8%, TMST -3.9%, SCHN -1.9%.
    • Earlier: U.S. Steel to idle Minnesota plant
    | 8 Comments
  • 10:11 AM
    • Shares of Reading International (RDI -5.1%) trade lower on strong volume.
    • The stock has set a series of all-time highs in trading this month.
    • A minor bit of insider selling from a board director was reported last night.
    • SEC Form 4
    | 2 Comments
  • 10:09 AM
    • Teva Pharmaceutical Industries (TEVA +0.6%) launches its generic equivalent to Novatis' (NVS -1.9%) hypertension med Exforge (amlodipine and valsartan) in the U.S.
    • Per IMS Health, Exforge is a ~$400M market in the United States.
    | Comment!
  • 10:05 AM
    • L-3 (LLL -0.3%) says its National Security Solutions business has been awarded a contract for the U.S. Army's MC4 program, with a ceiling of $117M.
    • Under the contract, L-3 NSS will expand its efforts to include operational technical support for the tactical medical information system.
    | Comment!
  • 10:03 AM
    • In what would be the longest winning streak in more than a decade, U.S. Treasury bonds are on pace for their fifth straight quarterly price gain, with the yield on the 10-year note of 1.95% comparing to 2.17% at the year's start.
    • The last time the yield fell for five straight quarters was March 2001.
    • Overall, the Treasury market has punched out a total return in Q1 of 1.48% following a return of 5.05% in 2014.
    • The Fed is hellbent on tightening monetary policy, but - as good as long-term Treasurys have performed - the yield differential with the rest of the developed world continues to grow and continues to drive foreign money to U.S. shores. Ten-year Bunds are yielding 0.191%, 10-year Gilts 1.57%, and Spain and Italy 10-year paper yields less than 1.3%.
    • The March employment report is set for release on Friday morning.
    • Previously: Chicago PMI at the lowest level since 2009 (March 31)
    • ETFs: TBT, TLT, TMV, IEF, TBF, EDV, TMF, PST, TTT, ZROZ, SBND, TLH, IEI, TYO, VGLT, DLBS, DTYS, UST, UBT, TLO, PLW, VGIT, GOVT, TBX, GSY, TENZ, SCHR, DTYL, TYD, LBND, ITE, TYBS, DLBL, DFVL, FIVZ, TBZ, DFVS, TYNS, TAPR, SYTL
    | Comment!
  • 10:01 AM
     
    • Mar. Consumer Confidence: 101.3  vs. 96 consensus; 98.8 (revised) in Feb.
    • The Present Situation Index decreased from 112.1 in February to 109.1
    | 3 Comments
  • 10:01 AM
    • Privately-held Syndax Pharmaceuticals and Merck (MRK -0.4%) enter into a clinical collaboration to evaluate the combination of Syndax's investigational epigenetic therapy, entinostat, with Merck's PD-1 inhibitor, Keytruda (pembrolizumab). A Phase 1b/2 study assessing the combination in patients with either advanced non-small cell lung cancer or melanoma will commence in H2.
    • Breakthrough Therapy-designated entinostat is a histone deacetylase (HDAC) inhibitor. HDACs are a class of enzymes that play a key role in regulating gene expression through a chemical modification to DNA-associated proteins called histones. This chemical modification is part of epigenetics, the regulatory system that controls gene expression. HDACs are over-expressed in cancer cells which leads to abnormal gene regulation which leads to uncontrolled cell growth and resistance to cancer therapies.
    | Comment!
  • 10:00 AM
     
    • Dow -0.56%.
    • 10-yr +0.07%.
    • Euro -0.82% vs. dollar.
    • Crude -1.29% to $48.05.
    • Gold +0.13% to $1,186.90.
    | 1 Comment
  • 9:59 AM
    • A better-than-expected report from Movado is giving a lift to some luxury peers.
    • Fossil (FOSL +1%), Coach (COH +0.5%), and Kate Spade (KATE +0.2%) are all higher on a down day in the markets.
    • Movado was able to take some measures to mitigate the impact of F/X swings.
    • Previously: Movado rips 8% gain after guidance pleases
    | Comment!
  • 9:59 AM
    • Believing the company's risk/reward and (free cash flow-based) valuation are favorable after months of underperforming equity markets, Stifel has upgraded Priceline (PCLN +1.3%) to Buy, and set a $1,400 target.
    • The online travel giant is up 17% from a Jan. 29 low of $992.12, but remains 13% below its March 2013 highs thanks to European macro and forex concerns; the Nasdaq has risen over 10% during this time. Shares trade for 20x a 2015 EPS consensus of $57.24, and 17x a 2016 EPS consensus of $67.77.
    • Stifel downgraded Priceline to Hold on Jan. 8, when shares were at $1,069.57.
    | 4 Comments
  • 9:56 AM
    • After being challenged by investors, Lloyds (NYSE:LYG) is putting on hold plans to redeem more than $1B of debt issued as part of its 2009 bailout.
    • The bank has argued the expensive paper - sold to help the failing bank through its stress test during the financial crisis - can be bought back at par since regulators stopped counting it as equity last year. The debt trades at a premium to par, so bondholders are obviously not pleased, and dispute the bank's claim.
    | 3 Comments
  • 9:52 AM
    • Elephant Talk (NYSEMKT:ETAK) is off 8.5% after its Q4 revenue missed expectations and it started restating past results to reflect a new business model.
    • With the company finishing a transition away from its legacy landline business to mobile/security, it's restated past results, and recognizing revenue from the past couple of years over a longer time frame ("a number of years").
    • The restatement means that Q4 revenue of $5.5M (-8.8% Y/Y) was up sequentially from $4.4M, and deferred revenue at year's end was $11.2M compared with the prior year's $2.6M.
    • Net cash used in operations up to -$2.1M from prior year's -$6M.
    • The company noted that its Iusacell contract isn't likely to continue due to Iusacell's new owner AT&T's preference for existing legacy vendors.
    • Conference call at 11 a.m. ET.
    • Press release
    | Comment!
  • 9:52 AM
    • Galmed Pharmaceuticals (GLMD -1.5%) Q4 results: Revenues: $0; R&D Expense: $6.7M (-6.9%); SG&A: $2.5M (-66.2%); Net Loss: ($9.1M) (+48.0%); Loss Per Share: ($0.88) (+74.5%); Quick Assets: $32M (+999%).
    • No guidance given.
    | Comment!
  • 9:52 AM
    | Comment!
  • 9:47 AM
     
