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6:16 pm Foresight Energy reports it has temporarily idled longwall mining operations and withdrawn underground mining personnel from its Deer Run Mine due to elevated carbon monoxide readings (FELP) : Once these levels are reduced and stabilized, Foresight will reenter the mine to complete the current longwall move and fully resume normal longwall mining operations at the Deer Run Mine.

5:37 pm Haverty Furniture increases quarterly dividend 25% to $0.10 from $0.08 per share (HVT) :

5:28 pm Silver Wheaton reports EPS in-line, beats on revs; provides update on Canada Revenue Agency audit (SLW) : Reports Q2 (Jun) earnings of $0.13 per share, in-line with the Capital IQ Consensus Estimate of $0.13; revenues rose 10.7% year/year to $164.44 mln vs the $160.78 mln consensus.

  • Record attributable silver equivalent production in Q2 2015 of 10.9 million ounces (7.2 million ounces of silver and 50,500 ounces of gold), compared with 8.5 million ounces in Q2 2014, representing an increase of 29%.
  • Record silver equivalent sales volume in Q2 2015 of 10.0 million ounces (5.6 million ounces of silver and 61,000 ounces of gold), compared with 7.5 million ounces in Q2 2014, representing an increase of 34%.
  • During the three month period ending June 30, 2015, payable silver equivalent ounces attributable to the Company produced but not yet delivered were virtually unchanged at approximately 6.5 million ounces.

CRA Audit Update: On July 6, 2015, the Company announced that it had received a Proposal letter from the CRA in which the CRA is proposing to reassess Silver Wheaton under various rules contained in the Income Tax Act (Canada). The Proposal outlines CRA's position that the transfer pricing provisions of the Income Tax Act (Canada) relating to income earned by the Company's foreign subsidiaries outside of Canada should apply such that the income of Silver Wheaton subject to tax in Canada should be increased for the 2005 to 2010 taxation years by approximately Cdn$715 million, which represents substantially all of the income of the Company's foreign subsidiaries. This amount represents a potential income inclusion and does not reflect the resultant tax liability. If Silver Wheaton is reassessed, the Company currently estimates on a preliminary basis that this would result in federal and provincial tax of approximately Cdn$190 million. The Proposal also indicates that the CRA is seeking to apply transfer pricing penalties of approximately Cdn$72 million in respect of the Relevant Taxation Years.

5:22 pm Air Lease announces pricing of public offering of $500 mln of 2.625% unsecured senior notes due 2018 (AL) : Co announces the pricing of its public offering of $500 million aggregate principal amount of 2.625% unsecured senior notes due 2018. The Notes were offered to the public at a price of 99.500% of par.

5:12 pm Fortress Transportation and Infrastructure misses by $0.08, misses on revs; declares prorated quarterly dividend of $0.15 per share (FTAI) : Reports Q2 (Jun) earnings of $0.02 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus Estimate of $0.10; revenues rose 212.5% year/year to $33.56 mln vs the $39.25 mln consensus.

Co declared a cash dividend of $0.15 per common share, payable on August 31, 2015, to holders of record on August 21, 2015. The $0.15 per share represents a prorated quarterly dividend of $0.33 per share, or $1.32 per share on an annualized basis, calculated from May 20, 2015 through June 30, 2015.

5:04 pm Home Inns reports Q2 (Jun) results, beats on revs (HMIN) : Reports Q2 (Jun) earnings of $1.14 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.42; revenues fell 1.8% year/year to $268.9 mln vs the $255.72 mln consensus.

  • Homeinns Hotel Group remains committed to its target of opening no fewer than 400 new hotels in the course of 2015, with approximately 10% as leased-and-operated hotels and 90% as franchised-and-managed hotels.
  • The Company expects its total revenues in the third quarter of 2015 to be in the range of RMB 1,830 million to RMB1,860 million.
  • With respect to the full year, given its performance in the first half of 2015 and the ongoing softer-than-expected market conditions, the Company now expects total revenues for 2015 to be in the range of RMB 6,550 million to RMB 6,650 million, below the initial guidance provided at the beginning of the year.

5:04 pm INC Research Holdings prices its secondary offering of 8 mln shares of its Class A common stock by on behalf of selling shareholders; actual price not disclosed (INCR) :

5:01 pm Copa Holdings announces monthly traffic statistics for July 2015; ASM rise +5% to 1,876.2 mm, RPM +2.4% to 1,431.1 mm, load factor -2.0 pts to 78.1% (CPA) :

5:01 pm Marcus confirms filing a $150 mln universal shelf registration statement (MCS) : Under the shelf registration statement, The Marcus Corporation will have the flexibility to publicly offer and sell from time to time debt securities, common stock, preferred stock, warrants and other securities or any combination of such securities.

4:43 pm Hackett Group beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus (HCKT) : Reports Q2 (Jun) earnings of $0.19 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 8.8% year/year to $66.4 mln vs the $62.22 mln consensus.

  • Co issues upside guidance for Q3, sees EPS of $0.17-0.19 vs. $0.16 Capital IQ Consensus Estimate; sees Q3 revs of $63.5-65.5 mln vs. $62.67 mln Capital IQ Consensus Estimate.

