5:54 pm MSA Safety beats by $0.15, beats on revs (MSA) :

• Reports Q4 (Dec) earnings of $0.84 per share, $0.15 better than the Capital IQ Consensus of $0.69; revenues rose 0.1% year/year to $313.3 mln vs the $295.62 mln Capital IQ Consensus. Local currency revenue from core product lines increased 12%, driven by robust shipping activity of the company's G1 self-contained breathing apparatus to the North American fire service market.

5:52 pm Cimarex reduces quarterly dividend to $0.08/share from $0.16/share (XEC) : "We believe the adjustment to our dividend is appropriate in light of the current commodity price environment. On an annualized basis, it will provide approximately $30 million of additional cash for investments that create shareholder value."

5:51 pm Ramco-Gershenson reports Q4 funds from operations of $0.34 vs $0.34 Capital IQ Consensus Estimate; revs $68.6 mln vs $65.33 mln Capital IQ Consensus Estimate (RPT) :

• Co sees FY16 FFO of $1.33-1.40 vs $1.38 Capital IQ consensus
• Generated FY15 same-center net operating income growth of 3.9%, excluding redevelopments same-center NOI growth was 2.3%.
  

5:47 pm Bill Barrett's CFO Robert Howard will separate from the co effective May 1, 2016 (BBG) :

• There have been no disagreements with the Board of Directors or with executive management, and the departure is not related to any issues regarding financial disclosure, accounting or legal matters.
• Also as part of the reorganization, the Company announced the appointment of William Crawford to the position of Senior Vice President -- Treasury and Finance.

5:45 pm Ormat Tech beats by $0.01, beats on revs; guides FY16 revs in-line (ORA) :

• Reports Q4 (Dec) earnings of $0.46 per share, $0.01 better than the two analyst estimate of $0.45; revenues rose 14.6% year/year to $171 mln vs the $157 mln Capital IQ Consensus.
• Co issues in-line guidance for FY16, sees FY16 revs of $620-640 mln vs. $621.37 mln Capital IQ Consensus Estimate.
  
• Gross margin increased to 36.7% in 2015 compared to 36.4% in 2014. Adjusted EBITDA grew 6.8% to $291.3 mln in 2015.
• Guidance: "We expect full-year 2016 total revenue of between $620 mln and $640 mln with product segment revenue of between $210 mln and $220 mln. For the electricity segment, we expect revenues to be between $410 mln and $420 mln. The Electricity segment revenue guidance assumes current oil and natural gas prices. We expect 2016 Adjusted EBITDA of $300 to $310 mln for the full year. This estimate includes approximately $9 mln of expected income related to tax equity transactions compared to $25 mln in 2015.

5:41 pm General Moly reduces Reclamation financial guarantee requirements resulting in net return of $4.3 mln (GMO) :

• Co announced the decision from the U.S. Bureau of Land Management reducing the reclamation financial guarantee requirement from $75.1 million to $2.8 million, based only on current disturbance at the Mt. Hope Project site, and the net receipt of $4.3 million from reclamation surety collateral reductions.

5:39 pm Flushing Fin increases quarterly dividend 6% to $0.17/share (FFIC) :  

5:35 pm SM Energy misses by $0.32, misses on revs (SM) :

• Reports Q4 (Dec) adjusted loss of $0.90 per share, $0.32 worse than the Capital IQ Consensus of ($0.58); revenues fell 49.0% year/year to $303.7 mln vs the $410.53 mln Capital IQ Consensus.
• Reports proved reserves of 471 MMBoe at year-end 2015, including +208 MMBoe additions and revisions driven by well performance and successful resource expansion in the Eagle Ford and Bakken/Three Forks.
• Adjusted EBITDAX was $216 mln for 4Q15 and $1.12 bln for FY15. Adjusted EBITDAX declined 32% in 2015 compared with 2014, primarily as a result of a 48% decline in commodity prices, partially offset by a 16% increase in total production, a 14% decline in cash operating costs per Boe, a 19% decline in general and administrative costs per Boe and higher commodity hedge settlements.
• 2016 Guidance: Sees production of 51-55 MMBoe, LOE of $4.10-$4.50 per BOE, G&A of $130-$136 mln, and $62-$66 mln in exploration. Its average commodity price projections for 2016 are: WTI oil $37.50, Henry Hub natural gas $2.30, NGLs $15.50; 2017 - WTI oil $45.00, Henry Hub natural gas $2.75, NGLs $18.00. 
  

5:16 pm Bluerock Residential Growth terminates continuous offering to sell up to 150,000 units (BRG) :

• Co announces the termination of its continuous offering to sell up to 150,000 units consisting of 150,000 shares of Series B preferred stock and warrants to purchase 3,000,000 shares of Class A common stock in order to address terms of the securities in response to market advice.

5:09 pm Southern and AGL Resources (GAS) receives unanimous regulatory approval of the companies' proposed merger from the Virginia State Corporation Commission (SO) : Cos expect to complete the transaction in the second half of 2016

5:06 pm Teck Resources Executive Vice President and COO to retire effective April 30, 2016 (TCK) :

• Ian Kilgour, Executive Vice President and Chief Operating Officer, will retire after five years with Teck and more than 35 years in the mining industry, effective April 30, 2016. 
• Rob Scott, Senior Vice President, Zinc, will retire, effective April 30, 2016, after more than 35 years with Teck.

5:06 pm Blackhawk Network beats by $0.01, reports slight beat on revs; guides FY16 EPS below consensus (HAWK) :

• Reports Q4 (Dec) earnings of $1.26 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.25; GAAP revenues rose 14.8% year/year to $756.43 mln vs the $750.84 mln Capital IQ Consensus.
• Co issues downside guidance for FY16, sees EPS of $2.43-2.58, excluding non-recurring items, vs. $2.62 Capital IQ Consensus Estimate. Co also guides to FY16 adjusted operating revenue of $1.059-1.125 bln, this is not comparable to consensus which is GAAP revenue. Co guides to FY16 adjusted EBITDA of $221-234 mln.
• "Despite soft holiday sales at many retailers, consumer purchases of gift cards remained healthy during [Q4]."

5:04 pm Chemours misses by $0.06, beats on revs (CC) :

• Reports Q4 (Dec) earnings of $0.03 per share, $0.06 worse than the Capital IQ Consensus of $0.09; revenues fell 12.2% year/year to $1.36 bln vs the $1.33 bln Capital IQ Consensus.
• "By mid-2016, we expect to complete our strategic review of the remaining Chemical Solutions portfolio and be on our way to our capital spending target of $350 million in 2017 with a streamlined portfolio. In addition to the $100 million already saved in 2015, we are on track to reduce our structural costs by another $350 million and grow Adjusted EBITDA by $150 million through Opteon market penetration, Altamira expansion, and cyanides expansion. In total, we expect to deliver the $500 million of improvements by the end of 2017."

5:04 pm Welltower prices public offering of $700 mln in aggregate principal amount of 4.25% senior unsecured notes due April 1, 2026 (HCN) :  

5:03 pm Papa John's beats by $0.05, misses on revs; guides FY16 EPS in-line/towards low end of estimates (PZZA) :

• Reports Q4 (Dec) earnings of $0.62 per share, $0.05 better than the Capital IQ Consensus of $0.57; revenues fell 2.0% year/year to $416.8 mln vs the $425.76 mln Capital IQ Consensus. 
  • System-wide comparable sales increases of 1.9% for North America and 5.3% for International for the fourth quarter
• Co issues guidance for FY16, sees EPS of $2.30-2.40 vs. $2.38 Capital IQ Consensus Estimate; sees FY16 revs of +4-6% to ~$1.70-1.74 bln vs. $1.74 bln Capital IQ Consensus Estimate. North America system-wide comparable sales are expected to increase 2% to 4% in 2016. International comparable sales are expected to increase 5% to 7%, on a constant dollar basis, in 2016. Worldwide Net Unit Growth -- Worldwide net unit growth in 2016 is expected to range between 180 and 210 units, with approximately 75% of the net unit growth in International markets.

5:03 pm Southwest Gas increases quarterly dividend to $0.45/share from $0.405/share (SWX) :  

5:01 pm CyrusOne beats by $0.04, misses on revs; guides FY16 FFO in-line, revs in-line; raises dividend 21% (CONE) :

• Reports Q4 (Dec) funds from operations of $0.61 per share, $0.04 better than the Capital IQ Consensus of $0.57; revenues rose 30.4% year/year to $113.3 mln vs the $115.34 mln Capital IQ Consensus.
• Co issues in-line guidance for FY16, sees FFO of $2.45-2.55 vs. $2.46 Capital IQ Consensus Estimate; sees FY16 revs of $485-500 mln vs. $496.94 mln Capital IQ Consensus Estimate.
• Announces a 21% increase in the quarterly dividend for the first quarter of 2016 to $0.38 per share, up from $0.315 per share in 2015.

4:58 pm Hubbell prices offering of $400 mln aggregate principal amount of 3.350% senior notes maturing March 1, 2026 (HUBB) :  

4:56 pm Tronox misses by $0.22, misses on revs (TROX) :

• Reports Q4 (Dec) loss of $0.66 per share, excluding non-recurring items, $0.22 worse than the single analyst estimate of ($0.44); revenues rose 33.7% year/year to $535 mln vs the $563.17 mln Capital IQ Consensus. 
• TiO2 and Alkali operating segments generated adjusted EBITDA of $74 million and free cash flow of $147 million
• TiO2 segment adjusted EBITDA of $36 million and free cash flow of $114 million
• Alkali segment adjusted EBITDA of $38 million and free cash flow of $33 million
• Fairbreeze mine began operations ahead of schedule in fourth quarter; mine will produce feedstock for KZN Sands operations and zircon and rutile co-products

4:54 pm Consumer Portfolio Serv. reports Q4 EPS of $0.29 vs $0.27 Capital IQ Consensus Estimate; revs 42.6% y/y to $95.3 mln vs $88 mln Captial IQ two est average (CPSS) :

• New contract purchases of $269 million for the fourth quarter
• Total managed portfolio increases to $2.03 billion from $1.94 billion at September 30, 2015.

4:49 pm First Connecticut Bancorp increases quarterly dividend to $0.07/share from $0.06/share (FBNK) :  

4:47 pm Advanced Drainage Systems provides update on restatement process in prepared remarks; will not meet end of February filing date as previously estimated (WMS) :

Highlights of commentary:

• CEO Joe Chlapaty: Our team continues to work closely and collaboratively with our independent auditors, and I am encouraged by the progress we are making. In fact, we believe we are in the final stages of the restatement process. However, at this time, we will not meet the end of February filing date as previously estimated. Given our current belief that the end of the process is near, we will not be providing a specific revised timeline. We will continue to provide updates regarding the restatement process as appropriate until the necessary reports are on file with the SEC.
• CFO Scott Cottrill: Our remediation efforts can be broken down into the following areas:
  • First, we have performed an assessment of the finance organization as part of a broader financial transformation project. The project will not only be looking at our organizational structure, but our reporting lines, roles, responsibilities and required skillsets to ensure we meet all our obligations, including those related to internal controls over financial reporting -- one of our "non-negotiables". On the people front, we have hired a Director of SEC Reporting and Technical Accounting, an International Controller to help strengthen oversight of our international operations as well as several other financial and accounting positions. We will continue building out the organization and strengthening our underlying accounting and financial reporting foundation over the coming months.
  • Second, we will continue to use third-party consultants to supplement our existing staff, until we have made significant progress on the financial transformation actions I just covered. Our outside experts are assisting us across a wide range of areas including technical accounting, tax and SEC reporting support, internal audit as well as financial statement preparation and external reporting support, among others.
  • Third, we will be enhancing our overall governance processes, both domestically as well as internationally. Improvements include better and enhanced communications and training, as well as enhanced and improved accountability and oversight.
  • Fourth, we intend to implement enhanced controls over our financial reporting processes including more granular procedures and standard work around making and approving journal entries as well as performing account reconciliations. We have also established a cross-functional Disclosure Committee and have implemented a robust certification and sub-certification process to support all of our SEC filings going forward.

4:45 pm Hackett Group beats by $0.03, beats on revs; guides Q1 EPS above consensus, revs above consensus; 2016 annual dividend increase of 30% to $0.26 to be paid semi-annually (HCKT) :

• Reports Q4 (Dec) earnings of $0.23 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.20; revenues rose 10.1% year/year to $66.4 mln vs the $64.61 mln Capital IQ Consensus.
• Co issues upside guidance for Q1, sees EPS of $0.18-0.20, excluding non-recurring items, vs. $0.17 Capital IQ Consensus Estimate; sees Q1 revs of $66.5-68.5 mln vs. $64.91 mln Capital IQ Consensus Estimate. 

4:42 pm Popeyes Louisiana Kitchen beats by $0.01, misses on revs; guides FY16 EPS below consensus; reaffirms long term guidance (PLKI) :

• Reports Q4 (Dec) earnings of $0.42 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.41; revenues rose 3.7% year/year to $59 mln vs the $60.99 mln Capital IQ Consensus.
  • Global same-store sales were 2.8%, in-line.
• Co issues downside guidance for FY16, sees EPS of $2.10-2.15, excluding non-recurring items, vs. $2.25 Capital IQ Consensus (+10-13% due to investments); comps +2-3%; net unit growth +6-7%.
• Consistent with previous guidance, the Company believes the execution of its new Strategic Roadmap will deliver the following results on an average annualized basis: Same-store sales growth of 2% to 4%. Net unit growth of 5% to 7%. Earnings per diluted share growth of 13% to 15%.
• The Company announces that it entered into a new multi-year employment agreement with its CEO, Cheryl Bachelder.

4:37 pm Healthsouth reports EPS in-line, revs in-line; guides FY16 EPS in-line, revs in-line (HLS) :

• Reports Q4 (Dec) earnings of $0.59 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.59; net operating revenues rose 43.3% year/year to $879.3 mln vs the $871.4 mln Capital IQ Consensus.
• Co issues in-line guidance for FY16, sees EPS of $2.32-2.44, excluding non-recurring items, vs. $2.38 Capital IQ Consensus Estimate and vs prior guidance of $2.28-2.40; sees FY16 net operating revenue of $3.55-3.65 bln vs. $3.62 bln Capital IQ Consensus Estimate. Co expects FY16 adjusted EBITDA of $765-785 mln.

4:35 pm U.S. Silica misses by $0.10, reports revs in-line (SLCA) :

• Reports Q4 (Dec) loss of $0.26 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus of ($0.16); revenues fell 45.5% year/year to $136.1 mln vs the $135.12 mln Capital IQ Consensus.
• "Our fourth quarter and full year results reflect the severe impact lower oil prices have had on our Oil and Gas business in 2015 but also underscore the relevance of being a low cost producer with a diversified business model and a strong balance sheet. Despite the headwinds, we increased market share in our Oil and Gas business by 50%, completed a record year for profitability in our Industrial and Specialty Products segment and generated free cash flow from operations. I believe the accomplishments achieved in 2015, coupled with the steps we are taking in 2016 to further reduce our costs, leverage our competitive advantages and protect our balance sheet will further strengthen our Company and position us well for long-term success."

Outlook and Guidance:

• "Due to the current lack of visibility in its Oil and Gas business, the Company will continue to refrain from providing guidance for Adjusted EBITDA until such time as we can gain more clarity around our customers' business activity levels and the associated demand for our products. Based on current market conditions, the Company anticipates that its capital expenditures for 2016 will be in the range of $15-20 million."

4:35 pm Aqua America misses by $0.13, misses on revs; reaffirms FY16 EPS guidance (WTR) :

• Reports Q4 (Dec) earnings of $0.16 per share, $0.13 worse than the Capital IQ Consensus of $0.29; revenues rose 3.0% year/year to $197.1 mln vs the $199.47 mln Capital IQ Consensus.
• Co issues reaffirms guidance for FY16, sees EPS of $1.30-1.35 vs. $1.34 Capital IQ Consensus Estimate.
• Total customer base growth of 1.5 to 2 percent. Same-system operations and maintenance expenses increase of 1 to 2 percent. More than $350 mln in capital investments; more than $1.1 bln in 2016 through 2018.
• So far in 2016, Aqua has completed acquisitions in Pennsylvania and Indiana. Notably, in early January, Aqua Pennsylvania, the company's largest subsidiary, completed the acquisition of Superior Water Company, which serves approximately 11,000 people through its five utility systems in the southeastern part of the state.

4:35 pm Danaher increases quarterly dividend to $0.16/share from $0.135/share (DHR) :  

4:33 pm Iconix Brand appoints John Haugh as CEO, replaces interim CEO Peter Cuneo; effective April 1 (ICON) : Most recently as President of Sun Luxury & Retail Services for Luxottica Retail, he led more than 14,000 Sunglass Hut associates, managed the Luxottica and Macy's license operations business, directed the luxury optical business, & managed real estate, design, & construction for Luxottica Retail. Interim CEO Peter Cuneo will transition to Executive Chairman of the Board.

4:32 pm Alleghany Corporation beats by $2.15 (Y) :

• Reports Q4 (Dec) operating earnings of $8.84 per share, $2.15 better than the two analyst estimate of $6.69. 
• Book value per common share was $486.02 as of December 31, 2015, an increase of 4.4% YoY and 2.1% QoQ.

4:32 pm Jones Lang LaSalle promotes Christian Ulbrich to President; co separates role of President & CEO, effective immediately (JLL) : Co announces that it is separating the roles of President and CEO. Colin Dyer will retain the role of CEO while Christian Ulbrich will transition from CEO of the EMEA region to President of the co.

4:31 pm Principal Fincl authorizes up to $400 mln share repurchase program (PFG) :  

4:30 pm Golden Star reports total proven and probable mineral reserves for the year ending December 31, 2015, increased to over 2.1 mln oz (+10% YoY) (GSS) :

• Mineral Reserves increased by over 10% to 2.1 million ounces
  
  • Grade increased by 34% to 2.8 grams per tonne (g/t)
    
  • Tonnage declined to 23.6 million tonnes
    
• Mineral Reserves are composed of only non-refractory ounces
  
• Measured and Indicated Mineral Resources(1), inclusive of Mineral Reserves, increased to 4.7 million ounces
  
  • Grade remained relatively constant at 2.4 g/t
    
  • Tonnage increased to 61.4 million tonnes

4:29 pm Forest City Enterprises beats by $0.05, beats on revs (FCE.A) :

• Reports Q4 (Dec) funds from operations of $0.39 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.34; revenues rose 6.8% year/year to $331 mln vs the $326.82 mln two analyst estimate. 
• Overall comparable NOI increased 5.9 percent for the three months ended December 31, 2015

4:28 pm Marvell names Deloitte & Touche LLP as its new independent registered public accounting firm (MRVL) :  

4:27 pm Comfort Systems beats by $0.02, reports revs slightly below consensus (FIX) :

• Reports Q4 (Dec) earnings of $0.35 per share, $0.02 better than the Capital IQ Consensus of $0.33; revenues rose 7.7% year/year to $383.84 mln vs the $387.38 mln Capital IQ Consensus.

4:27 pm Advisory Board beats by $0.18, misses on revs; guides for FY16, in-line with consensus (ABCO) :

• Reports Q3 (Dec) earnings of $0.48 per share, $0.18 better than the Capital IQ Consensus of $0.30; revenues rose 37.6% year/year to $205 mln vs the $207.35 mln Capital IQ Consensus.
• For 2016, the co expects revenue to be in a range of $810-830 million vs. $892.5 mln Capital IQ Consensus, adjusted EBITDA to be in a range of $188-195 million, and non-GAAP earnings per diluted share to be in a range of $1.63-1.73 vs. $1.68 Capital IQ consensus.

4:27 pm Monster Beverage to acquire flavor supplier and long-time business partner, American Fruits & Flavors, for $690 mln; expected to be accretive to co's earnings during 2016 (MNST) :

Co has entered into a definitive agreement to acquire flavor supplier and long-time business partner, American Fruits & Flavors, in a transaction that will bring the co's primary flavor supplier in-house. The two companies have worked closely together since the mid-1990's in developing new products and taste profiles. AFF has grown at an approximately 8% organic revenue CAGR over the last four years, with Monster as its largest customer, representing ~87% of AFF's revenues in 2015.

• Pursuant to the terms of the transaction, co will purchase AFF for $690 mln.
  • Upon closing the transaction, co will acquire ~$87 mln of adjusted operating income for the twelve months ended December 31, 2015.
• The transaction is expected to close in 1Q16.
• The acquisition is expected to be accretive to co's earnings during 2016.

4:24 pm Stifel Financial misses by $0.16, misses on revs (SF) :

• Reports Q4 (Dec) earnings of $0.51 per share, excluding non-recurring items, $0.16 worse than the Capital IQ Consensus of $0.67; revenues rose 0.6% year/year to $581.3 mln vs the $619.15 mln Capital IQ Consensus.
  • Brokerage revenues, defined as commissions plus principal transactions, were $294.8 million, a 9% increase compared with the fourth quarter of 2014 and a 2% increase compared with the third quarter of 2015.
  • Investment banking revenues were $102.8 million, a 40% decrease compared with the fourth quarter of 2014 and a 13% decrease compared with the third quarter of 2015.
  • Asset management and service fee revenues were $129.3 million, a 22% increase compared with the fourth quarter of 2014 and a 1% decrease compared with the third quarter of 2015. The increase from the prior year is due to the higher value of fee-based accounts as a result of market appreciation and new client assets.
• At December 31, 2015, book value per common share was $37.19 based on 67.0 million common shares outstanding. This represents a 6% increase from December 31, 2014.
• At December 31, 2015, the Company's Tier 1 leverage capital and Tier 1 risk-based capital ratios were 16.6% and 26.3%, respectively, compared to 16.5% and 25.0%, respectively, at December 31, 2014.

4:23 pm Transocean receives notice of early termination from Esso Exploration Angola for the semisubmersible GSF Development Driller I (RIG) :

Co has received a notice of early termination fromEsso Exploration Angola Limited for the ultra-deepwatersemisubmersible GSF Development Driller I.

• The rig's drilling contract isexpected to end in May 2016 with the demobilization completed in June 2016.
• Inaccordance with the terms of this contract, the company will not receive apayment compensating it for the remaining contract term.
• The company does not have other contracts in its backlog that permituncompensated cancellation for convenience.

4:23 pm Convergys beats by $0.06, reports revs in-line; guides FY16 EPS in-line (CVG) :

• Reports Q4 (Dec) earnings of $0.53 per share, $0.06 better than the Capital IQ Consensus of $0.47; revenues fell 1.6% year/year to $752 mln vs the $754.02 mln Capital IQ Consensus.
• Co issues guidance for FY1:
  • Sees EPS +5-8% which equates to roughly $1.85-1.91 vs. $1.88 Capital IQ Consensus Estimate.
  • Sees constant currency revenue growth to approximate 1% (total rev growth consensus estimate represents +3%);
  • Sees adjusted EBITDA margin to approximate 13%.

4:21 pm Golden Ocean: NASDAQ notifies Co that it is not in compliance with minimum bid rule (GOGL) :

Co has received written notification from The Nasdaq Stock Market indicating that because the closing bid price of the Company's common stock for 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until August 16, 2016.

• The Company intends to monitor the closing bid price of its common stock between now and August 16, 2016 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement.

4:21 pm JBT Corp beats by $0.08, beats on revs; guides FY16 EPS above two analyst estimate, revs in-line (JBT) :

• Reports Q4 (Dec) earnings of $0.70 per share, $0.08 better than the two analyst estimate of $0.62; revenues rose 20.0% year/year to $354.4 mln vs the $333.7 mln two analyst estimate.
• Co issues guidance for FY16, sees EPS of $2.15-2.30 vs. $2.14 two analyst estimate; sees FY16 revs up approx. 15%, implying revs of ~$1.273 bln vs. $1.23 bln two analyst estimate.

4:21 pm Dycom misses by $0.02, beats on revs; guides Q3 EPS below consensus, revs in-line; adds $50 mln to share buyback (DY) :

• Reports Q2 (Jan) earnings of $0.54 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of $0.56; revenues rose 26.8% year/year to $559.5 mln vs the $542.98 mln Capital IQ Consensus.
• Co issues guidance for Q3, sees EPS of $0.70-0.78, excluding non-recurring items, vs. $0.84 Capital IQ Consensus Estimate; sees Q3 revs of $585-605 mln vs. $593.73 mln Capital IQ Consensus Estimate. 
• Board of Directors has authorized an additional $50 million to repurchase shares of Dycom's outstanding common stock.

4:20 pm ExamWorks beats by $0.05, beats on revs; guides Q1 revs above consensus; guides FY16 revs above consensus (EXAM) :

• Reports Q4 (Dec) earnings of $0.10 per share, $0.05 better than the Capital IQ Consensus of $0.05; revenues rose 3.2% year/year to $208.5 mln vs the $198.92 mln Capital IQ Consensus.
• Co issues upside guidance for Q1, sees Q1 revs of $216-$222 mln vs. $216.27 mln Capital IQ Consensus Estimate. This guidance implies a constant currency growth rate ranging between 14-17%. Organic growth, on a constant currency basis, is expected to range between 3-5%. 1Q16 reported adjusted EBITDA margin is expected to range between 16.5-17.0% of reported revenues.
  
