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Actionable news in BBRY: BlackBerry Limited,

InPlay from Briefing.com

11:07 am Choppy trade persists with S&P -2.5 edging to a new session high -- Dow +12, Nasdaq Comp -8 (:TECHX) :

11:03 am BlackBerry announces that its multi-OS EMM platform BES12 and BlackBerry OS 10.3.2 for smartphones have achieved STIG approval from the Defense Information Systems Agency for use at the U.S. Department of Defense (BBRY) :

10:28 am Philip Morris International - - Earnings Mover drops -4.25% back below its 50-day ma's along the $100-mark (PM) :

10:23 am Notable movers of interest: Netlfix shares slump as subscriber growth disappoints (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

  • VMW (67.91 +8.53%): Co reports Q2 earnings beat, revenues in-line, and raised Q3 and FY16 guidance.
  • EMC (28.05 +1.85%): Shares rise following Q2 earnings beat and revenues in-line.

Large Cap Losers

  • NFLX (84.72 -14.26%): Shares slide after co reports U.S. subscriber growth less than expected.
  • PM (99.05 -3.83%): Co reports Q2 miss on eps and revenues.
  • KSU (94.21 -1.47%): Co reports Q2 eps above expectations and revenue in-line.

Mid Cap Gainers

  • MTG (6.85 +7.37%): Co reports Q2 earnings beat on eps and revenues.
  • DXCM (83.9 +7.3%): FDA releases executive summary documents ahead of July 21 AdCom for Dexcom's G5 Mobile Continuous Glucose Monitoring System.
  • HAS (80.36 +0.68%): Upgraded to Overweight from Neutral at Piper Jaffray.

Mid Cap Losers

  • SAVE (45.39 -5.06%): Issues Q2 guidance with TRASM coming in at the low end of the range, operating margin ~22% (in-line with previous guidance).
  • X (21.08 -2.96%): Metals trade lower as markets continue rally ( MT, BHP, CLF...).

10:23 am Tesla Motors displays relative strength as price builds on yesterday's momentum to notch a fresh July high above 227.50 (TSLA) : Earnings scheduled for Aug 3.

10:17 am Apple edges back toward morning high at 99.97 (AAPL) : Yesterday's two month high is at 100.13 with the May close/intraday highs at 100.41/100.73.

10:17 am EMC shareholders approve merger with Dell (EMC) : The transaction is expected to close on the original terms and within the originally announced timeframe, subject to regulatory approval from China and satisfaction of customary closing conditions.

10:11 am Major averages stabilize near Monday lows and begin to work higher -- Dow +13, S&P -3, Nasdaq Comp -10 (:TECHX) :

10:04 am Super Micro Computer - - Earnings Mover dives 28% to fresh 2-year lows below $20-mark (SMCI) : Next area of potential support is around its early 2014 breakout above prior resistance along the $17-vicinity.

10:01 am Relative sector strength (:TECHX) : Aerospace/Defense (PPA, ITA) and Industrial XLI have displayed some relative strength in recent trade with LMT +2.1 and BA +1% helping to underpin these groups. Sectors posting gains in morning action include: Copper JJC, Restaurant (MCD, CMG), Bank KBE (BAC +0.7%), Reg Bank KRE, Cyber Sec HACK.

10:01 am McDonald's displays relative strength as price lifts above multi-week resistance along the $124-level (MCD) : Shares reportedly higher in the wake of McDonald's Japan shares higher by 5% overseas following Pokemon giveaway promotion.

9:51 am IBM - - Earnings Mover quickly gives up opening strength as price slumps to a fresh 4-day low below 159-level (IBM) :

9:48 am S&P -7 and Nasdaq Comp -18 slip to new session lows -- Dow -25 (:TECHX) :

9:46 am Opening Market Summary: Indices Pullback at Open (:WRAPX) :

As expected, the stock market opened on a lower note as the S&P 500 (-0.3%) trades behind the Nasdaq Composite (-0.2%) and the Dow Jones Industrial Average (-0.1%).

Nine sectors trade in the red as energy (-0.4%), consumer staples (-0.5%), and materials (-0.6%) round out the leaderboard. The remaining decliners sport losses between 0.1% (industrials) and 0.4% (financials). Conversely, countercyclical health care (+0.1%) sports the only gain.

In the consumer staples space (-0.5%), tobacco names display relative weakness as the sub-group trades lower in sympathy with Philip Morris International (PM 99.50, -3.50). The stock has slipped 3.4% after missing top- and bottom-line estimates for the quarter.

