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Actionable news in NETE: Net Element International, Inc.,

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9:55 am Market View: The Energy sector is lagging thus far this morning-- OIH -2.4%, XOP -0.70%, XES -2.2%, XLE -0.40% (:TECHX) :

9:52 am CBOE Holdings makes a minority investment in CurveGlobal, the interest rate derivatives venture of the London Stock Exchange Group; terms not disclosed (CBOE) :

9:42 am Opening Market Summary: Health Care and Financials Pace Opening Advance (:WRAPX) :

As expected, the major averages began the trading day just above their flat lines. The S&P 500 trades higher by 0.3% while the Nasdaq (+0.1%) sits a bit closer to its flat line.

Nine sectors display opening gains with heavily-weighted health care (+0.7%) and financials (+0.4%) among the leaders while the top-weighted technology sector (-0.1%) has spent the first few minutes in the red. Large cap technology components like Apple (AAPL 111.35, -0.51) and Alphabet (GOOGL 692.69, -0.33) have contributed to the early weakness while high-beta chipmakers also lag with the PHLX Semiconductor Index trading lower by 0.2%.

Elsewhere, Treasuries continued drifting near their flat lines with the 10-yr yield at 2.01%.

The preliminary October Michigan Sentiment Index (consensus 88.4) will be released at 10:00 ET.

9:36 am MB Financial up 0.6% after missing Q3 EPS by $0.02 (MBFI) :

  • Reports Q3 (Sep) earnings of $0.51 per share, $0.02 worse than the Capital IQ Consensus of $0.53.
  • Loan balances, excluding purchased credit-impaired loans, increased $304.3 million (+3.4%, or +13.5% annualized) during the third quarter of 2015 primarily due to increases in commercial-related loans across several categories.

9:35 am Opening SPX 500 sector leadership seen in Pharma- XLV, Financials- XLF, & Staples- XLP; SPX now @ 2029.12 +5.26 (SPY) :

9:28 am On the Wires (:WIRES) :

  • Qumu (QUMU) announced a partnership with Ixtel, a UAE network services supplier. The agreement provides for Ixtel to distribute Qumu's enterprise video solutions across the UAE, Saudi Arabia, Qatar, Oman, Bahrain and Kuwait
  • Barclaycard US, the payments business of Barclays (BCS) in the US, and priceline.com (PCLN) have extended their co-branded credit card agreement under which Barclaycard issues the priceline.com rewards Visa card

9:22 am Strongbridge Biopharma (Nasdaq) prices its 2.5 mln share IPO at $10.00/share, in-line with expectations (:SBBP) :

9:21 am Cantel Medical increases its semiannual cash dividend from by 20%, from $0.05/share to $0.06/share (CMN) :

9:16 am S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +5.30. (:WRAPX) :

The stock market is on track for a modestly higher open as S&P 500 futures trade three points above fair value. Futures on the benchmark index have spent the night inside a narrow range while markets across Asia and Europe have built on their gains from yesterday.

Yesterday's surge helped the benchmark index erase its week-to-date loss, turning that decline into a 0.5% increase for the week. Meanwhile, the Nasdaq enters today's session with a week-to-date gain of 0.8%.

Investors have received a modest batch of quarterly earnings since yesterday with General Electric (GE 28.41, +0.37) on track to open higher by 1.3% after reporting operating earnings of $0.32/share that may not compare to estimates as the company continues divesting GE capital assets. Meanwhile, Honeywell (HON 98.10, -0.40) has surrendered 0.4% in pre-market after beating earnings estimates on light revenue and lowering its revenue guidance.

On the economic front, the just released Industrial Production report pointed to a decrease of 0.2% in September, which is what the Briefing.com consensus expected. Capacity utilization hit 77.5% while the Briefing.com consensus expected a reading of 77.4%.

Treasuries are little changed with the 10-yr yield at 2.01%.

