------
Major European indices trade lower across the board with
Germany's DAX (-2.0%) trailing the region. Elsewhere, European
Central Bank member Benoit Coeure said that debt relief for Greece
is no longer a subject of debate with bailout negotiations about to
begin.
------
New Strong Sell Stocks for July 27th
- Tale of the Tape
------
Co also reported an adjusted book value per share of $671 at
June 30, 2015, up 1.1% for both the second quarter and first six
months of 2015, including dividends.
Resist alcohol induced dose dumping and prevent drug extraction
in a range of common solvents;
Not yield extracts that could be expelled through syringe
needles;
Maintain controlled release after crushing and grinding of the
tablets under a number of test conditions.
8:03 am Aegerion Pharma announces Sandford Drexel Smith has been
appointed interim CEO following resignation of Marc Beer; sees FY15
total net product sales of between $63 and $64 mln (
AEGR):
Co announces that Aegerion board member Sandford Drexel Smith
has been appointed interim Chief Executive Officer of the
Company.
Marc Beer offered his resignation as CEO and member of the
board, as did Craig Fraser as Chief Operating Officer, effective
immediately.
Co reports preliminary Q2 total net product sales of between
$63 and $64 million and preliminary cash and cash equivalents as of
June 30, 2015 of ~$82 million.
8:02 am Inovio Pharma initiates clinical trial of INO-5150 DNA
immunotherapy for prostate cancer (
INO):
Co announced that it has initiated a phase I trial to evaluate
Inovio's DNA immunotherapy in men with biochemically relapsed
prostate cancer.
The launch of this human trial follows strong pre-clinical
results revealing that INO-5150 generated robust CD8+ T cell
responses in animal studies including non-human primates.
The immune responses generated by INO-5150 were similar in
character to immune responses generated by VGX-3100, Inovio's
immunotherapy for human papillomavirus (:HPV) that regressed
pre-cancerous cervical lesions and eliminated HPV in a randomized,
placebo-controlled phase II trial.
8:02 am Keryx Biopharma appoints Scott Holmes as CFO; will
succeed James Oliviero whose planned departure was announced
earlier this year (
KERX): He joins the company from AMAG
Pharmaceuticals (
AMAG) where he most recently served as senior vice
president, finance and investor relations . Oliviero will stay with
the company through a transition period.
8:02 am Heat Biologics promotes Taylor Schreiber, M.D., Ph.D.,
to Chief Scientific Officer, and Melissa Price, Ph.D., to Vice
President of Product Development (
HTBX):
8:02 am Old Ntnl Bancorp beats by $0.01, beats on revs (
ONB): Reports Q2 (Jun) earnings of $0.25
per share,
$0.01 better thanthe Capital IQ Consensus Estimate of $0.24;
revenues rose 18.2% year/year to $151.8 mln vs the $144.32 mln
consensus.
Loan growth of $120.7 million, or 7.0% annualized, over
1Q15
Old National's capital position remained above regulatory
guideline minimums at June 30, 2015, with regulatory tier 1 and
total risk-based capital ratios of 11.6% and 12.2%, respectively,
compared to 12.2% and 12.9% at March 31, 2015, and 14.0% and 14.7%
at June 30.
8:02 am NephroGenex appoints Dr. Jaikrishna Patel as Chief
Medical Officer (
NRX): Co announced the appointment of Dr.
Jaikrishna Patel to the position of Chief Medical Officer. Dr.
Patel will help guide the co's Phase 3 PIONEER program with oral
Pyridorin for the treatment of diabetic nephropathy, and the
development of an intravenous formulation of Pyridorin for acute
kidney injury.
8:01 am MediciNova announces FDA approval of the second phase 2
protocol for MN-001 in NASH which targets NASH patients with
hypertriglyceridemia (
MNOV): Co announces that the FDA has
approved a second protocol for a clinical trial evaluating MN-001
(tipelukast) for a NASH indication. This study targets NASH
patients with hypertriglyceridemia to evaluate the ability of
MN-001 to improve cardiovascular risk by assessing
cholesterol-efflux capacity and serum triglyceride levels as well
as reduction of percent fat in the liver, as assessed by MRI. "We
are very pleased to have successfully completed the FDA review
period and look forward to initiating patient enrollment
shortly."
8:01 am Alnylam Pharma initiates a Phase 1/2 clinical trial with
ALN-AAT for the treatment of AAT deficiency-associated liver
disease (
ALNY): The company expects to present
initial clinical data from this trial in early 2016.
8:00 am Energy Focus appoints Marcia J. Miller as CFO (
EFOI): Miller had been acting as the
interim CFO since February 5, 2015, while the Company conducted a
national search for a permanent CFO
8:00 am Catabasis Pharmaceuticals and UT Southwestern Medical
Center enter into a sponsored research agreement for CAT-2000
series in serious lipid disorders (
CATB): Co and University of Texas
Southwestern Medical Center announced that they have entered into a
sponsored research agreement. Co will sponsor research at UT
Southwestern to further advance the scientific understanding of the
molecular mechanism and effects of Co's CAT-2000 series of
molecules on the SREBP (Sterol Regulatory Element-Binding Protein)
pathway.
7:59 am Wabtec announces it plans to acquire Faiveley Transport
S.A, for ~$1.8 bln; expects EPS accretion in 2016 (
WAB): Co plans to acquire Faiveley
Transport S.A., a global provider of value-added, integrated
systems and services for the railway industry with annual sales of
about $1.2 billion.
co has made an irrevocable offer to the owners of approximately
51% of Faiveley Transport's shares for a purchase price of 100 per
share, payable 25% in cash and 75% in co preferred stock.
The total purchase price is about $1.8 billion, including
assumed debt. co plans to fund the cash portion of the transaction
with cash on hand, existing credit facilities and potentially other
debt financing. The strategic combination of co and Faiveley
Transport will create one of the world's largest public rail
equipment companies, with revenues of about $4.5 billion and a
presence in all key freight rail and passenger transit geographies
worldwide.
Co expects to realize at least 40 million in annual pre-tax
synergies from the combination, and the transaction is expected to
be accretive to its earnings per diluted share in 2016.
7:57 am S&P futures vs fair value: -6.20. Nasdaq futures vs
fair value: -18.80. (:WRAPX): U.S. equity futures trade near
their pre-market lows (S&P futures -6 vs fair value) following
an overnight rout in global equities that sent China's Shanghai
Composite lower by 8.5%, representing the largest decline for the
index in more than eight years. The index extended its losses
during the final hour of the session after the International
Monetary Fund voiced concerns about the degree of recent government
intervention in the market. Including today's decline, the index is
now down nearly 28.0% since its June high.
U.S. Treasuries hold modest gains with the 10-yr yield down two
basis points at 2.24%.
Today's economic data will be limited to Durable Orders for June
(Briefing.com consensus 3.0%) with the report set to be released at
8:30 ET.
In U.S. corporate news of note:
Philips(PHG 27.60, +1.29): +4.9% after beating revenue
estimates.
Sohu.com(SOHU 42.20, -2.48): -5.6% after cautious revenue
guidance overshadowed better than expected results.
Mylan(MYL 57.40, -8.44): -12.8% after Teva Pharmaceutical
withdrew its proposal to acquire Mylan.
Teva Pharmaceutical(TEVA 70.55, +8.70): +14.1% after beating
earnings and revenue estimates and announcing the acquisition of
Allergan's(AGN 338.00, +29.79) generics business for $40.50
billion.
Reviewing overnight developments:
Asian markets ended lower. Japan's Nikkei -1.0%, Hong Kong's
Hang Seng -3.1%, and China's Shanghai Composite -8.5%.
