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InPlay from Briefing.com

9:52 am Wal-Mart is a Dow leader thus far with it approaching its near two week range top/recovery high at 66.17 -- session high 66.08 (WMT) :

9:50 am Fresh session highs in recent trade for major averages -- Dow +325, S&P +38, Nasdaq Comp +104 (:TECHX) :

9:48 am Boeing displays relative strength, working up toward its late Aug recovery high/week long range top at 133.72 -- session high 132.95 (BA) :

9:43 am Opening Market Summary: Influential Sectors Lead Opening Charge (:WRAPX) :

As expected, the market has charged out of the gate with the Dow, Nasdaq, and S&P 500 showing gains close to 1.9% apiece. The early advance has been broad-based with about 2400 NYSE-listed issues trading in the green versus just 320 decliners.

All ten sectors hold early gains of 1.0% or more with technology (+2.2%) and financials (+2.1%) in the lead while the health care sector (+1.7%) follows right behind. On the flip side, the energy sector (+1.3%) underperforms as oil trades down 1.7% at $45.26/bbl.

Elsewhere, Treasuries have inched up off their lows, but they remain down with the 10-yr yield up five basis points at 2.18%.

9:42 am Broad based strength off the open from market averages -- Dow +298, S&P +35, Nasdaq Comp +95 (:TECHX) : Sector leadership has come from: Copper JJC, Steel SLX, Semi SMH (INTC +2.9%), Auto CARZ, Solar TAN, Technology XLK, Casino, Mining XME, Software IGV (MSFT +3%), Finance XLF, Biotech IBB, Broker IAI.

9:42 am Accenture to acquire S3 TV Technology; terms not disclosed (ACN) : S3 TV Technology is a business unit of Dublin-headquartered S3 Group that delivers consultancy, automated testing, service monitoring and diagnostic solutions to video service providers globally.

9:41 am Intel extends above its 50 day sma/ema to 29.31 in early trade, its recovery high from last week is at 29.42 (INTC) :

9:39 am Microsoft displays relative strength, working up toward the highs of the last two weeks at 43.98/44.15 -- session high 43.89 (MSFT) :

9:38 am Verizon says it will begin technology field trials of 5G technology in 2016 (VZ) : 5G network environments, or "sandboxes," are being created in Verizon's Waltham, Mass., and San Francisco Innovation Centers. The expected benefits of 5G, as described during Verizon's inaugural forum, include about 50 times the throughput of current 4G LTE, latency in the single milliseconds, and the ability to handle exponentially more Internet-connected devices to accommodate the expected explosion of the Internet of Everything.

9:30 am CME Group to launch 7-year and 20-year US Dollar Deliverable Swap Futures on September 28, 2015 (CME) :

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

  • KapStone Paper and Packaging Corporation (KS) has received and agreed to an offer from the Association of Western Pulp and Paper Workers Union Local 153 to unconditionally return to work from their strike that commenced on August 27
  • Tecnoglass, Inc. (TGLS) announced that the Company's new soft coat manufacturing line has commenced operations
  • Praxair, Inc. (PX) announced that it has taken another step in enhancing its helium supply portfolio by signing a long-term agreement for the purchase of helium from Nacogdoches Oil & Gas (NOG). NOG operates a helium-bearing gas field in Apache County, Arizona, and will supply up to 100 million scf per year of helium under the agreement, with the potential for further expansion.
  • Ocata Therapeutics (OCAT) announced that the first patient has been enrolled in the company's Phase 2 clinical trial using Ocata's proprietary RPE cells in patients with atrophic age-related macular degeneration. Interim top-line results from the first cohort is expected in the second quarter of 2016 and the interim read-out on the second two cohorts is expected by the end of 2016.
  • The U.S. EPA and Unilever (UN) announced a research collaboration to develop scientific approaches to better assess the safety of chemicals found in some consumer products without using animal data. Through the agreement th EPA and Unilever will develop a series of case studies based on chemicals of mutual interest. The EPA will develop and provide data using these automated chemical screening technologies, and Unilever will use its expertise in consumer products to estimate exposures for the chemicals. Unilever is contributing over $800,000 to the collaboration
  • Teleflex Incorporated (TFX) announced that the U.S. FDA has classified the voluntary medical device recall of HUDSON RCI SHERIDAN SHER-I-BRONCH Endobronchial Tube as a Class 1 recall. Teleflex is recalling the products following receipt of customer complaints reporting that the double swivel connector may crack or separate on the endobronchial tube.