9:15 am Nxt-ID prices its 1.5 mln underwritten public offering of common shares at $0.70/share; expects gross proceeds of $1.05 mln, with Aegis Capital acting as sole book-running manager (NXTD) :

9:03 am Synchrony Financial beats by $0.03, reports revs in-line (SYF) :

  • Reports Q3 (Sep) earnings of $0.69 per share, $0.03 better than the Capital IQ Consensus of $0.66; revenues rose 12.7% year/year to $2.46 bln vs the $2.45 bln Capital IQ Consensus.
  • Total platform revenue increased 9% from the third quarter of 2014 to $2.7 bln
  • Loan receivables grew 12% YoY to $64 bln
  • Purchase volume increased 12% YoY

9:03 am DS Healthcare Group executes term sheet for $35 mln in senior debt financing (DSKX) : The net proceeds of the debt financing will secure the necessary funds required to complete the previously announced acquisition of the privately held W/R Group LLC and its affiliated company

9:00 am Rubicon Tech names Hany Tamim as COO (RBCN) : Mr. Tamim has experience in managing crystal growth and wafer manufacturing operations in both Malaysia and the United States, including 24 years with SunEdison (SUNE).

8:55 am On the Wires (:WIRES) :

  • ABM (ABM) announced it has signed a contract with the US GSA to begin a second phase of extensive energy and facility improvements to federal buildings throughout Southern California.
  • Severn Bancorp (SVBI) announced that Severn was informed by its primary regulator, the Office of the Comptroller of the Currency, that the formal written agreement between Severn and the OCC was terminated effective October 15, 2015. Co stated: "The termination of the Agreement with our regulators validates the strength and good standing of this bank."
  • Eros International (EROS) announced at its recent investor day, that its OTT service ErosNow has more than 30 million world-wide registered users

8:50 am S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +3.40. (:WRAPX) :

The S&P 500 futures trade one point above fair value.

Most markets in the Asia-Pacific region closed the week out on a winning note, following Wall Street's lead from Thursday and continuing to draw support from the speculation that central banks will soon be providing more stimulus. China's Shanghai Composite (+1.6%) led the winners, rallying in front of a key batch of data, including its Q3 GDP report, which will be released Sunday evening at 10:00 p.m. ET.

  • In economic data:
    • New Zealand's Q3 CPI +0.3% quarter-over-quarter (expected +0.2%; prior +0.4%); +0.4% year-over-year (expected +0.3%; prior +0.4%)
    • Singapore's September Non-Oil Exports +2.8% month-over-month (expected +0.8%; prior -4.6%); +0.3% year-over-year (expected -3.8%; prior -8.4%)

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  • Japan's Nikkei increased 1.1%, led by strong gains in the financial (+2.3%) sector. Tokyu Fudosan Holdings (+5.2%), Sumitomo Realty & Development (+4.1%), and T&D Holdings (+3.8%) topped the list of winners. Obayashi Cop (-3.1%), Haseko Corp (-2.8%), and Trend Micro (-2.3%) were the worst-performing issues. Out of the 225 index members, 188 ended higher, 33 finished lower, and 4 were unchanged. For the week, the Nikkei declined 0.8%.
  • Hong Kong's Hang Seng increased 0.8%, roughly in the middle of the day's trading range. It had been up 1.3% shortly after the start of trading. AIA Group (+3.4%), Wharf Holdings (+2.9%), and Bank of Communications (+2.4%) led individual gainers while Galaxy Entertainment (-3.4%), China Resources power Holdings (-2.8%), and China Mengniu Dairy (-2.7%) brought up the rear. Out of the 50 index members, 34 ended higher and 16 finished lower. For the week, the Hang Seng increased 2.7%.
  • China's Shanghai Composite increased 1.6% with the bulk of that gain coming in an afternoon rally effort that left the market at its high for the session when trading ended. The late rally preceded a batch of important economic data that will be released Sunday night, namely Q3 GDP, industrial production, retail sales, and fixed asset investment. For the week, the Shanghai A Shares surged 6.5% while B shares jumped 8.7%.

Major European indices trade modestly higher after the release of a CPI report, which did little to change the view that the European Central Bank will likely need to expand the size/scope of its quantitative easing program.