    | Comment!
  • 9:45 AM
    • Petrobras (NYSE:PBR) investors have expanded their lawsuit against the company by adding claims that auditor PricewaterhouseCoopers turned a “blind eye” to the fraud and "ignored obvious red flags.”
    • The company and its senior executives violated provisions of U.S. and Brazilian corporate law, as well as Brazil’s securities laws, civil code and Securities Commission regulations, according to the revised complaint filed Friday in Manhattan federal court.
    • The amended lawsuit revolves around claims that PBR execs engaged in a multiyear, multibillion-dollar money laundering and bribery scheme that was concealed from investors.
    | 3 Comments
  • 9:43 AM
    • Believing strained ties between (major Brocade OEM partner) EMC and (top Brocade rival) Cisco will help the company gain Fibre Channel switching share, William Blair has upgraded Brocade (BRCD +1.6%) to Market Perform.
    • EMC/Cisco recently restructured their VCE converged hardware JV to leave Cisco with just a 10% stake. Meanwhile, Cisco and EMC-owned VMware have become fierce rivals in the SDN/networking virtualization software market.
    • Brocade currently trades for 13x FY15 (ends Oct. '15) consensus EPS. Shares have mostly traded in an $11-$13 range for several months.
    | 1 Comment
  • 9:43 AM
    • Economists don't seem fully convinced that weather is behind the slower-than-anticipated pace of spending on goods and services for the first part of 2015.
    • Most have lowered Q1 GDP estimates without necessarily calling for a spring sales bounce.
    • Despite some indications consumer confidence has improved and a stronger job environment, consumers have increased their level of personal savings instead of spending in droves.
    • The weather excuse will get its test when April numbers start coming in.
    • Related ETFs: XLP, XLY, VDC, XRT, VCR, RTH, RETL, FXG, PBJ, IYK, PEJ, FXD, IYC, FDIS, RHS, SCC, FSTA, UCC, PMR, PSL, UGE, RCD, PEZ, PSCC, PSCD, SZK
    | Comment!
  • 9:43 AM
    • Argos Therapeutics (ARGS) Q4 results: Revenues: $0.3M (-57.1%); R&D Expense: $13.5M (+90.1%); SG&A: $2.5M (+56.3%); Operating Loss: ($15.6M) (-95.0%); Net Loss: ($16.2M) (-90.6%); Loss Per Share: ($0.83) (+97.7%).
    • FY2014 results: Revenues: $2M (-54.5%); R&D Expense: $45.5M (+89.6%); SG&A: $8.6M (+83.0%); Operating Loss: ($52.1M) (-115.3%); Net Loss: ($54.2M) (-59.9%); Loss Per Share: ($3.12) (+97.9%); Quick Assets: $56.2M (19.6%).
    • No guidance given.
    | Comment!
  • 9:40 AM
    • Hexcel (HXL +1.3%) is heading higher in early trade after Stifel reiterated its Buy rating on the stock and raised its price target to $60 from $55.
    • HXL shares have climbed 18.6% in the past 52 weeks.
    | Comment!
  • 9:39 AM
    • AstraZeneca (AZN -2%) launches Movantik (naloxegol) in the U.S., a once-daily oral medication for the treatment of opioid-induced constipation (OIC) in adult patients with chronic, non-cancer pain.
    • Opioids work by binding to mu-receptors in the brain and other parts of the central nervous system. Unfortunately, mu-receptors also exist in the bowel which leads to OIC. Movantik is mu-opioid receptor antagonist.
    • Movantik will be co-promoted in the U.S. by Daiichi Sankyo (OTCPK:DSNKY).
    • Previously: AstraZeneca inks U.S. co-commercialization deal for OIC med (March 19)
    • Related tickers: (NKTR -1%)(PGNX +0.5%)(CBST)(SLXP +0.1%)(SGYP -2.4%)
    | 1 Comment
  • 9:31 AM
     
    • Dow -0.56% to 17,874.90. S&P -0.54% to 2,075.00. Nasdaq -0.4% to 4,927.78.
    • Treasurys: 30-year -0.18%. 10-yr -0.02%. 5-yr +0.02%.
    • Commodities: Crude -1.36% to $48.02. Gold +0.11% to $1,186.60.
    • Currencies: Euro -0.89% vs. dollar. Yen -0.14%. Pound -0.03%.
    | Comment!
  • 9:30 AM
    • Facebook has deployed Infinera's (NASDAQ:INFN) mainstay DTN-X optical transport/switching systems on its European network. The route on which the hardware is deployed delivers up to 8Tb/s of capacity and span 3,998km - Infinera calls it "the world's longest terrestrial multi-terabit route" - and connects Facebook's Lulea, Sweden data center with network hubs.
    • The DTN-X systems rely on Infinera's photonic integrated circuits (PICs) to deliver 500Gb/s of capacity per line card, with the potential to expand to 1.2Tb/s in the future. A Facebook exec: "[Infinera's solution] makes it easy for us to rapidly grow network capacity while keeping operations simple. Once the equipment is in place we are able to turn up as many terabits as we need."
    • Web giants such as Facebook and Google have turned into a major growth engine for Infinera and its peers, helping offset sluggish demand from telcos. Aside from DTN-X, Infinera is targeting Web clients via its Cloud Xpress metro point-to-point interconnect systems.
    • Shares have rallied to $20.04, and are up 13% since MKM issued a bullish note last week.
    | Comment!
  • 9:30 AM
    • FelCor (NYSE:FCH) declares $0.04/share quarterly dividend, in line with previous.
    • Forward yield 1.38%
    • Payable April 30; for shareholders of record April 15; ex-div April 13.
    | Comment!
  • 9:29 AM
    • Elephant Talk (NYSEMKT:ETAK): Q4 loss from operations of $3.5M.
    • Revenue of $5.5M (-8.8% Y/Y) misses by $2.56M.
    • Press Release
    | Comment!
  • 9:28 AM
    • Continuing its latest series of orders, Raytheon (NYSE:RTN) has announced four new contracts today valued at a total of approximately $765M.
    • Contracts include: Stinger missiles and launchers for the Republic of Korea Army ($35), a U.S. Navy award for long-lead materials needed for SM-6 production and SM-2 sustainment ($110M) and modification awards for its AMRAAM ($529M) and MALD-J missiles ($91M).
    • RTN shares have climbed 12.5% in the past 52 weeks.
    | Comment!
  • 9:27 AM
    • Insmed (NASDAQ:INSM) prices its public offering of 10M shares of common stock at $20.65 per share. Net proceeds will be ~$194M. Closing date is April 6.
    • Shares are down 3% premarket.
    • Previously: Insmed initiates equity offering (March 30)
    | Comment!
  • 9:25 AM
     
