All Market News

  • Today - Tuesday, October 23, 2018
    • Pacific City Financial (NASDAQ:PCB): Q3 GAAP EPS of $0.44 misses by $0.01.
    • Revenue of $19.3M (+8.2% Y/Y) misses by $1.42M.
    • Press Release
    • S&P -1.37%.
    • 10-yr +0.37%.
    • Euro +0.01% vs. dollar.
    • Crude -1.49% to $68.14.
    • Gold +1.63% to $1,241.10.
    • Bitcoin -0.24% to $6,568.
    • Optoelectronics and Manufacturing division of OSI Systems (NASDAQ:OSIS) has received an order for ~$10M to provide electronic sub-assemblies for use in devices of a leading medical technology original equipment manufacturer.
    • OSI Systems’ Chairman and Chief Executive Officer, Deepak Chopra, commented, "We are pleased to receive this order and look forward to continue supporting this customer’s advanced medical devices."
    • In a note titled "cash poised to flow freely," Piper Jaffray's Blake Fernandez predicts that "energy weightings within the context of the broader markets will begin to improve and prompting relative out performance."
    • The analyst notes energy sector weighting within the S&P is "toward historic lows, but integrated ROCE metrics are improving and FCF yields are expected to surpass that of the broader market."
    • Piper considers Chevron (NYSE:CVX) its top idea, anticipating the stock will play "catch-up" vs. peers and free cash flow should expand above most peers over the next two years.
    • In addition to CVX, the firm also rates BP, Total (NYSE:TOT) and Equinor (NYSE:EQNR) at Overweight.
    • Source: Bloomberg First Word
    • Trinity Biotech (TRIB) Q3 results: Revenues: $23.7M (-7.4%).
    • Net Income: $0.9M; Non-GAAP Net Income: $0.3M (-40.0%); EPS: $0.04 (+100.0%); Non-GAAP EPS: $0.01 (-50.0%); CF Flow Ops: $2.9M (-27.5%).
    • Trinity Biotech has received two FDA approvals for HEp-2 Elite and Immulisa RNA Polymerase III.
    • Previously: Trinity Biotech misses by $0.05, misses on revenue (Oct. 23)
    • Pfizer (NYSE:PFE) and Bain Capital, LP announce the creation of Cerevel Therapeutics, LLC, a biopharmaceutical company focused on developing treatments for central nervous system (CNS) disorders.
    • Pfizer is contributing a portfolio of precommercial assets, including three clinical-stage compounds and several preclinical compounds, to potentially treat Parkinson's, Alzheimer's, epilepsy, schizophrenia and addiction.
    • Bain-affiliated funds have committed $350M in initial capital. Pfizer will retain a 25% stake in the business.
    • Two senior Pfizer execs will serve on the board, SVP, CSO of Internal Medicine Morris Birnbaum, M.D., Ph.D., and SVP of Worldwide Business Development Doug Giordano, along with two Bain managing directors.
    • Cerevel will be headquartered in the Greater Boston area.
    • One Horizon Group (NASDAQ:OHGI) to acquire a majority interest in Browning Productions & Entertainment, Inc. for available project-based working capital and will be initially issuing 150K shares.
    • The balance of the payment for majority interest will include the issuance of an additional 150K shares and will otherwise be stock-based on an earn-out tied to two-and-a half times earnings, which will drive substantial value to OHGI shareholders.
    • The company has entered into a multi-year Employment Agreement with William Browning, CEO of Browning.
    • “The acquisition of Browning brings OHGI a management team with substantial film, television and digital entertainment experience; we can now confidently state that OHGI is a leader in each of the fastest growing areas of media, content and distribution,” said Mark White, One Horizon Group’s Founder and CEO. “This transaction is an exciting enhancement to our profitability and takes our Company several important large steps forward; we understand fully that our share price is an important measurement of our business performance and we are thankful to our shareholders for their patience as we worked toward this moment.”
    • OHGI -2.97% premarket.
    • PulteGroup (NYSE:PHM) Q3 EPS $1.01 exceeds consensus estimate of 95 cents, and increases from 58 cents in the year-ago quarter.
    • Q3 home sales revenue of $2.57B, up 25% from $2.06B a year ago.
    • Q3 net new orders up 1% to 5,350, while value of net new orders rose 1% to $2.3B.