  • Economic data was limited:
    • Eurozone September CPI +0.2% month-over-month, as expected; -0.1% year-over-year, as expected. Separately, August Trade Surplus EUR11.20 billion (consensus EUR20.00 billion; prior EUR31.40 billion) and September Core CPI +0.9% year-over-year, as expected
    • Italy's August Trade Surplus narrowed to EUR1.85 billion from EUR8.07 billion (expected surplus of EUR4.23 billion)

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  • Germany's DAX hovers just above its flat line with a gain of 0.2%. Utilities and financials outperform with Commerzbank, Deutsche Bank, E.On, and RWE up between 1.5% and 2.8%. On the downside, automakers BMW, Daimler, and Volkswagen have given up between 0.9% and 2.4%.
  • In France, the CAC is higher by 0.4% with roughly half of its components trading in the green. Carrefour leads with a 6.5% gain after reporting better than expected results. Financials also outperform with BNP Paribas, Credit Agricole, and Societe Generale showing gains between 1.1% and 1.4%.
  • UK's FTSE trades higher by 0.5% after backing away from its best level of the session. Energy and mining names lead the way with BP, Glencore, and Royal Dutch Shell up between 1.9% and 2.7%. Meanwhile, consumer names lag with Burberry, InterContinental Hotels, and Taylor Wimpey showing losses between 0.6% and 2.2%.

8:46 am WaferGen Bio-Systems prices its underwritten public offering of 3,920,000 common shares, at $1/share; expects ~$13.6 mln in net proceeds (WGBS) :

Co announces pricing of an underwritten public offering of units for gross proceeds of $15 mln, prior to deducting underwriting discounts and commissions and offering expenses payable by the Co.

  • The offering was priced at a public offering price of $1.00 per share of common stock (or common stock equivalent), with each share of common stock coupled in units with a five-year warrant to purchase one share of common stock, at $1.44 per share.
  • The offering is expected to close on October 21, 2015. T
  • he net proceeds of the offering are estimated to be ~$13.6 mln after deducting underwriting discounts and commissions and estimated offering expenses.

8:46 am Net Element terminates its $5 mln senior convertible notes (NETE) : As a result of the expiration of the Moratorium Date, the Company's indebtedness and all obligations under the Notes, as well as the Company's obligation to issue Additional Notes and Additional Warrants, are cancelled effective as of 11:59 pm EST on October 11, 2015.

8:36 am Progressive misses by $0.01, beats on revs (PGR) :

  • Reports Q3 (Sep) earnings of $0.47 per share, $0.01 worse than the Capital IQ Consensus of $0.48; net premiums written rose 14.4% year/year to $5.41 bln vs the $5.31 bln Capital IQ Consensus.

8:30 am Pericom Semi responds to preliminary proxy materials filed by Montage Technology Group, Believes montage offer has significant financing, regulatory and other risks (PSEM) :

  • "Since March of this year, Pericom and its independent financial advisors and outside legal counsel have engaged in good-faith discussions and negotiations with Montage regarding a potential transaction, as described in our preliminary proxy statement filed with the SEC on September 17, 2015 and updated on October 13, 2015.
  • "During these discussions, we have clearly communicated to Montage our belief that there are financing, regulatory and other risks associated with its offer that make Montage's ability to close a transaction uncertain and significantly less likely than closing a transaction with Diodes (DIOD).
  • "Nevertheless, the Pericom Board is willing to continue discussions with Montage to determine if Montage can resolve the issues we have identified."

8:29 am Audioeye enters into a Note and Warrant Purchase Agreement for the sale of $3.75 mln in convertible promissory notes and warrants to purchase up to an aggregate of 37.50 mln shares of common stock (AEYE) :

8:25 am On the Wires (:WIRES) :

  • BrainStorm Cell Therapeutics (BCLI) announced that it has been granted a patent by the Israeli Patent Office for BrainStorm's application, titled "Isolated Population of Cells, Methods of Generating Same, and Uses Thereof in the Treatment of CNS Diseases".The granted claims include neurotrophic factor-secreting cells derived from mesenchymal stem cells, methods for producing those cells and methods of using those cells for the treatment of neurologic diseases
  • ANI Pharmaceuticals (ANIP) announced the launch of Oxycodone Hydrochloride Oral Solution 5mg/5mL indicated for management of moderate to severe pain

8:25 am European Markets Update: DAX +0.1%, CAC +0.3%, FTSE +0.5% (:SUMRX) :

Major European indices trade modestly higher after the release of a CPI report, which did little to change the view that the European Central Bank will likely need to expand the size/scope of its quantitative easing program.