    • Stock futures point to a lower open on the last day of the quarter following back-to-back sessions of solid gains; S&P and Dow -0.5%, Nasdaq -0.3%.
    • European bourses are 0.5%-1% lower; in Asia, the Shanghai Composite fell 1% and the Nikkei tumbled 1.1%.
    • Richmond Fed President Lacker said there is a strong case for the Fed to start raising rates in June, but stock futures already had been lower.
    • Stocks rallied yesterday despite dollar strength, which is continuing into today with the Dollar Index +0.5% and on track to end the month higher by nearly 3%.
    • Dollar strength has hit crude oil prices since the start of the year, and U.S. crude trades -1.8% so far today at $47.78, widening its quarterly loss to 12.8%.
    • Treasury prices hold slim gains, with the benchmark 10-year yield down a basis point at 1.94%.
    • Still ahead: Chicago PMI, consumer confidence
    | Comment!
  • 9:23 AM
    • Net Element (NASDAQ:NETE): FY14 EPS of -$0.19 beats by $0.02.
    • Revenue of $21.2M (+13.4% Y/Y) misses by $5.9M.
    • Shares -0.83% PM.
    • Press Release
    | Comment!
  • 9:23 AM
    • Kenon (NYSE:KEN): FY'14 Net income of $489M.
    • Revenue of $1.37B (+56.9% Y/Y).
    • Press Release
    | Comment!
  • 9:22 AM
    • Intercept Pharmaceuticals (NASDAQ:ICPT) prices its public offering of 1.2M shares of common stock at $282 per share yielding gross proceeds of ~$338.4M. Underwriters over-allotment is an additional 180K shares. Closing date is April 6.
    • ICPT is down 4% premarket.
    | Comment!
  • 9:22 AM
    • Deutsche Bank lifts its price target on Under Armour (NYSE:UA) to $85.
    • Earlier this week, FBR & Co. set the PT bar even higher at $90.
    • Citigroup sits with a $88 PT on UA.
    • The company has generated even more interest from investors recently due its aggressive positioning in basketball and the potential for new global growth channels.
    • Under Armour basketball timeline.
    • UA +0.6% premarket to $80.38 vs. all-time high of $82.67.
    | 2 Comments
  • 9:20 AM
    • Synchrony Financial (NYSE:SYF) inks a multi-year deal to offer a private label credit card program through My Home Renovator, which has a network of retail locations inside Wal-Mart stores across the country.
    • My Home Renovator allows shoppers with home improvement projects to easiy connect with qualified renovators and products.
    • Source: Press Release
    | 1 Comment
  • 9:14 AM
    • U.S. Steel (NYSE:X) -1.3% premarket after announcing it will temporary idle the Minntac plant, part of its Minnesota Ore Operations, effective June 1, citing ongoing operational adjustments that are the result of challenging market conditions.
    • Job losses are not specified, only that the number of employees impacted will be based upon operational and maintenance needs.
    • The company says it will continue to operate Minntac at reduced capacity in order to meet customer demand.
    | 1 Comment
  • 9:13 AM
    | 1 Comment
  • 9:10 AM
    • Celladon Corp. (CLDN +2.8%) Q4 results: Revenues: $0; R&D Expense: $7.2M (+38.5%); SG&A: $3.8M (+375.0%); Operating Loss: ($11M) (-83.3%); Net Loss: ($11.3M) (-82.3%).
    • FY2014 results: Revenues: $0; R&D Expense: $22.7M (+34.3%); SG&A: $10.3M (+243.3%); Operating Loss: ($33M) (-65.0%); Net Loss: ($33.9M) (-68.7%); Quick Assets: $84.9M (+361.4%).
    • No guidance given.
    | Comment!
  • 9:08 AM
    • Wal-Mart (NYSE:WMT) decides to end free shipping in Canada for orders less than C$50 ($39.41), reports RetailDive.
    • The far-flung nature of distribution in Canada makes shipping expensive for U.S. retailers in the region.
    | Comment!
  • 9:08 AM
    • Actavis (NYSE:ACT) sells its generic drug business in Australia to privately-held Amneal Pharmaceuticals for an undisclosed sum. Actavis will continue to supply the market until the deal is complete.
    | Comment!
  • 9:07 AM
    • Redbook Chain Store Sales: +3% Y/Y vs. +2.8% last week.
    • +1.2% M/M vs. +1.1% prior.
    • Sales were were benefited from earlier Easter as well as students on spring break, however cold weather held back sales of spring goods.
    • ETFs: PBJ, IYK, PEJ, IYC, SCC, UCC, UGE, SZK
    | Comment!
  • 9:05 AM
    • Charter Communications (CHTR, up 5.2% premarket) has reached agreement to acquire Bright House Networks for $10.4B.
    • The outlines of a deal were there, but it's early -- it was expected that a ruling would come down on Comcast's (NASDAQ:CMCSA) merger with Time Warner Cable (NYSE:TWC) before Charter made a move.
    • The structure: a partnership where Charter owns 73.7% and Advance/Newhouse owns 26.3%. Charter will pay $2B in cash.
    • There's still several conditions to wrapping the deal, including Charter transactions with Comcast.
    | Comment!
  • 9:03 AM
    • American DG Energy (NYSEMKT:ADGE): Q4 EPS of -$0.03
    • Revenue of $2.08M (+11.2% Y/Y)
    • Press Release
    | Comment!
  • 9:02 AM
    • Tyson Foods (NYSE:TSN) plans to close a poultry plant in Georgia in a bid to boost efficiency.
    • The company will also end a third shift at a different plant in the state and change focus at a third to tray pack chicken production.
    | Comment!
  • 9:02 AM
    • Sun Bancorp (NASDAQ:SNBC) agrees to the sale of its Hammonton branch assets and related deposits/loans to Cape Bank for a deposit premium of 4%, resulting in an anticipated net gain of about $500K.
    • In addition, the bank is consolidating nine branches across seven counties, and expects an overall branch count of 31 by year-end.
    • This sale and consolidation should result in annual noninterest expense reductions of about $4.6M. There will be a one-time $4.6M charge though, but the bank notes this is offset by a $9.2M gain on sale from a previously-announced sale on March 6 of seven Cape May County branches.
    • When these deals all close, the bank will see a 39% reduction in locations, annualized expense savings of about $10M, and net gains on sales of roughly $6.5M.
    • Source: Press Release
    • Previously: Sun Bancorp to focus on core after sale of branches (March 9)
    | Comment!
  • 9:01 AM
     