    • Q3 average sales price increases to $427,000 from $399.000 in the year-ago quarter.
    • Q3 operating margin at 14.2% improved 190 basis points Y/Y.
    • “While buyer concerns around affordability and rising mortgage rates appear to have impacted near term market dynamics, traffic trends indicate that buyer interest levels are still high and that the overall housing recovery remains on track," says President and CEO Ryan Marshall.
    • Unit backlog up 3% to 11,164 homes; backlog value up 5% to $4.9B; average price o homes in backlog increased 2% Y/Y to $440,000.
    • PHM -0.6% in premarket trading.
    • Previously: PulteGroup beats by $0.06, beats on revenue (Oct. 23)
    • Chain store sales increased 5.4% in the latest weekly read by Johnson Redbook vs. +5.8% for the week prior.
    • Month-to-date sales are 5.6% higher.
    • ETFs: XLY, XRT, VCR, RTH, RETL, FDIS, FXD, EMTY, RCD, PMR, FTXD, JHMC
    • Shanghai, Tokyo, and Hong Kong all tumbled 2-3% overnight, and Europe is down more than 1% just past midday. In the U.S., S&P 500 futures are lower by 1.4% and Nasdaq 1.6%.
    • That's lending support to gold, which is up 1.3% to $1,241 per ounce. The yellow metal has now gained about 5% over the past handful of sessions. GLD +1.25% premarket
    • Government bonds are higher across the developed world as well, with the 10-year U.S. Treasury yield down six basis points to 3.137%. The German 10-year Bund yield is off two basis points to 0.43%.
    • TLT +0.9%, TBT -1.8% premarket
    • ETFs: GLD, TLT, TBT, IAU, PHYS, TMV, SGOL, UGLD, TBF, UGL, EDV, DGP, TMF, GLL, GTU, GLDI, OUNZ, DZZ, TTT, DGL, DGLD, ZROZ, VGLT, DGZ, TLH, UBT, GYEN, SPTL, DLBS, BAR, GEUR, GLDW, VUSTX, GHS
    • Maxim Group lifts Chipotle (NYSE:CMG) to a Buy rating from Neutral as it takes its Q3 EPS estimate for the restaurant operator to $2.35 vs. $2.02 consensus and full-year EPS estimate to $13.55 vs. $12.02 consensus.
    • Chipotle's lack of international exposure is also seen as a positive, as well as the low interest rate risk hanging over the company's bottom line.
    • Chipotle is due to report earnings on October 25.
    • Shares of Chipotle are down 0.65% in premarket trading to $428.40.
    • Verizon (NYSE:VZgains 1.4% premarket on Q3 beats with a 3% Y/Y revenue growth. Phone subscribers beat estimates thanks to a sweet iPhone deal, but Oath revenue and Fios subscriptions showed some weakness.
    • Guidance has full-year consolidated revenue growth at low-to-mid single-digit percentage on a GAAP basis. The company also reaffirms a low single-digit percentage growth in adjusted EPS for the year.
    • Verizon cuts its capital spending guidance for the year from $16.6B to $17B from $17B to $17.8B.
    • Key subscriber metrics: Phone subscribers who pay a monthly bill grew by 295K net adds in Q3 (consensus: 161K). Fios video subscribers dropped by 63K compared to the 18K decline in last year’s quarter. Fios internet grew by 54K customers (last year: 66K).
    • Oath: Revenue from Oath (AOL and Yahoo) was $1.8B, down from $2B in last year’s quarter. Verizon doesn’t expect Oath to reach its target of $10B by 2020.
    • Verizon says it’s on track to reach its $10B in cumulative cash savings by 2021.
    • Press release.  
    • Previously: Verizon beats by $0.03, beats on revenue (Oct. 23)
    • Fresh snags at a Hamburg plant means Airbus (OTCPK:EADSY) is having having trouble absorbing fast arriving engines for its best-selling A321neo jets, industry sources told Reuters.
    • The issues have exacerbated delivery delays that leave Airbus with the challenge of delivering 76 single-aisle planes per month in the last quarter, 9.6% more than its previous record.
    • Other industry sources say Hamburg may not be the immediate source of the problem, but that the facility has felt the worst impact in Airbus's global jigsaw of assembly plants.