9:18 am DepoMed confirms Horizon Pharma plc's (HZNP) unsolicited exchange offer, stating it will carefully review and evaluate the offer (DEPO) :

Co noted that on August 19, the Depomed Board unanimously rejected Horizon's (HZNP) revised proposal that provided for an exchange ratio of 0.95 of Horizon shares for each share of Depomed. The Board strongly believed that the revised proposal significantly undervalued Depomed, and did not reflect the value Depomed would contribute to the combined company or the value of the synergies from the transaction.

  • Co stated that in consultation with its financial and legal advisors, will carefully review and evaluate Horizon's exchange offer

9:16 am Commscope to acquire Airvana; terms not disclosed (COMM) : Airvana, headquartered in Chelmsford, Massachusetts, provides 4G LTE and 3G small cell solutions that enable people to access communications, information and entertainment in challenging and high-value environments-offices, public venues and homes.

9:13 am S&P futures vs fair value: +35.20. Nasdaq futures vs fair value: +78.80. (:WRAPX) :

The stock market is on course for a sharply higher open with S&P 500 futures trading 35 points above fair value.

Index futures have charged higher overnight, building on gains that were registered yesterday while the cash market was closed for Labor Day. The Monday advance occurred amid strength in European equities that saw markets in France, Germany, and the UK climb between 0.5% and 0.7%. Those indices have followed yesterday's inconspicuous advance with a broad-based charge today. Economic data has been a supportive factor as Q2 GDP for the eurozone was unexpectedly revised up to 0.4% from 0.3% quarter-over-quarter.

Economic data was also the focus in Asia with China trade data coming in ahead of expectations on the headline level (trade balance $60.24 billion; expected $48.20 billion), but exports fell 5.5% year-over-year (expected -6.0%) and imports declined 13.8% year-over-year (expected -8.2%; prior -8.1%), with the latter highlighting concerns about China's domestic economy. Furthermore, the data did not show much improvement in imports of crude oil and iron ore-two components that are viewed as leading indicators of economic health. Despite the mediocre data, the Shanghai Composite spiked 2.9%, charging to highs into the close amid speculation of government involvement in the market.

U.S. Treasuries have recently dropped to new lows after retreating slowly through the morning. The 10-yr yield is currently higher by six basis points at 2.19%.

9:09 am Cerner announces approval of a $245 mln share repurchase program (CERN) :

9:03 am CECO Environ. completes PMFG acquisition (CECE) :

Co has completed the previously announced acquisition of PMFG, Inc.

  • "We expect the acquisition to generate meaningful cost reduction synergies and global sales opportunities through significant operating and manufacturing synergies, as well as the opportunity to drive important recurring revenues and new engineered equipment through an installed base of over $5 billion. It also provides us with sales opportunities in our core end markets and gives us critical scale with combined pro forma revenue of approximately $500 million. In addition, we expect that the combination of PMFG's Asian business will bring additional sales and manufacturing resources which will help us achieve our $100 million revenue goal in the region within three years."

9:02 am Verso names Allen Campbell as CFO effective September 21, 2015 (VRS) : Campbell previously served 10 years as the chief financial officer of Cooper-Standard Holdings Inc. (CPS)

9:02 am Air Industries Group closes Compac Development Corporation acquisition (AIRI) :

9:01 am RedHill Biopharma announces Phase III data that further supports the potential superior efficacy of RHB-105 over SoC; enters into an agreement with Recipharm AB (RDHL) :

Co announced additional supportive data from the first Phase III study with RHB-105 for eradication of H. pylori. Results from the subsequent open-label treatment of patients in the placebo arm with standard-of-care (SoC) therapy for persistent H. pylori infection demonstrated a 63% eradication rate with SoC, compared to the previously reported 89.4% eradication rate demonstrated in the RHB-105 arm of the controlled study. Results further support the potential superior efficacy of RHB-105 over SoC and validate the use of the historical SoC efficacy threshold of 70% implemented in the ERADICATE Hp study as the control for the study's primary endpoint. Completion of the clinical study report (:CSR) is expected in the fourth quarter of 2015.