    | 1 Comment
  • 9:00 AM
     
    • S&P -0.43%.
    • 10-yr +0.09%.
    • Euro -0.76% vs. dollar.
    • Crude -1.17% to $48.11.
    • Gold +0.23% to $1,188.00.
    | Comment!
  • 8:58 AM
    • RedHill Biopharma (NASDAQ:RDHL) acquires exclusive worldwide development and commercialization rights to ABC294640, a Phase 1-stage anti-inflammatory small molecule under development at privately-held Apogee Biotechnology.
    • Under the terms of the agreement, RedHill will pay an upfront fee of $1.5M, up to $4M in milestones and tiered royalties on commercial sales starting in the low double-digits.
    • ABC294640 inhibits sphingosine kinase-2 (SK2), an enzyme that catalyzes formation of sphingosine 1-phosphate (S1P), a lipid that promotes cancer growth and pathological inflammation. Inhibiting SK2 blocks the synthesis of S1P which regulates fundamental processes like cell proliferation, migration, immune cell trafficking and angiogenesis and is involved in immune modulation and suppression of innate immune responses from T cells.
    • ABC294640 has potential applications in various cancers, inflammatory and gastrointestinal diseases. A Phase 1b/2 study in refractory/relapsed diffuse large B-cell lymphoma is expected to commence in Q2.
    | Comment!
  • 8:57 AM
    • McDermott (NYSE:MDR) is awarded a "sizeable" contract to install subsea infrastructure for an expansion of Chevron's Jack-St. Malo field in the Gulf of Mexico.
    • It is the second subsea project in the Jack and St. Malo fields that MDR has carried out for Chevron, which MDR says shows confidence in its ability to install subsea facilities in such challenging deepwater environments.
    • MDR says the value of the award is included in its Q1 backlog.
    | Comment!
  • 8:56 AM
    • Movado (NYSE:MOV) soars in premarket trading after setting guidance above expectations and avoiding the worst-case F/X forecast.
    • The watch category saw slow growth in the quarter as expected, but Movado says its design innovation helped the sell-through rate.
    • A dividend payout boost and health amount of buyback activity in Q4 are also in the mix.
    • The company's outlook for FY16 EPS of $2.00-$2.10 is out ahead of the $1.89 EPS analysts forecast.
    • Previously: Movado beats by $0.20, misses on revenue (Mar. 31 2015)
    • Previously: More on Movado's Q4 (Mar. 31 2015)
    • MOV +8.1% premarket.
    | Comment!
  • 8:54 AM
    • Cellular Biomedicine (NASDAQ:CBMG): Q4 Net Loss of $5.5M.
    • Revenue of $0.4M (+300.0% Y/Y) beats by $0.2M.
    • Press Release
    | Comment!
  • 8:53 AM
    • RiT Technologies (NASDAQ:RITT): Q4 EPS of -$0.20
    • Revenue of $0.92M (-69.1% Y/Y)
    • Press Release
    | Comment!
  • 8:52 AM
    • Fusion Telecom (NASDAQ:FSNN): Q4 EPS of -$0.34 may not be comparable to consensus of -$0.35.
    • Revenue of $23.5M (+44.3% Y/Y) beats by $0.4M.
    • Press Release
    | Comment!
  • 8:46 AM
    • CVS Health (NYSE:CVS) announces new affiliations with medical centers in Illinois and Arizona.
    • The company signed a clinical deal with Rush University Medical Center in Chicago and Tucson Medical Center in Tucson.
    • CVS says it now has more than 50 major health systems and providers in its system.
    | 9 Comments
  • 8:41 AM
    • Morgan Stanley adds Sprouts Farmers Market (NASDAQ:SFM) to its Best Ideas List.
    • Shares of Sprouts peeled off about 9% of their price since the company reported Q4 earnings to give MS its new entry point.
    • New strategic initiatives at the specialty grocery store chain are seen as boosting earnings growth.
    | Comment!
  • 8:38 AM
    | 1 Comment
  • 8:37 AM
    • THT Heat Transfer (NASDAQ:THTI): Q4 Net Loss of $1.3M.
    • Revenue of $24.2M.
    • Press Release
    | Comment!
  • 8:35 AM
    • Total (NYSE:TOT) is seeking international arbitration over a tax disagreement with Uganda which could further delay crude oil production in the country.
    • TOT has not disclosed how much tax is at the heart of the dispute or why it objects to the tax levy, but a source tells Reuters that the company believes a production sharing agreement for one of the blocks includes a tax waiver and would save it ~$30M.
    • Uganda's crude reserves are estimated by government geologists at 6.5B barrels, but commercial production has been repeatedly delayed by previous disputes with other explorers over taxes and development plans.
    | Comment!
  • 8:34 AM
    • Empire Resources (NASDAQ:ERS): Q4 EPS of $0.06
    • Revenue of $138.08M (+22.8% Y/Y)
    • Press Release
    | Comment!
  • 8:32 AM
    • D.R. Horton (NYSE:DHI) is ahead 0.6% in premarket action as Susquehanna upgrades to Positive from Neutral. The price target is $34.
    • DHI is up 36.5% over the last six months, outperforming the homebuilder ETF (NYSEARCA:ITB) by more than 1K basis points.
    | Comment!
  • 8:31 AM
    • The U.S. Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response's Biomedical Advanced Research and Development Authority (BARDA) awards BioCryst Pharmaceuticals (NASDAQ:BCRX) a contract for the continued development of BCX4430 for the potential treatment of diseases caused by RNA pathogens, including filoviruses.
    • The base contract of $12.1M will support the manufacturing of BCX4430, while $22.9M in additional development options may be exercised by the government. The scope of the work in the base contract pertains to manufacturing, process improvement and scale-up over an 18-month period. The BCX4430 produced under the contract will be used in clinical trials and non-clinical toxicology studies that will support a New Drug Application (NDA) filing with the FDA for both intravenous and intramuscular formulations of BCX4430.