    • Thinly traded Enanta Pharmaceuticals (NASDAQ:ENTA) is up 4% premarket on light volume on the heels of its announcement that dosing is underway in a Phase 2a clinical trial evaluating orally administered EDP-938 against respiratory syncytial virus infection in a human challenge study. Topline data should be available in Q3 2019.
    • EDP-938 is an N-protein inhibitor that targets RSV replication. The company says its mechanism of action enables it to have a high barrier of resistance against the virus and may be effective in later stages of infection.
    • Phase 1 data will be presented on November 1 at the International Respiratory Syncytial Virus Symposium in Asheville, NC. No safety signals were observed. The half-life of EDP-938 was 12. 9 - 17.6 hours.
    • Graphic Packaging Holding (NYSE:GPK) trades weak after missing on both lines of its Q3 report.
    • On the bright side, the company's adjusted EBITDA increased 36% during the quarter to $256.3M despite higher commodity input costs and some labor inflation.
    • GPK on pricing: "We successfully implemented a second open market price increase this year for our CUK and SBS paperboard during the quarter. We expect the successful open market paperboard price increases we achieved across our CRB, CUK, and SBS paperboard grades over the course of 2018 will drive strong pricing momentum as we turn to 2019. Despite the difficult commodity inflation environment, we are well positioned to generate continued profitability improvement driven by our pricing, new product development, and productivity initiatives."
    • Shares of Graphic Packaging are down 2.60% premarket after a 3.1% decline yesterday in front of the earnings report.
    • Previously: Graphic Packaging Holding misses by $0.02, misses on revenue (Oct. 23)
    • Home Bancorp (NASDAQ:HBCP): Q3 Non-GAAP EPS of $0.89 misses by $0.02; GAAP EPS of $0.89 in-line.
    • Revenue of $26.85M (+47.1% Y/Y) beats by $0.24M.
    • Press Release
    • Canada's Justin Trudeau is willing to freeze export permits with Saudi Arabia that allow armored car sales in the kingdom as opposition lawmakers raise questions about human rights abuses over the Khashoggi case.
    • At risk? General Dynamics Land Systems Canada (NYSE:GD) manufactures armored vehicles under a contract with Saudi Arabia signed by the Canadian government in 2014. The deal is worth up to $13B.
    • TechnipFMC (NYSE:FTI) is awarded a contract by Exxon Mobil (NYSE:XOM) for the engineering of the subsea system for the proposed Liza Phase 2 project offshore Guyana; financial terms are not disclosed.
    • FTI says delivery includes 30 enhanced vertical deepwater trees and associated tooling, as well as eight manifolds and associated controls and tie-in equipment.
    • XOM is the operator of the Liza Phase 2 development on the Stabroek Block, with water depths of 4,900-6,200 ft.
    • CIT Group (NYSE:CIT) Q3 non-GAAP EPS from continuing operations $1.15 exceeds consensus estimate of $1.13.
    • Q3 net finance revenue of $389M, unchanged from Q2 and down 11% Y/Y.
    • Q3 net finance margin excluding noteworthy items of 3.36%%, up 7 basis points from Q2 and down 10 bps from the year-earlier quarter.
    • Q3 average loans and leases essentially unchanged from Q2, up 2% Y/Y; average loans and leases in core portfolios up 2% Q/Q and up 8% Y/Y.
    • Q3 provision for credit losses $38M vs. $33M in Q2 and $30M a year earlier.
    • Q3 return on tangible common equity for continuing operations, excluding noteworthy items, was 9.78% vs. 8.56% in Q2 and 9.20% in Q3 2017.
    • Tangible book value per common share at Sept. 30, 2018 was $50.02 vs. $49.41 at June 30, 2018 and $48.58 at Sept. 30, 2017.
    • Previously: CIT beats by $0.02, beats on revenue (Oct. 23)
    • Guaranty Bancshares (NASDAQ:GNTY): Q3 GAAP EPS of $0.42.
    • Revenue of $21.78M (+15.9% Y/Y)
    • Press Release
    • PACCAR (NASDAQ:PCAR) slips in early trading after missing revenue estimates with its Q3 report.
    • Net income came in at a record $545M for the quarter, up 35% from a year ago.
