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1:40 pm Stock indices slipping back after failing to breach intraday range highs -- Dow -55, S&P -4.5, Nasdaq Comp -25 (:TECHX) : 1:34 pm Consumer Dis Spdr set a new high of 80.62 in recent trade, its previous all time high from August was at 80.61 (XLY) : Top holdings in the XLY include: AMZN, DIS, HD, CMCSA, MCD, SBUX, NKE, LOW, PCLN, TWX. 1:32 pm Mylan Labs comments on the Sanofi (SNY) recall of Auvi-Q, stating its EpiPen and EpiPen Jr have not been affected by the recall- with supply ready to meet demand (MYL) : 1:22 pm Notable movers of interest (SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).
Large Cap Gainers - HBI (30.92 +12.01%): Beat by $0.05, beat on revs; raised FY15 EPS guidance, sees revs in line; price tgt raised at DA Davidson.
- NOK (7.29 +9.85%): Reported Q3 (Sep) earnings of 0.08 per share, 0.02 better than the Capital IQ Consensus of 0.06; revenues fell 1.7% year/year to 3.04 bln vs the 3.29 bln Capital IQ Consensus; announced EUR7 bln program to optimize capital structure.
- AGN (308.2 +7.31%): Announced that it has been approached by Pfizer (PFE) and is in preliminary 'friendly' discussions regarding a potential business combination transaction, confirming a WSJ report the two were talking regarding a merger.
Large Cap Losers - NXPI (73.48 -19.18%): Beat Q3 consensus EPS estimates by $0.08, missed on revs, expanded its repurchase program, issued Q4 guidance well below consensus; guided for revs to be down in the low-to-upper teens vs. expectations for +~5% (The lackluster guidance is dragging down the sector, most notably seen in Freescale Semi (FSL) who is involved in a pending merger with NXPI).
- GG (13.12 -10.44%): Reported mixed earnings, reaffirmed FY15 production guidance; gold futures weighing as the precious metal slumps $27.
- DLPH (80.79 -6.23%): Beat Q3 consensus EPS estimates by $0.01, missed on revs; guided FY15 EPS, revs below consensus.
Mid Cap Gainers - SPWR (27.33 +11.01%): Beat Q3 consensus EPS estimates by $0.15, beat on revs; guided Q4 revs above consensus.
- ASGN (45.68 +10.14%): Beat Q3 consensus EPS estimates by $0.09, beat on revs; guided Q4 EPS above consensus, revs above consensus.
- NICE (62.3 +8.84%): Beat Q3 consensus EPS estimates by $0.07, reported revs in-line; guided Q4 EPS in-line, revs in-line
Mid Cap Losers - GNC (28.24 -26.92%): Missed Q3 consensus EPS estimates by $0.07, missed on revs; lowered FY15 guidance.
- BWLD (150.61 -18.32%): Missed Q3 consensus EPS estimates by $0.30, missed on revs; lowered FY15 guidance.
- GPRO (25.66 -15.06%): Missed Q3 consensus EPS estimates by $0.04, missed on revs; guided Q4 well below consensus; downgraded at Piper Jaffray, Cowen, price tgt cut at Northland Capital to $39 from $80.
1:04 pm Auction Out (BONDX) : Treasury Auction Results - $29 bln 7-year note auction
- High yield: 1.885%
- Bid-to-cover: 2.55
- Indirect bid: 62.3%
- Direct bid: 14.0%
- Prior 12-auction average results:
- High yield: 1.957%
- Bid-to-cover: 2.46
- Indirect bid: 51.0%
- Direct bid: 12.8%
12:58 pm Midday Market Summary: Technology Sector Weighs (:WRAPX) : The major averages hold modest midday losses with the S&P 500 trading lower by 0.1% while the Nasdaq Composite (-0.3%) underperforms. Equity indices have spent the first half of the Thursday session in the red, pressured by a batch of disappointing earnings from the technology sector (-0.4%). The bulk of the weakness can be traced back to the semiconductor group where NXP Semiconductor (NXPI 74.20, -16.72) has given up 18.4% after below-consensus revenue and concerns about the company's inventories overshadowed a bottom-line beat and an expanded buyback. Also of note, STMicroelectronics (STM 6.83, -0.38) has surrendered 5.3% in reaction to disappointing guidance. Meanwhile, the broader PHLX Semiconductor Index, which ended yesterday's session above its 200-day moving average (673.22), trades lower by 2.7% with all but three components in the red. Elsewhere in the technology sector, GoPro (GPRO 25.83, -4.83) has plunged 14.5% to a fresh all-time low in reaction to an uninspiring guidance while Yelp (YELP 23.43, +1.36) has climbed 6.2% with better than expected revenue and revenue guidance overshadowing a bottom-line miss. To be fair, the tech sector has climbed off its low in recent action with Apple (AAPL 119.65, +0.38) contributing to the rebound. Similar to technology, most other cyclical sectors trade in the red while energy (+0.5%) and materials (+0.1%) have shown relative strength. The energy sector has received a boost from better than expected results from the likes of Marathon Petroleum (MPC 50.88, +1.04), Tesoro (TSO 108.36, +3.08), and Suncor Energy (SU 29.41, +0.94) masking a 0.9% drop in Royal Dutch Shell (RDS.A 52.56, -0.46) after the industry giant reported a bottom-line miss on above-consensus revenue. Also of note, the health care sector (+0.7%) is largely responsible for keeping the benchmark index close to its flat line. Biotechnology has done its part with iShares Nasdaq Biotechnology ETF (IBB 332.67, +0.88) trading higher by 0.3%, but insurance heavyweights Aetna (AET 114.99, +3.88) and McKesson (MCK 187.54, +5.13) hold respective gains of 3.5% and 2.8% in reaction to better than expected results. Unlike stocks, Treasuries have spent the day in a steady slide with the 10-yr yield higher by six basis points at 2.15%. Economic data included GDP, Initial Claims, and Pending Home Sales: - GDP increased 1.5% in the third quarter, down from a 3.9% gain in Q2 2015 while the Briefing.com consensus an increase of 1.6%
- Even though the headline growth level was on the lighter side, the overall economy looked pretty healthy in the third quarter with the drag resulting from a substantial pullback in inventory growth; however, that was a normal reaction following two consecutive quarterly gains
- Excluding inventories, real final sales rose 3.0%, which was in-line with normal potential growth patterns
- The weekly initial claims level increased to 260,000 from an unrevised 259,000 while the Briefing.com consensus expected an increase to 264,000
- The four-week moving average fell below 260,000 for the first time since 1973
- The continuing claims level declined to 2.144 mln from an upwardly revised 2.181 mln (from 2.170 mln) while the consensus expected an increase to 2.185 mln
- Pending home sales for September fell 2.3% while the Briefing.com consensus expected an increase of 0.6%
12:32 pm PPG Industries appoints David Bem as vice president, science and technology, and chief technology officer-elect (CTO-elect) effective Nov 16 (PPG) : In the CTO role, Bem will succeed Charles F. Kahle II, who has announced plans to retire effective March 1, 2016. Bem joins PPG from Dow Chemical (DOW). 12:29 pm DXP Enterprises announced the immediate termination of the remaining distributor agreements with ITT Goulds (DXPE) : - Subsequent to DXP's press release dated September 24, 2015, ITT Goulds notified DXP of the immediate termination. As of October 27, 2015, DXP accepted the immediate termination of the distribution agreements.
- "DXP is presently in 35 states and well positioned to continue our growth strategy, becoming the one source solution for customers' rotating equipment needs. We are excited to move forward for our customers' and employees' benefit. This resolution increases our flexibility to grow profitably as we continue to focus on meeting customer needs, delivering strong performance and sustainable economic value for our customers, employees and shareholders. DXP is committed to make this transition as seamless and orderly as possible for our customers, employees and shareholders...DXP is prepared to replace all of Goulds' products with existing manufacturers, new manufacturers and a high-quality private label offerings. DXP is eager to move forward with all of its supplier partners."
11:59 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (166) outpacing new lows (87) (SCANX) : Stocks that traded to 52 week highs: AAME, AAP, ABCB, ABTX, ACET, ACGL, ACXM, ALLE, AMNB, AMRB, AMWD, AMZN, APLE, AROW, ASGN, AVY, AYI, AZO, BANR, BBCN, BCPC, BKU, BLKB, BNCL, BNK, BOCH, BR, BSQR, BUSE, BYD, BZC, CACI, CAM, CBNJ, CBOE, CFFN, CHDN, CIGI, CINF, CLI, CMN, CNCE, CNO, COLB, CSGS, CSH, CWBC, DCOM, DMND, EA, EBSB, EDU, EDUC, EGHT, ERI, EXLS, EXR, FB, FBC, FCB, FF, FFBC, FIS, FISI, FMS, FNFG, FPRX, FR, FRME, FSB, FULT, GGAL, GNCMA, GPN, GWB, HALL, HOMB, HPY, HRB, HSIC, HSII, ICE, IGLD, INGR, IPG, IPHI, JBT, JKHY, KFY, KRNY, LANC, LDOS, LEA, LII, LKFN, LMCA, MA, MAA, MAS, MBWM, MDAS, MEET, MENT, METR, MORE, MSFG, MTN, MTS, MYGN, NAVG, NBBC, NBHC, NHTC, NP, OA, OCLR, ONFC, ORI, ORLY, OSIS, OZRK, PAM, PATK, PFGC, PFSW, PGC, PGR, POOL, PRA, PRE, PRMW, PSCC, PSX, PVTB, QCRH, RCI, RITT, RLI, RNST, RVNC, SFNC, SIG, SIGI, SIRO, SNBC, SNV, SRCE, SSB, STE, STL, SXI, SYKE, TBK, THG, TRV, TSS, TTEC, ULBI, VGR, VLY, VVI, WAL, WDFC, WNS, XRAY, YDKN
Stocks that traded to 52 week lows: ACTG, AEZS, AGFS, AGNC, AIQ, ARCB, ARCI, ATOS, BBOX, BBW, BLMN, BNSO, BTU, CAMT, CCCR, CHU, CSTM, DDD, DIN, DOM, EVAR, EVH, EXC, EYEG, FCN, FE, FFIV, FSAM, GNC, GNRT, GOGL, GPRO, GSI, GYRO, HBIO, HLS, HNH, HNRG, HTLD, HTS, IILG, IPAS, KFS, KONA, KRNT, LNTH, LOB, LQ, MCUR, MDXG, MRTN, MSL, MYE, NC, NRP, ONCY, OZM, PLXS, PPC, PRXI, PSIX, PSTI, RCII, RLOC, RMCF, ROG, ROKA, ROVI, RP, RRC, SBLK, SDPI, SGNL, SIEN, SJT, SMSI, SMTP, TLN, TPH, TST, UAMY, UQM, USAP, VECO, VKTX, VSI, XRX
ETFs that traded to 52 week highs: none
ETFs that traded to 52 week lows: EPOL, 11:57 am Secto Summary: DXY at Two-Month Highs (:SUMRX) : - The Dollar Index rallied to a two month high after the Fed provided a more hawkish than expected statement. The FOMC did not downgrade its economic commentary, which was expected, and removed some of its concerns about International developments. Inflation commentary remained the same and there was a slight downgrade to the job environment. But the inclusion of the phrase 'at the next meeting' when discussing its review of policies caught market participants as it squarely put a December rate hike on the table. This morning the first look at Q3 GDP and Chain Deflator came in slightly below expectations but not enough to meaningfully derail the dollar move.
- The euro was chopped to its own two month low as the dollar rallied. The euro is now down approx 5% since December 15 as a divergence in monetary policy is once again leading to speculation that we will see euro/dollar parity in the coming months. German CPI and Jobs number were slightly better than expected but the reports are not having an impact on trade.
- The pound has once again rallied back above the 1.53 level. Sterling has been able to hold 1.5240 in the face of dollar strength. But its upside has been limited by resistance at 1.53. The U.K. saw mixed economic news as Net Lending to Individuals was higher than expected but Mortgage Approvals and Money Supply fell short of expectations.
- The yen is back to testing the 121 level as the dollar and risk on rallies continue. After a failed break out attempt a couple fo week sback the yen has been under selling pressure. The Bank of Japan will be meeting tonight and expectations for it to take further action on purchases is 50/50. A better than expected Industrial production was released last night but CPI data due out ahead of the central bank decision may carry greater weight for the committee (BONDX, FOREX).
11:25 am New Supply (BONDX) : Treasury Auction Preview - $29 bln 7-year note auction (results at 13:00 ET)
- Prior 7-year auction results:
- High yield: 1.81%
- Bid-to-cover: 2.51
- Indirect bid: 62.6%
- Direct bid: 8.9%
- Prior 12-auction average results:
- High yield: 1.957%
- Bid-to-cover: 2.46
- Indirect bid: 51.0%
- Direct bid: 12.8%
11:18 am Stock indices have spent the morning in the red -- Dow -71, S&P -5, Nasdaq Comp -17 (:TECHX) : Although the S&P has spent the early portion of the session below unchanged, it has held above first level support from The Technical Take at 2081/2079 (session low 2082). This type of action thus far reflects little sell side interest in the wake of the upside extension/close on the high yesterday (100 points off mid-month low). 10:54 am Dow -99 and S&P -7.5 set new lows, Nasdaq Comp -23 is drifting in lower end of day's range (:TECHX) : The S&P has slipped back toward first level support from The Technical Take at 2081/2079 (session low 2082). 10:47 am Mead Johnson Nutrition shares pull back from pre-market highs, still trading higher by 3% following news China has scrapped its single-child policy (MJN) : Last night China announced it will allow couples to have two children, after enforcing a one-child policy for over 30 years. The policy was initially introduced to halt the birth rate and soaring population and its effect on resources. Now, China is relaxing that rule to allow families to have two children in an effort to improve the balanced development of its population. - Mead Johnson is thought to be an immediate beneficiary of this due to its presence in China's baby-formula market. In Q3, Asia accounted for nearly 49% of revenues for Mead Johnson, which specializes in pediatric nutrition. Their product portfolio includes two main categories, infant formula, and children's nutrition. These product categories can be further be separated into five general product types: routine infant, solutions, specialty, children's nutrition and other various products. Mead Johnson's Q3 sales in Asia were down 15% y/y to $477 mln. They noted that market factors including competitive promotional activity and an ongoing shift in consumer demand for imported product continued to negatively impact their locally manufactured brands.
- Competitors in the space include Danone (DANOY) and Nestle (NSRGY)
10:40 am Immune Design reports that its GLAAS discovery platform has been applied in AstraZeneca's (AZN) clinical trial of MEDI7510 (IMDZ) : Co highlighted the application of its GLAAS discovery platform in MedImmune's Phase 2 clinical trial of MEDI7510. MEDI7510 is an investigational agent for the prevention of respiratory syncytial virus under development by MedImmune, the global biologics research and development arm of AstraZeneca (AZN). - The Phase 2, double-blind, randomized, placebo-controlled study (NCT02508194) is designed to assess the efficacy of MEDI7510 for the prevention of acute RSV-associated respiratory illness in older adults. The study will also evaluate the safety and immunogenicity of MEDI7510 or placebo and immune response to MEDI7510 in Season 1 and Season 2. The trial is expected to enroll 1,900 adult subjects
10:37 am Dow -66 slips to new low, S&P -5.2 and Nasdaq Comp -18 still chopping laterally (:TECHX) : Underperforming Dow components include: INTC -1.9%, CSCO -1.2%, IBM -1.2%, V -1%, VZ -0.9%, GS -0.8%, JPM -0.8%, MSFT -0.8%. 10:34 am Straight Path Comms responds to the Kerrisdale Report, saying the report 'ignores key facts and long-term strategy' (STRP) : Co stated: " The report appears to be designed to depress the market value of our common stock and ignores key facts about our company and our announced long-term strategy." - Co believes based on extensive market precedent that, if its spectrum bands are approved for use in mobility applications, the market value of those assets will significantly increase, as they are available to support 5G and the increasing needs for significantly added capacity for wireless data usage.
- Co will host a conference call on November 2, 2015 at 8:30 AM EST, featuring Davidi Jonas, CEO, Jerry Pi, CTO and Jonathan Rand, CFO
10:32 am Nymox Pharma reports that long-term randomized cross-over data from the co's trial of fexapotide triflutate for low grade localized prostate cancer has shown statistical significance in efficacy compared to controls (NYMX) : The study results indicate that randomized control subjects who subsequently switched to fexapotide had long-term outcomes significantly superior to control patients who did not change (cross-over) to fexapotide treatment. - In addition to the positive clinical progression results, the primary endpoint of the study (re-biopsy absence of tumor in the initially positive biopsy baseline area of the prostate) also reached statistical significance (p
- At the 18 month assessments, the post-treatment biopsy taken from the treated area of the prostate which was initially positive at baseline, showed absence of tumor (tumor presence in re-biopsy of baseline positive focus n=0) in the cross-over treated patients, which was statistically significant compared to controls (p
- Co expects to report results from its long-term NX03-0040 low grade localized prostate cancer study in the fourth quarter.
10:21 am CNH Industrial misses by EUR 0.08, reports revs in-line; lowers net sales of industrial activities FY15 guidance (CNHI) : - Reports Q3 (Sep) earnings of 0.03 per share, excluding non-recurring items, 0.08 worse than the Capital IQ Consensus of 0.11; revenues fell 24.4% year/year to 5.85 bln vs the 5.82 bln Capital IQ Consensus.
- Guidance: The Company expects that continued demand weakness primarily in LATAM and ongoing strength of the U.S. dollar will have a negative impact on the revenue levels previously forecasted for the fourth quarter of 2015. Full year guidance is therefore updated as follows: Net sales of Industrial Activities in the range of $25-26 billion (prior guidance $26-27 bln), the operating margin of Industrial Activities is unchanged at 5.6% and 6.0%.
10:20 am Choppy, narrowly confined action at slightly lower levels continues -- Dow -41, S&P -2.7, Nasdaq Comp -19 (:TECHX) : 10:19 am Arrow Financial announces Board approval for a $5 mln common stock repurchase program (AROW) : 10:18 am Allergan resumes trading (AGN) : 10:17 am Pfizer resumes trading (PFE) : 10:13 am Sector Summary: Technology (XLK -0.6%) trading lower today, behind the broader market (:SUMRX) : The tech sector -- XLK (-0.6%) -- trades behind the broader market due to disappointing earnings from semiconductor names with the SOX index trading lower by ~2.5%. Within the SOX index, MRVL (-0.2%) outperforms, while NXPI (-17.4%) lags. Among other major indices, the SPY is trading near its flat line, while the QQQ (-0.3%) and the NASDAQ -0.3% underperform. Among tech bellwethers, GOOGL (+0.5%) is showing relative strength, while INTC (-2.0%) lags. Notable gainers following earnings: - CACI (+3.6%), ECHO (+32.0%), ELLI (+5.4%), FORM (+8.8%), INVN (+10.2%), POWI (+7.6%), WSTL (+6.9%), YELP (+8.4%), ALU (+8.0%), CCMP (+2.5%), KEM (+10.6%), NICE (+6.8%), NOK (+9.6%), WDC (+1.4%), MA (+1.0%)
Notable laggards following earnings: - AFOP (-18.7%), ARRS (-5.5%), CRUS (-4.6%), FFIV (-7.9%), GPRO (-16.1%), NXPI (-17.4%), PLXS (-11.3%), ROVI (-21.3%), SIMO (-4.1%), SPRT (-8.2%), VECO (-13.6%), TTMI (-2.9%), SIMO (-4.0%), MMYT (-4.9%), MWW (-17.8%), STM (-6.8%)
Laggards on news: - FCS (-3.3%) after STM denies rumors of takeover interest in FCS
- GLW (-0.4%) despite announcing an accelerated $1.25 billion share repurchase program
- MWW (-16.2%) CFO resigns (co also had disappointing earnings)
No notable upgrades Among notable analyst downgrades: - AKAM (-3.6%) downgraded to Underperform at FBR Capital
- WB (-3.9%) to Neutral at Citigroup
- SINA (-2.5%) to Neutral at Citigroup
- FFIV (-7.9%) to Sector Perform at RBC Capital Markets
- GPRO (-16.1%) to Underweight at Piper Jaffray
- VECO (-13.6%) to Neutral at JP Morgan
Scheduled to report earnings after the bell: - ATEN, AZPN, AXTI, BIDU, BCOR, EPAY, BCOV, CALX, CSCD, COHU, CPSI, CRAY, DGII, EA, EXTR, GSIT, IMMR, IMPV, SAAS, IM, IXYS, LSCC, LNKD, MTSN, MXWL, MOBL, NANO, NSR, ON, OSIS, PCCC, PDFS, QTM, RKUS, SCSC, SQI, SYNC, TSYS, TNAV, TRMB, WWWW, WU
Scheduled to report earnings tomorrow morning: - HPY, IDCC, MGI, TYPE, STX
10:11 am SPX 50 now @ 2089.20 -1.15 ticks to a new 1st hour high print in recent trade (SPY) : 10:11 am Pfizer also confirms it is in preliminary friendly discussions with Allergan (AGN) in relation to a potential transaction, emphasizes that no agreement has been reached (PFE) : Pfizer says it will not comment on speculation regarding the terms of a potential transaction. 10:02 am Frequency Electronics announces that CFO Alan Miller will step down on December 31, 2015; to become Interim CFO in 2016, during the search for a successor (FEIM) : 10:02 am Dow -52 slips to new session low, S&P -5.5 and Nasdaq Comp -25 are hovering just above their lows (:TECHX) : 10:02 am Sandy Spring Banc increases its cash dividend to $0.24/share, up from $0.22/share Q/Q (SASR) : 10:01 am SAP AG, Google enter into a long-term patent cross licensing agreement that covers a broad range of products and technologies (SAP) : The agreement covers the companies' existing patents and those filed over the next five years. 9:43 am Relative sector strength (:TECHX) : Sectors that are outperforming thus far include: Health XLV, Biotech IBB, Crude Oil USO, Pharma PPH, Casino (MGM, +5.9%, WYNN +2%, MPEL +1.1%, CZR +1.2%, BYD +1.1%), Reg Bank KRE, Trucking. 9:42 am Opening Market Summary: Technology Sector Leads Opening Decline (:WRAPX) : As expected, the major averages began the day on a modestly lower note. The S&P 500 has given up 0.2% in early action while the Nasdaq Composite (-0.3%) underperforms slightly. Seven sectors trade in the red, but their losses have been limited for the most part. However, the top-weighted technology sector (-0.6%) is the second weakest performer (utilities -0.7%), which explains the underperformance in the Nasdaq. On the flip side, health care (+1.6%) has displayed early strength with biotechnology powering that move. The iShares Nasdaq Biotechnology ETF (IBB 335.80, +4.01) is higher by 1.2% with Amgen (AMGN 163.07, +0.41) adding 0.3% after reporting better than expected results. 9:37 am Early relative sector weakness (:TECHX) : A weaker tone thus far with sectors on the defensive led by: Semi SMH, Auto, Silver SLV, Gold Miners GDX, Coal KOL, Social Media SOCL, Networking IGN, Home Const ITB, Steel SLX. 9:35 am Modestly negative bias in early dealings with Nasdaq Comp -26 pacing the way -- Dow -51, S&P -5 (:TECHX) : 9:30 am Allergan confirms it has been approached by Pfizer (PFE), says is in preliminary 'friendly' discussions regarding a potential business combination transaction (AGN) : Allergan states that under any potential scenario with Pfizer, Allergan remains strongly committed to complete the proposed divestment of its global generics business to Teva Pharmaceutical (TEVA and expects the generics divestiture transaction to close in the first quarter of 2016 9:28 am On the Wires (:WIRES) : - Volkswagen AG (VLKAY) and the Industrial & Commercial Bank of China Limited today signed a Memorandum of Understanding in Beijing, forming a long-term global strategic partnership between the two companies. Under the terms of the MOU, ICBC will provide Volkswagen AG with fully comprehensive commercial banking services and facilities, both within China and across the world
- Orbital ATK (OA) signed a contract with Space Systems/Loral to produce flight sets consisting of two propellant tanks for the SSL 1300; this continues a 27-year relationship with SSL for satellite fuel tanks
- NN (NNBR) will open a new precision ball plant in Ciudad Juarez in the Mexican state of Chihuahua. The plant, which has been under construction since June of this year, is
expected to commence production in November, 2015. Production will ramp through 2016 as production validation continues.