    • President & CEO Jon P. Stonehouse says, "BCX4430 currently represents the only single drug that has demonstrated a survival benefit in non-human primates infected with Marburg or Ebola viruses. This new BARDA contract provides continuity in the ongoing development of our broad spectrum antiviral, '4430, and moves this program closer to the finish line."
    • BCX4430 is an RNA dependent-RNA polymerase inhibitor that has shown broad-spectrum activity against in vitro against more than 20 RNA viruses in nine different families, including filoviruses, togaviruses, bunyaviruses, arenaviruses, paramyxoviruses, coronaviruses and flaviviruses.
    | Comment!
  • 8:27 AM
    • Wintrust Financial (NASDAQ:WTFC) looks to expand in downtown Chicago with the purchase of North Bank, which has two locations and about $108M in assets, $55M in deposits, and $96M in loans.
    • The purchase price is roughly $17M in cash, and the deal is expected to close late in Q2 or early Q3. The purchase isn't expected to have a material effect on 2015 EPS.
    • Source: Press Release
    | Comment!
  • 8:21 AM
    • Net income of $2M, or $0.51 per share vs. $4.7M, or $1.34 per share, in the fourth quarter of 2013.
    • Revenue by segment: Dyeing and finishing equipment -9%; Forged rolled rings to industries other than wind power -17.2%; Forged rolled rings for the wind power industry -2.2%.
    • Gross margin of 22.9% vs. 26% a year ago. Operating expenses increased by 84.2% to $5.8M vs. $3.1M in the same period last year.
    • CLNT -0.3% premarket
    • Q4 results
    | Comment!
  • 8:20 AM
    • Greece needs to reach a new bailout deal with the troika soon as it's set to soon run out of cash, but, according to Reuters, negotiations in Brussels have ended without an agreement. One Greek official says the process isn't broken, just slow-moving, and - assuming progress is made in Athens on reforms - talks could open up again next week.
    • Goldman says the risk of Grexit is rising sharply, and with it the risk of unintended consequences. “Deposit flight exceeds previous episodes and the resulting tightening in financial conditions is a severe shock for an economy,” says Goldman's Robin Brooks, but for now the market is ignoring as there's been no spread to the rest of the EU periphery.
    • Mark Mobius, meanwhile, is a buyer now. "Greece will remain in the eurozone. There is no question." The banking sector looks particularly tasty, says Mobius, and he's long National Bank of Greece (NYSE:NBG).
    • GREK +1.7% premarket
    | 10 Comments
  • 8:18 AM
    • Anheuser-Busch InBev (NYSE:BUD) discloses it purchased 1.364M shares as part of a buyback program launched on February 26.
    • The company's purchases amounted to $166.9M over the period.
    • BUD -0.87% premarket to $122.48.
    • A-B press release (.pdf)
    | Comment!
  • 8:17 AM
    • Hooper Holmes (HH +5.6%) Q4 results: Revenues: $6.7M (-27.2%); COGS: $5.5M (-16.7%); SG&A: $2.2M (-50.0%); Operating Loss: ($1.1M) (+42.1%); Net Loss: ($1.2M) (+45.5%); Loss Per Share: ($0.02) (+33.3%).
    • FY2014 results: Revenues: $28.5M (+17.8%); COGS: $21.7M (+21.9%); SG&A: $14.1M (-19.9%); Operating Loss: ($5.7M) (+53.3%); Net Loss: ($5.9M) (+53.5%); Loss Per Share: ($0.08) (+55.6%); Quick Assets: $5.2M (+30.0%).
    • No guidance given.
    | Comment!
  • 8:15 AM
    • Rex Energy (NASDAQ:REXX) announces a joint venture agreement with ArcLight Capital Partners to develop 32 wells in the company's Butler Operated Area in the Marcellus Shale, with the P-E firm funding 35% of the well costs.
    • REXX expects the agreement to its 2015 capex program by $60M to $135M-$145M, a 30% decrease at the midpoint of guidance; total consideration for the deal is $67M.
    • Taking into account the new joint venture, REXX now foresees Q1 production at the midpoint of its previously announced guidance of 190M-196M cfe/day and FY 2015 production of 185M-195M cfe/day, a 23% Y/Y increase at the midpoint of guidance.
    | Comment!
  • 8:09 AM
    • E-Commerce China Dangdang (NYSE:DANG): Q4 EPS of $0.07 beats by $0.01.
    • Revenue of $403.73M (+23.9% Y/Y) beats by $1.14M.
    • Shares +1.43% PM.
    • Press Release
    | 2 Comments
  • 8:07 AM
    • GW Pharmaceuticals (NASDAQ:GWPH) commences the Phase 3 segment of a Phase 2/3 clinical trial evaluating Epidiolex (cannabidiol) for the treatment of Dravet syndrome, a rare and catastrophic treatment-resistant form of childhood epilepsy. Top-line data are expected by the end of the year.
    • The first part of the study, the Phase 2, determined the pharmacokinetics and dose of Epidiolex in 34 patients over a three-week period. It was completed in February. The dose for the Phase 3 will be 20 mg/kg.
    • The 14-week Phase 3 trial will assess Epidiolex versus placebo in 100 patients as an adjunctive antiepileptic treatment. The primary efficacy endpoint is the percent change from baseline in convulsive seizure frequency during the maintenance period of the study compared to placebo. All patients will be newly recruited, with none from the Phase 2 portion.
    • The company forecasts that it will submit a New Drug Application (NDA) for Orphan Drug- and Fast Track-designated Epidiolex for Dravet syndrome to the FDA in mid-2016.
    • Previously: Encouraging preliminary data for Epidiolex (June 17, 2014)
    | Comment!
  • 8:05 AM
    | Comment!
  • 8:04 AM
    • SkyPeople Fruit Juice (NASDAQ:SPU): FY14 EPS of $0.30
    • Revenue of $99.06M (+25.4% Y/Y)
    • Press Release
    | Comment!
  • 8:04 AM
    • Shares of J.C. Penney (NYSE:JCP) perk up in early trading after Piper Jaffray lifts estimates based on channel checks.
    • The new price target of $14 represents considerable upside potential for the department store stock.
    • Analyst Neely Tammings has JCP rated at Overweight.
    • JCP +1.66% to $7.96.
    | 8 Comments
  • 8:04 AM
     
