Stockwinners Market Radar for April 13, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

20:17 EDT CNOOC enters production share pact with Husky for South China Sea block - CNOOC announced that its parent company, China National Offshore Oil, has signed production sharing contract with Husky Oil Operations China for Block 16/25 in the South China Sea. The block covers a total area of 44 square kilometers with a water depth of 100 meters. "According to the terms of the PSC, Husky shall act as the operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Husky. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block," the company noted.

19:45 EDT U.S. Steel issues update on chemical spill, says reviewing possible restart plan - United States Steel provided the following update on the "process release" at its Midwest Plant in Portage, Indiana on April 11: "U. S. Steel has identified the source of the process release that occurred April 11 at our Midwest Plant and has made the necessary repairs. Extensive testing has been, and continues to be, conducted on the repairs as well as on the water in and around the surrounding area. Recent sampling has indicated we are in compliance with our water permit limits. In addition, we continue to work cooperatively with the appropriate agencies and entities. We are reviewing a potential restart plan to best serve our customers, employees and the community."

19:20 EDT Straight Path receives letter from unnamed party considering topping AT&T bid - Straight Path (STRP) disclosed in a regulatory filing: "On April 13, the company and Evercore Group, the company's financial advisor, received a letter from a third party that had been bidding to acquire the company before the company entered into the merger agreement [with AT&T (T)]. The letter indicated that such third party continues to be interested in a transaction with the company and that it currently is 'evaluating a topping bid that it believes would be more favorable to your shareholders than your current transaction.' There can be no assurances that any such offer will be received or, if received, that the board will determine that such offer constitutes a superior proposal." Reuters reported late Thursday that Verizon (VZ) is considering topping AT&T's bid for Straight Path.

18:38 EDT Boeing says 737 MAX 9 successfully completes first flight - The Boeing 737 MAX 9 completed its first flight today. The 737 MAX program achieved the milestone on schedule, beginning a comprehensive flight-test program leading to certification and delivery. The airplane completed a successful 2 hour, 42-minute flight, the company noted, adding that "the MAX 9 will now undergo comprehensive flight testing before customer deliveries begin in 2018." The 737 MAX 9 is the second member of Boeing's 737 MAX family, with a maximum capacity of 220 passengers and a range of 3,515 nautical miles.

18:05 EDT Ashford acquires controlling interest in Pure Rooms - Ashford (AINC) has acquired a controlling interest in a privately held company that conducts the business of Pure Rooms for approximately $97K in cash consideration excluding transaction costs. Pure Rooms utilizes state-of-the-art purification technology to create allergy-friendly guestrooms. Pure Rooms currently has contracts in place with approximately 160 hotels throughout the U.S. Hotel rooms participating in this program typically achieve between a $20 and $30 premium per night. In addition to owning a 70% interest in the common equity of Pure Rooms, Ashford owns $300K, or 50%, of the Series B-2 Preferred Equity of Pure Rooms. The total capitalization of Pure Rooms also includes approximately $475K of bank debt and $200K of Series B-1 Preferred Equity which will be senior to Ashford's investment. During the twelve months ended January 31, 2017, Pure Rooms had Net Income of approximately $11K and Adjusted EBITDA of approximately $472K. After inclusion of all planned Ashford Hospitality Trust (AHT) and Ashford Hospitality Prime (AHP) hotels in the Pure Rooms program over the next 24 months and without any additional growth, Net Income and Adjusted EBITDA are expected to increase by approximately $434K and $257K respectively. Ashford expects Pure Rooms to initially contribute approximately 7c to its Adjusted EPS. Pure Rooms should add approximately 15c to the company's Adjusted EPS after all planned Ashford Hospitality Trust and Ashford Hospitality Prime hotels are included in the Pure Rooms program.

17:50 EDT Invacare receives FDA notice over design control requirements - According to a regulatory filing, on April 13, 2017, Invacare Corporation received notification from the United States Food and Drug Administration that it accepted the recent second certification report by the company's third-party expert relating to design control requirements. The company may now resume design activities at the Corporate and Taylor Street manufacturing facilities in Elyria, Ohio. The company is pleased to have achieved this milestone and believes it reflects the company's continued emphasis on building a quality culture as part of its long-term transformation.

17:40 EDT Raymond James reaches proposed settlement in Jay Peak case - Raymond James disclosed in a regulatory filing: "On April 13, Raymond James & Associates, a wholly-owned subsidiary of Raymond James Financial, entered into an agreement regarding a proposed settlement of all investor claims against RJA and its affiliates relating to the previously disclosed Jay Peak EB-5 matter, an alleged fraudulent investment program created in 2007 by third parties and offered directly to foreign investors... The terms of the settlement would ensure that investors in the Jay Peak-related investment programs are fairly compensated - either by funding the costs to finish incomplete projects or by refunding the investors' investments. As of December 31, 2016, the company had accrued $50M related to this matter. The settlement also provides Raymond James with the right to recover some of the settlement payments through sharing in proceeds of certain third-party recoveries... If the agreement becomes final, the District Court will issue a bar order stipulating that no further civil actions will be commenced or prosecuted against the Raymond James released parties with respect to the events underlying the litigation... The agreement further provides that, in consideration of the release of claims and issuance of the bar order, Raymond James will pay the receiver an aggregate of $150M, which includes the $4.5M previously paid in connection with Raymond James' settlement with the State of Vermont."

17:32 EDT Saint Joe Co. and HomeCorp announce joint venture in Florida - St. Joe Company and HomeCorp have formed a joint venture to develop, manage, and lease multi-family housing in Panama City Beach, Florida. The parties are working together to design, develop and construct a 240 unit multi-family apartment home community to be located on land owned by St. Joe in the Pier Park area. HomeCorp will serve as the construction and leasing manager for the project.

17:27 EDT GM to invest $14M in R&D facility for Cruise Automation, to add over 1,100 jobs - General Motors announced that it will add more than 1,100 new jobs and invest $14M in a new research and development facility for Cruise Automation in San Francisco. These investments will allow Cruise Automation to expand development of self-driving technologies that will transform personal mobility. Cruise Automation and GM engineers are currently testing more than 50 Chevrolet Bolt EVs with self-driving technology on public roads in San Francisco; Scottsdale, Arizona; and metro Detroit. The new investment will include repurposing an existing facility in San Francisco that will more than double Cruise Automation's research and development space. The Cruise Automation team plans to move into the new space by the end of the year and hire more than 1,100 new employees over the course of the next five years. California Governor Jerry Brown's Office of Business and Economic Development allocated an $8M tax credit to GM Cruise for this expansion. The incentive was approved by the California Competes Tax Credit Committee at a meeting in Sacramento. Reference Link

17:21 EDT Sabre to replace B/E Aerospace in S&P 400 at open on April 19 - S&P 500 constituent Rockwell Collins (COL) is acquiring B/E Aerospace (BEAV) in a deal expected to close on April 13.