  • RedHill also recently entered into an agreement with Recipham AB, a leading CMO (Contract Manufacturing Organization) for the manufacture of RHB-105. Under the terms of the agreement, Recipharm will be responsible for manufacturing RHB-105 for the planned second Phase III study and for future potential commercial supply of RHB-105. In order to support the manufacturing of RHB-105, Recipharm will invest approximately 13 million SEK (~$1.55 million) in manufacturing capabilities

9:00 am Medical Transcription Billing announces that is has secured a $10 mln credit facility from the Technology Banking division of Opus Bank (OPB) (MTBC) : The credit facility totaling $10 million was officially extended by Opus to MTBC on September 2, 2015. It consists of an initial term loan in the amount of $4 million, to repay outstanding debts, a $2 million revolving line of credit, and an additional term loan amount of $4 million, subject to MTBC's timely completion of its Series A Preferred Stock offering.

9:00 am Tetra Tech announces that USAID has awarded it a $47 mln contract, to promote ecosystems, protect biodiversity, and conserve forested areas in Indonesia. (TTEK) :

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

  • Merck (MRK) and Samsung Bioepis announced the approval of Brenzys (etanercept) by the Ministry of Food and Drug Safety in Korea
  • Gramercy Property Trust Inc. (GPT) announced that its Gramercy Property Europe plc fund has acquired a portfolio of four fully occupied large format retail stores, totaling
    ~590,000 sq ft
  • China Biologic Products, Inc. (CBPO) announced that its majority-owned subsidiary Shandong Taibang Biological Products Co. received approval from the Shandong Provincial Health and Family Planning Commission to build a new branch collection facility in Shandong Province, which will operate under its Ningyang plasma collection station
  • Capstone Turbine Corporation (CPST) announced that it received an order for a C600 microturbine to power oil processing equipment and electrical submersible pumps on an oil platform off the western coast of Africa
  • Harmonic (HLIT) and Intelsat S.A. (I) announced a partnership to launch HVN Intelsat UHD, a linear UHD demonstration channel for the North American TV markets

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

  • TiVo Inc. (TIVO), a leading innovator in the advanced television space, and the National Cable Television Cooperative (:NCTC) today announced that the NCTC will make TiVo's advanced television solutions available to their membership for deployment of multi-screen, linear, recorded, over the top, and video on demand TV experiences
  • Terex Corporation (TEX) announced that it has received the requisite consents with respect to its previously announced consent solicitation from holders of its 6.00% Senior Notes due 2021 and 6.50% Senior Notes due 2020 to certain proposed amendments to the indentures governing the Notes. The consent solicitation was conducted in connection with the previously announced merger of Terex with Konecranes Plc
  • Steve Madden (SHOO) announced two executive promotions: Amelia Newton Varela has been named to the newly created position of President, and Karla Frieders has been appointed to the newly created position of Chief Merchandising Officer
  • Oxis Biotech, a wholly owned subsidiary of Oxis International (OXIS) announced the execution of an exclusive worldwide license agreement to further develop and commercialize DT2219ARL

8:56 am Diana Containerships reports that the previously announced sale of the Panamax container vessel 'Cap Domingo' will not proceed, as the buyer was not able to obtain Board approval (DCIX) :

8:55 am Lightbridge announces $10 mln initial funding commitment from Aspire Capital (LTBR) : Under the Purchase Agreement, the Company has the right, in its sole discretion, to present Aspire Capital with a purchase notice, directing Aspire Capital to purchase up to 100,000 shares of the Company's common stock per business day (in a purchase amount up to $250,000 on each such business day) up to an aggregate of $10.0 million of the Company's common stock at a per share price equal to the lesser of: the lowest sale price of the Company's common stock on the purchase date; or the arithmetic average of the three lowest closing sale prices for the Company's common stock during the twelve consecutive trading days ending on the trading day immediately preceding the purchase date.