    • "I expect that, unless incoming economic reports diverge substantially from projections, the case for raising rates will remain strong at the June meeting," says Richmond Fed boss Jeffrey Lacker, doing nothing to shake his hawkish reputation.
    • He says he's looking past some of the weaker economic numbers of late, and blames the strong dollar and lower energy prices for the slow inflation prints.
    • Lacker is a voter on the FOMC this year.
    • Full speech
    | 3 Comments
  • 8:03 AM
    • Wireless Telecom (NYSEMKT:WTT): Q4 EPS of $0.01
    • Revenue of $9.34M (-2.0% Y/Y)
    • Press Release
    | Comment!
  • 8:02 AM
    • Atlatsa Resources (NYSEMKT:ATL): Q4 EPS of -C$0.02
    • Revenue of C$54.6M (+13.9% Y/Y)
    • Press Release
    | Comment!
  • 8:00 AM
     
    • S&P -0.5%.
    • 10-yr +0.07%.
    • Euro -0.86% vs. dollar.
    • Crude -2.28% to $47.57.
    • Gold -0.01% to $1,185.20.
    | Comment!
  • 7:58 AM
    • Canadian Solar (NASDAQ:CSIQ) has completed its acquisition of Recurrent Energy from Sharp (OTCPK:SHCAY) for $265M.
    • With the closing of the transaction, David Brochu has been appointed Recurrent's new CEO to replace Arno Harris. Michael Metzner, Recurrent's CFO, is also stepping down from his role.
    • CSIQ +1.2% premarket
    • Previously: Canadian Solar to acquire Sharp's Recurrent for $265M (Feb. 03 2015)
    | 1 Comment
  • 7:58 AM
    • Starbucks (NASDAQ:SBUX) will begin selling a new smoothie line at 4.3K U.S. stores today.
    • The new offerings will include smoothies made from Evolution Fresh juices and Dannon yogurt.
    • Starbucks has a long partnership with Danone (OTCQX:DANOY) that is expected to expand into grocery stores this summer.
    | 2 Comments
  • 7:56 AM
    • Mosaic (NYSE:MOS) hikes annual dividend by 10% to $1.10/share, translating into annual yield of 2.32%.
    • The increased dividend will be effective from May 2015.
    | Comment!
  • 7:55 AM
    • Vitae Pharmaceuticals (VTAE +0.9%) Q4 results: Revenues: $0.2M (-98.7%); R&D Expense: $5.1M (+34.2%); SG&A: $2.2M (+57.1%); Operating Loss: ($7.1M) (-171.0%); Net Loss: ($7.3M) (-175.3%); Loss Per Share: ($0.40) (-154.1%).
    • FY2014 results: Revenues: $8.7M (-61.3%); R&D Expense: $19.3M (+29.5%); SG&A: $7.9M (+46.3%); Operating Loss: ($18.5M) (-940.9%); Net Loss: ($19.1M) (-999%); Loss Per Share: ($3.61); Quick Assets: $65.3M (+100.9%).
    • No guidance given.
    | Comment!
  • 7:53 AM
    • Comcast (NASDAQ:CMCSA) says it will invest $4B in a new company being formed by its outgoing CFO.
    • Michael Angelakis will serve as the CEO of the new entity tasked with finding areas of growth and diversification for Comcast.
    • The new company will have a 10-year exclusive partnership with Comcast.
    • A search for a new Comcast CFO will commence immediately.
    | 3 Comments
  • 7:52 AM
    • ConocoPhillips (NYSE:COP) plans to invest ~$2.5B in Indonesia's upstream oil and gas industry over the next three or four years, according to the country's energy minister, roughly matching its investment in the sector over the preceding four years.
    • Operating two oil and gas blocks in Indonesia - Natuna Sea Block B and the Corridor Block in South Sumatra - COP now contributes more than 20% of the country's natural gas production, 24% of its liquefied petroleum gas output and 6%-7% of its crude oil production.
    • COP CEO Ryan Lance says the contract to operate the Natuna is due to expire in 2020, and does not specify how much the company plans to invest in Indonesia over the next few years.
    | 1 Comment
  • 7:50 AM
    | Comment!
  • 7:47 AM
    • Sypris Solutions (NASDAQ:SYPR): Q4 EPS of -$0.11 misses by $0.11.
    • Revenue of $87.22M (+18.1% Y/Y) misses by $4.08M.
    • Press Release
    | Comment!
  • 7:47 AM
    • Cablevision (NYSE:CVC) is planning to make an offer for the New York Daily News as early as this week, valuing the troubled tabloid at just $1, Reuters reports.
    • The bid takes into account the New York Daily News' reported $30M annual loss, $150M investment in a printing press and declining circulation that relies heavily on newsstand sales rather than on subscriptions.
    • Cablevision also owns suburban newspaper Newsday.
    | 1 Comment
  • 7:46 AM
    • As floated a few weeks ago, CBRE Group (NYSE:CBG) has landed Global WorkPlace Solutions, a provider of Integrated Facilities Management solution for occupiers of commercial real estate.
    • GWS will operate as part of CBRE's fast-growing Global Corporate Services business, and CBRE and Johnson Controls have inked a 10-year strategic relationship in which CBRE will provide JCI will a full suite of integrated corporate real estate services on more than 50M square feet.
    • Upon closing, GWS President John Murphy will join CBRE as global COO.
    • GWS has about 16K employees and generated revenue of about $3.4B last year. The deal should be materially accretive to adjusted EPS in 2016. It's expected to close late in Q3 or early Q4.
    • A conference call is set for 9 ET.
    • Source: Press Release
    • Previously: WSJ: CBRE set to buy Johnson Controls' corporate real estate unit (March 5)
    | Comment!
  • 7:41 AM
    • Biotie (OTCPK:BIOZF) commences patient enrollment in a Phase 2a study evaluating its human monoclonal antibody, BTT1023, for the treatment of primary sclerosing cholangitis (PSC), a disease of the bile ducts where inflammation causes scars (fibrosis) which make the ducts hard and narrow and gradually causes serious damage to the liver. The only known cure is a liver transplant.
    • The trial will evaluate BTT1023 in 41 patients with PSC. Each patient will receive BTT1023 via intravenous infusion every two weeks over an 11-week treatment period. The primary efficacy endpoint is a reduction of elevated levels of alkaline phosphatase, a blood biomarker of bile duct inflammation. Secondary endpoints include various measures of liver injury and fibrosis. Treatment of all patients should be completed by the end of 2016.
    | Comment!
  • 7:39 AM
    • Credit Suisse upgrades Reliance Steel (NYSE:RS) to Outperform from Neutral saying the company deserves a higher multiple.
    • The firm, however, still sees the stock with a $77 price target.
    • RS +0.4% premarket
    | Comment!
  • 7:34 AM
     
