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Actionable news in FCS: Fairchild Semiconductor International, Inc.,

InPlay from Briefing.com

9:46 am Apple gaps back above its 50/200 ema -- session high 116.90 (AAPL) : Addition to GS Conviction Buy List provides a boost to gap and extend above the 50/200 ema. An initial level above is at 117.41, the 50% retracement of the Nov decline with the bottom of last week's bear gap at 118.07 (top of gap 120.05).

9:41 am Relative sector strength (:TECHX) : Sectors providing leadership in early trade include: Steel SLX, Oil Service OIH, Rail, Mining XME, Energy XLE, Crude Oil USO, Social Media SOCL, Casino, Transports IYT.

9:39 am Opening Market Summary: Energy Sector Paces Opening Advance (:WRAPX) :

Equity indices have jumped out of the gate amid early strength in most sectors. The S&P 500 trades higher by 0.5% with the energy sector (+1.6%) pacing the opening move.

The energy sector has rallied alongside crude oil, which trades up 1.4% at $41.25/bbl, while other cyclical groups hold gains between 0.3% (consumer discretionary) and 0.6% (technology).

On the downside, telecom services (-0.2%) and utilities (-0.1%) hover just below their flat lines.

Treasuries have ticked up off their lows, but they remain in the red with the 10-yr yield higher by two basis points at 2.28%.

9:36 am Johnson Controls increases quarterly dividend to $0.29/share from $0.26/share (JCI) :

9:35 am Firmer tone during initial action -- S&P +8, Dow +71, Nasdaq Comp +18 (:TECHX) : S&P probing first level resistance at 2060/2061.

9:33 am National Cinemedia announces an agreement that will bring Fandango's original video content to NCM's cinema advertising pre-show (NCMI) :

9:32 am Ollie's Bargain Outlet names Jay Stasz as Chief Accounting Officer (OLLI) : Stasz comes to Ollie's following 17 years with Sports Authority, where he held several positions, most recently the Senior Vice President of Finance and Accounting.

9:29 am MarkWest Energy reports that proxy advisory firm ISS recommends unit holders vote for its combination with MPLX (MWE) :

9:29 am BofI Holding completes its 4-1 forward stock split (BOFI) :

9:28 am Pericom Semi issues an open letter to shareholders, urging them to vote for its White proxy card, for the merger proposal with Diodes (DIOD) (PSEM) :

9:28 am Eisai subsidiary Morphotek has enrolled the first patient in the randomized, double-blind ARTEMIS trial (ESALY) :

9:23 am Trinseo CFO John A. Feenan to leave the Company to pursue other opportunities effective December 31 (TSE) : Effective immediately, Christopher D. Pappas, President and Chief Executive Officer, will serve as interim Chief Financial Officer until a replacement has been selected. Feenan will continue to assist the Company in an advisory capacity for the remainder of 2015.

9:21 am Sally Beauty announces an offering of $750 mln in Senior Notes due 2025 (SBH) : Co intends to use the net proceeds from this offering, together with cash on hand and/or additional borrowings, to redeem all $750 million of its 6.875% senior notes due 2019 at a redemption premium equal to 103.438% of the outstanding principal

9:16 am Rentech reports an update on its wood pellet production; Atikokan facility achieves record production of 1,850 metric tons (RTK) :

Co provided an update on its wood pellet production facilities in Ontario, Canada. The Atikokan facility achieved record production of 1,850 metric tons of pellets for the week ended November 14th. The plant's design capacity is 110,000 metric tons per year, or 2,115 metric tons per week.

  • The Wawa facility resumed pellet production this past Friday, having been offline to modify the log in-feed system and complete the most critical phase of its conveyer replacements. Co stated: "We expect to complete the second phase of conveyance replacements at Wawa in the first quarter of 2016, with the goal of operating at full capacity in the second half of the 2016."