Homebuilders outperform in the consumer discretionary space (-0.4%), evidenced by the 0.2% gain in the iShares Dow Jones US Home Construction ETF (ITB 29.35, +0.05). The sub-group is trading higher following the headline surprise in this morning's reading of Housing Starts (1189k; Briefing.com consensus 1165k) and Building Permits (1153k; Briefing.com consensus 1150k) for June.

On the commodities front, WTI crude trades lower by 0.3% ($45.78/bbl; -$0.16) while gold has ticked higher by 0.1% (1,331.70/ozt, +$1.40).

9:46 am Magnegas announces successful results of its recent testing of its developmental wastewater sterilization equipment (MNGA) :

The co announced that the successful results of its recent testing of its developmental wastewater sterilization equipment have 'moved the Company a step closer to entering the septic water treatment market.'

  • In June and July, the Company deployed its 50 KW mobile sterilization system at a Florida septic wastewater treatment facility. Initial results of the processed samples analyzed by an independent laboratory indicate significant reductions in pathogens. Additionally, these preliminary results are indicating reductions in Nitrogen, Phosphorus, and Potassium.

9:42 am Relative sector weakness (:TECHX) : Underperforming sectors in early trade include: Steel SLX, Coal KOL, Casino BJK, Mining XME, Airline JETS, Oil Service OIH, Ag/Chem MOO (MOS -1.7%), Trucking, Rail, Silver SLV, Materials XLB.

9:39 am Twitter expands partnership with the NBA: Original NBA programming and exclusive video coming to Twitter, Vine and Periscope (TWTR) : The NBA and Twitter announced an expanded content partnership that will bring exclusive original live programming and more video to Twitter, Vine and Periscope. The NBA, through its NBA Digital partnership with Turner, and Twitter will deliver a free live stream of a new weekly NBA pregame show with first-of-its-kind elements created specifically for integration with Twitter conversation. The weekly pregame show will be featured exclusively on Twitter for logged-in and logged-out users. Ahead of the 2016-17 season, the NBA will announce an additional to-be-determined show that will also stream exclusively on Twitter. NBA PR.

9:38 am Mildly weaker tone at the start improves -- Dow -2, S&P -4, Nasdaq Comp -5 (:TECHX) : Top performers in the Dow include JNJ +1.1% (reported earnings), MRK +0.6%, PFE +0.5%, MCD +0.5%, IBM +0.2% (reported earnings).

9:32 am Netflix - - Earnings Mover gaps down -12% to its May/June lows in the 84/85 area (NFLX) :

9:29 am On The Wires (:WIRES) :

  • Incipio announces that the Federal Trade Commission has granted early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its cash tender offer to purchase all of the outstanding shares of common stock of Skullcandy (SKUL).
    As previously announced, Incipio and Skullcandy entered into a definitive agreement contemplating the acquisition of Skullcandy by Incipio via a tender offer to acquire all of the outstanding shares of Skullcandy's common stock at a price of $5.75 per share in cash.
  • Barnes & Noble Education (BNED) and Instructure (INST) announced a partnership to align and share course and usage data across systems, which will empower higher education institutions to more efficiently and effectively improve student outcomes and retention.
  • Intrexon's (XON) Oxitec expanded Aedes project begins today Tuesday July 19th-So Judas is the first central neighbourhood to receive the mosquito that fights the primary vector of dengue, Zika and chikungunya.
  • Sunrun (RUN) announces the closing of a $33 million non-recourse term loan facility to support the growth of Sunrun's residential solar business in Maryland, Massachusetts and New Jersey. Sunrun will use the 5-year loan to finance a portfolio of solar renewable energy credits.
  • Harris & Harris (TINY) higher premarket on light volume ahead of its virtual roadshow presentation today Tuesday at 2pm ET for H&H Co-Investment Partners, HZO Co-Investment Series III private placement offering.
  • LabStyle Innovations (DRIO) announces that since the U.S. soft launch in March, the Company has seen rapid market penetration, including better than 100% growth per month in users during the second quarter. The initial results show that more than 4,550 Dario All-in-one Smart Glucose Meter Devices were purchased by U.S. customers by June 30, 2016. Additionally at June end, the Company had more than 4,900 U.S. users registered on its servers.
  • Sparton Corporation (SPA) subsidiary Sparton DeLeon Springs was awarded a contract under the U.S. Navy SeaPort Enhanced ID/IQ Multiple Award Contract. This award allows Sparton to supply a broad range of engineering and technical support services to U.S. Navy programs.
  • Enterprise Products Partners (EPD) has loaded its first two vessels with polymer grade propylene for export at the Enterprise Hydrocarbons Terminal along the Houston Ship Channel, adding a new service at this facility.
  • ASPiRA LABS, a Vermillion company (VRML), announced an agreement with Priority Health Managed Benefits, a Michigan healthcare insurance company, for coverage of ASPiRA LABS' ovarian cancer risk assessment test, OVA1.
  • Itron (ITRI) announced that the City of Lancaster Public Works Department has signed a contract with Itron to improve the city's water efficiency and customer service. The city will modernize its distribution system with Itron's smart water solution and use Itron Total Outcomes to maintain the communications network and host Itron's analytics application.