8:55 am S&P futures vs fair value: +35.30. Nasdaq futures vs fair value: +77.10. (:WRAPX) :

The S&P 500 futures trade 35 points above fair value.

Markets in the Asia-Pacific region came to life on Tuesday after some generally weak showings on Monday that followed on the heels of Wall Street's disappointing finish on Friday. Japan's Nikkei (-2.4%) was a notable exception on Tuesday to other markets which staged an afternoon rally in conjunction with China's Shanghai Composite. The latter shook off some weak trade data for August and soared 5.3% over the final two hours following a report of new infrastructure spending and speculation of government-backed purchases.

In economic data:

  • China's August Trade Balance $60.24 bln (expected $48.2 bln; prior $43.03 bln) as Exports -5.5% year-over-year (expected -6.0%; prior -8.3%) and Imports -13.8% year-over-year (expected -8.2%; prior -8.1%)
  • Japan's Q2 GDP revised to -0.3% quarter-over-quarter (expected -0.4%; prior -0.4%); -1.2% year-over-year (expected -1.8%; prior -1.6%). Separately, Q2 GDP Price Index +1.5% year-over-year (expected +1.6%; prior +1.6%), August Bank Lending +2.7% year-over-year (prior +2.6%), July Adjusted Current Account JPY 1.32 tln (expected JPY 1.25 tln; prior JPY 1.30 tln), and August Economy Watchers Current Index 49.3 (expected 52.1; prior 51.6)
  • Australia's August NAB Business Confidence 1.0 (expected 0.0; prior 4.0)
  • New Zealand's Q2 Manufacturing Sales Volume -0.2% quarter-over-quarter (prior -0.3%)

------

  • Japan's Nikkei declined 2.4% on the heels of a modest 0.4% increase on Monday. The disappointing showing followed on the heels of a positive revision to Q2 GDP and weak trade data out of China. The downturn was led by the health care (-5.6%), consumer staples (-5.0%), and consumer discretionary (-2.6%) sectors. Shionogi & Co. (-8.8%), Kikkoman (-8.1%), and Kajima Corp (-7.5%) were the biggest losers while Pioneer (+8.4%), Kobe Steel (+3.3%), and Tokuyama (+3.1%) topped the list of winners. Out of the 225 index members, 46 ended higher, 169 finished lower, and 10 were unchanged.
  • Hong Kong's Hang Seng increased 3.3% after a 1.3% decline on Monday, surging as much as 3.5% over the final two hours in a move that mirrored a late rally in mainland shares. Wharf Holdings (+7.9%), Lenovo Group (+6.1%), and China Resources Land (+5.8%) led individual winners. Out of the 50 index members, 49 ended higher, none finished lower, and 1 was unchanged.
  • China's Shanghai Composite jumped 2.9% despite some generally weak trade data for August. On Monday the Composite dropped 2.6%. The Composite was down 2.3% for the day on Tuesday, but stormed back with a 5.3% rally over the final two hours to end the day in positive territory. That move was precipitated by news of $11 billion in new railway projects and speculation of government-backed purchases. Separately, Chinese authorities on Monday proposed a new circuit breaker system and a reduction in the income tax on dividends for shareholders owning stock for more than a year.

Major European indices trade higher across the board after registering gains on Monday. It is worth noting that Germany's Finance Minister Wolfgang Schaeuble has presented the 2016 budget to parliament, expecting to achieve a balanced budget in 2016 and 2017.