Economic data was limited:
Japan's Corporate Services Price Index +0.4% year-over-year
(expected +0.6%; prior +0.6%)
China's Industrial profits -0.3% year-over-year (prior
+0.6%)
Hong Kong's June Trade Balance -HKD45.8 bln (expected -HKD39.1
bln; prior -HKD40.1 bln) as Exports -3.1% month-over-month
(expected -2.6%; prior -4.6%) and Imports -2.0% month-over-month
(expected -3.4%; prior -4.7%)
In news:
In Japan, Prime Minister Shinzo Abe has seen his disapproval
rating increase to 50.0% amid a push to expand the country's
military capacity.
Major European indices trade lower across the board. UK's FTSE
-0.6%, Germany's DAX -1.8%, and France's CAC -1.8%. Elsewhere,
Italy's MIB -1.9% and Spain's IBEX -1.0%
In economic data:
Eurozone June M3 Money Supply +5.0% year-over-year (expected
5.1%; prior 5.0%) while June Private Sector Loans +0.6%
year-over-year, as expected (prior 0.5%)
Germany's June Import Price Index -1.4% year-over-year
(consensus -1.3%; prior -0.8%). Separately, July Ifo Business
Climate Index rose to 108.0 from 107.5 (consensus 107.2) as
Business Expectations improved to 102.4 from 102.1 (expected 101.8)
and Current Assessment rose to 113.9 (consensus 113.0; last
113.1)
UK's July CBI Industrial Trends Orders -10 (expected -4; prior
-7)
Among news of note:
European Central Bank member Benoit Coeure said that debt
relief for Greece is no longer a subject of debate with bailout
negotiations about to begin
7:41 am Builders Firstsource commences a public offering of 11
mln shares of common stock; 8 mln sold by company, 3 mln sold by
Warburg Pincus (
BLDR): Co announced the commencement of a
public offering of 11,000,000 shares of its common stock, including
8,000,000 shares to be sold by the Company and 3,000,000 shares to
be sold by Warburg Pincus Private Equity IX, L.P.
Co intends to use the net proceeds from the offering, together
with borrowings under a new term loan facility and new ABL facility
and/or proceeds from a new unsecured notes offering, to finance the
acquisition of ProBuild Holdings and to repay certain of its and
ProBuild's existing indebtedness.
In the event the acquisition of ProBuild does not close, co
intends to use the net proceeds from the offering for general
corporate purposes
7:40 am PolyOne misses by $0.01, misses on revs (
POL): Reports Q2 (Jun) earnings of $0.57
per share, excluding non-recurring items,
$0.01 worse thanthe Capital IQ Consensus Estimate of $0.58;
revenues fell 11.8% year/year to $887.1 mln vs the $951.37 mln
consensus.
Co said, "Profitability expansion continues to be at the heart
of our specialty transformation, and this quarter was no exception.
Our Color, Additives and Inks business led the way with its highest
level of quarterly operating income in segment history, and posting
a record return on sales of 18.2%." Mr. Patterson added, "Specialty
Engineered Materials, Performance Products and Solutions and
Distribution also posted impressive profitability gains.
On a consolidated basis, our operating margin surpassed 10% for
the first time in our company's history."
7:36 am McGraw-Hill Financial beats by $0.08, misses on revs;
reaffirms FY15 EPS guidance (
MHFI): Reports Q2 (Jun) earnings of $1.21
per share, excluding non-recurring items,
$0.08 better thanthe Capital IQ Consensus Estimate of $1.13;
revenues rose 3.1% year/year to $1.34 bln vs the $1.36 bln
consensus.
Co
reaffirms guidancefor FY15, sees EPS of $4.35-4.45,
excluding non-recurring items, vs. $4.45 Capital IQ Consensus
Estimate. FY15 Guidance reaffirmed despite anticipated dilution of
$0.05 to $0.07 from the SNL Financial acquisition.
Transaction revenue grew 1% to $329 mln compared to the same
period last year. Excluding the impact of foreign exchange,
transaction revenue growth was 4%.
7:35 am RPM Inc beats by $0.11, beats on revs; guides FY16 EPS
below consensus (
RPM): Reports Q4 (May) earnings of $0.94
per share,
$0.11 better thanthe Capital IQ Consensus Estimate of $0.83;
revenues rose 7.5% year/year to $1.37 bln vs the $1.36 bln
consensus. Co issues
downside guidancefor FY16, sees EPS of approximately $2.55
vs. $2.73 Capital IQ Consensus Estimate.
"We are pleased with RPM's fourth-quarter performance,
especially in view of the headwinds posed by the very strong U.S.
dollar and sluggish conditions in many international regions,
including much of Europe and Latin America. Despite these
challenges, our operating companies continue to compete and win in
their respective markets..."
"For fiscal 2016, we expect consumer segment sales to increase
by 4% to 5%, with our core consumer businesses continuing to gain
market share with new product innovations. Unfortunately,
poor weather from the spring has continued into the summer
months, dampening first-quarter sales. On a more positive note,
we expect a return to both top- and bottom-line growth in our Synta
and Kirker units, both of which faced significant headwinds in
fiscal 2015."
7:34 am Aeterna Zentaris Commences Promotional Activities for
EMD Serono's Saizen (
AEZS): Co announced that it has started
promoting Saizen [somatropin (rDNA origin) for injection] in 25
territories in the United States, pursuant to its co-promotion
agreement signed this past May with EMD Serono, the U.S.
biopharmaceutical businesses of Merck KGaA, Darmstadt, Germany.
Saizen is a recombinant human growth hormone (r-hGH) registered in
the U.S. for the treatment of growth hormone deficiency (:GHD) in
children and adults. Under the agreement, Aeterna Zentaris details
Saizen to designated medical professionals in addition to EMD
Serono's current promotional activities. Payment to Aeterna
Zentaris is based on new eligible patient starts on Saizen, above
an agreed-upon baseline.
7:34 am China Eastern Airlines and Delta Air Lines (
DAL) expand partnership, Delta to make a $450
mln investment for a 3.55% stake (
CEA): The co's announced they signed an
agreement to expand their partnership and better connect Delta's
global network with China Eastern. The agreement will include a
$450 million investment by Delta to acquire a 3.55 percent stake in
China Eastern.
7:33 am Vista Gold announces receipt of an additional a$5.9
million net tax refund under the Australian government's Research
& Development Incentive Program (
VGZ):
7:32 am Energy Transfer Equity confirms completion of
two-for-one unit split (
ETE):
Co announced the completion of its previously announced
two-for-one split of the Partnership's outstanding common units
("Unit Split").
The Unit Split was effected by a distribution of one ETE common
unit for each ETE common unit outstanding and held by unitholders
of record at the close of business on July 15, 2015.
The Partnership's quarterly distribution amount going forward
will reflect the Unit Split. ETE common units will begin trading on
a post-split basis today on the New York Stock Exchange.
7:32 am CAE sells its mining division, known as Datamine, to
Constellation Software; no additional terms disclosed (
CAE):
7:32 am Sonic Automotive names B. Scott Smith to CEO (
SAH): Co announced the appointment of O.
Bruton Smith as Executive Chairman and B. Scott Smith to the
position of Chief Executive Officer in conjunction with an
executive management realignment.
David B. Smith will continue to serve as the Company's Vice
Chairman.
O. Bruton Smith has served as Sonic Automotive's Chairman and
Chief Executive Officer since its initial public offering in
1997.
President B. Scott Smith is a co-founder of the Company and has
served as Sonic Automotive's President and Chief Strategic Officer
since 2007
7:31 am Biogen forms strategic alliance focused on enhancing the
understanding of the underlying biology of Parkinson's disease with
the Parkinson's Institute and Clinical Center (
BIIB): The co and the Parkinson's Institute
and Clinical Center today announced the formation of a strategic
alliance focused on enhancing the understanding of the underlying
biology of Parkinson's disease and the creation of novel tools and
programs that could accelerate research and the development of new
PD treatments.