17:18 EDT GlaxoSmithKline reports 29.3% Innoviva stake, commits to vote for board - In a stake filing reporting a 29.3% stake in Innoviva (INVA), down from the 28.8% stake reported last August, GlaxoSmithKline (GSK) stated: "As a shareholder, we have reviewed the nominees, proposals and public communications from both Innoviva and Sarissa Capital Management. We support Innoviva's board and management team's continuing effort to deliver significant shareholder value. We also believe that engagement with shareholders is important, and recognise Innoviva's engagement and serious consideration of the feedback it has received from shareholders, which has been a significant element in determining our voting decision. Specifically, we have noted Innoviva's recent announcement that it will review its cost and executive compensation structures, with an expectation of achieving meaningful savings in core operating costs while maintaining its strong revenue growth. We have also noted the Innoviva board's continuing commitment to delivering strong and increasing returns for shareholders over the long-term. GSK intends to vote for Innoviva's board of director nominees at the 2017 Annual Meeting."

17:12 EDT Westcott lowers stake in Comstock Resources to 6.06% - After accounting for all purchases of common stock of Wescott since the filing of Amendment No. 15, the period of March 16, 2017 through April 12, 2017, a net 209,544 shares of common stock were sold by Carl H. Westcott during such period on his own behalf and on behalf of certain other reporting persons for an aggregate price of approximately $2,164,438.

17:06 EDT Par Investment Partners reports 5.2% passive stake in trivago

16:53 EDT Horace Mann names Bret Conklin CFO - Horace Mann Educators Corporation announced that Bret Conklin has been named executive VP and CFO. Conklin has been serving as acting CFO since January 30, due to the unexpected hospitalization and subsequent passing of the company's prior CFO, Dwayne Hallman. Conklin has been with Horace Mann for 15 years.

16:48 EDT TSMC: Q2 guidance reflects 'severe' inventory adjustment by customers - During the company's Q1 earnings conference call earlier Thursday, TSMC executives said, "We expect Q2 demand will be weaker than Q1 due to supply chain inventory management during Q2 and mobile product seasonality... Our Q2 revenue guidance reflects a quite severe inventory adjustment by our customers, particularly in smartphone and PC markets. However, the overall end-market smartphone demand appears stable in Q2. We estimate that fabless COI should approach seasonal level at the end of Q2, and demand for our products will be poised for a strong growth in Q3. Given the very strong demand in 2H last year, we maintain our 2H17 growth rate estimate of 5% year over year, and our full 2017 growth rate target remains to be 5%-10% in U.S. dollar, as we previously stated. On the forecast of overall semiconductor market growth rate, compared to three months ago, we raised it to 7% from 4% due to a stronger memory market. Semiconductor excluding memory market growth rate remains at 4% this year. We also revise foundry revenue growth to 5% from 7% due to this elevated inventory in the supply chain."

16:39 EDT Keysight, Ixia receive final regulatory clearance, see April 18 merger close - In a press release announcing "receipt of final regulatory clearance," Keysight Technologies (KEYS) and Ixia (XXIA) said that clearance under the antitrust laws of Russia for the previously announced acquisition of Ixia by Keysight has been received, which follows the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, clearance under the antitrust laws of Germany and Israel and approval of the acquisition by Ixia's shareholders. Subject to satisfaction of the remaining closing conditions, the companies expect the closing of the acquisition to occur on April 18.

16:38 EDT North American Energy announces cancellation of earthworks contract for 2017 - North American Energy Partners announces that the earthworks contract for 2017 previously announced by the company on January 25 has been terminated by the customer due to a recent plant fire at the mine site. Martin Ferron, President and CEO of the company stated, "While this is a disappointing development we are encouraged that the customer is working with us to mitigate the lost revenue, by potentially providing alternative utilization for part of the equipment fleet involved. Also, due to enhanced work opportunities both within and outside the oil sands, we do not expect that the loss of this contract will have a significant impact on our overall activity levels or revenues for the year."

16:32 EDT CIT Group appoints John Fawcett CFO - CIT Group has named John Fawcett executive vice president and CFO. He will succeed CFO Carol Hayles who has decided to pursue other opportunities. Fawcett will join the company as an advisor on April 17 and begin a transition period before taking on the CFO role, which is expected to occur in early May when Hayles steps down. Fawcett served as CFO of Citizens Financial Group and Royal Bank of Scotland Americas from 2007 through 2015.

16:27 EDT Innoviva to undertake comprehensive review of cost, compensation structures - Innoviva issued the following statement ahead of its upcoming Annual Meeting of Stockholders to be held on April 20, 2017: "Innoviva strives to engage with all of our shareholders, and we have appreciated the support that we have received for our team and strategy during the proxy fight with Sarissa Capital. We also welcome constructive feedback on how to continue to deliver value for the benefit of our shareholders. As a result of our recent conversations with shareholders, your Board of Directors has determined to undertake a fresh, comprehensive review of all of our costs, including executive compensation structures. We expect this review to result in meaningful savings in our core operating costs that will benefit our financial performance. The review will be conducted expeditiously and will be led by a special committee of our independent directors. The Board expects to provide shareholders with detailed outcomes of the review in the third quarter of 2017. The Board remains confident in the Company's long-term plans for revenue and profit growth, and remains fully committed to delivering attractive returns for shareholders. The Annual Stockholders Meeting is now just days away. We urge our shareholders to vote on the WHITE proxy card in favor of the current Board of Directors to protect their investment and the long-term value of Innoviva."

16:15 EDT Laurence W. Lytton reports 8.1% passive stake in Catalyst Biosciences

16:10 EDT Nabriva Therapeutics to present data at ECCMID - Nabriva Therapeutics announced that it will present data at the 27th European Congress of Clinical Microbiology and Infectious Diseasestaking place in Vienna, Austria from April 22-25. In total, the company will showcase nine abstracts, three of which were selected as oral presentations. These data are part of a growing body of evidence supporting lefamulin's profile as a potential first-line, empiric treatment for the key pathogens, including multidrug resistant strains, that are known to cause community-acquired bacterial pneumonia. "Antibacterial resistance continues to spread, rendering currently available antibiotics less effective. It is critical that new classes of antibiotics continue to be developed to provide physicians treatment options for patients with serious infections," said Steven P. Gelone, Pharm.D., Chief Development Officer at Nabriva. "With a novel mechanism of action, lefamulin provides a targeted spectrum of activity that covers the most common bacterial causes of CABP, including multidrug resistant strains and atypical pathogens. The data being presented at ECCMID are supportive of our ongoing Phase 3 clinical development program, and we look forward to reporting top-line data from our first pivotal trial, known as LEAP 1, in the third quarter of 2017."