    • PACCAR demand update: "Customer demand for Kenworth, Peterbilt and DAF trucks is at record levels. Kenworth and Peterbilt have received more than double the number of U.S. and Canada Class 8 orders in the first nine months of this year, compared to the same period last year. PACCAR truck backlogs are very strong, with Kenworth and Peterbilt production scheduled well into next year."
    • PCAR -2.07% premarket to $59.25.
    • Previously: PACCAR beats by $0.04, misses on revenue (Oct. 23)
    • Odonate Therapeutics (NASDAQ:ODT): Q3 GAAP EPS of -$0.98 misses by $0.02.
    • Press Release
    • GATX (NYSE:GATX): Q3 Non-GAAP EPS of $1.22 beats by $0.15; GAAP EPS of $1.22 beats by $0.14.
    • Revenue of $349.7M (-2.8% Y/Y) misses by $7.3M.
    • Press Release
    • Gritstone Oncology (NASDAQ:GRTS) initiated with Buy rating and $26 (71% upside) price target at BTIG Research. Initiated with Overweight rating and $25 price target at Barclays. Initiated with Outperform rating at Cowen and Company.
    • AcelRx Pharmaceuticals (NASDAQ:ACRX) initiated with Buy rating and $9 (140% upside) price target at B. Riley FBR.
    • Stericycle (NASDAQ:SRCL) resumed with Underperform rating and $53 (2% upside) price target at BofA/Merrill Lynch.
    • Quidel (NASDAQ:QDEL) resumed with a Strong Buy rating and $80 (24% upside) price target at Raymond James.
    • OraSure Technologies (NASDAQ:OSUR) resumed with Market Perform rating at Raymond James.
    • Genomic Health (NASDAQ:GHDX) resumed with Market Perform rating at Raymond James.
    • Two River Bancorp (NASDAQ:TRCB): Q3 GAAP EPS of $0.33 beats by $0.01.
    • Revenue of $10.46M (+6.0% Y/Y)
    • Press Release
    • Capital City Bank (NASDAQ:CCBG): Q3 GAAP EPS of $0.35.
    • Revenue of $36.93M (+7.8% Y/Y)
    • Press Release
    • Shares of Caesars Entertainment (NASDAQ:CZR) have been very active in the premarket session following a bullish initiation by Morgan Stanley (Overweight rating, $12 price target).
    • Analyst Thomas Allen sees significant upside for Caesars through M&A potential, sale leasebacks and U.S. sports betting growth. Perhaps most importantly, Allen and team sees a rebound in Las Vegas during Q4.
    • As for valuation, MS notes that Caesars trades at 9X the 2019 EBITDAR estimate compared to the 12.5X multiple for resort peers.
    • Shares of Caesars are up 1.2% in premarket trading to $9.60.
    • TFI International (OTCQX:TFIFF): Q3 Non-GAAP EPS of C$1.04 beats by C$0.21; GAAP EPS of C$0.96 beats by C$0.20.
    • Revenue of C$1.28B (+8.5% Y/Y) beats by C$30M.
    • Press Release
    • Susquehanna downgrades enterprise hardware and memory/storage stocks after checks show blended DRAM pricing in Q1 tracking down about 15% Q/Q with bias to downside.
    • Downgrades: NetApp (NASDAQ:NTAP) target drops from $105 to $85, Micron (NASDAQ:MU) goes from $75 to $45, and Seagate (NASDAQ:STX) cuts from Neutral to Negative with its target down to $32 from $53.
    • Source: Bloomberg First Word. 
    • NTAP is down 2.8% premarket to $78.05. MU drops 3.4% to $38.40. Seagate is down 5.2% to $41.34.   
    • Previously: Lam Research, AMAT down as Susquehanna cuts semi-cap names (Oct. 23)
    • Net earnings of $1.5B, or $5.14 per share, compared to $963M, or $3.32 per share, in the same quarter a year ago.
    • Sales by segment: Aeronautics +20%; Missiles and Fire Control +16%; Rotary and Missions Systems +14%; Space Systems +11%.
    • Quarterly cash deployment: Cash from operations of $361M after pension contributions of $1.5B; Capex $339M; Repurchased 600K shares; Paid cash dividends of $569M; Backlog of $109B.
    • Raised outlook for 2018: Diluted earnings per share (GAAP) of approximately $17.50 (from $16.75–$17.05), on net sales of about $53B (from $51.6B.-$53.1B).
    • LMT -1.2% premarket amid a broader market selloff.