Under the terms of the agreement, Biogen will fund research
activities by the Institute and provide strategic insight into
research design, data analysis, and program support.
7:31 am Masonite International acquires custom door and millwork
supplier, Performance Doorset Solutions Limited for $16 mln (
DOOR): PDS employs ~150 people located in
Lancashire, UK. PDS's fiscal year ended April 2015 net sales
exceeded $20 million. The purchase price for 100% of the
outstanding shares was ~$16 million
7:31 am Overnight Treasury Summary (
BONDX):
Bond Trades to Fresh 7-Week High
The 30-year U.S. Treasury bond rallied overnight, leading the
Treasury complex higher, as the Chinese stock market's relief rally
came to an abrupt end
Yield Check:
2-yr: -2 bps to 0.67%
5-yr: -2 bps to 1.60%
10-yr: -3 bps to 2.24%
30-yr: -3 bps to 2.93%
10-yr Spanish ODE/German Bund: +10 bps to 128 bps
International News:
The Shanghai Composite lost 8.5% and 1,700 stocks hit their
maximum allowable daily decline of 10%, implying that fair-market
value is even lower than the headline numbers reflect. There was no
obvious proximate cause for the new wave of selling
The German IFO Business Climate Index unexpectedly jumped to
108 this month from 107.5 in June
In the U.K., CBI Industrial Trends Orders fell to a
lower-than-expected -10 in July from -7 in June
Former Greek Finance Minister Yanis Varoufakis was apparently
planning a parallel banking system in December of 2014, according
to Greek daily Kathimerini
Any government of a country in Greece's position would be
expected to make contingency plans, but Varoufakis appears to have
crossed some lines, although he acted at the behest of Prime
Minister Alexis Tsipras
The plan was to create a parallel financial system that could
be turned on at the flick of a switch and involved hacking into the
finance ministry's systems, which were under the control of the
troika at the time
WTI crude is down 2.06% to $47.63/bbl., a four-month low for
the front-month contract
Data out Today:
June Durable Goods Orders and Durables Goods Orders
ex-transportation (08:30 ET)
7:31 am Lincoln Electric beats by $0.04, reports revs in-line (
LECO): Reports Q2 (Jun) earnings of $0.95
per share, excluding non-recurring items,
$0.04 better thanthe Capital IQ Consensus Estimate of $0.91;
revenues fell 8.8% year/year to $664.7 mln vs the $670.03 mln
consensus.
"Business conditions were challenging in the quarter as growth
in automation was offset by weaker oil and gas and U.S. export
demand. We initiated a number of actions during the quarter to
align our cost structure with softer market conditions, which
helped generate modest sequential improvements in our profit
margins and operating working capital ratio to net sales. While we
remain cautious on 2015 demand trends, we continue to invest in our
strategic programs and expect our efforts will help maximize
profitability and shareholder returns through the economic cycle."
7:30 am McGraw-Hill Financial confirms it will acquire SNL
Financial for $2.225 bln (
MHFI): Co announced that it has signed a
definitive agreement to acquire SNL Financial for approximately
$2.225 bln in cash. The economic impact to the co will be partially
offset by tax benefits with an estimated present value of
approximately $550 mln resulting from the transaction. SNL is
privately held by an affiliate of New Mountain Capital LLC and
current and former members of SNL management.
Excluding amortization, the transaction is expected to be
accretive to adjusted diluted EPS in 2016, and, on a GAAP basis, in
2018. Co has also identified approximately $70 mln in synergies
which are expected to be fully realized by 2019 largely from
operational efficiencies and co's ability to accelerate SNL's
international growth through its global footprint.
7:30 am Beacon Roofing Supply to acquire Roofing Supply Group
from Clayton, Dubilier & Rice for $1.1 bln in cash and stock;
expected to be immediately accretive (
BECN): BECN will acquire Roofing Supply
Group ("RSG"), a roofing products distributor owned by investment
firm Clayton, Dubilier & Rice, in a cash and stock transaction
valued at approximately $1.1 billion.
Under the terms of the agreement, RSG shareholders will receive
approximately $286 million in cash and $291 million of Beacon
common stock, and Beacon will refinance approximately $565 million
of RSG's net debt.
Headquartered in Dallas, Texas, RSG distributes roofing
supplies and related materials from 83 locations across 24 states,
including the key Western and Southern markets of California,
Florida and Texas.
The transaction is expected to be immediately accretive to
adjusted earnings per share and to generate annual run-rate
synergies of approximately $50 million.
BECN is halted.
7:30 am On the Wires (:WIRES):
POZEN Inc (
POZN) announced that Scott Charles will be appointed Senior
Vice President of Finance of POZEN, effective July 27th, with the
intention of becoming Chief Financial Officer of Aralez
Pharmaceuticals plc. upon completion of the pending merger of POZEN
with Tribute Pharmaceuticals Canada
CASI Pharmaceuticals, Inc. (
CASI) announced the formation of a clinical advisory board.
Led by CASI's Chief Medical Officer Rong Chen, MD, Ph.D, the board
will assist the company with overall product development strategies
and clinical practice
Imperva, Inc. (
IMPV) and Raytheon|Websense announced an agreement to
facilitate safe and productive use of cloud apps for organizations.
The technology licensing and joint marketing agreement enables
Raytheon|Websense to embed the Imperva Skyfence Cloud App Catalog
into its web security gateway products and also certifies joint
interoperability between cos products
EnteroMedics Inc (
ETRM) announced the commercial launch of vBloc Access, a
program designed to support patient access to vBloc Neurometabolic
Therapy
GreenHunter Resources (
GRH) announced production commencement late last week of the
Harris C&W #1 and McKelvey M #3 SWD wells located at the
Company's Mills Hunter facility located in southeastern Ohio. The
initial combined injection rate for the C&W and McKelvey wells
is approximately 6,000 barrels per day, or ~3,000 barrels per day
each
7:15 am Aratana Therapeutics the positive results of a pilot
field study of AT-002 (capromorelin) in cats (
PETX):
Capromorelin is a small molecule that mimics ghrelin, the
naturally occurring hormone that stimulates appetite, increases
body weight and increases serum growth hormone levels. The
multi-site, placebo-controlled, pilot field study of ~40 cats
measured weight gain/loss in cats with chronic kidney disease and
documented weight loss who received AT-002 at a dose of 2 mg/kg
compared to cats that received placebo treatment. Both groups were
treated orally once daily for 903 days.
AT-002 treated cats had statistically significant increases in
body weight compared to placebo after 90 days (p
Aratana recently met with the FDA's Center for Veterinary
Medicine to discuss the results, and the company intends to
initiate a pivotal field effectiveness study in mid-2016. Assuming
success in the pivotal field effectiveness study in cats and
completion of other technical sections, Aratana anticipates FDA
approval of AT-002 in cats in 2018.
7:14 am Abengoa Yield confirms that it has acquired Solaben 1/6,
a 100 MW solar complex in Spain (
ABY): Co has entered into a definitive
agreement with Abengoa to acquire Solaben 1/6, a 100 MW solar
complex in Spain, which has been in operation since 2013. Co also
closed the acquisition of ATN2 from Abengoa, and has agreed to
acquire 13% of the stake owned by JGC in Solacor 1/2, where it
already owns a 74% stake.
Total consideration amounts to $370 million and Abengoa Yield
expects the new assets to generate incremental run rate cash
available for distribution of ~$31.5 million per year before debt
service associated with acquisition financing
The acquisition will be financed with the revolving credit
facility recently increased in $290 million and cash on hand
7:13 am Asian Markets Close: Japan's Nikkei -1.0%; Hong Kong's
Hang Seng -3.1%; China's Shanghai Composite -8.5% (:SUMRX): The
Shanghai Composite plummeted 8.5% on Monday and effectively set the
tone for most markets in the Asia-Pacific region. That was the
biggest drop for the Composite since February 2007 and it followed
some weak industrial profits data and a building sense of
anxiousness around the idea that the government may attempt to pull
back on some of the support measures enacted to arrest the last
meltdown.