• Co issues upside guidance for FY16, sees FY16 rev growth rate of 14-16%, equating to revs of approximately $934.8-$951.2 mln vs. $911.42 mln Capital IQ Consensus Estimate. FY16 adjusted EBITDA margin is expected to range between 17.2-18.0% of reported revenues. On a quarterly basis, adjusted EBITDA margins as a percentage of reported revenue may fluctuate between 16.5-19.0%.
  

4:20 pm Pennsylvania R.E.I.T. beats by $0.03, misses on revs; guides FY16 FFO in-line (PEI) :

• Reports Q4 (Dec) funds from operations of $0.60 per share, $0.03 better than the Capital IQ Consensus of $0.57; revenues rose 4.7% year/year to $116.62 mln vs the $129 mln single analyst estimate.
• Co issues in-line guidance for FY16, sees FFO of $1.83-1.91 vs. $1.88 Capital IQ Consensus Estimate.

4:20 pm Sterling Bancorp sells ~$400 mln in wealth management assets to Midland States Bank (STL) : The transaction is expected to close in 2Q16 or 3Q16.

4:19 pm Paramount Group reports FFO in-line, revs in-line; guides FY16 FFO in-line (PGRE) :

• Reports Q4 (Dec) funds from operations of $0.21 per share, in-line with the Capital IQ Consensus of $0.21; revenues rose 7.8% year/year to $170.5 mln vs the $171.58 mln Capital IQ Consensus.
• Co issues in-line guidance for FY16, sees FFO of $0.80-0.84 vs. $0.84 Capital IQ Consensus Estimate.
• During the fourth quarter, the Company leased 647,828 square feet at a weighted average initial rent of $79.80 per square foot.

4:19 pm Principal Fincl CEO Terry Lillis to retire before 1Q17 (PFG) :  

4:19 pm Benefitfocus beats by $0.13, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY16 EPS above consensus, revs above consensus (BNFT) :

• Reports Q4 (Dec) loss of $0.33 per share, excluding non-recurring items, $0.13 better than the Capital IQ Consensus of ($0.46); revenues rose 35.2% year/year to $54.34 mln vs the $51.8 mln Capital IQ Consensus.
• Co issues mixed guidance for Q1, sees EPS of $(0.42)-(0.40), excluding non-recurring items, vs. ($0.39) Capital IQ Consensus Estimate; sees Q1 revs of $54.0-54.5 mln vs. $53.4 mln Capital IQ Consensus Estimate.
• Co issues upside guidance for FY16, sees EPS of $(1.22)-(1.09), excluding non-recurring items, vs. ($1.54) Capital IQ Consensus Estimate; sees FY16 revs of $231-235 mln vs. $228.9 mln Capital IQ Consensus Estimate.

4:18 pm Avis Budget beats by $0.01, misses on revs; guides FY16 EPS below consensus, revs in-line (CAR) :

• Reports Q4 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.17; revenues rose 0.8% year/year to $1.9 bln vs the $1.93 bln Capital IQ Consensus.
• Co issues guidance for FY16, sees EPS of $2.70-3.30, excluding non-recurring items, vs. $3.43 Capital IQ Consensus Estimate; sees FY16 revs of $8.70-8.85 bln vs. $8.8 bln Capital IQ Consensus Estimate.

4:18 pm CafePress beats by $0.02, beats on revs (PRSS) :

• Reports Q4 (Dec) earnings of $0.11 per share, $0.02 better than the two analyst estimate of $0.09; revenues fell 21.3% year/year to $39.7 mln vs the $39.13 mln Capital IQ Consensus.
• Gross profit margin was 39.9% of net revenues, compared to 34.6% in the fourth quarter of 2014.
• Average Order Value was $36, a 4% increase from Q3 2015 and down 2% year-over-year.
• Orders totaled 1.1 million, a 22% year-over-year decline.

4:18 pm ProAssurance misses by $0.02, misses on revs (PRA) :

• Reports Q4 (Dec) operating earnings of $0.73 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of $0.75; revenues fell 14.7% year/year to $185.9 mln vs the $210.05 mln Capital IQ Consensus; book value $36.88/share.

4:17 pm ARC Document Solutions beats by $0.01, reports revs in-line; guides FY16 EPS below consensus (ARC) :

• Reports Q4 (Dec) earnings of $0.07 per share, $0.01 better than the Capital IQ Consensus of $0.06; revenues fell 2.9% year/year to $104.5 mln vs the $104.43 mln Capital IQ Consensus.
• Co issues downside guidance for FY16, sees EPS of $0.30-0.35 vs. $0.41 Capital IQ Consensus Estimate.
  • Cash Flow from operations in the range of $55-60 mln.
  • EBITDA is expected to be in the range of $66-71 mln

4:17 pm Etsy misses by $0.04, beats on revs; guides FY16 revs below consensus; sets 2018 targets (ETSY) :

• Reports Q4 (Dec) GAAP loss of $0.04 per share, $0.04 worse than the two analyst estimate of ($0.00); revenues rose 35.4% year/year to $87.9 mln vs the $86.64 mln Capital IQ Consensus; GMS +21% to $741.5 mln; adj. EBITDA +51% to $14 mln. Growth in GMS was driven by 15.5% year-over-year growth in active sellers and 21.4% year-over-year growth in active buyers.
• Co issues downside guidance for FY16, sees FY16 revs at high end of (+20-25% YoY) ~$328-342 mln vs. $347.90 mln Capital IQ Consensus Estimate. 
• "We expect to achieve a three-year revenue CAGR in the 20-25% range and a three-year GMS CAGR in the 13-17% range. In 2016, we expect revenue growth to be at the high end of our three-year range and GMS growth to be near the mid-point of our three-year range... We expect to exit 2018 with a full-year gross margin that is in the mid-60s percent range, and that 2016 gross margin will be in this range as well... Finally, from an Adjusted EBITDA margin perspective, we estimate that our margin in 2016 will be comparable to 2015 in the 10-11% range and that it will expand to the high teens range by the end of 2018."

4:16 pm Verisk Analytics beats by $0.06, reports revs in-line (VRSK) :

• Reports Q4 (Dec) earnings of $0.80 per share, $0.06 better than the Capital IQ Consensus of $0.74; revenues rose 20.6% year/year to $560.6 mln vs the $565.02 mln Capital IQ Consensus.

4:15 pm Marathon Patent Group and Uniloc Luxembourg SA terminate their proposed business combination (shares halted) (MARA) : Neither Marathon nor Uniloc is entitled to a breakup or termination fee.

4:14 pm RealPage beats by $0.01, reports revs in-line; guides Q1 EPS above consensus, revs in-line; guides FY16 EPS above consensus, revs above consensus; to acquire NWP Services for $58 mln in cash (RP) :

• Reports Q4 (Dec) earnings of $0.16 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.15; non-GAAP revenues rose 16.3% year/year to $121.2 mln vs the $121.2 mln Capital IQ Consensus.
• Co issues guidance for Q1, sees EPS of $0.16, excluding non-recurring items, vs. $0.15 Capital IQ Consensus Estimate; sees Q1 non-GAAP revs of $125-127 mln, excluding non-recurring items, vs. $125.3 mln Capital IQ Consensus Estimate.
• Co issues upside guidance for FY16, sees EPS of $0.68-0.72, excluding non-recurring items, vs. $0.63 Capital IQ Consensus Estimate; sees FY16 non-GAAP revs of $565-575 mln, excluding non-recurring items, vs. $524.2 mln Capital IQ Consensus Estimate.
• Co also announces it will acquire NWP Services, a provider of cloud-based resident billing, electronic payments, energy management, back office accounting and IT infrastructure solutions. The combined offering is expected to create the leading resident billing, energy management, and back office services platform in the rental housing industry. The purchase price is approximately $68 mln in cash. In 2015, NWP had revenue of approximately $58 mln with EBITDA of approximately $6 mln.

4:14 pm Comfort Systems increases existing senior debt facility to $325 mln from $250 mln and extends the term to February 22, 2021 (FIX) :  

4:13 pm Retail Opportunity Investments beats by $0.01, beats on revs; guides FY16 FFO in-line (ROIC) :

• Reports Q4 (Dec) funds from operations of $0.25 per share, $0.01 better than the Capital IQ Consensus of $0.24; revenues rose 23.0% year/year to $51.3 mln vs the $49.99 mln Capital IQ Consensus.
• Reports $243.7 mln of grocery-anchored shopping center acquisitions completed in 4Q15; $63.2 mln of grocery-anchored shopping center acquisitions under contract in 1Q16
• Reports 97.2% portfolio leased rate at December 31, 2015.
• 5.6% increase in same-center cash net operating income.
• Announced an $0.18 quarterly cash dividend declared in 1Q16 (5.9% increase over previous dividend).
  
• Co issues in-line guidance for FY16, sees FFO of $1.00-$1.04 vs. $1.03 Capital IQ Consensus Estimate.

4:13 pm Ascent Solar to be de-listed from the NASDAQ; will commence trading on the OTCQB effective Feb 25 (ASTI) :  

4:13 pm Bravio Brio beats by $0.04, beats on revs; guides FY16 EPS in-line, revs below consensus (BBRG) :

• Reports Q4 (Dec) earnings of $0.23 per share, $0.04 better than the Capital IQ Consensus of $0.19; revenues rose 0.7% year/year to $107.3 mln vs the $105.98 mln Capital IQ Consensus. Total comparable restaurant sales decreased 4.6%.
• Co issues guidance for FY16, sees EPS of $0.65-0.73 vs. $0.70 Capital IQ Consensus Estimate; sees FY16 revs of $424-432 mln vs. $435.20 mln Capital IQ Consensus Estimate. Sees total comparable restaurant sales of minus 2.0% to flat.

4:12 pm Five9 beats by $0.05, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY16 EPS in-line, revs above consensus (FIVN) :

Reports Q4 (Dec) loss of $0.03 per share, $0.05 better than the Capital IQ Consensus of ($0.08); revenues rose 27.4% year/year to $36.03 mln vs the $33.19 mln Capital IQ Consensus.

• Co issues guidance for Q1, sees EPS of ($0.08)-($0.06) vs. ($0.08) Capital IQ Consensus Estimate; sees Q1 revs of $35.5-36.5 mln vs. $35.16 mln Capital IQ Consensus Estimate.
• Co issues guidance for FY16, sees EPS of ($0.27)-($0.21) vs. ($0.25) Capital IQ Consensus Estimate; sees FY16 revs of $148-151 mln vs. $147.79 mln Capital IQ Consensus Estimate.
• Q4 adjusted gross margin improved by nearly 680 basis points year-over-year to 61.4%
  

4:12 pm eHealth misses by $0.14, beats on revs (EHTH) :

• Reports Q4 (Dec) loss of $0.56 per share, $0.14 worse than the Capital IQ Consensus of ($0.42); revenues rose 11.3% year/year to $50.1 mln vs the $41.63 mln Capital IQ Consensus.
• Adjusted EBITDA for the fourth quarter of 2015 was $(9.5) mln compared to adjusted EBITDA of $(12.9) mln for the fourth quarter of 2014. Total estimated membership at December 31, 2015 was 1,144,500 members, a 2% increase over estimated membership of 1,117,400 at December 31, 2014.

4:12 pm Closing Market Summary: Oil Rout Snaps Market's Winning Streak (:WRAPX) :

The major averages ended their day on a lower note as the broader market felt renewed pressure from the oil patch. Additionally, the underperformance of influential sectors and a worse than anticipated consumer confidence reading helped end the market's recent winning streak. Before today's session, the stock market had advanced in four of the last six sessions and the S&P 500 (-1.3%) and Dow Jones Industrial Average (-1.1%) were in positive territory for the month. Following today's decline, the two indices now hold respective month-to-date losses of 1.0% and 0.2%.

Oil was pressured today as investors weighed whether an output cap would be enough to combat the persisting oil glut. Any hopes of larger action by OPEC and non-OPEC states were dashed when Saudi oil minister Ali al-Naimi stated that the proposed production cap would not lead not an eventual output cut by Saudi Arabia. Mr. al-Naimi underscored his point by stating that higher cost drillers will need to find a way to become more efficient, borrow cash, or liquidate. Separately, comments from Iran's oil minister Bijan Zangane indicated that Iran would not be joining in the proposed output freeze. As a result, WTI crude ended its day lower by 4.9% at $31.80/bbl.

Commodity-sensitive energy (-3.3%) and materials (-2.4%) were the obvious losers with today's action in oil while financials (-1.8%) and technology (-1.8%) followed them on the bottom of the leaderboard.

In the energy space, independent oil and gas names showed the largest losses in the sector as the companies represent some of the higher cost drillers. Conversely, Dow component, Exxon Mobil (XOM 81.23, -1.16) managed to trade ahead of the broader sector, but trailed the benchmark index.

Economically-sensitive financials were hurt by a poor showing from money center banks. To that point, JPMorgan Chase (JPM 56.12, -2.45) led the downside in the sub-group after the company disclosed, at its analyst day, an additional $600 million in loan loss reserves for energy and material sector loans. JPMorgan Chase also disclosed that they see investment bank revenue declining 20.0% in the first quarter.

In the heavyweight technology space, Western Digital (WDC 42.77, -3.33) plummeted 7.2% after the company agreed to alter its deal to acquire SanDisk (SNDK 66.61, -1.07) despite a division of Unisplendour terminating its deal to purchase a 15.0% stake in Western Digital. Elsewhere, large-cap constituent Microsoft (MSFT 51.18, -1.47) surrendered 2.8% while Apple (AAPL 94.69, -2.19) lost 2.3%. 

The Treasury complex saw increased buying interest throughout the day as the yield on 10-yr note sank from 1.81% to 1.74% by the end of the session.

Meanwhile, safe haven investments were bid higher with gold and the yen ending their day on a positive note. The dollar yen/pair ended at 112.10 (-0.7%) while gold gained 1.0%, climbing to $1,224.10/ozt.

Today's participation remained below the recent average with less than 914 million shares changing hands at the NYSE floor.  

Today's data included the December Case-Shiller 20-city Index, the February Consumer Confidence report, and the Existing Home Sales report for January.

• The Case-Shiller 20-city Home Price Index for December rose 5.7% (Briefing.com consensus of 5.8%). This followed the previous month's increase of 5.7% (revised from 5.8%).
• The Conference Board's Consumer Confidence Index decreased to 92.2 (Briefing.com consensus 97.3) in February from a downwardly revised 97.8 (from 98.1) in January.
  • February marked the lowest level for consumer confidence since October 2015.
  • The drop in February stemmed from a drop in both the Present Situation Index (from 116.6 to 112.1) and the Expectations Index (from 85.3 to 78.9).
  • Notably, the report attributed the weakening in the present situation to greater apprehension about business conditions, their personal financial situation, and to a lesser degree, labor market prospects.
  • Existing home sales ran at a seasonally adjusted annual rate of 5.47 million units in January (Briefing.com consensus 5.30 million), up 0.4% from a downwardly revised 5.45 million (from 5.46 million) in December.
• Existing home sales are 11.0% higher than a year ago. At the current sales pace, there is a 4.0-month supply of inventory of unsold homes, which is well below the 6.0 month supply that is typically maintained during normal periods of buying and selling.
  • The lack of supply has helped push median prices higher, which in turn is limiting sales activity since price increases are outpacing income gains for a large swath of potential buyers. The share of first-time homebuyers remained at 32.0% for the second consecutive month.
  • Overall, the median home price for all housing types in January was $213,800, up 8.2% year-over-year.
  • The slight improvement in existing home sales in January was surprising as many economists thought low inventory levels, the winter blizzard in the Mid-Atlantic/Northeast late in the month, and a normal pullback from a much stronger than expected December home sales gain would produce a modest downturn in existing home sales. That wasn't the case.

It is worth noting that Fed Vice Chair Stanley Fischer will speak at 20:30 ET.

Tomorrow's economic data will be limited to the 7:00 ET release of the weekly MBA Mortgage Index and the January New Home Sales Report (Briefing.com 523k), which will cross at 10:00 ET.

• Russell 2000: -10.8% YTD
• Nasdaq -10.1% YTD
• S&P 500 -6.0% YTD
• Dow Jones -5.7% YTD

4:12 pm Alder BioPharmaceuticals beats by $0.06 (ALDR) :

• Reports Q4 (Dec) loss of $0.60 per share, $0.06 better than the two analyst estimate of ($0.66); revenue fell to $0 YOY (from $6.4 mln)
• ALD403 12-Week Phase 2b Chronic Migraine and Phase 1 Self-Administration Top-line Data Expected First Quarter 2016 -

4:12 pm Jazz Pharma reports EPS in-line, misses on revs; guides FY16 EPS below consensus, revs in-line (JAZZ) :

• Reports Q4 (Dec) adj. earnings of $2.60 per share, in-line with the Capital IQ Consensus of $2.60; revenues rose 3.9% year/year to $340.9 mln vs the $349.83 mln Capital IQ Consensus. 
  • Xyrem net sales increased by 13% to $251.8 million in the fourth quarter of 2015 compared to $222.5 million in the fourth quarter of 2014.
• Co issues guidance for FY16, sees EPS of $10.90-11.30, excluding non-recurring items, vs. $11.42 Capital IQ Consensus Estimate; sees FY16 revs of $1.49-1.55 bln vs. $1.53 bln Capital IQ Consensus Estimate; Xyrem $1.095-1.13 bln; adj. gross marign 93%.

4:11 pm First Solar beats by $0.83, beats on revs; reaffirms FY16 EPS guidance, guides FY16 revs in-line; Stock will resume trading at 4:45pm ET (FSLR) :

• Reports Q4 (Dec) earnings of $1.60 per share, $0.83 better than the Capital IQ Consensus of $0.77; revenues fell 6.5% year/year to $942 mln vs the $928.98 mln Capital IQ Consensus.
• Co issues guidance for FY16, reaffirms EPS of $4.00-4.50, excluding non-recurring items, vs. $4.12 Capital IQ Consensus Estimate; sees FY16 revs of $3.88-4.00 bln vs. $3.77 bln Capital IQ Consensus Estimate.
• Additional 2016 Guidance Update
  • Raises low end of Gross Margin guidance to 17-18% from 16-18%
  • OpEx reaffirmed at $380-400 mln
  • Operating Income reaffirmed at 260-330 mln
  • Operating Cash Flow $400-600 mln (Prior $500-700 mln)
  • CapEx reaffirmed at $300-400 mln
  • Shipments reaffirmed at 2.9-3.0 GW

4:11 pm Enphase Energy misses by $0.02, misses on revs; guides Q1 revs below consensus (ENPH) :

• Reports Q4 (Dec) loss of $0.25 per share, $0.02 worse than the Capital IQ Consensus of ($0.23); revenues fell 37.6% year/year to $65.6 mln vs the $69.52 mln Capital IQ Consensus.
• Co issues downside guidance for Q1, sees Q1 revs of $63-69 mln vs. $73.14 mln Capital IQ Consensus Estimate.
• "Revenue for the fourth quarter of 2015 was impacted by the reduction of inventory levels in our channel, which have now returned to normalized levels. We also reduced our operating expenses in the second half of 2015 to accommodate our lower gross margin profile."

4:11 pm Gamestop increases quarterly dividend to $0.37/share from $0.36/share (GME) :  

4:10 pm Rubicon Project beats by $0.39, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY16 EPS in-line, revs below consensus (RUBI) :

• Reports Q4 (Dec) earnings of $0.72 per share, $0.39 better than the Capital IQ Consensus of $0.33; revenues rose 100.2% year/year to $83.7 mln vs the $79.45 mln Capital IQ Consensus.
• Take rate was 24.9% for 4Q15, up from 19.3% for 4Q14.
• Managed revenue was $336.0 mln for 4Q15, an increase of 55% from $216.5 mln for 4Q14.
• Co issues downside guidance for Q1, sees EPS of $0.00-$0.02 vs. $0.05 Capital IQ Consensus Estimate; sees Q1 revs of $58-$60 mln vs. $61.26 mln Capital IQ Consensus Estimate.
• Co issues guidance for FY16, sees EPS of $0.65-$0.78 vs. $0.72 Capital IQ Consensus Estimate; sees FY16 revs of $275-$295 mln vs. $297.49 mln Capital IQ Consensus Estimate.

4:10 pm Infinity Prpty & Casualty increases quarterly dividend to $0.52/share from $0.43/share (IPCC) :  

4:10 pm Sanofi announces that the license and development agreement b/t co and kalo, the developer of Auvi-Q, will terminate later this year; all U.S. and Canadian rights will be returned to kalo at that time (SNY) :

Sanofi announced that the license and development agreement between co and kalo, formerly Intelliject Inc., the developer of Auvi-Q (epinephrine injection, USP), will terminate later this year.

• At that time, all U.S. and Canadian rights will be returned to kalo.
• Co is in discussions with kalo on these terms and for an orderly transition plan.
• Kalo will evaluate timing and options for bringing Auvi-Q back to market.

4:10 pm Intersect ENT beats by $0.05, beats on revs (XENT) :

• Reports Q4 (Dec) loss of $0.20 per share, $0.05 better than the Capital IQ Consensus of ($0.25); revenues rose 40.3% year/year to $18.8 mln vs the $18.55 mln Capital IQ Consensus. 
• Fourth quarter gross margin was 80% compared to 78% in the fourth quarter 2014 and full year 2015 gross margin was 80% compared to 74% for the full year 2014.
• Co continued enrollment of patients in RESOLVE II, a 300-patient pivotal Phase III clinical study of the RESOLVE investigational steroid releasing implant designed to treat patients with recurrent sinus obstruction in the office setting.

4:09 pm Masimo misses by $0.24, beats on revs; guides FY16 EPS above consensus, revs above consensus (MASI) :

• Reports Q4 (Dec) earnings of $0.15 per share, excluding non-recurring items, $0.24 worse than the Capital IQ Consensus of $0.39; revenues rose 3.4% year/year to $167.3 mln vs the $164.26 mln Capital IQ Consensus.
• Co issues upside guidance for FY16, sees EPS of $1.74 vs. $1.68 Capital IQ Consensus Estimate; sees FY16 revs of $670 mln vs. $666.20 mln Capital IQ Consensus Estimate.

4:09 pm Ultra Clean Holdings beats by $0.01, beats on revs; guides Q1 EPS, revs above consensus (UCTT) :

• Reports Q4 (Dec) loss of $0.01 per share, $0.01 better than the Capital IQ Consensus of ($0.02); revenues fell 13.8% year/year to $103.42 mln vs the $102.1 mln Capital IQ Consensus.
• Co issues upside guidance for Q1, sees EPS of $0.01-0.04 vs. ($0.01) Capital IQ Consensus Estimate; sees Q1 revs of $108-113 mln vs. $105.12 mln Capital IQ Consensus Estimate.
• Gross margin for the fourth quarter of 2015 was 12.9%, compared to 15.4% for the previous quarter and 15.3% for the same period a year ago.

4:08 pm RealPage to acquire NWP Services Corp for ~$68 million in cash (RP) :

The co announced it has agreed to acquire NWP Services Corporation, a provider of cloud-based resident billing, electronic payments, energy management, back office accounting and IT infrastructure solutions.

• The completion of the acquisition remains subject to certain standard conditions, and is expected to close during March 2016.
• The acquisition purchase price of approximately $68 million in cash, $70 million less expected cash acquired, is subject to a reduction for outstanding indebtedness and unpaid transaction expenses and subject to working capital adjustments.
• For the year ended December 31, 2015, revenue for NWP was approximately $58 million with EBITDA of approximately $6 million.
• The company expects the acquisition to contribute $45 million in revenue and $5 million of EBITDA during 2016. Ron Reed will be named SVP, Resident Billing Services and he and the NWP team will report to William Chaney.

4:07 pm GenMark Diagnostics beats by $0.07, reports revs in-line; guides FY16 revs in-line (GNMK) :

• Reports Q4 (Dec) loss of $0.21 per share, $0.07 better than the Capital IQ Consensus of ($0.28); revenues rose 34.7% year/year to $13.2 mln vs the $13.2 mln single analyst estimate.
• Co issues in-line guidance for FY16, sees FY16 revs of $47-51 mln vs. $48.52 mln Capital IQ Consensus Estimate.

4:07 pm Juno Therapeutics & Fred Hutchinson Cancer Research Center announce the creation of a new clinical trials unit dedicated to immuno-oncology (JUNO) : In addition to consolidating trial participants' care into one location, the new unit will have dedicated space for research teams to handle specimens and collect trial data. The CTU is expected to be operational in mid-2016 & will be available for studies supported by Juno & other drugmakers.

4:07 pm Ixia beats by $0.06, beats on revs; announces new stock buyback (XXIA) :

• Reports Q4 (Dec) earnings of $0.22 per share, $0.06 better than the Capital IQ Consensus of $0.16; revenues rose 9.2% year/year to $138.9 mln vs the $129.75 mln Capital IQ Consensus.
• Co also announced that its Board of Directors has approved a share repurchase program under which the company may, over the next 12 months, acquire up to $25 million of its common stock.