9:22 am Dentsply announces offer to purchase up to $150 mln of its outstanding 4.125% notes due 2021 (XRAY) : The purpose of the Offer is to refinance a portion of the Co's debt. - Concurrently with the Offer, co intends to arrange new unsecured debt financing in an amount sufficient to fund the total consideration payable pursuant to the Offer.
9:13 am MakeMyTrip reports Q2 (Sep) results, misses on revs; updates FY15 outlook, reaffirming constant currency revenue growth (MMYT) : - Reports Q2 (Sep) loss of $0.17 per share, may not be comparable to the single analyst estimate of $0.03; revenues rose 3.6% year/year to $33.2 mln vs the $35.37 mln Capital IQ Consensus.
- The co announced it is providing an upward increase in its transaction guidance for the rest of fiscal year 2016 as follows:
- India standalone transaction growth of 175%-200%, up from 75%-100% previously;
- Hotels and Packages transaction growth, excluding ETB, of 100%-110%, up from 50%-55% previously.
- The co also retained its FY2016 constant currency revenue growth guidance of 10% to 15%.
9:12 am S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -20.50. (:WRAPX) : The stock market is on track for a modestly lower start (S&P futures -6 vs fair value), but futures have narrowed their losses in recent action after the advance Q3 GDP pointed to growth of 1.5% while the Briefing.com consensus expected a reading of 1.6%. The slight miss was caused by a pullback in inventory growth, but that was not a surprise considering inventories grew substantially during the previous two quarters. Notably, real final sales rose 3.0%, which falls within normal growth patterns. Despite the uptick from lows, the market remains under pressure after several companies reported disappointing quarterly results. To that point, Deutsche Bank (DB 28.13, -2.18), Royal Dutch Shell (RDS.A 52.19, -0.83), STMicroelectronics (STM 6.74, -0.47), NXP Semiconductor (NXPI 74.56, -16.36), Buffalo Wild Wings (BWLD 157.00, -27.40), and GoPro (GPRO 25.14, -5.07) are tracking losses between 1.6% and 18.0% in reaction to disappointing earnings, revenue, and/or guidance. On a separate note, Treasuries have retreated following the GDP report after spending the night near their flat lines. The 10-yr note currently sits on its low with the benchmark yield up three basis points at 2.12%. One more data point will be released today with September Pending Home Sales (expected 0.6%) set to be announced at 10:00 ET. 9:09 am United Bankshares reports EPS in-line (UBSI) : - Reports Q3 (Sep) earnings of $0.50 per share, in-line with the Capital IQ Consensus of $0.50.
- Third quarter of 2015 results produced a return on average assets of 1.12% and a return on average equity of 8.14%, respectively.
- For the first nine months of 2015, United's return on average assets was 1.14% while the return on average equity was 8.25%.
9:07 am Keryx Biopharma misses by $0.04, beats on revs, provides 2016 OpEx guidance (KERX) : - Reports Q3 (Sep) loss of $0.29 per share, $0.04 worse than the Capital IQ Consensus of ($0.25); revenues rose 1544.5% year/year to $4.21 mln vs the $3.91 mln Capital IQ Consensus.
- Keryx anticipates that cash operating expenses in 2016 will be in the range of $87 million to $92 million. Non-cash operating expenses and cost of goods sold are not included in guidance. Operating expenses will be primarily directed towards U.S. commercialization and label expansion activities for Auryxia. Keryx plans to provide additional full year 2016 financial guidance, including guidance for net U.S. Auryxia product sales in early 2016.
- At September 30, 2015, the company had pro-forma cash and cash equivalents of $227.2 million.
9:03 am Banc of California beats by $0.02, Net interest income increased 45% (BANC) : - Reports Q3 (Sep) earnings of $0.29 per share, $0.02 better than the Capital IQ Consensus of $0.27. Net interest income increased 45% y/y to $55.6 mln.
- The company's consolidated assets totaled $7.3 billion at September 30, 2015, an increase of $0.8 billion compared to the prior quarter, and an increase of $2.7 billion compared to a year ago.
- Return on average assets for the third quarter was 0.9%, and return on average tangible common equity was 12% for the third quarter.
- Record quarterly core deposit growth exceeding $500 million (net of branch sales and offsetting the reduction in brokered and treasury deposits).
- Record quarterly commercial banking segment loan originations of $729 million (excludes mortgage banking originations).
9:02 am BofI Holding beats by $0.09, beats on revs (BOFI) : - Reports Q3 (Sep) earnings of $1.60 per share, $0.09 better than the Capital IQ Consensus of $1.51; revenues rose 37.5% year/year to $68.9 mln vs the $65.34 mln Capital IQ Consensus.
- Total assets reached $6,259.6 mln, up $1,434.8 mln or 29.7% compared to September 30, 2014
- Loan portfolio grew by $1,266.2 mln or 32.0% compared to September 30, 2014
- Loan originations for the three months ended September 30, 2015 were $1,097.4 mln, up 9.2% compared to the quarter ended September 30, 2014
- Deposits grew by $1,493.6 mln, or 45.8% compared to September 30, 2014
8:59 am On the Wires (:WIRES) : - Edgewater Technology (EDGW) announced the addition of QuantiQ as a partner, to provide coverage in the United Kingdom
- KKR & Co (KKR) announced it is purchasing ~ 343K square feet, the top ten office floors, at 30 Hudson Yards and relocating its corporate offices to the office tower in 2020
- Chevron Corporation (CVX) announced the successful appraisal of the Anchor discovery in the Lower Tertiary Wilcox Trend. Appraisal drilling began in June 2015 and recently found 694 feet of net oil pay. To date, Chevron has confirmed a hydrocarbon column of at least 1,800 feet in the Lower Tertiary Wilcox reservoirs at Anchor. Complete appraisal of the field will require further delineation wells and technical studies
- Jamba (JMBA) noted continued progress in its ongoing effort to transition to an asset-light model with the announcement today of a 16-store refranchising deal
- Halozyme Therapeutics (HALO) announced that the first healthy subject has been dosed in a Phase 1 clinical trial evaluating the safety, tolerability and pharmacokinetics of a subcutaneous formulation of rivipansel and being developed by Pfizer (PFE), using Halozyme's ENHANZE formulation. The initiation of dosing triggered a $1 mln milestone payment to Halozyme under the License and Collaboration Agreement between Halozyme and Pfizer that was entered into in 2012.
- Vringo (VRNG) announced that a Romanian appellate court has denied ZTE (ZTCOF) Romania's twelfth attempt to overturn or suspend Vringo's preliminary injunction
8:56 am S&P futures vs fair value: -6.70. Nasdaq futures vs fair value: -21.40. (:WRAPX) : The S&P 500 futures trade seven points below fair value. Markets in the Asia-Pacific region were mostly lower Thursday, with the notable exceptions of Japan (+0.2%) and China (+0.4%). The former bumped up ahead of the Bank of Japan policy announcement and following better than expected industrial production data. China advanced despite talk Chinese officials may soon lower the GDP growth target. Many emerging markets, meanwhile, felt the pinch of the FOMC's relatively hawkish directive on Wednesday, which kept alive the possibility of a rate hike in December and led to a dollar rally. - In economic data:
- Japan's September Industrial Production +1.0% month-over-month (expected -0.5%; prior -1.2%)
- Australia's September HIA New Home Sales -4.0% (prior +2.3%), Q3 Export Price Index 0.0% quarter-over-quarter (expected +0.5%; prior -4.4%), and Q3 Import Price Index +1.4% quarter-over-quarter (expected +1.6%; prior +1.4%)
- Singapore's Q3 Unemployment Rate 2.0% (expected 2.0%; prior 2.0%)
------ - Japan's Nikkei increased 0.2% following some better than expected industrial production data for September. It took a late rebound, however, to finish in positive territory. The industrials (+1.3%) and health care (+0.9%) sectors were the best-performing areas. OKUMA Corp (+9.2%), Fujikura (+6.3%), and Nippon Electric Glass (+3.8%) topped the list of individual winners. DeNA Co (-14.9%), Mitsui Mining & Smelting (-8.3%), and Asahi Kasei (-5.3%) led the losers. Out of the 225 index members, 126 ended higher, 89 finished lower, and 10 were unchanged.
- Hong Kong's Hang Seng declined 0.6% and ended at its lows for the day with financial and property companies weighing. China Life Insurance (-5.4%), China Merchants Holdings (-3.0%), and China Resources Power Holdings (-2.9%) were the worst-performing issues. CNOOC (+3.4%), PetroChina (+2.0%), and Lenovo Group (+1.9%) led advancing issues. Out of the 50 index members, 12 ended higher, 37 finished lower, and 1 was unchanged.
- China's Shanghai Composite increased 0.4% in a choppy day of trading that was accented by reports that China is apt to lower its GDP growth target soon. Financial shares were among the laggards that held the market in check.
Major European indices trade in negative territory with UK's FTSE (-1.1%) showing relative weakness. Elsewhere, Sveriges Riksbank Governor Stefan Ingves said the central bank could continue cutting its benchmark rate, going below -0.35% if needed. Mr. Ingves also noted that he sees significant risks in rising debt levels. - Economic data was plentiful:
- Eurozone October Business and Consumer Survey ticked up to 105.9 from 105.6 (expected 105.2)
- UK's September BoE Consumer Credit GBP1.261 billion (expected GBP1.10 billion; prior GBP1.263 billion) and Mortgage Lending GBP3.60 billion (consensus GBP3.50 billion; previous GBP3.40 billion). Separately, October CBI Distributive Trades Survey fell to 19 from 49 (expected 35) and Nationwide HPI 0.6% month-over-month (expected 0.5%; prior 0.5%)
- Germany's October Unemployment Change -5,000 (expected -4,000; prior 1,000) while the Unemployment Rate held at 6.4%, as expected
- Spain's September Retail Sales +4.3% year-over-year (consensus 3.0%; prior 3.0%) and October CPI +0.7% month-over-month, as expected; -0.7% year-over-year (consensus -0.6%)
------ - Germany's DAX trades down 0.4% with Deutsche Bank surrendering 6.6% after reporting disappointing results and announcing layoffs for 9,000 full time employees and 6,000 contractors. Lufthansa also lags, falling 8.1%, despite strong results. On the upside, Fresenius and Bayer hold respective gains of 3.1% and 1.3%, respectively.
- In France, the CAC is down 0.8% with Saint Gobain, Sanofi, and Arcelor Mittal down between 4.5% and 5.6%. Financials also lag with BNP Paribas, Societe Generale, and Credit Agricole down between 1.3% and 3.2%.
- UK's FTSE has surrendered 1.1% with miners leading the slide. Anglo American, BHP Billiton, Glencore, and Randgold Resources down between 4.5% and 5.5%. On the flip side, consumer and health care names outperform with Merlin Entertainments, Hikma Pharmaceuticals, Diageo, and Carnival rising between 0.6% and 1.8%.
8:43 am European Markets Update: DAX -0.4%, CAC -0.8%, FTSE -1.1% (:SUMRX) : Major European indices trade in negative territory with UK's FTSE (-1.1%) showing relative weakness. Elsewhere, Sveriges Riksbank Governor Stefan Ingves said the central bank could continue cutting its benchmark rate, going below -0.35% if needed. Mr. Ingves also noted that he sees significant risks in rising debt levels. - Economic data was plentiful:
- Eurozone October Business and Consumer Survey ticked up to 105.9 from 105.6 (expected 105.2)
- UK's September BoE Consumer Credit GBP1.261 billion (expected GBP1.10 billion; prior GBP1.263 billion) and Mortgage Lending GBP3.60 billion (consensus GBP3.50 billion; previous GBP3.40 billion). Separately, October CBI Distributive Trades Survey fell to 19 from 49 (expected 35) and Nationwide HPI 0.6% month-over-month (expected 0.5%; prior 0.5%)
- Germany's October Unemployment Change -5,000 (expected -4,000; prior 1,000) while the Unemployment Rate held at 6.4%, as expected
- Spain's September Retail Sales +4.3% year-over-year (consensus 3.0%; prior 3.0%) and October CPI +0.7% month-over-month, as expected; -0.7% year-over-year (consensus -0.6%)
------ - Germany's DAX trades down 0.4% with Deutsche Bank surrendering 6.6% after reporting disappointing results and announcing layoffs for 9,000 full time employees and 6,000 contractors. Lufthansa also lags, falling 8.1%, despite strong results. On the upside, Fresenius and Bayer hold respective gains of 3.1% and 1.3%, respectively.
- In France, the CAC is down 0.8% with Saint Gobain, Sanofi, and Arcelor Mittal down between 4.5% and 5.6%. Financials also lag with BNP Paribas, Societe Generale, and Credit Agricole down between 1.3% and 3.2%.
- UK's FTSE has surrendered 1.1% with miners leading the slide. Anglo American, BHP Billiton, Glencore, and Randgold Resources down between 4.5% and 5.5%. On the flip side, consumer and health care names outperform with Merlin Entertainments, Hikma Pharmaceuticals, Diageo, and Carnival rising between 0.6% and 1.8%.
8:40 am European Yields (BONDX) : Sovereign Debt Buyers Take Day off - It has now been exactly one week since the European Central Bank meeting where ECB President Mario Draghi said that a reduction in the deposit rate would be on the table as an option for further monetary easing. Since that time, sovereign yields at the 10-year maturity for the major European countries have fallen between 10 and 20 basis points. Today's trade, however, has seen a countertrend move as the economic data in Europe showed deflationary pressures easing and sentiment improving
- The EU's Economic sentiment index climbed to 105.9 in October from a prior reading of 105.6, beating espectations
- In the U.K., the Nationwide Housing Price Index rose 3.9% in the year to October, better than both expectations and the September reading of 3.8%
- The number of Germans without jobs declined by 5K in October, better than expected. The rolls of the unemployed grew by 1K in September
- The regions of Germany reported inflation data today and deflation has ended on a monthly basis in Bavaria and Hesse. Price data for all of Germany will be released at 09:00 ET
- Spain's consumer price index fell 0.7% y/y in October according to the preliminary estimate. October's was a steeper decline than expected, but better than the 0.9% drop in September
- Spain's harmonized index of consumer prices fell 0.9% in the year to October, in line with expectations
- Yield Check:
- France, 10-yr OAT: +2 bps to 0.81%
- Germany, 10-yr Bund: +3 bps to 0.47%
- Greece, 10-yr note: +2 bps to 7.73%
- Italy, 10-yr note: unch at 1.42%
- Portugal, 10-yr note: +6 bps to 2.43%
- Spain, 10-yr ODE: +2 bps to 2.58%
- U.K., 10-yr Gilt: +5 bps to 1.86%
8:39 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: GPRO -17.8%, VECO -15.9%, BWLD -15.2%, NXPI -13.7%, ROVI -11.3%, CAVM -11.1%, SPN -11%, SPN -11%, ARRS -10.5%, FFIV -10.2%, ABMD -9.6%, HLS -9.1%, GNC -8.9%, PTC -8%, AFOP -7.7%, OSK -7.7%, DB -7.5%, HOS -7%, TAL -7%, STM -6.7%, SNY -6.2%, PPC -6.1%, SNN -6.1%, BCS -6.1%, STM -6%, PYPL -5.5%, LQ -5.5%, FELP -5.5%, BG -5.2%, MANT -4.8%, NEWM -4.8%, CRI -4.5%, NYCB -4.2%, NTRI -4%, EPD -4%, WLL -3.6%, SAN -3.5%, LDOS -3.3%, ESV -3%, TILE -2.8%, OTEX -2.7%, NVO -2.6%, ARII -2.5%, ALXN -2.5%, IMS -2.4%, OII -2.3%, PAG -2.3%, COP -2.3%, ASX -2.2%, MAR -2%, EQIX -1.9%, PBI -1.9%, SPRT -1.6%, RDS.B -1.4%, POT -1.4%, CMO -1.1%, PSA -1.1%, FRBA -1.1%
M&A news: FCS -4.3% (STMicroelectronics (STM) says on conference call that contrary to rumors, it does not have any current plans to make any offer for Fairchild)
Select EU financial related names showing weakness after DB, BCS, and SAN earnings: BBVA -3%, RBS -2.9%, BBD -2.9%, ING -2.4%, CS -1.9% Select oil/gas related names showing early weakness: WLL -3.8%, SDRL -3.6%, SSL -3.3%, RIG -2.2%, BP -1.8%, .
Other news: STRP -23.3% (unconfirmed speculation Kerrisdale's new short report, which is due out today is on STRP), SIEN -12% ( provides a business update; reports that its contract manufacturer, Silimed had a fire occur in the building where its products are made), COR -3.1% (announces a secondary common stock offering, for 4 mln shares owned by The Carlyle Group)
Analyst comments: BHP -4.2% (downgraded to Sell at Liberum), RIO -3.2% (downgraded to Sell at Liberum), ABCB -1.9% (downgraded to Mkt Perform at Keefe Bruyette) 8:36 am Standard Motor reports EPS in-line, revs in-line (SMP) : - Reports Q3 (Sep) earnings of $0.80 per share, in-line with the Capital IQ Consensus of $0.80; revenues rose 5.1% year/year to $270 mln vs the $269.31 mln Capital IQ Consensus.
- "Our fourth quarter of 2014 benefited from two fairly large pipeline orders for Engine Management which are unlikely to be repeated this year. Thus, fourth quarter sales comparisons will be challenging"... Briefing.com Note: Q4 consensus forecasts a decline in EPS/revs to $0.57/$225.6 mln
8:36 am CVR Refining misses by $0.22, beats on revs (CVRR) : - Reports Q3 (Sep) earnings of $0.94 per share, $0.22 worse than the Capital IQ Consensus of $1.16; revenues fell 38.5% year/year to $1.36 bln vs the $1.29 bln two analyst estimate.
- Third quarter 2015 throughputs of crude oil and all other feedstocks and blendstocks for the Coffeyville and Wynnewood refineries totaled 210,917 bpd. Throughputs of crude oil and all other feedstocks and blendstocks for both refineries totaled 183,814 bpd for the same period in 2014.
- CVR Refining also announced today a third quarter 2015 distribution of $1.01 per common unit.
- The distribution, as set by the board of CVR Refining GP, LLC, the general partner of CVR Refining, will be paid on Nov. 16, 2015, to unitholders of record on Nov. 9, 2015.
8:35 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance: VICL +27.2%, CGI +14.5%, RYAM +13.4%, HBI +10.5%, NOK +8.7%, LUB +8%, EPE +7.4%, SPWR +6.6%, ALLT +6.5%, THRX +6.1%, NVDQ +6%, AET +6%, ALLE +5.4%, VRTX +5.3%, ECHO +4.5%, LCI +4.4%, YELP +4.2%, INVN +4.2%, RRC +4.1%, PBF +4%, DRII +3.5%, FORM +3.4%, ORLY +3.4%, AVT +3.2%, NICE +3.1%, CRUS +2.9%, STAA +2.8%, ANIK +2.5%, NE +2.4%, TSO +2.3%, POWI +2.2%, IMAX +1.9%, ELLI +1.8%, HUBG +1.3%, EIG +1.3%, ASX +1.2%, MO +1.1%, EXAS +1.1%, FMC +1%, MTW +1%, TEVA +1%, MEOH +1%, SHW +0.9%
M&A news: AGN +10.1% (Allergan and Pfizer (PFE) are considering a merger, according to the WSJ),AF +3.4% (to be acquired by New York Community (NYCB) for $19.66/share; also reported earnings),PFE +2.1% (Allergan and Pfizer (PFE) are considering a merger, according to the WSJ)
Other news: RVNC +55.7% (reports positive 6-Month duration in BELMONT study),LOCK +38.3% (announced it has reached agreements with the Federal Trade Commission on a comprehensive settlement resolving outstanding litigation relating to its past marketing representations and information security programs; co also reported earnings),SXE +17.1% (affirmed quarterly distribution of $0.40/unit, expects to report Q3 adj-EBITDA ahead of prior guidance),MGM +7.8% (announces plan to create a REIT with ten of its 'premier' properties; also reported earnings),TI +7.3% (lifting on Iliad founder stake purchase),MJN +5.3% (following news that China removed its one-child policy),WSTL +4.3% (co concluded with its auditors that various prior financial statements should no longer be relied upon),DDD +3.7% (President and CEO Avi Reichental to step down on October 28, 2015),MHO +3.5% (acquired the the residential homebuilding operations of privately-held homebuilder, Hans Hagen Homes; terms not disclosed),ADRO +2.9% (receives a milestone payment from Janssen Biotech for acceptance of the IND for ADU-214),LVS +2.3% (in sympathy with MGM),NEM +1.4% (co to expand its Tanami operations in Australia by building a second decline in the underground mine and additional plant capacity; co also reported earnings)
Analyst comments: MPEL +3% (upgraded to Equal-Weight at Morgan Stanley),SNCR +0.7% (upgraded to Strong Buy at Raymond James),SIG +0.5% (added to Conviction Buy list at Goldman) 8:35 am World Wrestling beats by $0.06, beats on revs (WWE) : - Reports Q3 (Sep) earnings of $0.14 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.08; revenues rose 38.3% year/year to $166.2 mln vs the $151.1 mln Capital IQ Consensus.
- "During the quarter, we made significant progress on the growth of our global subscription service, WWE Network...We also continued to strengthen our talent base, achieved significant international growth and increased engagement across our digital and social media platforms....Our solid earnings growth for the quarter was driven primarily by the increase in WWE Network subscribers, the escalation of our television rights fees, as well as higher effective ticket prices at our live events."
- Over the next few years, co anticipates that the contractual escalation of television rights fees and the acquisition and retention of WWE Network subscribers will be the key drivers of revenue growth.
8:35 am Virgin America beats by $0.08, beats on revs (VA) : - Reports Q3 (Sep) earnings of $1.64 per share, $0.08 better than the Capital IQ Consensus of $1.56; revenues rose 1.3% year/year to $410.9 mln vs the $405.07 mln Capital IQ Consensus.
- Passenger revenue per available seat mile decreased 2.7% compared to the third quarter 2014, to 11.05 cents. Year-over-year PRASM decline was driven by a 1.0 point decrease in load factor and a 1.8% decrease in yield. Total RASM decreased 1.6% year-over-year.
- Total CASM excluding special items decreased 7.7% compared to the third quarter of 2014, to 10.13 cents.
- Available seat miles for the third quarter of 2015 increased 3.0% year-over-year compared with the third quarter of 2014.
- 4Q15 Outlook: VA is scheduled to take delivery of three A320 aircraft during 4Q15, of which it expects to place two into operational service prior to year-end. The company expects capacity, as measured by available seat miles, to increase by approximately 9.5-10.5% for 4Q15 as compared to 4Q14
Based on current revenue trends, VA expects PRASM to decrease between 3.0-5.0% versus 4Q14. The company expects CASM excluding special items, fuel and profit sharing to increase between 2.0-3.0% versus 4Q14.