    • Q3 results
    • VF Corp (NYSE:VFC) is on watch after Wedbush upgrades the clothing maker to an Outperform rating from Neutral on a valuation call after watching shares fell off 15% in 90 days.
    • The Wedbush analyst team thinks investors have misunderstood the VF slowdown in China, noting that it was mainly attributable to timing and not the underlying business.
    • Wedbush assigns a price target of $94 to VFC to rep 21% upside potential. The 52-week high for VFC is $97.00.
    • Sources: MarketWatch, Bloomberg
    • Asbury Automotive Group (NYSE:ABG) reports total revenues on same-store rose 6% in Q3.
    • New vehicles revenue grew 11% to $980.5M.
    • Used vehicles revenue +9% to $497.5M.
    • Parts and service revenue soar 5% to $206.1M.
    • Finance and insurance, net revenue +8% to $73.3M.
    • Gross margin rate down 40 bps to 15.8%.
    • Adjusted operating margin rate up 20 bps to 4.6%.
    • Total new vehicle unit sales improved 10% Y/Y to 27,750M.
    • Total used vehicle retail units sales increased 11% to 20,824M.
    • During Q3, the company repurchased $17M of common stock.
    • The Board reset total share repurchase authorization to $100M.
    • Previously: Asbury Automotive beats by $0.33, beats on revenue (Oct. 23)
    • U.S. Silica (NYSE:SLCA) -10.3% pre-market after Q3 earnings and revenues both fall well short of Wall Street expectations, as pipeline bottlenecks and budget constraints limit the number of completed wells and hurt demand for frac sand.
    • SLCA says revenue in its Oil and Gas sand unit rose 6% Y/Y but fell 7% Q/Q to $302M, while tons sold rose 21% Y/Y and 10% Q/Q to 3.82M.
    • "While we will likely see more white space on our customer's calendars for the rest of this year, we believe these near-term challenges are transitory," says President and CEO Bryan Shinn. "Budgets will reset in 2019, takeaway capacity will be expanded and the record inventory of [drilled but uncompleted wells] will begin to be completed - all of which should provide positive catalysts for sand and logistics demand."
    • SLCA also expects to see more higher cost Northern White sand capacity idled in the next few quarters, which would help balance supply and demand and support stable pricing.
    • SLCA anticipates FY 2018 capex of ~$350M.
    • Susquehanna downgrades semi-cap stocks after checks signal incremental weakness for cloud and enterprise spending expectations in 1H19.
    • Analyst Mehdi Hosseini says what was seen as a “digestion period” for spending now looks more alarming with IT budget freezes and increasing executive caution at global cloud providers. 
    • The analyst expects bottoming server builds in Cloud and Enterprise in 2H9, up to three quarters later than the prior expectation. 
    • Semi-cap downgrades: AMAT (NASDAQ:AMAT) target drops from $60 to $38, ASML (NASDAQ:ASML) from $240 to $200, and Lam Research (NASDAQ:LRCX) goes from Positive to Neutral with a target cut from $225 to $165. 
    • Source: Bloomberg First Word.
    • AMAT trades down 4% premarket to $32.20. ASML is down 5.2% to $167.23 in part due to European tech weakness. Lam Research is down 3.3% to $139.50.  
    • Previously: ASML, SAP drop on European tech sector stumble (Oct. 23)
    • Primoris Services (NASDAQ:PRIM) announced that a major refining customer has awarded Primoris I&M, part of the Civil segment, a site development contract valued over $20M.
    • Construction began in the third quarter of 2018 and is expected to be completed in the fourth quarter of 2020.
    • Press Release
    • Thinly traded nano cap Regulus Therapeutics (NASDAQ:RGLS) is up 33% premarket on average volume. After the close yesterday, it announced that it will present preclinical data on RGLS4326, in development for the treatment of autosomal dominant polycystic kidney disease, at Kidney Week in San Diego on Thursday, October 25.
    • McDonald's (NYSE:MCD) reports global comparable-store sales increased 4.2% in Q3 to top the consensus estimate of +3.7%.
    • Comparable-store sales were up 2.4% in the U.S. to just miss the 2.5% rise expected by analysts. Menu price increases and a higher average check contributed to growth during the quarter.