9:25 am James Hardie to sell $75 mln aggregate principal amount of 5.875% senior notes due 2023 (JHX) : The notes offered are a further issuance of, and will be consolidated with, the $325,000,000 principal amount of 5.875% senior notes due 2023 issued on February 10, 2015 and will form a single series with such previously issued notes. James Hardie expects to use the proceeds from the offering for general corporate purposes.

9:21 am S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -15.60. (:WRAPX) :

The stock market is on track for a lower open as the S&P 500 futures trade six points below fair value.

Index futures ticked lower overnight, responding to a similar downturn in global bourses. European markets are trading lower as financial names and miners pace the retreat. Additionally, a negative reaction to earnings results from Ericsson (ERIC 7.10, -0.44) and Novartis (NVS 81.07, -0.97) has solidified the move lower in regional indices. It is worth noting, however, that the broader Euro Stoxx 50 (-1.0%) index has advanced 2.1% in the month of July and more than 5.3% since the day following Britain's surprise Brexit decision.

The earnings season has taken on a different tone here at home as quarterly reports from IBM (IBM 161.91, +2.05), VMware (VMW 68.40, +5.83), EMC (EMC 28.00, +0.46), and Lockheed Martin (LMT 259.70, +3.41) have each provoked buying interest. Conversely, negative reactions are few and far between as UnitedHealth (UNH 140.50, -0.25) and Netflix (NFLX 85.60, -13.21) show losses. Netflix has tumbled 13.4% in reaction to a below-consensus reading of the company's subscriber count. The company reported 160,000 additions domestically and 1.52 million internationally. Furthermore, the media streaming company lowered its guidance on additions for the third quarter.

The U.S. Dollar Index (97.07, +0.51) trades broadly higher as the euro and the pound each lose ground to the greenback. The single currency has ticked lower by 0.5% against the dollar (1.1015) while sterling has slipped 1.0% against the buck (1.3123). Separately, the dollar has gained 0.7% against the commodity-sensitive Canadian dollar (1.3029).

The Treasury complex has backed away from its high in recent trade as the yield on the 10-yr note registers at 1.57% (-2 bps).

9:19 am Golden Enterprises to be acquired by Utz Quality Foods for $12.00/share in cash (GLDC) :

Utz Quality Foods is a privately-held snack food co.

  • The merger agreement includes a three-day period during which the co's Board can consider an unsolicited alternative proposal that it concludes in good faith (after consultation with outside legal counsel and the financial advisor) is 'more favorable' from a financial point of view to the stockholders of the co than the transaction contemplated by the merger agreement.
  • The transaction is expected to close in 4Q16.

9:06 am On The Wires (:WIRES) :

