Stockwinners Market Radar for May 03, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

19:59 EDT LGI Homes reports April home closings 365 - LGI Homes announced 365 homes closed in April, up from 341 home closings in April 2016. The company ended the first four months of 2017 with 1,126 home closings, compared to 1,185 home closings during the first four months of 2016. As of the end of April 2017, the company had 71 active selling communities.

19:13 EDT Superconductor Technologies director acquires 200,000 common shares - In a regulatory filing, Superconductor Technologies director LeRoy C. Kopp disclosed the purchase of 200,000 shares of common stock at a price of $1.694 per share. The transaction, dated April 10, 2017, brings Kopp's total direct common stock ownership to 1.03M shares.

19:04 EDT Exxon Mobil applies to cease to be reporting issuer in Canada - Exxon Mobil announced that it has applied to the Alberta Securities Commission, as principal regulator, and the Ontario Securities Commission for an order to cease to be a reporting issuer in Alberta, Ontario and British Columbia. ExxonMobil is not a reporting issuer in any other Canadian jurisdiction. If the order is granted by the ASC, ExxonMobil will cease to be a reporting issuer in any jurisdiction in Canada.

18:51 EDT Matador sees Q2 oil production increasing 2%-4% - As noted in both Matador's February 22, 2017 earnings release and its Analyst Day presentation on March 23, 2017, the Company has planned for more multi-well pad drilling on its Delaware Basin acreage in 2017 than in previous years, which will likely cause the cadence of its production growth to be somewhat uneven from quarter to quarter. As a result, Matador projects that its sequential production growth will be the highest in the first and third quarters of 2017. In addition, third quarter production growth should also benefit from initial production attributable to Matador's five-well drilling program in the Eagle Ford shale, as those wells are expected to be placed on production late in the second quarter or early in the third quarter of 2017. For the year as a whole, Matador continues to project that, at the midpoint of 2017 guidance, its oil production will increase by approximately 36% and its natural gas production will increase approximately 11%, respectively, from the fourth quarter of 2016 to the fourth quarter of 2017. As to the second quarter of 2017 specifically, Matador estimates that its oil production will increase by 2 to 4% and that its natural gas production will increase by 6 to 8%, resulting in total oil equivalent production growth of 3 to 5% from the first quarter of 2017. Natural gas production in the second quarter is expected to benefit from initial production associated with three recently completed non-operated wells in the Haynesville shale in the Company's Elm Grove asset area, which were placed on production by an affiliate of Chesapeake Energy Corporation early in the second quarter.

18:45 EDT AB InBev to acquire craft brewery Wicked Weed - AB InBev announced that "Wicked Weed Brewing, one of Asheville's most creative and fastest-growing craft breweries will be joining The High End, Anheuser-Busch's business unit focused on its craft and import brands." Terms of the agreement were not disclosed. Reference Link

18:33 EDT Horizon Global authorizes share repurchase program of up to 1.5M shares - In April, the Horizon Global board of directors authorized a share repurchase program. Under the program, Horizon Global may repurchase up to 1.5M shares of the company's common stock in amounts and at prices as the company deems appropriate, on the open market or through privately negotiated transactions, depending on market conditions and subject to other factors.

18:25 EDT Facebook CFO reiterates warning on revenue deceleration, expense ramp - Speaking during the company's Q1 earnings conference call earlier, Facebook CFO Dave Wehner again reiterated caution on ad revenue growth rates: "Turning now to the outlook. With regards to revenue, we continue to expect that our ad revenue growth rates will come down meaningfully over the course of 2017. We expect that ad load will play a less significant factor in driving revenue growth after mid-2017. We also expect desktop ad revenue growth rates to slow in Q3 when we begin to lap our efforts to limit the impact of ad blockers. We continue to expect that our FY17 payments and other fees revenue will decline compared to FY16... Turning to the expense outlook. We continue to expect that FY17 GAAP expenses will grow 40%-50% compared to FY16. I would note that as we look into 2017 and beyond, there are going to be a number of initiatives we believe are valuable to the community and to the company in the long term that are going to be net negative on our operating margin. We are embarking on a significant ramp-up in infrastructure supporting global growth, and we continue to expect that FY17 capital expenditures will be in the range of $7B-$7.5B, which is up over 50% compared to last year."

18:11 EDT Mitel to align operating expenses, to reduce workforce by roughly 10% - "We are pleased with our results in the first quarter which demonstrated solid operational execution. In Enterprise, we drove steady market share gains. We were especially pleased with our performance in the larger European markets, where Mitel's financial strength helps us to expand on our leadership position in the region," said Richard McBee, Chief Executive Officer. "Recurring cloud grew in-line with our expectations as orders continued to be strong, and we continued to ramp our installation capacity." McBee also commented, "With the mobile divestiture behind us we are taking proactive cost reduction actions to align our operating expenses with our current and future business investment needs. This includes a workforce reduction of approximately 10% expected to be completed between now and the end of the year. This is expected to generate an annualized savings of approximately $30 million. We anticipate taking a charge in 2017 in the range of $25 million to $35 million."

18:01 EDT LSC Communications says awarded supply chain services contract - LSC Communications announced it has been awarded a multi-year Supply Chain Services agreement for the print production and warehousing of educational materials for Open Up Resources' Middle Grade Math curriculum.

17:58 EDT Hercules Capital announces special meeting to approve advisory agreement - Hercules Capital announced it has filed preliminary proxy materials with the Securities and Exchange Commission for a special meeting of shareholders to seek approval for a proposed advisory agreement with Hamilton Advisers. "Hamilton has been organized by Manuel Henriquez, Hercules' Chairman, Chief Executive Officer, President and co-founder to act as the external adviser of Hercules. We intend for all of our existing management and personnel of Hercules to join Hamilton... Because of the continuity of our team, we do not expect Hercules' distribution rate or investment performance to be adversely impacted by externalization... we have structured the proposed external advisory relationship with Hamilton to align the interests of the Hercules shareholders with those of the advisor in a unique way. In addition to offering the opportunity for future third party expenses to be spread over a broader universe of investment vehicles, the proposed base management fee will decrease as the size of Hercules increases. Importantly, the incentive fee is also tiered," said the company. The company added, "We are seeking to pursue externalization for strategic reasons. While internal management has served our shareholders well in the past, we believe that the changing competitive environment makes externalization important." If the agreement is approved by shareholders at the special meeting on June 29, Hercules will become externally managed.

17:51 EDT Tesla CEO Musk says Model 3 is not an upgrade from Model S - Says there has been some misconception on the issue. Says an upgrade to Model S is simply the newest Model S, not Model 3.

17:45 EDT Tesla says CEO Musk says 'executing well, quite optimistic about future' - Says "highly confident" all transport vehicles will go electric. Says Model S and Model 3 will be at same level of technology. Comments from Q1 earnings conference call.

17:37 EDT Itron says selected by RGC Resources to modernize distribution system - Itron (ITRI) announced that Roanoke Gas, a subsidiary of RGC Resources (RGCO), is collaborating with Itron to modernize its gas distribution system. "Roanoke Gas will utilize Itron to operate more efficiently and improve service to its customers... The utility will use Itron's cloud-based Field Collection System to collect meter data and provide it to meter data management and customer billing applications," it said.

17:34 EDT Copa Holdings reports minor changes in financial statement structure - Copa Holdings implemented a new business, planning and financial consolidation system. This system standardizes the structure and presentation of the financial statements through a new classification of the chart of accounts. This new classification of the chart of accounts resulted in the reclassification of certain lines in the statement of financial position and the statement of profit or loss. The company does not believe these reclassifications significantly affect the analysis and interpretations based on the financial information previously reported.