CASM excluding special items, fuel and profit sharing is increasing in the fourth quarter due primarily to Virgin America's previously announced pay and benefit initiatives that were implemented earlier in the year, partially offset by underlying unit cost improvement as the company resumes capacity growth.
8:34 am Smith & Nephew to acquire Blue Belt Holdings for $275 million (SNN) : Blue Belt Technologies' Navio surgical system provides robotics-assistance in unicondylar or partial knee replacement surgery through CT-free navigation software and a unique hand-held, robotic bone-shaping device. The co expects annual revenue growth at Blue Belt Technologies to be in excess of 50% over the medium-term from a 2015 base of approximately $19 million. Investment in the combined R&D programmes and supportive clinical evidence will dilute Group trading profit margin by around 60bps in 2016, with the business becoming profitable in 2018. Return on capital employed is expected to exceed our weighted average cost of capital in year four. The acquisition cost of $275 million is subject to any closing adjustments and will be funded from existing debt facilities. The transaction is expected to close around the year end, subject to the satisfaction of customary conditions 8:34 am CVR Partners misses by $0.21, misses on revs; no cash distribution for Q3 (UAN) : - Reports Q3 (Sep) loss of $0.18 per share, $0.21 worse than the Capital IQ Consensus of $0.03; revenues fell 26.1% year/year to $49.3 mln vs the $53.5 mln two analyst estimate.
- As a result of the unplanned plant downtime during the 2015 third quarter, CVR Partners will not pay a cash distribution for the quarter.
- Co is acquiring Rentech Nitrogen Partners (RNF).
8:34 am Standard Motor reports that CEO/Chairman Lawrence Sills will retire effective March 31, 2016 (SMP) : .... 8:33 am New York Times beats by $0.03, reports revs in-line (NYT) : - Reports Q3 (Sep) earnings of $0.09 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.06; revenues rose 0.7% year/year to $367.4 mln vs the $364.67 mln Capital IQ Consensus.
- Total advertising revenues in Q4 are expected to decrease in the mid-single digits compared with the fourth quarter of 2014, while digital advertising is expected to increase in the mid-single digits.
- "We added 51,000 net digital subscribers, bringing the total number of paid digital-only subscribers to 1,041,000 at the end of Q3."
8:33 am Oaktree Capital beats by $0.03, misses on revs (OAK) : - Reports Q3 (Sep) earnings of $0.11 per share, $0.03 better than the Capital IQ Consensus of $0.08; revenues fell 35.8% year/year to $178.87 mln vs the $188.04 mln Capital IQ Consensus.
- Distributable earnings declined to $90.6 million, or $0.49 per Class A unit, for the third quarter of 2015, from $137.2 million, or $0.78 per unit, for the third quarter of 2014, on lower incentive income and fee-related earnings.
- Assets under management were $100.2 billion as of September 30, 2015, down 3% for the quarter on market-value declines amid weaker financial markets and up 8% year-over-year primarily on new capital commitments to closed-end funds.
- Gross capital raised of $2.7 billion for the third quarter and $22.6 billion for the trailing 12 months resulted in uncalled capital commitments and future potential management fee-generating assets under management of $20.1 billion and $17.2 billion, respectively, as of September 30, 2015.
8:33 am Senomyx beats by $0.01, misses on revs; guides FY15 EPS in-line, revs in-line (SNMX) : - Reports Q3 (Sep) loss of $0.05 per share, $0.01 better than the Capital IQ Consensus of ($0.06); revenues rose 25.4% year/year to $7.4 mln vs the $7.62 mln Capital IQ Consensus.
- Co issues in-line guidance for FY15, sees EPS of ($0.31)-($0.27) vs. ($0.30) Capital IQ Consensus Estimate; sees FY15 revs of $25-30 mln vs. $26.62 mln Capital IQ Consensus Estimate.
8:33 am Total S.A. reports Q3, beats on top and bottom line (TOT) : Reports Q3 (Sep) adj. earnings of $1.17 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus of $1.03; revenues rose 16.4% year/year to $34.9 bln vs the $32.5 bln Capital IQ Consensus. - Total is the world's fourth-largest oil and gas company and second-largest solar energy operator with SunPower.
- Quarter after quarter, Total has demonstrated its resilience in a weaker environment, and the results encourage the Group to pursue its performance improvement programs in all of the areas under its control. Total's teams are committed to starting up new projects and reducing costs.
- In the Upstream, Laggan-Tormore and Moho Ph 1b are scheduled to start up by the end of 2015, and thus the Group will have delivered eight major projects this year.
- Production is now expected to increase by at least 9% in 2015, compared to the initial objective of more than 8%.
- The organic growth strategy targets an average 6-7% increase in production per year from 2014 to 2017, delivering significantly higher cash flows for the segment in a constant environment
8:32 am Advance Q3 GDP Below Estimates; Initial Claims Increase to 260,000...S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -20.70. (:WRAPX) : The S&P 500 futures trade eight points below fair value. The advance estimate of third quarter GDP pointed to an expansion of 1.5% while the Briefing.com consensus expected a reading of 1.6%. Meanwhile, the third quarter GDP Deflator came in at 1.2% while the consensus expected a reading of 1.3%. Separately, the latest weekly initial jobless claims count totaled 260,000 while the Briefing.com consensus expected a reading of 264,000. Today's tally was above the unrevised prior week count of 259,000. As for continuing claims, they fell to 2.144 million from 2.181 million. 8:31 am Manpower announces the retirement of Executive Chairman Jeff Joerres, to take effect December 30, 2015 (MAN) : Joerres will be succeeded by CEO Jonas Prising who takes on the additional position of Chairman of the Board, effective December 31, 2015. 8:31 am Market View: Dec. eMini stock-index futures continue to trade with moderate declines versus fair values here following the 8:30 am ET economic data points (:TECHX) : - ESz5 now -8.50
- NQz5 now -25.50
- YMz5 now -68
8:27 am Manpower declares an $0.80/share dividend and approves a new 6 mln share repurchase program (MAN) : 8:26 am On the Wires (:WIRES) : - KBR (KBR) announced a significant award for detailed design engineering and follow-on services by SMOE PTE LTD, Singapore for the topsides facilities for Maersk Oil's Culzean project, in the UK Sector of the North Sea. Specifically, KBR will deliver the living quarters,central processing facility and well-head decks for the three platforms for theCulzean project. The project will start immediately and flow through to 2018,with the bulk of the work complete by mid- 2017.
- Curtiss-Wright Corporation (CW), Westinghouse Electric Company and State Nuclear Power Technology Corporation of China announced the successful completion of final performance testing and post-test inspections of the lead AP1000 plant reactor coolant pump.
- Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation (FDML) opened a new JV manufacturing facility that will produce valve seats and guides in Anqing, China
- Onconova Therapeutics (ONTX) will present new non-clinical data for two of the Co's proprietary compounds at the 2015 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics, which will be held November 5-9, 2015, in Boston, MA
- Ideal Power (IPWR) received initial purchase orders from two separate customers for multiple units each of its Grid Resilient 125kW Power Conversion Systems, utilizing the company's patented Power Packet Switching Architecture. The orders are for delivery in 2015.
8:26 am On the Wires (:WIRES) : - Exelon Corporation (EXC) announced that it will defer any decision about the future operations of its Clinton nuclear plant for one year and plans to bid the plant into the Midcontinent Independent System Operator capacity auction for the 2016-2017 planning year.
- GTT Communications (GTT) announced that Gina Nomellini and Brent McCutchin have joined the leadership team. Nomellini joins as GTT's chief marketing officer and McCutchin joins as GTT's senior vice president of global service delivery
- BioPharmX Corporation (BPMX) announced the appointment of industry veteran AnnaMarie Daniels as its executive vice president of clinical and regulatory affairs
- Arena Pharmaceuticals (ARNA) announced the initiation of patient dosing in a Phase 1b multiple-ascending dose clinical trial of APD371. The randomized, double-blind, placebo-controlled Phase 1b clinical trial will enroll approximately 36 healthy adults to evaluate the safety, tolerability and pharmacokinetics of multiple-ascending doses of APD371
8:19 am Adobe releases its its 2015 Digital Index Online Shopping Prediction for the upcoming holiday season, forecasts that total online sales will increase 11% y/y to $83 billion (XRT) : Adobe further predicts that seventy-six percent of sales will be devoted to just one percent of product SKUs -- primarily electronics (60 percent) and gift cards (ten percent). Thanksgiving Day will be the fastest growing online sales day for the second consecutive year, with an 18 percent increase YoY and $1.6 billion in sales. Cyber Monday will hit the $3 billion mark for the first time and see twelve percent growth YoY, while Black Friday is expected to increase 15 percent YoY to generate $2.7 billion. The most talked about gift items likely to fill shopping carts include the Star Wars BB-8 droid toy, the Apple Watch, Sony's PlayStation 4, Minecraft and Halo 5 video games, among others. 8:18 am Goodyear Tire beats by $0.02, reports revs in-line; reaffirms financial targets (GT) : - Reports Q3 (Sep) earnings of $0.99 per share, $0.02 better than the Capital IQ Consensus of $0.97; revenues fell 10.2% year/year to $4.18 bln vs the $4.22 bln Capital IQ Consensus, with the decrease largely attributable to unfavorable fx of $430 million.
- Tire unit volumes totaled 42.5 million for Q3, up 1% YoY.
- Original equipment unit volume was up 4%; Replacement tire shipments were flat.
- Co reaffirms its 2015-2016 financial targets, which include:
- Segment Operating Income growth of between 10-15%;
- Annual positive Free Cash Flow from Operations and
- An Adjusted Debt to EBITDAP ratio of 2.0x to 2.1x at year-end 2016.
8:18 am Materion beats by $0.03, misses on revs; guides FY15 EPS in-line (MTRN) : - Reports Q3 (Sep) earnings of $0.40 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.37; revenues fell 16.2% year/year to $244.4 mln vs the $274.1 mln Capital IQ Consensus.
- Co issues in-line guidance for FY15, sees EPS of $1.55-1.65 vs. $1.56 Capital IQ Consensus Estimate.
- "Demand in Asia, primarily China, fell off significantly in the third quarter and oil and gas related demand deteriorated sequentially and year over year. Recovery in these two key markets is not forecasted to occur in the fourth quarter. Given these softening market demand conditions and the greater than forecasted decline in third quarter order entry, we are revising our full-year adjusted EPS guidance to $1.55 - $1.65 per share, diluted. On an encouraging note, our weekly order rate appears to have bottomed out and is modestly recovering from the trough levels, but not yet achieving levels seen in late 2014 and the first half of 2015. This increase in order rate most likely reflects some of the market inventory adjustments having been liquidated."
8:17 am Gannett beats by $0.06, misses on revs; sees improved revenue trends in 2H (GCI) : - Reports Q3 (Sep) earnings of $0.43 per share, $0.06 better than the two analyst estimate of $0.37; revenues fell 8.6% year/year to $701.2 mln vs the $725 mln Capital IQ Consensus.
- Outlook: "We are experiencing trends similar to what we forecast at the end of the second quarter: specifically, revenue trends in the second half of the year that are improved over the first half of the year, partially as a result of the acquisitions of TNP and Romanes, and adjusted EBITDA margins that are modestly higher in the second half than the first half. We expect this guidance to hold for the remainder of the year, with normal seasonal patterns indicating that the fourth quarter will be the highest revenue and earnings quarter of the year."
- Sees Q4 Capital expenditures of $32-$35 mln.
8:17 am TriCo Bancshares to purchase three branches on the North Coast of California from Bank of America (TCBK) : The branches are located in the cities of Arcata, Eureka, and Fortuna in Humboldt County. TriCo Bancshares anticipates assuming approximately $245 million in deposits and purchasing approximately $400 thousand in loans. Subject to regulatory approvals, the transaction is scheduled to occur in the first quarter of 2016. 8:16 am Corrections Corp acquires Avalon Correctional Services, Inc. for aggregate purchase price of $157.5 mln (CXW) : Co announces the acquisition of 100% of the stock of Avalon Correctional Services, Inc. along with a facility operated by Avalon, and has entered into an agreement to purchase an additional facility operated by Avalon that is expected to close later in 4Q15. - The aggregate purchase price of $157.5 mln, excluding transaction-related expenses, includes two earn-outs, including one for $2.0 mln based on the achievement of certain utilization milestones over the next 12 months, and another for $5.5 mln based on the completion of and transition to a newly constructed facility that will deliver the contracted services currently provided at the Dallas Transitional Center.
- On an annual basis, the acquisition is expected to increase co's total revs by ~$35-40.0 mln and contribute ~$0.06 to $0.08 in FFO/share.
- Excluding transaction related expenses, co expects the per share impact to be neutral for 2015 due to certain transitional expenses.
8:14 am Sequential Brands beats by $0.02, beats on revs; raises FY15 revs in-line (SQBG) : - Reports Q3 (Sep) earnings of $0.12 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.10; revenues rose 130.0% year/year to $23 mln vs the $20.74 mln Capital IQ Consensus.
- Co issues in-line guidance for FY15, raises FY15 revs to $81-83 mln from $78-81 mln vs. $82.12 mln Capital IQ Consensus Estimate. Co raises FY15 Adjusted EBITDA range from $48.5 - $50.5 million to $50.0 - $52.0 million.
8:13 am Cowen Group reports EPS in-line, revs in-line; increases share repurchase by $19 mln (COWN) : - Reports Q3 (Sep) loss of $0.11 per share, in-line with the Capital IQ Consensus of ($0.11); revenues fell 24.7% year/year to $82.8 mln vs the $82.88 mln Capital IQ Consensus.
- As of October 1, 2015, assets under management were $13.7 bln. Assets increased $514 mln and $1.3 bln during the quarter and year-to-date, respectively
- Book value per share increased to $6.18 as of September 30, 2015 from $4.74 on September 30, 2014
- Cowen's Board of Directors approved a $19.1 mln increase in the Company's share repurchase program. With this increase, the total amount available for repurchase under the program is $25 mln
8:13 am Smith & Nephew reports Q3 (SNN) : - Revenue fell 4% YoY in the third quarter to $1.105 billion
- On an underlying basis, revenue rose 4% YoY
- Foreign exchange was a headwind of -9% and acquisitions added 1% to the reported growth rate.
- Emerging Markets revenue growth was 8% despite slower sales in China
Outlook: - Co sees 2015 revenue at $3.377 bln, flat compared to the prior year
8:11 am Cemtrex enters into a letter of intent to acquire an un-named air filtration solutions provider (CETX) : 8:09 am DineEquity reports EPS in-line, misses on revs; lowers Applebee's comps; reaffirms IHOP comps (DIN) : - Reports Q3 (Sep) earnings of $1.43 per share, in-line with the Capital IQ Consensus of $1.43; revenues fell 0.3% year/year to $162.4 mln vs the $165.42 mln Capital IQ Consensus.
- IHOP's domestic system-wide comparable same restaurant sales increased 5.8% for the third quarter of 2015.
- Applebee's domestic system-wide comparable same-restaurant sales declined 0.5% for the third quarter of 2015.
- DineEquity reiterates its financial performance guidance for fiscal 2015 that was affirmed on July 29, 2015 including IHOP comps +4-6%, except for the metrics below.
- Applebee's sales performance guidance was revised to range between flat and positive 1%. This reflects a decrease from the previous expectations of between positive 1.0% and positive 3.0%. New restaurant development by Applebee's franchisees was revised to range between 35 and 45 restaurants, the majority of which are expected to be opened in the U.S. This reflects an increase from the previous range of between 30 and 40 new restaurants.
8:09 am Tempur Sealy Int'l beats by $0.03, reports revs in-line; guides FY15 EPS in-line, revs in-line (TPX) : - Reports Q3 (Sep) earnings of $1.11 per share, $0.03 better than the Capital IQ Consensus of $1.08; revenues rose 6.4% year/year to $880 mln vs the $873.91 mln Capital IQ Consensus.
- Co issues in-line guidance for FY15, sees EPS of $3.10-3.20 vs. $3.19 Capital IQ Consensus Estimate; sees FY15 revs of $3.150-3.175 bln vs. $3.17 bln Capital IQ Consensus Estimate.
- "The strength of the Company's operations was able to fully absorb unfavorable foreign exchange in the quarter. The Company's new guidance reflects the solid third quarter performance, an increase in interest expense related to the recently completed debt offering and a slight increase to share count."
8:07 am Charter Comm reports Q3 (Sep) results (CHTR) : - Reports Q3 (Sep) earnings of $0.48 per share, may not be comparable to the Capital IQ Consensus of ($0.32); revenues rose 7.1% year/year to $2.45 bln vs the $2.46 bln Capital IQ Consensus.
- The year-over-year increase in net income was driven by a $142 million tax benefit in the third quarter of 2015 versus a $59 million tax expense in the third quarter of 2014, and higher income from operations, offset by $163 million of interest expense related to the financing of Charter's pending transactions with Time Warner Cable and Bright House.
8:07 am Sabre reports EPS in-line, revs in-line; guides FY15 EPS in-line, revs in-line (SABR) : - Reports Q3 (Sep) adjusted earnings of $0.29 per share, in-line with the Capital IQ Consensus of $0.29; revenues rose 16.7% year/year to $785 mln vs the $783.17 mln Capital IQ Consensus.
- Co issues in-line guidance for FY15, sees EPS of $1.06-1.10 vs. $1.09 Capital IQ Consensus Estimate; sees FY15 revs of $2.955-2.975 bln vs. $2.97 bln Capital IQ Consensus Estimate.
- Sees full yr adjusted EBITDA of $935-943 mln
8:07 am Trimas beats by $0.09, beats on revs; guides FY15 EPS above consensus (TRS) : - Reports Q3 (Sep) earnings of $0.39 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.30; revenues were unchanged from the year-ago period at $222.2 mln.
- Co raises guidance for FY15, sees EPS of $1.25-1.30 vs. $1.18 Capital IQ Consensus Estimate, up from $1.15-1.25.
- The co is updating its full year 2015 outlook from continuing operations, slightly lowering sales outlook, while increasing earnings per share and Free Cash Flow guidance.
- Given external headwinds related to continued low levels of oil activity, lower macroeconomic growth and weakness in industrial end markets, the Co is estimating that 2015 sales will be relatively flat on a year-over-year basis
- However, it is not currently comparable to use 2014 revenue as a base
- On June 30, 2015, the Company completed the spin-off of its Cequent businesses (comprised of the Cequent Americas and Cequent APEA reportable segments), creating a new independent publicly-traded company, Horizon Global Corporation, through a distribution of 100% of the Company's interest in Horizon Global to holders of TriMas common shares.
8:06 am Central Pacific Financial beats by $0.04 (CPF) : - Reports Q3 (Sep) earnings of $0.38 per share, $0.04 better than the Capital IQ Consensus of $0.34.
- Net interest income for the third quarter of 2015 was $37.8 million, compared to $35.5 million in the year-ago quarter and $37.3 million in the second quarter of 2015.
- Net interest margin was 3.31%, compared to 3.30% in the year-ago quarter and 3.32% in the second quarter of 2015. The sequential quarter increase in net interest income was primarily attributable to our average loan portfolio balances increasing by $89.2 million. In addition, the taxable equivalent yield on our investment securities portfolio increased to 2.58% in the current quarter from 2.56% last quarter. These increases were partially offset by lower loan fees and prepayment income of $0.4 million. In addition, the taxable equivalent yield on the loans and leases portfolio decreased to 3.91% in the current quarter from 3.97% last quarter. Rates paid on total deposits remained unchanged from last quarter of 0.08%.
8:06 am RTI Surgical reports EPS in-line, misses on revs; guides Q4 & FY15 EPS below consensus (RTIX) : - Reports Q3 (Sep) earnings of $0.05 per share, in-line with the Capital IQ Consensus of $0.05; revenues rose 2.1% year/year to $66.5 mln vs the $69.6 mln Capital IQ Consensus.
- Co issues downside guidance for Q4, sees EPS of $0.05 vs. $0.07 Capital IQ Consensus Estimate; sees Q4 revs of $68-69 mln vs. $75.30 mln Capital IQ Consensus Estimate.
- Co issues downside guidance for FY15, sees EPS of $0.19 vs. $0.21 Capital IQ Consensus Estimate, prior range $0.20-0.23; sees FY15 revs of $274-275 mln vs. $284.58 mln Capital IQ Consensus Estimate, prior range $282-286 mln
8:05 am CAS Medical sasles assets related to its 740 SELECT vital signs monitoring product line to Zoe Medical, Inc. (CASM) : The sale of the 740 SELECT product line coupled with the phase-out of earlier generation monitors completes the co's exit from the vital signs monitoring market. - Reclassifying the vital signs monitoring to discontinued operations for both periods had no material effect on the co's results from continuing operations.
8:05 am Goldcorp misses by $0.08, beats on revs (GG) : - Reports Q3 (Sep) loss of $0.04 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus of $0.04; revenues rose 19.4% year/year to $1.3 bln vs the $1.05 bln Capital IQ Consensus.
- The Company today reconfirmed 2015 production guidance, expected to be at the upper-end of between 3.3 and 3.6 million gold ounces. All-in sustaining costs are expected to be between $850 and $900 per gold ounce; $500 and $550 per ounce on a by-product basis; and $625 to $675 per ounce on a co-product basis. Depreciation, depletion and amortization ("DD&A") will increase to $450 per gold ounce from the previous guidance of $425 per gold ounce due primarily to production coming from our newer and higher DD&A per ounce sites and additional assets placed in service earlier than anticipated. Capital spending guidance remains unchanged at between $1.2 billion and $1.4 billion for 2015...
8:05 am Meritage misses by $0.04, beats on revs; guides Q4 EPS below consensus (MTH) : - Reports Q3 (Sep) earnings of $0.73 per share, $0.04 worse than the Capital IQ Consensus of $0.77; revenues rose 20.3% year/year to $670 mln vs the $633.2 mln Capital IQ Consensus.
- Co issues downside guidance for Q4, sees EPS of $1.10-1.35 vs. $1.50 Capital IQ Consensus Estimate.
- "As we enter our fourth quarter, we are doing our best to complete and close homes by year-end where schedules have slipped due to weather and labor issues, so that our customers can move in as soon as possible. Based on our backlog and current costs, we anticipate fourth quarter home closing revenue of ~ $750-800 mln."
8:05 am General Steel announces Board approval for a 1-for-5 reverse stock split (GSI) : As a result of the reverse stock split, the number of outstanding shares of co's Common Stock will be reduced from approximately 83 mln to approximately 17 mln. No fractional shares will be issued in connection with the Reverse Stock Split. Instead, co will round up to the next full share of the co's Common Stock any fractional shares that result from the Reverse Stock Split. 8:04 am Meredith beats by $0.01, reports revs in-line; guides Q2 EPS in-line; reaffirms FY16 EPS guidance (MDP) : - Reports Q1 (Sep) earnings of $0.52 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.51; revenues rose 3.6% year/year to $384.66 mln vs the $383.3 mln Capital IQ Consensus.
- Co issues in-line guidance for Q2, sees EPS of $0.75-0.80, excluding non-recurring items, vs. $0.75 Capital IQ Consensus Estimate. "Looking ahead to our second quarter of fiscal 2016, we're pleased to see much stronger advertising demand for our National Media Group brands - which we now expect will be up more than 15 percent and produce strong operating profit growth for the Group."
- Total Company revenues are expected to be up in the low-single digits.
- Total National Media Group revenues are expected to be up in the high-single digits, including advertising revenue growth of more than 15 percent.
- Total Local Media Group revenues are expected to be down in the high-single digits, as expected in an off-election year. Non-political advertising revenues are expected to grow in the high-single digits.
- Co reaffirms guidance for FY16, sees EPS of $2.90-3.25, excluding non-recurring items, vs. $3.07 Capital IQ Consensus Estimate.