    • International Lead Markets segment comparable-store sales were up 5.4%, led by strength in the U.K., Australia and France. Comparable sales increased 4.6% in the High Growth Markets segment vs. +2.8% expected.
    • The company's operating income for the quarter was $2.42B vs. $2.35B consensus and $3.08B a year ago (included China/Hong Kong business sale). Higher franchised store margins and G&A savings helped to offset lower company-operated store margins.
    • "We have made substantial progress modernising restaurants around the world, enhancing hospitality and elevating the experience for the millions of customers we serve every day. We remain confident that our strategy will drive long-term, profitable growth," says CEO Steve Easterbrook.
    • MCD +1.49% premarket to $169.00.
    • Previously: McDonald's beats by $0.11, beats on revenue (Oct. 23)
    • Trinity Biotech (NASDAQ:TRIB): Q3 Non-GAAP EPS of $0.01 misses by $0.05; GAAP EPS of $0.04 misses by $0.02.
    • Revenue of $23.71M (-7.4% Y/Y) misses by $1.29M.
    • Press Release
    • Quest Diagnostics (DGX) Q3 results: Revenues: $1,889M (+1.8%).
    • Net Income: $213M (+32.3%); Non-GAAP Net Income: $215M (+23.6%); EPS: $1.53 (+33.0%); Non-GAAP EPS: $1.68 (+24.4%); CF Flow Ops: $905M (+6.2%).
    • 2018 Guidance: Revenues: ~$7.62B from $7.70B - 7.74B; EPS: $5.57 - 5.64 from $5.50 - 5.64; Non-GAAP EPS: $6.53 - 6.60 from $6.53 - 6.67; Capex: $350M - 400M (unch).
    • Previously: Quest Diagnostics EPS in-line, misses on revenue (Oct. 23)
    • Eagle Bulk Shipping (NASDAQ:EGLE) has taken delivery of its newly acquired vessel, the M/V Hamburg Eagle, a 2014-built SDARI-64 Ultramax.
    • The acquisition has been funded by cash on-hand and new debt equating to $12.8M, representing an upsize to the existing Eagle Bulk Ultraco LLC loan facility which carries an interest rate of LIBOR plus 2.95% and has a maturity of October 31, 2022.
    • The FDA approves Amneal Pharmaceuticals' (NYSE:AMRX) generic version of Lundbeck's (OTC:HLUKF) anti-seizure med Onfi (clobazam), both tablets and oral suspension.
    • Per IQVIA, the U.S. tablet market is ~$594M and the oral suspension market is ~$255M.
    • Adjusted EPS of $2.58, up 10.7% Y/Y, though foreign currency translation decreased sales by 1.7% Y/Y to $8.2B.
    • Sales by segment: Industrial flat; Safety and Graphics +7%; Healthcare -2.8%; Electronics and Energy -4.8%; Consumer -3.4%.
    • Returned $1.9B to shareholders via dividends and gross share repurchases.
    • Lowered outlook for 2018: Earnings are expected to be in the range of $9.90-$10.00 per share (from $10.20-$10.45) reflecting foreign currency headwinds. Organic local-currency sales growth is expected at 3% (from 3%-4%).
    • MMM -7% premarket
    • Q3 results
    • Huntington Bancshares (NASDAQ:HBAN) Q3 EPS of 33 cents beats consensus estimate of 32 cents, as average loan growth increased 7% Y/Y, with consumer loans up 10%.
    • HBAN +1.8% in premarket trading.
    • Q3 fully taxable equivalent net interest income of $802M, up 2% from Q2 and up 6% Y/Y; net interest margin of 3.32% vs. 3.29% in Q2 and 3.29% a year earlier.
    • Q3 noninterest income increased to $342M, up 2% from Q2 and up 5% from the year-ago period.
    • Q3 provision for loan and lease losses of $49M vs. $48M in Q2 and $50M in Q3 2017.
    • Tangible book value per common share $7.06 vs. $7.27 in Q2 and $6.85 a year earlier.
    • Q3 return on average common equity 14.3% vs. 13.2% in Q2 and 10.5% in Q3 2017.
    • 2018 expectations: Sees full-year revenue increasing 4.0%-4.5%, noninterest expense declining about 2.0%-2.5%, NIM expanding 2-4 bps, and efficiency ratio of about 56.5%-57.0%.