17:32 EDT ASUR Airports reports total April passenger traffic up 19.1% y-o-y

17:31 EDT Pfizer says OCTAVE program results published in NEJM - Pfizer announced that detailed results from the Phase 3 Oral Clinical Trials for tofAcitinib in ulceratiVE colitis clinical program were published in The New England Journal of Medicine. Data from all three pivotal Phase 3 studies - OCTAVE Induction 1, OCTAVE Induction 2 and OCTAVE Sustain - met their respective primary endpoints, demonstrating that tofacitinib citrate was more effective than placebo in inducing and maintaining remission in patients with moderate to severe ulcerative colitis. Remission was defined as a Mayo score of 2 points or lower, with no individual subscore exceeding 1 point, and a rectal bleeding subscore of 0. "The publication of results from the full Phase 3 OCTAVE clinical program is a significant milestone," said William J. Sandborn, MD, Chief, Division of Gastroenterology, Professor of Medicine at the University of California San Diego School of Medicine and study investigator. "This robust data set provides evidence that tofacitinib, if approved, could be an important new oral treatment option with the potential to help patients with moderate to severe active ulcerative colitis achieve and maintain remission."

17:26 EDT FreightCar America CEO says FY17 delivery range increased - FreightCar America CEO Joe McNeely said, "Overall market conditions remain challenging as demonstrated by continued weakness in orders for new railcars. While near term uncertainty still exists, we are confident that the cost reduction initiatives that we have implemented, our diversified product offering and our strong balance sheet have positioned the company to manage through the downturn. Finally, deliveries for 2017, including the cars delivered in the first quarter and orders received to date in the second quarter, are now expected to range between 4,200 and 4,400 railcars."

17:25 EDT Summit Hotel Properties sees FY17 adjusted FFO $1.34-$1.42 - Sees FY17 pro forma RevPAR growth 0.5%-2.5%.

17:24 EDT Macquarie Infrastructure sees costs savings of $12M-$15M in 2018 - The implementation of MIC's previously announced shared services initiative resulted in a reduction in the rate of increase in general and administrative expenses. As anticipated, the savings were offset by expenses including primarily severance payments and consulting fees totaling $2.4 million and incremental expenses associated with acquisitions completed in 2016. The Company expects to realize annual cost savings of between $12.0 million and $15.0 million in 2018, compared with its 2016 baseline, as a result of the shared services initiative. Shared services provides back-office functions including Accounting, Human Resource, Tax, Information Technology and Risk Management support to each of MIC's operating entities. In February, MIC issued guidance with respect to deployment of an estimated $350.0 million across growth capital projects and small acquisitions by its existing businesses in 2017. Including the acquisition of the Oxford FBO, the Company has deployed approximately $117.0 million of growth capital year to date. MIC had a backlog of approved growth projects having a total value of approximately $280.0 million at the beginning of May.

17:21 EDT MagnaChip sees workforce reduction in track for $29M-$33m in cash costs - MagnaChip During reduced the workforce by approximately 140 positions in Q1, as part of a previously announced headcount reduction plan. This plan is expected to cut the workforce by over two times a similar headcount reduction plan in 2016 that affected 169 employees. Once completed, the workforce reduction will have an expected payback period of less than 1.5 years with an estimated annual cost savings between $23M-$27M. The company believes it remains on track to complete the planned workforce reduction within its cash cost range of $29-33M. During Q1, the company recorded early termination charges of $11.1M and made cash payments totaling approximately $10 million in connection with the headcount reduction. The cash payments were comprised of approximately $4M related to the early termination charge and the remaining relates to statutory severance. The Company expects to complete or substantially complete the planned workforce reduction by the end of Q2 and expects to record an additional early termination charge of approximately $1-2M in Q2 related to the workforce reduction.

17:19 EDT Concho Resources raises FY17 production growth view to 21%-25% from 20%-24% - Raises FY17 oil and natural gas production expense $5.75-$6.25 per BOE from $5.50-$6.00 per BOE.

17:07 EDT Murphy Oil backs FY17 CapEx view $890M

17:05 EDT Chesapeake Utilities raises quarterly dividend 6.6% to 32.5c per share - The Board of Directors of Chesapeake Utilities voted to increase the quarterly cash dividend on the company's common stock from 30.5c per share to 32.5c per share. The Board's action raises the annualized dividend 8c per share from $1.22 per share to $1.30 per share, which represents a 6.6% increase. The 32.5c per share dividend will be payable July 5 to all shareholders of record at the close of business on June 15.

16:58 EDT Agile Therapeutics to present additional Phase 3 SECURE data - Agile Therapeutic sannounced that data from its Phase 3 SECURE study will be presented at the interactive ePoster session during the 2017 Annual Clinical and Scientific Meeting of the American Congress of Obstetricians and Gynecologists being held May 6 - 9, 2017 in San Diego, CA. The SECURE study evaluated the clinical benefit of the investigational transdermal contraceptive patch AG200-15, known as Twirla, in a diverse, real-world population of women reflective of current weight trends in the United States. The ePoster will include efficacy and safety findings for the overall population and pre-specified body mass index categories, in addition to results on the bleeding profile that have not previously reported.

16:56 EDT Kaman raises low end of FY17 Aerospace segment sales outlook by $10M - "With improved visibility into the latter half of 2017, coupled with the improved order intake for our specialty bearing products, we have increased the low end of our Aerospace sales outlook by $10.0 million to $730.0 million." Sees FY17 Aerospace revenue $730M-$760M.

16:52 EDT XPO Logistics reaffirms adjusted EBITDA, cash flow targets - XPO Logistics reaffirmed its full year targets for adjusted EBITDA of at least $1.35B for 2017 and at least $1.575B for 2018. The company also reaffirmed its 2017-2018 cumulative free cash flow target of approximately $900M, including at least $350M of free cash flow generated in 2017. The company said, "We started the year on a strong note by solidly beating our expectations for earnings, and continuing to expand margins in both transportation and logistics. In North American less-than-truckload, we increased operating income by a robust 49%, in part by running our line-haul, cross-dock and pickup-and-delivery operations more efficiently. Our market-leading position in e-commerce continued to drive growth in last mile and contract logistics, and our intermodal unit won the largest contract in any business line in XPO history."

16:52 EDT CF Industries backs FY17 CapEx view $400M-$450M

16:50 EDT SemGroup announces natural gas pipeline project to serve active STACK play - SemGroup announced plans to build a natural gas pipeline to connect its processing complex in northern Oklahoma to the active STACK play in the central portion of the state. The Canton Pipeline is backed by firm commitments from an investment-grade counterparty and has an initial capacity of 200 million cubic feet per day. With additional compression, the pipeline could be expanded up to 400 million cubic feet per day to serve other producers in the area. The 24-inch-diameter natural gas pipeline will extend approximately 50 miles from SemGroup's Rose Valley processing facility in Woods County to north central Blaine County. The pipeline is expected to be in service by year-end 2017. "This project falls directly in line with our long-term strategic goals to achieve basin and customer diversification while optimizing our existing assets," said Wayne Ziegler, vice president of SemGroup's gas operations. "It significantly expands our Oklahoma asset footprint and allows us to better serve the growing gathering and processing needs within this active play." Also in the STACK play, SemGroup's jointly owned Glass Mountain Pipeline, LLC is constructing a 44-mile pipeline extension to deliver STACK crude to the Cushing storage complex with access to Mid-Continent and Gulf Coast refineries. The Glass Mountain Pipeline extension is expected to be in service in the fourth quarter of 2017.

16:43 EDT Pioneer Natural reports Q1 average realized price $49.05 per barrel - Says production costs averaged $8.42 per BOE.