Economic data
Japan
Corporate Services Price Index +0.4% year-over-year (expected
+0.6%prior +0.6%)
China
Industrial profits -0.3% year-over-year (prior +0.6%)
Hong Kong
June Trade Balance HKD -45.8 bln (expected HKD -39.1 bln; prior
HKD -40.1 bln)
Exports -3.1% month-over-month (expected -2.6%; prior
-4.6%)
Imports -2.0% month-over-month (expected -3.4%; prior
-4.7%)
Equity Markets
Japan's Nikkeideclined 1.0% in a broad-based retreat led by
the health care (-2.7%), materials (-2.1%), and consumer staples
(-1.7%) sectors. A stronger yen, which garnered support in the face
of China's stock market rout, reportedly helped weigh on the
action. Sumco Corp (-5.3%), Sumitomo Chemical (-5.0%), and Eisai Co
(-4.4%) led the losers. Mitsubishi Motors (+5.5%) and Kyowa Hakko
Kirin (+4.6%) topped the list of winners. Out of the 225 index
members, 38 ended higher, 182 finished lower, and 5 were
unchanged.
Hong Kong's Hang Sengdropped 3.1% and closed near its lows
for the day, tracking mainland stocks lower. It was a broad-based
retreat that saw all 50 stocks in the index lose ground. The worst
performers were China Resources Power Holdings (-6.3%), China
Unicom Hong Kong (-5.9%), and China Life Insurance Co. (-5.5%).
Cheung Kong Property Holdings (-0.7%) held the distinction of being
down the least among the 50 index members.
China's Shanghai Compositeplummeted 8.5% with selling
efforts accelerating in the final hour of trading. In that span,
the Composite fell approximately 5.4%. Reportedly, the selling
momentum picked up following some weak industrial profits data and
as market participants feared the government will begin withdrawing
its support measures. Monday's loss was the single-biggest loss
since February 2007.
India's Sensexdeclined 2.0% in a session that saw every
sector close lower. The biggest laggards were the materials
(-4.8%), industrials (-3.3%), utilities (-2.2%), and financial
(-2.1%) sectors. Tata Steel (-5.4%), Hero Moto Corp (-4.9%), and
Hindalco Industries (-4.5%) paced the individual losers. Bajaj Auto
(+0.5%) was the only stock among the 30 index members to end with a
gain.
Australia's S&P/ASX 200bucked the regional trend and
gained 0.4% as beaten-down resource plays attracted some
bargain-hunting interest. Overall, Monday's best-performing areas
were the gold (+4.6%), REIT (+2.7%), and metals & mining
(+0.9%) sectors. Out of the 200 index members, 104 ended higher, 73
finished lower, and 23 were unchanged.
Regional advancers: Vietnam +0.2%
Regional decliners: South Korea -0.4%, Taiwan -2.4%,
Malaysia -0.6%, Indonesia -1.8%, Singapore -1.2%, Thailand -1.8%,
Philippines -1.5%
FX
USD/CNY unch at 6.2098
USD/INR +0.2% at 64.1712
USD/JPY -0.4% at 123.31
7:05 am Roper Inds beats by $0.06, misses on revs; guides Q3 EPS
below consensus; lowers FY15 EPS below consensus (
ROP): Reports Q2 (Jun) earnings of $1.70
per share, excluding non-recurring items,
$0.06 better thanthe Capital IQ Consensus Estimate of $1.64;
revenues rose 0.5% year/year to $889.5 mln vs the $907.73 mln
consensus. GAAP gross margin increased 90 basis points to 60.0% and
adjusted gross margin increased to 60.1%, a 100 basis point gain
over the prior year.
Co issues
downside guidancefor Q3, sees EPS of $1.53-1.57 vs. $1.72
Capital IQ Consensus Estimate.
Co issues
lowered guidancefor FY15, sees EPS of $6.61-6.75 from
$6.75-6.95 vs. $6.87 Capital IQ Consensus Estimate.
7:04 am Plug Power acquires HyPulsion from Air Liquide S.A (
AIQUY) for $11.47 mln in stock (
PLUG): The co announced it has entered into
a definitive agreement with Axane, S.A., a subsidiary of Air
Liquide S.A. (
AIQUY) to acquire the remaining 80% that it doesn't own of
HyPulsion, its European joint venture, for $11.47 million in Plug
Power common stock, subject to certain post-closing
adjustments.
Air Liquide will support HyPulsion as a hydrogen supplier to
Plug Power's material handling customers. Additionally, Air Liquide
will retain its seat on Plug Power's board of directors, a position
held since 2012.
7:04 am Restaurant Brands Int'l beats by $0.06, beats on revs (
QSR): Reports Q2 (Jun) earnings of $0.30
per share,
$0.06 better thanthe Capital IQ Consensus Estimate of $0.24;
revenues fell 1.6% year/year to $1.04 bln vs the $1.02 bln
consensus.
Tim Hortons (
TH.TO) comparable sales increased 5.5% and
Burger King (
BK) comparable sales increased 6.7% in constant
currency.
Consistent execution of brand-specific strategic initiatives
drove RBI outperformance in the second quarter. TH trailing twelve
month NRG of 230 along with comparable sales growth of 5.5% drove
TH system-wide sales growth of 8.4%. Strength in Dark Roast coffee
and the CREAMY CHOCOLATE CHILL beverage as well as growth in the
lunch daypart contributed to TH outperformance. At BK, trailing
twelve month NRG of 720 in conjunction with second quarter
comparable sales growth of 6.7% led to BK system-wide sales growth
of 11.6%. BK comparable sales growth was largely driven by
innovative product launches including the A.1. Hearty Mozzarella
Bacon Cheeseburger, Extra Long Pulled Pork Sandwich and Chicken
Fries.
7:03 am Nova Lifestyle engages China Everbright Securities to
explore strategic options (
NVFY): The Special Committee formed by the
Company's Board of Directors on July 23, 2015 has engaged China
Everbright, one of the largest investment banks in Mainland China
and Hong Kong, as Financial Advisor to explore strategic options
and potentially unlock significant value for the Company's current
shareholders.
Specifically, Everbright will advise the Company with respect
to potential opportunities in capital markets in Hong Kong and
mainland China, where companies in similar industries to Nova
LifeStyle generally trade at high double-digit earnings
multiples.
On June 30, 2015, the Company announced that it formed a
special committee to consider potential opportunities following the
receipt of inquiry letters from certain funds and securities firms
that have indicated an interest in investing in the Company.
7:03 am RedHill Biopharma says that Salix Pharmaceuticals has
confirmed it continues the development of RedHill's RHB-106
encapsulated bowel preparation (
RDHL): The co provided an update on its
RHB-106 tasteless solid oral formulation bowel preparation
development program under the worldwide exclusive license agreement
with Salix Pharmaceuticals, recently acquired by Valeant
Pharmaceuticals International (
VRX).
Salix confirmed to RedHill that it continues the development of
RHB-106. Salix further clarified to RedHill that the bowel
purgative product referenced in Valeant's second quarter 2015
financial results presentation1 as a failed toxicology screen is
not RedHill's RHB-106.
7:02 am ISIS Pharm reports data from its study of ISIS-TTR Rx,
showing reductions in TTR protein of up to 88% (
ISIS):
Co announced encouraging preliminary results from an
investigator-sponsored study in patients with transthyretin
amyloid-related cardiomyopathy that was presented yesterday by Dr.