4:06 pm Matson misses by $0.02, misses on revs; co expects operating income to be ~25% lower than 1Q15 (MATX) :

• Reports Q4 (Dec) earnings of $0.60 per share, $0.02 worse than the Capital IQ Consensus of $0.62; revenues rose 11.6% year/year to $494.8 mln vs the $516.29 mln Capital IQ Consensus.
• For the full year 2016, the co expects SSAT to contribute profits modestly lower than the $16.5 million contributed in 2015, primarily due to the absence of factors related to the clearing of international cargo backlog in the first half of 2015 that resulted from the U.S. West Coast labor disruptions.
• For the full year 2016, the co expects that Ocean Transportation operating income to be modestly lower than the $187.8 million achieved in 2015
• In the first quarter 2016, the co expects operating income to be ~25% lower than the first quarter 2015 level of $43.9 million
• Logistics: Volume declines in Logistics' businesses extended into the fourth quarter 2015 and the co achieved an operating income margin of 2.5%
• The co expects 2016 operating income to modestly exceed the 2015 level of $8.5 million, driven by volume growth and continued expense control.

4:06 pm Illumina files lawsuits focused on MinION and PromethION devices against Oxford Nanopore Technologies (ILMN) : Illumina is seeking all available remedies. The lawsuits are based on U.S. Patent Nos. 8,673,550 and 9,170,230, which are entitled "MSP NANOPORES AND RELATED METHODS." Illumina has exclusively licensed the patents in the field of nucleic acid sequencing from the UAB Research Foundation and the University of Washington. The lawsuits focus on ONT's MinION and PromethION devices.

4:05 pm Extra Space Storage reports FFO in-line, beats on revs; guides FY16 FFO in-line (EXR) :

• Reports Q4 (Dec) funds from operations of $0.87 per share, in-line with the Capital IQ Consensus of $0.87; revenues rose 35.5% year/year to $195.67 mln vs the $187.62 mln Capital IQ Consensus.
• Co issues in-line guidance for FY16, sees FFO of $3.65-3.73 vs. $3.71 Capital IQ Consensus Estimate.
• During the quarter, the Company did not sell any shares of common stock using its "at the market" equity program.
• Increased same-store revenue by 9.6% and same-store net operating income by 11.5% compared to the same period in 2014.

4:05 pm Tetraphase Pharmaceuticals misses by $0.08, misses on revs (TTPH) :

• Reports Q4 (Dec) loss of $0.50 per share, $0.08 worse than the Capital IQ Consensus of ($0.42); revenues fell 19.4% year/year to $2.5 mln vs the $3.34 mln Capital IQ Consensus.

4:05 pm WebMD Health beats by $0.03, beats on revs; guides Q1 revs above consensus; guides FY16 EPS above consensus, revs in-line (WBMD) :

• Reports Q4 (Dec) earnings of $0.60 per share, $0.03 better than the Capital IQ Consensus of $0.57; revenues rose 18.1% year/year to $192.1 mln vs the $189.93 mln Capital IQ Consensus. 
  • Traffic to the WebMD Health Network during the fourth quarter of 2015 reached an average of 201 million unique users per month generating 3.97 billion page views for the quarter, increases of 6% and 7%, respectively, from the prior year period.
• Co issues upside guidance for Q1, sees Q1 revs of $154.5-157.5 mln vs. $154.54 mln Capital IQ Consensus; EBITDA $43.5-45.5 mln.
• Co issues guidance for FY16, sees EPS of $1.75-1.90 vs. $1.68 Capital IQ Consensus Estimate; sees FY16 revs of $685-705 mln vs. $689.91 mln Capital IQ Consensus; EBITDA $219-230 mln.

4:04 pm Edison beats by $0.30; guides FY16 EPS above consensus (EIX) :

• Reports Q4 (Dec) earnings of $0.88 per share, excluding non-recurring items, $0.30 better than the Capital IQ Consensus of $0.58.
• Co issues upside guidance for FY16, sees EPS of $3.81-4.01 vs. $3.74 Capital IQ Consensus Estimate.
• "Our results are well ahead of earnings guidance and reflect SCE's strong rate base growth and continued focus on operational excellence. With the potential for continued long-term growth and productivity improvements at SCE along with continued development of Edison Energy Group's businesses, Edison International is well-positioned in a rapidly changing industry."

4:04 pm Infinity Pharmaceutical beats by $0.08, misses on revs; guides FY16 revs in-line (INFI) :

• Reports Q4 (Dec) loss of $0.80 per share, $0.08 better than the Capital IQ Consensus of ($0.88); revenues rose 106.8% year/year to $9.1 mln vs the $11.44 mln Capital IQ Consensus.
• Co issues in-line guidance for FY16, sees FY16 revs of $225-4245 mln vs. $230.00 mln single analyst estimate. This assumes the achievement of $200 mln in anticipated regulatory milestones under the company's collaboration with AbbVie: $125 mln associated with the acceptance of the first NDA submission and $75 mln associated with the acceptance of the first MAA submission. INFI expects to record the $200 mln in milestone revenue in 4Q16 and expects payment by AbbVie in 1Q17.
• Co expects net income for 2016 to range from $15-$35 million. Expects to end 2016 with a year-end cash and investments balance ranging from $45-$65 mln.
  

4:04 pm Dreamworks Animation beats by $0.39, beats on revs (DWA) :

• Reports Q4 (Dec) earnings of $0.55 per share, $0.39 better than the Capital IQ Consensus of $0.16; revenues rose 36.3% year/year to $319.3 mln vs the $275.61 mln Capital IQ Consensus.
• Beginning in the quarter ending March 31, 2016, DWA plans to change the method by which intellectual property costs are charged to the Consumer Products segment to provide better comparability to peers, be more in line with the method used in the Television Series and Specials segment and minimize the volatility of the Consumer Products segment profitability. As a result, the Consumer Products Segment will no longer bear amortization of capitalized production costs for the use of Film and TV intellectual property. Instead, the Consumer Products segment will be charged a royalty fee which will compensate the originating segment for the use of intellectual property. There will be no change to DWA's Consolidated financials, as DWA's Ultimate revenues and the amortization of capitalized production costs remain unchanged. This methodology will impact segment reporting only.

4:03 pm Anacor Pharma to present data from its Phase 3 pivotal studies of investigational drug crisaborole topical ointment at the 74th Annual Meeting of the American Academy of Dermatology on Saturday, March 5, 2016 (ANAC) :  

4:03 pm Dexcom beats by $0.03, beats on revs (DXCM) :

• Reports Q4 (Dec) earnings of $0.02 per share, $0.03 better than the Capital IQ Consensus of ($0.01); revenues rose 55.2% year/year to $130.8 mln vs the $127.6 mln Capital IQ Consensus.

4:03 pm Foundation Medicine beats by $0.10, reports revs in-line; reaffirms FY16 revs in-line (FMI) :

• Reports Q4 (Dec) loss of $0.55 per share, $0.10 better than the Capital IQ Consensus of ($0.65); revenues rose 39.6% year/year to $26.1 mln vs the $26.08 mln Capital IQ Consensus.
• Co issues reaffirms guidance for FY16, sees FY16 revs of $110-120 mln vs. $115.63 mln Capital IQ Consensus Estimate.
• Outlook: The company expects to deliver between 37,000 and 40,000 FoundationOne and FoundationOne Heme clinical tests in 2016. The company expects operating expenses will be in the range of $175 and $185 mln. The company plans to expand its offering of molecular information products with the commercial launch of its ctDNA assay in the first quarter 2016. The company expects to expand upon reimbursement progress made in 2015 and drive additional coverage decisions.

4:02 pm AtriCure beats by $0.01, reports revs in-line; guides FY16 EPS in-line, revs above consensus (ATRC) :

• Reports Q4 (Dec) loss of $0.36 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of ($0.37); revenues rose 22.1% year/year to $35.9 mln vs the $35.84 mln Capital IQ Consensus.
• Co issues guidance for FY16, sees EPS of ($1.22)-($1.12), excluding non-recurring items, vs. ($1.14) Capital IQ Consensus Estimate; sees FY16 revs of +25% y/y (Approx $162 mln) vs. $160.61 mln Capital IQ Consensus Estimate.

4:02 pm Monolithic Power CFO Meera to retire; co has retained an executive search firm to secure a successor (MPWR) :

• Co has retained an executive search firm to secure a successor.
• Rao will continue in her role at MPS until March 31, 2016 and will remain available in an advisory capacity until the transition is complete.
• Following Rao's departure, Bernie Blegen, MPS' corporate controller, will serve as the interim CFO until a permanent replacement is found.
• Blegen has been serving as co's corporate controller since 2011.

4:01 pm Navios Maritime receives continued listing standards deficiency notice from NYSE (NM) : The co will respond to the NYSE to confirm its intent to cure this deficiency within the prescribed time-frame set out in the NYSE's Listed Company Manual.

4:01 pm Rofin-Sinar Technologies: SilverArrow launches website (www.fixrofin.com) in connection with Rofin-Sinar Technologies proxy contest (RSTI) :  

3:51 pm Honeywell confirms talks with United Technologies (UTX) over past year; does not see regulatory process as a material obstacle (HON) :

• 'Honeywell confirms that over the past year it has engaged in discussions with United Technologies Corporation regarding a possible business combination. The value creation from a combination is significant, including the benefits of $3.5 billion in annualized cost synergies. We do not see the regulatory process as a material obstacle to a transaction. In fact, a combination would benefit our customers and enhance our ability to offer a more comprehensive and compelling suite of technologies to serve their needs. Honeywell believes the combined company's financial profile would be stronger than the highest valued peers in the multi-industry group today, creating an opportunity for incremental value for both sets of shareowners over the short- and long-term. A combined Honeywell and United Technologies would maintain a strong investment grade rating, and have higher free cash flow and a rapid deleveraging profile.'
• 'We would not and will not pursue a transaction that is not in the best interest of our shareowners, consistent with our successful and disciplined capital deployment framework. Regardless of whether a transaction occurs, we are highly confident in our long-term growth prospects, our ability to create shareowner value, and our strong investment grade balance sheet.'

3:05 pm Major averages drop to new session lows -- S&P -24, Dow -209, Nasdaq Comp -64 (:TECHX) :  

3:03 pm Echostar Holdings subsidiary awarded $200 million contract from StarGroup (SATS) :

Hughes Network Systems, a wholly owned subsidiary of EchoStar Corporation, announced that Mexico-based service provider StarGroup has chosen Hughes and its award-winning JUPITER System as the foundation for its soon-to-be-launched high-speed satellite Internet service in Latin America.

• The contract calls for Hughes to supply a JUPITER gateway, high-performance Ka-band terminals and a comprehensive suite of managed services for operational and customer support. As part of the initiative, StarGroup has leased a significant portion of the Mexico capacity on EchoStar XIX, scheduled for launch in late 2016, to expand its satellite service offerings in that country.
• Overall, the combined value of the agreements is in excess of US$200 million.

2:54 pm Lateral chop near the lows continues -- S&P -21, Dow -180, Nasdaq Comp -55 (:TECHX) : The S&P pulled back to 1922 in mid-morning trade with a lateral consolidation below 1928/1929 dominating for the last several hours.  Continued failure leaves the door open to follow through with next support at 1919/1917 followed by a minor barrier at 1914. 

2:30 pm Questar pending merger with Dominion (D) receives FTC antitrust approval; transaction expected to close this year (STR) : Closing of the transaction still requires approval of Questar's shareholders. Questar and Dominion also will file for review and approval, if required, from the Utah Public Service Commission and the Wyoming Public Service Commission, and provide information regarding the transaction to the Idaho Public Utilities Commission.

2:20 pm DISH Network expanded their strategic relationship with Willow TV International for the Willow cricket channel to be offered to Sling TV and DISH customers (DISH) :  

2:16 pm CIGNA climbs back toward its early session peak at 137.95 (CI) : Note that yesterday's high and its 50 day sma are just above at 138.11/138.04.

2:16 pm Headwaters acquires technology to manufacture a wide variety of concrete products without the use of portland cement; terms not disclosed (HW) :

CalStar Technology allows co to manufacture a wide variety of concrete products without the use of portland cement.

• The technology uses 100% fly ash as the cementitious binder. 
• The technology was previously owned by CalStar.
• No operating assets were acquired in the transaction.

2:08 pm Wal-Mart pushes to new session/weekly high of 66.21 in recent trade, its 200 day sma comes into play at 66.35 (WMT) :  

2:01 pm JG Wentworth sells, through a private placement, up to $161.3 mln of structured settlement, lottery and annuity payment streams (JGW) :

The assets are payments from pools of rights arising under court ordered structured settlement payments, court ordered lottery payments, and annuity payment purchase contracts primarily originated by the J.G. Wentworth and Peachtree Financial Solutions companies.

• This private placement totals $161.3 mln and is comprised of two asset pools.
  • The first pool consisted of $91.3 mln which closed on February 18, 2016 and generated over $26 mln of net cash after paying off warehouse facilities.
  • The second pool of up to $70 mln is scheduled to close in Q2 of this year and will generate additional cash at that time.

2:01 pm Public Service has acquired a 36.3 MW-dc solar energy facility from juwi Inc; represents an investment of over $54 million (PEG) : PSEG Solar Source today announced that it has acquired a 36.3 MW-dc solar energy facility from juwi Inc. (juwi). The facility, to be called the PSEG Larimer Solar Energy Center, is located 25 miles north of Fort Collins, Colorado. This latest addition to PSEG Solar Source's portfolio represents an investment of over $54 million.

1:56 pm Chesapeake Utilities maintains quarterly dividend at $0.2875/share (CPK) :  

1:12 pm Airgas shareholders approve previously announced acquisition by Air Liquide (AIQUY); parties continue to expect to complete the merger in the second or third quarter of 2016 (ARG) :  

1:05 pm Midday Market Summary: Oil Weighs at Midday (:WRAPX) :

The stock market trades broadly lower at midday as the major averages pull back after seeing gains in four of the past six sessions. Contributing factors to today's decline include a downturn in crude oil, the underperformance of key sectors, and a worse than anticipated consumer confidence reading. Currently, the Nasdaq Composite (-1.0%) trades behind the S&P 500 (-0.9%) and the Dow Jones Industrial Average (-0.9%).

Overnight, futures traded in lockstep with oil as the commodity saw pressure from investors who weighed the effect of a proposed production cap against the existing oil glut. During today's trade, this relationship was put into sharper focus after Saudi oil minister Ali al-Naimi stated that the production cap would not lead to an eventual output cut by Saudi Arabia. Mr. al-Naimi added that drillers with higher costs must find ways to become more efficient, borrow cash, or liquidate. As a result, WTI crude has plummeted 4.9% to $31.77/bbl.

Unsurprisingly, commodity-sensitive energy (-2.5%) and materials (-2.3%) have been impacted the largest by this move. Meanwhile, the heavily-weight financial (-1.8%) and technology (-1.3%) sectors underperform the broader market.

In the energy space, independent oil and gas names show the worst losses of the day as they represent some of the higher cost drillers. On that note, Anadarko Petroleum (APC 35.28, -2.07) has tumbled 5.6%. Meanwhile, energy giant and Dow component Exxon Mobil (XOM 81.52, -0.87) outperforms the broader sector with a decline of 0.9%.

Economically-sensitive financials have been hurt by a poor showing from money center banks with JPMorgan Chase (JPM 56.36, -2.21) leading the downside in that group and in the Dow. The broader financial sector has surrendered its weekly gain and now trades lower by 0.3% for the week and down 3.8% for the month of February.

In the heavily-weighted technology space, large-cap Microsoft (MFT 51.55, -1.10) has surrendered 2.1%. Separately, Western Digital (WDC 43.16, -2.94) has plummeted 6.4% after the company agreed to alter its deal to acquire SanDisk (SNDK 66.12, -1.56) despite Unisplendour terminating its agreement to purchase a 15.0% stake in Western Digital.

In the consumer discretionary space (UNCHF), large-cap Home Depot (HD 125.57, +2.72) outperforms after the company reported better than expected quarterly results. The company also announced an increase to its quarterly dividend and provided in-line estimates for its full year 2017 earnings. The Dow component leads the price-weighted index.

The Treasury complex has seen buying interest throughout the day as the selloff in equities continues. After hitting 1.81% earlier this morning, the yield on the 10-yr note trades lower by one basis point at 1.74%.

Safe haven yen and gold have also seen increased interest today. At this juncture, the dollar yen/pair trades at 112.15 (-0.7%) while gold trades higher by 1.1% at $1,224.10/ozt.

Today's data included the December Case-Shiller 20-city Index, the February Consumer Confidence report, and the Existing Home Sales report for January.

• The Case-Shiller 20-city Home Price Index for December rose 5.7% (Briefing.com consensus of 5.8%). This followed the previous month's increase of 5.7% (revised from 5.8%).
• The Conference Board's Consumer Confidence Index decreased to 92.2 (Briefing.com consensus 97.3) in February from a downwardly revised 97.8 (from 98.1) in January.
  • February marked the lowest level for consumer confidence since October 2015.
  • The drop in February stemmed from a drop in both the Present Situation Index (from 116.6 to 112.1) and the Expectations Index (from 85.3 to 78.9).
  • Notably, the report attributed the weakening in the present situation to greater apprehension about business conditions, their personal financial situation, and to a lesser degree, labor market prospects.
  • Existing home sales ran at a seasonally adjusted annual rate of 5.47 million units in January (Briefing.com consensus 5.30 million), up 0.4% from a downwardly revised 5.45 million (from 5.46 million) in December.
• Existing home sales are 11.0% higher than a year ago. At the current sales pace, there is a 4.0-month supply of inventory of unsold homes, which is well below the 6.0 month supply that is typically maintained during normal periods of buying and selling.
  • The lack of supply has helped push median prices higher, which in turn is limiting sales activity since price increases are outpacing income gains for a large swath of potential buyers. The share of first-time homebuyers remained at 32.0% for the second consecutive month.
  • Overall, the median home price for all housing types in January was $213,800, up 8.2% year-over-year.
  • The slight improvement in existing home sales in January was surprising as many economists thought low inventory levels, the winter blizzard in the Mid-Atlantic/Northeast late in the month, and a normal pullback from a much stronger than expected December home sales gain would produce a modest downturn in existing home sales. That wasn't the case.

12:50 pm AMAG Pharma: FDA approves co's single-dose, preservative-free formulation of Makena; co expects to commercialize in 2Q16 (AMAG) :

The single-dose formulation is an expansion of the Makena product line.

• Packaged in trays of four (a month's supply), the single-dose formulation provides an alternative package size to the current multi-dose vial, which contains five weekly injections.
• Co currently expects to commercialize the new single-dose, preservative-free formulation of Makena in the second quarter of 2016.

12:45 pm Target continues to outperform, runs to new session high of 73.91 to probe its Feb peak at 73.94 (TGT) : Target is reporting before the open tomorrow.

12:36 pm Viacom confirms it has initiated a process to explore opportunities for a significant strategic minority equity investment in Paramount Pictures (VIAB) :

The announcement was made today by Philippe Dauman, Viacom's Executive Chairman, President and CEO, at the Jefferies Media & Communications Conference in New York City.

• "We have received indications of interest from potential partners seeking a strategic investment in Paramount Pictures and I have decided to pursue discussions with a select group of potential investors. In this time of change and enormous opportunity in our industry, a partnership will bring significant benefit to Paramount and Viacom, both strategically and financially, provide new opportunities for Paramount's employees and talent, and enhance long-term value for all Viacom shareholders."
• Viacom has retained PJT Partners as its financial advisor to assist with the process.

12:12 pm Gilead Sciences announces 48-week results from a Phase 3 study to Evaluate Switching to F/TAF-Based Regimens from Truvada (F/TDF)-Based Regimens (GILD) :

At Week 48, the F/TAF-based regimens were found to be statistically non-inferior to the F/TDF-based regimens, based on percentages of patients with HIV-1 RNA levels less than 50 copies/mL. The study also demonstrated statistically significant improvements in renal and bone laboratory parameters among patients receiving F/TAF-based regimens. The data were presented in an oral session (Session O-2) at the 2016 Conference on Retroviruses and Opportunistic Infections (:CROI) in Boston

• Through Week 48, similar high rates of virologic suppression (HIV-1 RNA
• Statistically significant differences were observed in mean changes from baseline to Week 48 in bone mineral density (:BMD) between patients receiving F/TAF-based regimens compared to patients receiving F/TDF-based regimens (hip: F/TAF-based regimens, +1.14 percent; F/TDF-based regimens, -0.15 percent; spine: F/TAF-based regimens, +1.53 percent; F/TDF-based regimens, -0.21 percent, p

In April 2015, Gilead filed a New Drug Application (:NDA) with the U.S. Food and Drug Administration (:FDA) for two fixed-dose combinations of F/TAF (200/10 mg and 200/25 mg), and the FDA has set a target review date under the Prescription Drug User Fee Act (:PDUFA) of April 7, 2016.

12:03 pm Intraday relative sector strength (:TECHX) : Minor push off mid-morning lows for the market averages with some relative strength on this move noted in Housing XHB (TOL, WHR, CAA, KBH, LL, CHI, LEN, OC, PHM), Retail XRT, Discretionary XLY, Restaurant, Medical Supplies, Telecom IYZ.

11:56 am Aixtron down 4% following Q4 results, guidance (AIXG) :

• Reports Q4 (Dec) loss of 0.02 per share, 0.01 better than the Capital IQ Consensus of (0.03); revenues rose 7.8% year/year to 62.5 mln vs the 56.57 mln Capital IQ Consensus. Co preannoucned FY15 rev on December 9.
• Co issues in-line guidance for FY16, sees FY16 revs of EUR 170-200 mln vs. 190.72 mln Capital IQ Consensus, with a significantly stronger revenue generation in the second half of 2016 compared to the first half of 2016. Currency-adjusted order intake is expected to be at the same level as in fiscal year 2015. Depending on the successful completion of qualification processes and market entry efforts as well as the achievement of revenues at the high end of the revenue guidance range, Management expects to achieve another improvement of results in 2016.
• EBITDA, EBIT, net result and free cash flow are expected to improve slightly compared to 2015 but to remain negative for the full year 2016.
• Management expects to report a positive EBITDA for full year 2017.

11:52 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:-1.3%
• Germany's DAX:-1.6%
• France's CAC:-1.4%
• Spain's IBEX:-1.3%
• Portugal's PSI:-2.3%
• Italy's MIB Index:-2.0%
• Irish Ovrl Index:-1.1%
• Greece ASE General Index: +1.2%

11:37 am Invesco Mortgage Capital higher following Q4 results (IVR) :

• Reports Q4 (Dec) earnings of $0.42 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.41; net interest income fell 4.0% year/year to $88.5 mln vs the $91.33 mln two analyst estimate.
• Book value per diluted common share was $17.14 at 12/31/2015 vs. $17.66 at 9/30/2015, $18.82 at 12/31/2014.

11:25 am Floor Talk (:TALKX) :

The stock market has run into some resistance today -- literally and figuratively -- and has followed a downward trek since the opening bell.  Some key factors that have deterred buying interest to this juncture include:

• The inability of the S&P 500 to trade above its 50-day simple moving average (1950/1952)
• A downturn in oil prices (-5.1% at $31.70/bbl), which has been helped along by a contention from the Saudi oil minister that a production cut is not going to happen even if there is an agreement reached to freeze output at current levels
• A disappointing slump in the Consumer Confidence Index for February (from 97.8 to 92.2); and
• The notable underperformance of the market's key leadership areas: energy (-2.5%), financials (-1.8%), and technology (-1.4%)

Another point of resistance is the emerging thought that the market was due for a pullback anyway.

At yesterday's close, the S&P 500 had increased 7.5% from its intraday low on February 11, leading to some assertions that it was overbought on a short-term basis and vulnerable to selling interest, particularly if it couldn't clear resistance at the 50-day simple moving average.

11:20 am KBW Regional Bank ETF continues to display relative weakness nears last week / range low (KRE) : Noted relative weakness in the KRE (and Bank KBE) earlier with the recent downside extension leaving it back slightly above last week's low at 34.60 (session low 34.62) before it attempted to stabilize. A similar level for the Bank ETF (KBE) is at 27.93 (session low 27.98).

10:57 am Summit Materials to acquire Boxley Materials; in connection, co announces $250 mln offering of Senior Notes due 2022 (SUM) :

Co signed a definitive agreement to acquire Boxley Materials, an integrated construction materials company based near Roanoke, VA.

• The transaction is expected to close in mid-March, pending expiration of the standard regulatory review period.
• Together with the American Materials Company acquisition announced on February 11, combined investment is ~$250 mln which represents a ~8.5x trailing EBITDA multiple inclusive of expected synergies.

Co's indirect subsidiaries Summit Materials, LLC and Summit Materials Finance Corp. intend to offer $250 million aggregate principal amount of Senior Notes due 2022.

• Co intends to use the proceeds from the offering to fund the acquisition of Boxley Materials Company, replenish cash used for the acquisition of American Materials Company and to pay fees and expenses incurred in connection with the offering and the acquisitions.

10:56 am Currency Commentary: Moving Averages (:SUMRX) :

• The Dollar Index has been able to push above the 97 level. The DXY has pressed back above its 200 sma (96.98) but still has the 100 sma (97.87) and 50 sma (98.40) lingering above as potential resistance. The technical levels should remain in place as we approach March. In that month the ECB will be meeting on the 10th and is expected to expand its purchase program and the Fed will be meeting on the 16th and updating its dot plot. Economic data was relatively mixed with Existing Home Sales beating expectations but the Consumer Confidence number and Case Shiller falling short of expectations.
• The euro continues to test 1.10 for support. Similar to the USD, the euro is in the midst of testing key moving averages. It broke below its 200 sma (1.1047) for the first time since February 3. It now is lingering above the 50 sma (1.0972) and 100 sma (1.0958) as potential support. Barring any game changing headlines we would expect to see technical levels dominate trade as participants gauge potential divergences in monetary policy.
• The pound is attempting to bounce off recent multi-year lows. The debate over 'Brexit' will continue to dominate sentiment in the U.K.. Yesterday, the influential Mayor of London Boris Johnson threw his support behind leaving the EU which sent sterling to big single session losses. The pound has been able to find support at the 1.4060 area and has worked its way approx 50 pips from that level.
• The yen has pushed back into the 111 area as it remains bid. Uncertainty in the region has helped provide steady strength to the yen. It is now approaching the 110.98 area it hit back on February 11 (BONDX, FOREX).