16:40 EDT Energy Transfer Partners reports WAHA Header, Trans-Pecos in service - Energy Transfer Partners announced that two natural gas pipelines in West Texas, the Trans-Pecos Pipeline and the Comanche Trail Pipeline, and the Trans-Pecos Pipeline WAHA Header are in service. Both pipelines and the WAHA Header are owned by affiliates of ETP, Carso Energy Corp. and MasTec, Inc. as part of long-term agreements with the Comision Federal de Electricidad, Mexico's federal electricity commission, to transport natural gas from the Waha Hub in Pecos County, Texas to the Texas-Mexico border. The Comanche Trail Pipeline and the WAHA Header went into service as scheduled on January 30, 2017. The 42-inch intrastate pipeline traverses 195 miles through Pecos, Reeves, Culberson, Hudspeth, and El Paso counties to the Texas-Mexico border in San Elizario, Texas, just south of El Paso, Texas. The Comanche Trail Pipeline is designed to transport 1.1 billion cubic feet per day of natural gas and presently includes seven delivery taps along its route for local economic development opportunities. The WAHA Header, located near the Waha Hub, is designed to accommodate 6 billion cubic feet per day of natural gas and connects to more than 10 different natural gas pipelines. The Trans-Pecos Pipeline went into service as scheduled on March 31, 2017. The 148-mile, 42-inch intrastate pipeline traverses Pecos, Brewster and Presidio counties and terminates at the Texas border near Presidio, Texas. The Trans-Pecos Pipeline is designed to transport 1.4 billion cubic feet per day of natural gas and presently includes six local delivery taps along its route. Additionally, the Trans-Pecos Pipeline entered into a cooperative effort to help West Texas Gas and the City of Presidio offset construction costs of a new pipeline that will connect to the Trans-Pecos Pipeline and deliver natural gas to the newly established Presidio Industrial Park. The new lateral pipeline is expected to be in service by June 2017.

16:39 EDT Rice Midstream backs annual distribution growth taget of 20% through 2023 - Targets DCF coverage of approximately 1.4x and leverage of less than 2.5x through 2019.

16:33 EDT S&P upgrades Disney to A+ from A after review of peer companies - S&P Global Ratings said today that it raised its long-term corporate credit rating and debt ratings on The Walt Disney to A+ from A. At the same time, S&P raised short-term corporate credit rating on the company to A-1+ from A-1. The rating outlook is stable. "We recently completed an extensive peer review of the major U.S. investment-grade and high-speculative grade media, telecommunications, and cable companies we rate... As a result of this review, we have a more favorable view of Disney's long-term business prospects relative to its peers. We believe Disney will continue to successfully tap its deep reservoir of intellectual property to generate high demand content through its film and television studios... The stable rating outlook on Disney reflects our expectation that the company's overall business performance will remain strong, particularly at its film and TV studio division and at the cable networks, despite secular pressures in the U.S. We also expect that management will maintain its current financial policy, with adjusted leverage of less than 2x," the ratings agency and its analysts said.

16:28 EDT Air Transport Services backs FY17 adjusted EBITDA view in excess of $260M - ATSG expects that its Adjusted EBITDA from Continuing Operations for 2017 will be in excess of $260 million, based on its current growth programs and initiatives, and assuming deployments of ten additional 767s and two 737 freighter aircraft with lease customers through the last nine months of 2017. This forecast factors in the effect of the May relocation of Amazon hub operations from Wilmington to the Cincinnati regional airport, and the cessation of those operations formerly performed by ATSG's LGSTX Services business. ATSG currently projects 2017 capital expenditures of approximately $355 million, mostly for fleet expansion, including modification of eleven 767-300 aircraft.

16:24 EDT Rayonier on track to achieve FY17 adjusted EBITDA guidance - "With our solid start to the year, we are on track to achieve our full-year Adjusted EBITDA guidance. In the U.S. South, we recently closed on previously-announced acquisitions totaling 95,100 acres in coastal Florida, Georgia and South Carolina. The acquisitions represent a meaningful upgrade of our portfolio, as they are comprised of well-stocked, highly productive properties located in some of the strongest markets in the U.S. South. We believe these acquisitions further position us to benefit from the ongoing U.S. housing recovery as well as the potential increase in U.S. lumber production that is expected to result from the recently announced duties on Canadian lumber imports. In the Pacific Northwest Timber segment, we expect a modest improvement in sawtimber prices as domestic mills increase production and as exporters compete for log supply in the region. In our New Zealand Timber segment, we expect strong performance driven by sustained levels of demand in both domestic and export markets. In our Real Estate segment, we continue to see solid demand for our Rural properties and remain optimistic about the long-term prospects for our Wildlight development project, which we expect will generate its first sales in 2017."

16:21 EDT AIG adds $2.5B to share repurchase authorization - American International Group announced that its board of directors authorized the repurchase of additional shares of AIG Common Stock with an aggregate purchase price of up to $2.5B. During the three-month period ended March 31, 2017, AIG repurchased approximately $3.6B of AIG Common Stock, pursuant to prior authorizations from the Board of Directors. AIG repurchased an additional approximately $1.1B of AIG Common Stock through May 3, 2017. AIG's aggregate remaining share repurchase authorization, inclusive of today's announced $2.5B authorization, is approximately $3.8B.

16:19 EDT Facebook reports headcount up 38%

16:19 EDT Facebook says mobile reaches 85% of Q1 ad revenue - "Mobile advertising revenue represented approximately 85% of advertising revenue for the first quarter of 2017, up from approximately 82% of advertising revenue in the first quarter of 2016," Facebook noted.

16:17 EDT Facebook reports Q1 total costs and expenses up 40% to $4.71B

16:17 EDT Facebook says no longer reporting non-GAAP EPS

16:13 EDT Tesla rises 1% after Q1 report - Tesla shares are up $4.23, or 1.36%, to $315.00 in after hours trading.

16:12 EDT Tesla sees year-to-date capex 'slightly over $2B' when Model 3 production starts - Tesla said: "We expect that year-to-date capital expenditures will be slightly over $2 billion by the time we start Model 3 production. We expect additional investments through the remainder of the year as we increase automation and add production capacity."

16:10 EDT Tesla backs first half deliveries outlook of 47,000 to 50,000 vehicles - Tesla said in its quarterly letter: "Based on our current order and production rates, our first half outlook remains unchanged at 47,000 to 50,000 deliveries, which represents 61% to 71% annual vehicle delivery growth. Moving past Q2, particularly as Model 3 becomes available, one of our challenges will be to eliminate any misperception about the differences between Model S and Model 3. We have seen a belief among some that Model 3 is the newest and more advanced generation of Model S. This is not correct. Model S will always have more range, more acceleration, more power, more passenger cargo room, more displays (two), and more customization choices, and Model S, X and 3 will all have equivalent Autopilot functionality...We will provide guidance on vehicle deliveries for the second half of this year after we have started Model 3 production in July. Given that we will be ramping Model 3 production so quickly, as we've noted before, even a couple-week shift in timing can have a meaningful impact on total deliveries."

16:08 EDT Tesla says Model 3 on track for initial production in July - Tesla said in its quarterly letter: "Model 3 activities related to vehicle development, manufacturing equipment installation and supplier readiness remain on plan to start production in July. Over the past several months, we have been deploying our internally-developed software into the vehicle fleet, to provide additional safety and convenience features for vehicles with the newest generation of Autopilot hardware."

16:02 EDT Craft Brew backs FY17 CapEx $16M-$20M - Backs FY17 total CBA depletion change flat to growth of 6%. Backs FY17 total gross marign rate 30.5%-32.5%.

15:58 EDT Brown & Brown unit says resolves lawsuit brought by EEOC - Brown & Brown of Florida resolved a lawsuit brought by the Equal Employment Opportunity Commission in U.S. In the lawsuit, the EEOC claimed that Brown & Brown discriminated against an applicant by failing to hire her due to her pregnancy. "Brown & Brown denied the allegations and raised defenses to the claim, but reached a settlement to avoid protracted litigation and wasteful expense of attorneys' fees," it said.

15:40 EDT Amazon Web Services announces EC2 price reductions - Reference Link

15:03 EDT Aetna tells Bloomberg will pull out of Obamacare market in Virgina for 2018 - Aetna said it also will not sell off-exchange individual plans in Virginia, according to Bloomberg, citing a statement from the company.