9:16 am Systemax: PCM (PCMI) announces acquisition of Certain B2B assets of Systemax's N Am Technology Group including the TigerDirect Brand (SYX) :

  • Under the terms of the agreement, PCM will acquire the right to hire approximately 400 B2B sales representatives located across the United States and Canada, all rights to the NATG B2B customer list (and not any consumer customer list), certain B2B customer and vendor contracts, trademarks and other intellectual property rights including the TigerDirect brand, and certain fixed assets and equipment. At closing, the parties will enter into a transition services agreement to facilitate an orderly transition of the purchased assets. PCM expects that the acquisition will significantly enhance PCM's footprint in the small-medium-business marketplace, as well as in the educational and public sector markets.
  • "After we absorb the costs of bringing on this sales team, we expect their performance to ramp during 2016, and we expect the acquisition to contribute nicely to our revenue and to be meaningfully accretive to our 2016 bottom line operating results beginning in the second quarter."
  • Systemax will close its three remaining retail stores and its NATG distribution center, and after the sale and transition services agreements with PCM are completed, will completely exit its remaining NATG operations.

9:15 am On The Wires (:WIRES) :

  • Cracker Barrel Old Country Store (CBRL) announced they expect to serve more than 1.4 mln Turkey n' Dressing meals during the nine-day Thanksgiving holiday period.
  • RiT Technologies (RITT) has entered into a strategic alliance with Yoga Automation Private Limited to provide RiT's solutions locally in India.
  • Ooredoo Group has signed a frame supply agreement with Alcatel-Lucent (ALU), extending and reinforcing the existing long-term collaboration between both companies. The agreement covers the technology evolution and latest innovations relating to ultra-broadband IP and transport networks.

9:12 am TowerJazz acquires Maxim's (MXIM) 8-inch fabrication facility in San Antonio for ~$40 mln worth of Co shares (TSEM) :

9:11 am SolarCity and Silver Lake Kraftwerk confirm a strategic investment of $113 mln, via SolarCity Zero Coupon Convertible Senior Notes (SCTY) :

Co and Silver Lake Kraftwerk announced that they have agreed to a strategic investment of $113 million in aggregate principal amount of SolarCity's Zero Coupon Convertible Senior Notes.

  • Silver Lake Kraftwerk has agreed to invest $100 million, SolarCity Chairman Elon Musk will invest $10 million and CEO Lyndon Rive will invest $3 million. The investment by Silver Lake Kraftwerk is almost quadruple the size of its initial investment in SolarCity made in February 2012, which it subsequently exited in September 2013.
  • The notes will be senior, unsecured obligations of the Company, will not bear ordinary interest and the principal amount of the notes will not accrete. It is expected that the notes will be convertible into shares of SolarCity's common stock, based on an initial conversion rate of 30.303 shares of common stock per $1,000 principal

9:10 am S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +21.80. (:WRAPX) :

The stock market is on track for a modestly higher open as S&P 500 futures trade eight points above fair value. Index futures held modest losses through the bulk of the night, but they have climbed off their lows after European markets opened for the day.

This morning has been very quiet on the economic front with data limited to the weekly MBA Mortgage Index (+6.2%; previous -1.3%) and October Housing Starts (1.060 million; Briefing.com consensus 1.173 million)/Building Permits (1.150 million; expected 1.137 million). It is also worth noting that the minutes from the October FOMC meeting will be released at 14:00 ET.

As for corporate news, Fairchild Semiconductor (FCS 19.48, +1.60) is on track to open higher by 8.8% after agreeing to be acquired by ON Semiconductor (ON 10.50, -0.24) for $20/share.

9:01 am Tetra Tech receives $46 mln task order from the USAID (TTEK) : Co announces that the U.S. Agency for International Development has awarded the Company a five-year, $46 mln single-award task order under Co's existing Rule of Law contract to support continued improvement of government and social systems in Jordan.

8:58 am On The Wires (:WIRES) :

  • Finjan Holdings (FNJN) announced that the US Patent and Trademark Office has granted Co w/ U.S. Patent No. 9,189,621 covering malicious mobile code runtime monitoring system and methods.
  • Fleetmatics Group (FLTX) added a record fifty new mid-market customers in the third quarter of 2015.
  • OpGen (OPGN) announced that Washington DC's public health departments will oversee a comprehensive citywide evaluation, HARP-DC to gauge the prevalence of the multidrug-resistant Gram-negative bacteria Carbapenem-resistant Enterobacteriaceae in healthcare facilities throughout DC.

8:57 am IMS Health Holdings forecasts drug spending to increase 30% by 2020, to $1.4 trillion (IMS) :

Co forecast that more than half of the world's population will live in countries where medicine use will exceed one dose per person per day by 2020, up from 31 percent in 2005, as the "medicine use gap" between developed and pharmerging markets narrows.

