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Actionable news in SD: SANDRIDGE ENERGY Inc,

InPlay from Briefing.com

8:54 am On the Wires (:WIRES) :

  • Avalon Rare Metals (AVL) provided an update on its $750k pilot plant program on its Separation Rapids Lithium Project located near Kenora, Ontario. The 30 tonne bulk sample of crushed ore that was shipped this summer has arrived at its destination in Germany and process work is now underway
  • MedAssets (MDAS) announced that Scripps Health, a non-profit regional health system, has expanded its relationship with MedAssets to include Invoice Management Services
  • Orbital ATK (OA) announced that the company was awarded a $16 million contract with options for the first phase of development for the 120mm Advanced Multi-Purpose, XM1147 High Explosive Multi-Purpose with Tracer cartridge
  • CoLucid Pharmaceuticals (CLCD) announced that the first patient has been randomized in the Company's Gladiator study, a Phase 3 long-term, open-label trial of lasmiditan. The objective is to evaluate the safety and efficacy of lasmiditan, as well as resource utilization, functional outcomes and disability
  • Hansen Medical (HNSN) announced the shipment of the first Magellan Mobility Package for the Magellan Robotic System, to the Miami Cardiac & Vascular Institute in Miami, FL
  • In collaboration with physicians at 43 US hospitals, AstraZeneca (AZN) presented results from an ongoing observational study, Sentinel 1, at the IDWeek 2015 annual scientific meeting. The study results confirmed that among preterm infants 29-35 weeks gestation who did not receive immunoprophylaxis, RSV disease can be severe, often resulting in intensive care unit (:ICU) admission and the need for mechanical ventilation

8:51 am S&P futures vs fair value: -8.10. Nasdaq futures vs fair value: -17.50. (:WRAPX) :

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

Markets in the Asia-Pacific region mostly gave way to a day of profit taking following some strong gains of late. A disappointing machinery orders report out of Japan contributed to the negative disposition. The notable exception Thursday was China's Shanghai Composite. It rallied 3.0% in a catch-up trade following its weeklong closure.

  • In economic data:
    • Japan's August Core Machinery Orders -5.7% month-over-month (expected +3.2%; prior -3.6%); -3.5% year-over-year (expected +4.2%; prior +2.8%). Separately, September Economy Watchers Current Index 47.5 (expected 48.6; prior 49.3)

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  • Japan's Nikkei declined 1.0% and ended at its lows for the session following a much weaker-than-expected report for core machinery orders. The biggest losers were the health care (-2.8%) and consumer staples (-2.7%), and consumer discretionary (-1.6%) sectors. Aeon (-7.2%), Shionogi & Co (-6.7%), and MEIJI Holdings (-5.5%) paced declining issues. Sumco Corp (+4.1%), Chiyoda Corp (+3.9%), and Minebea (+3.6%) topped the list of winners. Out of the 225 index members, 89 ended higher, 129 finished lower, and 7 were unchanged.
  • Hong Kong's Hang Seng declined 0.7%, spending nearly the entirety of its session in negative territory. Prior to Thursday's trade, the Hang Seng had risen 9.5% over a span of just five trading sessions beginning on September 30. CNOOC (-6.0%), China Resources Enterprise (-5.5%), and Belle International Holdings (-3.7%) were the worst-performing issues. Sino Land Co (+2.3%), Sands China (+1.6%), and Galaxy Entertainment (+1.4%) were the best-performing issues. Out of the 50 index members, 14 ended higher and 36 finished lower.
  • China's Shanghai Composite increased 3.0% in its reopening after a weeklong holiday. It was a catch-up trade that many saw coming with other markets having rallied hard since the Shanghai Composite closed on September 30. At its best level of the day, the Composite was up 3.9%.

Major European indices trade near their flat lines while UK's FTSE (+0.4%) outperforms. The Bank of England made no changes to its policy stance, leaving its key interest rate and the purchasing program unchanged at 0.50% and GBP375 billion, respectively. On a separate note, the latest policy meeting minutes from the European Central Bank indicated there is still "substantial degree of stimulus" in the pipeline.