14:57 EDT Firestone explosion seen hanging over Anadarko, Colorado peers - Shares of Anadarko Petroleum (APC) are sliding following the results of an investigation into the tragic accident in Firestone, Colorado that killed two people back in April. According to the authorities, the home explosion was caused by gas related to an Anadarko well. Following the news, several Wall Street analysts downgraded the stock to Neutral-equivalent ratings, with Wells Fargo analyst David Tameron also cutting his rating for some of Anadarko's peers that operate in the same geographic area. FIRESTONE ACCIDENT: Yesterday, Anadarko provided a statement regarding the Frederick-Firestone Fire Protection District's results of investigation into a tragic accident in Firestone, Colorado. "The safety of our employees and the people who live and work in the communities in which we operate is our number one priority. Consistent with that, and out of an abundance of caution, last week we shut in our vertical wells in the Oak Meadows area and throughout the basin. [...] We will continue to cooperate fully with all ongoing investigations to ensure we fully understand the basis for the fire district's conclusions and that no stone is left unturned prior to any final determinations," said Al Walker, Anadarko Chairman, President and CEO. Back on April 17, an explosion killed two men in a recently built home located within 170 feet of a well that was drilled in 1993 and later acquired by Anadarko. State regulators had been investigating the cause behind the incident, and said yesterday that they have determined that an abandoned natural gas line that had been cut but not capped caused the explosion that destroyed the home, killing two people and critically injuring another. MOVE TO THE SIDELINES: In a research note today, Morgan Stanley analyst Evan Calio downgraded Anadarko to Equal Weight from Overweight after Colorado authorities determined that gas related to an Anadarko well caused the April 17 home explosion. The analyst told investors that he believes the potential for increased Colorado regulatory scrutiny provides a significant near-term overhang for the shares, particularly given the challenging energy environment and consensus negative sector outlook. Meanwhile, Macquarie analyst Paul Grigel downgraded Anadarko to Neutral from Outperform, also citing the overhang from the Firestone investigation. The analyst pointed out that he sees the direct near-term financial impacts as "bearable," but believes there will be an overhang on the stock until there is visibility on the impacts of the investigation. His peer at Wells Fargo voiced a similar opinion, cutting his rating on the shares to Market Perform following the preliminary findings of the Firestone Fire Department. Analyst David Tameron told investors that while there has not yet been an assignment of negligence or fault determined, there should be an overhang on Anadarko's shares until more clarity is reached. OTHER PLAYERS UNDER PRESSURE: Wells Fargo's Tameron also downgraded Extraction Oil & Gas (XOG) and SRC Energy (SRCI) to Market Perform, saying the preliminary findings regarding the tragic situation in Firestone will be an overhang on the Denver-Julesburg Basin players. All DJ basin-exposed names will remain under pressure given the fear of a potential regulatory response, he argued. Tameron also noted that the other two prominent DJ players he covers are Noble Energy (NBL) and PDC Energy (PDCE), which remain Market Perform rated. WHAT'S NOTABLE: Last night, Anadarko reported first quarter losses per share with items of (58c) and revenue of $3.77B. These results include certain items typically excluded by the investment community in published estimates. Following Anadarko's report, Citi analyst Robert Morris downgraded Cobalt International Energy (CIE) to Sell from Neutral and cut his price target for the shares to 10c from 50c. Anadarko's announcement that the Shenandoah-6 appraisal well, as well as a subsequent sidetrack, did not encounter an oil-water contact on the discovery's eastern edge "further undermines" Cobalt's value, he said. PRICE ACTION: In afternoon trading, shares of Anadarko have dropped over 7% to $52.17, while Extraction Oil & Gas has slid 5% to $15.04 and SRC Energy has fallen 7.5% to $7 per share. Meanwhile, Cobalt has also dropped about 8%, and Noble Energy and PDC Energy have each slipped by 4%-5%.

14:48 EDT Exxon Mobil in settlement talks with DOJ, EPA over Beaumont refinery incident - Exxon Mobil disclosed in a 10-Q regulatory filing: "On February 1, the U.S. Department of Justice issued a notification concerning potential enforcement and possible settlement to ExxonMobil Oil Corporation regarding potential violations of the Clean Air Act and various sections of the Environmental Protection Agency's Chemical Accident Prevention provisions at EMOC's Beaumont, Texas, Refinery. The DOJ and EPA contend that EMOC failed to identify hazards, failed to design and maintain a safe facility, and failed to mitigate the consequences of a claimed accidental release related to a flash fire that occurred on April 17, 2013. Additionally, based on an on-site inspection in 2013, the DOJ and EPA claim that EMOC failed to include all covered processes in its risk management program and failed to inspect certain process equipment in a timely fashion. The DOJ and EPA are seeking in excess of $100,000 in penalties and corrective actions to resolve the matter. ExxonMobil is in settlement discussions with the DOJ and EPA, and the parties have entered into a tolling agreement to facilitate settlement discussions."

14:25 EDT Phillips 66 raises quarterly dividend 11% to 70c per share - The board of directors of Phillips 66 has declared a quarterly dividend of 70c per share on Phillips 66 common stock, representing an 11% increase. The dividend is payable on June 1 to shareholders of record as of the close of business on May 18. "Returning capital to our shareholders remains a priority for Phillips 66... We are committed to maintaining a growing, secure and competitive dividend as part of our disciplined approach to capital allocation," the company said.

14:06 EDT Hill International trading resumes

13:47 EDT Hill International sets May 5 closing date for Construction Claims sale - Hill International announced that it has set a May 5, 2017 funding and closing date for the sale of its Construction Claims Group to Bridgepoint Development Capital, part of international private equity group Bridgepoint. On May 3, 2017, the Company and Bridgepoint entered into an amendment of the definitive Stock Purchase Agreement dated December 20, 2017 providing for, among other things, a funding and closing date of May 5, 2017, a reduction in the purchase price of $7M, from $147M to $140M in cash, an increase of $3M in the working capital that the company must deliver to Bridgepoint, from $35.4M to $38.4M, and additional specific indemnification of the buyer relating to certain potential CCG liabilities. Following the closing, Hill International will have 3,300 professionals in 60 offices worldwide, and provide program management, project management, construction management and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets.

13:41 EDT CBOE Holdings reports April Futures ADV up 37% y/y - CBOE Holdings reported April monthly trading volume and average revenue per contract. The company said Futures ADV at CBOE Futures Exchange increased 37% from April 2016 and Options ADV at CBOE Holdings' four exchanges increased 24% from April 2016.