  • Economic data was limited:
    • Eurozone September CPI +0.2% month-over-month, as expected; -0.1% year-over-year, as expected. Separately, August Trade Surplus EUR11.20 billion (consensus EUR20.00 billion; prior EUR31.40 billion) and September Core CPI +0.9% year-over-year, as expected
    • Italy's August Trade Surplus narrowed to EUR1.85 billion from EUR8.07 billion (expected surplus of EUR4.23 billion)

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  • Germany's DAX hovers just above its flat line with a gain of 0.1%. Utilities and financials outperform with Commerzbank, Deutsche Bank, E.On, and RWE up between 1.5% and 2.8%. On the downside, automakers BMW, Daimler, and Volkswagen have given up between 0.9% and 2.4%.
  • In France, the CAC is higher by 0.3% with roughly half of its components trading in the green. Carrefour leads with a 6.5% gain after reporting better than expected results. Financials also outperform with BNP Paribas, Credit Agricole, and Societe Generale showing gains between 1.1% and 1.4%.
  • UK's FTSE trades higher by 0.5% after backing away from its best level of the session. Energy and mining names lead the way with BP, Glencore, and Royal Dutch Shell up between 1.9% and 2.7%. Meanwhile, consumer names lag with Burberry, InterContinental Hotels, and Taylor Wimpey showing losses between 0.6% and 2.2%.

8:24 am S&P futures vs fair value: -0.10. Nasdaq futures vs fair value: +3.50. (:WRAPX) :

U.S. equity futures continue drifting inside narrow ranges with S&P 500 futures trading just below fair value.

Meanwhile, the Dollar Index (94.65, +0.28) has climbed 0.3% with the greenback adding about 10 pips against the euro (1.1359) and showing a 20-pip gain against the British pound (1.5443). For the week, the Dollar Index is on track to end lower by 0.2% after erasing a larger loss.

Elsewhere, Treasuries remain little changed with the 10-yr yield at 2.01%.

8:23 am Unilife Corporation implements a second initiative to further reduce costs and employee headcount, will layoff another 8% of workforce; obtains $10 mln in funding from OrbiMed (UNIS) :

The co announced the signing of an agreement with an affiliate of OrbiMed for the provision of up to an additional $10 million in debt financing. The second cost reduction initiative includes the following: A workforce reduction of approximately 20 employees, or ~8% of the Company's workforce and salary reductions for several executives. The Company expects to record a charge of ~$0.1 mln from severance costs related to the second cost reduction initiative. In addition, the Company expects such initiative to reduce its selling, general and administrative expenses and its research and development expenses by ~$0.5 mln and ~$0.2 mln, respectively, during the quarter ending December 31, 2015, after incurrence of the expenses described in the preceding sentence.

  • The Company does not believe that these cost reduction initiatives will negatively impact its ability to serve its customers
  • As of October 13, 2015, the Company's cash balance was approximately $5.9 million, including restricted cash of $2.1 million.

8:05 am Resolute Forest Products issues statement with regard to the U.S. Dept of Commerce's decision, to impose countervailing duties against it for imports of supercalendered paper from Canada (RFP) :

Co stated that it is disappointed with the decision by the U.S. Department of Commerce to impose countervailing duties against Resolute in connection with its investigation of imports of supercalendered paper from Canada.