    • Credit reporting agency Transunion files for an IPO, using a placeholder amount of $100M to be raised.
    • The company reported revenue of $1.304.7B last year, up from $1.183.2B in 2013. Adjusted EBITDA of $451.6M rose from $408.5M.
    • Prospectus
    | 1 Comment
  • 7:33 AM
    | Comment!
  • 7:33 AM
    • Coast Distribution System (NYSEMKT:CRV): Q4 EPS of -$0.23
    • Revenue of $22.3M (+12.1% Y/Y)
    • Press Release
    | Comment!
  • 7:32 AM
    • Movado (NYSE:MOV) reports revenue dropped 1.5% on a constant dollar basis.
    • Gross margin rate declined 270 bps to 50.3%.
    • FY2016 Guidance: Net sales: $590M to $600M; Gross margin rate: ~53.5%; Operating income: ~$72M to $75M; Tax rate: ~30.0%; Net income: ~$48.5M to $51.0M; Diluted EPS: $2.00 to $2.10.
    • MOV +5.93% premarket.
    | Comment!
  • 7:32 AM
    • Ocean Bio-Chem (NASDAQ:OBCI): Q4 EPS of $0.06
    • Revenue of $8.76M (+12.6% Y/Y)
    • Press Release
    | 1 Comment
  • 7:31 AM
    • Hooper Holmes (NYSEMKT:HH): Q4 EPS of -$0.02
    • Revenue of $6.7M (-27.2% Y/Y)
    • Press Release
    | Comment!
  • 7:30 AM
    • Production at a Volkswagen (OTCQX:VLKAY) plant in Brazil has been halted in a reaction to slow demand in the region.
    • 4.2K workers have been furloughed, according to a local union.
    • Automobile sales in Brazil are down 20% Y/Y through the first two months of 2015.
    | Comment!
  • 7:27 AM
    • BG Medicine (BGMD -4.5%) Q4 results: Revenues: $0.6M (-45.5%); R&D Expense: $0.5M (+150.0%); SG&A: $1M (-9.1%); Operating Loss: ($1.2M) (+29.4%); Net Loss: ($1.3M) (+31.6%); Loss Per Share: ($0.04) (+33.3%).
    • FY2014 results: Revenues: $2.8M (-31.7%); R&D Expense: $2.4M (-35.1%); SG&A: $6.8M (-48.9%); Operating Loss: ($7.4M) (+48.6%); Net Loss: ($8.1M) (+48.7%); Loss Per Share: ($0.25) (+56.9%); Quick Assets: $4.1M (-47.4%); CF Ops: ($8.2M) (+46.4%).
    • No guidance given.
    | Comment!
  • 7:26 AM
    • Brean Capital initiates coverage on Express (NYSE:EXPR) with a Buy rating.
    • The investment firm also shines a light on New York & Company (NYSE:NWY) with a Buy recommendation.
    • Specialty retail has outperformed the broad market over the last two weeks as confidence has returned to the sector.
    | Comment!
  • 7:26 AM
    • It's been a rough ride of late for the Canadian lenders as investors fret over the impact of the oil price crash on that economy, not to mention the bubbly housing market. Citi's seen enough, and upgrades TD Bank (NYSE:TD) and Royal Bank of Canada (NYSE:RY) to Buy from Neutral. The price target on TD is lifted to $86 from $83, and RY to $62 from $59.
    | 6 Comments
  • 7:24 AM
    • Orthofix International (NASDAQ:OFIX) enters into an option agreement with privately-held eNeura that provides Orthofix with a 18-month option to acquire eNeura. Under the terms of the agreement, Orthofix will provide a $15M collateralized loan to support the commercialization of Spring TMS in the U.S. and Europe. If Orthofix exercises its option, it will pay $65M and eNeura will repay the unpaid principal of the loan. Orthofix may make future milestone and royalty payments to eNeura.
    • Spring TMS (Transcranial Magnetic Stimulation) is a device for the treatment of pain associated with migraine with aura. The FDA cleared it via the 510(k) pathway in May 2014.
    • Orthofix President and CEO Brad Mason says, "This agreement underscores Orthofix's commitment to pursue new growth opportunities in its BioStim strategic business unit that leverage our core competencies in pulsed electromagnetic field (PEMF) product design and manufacturing as well as our third party billing expertise. We believe eNeura's exciting application of electromagnetic field technology delivers a therapy that addresses a significant unmet need for patients and clinicians in the treatment of migraine headache."
    | Comment!
  • 7:23 AM
    • Siemens (OTCPK:SIEGY) will confirm its full-year forecasts when it reports quarterly results in May, a senior company source told Reuters.
    • "Business is running exceptionally stably, according to plan," the source said.
    • The person also added that Siemens saw no prospect of having to write down U.S. oilfield equipment maker Dresser-Rand (NYSE:DRC) (which it agreed to buy for $7.6B) despite the steep drop in oil prices since the deal was struck last year.
    | Comment!
  • 7:21 AM
    • Go overweight the beaten-down shares of RCS Capital (NYSE:RCAP), says Citi, and underweight LPL Financial (NASDAQ:LPLA).
    • RCS, says Citi, offers upside in a rising rate environment, and LPL is subject to regulatory risk thanks to new rule changes coming from D.C. requiring brokers to act as fiduciaries to their clients.
    | 2 Comments
  • 7:20 AM
    • Conn's (NASDAQ:CONN) reports same-store sales rose 1.3% in FQ4, dragged down by a 5.8% comp slide in February.
    • Furniture and mattress sales +25% to $90.33M.
    • Home appliance sales +19.5% to $84.46M.
    • Consumer electronics sales +21.9% to $108.37M
    • Retail gross margin -110 bps to 39.5%.
    • 60-day customer delinquency rate +90 bps Y/Y and -30 bps Q/Q to 9.7%.
    • FY16 guidance: A flat to low single-digit comp is seen. Retail gross margin expected to improve to 40% to 41%.
    • Previously: Conn's EPS of $0.42
    • CONN -0.1% premarket.
    | 1 Comment
  • 7:16 AM
    • The offering of 16M shares will be from selling shareholders. J.G. Wentworth (NYSE:JGW) will not receive any proceeds from the sale.
    • The stock's lower by 22% since the November 2013 IPO.
    • SEC Form S-3
    | 2 Comments
  • 7:13 AM
    • Endurance Specialty Holdings (NYSE:ENH) agrees to buy Montpelier Re (NYSE:MRH) in a cash and stock deal valued at $1.83B based on yesterday's closing prices. Montpelier owners will receive 0.472 shares of Endurance plus $9.89 in cash for each share they own, or $40.24 based on ENH's close of $64.30 yesterday.
    • It's a 5.5% premium to MRH's Monday close, and 1.2x Dec. 31 book value.
    • A conference call is set for 8:30 ET.
    • Source: Press Release
    | Comment!
  • 7:11 AM
    • Orthofix (OFIX +2.8%) FQ3 results: Revenues: $101M (+10.0%); COGS: $25.3M (+0.8%); R&D Expense: $6.6M (+3.1%); SG&A: $59.8M (+15.0%); Operating Income: $6.5M (+146.1%); Net Income: $28K (+100.2%); EPS: $0.00; Quick Assets: $29.8M (3.1%).
    • No guidance given.
    | Comment!
  • 7:09 AM
    • Johnson Controls (NYSE:JCI) announces it sold its Global WorkPlace Solutions business to CBRE Group for $1.475B.
    • The company had previously tipped off its intention to unload the asset.
    • Under the terms of the deal, Johnson Controls will stay a preferred service provider for facilities managed by CBRE and Global WorkPlace Solutions for 10 years.
    • The transaction is expected to close in Q2 of FY15.
    | 1 Comment
  • 7:08 AM
    | 5 Comments
  • 7:07 AM
    • Vitae Pharmaceuticals (NASDAQ:VTAE): Q4 EPS of -$0.40 in-line.
    • Revenue of $0.16M (-98.9% Y/Y) beats by $0.06M.
    • Press Release
    | Comment!
  • 7:07 AM
    • BG Medicine (NASDAQ:BGMD): Q4 EPS of -$0.04 beats by $0.01.
    • Revenue of $0.55M (-52.2% Y/Y) misses by $0.25M.
    • Press Release
    | Comment!
  • 7:06 AM
    • Intercept Pharmaceuticals (NASDAQ:ICPT) commences a public offering of 1.2M shares of common stock. Underwriters over-allotment is an additional 180K shares. Net proceeds will fund the expansion of the company's clinical, regulatory, medical affairs and commercial infrastructure in the U.S. and Europe, the clinical development of obeticholic acid (OCA) in various indications, the expansion of OCA manufacturing activities, the advancement of other pipeline products, the preparation for the commercial launch of OCA in the U.S. and Europe and general corporate purposes.
    • Price and terms have yet to be announced.
    | 4 Comments
  • 7:05 AM
    • Movado (NYSE:MOV): Q4 EPS of $0.40 beats by $0.20.
    • Revenue of $133.91M (-4.4% Y/Y) misses by $0.4M.
    • Press Release
    | Comment!
  • 7:05 AM
    • China Information Security Technology (NASDAQ:CNIT): FY14 EPS of $0.05
    • Revenue of $68.1M (-10.5% Y/Y)
    • Press Release
    | Comment!
  • 7:04 AM
    • General Steel (NYSE:GSI): Q4 EPS of $0.16
    • Revenue of $544.37M (-0.7% Y/Y)
    • Press Release
    | Comment!
  • 7:03 AM
    • Tenneco (NYSE:TEN) announces it developed a gasoline particulate filter for the use in 2017 European GDI-powered vehicles.
    • The technology is designed to help manufacturers comply with Euro 6c emission regulations which go into place on September 1, 2017.
    • The company says its filters will control particulate emissions in all operating conditions.
    | Comment!
  • 7:03 AM
    • Micronet Enertec (NASDAQ:MICT): Q4 EPS of $0.00 beats by $0.03.
    • Revenue of $10.7M (+12.6% Y/Y) beats by $0.2M.
    • Press Release
    | Comment!
  • 7:00 AM
    • KKR (NYSE:KKR) and Hong Kong-based Anchor Partners are in talks to buy a majority stake in Groupon's (NASDAQ:GRPN) South Korean unit for around 350B won ($316M), Reuters reports quoting the Korea Economic Daily.
    • The two firms are in final talks to acquire a 51% stake in e-commerce firm Ticketmonster.
    • GRPN -1.5% premarket
    | 1 Comment
  • 7:00 AM
     