8:04 am Pinnacle misses by $0.12, reports revs in-line (PNK) : - Reports Q3 (Sep) earnings of $0.36 per share, excluding non-recurring items, $0.12 worse than the Capital IQ Consensus of $0.48; revenues rose 1.8% year/year to $578.6 mln vs the $579.89 mln Capital IQ Consensus.
- On October 15, 2015, the Co secured Mississippi Gaming Commission approval to complete its transaction with GLPI. The Company has filed applications for approvals with the six remaining state gaming regulatory agencies.
- "Our third quarter results reflect improvements with key guest indicators throughout our portfolio of properties. We are pleased with the progress we continue to make in improving many aspects of how we operate our business."
8:04 am Borg Warner beats by $0.03, misses on revs; guides FY15 EPS in-line, revs below consensus (BWA) : - Reports Q3 (Sep) earnings of $0.73 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.70; revenues fell 7.3% year/year to $1.88 bln vs the $1.93 bln Capital IQ Consensus.
- Co issues guidance for FY15, sees EPS of $2.95-3.00, excluding non-recurring items, vs. $2.98 Capital IQ Consensus Estimate; sees FY15 revenue down 5-6% from 2014 which computes as $7.81-7.89 bln vs. $7.92 bln Capital IQ Consensus Estimate.
8:04 am Cliffs Natural Resources beats by $0.12, misses on revs; cuts U.S. Iron Ore outlook, raises Asia Pacific Iron Ore outlook (CLF) : - Reports Q3 (Sep) loss of $0.10 per share, $0.12 better than the Capital IQ Consensus of ($0.22); revenues fell 39.5% year/year to $593 mln vs the $604.1 mln Capital IQ Consensus.
- Lowers its full-year U.S. Iron Ore sales volume expectation by 1.5 million tons to 17.5 million tons of iron ore pellets, primarily reflecting the termination of the Essar Algoma Pellet Sale and Purchase Agreement in October. The Company bases this outlook on current nominations and, due to this contract termination, has excluded all previously nominated sales to this customer from its forecast.
- Cliffs is increasing its full-year 2015 Asia Pacific Iron Ore expected sales and production volumes to approximately 11.5 million tons from its previous expectation of 11 million tons. The product mix is expected to contain 50 percent lump and 50 percent fines.
8:04 am Arotech announces $10.7 mln in new contracts and follow-on work orders; awards already included in previously issued guidance (ARTX) : Co announces that its Power System Division has been awarded $10.7 mln in orders since the Company's last press release in August. - Delivery of the products and services associated with these contracts and work orders is anticipated to begin in 2015 and to run through calendar year 2016 and beyond.
- These awards support the company's current outlook and are included within their previously issued guidance.
8:03 am Pfizer announces a multi-year collaboration with GlaxoSmithKline (GSK) on the development of a next-generation equipment design (PFE) : Co announced today a multi-year collaboration with GlaxoSmithKline (GSK) on the development of a next-generation equipment design, building upon Pfizer's existing portable, continuous, miniature and modular prototype for oral solid dose pharmaceutical development and manufacturing 8:03 am Columbia Banking announces quarterly cash dividend of $0.18 per common share and a special cash dividend of $0.18 per common share (13% increase Q/Q) (COLB) : 8:03 am Pinnacle Foods reports EPS in-line, revs in-line; reaffirms FY15 EPS guidance (PF) : - Reports Q3 (Sep) earnings of $0.46 per share, in-line with the Capital IQ Consensus of $0.46; revenues rose 2.0% year/year to $636.3 mln vs the $638.07 mln Capital IQ Consensus.
- Excluding items affecting comparability, gross profit advanced 7.8% to $184.4 million and, as a percentage of net sales, gross profit margin expanded by approximately 160 basis points to 29.0%. This performance reflected the benefit of productivity, which exceeded input cost inflation, as well as favorable product mix and higher net price realization.
- Net cash provided by operating activities totaled $86 million in the third quarter of 2015, compared to $226 million in the prior year quarter that included a net cash benefit of $151 million from the termination fee. Excluding this benefit, net cash provided by operating activities in the third quarter of 2014 totaled $75 million.
- Co reaffirms guidance for FY15, sees EPS of $1.89-$1.91 vs. $1.90 Capital IQ Consensus Estimate. This outlook assumes productivityat the high end of the company's 3.0% to 4.0% guidance range, input cost inflation in the range of 3.0% to 3.5%, interest expense remains estimated at approximately $90 million.
8:03 am Harman beats by $0.08, reports revs in-line (HAR) : - Reports Q1 (Sep) earnings of $1.48 per share, $0.08 better than the Capital IQ Consensus of $1.40; revenues rose 14.1% year/year to $1.63 bln vs the $1.62 bln Capital IQ Consensus.
- Connected Car net sales increased 8%
- Audio net sales increased 14%
- Net sales in Professional Solutions decreased 3%
- Gross margin for the first quarter of fiscal year 2016 increased 80 basis points to 30%
8:02 am Aduro Biotech receives a milestone payment from Janssen Biotech for acceptance of the IND for ADU-214 (ADRO) : Co announced that it has received a milestone payment from Janssen Biotech, Inc. for the acceptance of co's Investigational New Drug (IND) Application by the U.S. Food and Drug Administration for ADU-214, a LADD immunotherapy product candidate for the treatment of lung cancer. Janssen, co's license partner for ADU-214, expects to initiate a multi-center Phase 1 trial to evaluate the safety and immunogenicity of intravenous administration of ADU-214 by the end of 2015. In October 2014, co entered into its second agreement with Janssen Biotech, Inc., part of the Janssen Pharmaceutical Companies of Johnson & Johnson, granting an exclusive, worldwide license to ADU-214 and other product candidates engineered for the treatment of lung cancer and certain other cancers based on co's novel LADD immunotherapy platform. Under the agreement facilitated by Johnson & Johnson Innovation center, co received a $30 million up-front payment and a milestone payment associated with submission of the IND, and is eligible to receive future development, regulatory and commercialization milestone payments up to a potential total of $786 million. In addition, co is eligible to receive royalties at a rate ranging from high single-digits to low teens on worldwide net sales upon successful launch and commercialization. (Secondary ticker: JNJ) 8:02 am Standex International beats by $0.10, misses on revs (SXI) : - Reports Q1 (Sep) earnings of $1.34 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of $1.24; revenues fell 1.8% year/year to $198.4 mln vs the $200.99 mln Capital IQ Consensus.
- "We are off to an excellent start to the fiscal year. As a result of our efforts to improve the bottom line, even with a 1.8% year-over-year decline in sales, non-GAAP operating income was up 7.6%, and first-quarter adjusted EPS was up 7.2%. Margins increased in four of our five operating segments. Operating performance continued to improve in Food Service Equipment as we generated a 13.1% EBIT margin in the first quarter. We are continuing the transformation of that business and are encouraged by the progress we have made. Engraving, Electronics and Hydraulics also performed well during the quarter, while Engineering Technologies continued to be affected by the decline in oil and gas markets."
8:02 am Seattle Genetics initiates phase 2 clinical trial of Denintuzumab Mafodotin combination therapy in relapsed or refractory diffuse large B-cell lymphoma (SGEN) : Co announced the initiation of a randomized phase 2 clinical trial of denintuzumab mafodotin (SGN-CD19A) in combination with the second-line salvage regimen of rituximab (Rituxan), ifosfamide, carboplatin and etoposide (RICE), for patients with relapsed or refractory diffuse large B-cell lymphoma (:DLBCL). DLBCL is the most common type of aggressive non-Hodgkin lymphoma. The study is intended to evaluate the activity and safety of the combination regimen compared to RICE alone. Denintuzumab mafodotin is an antibody-drug conjugate (ADC) targeting CD19, a protein expressed uniformly on almost all B-cell malignancies. The ADC is designed to be stable in the bloodstream and release its cytotoxic agent upon internalization into CD19-expressing cells. This approach is intended to spare non-targeted cells and thus reduce many of the toxic effects associated with traditional chemotherapy while enhancing antitumor activity. 8:02 am John Wiley Sons acquires AnalystSuccess.com from The American College of Financial Services; terms not disclosed (JW-A) : The co announced the acquisition of AnalystSuccess.com and related content from The American College of Financial Services, based in Bryn Mawr, Pennsylvania. The Analyst Success CFA study program provides candidates with a simple, effective learning experience to help them prepare to pass the CFA exams. 8:02 am Piper Jaffray misses by $0.10, misses on revs (PJC) : - Reports Q3 (Sep) adj. earnings of $0.87 per share, excluding a leagl settlement ($0.48 including), $0.10 worse than the Capital IQ Consensus of $0.97; revenues fell 4.8% year/year to $148.4 mln vs the $159.45 mln Capital IQ Consensus. Book value per share increased 7% from September 30, 2014 to $57.03 a share at September 30, 2015.
8:01 am First Solar and Austin Energy sign power purchase agreement, also signs power purchase agreement with the Sacramento Municipal Utility District (FSLR) : First Solar and the Sacramento Municipal Utility District have announced the formal execution of a power purchase agreement for offtake of a 10.8 megawatt solar project to be built on the site of the decommissioned Rancho Seco Nuclear Generation Station. The co also announced that they have signed a power purchase agreement with Austin Energy allowing the municipally owned electricity provider to obtain low-cost solar power generated by First Solar's 119 megawatt AC East Pecos Solar Project. 7:58 am MasterCard beats by $0.04, reports revs in-line -- guides on call at 9:00 (MA) : - Reports Q3 (Sep) earnings of $0.91 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.87; revenues rose 1.6% year/year to $2.53 bln vs the $2.55 bln Capital IQ Consensus. Adjusted for currency, net revenue increased 8%.
- Net revenue growth was driven by the impact of the following:
- An increase in cross-border volumes of 16%
- A 13% increase in gross dollar volume, on a local currency basis, to $1.2 trillion and
- An increase in processed transactions of 12%, to 12.3 billion.
- These factors were partially offset by an increase in rebates and incentives, primarily due to new and renewed agreements and increased volumes.
- Acquisitions contributed 1 percentage point to total net revenue growth.
- Worldwide purchase volume during the quarter was up 12% on a local currency basis versus the third quarter of 2014, to $852 billion.
- Peer Visa (V) reports on Monday morning.
7:55 am Ipsen S.A. reports Q3, reaffirms 2015 outlook (IPSEY) : - The co reported Q3 revenue growth of +5.2% to 354.5 million
Ipsen confirms its 2015 objectives: - Specialty care sales growth at or above 14.0% year-on-year
- Primary care sales decline between -3.0% and 0.0% year-on-year
- Core Operating margin at or above 22.0% of Group sales
7:55 am S&P futures vs fair value: -9.20. Nasdaq futures vs fair value: -24.40. (:WRAPX) : U.S. equity futures trade near their pre-market lows amid cautious action overseas. The S&P 500 futures hover nine points below fair value after a steady retreat from their overnight highs. Meanwhile, Treasuries hold slim losses with the 10-yr yield up one basis point at 2.10%. On the economic front, weekly Initial Claims (Briefing.com consensus 264,000) and the advance reading of Q3 GDP (consensus 1.6%) will be released at 8:30 ET while the September Pending Home Sales report (expected 0.6%) will cross the wires at 10:00 ET. In U.S. corporate news of note: - Deutsche Bank (DB 28.35, -1.96): -6.5% after announcing a EUR6 billion loss in the third quarter combined with news of upcoming layoffs for 9,000 full time employees and 6,000 contractors.
- Amgen (AMGN 164.20, +1.53): +0.9% after beating earnings/revenue estimates and raising its guidance.
- Royal Dutch Shell (RDS.A 51.92, -1.10): -2.1% in reaction to a bottom-line miss on above-consensus revenue.
- STMicroelectronics (STM 6.78, -0.43): -6.0% after cautious guidance overshadowed a bottom-line beat.
- NXP Semiconductor (NXPI 79.00, -11.92): -13.1% after below-consensus revenue overshadowed a bottom-line beat and an expanded buyback.
- Altria Group (MO 62.00, +0.56): +0.9% after reporting a one-cent miss on above-consensus revenue.
- Aetna (AET 117.80, +6.69): +6.0% after beating earnings estimates on light revenue.
- Buffalo Wild Wings (BWLD 157.00, -27.40): -14.9% after missing estimates and lowering its fiscal-year 2015 guidance.
- GoPro (GPRO 24.70, -5.51): -18.2% after missing on both metrics and issuing defensive guidance.
- Yelp (YELP 23.00, +0.93): +4.2% after better than expected revenue and revenue guidance overshadowed a bottom-line miss.
Reviewing overnight developments: - Asian markets ended mixed. Japan's Nikkei +0.2%, Hong Kong's Hang Seng -0.6%, and China's Shanghai Composite +0.4%
- In economic data:
- Japan's September Industrial Production +1.0% month-over-month (expected -0.5%; prior -1.2%)
- Australia's September HIA New Home Sales -4.0% (prior +2.3%), Q3 Export Price Index 0.0% quarter-over-quarter (expected +0.5%; prior -4.4%), and Q3 Import Price Index +1.4% quarter-over-quarter (expected +1.6%; prior +1.4%)
- Singapore's Q3 Unemployment Rate 2.0% (expected 2.0%; prior 2.0%)
- In news:
- The Reserve Bank of New Zealand left its official cash rate at 2.75%, as expected
- Major European indices trade in negative territory. Germany's DAX -0.4%, France's CAC -0.9%, and UK's FTSE -1.1%. Elsewhere, Italy's MIB -0.9% and Spain's IBEX -0.8%
- Economic data was plentiful:
- Eurozone October Business and Consumer Survey ticked up to 105.9 from 105.6 (expected 105.2)
- UK's September BoE Consumer Credit GBP1.261 billion (expected GBP1.10 billion; prior GBP1.263 billion) and Mortgage Lending GBP3.60 billion (consensus GBP3.50 billion; previous GBP3.40 billion). Separately, October CBI Distributive Trades Survey fell to 19 from 49 (expected 35) and Nationwide HPI 0.6% month-over-month (expected 0.5%; prior 0.5%)
- Germany's October Unemployment Change -5,000 (expected -4,000; prior 1,000) while the Unemployment Rate held at 6.4%, as expected
- Spain's September Retail Sales +4.3% year-over-year (consensus 3.0%; prior 3.0%) and October CPI +0.7% month-over-month, as expected; -0.7% year-over-year (consensus -0.6%)
- Among news of note:
- Riksbank Governor Stefan Ingves said the central bank could continue cutting its benchmark rate, going below -0.35% if needed. Mr. Ingves also noted that he sees significant risks in rising debt levels.
7:54 am On the Wires (:WIRES) : - One Horizon Group (OHGI) announced that its Aishuo App has achieved over 10 million downloads since its launch in late February 2015, and is well on the way to reaching its 24 month stated goal of 15 million users
- Imprimis Pharmaceuticals (IMMY) announced that it has commenced construction on the company's Allen, Texas compounding pharmacy and plans to register the pharmacy with the U.S. FDA as a 503B sterile outsourcing facility under the Drug Quality and Security Act of 2013
7:53 am Corning announces $1.25 bln accelerated share repurchase; program expected to be completed 1Q16 (GLW) : The ASR is executed pursuant to the $2 bln share repurchase program authorized by Co's BOD on July 15, 2015, which was supplemented by an additional $4 bln share repurchase program authorized on October 26, 2015. - Under the terms of the ASR, Corning has agreed to repurchase in total $1.25 bln of its common stock from Morgan Stanley & Co. LLC, with an initial delivery of ~53.1M shares based on current market prices.
- The program is expected to be completed in 1Q16.
- Co expects to finance the ASR with cash on hand.
7:52 am China Telecom reports YTD results, revenue up 1.1% YoY (CHA) : Co reports earnings results for the nine months ended Sep 30 in a 6-K filing. Profit increased 1.2% YoY to RMB16,407 mln. Revenue rose 1.1% YoY to RMB246, 317 mln. There are no analyst estimates. Mobile subscribers were 194.34 mln at Sep 30 vs 181.57 mln last year. 7:51 am Swiss Re reports YTD results (SSREY) : - Group 9M 2015 net income increased 12% to USD 3.7 billion; benefiting from strong underwriting and investment result, benign natural catastrophe experience
- Swiss Re estimates claims burden from the Tianjin explosion to be ~ USD 250 million
- Swiss Re plans to start share buy-back programme in mid-November; subject to regulatory approval
- Swiss Re Board of Directors proposes Sir Paul Tucker for election at the upcoming AGM in April 2016
7:49 am Overnight Treasury Summary (BONDX) : FOMC Statement Puts December Rate Hike Firmly on the Table - The U.S. Treasury market is little-changed overnight after the FOMC statement released on Wednesday showed that the committee has confidence in U.S. economic growth and may well raise rates at the December meeting. The news sent yields higher, particularly at the front end and belly of the yield curve, and fed fund futures are now indicating a 46% chance for December liftoff versus 34% yesterday. Overnight, price data from Germany and Spain showed that deflation may be subsiding and Japanese industrial production beat estimates ahead of the BoJ meeting Friday. The U.S. Dollar Index has given back some of its post FOMC gains, now trading down 0.40% to 97.39, and the S&P 500 futures are indicating an open down 0.42% to 2,081.6. This morning, we will see the advance estimate for Q3 GDP which the Briefing.com consensus expects to be 1.6%
- Yield Check:
- 2-yr: +2 bps to 0.72%
- 5-yr: unch at 1.48%
- 10-yr: unch at 2.10%
- 30-yr: unch at 2.88%
- International News:
- In the U.K., the Nationwide Housing Price Index rose 3.9% in the year to October, better than both expectations and the September reading of 3.8%
- Spain's consumer price index fell 0.7% y/y in October according to the preliminary estimate. October's was a steeper decline than expected, but better than the 0.9% drop in September
- Spain's harmonized index of consumer prices fell 0.9% in the year to October, in line with expectations
- The number of Germans without jobs declined by 5K in October, better than expected. The rolls of the unemployed grew by 1K in September
- The regions of Germany reported inflation data today and deflation has ended on a monthly basis in Bavaria and Hesse. Price data for all of Germany will be released at 09:00 ET
- Japanese industrial production climbed 1.0% m/m in September according to preliminary data, better than the expectations for a decline. Industrial production fell 1.2% in August
- The forecast for growth in October was 4.1%, according to a survey that is part of the report
- The Bank of Japan meets on Friday and this positive surprise muddles the prospects for additional easing, which economists currently see as a toss-up
- In Australia, the Housing Industry Association reported that new home sales fell 4.0% m/m in September after rising 2.3% in August
- The Chinese government announced that it will end the one-child policy
- Data Out Today:
- Initial Jobless Claims for the week ending 10/24 and Continuing Jobless Claims for the week ending 10/17 (08:30 ET)
- Q3 GDP and Chain Deflator -- Advanced Estimate (08:30 ET)
- September Pending Home Sales (10:00 ET)
- Natural Gas Inventories for the week ending 10/24 (10:30 ET)
- Treasury Auction:
- $29 bln 7-year note auction (results at 13:00 ET)
7:48 am Boeing and AL Israel Airlines agree to an order of up to nine 787 Dreamliners, valued at more than $2.2 bln (BA) : Three of the orders will be added to co's Orders & Deliveries website on Nov. 5 and the remainder will be posted as further contractual requirements are finalized. 7:48 am Brunswick beats by $0.03, reports revs in-line; guides FY15 in-line (BC) : - Reports Q3 (Sep) earnings of $0.77 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.74; revenues rose 6.4% year/year to $991.9 mln vs the $994.03 mln Capital IQ Consensus.
- Co issues in-line guidance for FY15, sees EPS of $2.80-2.85 vs. $2.84 Capital IQ Consensus Estimate; sees FY15 revs up +7% (approximately $4.11 bln) vs. $4.12 bln Capital IQ Consensus Estimate.
- "Our top line reflected strong growth rates in fiberglass outboard and sterndrive/inboard boats. This growth also included a solid performance by marine parts and accessories, outboard engines, fitness equipment and aluminum boats. Sales growth was driven by solid market demand, higher average marine selling prices and continued market share gains... strong earnings growth was also supported by a more favorable product mix, benefits from cost reductions and savings related to sourcing initiatives, partially offset by the unfavorable effects of foreign exchange,"
7:48 am Commodities start the day off lower despite weakness seen in dollar index; oil, copper, precious metals are all in the red (:COMDX) : - Commodities, as measured by the Bloomberg Commodity Index, are trading -0.7%
- This morning, the dollar index is lower, which isn't doing much for commodities
- The index is now -0.4% at 97.40
- Gold and silver futures have been in the red all day so far, including the overnight session, led by silver
- Dec gold is now -1.7% at $1156.40/oz, while Dec silver is -2.7% at $15.86/oz
- Dec copper is -1.2% at $2.34/lb
- In energy, natural gas futures are trading higher ahead of the weekly EIA storage data
- Dec nat gas is currently +1.4% at $2.33/MMBtu
- Oil, on the other hand, is trading near today's low, currently -1.4% at $45.28/barrel
7:48 am Ultra Petroleum beats by $0.04, misses on revs (UPL) : - Reports Q3 (Sep) earnings of $0.21 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.17; revenues fell 22.9% year/year to $222.5 mln vs the $255.2 mln Capital IQ Consensus.
- The company is increasing full-year 2015 production guidance to 288 -- 292 Bcfe from the previous range of 283 -- 290 Bcfe while reaffirming its $500.0 mln capital investment program
- In the fourth quarter of 2015, the company's realized natural gas price is expected to average 0-2?low the NYMEX price due to differentials, before consideration of any hedging activity.
- Realized Q4 pricing for oil and condensate is expected to be about 15-18% below the average NYMEX price, before consideration of any hedging activity.
7:41 am Resolute Forest Products beats by $0.06; Revenue decreased 17% y/y (RFP) : - Reports Q3 (Sep) earnings of $0.15 per share, $0.06 better than the two analyst estimate of $0.09. Revenue decreased 17.4% y/y to $905 mln, no analyst estimates.
- Q3 adjusted EBITDA of $82 million.
- Outlook: "Third quarter realized lumber prices dropped to levels not seen since the first quarter of 2012 before bottoming out in September and starting to recover in October. Markets continue to reflect lower North American lumber exports to Asia, but it appears that the mid-October expiration of the Canada-U.S. Softwood Lumber Agreement is not having a significant impact on supply so far... The accelerating pace of demand decline in North America and the increase of currency-driven imports will continue to play a role in specialty papers markets in North America, with additional uncertainty resulting from the market access hurdles imposed by the U.S. Department of Commerce in connection with its investigation of imports of supercalendered papers from Canada. Consumption of newsprint shows no sign of improvement, but we still expect to run all of our newsprint machines..."
7:40 am Enpro Industries beats by $0.03, reports revs in-line; announces $50 mln repurchase program (NPO) : Reports Q3 (Sep) earnings of $0.51 per share, $0.03 better than the Capital IQ Consensus of $0.48; revenues rose 1.3% year/year to $306.6 mln vs the $306.15 mln two analyst estimate. - "Market conditions remain soft, and global economic volatility and sluggish oil and gas markets have resulted in lower demand levels in several of our businesses. We have sound demand levels in the nuclear, petrochemical, and engine parts and service markets. However, softer conditions in many of our other markets and the strong dollar continue to affect our results. Given these ongoing market headwinds and our results for the quarter, we expect segment profit for the year to be at, or slightly below the low end of the guidance previously provided, excluding the impact of additional restructuring charges expected in the fourth quarter of 2015. We estimate restructuring charges for the year to be in the range of $10.0 to $13.0 million compared to the $3.2 million included in our previous guidance. We expect GST's results to be within the range previously provided. This revised guidance is based on exchange rates in effect at the end of the third quarter. Despite current challenging market conditions, longer term, we expect continued benefits from our strategic growth initiatives including growth from recent and future strategic acquisitions and continued emphasis on improving operational efficiencies,"
- The Board of Directors approved a new program authorizing the company to repurchase up to $50.0 million of its common shares.