13:37 EDT Optical equipment makers wobble after Oclaro confirms China slowdown - Shares in the optical equipment space are declining Wednesday after Oclaro (OCLR) reported earnings and gave guidance after the close of trading Tuesday night. EARNINGS AND GUIDANCE: The company reported third quarter earnings per share of 23c on revenue of $162.2M, both higher than the consensus analyst views of 20c and $160.19M. Oclaro CEO Greg Dougherty noted that despite the industry being in a "seasonally week period," the company revenue jumped 60% compared to the same quarter last year. "We also achieved further customer and regional diversification, driven by sales growth in North America and Europe." Due to certain factors including "a significant slowing of demand in China," the company is anticipating a 10% sequential decrease in revenue for its fourth quarter, somewhere between $144M-$152M, significantly below the $164.58M analysts were expecting. "During April, we saw a significant slowing of demand in China which, coupled with an acceleration of the product transition from 100G CFP related products to the QSFP platform, will cause us to see an approximate 10% sequential decrease in our revenue in the June quarter. Despite lower revenue, we currently anticipate that our non-GAAP gross margin should remain around 40 percent as we maintain healthy profitability, further attesting to the strength of our financial model. We believe that the industry fundamentals, which drive the need for increased bandwidth and fiber optic components, remain intact and anticipate returning to revenue growth in the September quarter," Dougherty said. CHINA CONCERNS: Investors have been skittish on the prospects for optical communication companies since late last year, mostly centered on a slowdown in China spending. IHS Markit pointed out in a report from December 2016 that the pace of China's spending on optical network equipment slowed in Q3 of 2016. Sales in China dropped more than 19% sequentially, according to the report. Operators in the country still spent 14% more than in Q3 of 2015, thanks to deployments of 100G infrastructure led by China Mobile. A recent report from MKM Partners analyst Michael Genovese on Oclaro peer Finisar (FNSR) noted concerns on a number of fronts, "including China, for all products and 10G Datacom and Fibre Channel/SAN in the U.S. and Europe." Genovese saw Q4 demand in China weak due in part to lower demand from Huawei with weakness in product demand across the board, including WSS,10G Datacom and Telecom, and CFP2. According to the note, FiberHome and ZTE are also sluggish for Finisar. Oclaro CEO Greg Dougherty expanded on China during the company's earnings call on Tuesday night. "In April, we were informed by both of our major Chinese customers that demand would be even slower than previously anticipated for Q4. While both customers have signaled a slowdown for demand in the China market, the majority of the projected Q4 impact is coming from one customer. This customer cited both the reduction in demand for the Chinese market as well as in inventory correction," the CEO said. On a positive note, Dougherty sees the fundamental demand drivers in China still intact, and believes growth will return later this year from metro and provincial networks deployment. ANALYSTS WEIGH IN: In a report out Wednesday morning, Jefferies analyst James Kisner said he believes the post-earnings selloff in shares of Oclaro brings a compelling entry point. The analyst was pleased with the gross margin performance and thinks the outlook suggests "healthy industry dynamics and product differentiation." He lowered his price target for the shares to $12 from $14 and reiterated a Buy rating on the name. In a separate note out Wednesday, Needham analyst Alex Henderson pointed out that a C-Suite mandate to improve cash flow at Huawei is causing a more dramatic inventory correction than expected and that there was a "modest" amount of inventory to mop up at ZTE. PRICE ACTION: Oclaro is off its intra-session low, but down over 5% to $7.78 in afternoon trading. OTHERS OPTICALS DOWN: Shares of other comapnies in the space are also lower, including Finisar (FNSR), Lumentum (LITE), NeoPhotonics (NPTN), Acacia Communications (ACIA), Viavi (VIAV), and Applied Optoelectronics (AAOI).

13:28 EDT Southern Co.: Company has 'constructive dialogue' ongoing with Trump officials

13:25 EDT Enviva raises quarterly distribution to 55.5c per unit - Enviva Partners announced that the board of directors of its general partner declared a quarterly distribution of 55.5c per common and subordinated unit. This distribution is 8.8% higher than the distribution for 1Q16 and 3.7% higher than the distribution for 4Q16. The quarterly distribution will be paid on May 30 to unitholders of record as of the close of business on May 18. "Our consistent operating performance combined with the initial benefit of the recently completed Sampson drop-down transaction gave us the confidence to take a meaningful first step toward our previously announced guidance of at least $2.35 per unit for FY17," said the company.

13:15 EDT VWR trading resumes

13:10 EDT Generic drugmakers slip after DoJ searches Perrigo offices - Several names in generic drugmaking are lower Wednesday after U.S. authorities executed a search warrant of Perrigo (PRGO) as part of an ongoing price fixing probe. PERRIGO OFFICES SEARCHED: Wednesday morning, Perrigo disclosed that "search warrants were executed at the company's corporate offices associated with an ongoing investigation by the U.S. Department of Justice Antitrust Division related to drug pricing in the pharmaceutical industry. As has been previously disclosed by a number of companies, the Antitrust Division has been looking at industry-wide pricing practices." WHAT'S NOTABLE: According to media reports, the DoJ has been investigating price collusion within generics for more than two years, with targets including Perrigo, Akorn (AKRX), Taro Pharma (TARO), Teva (TEVA), Mylan (MYL), Endo (ENDP), Lannett (LCI), Impax (IPXL) and a subsidiary of Novartis (NVS). PRICE ACTION: Shares of Perrigo are down 6.15% in afternoon trading, while Impax, Teva and Lannett are lower by 5.76%, 4.27%, and 16.94%, respectively.

12:48 EDT Notable companies reporting before tomorrow's open - Notable companies reporting before tomorrow's open, with earnings consensus, include Dominion Resources (DO), consensus 96c... Occidental Petroleum (OXY), consensus 7c... Regeneron (REGN), consensus $3.07... Zoetis (ZTS), consensus 48c... PPL (PPL), consensus 61c... Incyte (INCY), consensus ($1.00)... Apache (APA), consensus 13c... Willis Towers Watson (WLTW), consensus $3.35... Coca-Cola European Partners (CCE), consensus 32c... AmerisourceBergen (ABC), consensus $1.68... Viacom (VIAB), consensus 59c... Ball (BLL), consensus 70c... Ameren (AEE), consensus 39c... Church & Dwight (CHD), consensus 46c... Scripps Networks (SNI), consensus $1.19... Quanta Services (PWR), consensus 40c... Chesapeake Energy (CHK), consensus 19c.

12:46 EDT Verizon to sell cloud, managed hosting service to IBM - Last week, Verizon (VZ) agreed to sell its cloud and managed hosting service to IBM (IBM). Additionally, Verizon agreed to work with IBM on a number of strategic initiatives involving networking and cloud services. "This agreement presents a great opportunity for Verizon Enterprise Solutions and our customers," Verizon said in a statement. "It is the latest development in an ongoing IT strategy aimed at allowing us to focus on helping our customers securely and reliably connect to their cloud resources and utilize cloud-enabled applications. Our goal is to become one of the world's leading managed services providers enabled by an ecosystem of best-in-class technology solutions from Verizon and a network of other leading providers." Verizon said it is notifying affected customers directly although it does not expect any immediate impact to their services as a result of this agreement. "We will formally notify and update customers as appropriate with additional information nearer the close of the deal," the company added. "We expect the transaction to close later this year." Reference Link

12:29 EDT Magna forms 'Technology Advisory Council,' says Tony Fadell joins group - Magna (MGA) announced earlier it has assembled a Technology Advisory Council to "contribute to future innovation projects, provide direction to Magna's technology road maps and identify additional business opportunities." The company continued, "The pace of innovation in the automotive industry is like nothing we have ever seen before, creating even more challenges and opportunities. At Magna, we welcome the challenge and aim to seize the opportunities by continuing to leverage our culture of innovation, while embracing a new level of innovation outreach... Advisory Council members will provide high-level strategic planning insights and experience in the areas of advanced driver assistance systems, environmental and automotive safety, overall industry trends, and next-generation technologies." The council's members include Tony Fadell, the former chief of Alphabet's (GOOG) Nest subsidiary.

12:16 EDT HBO Chair says will not renew Amazon Prime Channels deal after expiration - On Time Warner's (TWX) earnings call earlier this morning, HBO Chairman and CEO Richard Plepler said the company has seen "enormous momentum" for its HBO programming distributed through Amazon Prime Channels (AMZN). However, as the company sees progress in the sub-revenue acceleration in its digital business "I don't think you're going to see us extend or expand our relationship with our library programming on Amazon and we have no plans to do that beyond the end of the deal, which is the end of next year." The Amazon licensing pact was estimated to be worth $250M-$300M to HBO over the four-year term of the deal, Variety has noted. Reference Link

12:02 EDT Caterpillar says SEC doesn't intend to recommend enforcement over Bucyrus - Caterpillar said in a regulatory filing: "Beginning on September 10, 2014, the SEC issued to Caterpillar subpoenas seeking information concerning the company's accounting for the goodwill relating to its acquisition of Bucyrus International Inc. in 2011 and related matters. On February 17, 2017, the company was notified by the SEC that it concluded its investigation and that it did not intend to recommend an enforcement action against Caterpillar in these matters."