Merrill Benson at the 20th World Congress on Heart Disease (:WCHD)
in Vancouver, Canada.
"I am encouraged by the safety, tolerability, TTR lowering and
apparent stabilization of cardiac disease progression we have
observed in the study to date," said Merrill Benson, M.D.,
professor of pathology and medical genetics at Indiana
University.
"In this open-label study, measures of TTR amyloid cardiac
disease, including echocardiographic and strain imaging evaluation,
indicated little to no cardiac disease progression after six months
of dosing with ISIS-TTRRx.
These data compare favorably to our previously published work,
which showed that patients with TTR-related cardiomyopathy exhibit
disease progression at six months using similar echocardiographic
measurements."
In a presentation titled, "Transthyretin Amyloid Cardiomyopathy
Treatment with an Antisense Oligonucleotide Inhibitor of TTR
(ISIS-TTRRx)", Dr. Benson reported on preliminary results from his
investigator-sponsored open-label study in patients with
TTR-related cardiomyopathy.
In patients who completed nine months of weekly dosing (n=3)
with 300 mg of ISIS-TTRRx, reductions in TTR protein of up to 88%
were observed with a mean reduction of 78%.
7:02 am Opus Bank Q2 EPS $0.52 vs $0.44 Capital IQ Consensus;
raises quarterly dividend 43% to $0.10/share (
OPB):
7:02 am Precision Castparts to acquire Noranco from MidOcean
Partners and PSP Investments for $560 mln; expected to be
immediately accretive to earnings (
PCP): Noranco is a supplier of complex
machined and fabricated components for aero-engine, landing gear
and airframe applications. The cash acquisition will be immediately
accretive to earnings. Subject to regulatory approvals, the
transaction is expected to be completed during the third quarter of
fiscal 2016, after which its results will be reported as part of
the Airframe Products segment.
7:01 am Capnia announces a common stock purchase agreement with
Aspire Capital Fund, for the sale of up to $10 mln of its common
shares (
CAPN): The agreement represents a tool that
provides Capnia with capital to fund the development of its
therapeutics pipeline. Capnia will control the timing and amount of
any sale of common stock to Aspire Capital.
Also, co reported that for Nasal CO2 for the Treatment of
Cluster Headache, it expects to report top-line data in 2016.
For Nasal CO2 for the Treatment of Trigeminal Neuralgia, it
expects to initiate a pilot clinical trial evaluating nasal CO2 in
TN in Fall 2015.
And for Nasal CO2 for the Treatment of Allergic Rhinitis, co
expects to clarify the regulatory approval pathway for allergic
rhinitis in the U.S. with the FDA by the end of 2015
7:01 am Silvercrest Mines to be acquired by First Majestic (
AG) for CAD 1.30/share (
SVLC): First Majestic Silver (
AG) announced that it will acquire all of the issued and
outstanding common shares of SilverCrest for consideration of
0.2769 of a common share of First Majesti plus C$0.0001 in cash per
SilverCrest common share. The offer implies a value of C$1.30 per
SilverCrest share based on the closing price of First Majestic's
common shares on the Toronto Stock Exchange on July 24, 2015. The
offer represents a premium of approximately 37% to SilverCrest's
30-day volume-weighted average price on the TSX for the period
ending July 24, 2015 and a 35% premium to SilverCrest's previous
closing price. The transaction will be implemented by way of a plan
of arrangement under the Business Corporations Act. In addition,
shareholders of SilverCrest will receive shares in a newly formed
company which will hold certain exploration assets currently held
by SilverCrest and First Majestic.
The deal is expected to be accretive to First Majestic's net
asset value per share, reserves and total resources per share and
production per share
7:01 am Bristol-Myers and AbbVie (
ABBV) announce the European Medicines Agency (
EMA.TO) validated for review the Marketing
Authorization Application (
MAA) for Empliciti (
BMY):
Bristol-Myers Squibb (
BMY) and AbbVie (
ABBV) announced the European Medicines Agency (
EMA.TO) validated for review the Marketing
Authorization Application (
MAA) for Empliciti, an investigational
Signaling Lymphocyte Activation Molecule (SLAMF7)-directed
immunostimulatory antibody, for the treatment of multiple myeloma
as combination therapy in adult patients who have received one or
more prior therapies.
The application was granted accelerated assessment by the EMA's
Committee for Medicinal Products for Human Use (
CHMP).
Bristol-Myers Squibb and AbbVie are co-developing Empliciti,
with Bristol-Myers Squibb solely responsible for commercial
activities.
7:01 am Horizon Pharma announces a collaboration with Fox Chase
Cancer Center to study ACTIMMUNE in combination with PD-1/PD-L1
inhibitors in various forms of cancer including advanced urothelial
carcinoma and renal cell carcinoma (
HZNP):
Preclinical cell line research has indicated that interferon
gamma enhances cellular PD-L1 expression on endothelial cells
(inner lining of the blood vessel) and on some tumor cells. By
enhancing cellular PD-L1 expression on tumor cells, interferon
gamma may promote or enhance the effect of the PD-1 or PD-L1
inhibitors.
The first study being planned as part of the collaboration will
be a dose-ranging study to determine a suitable dose for ACTIMMUNE
with PD-1/PD-L1 inhibition.
Once the ideal combination strategy is determined, the
investigators intend to expand the study to include patients with
metastatic bladder and renal cell carcinomas
Additional studies are expected to follow depending on initial
results.
7:00 am SolarWinds authorizes $200 million share repurchase
program (
SWI):
6:43 am Mylan Labs: "We congratulate Teva on their agreement to
acquire Allergan's generics business... We look forward to the next
step in the process to make our combination with Perrigo a reality"
(
MYL): Co issued the following statement
regarding Teva's (
TEVA) announcement of its entry into an agreement to acquire
Allergan's (
AGN) Generic Drug Unit and its withdrawal of its unsolicited
expression of interest to acquire Mylan.
"We congratulate Teva on their agreement to acquire Allergan's
generics business and welcome their continued, and potentially
enhanced, commitment to the generics industry. As Teva continues to
move forward with their strategy, Mylan's strategic focus remains
unchanged...
Combining Mylan and Perrigo (
PRGO) will create a unique infrastructure that is able to
maximize on evolving industry dynamics and capitalize on key
trends. Further, the complementary cultures and strategies of these
two businesses will enable us to redefine how healthcare is
delivered and position our company for the future...
We look forward to the next step in the process to make our
combination with Perrigo a reality -- the vote by Mylan
shareholders to support this transaction -- which we expect to
occur in the next several weeks."
6:41 am China Mobile Games announces that shareholders have
voted to approve its going private transaction (
CMGE):
6:36 am Magellan Health misses by $0.20, beats on revs; guides
FY15 EPS in-line (
MGLN):
Reports Q2 (Jun) adj. earnings of $0.56 per share,
$0.20 worse thanthe Capital IQ Consensus of $0.76; revenues
rose 30.4% year/year to $1.16 bln vs the $1.09 bln consensus.
Co issues
in-line guidancefor FY15, raises EPS to $3.45-3.90,
excluding non-recurring items, from $3.41-3.85 vs. $3.65 Capital IQ
Consensus to reflect buybacks; reaffirms FY15 rev $4.45-4.69
bln.
"Compared to the first half of 2015, we expect the second half
of the year to produce stronger earnings due to improved results in
Magellan Complete Care, mainly driven by care management
initiatives, network recontracting, and rates; the impact of
business growth, primarily in our Pharmacy Management segment; and
the seasonality and timing of care results and customer settlements
across our businesses. We expect an increasing pattern of earnings
over each of the last two quarters of the year."