  • Kratos Defense & Security Solutions (KTOS) announced that its winning team, led by Systems Technology Forum, Ltd, was recently awarded a Seaport-e Delivery Order to support the Space and Naval Warfare Systems Command Program Executive Office for Command, Control, Communications, Computers and Intelligence PMW/A 170. The five-year single award Delivery Order has a total value over $44 million if all options are exercised.
  • Canadian Solar (CSIQ) announced that the company has introduced the new T4 Field-Installable PV Connector portfolio to the North American market.
  • One Horizon Group (OHGI) announced that its business-to-consumer mobile telco VoIP service in China, Aishuo, has surpassed 37 million subscriber downloads and is expanding its offering for travelers with the introduction of a mobile phone SIM card.
  • Aoxin Tianli Group (ABAC) announced that its wholly-owned subsidiary, Wuhan Fengze Agricultural Science and Technology Development, has entered into a Letter of Intent to acquire a majority stake in Hainan Chengmai Zaohuaxiang Hog Industry, a high-end specialty black hog farm operator based in Hainan Province with annual production capacity of 30,000 hogs. Pursuant to the LOI entered into on July 18, 2016 among Fengze and the three shareholders --Sheng Yang, Jun Yang, and Haicheng Pan, who collectively own 100% of the equity interest in Zaohuaxiang, Fengze will acquire a 51~60% equity interest in Zaohuaxiang for a combination of cash and stock.
  • 8x8 (EGHT) announced that the company is expanding its international footprint with new investments in Europe, Asia Pacific, and Latin America to support growing demand from global and distributed mid-market and enterprise customers. This will include the addition of three new data centers in Singapore, The Netherlands and Brazil; full localization capabilities (end user application and portal localization) for an additional six languages -- French (two dialects), German, Dutch, Spanish, Italian and Portuguese; and new support centers in the Philippines and Romania delivering 24 x 7 follow-the-sun support.

9:06 am Neogen reports EPS in-line, beats on revs (NEOG) :

  • Reports Q4 (May) earnings of $0.26 per share, in-line with the Capital IQ Consensus of $0.26; revenues rose 14.6% year/year to $90.1 mln vs the $86.11 mln Capital IQ Consensus.
  • Revenues and net income for the fourth quarter, and the 2016 fiscal year, established new all-time highs for the 34-year-old company.
  • "We met our goal of producing double-digit organic growth for the fiscal year, expanded the company's product line and broadened our geographic foundation. Although the relative strength of the U.S. dollar created challenges to our short-term financial performance, it also created acquisition opportunities."
  • Neogen's Animal Safety segment achieved a revenue increase of 16% in the 2016 fiscal year when compared to 2015. The segment's organic growth was 14%
  • Revenues for the company's Food Safety segment increased 11% during the current fiscal year compared to the prior year.

9:04 am TICC Capital announces that during the quarter ended June 30, 2016 it exited $59.1 mln of 1st and 2nd Lien syndicated corporate loans at an avg price of 100.2% of the par value of such loans & an estimated weighted avg yield at exit price of 6.89% (TICC) :

  • Also during the same quarter, TICC purchased $36.0 mln of 1st and 2nd Lien corporate loans at an avg price of 92.6% of the par value of such loans and an estimated weighted average yield at purchase price of 11.60%.

9:03 am COPsync announces that the Bexar County Sheriff's Office in Texas will conduct an evaluation of the COPsync Network to determine the effectiveness of the system (COYN) :

9:02 am Medtronic announces it has received CE Mark for its new Guardian Connect mobile continuous glucose monitoring system for people with diabetes using insulin injection therapy (MDT) : Guardian Connect is the first smartphone-enabled CGM system from Medtronic to receive CE Mark. The system will be launched on a country-by-country basis in the second quarter of fiscal year 2017, beginning with select countries in Europe, Asia Pacific, and Latin America.

9:01 am Ally Financial confirms $700 mln repurchase program and quarterly dividend of $0.08/share (Announced as part of 2016 Capital Plan following CCAR review in late June) (ALLY) :

8:59 am On The Wires (:WIRES) :

  • NXP Semiconductors (NXPI) announces that the FTC of the US has decided to terminate the regulatory review waiting period for the transaction under which NXP divests its Standard Products business to a consortium of financial investors consisting of Beijing Jianguang Asset Management Co and Wise Road Capital. NXP continues to expect to close the transaction in the first quarter of 2017.
  • Mattel (MAT) announces that it has been awarded worldwide master toy licensee for Jurassic World beginning in July 2017. Under the terms of the deal, Mattel will design, produce and bring to market a wide variety of toys and consumer products inspired by the franchise and its multiple feature films, including the highly-anticipated next film, set for release in 2018.
  • Fusion (FSNN) announces that it has been selected to provide its integrated suite of cloud solutions to a rapidly growing dental services provider currently operating in 25 locations in the Western U.S. The dental company cited Fusion's robust, diverse and fully redundant national cloud network, its integrated suite of cloud solutions and its dedicated, professional technical and customer support as primary reasons for awarding Fusion the three year, $750,000 cloud solutions contract.

8:55 am S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -14.40. (:WRAPX) :

The S&P 500 futures trade five points below fair value.