11:57 EDT Sabby Management reports 8.65% passive stake in CorMedix

11:36 EDT E-Trade strength attributed to takeover speculation - The morning move higher in shares of E-Trade Financial follows traders having earlier circulated chatter of potential takeover interest in the company, according to trading contacts. The Fly, in fulfilling its mission of explaining stock movement, often comes across the many unconfirmed rumors being passed through trading desks and social media platforms. On the occasion that rumors or speculation appear on The Fly's news feed, it should be viewed not as giving credence to the conjecture, rather as simply highlighting its impact on the stock prices of the companies involved. Shares of E-Trade spiked about an hour into trading and have held much of those early gains. The stock is up 95c, or 2.7%, to $35.76 near 11:30 am ET.

11:18 EDT FDA issues safety alert related to Medtronic NavLock Tracker - In a letter to health care providers dated May 2, the FDA said it is "providing information related to adverse events reported during or following procedures that involved the use of non-Medtronic surgical stereotaxic navigation instruments with Medtronic's NavLock Tracker." Medtronic is aware of occurrences of minor and serious injuries, including two patient deaths, following procedures that involved the use of non-Medtronic instruments with Medtronic's NavLock Tracker, the FDA said. As a result, Medtronic notified the Agency of plans to update its product labeling to clarify the use of non-Medtronic instruments with its NavLock Tracker. Reference Link

10:46 EDT Pool Corp. adds $150M to share repurchase program, boosts dividend 19% - Pool Corporation announced that its Board of Directors has authorized an additional $150M under its existing share repurchase program for the purchase of the Company's common stock in the open market at prevailing market prices or in privately negotiated transactions. This amount adds to the $46.6M remaining under our existing authorization, bringing our total authorization available to $196.6M. The company also announced that the Board has declared a quarterly cash dividend of 37c per share, a 19% increase over the previous quarterly dividend amount of 31c per share. The dividend is payable on May 31, to stockholders of record on May 17. As of May 2 there were 41,351,255 shares of common stock outstanding.

10:30 EDT Facebook to add 3,000 people over next year to review posts - Facebook plans to add 3,000 people over the next year to monitor reports of inappropriate material on the social media network such as videos of murders and suicides, CEO Mark Zuckerberg said in a Facebook post. Zuckerberg said the workers would be in addition to 4,500 people whom Facebook already has reviewing posts that may violate its terms of service. "These reviewers will also help us get better at removing things we don't allow on Facebook like hate speech and child exploitation. And we'll keep working with local community groups and law enforcement who are in the best position to help someone if they need it -- either because they're about to harm themselves, or because they're in danger from someone else. In addition to investing in more people, we're also building better tools to keep our community safe. We're going to make it simpler to report problems to us, faster for our reviewers to determine which posts violate our standards and easier for them to contact law enforcement if someone needs help. As these become available they should help make our community safer. This is important. Just last week, we got a report that someone on Live was considering suicide. We immediately reached out to law enforcement, and they were able to prevent him from hurting himself. In other cases, we weren't so fortunate. No one should be in this situation in the first place, but if they are, then we should build a safe community that gets them the help they need." Reference Link

10:25 EDT Groupon says will be 'opportunistic' with share repurchases - Groupon is down over 14% to $3.43 in morning trading as conference call continues.

10:18 EDT Novo Nordisk launches Xultophy 100/3.6 in the U.S. - Novo Nordisk announced the availability of its new combination therapy Xultophy 100/3.6 at pharmacies nationwide. Xultophy 100/3.6 combines long-acting basal insulin Tresiba with the #1 prescribed glucagon-like peptide-1 receptor agonist therapy Victoza in a single, once-daily injection. Xultophy 100/3.6 is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus inadequately controlled on basal insulin or liraglutide.

10:03 EDT Intellipharmaceutics granted approval for ANDA for generic Seroquel XR - The FDA approval for the ANDA for Intellipharmaceutics' quetiapine fumarate 50mg was granted on May 1, according to a post to the FDA's website. Reference Link

09:51 EDT Pulmatrix names Ted Raad as Chief Business Officer - Pulmatrix announced the appointment of Ted Raad as Chief Business Officer. In this newly created position, Raad will provide strategic business leadership as the company advances its programs through clinical development and partnership opportunities. Most recently, Raad was Chief Commercial Officer at Option Care.

09:35 EDT DHI Group trading resumes

09:31 EDT Hope Bancorp extends employment agreement of CEO Kevin Kim - Hope Bancorp announced that its board has entered into an amended and restated employment agreement with president and CEO Kevin Kim extending his tenure through March 31, 2022.

09:30 EDT Humana says 'selectively looking at' group MA opportunities

09:30 EDT On The Fly: Pre-market Movers - UP AFTER EARNINGS: First Solar (FSLR), up 7.2%... Mondelez (MDLZ), up 3%... FireEye (FEYE), up 13.4%... Carlyle Group (CG), up 4%... Delphi Automotive (DLPH), up 6.4% after reporting quarterly results and announcing the planned spin-off of its Powertrain unit... Weight Watchers (WTW), up 14.7%... Paycom (PAYC), up 3.3%... Myriad Genetics (MYGN), up 11.1%... Yum! Brands (YUM), up 1.3%... Berry Plastics (BERY), up 1.7%... New York Times (NYT), up 3.2%... CommVault (CVLT), up 10.6%. ALSO HIGHER: Straight Path (STRP), up 23.2% after announcing that a mult-national telecom made a $2.3B proposal that is superior to AT&T's (T) offer to acquire the company... AT&T is up fractionally... Array Biopharma (ARRY), up 6% after being upgraded to Overweight from Neutral at JPMorgan... Pieris Pharmaceuticals (PIRS), up 39.2% after entering a collaboration with AstraZeneca (AZN). DOWN AFTER EARNINGS: Apple (AAPL), down 1.1%... Sprint (S), down 1.3%... Groupon (GRPN), down 13.3%... Molson Coors (TAP), down 3.1%... ADP (ADP), down 4.8%... Twilio (TWLO), down 28%... Akamai (AKAM), down 12.9%... Etsy (ETSY), down 11.3%... Frontier Communications (FTR), down 8.3%... Bunge (BG), down 7.7%... Cray (CRAY), down 11.1%... Anadarko Petroleum (APC), down 6.9%. ALSO LOWER: Perrigo (PRGO), down 4.8% after disclosing a federal investigation into drug pricing.

09:22 EDT Humana says 'very committed' to Humana at Home

09:19 EDT Sprint says 'not in rush' for M&A opportunities - Says the company is "self sufficient."

09:18 EDT Virtusa announces $108M strategic equity investment from Orogen Group - Virtusa Corporation announced that it has entered into an Investment Agreement under which The Orogen Group purchased shares of the company's newly issued Convertible Preferred Stock, initially convertible into 3,000,000 shares of common stock, for an aggregate purchase price of $108M. In connection with the investment, Vikram Pandit has been appointed to Virtusa's Board of Directors. Orogen is a new operating company that was created by Vikram Pandit and Atairos Group, Inc., an independent private company focused on supporting growth-oriented businesses, to leverage the opportunities created by the evolution of the financial services landscape and to identify and invest in financial services companies and related businesses with proven business models. Virtusa intends to use the proceeds from the sale of its Convertible Preferred Stock to repay approximately $81M of its senior term loan, as well as for common stock repurchases and general corporate purposes. Virtusa's Board has approved the repurchase of approximately $30M of common stock.

09:17 EDT MainSource Financial's Chief Credit Officer Bill Goodwin retiring - MainSource Financial announced the retirement of William J. Goodwin, Chief Credit Officer, effective May 3. He joined MainSource Bank in 2009.