Participants received several data points:

  • Eurozone Q2 GDP was revised up to 0.4% from 0.3% quarter-over-quarter (consensus 0.3%); +1.5% year-over-year (expected 1.2%; last 1.2%)
  • Germany's July Trade Surplus EUR22.80 billion (expected EUR22.30 billion; prior EUR22.10 billion) as Imports +2.2% month-over-month (expected 0.5%; prior -0.8%) and Exports +2.4% month-over-month (consensus 0.7%; last -1.1%)
  • France's July Trade Deficit widened to EUR3.30 billion from EUR2.80 billion (expected deficit of EUR3.20 billion)
  • Swiss August Unemployment Rate held at 3.3%, as expected

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  • Germany's DAX is higher by 2.4%, pushing its weekly gain past 3.0% thanks to all-around strength. Daimler and BMW have both jumped near 4.0% apiece while Commerzbank is higher by 7.2% following an upgrade at JPMorgan.
  • France's CAC has jumped 2.0% today after adding 0.6% yesterday. Exporters Peugeot and Renault and financials AXA, BNP Paribas, and Societe Generale show gains between 2.3% and 3.5% while Technip is the lone decliner, down 1.0%.
  • UK's FTSE trades up 1.7%, extending its weekly gain to 2.2%. Financials lead the way with HSBC, Hargreaves Lansdown, and Standard Chartered up between 3.1% and 3.7%.

8:51 am Sparton Corporation names Joseph G. McCormack as CFO effective immediately (SPA) : McCormack most recently joined Sparton as a Senior Financial Consultant in June of 2015.

8:49 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: YGE -13.3%

Other news: DGLY -3.0% (Cont weakness), SNE -2.3% (Apple's new TV product to focus on gaming, according to NYTimes)

Analyst comments: INFN -1.5% (downgraded to Sell from Neutral at Goldman ), BBG -1.5% (downgraded to Underperform from Market Perform at Cowen)

8:46 am Gevo provides further update following its settlement with Butamax Advanced Biofuels (GEVO) : The co stated that key impacts of the settlement include:

  • SG&A expense savings expected to be over $7.5 million per year
  • Removes legal uncertainties which should help accelerate agreements with customers, licensees and partners
  • Settlement provides Gevo and its licensees access to all isobutanol markets, while leveraging both Gevo's and Butamax's capabilities and development efforts in the jet fuel and on-road gasoline markets, respectively

8:46 am Amedica to raise up to $15 mln in a concurrent registered direct offering of common stock and Series B Warrants and private placement of Series A Warrants and Series C Warrants (AMDA) : As part of this transaction, the Company has entered into a settlement agreement with MG Partners II, Ltd. as well as amended its loan agreements with Hercules Technology Growth Capital (HTGC). This transaction is expected to execute in three equal tranches. The first tranche is a registered direct offering of 13,123,360 shares of common stock and Series B Warrants to purchase 13,123,360 shares of common stock for a price of $0.381 per share of Common Stock and Series B Warrant. The Series B Warrants have an exercise price of $0.47 and shall be exercisable up to December 30, 2015.

8:46 am Fusion Telecom Int'l completes a debt refinancing, that includes a new $40 mln senior secured credit facility (FSNN) :

  • Co entered into a $40.0 million senior secured credit facility with Opus Bank, consisting of a $15.0 million, four-year revolver and a $25.0 million, five-year term loan.
  • Tiered interest pricing tied to senior debt leverage ratio, with initial pricing of 4.5%.
  • Co also simultaneously retired a portion of the Company's existing senior notes through a combination of $12.0 million in borrowings under the facility at an interest rate of 4.5% and from the sale of $9.0 million of Series F notes to two of the Company's existing lenders thereunder at an interest rate of 10.8%

8:45 am Perrigo: Mylan (MYL) to commence its formal offer to exchange all outstanding ordinary shares of Perrigo on Sept. 14 (PRGO) : Under the terms of the previously announced offer, Perrigo shareholders will receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share.

8:45 am Gapping up (:SCANX) :

Briefing note: With US futures trading ~2% higher, most stocks are trading higher today

Gapping up
In reaction to strong earnings/guidance
: NSSC +6.5%, MCHP +6.3%, LUV +1.8% (traffic), SSL +0.6%

M&A news: TE +23.8% (to be acquired by Emera for $27.55 per share in cash),CAPN +17.3% (acquires substantially all assets from privately-held NeoForce Group), MDP +11% (to be acquired by Media General (MEG) for ~$51.53/share, in a ~$2.4 bln deal),FCX +6.2% (hired bankers to consider asset sales or cost cuts, according to Bloomberg),ALTR +3.2% (discloses the waiting period under the HSR Act in connection with the proposed acquisition by Intel (INTC) expired on September 4)