4:33 pm Parsley Energy beats by $0.02, beats on revs; raises FY15 production guidance (PE) : Reports Q2 (Jun) loss of $0.01 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of ($0.03); revenues fell 5.4% year/year to $77.86 mln vs the $72.14 mln consensus.

  • Co reports Q2 total production of 2.025 Mboe and average net daily production of 22,249 Boe/d

4:32 pm New York REIT: First Winthrop Corporation and The Witkoff Group sends a revised proposal with respect to their offer to become the external manager of NYRT (NYRT) : The Group's letter stated:

  • "We have prepared and are now submitting a revised proposal to the Board of Directors of New York REIT regarding replacement of the current advisor by an affiliate of First Winthrop Corporation and The Witkoff Group. In so doing, the Revised Proposal incorporates feedback that we have received from the investment community since our first correspondence to you.
  • We believe that there are three key components to our prior proposal that we are now updating and addressing in this Revised Proposal. The first element remains exclusivity. To this point, we can find no publicly traded real estate investment trust in which internalized management is permitted to behave in such a manner. Winthrop/Witkoff, on the other hand, is proposing that its principals perform all of their acquisitions and investment activities with respect to New York metropolitan area REIT tax compliant assets exclusively through NYRT.
  • We also believe that the second component of our Revised Proposal, an equity commitment to purchase six million newly issued shares from the Company at a purchase price of $12 per share, establishes an alignment of interest with shareholders.
  • The third component of our Revised Proposal provides for a process by which shareholders can vote annually to internalize the management structure.
  • We believe that in order to proceed further, it would be in the mutual best interests of all parties to commence discussions sooner rather than later in view of the multitude of issues to be resolved."

4:30 pm Artisan Partners Asset Mgmt reported AUM as of July 31, 2015 totaled $108.7 bln vs $109.2 bln prior month (APAM) :

4:26 pm Akebia Therapeutics beats by $0.11, provides pipeline update, discloses entry into $50 mln Controlled Equity Offering Sales Agreement with Cantor (AKBA) : Reports Q2 (Jun) loss of $0.40 per share, $0.11 better than the Capital IQ Consensus Estimate of ($0.51).

  • "We look forward to advancing vadadustat into a Phase 3 program later this year once we have successfully completed our discussions with the United States Food and Drug Administration and the European Medicines Agency. We remain on track to report top-line results from our Phase 2 study of vadadustat in dialysis patients in the third quarter, followed by an IND submission for AKB-6899 in an oncology indication by year-end"
  • The Company ended the second quarter of 2015 with cash, cash equivalents and available for sale securities of $152.8 million, which is expected to support operations into the fourth quarter of 2016.
  • The co also filed a prospectus supplement with the Securities and Exchange Commission that contemplates the sale of up to $50 million of shares of the Company's common stock, $0.00001 par value per share, from time to time in at-the-market offerings pursuant to a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co

4:25 pm First Acceptance reports Q2 results, revs up 20% YoY (FAC) : Co reports Q2 (Jun) EPS of $0.01; revenue rose 20% YoY to $80.6 mln. There are no analyst estimates.

4:23 pm Axovant Sciences misses by $0.08; expands RVT-101 program to support regulatory approval in Japan (AXON) : Reports Q2 (Jun) loss of $0.35 per share, $0.08 worse than the Capital IQ Consensus Estimate of ($0.27).

  • Axovant reported two updates for the RVT-101 global development program for the treatment of mild-to-moderate Alzheimer's disease: In addition to seeking regulatory approval to commercialize RVT-101 in the United States and the European Union, Axovant will expand the RVT-101 program to include additional registration studies to support regulatory approval in Japan; and
  • Axovant will start the development of an oral, fixed-dose combination tablet of RVT-101 and donepezil designed to potentially improve patient convenience.
  • As a result of these and other anticipated activities, Axovant is updating the total projected expenses associated with the planned Phase 3 registration program for RVT-101 from ~$95.0 - $105.0 million to approximately $125.0 - $135.0 million.

4:22 pm Invuity prelim ($3.20), may not compare to ($0.74) Capital IQ Consensus Estimate; revs rose 69% YoY to $4.7 mln vs $4.55 mln Capital IQ Consensus Estimate (IVTY) :

4:22 pm Cheniere Energy enters into a sales agreement for the delivery of 100 mln MMBtus of natural gas, with lectricit de France (ECIFY); agreement extends through 2018 (LNG) :

4:21 pm Adamas Pharmaceuticals reports Q2 results (ADMS) : Co reports Q2 EPS of $-0.78 vs $-0.72 Capital IQ Consensus Estimate; revs -98.4% y/y to $0.4 mln vs $0.1 mln Captial IQ Consensus Estimate.