    • S&P -0.55%.
    • 10-yr +0.09%.
    • Euro -0.85% vs. dollar.
    • Crude -2.19% to $47.62.
    • Gold -0.03% to $1,185.00.
    | Comment!
  • 6:57 AM
    • Harman International (NYSE:HAR) announces it will acquire Bang & Olufsen's car audio business.
    • The company will pay €145M ($155.75M) for the business and make license payments for the brand name.
    • Bang & Olufsen systems are in a range of car models that includes Audi, BMW, and Mercedes-Benz.
    | Comment!
  • 6:54 AM
    • Citigroup (NYSE:C) has agreed to sell its Japanese credit card unit to Sumitomo Mitsui Trust Bank (OTCPK:SUTNY), as it trims its global operations to bolster profitability.
    • The price of Citi Cards Japan was not disclosed, but local media reported the deal valued at around ¥40B ($335M).
    • In December, Citigroup announced it was selling its Japanese retail banking operations to SMFG unit Sumitomo Mitsui Banking Corp.
    | Comment!
  • 6:48 AM
     
  • 6:44 AM
    • China Pharma Holdings (CPHI -13.8%) FY14 results: Revenues: $24.9M (-24.1%); COGS: $17.2M (-26.5%); R&D Expense: $2.8M (+64.7%); SG&A: $5.1M (-10.5%); Operating Loss: ($25.3M) (-36.0%); Net Loss: ($26M) (-30.0%); Loss Per Share: ($0.60) (-30.4%); Quick Assets: $5.3M (-11.7%); CF Ops: $4.6M (-46.5%).
    • No guidance given.
    | Comment!
  • 6:37 AM
    • Science Applications (NYSE:SAIC): Q4 EPS of $0.75 beats by $0.04.
    • Revenue of $952M (+1.2% Y/Y) beats by $16.3M.
    • Press Release
    | Comment!
  • 6:37 AM
    • MFC Industrial (NYSE:MIL): FY14 EPS of $0.35
    • Revenue of $1.42B (+74.5% Y/Y)
    • Press Release
    | Comment!
  • 6:36 AM
    | Comment!
  • 6:34 AM
    | Comment!
  • 6:30 AM
     
    • Japan -1.05%
    • Hong Kong +0.18%.
    • China -1.02%.
    • India -0.07%.
    • London -0.84%.
    • Paris -0.16%.
    • Frankfurt -0.32%.
    | Comment!
  • 6:21 AM
    • Ever-Glory (NASDAQ:EVK): FY14 EPS of $1.11
    • Revenue of $460.1M (+25.0% Y/Y)
    • Press Release
    | Comment!
  • 6:20 AM
     
    • A slump in euro-area consumer prices eased in March, offering respite to the ECB after it pledged to buy €1.1T of assets through September 2016 to fend off deflation.
    • According to flash estimates released by Eurostat this morning, the annual rate of inflation climbed to -0.1% from -0.3% in February.
    • Other data also showed the region's unemployment rate falling to 11.3% last month, down slightly from 11.4% in January.
    • European stocks: FTSE 100 -0.9%; DAX -0.6%; CAC 40 -0.2%; Euro Stoxx 50 -0.4%.
    | 1 Comment
  • 6:08 AM
    • RMG Networks (NASDAQ:RMGN): Q4 Adj. EBITDA of -$1.28M
    • Revenue of $18.64M (-17.2% Y/Y).
    • Press Release
    | Comment!
  • 6:07 AM
    • Conn's (NASDAQ:CONN): Q4 EPS of $0.42 may not be comparable to consensus of $0.63.
    • Revenue of $426.7M (+18.2% Y/Y) beats by $5.97M.
    • Press Release
    | Comment!
  • 6:05 AM
    • Art's-Way Manufacturing (NASDAQ:ARTW): Q1 EPS of $0.04
    • Revenue of $7.28M (+16.7% Y/Y)
    • Press Release
    | Comment!
  • 6:03 AM
    • China Pharma (NYSEMKT:CPHI): FY14 EPS of -$0.60
    • Revenue of $24.9M (-24.1% Y/Y)
    • Press Release
    | Comment!
  • 6:01 AM
    • SORL Auto (NASDAQ:SORL): Q4 EPS of $0.20 beats by $0.08.
    • Revenue of $63.2M (+14.4% Y/Y) beats by $7.29M.
    • Press Release
    | Comment!
  • 5:00 AM
     
    • Japan remains cautious about signing up to the China-led Asian Infrastructure Investment Bank, indicating that Tokyo will miss the March 31 deadline for application, but both Taiwan and Norway said they would seek to join the institution.
    • Despite warnings from Washington, over 40 nations have joined or said they intend to become members of the AIIB, adding clout to an institution seen as enhancing Beijing's regional and global influence.
    • Previously: More countries join China-backed AIIB (Mar. 29 2015)
    | Comment!
  • 4:43 AM
    • Will it be a yes or a no? Oil is again heading lower as Iran and six world powers try to break an impasse in negotiations aimed at stopping Iran from having the capacity to develop a nuclear bomb, in exchange for an easing of international sanctions.
    • Iran could increase oil production by some 500K bpd in three to six months if sanctions are removed, and by an additional 700K bpd within another year, according to estimates by Facts Global Energy.
    • The deadline to find a preliminary agreement is set to expire tonight.
    • Crude futures -2.3% to $47.55/bbl.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 28 Comments
  • 4:18 AM
    • Asian equities are off to a winning start this year, with China and Japan stealing the show in the first quarter.
    • Abundant global liquidity, provided by the BOJ and ECB, combined with...interest rate cuts by several central banks in the region and lower oil prices have bolstered sentiment towards Asian equities," said Tai Hui, chief Asia market strategist at JPMorgan.
    • China's Shanghai Composite has rallied 17% so far this year and expectations of further stimulus will likely buoy the market going forward.
    • Japan's Nikkei Index was the second top performer in the region, up 13% YTD, benefiting from the central bank's QE policies and the shift by the country's pension funds out of bonds and into equities.
    • ETFs: FXI, DXJ, EWJ, EWH, KWEB, PGJ, YINN, GXC, FXP, ASHR, HAO, TAO, YANG, CHIQ, CQQQ, DFJ, CHIX, MCHI, QQQC, PEK, NKY, DBJP, XPP, YAO, EZJ, EWV, YXI, JPNL, DXJS, CHXF, ECNS, FCA,