Select financial related names showing strength: BCS +4.4%, ING +4%, DB +3.9%, C +3.8%, CS +3.8%, HSBC +3.7%, JPM +2%, BAC +1.9%, MS +1.8%

Select metals/mining stocks trading higher: BHP +3.9%, RIO +3.5%, X +3.1%, SSNI +3.1%, ABX +2%

Select fan favorite names showing strength: GPRO +3.2%, NFLX +3.1%, TSLA +2%, AAPL +2%, TWTR +1.8%

Other news: IMMU +26.5% (reports interim Phase 2 results for sacituzumab govitecan),NSPH +25.2% (receives FDA 510k clearance for its Verigene Respiratory Pathogens Flex Nucleic Acid Test),ABGB +21.6% (cont vol pre-mkt),ASTI +14.3% (agreement to redeem all $21 mln of its senior secured convertible notes from an undisclosed note holder),ICLD +13.1% (secures a new managed services contract valued at $10 mln),ACI +8.1% (attributed to a cautious Bloomberg report on distressed debt deals),TSEM +7.4% (signs agreement with one of its customers to receive $30 mln advance payment),CHK +5.9% (announces new Haynesville and dry gas utica gathering agreements with the Williams Companies (WMB)),JD +5.7% (announces a $1 bln share repurchase program),SUNE +5.3% (installs eight solar systems for India's Delhi Metro Rail Corp),MGIC +4.4% (still checking),BIDU +3.4% (launches a Siri-like online-to-offline personal assistant named Duer for the newest version of its search mobile app),BABA +3.3% (METRO GROUP announced a strategic partnership with Alibaba Group (BABA) to promote business in China),FEYE +3.2% (names new CFO),ARRY +3.2% (new CFO),BMY +2.6% (reports Opdivo showed sustained survival benefit in this patient population, as demonstrated in both CheckMate -017 and -063),GM +2.4% (trading higher with mkt),YHOO +2.3% (in symp with BABA),HTZ +2.2% (Glenview Capital Management discloses 5.2% passive stake in 13G filing),GE +2% (EU set to approve GE acquisiton of Alstom (ALSMY) power unit today, according to WSJ)

Analyst comments: FIT +8% (upgraded to Overweight from Equal-Weight at Morgan Stanley),ACHN +7.2% (upgraded to Buy from Neutral at UBS),W +6.2% (upgraded to Buy from Neutral at BofA/Merrill),SNDK +3.9% (upgraded to Overweight from Neutral at JP Morgan),BP +3.7% (upgraded to Buy from Neutral at UBS),SNY +3.4% (upgraded to Buy from Neutral at UBSI),COT +2.9% (upgraded to Outperform at RBC Capital Mkts),AMGN +2.7% (upgraded to Buy from Neutral at UBS),AA +2.7% (upgraded to Buy from Neutral at BofA/Merrill),REGN +2.4% (upgraded to Buy from Sell at UBS),WFC +2.3% (upgraded to Buy from Hold at Evercore ISI),PG +2.3% (upgraded to Buy from Neutral at Sun Trust Rbsn Humphrey),PHG +2.1% (initiated with a Outperform at Credit Suisse),YUM +2.1% (upgraded to Buy from Outperform at Credit Agricole),BAC +1.9% (upgraded to Buy from Neutral at Nomura),ODP +1.8% (upgraded to Buy from Neutral at B. Riley & Co)

8:42 am European Markets Update: DAX +2.3%, CAC +1.9%, FTSE +1.6% (:SUMRX) :

Major European indices trade higher across the board after registering gains on Monday. It is worth noting that Germany's Finance Minister Wolfgang Schaeuble has presented the 2016 budget to parliament, expecting to achieve a balanced budget in 2016 and 2017.