09:14 EDT Humana sees long-term annual EPS growth of 11%-15% - Says early metrics indicate "strong" start to 2017. Sees quarterly EPS progression reflecting just under 30% of the FY number in each of the second and third quarters. Says Q4 to reflect "the usual cost increases associated with the open enrollment season." Says has lowered expectations around 2017 individual MA membership growth to 15,000-25,000 from 30,000-40,000, increasing group MA membership by 10,000 members to 80,000-90,000. Says does not expect these changes to impact overall Medicare profitability. Says group and specialty segment performance running in line with expectations. Sees long-term annual EPS growth of 11%-15%, with annual results varying; Humana last week guided long-term annual EPS growth of low-to-mid teens at its investor conference. Comments taken from the Q1 earnings conference call.

09:11 EDT ILG's Interval signs club affiliation agreement with Hope Club International - Interval International, an operating business of ILG, and Chengdu Homeland Hotel Management, a division of Continental Hope Group, announced an exclusive, multiyear club affiliation agreement. The contract includes units housed in Homeland International Hotel in southwest China's Chengdu city and Mumian Lake Homeland Resort on Hainan Island in southeast China. Both are part of the recently launched Hope Club International, the Continental Hope Group's entry into shared ownership. "We are extremely pleased to welcome this very successful and well-respected hospitality company to the industry. Its club offers owners and guests the opportunity to enjoy a quality vacation experience in a historic urban location or a beach retreat in a highly demanded destination," said David Gilbert, Interval's president. "We understand that there is an increase in travel to China, as well as more and more residents traveling within the country, and these trends bode well for Hope Club."

09:09 EDT Wecast Network appoints Grant Thornton as new independent auditor - Wecast Network announced a change to the vompany's independent registered public accounting firm. Grant Thornton LLP will succeed KPMG Huazhen as the company's independent public accounting firm and Grant Thornton will review the company's financial statements for the quarter ending March 31, subsequent quarters in 2017 and the year ending audit for the 12 months ended December 31 and beyond. In connection with the audits of the company's financial statements for each of the two fiscal years ended December 31, 2016 and 2015, and in the subsequent interim period from January 1, 2017 through April 27, 2017, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in in connection with their opinion to the subject matter of the disagreement.

09:06 EDT Time Warner sees Turner seeing biggest impact from new NBA pact in Q2 - CFO Howard Averill said Turner will see the biggest impact related to its new contract with the NBA in the second quarter, which he expects to contribute to total programming cost growth of approximately 20%.

09:05 EDT Arthur J. Gallagher acquires Texas Insurance Managers - Arthur J. Gallagher acquired Harlingen, Texas-based Texas Insurance Managers. Terms of the transaction were not disclosed. Texas Insurance Managers offers commercial and personal property/casualty, life/health, retirement and employee benefit services to clients primarily in South Texas. Richard May, Josh Klostermann, Ryan Newman and their associates will continue to operate from their current location under the direction of Bret VanderVoort, head of Gallagher's South Central retail property/casualty brokerage operations.

09:03 EDT General Mills say Powell to retire, names COO Harmening as new CEO - General Mills announced that its board of directors has elected Jeffrey Harmening as Chief Executive Officer of the company, effective June 1. The board also elected Harmening to the General Mills board of directors. Harmening has served as President and Chief Operating Officer since July 1, 2016. Harmening succeeds Ken Powell, who has served as General Mills Chairman and CEO since 2007. Powell will continue to serve as the company's Chairman for a transition period until his retirement, expected within the next year.

09:03 EDT Sprint says sees FY17 adjusted free cash flow down y/y

09:02 EDT Skechers announces global marketing campaign with David Ortiz - SKECHERS announces that ten-time All-Star Dominican-American baseball slugger David Ortiz will be lacing up in SKECHERS Men's footwear for a multi-platform global marketing campaign set to launch this Fall.

08:59 EDT Time Warner 'very confident' in high single digit HBO subscription growth view - Time Warner CFO Howard Averill noted that HBO subscription revenues increased 5% in the quarter, which he said was "right in line with our expectations." Averill said that, looking ahead, the company is seeing better subscriber performance at its traditional distributors as it begins to benefit from new affiliate deals and expects that to continue improving throughout the year. "When combined with continues healthy growth for our OTT products and solid international trends, we expect subscription revenue growth to accelerate into the high single digits in the second quarter and to remain strong throughout the year. So we're very confident in delivering the high single digit growth for the year that we previously discussed," Averill added on the company's Q1 earnings call.

08:54 EDT Citrix rises after Bloomberg reports bids from multiple suitors - Shares of Citrix Systems (CTXS) are rising in pre-market trading after Bloomberg reported last night that Bain Capital, Carlyle Group (CG) and Thoma Bravo are among the private equity firms that submitted bids to buy the company last week. Citrix has also attracted interest from at least one strategic suitor, though the identity of that potential buyer could not be learned by the people who spoke to Bloomberg, the news service stated in its report. After the report, Citrix shares are up $5.44, or 6.7%, to $86.73 in pre-market trading. Reference Link

08:50 EDT LabCorp adds new test panels to VistaSeq Hereditary Cancer portfolio - LabCorp announced a significant enhancement to its proprietary VistaSeq Hereditary Cancer portfolio, with ten new test panels focusing on the risk of specific hereditary cancer syndromes. The number of cancer genes that can be assessed has also increased to 59 to reflect advances in the understanding of cancer genetics since the panel was first introduced in August 2015. The VistaSeq Hereditary Cancer Panel detects inherited genetic mutations across multiple genes, which have been associated with an increased risk of developing hereditary cancers. The tests are available from LabCorp and its Integrated Genetics and Integrated Oncology specialty laboratories. The VistaSeq Hereditary Cancer Panel provides an assessment of the genetic mutations known to be associated with the most common hereditary cancers including breast, ovarian, melanoma, pancreatic, colorectal, endometrial, gastric, and prostate cancers. The new panels, along with the increase in the cancer-linked genes that can be assessed, enable physicians to select the panel that best meets the needs of each patient based on their personal or family history. The VistaSeq Hereditary Cancer Panel is available nationwide through any LabCorp, Integrated Genetics or Integrated Oncology account.

08:48 EDT Sprint says Magic Box will provide both indoor and outdoor network coverage

08:47 EDT Groupon says 'no changes' to FY guidance ranges - Says international turnaround likely to take a few more quarters than expected. Sees "greater potential to end up toward the low end of our $1.30B-$1.35B gross profit range." Comments from slides that will be presented on the Q1 earnings conference call. Groupon is down nearly 11% in pre-market trading.

08:43 EDT Bewkes says 'increasingly excited' to accelerate innovation with AT&T - Time Warner CEO Jeff Bewkes continues speaking on the company's earning call.

08:41 EDT Sprint says will relaunch Virgin Mobile brand in 2017

08:41 EDT Yum! Brands sees returning $6.5B-$7B to shareholders over next three years - Says on track for 2019 goals, including reducing G&A to 1.7% of system sales, free cash flow conversion to 100%, franchise mix of at least 98%.

08:39 EDT Sprint says introducing 'Magic Box' indoor LTE network antenna - Comments from Q4 earnings conference call.

08:38 EDT Time Warner CEO says Q1 results set company up 'very well' to reach FY goals - Time Warner CEO Jeff Bewkes is speaking on the company's earning call.

08:35 EDT Berry Plastics raises annual cost synergy target for AEP acquisition to $70M - "Looking ahead, we will continue our focus on reducing our leverage ratio to a goal of below 4, on or before the end of fiscal 2017. Additionally, we remain excited about our recent acquisition of AEP, and the results to date have validated our expectations of the synergy potential and scale advantages through the combined businesses. Based on our progress to date, we are increasing our annual cost synergy target for the AEP acquisition from our initial $50 million to $70 million. Throughout the remainder of the year we will continue to work on further cost reduction opportunities," stated the company. "Today, we are also reaffirming our fiscal year 2017 projected cash flow from operations of $925 million and adjusted free cash flow of $550 million. These estimates include the recent acquisition of AEP completed on January 20, 2017, the $60 million tax receivable payment that was made in the first fiscal quarter and assumes net capital expenditures of $315 million. Additionally, our cash interest expense is forecasted to be $275 million for fiscal 2017. Within our guidance, we are also assuming $80 million of cash used for other taxes, primarily related to state and international jurisdictions, and other cash uses of $60 million related to items such as acquisition integration expenses and costs to achieve synergies.