  • Adamas ended the current quarter with $143.1 million in cash, cash equivalents, and available-for-sale securities compared to $158.7 million at December 31, 2014.
  • "Over the past few months, we have expanded and advanced our ADS-5102 clinical program with the initiation of a Phase 2 study for the treatment of major symptoms in multiple sclerosis (MS) patients with walking impairment and completed enrollment in our 26-week Phase 3 study of ADS-5102 in Parkinson's disease patients with levodopa-induced dyskinesia (:LID). We plan to complete enrollment in our 13-week Phase 3 study of ADS-5102 in LID by year-end and will continue enrolling individuals in the ongoing open-label safety study."

4:21 pm Celator Pharma misses by $0.01; provides clinical update (CPXX) : Co reports Q2 (Jun) loss per share of $(0.15), a penny below the consensus of $(0.14); co has no revenue.

  • "We capped off a very busy Q2 by reporting positive induction response rate data in the Phase 3 study of VYXEOS (CPX-351) in patients with high-risk (e.g. secondary) acute myeloid leukemia (AML.V)."
  • "We believe response is an important surrogate for overall survival and clinical benefit in this patient population. We intend to build on that momentum as we advance our broader clinical development program, report data on CombiPlex technology platform studies, and increase pre-commercial activities."
  • Data on overall survival are expected in 1Q16, with an NDA submission planned for 3Q16. If approved, VYXEOS will be well-positioned to become the foundation of care for high-risk AML patients.

4:20 pm Cyclacel Pharma reports Q2 EPS of ($0.10) vs ($0.22) in prior year; SEAMLESS trial of sapacitabine in elderly patients with acute myeloid leukemia continues to progress towards final data read-out (CYCC) : As of June 30, 2015, cash and cash equivalents totaled $26.9 million.

"SEAMLESS continues to progress towards final data read-out," said Spiro Rombotis, President and Chief Executive Officer of Cyclacel. "There are now approximately 13% of events remaining to occur and we expect to report top-line data during the second half of 2015 through the first half of 2016. Following unblinding and analysis of the SEAMLESS data, we will determine their suitability for submission to regulators in the U.S. and Europe."

4:20 pm Computer Sciences beats by $0.10, misses on revs; reaffirms FY16 EPS in-line; Co also to acquire Fruition Partners and Fixnetix (CSC) : Reports Q1 (Jun) earnings of $1.11 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $1.01; revenues fell 14.7% year/year to $2.76 bln vs the $2.82 bln consensus.

  • Co reaffirms guidance for FY16, sees EPS of $4.75-5.05, excluding non-recurring items, vs. $4.86 Capital IQ Consensus Estimate.
  • In separate news releases...
  • Co announced it has signed an agreement to acquire Fruition Partners, the leading provider of technology-enabled solutions for the service-management sector and the largest ServiceNow-exclusive service management consulting firm. The proposed acquisition will enable CSC to offer enterprise and emerging clients an expanded range of cloud-based service-management solutions to improve their business results through organizational efficiency and lower operating costs.
  • Co announced it has signed an agreement to acquire Fixnetix, a leading provider of front-office managed trading solutions in capital markets. The proposed acquisition will enable CSC to offer capital market clients an expanded range of as-a-service front office capabilities and will strengthen its ability to address growing client demand for greater efficiency and innovation in trading, market data, hosting, infrastructure, connectivity and risk management.

4:19 pm Jernigan Capital reports Q2; CFO resigns (JCAP) :

  • Q2 EPS ($0.20); at June 30, 2015, the Company had closed 10 loans for an aggregate committed principal amount of $74.5 mln, including 8 development loans totaling ~$68.5 million of aggregate committed principal amount.
  • The Company also announced that effective August 10, 2015, Gregory W. Ward has resigned as the Chief Financial Officer and Secretary of the Company and JCap Advisors, LLC in order to pursue other interests, and the Company has appointed William C. Drummond as its new Senior Vice President, Chief Financial Officer and Secretary

4:15 pm Resonant reports Q2 EPS ($0.31) vs ($0.69) year ago (RESN) : Ended the Second Quarter with $9.2 million in working capital compared with $13.2 million of working capital at December 31, 2014. Management believes it has sufficient cash to support planned operations through the first half of 2016.

4:15 pm Fossil reports Q2 results, misses on revs; guides Q3 EPS below consensus; guides FY15 EPS below consensus (FOSL) : Reports Q2 (Jun) earnings of $1.12 per share, which may not be comparable to the Capital IQ Consensus Estimate of $0.82; revenues fell 4.4% year/year to $740 mln vs the $751.32 mln consensus.

  • Segment Breakdown
    • Americas +1% +3%
      Europe -12% +2%
      Asia -6% +1%
      Watches -6% flat
      Leathers +2% +9%
      Jewelry -1% +11%
  • During the second quarter of fiscal 2015, gross margin decreased 220 basis points to 55.3%, driven primarily by changes in foreign currencies.

Co issues downside guidance for Q3, sees GAAP EPS of 1.03-1.28, excluding non-recurring items, vs. $1.47 Capital IQ Consensus Estimate.

  • Net sales to decrease in the range of 15.0% to 10.0%
  • Operating margin in a range of 9.5% to 11.0%

Co issues downside guidance for FY15, sees GAAP EPS of $4.80-5.60, excluding non-recurring items, vs. $5.62 Capital IQ Consensus Estimate.