16:07 EDT Partner Fund Management reports 5.3% passive stake in MyoKardia

15:46 EDT On Deck Capital briefly rallies after Marathon Partners urges strategic review - Earlier in a statement, Marathon Partners said: Marathon Partners Equity Management announced that it has released a letter that was sent to the board of directors of OnDeck Capital last month expressing concerns about the direction of the company and making recommendations on steps to improve shareholder value. Marathon Partners also announced today its intention to vote against the three incumbent directors up for election at OnDeck's upcoming Annual Meeting scheduled to be held on May 10. In its letter to the Board, Marathon Partners recommended two courses of action for OnDeck: Fully rationalize the company's cost structure in order to rapidly achieve GAAP profitability and reduce the pressure on the organization to grow its loan portfolio; Seek the sale of the company to a stable partner where OnDeck can thrive without the risks of destabilizing confidence in the business from shareholders and the capital markets. Mario Cibelli commented, "OnDeck's excessive level of overhead puts tremendous pressure on the organization to quickly grow loans. This is a very risky strategy that has created a mindset of growth above all else, outranking the more important goals of risk management and shareholder wealth creation. It is increasingly obvious that OnDeck's strategy of aggressively growing loans in order to cover approximately $200 million of overhead is at best flawed and perhaps might even be viewed by some as reckless." Shares of On Deck Capital bounced almost 5% to $4.66 per share off of their lows, after the news but quickly sold off again, currently down 3.5% to $4.45 per share.

15:37 EDT AT&T expects to pay about $900M to acquire spectrum in FCC auction - AT&T, as previously disclosed in Form 10-K filed on February 17, committed to purchase 600 MHz spectrum licenses for which the company submitted bids. That commitment is expected to be more than satisfied by the deposits made to the Federal Communications Commission in the third quarter of 2016, the company stated in a regulatory filing. "Consistent with that commitment, we were the successful bidder for spectrum in 18 markets, and expect to pay a purchase price of approximately $900M. With our previous deposit made in July 2016, a refund in the amount of $1.4B is expected from the FCC," AT&T stated in its filing.

15:25 EDT Elon Musk: Final Model 3 unveil in July timeframe - Asked by a Twitter user about a possible timeframe for "Model 3 final unveil," Tesla CEO Elon Musk tweeted: "July." Reference Link

15:09 EDT Comcast reports $1.7B invested to acquire spectrum - Comcast confirms that it participated in both the Reverse and Forward auctions of the FCC's Broadcast Incentive Auction. In the Reverse Incentive Auction, NBCUniversal Owned Television Stations relinquished spectrum in three of its duopoly markets - New York, Philadelphia, and Chicago - and received total proceeds of $481.6M. In each of these markets, NBCUniversal Owned Television Stations retained the channel with the superior coverage and sold the second station in order to channel share as provided in the FCC's rules. Once the three relinquishing stations vacate their spectrum, WNBC will channel share with WNJU, WWSI will channel share with WCAU, and WSNS will channel share with WMAQ. In the Forward auction, Comcast invested $1.7B to acquire spectrum in the markets identified in the FCC's Public Notice. "Comcast cannot comment further on the Forward auction results until the FCC's anti-collusion quiet period ends," the company stated.

14:49 EDT Harvest Natural declares 'liquidating' cash dividend of $5.75 per share - In accordance with previously announced plans to consider the declaration of a pre-dissolution dividend as part of its overall plan of complete dissolution and liquidation, Harvest Natural Resources announced that its board of directors declared a cash dividend of $5.75 per share of its common stock to all holders of record as of April 24. The company expects that the dividend, which will be characterized as a liquidating distribution, will be paid approximately 10 days after the record date. Harvest's common stock will cease to trade on the New York Stock Exchange soon after the dividend is paid. The dissolution was approved by Harvest's stockholders on February 23.

14:47 EDT Portolan Capital reports 5.02% passive stake in Apptio

14:34 EDT Teva receives FDA warning over China facility, says taking corrective actions - Teva disclosed in a regulatory filing: "On April 10, Teva received a Warning Letter from the U.S. Food and Drug Administration. The Warning Letter is connected with a routine FDA current Good Manufacturing Practices inspection of the company's API manufacturing facility in China, which was conducted September 26-29, 2016. The letter cites concerns with manufacturing control and sampling processes. Teva is already in the process of undertaking corrective actions to address both the specific concerns raised by investigators as well as the underlying causes of those concerns. Communication with the FDA is ongoing. Teva will respond to the Warning Letter by May 1."

14:17 EDT Scotts Miracle-Gro jumps after Canada proposal to legalize, regulate cannabis - Shares of Scotts Miracle-Gro are off their intra-day low and are now up fractionally to $93.69 per share in afternoon trading.

14:01 EDT Canada proposes to legalize, regulate cannabis - The government of Canada introduced legislation to legalize, strictly regulate and restrict access to cannabis. "The proposed Cannabis Act would create a strict legal framework for controlling the production, distribution, sale and possession of cannabis in Canada. Following Royal Assent, the proposed legislation would allow adults to legally possess and use cannabis. This would mean that possession of small amounts of cannabis would no longer be a criminal offence and would prevent profits from going into the pockets of criminal organizations and street gangs," the government said. Publicly traded companies in the space include Innovative Industrial Properties. Reference Link

13:59 EDT William E. Macaulay reports 5.9% passive stake in Western Gas Partners

13:54 EDT Honda relaunches silicon valley lab as 'Honda Innovations' - Honda (HMC) announced that "Honda Silicon Valley Lab, the global open innovation hub within Honda R&D Americas, will expand its areas of focus beyond vehicles and broaden its responsibility to develop partnerships as a new company, Honda R&D Innovations, to be known as 'Honda Innovations.' The new company will seek transformative collaborations within all areas of Honda's activities. Honda Innovations will remain located in Mountain View, CA, and will operate globally as it seeks to partner with innovators ranging from startup and global brands to design and development communities... Honda Innovations' focus areas include Connected Vehicle/Internet of Things services, Human Machine Interface, Machine Intelligence/Robotics, Connected Services, Personal Mobility, Sharing Economy, and Industrial Innovation. Additionally, Honda Innovations will facilitate discussions on technical collaboration with Waymo to integrate Waymo's self-driving technology with vehicles from Honda. A memorandum of understanding between Honda R&D and Waymo was signed in late 2016." Waymo is a subsidiary of Alphabet (GOOG). Reference Link

13:52 EDT Tesla CEO Musk says Semi truck 'unveil set for September' - Tesla CEO Elon Musk tweets, "Tesla Semi truck unveil set for September. Team has done an amazing job. Seriously next level." Reference Link

13:32 EDT Harvest Natural trading halted, news pending

13:19 EDT Microsoft tests refunds for downloadable games - Microsoft (MSFT) announced in a press statement: "Earlier today, we enabled self-serve refund pilot testing for digital content via the Xbox and Windows Insider Programs and this testing is presently limited to select Insider members." According to coverage of the test by media outlets, games and apps are eligible for refunds within 14 days of purchase if the user has less than two hours of playtime. DLC, "season passes," and add-on content are not eligible for self-service refunds. Publicly traded companies in the videogame retail space include GameStop (GME).

