A Delaware jury has ruled Philips (PHG -2.2%) should pay Masimo (MASI +12.9%) $466M for infringing patents related to fingertip devices that measure blood oxygen and pulse rates. It also cleared Masimo of infringing a Philips patent.
Philips will almost certainly appeal the ruling, which has led Masimo shares to soar.
Masimo originally sued Philips in 2009. Philips has been arguing Masimo's patents are invalid due to the obviousness of the technology, and because the patent filings were poorly written.
Digital Ally's (NASDAQ:DGLY) shelf filing allows Hudson Bay Capital to sell up to 1.19M shares. The shares are tied to an August private placement in which both convertible notes (due 2016) and a common stock purchase warrant were issued to Hudson Bay.
Though down 57% from a Sep. 2 high of $33.59, DGLY remains well above where it traded at the time of the private placement.
Activist investor Starboard Value has disclosed a 9.9% stake in RealD (NYSE:RLD), and has offered to buy the rest of the company for $12/share. The price represents a 29% premium to RealD's Wednesday close.
Starboard says it doesn't believe RealD is "best positioned to execute against its future opportunities as a public company," and thinks its near-term performance "may suffer given the challenged release schedule for 3D films."
Agrium (NYSE:AGU) -4.5% AH after saying it expects Q3 EPS from continuing operations of $0.45-$0.55, below analyst consensus estimate of $0.74, and Q4 EPS from continuing operations to be similar to results from the year-ago Q4 adjusted EPS of $0.72, also below consensus of $1.03.
AGU expects the EBITDA contribution from its wholesale operations in H2 2014 to be similar to last year's results, and H2 retail EBITDA is anticipated to be in-line with the record EBITDA achieved in the same period last year.
Other fertilizer companies also are lower AH: POT -2.4%, MOS -1%, CF -0.3%.
In a 348-patient Phase 2b clinical trial, Esperion Therapeutics' (ESPR -0.2%) product candidate for hypercholesterolemia, ETC-1002, achieved the primary endpoint of greater LDL-cholesterol lowering from baseline compared to ezetimibe.
In patients who received ETC-1002 as monotherapy, the group treated with doses of 120 mg demonstrated a 27% reduction in LDL-cholesterol. Those treated with doses of 180 mg showed a 30% reduction. Both results were statistically significant compared to ezetimibe alone.
Patients who received the combination of 120 mg of ETC-1002 and 10 mg of ezetimibe showed a reduction in LDL-cholesterol of 43% and those who received 180 mg of ETC-1002 plus 10 mg of ezetimibe showed a reduction of 48%. The results were also statistically significant compared to ezetimibe alone.
ETC-1002 as a mono or combo therapy showed greater reductions in the coronary disease inflammation biomarker high-sensitivity C-reactive protein (hsCRP) compared to ezetimibe.
Apple (NASDAQ:AAPL) has been granted its motion for summary judgment on invalidity and non-infringement in its patent battle against Wi-Lan (NASDAQ:WILN). The motion covers two 4G Wi-Lan patents asserted against Apple.
Wi-Lan says it's "reviewing the ruling" with its law firm. The company also notes it has a second suit against Apple, through which it's alleging the infringement of 5 4G patents.
A number of other patent licensing firms have also received adverse rulings in recent months.
TrueCar (TRUE +2.5%) has rallied on a weak day for equities after top automakers generally posted healthy September sales figures, aided by strong truck demand. Autodata believes U.S. car/truck sales rose 9% Y/Y to 1.2M.
For its part, TrueCar estimates the average transaction price for U.S. light vehicle sales fell 1.9% M/M and 1.4% Y/Y to $31,014. Industry incentive spend per vehicle is estimated to have totaled $2,801, down 6.2% M/M but up 13.1% Y/Y.
"The industry is operating within healthy post-recession levels," says TrueCar exec Larry Dominique. "We'll be watching incentive levels for unhealthy behavior as brands look to steal some year-end market share."
WPRT had made strides in reducing costs and introducing next-generation products, the firm says, but the launch of key new programs - Volvo and Weichai-HPDI - now looks to be pushed out 12 months as HPDI 2.0 injectors are launched and incorporated into engine designs.
Lake Street believes several months could pass before improvement is clear, with limited near-term catalysts and lower growth ahead while WPRT works through the transition; shares can recover later in 2015 as WPRT executes and demonstrates resumed revenue growth and new engine rollouts.
Cliffs Natural Resources (CLF -5.6%) plunges to a new 52-week low despite releasing a sustainability report which says it has reduced the number of environmental incidents by more than 75% since the start of 2012 continued to improve quality-related performance of non-conforming cargoes for its North American iron ore operations.
Wells Fargo issues a negative view of CLF which takes its valuation range for the shares down to $4-$7 from its prior range of $7-$10 range amid falling iron ore prices and the company’s high-cost structure.
Activist investor Relational Investors "plans to wind down its operations and dissolve its current funds by the end of next year," the WSJ reports. A new fund with the same name is expected to be be eventually launched, but founders Ralph Whitworth and David Batchelder "will cede day-to-day control."
The report comes after Whitworth took a leave of absence in July to focus on his health. Relational has $6B in assets under management.
Volatile and heavily-shorted 3D printing names are among the bigger decliners as the Nasdaq posts a 1.4% drop. Volumes for several names are already near or above their 3-month daily averages.
ExOne (XONE -10.6%) has tumbled to a fresh post-IPO low, and Voxeljet (VJET -3%) is close to its post-IPO low of $12.85. Also selling off: DDD -4.5%. SSYS -5.2%. CAMT -8.7%. ONVO -3.8%. OTCPK:AMAVF -5.9%.
The New York Times (NYT +8.6%) plans to cut about 100 newsroom jobs - roughly 7.5% of the staff - along with a smaller number of positions from its editorial and business operations as the paper "continue(s) to invest in the digital future."
Additionally, NYT Opinion, a mobile app dedicated to opinion content, is shutting down due to lack of subscriber interest.
The company also notes financial results in Q3 are improved from Q2's weakness, with digital advertising looking to show growth of 16% - the best quarterly gain since 2010 - and digital subscriptions up 40K, the largest amount since 2012.
Jason Kelly, most recently the CEO of e-commerce ad sales firm Sociomatic, has been named the president of Millennial (NYSE:MM) Managed Media business. That puts him in charge of the struggling mobile ad network owner's "global brand and performance sales teams."
Kelly has also held senior sales roles at Time, Virgin America, and Google-acquired Admeld. His hiring follows the departure of sales EVP Mollie Spilman to Criteo, and comes on the heels of Millennial's deal to purchase programmatic mobile ad tech provider Nexage.
Growing fears of Ebola highlighted by the first diagnosed case in the U.S. yesterday LAKE)+Surges+on+Expected+Rise+in+Demand+for+Hazmat+Suits+Amid+U.S.+Ebola+Case/9875400.html" target="_blank">continue to move Lakeland Industries (LAKE +10.6%), a provider of industrial protective clothing.
It was about three weeks ago - in response to Ebola - when the company went global with its product availability and boosted its manufacturing capacity.
Frontline (FRO +15.1%) powers higher after teaming with Tankers International to form a new company, VLCC Chartering, to create a larger fleet with more flexibility and more options for cargo owners and a single point of contact.
VLCC Chartering will have a combined fleet of nearly 60 large tankers, which means it will control nearly 10% of the 639-ship market.
The new venture is expected to reduce voyage related expenses and improve net earnings of the very large crude carriers operated by both companies.