10:56 am Notable movers of interest (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

• VRX (82.29 +8.39%): Determined ~$58 mln in revs previously recognized in 2014 should have been booked in subsequent periods; RBC says recent pressure overdone; maintain Outperform.
• MSI (71.64 +7.33%): Beat on Q4 EPS of $1.58 ($1.46 Consensus); upside guidance for FY16 EPS of $4.45-4.65 ($4.03 Consensus).
• NCLH (46.55 +5.6%): Reported in-line EPS of $0.51; provided in-line guidance for FY16 EPS of $3.65-3.85 ($3.73 Consensus).

Large Cap Losers

• VALE (3.16 -5.39%): Summoned to appear in public civil action filed by the Public Ministry of Espirito Santo against Samarco Minerao S.A. and its shareholders.
• ECL (102.53 -5.14%): Missed on Q4 EPS of $1.22 ($1.24 Consensus); missed on revs; downside guidance for FY16 adj EPS of $4.35-4.55 ($4.73 Consensus).
• WDC (44.34 -3.82%): Western Digital altered merger agreement Sandisk; to acquire SNDK for $67.50 per share in cash and 0.2387 shares of WDC; Unis investment in WDC terminated.

Mid Cap Gainers

• TXRH (41.6 +12.57%): Beat on Q4 EPS of $0.32 ($0.30 Consensus); in-line revs of $454 mln.
• FTR (4.94 +9.45%): Beat on Q4 EPS of $0.05 ($0.02 loss/share Consensus); increases synergy estimates for Verizon (VZ) transaction to be in excess of $600 mln.
• NDSN (70.34 +8.65%): Beat on Q1 EPS of $0.72 ($0.55 Consensus); beat on revs of $372 mln ($366 mln Consensus).

Mid Cap Losers

• FIT (13.37 -19.07%): Beat on Q4 EPS of $0.35 ($0.25 Consensus); downside guidance for Q1 EPS of $0.00-0.02 ($0.23 Consensus); numerous broker downgrades.
• COG (19.92 -7.52%): Upsized and priced 44 mln shares of common stock at $20.00 per share.
• THC (24.05 -5.71%): Beat on Q4 EPS of $0.35 ($0.34 Consensus); downside guidance for Q1 EPS of $0.05-0.54 ($0.50).

10:55 am Further slippage in recent action for major averages -- Dow -143, S&P -18, Nasdaq Comp -52 (:TECHX) :  

10:47 am S&P -14 extends back for first level support and pauses (:TECHX) : Noted support for the S&P in The Technical Take at 1931/1929 with the opening dip extended to 1929 this morning. A push back through its opening low at 1935 is needed to improve this morning's early pattern. A similar level for the SPY is at 193.79 and at 1931.75 for the March E-Mini contract.

10:23 am Morning pullback extended -- Dow -105, S&P -14, Nasdaq Comp -43 (:TECHX) : Sectors displaying relative weakness vs. the S&P on the pullback include: Internet FDN, Bank KBE, Reg Bank KRE, Finance XLF, Materials XLB, Technology XLK, Semi SMH, Software IGV, Ag/Chem MOO, Crude Oil USO, Steel SLX, Coal KOL.

10:07 am Major averages slip slightly under opening lows -- Dow -81, S&P -10, Nasdaq Comp -29 (:TECHX) :  

10:02 am Wi-LAN sells certain patents to Dominion Harbor Group; terms not disclosed (WILN) : Co and Dominion Harbor Group announces a partnership pursuant to which DHG will acquire certain patents from WiLAN. The initial portfolio, consisting of fewer than 100 patent families, will be managed by DHG's affiliate, the Monument Bank of Intellectual Property, for investment in promising young startup companies.

9:58 am Twitter extends slightly above last week's peak (TWTR) : The stock is outperforming on a percentage basis with the push above last week's high at 18.88 extended slightly to 18.96 before it paused. Note that its 50 day ema is at 19.29 with the 50 day sma at 19.42

9:57 am Sibanye Gold sees FY15 EPS below estimates; sees better FY16 (SBGL) :

• Sees FY15 EPS $0.70-0.81 vs. $1.43 consensus.
• Normalised earnings for the year are expected to be between R1,180 million and R1,280 million, compared with normalised earnings of R2,258 million for the year ended 31 December 2014.
• As mentioned in the operating update released on 1 February 2016, the operational issues which affected the March 2015 quarter are unlikely to be repeated and a much better operating result is forecast for the year ending 31 December 2016. The prevailing rand gold price is also significantly higher than the average price of R475,508/kg for the year ended 31 December 2015, which, should it remain at these levels, will significantly boost earnings and cash flow.

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

As expected, the stock market opened its day on a lower note as the Nasdaq Composite (-0.3%) and the S&P 500 (-0.3%) jockey one another. 

Eight of ten sectors have opened in negative territory with materials (-0.9%) and telecom services (-0.7%) leading to the downside. Meanwhile, consumer discretionary (+0.2%) and health care (UNCHF) show the only gains of the day. The remaining sectors show losses between 0.2% (consumer staples) and 0.8% (financials).

On the commodities front, WTI crude trades lower by 2.2% at $32.65/bbl. Separately, gold has climbed 0.9% to $1,221.60/ozt. 

The Treasury complex remains off its low with the yield on the 10-yr note higher by five-basis points at 1.80%. 

9:39 am Now follow up: DNOW (+12%) and MRC (+17%) trading higher on the heels of this morning's Fairholme activist stakes and note that they have contacted each company about a possible merger (DNOW) :

• As mentioned earlier Fairholme Capital disclosed activist stakes in energy equipment supply companies DNOW and MRC (MRC), noting they have contacted members of both company's management about a possible merger with "another issuer." 
• DNOW also reported earnings this morning.
• See 6:51 comment for further color.

9:37 am Relative sector strength (:TECHX) : Sectors displaying relative strength as the market indices vacillate in the red include: Gold Miners GDX, Gold GLD, Silver SLV, REITs IYR, Broker IAI, Health XLV with selective gains in Biotech (VRX +5.5%, JUNO +2%, MDVN +1.6%, SGEN +1.5%, BMRN +0.4%, GENE +0.4%, ABMD +0.4%).

9:32 am Market averages open in the red -- Dow -38, S&P -6.8, Nasdaq Comp -18 (:TECHX) : Early relative sector weakness has been noted in: Crude Oil USO, Steel SLX, Materials XLB, Oil Service OIH, Energy XLE, Transports IYT, Rail, Paper, Ag.Chem MOO, Internet FDN.

9:30 am On The Wires (:WIRES) :

• Tecogen (TGEN) announced the first sale of the co's InVerde INV-100e+. Worth ~$500K, the sale includes the Ultera near-zero emissions control technology, various load modules, and factory engineered accessories.
• Canon Solutions America, a wholly owned subsidiary of Canon (CAJ), partnered with Colex Industries, the U.S. distributor for Fotoba International. Under the terms of the agreement, Canon Solutions America will begin offering the Fotoba brand of large format X/Y Cutters.
• WPCS International (WPCS) entered into a joint go-to-market pilot program, in advance of executing a more formal strategic alliance agreement, with Canada-based technology companies Imaginet Resources which will enable WPCS to provide full-turnkey installation and seamless integration of audio-visual systems.

9:26 am Pretium Resources: underwriters to purchase 26,210,000 common shares at a price of $4.58/share; gross proceeds of ~$120 million (PVG) :  

9:24 am Old Republic increases quarterly dividend to $0.1875/share from $0.1850/share (ORI) :  

9:15 am S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -24.70. (:WRAPX) :

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

Overnight, futures have moved lockstep with the direction of oil as participants weigh the effect of a proposed production cap against the existing supply glut. At this juncture, WTI crude trades lower by 1.9% at $32.78/bbl.

In corporate news, Western Digital (WDC 42.60, -3.49) revised its offer to purchase SanDisk (SNDK 65.70, -1.98) from $86.50 per share in cash and stock to $78.50 per share in cash and stock. This move comes after a deal for a division of China's Unisplendour Corp to purchase a 15.0% stake in Western Digital was terminated. Separately, United Technologies (UTX 92.40, +0.03) confirmed that the company held prior talks with Honeywell International (HON 105.00, -0.17) over a range of potential collaborative option but did not pursue them due to significant regulatory obstacles.

On the economic front, February Consumer Confidence (Briefing.com consensus 97.3) and the Existing Home Sales report for January (Briefing.com consensus 5.30 million) are set to cross the wires at 10:00 ET.

The Treasury complex trades broadly lower with the yield on the 10-yr note higher by six-basis points at 1.81%.

9:08 am GlobalStar and Avidyne announce partnership to develop and certify satellite-based internet and voice communications products for the aviation market (GSAT) : These new solutions, to be exclusively provided by Avidyne to aircraft manufacturers and through Avidyne's worldwide dealer network, will leverage Globalstar's second-generation satellite network.

9:04 am Expeditors Intl beats by $0.01, misses on revs (EXPD) :

• Reports Q4 (Dec) earnings of $0.61 per share, $0.01 better than the Capital IQ Consensus of $0.60; revenues fell 9.8% year/year to $1.6 bln vs the $1.7 bln Capital IQ Consensus; yields expanded 426 basis points to 33.6%; Airfreight tonnage volume decreased (1)% and ocean container volume decreased (2)%.

9:04 am TheStreet.com CEO Elisabeth DeMarse resigns; co appoints Chairman Larry Kramer as interim CEO, effective immediately (TST) : According to the co, Mr. Kramer was most recently the President & Publisher of USA Today where he transformed the newspaper from a largely print publication to a digital news platform.

9:02 am TRC Co awarded a five-year, $19.8 million contract by the Pennsylvania Department of Transportation (TRR) : Contract is to provide construction inspection services for precast and prestressed concrete products used on roadway and bridge projects across the state. The work will support the inspection of new structures being installed to replace and upgrade aging infrastructure systems throughout Pennsylvania.

9:01 am Capricor Therapeutics appoints Leland Gershell as CFO; effective immediately (CAPR) : Dr. Gershell comes to Capricor from Tonix Pharmaceuticals (TNXP) where he served as its CFO since early 2012.

9:01 am S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -20.40. (:WRAPX) :

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

Just released, the Case-Shiller 20-city Home Price Index for December rose 5.7% against the Briefing.com consensus of 5.8%. This followed the previous month's increase of 5.7% (revised from 5.8%). 

9:01 am Perry Ellis enters into an agreement with Lifestyle Essences for the distribution of children's apparel in the Philippines under the Original Penguin brand; plans launch in Fall 2016 (PERY) :  

8:57 am On The Wires (:WIRES) :

• Aeterna Zentaris (AEZS) started promoting APIFINY in 20 U.S. territories pursuant to its co-marketing agreement with Armune BioScience. Under the co-marketing agreement, the company will promote APIFINY to designated medical professionals and will receive a commission for each test performed resulting from its targeted promotion.
• OPKO Health (OPK) dosed the first patient in a Phase 2a study evaluating the safety of a long-acting Factor VIIa in hemophilia patients. The study is intended to enroll 24 patients in the US.
• RTI Surgical (RTIX) announced the limited launch of the Unison-C System. The first human implantation of the Unison-C System took place during an anterior cervical discectomy and fusion procedure last week.
• China Metro-Rural Holdings (CNR) subsidiary entered into an auction and has won the bidding of ~346k square meters of land in Nanyang, the PRC, following the signing of framework agreement with Nanyang Municipal Government . The land acquired will be used to develop a trading platform in Nanyang
• Bojangles' (BOJA) signed three new multi-unit development agreements with existing franchisees.
• ThyssenKrupp AG (TYEKF) agreed to exclusive graphite marketing deal with Elcora Advanced Materials Corp to be sole distributor in EU, Russia, Rurkey, USA, Canada. The deal is to run for 10 years, can be extended for further five. The deal with Elcora, JV partner Sakura Graphite Ltd, to have volume of roughly 9,000 tonnes per year in 5 yrs Further company coverage.

8:55 am S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -20.70. (:WRAPX) :

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

Equity markets across Asia ended the Tuesday session on a lower note while risk aversion in the foreign exchange market drove the dollar/yen pair into the 112.00 area, where the currency pair remains at this time. Meanwhile, the People's Bank of China lowered the yuan fix, setting it at 6.5273, which represents the lowest level since early February. China's Commerce minister Gao Hucheng commented on currency moves, trumpeting the party line that yuan depreciation is not aimed at benefiting the country's exports.

• Economic data was limited:
  • Hong Kong's January CPI +2.7% year-over-year (expected 2.5%; previous 2.5%) and January Unemployment Rate held at 3.3%, as expected
  • Australia's CB Leading Index -0.2% month-over-month (prior 0.3%)
  • Singapore's January CPI -0.6% year-over-year (consensus -0.4%; last -0.6%)

---Equity Markets---

• Japan's Nikkei flirted with a 1.0% gain in the early going, but ended the day lower by 0.4%. Eight sectors ended in negative territory with communications (-1.8%) and consumer staples (-1.5%) pacing the retreat while materials (+1.1%) and industrials (+0.2%) outperformed. Nippon Telegraph & Telephone, Shinsei Bank, Mitsui Fudosan, Asahi Group Holdings, Casio Computer, West Japan Railway, Yamaha, and Sony lost between 2.1% and 3.6%. On the upside, Mitsui Mining & Smelting, Toho Zinc, Nippon Steel, and Minebea gained between 3.4% and 6.3%.
• Hong Kong's Hang Seng shed 0.3% with more than half of its components ending in the red. Financials like Hang Seng Bank, Bank of East Asia, China Life Insurance, and Ping An Insurance lost between 1.3% and 2.7%. Energy-related names outperformed with China Shenhua Energy, CNOOC, and Petrochina climbing between 1.4% and 1.8%.
• China's Shanghai Composite lost 0.8% with Ningbo Port falling 5.4% while China Shipbuilding and Bank of China both lost near 1.5% apiece.

Major European indices have spent the early portion of the session in negative territory, but they are trying to trim their losses at this juncture. A disappointing Ifo survey from Germany has contributed to the cautious sentiment and Ifo economists indicated that the 2016 growth forecast for Germany may need to be revised lower from its current 1.9%. Elsewhere, Bank of England Governor Mark Carney appeared before parliament, stating that the BoE has no intention of imposing negative rates. Furthermore, Mr. Carney said the central bank is making contingency plans in the event the June 23 referendum results in a vote favoring a Brexit.

• In economic data:
  • Germany's Q4 GDP +0.3% quarter-over-quarter, as expected; +2.1% year-over-year, as expected. February Ifo Business Climate Index 105.7 (expected 106.7; previous 107.3). Business Expectations 98.8 (expected 101.6; previous 102.3) and Current Assessment 112.9 (consensus 112.0; last 112.5).
  • France's February Business Survey held at an upwardly revised 103 (expected 102)

---Equity Markets---

• France's CAC is lower by 0.3% with Cap Gemini down 2.1% while exporters Renault, Michelin, and Peugeot show losses between 0.4% and 1.2%. On the upside, financials BNP Paribas, Credit Agricole, and Societe Generale are up between 0.2% and 0.5%.
• UK's FTSE is down 0.4% with Standard Chartered falling 4.1% after reporting its first annual loss since 1989. Select miners have also struggled with Antofagasta and BHP Billiton both down more than 3.0%. On the upside, defense contractor Meggitt and homebuilder Persimmon hold respective gains of 11.2% and 3.8% after reporting better than expected results.
• Germany's DAX has given up 0.5% with all but four names in the red. Daimler, BMW, Volkswagen, and Continental have given up between 1.2% and 1.8% while Deutsche Bank trades down 0.4%. On the upside, Fresenius has added 1.3% and Commerzbank is higher by 0.9%.

8:51 am Tennant misses by $0.02, misses on revs; guides FY16 EPS below estimates (limited coverage) (TNC) :

• Reports Q4 (Dec) earnings of $0.78 per share, excluding non-recurring items, $0.02 worse than the two analyst estimate of $0.80; revenues fell 4.8% year/year to $205.9 mln vs the $213.65 mln two analyst estimate.
  • Unfavorable foreign currency exchange reduced consolidated net sales by ~5.0%. Organic net sales, which exclude the impact of foreign currency exchange (and acquisitions and divestitures when applicable), increased ~0.2%.
• Co issues downside guidance for FY16, sees EPS of $2.35-2.75, excluding non-recurring items, vs. $2.73 two analyst estimate; sees FY16 revs of $795-825 mln vs. $833.90 mln two analyst estimate; down 2.1% to up 1.6%, or ~zero% to up 4 percent organically, assuming an unfavorable foreign currency exchange impact on sales in the range of 1% to 2% and a sales decline from the divestiture of ~1%. Assuming slower economic growth in North America, modest improvement in Europe and growth in emerging markets.
• "While we anticipate foreign currency and global economic volatility to remain challenging in the coming quarters, we believe that Tennant is competitively advantaged and positioned to perform efficiently. We remain committed to reaching our goals of $1 billion in organic sales and a 12% operating profit margin."

8:51 am American Intl commences cash tender offer to purchase up to $ 1 bln of debt securities of co and its subsidiaries (AIG) :  

8:48 am London Stock Exchange and Deutsche Boerse (DBOEY) confirm in detailed discussions about a potential merger of equals (LDNXF) :

• The Potential Merger would be structured as an all-share merger of equals under a new holding company. Under the terms of the Potential Merger, LSE shareholders would be entitled to receive 0.4421 new shares in exchange for each LSE share and Deutsche Boerse shareholders would be entitled to receive one new share in exchange for each Deutsche Boerse share. Based on this exchange ratio, the parties anticipate that Deutsche Boerse shareholders would hold 54.4 per cent, and LSE shareholders would hold 45.6 per cent of the enlarged issued and to be issued share capital of the Combined Group. The Combined Group would have a unitary board composed of equal numbers of LSE and Deutsche Boerse directors.
• LSE and Deutsche Boerse believe that the Potential Merger would offer the prospect of enhanced growth, significant customer benefits including cross-margining between listed and OTC derivatives clearing (subject to regulatory approvals), as well as substantial revenue and cost synergies and increased shareholder value. All key businesses of LSE and Deutsche Boerse would continue to operate under their current brand names. The existing regulatory framework of all regulated entities within the Combined Group would remain unchanged, subject to customary and final regulatory approvals. Discussions between the parties remain ongoing regarding the other terms and conditions of the Potential Merger.
• Deutsche Boerse is required, by no later than 5.00 p.m. on March 22 2016, to do one of the following: (i) announce a firm intention to make an offer for LSE in accordance with Rule 2.7 of the Code; or (ii) announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel.

8:47 am Fusion Telecom Int'l announces extension of contract w/ a major non-profit organization; brings total contract value to $1.2 mln (FSNN) :

Co announces that a major non-profit organization providing medical and residential services to children and adults with developmental disabilities has extended its agreement with Fusion for five years.

• The organization expanded the number of locations served to eleven and added cloud connectivity to already existing cloud communications solutions, which were also expanded.
• The additional services and locations nearly doubled the contract value, bringing the total to $1.2 mln.

8:42 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: CHGG -21.3%, ONDK -20.2%, VECO -14.6%, FIT -14.3%, HURN -10.9%, CTG -9.7%, JAKK -7.3%, ODP -4.2%, DEPO -3.2%, ICPT -3.1%, AAC -3%, BHP -2.7%, OKE -2.3%, SJM -2.3%, THC -2%, CTB -1.9%, AER -1.3%, SHO -1.2%, SGY -1.1%, MRC -0.9%, ANGI -0.8%, GLRE -0.6%, ARIA -0.6%

M&A news: WDC -9.5% (Western Digital (WDC) alters merger agreement Sandisk (SNDK); to acquire SNDK for $67.50 per share and 0.2387 shares of WDC), SNDK -4.7%

Select oil/gas related names showing early weakness: BP -2.1%, RDS.A -2%, TOT -2%, BT -1.4%, DVN -0.9%

Other news: NEP -8% (prices 10 mln common stock offering at $26.00/share), COG -5.2% (Cabot Oil & Gas upsizes and prices 44 mln shares of common stock at $20.00 per share), CORI -0.9% (announced 'positive' topline interim results from a Phase 1 clinical study of the Corplex Memantine transdermal delivery system for the treatment of Alzheimer's disease), NVO -0.8% (announces headline results from SWITCH 1, a treat-to-target trial, comparing the safety and efficacy of Tresiba and Lantus)

Analyst comments: FCX -5.2% (downgraded to Sell from Neutral at Citigroup), EXC -2.7% (downgraded to Sell at Citigroup), MT -2.6% (downgraded to Market Perform from Outperform at Cowen), CMG -2.4% (downgraded to Sell from Hold at Deutsche Bank), X -2.2% (downgraded to Market Perform from Outperform at Cowen), SCTY -2% (downgraded to Neutral from Overweight at JP Morgan), LSTR -1.9% (downgraded to Underweight at Morgan Stanley), CENX -1.7% (downgraded to Market Perform from Outperform at BMO Capital), UPS -1% (resumed with a Underweight at Morgan Stanley)

8:42 am Aratana Therapeutics receives technical section complete letter for effectiveness from US FDA Center for Veterinary Medicine; drug known as Entyce (PETX) :

• AT-002, otherwise known as Entyce, is a ghrelin (hunger-hormone) agonist that works to treat appetite-loss in dogs
• Aratana plans to finalize the product label, complete the other minor sections, & submit an administrative NADA
• If Entyce receives FDA approval, Aratana is expected to commence commercialization in late-2016 or shortly thereafter

8:41 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance: LNTH +10.3%, MDXG +9.6%, ALQA +6.9%, PDLI +6.7%, MSI +6.3%, RGLS +5.8%, M +5.5%, ROG +4.8%, TXRH +4.5%, MDR +4.3%, ( receives a transportation and installation contract by Woodside for the Greater Western Flank Phase 2 Project and exclusive agreement with L&T Hydrocarbon Engineering), FTR +4%, CRZO +3.3%, IHG +3.3%, HD +2.6%, VRX +2.4%, OKS +2.2%, DDS +2.1%, LECO +2%, NCLH +1.6%, BMO +0.6%, PRO +0.6%, ACC +0.5%

M&A news: NEWP +50.7% (co releases video summarizing phase 3 head & neck Cancer Immunotherapy progress), Newport to be acquired by MKS Instruments (MKSI) for $23.00/share in cash, or ~$980 mln),SFLY +2.8% (discloses that it recently received communications directed to the Board from a private equity firm indicating its interest in acquiring Shutterfly)

Other news: CVM +15.4% (co releases video summarizing phase 3 head & neck Cancer Immunotherapy progress), CTIC +7.4% (still checking, cont strength in small pharma names),MNOV +5.1% (still checking, cont strength in small pharma names),PQ +5% (announced 2015 estimated proved oil & gas reserves; provides 1Q16 production & capex guidance; updates operations, liquidity & hedging),MDR +4.3% (receives a transportation and installation contract by Woodside for the Greater Western Flank Phase 2 Project and exclusive agreement with L&T Hydrocarbon Engineering),LOW +2.9% (in symp with HD),VRX +2.8% (provides update on accounting matters; determines ~$58 mln in revs previously recognized in 2014 should have been booked in subsequent periods),CHK +2.1% (Haymaker Resources acquires mineral and royalty interests from certain affiliates of CHK),MBLY +0.8% (signs Memorandum of Understanding with Nissan (NSANY) aimed to integrate its new Road Experience Management technology into Nissan's fleets),SUNE +0.7% (signed two 20-year PPAs with utility co Southern California Edison for 2.7 megawatts DC of solar)

Analyst comments: LNG +8.8% (upgraded to Buy from Neutral at Goldman),AU +2.6% (upgraded to Neutral from Sell at Citigroup),HIMX +1.8% (pgraded to Buy at Craig Hallum),TWTR +1.4% (upgraded to Outperform from Mkt Perform at Raymond James)

8:39 am Eurasian Minerals announce the execution of a purchase agreement for net smelter return royalty interests on the Maggie Creek and Afgan gold properties from a sub of Till Capital (TIL) (EMXX) :

Eurasian Minerals announces the execution of a purchase agreement for net smelter return royalty interests on the Maggie Creek and Afgan gold properties from Golden Predator US Holding, a wholly-owned subsidiary of Till Capital.