  • Net sales to decrease in the range of 8.0% to 4.0% (Prior guidance -4% to -1%)
  • Operating margin in a range of 10.5% to 11.5%

4:15 pm Exelixis misses by $0.01, misses on revs (EXEL) :

  • Reports Q2 (Jun) loss of $0.22 per share, $0.01 worse than the Capital IQ Consensus of ($0.21); revenues rose 21.2% year/year to $8 mln vs the $8.69 mln consensus.
  • The company anticipates that operating expenses for the second six months of 2015 will be in a range of $80 million to $90 million, including ~$10 million of incremental non-cash stock-based compensation expense related to the vesting of performance stock options tied to the read-out of METEOR top-line results.
  • Exelixis is focused on expediting its regulatory submissions for cabozantinib in advanced renal cell carcinoma (:RCC) based on the positive outcome from the METEOR pivotal trial and building its commercial infrastructure to support the launch of cabozantinib in advanced RCC in the United States, pending approval. In addition, Exelixis continues to support its partner Genentech, a member of the Roche Group, as it prepares for the potential worldwide commercialization of cobimetinib, a second Exelixis-discovered compound.

4:12 pm Cyber-Ark Software beats by $0.13, beats on revs; guides Q3 above consensus; raises FY15 above consensus; acquires 20 person Israeli firm Cyberintel (CYBR) :

  • Reports Q2 (Jun) earnings of $0.19 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus of $0.06; revenues rose 70.9% year/year to $36.4 mln vs the $32.34 mln consensus.
  • Co issues upside guidance for Q3, sees EPS of $0.11-0.13, excluding non-recurring items, vs. $0.08 Capital IQ Consensus; sees Q3 revs of $36-37 mln vs. $34.30 mln Capital IQ Consensus Estimate.
  • Co issues upside guidance for FY15, raises EPS to $0.62-0.65, excluding non-recurring items, from $0.40-0.44 vs. $0.42 Capital IQ Consensus; raises FY15 revs to $145-147 mln from $136-138 mln vs. $140.61 mln Capital IQ Consensus.
  • Co has acquired Cybertinel Ltd. an ~20 person Israel-based cyber security company. Cybertinel Ltd. specializes in cyber threat detection technology that will enhance CyberArk's ability to detect credential threats at the beginning stages of the attack cycle. The terms of the acquisition were not disclosed

4:10 pm Opower beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs in-line; raises FY15 EPS above consensus, reaffirms FY15 revs guidance (OPWR) : Reports Q2 (Jun) loss of $0.12 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.16); revenues rose 15% year/year to $35.8 mln vs the $35.27 mln consensus. Adjusted EBITDA was a loss of $3.5 million, compared to a loss of $3.7 million for the comparable period in 2014.

  • Co issues guidance for Q3, sees EPS of ($0.15) - ($0.13) vs. ($0.17) Capital IQ Consensus Estimate; sees Q3 revs of $37.9-38.5 mln vs. $38.29 mln Capital IQ Consensus Estimate.
  • Co issues guidance for FY15, raises EPS of ($0.62) - ($0.53) from ($0.65) - ($0.58) vs. ($0.64) Capital IQ Consensus Estimate; reaffirms FY15 revs of $144-149 mln vs. $147.09 mln Capital IQ Consensus Estimate. Adjusted EBITDA was a loss of $3.5 million, compared to a loss of $3.7 million for the comparable period in 2014.
  • Co also announced a major new contract with a large U.S. utility worth more than $50 mln over 6 years.

4:10 pm Moog adds 4 mln shares to repurchase program (MOG.A) : The program, originally authorized in January 2014 and expanded in August 2014, included the authorization to repurchase an aggregate of 9,000,000 shares of its Class A and Class B common stock at management's discretion. Under those programs, 8.3 million shares were purchased as of August 7, 2015.

4:10 pm Ekso Bionics reports Q2 EPS of ($0.06) vs ($0.04) estimate; revs $2.1 mln vs $2 mln estimate (EKSO) :

4:09 pm Freshpet misses by $0.01, beats on revs; reaffirms FY15 revs guidance (FRPT) : Reports Q2 (Jun) GAAP loss of $0.07 per share, $0.01 worse than the Capital IQ Consensus GAAP Estimate of ($0.06); revenues rose 39.1% year/year to $28.36 mln vs the $27.22 mln consensus.

  • Adjusted EBITDA increased $3.1 million to $2.8 million
  • Freshpet Fridges increased 14.0% to 14,354 from 12,593

Co reaffirms guidance for FY15, sees FY15 revs of $112.0-114.5 mln vs. $115.79 mln Capital IQ Consensus Estimate. Co also reaffirms guidance for adjusted EBITDA of $16.0-17.5 mln and Freshpet Fridges of approximately 15,100 to 15,600, an increase of approximately 13% to 17%.

4:09 pm Inogen beats by $0.03, beats on revs; Raises FY15 rev guidance above consensus (INGN) : Reports Q2 (Jun) earnings of $0.17 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 44.7% year/year to $44 mln vs the $36.88 mln consensus.