7:38 am SCANA Corp beats by $0.07, misses on revs; reaffirms FY15 EPS guidance; guides FY16 EPS above consensus (SCG) : - Reports Q3 (Sep) earnings of $1.04 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.97; revenues fell 4.7% year/year to $1.07 bln vs the $1.14 bln Capital IQ Consensus.
- Co reaffirms guidance for FY15, sees EPS of $3.60-3.80, excluding non-recurring items, vs. $3.73 Capital IQ Consensus Estimate.
- Co issues upside guidance for FY16, sees EPS of $3.90-4.10, excluding non-recurring items, vs. $3.88 Capital IQ Consensus Estimate.
7:38 am Zimmer Biomet beats by $0.08, reports revs in-line; guides FY15 EPS above consensus; reinstates its share repurchase program (ZBH) : - Reports Q3 (Sep) earnings of $1.64 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $1.56; revenues rose 59.3% year/year to $1.76 bln vs the $1.76 bln Capital IQ Consensus.
- Co issues upside guidance for FY15, sees EPS of $6.83-6.87, excluding non-recurring items, vs. $6.76 Capital IQ Consensus Estimate and vs prior guidance of $6.65-6.80. Co slightly lowers its constant currency revenue guidance to +1.0-1.5% from +1.5-2.0%. This is not comparable to consensus which is not constant currency.
- Co reinstates its share repurchase program. The existing program was temporarily suspended in April 2014 in anticipation of the Biomet transaction. Currently, $599.5 mln of share repurchase authorization remains available under this program.
7:38 am EMCOR Group misses by $0.05, beats on revs; guides FY15 EPS below consensus, revs in-line; to repurchase up to an additional $200 million (EME) : - Reports Q3 (Sep) earnings of $0.66 per share, $0.05 worse than the Capital IQ Consensus of $0.71; revenues rose 8.5% year/year to $1.7 bln vs the $1.64 bln Capital IQ Consensus.
- Co issues guidance for FY15, sees EPS of $2.65-2.75 vs. $2.78 Capital IQ Consensus Estimate; sees FY15 revs of $6.6-6.7 bln vs. $6.63 bln Capital IQ Consensus Estimate.
- The Company also announced today that its Board of Directors has authorized a new share repurchase program for the Company to repurchase up to an additional $200 mln of its outstanding common stock.
7:38 am Coca-Cola Ent beats by $0.03, misses on revs; updates FY15 guidance (CCE) : - Reports Q3 (Sep) earnings of $0.84 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.81; revenues fell 14.7% year/year to $1.82 bln vs the $1.87 bln Capital IQ Consensus.
- For 2015, CCE continues to expect diluted earnings per share to grow at the upper end of the range of 6 percent to 8 percent on a comparable and currency-neutral basis. Based on recent rates, currency translation would negatively impact full-year 2015 diluted earnings per share by approximately 18 percent. Operating income is expected to achieve slightly positive growth, while net sales growth is now expected to be flat to slightly negative, both on a comparable and currency-neutral basis. The company expects 2015 free cash flow in a range of $600 million to $650 million including the expected negative impact of currency translation based on recent rates. Capital expenditures are expected to be approximately $325 million.
7:38 am MiMedx Group reports EPS in-line, revs in-line; guides Q4 revs in-line (MDXG) : - Reports Q3 (Sep) earnings of $0.06 per share, in-line with the Capital IQ Consensus of $0.06; revenues rose 46.3% year/year to $49 mln vs the $49.01 mln Capital IQ Consensus.
- Co issues in-line guidance for Q4, sees Q4 revs of $49.5-52.5 mln vs. $51.50 mln Capital IQ Consensus Estimate.
- The co provided guidance for fourth quarter of 2015 operating profit margin to be in the range of 14% to 15%. The co also narrowed its previously published guidance for full year 2015 operating profit margin to be in the range of 12% to 13%.
7:36 am Ally Financial reports EPS in-line (ALLY) : - Reports Q3 (Sep) earnings of $0.51 per share, in-line with the Capital IQ Consensus of $0.51.
- Improved net financing revenue, excluding original issue discount (:OID), continued to drive strong results and totaled $981 million in the third quarter of 2015, up from $936 million a year ago.
- Revenue from retail auto loan growth more than offset a decline in net lease revenue. Consumer auto originations remained robust at $11.1 billion for the quarter, increasing from $10.8 billion last quarter and down from $11.8 billion in the same period last year, with the company on track to exceed its originations target in the high $30 billions for 2015.
7:35 am CMS Energy beats by $0.03, misses on revs; raised the low end of its 2015 adjusted EPS guidance, in-line (CMS) : - Reports Q3 (Sep) earnings of $0.53 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.50; revenues rose 3.9% year/year to $1.49 bln vs the $1.55 bln Capital IQ Consensus.
- CMS Energy raised the low end of its 2015 adjusted EPS guidance to $1.87-1.89, excluding non-recurring items, vs. $1.88 Capital IQ Consensus Estimate, up from $1.86-1.89, consistent with performance at the high end of its long-term plan to grow earnings per share at 5% to 7%.
- The co expects to double investments in its gas business over the next decade.
- Those investments include expansion of its pipeline and storage system, adding new customers who formerly used higher-cost propane, and strengthening pipeline integrity in a multi-year line replacement program
7:34 am FTI Consulting misses by $0.01, misses on revs; lowers FY15 guidance (FCN) : - Reports Q3 (Sep) adj earnings of $0.53 per share, $0.01 worse than the Capital IQ Consensus of $0.54; revenues rose 1.0% year/year to $455.5 mln vs the $460.61 mln Capital IQ Consensus. Gross profit grew 32% to $5.9 million from $4.5 million for the third quarter a year ago.
- Co issues lowered guidance for FY15, sees EPS of $1.80-1.95 from $1.95-2.15 vs. $2.08 Capital IQ Consensus Estimate; lowers FY15 revs to $1.74-1.78 bln from $1.75-1.85 bln vs. $1.79 bln Capital IQ Consensus Estimate.
7:34 am McKesson reports Q2 (Sep) results, beats on revs; guides FY16 EPS in-line; announces new $2 bln share repurchase program (MCK) : - Reports Q2 (Sep) earnings of $3.31 per share, may not be comparable to the Capital IQ Consensus of $2.99; revenues rose 10.4% year/year to $48.76 bln vs the $47.8 bln Capital IQ Consensus. Second-quarter results include a pre-tax gain of $51 million, or 14 cents per diluted share, related to the sale of the ZEE Medical business within the Distribution Solutions segment. Second-quarter results also reflect lower than expected tax expense driven by a discrete tax benefit of $25 million, or 11 cents per diluted share.
- Co issues in-line guidance for FY16, sees EPS of $12.50-13.00 vs. $12.68 Capital IQ Consensus Estimate.
- Board of Directors authorized a new $2 billion share repurchase program.
7:33 am Marinus Pharmaceuticals initiates the clinical phase of its IV ganaxolone program in Status Epilepticus after preclinical studies yielded positive results (MRNS) : Co initiates the clinical phase of its IV ganaxolone program in Status Epilepticus after preclinical studies yielded positive results and supported advancement to human trials. - Ganaxolone IV promoted survival and showed better or comparable reversal of seizures than the endogenous neurosteroid, allopregnanolone, in clinically translatable rodent models of SE.
- Co will commence a Phase 1 clinical trial to evaluate the safety, tolerability and pharmacokinetics of ganaxolone IV before initiating a clinical trial in SE patients later in 2016.
7:31 am Astoria Fincl to be acquired by New York Community (NYCB) for $19.66/share in a $2 bln deal; expected to be immediately accretive to pro forma diluted EPS and pro forma tangible BV/share (AF) : New York Community Bancorp, (NYCB) and Astoria Financial Corporation sign a definitive agreement under which the two companies will combine in a strategic merger. The transaction, which is valued at ~$2.0 billion, is expected to be immediately accretive to pro forma diluted EPS and pro forma tangible BV/share.Pending receipt of the necessary shareholder and regulatory approvals, the merger is currently expected to be completed in 4Q16. - Shareholders of Astoria will receive one share of New York Community common stock and $0.50 in cash in exchange for each share of Astoria stock held at the merger date. With the exception of the cash component, the transaction is tax-free to Astoria's investors. Based on New York Community's closing price of $19.16 per share on October 28, 2015, the merger will result in each Astoria share being valued at $19.66.
- The combined company, on a pro forma basis, will have 241 banking offices in Metro New York, including all five boroughs of New York City, Long Island, and Westchester County. Including New York Community's 115 branches in Ohio, Arizona, Florida, and New Jersey, the combined company will have more than 350 branch offices and pro forma deposits of approximately $37.3 billion.
- Under the agreement and plan of merger, Joseph R. Ficalora will continue to serve as President and CEO of the combined company. Monte N. Redman, President and CEO of Astoria and Astoria Bank, and Ralph Palleschi, Astoria's Chairman, will become members of the BOD of New York Community and its bank subsidiaries.
7:31 am Lake Share Gold misses by $0.01 (LSG) : Reports Q3 (Sep) adj. loss of ($0.01) per share, $0.01 worse than the Capital IQ Consensus of $0.00; revenues fell 0.1% year/year to $63.05 mln vs the $63.1 mln Capital IQ Consensus. - Co reported all-in sustaining costs of US$845 (US$924 in Q3/15)
Looking ahead: - The co remains on track to achieve its production and unit cost targets in 2015.
- These targets include production for the full year of at least 180,000 ounces, cash operating costs per ounce sold of better than US$650 and all-in sustaining costs below US$950 per ounce sold.
- Total production costs are now expected to total $130.0 million to $135.0 million.
7:29 am On the Wires (:WIRES) : - Celator Pharmaceuticals (CPXX) announced that data from applying the CombiPlex technology platform to drug combinations incorporating molecularly targeted agents will be presented at the 2015 AACR-NCI-EORTC International Conference
- Ziptronix, a wholly owned subsidiary of Tessera Technologies (TSRA) entered into a development agreement with Fraunhofer IZM-ASSID. The companies will work together to integrate Ziptronix Direct Bond Interconnect technology into Fraunhofer's 300mm wafer production line
- Cardiovascular Systems (CSII) enrolled its first 2 patients in its OPTIMIZE, peripheral Orbital Atherectomy System study
- Francesca's Holdings Corporation (FRAN) appointed Laurie Hummel as Executive Vice President and Chief Merchandising Officer; effective November 30, 2015. Most recently, Hummel served as SVP Divisional Merchandise Manager at Kohl's
- Alnylam Pharmaceuticals (ALNY) announced that its scientists and collaborators will present results from ongoing Phase 2 open-label extension studies w/ its investigational RNAi therapeutics in development for the treatment of transthyretin-mediated amyloidosis at the First European Congress on Hereditary ATTR Amyloidosis being held November 2-3, 2015 in Paris, France.
7:27 am Independent Bank Q3 EPS $0.22 vs $0.23 two analyst estimate (IBCP) : 7:24 am Armstrong World Industries beats by $0.06, misses on revs; guides FY15 in-line (AWI) : - Reports Q3 (Sep) earnings of $0.80 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.74; revenues fell 3.0% year/year to $658.5 mln vs the $675.64 mln Capital IQ Consensus.
- Co issues in-line guidance for FY15, sees EPS of $2.15-2.35, excluding non-recurring items, vs. $2.27 Capital IQ Consensus Estimate; sees FY15 revs of $2.40-2.45 bln from $2.4-2.5 bln vs. $2.45 bln Capital IQ Consensus Estimate.
- "Despite pressure from foreign exchange headwinds, we continue to expect to benefit from lower input costs, primarily in our flooring businesses, and are increasing our full year adjusted EBITDA and adjusted EPS guidance at the midpoint."
7:22 am Lancaster Colony beats by $0.10, beats on revs (LANC) : - Reports Q1 (Sep) earnings of $1.01 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of $0.91; revenues rose 13.1% year/year to $294.1 mln vs the $278.7 mln Capital IQ Consensus. Pricing helped to reduce the impact of the higher egg costs while other ingredient costs were modestly favorable, particularly soybean oil and dairy-based ingredients.
7:22 am LKQ reports EPS in-line, revs in-line; guides FY15 EPS in-line (LKQ) : - Reports Q3 (Sep) earnings of $0.33 per share, in-line with the Capital IQ Consensus of $0.33; revenues rose 6.4% year/year to $1.83 bln vs the $1.83 bln Capital IQ Consensus. The Company noted that adjusted diluted earnings per share for the third quarter 2015 would have been $0.34 compared to $0.31 for the third quarter of 2014 after adjusting each of the periods for net losses resulting from restructuring and acquisition related expenses, and the change in fair value of contingent consideration liabilities.
- Co narrows guidance for FY15, sees EPS of $1.39-1.44 vs. $1.41 Capital IQ Consensus Estimate; sees revenue up 7.0-7.5%, vs. prior range of 7.0-8.5% (consensus +8%).
7:20 am Gaming and Leisure Properties beats by $0.07, misses on revs (GLPI) : - Reports Q3 (Sep) funds from operations of $0.69 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.62; revenues rose 0.6% year/year to $147.8 mln vs the $161.77 mln Capital IQ Consensus.
7:20 am NeoGenomics reports EPS in-line, misses slightly on revs; guides FY15 revs to the lower end of prior guidance (NEO) : - Reports Q3 (Sep) net of breakeven, in-line with the Capital IQ Consensus of ($0.00); revenues rose 8.2% year/year to $25.13 mln vs the $25.72 mln Capital IQ Consensus.
- Co issues guidance for FY15, it now sees FY15 revs at the lower end of prior guidance of $100-103 mln vs. $100.9 mln Capital IQ Consensus Estimate.
- "We are very proud of our laboratory operations teams. During Quarter 3, we reduced Cost per Test in our base business by a significant 12.5% from last year....We are most excited about the pending acquisition of the Clarient business from GE HealthCare that we announced last week. We estimate that this acquisition will more than double the Company's net revenue in 2016...we expect to close the transaction near the end of 2015."
7:19 am Inteliquent beats by $0.01, beats on revs; guides FY15 revs above consensus and prior range (IQNT) : - Reports Q3 (Sep) earnings of $0.24 per share, $0.01 better than the two analyst estimate of $0.23; revenues rose 18.0% year/year to $63.71 mln vs the $60.68 mln Capital IQ Consensus.
- Co issues upside guidance for FY15, sees FY15 revs of $245-255 bln vs. $244.94 mln Capital IQ Consensus Estimate, prior range $240-250 mln.
7:19 am Iridium Communications beats by $0.05, beats on revs (IRDM) : - Reports Q3 (Sep) earnings of $0.24 per share, $0.05 better than the Capital IQ Consensus of $0.19; revenues fell 1.4% year/year to $106 mln vs the $104.63 mln Capital IQ Consensus.
- Operational EBITDA for Q3 was $63.8 mln, as compared to $58.4 mln for the prior-year period, representing a year-over-year increase of 9% and an OEBITDA margin of 60%.
- Co reaffirms the following FY15 guidance: Total service revenue growth between 1% and 3% for the full-year 2015. Full-year 2015 OEBITDA of ~ $230 mln. OEBITDA for 2014 was $216.5 mln.
- Long Range Outlook: Total service revenue between $420 mln and $465 mln for the full-year 2018, an increase from $309.4 mln for the full-year 2014.
7:18 am MGM Resorts beats by $0.12, reports revs in-line; announces plans to create a REIT (MGM) : - Reports Q3 (Sep) earnings of $0.15 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $0.03; revenues fell 8.2% year/year to $2.28 bln vs the $2.3 bln Capital IQ Consensus.
- Net revenue at the Company's wholly owned domestic resorts was $1.6 billion, an increase of 4% compared to the prior year quarter;
- Rooms revenue at wholly owned domestic resorts increased 8% with an 8% increase in REVPAR (vs. +6% guidance) at the Company's Las Vegas Strip resorts compared to the prior year quarter;
- The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $411 million, a 25% increase compared to the prior year quarter;
- MGM China's net revenue was $529 million and Adjusted EBITDA was $128 million, decreases of 33% and 40%, respectively, compared to the prior year quarter.
- Co also plans to form a REIT following pressure from an activist.
7:17 am Sherwin-Williams beats by $0.10, misses on revs; guides Q4 EPS in-line (SHW) : - Reports Q3 (Sep) earnings of $3.97 per share, $0.10 better than the Capital IQ Consensus of $3.87; revenues rose 0.1% year/year to $3.15 bln vs the $3.24 bln Capital IQ Consensus.
- Co issues in-line guidance for Q4, sees EPS of $1.70-1.95 vs. $1.90 Capital IQ Consensus Estimate.
- "For the fourth quarter, we anticipate our consolidated net sales will be up low single digits compared to last year's fourth quarter. At that anticipated sales level, we estimate diluted net income per common share in the fourth quarter of 2015 to be in the range of $1.70 to $1.95 per share compared to $1.37 per share earned in the fourth quarter of 2014. For the full year 2015, we expect consolidated net sales to increase by a low single digit percentage compared to full year 2014. With annual sales at that level, we are increasing our guidance that diluted net income per common share for 2015 to be in the range of $10.75 to $11.00 per share compared to $8.78 per share earned in 2014."
7:16 am HeartWare misses by $0.79, misses on revs (HTWR) : - Reports Q3 (Sep) loss of $1.36 per share, excluding non-recurring items, $0.79 worse than the Capital IQ Consensus of ($0.57); revenues fell 5.0% year/year to $65.2 mln vs the $67.59 mln Capital IQ Consensus.
- Gross margin percentage declined to 49.4% during the third quarter of 2015, from 65.7% during the second quarter of 2015 and 66.5% in the third quarter of 2014.
- "In early August, we successfully completed enrollment in the 465-patient ENDURANCE2 destination therapy study of our HVAD System. As a result, we sold 15 units for the destination therapy study in the third quarter of 2015, compared to 62 units sold for this study in the third quarter of 2014. Exclusive of ENDURANCE2 trial units, U.S. unit sales increased by approximately 4% over the third quarter of 2014,"
7:16 am MSCI beats by $0.06, reports revs in-line; issues adjusted EBITDA expense guidance (MSCI) : - Reports Q3 (Sep) earnings of $0.60 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.54; revenues rose 6.8% year/year to $268.77 mln vs the $269.27 mln Capital IQ Consensus.
- Full-year 2015 adjusted EBITDA expenses are now expected to be in the range of $595-600 mln.
- Based on the new full-year range, fourth quarter 2015 adjusted EBITDA expenses are now expected to be in the range of $148-153 mln, which is expected to reduce adjusted EBITDA margins from third quarter 2015 levels across all segments.
- Full-year 2015 free cash flow is now expected to be in the range of $255-270 mln, compared to the previous range of $245-275 mln
7:16 am Independence Contract Drilling beats by $0.04, beats on revs (ICD) : - Reports Q3 (Sep) loss of $0.05 per share, $0.04 better than the Capital IQ Consensus of ($0.09); revenues rose 11.5% year/year to $21.3 mln vs the $20.36 mln Capital IQ Consensus.
- "The third quarter of 2015 demonstrated a continued sequential weakening trend across all contract drilling industry metrics. As detailed during the second quarter, in light of market conditions we paused our new rig build program. As a modular manufacturer, ICD has substantial flexibility in controlling our rig build tempo and during the third quarter we restructured and removed $1.5 million in annual run rate costs associated with rig build, while maintaining our enterprise knowledge base and skill sets. An additional $1.5 million in operating cost reductions will be completed by the end of the fourth quarter of 2015. These cost reductions along with the recent modification of our credit facility terms provide ICD substantially financial flexibility into 2017."
7:16 am QLT Inc beats by $0.05; co is continuing discussions with the European regulatory authorities regarding QLT091001 (QLTI) : - Reports Q3 (Sep) loss of $0.05 per share, $0.05 better than the two analyst estimate of ($0.10).
- The net $2.7 million decrease in operating losses was primarily due to the receipt of the Termination Fee.
- As at September 30, 2015, the Company's consolidated cash and cash equivalents were $147.1 million compared to $155.9 million at December 31, 2014.
- The co is continuing discussions with the European regulatory authorities regarding the potential submission in 2016 of a Marketing Authorization Application for conditional approval of QLT091001 in the EU.
7:15 am Dupont Fabros Tech beats by $0.01; guides Q4 FFO above consensus (DFT) : - Reports Q3 (Sep) funds from operations of $0.62 per share, $0.01 better than the Capital IQ Consensus of $0.61.
- Co issues upside guidance for Q4, sees FFO of $0.60-0.64 vs. $0.59 Capital IQ Consensus Estimate.
- Co issues upside guidance for FY15, sees FFO of $2.45-2.47 vs. $2.42 Capital IQ Consensus Estimate.
7:14 am Jarden reports EPS in-line, revs in-line (JAH) : - Reports Q3 (Sep) earnings of $0.80 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.80; revenues rose 5.3% year/year to $2.26 bln vs the $2.25 bln Capital IQ Consensus.
7:13 am Park Sterling reports EPS in-line, misses on revs (PSTB) : - Reports Q3 (Sep) earnings of $0.11 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.11; revenues rose 2.1% year/year to $25.28 mln vs the $25.54 mln two analyst estimate.
- Annualized return on average assets of 0.77% compared to 0.71% in the prior quarter
- Organic loan growth, excluding loans held for sale, of $42.7 million, or 10% annualized growth rate
- Nonperforming loans decreased $181 thousand (2%) to 0.50% of total loans from 0.52% at June 30, 2015
- Nonperforming assets decreased $1.8 million (10%) to 0.67% of total assets from 0.75% at June 30, 2015
- Tangible common equity to tangible assets remained strong at 10.02%
7:13 am Abiomed beats by $0.04, beats on revs; raises FY16 revs in-line (ABMD) : - Reports Q2 (Sep) earnings of $0.17 per share, $0.04 better than the Capital IQ Consensus of $0.13; revenues rose 47.3% year/year to $76.3 mln vs the $74.56 mln Capital IQ Consensus.
- Co issues in-line guidance for FY16, raises FY16 revs to $305-315 mln from $300-310 mln vs. $310.34 mln Capital IQ Consensus Estimate.
7:12 am American Tower beats by $0.15, beats on revs; raises FY15 AFFO, lowers top line (AMT) : - Reports Q3 (Sep) AFFO of $1.31 per share, $0.15 better than the Capital IQ Consensus of $1.16; revenues rose 19.3% year/year to $1.24 bln vs the $1.23 bln Capital IQ Consensus.
- Domestic rental and management segment revenue increased 21.8%, or 21.2% on a core basis International rental and management segment revenue increased 16.5%, or 43.5% on a core basis Network development services segment revenue was $25 million.
- Raises FY15 AFFO to $2.115-2.135 bln from $2.095-2.135 bln; EBITDA $3.035-3.055 bln from $3.02-3.06 bln; rental and mgmt rev 4.635-4.665 bln from 4.645-4.695 bln
7:12 am IMS Health Holdings beats by $0.06, reports revs in-line; provides 2015 guidance (IMS) : - Reports Q3 (Sep) earnings of $0.38 per share, $0.06 better than the Capital IQ Consensus of $0.32; revenues rose 12.0% year/year to $735 mln vs the $741.46 mln Capital IQ Consensus.