A summary of the Agreement's commercial terms includes:

• Purchase by EMX of Golden Predator's NSR royalties covering the Maggie Creek (2% NSR on precious metals and 1% NSR royalty on all other minerals) and Afgan (1% NSR royalty) properties
• Issuance by EMX of 250,000 EMX shares to TCL as consideration for the purchase
• Approval by the TSX Venture and NYSE MKT exchanges as a condition precedent to closing the transaction

8:37 am Ecolab misses by $0.02, misses on revs; guides Q1 and FY16 EPS below consensus (ECL) :

• Reports Q4 (Dec) adj. earnings of $1.22 per share, $0.02 worse than the Capital IQ Consensus of $1.24; revenues fell 7.3% year/year to $3.41 bln vs the $3.49 bln Capital IQ Consensus. Fixed currency sales declined 1% and acquisition adjusted fixed currency sales declined 1%. 
  • Strong Global Institutional, Global Industrial and Other segment acquisition adjusted fixed currency sales +4%, offset by lower Global Energy sales. Regional growth led by Europe and Latin America excluding Venezuela.
• Co issues downside guidance for Q1, sees adj. EPS of $0.73-0.80 vs. $0.81 Capital IQ Consensus Estimate.
  • When compared to last year's first quarter, currency is expected to have a negative impact of $0.11 per share in the first quarter 2016, or ~14% of earnings growth. At current rates of exchange, we expect foreign currency to have an unfavorable impact of ~six percentage points on first quarter sales.
• Co issues downside guidance for FY16, sees adj. EPS of $4.35-4.55 vs. $4.73 Capital IQ Consensus Estimate. 
  • When compared with our 2015 performance, we expect mid-single digit fixed currency sales growth in our Institutional, Industrial and Other segments with Energy segment sales modestly below those of 2015. We look for improved adjusted gross margin, with a comparable selling, general and administrative (SG&A) ratio to sales, slightly higher interest expense and a similar adjusted tax rate versus 2015. We expect to repurchase ~$700 million of our shares in 2016, similar to 2015. At current rates of exchange, we expect foreign currency including the impact of the Venezuela deconsolidation to have an unfavorable impact of ~five percentage points on full year sales.  

8:35 am Avianca Holdings reports January traffic (AVH) : In January, the subsidiary companies of Avianca transported 2,493,371 passengers, up 5.6% compared to January 2015. Capacity, measured in ASKs (available seat kilometers), increased 7.5%, while passenger traffic, measured in RPKs (revenue passenger kilometers), increased 8.0%. The load factor for the month was 82.3%.

8:34 am Goldcorp agrees to purchase, through a private placement, 7.4 mln units of Sirios Resources for gross proceeds of CAD 962k (GG) : The financing is expected to close on March 2nd, 2016, following which Goldcorp will own approximately 9.9 per cent of the company's issued and outstanding shares on an undiluted basis.

8:34 am Texas Instruments and Volkswagen (VLKAY) collaborate on a new infotainment platform (TXN) :

Texas Instruments and Volkswagen have collaborated on a new infotainment platform that delivers one of the most dynamic technologies available and offers new levels of performance, flexibility and adaptability.

• The Volkswagen MIB II infotainment platform incorporates a range of TI's "Jacinto" processors, as well as power management integrated circuits (ICs), and FPD-Link III serializers and deserializers.
• Together, the TI devices provide improved processing performance, platform scalability and a responsive user interface.

8:33 am Isle of Capri misses by $0.05, misses on revs (ISLE) :

• Reports Q3 (Jan) earnings of $0.17 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.22; revenues fell 2.5% year/year to $230.5 mln vs the $239.37 mln Capital IQ Consensus.
• As of January 24, 2016, the Company had:
  • $59.8 million in cash and cash equivalents, excluding $9.8 million in restricted cash and investments;
  • $951.7 million in total debt;
  • and $195.2 million in net line of credit availability.
• The Company expects total capital expenditures for fiscal 2016 of approximately $85 million to $90 million, inclusive of approximately $25 million to $30 million of capital spending this fiscal year related to the land-based casino build out in Bettendorf.

8:32 am Pernix Therapeutics: USPTO issues the '760 patent covering important safety information related to dosing patients with Zohydro ER with BeadTek (PTX) :

The '760 patent is broadly directed to a method of dosing patients with hepatic impairment with hydrocodone where no adjustment in start dose is needed for patients with mild or moderate hepatic impairment.

• The '760 patent will expire July 25, 2033 and will be the second patent to be listed in the last six months as covering Zohydro ER with BeadTek in the FDA's Orange Book:

8:31 am WellCare acquires certain assets of Advicare Corp; terms undisclosed (WCG) :

Under the agreement, Advicare members are expected to become members of WellCare of South Carolina

• Acquisition is expected to close in 2Q16

8:30 am S&P futures vs fair value: -10.70. Nasdaq futures vs fair value: -33.40. (:WRAPX) :

The S&P 500 futures trade eleven points below fair value. Futures have ticked lower in recent action as weakness in oil weighs on the broader market. Currently, WTI crude trades lower by 1.0% at $33.07/bbl. Elsewhere in commodities, gold has climbed 1.2% to $1,223.60/ozt. 

On the corporate front, Macy's (M 4.59, +2.53) has jumped 6.2% after the company issued above consensus bottom line results on in-line revenue. Additionally, the company issued in-line full year 2017 earnings guidance. Separately, Dow component Home Depot (HD 127.65, +4.80) has advanced 3.9% after reporting Q4 results that beat analyst estimates.  The company also reported that comparable store sales for the fourth quarter of 2015 were up 7.1% while U.S. store comparable figures increased 8.9%. 

8:30 am On The Wires (:WIRES) :

• Second Sight Medical Products (EYES) will present 5 year outcomes from an ongoing clinical trial assessing 30 individuals from 10 clinical centers blinded from Retinitis Pigmentosa or similar disorders who were implanted with the Argus II during the Macula Society Meeting at 6:12 PM ET on February 24. The data will represent over 200 cumulative patient-years of clinical trial follow-up and will demonstrate the ability for the retinal prosthesis to improve visual function over an extended duration.
• CoLucid Pharmaceuticals (CLCD) completed a preclinical in vivo study examining the effect of lasmiditan on coronary and carotid artery diameters. This study confirms the lack of effect of lasmiditan on coronary artery and carotid artery vasoconstriction; the data are expected to be used in support of potential future regulatory filings. In this study conducted by CorDynamics in Chicago, IL, lasmiditan was directly compared to sumatriptan, the most widely prescribed acute treatment for migraine. Significant decreases in both carotid and coronary diameters were observed in sumatriptan-treated animals even at 0.03 mg/kg, which is calculated to be the equivalent to the lowest approved oral clinical dose of 25 mg. Data from this study, which has been conducted in accordance with Good Laboratory Practice, as well as from other experimental investigations, will be submitted for publication in a peer-reviewed journal, and presented at an upcoming international conference.
• Nestl (NSRGY) Health Science is investing $42.5 mln in Pronutria Biosciences, a US startup that is developing amino-acid based products with the potential to treat serious medical conditions.
• Axcelis Technologies (ACLS) shipped a follow-on, multi system Purion H order to an existing volume production customer. The systems will be used to support the customer's ongoing multi-fab, volume production ramp of its advanced 20nm DRAM devices.
• InVivo Therapeutics (NVIV) enrolled a sixth patient into The INSPIRE Study at the Barnes-Jewish Hospital at Washington University Medical Center in St. Louis

8:29 am CEL-SCI Corp ticking 15% higher pre-market as the co releases video summarizing phase 3 head & neck Cancer Immunotherapy progress (CVM) : Link to the video

8:24 am Vale S.A. informs about public civil action (VALE) : Vale S.A. informs that it was summoned in the public civil action in course before the 3rd Vara Civel da Comarca de Colatina, of the Tribunal de Justia do Estado do Esprito Santo filed by the Public Ministry of Espirito Santo against Samarco Minerao S.A. and its shareholders, BHP Billiton Brasil Ltda. and Vale, claiming, among others, the injunction for the attachment of assets of the respondents and, in the end, the payment of indemnification for collective moral damages, due to alleged losses arising from the Fundo dam break, owned by Samarco. It was attributed to the cause a value of R$ 2 billion.

8:16 am Venaxis: Shareholder Noble Equity Capital Management sends letter to the Board imploring them to reconsider the previously announced merger with Strand Life Sciences (APPY) :

• "We find that the proposed transaction with Strand has no merit and destroys significant value for shareholders. Further, we find that the terms of the deal are egregiously non-protective of shareholders....Given that shares have languished significantly below tangible book value since the merger was announced, the market reflects that the announced deal is significantly dilutive for shareholders."

8:15 am PTC Therapeutics received a Refuse to File letter from the FDA regarding PTC's New Drug Application for Translarna (PTCT) :

Co today announced that it received yesterday evening a Refuse to File letter from the FDA regarding PTC's New Drug Application for Translarna (ataluren), an oral, first-in-class, protein restoration therapy for the treatment of nonsense mutation Duchenne muscular dystrophy.

• The FDA states in the Refuse to File letter that the application was not sufficiently complete to permit a substantive review. PTC first learned of the Refuse to File decision via this letter and is reviewing its content to determine the appropriate next steps.

8:14 am Rofin-Sinar Technologies: SilverArrow files definitive proxy materials and urges stockholders to vote for all 3 of its Director nominees at 2016 Annual Stockholder meeting (RSTI) : SilverArrow Capital Advisors states, "A growing body of evidence shows that Rofin's material underperformance is due to an entrenched board of directors (the "Board") far more committed to retaining their positions than optimizing the Company's performance and maximizing shareholder value. Accordingly, we urge you to vote FOR Mr. Thomas Limberger, Mr. Gebhard Rainer and Mr. Jordan Kovler on the GREEN proxy card, FOR Declassifying the Board, FOR Reducing Supermajority Voting, FOR Allowing Stockholders to Call a Special Meeting and FOR Allowing Stockholders to Act by Written Consent."

8:14 am Palo Alto Networks:Honeywell (HON) to offer the Palo Alto Networks Next-Generation Security Platform to industrial customers (PANW) :

Honeywell Process Solutions and Palo Alto Networks are collaborating to boost the cyber security capabilities of control systems used by industrial facilities and critical infrastructure.

• Honeywell's Industrial Cyber Security business is now offering the Palo Alto Networks Next-Generation Security Platform to industrial customers. The collaboration enables customers to better prevent cyberattacks against their Process Control Networks (PCN) and Operational Technology (:OT) environments in order to protect their assets and maximize production uptime and safety.

8:10 am Fresh Del Monte misses by $0.13, beats on revs (FDP) :

Reports Q4 (Dec) loss of $0.11 per share, $0.13 worse than the single analyst estimate of $0.02; revenues rose 5.2% year/year to $977.9 mln vs the $931.85 mln two analyst estimate.

• Included in the adjustments to arrive at comparable net income per diluted share of $2.49 for the full year and a comparable net loss per share of $0.11 in the fourth quarter were $66.1 million of charges related to the write-off of goodwill associated with the Company's 2003 acquisition of its tomato and vegetable business in North America.
• "Our global fresh-cut and avocado product lines continued to drive growth in the fourth quarter. However, our performance in the quarter was negatively impacted by an extraordinary industry oversupply of bananas in the final months of 2015."

8:10 am Macy's beats by $0.21, reports revs in-line with comps above estimates; guides FY17 ~in-line, better than feared (M) :

• Reports Q4 (Jan) earnings of $2.09 per share, excluding non-recurring items, $0.21 better than the Capital IQ Consensus of $1.88; revenues fell 5.3% year/year to $8.87 bln vs the $8.83 bln Capital IQ Consensus. Macy's guided for Q4 adj. EPS of $1.85-1.90 on Jan 29.
  • Comparable sales on an owned plus licensed basis for Q4 were down 4.3% vs. ests near -5%. On an owned basis, fourth quarter comparable sales declined by 4.8 percent.
• Co issues in-line guidance for FY17, sees EPS of $3.80-3.90 vs. $3.80 Capital IQ Consensus; sees FY17 revs -2% to ~$26.54 bln vs. $26.49 bln Capital IQ Consensus, reflecting the 40 stores closed in 2015. The co expects comparable sales on an owned plus licensed basis to decline by ~1% in fiscal 2016, with comparable sales on an owned basis to be ~50 basis points lower. 
• "While 2015 was challenging, our sales trend improved in January as the weather turned colder in northern climate zones and Macy's and Bloomingdale's were well-stocked in coats, boots, sweaters, gloves, hats and other seasonal goods. As the year ended, our inventories were in good shape (up by 0.7 percent on a comp basis)."

8:06 am OXIS International Inc: inventors of OXS-1550 received a Notice of Allowance from the USPTO (OXIS) :

Oxis holds worldwide exclusive rights to develop and commercialize OXS-1550, a novel therapy for the treatment of various human cancers.

• The patent decision comes as OXS-1550 is being evaluated in a new Phase 1/Phase 2 clinical trial. The objective of the Phase 1 study is to identify the Maximum Tolerated Dose (MTD), and the optimized dose and regimen to be used in the Phase 2 study.

8:06 am Diamondrock Hospitality beats by $0.01, reports revs in-line; guides FY16 FFO below consensus (DRH) :

• Reports Q4 (Dec) funds from operations of $0.26 per share, $0.01 better than the Capital IQ Consensus of $0.25; revenues rose 4.3% year/year to $233.8 mln vs the $233.4 mln Capital IQ Consensus.
• Co issues downside guidance for FY16, sees FFO of $1.04-1.09 vs. $1.12 Capital IQ Consensus Estimate.

8:05 am Franklin Electric reports EPS in-line, misses on revs; guides FY16 EPS in-line, revs below consensus (FELE) :

• Reports Q4 (Dec) earnings of $0.35 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.35; revenues fell 13.6% year/year to $219.3 mln vs the $226.2 mln Capital IQ Consensus.
• Co issues guidance for FY16, sees EPS of $1.57-1.67, excluding non-recurring items, vs. $1.65 Capital IQ Consensus Estimate; sees FY16 revenue growth of +2-4%, which we compute as $943-962 mln vs. $963.54 mln Capital IQ Consensus Estimate.
• "The top line impact of the strong dollar and the weak price of oil and other commodities was offset by margin expansion due to reductions in fixed costs, variable compensation expense, input costs and pricing."

8:04 am Clean Diesel Technologies enters into a supply agreement with Hino Motors (CDTI) : Co entered into a supply agreement with Hino Motors, Ltd. to distribute CDTi's DuraFit diesel particulate filters (DPFs) and diesel oxidation catalysts (DOCs) to its North American network of more than 300 dealerships. Shipments to Hino are expected to commence during the current quarter.

8:04 am S&P futures vs fair value: -9.70. Nasdaq futures vs fair value: -30.20. (:WRAPX) :

U.S. equity futures trade lower with the S&P 500 futures trading ten points below fair value. Futures have recovered from their overnight lows in tandem with crude oil. Meanwhile, investors wait for key economic data and remarks from Fed Vice Chair Fischer at 20:30 ET. At this juncture, WTI crude trades lower by 0.5% at $33.24/bbl.

On the economic front, at 9:00 ET the December Case-Shiller 20-city Index (Briefing.com consensus 5.8%) will be released. Meanwhile, February Consumer Confidence (Briefing.com consensus 97.3) and the Existing Home Sales report for January (Briefing.com consensus 5.30 million) will cross the wires at 10:00 ET. Separately, Minneapolis Fed President Neel Kashkari is due to speak at 8.30 a.m. with Dallas Fed President Rob Kaplan following shortly afterwards. 

The yield on the 10-yr note has inched up off its overnight low and currently trades higher by three basis points at 1.78%. 

In U.S. corporate news of note:

• Home Depot (HD 126.33, +3.48): +2.8% after reporting a top and bottom-line beat and raising its stock's dividend to $0.69 from $0.59
• Fitbit (FIT 14.07, -2.45): -14.8% following the company issuing below-consensus guidance for Q1 earnings 
• AbbVie (ABBV 55.54, +0.26): +0.5% after the company received an upgrade to "Buy" from "Neutral" at Citigroup
• Motorola Solutions (MSI 71.88, +5.13): +7.75 after reporting a bottom-line beat and issuing above-consensus earnings guidance for FY16

Reviewing overnight developments:

• Asian markets ended the day on a lower note with China's Shanghai Composite -0.8%, Japan's Nikkei -0.4%, and Hong Kong's Hang Seng -0.3%. 
  • Economic data was limited:
    • Hong Kong's January CPI +2.7% year-over-year (expected 2.5%; previous 2.5%) and January Unemployment Rate held at 3.3%, as expected
    • Australia's CB Leading Index -0.2% month-over-month (prior 0.3%)
    • Singapore's January CPI -0.6% year-over-year (consensus -0.4%; last -0.6%)
  • In news:
    • Risk aversion in the foreign exchange market drove the dollar/yen pair into the 112.00 area overnight. Currently the pair trade at 111.80.
    • The People's Bank of China lowered the yuan fix, setting it at 6.5273, which represents the lowest level since early February.
    • China's Commerce minister Gao Hucheng commented on currency moves, trumpeting the party line that yuan depreciation is not aimed at benefiting the country's exports.

• European indices trade lower across the board with Germany's DAX -0.8%, the U.K.'s FTSE -0.5%, and France's CAC -0.3%.
  • In economic data:
    • Germany's Q4 GDP +0.3% quarter-over-quarter, as expected; +2.1% year-over-year, as expected. February Ifo Business Climate Index 105.7 (expected 106.7; previous 107.3). Business Expectations 98.8 (expected 101.6; previous 102.3) and Current Assessment 112.9 (consensus 112.0; last 112.5).
    • France's February Business Survey held at an upwardly revised 103 (expected 102)
  • In news:
    • Bank of England Governor Mark Carney appeared before parliament, stating that the BoE has no intention of imposing negative rates.
    • Furthermore, Mr. Carney said the central bank is making contingency plans in the event the June 23 referendum results in a vote favoring a Brexit

8:04 am Great Lakes Dredge & Dock misses by $0.05, reports revs in-line (GLDD) :

• Reports Q4 (Dec) loss of $0.01 per share, $0.05 worse than the Capital IQ Consensus of $0.04; revenues fell 9.3% year/year to $222.64 mln vs the $221.15 mln Capital IQ Consensus.
• Backlog as of Dec 31, 2015 was $751 mln compared to $669 mln in prior year.
• 'In 2016, our focus will be on driving bottom line improvement rather than top line growth'.

8:04 am ANI Pharma misses by $0.06, reports revs in-line; guides FY16 EPS above two analyst estimate, revs above consensus (ANIP) :

• Reports Q4 (Dec) earnings of $0.52 per share, excluding non-recurring items, $0.06 worse than the two analyst estimate of $0.58; revenues fell 14.3% year/year to $18 mln vs the $18.15 mln Capital IQ Consensus
• Revenues from sales of generic pharmaceuticals increased 10%, to $14.0 million from $12.8 million in the prior period, primarily due to increased unit sales and pricing for EEMT, as well as a full quarter of sales from Methazolamide, Etodolac, and Propafenone, and a partial quarter of sales from Oxycodone oral solution and Vancomycin, both of which launched in the fourth quarter of 2015.
• Co issues upside guidance for FY16, sees EPS of $2.94-3.31, excluding non-recurring items, vs. $2.74 two analyst estimate; sees FY16 revs of $105-120 mln vs. $91.84 mln Capital IQ Consensus Estimate.

8:03 am Bellerophon Therapeutics names Fabian Tenenbaum CFO (BLPH) : Mr. Tenenbaum joins Bellerophon from Anterios, Inc. a clinical-stage biopharmaceutical company focused on the development of dermatology products, where he served as Chief Financial Officer and Chief Business Officer from 2014 to 2016.

8:03 am NextEra Energy Partners prices 10 mln common stock offering at $26.00/share (NEP) : The offering is expected to close on Feb 26, 2016. The co intends to use the net proceeds of the offering to fund, in part, its recently announced acquisition of the Seiling I & II Wind Energy Centers.

8:03 am MyoKardia Chief Medical Officer Jonathan Fox to transition from his current role to become an independent consulting Senior Advisor (MYOK) : The transition will become effective by Sept 30, 2016.

8:03 am Cracker Barrel reports EPS in-line, revs in-line; guides Q3 EPS above consensus; guides FY16 EPS above consensus, revs in-line (CBRL) :

• Reports Q2 (Jan) earnings of $1.91 per share, in-line with the Capital IQ Consensus of $1.91; revenues rose 1.1% year/year to $764 mln vs the $766.76 mln Capital IQ Consensus. Compared to the prior year second quarter, comparable store restaurant sales increased 0.6% and comparable store retail sales increased 2.6%.
• Co issues upside guidance for Q3, sees EPS of $1.70-1.80 vs. $1.65 Capital IQ Consensus Estimate. 
• Co issues guidance for FY16, sees EPS of $7.40-7.50 vs. $7.39 Capital IQ Consensus Estimate; sees FY16 revs of $2.90-2.95 bln vs. $2.93 bln Capital IQ Consensus Estimate.Expects to report increases in comparable store restaurant sales and comparable store retail sales in the range of 1.5% to 2.5%.
• "We continued to deliver positive comparable store sales in the second quarter, continued to outperform our casual dining industry peers, and delivered earnings at the high end of our expectations. During the second half of the fiscal year, our focus will be on providing honest everyday value to our guests, increasing brand awareness, and bringing new and unique menu items to market. We believe that the strength of our brand, as well as our marketing, menu, and cost reduction initiatives, position us to compete effectively in this challenging environment."

8:02 am Synacor acquires privately held Technorati; expected to be accretive to 2016 EBITDA (SYNC) :

Technorati is a digital advertiser w/ ~$7 mln in revs in 2015.

• Transaction expected to be accretive to 2016 adjusted EBITDA.

8:01 am NXP Semi subsidiary issues redemption notices for an aggregate principal amount of $200 mln of its $500 mln outstanding 3.5% senior notes due 2016 (NXPI) : Co announces that its subsidiary, NXP B.V., together with NXP Funding LLC, has issued redemption notices for an aggregate principal amount of US$200 mln of its US$500 mln outstanding 3.5% senior notes due 2016. The funds for this redemption will come from available surplus cash. "Our action today is a tangible example of NXP's consistent commitment to an effective approach to capital allocation, which we believe benefits all of our shareholders. We will continue to actively allocate capital in a balanced manner -- both through our on-going open market share repurchases, as well as proactive reductions in our aggregate debt."

8:01 am Dick's Sporting Goods increases quarterly dividend to $0.15125/share from $0.1375/share (DKS) :  

7:50 am Navios Maritime misses by $0.01, reports revs in-line (NM) :

• Reports Q4 (Dec) loss of $0.30 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of ($0.29); revenues fell 24.9% year/year to $111.7 mln vs the $112.08 mln two analyst estimate
• Revenue from drybulk vessel operations for the three months ended December 31, 2015 was $59.3 million as compared to $74.7 million for the same period during 2014
  • The decrease in drybulk revenue was mainly attributable to a decrease in the time charter equivalent ("TCE") rate per day by 27.0% to $8,091 per day in Q4 of 2015, as compared to $11,085 per day in the same period of 2014
  • This decrease was partially mitigated by a net increase in available days of its fleet by 856 days
  • Revenue from the logistics business was $52.4 million for the three months ended Dec 31, 2015, as compared to $74.1 million for the same period of 2014
  • This decrease was mainly attributable to the decrease in sales of products in the liquid terminal
• Co says it is positioned to weather a record market with a strong balance sheet, strength through diversification and operating efficiencies and low cost structure

7:49 am On The Wires (:WIRES) :

• PrescribeWellness (PRSC) and SinfonaRx announced an agreement to optimize medication treatment nationally. Through this agreement, patients at risk for medication-related problems would benefit from a community pharmacist and MTM pharmacist partnership.
• Cheetah Mobile (CMCM) partnered w/ Cubot to launch CheetahPhone, its first branded mobile device. Powered by Clean Master software, the sleek and powerful phone lasts up to 38% longer on a single charge compared to other phones running stock Android. It will be available to purchase on Amazon for EUR 199, in all EU countries in the coming months.
• Nova LifeStyle (NVFY) selected as an exclusive supplier for the Vanke House Living Pavilion project managed by China Vanke. While this initial cooperation consists of a specific product (mattresses), Nova LifeStyle is working to expand its product line with Vanke in order to provide a complete home furnishing package for the project.
• Stein Mart (SMRT) announced it will open five new stores this spring. This is the first phase of its 2016 store plan to open at least 12 new stores this year. This news follows the company's recent release of total sales growth of 3.2% for 2015.
• Jacobs Engineering (JEC) received a contract from Wipro Limited (WIT) for project management services for the construction of the IT-SEZ Phase 4 at Rajiv Gandhi InfoTech Park in Pune, India. The scope of the role includes pre-construction services, such as coordinating and finalizing construction designs and drawings, as well as full project management services up to commissioning stage for the 1.67 million square foot facility. Jacobs' role is being led by its Buildings and Infrastructure line of business. Separately, Jacobs also received an ~ $10.7 mln, 3-year contract from the Land Systems Division within the Australian Department of Defence's Capability Acquisition and Sustainment Group to serve as managing contractor for Project LAND 155. As managing contractor, Jacobs is responsible for project management, budgeting, logistic support analysis and management, engineering and contract management.

7:45 am Hudson's Bay Q4 comps +1.8% ex-9.2% FX tailwind (HBAYF) :

• Consolidated same store sales growth of 11.0%
• On a constant currency comparable basis, consolidated same store sales increase of 1.8%
  • Department Store Group same store sales increase of 4.0%
  • Saks Fifth Avenue OFF 5TH same store sales increase of 2.0%
  • Saks Fifth Avenue same store sales decrease of 1.2%
  • HBC Europe (GALERIA Kaufhof, Galeria INNO and Sportarena) same store sales increase of 0.4%
• Digital sales increase of 22.8% on a constant currency comparable basis.
• Call at 8:30 on April 5.