Participants received several data points:

  • Eurozone Q2 GDP was revised up to 0.4% from 0.3% (consensus 0.3%); +1.5% year-over-year (expected 1.2%; last 1.2%)
  • Germany's July Trade Surplus EUR22.80 billion (expected EUR22.30 billion; prior EUR22.10 billion) as Imports +2.2% month-over-month (expected 0.5%; prior -0.8%) and Exports +2.4% month-over-month (consensus 0.7%; last -1.1%)
  • France's July Trade Deficit widened to EUR3.30 billion from EUR2.80 billion (expected deficit of EUR3.20 billion)
  • Swiss August Unemployment Rate held at 3.3%, as expected

------

  • Germany's DAX is higher by 2.3%, pushing its weekly gain past 3.0% thanks to all-around strength. Daimler and BMW have both jumped near 4.0% apiece while Commerzbank is higher by 7.2% following an upgrade at JPMorgan.
  • France's CAC has jumped 1.9% today after adding 0.6% yesterday. Exporters Peugeot and Renault and financials AXA, BNP Paribas, and Societe Generale show gains between 2.3% and 3.5% while Technip is the lone decliner, down 1.0%.
  • UK's FTSE trades up 1.6%, extending its weekly gain to 2.1%. Financials lead the way with HSBC, Hargreaves Lansdown, and Standard Chartered up between 3.1% and 3.7%.

8:36 am General Finance Corp reports Q4; guides FY16 rev in-line (GFN) :

  • Q4 EPS ($0.12) vs ($0.10) Capital IQ single est; revs -27% $65.3 mln vs $65.25 mln Capital IQ Consensus
  • Royal Wolf management has stated that adjusted EBITDA for fiscal year 2016 is expected to be comparable to fiscal year 2015. Overall, assuming the Australian dollar averages 0.68 versus the U.S. dollar, which represents a 19% decline from fiscal year 2015, management estimates that consolidated revenues for fiscal year 2016 will be in the range of $255-295 mln vs. $275 million consensus and that consolidated adjusted EBITDA will be 16% to 26% lower in fiscal year 2016 from fiscal year 2015. This outlook does not take into account the impact of any acquisitions that may occur in fiscal year 2016.

8:33 am Grupo Aeroportuario reports that terminal passenger traffic at its 13 airports increased 17.0% y/y in August (OMAB) : Domestic traffic increased 16.0%, and international traffic increased 24.6%. Of total August traffic, 98.3% was commercial aviation and 1.7% was general aviation.

8:32 am Penn West Energy receives continued listing standard notification from The New York Stock Exchange regarding the price of its common stock (PWE) :

8:32 am Strategic Hotels & Resorts to be acquired by Blackstone (BX) for $14.25/share in a ~$6 bln deal (BEE) :

Blackstone will acquire all outstanding shares of common stock of Strategic Hotels & Resorts, Inc., for $14.25 per share in cash, and all of the outstanding membership units of the Company's subsidiary, Strategic Hotels Funding L.L.C., not held by the Company, for $14.25 per unit in cash. Including outstanding debt of the Company, the total transaction value is approximately $6 billion.

  • Completion of the transaction is expected to occur by the first quarter of 2016

8:32 am Ardmore Shipping announced that its Board has approved an effective dividend increase by implementing a new constant payout ratio dividend policy; says its revised policy triples third quarter dividend (ASC) : Co announced that its Board has approved an effective dividend increase by implementing a new constant payout ratio dividend policy in order to afford shareholders more direct participation in Ardmore's continued earnings growth. Commencing with the quarter ending September 30, 2015, Ardmore intends to pay a dividend of 60% of Earnings from Continuing Operations. The remainder of earnings retained by the Company will be deployed to create additional value for shareholders through investment in fleet growth, opportunistic share repurchases under existing and future programs, debt reduction and other corporate purposes. The Company expects the change in policy to result in an estimated dividend of $0.30 per share for the third quarter of 2015, representing a 200% increase from the existing dividend policy. The Company intends that the third quarter 2015 dividend, and all subsequent dividends, will be announced with the release of quarterly financial results.

8:31 am Signal Genetics enters into an agreement with Moffitt Cancer Center, to further validate the clinical utility of its MyPRS test in multiple myeloma (SGNL) : Co announces it has entered into an agreement with Moffitt Cancer Center to further validate the clinical utility of its MyPRS test in multiple myeloma and its precursor conditions. Co plans three validation studies with multiple Moffitt investigators. The parties anticipate starting work in 2015. As the data is collected, Signal and Moffitt anticipate presenting their findings at scientific conferences and publishing in high impact medical journals.