  • Economic data was limited:
    • Germany's August Trade surplus narrowed to EUR19.60 billion from EUR22.40 billion (expected surplus of EUR22.50 billion) as imports fell 3.1% (consensus -1.2%; prior 2.3%) and exports declined 5.2% (expected -1.2%; last 2.2%)
    • Swiss September Unemployment Rate ticked up to 3.4% from 3.3%, as expected

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  • UK's FTSE trades higher by 0.4% with select miners showing strength for the second day in a row. BHP Billiton and Fresnillo hold respective gains of 2.3% and 3.0%. Consumer names also display strength with Tesco, easyJet, and Burberry up between 2.1% and 2.6%.
  • Germany's DAX has climbed 0.1% with exporters among the leaders. BMW, Daimler, and Volkswagen have gained between 0.8% and 2.0%. Financials also outperform with Commerzbank and Deutsche Bank both up near 0.4%. On the downside, Bayer has given up 1.5%.
  • In France, the CAC is lower by 0.2%. Veolia Environnement is the weakest performer, trading lower by 1.6%, while financials BNP Paribas and Societe Generale hold losses close to 0.8% apiece. On the flip side, ArcelorMittal trades up 1.6%.

8:47 am Net Element to hold a special meeting of stockholders seeking approval to effect a reverse stock split at a ratio of between 1 for 20 and 1 for 30 to retain Nasdaq listing (NETE) :

8:46 am European Markets Update: FTSE +0.4%, DAX +0.1%, CAC -0.2% (:SUMRX) :

Major European indices trade near their flat lines while UK's FTSE (+0.4%) outperforms. The Bank of England made no changes to its policy stance, leaving its key interest rate and the purchasing program unchanged at 0.50% and GBP375 billion, respectively. On a separate note, the latest policy meeting minutes from the European Central Bank indicated there is still "substantial degree of stimulus" in the pipeline.

  • Economic data was limited:
    • Germany's August Trade surplus narrowed to EUR19.60 billion from EUR22.40 billion (expected surplus of EUR22.50 billion) as imports fell 3.1% (consensus -1.2%; prior 2.3%) and exports declined 5.2% (expected -1.2%; last 2.2%)
    • Swiss September Unemployment Rate ticked up to 3.4% from 3.3%, as expected

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  • UK's FTSE trades higher by 0.4% with select miners showing strength for the second day in a row. BHP Billiton and Fresnillo hold respective gains of 2.3% and 3.0%. Consumer names also display strength with Tesco, easyJet, and Burberry up between 2.1% and 2.6%.
  • Germany's DAX has climbed 0.1% with exporters among the leaders. BMW, Daimler, and Volkswagen have gained between 0.8% and 2.0%. Financials also outperform with Commerzbank and Deutsche Bank both up near 0.4%. On the downside, Bayer has given up 1.5%.
  • In France, the CAC is lower by 0.2%. Veolia Environnement is the weakest performer, trading lower by 1.6%, while financials BNP Paribas and Societe Generale hold losses close to 0.8% apiece. On the flip side, ArcelorMittal trades up 1.6%.

8:45 am Vivus: Icahn Enterprises (IEP) announces the expiration of its tender offer of VIVUS' 4.50% Convertible Senior Notes due 2020; minimum condition was satisfied (VVUS) : As of the Expiration Date, the Offeror received tenders for $170,165,000 aggregate principal amount (or 68%) of the issued and outstanding Notes, which satisfied the minimum condition of the Offer. The remaining conditions upon which the consummation of the Offer was subject have also been satisfied.

8:39 am Royale Energy reaches an agreement, with a major independent exploration and production company, to develop 1.3K acres in the Sacramento Basin Grimes Field (ROYL) : This agreement allows Royale to drill up to three wells targeting a 3D seismically defined amplitude.

8:32 am Delcath reports receiving national reimbursement coverage for Chemosat procedures in Germany (DCTH) :

Co announces the establishment of a national reimbursement code for procedures performed with the Delcath Hepatic CHEMOSAT Delivery System in Germany.

  • The German Institute for the Hospital Remuneration System issued a ZE diagnostic-related group code, which permits hospitals in Germany to obtain reimbursement for CHEMOSAT procedures beginning in 2016.

8:31 am Futures tick lower following better than expected Initial Claims...S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -14.70. (:WRAPX) :

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

The latest weekly initial jobless claims count totaled 263,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally was below the revised prior week count of 276,000. As for continuing claims, they rose to 2.204 million from 2.195 million.