- 2015 Guidance:
- Expects constant currency results for 2015 as follows: Revenue growth of 19-20%, Adjusted EBITDA growth of approximately 11%, Adjusted Net Income growth of 22-23% and Adjusted Diluted Earnings per Share growth of 17-18%.
- Assuming current foreign exchange rates hold constant through the end of the year, IMS Health expects reported revenue growth of approximately 10%, Adjusted EBITDA growth of approximately 1%, Adjusted Net Income growth of 10-11% and Adjusted Diluted Earnings per Share growth of 5-6%.
7:12 am GasLog Partners misses by $0.03, beats on revs; Increased quarterly cash distribution by 10% to $0.478 per unit (GLOP) : - Reports Q3 (Sep) earnings of $0.56 per share, $0.03 worse than the Capital IQ Consensus of $0.59; revenues rose 0.8% year/year to $51.5 mln vs the $49.52 mln Capital IQ Consensus.
- "GasLog Partners' operating and financial performance this quarter has been strong. We achieved our highest ever quarterly results following the second successful drop-down acquisition since our initial public offering."
LNG Market Update and Outlook: - There have been a number of positive developments within the LNG sector despite weaker market conditions.
- The Santos-backed Gladstone facility shipped its first gas cargo earlier this month with Korean Gas taking the first commissioning cargo.
- BG's Curtis Train 2 also started up during the period following the successful launch of its first train at the end of 2014, where GasLog took the first cargo
- The Australia Pacific project, backed by Origin, ConocoPhillips (COP) and Sinopec, is also expected to come online by the end of 2015.
- Chevron indicated first LNG from its Gorgon project may be delayed to early 2016 due to non-market related issues
7:12 am Marathon Petroleum reports Q3 (Sep) results, misses on revs (MPC) : - Reports Q3 (Sep) earnings of $1.76 per share, may not be comparable to the Capital IQ Consensus of $1.81. Third-quarter 2015 earnings include a $144 million pre-tax impairment charge, or $0.17 per diluted share, related to the cancellation of the ROUX project. Revenues fell 26.6% year/year to $18.72 bln vs the $21.27 bln Capital IQ Consensus.
- MPC declared a $0.32 per share dividend, which was increased 28 percent last quarter, resulting in a 31.5 percent compound annual growth rate since the company became independent in June 2011.
- On Sept. 30, the company had $2.0 billion in cash and cash equivalents, an unused $2.5 billion revolving credit agreement and approximately $800 million of availability on its undrawn $1.3 billion trade receivables securitization facility. Given the current refined product price environment, the company has lowered the notional amount of the facility to $1 billion. The company's liquidity should provide it with sufficient flexibility to meet its day-to-day operational needs and continue its balanced approach to investing in the business and returning capital to shareholders.
7:11 am Government Properties Income Trust reports FFO in-line, revs in-line (GOV) : - Reports Q3 (Sep) normalized FFO of $0.59 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.59; revenues fell 3.2% year/year to $62.09 mln vs the $61.99 mln Capital IQ Consensus.
7:09 am Great Western Bancorp beats by $0.11, increases quarterly dividend (GWB) : - Reports Q3 (Sep) earnings of $0.60 per share, $0.11 better than the Capital IQ Consensus of $0.49.
- Net interest income was $87.2 million for the fourth quarter of fiscal year 2015, an increase of $2.7 million, or 3%, compared to the same quarter in fiscal year 2014.
- Net interest margin was 3.98%, 3.95% and 4.10%, respectively, for the quarters ended September 30, 2015, June 30, 2015 and September 30, 2014 and 3.94% and 4.02%, respectively, for the twelve months ended September 30, 2015 and September 30, 2014.
- The co also increased its quarterly dividend to $0.14/share from $0.12/share
7:09 am ConocoPhillips misses by $0.01 (COP) : - Reports Q3 (Sep) loss of $0.38 per share, $0.01 worse than the Capital IQ Consensus of ($0.37).
- Adjusted earnings were lower compared with third-quarter 2014 primarily due to lower realized prices.
- Achieved first oil at Surmont 2 in Canada during the quarter, as well as CD5 and Drill Site 2S in Alaska in October; on track for first cargo at APLNG by year end.
- Production from continuing operations, excluding Libya, for the third quarter of 2015 was 1,554 MBOED, an increase of 81 MBOED compared with the same period a year ago. Growth was primarily due to new production from major projects and development programs, partially offset by normal field decline. The net increase in production reflects 56 MBOED, or 4% growth, after adjusting for 25 MBOED from dispositions and downtime.
Outlook: - Fourth-quarter production guidance is 1,585 to 1,625 MBOED.
- Full-year 2015 production guidance is 1,585 to 1,595 MBOED, resulting in expected year-over-year growth of 3-4% from continuing operations, excluding Libya
- Co has further reduced its 2015 capital expenditures guidance to $10.2 bln compared with initial 2015 guidance of $11.5 bln
7:08 am Build-A-Bear Workshop misses by $0.11, misses on revs (BBW) : - Reports Q3 (Sep) earnings of $0.10 per share, excluding non-recurring items, $0.11 worse than the Capital IQ Consensus of $0.21; revenues fell 1.2% year/year to $85.6 mln vs the $89.16 mln Capital IQ Consensus.
- Q3 consolidated comparable store sales increase 2.1%. Retail gross margin expands 160 basis points to 45.3% from 43.7% in the Q3 of 2014.
7:08 am Pitney Bowes misses by $0.01, reports revs in-line; reaffirms FY15 EPS guidance (PBI) : - Reports Q3 (Sep) earnings of $0.43 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $0.44; revenues fell 7.7% year/year to $869.54 mln vs the $876.25 mln Capital IQ Consensus.
- Co reaffirms guidance for FY15, sees EPS of $1.75-1.90, excluding non-recurring items, vs. $1.83 Capital IQ Consensus Estimate. Co now expects 2015 revenue to be in the range of flat to a decline of 2% on a constant currency basis which is not comparable to consensus.
- "We made solid progress on our strategic plan in [Q3].....Our North America SMB business continued to stabilize with equipment sales growing for the quarter. We improved our operational excellence with increased margins and very solid cash flow performance in the quarter. Our ERP project, which promises to unlock substantial value in our Company, got off to a very good start in early October with a successful launch in Canada. Finally, although our Ecommerce business continued to face currency headwinds, the integration of Borderfree remains on track. Overall, Digital Commerce grew 10% on a constant currency basis and I remain very optimistic about the long-term prospects of this business."
7:08 am West Pharm beats by $0.01, misses on revs; guides FY15 EPS in-line (WST) : - Reports Q3 (Sep) earnings of $0.44 per share, $0.01 better than the Capital IQ Consensus of $0.43; revenues fell 3.2% year/year to $344.5 mln vs the $353.27 mln Capital IQ Consensus.
- Co issues in-line guidance for FY15, sees EPS of $1.79-1.84 vs. $1.81 Capital IQ Consensus Estimate.
- For 2016, WST expects revenue to grow between 6% and 8% in calendar year 2016 compared to its current estimates for 2015 at constant exchange rates. Growth in high-value packaging components is expected to be in the 10% to 11% range, while growth in sales of PDS proprietary products will continue to depend on the further, pre-commercial development efforts of customers and customer introductions of commercial products incorporating CZ technology and the SmartDose injector.
7:07 am H&E Equipment beats by $0.02, beats on revs; guides FY15 revs below consensus and prior range (HEES) : - Reports Q3 (Sep) earnings of $0.42 per share, $0.02 better than the Capital IQ Consensus of $0.40; revenues rose 0.7% year/year to $276.9 mln vs the $267.86 mln Capital IQ Consensus.
- Co issues downside guidance for FY15, sees FY15 revs of $1.028-1.037 bln vs. $1.04 bln Capital IQ Consensus Estimate, prior range $1.03-1.052 bln.
- The Company now expects 2015 EBITDA in the range of $315-320 mln.
7:06 am Altria misses by $0.01, beats on revs; reaffirms FY15 EPS guidance (MO) : - Reports Q3 (Sep) earnings of $0.75 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $0.76; revenues rose 4.7% year/year to $4.98 bln vs the $4.9 bln Capital IQ Consensus.
- Co reaffirms guidance for FY15, sees EPS of $2.76-2.81, excluding non-recurring items, vs. $2.81 Capital IQ Consensus Estimate.
- On Oct 13, 2015, Anheuser-Busch InBev SA/NV (BUD) and SABMiller plc (SBMRY) jointly announced an agreement in principle on key terms regarding a possible recommended offer for AB InBev to effect a business combination with SABMiller. On October 28, 2015, the U.K. Takeover Panel extended the relevant takeover code deadline until November 4, 2015 to enable AB InBev and SABMiller to continue to address all the details necessary for AB InBev to deliver a firm offer.
7:06 am Alkermes beats by $0.03, reports revs in-line (ALKS) : - Reports Q3 (Sep) loss of $0.18 per share, $0.03 better than the Capital IQ Consensus of ($0.21); revenues fell 4.6% year/year to $152.7 mln vs the $151.77 mln Capital IQ Consensus.
Product Revenues - Manufacturing and royalty revenues from RISPERDAL CONSTA and INVEGA SUSTENNA/XEPLION were $67.6 million, compared to $68.5 million for the same period in the prior year.
- Net sales of VIVITROL were $37.9 million, compared to $25.8 million for the same period in the prior year, representing an increase of approximately 47%.
- Manufacturing and royalty revenues from AMPYRA/FAMPYRA were $22.1 million, compared to $16.5 million for the same period in the prior year.
- Royalty revenue from BYDUREON was $13.0 million, compared to $10.3 million for the same period in the prior year.
7:05 am Old Dominion misses by $0.02, misses on revs (ODFL) : - Reports Q3 (Sep) earnings of $0.99 per share, $0.02 worse than the Capital IQ Consensus of $1.01; revenues rose 4.8% year/year to $779.5 mln vs the $792.47 mln Capital IQ Consensus.
- Old Dominion's operating ratio improved 90 basis points to 82.1% for the third quarter of 2015 from 83.0% for the third quarter of 2014.
7:03 am CME Group beats by $0.03, reports revs in-line (CME) : - Reports Q3 (Sep) earnings of $1.02 per share, $0.03 better than the Capital IQ Consensus of $0.99; revenues rose 11.5% year/year to $850.3 mln vs the $853.66 mln Capital IQ Consensus.
- Third-quarter 2015 average daily volume was 14.4 million contracts, up 7 percent from third-quarter 2014, and included record quarterly options average daily volume as well as double digit growth across all commodities product lines.
7:03 am 3D Systems President and CEO Avi Reichental to step down on October 28, 2015 (DDD) : Co announces that Avi Reichental has stepped down as President and CEO and as a Director of the Co, effective at the close of business on October 28, 2015, by mutual agreement with the Co's BOD. - Andrew Johnson will serve as Interim President and CEO, in addition to his continued role as Chief Legal Officer.
- Co's BOD will immediately commence a search and evaluation process to select a replacement for the role of President and CEO.
7:03 am MGM Resorts announces plan to create a REIT with ten of its 'premier' properties (MGM) : The co announced that it will create a controlled real estate investment trust, to be named MGM Growth Properties LLC. MGM Resorts will contribute the real estate associated with ten of its premier properties and MGP will assume approximately $4 billion of debt, which is expected to be refinanced with the proceeds of debt and equity issuances. MGM Resorts also announced that it confidentially submitted a draft registration statement on Form S-11 to the SEC relating to MGP's proposed initial public offering. MGM Resorts expects to complete the transaction in the first quarter of 2016, subject to market conditions and required regulatory approvals. - MGM Resorts will lease the Properties under a long-term, triple-net master lease with an initial 10-year term and four five-year extensions at MGM Resorts' option. The master lease is expected to provide MGP with a right of first offer with respect to MGM Resorts' development properties in Maryland and Massachusetts. The master lease will be guaranteed by MGM Resorts.
- MGM Resorts will continue to manage and operate the Properties and will retain 100% ownership of the Bellagio and MGM Grand Las Vegas. The significant cash flow generated by these properties will allow MGM Resorts to maintain its strong asset base and financial profile. In addition, MGM Resorts will continue to own Circus Circus Las Vegas, undeveloped land holdings, and its equity interests in CityCenter (50%), MGM China Holdings (51%), Borgata Hotel Casino & Spa (50%), Grand Victoria (50%), Las Vegas Arena (50%) and Diaoyutai MGM Hospitality (49%).
7:03 am Sony beats by $4.84, reports revs in-line; guides FY16 revs below consensus (SNE) : - Reports Q2 (Sep) earnings of YEN26.10 per share, YEN4.84 better than the Capital IQ Consensus of YEN21.26; revenues fell 0.5% year/year to YEN1892.7 bln vs the YEN1905.43 bln Capital IQ Consensus. Sales were essentially flat year-on-year mainly due to a decrease in Financial Services segment revenue, reflecting a deterioration in investment performance in the separate account, and a decrease in Mobile Communications segment sales, reflecting a significant decrease in smartphone unit sales, substantially offset by the impact of foreign exchange rates and a significant increase in Game & Network Services segment sales, reflecting an increase in PlayStation4 software sales. On a constant currency basis, sales decreased 7% year-on-year.
- Co issues downside guidance for FY16, sees FY16 revs of YEN7900 bln vs. YEN8165.2 bln Capital IQ Consensus Estimate.
7:02 am ProNAi Therapeutics enrolls the first patient into a Phase 2 clinical trial evaluating PNT2258 in patients with Richter's transformation (DNAI) : The study was designed on the basis of results from a pilot Phase 2 study of PNT2258. The multi-center, single-agent, open-label, Phase II study of PNT2258 will characterize anti-tumor activity and collect safety data on approximately 50 patients with Richter's transformation. - PNT2258 will be administered at 120 mg/m2 as an intravenous treatment on days 1-5 of a 21-day cycle for eight induction cycles, followed by continuing treatment administered at 100 mg/m2 administered on days 1-4 of a 28-day cycle.
- The primary endpoint is overall response rate and secondary outcome measures include disease control rate, duration of overall response, time to response, progression-free survival, overall survival and safety.
7:02 am Teva Pharma beats by $0.07, beats on revs; raises FY15 EPS above consensus (TEVA) : - Reports Q3 (Sep) earnings of $1.35 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $1.28; revenues fell 4.6% year/year to $4.82 bln vs the $4.76 bln Capital IQ Consensus.
- Co issues upside guidance for FY15, raises EPS to $5.40-5.45 from $5.15-5.40, excluding non-recurring items, vs. $5.31 Capital IQ Consensus Estimate.
7:02 am Revance Therapeutics reports positive 6-Month duration in BELMONT study (RVNC) : The topline interim data showed that RT002-- a botulinum toxin type A investigational drug product candidate for injection-- achieved its primary efficacy measurement for all three doses at 4 weeks. The study demonstrated 6-month RT002 median duration of effect based upon at least 1-point improvement in glabellar lines at maximum frown on the Investigator Global Assessment-Facial Wrinkle Severity (IGA-FWS) scale. 7:02 am Independent Bank announces a 33% increase in its quarterly cash dividend, to $0.08/share from $0.06/share (IBCP) : 7:01 am L-3 Communications beats by $0.27, misses on revs; guides FY15 EPS in-line, revs below consensus (LLL) : - Reports Q3 (Sep) earnings of $2.09 per share, excluding non-recurring items, $0.27 better than the Capital IQ Consensus of $1.82; revenues fell 4.2% year/year to $2.82 bln vs the $2.92 bln Capital IQ Consensus.
- Co issues guidance for FY15, sees EPS of $6.80-6.90, excluding non-recurring items, vs. $6.88 Capital IQ Consensus Estimate and vs prior guidance of $6.70-7.00; sees FY15 revs of $11.40-11.50 bln vs. $11.54 bln Capital IQ Consensus Estimate and vs prior guidance of $11.45-11.65 bln.
- "Our results for the third quarter reflect continued execution of our strategy, including the ongoing repositioning of our portfolio to focus on structurally stronger, higher-yielding businesses where we maintain leading positions...We continue to evaluate strategic alternatives for National Security Solutions and the process is proceeding as expected. We expect to undertake other significant portfolio actions in addition to National Security Solutions, and we have begun to evaluate strategic alternatives for our other service and hardware businesses with lower returns."
- For 2016, co provides preliminary outlook: sales -2.8%, EPS growth +6%.
7:01 am Steven Madden beats by $0.03, reports revs in-line; reaffirms FY15 EPS guidance (SHOO) : - Reports Q3 (Sep) earnings of $0.70 per share, $0.03 better than the Capital IQ Consensus of $0.67; revenues rose 5.5% year/year to $413.5 mln vs the $416.16 mln Capital IQ Consensus.
- Same store sales increased 11.2% for the third quarter. Gross margin expanded 130 basis points to 36.0% as compared to 34.7% in the same period last year.
- Co reaffirms guidance for FY15, sees EPS of $1.85-1.90 vs. $1.90 Capital IQ Consensus Estimate. Based on lower-than-anticipated back half sales in its private label footwear business, the company has adjusted its sales outlook for fiscal year 2015. The company now expects that net sales will increase 6% to 7% over net sales in 2014.
7:01 am BE Aerospace is selected by a major international airline, to outfit its high-end super first class suites, via a contract valued in excess of $260 mln; deliveries to begin in late 2017 (BEAV) : 7:01 am Alkermes announces positive clinical trial results and streamlined registration pathway for ALKS 8700 for treatment of multiple sclerosis (ALKS) : Co provided an update on its regulatory strategy and positive clinical trial results for ALKS 8700, a novel, oral monomethyl fumarate (:MMF) molecule in development for the treatment of multiple sclerosis (MS). ALKS 8700 is designed to rapidly and efficiently convert to MMF in the body and offer differentiated features as compared to the currently marketed dimethyl fumarate, TECFIDERA. Based on a meeting with the U.S. Food and Drug Administration (:FDA), co plans to file a 505(b)(2) New Drug Application (:NDA) using pharmacokinetic bridging data from studies comparing ALKS 8700 and TECFIDERA, as well as a two-year phase 3 safety study of ALKS 8700 in approximately 600 patients with MS. Importantly, this means that co will not be required to conduct a separate phase 3 efficacy study in patients with MS. 7:00 am Sigma-Aldrich acquires the Duolink product portfolio from Olink Bioscience; terms not disclosed (SIAL) : Co announced that it has signed an agreement to acquire the Duolink product portfolio from Olink Bioscience. The acquisition includes intellectual property, sales, marketing and manufacturing assets. The newly acquired product line is designed for researchers studying biological pathways and seeking improved sensitivity to uncover disease biomarkers. Since 2013, co has distributed Duolink reagents, along with pre-validated antibody pairs for proximity ligation assays (in situ PLA). 7:00 am Johnson Controls beats by $0.04, reports revs in-line; guides Q1 EPS in-line (JCI) : - Reports Q4 (Sep) earnings of $1.04 per share, $0.04 better than the Capital IQ Consensus of $1.00; revenues fell 12.1% year/year to $8.75 bln vs the $8.8 bln Capital IQ Consensus, due primarily to the deconsolidation of the company's automotive interiors business and foreign exchange. Excluding the impact of the deconsolidation of the interiors business and foreign exchange, sales increased 3 percent.
- Co issues in-line guidance for Q1, sees EPS of $0.80-0.83 vs. $0.83 Capital IQ Consensus Estimate.
- Johnson Controls will provide full fiscal year 2016 guidance at its annual New York analyst day on Dec. 1, 2015.
7:00 am Xylem beats by $0.01, reports revs in-line; reaffirms FY15 EPS guidance, revs guidance (XYL) : - Reports Q3 (Sep) earnings of $0.49 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.48; revenues fell 6.3% year/year to $902 mln vs the $898.02 mln Capital IQ Consensus.
- Co reaffirms guidance for FY15, sees EPS of $1.82-1.87 vs. $1.84 Capital IQ Consensus Estimate; sees FY15 revs of $3.7 bln vs. $3.66 bln Capital IQ Consensus Estimate.
6:59 am Diebold misses by $0.04, misses on revs; guides FY15 EPS in-line (DBD) : - Reports Q3 (Sep) earnings of $0.36 per share, $0.04 worse than the Capital IQ Consensus of $0.40; revenues fell 11.3% year/year to $680.9 mln vs the $692.56 mln Capital IQ Consensus. The currency impact was mainly driven by a weakening of the Brazil real and the euro. Total decrease in revenue in constant currency was driven primarily by lower volume in the Brazil other business and China.
- Co issues in-line guidance for FY15, sees EPS of $1.75-1.85 vs. $1.79 Capital IQ Consensus Estimate. Sees revenue down 7-8%; consensus represents a decline of 5%.
6:58 am Bombardier reports Q3 adjusted EPS of $0.00 vs $0.03 consensus; revs $4.1 bln vs $4.5 bln consensus; Qubec will invest $1 billion in the C Series aircraft program (BDRBF) : - Announce that the government of Qubec will invest $1 billion in the C Series aircraft program
- Bombardier has entered into a memorandum of understanding which contemplates a $1.0 billion investment by the Ministre de l'conomie, de l'Innovation et des Exportations du Qubec for a 49.5% equity stake in a newly-created limited partnership
- On October 28, 2015, due to the lack of sales following the prolonged market weakness, Bombardier cancelled the Learjet 85 aircraft program.
6:57 am Penske Auto misses by $0.05, reports revs in-line (PAG) : - Reports Q3 (Sep) earnings of $0.96 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $1.01; revenues rose 12.8% year/year to $4.96 bln vs the $4.96 bln Capital IQ Consensus. Same-store Retail Revenue increases 5.2%, excluding Foreign Exchange 8.5%.
6:56 am GNC Holdings misses by $0.07, misses on revs; lowers FY15 guidance (GNC) : - Reports Q3 (Sep) earnings of $0.76 per share, excluding non-recurring items, $0.07 worse than the Capital IQ Consensus of $0.83; revenues rose 2.4% year/year to $672.2 mln vs the $684.08 mln Capital IQ Consensus.
- Same store sales decreased 0.3% in domestic co-owned stores (including GNC.com sales) in the third quarter of 2015. In domestic franchise locations, same store sales decreased 1.3% in the third quarter of 2015.
- Co issues downside guidance for FY15, lowers EPS to $2.85-2.90 from $3.00-3.10, excluding non-recurring items, vs. $3.05 Capital IQ Consensus Estimate.
- A low single digit increase in consolidated revenue for the full year 2015.
- This is based on the following expectations: Achieving a domestic company-owned same store sales result - including the impact of GNC.com - of a low single digit decrease to flat for the remainder of 2015 (down from low single digit increase)
- Modest revenue growth internationally Low single digit decrease in manufacturing/wholesale segment revenue for the full year 2015 Retail product margin improvements Share repurchases of ~7% of shares outstanding as of the beginning of 2015
- New store expectations: ~100 - 115 total net new domestic (including both co-owned and franchised stores) and retail segment locations.