7:41 am MiMedx Group reports Q4 (Dec) results, revs in-line; guides Q1 revs in-line; guides FY16 in-line (MDXG) :

• Reports Q4 (Dec) earnings of $0.07 per share, excluding ~$0.05 tax gain, may not be comparable to the Capital IQ Consensus of $0.06; revenues rose 30.8% year/year to $51.8 mln vs the $51.53 mln Capital IQ Consensus.
• Co issues in-line guidance for Q1, sees Q1 revs of $55.5-58.0 mln vs. $57.13 mln Capital IQ Consensus Estimate.
• Co issues in-line guidance for FY16, sees EPS of $0.33-0.37, excluding non-recurring items, vs. $0.36 two analyst estimate; sees FY16 revs of $260-270 mln vs. $265.20 mln Capital IQ Consensus Estimate. 
• Over the past 12 months, MiMedx has been investigating certain acquisition candidates that could immediately enhance the Company's presence in select surgical markets. "We have again accelerated the pace of expansion of our sales force. This phase of sales force expansion began in the fourth quarter and is expected to continue throughout the first quarter of 2016. We anticipate that an additional 30 to 40 highly experienced sales professionals will be added during this expansion phase that will affect all of our sales verticals, including SSO and Wound Care, as well as our National Accounts function. Our direct sales force has now grown to more than 240 sales professionals focusing on all of the Company's sales verticals."

7:37 am Ariad Pharm reports EPS in-line, misses on revs (ARIA) :

• Reports Q4 (Dec) loss of $0.32 per share, in-line with the Capital IQ Consensus of ($0.32); revenues fell 45.4% year/year to $36.5 mln vs the $41.44 mln Capital IQ Consensus
• Net product revenues from sales of Iclusig were $33.3 mln for the fourth quarter of 2015, an increase of 56% from the fourth quarter of 2014. U.S. sales of Iclusig were $25.1 mln for the fourth quarter, an increase of 48% from the fourth quarter of 2014. European sales of Iclusig were $8.2 mln for the fourth quarter, an increase of 86% from the fourth quarter of 2014.
• As of Dec 31, 2015, cash, cash equivalents and marketable securities totaled $242.3 mln, compared to $352.7 mln in cash and cash equivalents at December 31, 2014.

2016 Product Revenue Guidance:

• Net product revenues from sales of Iclusig are expected to be in the range of $190 mln to $200 mln
• This guidance includes sales of Iclusig in the U.S., Europe, and other select countries where ARIAD has distributorships in place
• ARIAD will provide guidance on 2016 operating expenses at the time of completing its ongoing strategic review expected in the second quarter of 2016

7:36 am Sonic Automotive beats by $0.03, reports revs in-line; guides FY16 EPS in-line (SAH) :

• Reports Q4 (Dec) earnings of $0.61 per share, $0.03 better than the Capital IQ Consensus of $0.58; revenues rose 5.1% year/year to $2.47 bln vs the $2.47 bln Capital IQ Consensus.
• Co issues in-line guidance for FY16, sees EPS of $2.07-2.17 vs. $2.12 Capital IQ Consensus Estimate, including the effect of projected EchoPark results and expansion; co projects a loss related to EchoPark of between $0.21 and $0.23 per diluted share.
• Board of Directors increased authorization to repurchase shares by $100.0 mln (co disclosed increase on 1/21).

7:36 am Angie's List misses by $0.02, misses on revs (ANGI) :

• Reports Q4 (Dec) GAAP earnings of $0.24 per share, $0.02 worse than the Capital IQ Consensus of $0.26; revenues rose 5.0% year/year to $86.26 mln vs the $87.68 mln Capital IQ Consensus.
• Co ended year with 3.297 mln paid memberships, up 8% from end of 2014.
• Q4 revenue growth was driven by higher service provider revenue, which increased 9% to $69.7 mln, offset by a decline in membership revenue of 8% to $16.6 mln from a year ago. The growth in service provider revenue, which includes both advertising and e-commerce revenue, quarter over quarter was largely the result of an 8% increase in service provider revenue per participating service provider as well as a 9% quarter over quarter increase in service provider contract value.
• Outlook: Co expects to provide revenue and adjusted EBITDA guidance for 2016 and its long-term outlook as part of its Investor Day on March 3.

7:35 am Gold Standard Ventures announced plans for a 2016 exploration program expected to cost $13.4 mln (GSV) :

Co today announced plans for the 2016 exploration program on its 100%-owned/controlled Railroad-Pinion Project on Nevada's Carlin Trend. The program is expected to cost $13.4 million and will include approximately 43,000 m of reverse-circulation (:RC) and core drilling in a total of 100 holes with the majority of the drilling focused at the Dark Star and Pinion oxide gold deposits.

• The program is designed to aggressively follow-up on 2015 drill results at the North Dark Star oxide gold discovery, expand known resources at Dark Star and Pinion, and test new high-value targets at North Bullion and Bald Mountain.

7:34 am Lincoln Electric misses by $0.03, misses on revs (LECO) :

Reports Q4 (Dec) earnings of $0.75 per share, $0.03 worse than the Capital IQ Consensus of $0.78; revenues fell 17.0% year/year to $567.99 mln vs the $577.27 mln Capital IQ Consensus.

• The Company's 2016 share repurchase target is $400 million of the Company's common shares.
• "While we expect industrial demand to remain challenging through 2016, we will continue to focus on our continuous improvement initiatives, manage margin performance and invest in Lincoln's long-term growth opportunities to drive shareholder returns through the cycle."

7:33 am Lexington beats by $0.03, beats on revs; guides FY16 FFO in-line (LXP) :

• Reports Q4 (Dec) funds from operations of $0.29 per share, $0.03 better than the Capital IQ Consensus of $0.26; revenues fell 1.1% year/year to $106.6 mln vs the $105.35 mln Capital IQ Consensus.
• Co issues in-line guidance for FY16, sees FFO of $1.00-1.10 vs. $1.05 Capital IQ Consensus Estimate.
• "We continue to believe our own shares represent an uncommon value and continued to execute on our share repurchase plan in the fourth quarter and into 2016...We expect our disposition volume in 2016 will be even more robust as we look to monetize our New York City land investments and certain other properties. The proceeds will be used primarily to fund new build-to-suit projects, retire short-term debt, and repurchase common shares. We have made good progress on leasing as we begin 2016, extending 700,000 square feet of leases to date. Elevated leasing velocity and investment volume have produced high levels of occupancy, balanced lease expirations and a longer weighted-average lease term with more secure cash flow. As a result, we expect underlying cash flows to remain strong in 2016."

7:33 am Merus Labs announces an agreement with Sanofi (SNY) to acquire the rights to Surgestone, Provames, Speciafoldine, & Tredemine in France; updates FY16 guidance (MSLI) :

Surgestone & Provames, are used in a variety of women's health indications, Speciafoldine is used to treat macrocytic anemia, while Tredemine is a World Health Organization recognized essential medicine to treat tapeworm.

Transaction Highlights & FY16 EBITDA Guidance:

• Merus (MSLI) acquired the product rights from Sanofi (SNY) for a one-time payment of 22.5 mln
• Net revenue for the products in 2016 is expected to be ~6.3 mln
• At current exchange rates, the products are expected to generate ~$5.6 mln in annual EBITDA, reflecting an EBITDA margin of almost 60%
• The acquisition is expected to be funded with one third debt and two thirds equity, lowers overall leverage to ~2.8 times, right within co's stated leverage target range of 2.5 to 3.0
• The acquisition is expected to close during the second week in March 2016
• Co increases guidance for adjusted EBITDA (post-deal) to the range of $47-$50 mln from previous guidance of $43-$46 mln from 1Q16 press release

7:32 am Trex beats by $0.04, beats on revs; guides Q1 revs in-line (TREX) :

• Reports Q4 (Dec) earnings of $0.26 per share, $0.04 better than the Capital IQ Consensus of $0.22; revenues rose 20.2% year/year to $89.2 mln vs the $85.18 mln Capital IQ Consensus.
• Co issues in-line guidance for Q1, sees Q1 revs of $131 mln vs. $132.84 mln Capital IQ Consensus Estimate; expects average incremental margin to reach 50% in 2016, above the 45% guidance that co provided for 2015.

7:30 am TG Therapeutics: USPTO issued a patent for the composition of matter of TGR-1202 (TGTX) :

• Co announced that the United States Patent and Trademark Office has issued a patent for the composition of matter of TGR-1202, the Co's orally available PI3K delta inhibitor
• The patent, U.S. Patent No. 9,150,579 specifically covers TGR-1202, pharmaceutical compositions containing TGR-1202, and its use for treating various forms of leukemia, including chronic lymphocytic leukemia (:CLL)
• The patent was issued to Rhizen Pharmaceuticals SA and is exclusively licensed to TG Therapeutics pursuant to the Co's existing license agreement with Rhizen Pharmaceuticals
• The issuance affords patent protection for TGR-1202 in the US through July of 2033, exclusive of patent term extensions, which have the potential to extend beyond this date. TGR-1202 is currently in Phase 3 clinical development.

7:29 am European Markets Update: CAC -0.3%, FTSE -0.5%, DAX -0.7% (:SUMRX) :

Major European indices have spent the early portion of the session in negative territory, but they are trying to trim their losses at this juncture. A disappointing Ifo survey from Germany has contributed to the cautious sentiment and Ifo economists indicated that the 2016 growth forecast for Germany may need to be revised lower from its current 1.9%. Elsewhere, Bank of England Governor Mark Carney appeared before parliament, stating that the BoE has no intention of imposing negative rates. Furthermore, Mr. Carney said the central bank is making contingency plans in the event the June 23 referendum results in a vote favoring a Brexit.

• In economic data:
  • Germany's Q4 GDP +0.3% quarter-over-quarter, as expected; +2.1% year-over-year, as expected. February Ifo Business Climate Index 105.7 (expected 106.7; previous 107.3). Business Expectations 98.8 (expected 101.6; previous 102.3) and Current Assessment 112.9 (consensus 112.0; last 112.5).
  • France's February Business Survey held at an upwardly revised 103 (expected 102)

---Equity Markets---

• France's CAC is lower by 0.3% with Cap Gemini down 2.1% while exporters Renault, Michelin, and Peugeot show losses between 0.4% and 1.2%. On the upside, financials BNP Paribas, Credit Agricole, and Societe Generale are up between 0.2% and 0.5%.
• UK's FTSE is down 0.5% with Standard Chartered falling 4.1% after reporting its first annual loss since 1989. Select miners have also struggled with Antofagasta and BHP Billiton both down more than 3.0%. On the upside, defense contractor Meggitt and homebuilder Persimmon hold respective gains of 11.2% and 3.8% after reporting better than expected results.
• Germany's DAX has given up 0.7% with all but four names in the red. Daimler, BMW, Volkswagen, and Continental have given up between 1.2% and 1.8% while Deutsche Bank trades down 0.4%. On the upside, Fresenius has added 1.3% and Commerzbank is higher by 0.9%.

7:25 am Frontier Communications beats by $0.07, reports revs in-line; Verizon transaction on track, increases synergy estimate (FTR) :

• Reports Q4 (Dec) earnings of $0.05 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of ($0.02); revenues rose 6.2% year/year to $1.41 bln vs the $1.42 bln Capital IQ Consensus. 
• Twelfth consecutive quarter of strong broadband momentum with 28,500 net broadband additions; 102,000 total 2015 net broadband additions
• Maintained an attractive, sustainable full year dividend payout ratio of 49%
• On schedule for closing and integrating the Verizon (VZ) transaction
• Increasing Day One synergy estimate to be in excess of $600 million

7:20 am Eagle Pharma: USPTO has granted a U.S. Patent which pertains to liquid bendamustine hydrochloride formulations (EGRX) :

The United States Patent and Trademark Office (:USPTO) has granted U.S. Patent No. 9,265,831, which pertains to liquid bendamustine hydrochloride (HCl) formulations. The patent issued today expires on January 28, 2031.

• This new patent, along with five previously issued Patents (Nos. 8,609,707, 8,791,270*PED, 9,000,021, 9,034,908, and 9,144,568), further expands and protects Eagle's bendamustine HCI intellectual property estate. This grant brings the total number of Orange Book listed patents to six, with this latest patent to be included shortly.

7:19 am Newport beats by $0.04, misses on revs; MKSI to acquire NEWP for $23 a share - see 7:03 comment (NEWP) :

• Reports Q4 (Dec) earnings of $0.39 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.35; revenues fell 5.2% year/year to $150.49 mln vs the $153.98 mln Capital IQ Consensus.

Being acquired by MKSI (see 7:03 comment)

• Newport announced that it has entered into an agreement with MKS Instruments, Inc. (MKSI), pursuant to which MKS has agreed to acquire Newport for $23.00 per share in cash, in a transaction valued at approximately $980 million. In anticipation of this transaction, Newport will not be conducting conference calls to discuss its results for the fourth quarter or any subsequent periods, and will not be issuing financial guidance for future periods.

7:16 am Intercontinental Hotels Group up 3.5% in London after reporting FY15 EPS above estimates, rev below consensus; proposes 10% dividend increase, announces $1.5 bln special dividend (IHG) :

• FY15 adj. EPS +10% to $1.75 vs. $1.72 Capital IQ Consensus, rev +8% to $1.80 bln vs. $1.84 bln consensus.
  • Global comparable RevPAR up 4.4% (Q4: 2.4%), led by rate up 3.1%, with RevPAR growth across all regions. Net room growth of 4.8% (3.2% ex. Kimpton acquisition), with 44k room openings up 8% year-on-year. $24.0bn total gross revenue from hotels in IHG's system (up 5% year-on-year; 11% CER).
• $1.5bn will be returned to shareholders via a special dividend with share consolidation, to be paid in Q2 2016.
• Proposed 10% increase in total dividend to 85.0, reflects confidence in the future prospects of the business.

7:13 am Ignyta details plans to prioritize certain core pipeline programs, will cease development activities related to several programs (RXDX) :

This strategic positioning prioritizes key research and development activities, improves efficiencies and reduces operating expenses. These plans include:

• A renewed commitment to drive value from Ignyta's core Rx/Dx business via molecularly targeted therapies by prioritizing the continued development of its entrectinib, taladegib, RXDX-105 and RXDX-106 programs in conjunction with complementary Dx development and laboratory operations;
• Continued activities in furtherance of Ignyta's immuno-oncology and cancer stem cell programs that relate to its current molecularly targeted pipeline (e.g., potential immunotherapy applications of the RXDX-105 and RXDX-106 programs, and potential molecularly targeted cancer stem cell applications of the taladegib and Spark programs); and
• Cessation of all development activities relating to the company's RXDX-107, RXDX-103 and RXDX-108 programs, and some of the Spark discovery programs.

Effective as of February 22, 2016, in connection with the Company's decision to prioritize its pipeline, focus exclusively on molecularly targeted therapies and streamline its operations to focus on key priorities and competencies, the employment of Robert Wild, Ph.D., the Company's Chief Scientific Officer and Senior Vice President, Research, was terminated

7:09 am Cooper Tire beats by $0.31, beats on revs; Announce Mgmt changes, increases share repurchase by $200 mln (Approx 10% of mt cap) (CTB) :

• Reports Q4 (Dec) earnings of $1.04 per share, $0.31 better than the Capital IQ Consensus of $0.73; revenues fell 5.4% year/year to $776 mln vs the $762.26 mln Capital IQ Consensus.

2016 Outlook

• Unit volume growth in each of its segments, and unit volume growth in its U.S. operations at or above the industry;
• Further declines in raw material costs in the first quarter of 2016;
• Total company operating margin, excluding the impact of acquisitions, to be above the high end of the company's mid-term target of 8 to 10 percent, but not likely to exceed the 2015 results;
• Capital expenditures for 2016 to be in a range of $240 million to $260 million, excluding the impact of any acquisitions.

Mgmt Changes

• CTB announced a planned succession of the company's senior executive leadership-Roy V. Armes, Chairman, Chief Executive Officer and President, intends to retire effective August 31, 2016. Consistent with the company's succession plan, the Cooper Board of Directors plans to elect Bradley Hughes as President and Chief Executive Officer effective upon Armes' retirement, and he is also expected to join the company's Board of Directors at that time. Hughes has been with the company for more than six years and is currently Cooper's Chief Operating Officer. In conjunction with this transition, current Lead Independent Director Thomas P. Capo is expected to become Non-Executive Chairman of the Board effective upon Armes' retirement.

Extends Share Repurchase

• CTB extended and increased its share repurchase program by authorizing the repurchase of up to $200 million of the company's outstanding common stock through Dec. 31, 2017. The $200 million authorization replaces the $74 million remaining on the authorization from February 2015.

7:09 am Norwegian Cruise Line reports EPS in-line, misses on revs; guides Q1 EPS in-line; guides FY16 EPS in-line (NCLH) :

Reports Q4 (Dec) earnings of $0.51 per share, in-line with the Capital IQ Consensus of $0.51; revenues rose 31.4% year/year to $1.04 bln vs the $1.05 bln Capital IQ Consensus.

• Co issues in-line guidance for Q1, sees EPS of $0.34-0.39 vs. $0.34 Capital IQ Consensus Estimate.
• Co issues in-line guidance for FY16, sees EPS of $3.65-3.85 vs. $3.73 Capital IQ Consensus Estimate.
• Constant Currency Adjusted Net Yield on a Combined Company basis increased 7.4% (5.9% as reported), driven primarily by strong growth in pricing from same fleet operations as well as a partial quarter benefit from the addition of Norwegian Escape. Adjusted Net Yield on a Constant Currency basis increased 16.9%
• As a result of its post-acquisition strategies to drive demand, the Company entered the year in a solid booked position with more than 50% of overall 2016 inventory sold which is significantly ahead of the same time last year. The Company is seeing this trend continue into next year where the current booked position for the first half of 2017 is approximately 30% higher compared to this time last year on a capacity increase of approximately 5%.
• As of December 31, 2015, the Company had hedged approximately 60%, 56%, 49% and 32% of its total projected metric tons of fuel purchases in 2016, 2017, 2018 and 2019, respectively. The average fuel price per metric ton of the hedge portfolio for the same periods is $452, $401, $357 and $322, respectively.
  Future capital commitments consist of contracted commitments, including ship construction contracts, and future expected capital expenditures necessary for operations.
• As of December 31, 2015, anticipated capital expenditures were $1.0 billion, $1.1 billion, and $1.2 billion for the years ending December 31, 2016, 2017, and 2018, respectively, of which we have export credit financing in place for the expenditures related to ship construction contracts of $0.5 billion for 2016, $0.6 billion for 2017 and $0.7 billion for 2018.

7:09 am Kratos Defense and Security awarded $18.7 mln contract by the United States Air Force Subscale Aerial Target Program Office (KTOS) : Co has received a $18,674,455 million award for the Lot 12 option on the previously awarded Air Force Sub-scale Aerial Target Lots 11-13 production contract. CEi will provide an additional quantity of 21 AFSAT production target aircraft plus the associated warranty.

7:09 am Paratek Pharma reported Q4 loss of ($1.20) vs ($1.29) Capital IQ Consensus Estimate; clinical development program for omadacycline is on track (PRTK) :

• "Our clinical development program for omadacycline is on track and we are looking forward to reporting topline data from our ongoing skin study, currently expected in the middle of this year. As we gain further insights into the need for new treatments for serious community acquired skin infections where resistance is a concern, we remain excited about the value of a well-tolerated, once-daily, oral formulation," said Michael Bigham, Chairman and Chief Executive Officer, Paratek. "The year ahead will be an important one as we continue to invest in our team, clinical development, and commercial scale-up, including the manufacture of registration batches and the initiation of stability testing on those batches, as we work to bring omadacycline to patients."

7:08 am Myriad Genetics & AbbVie (ABBV) expand research collaboration to identify non-small cell lung cancer using Myriad's CDx portfolio-myChoice HRD & new tumor tests to develop Veliparib (MYGN) :

The expanded agreement builds on an existing companion diagnostic research collaboration established in Nov 2014, in which Myriad (MYGN) has been working with AbbVie (ABBV) to support Phase 3 clinical studies of Veliparib for patients with breast cancer/ovarian cancer.

• According to Myriad, myChoice HRD is a homologous recombination deficiency test that can detect when a tumor has lost the ability to repair double-stranded DNA breaks, resulting in increased susceptibility to DNA-damaging drugs such as platinum drugs or PARP inhibitors
• High myChoice HRD scores reflective of DNA repair deficiencies are prevalent in all breast cancer subtypes, ovarian & most other major cancers
• Veliparib is an investigational oral poly (adenosine diphosphate [ADP]--ribose) polymerase (:PARP) inhibitor being evaluated in multiple tumor types; PARP is a naturally-occurring enzyme in the body involved in the repair of DNA damage to cells

7:07 am AerCap misses by $0.08, beats on revs; authorized a $400 mln share repurchase program, which will run through June 30, 2016 (AER) :

• Reports Q4 (Dec) earnings of $1.42 per share, excluding items, $0.08 worse than the Capital IQ Consensus of $1.50; revenues rose 3.5% year/year to $1.34 bln vs the $1.27 bln Capital IQ Consensus.
• As of December 31, 2015, AerCap's portfolio consisted of 1,697 aircraft that were owned, on order, under contract or managed (including aircraft owned by AerDragon, a non-consolidated joint venture). The average age of the owned fleet as of December 31, 2015 was 7.7 years and the average remaining contracted lease term was 5.9 years.

7:06 am J.M. Smucker beats by $0.12, misses on revs; updates FY16 EPS guidance (SJM) :

• Reports Q3 (Jan) earnings of $1.76 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $1.64; revenues rose 37.1% year/year to $1.97 bln vs the $2.04 bln Capital IQ Consensus. Excluding Big Heart, the impact from foreign currency exchange, and the impact of the U.S. canned milk divestiture, net sales declined $17.9 million, or 1%. Net price realization was 2 percentage points lower, reflecting lower net pricing on coffee. Favorable volume/mix contributed 1 percentage point to net sales, as the contribution from Dunkin'Donuts K-Cup pods and Smucker's Uncrustables frozen sandwiches was mostly offset by declines in several other brands, notably Folgers and Jif.
• Co issues mixed guidance for FY16, sees EPS of $5.84-5.94, excluding non-recurring items, from $5.70-5.80 vs. $5.84 Capital IQ Consensus; sees FY16 revs of $7.8 bln from $1.9 bln vs. $7.86 bln Capital IQ Consensus Estimate. The revised earnings guidance reflects the $0.14 per share gain on the U.S. canned milk divestiture, but excludes an estimated noncash deferred tax benefit of ~$50 million related to the integration of Big Heart into the Company, which is expected to be recognized in the fourth quarter of this fiscal year.

7:05 am Crestwood Equity Partners reports Q4 results (CEQP) :

• Reports Q4 revenues fell 36.9% year/year to $629.1 mln vs the $691.13 mln Capital IQ Consensus. Fourth quarter 2015 Adjusted EBITDA of $118.9 million, compared to $132.7 million in the fourth quarter 2014.
• For 2016, Crestwood sees Adjusted EBITDA of $490-520 mln, reflecting expectations that current industry fundamentals will continue during 2016. This forecast does not include completion of any acquisitions or major growth projects.

7:05 am Astec Industries misses by $0.20, misses on revs (ASTE) :

• Reports Q4 (Dec) earnings of $0.16 per share, $0.20 worse than the Capital IQ Consensus of $0.36; revenues fell 10.2% year/year to $215 mln vs the $242.65 mln Capital IQ Consensus.
• Co said, "In spite of a challenging fourth quarter, our future is bright. The United States passed a long-term highway bill in December and we have seen strong orders in our Infrastructure Group. As a result, our January 31, 2016 backlog was a record $348 Million. We have also been very active on pellet plant inquiries and we're confident that some of these inquires will turn into orders in the coming year...  Our balance sheet remains strong with a positive $25 Million net cash position. As a result, we are poised to take advantage of strong domestic demand and we'll be able to be opportunistic when we find the right acquisition target."

7:03 am Asian Markets Close: Nikkei -0.4%, Hang Seng -0.3%, Shanghai -0.8% (:SUMRX) :

Equity markets across Asia ended the Tuesday session on a lower note while risk aversion in the foreign exchange market drove the dollar/yen pair into the 112.00 area, where the currency pair remains at this time. Meanwhile, the People's Bank of China lowered the yuan fix, setting it at 6.5273, which represents the lowest level since early February. China's Commerce minister Gao Hucheng commented on currency moves, trumpeting the party line that yuan depreciation is not aimed at benefiting the country's exports.