13:03 EDT Baker Hughes reports U.S. rig count up 8 to 847 rigs - Baker Hughes reports that the U.S. rig count is up 8 rigs from last week to 847, with oil rigs up 11 to 683, gas rigs down 3 to 162, and miscellaneous rigs unchanged at 2. The U.S. Rig Count is up 407 rigs from last year's count of 440, with oil rigs up 332, gas rigs up 73, and miscellaneous rigs up 2. The U.S. Offshore Rig Count is down 1 rig from last week to 21 and down 7 rigs year over year. The Canadian Rig Count is down 14 rigs from last week to 118, with oil rigs down 2 to 40 and gas rigs down 12 to 78. The Canadian Rig Count is up 78 rigs from last year's count of 40, with oil rigs up 30 and gas rigs up 48.

13:02 EDT Ford China reports Q1 unit sales down 19% - Ford announced March and Q1 sales results in China. Ford Motor Company sold more than 250,000 vehicles in the first three months of 2017, down 19% compared to the same time in 2016. Lincoln sales have more than doubled to nearly 12,000 in the first three months of 2017, making the quarter the brand's best ever since its entry into China. Reference Link

12:54 EDT Rolls-Royce names Paul Stein as Chief Technology Officer - Rolls-Royce announces that Paul Stein has been appointed as Chief Technology Officer, reporting to CEO Warren East. In his new role, Paul will be accountable for Rolls-Royce's technology investment and for ensuring its close alignment with business strategy. He will be responsible for technology investment across the business. Currently Research & Technology Director, Paul joined Rolls-Royce in 2010 as Chief Scientific Officer.

12:37 EDT John Stetson reports 5.9% passive stake in Therapix Biosciences

12:32 EDT Wintergreen: Consolidated Tomoka board 'has failed shareholders' - Wintergreen Advisers, serves as investment adviser to clients who have collectively owned more than 10% of Consolidated-Tomoka Land Co.'s shares since 2006, and who currently own more than 27.2% of CTO's shares, says, "At CTO's Annual Meeting on April 26, 2017, shareholders will be making important decisions regarding the future of CTO. At that meeting, shareholders will be electing directors to serve as stewards of the Company. This is a commitment that demands qualified, experienced and dedicated individuals who can share a vision to help CTO grow. The nominees Wintergreen has proposed share this vision. We believe that the current Board of Directors has failed shareholders by not allowing CTO to achieve its full potential. It is time for change at CTO! We strongly urge you to vote the GREEN proxy card to elect directors that are here for you. Your vote does count."

12:10 EDT Dexcom slides as Apple 'secret' diabetes project seen as threat - Shares of medical device maker Dexcom (DXCM) are slipping after a news report said Apple (AAPL) is secretly working on non-invasive glucose monitors. While acknowledging that this is "worth watching," Stephens analyst Chris Cooley said this potential threat appears more distant in nature. His peer at Cowen also voiced skepticism on Apple's reported effort, saying that it is "very unlikely" the tech giant has succeeded where many others have already failed. APPLE WORKING ON GLUCOSE MONITORS: According to CNBC, Apple has hired a small team of biomedical engineers that is said to be developing sensors that can noninvasively and continuously monitor blood sugar levels to better treat diabetes. If successful, it would be a major breakthrough, the publication noted, adding that many life sciences companies have tried and failed as it is highly challenging to track glucose levels accurately without piercing the skin. Sources told CNBC that the efforts have been going on for at least five years and are part of "a super secret initiative" that was initially envisioned by Steve Jobs. THREAT STILL DISTANT: Commenting on the news, Stephens' Cooley argued that while the report will likely cause some concern, a potential entrant will have to match Dexcom's industry leading clinical efficacy. The analyst pointed out that he is not aware of any formal clinical trials underway by Apple, a pre-requisite for commercialization in the U.S., and therefore a potential threat "appears more distant in nature." Moreover, Cooley noted that Dexcom is already partnered with technology leader Verily, a subsidiary of Alphabet (GOOG; GOOGL), to develop next generation Continuous Glucose Monitoring, or CGM, technology that is already in late stages of clinical design. While the analyst added that he believes the news article will potentially temper M&A speculation around Dexcom, he reiterated an Overweight rating and $95 price target on the shares. NO DATA IN SIGHT: In a research note of his own, Cowen analyst Doug Schenkel pointed out that similar to past headlines on this topic, "there is no data." Companies have been trying to develop non-invasive glucose monitoring solutions for a long time and all have failed, the analyst contended, adding that he believes it is "very unlikely Apple has succeeded." Further, the analyst pointed out that developing a commercially plausible non-invasive glucose monitoring product is not simple and would require a significant scientific breakthrough. Schenkel noted that Dexcom's shares are down this morning seemingly due to the report, but have also slipped recently due to what he believes is heightened investor focus on competitive products expected to launch later this year from Medtronic (MDT) and Abbott (ABT). However, he continues to have a high degree of conviction in his bullish thesis on Dexcom, citing significant upside to 2018 consensus revenue estimates due to rapid Medicare adoption as Dexcom is the only reimbursed product, the launch of G6, and increasing international adoption/expanding reimbursement. Dexcom has been and continues to be "the clear technology leader" in CGM, he contended. Schenkel reiterated an Outperform rating and $90 price target on Dexcom's shares. PRICE ACTION: In late morning trading, shares of Dexcom have dropped about 2% to $75.34. Over the last three months the stock is down roughly 12%.

12:07 EDT Jury awards $10M in punitive damages against CONMED subsidiary - Lexion Medical announced that a jury in the United States District Court for the District of Delaware found SurgiQuest, Inc. liable for false advertising. SurgiQuest, Inc. is a subsidiary of CONMED Corporation. The trial lasted 7 days before the Honorable Gregory M. Sleet, United States District Court Judge. The case had been pending since 2014. The jury found that Lexion had proven by a preponderance of the evidence that SurgiQuest intentionally or willfully made a false advertising statement. The jury further found that Lexion had proven by a preponderance of the evidence that SurgiQuest intentionally or recklessly engaged in unfair competition. The jury awarded $2.2M in lost profit damages and $10M in punitive damages. Lexion's CEO, Mr. Patrick Spearman, commented, "We are pleased with the jury's verdict. We think what SurgiQuest is doing in the marketplace is wrong. The jury found that SurgiQuest is liable for false advertising on three different categories of statements. We believe our position was vindicated and we hope to begin restoring the damage caused to Lexion."

11:57 EDT Citi says cost of credit should be up sequentially in Q2

11:51 EDT Citi's Q1 corporate lending revenue down 3% year-over-year

11:42 EDT Citi says Q1 mortgage revenue down 28% year-over-year

11:27 EDT Polaris Industries recalls 51,000 Ranger 900 ROVs due to fire, burn hazards - Polaris Industries has notified the CPSC that it is recalling about 51,000 Polaris Ranger 900 recreational off-highway vehicles, as a heat shield can fall off the vehicle, posing fire and burn hazards to riders. This recall involves all model year 2015 Polaris Ranger XP 900, XP 900 EPS, and CREW 900 recreational off-highway vehicles. Polaris has received 13 incident reports involving the recalled ROVs, including five reports of fires. No injuries have been reported.