8:31 am Southwest Air reports August 2015 RPM of +7.5% and reaffirms Q3 RASM of -1% (LUV) : Co flew 10.3 billion revenue passenger miles (RPMs) in August 2015, a 7.5 percent increase from 9.6 billion RPMs flown in August 2014. Available seat miles (ASMs) increased 7.6 percent to 12.1 billion in August 2015, compared with the August 2014 level of 11.3 billion. Co continues to estimate its third quarter 2015 operating revenue per ASM (:RASM) will decrease ~1.0%, compared with third quarter 2014.

8:31 am Wowo announces its decision to divest its group buying and other non-foodservice-related businesses (WOWO) :

  • Co announces that the Company decided to divest its group buying and other non-foodservice-related businesses in an effort to build one of China's largest internet foodservice platforms, improve its profitability and streamline its business operations.
  • In order to efficiently allocate the Company's resources to concentrate on its foodservice internet platform, the management of JM WOWO proposed to divest the Company's group buying business and other non-foodservice-related businesses. After evaluating the benefits of this transaction to the Company and its shareholders, the board of directors approved the Divestment.
  • On September 7, 2015, the Company entered into a definitive agreement with a third party in relation to the sale of all of the equity interests for a nominal value in Wowo Group Limited, a subsidiary of the Company, which, together with all of its subsidiaries and consolidated variable interest entities, is engaged in the Company's group buying business and other non-foodservice-related businesses.


8:31 am Angie's List names Scott Durchslag as CEO (ANGI) : Co names Scott Durchslag as CEO and a member of the Board of Directors, effective today. Mr. Durchslag has more than 20 years of experience leading e-commerce and technology businesses at companies serving both consumers and businesses. He most recently served as President, Global e-Commerce and Marketing at Best Buy (BBY). In that role, held until last year, he led the transformation of the co's global e-commerce business and was responsible for a $3 billion P&L. He also had responsibility for developing Best Buy's retail multichannel experience, the My Best Buy credit card/loyalty program and corporate-wide marketing initiatives.

8:30 am Orbital ATK awarded up to $260 mln for the fourth and fifth full-rate lots of Advanced Anti-Radiation Guided Missile (OA) : Co announced that it has been awarded a $119 million contract by the U.S. Navy for the fourth full-rate production lot of the Advanced Anti-Radiation Guided Missile (:AARGM) and a fifth lot for up to $141 million. The contract covers All-Up Round missiles and captive air training missiles for the U.S. Navy and Italian Air Force as well as the second Foreign Military Sales order for the Royal Australian Air Force.

8:29 am B.O.S. Better Online Solutions signs a Letter of Intent for the acquisition of the business operations of iDnext and its subsidiary Next-Line (BOSC) :

Wal-Mart Shares Are Plummeting – 3 Reasons They Could Fall Even Further

The announced that its RFID and Mobile division, operated through its wholly owned subsidiary, BOS-Dimex Ltd. has signed a Letter of Intent for the acquisition of the business operations of iDnext Ltd. and its subsidiary Next-Line Ltd. The parties expect to consummate the transaction in January 2016.

  • Dimex intends to acquire the business operation of iDnext and Next-Line in consideration for cash and BOS ordinary shares. The consideration will include an initial payment comprised of NIS 1.6 million (approximately $410,000) paid in cash and NIS 1.3 million (approximately $330,000) paid by the issuance of BOS ordinary shares.

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

  • Fortress Transportation and Infrastructure Investors (FTAI) announced the acquisition of two Next Generation Boeing 737-800 aircraft built in 2008. The aircraft are currently being operated by a Chinese carrier
  • SolarWinds (SWI) announced a new distributor partnership with Edvance Technology, a Hong Kong value-added distributor
  • Neothetics (NEOT) announced completion of enrollment for its two pivotal U.S. Phase 3 trials titled AbCONTOUR1 and AbCONTOUR2. The trials are evaluating LIPO-202 for the reduction of central abdominal bulging due to...

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