- Peers: VSI
6:55 am Asian Markets Close: Japan's Nikkei +0.2%; Hong Kong's Hang Seng -0.6%; China's Shanghai Composite +0.4% (:SUMRX) : Markets in the Asia-Pacific region were mostly lower Thursday, with the notable exceptions of Japan (+0.2%) and China (+0.4%). The former bumped up ahead of the Bank of Japan policy announcement and following better than expected industrial production data. China advanced despite talk Chinese officials may soon lower the GDP growth target. Many emerging markets, meanwhile, felt the pinch of the FOMC's relatively hawkish directive on Wednesday, which kept alive the possibility of a rate hike in December and led to a dollar rally. Economic data - Japan
- September Industrial Production +1.0% month-over-month (expected -0.5%; prior -1.2%)
- Australia
- September HIA New Home Sales -4.0% (prior +2.3%)
- Q3 Export Price Index 0.0% quarter-over-quarter (expected +0.5%; prior -4.4%)
- Q3 Import Price Index +1.4% quarter-over-quarter (expected +1.6%; prior +1.4%)
- Singapore
- Q3 Unemployment Rate 2.0% (expected 2.0%; prior 2.0%)
- New Zealand
- Reserve Bank of New Zealand leaves official cash rate unchanged at 2.75% as expected
Equity Markets - Japan's Nikkei increased 0.2% following some better than expected industrial production data for September. It took a late rebound, however, to finish in positive territory. The industrials (+1.3%) and health care (+0.9%) sectors were the best-performing areas. OKUMA Corp (+9.2%), Fujikura (+6.3%), and Nippon Electric Glass (+3.8%) topped the list of individual winners. DeNA Co (-14.9%), Mitsui Mining & Smelting (-8.3%), and Asahi Kasei (-5.3%) led the losers. Out of the 225 index members, 126 ended higher, 89 finished lower, and 10 were unchanged.
- Hong Kong's Hang Seng declined 0.6% and ended at its lows for the day with financial and property companies weighing. China Life Insurance (-5.4%), China Merchants Holdings (-3.0%), and China Resources Power Holdings (-2.9%) were the worst-performing issues. CNOOC (+3.4%), PetroChina (+2.0%), and Lenovo Group (+1.9%) led advancing issues. Out of the 50 index members, 12 ended higher, 37 finished lower, and 1 was unchanged.
- China's Shanghai Composite increased 0.4% in a choppy day of trading that was accented by reports that China is apt to lower its GDP growth target soon. Financial shares were among the laggards that held the market in check.
- India's Sensex declined 0.8% and closed near its lows for the day, pressured by weakness in the industrials (-2.0%), technology (-1.1%), and financials (-0.9%) sectors. Bharat Heavy Electricals (-4.4%), Axis Bank (-3.1%), and Coal India (-2.9%) led individual decliners. Dr Reddy's Laboratories (+2.6%), Vedanta (+2.0%), and Lupin (+0.9%) were the best-performing issues. Out of the 30 index members, 10 ended higher and 20 finished lower.
- Australia's S&P/ASX 200 declined 1.3% and closed near its lows for the day, getting undercut by weakness in the gold (-6.3%), consumer staples (-5.4%), and metals & mining (-2.0%) sectors. Out of the 200 index members, 55 ended higher, 131 finished lower, and 14 were unchanged.
- Regional advancers: Vietnam +1.5%
- Regional decliners: South Korea -0.4%, Taiwan -1.1%, Malaysia -1.2%, Indonesia -3.0%, Singapore -1.3%, Thailand -1.4%, Philippines -1.4%
FX - USD/CNY -0.03% at 6.3566
- USD/INR +0.5 at 65.2312
- USD/JPY -0.2% at 120.85
6:55 am Avnet beats by $0.09, beats on revs; guides Q2 EPS in-line, revs in-line (AVT) : - Reports Q1 (Sep) earnings of $1.12 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $1.03; revenues rose 1.9% year/year to $6.97 bln vs the $6.72 bln Capital IQ Consensus.
- Co issues in-line guidance for Q2, sees EPS of $1.20-1.30, excluding non-recurring items, vs. $1.25 Capital IQ Consensus Estimate; sees Q2 revs of $6.90-7.50 bln vs. $7.29 bln Capital IQ Consensus Estimate.
6:55 am Level 3 announces a private offering of $500 mln in senior notes due 2024 (LVLT) : Net proceeds from the offering of the Notes, together with cash on hand, will be used to redeem $500 million outstanding aggregate principal amount of Level 3 Financing, Inc.'s 8.625% Senior Notes due 2020. 6:51 am Delphi Automotive beats by $0.01, misses on revs; guides FY15 EPS below consensus, revs below consensus (DLPH) : - Reports Q3 (Sep) earnings of $1.28 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.27; revenues fell 3.5% year/year to $3.63 bln vs the $3.78 bln Capital IQ Consensus.
- Co issues downside guidance for FY15, sees EPS of $5.15-5.25 vs. $5.30 Capital IQ Consensus Estimate; sees FY15 revs of $14.935-15.135 bln vs. $15.35 bln Capital IQ Consensus Estimate.
6:50 am Avery Dennison beats by $0.03, reports revs in-line; narrows FY15 EPS, in-line (AVY) : - Reports Q3 (Sep) earnings of $0.87 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.84; revenues fell 5.9% year/year to $1.47 bln vs the $1.48 bln Capital IQ Consensus; +5% organic.
- Co issues in-line guidance for FY15, narrows EPS to $3.30-3.40 from $3.25-3.45, excluding non-recurring items, vs. $3.34 Capital IQ Consensus Estimate.
6:49 am Oshkosh misses by $0.11, beats on revs; guides FY16 EPS below consensus, revs in-line; increases dividend by 12% (OSK) : - Reports Q4 (Sep) earnings of $0.67 per share, excluding non-recurring items, $0.11 worse than the Capital IQ Consensus of $0.78; revenues fell 5.4% year/year to $1.58 bln vs the $1.55 bln Capital IQ Consensus.
- Co issues guidance for FY16, sees EPS of $3.00-3.40 vs. $3.58 Capital IQ Consensus Estimate; sees FY16 revs of $6.2-6.5 bln vs. $6.31 bln Capital IQ Consensus Estimate.
- Co stated, "This range is lower than the range implied by our comments during our third quarter earnings conference call due largely to a more cautious outlook for our access equipment and concrete mixer businesses. We believe these markets will be soft during the first half of fiscal 2016 before improving as the 2016 construction season gets underway".
6:48 am Teledyne Tech beats by $0.03, misses on revs; guides Q4 EPS in-line; guides FY15 EPS above consensus (TDY) : - Reports Q3 (Sep) earnings of $1.34 per share, $0.03 better than the Capital IQ Consensus of $1.31; revenues fell 7.6% year/year to $555.4 mln vs the $580.12 mln Capital IQ Consensus.
- Co issues in-line guidance for Q4, sees EPS of $1.25-1.30 vs. $1.30 Capital IQ Consensus Estimate.
- Co issues upside guidance for FY15, sees EPS of $5.13-5.18 vs. $5.13 Capital IQ Consensus Estimate. This represents an increase from the prior outlook of $5.10-5.17.
- Announces planned share repurchase of approximately $100.0 mln under the company's current share repurchase authorization
6:47 am A.H. Belo reports Q3 EPS from cont ops of ($0.18) vs ($0.10) year ago; revs 1.5% y/y to $66.9 mln (no estimates) (AHC) : - Revenue from advertising and marketing services, including print and digital revenue, increased 6.1%.
6:46 am Baxalta beats by $0.07, beats on revs; guides Q4 EPS in-line/just above consensus; guides FY16 EPS above consensus (BXLT) : - Reports Q3 (Sep) earnings of $0.56 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.49; revenues rose 7.2% year/year to $1.6 bln vs the $1.52 bln Capital IQ Consensus.
- On a pro forma basis, worldwide revenues grew 4%. Excluding the impact of foreign currency, sales advanced 13%, exceeding the company's previously-issued guidance of growth in the 8 to 10% range. Within the United States, sales of $841 million rose 14%, and international sales of $754 million declined 5%. Baxalta's leading hematology and immunology businesses generated double-digit sales growth (excluding the impact of foreign currency) in the quarter.
- Co issues upside guidance for Q4, sees EPS of $0.55-0.57, excluding non-recurring items, vs. $0.55 Capital IQ Consensus Estimate. Baxalta expects pro forma sales growth, excluding the impact of FX, of 3 to 5 percent. Including the impact of foreign currency, the company expects pro forma sales to decline 1 to 3 percent.
- Co issues upside guidance for FY16, sees EPS of $2.15-2.25, excluding non-recurring items, vs. $2.05 Capital IQ Consensus Estimate. Sees pro forma sales growth, excluding the impact of FX, of 8 to 9 percent. Including the impact of foreign currency, the co expects pro forma sales growth of ~7 to 8 percent.
6:43 am Ball Corp beats by $0.15, misses on revs; Proposed offer for Rexam PLC regulatory reviews proceeding as expected (BLL) : - Reports Q3 (Sep) earnings of $1.10 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $0.95; revenues fell 6.3% year/year to $2.1 bln vs the $2.12 bln Capital IQ Consensus.
- "We continue to work on our proposed offer for Rexam PLC, including reaching agreement with our Brazilian joint venture partners for an exchange of Ball shares for the partners' remaining interest in the joint venture. Conversations with regulators in Europe, Brazil and the U.S. continue, with a goal of securing necessary approvals to enable the acquisition to close in the first half of 2016, which is consistent with our prior communications."
6:43 am PBF Logistics beats by $0.05, beats on revs; increases quarterly distribution (PBFX) : - Reports Q3 (Sep) earnings of $0.59 per share, $0.05 better than the Capital IQ Consensus of $0.54; revenues rose 117.4% year/year to $37.08 mln vs the $35.82 mln Capital IQ Consensus.
- The co also increased its quarterly distribution to $0.39/unit from $0.37/unit
- During the third quarter, the Partnership generated earnings before interest, income taxes, depreciation, and amortization of $29.1 million and distributable cash flow of $22.2 million. PBFX's coverage ratio for the third quarter of 2015 was 1.59x.
6:41 am Foresight Energy CFO Oscar Martinez will resign on November 13; James Murphy will assume the duties of principal financial officer effective November 6 (FELP) : Martinez departure is part of the integration plan that combined the corporate functions of co and Murray Energy Corporation resulting from the partnership formed earlier this year. Murphy was formerly the Chief Accounting Officer. 6:40 am National Penn beats by $0.01 (NPBC) : - Reports Q3 (Sep) earnings of $0.21 per share, ex-$.01 in merger related expenses, $0.01 better than the Capital IQ Consensus of $0.20.
- "Our net interest margin of 3.25% for the third quarter of 2015 remained stable compared to 3.24% for the prior quarter. Total loan outstandings of $6.2 billion at September 30, 2015 were comparable to the end of the second quarter of 2015. The year-to-date loan growth was impacted by our continued strategy to sell long-term fixed rate residential mortgage loans."
6:40 am Bunge misses by $0.35, misses on revs (BG) : - Reports Q3 (Sep) earnings of $1.24 per share, $0.35 worse than the Capital IQ Consensus of $1.59; revenues fell 21.1% year/year to $10.79 bln vs the $12.52 bln Capital IQ Consensus.
- "Agribusiness delivered a good third quarter. The segment capitalized on favorable soy processing margins and increased farmer selling in Brazil, and generated solid risk management income. Food & Ingredients showed sequential improvement from the second quarter driven by our North American operations, but the tough economic environment in Brazil and rapid devaluation of the real continued to present challenges."
- Outlook: Expects Agribusiness 2015 full-year EBIT to exceed $1B; continued improvement from Q3 in Foods, and combined full-year Agri-Foods ROIC of ~10%
- "We are decreasing our 2015 capex forecast from $875 million to approximately $750 million due to the timing of spend on certain long-term projects in Agribusiness and Food & Ingredients. The approximately $125 million difference will carry over into 2016 and 2017."
6:38 am West Marine beats by $0.02, beats on revs; lowers top-end of FY15 EPS guidance (WMAR) : - Reports Q3 (Sep) earnings of $0.20 per share, $0.02 better than the two analyst estimate of $0.18; revenues fell 1.1% year/year to $194.38 mln vs the $186.92 mln two analyst estimate.
- Co updates guidance for FY15, sees EPS of $0.14-0.20 (prior $0.14-0.27) vs. $0.18 two analyst estimate. Comparable store sales are expected to be in the range of 3.5% to 5.5%, up from our previously issued range of 1.0% to 4.0%. Pre-tax income is expected to range from approximately $6.0 million to $8.0 million, compared to previously issued range of $6.0 million to $11.0 million. EBITDA is now expected to be in the range of approximately $27.0 million to $29.0 million, compared to previous range of $26.0 million to $31.0 million. Capital expenditures for fiscal 2015 are expected to be approximately $25 million, compared to previously issued range of $22 million to $25 million.
6:38 am Vical beats by $0.04, beats on revs (limited coverage) (VICL) : - Reports Q3 (Sep) net of breakeven, $0.04 better than the two analyst estimate of ($0.04); revenues rose 47.1% year/year to $5 mln vs the $3.36 mln two analyst estimate, reflecting increased revenues from Astellas Pharma Inc. for manufacturing services performed under ASP0113 collaborative agreements.
- ASP0113 CMV Vaccine: Enrollment in the multinational Phase 3 registrational trial in approximately 500 hematopoietic cell transplant recipients is ongoing.
6:37 am Alexion Pharma beats by $0.16, reports revs in-line; guides FY15 EPS above consensus, revs in-line (ALXN) : - Reports Q3 (Sep) earnings of $1.16 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus of $1.00; revenues rose 20.1% year/year to $666.6 mln vs the $666.85 mln Capital IQ Consensus.
- Co issues guidance for FY15, raises adj EPS to $4.92-4.97 from $4.70-4.80 vs. $4.81 Capital IQ Consensus Estimate; sees FY15 revs of lower end of prior range of $2.6-2.62 bln vs. $2.62 bln Capital IQ Consensus Estimate.
6:36 am PBF Energy beats by $0.30, beats on revs (PBF) : - Reports Q3 (Sep) earnings of $1.85 per share, excluding non-recurring items, $0.30 better than the Capital IQ Consensus of $1.55; revenues fell 38.8% year/year to $3.22 bln vs the $2.98 bln Capital IQ Consensus.
6:36 am IdaCorp misses by $0.08; reaffirms FY15 EPS guidance (IDA) : - Reports Q3 (Sep) GAAP earnings of $1.46 per share, $0.08 worse than the Capital IQ Consensus of $1.54.
- The decrease was driven primarily by a $12.4 million increase in income tax expense at Idaho Power, which principally resulted from the recording of a flow-through income tax benefit in the third quarter of 2014 related to a tax accounting method change for Idaho Power's capitalized repairs deduction.
- Moderate temperatures in third quarter 2015 compared with 2014 resulted in decreased average electricity usage by residential and irrigation customers.
- Co reaffirms guidance for FY15, sees EPS of $3.75-3.90 vs. $3.86 Capital IQ Consensus Estimate.
6:35 am AmerisourceBergen beats by $0.03, beats on revs; guides FY16 EPS above consensus, revs above consensus (ABC) : - Reports Q4 (Sep) earnings of $1.21 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $1.18; revenues rose 12.3% year/year to $35.47 bln vs the $34.5 bln Capital IQ Consensus.
- Co issues upside guidance for FY16, sees EPS of $5.73-5.90 vs. $5.67 Capital IQ Consensus Estimate; sees FY16 revs +8-10%, which equates to $146.9-149.6 bln vs. $145.78 bln Capital IQ Consensus Estimate.
6:34 am Ingredion beats by $0.13, misses on revs; raises low end of FY15 EPS guidance (INGR) : - Reports Q3 (Sep) earnings of $1.64 per share, $0.13 better than the Capital IQ Consensus of $1.51; revenues fell 1.6% year/year to $1.44 bln vs the $1.49 bln Capital IQ Consensus.
- Co raisesguidance for FY15, sees EPS of $5.75-5.90 (prior 5.60-5.90 vs. $5.74 Capital IQ Consensus Estimate.
- In 2015, cash generated by operations and capital expenditures are expected tobe approximately $650-$700 million and $300 million, respectively; unchanged.
6:34 am World Acceptance beats by $0.03, misses on revs (WRLD) : - Reports Q2 (Sep) earnings of $2.22 per share, $0.03 better than the Capital IQ Consensus of $2.19; revenues fell 8.0% year/year to $136.4 mln vs the $142.59 mln Capital IQ Consensus.
- Co implemented a change to its branch level incentive plan that we believe will reduce our net charge-offs on a long-term basis. As expected, the change in the incentive plan decreased net charge-offs and increased 90 day delinquencies during the second quarter of fiscal 2015. Accounts that were 61 days or more past due increased to 5.2% on a recency basis and to 7.0% on a contractual basis at September 30, 2014, compared to 3.6% and 5.3%, respectively, at September 30, 2013. Delinquencies have leveled off since Sept 30, 2014.
6:32 am Teleflex beats by $0.05, reports revs in-line; guides FY15 EPS in-line (TFX) : - Reports Q3 (Sep) earnings of $1.60 per share, $0.05 better than the Capital IQ Consensus of $1.55; revenues fell 2.9% year/year to $443.7 mln vs the $447.39 mln Capital IQ Consensus.
- Co narroows guidance for FY15, sees EPS of $6.20-6.30 vs. $6.22 Capital IQ Consensus Estimate, from $6.10 to $6.35 prior range. Narrowed its full year 2015 constant currency revenue growth guidance from a range of 4.0% to 6.0% to a range of 4.7% to 5.5%.
6:32 am Allegion reports Q3 (Sep) results, beats on revs; raises FY15 EPS above consensus (ALLE) : - Reports Q3 (Sep) earnings of $0.92 per share, may not be comparable to the Capital IQ Consensus of $0.78; revenues fell 0.4% year/year to $544.5 mln vs the $533.09 mln Capital IQ Consensus.
- Co issues raised guidance for FY15, sees EPS of $2.85-2.90 from $2.70-2.80 vs. $2.80 Capital IQ Consensus Estimate. The guidance assumes 2015 full-year organic revenue growth, which excludes currency and acquisitions, in the range of 2.5 to 4% compared with 2014 (previous guidance up 4 to 5 percent). The decrease in organic growth versus prior guidance is driven by a reduction in Bocom Wincent revenue estimates in the fourth quarter, partially offset by stronger volume in the Americas.
6:31 am Marathon Oil declares a $0.05/share dividend, down from $0.21/share Q/Q; adjustment to the dividend is expected to increase annual free cash flow by more than $425 mln. (MRO) : 6:31 am Oncolytics Biotech receives a notice of de-listing from Nasdaq, and qualification for OTC trading; shares to be delisted on November 5th, 2015 (ONCY) : 6:30 am Carter Holdings beats by $0.05, reports revs in-line; guides Q4 EPS below consensus (CRI) : - Reports Q3 (Sep) earnings of $1.51 per share, $0.05 better than the Capital IQ Consensus of $1.46; revenues rose 6.4% year/year to $849.8 mln vs the $852.67 mln Capital IQ Consensus.
- Co issues downside guidance for Q4, sees EPS of $1.22-1.30 vs. $1.42 Capital IQ Consensus Estimate. Sees net sales down approximately 2% Y/Y vs. +3% consensus.
6:30 am Enterprise Products misses by $0.02, misses on revs (EPD) : - Reports Q3 (Sep) earnings of $0.32 per share, $0.02 worse than the Capital IQ Consensus of $0.34; revenues fell 48.8% year/year to $6.31 bln vs the $9.42 bln Capital IQ Consensus.
- Enterprise reported distributable cash flow of $2.5 billion for the third quarter of 2015, which included $1.5 billion of proceeds from the sale of its offshore Gulf of Mexico business. After adjusting for these sales proceeds, distributable cash flow was $970 million, which provided 1.3 times coverage of the $0.385 per unit cash distribution and resulted in $209 million of retained distributable cash flow.
- "Enterprise reported a 13 percent increase in liquid transportation volumes to a record 5.9 million barrels per day, which led to solid third quarter 2015 results."
6:27 am ExlService beats by $0.07, beats on revs; raises FY15 EPS, revs guidance (EXLS) : - Reports Q3 (Sep) earnings of $0.58 per share, $0.07 better than the Capital IQ Consensus of $0.51; revenues rose 33.5% year/year to $163.5 mln vs the $159.49 mln Capital IQ Consensus.
- Co raises guidance for FY15, sees EPS of $1.95-2.01 (prior $1.88-1.98) vs. $1.94 Capital IQ Consensus Estimate; sees FY15 revs of $623-626 mln (prior $610-625) vs. $620.08 mln Capital IQ Consensus Estimate.
6:26 am Leidos beats by $0.06, beats on revs; guides FY15 EPS above consensus, revs in-line (LDOS) : - Reports Q3 (Sep) earnings of $0.71 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.65; revenues rose 2.0% year/year to $1.3 bln vs the $1.24 bln Capital IQ Consensus.
- Co issues guidance for FY15, sees EPS of $2.65-2.80, excluding non-recurring items, vs. $2.62 Capital IQ Consensus Estimate; sees FY15 revs of $4.95-5.10 bln vs. $4.96 bln Capital IQ Consensus Estimate.
- In March 2015, the Company announced a change in its fiscal year end from the Friday nearest the end of January to the Friday nearest the end of December.
6:25 am Host Hotels beats by $0.02, reports revs in-line; guides FY15 FFO in-line (HST) : - Reports Q3 (Sep) funds from operations of $0.34 per share, $0.02 better than the Capital IQ Consensus of $0.32; revenues fell 0.5% year/year to $1.29 bln vs the $1.29 bln Capital IQ Consensus.
- Co issues in-line guidance for FY15, lowers FFO to $1.50-1.52 from $1.52-1.55 vs. $1.51 Capital IQ Consensus Estimate.
- Comparable RevPAR on a constant dollar basis improved 2.8% for the quarter, driven by a 2.3% increase in average room rate and a 30 basis point increase in occupancy to 80.3%. Board of Directors authorized a second program to repurchase up to an additional $500 million of common stock. Co sees FY15 RevPar of 4.0-4.5%
6:25 am Cabot Micro beats by $0.03, beats on revs (CCMP) : - Reports Q4 (Sep) earnings of $0.50 per share, $0.03 better than the Capital IQ Consensus of $0.47; revenues fell 13.9% year/year to $100.14 mln vs the $98.17 mln Capital IQ Consensus.
6:25 am On the Wires (:WIRES) : - The Dannon Company named TubeMogul (TUBE) its preferred partner for video advertising in the U.S.A.
- OncoSec Medical Incorporated (ONCS) announced that the Company has enrolled the first patient into a pilot biomarker trial of ImmunoPulse IL-12 in patients with triple negative breast cancer
- Statoil (STO) has completed a farm-in transaction with ExxonMobil Exploration and Production South Africa Limited (ExxonMobil), acquiring a 35 percent interest in the ER 12/3/154 Tugela South Exploration Right. The Tugela South Exploration Right covers an area of approximately 9,054 square kilometres. It is located offshore eastern South Africa in water depths up to 1,800 metres
- Ascent Solar Technologies (ASTI) announced the company reached a major milestone in the expansion of its EnerPlex brand: the availability of EnerPlex products in over 1,000 physical retail locations across the globe
6:19 am Santander Consumer USA beats by $0.11 (SC) : - Reports Q3 (Sep) earnings of $0.62 per share, $0.11 better than the Capital IQ Consensus of $0.51.
- Total originations of $7.6 billion, in line with $7.6 billion originated in prior quarter and up from $7.4 billion originated in Q3 of last year.
6:19 am Air Products beats by $0.02, misses on revs; guides Q1 EPS below consensus; guides FY16 EPS in-line (APD) : - Reports Q4 (Sep) earnings of $1.82 per share, $0.02 better than the Capital IQ Consensus of $1.80; revenues fell 8.5% year/year to $2.45 bln vs the $2.56 bln Capital IQ Consensus.
- Co issues downside guidance for Q1, sees EPS of $1.65-1.75 vs. $1.79 Capital IQ Consensus Estimate.
- Co issues in-line guidance for FY16, sees EPS of $7.25-7.50 vs. $7.45 Capital IQ Consensus Estimate.
- The capital expenditure forecast for fiscal year 2016 is between $1.5 billion and $1.6 billion.