  • It expects total spending on medicines to reach $1.4 trillion by 2020 due to greater patient access to chronic disease treatments and breakthrough innovations in drug therapies. Global spending is forecast to grow at a 4-7 percent compound annual rate over the next five years. It also expects that:
    • More than 90 percent of U.S. medicines will be dispensed as generics by 2020.
    • Global spending will grow by 29-32 percent through 2020, compared with an increase of 35 percent in the prior five years
    • More than 225 medicines will be introduced by 2020, with one-third focused on treating cancer

8:57 am Viggle to acquire SportsTradex's database of customers for the DraftDay platform (VGGL) : As part of the agreement, SportsTradex's customers are being transferred to the DraftDay platform. Other terms of the agreement were not disclosed.

8:57 am S&P futures vs fair value: +8.40. Nasdaq futures vs fair value: +23.40. (:WRAPX) :

The S&P 500 futures trade eight points above fair value.

Asian markets ended the midweek session on a mixed note with markets in China (-1.0%) and Hong Kong (-0.3%) posting losses while Japan's Nikkei (+0.1%) eked out a slim gain. Also of note, the Japanese yen climbed against the dollar during the early portion of the night, but that entire move has been retraced, returning the dollar/yen pair to 123.45.

  • In economic data:
    • China's October House Prices +0.1% year-over-year (previous -0.9%) Australia's CB Leading Index -0.1% month-over-month (prior -0.4%) while Q3 Wage Price Index +0.6% quarter-over-quarter, as expected

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  • Japan's Nikkei (+0.1%) settled just above its flat line thanks to relative strength among growth-sensitive names. Furukawa Electric, Sumitomo Electric, and Advantest Corp gained between 2.3% and 6.6%. On the downside, Pioneer lost 3.7% and Toho Zinc fell 4.0%.
  • Hong Kong's Hang Seng (-0.3%) opened higher, but retreated into the close. Casino and gaming names paced the retreat with Galaxy Entertainment and Sands China lost 4.6% and 3.4%, respectively. On the upside, Li & Fung gained 2.9%.
  • China's Shanghai Composite fell 1.0% amid weakness in securities names as the government expands its probe into the industry. Founder Securities and Pacific Securities both lost near 7.0% apiece. Bank of China outperformed, adding 0.3%.

Major European indices trade mostly lower while UK's FTSE (+0.1%) outperforms. European equities have struggled in the early going while the euro has rebounded from a seven month low against the dollar. The pair currently hovers near 1.0670 after hitting a session high around 1.0690.

  • Economic data was limited:
    • Swiss November ZEW Expectations fell to 0.0 from 18.3

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  • UK's FTSE is higher by 0.1% with airlines on the defensive. International Consolidated Airlines and easyJet hold respective losses of 2.5% and 1.3% while miners outperform. Antofagasta, Anglo American, and Glencore show gains between 1.4% and 2.6%.
  • Germany's DAX has returned to its flat line with help from exporters. Daimler, Volkswagen, and BMW hold gains between 0.4% and 2.3%. On the downside, Linde is the weakest performer, trading lower by 1.7%.
  • In France, the CAC has given up 0.6% with Air Liquide trading down 6.5% following yesterday's acquisition of Airgas. On the upside, ArcelorMittal leads with a gain of 3.7% while Credit Agricole has climbed 1.2%.

8:48 am Ethan Allen letter to stockholders highlights 'significant strategic progress and stockholder value creation'; expecting positive sales trends to continue in November (annual mtg Nov 24) (ETH) :

  • Ethan Allen urges stockholders to vote for its seven director nominees: James B. Carlson, Clinton A. Clark, John J. Dooner, Jr., Domenick J. Esposito, M. Farooq Kathwari, James W. Schmotter and Tara I. Stacom. In October 2015, following receipt by Design Centers of the phase 3 new product offerings, the co accelerated advertising and recorded record written orders for the month of October 2015 that exceeded any prior month of October.
  • Co is also pleased to share that it is expecting positive sales trends to continue in November.
  • Co believes it is important to remind stockholders of the following as it relates to record October orders: Total written orders in the Company's Retail Division increased by 33.9%, and comparable written orders increased by 32.3% compared to October 2014; On an annualized basis, October written order results indicate that Ethan Allen can generate revenues at the $1 bln level within its current structure; At revenues of $1.1 billion, co has the opportunity to achieve gross margin of 56% and op margin of 15%, resulting in a significant increase to earnings per share; retail network in North America demonstrated that it is equipped to service annual sales more than $1 billion; and manufacturing centers are prepared to support these increased volumes, an accomplishment believe is critical given that 70% of products are manufactured in own North American workshops, and 80% of furniture products are custom-made to order.