6:31 am Vitae Pharmaceuticals reports that Boehringer Ingelheim
has notified the company, that it is ending their collaboration
& license agreement for orally-active beta secretase inhibitors
(
VTAE): Co announced that Boehringer
Ingelheim has notified Vitae that BI is ending the parties'
collaboration and license agreement for orally-active beta
secretase inhibitors for the treatment and prevention of
Alzheimer's disease and other indications. Termination of the
agreement will be effective as of October 21, 2015. BI has informed
Vitae that it is exercising its right to terminate the agreement
for strategic business reasons.
6:29 am Pepco Hldgs misses by $0.07, misses on revs; provides
update on Exelon (
EXC) transaction (
POM): Reports Q2 (Jun) earnings of $0.23
per share,
$0.07 worse thanthe Capital IQ Consensus Estimate of $0.30;
revenues rose 2.1% year/year to $1.14 bln vs the $1.54 bln
consensus. The primary drivers of the decrease in adjusted net
income in the second quarter of 2015, as compared to the same
quarter in 2014, were higher operation and maintenance expense
(primarily due to the implementation of a new customer information
system and increased distribution system maintenance) and higher
depreciation expense from increased plant investment. Higher
electric distribution revenue and default supply margins partially
offset the decrease for the second quarter.
In regards to its proposed merger with Exelon (
EXC), Pepco disclosed the following update:
On July 21, 2015, the OPC filed a motion in the same court
requesting a stay of the MPSC order. Pepco Holdings believes the
motion and appeals are without merit, and intends to vigorously
oppose the motion and the appeals. The District of Columbia Public
Service Commission held evidentiary hearings related to the merger
in March and April of 2015 and the record was closed on May 27,
2015. District of 3 (more) Columbia law does not impose a time
limit on the DCPSC's review of the merger application.
The parties anticipate receiving final approval and closing the
transaction in the third quarter of 2015.
6:21 am Great Western Bancorp launches secondary offering of
12,732,500 shares common stock on behalf of selling shareholders;
GWB to repurchase $60 mln of the offering (
GWB): The co announced the launch of a
secondary offering of GWB common stock pursuant to which National
Americas Holdings LLC, a wholly owned subsidiary of National
Australia Bank Limited, proposes to sell 12,732,500 shares of GWB
common stock. GWB will not be issuing any shares in connection with
the Offering and will not receive any proceeds from the
Offering.
GWB also announced that it has entered into an agreement with
NAB to purchase approximately $60.0 million of GWB common stock
from NAB concurrently with this offering at a per share purchase
price equal to the per share proceeds, before expenses, to the
selling stockholder.
6:16 am Great Western Bancorp beats by $0.04 (
GWB): Reports Q2 (Jun) earnings of $0.50
per share,
$0.04 better thanthe Capital IQ Consensus Estimate of
$0.46.
Net interest margin was 3.95%, 3.89% and 4.03%, respectively,
for the quarters ended June 30, 2015, March 31, 2015 and June 30,
2014; The efficiency ratio for the quarter was 46.4%
Loan growth for the quarter ended June 30, 2015 was $172.8
million, bringing fiscal year-to-date growth to $457.8 million, an
increase of 6.7% compared to September 30, 2014.
6:13 am BioLineRx confirms negative top-line results from
Bellerophon's (
BLPH) PRESERVATION I clinical trial for
Bioabsorbable Cardiac Matrix (
BLRX): BCM, also known as BioLineRx's
BL-1040, is an investigational, implantable medical device being
studied for the prevention of heart failure following an acute
myocardial infarction, commonly known as a heart attack. BL-1040
was licensed to Bellerophon (
BLPH) , then known as Ikaria, in 2009. Prior to partnering
the project, BioLineRx invested slightly over $10 million in the
development of BL-1040. To date, BioLineRx has received a total of
$17 million for this asset under the license agreement.
"While we share in Bellerophon's disappointment with the BCM
results, we believe BioLineRx's true value remains in our ability
to advance our deep in-house pipeline of mid-late stage assets,
including future programs under our strategic collaboration with
Novartis, and in particular, our expanding BL-8040 oncology
platform. We are on track to report top-line data from our Phase 2
clinical study of BL-8040 for treating relapsed/refractory AML in
Q4 2015. Results from the dose escalation phase of this study
demonstrated potential best-in-class mobilization of cancer cells
from the bone marrow, as well as significant induction of cancer
cell death. Additionally, we reported positive safety and efficacy
results from a Phase 1 study for BL-8040 as a novel stem cell
mobilization treatment for transplantation. We expect to meet with
the FDA in order to discuss our next steps in the clinical
development program for this indication, including the design of a
planned follow-up Phase 2 study. We are also in preparations to
initiate three additional Phase 2 studies for BL-8040 in
consolidation AML, in AML patients with the FLT3-ITD mutation, and
for hypoplastic myelodysplastic syndrome and aplastic anemia. We
eagerly anticipate reaching several key inflection points for our
BL-8040 platform over the next 12 months, which we hope will add
significant value for BioLineRx and our shareholders."
6:08 am Haemonetics beats by $0.04, misses on revs; reaffirms
FY16 EPS guidance, revs guidance (
HAE): Reports Q1 (Jun) earnings of $0.35
per share, excluding non-recurring items,
$0.04 better thanthe Capital IQ Consensus Estimate of $0.31;
revenues fell 4.9% year/year to $213.4 mln vs the $215.58 mln
consensus.
Co
reaffirms guidancefor FY16, sees EPS of $1.98-2.08,
excluding non-recurring items, vs. $1.98 Capital IQ Consensus
Estimate; sees FY16 revs of +4-6% to ~$946.2-965.0 mln vs. $947.64
mln Capital IQ Consensus Estimate.
The Company reaffirms its previous fiscal 2016 guidance for
revenue growth of 4-6% on a reported basis and 7-9% in constant
currency, still expecting approximately 46% of revenue in the first
half and 54% in the second half of the fiscal year.
6:04 am Exco Resources beats by $0.05, beats on revs (
XCO): Reports Q2 (Jun) loss of $0.05 per
share,
$0.05 better thanthe Capital IQ Consensus Estimate of
($0.10); revenues fell 48.8% year/year to $93.7 mln vs the $90.35
mln consensus.
Co produced 361 Mmcfe per day, or 33 Bcfe, for the second
quarter 2015, which exceeded the midpoint of guidance. Production
increased 22 Mmcfe per day from the first quarter 2015.
Adjusted EBITDA was $69 mln for the second quarter 2015, 19%
above adjusted EBITDA for the first quarter 2015.
6:01 am Bellerophon Therapeutics reports that top-line results
from its PRESERVATION I clinical trial for Bioabsorbable Cardiac
Matrix showed no statistically significant treatment (
BLPH): The co announced top-line results
from its PRESERVATION I clinical trial for Bioabsorbable Cardiac
Matrix, an investigational, implantable medical device being
studied for the prevention of heart failure following an acute
myocardial infarction, commonly known as a heart attack.
Topline results of the 303-patient, randomized, double-blind,
placebo-controlled study, enrolled at 61 clinical sites in
Australia, Europe, Israel and North America, showed no
statistically significant treatment differences between patients
treated with BCM and patients treated with placebo for both the
primary and the secondary endpoints.
Safety data analyzed to date shows no significant difference in
adverse event rates for patients in the BCM and placebo treatment
groups.
"We are clearly disappointed with the topline results from
PRESERVATION I and will continue to investigate the full data set
over the next few weeks and to reassess further clinical
development of BCM. We continue to be enthusiastic about our
pulmonary hypertension pipeline which leverages years of experience
with Nitric Oxide therapy and a novel and proprietary delivery
system for outpatient use. Of note, we are preparing to initiate
the first of two Phase 3 trials for INOpulse for the treatment of
pulmonary arterial hypertension (
PAH), a chronic and debilitating disease. We
had approximately $50 million of cash on our balance sheet as of
June 30, 2015 to fund this Phase 3 trial and we expect to enroll
our first patient by the end of 2015."