11:04 EDT Wells Fargo: Sales scandal to hurt new account, credit card openings in Q2 - Says will continue to hurt new account and credit card openings in Q2 and then rebound.

11:02 EDT Instagram introduces sticker tools for camera - Instagram says in a blog post, "Today, we're introducing new sticker tools that help you be even more creative, whether you're sharing to your story or having conversations with your friends in Direct. Over 200 million people now use Instagram Stories every day to keep up with friends and accounts they love. And with recent updates to Direct, it's never been easier to have playful, visual conversations with close friends. Now, with these new sticker tools, you have even more ways to turn your most casual, everyday moments into something fun to share." Reference Link

10:53 EDT Wells Fargo now sees $70M-$80M/quarter in expenses related to sales practices - Previously forecast expenses related to sales practices issue about $50M-$60M per quarter over the next several quarters.

10:47 EDT Wells Fargo sees fees related to sales practices remaining elevated

10:40 EDT Wells Fargo: Will be 'challenge' to get back to 55%-59% efficiency ratio target - Says it will be a challenge to get back to 55%-59% efficiency ratio target this year.

10:31 EDT Sarissa urges Innoviva shareholders to vote for Sarissa nominees - Sarissa Capital Management LP issued a letter to shareholders of Innoviva: "The Innoviva Annual Meeting will take place on April 20, 2017 at 8:30 a.m. EDT. Your vote is extremely important. We urge you to VOTE ON THE GOLD PROXY CARD FOR OUR NOMINEES - George Bickerstaff, Jules Haimovitz and Odysseas Kostas. All three independent proxy governance firms - ISS, Glass Lewis and Egan-Jones - support Sarissa and agree that Innoviva needs change. ISS, Glass Lewis and Egan-Jones recommend that you vote on Sarissa's GOLD PROXY CARD. ISS, Glass Lewis and Egan-Jones recommend that you do not vote on management's white card. Innoviva is currently being run for the benefit of management and the board, not shareholders. Exorbitant expenses and egregious compensation exemplify this larger issue."

10:21 EDT Analyst defends Glaukos after reimbursement cut recommended - After Noridian, a Medicare administrator, proposed drastically lowering the physician reimbursement rate for Glaukos' (GKOS) iStent implant, Wells Fargo sees the reduction as unjustified and says there is an 80% chance that Glaukos will be able to overturn the ruling. iStent is a treatment for glaucoma. NEWS: Noridian proposed reducing the physician reimbursement rate for iStent to $200-$300, effective May 10, versus the current average rate of $800-$900, according to Wells Fargo analyst Lawrence Biegelsen. The reduction would only apply to procedures performed in doctors' offices and would not apply to procedures performed in facilities, he wrote. The decision was based on the lower cost of another procedure performed on glaucoma patients, called laser trabeculoplasty, the analyst stated. However, the "comparison is incorrect," given the differences between the procedures, Biegelsen believes. OUTLOOK: There is an 80% chance that Glaukos will be able to overturn Noridian's ruling, the analyst stated. However, he expects the physician reimbursement rate to "ultimately be closer to $500-$600." RATING: Biegelsen kept an Outperform rating on Glaukos. PRICE ACTION: In early trading, Glaukos fell 6% to $44.95 per share.

09:54 EDT Glaukos drops after Noridian proposes iStent reimbursement cut - Shares of Glaukos have dropped 7.5% in early trading to $44.35 after Noridian, a Medicare Administrative Contractor, proposed to cut the physician reimbursement for its iStent procedure for glaucoma treatment.

09:49 EDT Summit Financial Group trading halted, volatility trading pause

09:39 EDT PNC Financial says 'pleased,' 'surprised' to see rate hike by Fed in March - Says Q1 was "a pretty good quarter." Says "pleased, and frankly, a little bit surprised," to see another interest rate hike by the Fed in March. Says "welcomes" the news, says economic indicators have seemed to suggest confidence among consumers and business leaders. Says positioned to benefit should environmental factors turn more favorable. Comments taken from the Q1 earnings conference call. PNC is up 2.5% to $118.83 in early trading.

09:28 EDT Dexcom dips as Apple said to be working on glucose monitoring - Dexcom (DXCM) shares are down $2.25, or nearly 3%, to $74.52 in pre-market trading following CNBC's report claiming that Apple (AAPL) has a "super secret initiative" to develop non-invasive continuous glucose monitors for the treatment of diabetes.

09:25 EDT On The Fly: Pre-market Movers - UP AFTER EARNINGS: PNC Financial (PNC), up 1.5%... JPMorgan Chase (JPM), up marginally. ALSO HIGHER: Second Sight (EYES), up 25.9% after the Argus II retinal prosthesis implanted in the first patient in Asia... Ocera Therapeutics (OCRX), up 34.5% after it announced presentation data on ornithine phenylacetate... Hanesbrands (HBI), up 3.3% after it reported preliminary first quarter results, reaffirmed its guidance for 2017, and announced that chief financial officer Richard Moss will retire at the end of the year. DOWN AFTER EARNINGS: Wells Fargo (WFC), down 2.3%... Infosys (INFY), down 3.8%... First Horizon (FHN), down 1.7%... Citigroup (C), down marginally... TSMC (TSM), down 1%. ALSO LOWER: Sorrento Therapeutics (SRNE), down 35.6% after its Spot Secondary priced at $2.00... DelMar Pharmaceuticals (DMPI), down 25.8% after its 2.77M share Spot Secondary priced at $3.25.

09:18 EDT root9B Technologies names Eric Hipkins as CEO - root9B has appointed Eric Hipkins as CEO effective May 25. Hipkins is the founder of root9B LLC, the company's wholly-owned cybersecurity division, and has served as its CEO since 2011. He has been a member of the company's board of directors since 2016. Hipkins succeeds Joseph J. Grano, Jr., who will remain with the company as Non-Executive Chairman of the Board. Dan Wachtler will remain as the company's President and COO.

09:14 EDT DTE Energy lowers natural gas price for customers by 9% - DTE Energy customers will see the cost of natural gas drop in their April gas bills nearly 9% due to the downward trend of natural gas prices. DTE Energy lowered the gas rate by 8.8%effective April 1 to $3.23 per thousand cubic feet from $3.54. Natural gas prices have fallen steadily since 2008 as domestic production increased from newfound sources, and DTE's efforts to store natural gas when prices are at their lowest has allowed the company to keep rates low and stable even during high usage months over the winter.

09:08 EDT Rexahn announces 1-for-10 reverse stock split - Rexahn will implement a 1-for-10 reverse stock split of outstanding shares of the company's common stock, together with a corresponding proportional reduction in the number of authorized shares of the Company's capital stock. The reverse stock split will be effective on May 5 upon the filing and effectiveness of a Certificate of Amendment to the company's Certificate of Incorporation, and trading of the company's common stock on the NYSE will begin on a split-adjusted basis at the opening of trading on May 5. As a result of the reverse stock split, each 10 shares of issued common stock will be converted into one share of common stock. Shareholders will receive cash in lieu of any fraction of a share that they would otherwise be entitled to receive as a result of the reverse stock split.