8:48 am AVG Tech to present, reaffirming 2015 EPS at ~$1.80 vs $1.80 Capital IQ Consensus Est, reaffirms revenue at $426-430 mln vs $427.1 mln consensus; Co also issues 2016 revenue outlook at $440-460 mln vs $460.6 mln consensus (AVG) :

  • Co announced that it will be presenting at the Goldman Sachs US Emerging & SMID Capital Growth Conference in New York City, on Thursday, November 19th, 2015 at 2:30 p.m. EST, during which Gary Kovacs, chief executive officer, will be discussing the company's performance and outlook, including reviewing business trends and initiatives related to strategic objectives for growth.
  • Management will also discuss its current views on the company's 2016 outlook, which, as noted on its third quarter 2015 earnings conference call held on November 4, 2015, is expected to be impacted by rapidly changing market dynamics in its search business.

8:46 am Towers Watson adjourns its Special Meeting of Stockholders from November 18th to November 20th, 2015 'to provide additional time for stockholders to vote' (TW) :

8:46 am European Markets Update: FTSE +0.1%, DAX UNCH, CAC -0.6% (:SUMRX) :

Major European indices trade mostly lower while UK's FTSE (+0.1%) outperforms. European equities have struggled in the early going while the euro has rebounded from a seven month low against the dollar. The pair currently hovers near 1.0670 after hitting a session high around 1.0690.

  • Economic data was limited:
    • Swiss November ZEW Expectations fell to 0.0 from 18.3

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  • UK's FTSE is higher by 0.1% with airlines on the defensive. International Consolidated Airlines and easyJet hold respective losses of 2.5% and 1.3% while miners outperform. Antofagasta, Anglo American, and Glencore show gains between 1.4% and 2.6%.
  • Germany's DAX has returned to its flat line with help from exporters. Daimler, Volkswagen, and BMW hold gains between 0.4% and 2.3%. On the downside, Linde is the weakest performer, trading lower by 1.7%.
  • In France, the CAC has given up 0.6% with Air Liquide trading down 6.5% following yesterday's acquisition of Airgas. On the upside, ArcelorMittal leads with a gain of 3.7% while Credit Agricole has climbed 1.2%.

8:45 am Net Element gets shareholder approval for reverse stock split (NETE) :

  • Co announces that it held a special meeting of stockholders. Shareholders approved the reverse stock split of the Company's common stock at a ratio of between 1 for 10 and 1 for 30, inclusive, which ratio will be selected at the sole discretion of the Company's board of directors.

8:43 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: RADA -9.1%, SBLK -5.7%, SPLS -5.2%, CTXS -4%, (updates on its operations review, offers FY16 guidance, announces plan to spin off GoTo businesses, names new Chief Marketing Officer), SFUN -2.7%, SQM -2.1%, GILT -1.9%, MTSI -1.1%, AMCN -0.7%, GBDC -0.5%.

Other news: KBIO -12% (cont volatility pre-mkt), NBG -8.2% (cont volatility pre-mkt), SYT -4.8% (may be related to Reuters story regarging Bayer stating its crop chem business is not for sale), CLGX -3.8% (still checking), OME -3.3% (Wynnefield filed an amended 13D disclosing letter sent as follow up to several earlier communications detailing concerns and doubts related to the credibility of the 'purported strategic review process'),, QCOM -2.6% (announces receipt of report from Korea Fair Trade Commission alleging it violates Korean competition law), IBN -2.3% (Sensex down overnight), INFY -1.4% (Sensex down overnight), WMGI -0.9% (announced a secondary offering of 4.5 mln shares by an affiliate of Warburg Pincus), .