• Economic data was limited:
  • Hong Kong's January CPI +2.7% year-over-year (expected 2.5%; previous 2.5%) and January Unemployment Rate held at 3.3%, as expected
  • Australia's CB Leading Index -0.2% month-over-month (prior 0.3%)
  • Singapore's January CPI -0.6% year-over-year (consensus -0.4%; last -0.6%)

---Equity Markets---

• Japan's Nikkei flirted with a 1.0% gain in the early going, but ended the day lower by 0.4%. Eight sectors ended in negative territory with communications (-1.8%) and consumer staples (-1.5%) pacing the retreat while materials (+1.1%) and industrials (+0.2%) outperformed. Nippon Telegraph & Telephone, Shinsei Bank, Mitsui Fudosan, Asahi Group Holdings, Casio Computer, West Japan Railway, Yamaha, and Sony lost between 2.1% and 3.6%. On the upside, Mitsui Mining & Smelting, Toho Zinc, Nippon Steel, and Minebea gained between 3.4% and 6.3%.
• Hong Kong's Hang Seng shed 0.3% with more than half of its components ending in the red. Financials like Hang Seng Bank, Bank of East Asia, China Life Insurance, and Ping An Insurance lost between 1.3% and 2.7%. Energy-related names outperformed with China Shenhua Energy, CNOOC, and Petrochina climbing between 1.4% and 1.8%.
• China's Shanghai Composite lost 0.8% with Ningbo Port falling 5.4% while China Shipbuilding and Bank of China both lost near 1.5% apiece.
• India's Sensex surrendered 1.6% with cautious comments from Moody's about the country's fiscal situation weighing on sentiment. Coal India fell 4.1% while Bajaj Auto, ICICI Bank, AXIS Bank, and HDFC Bank lost between 2.1% and 3.6%. Infosys and Wipro outperformed the index, but still lost 0.1% and 0.6%, respectively.

---FX---

• USDJPY -0.8% to 112.05
• USDCNY +0.1% to 6.5279
• USDINR -0.1% to 68.567

7:03 am Newport to be acquired by MKS Instruments (MKSI) for $23.00/share in cash, or ~$980 mln (shares halted) (NEWP) :

• The combined company is expected to have ~$1.4 billion in pro forma annual revenue, based on the two companies' 2015 historical results.
• The transaction is expected to be accretive to MKS Instruments' Non-GAAP net earnings and free cash flow during the first 12 months post-closing.
• The combined company expects to realize $35 million in annualized cost synergies within 18 to 36 months and anticipates revenue synergies from the expansion of MKS Instruments' served addressable markets and leverage of complementary sales channels.
• MKS Instruments intends to fund the transaction with a combination of available cash on hand and up to $800 million in committed debt financing. The combined company will maintain a very strong balance sheet, with combined pro forma net cash and investments on hand of approximately $425 million.

7:03 am Evogene announces 'positive' results in yield improvement collaboration with Monsanto (MON) utilizing 'Trait First' methodology (EVGN) : The methodology implementation incorporates the application of Evogene's (EVGN) 'big data' integration, analysis, & prediction capabilities, including gene identification & optimization for specific trait attributes and gene stacking for achieving the key enabling traits, together with Monsanto's (MON) development, validation & field trial network for testing both trait attributes and the key traits.

7:02 am Cooper Tire increases repurchase program to $200 mln (CTB) : The $200 million authorization replaces the $74 million remaining on the authorization from February 2015.

7:01 am Senior Housing beats by $0.01, beats on revs (SNH) :

• Reports Q4 (Dec) funds from operations of $0.48 per share, $0.01 better than the Capital IQ Consensus of $0.47; revenues rose 16.4% year/year to $267.51 mln vs the $264.5 mln Capital IQ Consensus.

7:00 am Chesapeake Energy: Haymaker Resources acquires mineral and royalty interests from certain affiliates of CHK; terms not disclosed (CHK) :  

6:58 am CTG beats by $0.04, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY16 EPS below consensus, revs below consensus (CTG) :

• Reports Q4 (Dec) earnings of $0.16 per share, $0.04 better than the Capital IQ Consensus of $0.12; revenues fell 14.3% year/year to $84.2 mln vs the $88.43 mln Capital IQ Consensus.
• Co issues downside guidance for Q1, sees EPS of $0.03-0.05 vs. $0.11 Capital IQ Consensus Estimate; sees Q1 revs of $86-88 mln vs. $92.69 mln Capital IQ Consensus Estimate.
• Co issues downside guidance for FY16, sees EPS of $0.15-0.25 vs. $0.49 Capital IQ Consensus Estimate; sees FY16 revs of $340-360 mln vs. $380.69 mln Capital IQ Consensus Estimate.

6:57 am On The Wires (:WIRES) :

• SunEdison (SUNE) signed two 20-year PPAs with utility co Southern California Edison for 2.7 megawatts DC of solar
• Ahold (AHONY) partnered with Retail Solutions to introduce shared business processes across vendor collaboration programs.
• Amec Foster Wheeler (AMFW) awarded a $183 mln contract by The Europe District of the U.S. Army Corps of Engineers to support the Aegis Ashore Missile Defense System.

6:57 am G. Willi Food announces clarification regarding investigation by Israeli Securities Authority (WILC) : Co said in furtherance of its previous announcement regarding an investigation by the Israel Securities Authority, clarified today, at the request of the ISA, that its previous statement that the Group is not party to these proceedings was not based on ISA advice and/or an ISA statement. The Company continues to operate in the ordinary course of business.

6:56 am Extended Stay America beats by $0.02, beats on revs; guides FY16 revs in-line (STAY) :

• Reports Q4 (Dec) earnings of $0.15 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.13; revenues rose 4.8% year/year to $296.3 mln vs the $292.96 mln Capital IQ Consensus.
  • Comparable Hotel Adjusted EBITDA Comparable Hotel total revenues for the fourth quarter increased 6.2% to $283.7 million. Revenue Per Available Room grew 7.1% to $42.66. Adjusted EBITDA for the three months ended December 31, 2015 increased $3.7 million to $127.1 million.
• Co issues in-line guidance for FY16, sees FY16 revs of $1.266-1.290 bln vs. $1.29 bln Capital IQ Consensus Estimate. 
  • Comparable Hotel total revenues are expected to increase by ~4% to 6%. Adjusted EBITDA is expected to range from $600 million to $620 million, representing ~4.5 % to 8.0% growth over 2015. 

6:56 am Boston Scientific receives US FDA approval for Quadripolar leads & initiates global trial to expand MRI labeling to the US & Asia (BSX) : Quadripolar leads are the wires that connect cardiac resynchronization therapy devices to the heart. The leads are designed to enable physicians to place them in the vasculature easily & to allow pacing at an optimal site to improve the patient response to CRT therapy. The newly approved family of ACUITY X4 Quadripolar LV leads will be used in the previously announced ENABLE MRI study, intended to support FDA Approval for magnetic resonance imaging.

6:55 am Office Depot misses by $0.04, misses on revs (ODP) :

• Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus of $0.11; revenues fell 35.4% year/year to $2.48 bln vs the $3.57 bln Capital IQ Consensus.

Outlook

• Office Depot expects total company sales in 2016 to be lower than 2015 (FY15 sales $14.48 bln; Capital IQ FY16 revenue consensus is $14.16 bln), primarily due to the impact of store closures, continued challenging market conditions in our industry, and ongoing business disruption from the extended regulatory approval process related to the pending acquisition by Staples. The Company expects this disruption to continue through at least the first half of 2016, while the Company completes the ongoing litigation with the FTC
• As a result, Office Depot preliminarily expects to generate approximately $500 million in adjusted operating income in fiscal 2016, with the year-over-year improvement occurring in the second half of the year.
• Office Depot continues to expect total annual run-rate merger synergy benefits of more than $750 million from the OfficeMax integration and approximately $80 million in benefits related to the European restructuring plan.
• In 2016, capital expenditures are expected to be approximately $250 million, including investments that support critical priorities and approximately $50 million related to merger integration.
• Acquisition by Staples (SPLS)  Update: A hearing on the FTC's preliminary injunction of the transaction is expected to begin in federal district court on March 21, 2016, with a decision expected by May 10, 2016.

6:53 am BioCryst Pharma reports EPS in-line, misses on revs (BCRX) :

• Reports Q4 (Dec) loss of $0.25 per share, in-line with the Capital IQ Consensus of ($0.25); revenues fell 14.8% year/year to $4.6 mln vs the $6.33 mln Capital IQ Consensus. Cash, cash equivalents and investments totaled $100.9 mln at December 31, 2015 and represented a $13.1 mln decrease from $114.0 mln at December 31, 2014. Net operating cash use for 2015 was $42.2 mln, as compared to $33.3 mln utilized in 2014.
• "We ended 2015 with a balance sheet that enables us to achieve these two near-term data events without the need to raise capital." Based upon development plans and our awarded government contracts, BioCryst expects its 2016 net operating cash use to be in the range of $55 to $75 mln, and its 2016 operating expenses to be in the range of $78 to $98 mln. The operating expense range excludes equity-based compensation expense due to the difficulty in reliably projecting this expense, as it is impacted by the volatility and price of the stock, as well as by the vesting of the outstanding performance-based stock options.
• BioCryst expects to report results from a relative bioavailability study testing the novel solid dosage form of avoralstat by mid-year 2016. The primary goal of this study is to achieve meaningfully better drug exposure in a twice daily dosing regimen. BioCryst expects to report results from the BCX7353 APeX-1 dose ranging study in HAE patients by year end. The design of APeX-1 trial will be described once it is initiated.

6:52 am Insys Therapeutics beats by $0.07, reports revs in-line (INSY) :

• Reports Q4 (Dec) earnings of $0.36 per share, $0.07 better than the Capital IQ Consensus of $0.29; revenues rose 37.0% year/year to $91.1 mln vs the $91.04 mln Capital IQ Consensus.

6:51 am STORE Capital beats by $0.01, beats on revs; reaffirms FY16 Adj-FFO guidance (STOR) :

Reports Q4 (Dec) funds from operations of $0.38 per share, $0.01 better than the Capital IQ Consensus of $0.37; revenues rose 44.3% year/year to $79.61 mln vs the $78.38 mln Capital IQ Consensus.

• The company reaffirmed its FY16 AFFO guidance of $1.59-1.63 vs. the $1.62 Capital IQ AFFO Consensus Estimate
• At December 31, 2015, STORE Capital's real estate portfolio totaled $4.0 billion representing 1,325 property locations, substantially all of which are profit centers for the Company's customers.
• The Company originated $272.6 million of gross investments representing 86 property locations during the fourth quarter of 2015. These investments had an initial weighted average cap rate of 7.9%.

6:50 am Bank of Montreal beats by $0.03, beats on revs (BMO) :

• Reports Q1 (Jan) earnings of CC$1.75 per share, excluding non-recurring items, CC$0.03 better than the Capital IQ Consensus of CC$1.72; revenues rose 0.4% year/year to CC$5.08 bln vs the CC$4.92 bln Capital IQ Consensus. 
• Adjusted net income was $1,178 million, up $137 million or 13% from the prior year, reflecting strong results in U.S. P&C, which benefited from the acquired BMO Transportation Finance business (BMO TF) and higher results in Canadian P&C and BMO Capital Markets. Traditional Wealth net income was consistent with the prior year as business growth was offset by the impact of weaker equity markets. Insurance income reflects the combined negative impact of interest rates and equity markets in both periods. Book value per share increased 13% from the prior year to $59.61 per share. The Basel III Common Equity Tier 1 Ratio was strong at 10.1%.
• "These results underline the benefits of our business mix, which is well diversified by geography and customer segment. Our combined Personal and Commercial banking business grew by 12% from last year, driven by strong adjusted results in U.S. Personal and Commercial Banking which was up 29% and Canadian banking which was up 5%. BMO Capital Markets performed well this quarter, with earnings up 18% year over year, while results in BMO Wealth Management reflect market conditions.

6:50 am Westlake Chemical Partners misses by $0.01, misses on revs (WLKP) :

• Reports Q4 (Dec) earnings of $0.40 per share, $0.01 worse than the Capital IQ Consensus of $0.41; revenues fell 9.2% year/year to $248.5 mln vs the $268.91 mln two analyst estimate. 
• On February 1, 2016, the Board of Directors of Westlake Chemical Partners GP LLC, the general partner of the Partnership, announced a quarterly distribution of $0.3080 per unit to be payable on February 26, 2016 to unitholders of record on February 11, 2016. The MLP distributable cash flow provided coverage of 1.21x the declared distributions for the fourth quarter 2015. For the full year 2015, MLP distributable cash flow of $37.7 million provided coverage of 1.18x the declared distributions during the year. The increase in cash distributions is in line with the Partnership's targeted low double-digit distribution growth.

6:50 am Scripps Networks Interactive beats by $0.34, beats on revs; guidance to be provided on conf call (SNI) :

• Reports Q4 (Dec) earnings of $1.35 per share, excluding non-recurring items, $0.34 better than the Capital IQ Consensus of $1.01; revenues rose 27.3% year/year to $851.8 mln vs the $836.54 mln Capital IQ Consensus.
• The company will provide full year guidance on their earnings conference call.

6:47 am Now misses by $0.02, misses on revs (DNOW) :

• Reports Q4 (Dec) loss of $0.25 per share, excluding non-recurring items (GAAP EPS -$2.33), $0.02 worse than the Capital IQ Consensus of ($0.23); revenues fell 36.0% year/year to $644 mln vs the $681.85 mln Capital IQ Consensus. Also included in the fourth quarter ended December 31, 2015 results, but not characterized as other costs, was a pre-tax charge of $5 million approximating $0.02 per fully diluted share, for high steel content inventory cost adjustments, related to falling steel prices.
• "During the fourth quarter we continued to see unprecedented declines in drilling activity in North America and abroad. As long as rig count declines and drilled but uncompleted wells accumulate, our performance will be negatively impacted."

6:39 am On The Wires (:WIRES) :

• Orange (ORAN) confirmed launch of VoLTE and WiFi Calling across Europe and unveils first compatible own-branded smartphone -- the Orange Neva 80 --
• SK Telecom (SKM) and Deutsche Telekom (DTEGY) announced that they entered into a strategic business partnership agreement to collaborate in the fields of services, Internet of Things and related R&D areas.
• Telefnica (TEF) has selected Ericsson (ERIC) as one of the main global partners in their cloud-based virtualization project, known as UNICA. Telefnica and Ericsson will begin deployment in Telefnica Germany during 2016.
• ORBCOMM (ORBC) announced additions to its fleet management portfolio. This includes the new cellular-only SkyWave IDP-782 device and the viaFleet web application for tracking, monitoring and managing trucks, railcars and other mobile assets
• Progress (PRGS) announced that Swedish Export Credit Corporation, a provider of access to financial solutions for the Swedish export industry, has selected the Progress DataDirect solution for seamless ODBC data connectivity.

6:38 am Luxoft Holding acquires Symtavision GmbH; terms undisclosed (LXFT) : Co has acquired Symtavision GmbH, a provider of automotive software tools and consulting services focused on scheduling analysis, architecture optimization, and timing verification.

6:37 am Westlake Chemical misses by $0.15, misses on revs (WLK) :

• Reports Q4 (Dec) earnings of $0.84 per share, $0.15 worse than the Capital IQ Consensus of $0.99; revenues fell 13.1% year/year to $986.76 mln vs the $1.03 bln Capital IQ Consensus.

6:37 am Sun Communities misses by $0.04, beats on revs; guides Q1/FY16 FFO below consensus (SUI) :

• Reports Q4 (Dec) funds from operations of $0.81 per share, $0.04 worse than the Capital IQ Consensus of $0.85; revenues rose 37.9% year/year to $168.24 mln vs the $136.47 mln two analyst estimate.
• Co issues downside guidance for Q1, sees FFO of $0.87-0.89 vs. $0.94 Capital IQ Consensus Estimate.
• Co issues downside guidance for FY16, sees FFO of $3.72-3.79 vs. $3.91 Capital IQ Consensus Estimate.
• Same site Net Operating Income increased by 8.8 percent as compared to the three months ended December 31, 2014.

6:37 am Hydrogenics selected to join a consortium of European companies, including Air Liquide (AIQUY), for a EUR 15 mln Power-to-Gas demonstration project in Denmark named HyBalance (HYGS) :

The HyBalance project will validate the highly dynamic PEM electrolysis technology and innovative hydrogen delivery processes involved but also demonstrate these in a real industrial environment by applying the latest hydrogen production and delivery equipment.

• Equipment will be built and delivered in 2016, with start of operations for expected in late 2017.

6:36 am AAC Holdings misses by $0.01, beats on revs; guides FY16 EPS in-line, revs above consensus (AAC) :

• Reports Q4 (Dec) earnings of $0.17 per share, $0.01 worse than the Capital IQ Consensus of $0.18; revenues rose 56.8% year/year to $58.28 mln vs the $57.09 mln Capital IQ Consensus.
• Co issues guidance for FY16, sees EPS of $0.95-1.03 vs. $0.99 Capital IQ Consensus Estimate; sees FY16 revs of $265-275 mln vs. $263.44 mln Capital IQ Consensus Estimate.
• Adjusted EBITDA is expected to be in the range of $52-55 mln

6:36 am Holly Energy Partners beats by $0.06, beats on revs (HEP) :

• Reports Q4 (Dec) earnings of $0.49 per share, $0.06 better than the Capital IQ Consensus of $0.43; revenues rose 10.0% year/year to $97.25 mln vs the $95.56 mln Capital IQ Consensus.
• This increase in earnings is primarily due to increased revenues from UNEV products pipeline, share of earnings from co's 50% interest in the Frontier Pipeline Company, its New Mexico gathering system expansion, its newly acquired refinery processing units, and its El Dorado crude tanks as well as increased pipeline volumes and our annual tariff increases. In addition, net income benefited from a reduction in co's environmental remediation accrual.

6:33 am Hecla Mining misses by $0.15, misses on revs (HL) :

• Reports Q4 (Dec) loss of $0.17 per share, $0.15 worse than the Capital IQ Consensus of ($0.02); revenues fell 5.4% year/year to $115.4 mln vs the $121.01 mln Capital IQ Consensus.
  • Silver production increased 13% to 3.6 million ounces at a cash cost, after by-product credits, of $5.55 per silver ounce
  • Gold production increased 10% to 60,350 ounces, of which Casa Berardi produced 42,282 ounces of gold at a cash cost, after by-product credits, of $591 per gold ounce.
• 2016 Outlook:
  • Silver Equivalent Production: 39.0-40.0 Moz
  • Gold Equivalent Production: 511,000-521,000 oz
  • Capital expenditures (excluding capitalized interest) $150 million

6:32 am CytoDyn submitted a Phase 3 protocol for a monotherapy trial to the FDA (CYDY) :

Co today announced that it submitted a Phase 3 protocol for a monotherapy trial, along with the Topline Report for its Phase 2b monotherapy trial to the FDA.

• This protocol submission was made under the open investigational new drug application (IND) as a monotherapy treatment for HIV and, accordingly, CytoDyn will be permitted to initiate this trial, subject to any comments from the FDA, which will be incorporated into the trial protocol.
• CytoDyn also expects to sign a new contract with Amarex Clinical Research, its principal CRO, to conduct this study.
• As previously announced, CytoDyn is currently conducting a pivotal Phase 3 trial for a HIV indication with PRO 140 as an adjunct therapy with the current standard of care for HIV, known as HAART (Highly Active Anti-Retroviral Therapy), and recently initiated a Phase 2 trial for treatment of Graft versus Host Disease (GvHD).

6:30 am Tribune Publishing appoints Justin Dearborn as CEO effective immediately (TPUB) : Dearborn most recently served as CEO of Merge, where he led the publicly traded company through a period of sustainable growth until its acquisition by IBM in October of 2015 in a $1 billion transaction. Merge was integrated into IBM's Watson division to deliver intuitive, cognitive computing solutions.

6:29 am Bank Mutual enters agreement with Clover Partners, will nominate its representative for election to the Board (BKMU) : With this addition, the Bank Mutual Board of Directors would be expanded from nine members to ten; the three Bank Mutual directors whose terms expire at the 2016 annual meeting are also being nominated for re-election. Pursuant to the agreement, Clover Partners will not propose its own nominees as directors at Bank Mutual Corporation's 2016 Annual Meeting or oppose management's director nominees.

6:28 am On The Wires (:WIRES) :

• Magellan Petroleum (MPET) announced preliminary results of a flow test of the Horse Hill-1 well located in the Weald Basin, onshore UK, which is operated by Horse Hill Development Limited and in which Magellan has a 35% interest. Co Ceo states, " "Even though the results of this flow test are not definitive and are just the beginning of measures to establish the commercial viability of this discovery, they are very encouraging as to the potential future production rate of the well. The Lower Kimmeridge limestone formation represents a new reservoir objective and this is the first time oil has been tested from this interval."
• Ceva (CEVA) & Spreadtrum expanded long-term partnership for LTE SOC's targeting mid & high-end smartphones
• CVS Health (CVS) noted that the prescription drug trend for CVS Health pharmacy benefit management clients dropped dramatically to 5% in 2015 from a high of 11.8% in 2014. While the trend drivers -- including brand, specialty and generic price inflation -- were similar to what was seen in 2014, CVS Health believes its proactive pharmacy management strategies were successful in mitigating the impact of rising drug costs in the prescription drug market.
• Toll Brothers (TOL) announces retirement of Vice Chairman Bruce Toll from Board, effective on the date of the Company's annual meeting of stockholders, March 8, 2016.

6:23 am Hi-Crush Partners beats by $0.36, beats on revs; reiterates 2016 CapEx guidance (HCLP) :

Reports Q4 (Dec) earnings of $0.30 per share, $0.36 better than the Capital IQ Consensus of ($0.06); revenues fell 44.9% year/year to $72.08 mln vs the $60.94 mln Capital IQ Consensus.

• In the fourth quarter of 2015, the Partnership received a settlement payment of $22.5 million for past and future obligations under a customer contract. The settlement payment is non-recurring income and $10.2 million was recognized as other revenue related to make-whole payments and the remainder as other operating income
• Approximately 52% of the volumes were sold in-basin for the fourth quarter of 2015, an increase from 49% in the third quarter of 2015. Average sales price per ton sold decreased to $52 per ton in the fourth quarter of 2015 from $57 per ton in the third quarter of 2015 and $67 per ton in the second quarter of 2015, reflecting continued pricing pressure as a result of the general slowdown in market activity, particularly for well completions.
• Of the 1.2 million tons of frac sand sold during the fourth quarter of 2015, approximately 66% were produced and delivered from the Partnership's facilities, with the remainder being purchased from the sponsor's Whitehall facility.
• "These difficult conditions have extended into the first quarter of 2016, and while pricing has not deteriorated further, it has not improved. We anticipate that the lower levels of activity we experienced late in the fourth quarter will continue at least through the first half of the year. Although, the trend forward into 2016 reflects the impact of further oil price declines with fewer wells being completed, we remain confident that the long-term fundamentals of the industry remain strong."
• Since August 1, 2015, Hi-Crush has reduced operational and administrative staffing levels by approximately 23%, including reductions at the Augusta facility, transload and other facilities.

The Partnership reiterated the guidance for 2016 capital expenditures in the range of $15-$25 million for the continued development of new distribution terminal facilities and the expansion of rail track at the Wyeville facility.

6:16 am Vitamin Shoppe beats by $0.01, reports revs in-line; guides FY16 EPS in-line (VSI) :

• Reports Q4 (Dec) earnings of $0.39 per share, $0.01 better than the Capital IQ Consensus of $0.38; revenues rose 1.2% year/year to $293.5 mln vs the $293.7 mln Capital IQ Consensus.
  • Q4 Total comparable sales were (0.3%)
• Co issues in-line guidance for FY16, sees EPS of $2.25-2.45 vs. $2.35 Capital IQ Consensus Estimate.
  • Total comparable sales growth expected to be flat to positive low single digits
  • Approximately 30 new stores
  • To repurchase ~3% to 4% of outstanding shares during 2016 part of the Company's previously announced share buyback program.
  • Capital expenditures of ~$40 million

6:15 am Mobileye N.V. signs Memorandum of Understanding with Nissan (NSANY) aimed to integrate its new Road Experience Management technology into Nissan's fleets (MBLY) : Nissan is the third large automaker to have partnered with Mobileye to integrate its new REM technology in addition to General Motors and Volkswagen.