8:31 am Polycom: Elliott Management discloses active stakes in PLCM and Mitel Networks (MITL); sees a potential Polycom and Mitel combination driving over 80% upside to Polycom stock price by 2017 (PLCM) :

Group's letter highlights were:

  • "Polycom, Mitel and other UCC vendors have been challenged to maintain market share and will continue to face a very difficult market. Such conditions have led Polycom's stock to meaningfully underperform all relevant metrics over all relevant timeframes. Maintaining the status quo strategy will perpetuate Polycom's track record of underperformance and risk further shareholder value erosion. Polycom must initiate a comprehensive review of all strategic options, and the time for that review is now.
  • Elliott strongly believes a combination of mid-tier UCC vendors will create greater scale, significant synergies and a meaningful valuation uplift for stockholders. We believe that Polycom is an excellent platform vehicle to roll up the UCC space. We have conveyed all of these thoughts to Mitel (MITL).
  • Mitel has a very capable management team led by CEO Rich McBee and CFO Steve Spooner, has engaged in successful M&A and offers valuable tax benefits to a new combined company. We believe that the ideal Consolidation Strategy begins with a Polycom/Mitel combination, whether those companies stay public or go private."
  • Co additionally noted that it owns stock in Shortel (SHOR), and stated that "A combination between Mitel and ShoreTel made sense a year ago, and ShoreTel would still be a compelling acquisition target for a combined Polycom/Mitel as it executes on its Consolidation Strategy."

8:31 am SunOpta's subsidiary enters into a $330 mln senior secured second lien loan, in connection with its Sunrise Holdings acquisition (STKL) : Co announces intends to access its committed financing entered into in connection with the announcement of its pending acquisition of Sunrise Holdings, Inc. in the form of a senior secured second lien loan , in the amount of $330 mln. Co intends to use the net proceeds of the Loan, together with the proceeds from the offering of common shares issued by SunOpta on September 30, 2015, borrowings under its North American credit facilities and cash on hand, to pay the purchase price for the previously announced acquisition of Sunrise and to pay related fees and expenses. The closing of the Loan is expected to occur contemporaneously with the closing of the acquisition of Sunrise.

8:31 am Marrone Bio Innovations announces it receives EPA approval for Majestene bionematicide (MBII) :

  • Co announces that the EPA has approved its latest product, Majestene, a broad spectrum, high performance natural bionematicide for controlling nematodes on a wide range of agricultural crops.

8:30 am Market View: Dec. eMini stock-index futures continue to trade below fair values here following the 8:30 am ET economic data points (:TECHX) :

  • ESz5 now -8.00

  • YMz5 now -61

  • NQz5 now -17.00

8:29 am On the Wires (:WIRES) :

  • McDermott International (MDR) announced it has been awarded a sizeable brownfield project by Qatar Petroleum for the engineering, procurement, construction and installation of four wellhead jackets. Installation of two jackets in the Bul-Hanine field offshore east of Doha has been scheduled to be completed by December 2016 with the remaining two scheduled for completion in July 2017
  • Yulong Eco-Materials Limited (YECO) has received authorization to process and recycle construction waste in two additional administrative villages in the Zheng Dong New District of Zhengzhou City. For this work Yulong will receive 15RMB (about $2.35) per cubic meter of construction waste processed, or more than $1.4 million.
  • Teva Pharmaceutical Industries Ltd. (TEVA) announced that the Russian Ministry of Health has approved the Marketing Authorization license for three-times-a-week Copaxone (glatiramer acetate injection) 40 mg/mL, for the treatment of patients with relapsing-remitting multiple sclerosis

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

  • UBIC (UBIC) announced that the Japan Patent Office has recently issued a Notification of Decision of Grant to the Company for a patent application related to its Predictive Review technology
  • Hovnanian Enterprises (HOV) and DW Partners announced a land banking arrangement worth $125 million. Domain and Hovnanian anticipate identifying land parcels totaling $125 million in acquisition and development costs over the next two months. Domain will acquire the portfolio of land parcels from Hovnanian and option finished lots on a monthly takedown basis back to Hovnanian
  • MagneGas Corporation (MNGA) announced that its cutting fuel is being used in the steel portion of the demolition of the St. Petersburg Pier
  • AZZ (AZZ) was awarded a contract estimated to be valued at greater than $15 mln from the Comision Federal de Electricidad to refurbish main steam isolation valves and reactor recirculation cooling system valves at the Laguna Verde 1 and 2 Nuclear Power Plants near Veracruz, Mexico. Under the terms of the contract, AZZ will provide valve repair services beginning with Laguna Unit 1 during scheduled outages in the fall of 2015 and continuing in the spring of 2016
  • Elephant Talk Communications (ETAK) announced that it entered into a Cloud Service and Software License Agreement with the wholesale division of a Tier 1 US Mobile Operator, pursuant to which the operator may procure ETAK's MVNO platform services on a non-exclusive basis
  • Alibaba Group Holding Limited (BABA) launched Alibaba Defined, a comprehensive digital experience created to help audiences outside of China better understand the company's business model, strategy, and products and services. The content can be seen at http://ar.alibabagroup.com/2015/index.html
  • Statoil (STO) announced that this morning there was a report that oil had been observed in the sea close to the OLS B loading buoy at the Statfjord field. The oil spill was discovered during the loading of oil from the Statfjord A platform to the tanker "Hilda Knutsen" via the OLS B loading buoy, which is located between Statfjord A and Statfjord B. Loading to the tanker has stopped and supply to the pipe and loading system from Statfjord A has been closed. Production at Statfjord A is operating normally.