Analyst comments: DSX -4.6% (downgraded to Hold from Buy at Deutsche Bank), GPRO -3.8% (target lowered to $15 from $20 at Piper Jaffray), SGEN -3.2% (initiated with a Sell at Goldman)

8:42 am Gapping up (SCANX) :

Gapping up
In reaction to strong earnings/guidance
: MCUR +10% (reports Q3 results and withdraws guidance given recently announced clinical trial results; commences a process to review all strategic alternatives ), DQ +6.1%, VIPS +4.2%, JACK +3.9%, LOW +2.1%, TGT +1.4%.

M&A news: FCS +8.7% (to be acquired by ON Semiconductor (ON) for $20/share in cash, or ~$2.4 bln),NSC +6.6% (Canadian Pacific proposes to acquire Norfolk Southern),CP +5.1% (Canadian Pacific proposes to acquire Norfolk Southern),AHS +3.5% (signs an agreement to acquire B.E. Smith for $160 mln in cash; expected to be immediately accretive to Co's GAAP and adjusted EPS),PSEM +3.2% (Montage Technology Group increases cash offer for Pericom Semiconductor Corporation to $19.00/share),CAG +2.9% (announces plans to separate into two independent public companies),PMCS +2.1% (Microsemi (MSCC) has increased its offer to acquire PMC-Sierra; new offer valued at $12.05/ PMCS share),.

Select Brazil related names showing strength: SID +15.2%, GGB +8.8%, EPR +2.6%, PBR +2.5%, BAK +2.2%, .

Select metals/mining stocks trading higher: VALE +3.2%, MT +3.1%, NEM +2.4%, RIO +1.7%, BBL +1.3%, BHP +1%, FCX +0.7%, .

Select oil/gas related names showing strength: SDRL +4.5%, RIG +2.1%, BP +1.7%, RDS.A +1.7%, TOT +1.6%, OAS +1.5% .

Other news: AVXL +27.5% (announces that it is moving forward with the development program for ANAVEX 2-73 in a larger double-blinded, randomized, placebo-controlled Phase 2/3 trial),MIFI +11.5% (announced that Wells Fargo Bank has increased the Company's five-year senior secured revolving credit facility to $48 million),UVE +8.7% (co issued a statement 'correct misleading allegations and misinformation presented by Lakewood Capital'),THLD +7.1% (enters into definitive co-promotion agreement for Evofosfamide w/ Merck KGaA (MKGAY)),DBVT +6.4% (presents preclinical Data on its Viaskin technology),DEPO +4.3% (acquired the rights to Cebranopadol from Grnenthal GmbH),RAX +4.1% (prices upsized offering of $500 mln of 6.500% senior notes due 2024),RDEN +3.6% (co's President of Global Fragrances, Joel B. Ronkin, resigned to accept a position as CEO of a privately-held personal care organization),COMM +2.1% (Maverick Capital's Lee Ainslie long recommendation),CSX +2% (on CP / NSC news),AXLL +1.7% (appointed Timothy Mann as CEO),STM +1.7% (semi peer),NVS +1% (Co's unit Sandoz receives FDA acceptance for proposed biosimilar pegfilgrastim),UNP +0.8% (on CP / NSC news).

Analyst comments: BLUE +4.6% (initiated with a Buy at Goldman),FARO +3.8% (upgraded to Buy from Hold at Canaccord Genuity),KITE +3.5% (initiated with a Buy at Goldman),TASR +3.3% (upgraded to Buy from Neutral at Ladenburg Thalmann),SBH +3.1% (upgraded to Buy from Neutral at Goldman),HALO +2.9% (initiated with a Buy at Citigroup),GPRE +2.8% (resumed with a Outperform at Credit Suisse),AAPL +1.6% (added to Conviction Buy List at Goldman),CGNX +1.5% (upgraded to Buy from Hold at Canaccord Genuity),MIDD +1.5% (upgraded to Outperform from Market Perform at BMO Capital Markets),INCY +1.3% (initiated with a Buy at Goldman)

8:36 am Medtronic acquires privately-held Aircraft Medical for $110 mln in cash (MDT) :

Aircraft Medical is a privately-held medical device company based in Edinburgh, Scotland, that develops handheld video laryngoscopes used by anesthesiologists and critical care professionals to intubate patients.

No Snake Oil in These Four Pharmaceutical Stocks TheStreet q 1 day 19 hrs ago

  • Medtronic expects the net impact from...

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