    • Average loans and leases expected to increase 5.5%-6.5% on an annual basis, and average total deposits about 3.5%-4.5%, while average core deposits are seen rising 4.5%-5.5%
    • In Q4, HBAN sees realizing about $20M of securities losses related to portfolio restructuring and$40M of expense due to previously announced branch and corporate facility consolidations.
    • Previously: Huntington Bancshares beats by $0.01, misses on revenue (Oct. 23)
    • Ford (NYSE:F) says it plans to stop production at it automobile plant in Almussafes, Spain for about nine days during November due to a lower demand for models made at the site.
    • A company spokesperson says engine production would also be halted for 13 days next month. Part of the Spanish production of Ford engines is sent to Canada for assembly of the Edge model, according to Reuters Morning Call.
    • Shares of Ford are down 1.07% in premarket trading to $8.32.
    • McDonald's (NYSE:MCD): Q3 GAAP EPS of $2.10 beats by $0.11.
    • Revenue of $5.37B (-6.6% Y/Y) beats by $80M.
    • Shares +2.02% PM.
    • Press Release
    • PACCAR (NASDAQ:PCAR): Q3 GAAP EPS of $1.55 beats by $0.04.
    • Revenue of $5.42B (+14.6% Y/Y) misses by $90M.
    • Press Release
    • S&P -1.36%.
    • 10-yr +0.31%.
    • Euro +0.13% vs. dollar.
    • Crude -1.65% to $68.03.
    • Gold +1.56% to $1,240.20.
    • Bitcoin -0.73% to $6,539.
    • The FDA approves Spectrum Pharmaceuticals' (NASDAQ:SPPI) folate analog KHAPZORY (levoleucovorin) for injection for the treatment of patients with metastatic colorectal cancer in combination with fluorouracil, for diminishing the toxicity associated with overdosage of folic acid antagonists or impaired methotrexate elimination and for rescue after high-dose methotrexate therapy in osteosarcoma patients.
    • The company says it is evaluating strategic options on commercial launch and expects product availability in January.
    • Shares are up a fraction premarket.
    • Stoxx Europe tech sector index (SX8P) drops 3.4% under pressure from Apple supplier AMS falling as much as 32% after a weak margin outlook. French IT group Atos fell 21% after cutting its full-year guidance. 
    • SXBP is about 18% down from its June peak and nearing bear territory. The sector trades at around 17.8x expected earnings, down from 22.4x in June but above the SXXP average of 12.6x.
    • ASML (NASDAQ:ASML), SAP (NYSE:SAP), and Infineon (OTCQX:IFNNY) are among the decliners moving in sympathy with the index. These companies make up over half of the index. 
    • ASML drops 5.2% premarket to $167.23 on the Nasdaq. SAP drops 1.9% on the NYSE to $106.60.  
    • Source: Bloomberg First Word.
    • The Department of Justice is seeking documents from Glencore (OTCPK:GLCNF, OTCPK:GLNCY) about intermediary companies the company has worked with in the Democratic Republic of Congo, Venezuela and Nigeria, Reuters reports.
    • The investigation apparently is not directed at Glencore’s own activities or its senior executives, according to the report.
    • Glencore said in early July it had been subpoenaed for documents relating to its business in the three countries since 2007, sending its shares down 13% and leaving investors guessing about the direction of the investigation.
    • A German district court rules that Edwards Lifesciences' (NYSE:EW) Sapien 3 Ultra device infringes on a patent owned by Boston Scientific (NYSE:BSX) subsidiary Symetis SA. The patent covers the fabric used on the valve seal.
    • BSX has the right to enjoin EW and its German subsidiary from selling the Sapien 3 there, although EW may appeal the decision.
    • Alkermes (ALKS) Q3 results: Revenues: $248.7M (+14.4%); Manufacturing and royalty revenues: $116.4M (-5.1%); Product sales: $116M (+23.8%); R&D revenue: $16.3M.
    • Net Loss: ($34.4M) (+5.2%); Non-GAAP Net Income: $11.6M; Loss Per Share: ($0.22) (+8.3%); Non-GAAP EPS: $0.07.
    • Upcoming Milestones: NDA for ALKS 5461 to be reviewed on November 1. PDUFA target action date on January 31, 2019.
    • Topline results for ENLIGHTEN-2, a six-month weight study of ALKS 3831 compared to olanzapine in patients with stable schizophrenia in Q4.