8:24 am Diana Shipping signs a term loan facility for nearly $40 mln with ING Bank N.V (DSX) : The proceeds will be used to partially finance the acquisition costs of one of its Kamsarmax dry bulk vessels and of a Capesize dry bulk vessel currently under construction, that is expected to be delivered to the Company by the end of October 2015.

8:23 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: CSII -15%, HLIT -4.9%, DPZ -4.6%, EXFO -1%

Select financial related names showing weakness: NBG -3.5%, CS -2.5% (Financial Times reporting that bank may look to unveil a new capital raise plan in the next two weeks). ING -1.4%, RBS -0.7%

Other news: ORIG -16% (co announced an update on its fleet, stating 'the market continues to remain challenging due to the massive spending cuts initiated by the oil companies'), PIP -9.9% (announced oral arguments in SIGA's appeal and PharmAthene's cross-appeal have concluded), GLBL -5.3% (SunEdison (SUNE) terminates deal to acquire six operating hydro-electric and wind projects located in Peru; the projects would have been transferred to Global), SHAK -5% (files ~26.160 mln share Class A common stock shelf offering by selling stockholders), NEWT -3.4% (to launch a public offering of 2 mln shares of common stock), ETSY -2% (Amazon (AMZN) launched its news Handmade at Amazon store), SMG -1.1% (priced $400 mln of 6.000% senior notes due 2023)

Analyst comments: GRPN -2.1% (initiated with an Underperform at Cowen), TUP -1.5% (downgraded to Underperform from Neutral at BofA/Merrill)

8:20 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance/SSS
: WGBS +17.8%, MG +16%, EDUC +9.2%, RELL +5.2%, ZUMZ +3.8%, NXTD +2.9%, RECN +1.9%, DB +0.6%, (announces anticipated Q3 charges - rebounding from yday's sell-off), CONN +0.4%

M&A news: JMG +42.2% (to be acquired by Gannett (GCI) for $12 per share),BMR +8.2% (to be acquired by Blackstone (BX) for $23.75/share in an $8 bln deal),EMC +4.2% (in talks to merge with Dell, according to the WSJ),CC +3.6% (pollo Global Management (APO) may consider an offer to acquire CC, according to Bloomberg),ECA +2.7% (to sell its Denver Julesburg Basin assets in Colorado for ~$900 mln),TLN +2.1% (agrees to sell three Pennsylvania power plants, with 996 MW of capacity, for $1.51 bln in cash)

Select metals/mining stocks trading higher: AU +3.8%, BHP +2.5%, MT +1.9%, BBL +1.6%, FCX +1.5%, CLF +1.4%, VALE +0.8%

Other news: GBSN +40.9% (submits its Shiga Toxin Direct Test to the FDA for 510(k) clearance following the successful completion of a clinical trial that met all of Great Basin's clinical objectives),SD +16% (announces it will repurchase $100 mln of its senior unsecured notes for $30 mln in cash, and exchange $300 mln of senior unsecured notes for convertible notes ),NBIX +15.6% (announces that NBI-98854 showed a statistically significant reduction in tardive dyskinesi, during a Kinect 3 clinical trial),CDTI +14.6% (Clean Diesel Technologies and PACCAR (:PACR) sign multi-year Distribution Agreement for DuraFit),NVLS +11.8% (announced positive Phase 1b results for N91115 in patients with Cystic Fibrosis),OGXI +11.1% (announces the EMA supports plans for prospectively defining poor prognostic subpopulation in Ph 3 AFFINITY trial),LL +8% ( reaches a settlement with the DOJ related to compliance with the Lacey Act, regarding the protection of plants, fish and wildlife ),BTX +6.3% (OncoCyte subsidiary filed Registration Statement with the SEC in connection with co's planned distribution OncoCyte common stock to holders of BioTime),MBLX +4% (announces $20 million common stock purchase agreement with Aspire Capital Fund),INTL +3.1% (to replace AMSG in the S&P SmallCap 600),RAX +2.1% (cont strength),SNDK +2.1% (cont strength, rumored to be takeover target earlier this week),SLRC +1.7% (announces a $30 million repurchase program),ASML +1.7% (still checking),ALKS +1.7% (favorable commentary on Wednesday's Mad Money),FCAU +1.3% (confirms new tentative agreement with the UAW ),AMSG +1.2% (to replace CNW in the S&P MidCap 400),RBA +1% (reported September gross auction proceeds)