  • Total units sold in Q2 2015 were 16,400, an increase of 78.3% over the same period in 2014, reflecting the strong consumer demand for the company's products across all channels.

  • Gross margin was $20.8 million, or 47.3% of revenue, in the second quarter of 2015 compared to $15.1 million, or 49.7% of revenue in the comparative period in 2014.

  • Guidance: Co issues raises guidance for FY15, sees FY15 revs of $145-$149 mln vs. $141.81 mln Capital IQ Consensus Estimate, vs prior guidance of $133-$137 million.

4:08 pm Cree misses by $0.16, reports revs in-line with June warning; guides Q1 in-line (CREE) :

  • Reports Q4 (Jun) loss of $0.19 per share, excluding non-recurring items, $0.16 worse than the Capital IQ Consensus of ($0.03); revenues fell 12.4% year/year to $382.2 mln vs the $378.49 mln consensus.
  • Co lowered rev guidance to $375 from $420-440 mln on June 24.
    • non-GAAP gross margin 21% vs. 37.9% last year.
  • Co issues in-line guidance for Q1, sees EPS of $0.18-0.23, excluding non-recurring items, vs. $0.20 Capital IQ Consensus Estimate; sees Q1 revs of $410-430 mln vs. $418.90 mln Capital IQ Consensus Estimate. non-GAAP gross margin targeted to be 32.0%+/-.

4:08 pm Codexis reports EPS in-line, misses on revs; guides FY15 revs in-line (CDXS) : Reports Q2 (Jun) loss of $0.14 per share, in-line with the Capital IQ Consensus Estimate of ($0.14) - two estimates; revenues fell 8.4% year/year to $6.02 mln vs the $7.34 mln consensus. Co issues in-line guidance for FY15, sees FY15 revs of $41-44 mln vs. $40.98 mln Capital IQ Consensus Estimate.

  • "We recently entered into two agreements that validate the strength of our business strategy...Last week we announced our second non-exclusive CodeEvolver protein engineering platform technology licensing agreement with a major pharmaceutical company, this time with current customer Merck (MRK). This licensing agreement allows Merck to use our CodeEvolver platform technology to develop novel enzymes for the manufacture of its pharmaceutical products. It is compelling evidence of the value of our CodeEvolver technology that Codexis and our license partners GSK and Merck are making long-term investments in our platform."
  • "Also, earlier today we announced a collaborative research and development agreement with a leading global biopharmaceutical company. This is our first agreement in the biopharmaceutical industry and it is exciting to see our CodeEvolver protein engineering platform applied in the field of biologic drug development for this new customer."

4:08 pm NASDAQ reports end-of-month open short interest positions in Nasdaq stocks as of July 31, 2015 (NDAQ) : Short interest in all 3,017 Nasdaq securities totaled 8,689,183,682 shares at the July 31, 2015 settlement date, compared with 3,020 issues and 8,814,554,508 shares at the end of the previous reporting period. This is 4.76 days average daily volume, compared with an average of 4.34 days for the previous reporting period.

4:07 pm Closing Market Summary: Stocks Slide After China Devalues Yuan (:WRAPX) : Global equity markets retreated on Tuesday as investors responded to the overnight devaluation of China's yuan. Specifically, the People's Bank of China lowered the yuan fix by the largest amount on record, sending the USD/CNY pair higher by 1.9% to 6.3249.

The move invited renewed trepidations about the pace of economic growth in China while also feeding concerns that China's trading partners may feel compelled to respond by weakening their own currencies. For instance, the Japanese yen was in focus during the session amid speculation the Bank of Japan may be forced to step up its easing efforts to support the country's exporters. As a result, the dollar/yen pair climbed 0.4% to 125.07, nearing a 13-year high.

The major European indices lost between 1.1% and 2.7% with the retreat paced by exporter stocks while the S&P settled lower by 1.0% and retraced the bulk of its advance from Monday.

Today's selling sent the benchmark index back below its 50-day (2,096) and 100-day (2,098) moving averages with eight sectors registering losses. To little surprise, cyclical groups paced the slide, but the energy sector (-0.2%) spent the day in a steady rally off its opening low. The sector fought its way back to yesterday's highs even as crude oil plunged 4.2% to $43.08/bbl, settling at a six-year low.

Meanwhile, the other commodity-related sector-materials (-1.9%)-ended at the bottom of the leaderboard with steelmakers showing broad weakness, evidenced by Market Vectors Steel ETF (SLX 27.22, -1.15), which fell 4.1%. On a somewhat related note, copper futures fell 2.6% to $2.338/lbs, erasing the bulk of their gain from yesterday.

Elsewhere among cyclical groups, the technology sector (-1.7%) displayed relative strength at the start, but could not stay ahead of the broader market into the afternoon. That being said, the early outperformance was due to a spike in the shares of Google (GOOGL 690.30, +27.16) after the company announced plans for a new operating structure. As part of the announced change, Google will create a new company called Alphabet, which will replace Google as a publically-traded entity and should make it easier to evaluate different segments of the company's business. Shares of GOOGL settled higher by 4.1% after being up more than 6.0% at the start. As for other tech heavyweights, Apple (AAPL 113.55, -6.17), Intel (INTC 28.99, -0.65), and Microsoft (MSFT 46.41, -0.92) lost between 1.9% and 5.2% as China-related concerns pressured the multinational companies.