6:01 am Xueda Education merges with Xiamen Insight Investment
Co; whereby Insight will acquire Xueda stock for $5.50/ADS share in
cash (
XUE): Co announced that it has entered into
a definitive agreement and plan of merger with Xiamen Insight
Investment Co., pursuant to which Insight will acquire Xueda for
$2.75 in cash per ordinary share, or US$5.50 in cash per American
Depositary Share. Founders/Officers of the co with ~58.4% of the
outstanding co shared have agreed to vote for approval of the
transaction. The transaction is currently expected to close in the
fourth quarter of 2015
6:00 am Goodrich Petroleum sells its proved reserves and
associated leasehold assets in the Eagle Ford Shale for $118 mln (
GDP): Co announced that it has entered into
a definitive agreement to sell its proved reserves and associated
leasehold in the Eagle Ford Shale in LaSalle and Frio Counties,
Texas for $118 million.
The effective date of the transaction is July 1, 2015 with an
expected closing date on or before September 4, 2015.
The Company is retaining ~fifty-eight percent (~ 17,000 net
acres) of its undeveloped leasehold in the play for future
development or sale. The asset being sold produced an average of
approximately 2,850 barrels of oil equivalent per day (~75% oil)
during the first quarter of 2015.
The Company expects to book a gain of ~ $50-60 million on the
sale. Co plans to pay off its bank revolver and retain the
difference in cash from the sales proceeds.
5:52 am S&P futures vs fair value: +0.20. Nasdaq futures vs
fair value: -4.10.:
5:51 am European Markets:
FTSE...6582.96...
+3.50...
+0.10%.
DAX...11244.38...
-103.80...
-0.90%.
5:51 am Asian Markets:
Nikkei...20350.10...
-194.40...
-1.00%.
Hang Seng...24351.96...
-776.60...
-3.10%.
5:34 am Fiat Chrysler reaches consensual resolution of NHTSA
investigation on 23 recall campaigns (
FCAU):
Co has agreed to make a $70 mln cash payment to NHTSA and to
spend $20 mln on industry and consumer outreach activities and
incentives to enhance certain recall and service campaign
completion rates. An additional $15 mln payment will be payable by
FCA US if it fails to comply with certain terms of the consent
order.
5:20 am Nordic American Tanker acquires two modern Suezmax
tankers; fleet to 26 vessels (
NAT): Co announced that it has agreed to
acquire two Far East built Suezmax tankers at an average age of
five years. The total price is about USD 122 mill. The vessels are
expected to be delivered to us in September and October 2015. NAT
does not plan to issue equity to finance these two vessels.
5:19 am Teva Pharma beats by $0.14, beats on revs; raises FY15
EPS, in-line (
TEVA): Reports Q2 (Jun) earnings of $1.43
per share,
$0.14 better thanthe Capital IQ Consensus Estimate of $1.29;
revenues fell 1.5% year/year to $4.97 bln vs the $4.9 bln
consensus.
Co
raises guidancefor FY15, sees EPS of $5.15-5.40 vs. $5.21
Capital IQ Consensus Estimate. The guidance was boosted from
previously provided EPS in the range of $5.05 to $5.35
4:35 am Allergan: Teva (
TEVA) to acquire Allergan's (
AGN) Generics business for $40.5 bln (
AGN): Teva Pharmaceutical Industries (
TEVA) announced that it has signed a definitive agreement
with Allergan plc (
AGN) to acquire Allergan Generics in a transaction valued at
$40.5 billion.
Upon closing, Allergan will receive $33.75 billion in cash and
shares of Teva valued today at $6.75 billion, representing an
estimated under 10% ownership stake in Teva, with the number of
Teva shares determined based on Teva's volume weighted average
trading prices during the 15 days prior to the announcement and
five days following the announcement.
Teva believes the acquisition will be significantly accretive
to non-GAAP EPS, including expected double-digit non-GAAP EPS
accretion in 2016 and more than 20% accretion in year two and year
three following the close of the transaction. The transaction was
unanimously approved by the Boards of Directors of Teva and
Allergan and is expected to close in the first quarter of 2016.
4:33 am Teva Pharma withdraws proposal to acquire Mylan (
MYL) (
TEVA): Teva Pharmaceutical Industries (
TEVA) announced that it has withdrawn its cash
and stock proposal to acquire all of the outstanding ordinary
shares of Mylan N.V. (
MYL) and Teva does not intend to continue to
pursue a transaction with Mylan at this time.
Teva's decision to terminate the proposal to acquire Mylan
follows announcement that Teva has entered into a definitive
agreement with Allergan to acquire Allergan Generics (
AGN)
3:44 am On The Wires (:WIRES):
Technip Italy (
TKPPY) and SACE announced the finalization of a joint
agreement with Midor for a project to modernize and expand the
MIDOR refinery near Alexandria, Egypt in the frame of the
long-standing cooperation between Italian and Egyptian Governments
and companies, especially in the Oil and Gas sector.
CTI BioPharma (
CTIC) announced the appointment of Bruce J. Seeley as
Executive Vice President and Chief Commercial Officer
Intercontinental Exchange (
ICE) announced that ICE Futures Singapore has appointed
Brink's as the approved vault operator for the physically delivered
ICE one-kilo Gold futures contract and that Metalor will provide
assayer services.
Airtel Gabon has selected Ericsson (
ERIC) as its sole supplier for the deployment of a new LTE
network. The agreement also includes transformation of the existing
mobile radio access and core network infrastructure.
3:32 am Pluristem Therapeutics announces PLX Cells study results
published in peer-reviewed scientific journal (
PSTI): Co announced the publication of a
scientific study regarding PLacental eXpanded cells in the
prominent peer-reviewed journal Stem Cells. The paper, titled
"Mesenchymal stromal cells prevent allostimulation in vivo and
control checkpoints of Th1 priming: migration of human DC to lymph
nodes and NK cell activation", describes the findings of a recent
mechanism of action study conducted by independent scientists at
the Berlin-Brandenburg Center for Regenerative Therapy at Charit -
University Medicine Berlin. The paper was co-authored by scientists
from the Charit and Pluristem.
The study demonstrated mechanisms by which PLX cells and other
mesenchymal stromal cells influence the immune system in order to
modulate immune reactions and to prevent immune reactions against
the cells when they are administered as an off-the-shelf
product.
It was demonstrated in vitro that MSC, and in particular PLX
cells, control the induction of an immune response at several
points.
The main target for MSC and PLX cells in this process are
dendritic cells, which are the key player in inducing a T-cell
immune response. Moreover, in vivo data from patients suffering
from critical limb ischemia who were treated with PLX cells in a
phase I/II study confirmed that HLA-unmatched PLX cells did not
provoke an immune response in immunocompetent patients.
These findings confirm the feasibility of using PLX cells in an
off-the-shelf manner, and explain the mechanisms that make this
possible.
3:14 am Abengoa sells its 4th fourth assets to Abengoa Yield (
ABY) (
ABGB): Abengoa (
ABGB) announced that it has reached an
agreement with Abengoa Yield (
ABY) to sell a fourth asset package comprised
of two solar assets for a total cash proceeds of approximately 277
M.
The transaction has been approved by both Abengoa's and Abengoa
Yield's board of directors and it is not subject to financing by
the purchaser.
3:07 am Newmont Mining divests stake in Valcambi Gold Refinery (
NEM): Newmont Mining announced it has
closed the sale of its equity stake in the Valcambi gold refinery
in Switzerland to a subsidiary of Rajesh Exports for total net
proceeds of $119 million. Newmont will continue its existing
refining relationships with Valcambi under the new ownership
structure.