  • Commerce determined a subsidy rate of 17.87% for Resolute, and rates of 20.18% for Port Hawkesbury Paper LP and 18.85% for all other producers/exporters in Canada. This contrasts to a calculated preliminary rate of 2.04%.
  • Co believes that Commerce's justification for Resolute's significant increase is based on a failure to consider all the relevant factors and an incorrect application of the statute.
  • The Company is especially discouraged by the suggestion that it "did not fully cooperate with the investigation," based on Commerce's contention that it did not act "to the best of its ability" and precluded verification of this ostensibly unreported assistance.
  • The Company strongly disputes that suggestion and will continue to strongly defend its position in the matter

8:04 am Bluerock Residential Growth prices its 2.5 mln share offering of Series A Cumulative Redeemable Preferred Stock at 8.25%, with liquidation preference at $25/share (BRG) :

  • Co the pricing of its public offering of 2,500,000 shares of its 8.250% Series A Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share (the "Series A Preferred Stock"), for total net proceeds of ~$60.1 million after deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company.
  • The Co has granted the underwriters a 30-day option to purchase up to 375,000 additional shares to cover overallotments, if any.
  • The offering is expected to close on October 21, 2015, subject to the satisfaction of customary closing conditions. The Co has applied to list the Series A Preferred Stock on the NYSE MKT under the symbol "BRG-PrA."

8:04 am KC Southern misses by $0.01, misses on revs (KSU) :

  • Reports Q3 (Sep) earnings of $1.21 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $1.22; revenues fell 6.7% year/year to $632 mln vs the $642.47 mln Capital IQ Consensus.
  • Excluding the estimated impacts of Mexican peso depreciation and lower U.S. fuel prices, revenue increased 1% compared to the third quarter of 2014.
  • Of the co's segments, energy performed the worst
    • Revenue in its energy segment fell 19% YoY, industrial and consumer products fell 10% YoY. Meanwhile, Agriculture and minerals rose 6%, while chemical and petroleum rose 5% YoY
  • Co said, "There is no question that KCS has been confronted with some challenges in 2015. The resiliency of this Company has been demonstrated by its ability to hit these challenges head-on and recover quickly while maintaining strong margins. We look to finish this year with continued strong commercial and operational improvement and ride this positive momentum into 2016."

8:02 am Carpenter Tech appoints Damon Audia to CFO (CRS) : Damon Audia has been named Senior Vice President & Chief Financial Officer (CFO), effective Monday, October 19. Tim Lain, who served as acting CFO following Tony R. Thene's appointment as President & CEO in July, will resume his position as Vice President, Controller & Chief Accounting Officer. Audua was previously SVP of Fiannce for Goodyear (GT).

8:02 am Vital Therapies reports a corporate update and announces date of its Q3 financial results; co has submitted a briefing document to the FDA for a trial similar to VTI-208 (VTL) :

Co provides an update on its clinical development program.

  • Co has submitted a briefing document including a draft trial protocol to the FDA for the upcoming Type C written response meeting, from which the Co expects feedback by year end.
  • This trial, to be known as VTL-308, is similar to the failed VTI-208 trial, but incorporates changes based on the promising subset data from VTI-208.
  • The proposed design excludes subjects aged 50 years or older and those with a MELD of 30 or higher.
  • 91-day survival in this post hoc analysis was 93% for the ELAD group versus 61% for those treated only with standard-of-care. Moreover, the survival benefit appeared durable with survival at the end of 180 days of 89% for the ELAD group versus 48% in those treated only with standard-of-care.
  • Although the result of this post hoc analysis showed statistical significance, it was not pre-specified and there is no guarantee that the results of the planned VTL-308 phase 3 trial will replicate the results of this subset.
  • Co has begun the process of opening clinical sites for VTL-308 and anticipates enrolling the trial's first subject in the first half of 2016.
  • Co is not requesting a Special Protocol Assessmentfrom from FDA.

7:55 am S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +5.10. (:WRAPX) :

U.S. equity futures trade little changed amid subdued action overseas. The S&P 500 futures trade with a point of fair value after slipping to pre-market lows within the past hour.

Meanwhile, Treasuries are little changed with the 10-yr yield at 2.01%.

On the economic front, September Industrial Production (Briefing.com consensus -0.2%) will be reported at 9:15 ET while August Job Openings and Labor Turnover Survey...


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