6:17 am Potash misses by $0.03, beats on revs; lowers FY15 EPS guidance below consensus (POT) : - Reports Q3 (Sep) GAAP earnings of $0.34 per share, including $0.03 per share related to notable non-cash charges, primarily in phosphate, $0.03 worse than the Capital IQ Consensus of $0.37; revenues fell 6.8% year/year to $1.53 bln vs the $1.43 bln Capital IQ Consensus.
- Co issues downside guidance for FY15, lowers EPS to $1.55-1.65 from $1.75-1.95 vs. $1.74 Capital IQ Consensus Estimate.
- In light of these market factors, we have revised full-year expectations for our potash business. We have lowered our sales volume guidance to a range of 9.0-9.2 million tonnes and now expect potash gross margin of $1.4-$1.5 billion, reflecting weaker volumes and pricing.
- We have lowered the top end of our previous combined nitrogen and phosphate gross margin guidance range and now estimate we will generate between $1.0-$1.1 billion. In nitrogen, we expect total gross margin below last year's record as increased global supply is expected to keep prices for most products below 2014 levels.
- Additionally, weaker North American demand, reduced production due to mechanical challenges and an expansion-related turnaround at Lima are expected to keep sales volumes below last year's levels. In phosphate, supportive market fundamentals and our higher-netback product mix are expected to support gross margin above 2014 levels. We have increased our estimate for provincial mining and other taxes to a range of 21-23 percent of potash gross margin due to a weaker Canadian dollar and lower deductible costs.
6:16 am Time Warner Cable beats by $0.08, reports revs in-line (TWC) : - Reports Q3 (Sep) adj earnings of $1.62 per share, $0.08 better than the Capital IQ Consensus of $1.54; revenues rose 3.6% year/year to $5.92 bln vs the $5.96 bln Capital IQ Consensus.
- Q3 Adjusted OIBDA was nearly $2.0 bln-- a 3.6% decrease YoY.
- Co reported Record third-quarter residential subscriber performance: Residential video net declines of 7,000 -- best third quarter since 2006 Residential high-speed data net additions of 232,000 -- best third quarter since 2006.
6:15 am Pioneer Energy misses by $0.01, misses on revs; offers Q4 guidance (PES) : - Reports Q3 (Sep) loss of $0.25 per share, $0.01 worse than the Capital IQ Consensus of ($0.24); revenues fell 60.7% year/year to $107.48 mln vs the $109.91 mln Capital IQ Consensus.
- In the fourth quarter of 2015, drilling rig utilization is estimated to average 50% to 53%. Drilling Services Segment margin is estimated to be approximately $10,500 to $11,000 per day, which includes recognition of $9.2 million of revenues from rigs earning early termination revenue but not working. Excluding early termination revenue, the co estimates Drilling Services Segment margin to be $7,700 to $8,200 per day in the fourth quarter. Production Services Segment revenue in the fourth quarter is estimated to be down 13% to 17% compared to the third quarter. Production Services Segment margin is estimated to be 23% to 25% of revenues in the fourth quarter.
- Working capital at September 30, 2015 was $43.6 million, down from $121.9 million at December 31, 2014. Cash and cash equivalents were $35.7 million, up from $34.9 million at year-end 2014.
6:12 am Aetna beats by $0.15, misses on revs; guides FY15 EPS in-line (AET) : - Reports Q3 (Sep) earnings of $1.90 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $1.75; revenues rose 1.9% year/year to $14.99 bln vs the $15.18 bln Capital IQ Consensus.
- The increase in operating earnings is primarily due to higher underwriting margins in Aetna's Health Care segment, partially offset by an increase in general and administrative expenses and lower underwriting margins in Aetna's Group Insurance segment.
- Co issues in-line guidance for FY15, sees EPS of $7.45-7.55 from at least $7.40, excluding non-recurring items, vs. $7.49 Capital IQ Consensus Estimate.
- "As we finish out the year and look toward 2016 and beyond, we are well-positioned across a number of major growth opportunities, including Medicare and Medicaid. We continue to work diligently on planning for the Humana (HUM) integration, and we are excited about the value that the combination will create for consumers and shareholders,"
6:12 am Cash America misses by $0.03, misses on revs; guides Q4 EPS in-line; narrows FY15 EPS guidance; guides FY16 EPS in-line; announces 3 mln share repurchase (CSH) : Reports Q3 (Sep) earnings of $0.16 per share, $0.03 worse than the Capital IQ Consensus of $0.19; revenues fell 9.7% year/year to $241.19 mln vs the $254.28 mln Capital IQ Consensus. - Co issues in-line guidance for Q4, sees EPS of $0.45-0.51 vs. $0.48 Capital IQ Consensus Estimate.
- The co also lowered its FY15 adj-EBITDA guidance to $113-120 mln (prior $117-125 mln), and narrowed its FY15 EPS guidance to $0.99-1.05 (prior $0.95-1.10) vs the $1.02 Capital IQ Consensus Estimate.
- Co issues in-line guidance for FY16, sees EPS of $1.25-1.45 vs. $1.29 Capital IQ Consensus Estimate.
- Additionally, on October 28, 2015, the Company's Board of Directors approved a new share repurchase program for the repurchase of an additional 3.0 million shares of the Company's common stock, which will take effect once all shares under the January 2015 4.0 million share repurchase authorization have been repurchased.
6:11 am Xcel Energy beats by $0.04, misses on revs; raises bottom end of FY15 EPS in-line; guides FY16 EPS below consensus (XEL) : - Reports Q3 (Sep) earnings of $0.84 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.80; revenues rose 1.1% year/year to $2.9 bln vs the $3.28 bln Capital IQ Consensus.
- Co issues in-line guidance for FY15, raises bottom end of EPS to $2.05-2.15 from $2.00-2.15 vs. $2.10 Capital IQ Consensus Estimate.
- Co issues downside guidance for FY16, sees EPS of $2.12-2.27 vs. $2.22 Capital IQ Consensus Estimate.
- Electric and gas margins rose in the third quarter of 2015 primarily due to an increase in retail electric rates, non-fuel riders, the impact of favorable weather and a lower earnings test refund in Colorado.
6:11 am Dril-Quip beats by $0.17, misses on revs; guides Q4 EPS in-line; reaffirms FY15 EPS guidance (DRQ) : - Reports Q3 (Sep) earnings of $1.32 per share, $0.17 better than the Capital IQ Consensus of $1.15; revenues fell 15.5% year/year to $204.4 mln vs the $210.84 mln Capital IQ Consensus.
- Company announced that its backlog at September 30, 2015 was $824 million, compared to its June 30, 2015 backlog of $974 million and its September 30, 2014 backlog of approximately $1.25 billion.
- The Company's backlog balance during the three months ended September 30, 2015 was negatively impacted by purchase order cancellations and revisions totaling approximately $23 million and currency translation adjustments of ~$13 million due primarily to the strengthening of the USD versus the Brazilian real.
- Co issues in-line guidance for Q4, sees EPS of $1.00-1.10 vs. $1.10 Capital IQ Consensus Estimate.
- Co reaffirms guidance for FY15, sees EPS of $4.70-4.80 vs. $4.74 Capital IQ Consensus Estimate.
6:09 am LPL Financial beats by $0.01, misses on revs; increases buyback to $500 mln; sets new leverage target (LPLA) : - Reports Q3 (Sep) earnings of $0.55 per share, $0.01 better than the Capital IQ Consensus of $0.54; revenues fell 3.2% year/year to $1.05 bln vs the $1.07 bln Capital IQ Consensus.
- Strong asset gathering as net new advisory assets totaled $4.2 billion in the quarter, translating to a 9.3% annualized growth rate.
- Established a new leveraged target of ~4x Net Debt / Adjusted EBITDA
- Increased share repurchase authorization to $500 million
- "We are also committed to lower 2016 Core G&A expense growth at 2 to 4% year-over-year. This is a significant drop from the previous two years and is possible with our investments in automation and our service and risk management capabilities."
6:06 am INC Research Holdings beats by $0.14, beats on revs; raises FY15 guidance above consensus (INCR) : - Reports Q3 (Sep) earnings of $0.58 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus of $0.44; revenues rose 12.8% year/year to $234.5 mln vs the $230.61 mln Capital IQ Consensus, driven by continued strong awards over the last two years, a lower cancellation rate of previously awarded business and a positive revenue mix.
- Co issues upside guidance for FY15, raises EPS to $1.91-1.97, excluding non-recurring items, from $1.69-1.80 vs. $1.78 Capital IQ Consensus; raises FY15 revs to $910-914 mln from $900-910 mln vs. $907.64 mln Capital IQ Consensus Estimate.
6:06 am Corp Office Props reports FFO in-line, misses on revs; lowers Q4 FFO guidance (OFC) : - Reports Q3 (Sep) funds from operations of $0.52 per share, in-line with the Capital IQ Consensus of $0.52; revenues fell 1.5% year/year to $150.74 mln vs the $169.36 mln Capital IQ Consensus.
- Co lowers guidance for Q4, sees FFO of $0.51-0.53 (prior $0.52-0.54) vs. $0.53 Capital IQ Consensus Estimate.
6:06 am Regis beats by $0.03, misses on revs (RGS) : - Reports Q1 (Sep) loss of $0.02 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of ($0.05); revenues fell 3.1% year/year to $450.1 mln vs the $455.41 mln Capital IQ Consensus.
- Same-store sales increased 0.7%.
- Same-store service sales increased 0.3% and same-store product sales increased 2.4%.
6:05 am MEDNAX beats by $0.03, misses on revs; guides Q4 EPS in-line (MD) : - Reports Q3 (Sep) earnings of $1.10 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $1.07; revenues rose 15.3% year/year to $722.3 mln vs the $730.1 mln Capital IQ Consensus.
- Co issues in-line guidance for Q4, sees EPS of $1.10-1.14 vs. $1.14 Capital IQ Consensus Estimate.
- Same-unit growth from net reimbursement-related factors was negative 2.3%. This outlook assumes that total same-unit revenue for the three months ended December 31, 2015 will be two percent lower to unchanged, compared to the prior-year period, including an ~2% unfavorable impact from the decrease in parity revenue from the 2014 fourth quarter.
6:02 am Praxair beats by $0.01, misses on revs; guides Q4 EPS in-line (PX) : - Reports Q3 (Sep) earnings of $1.46 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.45; revenues fell 14.6% year/year to $2.69 bln vs the $2.75 bln Capital IQ Consensus, primarily due to the impacts of negative currency translation and lower cost pass-through which reduced sales by 11% and 2%, respectively. Organic sales were lower than the prior-year quarter as growth from positive price and new project start-ups were offset by weaker underlying industrial activity in Brazil and China and in the metals, energy and manufacturing end-markets in North America.
- Co issues in-line guidance for Q4, sees EPS of $1.45-1.52, excluding non-recurring items, vs. $1.47 Capital IQ Consensus Estimate.
6:01 am Global Indemnity plc to redeem 8,260,870 of its ordinary shares for $190 mln in the aggregate from affiliates of Fox Paine & Company; previews Q3 earnings (GBLI) : The Company is in discussions with affiliates of Fox Paine to acquire rights to redeem a further 1,146,716 ordinary shares on the same terms as the 3,376,561 share redemption rights. - Global Indemnity announced net income for the nine months ending September 30, 2015 is anticipated to be approximately $14 million versus $51.8 million for the comparable 2014 period. Net loss for the three months ending September 30, 2015 is anticipated to be approximately $4 million (primarily due to claims related to the recent California wildfires, as well as $10.8 million of capital losses) compared to net income of $9.8 million for the 2014 comparable period. Shareholders' equity is expected to be approximately $922 million at September 30, 2015. (no estimates)
5:54 am EXACT Sciences misses by $0.01, reports revs in-line (EXAS) : - Reports Q3 (Sep) loss of $0.45 per share, $0.01 worse than the Capital IQ Consensus of ($0.44).
- The company completed 34,000 Cologuard tests, an increase of 60 percent from the second quarter, which resulted in $12.6 million in revenues. The cumulative number of ordering physicians grew to 21,000 during the quarter, an increase of 42 percent.
- The patient compliance rate at the end of the third quarter remained strong at 73 percent.
5:52 am Canadian Solar signs $100 mln two-year senior secured term loan, issues warrants to the lenders (CSIQ) : In connection with the term loan, Canadian Solar issued the lenders warrants to purchase up to 1,348,040 shares of common stock at an exercise price of $24.48 per share. The warrants will expire two years from the date of the closing, on October 25, 2017. The term loan facility may be increased by up to an additional $100.0 million, subject to customary conditions. The term loan is being used to retire a bridge loan used to finance the acquisition of Recurrent Energy LLC and for general corporate purposes. 5:50 am Ultragenyx Pharma and Arcturus Therapeutics enter into a research collaboration and license agreement (RARE) : The co's announced that they have entered into a research collaboration and license agreement to discover and develop messenger RNA therapeutics to certain rare disease targets using Arcturus' UNA Oligomer chemistry and LUNAR nanoparticle delivery platform. - Under the terms of the agreement, Ultragenyx will make an upfront payment of $10 million to Arcturus. During the initial phase of the collaboration, Arcturus will design and optimize mRNA therapeutics for two selected rare disease targets. Ultragenyx has the option to add up to eight additional rare disease targets during the collaborative research period. Ultragenyx will be responsible for the development and commercialization of all products under the collaboration. Arcturus will be entitled to preclinical, clinical, regulatory, and sales milestone payments of up to $156 million for each target, as well as reimbursement of all research expenses and mid-single to low double-digit royalties on commercial sales.
5:50 am S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -20.90. : 5:50 am European Markets : FTSE...6368.17...-69.60...-1.10%. DAX...10804.93...-27.00...-0.30%. 5:50 am Asian Markets : Nikkei...18935.71...+32.70...+0.20%. Hang Seng...22819.94...-136.60...-0.60%. 5:49 am Chart Industries misses by $0.06, beats on revs; lowers FY15 EPS, revs guidance (GTLS) : - Reports Q3 (Sep) earnings of $0.26 per share, $0.06 worse than the Capital IQ Consensus of $0.32; revenues fell 10.1% year/year to $264.05 mln vs the $259.38 mln Capital IQ Consensus.
- Co lowers guidance for FY15, sees EPS of $1.00-1.10 (prior $1.40-1.60) vs. $1.44 Capital IQ Consensus Estimate; sees FY15 revs of $1 bln (prior $1.0-1.1 bln) vs. $1.04 bln Capital IQ Consensus Estimate. Based on year to date results and order trends, including further expected weakness in China and continued delays in global LNG projects, the Company is lowering its previously announced 2015 guidance range.
- The company also announced the signing of a Technology Agreement with Bechtel to jointly pursue floating LNG opportunities utilizing Chart's IPSMR process
5:45 am NICE Systems beats by $0.07, reports revs in-line; guides Q4 EPS in-line, revs in-line (NICE) : - Reports Q3 (Sep) earnings of $0.75 per share, $0.07 better than the single analyst estimate of $0.68; revenues rose 6.6% year/year to $221.09 mln vs the $220.1 mln Capital IQ Consensus.
- Co issues in-line guidance for Q4, sees EPS of $0.97-1.08 vs. $1.03 single analyst estimate; sees Q4 revs of $262-278 mln vs. $269.38 mln Capital IQ Consensus Estimate.
5:20 am MyoKardia (Nasdaq) prices its upsized 5.44 mln share IPO at $10.00, below the expected price of $15.00-17.00 (:MYOK) : The company was originally planning to offer 4,687,500 shares between $15.00-17.00 for gross proceeds of $75 mln. With today's revision, gross proceeds will be 27.5% less than originally planned, totaling ~$54.38 mln. 5:20 am Royal Dutch Shell misses by $0.21, beats on revs (RDS.A) : - Reports Q3 (Sep) earnings of $0.28 per share, $0.21 worse than the Capital IQ Consensus of $0.49; revenues fell 36.3% year/year to $68.71 bln vs the $64.6 bln Capital IQ Consensus.
- Global liquids realisations were 51% lower than for the third quarter 2014. Global natural gas realisations were 18% lower than for the same quarter a year ago, with a 41% decrease in the Americas and a 14% decrease outside the Americas.
- Third quarter 2015 production was 2,880 thousand boe/d compared with 2,790 thousand boe/d a year ago. Liquids production increased by 7% and natural gas production decreased by 1% compared with the third quarter 2014.
- Co's Commentary "...While our cash flow and our operating performance in the quarter were strong, the headline numbers we're reporting today include substantial charges. These charges reflect both a lower oil and gas price outlook and the firm steps we are taking to review and reduce Shell's longer-term option set...We have halted exploration activities offshore Alaska, and stopped the construction of the Carmon Creek in-situ oil project in Canada...These are difficult, but impactful decisions. I am determined that Shell will become a more focused and competitive company as a result. The BG deal, which remains on track for completion in early 2016, is a springboard to focus Shell into fewer and more profitable themes, especially deep water and integrated gas..."
5:03 am Sanofi-Aventis beats by 0.02; misses on revs; reaffirms 2015 guidance (SNY) : Reports Q3 EPS of 1.61 vs 1.59 Capital IQ consensus; revs increased 3.4% (up 9.2% on a reported basis) to 9,591 mln vs 9,709 mln consensus 2015 financial guidance - Sanofi reaffirms that it expects 2015 Business EPS to be stable to slightly growing versus 2014 at constant average exchange rates, barring unforeseen major adverse events
- In addition, the positive currency impact on 2015 full-year business EPS is estimated to be between 6% and 8%, under the assumption that exchange rates remain stable in fourth quarter at the average rates of September 2015
4:43 am Yara ASA acquires Pilbara ammonia and nitrate assets from Apache (APA) (YARIY) : Yara International has acquired 100% of the shares in Apache Fertilisers Pty Ltd, which holds Apache's 49% ownership position in Yara Pilbara Holdings Pty Ltd for $391 million. YPHL owns 100% of the Yara Pilbara Fertilisers Pty. YPF in turn owns the Yara Pilbara ammonia plant, which has a production capacity of approximately 850,000 tonnes per annum. In 2014 the Yara Pilbara ammonia plant delivered an EBITDA of $218 million. The natural gas contract for the ammonia plant contains a price step-up effective mid-2016. 4:39 am Nokia beats by EUR0.02, misses on revs; announces EUR7 billion program to optimize capital structure (NOK) : - Reports Q3 (Sep) earnings of 0.08 per share, 0.02 better than the Capital IQ Consensus of 0.06; revenues fell 1.7% year/year to 3.04 bln vs the 3.29 bln Capital IQ Consensus.
- Reaffirms its FY15 outlook of increased revs YoY in continued op segments and Nokia Networks op margin
- Additionally, co announced a planned EUR 7 billion program to optimize Nokia's capital structure and return excess capital to shareholders. , ahead of planned public exchange offer for Alcatel-Lucent securities
- This program would consist of approximately EUR 4 billion in shareholder distributions and approximately EUR 3 billion of de-leveraging.
- In addition, Nokia accelerated its annual operating cost synergy target related to the Alcatel-Lucent transaction. Nokia now targets to achieve approximately EUR 900 million of operating cost synergies in full year 2018, compared to its earlier target to achieve approximately EUR 900 million of operating cost synergies in full year 2019.
4:31 am STMicroelectronics beats by $0.04, reports revs in-line; guides Q4 revs below consensus (STM) : - Reports Q3 (Sep) earnings of $0.12 per share, $0.04 better than the Capital IQ Consensus of $0.08; revenues fell 6.5% year/year to $1.76 bln vs the $1.76 bln Capital IQ Consensus.
- Co issues downside guidance for Q4, sees Q4 revs of down 6% sequentially vs. $1.77 bln Capital IQ Consensus Estimate.
4:22 am Allot Comms beats by $0.02, misses on revs; reaffirms FY15 revs guidance (ALLT) : - Reports Q3 (Sep) loss of $0.02 per share, $0.02 better than the Capital IQ Consensus of ($0.04); revenues fell 21.9% year/year to $23.5 mln vs the $24.47 mln Capital IQ Consensus.
- Co reaffirms guidance for FY15, sees FY15 revs of $100-105 mln vs. $102.86 mln Capital IQ Consensus Estimate.
4:06 am Exxon Mobil to expand Rotterdam Hydrocracker; will produce EHC Group II base stocks and ultra-low sulfur diesel (XOM) : Co announced it will expand the hydrocracker unit at its Rotterdam refinery to upgrade heavier byproducts into cleaner, higher-value finished products, including EHCTM Group II base stocks and ultra-low sulfur diesel, to meet growing global market demand. - The project's environmental impact assessment has been approved and the site-permitting process is being finalized. Permits are expected in early 2016. Pending receipt of permits, construction is scheduled to begin in 2016 and unit startup is targeted for 2018.
4:04 am Pacific Drilling rescinds Pacific Zonda construction contract (PACD) : Co announced that it has exercised its right to rescind the construction contract for ultra-deepwater drillship Pacific Zonda due to the failure by Samsung Heavy Industries to timely deliver a vessel that substantially meets the criteria required for completion of the vessel in accordance with the construction contract and its specifications. Pacific Drilling made advance payments totaling approximately $181.1 million under the contract, and will be seeking a refund of the installment payments. 3:53 am Methanex misses by $0.12, misses on revs (MEOH) : - Reports Q3 (Sep) earnings of $0.26 per share, $0.12 worse than the Capital IQ Consensus of $0.38; revenues fell 27.8% year/year to $527 mln vs the $608.83 mln Capital IQ Consensus.
- Production for the third quarter of 2015 was 1,259,000 tonnes compared with 1,281,000 tonnes for the second quarter of 2015. Refer to the Production Summary section.
- Sales of Methanex-produced methanol were 1,238,000 tonnes in the third quarter of 2015 compared with 1,203,000 in the second quarter of 2015.
3:47 am NXP Semi beats by $0.08, misses on revs; expands buyback to up to 20 mln shares (NXPI) : - Reports Q3 (Sep) earnings of $1.57 per share, $0.08 better than the Capital IQ Consensus of $1.49; revenues rose 0.5% year/year to $1.52 bln vs the $1.55 bln Capital IQ Consensus.
- Co issues guidance for Q4, sees Q4 revs of down in the low double to mid-teens range , may not be comparable to $1.61 bln Capital IQ Consensus Estimate.
- Share repurchase update:
- NXP repurchased approximately 1.8 million shares in the third quarter of 2015 for a total cost of approximately $158 million.
- Effective October 29, 2015, NXP expanded its existing stock repurchase program; NXP may repurchase up to twenty million shares of its common stock
3:40 am Bristol-Myers confirms FDA approval for Yervoy (BMY) : Co announced the FDA has approved Yervoy 10 mg/kg for the adjuvant treatment of patients with cutaneous melanoma with pathologic involvement of regional lymph nodes of more than 1 mm who have undergone complete resection including total lymphadenectomy. - This approval is based on clinical data from a pivotal Phase 3 trial, CA184-029, which demonstrated Yervoy 10 mg/kg significantly improved recurrence-free survival vs. placebo in this setting, with a 25 percent reduction in the risk of recurrence or death.
2:04 am On The Wires (:WIRES) : - McDermott International (MDR) announced it has received regulatory approval for its McDermott Marine Construction Ghana joint venture to pursue key offshore opportunities in Ghana.
- NeoGenomics (NEO) announced an amended Strategic Alliance Agreement with Covance Central Laboratory Services.
- Cascade Bancorp (CACB) announced that the Bank has entered into an agreement to purchase 12 Oregon branch locations and three Washington branch locations from Bank of America, National Association.
- Bank of Commerce Holdings (BOCH) announced that Redding Bank of Commerce has entered into a Purchase and Assumption Agreement with Bank of America to purchase certain assets of five Bank of America branches located in northern California, including approximately $258 million in deposits and $421 thousand in loans.
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