09:03 EDT PVH announces licensing agreement with USA Legwear for Warner's socks, hosiery - PVH Corp. announced that two of its subsidiaries have entered into a license agreement with USA Legwear LLC under which USA Legwear will manufacture, sell, distribute and promote women's hosiery and socks under the Warner's brand. Products will launch for Spring 2018 and be sold primarily in leading department stores, specialty stores, national chains and mass retailers throughout the United States and Canada.

09:02 EDT Under Armour nominates Jerri DeVard to board - Under Armour has nominated Jerri L. DeVard for election to the company's board of directors. DeVard's election will be considered as part of the company's slate of director nominees at the 2017 Annual Meeting of Stockholders on May 31. DeVard most recently served as Chief Marketing Officer of The ADT Corporation, a provider of home and business security services. Prior to that, she was Principal of DeVard Marketing Group.

09:01 EDT Comcast says now provides enterprises with dedicated links to IBM Cloud - Comcast Business (CMCSA, CMCSK) announced that it now provides direct, dedicated links to IBM Cloud's (IBM) global network of data centers, allowing Comcast Business to provide enterprise customers added flexibility with more choices for connections to cloud enablement. Comcast Business customers can receive up to 10 Gigabits-per-second of private network connectivity to IBM Cloud for public, private, or hybrid cloud deployments, as well as bare metal environments, to deliver a wide range of critical business applications.

08:55 EDT Camping World announces six store expansion plan in Michigan - Camping World Holdings announced plans for expansion in the state of Michigan. Camping World currently operates a SuperCenter in Houghton Lake, with its full array of products and services, and two parts and accessories retail stores in the Belleville and Grand Rapids communities.

08:47 EDT Interpace Diagnostics receives Nasdaq listing compliance notice - Interpace Diagnostics received a letter from Nasdaq stating that the company has regained compliance with Listing Rule 5550(b) which requires maintenance of a minimum of $2.5M stockholders' equity in order to remain listed.

08:43 EDT Himax announces strategic investment in Emza Visual Sense - Himax Technologies announced that it has made a strategic investment in cash in exchange for a 45.1% equity ownership of Emza Visual Sense, with a one-year option to acquire the remaining 54.9% of Emza's equity and all outstanding stock options. Purchase price to acquire the remaining equity and all outstanding stock options of Emza if Himax elects to exercise the one-year option includes an all-cash initial purchase amount, along with earnout payments contingent on the performance of Emza. Terms of the investment were not disclosed.

08:36 EDT FreseniusRx names Randell 'RJ' Correia as president - FreseniusRx, a nationwide pharmacy focused on medication access and adherence for patients on dialysis, announced that it has named Randell "RJ" Correia, PharmD, as its new President. In this role, Correia will oversee the planning and execution of FreseniusRx's growth strategies at a time when the business and its parent organization, Fresenius Medical Care North America, are actively transitioning to value-based care and achieving demonstrated success in improving patient health and reducing costs to the health care system.

08:32 EDT BioMarin BioMarin settles patent challenge with Par Pharmaceutical - BioMarin has entered into a settlement agreement with Par Pharmaceutical that resolves patent litigation in the U.S. related to BioMarin's Kuvan 100mg oral tablets and powder for oral solution in 100mg packets. Under the terms of the settlement, BioMarin will grant Par a non-exclusive license to its patents related to Kuvan to allow Par to market a generic version of sapropterin dihydrochloride 100mg tablets and powder for oral solution in 100mg and 500 mg sachets in the U.S. for the indications approved for Kuvan beginning October 1, 2020 or earlier under certain circumstances. Additional details of the agreement remain confidential. BioMarin holds patents in Europe related to Kuvan that are valid until at least 2024.

08:30 EDT Global Payments introduces TouchNet OneCard VIP platform - Global Payments introduced TouchNet OneCard VIP, its new vertically integrated platform for campus-wide transactions. This solution represents new cloud-based campus ID software that simplifies student life, maintaining student access privileges and enabling payment transactions across colleges and universities.

08:18 EDT JPMorgan reports Q1 average core loans up 9% - JPMorgan reports Q1 reported revenue $24.7B, managed revenue $25.6B. Reports Q1 ROE 11%, ROTCE 13%. Reports Q1 common equity Tier 1 12.4%, net payout LTM 69%. Reports average core loans up 9% y/y, 1% q/q.

08:14 EDT REV Group acquires Midwest Automotive Designs; terms not disclosed - REV Group announced the acquisition of Midwest Automotive Designs, a custom van "upfitter" that develops and manufactures luxury vehicles for end segments including motorhomes, shuttle vans, limousines, and customized executive transportation vehicles. This acquisition enhances REV's product offerings in both its Recreation and Commercial segments through the RV and bus divisions, by adding a selection of Class B RVs and multiple products for the luxury Limousine, Charter and Tour bus markets, respectively. Midwest's manufacturing operations will remain in Elkhart, IN., and the company's 130 employees will continue to be an integral part of the day-to-day operations and its future growth plans. The acquisition of Midwest was signed and closed concurrently on April 13.

08:12 EDT Avino Silver & Gold Mines reports Q1 silver equivalent production down 16% - Avino Silver & Gold Mines reported Q1 production results from its Avino property near Durango, Mexico. Compared with 1Q16, silver equivalent production decreased by 16% to 604,643 oz, gold production increased by 23% to 1,837 oz, silver production decreased by 21% to 320,082 oz and copper production decreased by 24% to 1,024,853 lbs. Avino CEO David Wolfin stated, "While the results are lower mainly due to lower grade material, we are still looking to achieve another solid year. We anticipate that the grades will improve for the balance of the year as we enter a new high grade zone at San Gonzalo which is currently being developed, and should allow the yearly production levels to be consistent with the company's internal expectations. In 2017, our objectives are to continue working towards our growth strategy which includes the plant and mine expansion to increase throughput capacity at the processing plant by an estimated 70%. We also remain focused on the optimization of the mill and plant with full automation to improve efficiencies and potentially increase recovery rates."

08:08 EDT Taseko Mines reports Q1 production at Gibraltar Mine - Taseko Mines reported Q1 Gibraltar Mine production of 41.3 million pounds of copper and 0.9 million pounds of molybdenum. 4Q16 production was 40.7 million pounds of copper and 0.8 million pounds of molybdenum. Total Q1 sales were 40.8 million pounds of copper and 0.9 million pounds of molybdenum. Gibraltar's operating performance in Q1 was in line with management expectations and the mine continues to benefit from higher than average ore grade. For the second straight quarter since it was restarted, Gibraltar's molybdenum plant operated at design capacity. Revenue from molybdenum sales provides a significant by-product credit towards total operating costs. Total operating costs were approximately 5% to 10% lower than the previous quarter costs of $1.48 per pound, as a result of increased molybdenum by-product credits and reduced site operating costs. The LME average price in Q1 was roughly $2.65 per pound, 10% higher than Q4 last year.