On the upside, rate-sensitive telecom services (+0.1%) and utilities (+0.5%) ended in the green, benefitting from strength in the Treasury market that sent the 10-yr yield lower by nine basis points to 2.14%.

Today's participation was roughly in-line with recent averages as more than 830 million shares changed hands at the NYSE floor.

Economic data included Productivity/Labor Cost data and Wholesale Inventories:

  • Nonfarm productivity increased 1.3% in Q2 2015 after declining an upwardly revised 1.1% (from -3.1%) in the first quarter while the Briefing.com consensus expected an increase of 1.4%
    • The increase in second quarter productivity ended two consecutive quarterly declines.
    • Year-over-year, nonfarm productivity increased 0.3%, down from a 0.6% gain in Q1 2015
    • Unit labor costs increased 0.5% in the second quarter while the consensus expected an increase of 0.1%; however, the reported increase was the smallest rise since a 0.1% increase in Q3 2014
  • Wholesale inventories increased 0.9% in June after a downwardly revised 0.6% increase (from 0.8%) in May while the Briefing.com consensus expected an increase of 0.3%
    • Wholesale sales increased 0.1% in June after a 0.2% increase in May while durable sales declined 1.1% in June, which resulted mostly from a 2.8% decline in automotive sales. Nondurable sales increased 1.2% on strong demand for farm products (3.6%) and petroleum (3.7%)
    • The inventory-to-sales ratio increased to 1.30 in June from 1.29 in May

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the Job Openings and Labor Turnover Survey for June will cross the wires at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the Treasury Budget for July (Briefing.com consensus -$149.00 billion).

  • Nasdaq Composite +6.4% YTD
  • S&P 500 +1.2% YTD
  • Russell 2000 +0.5% YTD
  • Dow Jones Industrial Average -2.4% YTD

4:07 pm Myriad Genetics reports EPS in-line, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY16 EPS below consensus, revs in-line (MYGN) : Reports Q4 (Jun) earnings of $0.41 per share, in-line with the Capital IQ Consensus Estimate of $0.41; revenues rose 0.6% year/year to $189.9 mln vs the $187.67 mln consensus.

  • Co issues downside guidance for Q1, sees EPS of $0.34-0.36 vs. $0.40 Capital IQ Consensus Estimate; sees Q1 revs of $176-178 mln vs. $184.68 mln Capital IQ Consensus Estimate.
  • Co issues mixed guidance for FY16, sees EPS of $1.60-1.65 vs. $1.75 Capital IQ Consensus Estimate; sees FY16 revs of $750-770 mln vs. $759.70 mln Capital IQ Consensus Estimate.

4:07 pm Allergan confirms that it has filed an ANDA with the US FDA seeking approval to market its Posaconazole Delayed-Release Tablets, a generic for Merck's (MRK) Noxafil (AGN) : The co. confirmed that it has filed an Abbreviated New Drug Application (:ANDA) with the U.S. Food and Drug Administration (:FDA) seeking approval to market Posaconazole Delayed-Release Tablets, 100mg. Allergan's ANDA product is a generic version of Merck's Noxafil which is an antifungal agent indicated for prophylaxis of invasive Aspergillus and Candida infections in patients, 13 years of age and older, who are at high-risk of developing these infections due to being severely immunocompromised, such as hematopoietic stem cell transplantation recipients with graft-versus-host disease or those with hematologic malignancies with prolonged neutropenia from chemotherapy

4:07 pm Invesco Announces July 31, 2015 Assets Under Management, preliminary month-end assets under management (AUM.TO) of $806.7 billion, an increase of 0.4% month over month (IVZ) : Co reports preliminary month-end assets under management (AUM.TO) of $806.7 billion, an increase of 0.4% month over month. The increase was driven by favorable market returns and an increase in money market AUM. Long-term net flows were flat during the month while FX decreased AUM by $2.3 billion. Preliminary average total AUM for the quarter through July 31 were $806.8 billion, and preliminary average active AUM for the quarter through July 31 were $664.4 billion.

4:06 pm SS&C Techs announces a favorable arbitration decision in its litigation with Millennium Global (SSNC) : On July 31, 2015, a Tribunal issued a favourable judgment in the London Court of International Arbitration matter pending against the company, dismissing entirely the Millennium Funds' claim against GlobeOp for at least $160 million (plus interest).

  • The Tribunal found that GlobeOp was not liable under the terms of the Agreement. It will conduct further proceedings on GlobeOp's claim for indemnification of its arbitration costs, the only unresolved issue in the arbitration.