6:12 am Home Depot beats by $0.07, beats on revs; guides FY17 EPS in-line, revs above consensus; raises dividend, reiterates capital allocation strategy (HD) :

• Reports Q4 (Jan) earnings of $1.17 per share, $0.07 better than the Capital IQ Consensus of $1.10; revenues rose 9.5% year/year to $20.98 bln vs the $20.4 bln Capital IQ Consensus.
• Co issues guidance for FY17, sees EPS of $6.12-6.18 vs. $6.15 Capital IQ Consensus Estimate; sees FY17 revs of ~$93.03-93.83 bln (+5.1-6%) vs. $92.92 bln Capital IQ Consensus Estimate; expects comparable store sales growth of approximately 3.7 to 4.5 percent; expects capital spending of approximately $1.64 billion; expects operating margin rate expansion of approximately 70 basis points
• The company raised its quarterly dividend to $0.69/share from $0.59/share
• Combined with today's announcements, the Company reiterated its capital allocation principles:
  • Dividend Principle: Targeting a dividend payout ratio of approximately 50 percent of net earnings.
  • Share Repurchase Principle: After meeting the needs of the business, use excess cash to repurchase shares, with the intent of completing its remaining $11.0 billion share repurchase authorization by the end of fiscal 2017.
  • Return on Invested Capital Principle: Maintain a high return on invested capital, with a goal of reaching 35 percent by the end of fiscal 2018.
• Comparable store sales for the fourth quarter of fiscal 2015 were positive 7.1 percent, and comp sales for U.S. stores were positive 8.9 percent

6:12 am Lexmark beats by $0.04 (exceeded October guidance range), reports revs in-line with guidance and estimate; announces restructuring program while continuing exploration of strategic alternatives (LXK) :

• Reports Q4 (Dec) earnings of $1.16 per share, $0.04 better than the Capital IQ Consensus of $1.12; revenues fell 4.8% year/year to $982 mln vs the $981.83 mln Capital IQ Consensus. Gross profit margin of 39.8 percent compares to 35.2 percent in the same period last year.
• Experiencing positive interest in strategic alternatives process
• 2016 restructuring expected to generate annualized pretax savings of ~$100 mln -Lexmark is announcing a restructuring program designed to increase profitability and operational efficiency primarily in its ISS segment. This program optimizes the ISS structure, mainly to address the effects of the strong U.S. dollar, and it is aligned with the strategic alternatives process. Approximately 550 positions worldwide are expected to be eliminated over the next 12 months, a portion of these positions being shifted to low-cost countries. Currently, Lexmark has approximately 14,000 employees worldwide. The program is expected to generate approximately $67 mln in savings for 2016 and annualized ongoing savings of approximately $100 mln beginning in 2017. Lexmark expects the savings will be split between operating expense and cost of goods sold, approximately 90 percent and 10 percent, respectively. The total pretax cost for these actions is expected to be approximately $65 mln, with $40 mln incurred in 2015 and the remainder in 2016. The cash cost for these actions is expected to be incurred in 2016 and total $59 million. The total cash impact of these actions (cash cost net of cash savings) is not expected to result in a material impact on full-year 2016 free cash flow.
• "At the same time we are continuing our exploration of strategic alternatives and are very pleased with the progress being made, including the positive interest we are receiving" Given the ongoing exploration of strategic alternatives, the company is not providing guidance, will not host a conference call with securities analysts and investors in conjunction with this release, and will remain in its quiet period.

6:09 am Asciano confirms discussions with Brookfield Consortium (BIP, BAM) (AANOF) :

Asciano announced receipt of the attached letters regarding preliminary discussions between Asciano and each of: Brookfield Infrastructure Partners (BIP), GIC Private, British Columbia Investment Management and their consortium vehicle, Nitro Corporation; and Canada Pension Plan Investment Board, Global Infrastructure Management, Qube Holdings Limited and China Investment.

• The discussions relate to a potential transaction under which the Brookfield Consortium and the Qube Consortium would together facilitate the acquisition of 100% of the issued capital of Asciano by way of scheme of arrangement for all cash consideration of AUD9.28 per Asciano share, reduced by the cash value of any interim and/or special dividend paid by Asciano.
• Further details are contained in the attached letters. The Asciano Board considers that the AUD9.28 per Asciano share cash consideration associated with the Potential Transaction is likely to be attractive to Asciano shareholders. However, Asciano notes that the discussions are preliminary and a number of steps would need to occur prior to any binding proposal eventuating.
  • These would include finalisation of terms, agreement of full transaction documentation, relevant board /investment approvals and the Brookfield Consortium and Qube Consortium obtaining appropriate ASIC approvals and waivers.
• Asciano expects that any binding proposal would also be subject to a number of conditions, including FIRB and ACCC approval.

6:07 am Lamar Advertising misses by $0.01, reports revs in-line; guides FY16 EPS below consensus (LAMR) :

• Reports Q4 (Dec) earnings of $0.79 per share, $0.01 worse than the Capital IQ Consensus of $0.80; revenues rose 5.7% year/year to $356 mln vs the $354.69 mln Capital IQ Consensus.
• Co issues downside guidance for FY16, sees EPS of $2.97-3.06 vs. $3.14 Capital IQ Consensus Estimate; Diluted AFFO per share for fiscal year 2016 will be between $4.85 and $5.00

6:06 am JAKKS Pacific misses by $0.20, beats on revs; guides Q1 EPS below consensus, revs below consensus (JAKK) :

• Reports Q4 (Dec) loss of $0.50 per share, $0.20 worse than the Capital IQ Consensus of ($0.30); revenues fell 35.7% year/year to $163.4 mln vs the $161.13 mln Capital IQ Consensus.
• Co issues downside guidance for Q1, sees EPS of ($1.00)-($0.90) vs. ($0.50) Capital IQ Consensus Estimate; sees Q1 revs of $95-100 mln vs. $101.80 mln Capital IQ Consensus Estimate.

6:05 am ExlService beats by $0.03, beats on revs; guides FY16 EPS in-line, revs in-line (EXLS) :

Reports Q4 (Dec) earnings of $0.56 per share, $0.03 better than the Capital IQ Consensus of $0.53; revenues rose 22.6% year/year to $165.86 mln vs the $162.92 mln Capital IQ Consensus.

• Co issues in-line guidance for FY16, sees EPS of $2.25-2.35 vs. $2.30 Capital IQ Consensus Estimate; sees FY16 revs of $690-706 mln vs. $701.04 mln Capital IQ Consensus Estimate.

6:03 am ICON plc beats by $0.01, misses on revs; guides FY16 EPS in-line, revs in-line (ICLR) :

Reports Q4 (Dec) earnings of $1.11 per share, $0.01 better than the Capital IQ Consensus of $1.10; revenues rose 3.4% year/year to $403.35 mln vs the $408.85 mln Capital IQ Consensus.

• Co issues in-line guidance for FY16, sees EPS of $4.60-4.80 vs. $4.66 Capital IQ Consensus Estimate; sees FY16 revs of $1.67-1.73 bln vs. $1.69 bln Capital IQ Consensus Estimate.
• Quarter 4 gross business wins of $565 million, a gross book to bill of 1.40. Net business wins of $471 million, a net book to bill of 1.17. Full year net business wins of $1.9 billion, a net book to bill of 1.20.

5:56 am Novo Nordisk A/S announces headline results from the fifth phase 3a trial for semaglutide, SUSTAIN5 (NVO) :

The trial successfully achieved its objective by demonstrating that peopletreated with 0.5 mg or 1.0 mg semaglutide achieved a statistically significantand superior improvement in HbA(1c) of 1.4% and 1.8% respectively, from a meanbaseline HbA(1c) of 8.4%, compared with an improvement in HbA(1c) of 0.1% withplacebo. Additionally, the end of trial insulin dose for people treated with0.5 mg and 1.0 mg semaglutide was reduced by 10% and 15% respectively, comparedwith 3% for the placebo group.61% of the people treated with 0.5 mg semaglutide and 79% of the people treatedwith 1.0 mg semaglutide achieved the treatment target of HbA(1c) below 7% set bythe American Diabetes Association (:ADA) and the European Association for theStudy of Diabetes (:EASD), compared with 11% of the people treated with placebo.

• From a mean baseline body weight of 92 kg, people treated with 0.5 mg and 1.0 mgsemaglutide experienced a statistically significant and superior weight loss of3.7 kg and 6.4 kg respectively, compared with a weight loss of 1.4 kg for peopletreated with placebo.In the trial, semaglutide appeared to have a safe and well-tolerated profile.The most common adverse event was nausea. Nausea was reported by 11% of thepeople treated with 0.5 mg semaglutide and by 17% of the people treated with1.0 mg semaglutide, compared with 5% of people treated with placebo. Severe orblood glucose-confirmed symptomatic hypoglycaemia was experienced by 8% and 11%of people treated with 0.5 mg or 1.0 mg once-weekly semaglutide respectively,compared with 5% in the placebo group. The discontinuation rate due to adverseevents was 5% and 6% for people treated with 0.5 mg semaglutide and 1.0 mgsemaglutide respectively, compared to 1% for people treated with placebo.

Novo Nordisk expects to announce headline results of the final SUSTAIN trial,SUSTAIN 6 in the first half of 2016.

5:53 am Shanghai...-0.81% (FXI) :  

5:53 am S&P futures vs fair value: -12.40. Nasdaq futures vs fair value: -35.50. :

5:53 am European Markets : FTSE...5989.78...-46.10...-0.80%.  DAX...9483.4...-89.00...-0.90%.

5:53 am Asian Markets : Nikkei...16052...-59.00...-0.40%.  Hang Seng...19414.8...-49.30...-0.30%.

5:52 am Novo Nordisk A/S announces headline results from SWITCH 1, a treat-to-target trial, comparing the safety and efficacy of Tresiba and Lantus (NVO) :

The overallpurpose of the trial was to compare the hypoglycaemia occurrence in people withtype 1 diabetes treated with Tresiba or insulin glargine.  

• From a mean baseline of 7.6%, the trial showed non-inferiority in HbA(1c)reduction for Tresiba compared to insulin glargine, thus fulfilling therequirements for objectively comparing hypoglycaemia rates between the twotreatments. Likewise, the end-of-trial insulin doses were similar at the end oftreatment in the two treatment periods.The trial met the primary end-point by demonstrating non-inferiority in the rateof severe or blood glucose confirmed symptomatic hypoglycemia of Tresiba compared to insulin glargine. The observed rate was 2,201 events per 100 patientyears exposed to Tresiba and 2,463 events per 100 patient years exposed toinsulin glargine during the maintenance period, corresponding to a statisticallysignificant reduction of 11%.
• Similarly, non-inferiority was demonstrated for the rate of severe or bloodglucose confirmed symptomatic nocturnal hypoglycaemia in the maintenance period.The observed rate of severe or blood glucose confirmed symptomatic nocturnalhypoglycaemia was 277 events per 100 patient years exposed to Tresiba and429 events per 100 patient years exposed to insulin glargine, corresponding to astatistically significant 36% reduction with Tresiba compared to insulinglargine.Finally, superiority was demonstrated for the confirmatory secondary endpoint ofproportions of subjects experiencing severe hypoglycaemia during the maintenanceperiod. The proportion of patients experiencing severe hypoglycaemia was 10% forTresiba and 17% for insulin glargine, corresponding to a statisticallysignificant reduction with Tresiba compared to insulin glargine. The rates ofsevere hypoglycaemia were 69 and 92 events per 100 patient years exposed,respectively, corresponding to a statistically significant 35% reduction.

"We expectto initiate filing of the data from the SWITCH trials with regulatoryauthorities in Q3 2016 with the aim of updating the label for Tresiba"

5:51 am Trina Solar acquires solar cell manufacturing company Solland Solar; terms undisclosed (TSL) : Co today announced that its wholly owned subsidiary, Trina Solar Netherlands, has completed the acquisition of all the assets from Solland Solar, a solar cell manufacturing company with approximately 200 MW solar cell manufacturing capacity located in Heerlen, the Netherlands.

5:40 am SanDisk: Western Digital (WDC) alters merger agreement Sandisk; to acquire SNDK for $67.50 per share in cash and 0.2387 shares of WDC (SNDK) :

Western Digital (WDC) announced its agreement with Unisplendour Corporation, and Unis Union Information System), a subsidiary of Unis, agreed to make a $3.775 billion equity investment in Western Digital, has been terminated by Unis Union after a decision by the Committee on Foreign Investment in the United States to conduct an investigation into the proposed investment.

• Western Digital affirmed its commitment to the acquisition of SanDisk (SNDK) and announced that the shareholders of SanDisk will receive the alternate merger consideration as outlined in the merger agreement. Western Digital believes the combination is compelling and will create significant value for its shareholders.
• Under the terms of the merger agreement with SanDisk announced on Oct. 21, 2015, if the transaction with Unis Union and Unisplendour has not closed or has been terminated by the time of the consummation of the merger, Western Digital will pay $67.50 per share in cash and 0.2387 shares of Western Digital common stock per share of SanDisk common stock. This alternate merger consideration is in lieu of the consideration that would have been paid if the Unis Union investment had closed. The alternate merger consideration values SanDisk at $78.50 per share based on Western Digital's closing share price on Feb. 22, 2016.
• Western Digital, Unis and Unis Union have been notified by CFIUS that it is undertaking an investigation of the proposed Unis Union investment under the Exon-Florio Amendment to the Defense Production Act, triggering a 15-day period during which either Western Digital or Unis Union may terminate the stock purchase agreement.
• As a result, Unis Union has informed Western Digital that it has decided to terminate the agreement under which Unis Union would have acquired a 15% equity stake in Western Digital for $3.775 billion through the purchase of newly issued Western Digital common stock at a price of $92.50 per share. None of Western Digital, Unis or Unis Union will incur a termination fee as a result of the termination.

5:33 am Toll Brothers reports EPS in-line, beats on revs; guides FY16 revs in-line (TOL) :

• Reports Q1 (Jan) earnings of $0.40 per share, in-line with the Capital IQ Consensus of $0.40; revenues rose 8.8% year/year to $928.6 mln vs the $915.05 mln Capital IQ Consensus.
  • Backlog of $3.66 billion and 4,251 units rose 34% in dollars and 16% in units, compared to FY 2015's first-quarter end backlog. The average price of homes in backlog was $861,600, compared to $750,300 at FY 2015's first-quarter end.
  • During the first quarter of FY 2016, the Company repurchased approximately 4.8 million shares of its common stock at an average price of $31.48, for a total purchase price of $150.1 million. Additionally, since the end of its first quarter, the Company has repurchased approximately 933,000 shares of its common stock at an average price of $26.83, for a total purchase price of $25.0 million.
    
• Co issues in-line guidance for FY16, sees FY16 revs of $4.6-5.4 bln vs. $5.11 bln Capital IQ Consensus Estimate.
• Outlook: The Company projects full FY 2016 gross margins, excluding interest and write-downs, of approximately 25.8% to 26.2%, which is consistent with FY 2015.
  • Interest in cost of sales is projected to be ~3.1% for FY 2016, compared to 3.4% in FY 2015.
  • As a result we are narrowing the full FY 2016 range of guidance for deliveries to between 5,700 and 6,400 units. We now project that our average delivered price for the full FY 2016 will be $810,000 to $850,000 per home, which is an increase at the bottom of the range of $10,000.
  • Co expects backlog conversion rate in the second quarter of FY 2016 to be ~28% of backlog with an average delivered price of between $830,000 and $845,000 per home.

5:04 am On The Wires (:WIRES) :

• InvenSense (INVN) announced the extension of its strategic distribution agreement with Avnet (AVT) increasing the footprint and expanding the Internet of Sensors platform globally. With the extended agreement, Avnet is now chartered with sales and value-added support for InvenSense's MEMS sensor platform solutions in the U.S., Asia, the EU and Japan.
• Radisys (RSYS) announced the addition of the TDE-200 and TDE-500 traffic distribution platforms to the company's FlowEngine product portfolio.
• MasterCard (MA) and Giesecke & Devrient announced a partnership that will combine the MasterCard Digital Enablement Service with G&D's Convego CloudPay solution, enabling issuers to work directly with G&D to implement industry-standard tokenization technology for their issuer HCE wallets. This provides consumers with access to digital payments provided directly by their card issuers.
• Red Hat (RHT) announced that Amdocs has integrated Red Hat Enterprise Linux OpenStack Platform with the Amdocs Network Cloud Service Orchestrator - an open, vendor-agnostic, catalogue-driven solution designed to help communications service providers transition from physical networks to cloud service environments.
• Juniper Networks (JNPR) announced that Telefnica (TEF) has selected Juniper Networks to provide the core infrastructure for its next generation Fusin Network. Telefnica has designed Fusin Network to transform its customer experience for mobile, residential and business services across Spain.
• Qualcomm (QCOM) and Ericsson (ERIC) announced their collaboration on 5G technology development, early interoperability testing and coordination on select initiatives with leading mobile operators. 
• Atmel (ATML) announced the world's highest performing, low power, 8-bit MCUs with 1kB Flash memory.
• Statoil (STO) declared 28 October 2015 dividend per share of $0.2201 for third quarter 2015. The NOK divided per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 17 February 2016, in total seven business days.
• Metro de Madrid, one of the largest metro systems in the world with over 300 stations along 294 kilometers of track, has selected Accenture (ACN) to support the design of a new operational model for control of station equipment, security, and passenger information management

4:32 am On The Wires (:WIRES) :

• RADCOM (RDCM) announced that its solution has been further enhanced to allow Communication Service Providers to deploy a complete MaveriQ service assurance solution on a virtual environment with a click of the mouse.  
• Xura (MESG) announces that PAYBACK Italia has signed a new preferred supplier agreement with secure, application-to-person messaging business - Xura Secure Communications.
• ams AG and STMicroelectronics (STM) revealed that ARM (ARMH) is using the companies' NFC solution to provide the secure, high-performance NFC and microcontroller functionality in its new wearable reference design.
• CGG (CGG) announced the successful large-scale deployment of Sercel's new-generation 508XT land seismic acquisition system on a high-productivity super crew conducting a seismic survey in Saudi Arabia. The system is currently deployed on a crew operated by ARGAS, CGG's joint venture with TAQA, and achieved the milestone of one million VPs (Vibrated Points) in January 2016.
• Norwegian aluminium company Norsk Hydro's (NHYDY) fully owned subsidiary Hydro Energi AS has signed a long-term power contract with Nordic Wind Power DA, a Norwegian wind power consortium, for annual baseload supply of between 0.6 and 1 TWh in the period from 2020 to 2039.  
• Qorvo (QRVO) announced the expansion of the Company's RF Fusion family of front end solutions.  
• Skyworks Solutions (SWKS) and Sequans Communications S.A. (SQNS) announced they have delivered the world's first solution optimized for LTE Category M applications addressing the growing demand for embedded cellular connectivity across the Internet of Things
  

4:28 am CNH Industrial reports update on share repurchase program; co purchased 800K shares at EUR5.42 on Feb 12 (CNHI) :  

4:24 am Color on tonight's action: S&P Futures 1932.00 -4.25 (SPY) :

• Futures have traded in negative territory most of the night,
• Sentiment weakened during the Asian session after the PBOC set the yuan lower to its lowest level in 6-weeks
  • Shanghai saw continued pressure throughout the session, down as much as 2% before closing down 0.8%
  • Chinese banks led the broader market lower
• European Equities opened and remain in negative territory
  • Standard Chartered posted weaker than expected earnings, leading financials lower
  • German IFO came in below expectations, actually giving equities some support (bad news = good news, ie ECB QE)
• Oil under pressure, down ~2% at 32.73

4:05 am On The Wires (:WIRES) :

• Suncor (SU) announced that its Offer for all of the common shares and accompanying rights of Canadian Oil Sands (COSWF) has expired and that a total of ~84.2% of COS shares equating to ~408,097,416 common shares and accompanying rights have been tendered to Suncor's Offer.
• CalAmp (CAMP) announced the LMU-3200, a tracking device designed to facilitate a broad array of connected vehicle applications. The LMU-3200 provides an OBD-II vehicle interface coupled with GPS tracking to deliver extensive telematics services. In addition, it provides an integrated mobile Wi-Fi hotspot to enable mobile internet connectivity for passengers, all in one device.
• Pericom Semiconductor, now part of Diodes (DIOD) announced multiple new products supporting next generation embedded chipsets and platforms, including automotive-infotainment, industrial PC, medical, and other related applications.
• Sierra Wireless (SWIR) announced that Valeo (VLEEY) has selected smart automotive modules from Sierra Wireless for a new generation of telematics control units to enable connected car services internationally.
• Arrayent announced that it collaborated with NXP Semiconductors (NXPI) to demonstrate a Thread-enabled device that can be remotely monitored and controlled from anywhere in the world with the support of Arrayent's Connect IoT platform.
• NXP (NXPI) detailed plans to accelerates Smart Wearable Product Development with multiple open-source reference platforms deliver a wide range of capabilities to wearable designers.

3:56 am Empresas ICA's CEO to resign, effective immediately (ICA) :

Co announced that Alonso Quintana Kawage has informed the Company of his decision to step down as CEO, effective immediately, in order to facilitate the Company's restructuring process.

• The Chairman of the Board will convoke an Extraordinary Board Meeting to propose the nomination of Mr. Luis Zrate Rocha as the Company's CEO. It is expected he will work alongside Alfonso Gonzlez Migoya, who will continue to serve as Deputy CEO during the restructuring process.

3:49 am Valeant Pharma provides update on accounting matters; determines ~$58 mln in revs previously recognized in 2014 should have been booked in subsequent periods (VRX) :

Co announced that based on the work of the Ad Hoc Committee of the Board of Directors appointed to review the Company's relationship with Philidor and related matters, as well as additional work and analysis by the Company, the Company has preliminarily identified certain sales to Philidor during 2014, prior to Valeant's entry into an option to acquire Philidor, that should have been recognized when product was dispensed to patients rather than on delivery to Philidor.

• The Company currently believes that approximately $58 million of net revenues previously recognized in the second half of 2014 should not have been recognized upon delivery of product to Philidor.
• Correcting the misstatements is expected to reduce reported 2014 GAAP EPS by approximately $0.10 and increase 2015 GAAP EPS by ~$0.09. Following entry into the option to acquire Philidor in December 2014, the Company began to consolidate Philidor's accounts and began to recognize sales to Philidor only when dispensed to patients, and no similar adjustments would be necessary for sales after that date.
• The Company expects to delay filing its 2015 10-K pending completion of the review of related accounting matters by the Ad Hoc Committee, with the assistance of its independent advisors, and the Company's ongoing assessment of the impact on financial reporting and internal controls.

3:46 am C&J Energy beats by $0.31, beats on revs (CJES) :

• Reports Q4 (Dec) loss of $0.45 per share, $0.31 better than the Capital IQ Consensus of ($0.76); revenues fell 15.4% year/year to $409 mln vs the $391.06 mln Capital IQ Consensus.

3:35 am Cabot Oil & Gas upsizes and prices 44 mln shares of common stock at $20.00 per share (COG) :

• The offering was upsized from 38 mln shares of common stock

3:30 am Genesis Healthcare reports in-line results; reaffirms FY16 guidance (GEN) :

Reports Q4 EPS of ($0.05) vs ($0.05) Capital IQ consensus; revs rose 2% YoY to $1.44 bln vs $1.42 bln consensus

2016 Guidance

• The Company reaffirms its previously announced 2016 adjusted net revenue guidance of $5,700.0-5,800.0 mln (vs $5.78 bln consensus), adjusted EBITDAR guidance of $765.0 million to $795.0 million, adjusted EBITDA guidance of $267.0 million to $297.0 million, and adjusted net income guidance from continuing operations on a diluted basis of $0.19-0.29 per share (vs $0.25 consensus) 
  

3:18 am B&G Foods raises its quarterly dividend by 20% to $0.42 per (from $0.35 per share prior) (BGS) :  

3:16 am Cisco Systems prices 6 series of senior unsecured notes in an aggregate principal amount of $7 bln (CSCO) :

Of these notes:

• $1 billion will mature in February 2018 and will bear interest at a floating rate equal to three-month LIBOR plus 60 basis points
• $1.25 billion will mature in February 2018 and will bear interest at an annual rate of 1.400%
• $1 billion will mature in February 2019 and will bear interest at an annual rate of 1.600%
• $2.5 billion will mature in February 2021 and will bear interest at an annual rate of 2.200%
• $500 million will mature in February 2023 and will bear interest at an annual rate of 2.600%
• $750 million will mature in February 2026 and will bear interest at an annual rate of 2.950%

3:14 am Grana y Montero receives $48.2 mln contract, 3 year contract to provide comprehensive work and maintenance services in Lima (GRAM) :  

3:12 am On The Wires (:WIRES) :

• ViaSat (VSAT) announced it signed a memorandum of understanding agreement with Qantas Airways, Australia's largest domestic and international airline, to bring the fastest and highest-quality in-flight internet connectivity to Qantas passengers on its domestic flights.
• ARM (ARMH) announced the integration of industry-leading MISRA conformance tools into the ARM DS-5 Development Studio tool suite. Co also announced it is accelerating industrial Internet of Things deployments with Hewlett Packard Enterprise (HPE) by enabling greater device interoperability.
• American Midstream Partners (AMID) announced that American Midstream, a wholly-owned subsidiary of the Partnership, is commencing a non-binding open season for a proposed 45-mile extension of the Magnolia Intrastate pipeline to transport up to 500,000 dekatherms per day of natural gas for delivery to a major interstate pipeline beginning in 2019.
  

3:09 am United Tech confirms prior talks with Honeywell (HON) over potential collaborations; sees regulatory hurdles (UTX) :

United Technologies (UTX) confirmed that it has previously engaged in preliminary, exploratory conversations about a range of potential collaborative options with Honeywell (HON). However, UTC never explored these options further due to significant regulatory obstacles, customer concerns and valuation issues.

• In particular, United Technologies has communicated to Honeywell that combining two of the world's largest players in the aerospace and commercial building segments would face insurmountable regulatory obstacles and strong customer opposition, and could either be blocked outright or conditioned on significant divestitures after a lengthy and disruptive review period that would destroy shareholder value. 

3:06 am Helix Energy beats on top and bottom lines (HLX) :

Reports Q4 EPS of ($0.06) ex-items, vs ($0.09) Capital IQ consensus; revs of $157.7 mln vs $151.2 mln consensus.

2:53 am eBay prices $750 mln of its 6.00% Notes due 2056 (EBAY) :  

2:41 am Allegheny Tech confirms tentative agreement with USW (ATI) :

Co confirmed that it has reached a tentative agreement with the bargaining committee of the USW on a new contract covering over 2,000 employees at the Company's flat rolled products business and other locations.

• The tentative agreement is subject to ratification by USW members. That process is likely to take two or three weeks.

• Company Earnings