08:08 EDT ManTech awarded two task orders valued at $18M - ManTech International will provide business operations, program management, and test & evaluation, or T&E, technical services to the Department of Homeland Security, or DHS, Science and Technology Directorate, or S&T, Capability Development Support, or CDS, Group. ManTech will deliver business operations assessments and programmatic analysis in support of the CDS mission of helping DHS define needs and develop solutions for frontline operators. In addition, ManTech will support the CDS Director, Office of Test and Evaluation, in providing oversight and guidance of T&E activities across DHS. The two task orders were awarded under ManTech's DHS S&T Systems Engineering and Technical Assistance II contract, and with options, have a total value to ManTech of $18M.

08:05 EDT j2 Global says completed five acquisitions in Q1 - j2 Global announced that it completed five acquisitions in the first quarter of 2017, spanning three business units. Terms of the individual acquisitions were not disclosed, and the financial impact to j2 is not expected to be material with respect to those acquisitions.

08:05 EDT Philips' IntelliSite Pathology Solution cleared by FDA - Royal Philips has received FDA regulatory clearance to market its IntelliSite Pathology Solution, a comprehensive digital pathology system. As the first and currently only digital pathology solution in the U.S. to receive clearance for primary diagnostic use, the technology can aid pathologists to view and diagnose digital images of surgical pathology slides. The FDA evaluated data from a clinical study of approximately 2,000 surgical pathology cases.

08:03 EDT Citi reports Q1 end book value per share of $75.86 - Citigroup's book value per share was $75.86 and tangible book value per share was $65.94, each at quarter end, representing a 6% and 5% increase respectively. At quarter end, Citigroup's Common Equity Tier 1 Capital ratio was 12.8%, up from 12.3% in the prior year period, driven primarily by earnings partially offset by capital return. Citigroup's Supplementary Leverage Ratio for the first quarter 2017 was 7.3%, down from 7.4% in the prior year period, as an increase in Tier 1 Capital was more than offset by an increase in Total Leverage Exposure.

08:03 EDT Citi says Q1 EPS benefitted by roughly 8c from 'episodic items' - Citi said Q1 revenues increased 3% from the prior year period, driven by growth in both the Institutional Clients Group and Global Consumer Banking, partially offset by lower revenues in Corporate / Other primarily due to the continued wind down of legacy assets. Results were impacted by "episodic items" recorded in Corporate / Other, which on a net basis benefitted earnings by roughly 8c per share in the first quarter 2017.

08:01 EDT Wells Fargo CEO says made 'meaningful progress in rebuilding trust' - CEO Tim Sloan said, "Wells Fargo continued to make meaningful progress in the first quarter in rebuilding trust with customers and other important stakeholders, while producing solid financial results. We have taken significant actions throughout the company to date and we are committed to building a better bank as we move Wells Fargo forward. Earlier this week, the independent directors of Wells Fargo's Board of Directors issued a report on their investigation into the company's retail banking sales practices. The findings are valuable to us and beneficial in helping to identify areas for further improvement. While we have more work to do, I am pleased with all we have accomplished thus far. Our 273,000 team members have remained committed to helping our customers succeed financially, as reflected in improved retail customer service scores, record levels of deposits, more primary consumer checking customers, record client assets in Wealth and Investment Management, and industry-leading mortgage originations."

08:01 EDT Citi CEO says momentum carried into first quarter - Citi CEO Michael Corbat said, "The momentum we saw across many of our businesses towards the end of last year carried into the first quarter, resulting in significantly better overall performance than a year ago. Revenues increased in both our consumer and institutional lines of business, most notably in areas where we have been investing such as Equities, U.S. Cards and Mexico. We grew loans and deposits and achieved an efficiency ratio of just under 58%, an ROA of 91bps and a ROTCE ex-DTA of over 10%, showing good progress towards achieving our near-term financial targets. Through our earnings and the utilization of $800M in Deferred Tax Assets, we generated $5.5B of total regulatory capital before returning $2.2B to our shareholders. Our CET 1 Capital ratio rose to 12.8% and we could not be more committed to continuing to increase the capital we return to our shareholders."

07:55 EDT Embraer delivered 18 commercial and 15 executive jets in Q1 - Embraer delivered 18 jets to the commercial aviation market across the U.S., Europe and China and 15 aircraft the business aviation market in Q1. On March 31, Embraer's firm order backlog totaled $19.2B. A quarter highlight was the rollout followed by the first flight of another E2 craft, the E195-E2, the largest aircraft of the family.

07:34 EDT Windstream to acquire Broadview Networks for $227.5M in cash - Windstream Holdings announced today that it has signed a definitive agreement to acquire Broadview Networks Holdings, Inc., in an all-cash transaction valued at $227.5M. Broadview, headquartered in Rye Brook, N.Y., is a provider of cloud-based unified communications solutions to small and medium-sized businesses. The company offers a broad suite of cloud-based services under the OfficeSuite UC brand. Windstream intends to finance the transaction with cash reserves and available revolving credit capacity. Windstream expects to realize approximately $30M in annual operating synergies within two years. The transaction will improve Windstream's balance sheet by reducing leverage through realization of synergies and will be accretive to free cash flow in the first year. The boards of both companies unanimously approved the transaction. Broadview shareholders holding a majority of the company's shares also approved the transaction by written consent. The transaction is expected to close in the third quarter of 2017.

07:32 EDT PAR Technology says Donald Foley to succeed Karen Sammon as president, CEO - PAR Technology Corporation announcedthat Dr. Donald H. Foley, an independent member of the company's Board of Directors, has been appointed CEO and President of the company, effective April 12, 2017. The company also announced that Karen E. Sammon simultaneously stepped-down as CEO and President of the company to assume the position of Chief of Staff in the Office of the CEO. In this position, Sammon will focus her efforts to accelerate the company's Restaurant/Retail cloud based solutions business, the corporate-wide upgrade of IT systems, and the company's strategic growth initiatives.

07:32 EDT ConocoPhillips deal includes $2.7B in cash, contingent payment of up to $300M

07:07 EDT PNC Financial sees Q2 loans up 'modestly' vs Q1 - Sees Q2 loans up modestly vs. Q1. Sees Q2 net interest income up low single digits, fee income up mid single digits, noninterest expense up low single digits. Sees Q2 loan loss provision $75M-$125M.

07:06 EDT AcelRx reports published manuscripts on analgesia system - AcelRx announced that Grunenthal, the company's licensee for Zalviso in Europe and Australia, has published two analyses of patient-controlled analgesia systems in the peer-reviewed journal, Current Medical Research and Opinion. These manuscripts were based on a systematic literature review of efficacy, safety and tolerability results from studies that were published between 2004 and 2015 of three routes of PCA administration. Patients enrolled in these studies had moderate-to-severe acute post-operative pain following surgical procedures such as knee or hip replacement, open abdominal, cardiac, brain, lower limb orthopedic and chest surgery.