Analyst comments: QLYS +6.2% (upgraded to Outperform from Neutral at Credit Suisse),TLYS +4.6% (upgraded to Buy from Neutral at B. Riley & Co),LOCO +3.4% (initiated with a Buy at Sun Trust Rbsn Humphrey),NAVI +3.1% (upgraded to Buy from Neutral at Goldman),PAY +2.4% (upgraded to Strong Buy from Outperform at Raymond James),NKE +0.6% (upgraded to Buy at DA Davidson)

8:17 am On the Wires (:WIRES) :

  • Masimo (MASI) announced that an 18-study meta-analysis of 665 subjects reported that Masimo's Pleth Variability Index (PVI), available with Masimo's SET and rainbow SETmonitoring platforms, may help clinicians assess fluid responsiveness in mechanically ventilated patients in normal sinus rhythm in the operating room and intensive care unit. The meta-analysis, published in the Journal of Clinical Monitoring and Computing by Dr. Chu and colleagues from The First Hospital of China Medical University, Shenyang, China, combined the findings from 18 independent studies evaluating the ability of PVI to help clinicians assess fluid responsiveness
  • Fibrocell Science (FCSC) and Intrexon Corporation (XON) announced that additional details of positive in vivo pre-clinical data for FCX-007, will be presented at the American Society of Human Genetics Annual Meeting from October 6-10, 2015 in Baltimore, Maryland.
  • Sabre Corporation (SABR) announced a new agreement to provide content, merchandising solutions and Sabre Marketplace Analytics to Virgin Australia. Using Sabre's data analytics technology, Virgin Australia will be able to view shopping activity made within the Sabre travel marketplace for their routes
  • Seaspan Corporation (SSW) announced that it accepted delivery of a 14000 TEU containership, the YM Warmth. The new containership, is Seaspan's sixth 14000 TEU SAVER design containership and eighth delivery in 2015. The YM Warmth will commence a ten-year, fixed-rate time charter with Yang Ming Marine Transport Corp. Yang Ming may extend the charter for up to an additional two years
  • VBI Vaccines (VBIV) announced that it has applied its eVLP Platform in the development of a novel therapeutic vaccine candidate for Glioblastoma. Co is evaluating the ability of its vaccine candidate to stimulate CD4+ and CD8+ T cell responses in peripheral blood mononuclear cells harvested from healthy patients and patients with GBM. Co will also monitor several biomarkers predictive of clinical efficacy

8:16 am Pulmatrix announces preclinical data showing that PUR1900 was active and potent in vitro against Aspergillus fumigatus while achieving high lung concentrations and low systemic exposure in rats (PULM) : In rat pharmacokinetic studies, itraconazole showed a long duration of lung retention, with some clearance over a one week period. Subsequent studies with PUR1900 dry powder demonstrated that PUR1900 maintains high concentrations of itraconazole in both lung tissue and in bronchoalevolar lavage samples. Amphotericin B lung concentrations remained constant over one week, while voriconazole was rapidly absorbed and cleared from the lungs. Most notably, the percentage of administered drug recovered in lung tissue for itraconazole was significantly higher than for amphotericin or voriconazole, and itraconazole had a long lung half-life, which may lead to less frequent dosing in the clinic. All three compounds exhibited potent activity against A.fumigatus in vitro.

8:04 am ManTech awarded contract by the Defense Intelligence Agency; vehicle has a 5-year period of performance, with a potential value of $6 bln (MANT) :

8:04 am MagneGas selected for major steel demolition project in Florida (MNGA) : Co announces that its cutting fuel is being used in the steel portion of the demolition of the St. Petersburg Pier, a multi-story structure that is being demolished and replaced with new building.

8:03 am CB&I awarded $60 mln plant services contract extension with Louisiana Pigment (CBI) :

8:03 am DuPont and Caribou cross-license CRISPR-Cas intellectual property portfolios; cos enter into multi-year research collaboration; DuPont makes minority equity investment in Caribou (DD) : DuPont and Caribou Biosciences, a developer of CRISPR-Cas technologies for genome editing, jointly announced a strategic alliance. As part of the agreement, DuPont and Caribou have cross-licensed their...


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