4:06 pm Kimball increases quarterly dividend to $0.055/share from $0.05/share (KBAL) :

4:06 pm Omega Protein confirms receipt of letter from Wynnefield Capital Management shareholder group, indicating the group has filed a Schedule 13D with the SEC (OME) : "The Board of Directors values open dialogue and input from all our shareholders. While we believe the company's current strategy will create substantial long-term value for shareholders, we will thoughtfully review the matters raised by Wynnefield Capital. The Board and management team are committed to undertaking actions that we believe will enhance value for our shareholders, and we intend to consider this letter with that principle in mind."

4:05 pm General Electric announces it will Sell its Healthcare Financial Services U.S. Lending Business to Capital One (COF) for ~$9 billion; expected closure in 4Q15 (GE) : Co has reached an agreement to sell $8.5 billion of healthcare-related loans and its Healthcare Financial Services (:HFS) U.S. lending business to Capital One (COF) for ~$9 billion. Separately, GE has signed an agreement with another buyer to sell approximately $600 million of HFS real estate equity investments.

  • Co stated: "We are on track to reduce our ending net investment (ENI) by $100 billion by the end of 2015 and expect to be substantially done with our exit strategy by the end of 2016."
  • When completed, the transaction, which represents about $8.4 billion of ENI ($8.5 billion of assets), will contribute ~$1.5 billion of capital to the overall target of ~$35 billion of dividends expected to GE under this plan (subject to regulatory approval). GE is on track to reduce total ENI at GE Capital by about $100 billion by year end.
    • With the transaction, the total for announced sales is ~ $78 billion.

4:05 pm Everyday Health beats by $0.15, reports revs in-line; guides Q3 revs in-line; guides FY15 revs in-line (EVDY) : Reports Q2 (Jun) earnings of $0.27 per share, $0.15 better than the Capital IQ Consensus Estimate of $0.12; revenues rose 32.2% year/year to $54.81 mln vs the $54.54 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $55.0-59.5 mln vs. $56.75 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY15, sees FY15 revs of $236-244 mln vs. $239.1 mln Capital IQ Consensus Estimate.

  • Co also announces the acquisition of Tea Leaves Health, a provider of a SaaS-based marketing and analytics platform for hospital systems to identify and engage consumers and physicians. "Our strategic acquisition of Tea Leaves Health allows us to diversify our customer base and expand our revenue opportunity into the large and fast-growing hospital systems market....The changing regulatory and economic environment has resulted in major changes in the way hospitals operate." Tea Leaves Health is the market leader in this space and has a premier customer base of approximately two dozen hospital systems, which represent over 250 individual hospitals.

4:05 pm Zafgen beats by $0.04, No Revenue (ZFGN) : Reports Q2 (Jun) loss of $0.66 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.70). The company continues to expect that its cash and cash equivalents and marketable securities balance will be greater than $145.0 million at December 31, 2015.

  • Co states: "With enrollment completed in our bestPWS Phase 3 trial this past quarter and enrollment now greater than 95% in our Phase 2b trial (ZAF-203) in patients with severe obesity complicated by type 2 diabetes, we remain on track to release data in late 2015 or very early 2016 for both of these clinical trials. The bestPWS trial is the first Phase 3 trial conducted for a potential treatment of hyperphagia and weight loss in this hard to treat patient population. We are also extremely excited to see the six-month interim data from the ZAF-203 clinical trial which will provide our first look at the effects of beloranib treatment on both body weight and glycemic control chronically in the setting of type 2 diabetes, an important and vexing co-morbidity of obesity."

4:04 pm Carbylan Therapeutics misses by $0.16 (CBYL) : Reports Q2 (Jun) loss of $0.37 per share, $0.16 worse than the Capital IQ Consensus Estimate of ($0.21).

  • As of June 30, 2015, the Company had cash and cash equivalents of approximately $65.4 million. Based on current operating levels, the company expects that existing cash and cash equivalents will be sufficient to fund operations for at least the next 12 months.
  • "During the quarter, we continued to progress with our phase 3 clinical program for Hydros-TA in the treatment of osteoarthritis pain of the knee. Most importantly, we completed the enrollment of our 510 subject COR1.1 trial, which is the first of the two pivotal clinical trials required for our new drug application for Hydros-TA. We expect to have data available from this trial during the first quarter of 2016 and look forward to providing additional details."

4:03 pm Fogo de Chao beats by $0.03, beats on revs; guides FY15 revs above consensus (FOGO) : Reports Q2 (Jun) earnings of $0.25 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.22; revenues fell 0.4% year/year to $68.2 mln vs the $65.28 mln consensus. U.S. company-owned comparable restaurant sales increased 4.2%.

  • Co issues upside guidance for FY15, sees FY15 revs of $273.0 vs. $270.85 mln Capital IQ Consensus Estimate.
    • Sees company-owned comparable restaurant sales growth of 1% to 2% on a World Cup adjusted basis (the one-time sales benefit of the World Cup in 2014 is estimated at $5.0 million);

4:02 pm Viavi appoints Richard Belluzzo as interim President and CEO, effective immediately (VIAV) : The appointment follows the departure of Tom Waechter, who has stepped down as the company's president and chief executive officer and Board member to pursue other interests.