Equity indices in the Asia-Pacific region had a mixed showing on Tuesday with Japan's Nikkei (+1.4%) displaying relative strength. The index climbed even though the yen flashed some overnight strength, which has been retraced over the past few hours. Separately, the Reserve Bank of Australia released its latest policy minutes, in which the central bank discussed a limited fallout (for the time being) from the Brexit vote, continued softness in China, and the high likelihood that Australian inflation remains low.

  • In economic data:
    • Hong Kong's June Unemployment Rate held at 3.4% (expected 3.5%)
    • South Korea's June PPI +0.2% month-over-month (last 0.1%); -2.7% year-over-year (last -3.0%).
  • Hong Kong's June Unemployment Rate held at 3.4% (expected 3.5%)
  • South Korea's June PPI +0.2% month-over-month (last 0.1%); -2.7% year-over-year (last -3.0%).

---Equity Markets---

  • Japan's Nikkei rallied 1.4% with nine sectors registering gains. Technology (+2.9%), health care (+2.1%), and consumer staples (+1.6%) outperformed while communications (-0.3%) lagged. Dainippon Screen Manufacturing, Furukawa, Konami, Toho, Trend Micro, Tokyo Electron, Advantest, Eisai, and Fast Retailing gained between 3.2% and 8.8%.
  • Hong Kong's Hang Seng lost 0.6%. Cathay Pacific Air was the weakest performer, falling 2.7%. Galaxy Entertainment, China Mengiu Dairy, Belle International, Ping An Insurance, Bank of East Asia, and CNOOC lost between 1.2% and 2.5%.
  • China's Shanghai Composite slipped 0.2%. Hubei Jumpcan Pharmaceutical, Baoji Titanium Industry, and China Southern Airlines lost between 3.0% and 3.5%.

Major European indices trade lower across the board with Italy's MIB (-1.3%) struggling to keep pace. News flow from the region has been relatively light with European Commissioner Valdis Dombrovskis saying Brexit is likely to reduce the U.K.'s GDP by about one percentage point due to uncertainty. Separately, a British government lawyer said the invocation of Article 50 is not expected to take place this year.

  • In economic data:
    • Eurozone ZEW Economic Sentiment -14.7 (expected 12.3; last 20.2)
    • Germany's July ZEW Economic Sentiment -6.8 (consensus 9.0; last 19.2) and ZEW Current Conditions 49.8 (expected 51.8; last 54.5)
    • UK's June CPI +0.2% month-over-month, as expected (previous 0.2%); +0.5% year-over-year (consensus 0.4%; last 0.3%). Core CPI +1.4% year-over-year (consensus 1.3%; last 1.3%), and Input PPI +1.8% month-over-month (expected 1.3%; last 2.2%). Output PPI +0.2% month-over-month, as expected (last 0.2%). June Unemployment Rate held at 3.4% (expected 3.5%) and House Price Index +8.1% year-over-year (consensus 7.9%; last 8.1%)
  • Eurozone ZEW Economic Sentiment -14.7 (expected 12.3; last 20.2)
  • Germany's July ZEW Economic Sentiment -6.8 (consensus 9.0; last 19.2) and ZEW Current Conditions 49.8 (expected 51.8; last 54.5)
  • UK's June CPI +0.2% month-over-month, as expected (previous 0.2%); +0.5% year-over-year (consensus 0.4%; last 0.3%). Core CPI +1.4% year-over-year (consensus 1.3%; last 1.3%), and Input PPI +1.8% month-over-month (expected 1.3%; last 2.2%). Output PPI +0.2% month-over-month, as expected (last 0.2%). June Unemployment Rate held at 3.4% (expected 3.5%) and House Price Index +8.1% year-over-year (consensus 7.9%; last 8.1%)

---Equity Markets---

  • UK's FTSE is lower by 0.1% with miners and consumer names under pressure. Rio Tinto, Glencore, Anglo American, Antofagasta, and BHP Billiton are down between 2.8% and 3.4% while ITV, Morrison Supermarkets, Tesco, Sainsbury, and Diageo show losses between 0.7% and 2.4%.
  • France's CAC trades down 0.8% amid broad weakness. ArcelorMittal has given up 3.0% while financials Societe Generale, Credit Agricole, and BNP Paribas show losses between 1.3% and 2.2%.
  • Germany's DAX has slumped 1.0% with all but two components trading in the red. Deutsche Bank leads the decline with a 3.1% drop while heavyweights like BMW, Volkswagen, Daimler, Bayer, and Siemens show losses between 0.8% and 2.2%.
  • Italy's MIB has given up 1.3% with financials like BMPS, Banca Pop Emilia Romagna, Banca di Milano Scarl, Banco Popolare, and Unicredit down between 3.4% and 5.6%.