    • NDA submission for BIIB098 (diroximel fumarate) for the treatment of multiple sclerosis in Q4.
    • ALKS 4230: Data presentation of Phase 1 study at the 2018 Society for Immunotherapy of Cancer Annual Meeting in November 2018. Initiation of subcutaneous dosing Phase 1 study in early 2019.
    • Previously: Alkermes beats by $0.14, beats on revenue (Oct. 23)
    • Excluding restructuring costs and a net tax benefit to adjust deferred tax balances, adjusted profit per share was $2.86, up 47% versus prior year.
    • Sales by segment: Construction Industries +16%; Resource Industries +35%; Energy & Transportation +15%; Machinery, Energy & Transportation +19%.
    • During the quarter, the company deployed significant capital, including a discretionary pension contribution of $1B, the repurchase of $750M of Caterpillar common stock and a dividend payment of $511M.
    • Maintained a 2018 adjusted profit per share outlook range of $11.00-$12.00.
    • CAT -6% premarket as the Dow points to a triple-digit drop at the open.
    • Peers are also falling on the news, including CNH Industrial (CNHI -2.5%), Cummins (CMI -1.7%), Deere (DE -2.2%), United Rentals (URI -2.5%), Lindsay (LNN -0.5%) and SiteOne (SITE -1%)
    • Q3 results
    • Corning (NYSE:GLW) reports in-line Q3 revenue of $3.01B and an EPS beat by $0.03 to $0.51. FY guide has sales at $11.3B (consensus: $11.27B) and gross margin of 42%.
    • Q4 guidance expects low-single-digit percentage sequential growth in Display Technologies and Optical Communications. High-single-digit percentage growth expected for Environmental Technologies while Life Sciences is expected to hit more in the middle of the performance range. Specialty Materials growth should be consistent with last year’s quarter.
    • Revenue breakdown: Display Technologies, $852M (consensus: $816.8M); Optical Communications, $1.12B (consensus: $1.14B); Specialty Materials, $459M (consensus: $411.5M); Environmental Technologies, $331M (consensus: $325.6M); Life Sciences, $231M (consensus: $236.3M). 
    • Gross margin was 42%, matching consensus. The company reported $943M in cash from operations and capex of $452M. 
    • Earnings call is scheduled for 8:30 AM ET with a webcast available here
    • Press release.   
    • Corning (NYSE:GLW): Q3 Non-GAAP EPS of $0.51 beats by $0.03; GAAP EPS of $0.67 beats by $0.22.
    • Revenue of $3.01B (+15.3% Y/Y) beats by $20M.
    • Shares -0.09% PM.
    • Press Release
    • BNY Mellon (NYSE:BK) and Bank of the West, unit of BNP Paribas (OTCQX:BNPQY), enter a reseller agreement, under which BNY Mellon will provide Bank of the West with capabilities for faster payments for its commercial clients through RTP and Disbursements with Zelle.
    • Bank of the West plans to offer Account and Alias (email or mobile number) based RTP services for its commercial banking clients by leveraging BNY Mellon's immediate payments product suite.
    • Previously: BNY Mellon names AmEx's Nuvvula to lead corporate technology (Oct. 11)
    • Citi lifts Lowe's (NYSE:LOW) to a Buy rating from Neutral on a positive view of valuation and the macro backdrop.
    • Analyst Kate McShane sees upside from the "robust" turnaround plan in place from Lowe's management. The company's investor day event on December 12 is seen as a potential major catalyst.
    • Citi's price target of $112 on Lowe's reps 14% upside potential for shares.
    • LOW -0.09% premarket to $98.30.
    • NeoGenomics (NASDAQ:NEO) has agreed to acquire oncology laboratory Genoptix for $125M in cash plus 1M shares of NEO common stock.
    • The transaction should add $85M of revenue in year 1 but will be neutral to EBITDA. Over time, $25M in cost synergies should be achieved and 25% EBITDA margin by the end of year 3.
    • Management will host a conference call this morning at 8:00 am ET to discuss the deal.
    • NextEra Energy (NYSE:NEE): Q3 Non-GAAP EPS of $2.18 beats by $0.03; GAAP EPS of $2.10 in-line.
    • Revenue of $4.42B (-8.1% Y/Y) misses by $490M.
    • Press Release