  • Belluzzo has served as a Board member since February 2005, and has been Chairman since November 2012. Belluzzo is currently U.S. Venture Partner for Innogest SpA and consults with The Gores Group, a private equity firm, and Bravosolution, a private cloud software company.
  • As interim president and chief executive officer, Mr. Belluzzo will work with Viavi's Board and executive leadership to ensure that Viavi continues its ongoing transformation until a permanent chief executive officer is appointed. He will continue to serve as Chairman during the transition.

4:01 pm Numerex Corp. appoints Marc Zionts as its Chief Executive Officer, effective September 1, 2015 (NMRX) : The co. announced that its Board of Directors has appointed Marc Zionts as its Chief Executive Officer, effective September 1, 2015. In addition to his new position, Mr. Zionts will join the Board of Directors of the Company. Mr. Zionts will succeed Stratton J. Nicolaides, who will remain CEO until September 1 and then assume the position of Executive Chairman. Mr. Zionts most recently served as the Chief Executive Officer and President of Aicent, Inc.

3:35 pm Earnings Calendar (:SUMRX) : Today after the close look for the following companies to report:

  • CSC, FOSL, CREE, VIAV, HMIN, MYGN, SLW, TAHO, PE, FENG, FOGO, EVDY, INGN, OPWR, CYBR, FRPT, EXEL, CDXS, CBYL, ZFGN

Tomorrow before the open look for the following companies to report:

  • M, ARMK, BABA, VWR, AIT, CAE, ATTO, W, STKL, MRKT, SHLX, EZCH, ENZY, HSGX

3:32 pm Nasdaq Comp -65 slightly extends push off afternoon low -- Dow -209, S&P -20 hover near their bounce highs (:TECHX) :

3:21 pm Treasury Market Summary (BONDX) : Government Bonds Soar on Yuan Liberalization

  • U.S. Treasuries rallied sharply today after the Chinese government announced that it would allow market forces to help determine the yuan's value in FX markets. The move may have been prompted by data released over the weekend, showing that exports declined 8.3% in July. A cheaper local currency will make Chinese exports more competitive on global markets at the expense of the country's trading partners
  • Yield Check:
    • 2-yr: -5 bps to 0.67%
    • 5-yr: -9 bps to 1.53%
    • 10-yr: -9 bps to 2.14%
    • 30-yr: -10 bps to 2.80%
  • News:
    • China announced that it will let the yuan float more freely, prompting many of its East Asian neighbors' currencies to fall Greece and its official creditors have reached an agreement on an 85 bln euro bailout that can now go to national parliaments for approval
    • Nonfarm productivity increased 1.3% in Q2 2015 after declining an upwardly-revised 1.1% (from -3.1%) in the first quarter. The Briefing.com consensus was for +1.4%
    • Unit labor costs only increased 0.5% in the second quarter. While unit costs growth topped the consensus expectation of a 0.1% increase, it was still the smallest increase in costs since 0.1% growth in Q3 2014
    • Wholesale inventories rose 0.9% in June after a downwardly-revised 0.6% increase (from 0.8%) in May. The Briefing.com consensus expected wholesale inventories to increase 0.3%
      • The BEA assumed that wholesale inventories increased 0.7% in the advance estimate of second quarter GDP. After combining the stronger-than-expected June gain with the downward revision to May inventories, wholesale inventories still came out ahead of what the BEA expected. The beat should lead to a positive revision to Q2 GDP growth
    • The Treasury auctioned off $24 billion of 3-year notes:
      • High yield: 1.013%
      • Bid-to-cover: 3.34
      • Indirect bid: 52.8%
      • Direct bid: 8.2%
  • Commodities:
    • WTI crude: -4.00% to $43.16/bbl.
    • Gold: +0.435% to $1,108.00/troy oz.
    • Copper: -2.69% to $2.3355/lb.
  • Currencies:
    • EUR/USD: +0.11% to $1.1033
    • USD/JPY: +0.44% to 125.10
  • News Out Wednesday:
    • MBA Mortgage Index for the week ending 8/08 (07:00 ET)
    • June JOLTS -- Job Openings (10:00 ET)
    • Crude Inventories for the week ending 8/08 (10:30 ET)
    • July Treasury Budget (14:00 ET)
  • Fed Speaker:
    • NY Fed President Dudley (FOMC voter) (08:30 ET)
  • Treasury Auction:
    • $24 bln 10-year note auction (results at 13:00 ET)

3:00 pm Zebra Tech (-24%) just off seven month lows after missing Q2 EPS and guiding Q3 EPS below consensus (ZBRA) :

2:36 pm Mannatech appoints its current President Alfredo Bala, to the position of CEO (MTEX) :

2:20 pm New lows for Nasdaq Comp -87, Dow -258 and S&P -27 have spent last hour hovering just above their lows (:TECHX) :

2:06 pm Currency Market Summary (:FOREX) : Dollar and Euro Gain

  • The dominant theme in FX markets today was the Chinese government's decision to allow market forces to play a greater role in determining the yuan's exchange rate. The timing looks like the Chinese government seizing a moment of financial market stress to allow market forces to depreciate the RMB and thereby boost its export sector which was shown to have weakened...

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