8:46 am ARK Funds 3D Printing ETF to commence trading today (PRNT) :

Gapping down
In reaction to disappointing earnings/guidance
:

  • SMCI -22.2% (slashes Q4 guidance; also announces $100 mln repurchase program)
  • NFLX -12.5%
  • SAVE -4.9%, (Spirit Airlines issues Q2 guidance with TRASM coming in at the low end of the range, operating margin ~22%)
  • ERIC -4%
  • RMBS -2.3%
  • PM -2.2%
  • RF -1.9%
  • STLD -1.7%
  • TTS -1.3%
  • GWW -1.2%
  • YHOO -0.8%
  • AGR -0.7%
  • ELS -0.6%

M&A news:

Select financial related names showing weakness: DB -4%, BCS -2.6%, LYG -1.7%, RBS -1.4%

Select metals/mining stocks trading lower: MT -4%, BHP -3.2%, CLF -2.1%, VALE -1.7%, X -1.3%, AA -1.0%, FCX -1.0%

Other news:

  • BLDP -6.5% (pulling back following yesterday's strong gains)
  • RIO -4.8% (releases Q2 production results; Q2 Pilbara iron ore sales were in line with annual guidance)
  • RYI -2.9% ( announces a 5 mln share underwritten public offering of common stock )
  • SNY -1.2% (in sympathy with NVS)
  • AZN -1.2% (in sympathy with NVS)
  • ALK -0.7% (in sympathy with SAVE)
  • UAL -0.7% (in sympathy with SAVE)
  • LUV -0.7% (in sympathy with SAVE)
  • DAL -0.6% (in sympathy with SAVE)

Analyst comments:

  • PCAR -1.9% (downgraded to Underperform from Neutral at Longbow)
  • GOV -1.8% (downgraded to Underperform from Hold at Jefferies)
  • ORCL -0.5% (downgraded to Neutral from Overweight at Atlantic Equities)

8:35 am TPG Specialty Lending issues a letter to TICC Capital (TICC) outlining long history of 'underperformance, questionable governance, & misalignment with stockholders', urges TICC shareholders to vote for their Director nominee (TSLX) : The letter also urges stockholders to protect their investment in TICC and vote by signing and returning the GOLD proxy card FOR the termination of the investment advisory agreement between TICC and its external adviser and the election of TSLX's highly-qualified and independent nominee, T. Kelley Millet, to TICC's Board of Directors at TICC's 2016 Annual Meeting, which is scheduled for September 2, 2016.

8:35 am Genuine Parts misses by $0.01, misses on revs; sees FY16 EPS at low end of range, reaffirms FY16 revs guidance (GPC) :

  • Reports Q2 (Jun) earnings of $1.28 per share, $0.01 worse than the Capital IQ Consensus of $1.29; revenues fell 1.0% year/year to $3.9 bln vs the $3.98 bln Capital IQ Consensus, inclusive of a 2% contribution from acquisitions less a currency headwind of 1%.
    • Sales for the Automotive Group were down 0.7%, consisting of a 1% core sales decline, a 1.5% currency headwind and an approximate 2% contribution from acquisitions.
    • Sales at Motion Industries, our Industrial Group, were down 1.7%, including a 3% underlying sales decrease and an approximate 0.5% currency headwind, offset by a 2% benefit from acquisitions.
    • Sales at EIS, our Electrical/Electronic Group, were down ~5%, including a 1% negative impact of copper pricing.
    • Sales for S. P. Richards, our Office Products Group, were up 1%, consisting of a 5% contribution from acquisitions offset by a 4% underlying sales decrease."
    • "This quarter our automotive sales along with our other distribution businesses were all impacted by the challenging sales environment. We offset some of this impact with key sales and gross margin initiatives as well as tight expense controls."
  • Sales for the Automotive Group were down 0.7%, consisting of a 1% core sales decline, a 1.5% currency headwind and an approximate 2% contribution from acquisitions.
  • Sales at Motion Industries, our Industrial Group, were down 1.7%, including a 3% underlying sales decrease and an approximate 0.5% currency headwind, offset by a 2% benefit from acquisitions.
  • Sales at EIS, our Electrical/Electronic Group, were down ~5%, including a 1% negative impact of copper pricing.
  • Sales for S. P. Richards, our Office Products Group, were up 1%, consisting of a 5% contribution from acquisitions offset by a 4% underlying sales decrease."
  • "This quarter our automotive sales along with our other distribution businesses were all impacted by the challenging sales environment. We offset some of this impact with key sales and gross margin initiatives as well as tight expense controls."
  • Co issues guidance for FY16, lowers EPS to $4.70-4.75 from $4.70-4.80 vs. $4.76 Capital IQ Consensus; reaffirms FY16 revs +1-2% to ~$15.43-15.59 bln vs. $15.57 bln Capital IQ Consensus Estimate.
  • Net interest margin for the second quarter of 2016 was 4.02% up from 3.98% for the first quarter and 3.97% for the year-ago period.