2:48 am Sanofi-Aventis' Genzyme acquires Caprelsa from
AstraZeneca (
AZN) (
SNY): Genzyme, a Sanofi company, announced
that it has entered into a definitive agreement with AstraZeneca (
AZN) to acquire Caprelsa, a rare disease
therapy, indicated for the treatment of symptomatic or progressive
medullary thyroid carcinoma in patients with unresectable locally
advanced or metastatic disease.
The acquisition builds on Genzyme's long-standing commitment
and scientific leadership in the field of endocrinology globally.
Under the terms of the agreement, Genzyme will pay AstraZeneca up
to $300 million, including an upfront payment of $165 million to
acquire the global rights to sell and further develop Caprelsa, and
further development and sales milestone payments of up to $135
million.
The transaction does not include the transfer of any
AstraZeneca employees or facilities.
2:26 am Cyberonics and Sorin intend to vigorously contest a
claim by the state's attorney of Milan seeking to enjoin the
combination (
CYBX): Sorin and Cyberonics announced
Sorin's intent to vigorously contest a claim by the state's
attorney of Milan seeking to enjoin the previously announced
combination of Sorin and Cyberonics. The claim was filed with the
Civil Court of Milan on behalf of the Italian Ministry of the
Environment and other Italian public authorities, and received by
Sorin on July 24th, 2015.
"We will vigorously contest this claim and seek expedited
hearings for this purpose. In the meantime, our two companies'
integration plans are progressing well and will continue. At this
point, the effect of the Italian State's Attorney's claim on the
timing of the closing of the Transaction is unclear, however we
will continue to progress towards our scheduled closing and keep
both external and internal stakeholders informed of developments"
1:54 am On The Wires (:WIRES):
The Kroger (
KR) said it is recalling Kroger Ground Cinnamon, Kroger
Garlic Powder, Kroger Coarse Ground Black Pepper and Kroger Bac'n
Buds sold in its retail stores due to possible contamination from
Salmonella.
Real Madrid and Tmall Global, an overseas platform and an
extension of Alibaba Group's (
BABA) B2C Tmall.com business in China, jointly announced the
launch of the official online Real Madrid store for consumers in
China.
ACE Group (
ACE) announced the relocation of its Asia Pacific regional
as well as local operations in Singapore on July 20. Located in the
heart of Singapore's Central Business District at 138 Market
Street, the move signals ACE's strong commitment to better serve
its business partners, of which some are based within close
proximity of its new premises.
1:42 am Randgold Resources provides Q2 update; reports progress
at Tongon mine (
GOLD): Randgold Resources announced that
its Tongon gold mine continues to make progress in dealing with its
throughput challenge
At Fonondara, six trenches over a 1.5 kilometre strike exposed
a system which averages 16 metres at 2.96g/t. Drill results beneath
the trenches have returned best results of 16.53 metres at 3.38g/t
including 7.40 metres at 5.88g/t from the main zone and 8.83 metres
at 28.62g/t including 4.10 metres at 61.05g/t in the footwall.
Results from Sani are pending.
On the Mankono permit, a very promising bulk mining target has
also been identified, with trenches grading up to 1.8g/t over
widths of 100 metres, and on the Fapoha permit, just south of the
Nielle permit, three contiguous targets have delivered good initial
sampling grades over a 13 kilometre strike with consistently
anomalous pits in the target structure grading up to 8g/t.
1:35 am Shanghai composite closes down over 8% on the day (
FXI): The Shanghai was down ~2.5% at the
mid-day break and closed lower by 8.5%, amid concerns about the
sustainability of the government's involvement the recent rebound
in stocks.
A couple of additional noteworthy items:
Jun Industrial profits -0.3% vs +0.9% expectation.
Reports that the IMF has urged China to taper support of
markets.
1:02 am Allergan to acquire Naurex for $560 million (
AGN): Allergan and Naurex, a clinical-stage
biopharmaceutical company developing transformative therapies for
challenging disorders of the central nervous system, announced that
they have entered into a definitive agreement under which Allergan
will acquire Naurex in an all-cash transaction.
Allergan will acquire Naurex for a $560 million upfront payment
net of cash acquired, $460 million of which is payable upon the
closing of the acquisition and $100 million of which is payable by
January of 2016 (or upon the closing if the closing has not
occurred by such time), as well as potential R&D success-based
and sales-threshold milestone payments.
The Company remains committed to de-leveraging to below 3.5x
debt-to-EBITDA by the end of the first quarter of 2016.
The acquisition will strengthen Allergan's long-term growth
profile with the addition of Naurex's lead development product
rapastinel (GLYX-13), a once-weekly intravenous Phase 3-ready
molecule that has demonstrated rapid, robust and sustained efficacy
in multiple Phase 2 clinical studies in depression.
12:45 am B2Gold files Fekola Project technical report; initial
production life of mine of 12.5 years (
BTG): Co reports results of an optimized
Feasibility Study on the Company's Fekola Gold Project located in
Mali
Highlights of the optimized Feasibility Study include:
An open pit gold mine with an initial production life of mine
of 12.5 years based on the probable mineral reserves
Average annual gold production for years one through seven of
350,000 ounces per year at a $418 operating cash cost per
ounce
Average annual LOM gold production of 276,000 ounces per year
at an operating cash cost of $552 per ounce
New open pit probable mineral reserves of 49.2 million tonnes
at a grade of 2.35 g/t gold containing 3.72 million ounces of gold
at a stripping ratio of 4.5:1
12:40 am Index Changes: Signet Jewelers (
SIG) to replace DirectTV (
DTV) in the S&P 500 (:INDXCH): S&P
Dow Jones Indices will make the following changes to the
S&P500, S&P MidCap 400 and S&P SmallCap 600 indices
S&P MidCap 400 constituent Signet Jewelers (
SIG) will replace DIRECTV (
DTV) in the S&P 500, S&P SmallCap 600
constituent PAREXEL International (
PRXL) will replace Signet Jewelers in the
S&P MidCap 400, and Enanta Pharmaceuticals (
ENTA) will replace PAREXEL International in the
S&P SmallCap 600 effective after the close of trading on
Tuesday, July 28. S&P 100 & 500 constituent AT&T (
T) acquired DIRECTV in a deal completed today.
Barnes & Noble Education (:BNED) will replace A. M. Castle
& Co, (
CAS) in the S&P SmallCap 600 effective
after the close of trading on Friday, July 31. S&P SmallCap 600
constituent Barnes & Noble (
BKS) is spinning off Barnes & Noble
Education to shareholders in a transaction expected to be completed
on that date. Barnes & Noble will remain in the S&P
SmallCap 600 following completion of the transaction. A.M. Castle
is ranked near the bottom the S&P SmallCap 600
Catalent (
CTLT) will replace JDS Uniphase (
JDSU) in the S&P MidCap 400 and JDS
Uniphase will replace Susquehanna Bancshares (
SUSQ) in the S&P SmallCap 600 effective
after the close of trading on Friday, July 31. S&P 500
constituent BB&T (
BBT) is acquiring Susquehanna Bancshares in a
transaction expected to be completed on or about that date pending
final approvals. JDS Uniphase is spinning off assets that will
result in the company being more representative of the small-cap
market space.
Lumentum Holdings (LITEV / LITE) will replace Comstock
Resources (
CRK) in the S&P SmallCap 600 effective
after the close of trading on Monday, August 3. New S&P
SmallCap 600 constituent JDS Uniphase (
JDSU) is spinning off Lumentum Holdings to
shareholders in a transaction expected to be completed on that
date. Post spin-off, JDS Uniphase, which is changing its name to
Viavi Solutions Inc., will remain in the S&P SmallCap 600.
Comstock Resources is ranked at the bottom the S&P SmallCap
600.
12:39 am CHC Group