07:03 EDT Micronet Enertec, Cyient enter Teaming Agreement - Micronet Enertec Technologies announced that its wholly-owned subsidiary, Enertec Systems 2001 Ltd., entered into a Teaming Agreement with Cyient DLM Private Limited based in India to jointly pursue contracts with Israeli Aerospace and Defense companies that have offset obligations in India. These obligations are based on an ongoing Aerospace and Defense trade agreement between the governments of India and Israel. Based on the Teaming Agreement, Enertec and Cyient will jointly bid on Aerospace and Defense contracts that are part of any required offset pursuant to the DPP. Enertec will lead planning and design, while Cyient will lead procurements and production in India, thereby meeting offset requirements.

07:02 EDT Bristol-Myers signs compound license agreements with Biogen and Roche - Bristol-Myers (BMY) has entered into two separate agreements to license BMS-986168, an anti-eTau compound in development for Progressive Supranuclear Palsy, to Biogen (BIIB), and BMS-986089, an anti-myostatin adnectin in development for Duchenne Muscular Dystrophy, to Roche (RHHBY). Under the agreement to license BMS-986168, Biogen will pay to Bristol-Myers Squibb an upfront payment of $300M with potential milestone payments of up to $410M. Biogen also will assume all remaining obligations to the former stockholders of iPierian, related to Bristol-Myers Squibb's acquisition of the company in 2014. Under the agreement to license BMS-986089, Roche will pay to Bristol-Myers Squibb an upfront payment of $170M with potential milestone payments of up to $205M. Bristol-Myers Squibb will receive tiered double-digit royalties if either asset is approved and commercialized. These agreements are expected to close in Q2.

07:01 EDT Biogen licenses Phase 2 anti-tau antibody from Bristol-Myers - Biogen (BIIB) announced an agreement to exclusively license BMS-986168, a Phase 2-ready experimental medicine with potential in Alzheimer's disease and progressive supranuclear palsy, from Bristol-Myers Squibb (BMY). BMS-986168 is an antibody targeting extracellular tau, the protein that forms the deposits, or tangles, in the brain associated with AD and other neurodegenerative tauopathies such as PSP. PSP is a rare and devastating condition that affects movement, speech, vision, and cognitive function. Biogen plans to rapidly initiate Phase 2 studies for BMS-986168 in both AD and PSP. The addition of BMS-986168 to Biogen's pipeline signifies both a broader commitment to rare neurodegenerative diseases as well as a strengthened focus on AD, a condition that affects millions of patients and families. With an expanded AD pipeline that includes a range of anti-tau and anti-amyloid candidates as well as a BACE inhibitor program, Biogen is targeting multiple mechanisms implicated in the disease. Under the agreement, Biogen will receive worldwide rights to BMS-986168. Biogen will be responsible for the full development and global commercialization of BMS-986168 in AD and PSP. Bristol-Myers Squibb will receive an upfront payment of $300 million from Biogen and may receive up to $410 million for additional milestone payments and potential royalties. Biogen will also assume all remaining obligations to the former stockholders of iPierian, Inc. related to Bristol-Myers Squibb's acquisition of the company in 2014. Biogen may pay up to $550 million in remaining milestones plus royalties including a near term $60 million milestone. The transaction is subject to customary closing conditions, including the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the United States, and is expected to close in the second calendar quarter of 2017.

06:55 EDT PNC Financial reports Q1 tangible book value per share $67.47

06:54 EDT JPMorgan sees Q2 net interest income up about $400M QoQ - JPMorgan said in slides for its Q1 earnings report that it expects firmwide Q2 net interest income to be up about $400M quarter-over-quarter. Sees 2017 firmwide net interest income to be up about $4.5B year-over-year based upon the implied curve.

06:46 EDT PNC Financial reports Q1 net interest margin 2.77% - The net interest margin increased to 2.77% for the first quarter of 2017 compared with 2.69% for the fourth quarter and 2.75% for the first quarter of 2016. The first quarter 2017 margin reflected benefits from higher interest rates in the quarter. Compared with first quarter 2016, higher loan yields were offset by lower securities yields and higher borrowing and deposit costs.

06:45 EDT PNC Financial reports Q1 Tier 1 capital ratio was an estimated 10.5% - Transitional Basel III common equity Tier 1 capital ratio was an estimated 10.5% at March 31, 2017 and 10.6% at December 31, 2016, calculated using the regulatory capital methodologies applicable to PNC during 2017 and 2016, respectively. Pro forma fully phased-in Basel III common equity Tier 1 capital ratio, a non-GAAP financial measure, was an estimated 10% at both March 31, 2017 and December 31, 2016, based on the standardized approach rules.

06:44 EDT JPMorgan sees Q2 net interest income up about $400M

06:43 EDT JPMorgan CEO Dimon says 'off to a good start' for the year - Says U.S. consumers and businesses "healthy overall" and with pro-growth initiatives and improving collaboration between government and business, the U.S. economy "can continue to improve."

06:32 EDT WABCO wins $1.2B in new business over past four quarters - WABCO Holdings disclosed that - from Q2 2016 to Q1 2017 - it has entered into contracts in local currencies with customers worldwide that total $1.2B of expected cumulative incremental business. These awards include $746M in new business earmarked from 2017 through 2021 inclusive. These contracts represent new incremental business for WABCO that is separate from replacement and renewal of existing contracts. It comprises orders for WABCO products that improve vehicle safety, efficiency and connectivity, such as transmission automation technologies, modular braking system platforms (mBSP(TM)), electronic suspension systems, actuators and braking solutions, and fleet management systems on commercial vehicles, alongside vacuum pumps for passenger cars.

06:23 EDT Celanese increases acetyl intermediate price in Americas and EMEA - Celanese will increase list and off-list selling prices for acetyl intermediate products. The price increases will be effective May 1 or as contracts otherwise allow, and are incremental to any previously announced increases. Acetic acid will inrease by 2c/lb in USA and Canada, $50/MT in Mexico, Middle East, Africa and South America, EUR50/MT in Europe. VAM will increase by 5c/lb in USA and Canada, EUR100/MT in Europe and $200/MT in Mexico, South America, Middle East and Africa. Ethyl Acetate will increase by 3c/lb in USA and Canada and $65/MT in Mexico and South America.

06:01 EDT Aimmune names Eric Bjerkholt as CFO - Aimmune Therapeutics (AIMT) announced the appointment of Eric Bjerkholt as CFO. Bjerkholt joins Aimmune from Sunesis Pharmaceuticals (SNSS), where, over 13 years with the company, his role as CFO expanded to oversee multiple aspects of governance, corporate relations, and other functions.

05:29 EDT Baidu acquires xPerception - Baidu announced the acquisition of xPerception, a U.S. technology company that provides visual perception software and hardware solutions for a range of applications, including robotics, virtual reality, or VR, and devices for people who are visually impaired. The acquisition further strengthens the use of Baidu's visual perception technology in key projects like augmented reality, or AR, and autonomous driving, accelerating the development of artificial intelligence-based products. Following the acquisition, the core xPerception team will join Baidu Research and continue developing xPerception's core technology, visual inertial simultaneous localization and mapping.