8:34 am Housing Starts and Building Permits Rise in June...S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -15.50. :

The S&P 500 futures trade six points below fair value as investors weigh recently released housing data and a plethora of quarterly reports.

Just released, housing starts came in at a seasonally adjusted annualized rate of 1.189 million units in June, which was up from a revised 1.135 million units in May (from 1.164 million). The Briefing.com consensus expected starts to increase to 1.165 million units. Building permits registered in at a seasonally adjusted 1.153 million in June from a revised 1.136 million for May (from 1.138 million). The Briefing.com consensus expected a reading of 1.150 million.

8:33 am VBI Vaccines applies its clinical-stage eVLP Platform to the development of a vaccine candidate to prevent Zika virusinfection (VBIV) :

  • "Preclinical analytical testing suggests that our Zika eVLPs present target proteins in a shape that resembles the virus as it is found in nature, potentially allowing for a potent immune response," said Dr. David E. Anderson, Ph.D., VBI's Chief Scientific Officer. "We have begun testing in animal models to help validate the immunogenicity and protective potential of this approach."

Gapping up
In reaction to strong earnings/guidance
: VMW +8%, MTG +6%, JNJ +2.3%, GFI +2%, BRO +1.8%, CMA +1.8%, IBM +1.7%, EMC +1.5%, LMT +1.4%

Other news:

  • HDSN +39.3% (receives a five-year contract including a five-year renewal option, by the US DoD with an estimated maximum value over the term of the agreement of $400 mln)
  • LPTN +11.5% (thinly traded; Chief Development Officer Dario A. Paggiarino, M.D. notifies of intent to resign effective July 22 to pursue other opportunities)
  • ADMS +11.1% (Adamas Pharmaceuticals & Allergan (AGN) announce that the FDA has approved a new expanded label for Namzaric extended-release)
  • ZIOP +9.2% (provides update regarding Phase I Study of gene therapy candidate Ad-RTS-hIL-12 in brain cancer)
  • PLUG +7.3% (announces The Carrefour Group (CRRFY) as a new GenDrive fuel cell customer in France)
  • ECR +6.1% ( provides Q2 operational update; raises FY 2016 production guidance ~7%)
  • CYNA +5.8% (provides an update on its European clinical plan following meetings with regulatory authorities ; announces positive open-label dose titration phase results from the ongoing CTH-300 pivotal Phase 3 efficacy and safety trial )
  • MZOR +2.6% (announces data from two studies 'demonstrating significant clinical benefits' of its surgical guidance technological platform at the International Meeting on Advanced Spine Techniques)
  • ARQL +1.8% (ArQule announces presentation of data on ARQ 531 that supports further preclinical and clinical research in BTK sensitive and ibrutinib resistant malignancies)
  • LXRX +0.9% (announces the acceptance of the filing submitted by Ipsen to the EMA for telotristat etiprate as an adjunct to somatostatin analog therapy for the long-term treatment of carcinoid syndrome)

Analyst comments:

  • PSTI +2% (assumed with a Buy at H.C. Wainwright)
  • CMG +1% (upgraded to Outperform from Underperform at CLSA)

Greentech Media is an information services provider for the electricity and renewables sector.

  • The transaction is expected to close in 3Q16

8:32 am Oragenics announces NYSE Acceptance of its plan of compliance (OGEN) : Co announces that NYSE Regulation has accepted the company's plan to regain compliance with the NYSE MKT exchange's continued listing standards by November 10, 2017. If co does not make progress consistent with the plan, the NYSE Regulation staff may initiate delisting proceedings as appropriate.

8:31 am...


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