08:34 EDT Baxter recieves FDA guidance for peritoneal dialysis technology - Baxter International received guidance from the FDA clarifying the regulatory pathway for an innovative, home peritoneal dialysis solution system to improve patient access to home dialysis. The new system is designed to produce sterile PD solutions using a small water filtration device that would be placed in the patient's home and integrated with Baxter's unique AMIA automated peritoneal dialysis system with SHARESOURCE telehealth platform. Following FDA guidance, Baxter's PD solution generation system will follow a regulatory pathway as a combination product, which is the process the agency uses for products that include a device and pharmaceutical component. Baxter plans to have the first patient on therapy with the new system, as part of a clinical trial in 2018. Regulatory submission is expected in 2019. PD is a self-administered therapy managed at home by end-stage renal disease patients. The therapy works inside the body, using the abdominal lining as a natural filter to remove toxins from the bloodstream. PD solution dwells in the cavity before draining. The process then repeats itself three to four times during each therapy session. Solutions with higher concentrations of dextrose are sometimes used to remove higher amounts of fluid and waste that can be pulled from the body. Baxter's PD solution generation technology is designed to integrate with AMIA and SHARESOURCE, and allow a physician to tailor the treatment regimen for each patient. Baxter's new system would provide physicians the flexibility to prescribe different dextrose concentrations for each dwell cycle, depending on each patient's needs. Baxter's on-demand solution technology is an investigative product and not approved for use. AMIA with SHARESOURCE is by Rx Only.

08:32 EDT New York Times sees Q2 circulation revenues up at rate similar to Q1 - Total circulation revenues in the second quarter of 2017 are expected to increase at a rate similar to that of the first quarter of 2017. Growth in the number of paid digital-only subscriptions to our news products in the second quarter of 2017 is expected to be slower than the prior two quarters. Total advertising revenues in the second quarter of 2017 are expected to decrease in the low- to mid-single digits compared to the second quarter of 2016. Operating costs and adjusted operating costs are expected to increase in the mid-single digits in the second quarter of 2017 compared with the second quarter of 2016.

08:29 EDT Yum! Brands says Taco Bell on pace for positive SSS this year

08:28 EDT Yum! Brands says plans to expand delivery 'rapidly' for KFC International

08:13 EDT IsoRay's Cesium-131 for prostate brachytherapy featured in published study - IsoRay announced the acceptance for publication of a study entitled "Long-term Quality of Life in Prostate Cancer Patients Treated with Cesium-131" in the International Journal of Radiation Oncology, Biology, Physics. The aim of the study was the evaluation of long-term quality of life as reported by men treated at UPMC with Cesium-131 prostate brachytherapy. The study's authors concluded that at last follow-up, there were no clinically significant changes found in the EPIC scores from baseline, demonstrating insignificant long-term changes in urinary or bowel patient-reported quality of life with Cesium-131 prostate brachytherapy. The report concludes that patients treated with Cesium-131 are able to recover from prostate cancer treatment quickly and then maintain their baseline quality of life over the long term.

08:07 EDT AdCare completes purchase of Alabama facility for $5.5M - AdCare Health announced it completed the purchase of an assisted living and memory care facility with 106 operational beds located in Alabama for $5.5M on May 1. The company also announced the commencement of a long-term lease to operate the facility to an affiliate of C.Ross Management, LLC. C.Ross, AdCare's largest operator, operates 22 facilities in Georgia and Alabama through its affiliates. The terms of the long-term lease agreement, include a 13-year term with initial annual cash rent of $450,000 in the first year and a 2% annual rent escalator.

08:04 EDT Ashford Hospitality announces withdrawal of Felcor Lodging merger proposal - Ashford Hospitality Trust (AHT) announced that given FelCor Lodging Trust's (FCH) announced merger agreement with RLJ Lodging Trust (RLJ), Ashford Trust is abandoning its efforts to merge with FelCor. Ashford Trust also announced that it is withdrawing its preliminary proxy statement and proposed slate of seven independent directors for election to FelCor's Board of Directors at FelCor's 2017 Annual Meeting of Stockholders. While Ashford Trust continues to believe that its offer would have been more attractive to shareholders than the RLJ offer, the Company has determined that there is no cost-effective, actionable path forward toward an agreement and has withdrawn its non-binding proposal. The Company believes that it exercised significant strategic and financial discipline in seeking ways to maximize shareholder value. The company plans to opportunistically liquidate its investment in FelCor stock over time.

08:01 EDT Alliance MMA acquires assets of NFC; financial terms not disclosed - Alliance MMA announced that it has acquired the assets of National Fighting Championship, which produces professional regional MMA events throughout Georgia and South Carolina. NFC will be the 9th regional MMA promotion operating under the Alliance MMA umbrella.

07:45 EDT IntercontinentalExchange reports April ICE ADV up 26% y/y - Reports ICE ADV up 26% y/y, driven by Financials ADV up 62% y/y and Commodities ADV up 7% y/y.

07:38 EDT IntercontinentalExchange sees Q2 GAAP operating expenses $550M-$560M - ICE's second quarter 2017 GAAP operating expenses are expected to be in a range of $550 million to $560 million and adjusted operating expenses are expected to be in a range of $485 million to $495 million. ICE's diluted share count for the second quarter and full year 2017 is expected to be in the range of 590 million to 600 million weighted average shares outstanding.

07:36 EDT Clean Harbors continues to see FY17 adjusted EBITDA $435M-$475M - "As we move into our seasonally stronger periods of the year, we expect momentum to accelerate across several key markets, particularly those related to our Technical Services and Safety-Kleen segments," McKim said. "After a sluggish first quarter, both U.S. Industrial Production and GDP are expected to pick up as the year advances, which should drive additional waste volumes into our network. This conclusion is supported by a noticeable uptick in customer activity and sales opportunities. With crude oil prices having stabilized in recent months, customers in multiple industries have been more confident in their spending decisions. In addition, the energy market itself has strengthened, with increases in rig counts and overall activity. Base oil and lubricant prices have risen steadily - a positive development as we move toward the summer driving season. "With our new El Dorado incinerator now successfully launched and fully operational, we are ready to capitalize on an improving economic outlook and opportunities for increased waste volumes, particularly as the Chemical sector begins to rebound from its slowdown this past year. Within Safety-Kleen, we are confident that our closed-loop offering will grow incrementally throughout 2017, as we broaden the bulk lubricants delivery of our Performance Plus brands to additional metropolitan areas. Our Safety-Kleen branches continue to expand, aided by the acquisitions we made in 2016. Finally, our focus on profitable growth and margin expansion in 2017 will be supported by our comprehensive and ongoing cost-reduction efforts," McKim concluded. On a GAAP basis, the Company's guidance is based on 2017 net income in the range of $4 million to $35 million. Adjusted net income for 2017, which includes the recognition of the non-cash tax benefits in Canada and valuation allowances, is in the range of $24 million to $48 million.

07:33 EDT Can-Fite BioPharma's Namodenoson enters Phase II trial for NAFLD/NASH - Can-Fite BioPharma provided an update on a Phase II clinical trial to evaluate its liver drug candidate Namodenoson in the treatment of non-alcoholic fatty liver disease, the precursor to non-alcoholic steatohepatitis. Can-Fite estimates the cost of this Phase II trial to be less than $1M. Pre-clinical data demonstrated that Namodenoson has hepato-protective effects; helps support liver function by reducing liver fat in NASH models as compared to placebo; inhibits and prevents the progression of liver fibrosis; improves liver function; and regenerates liver cells. Can-Fite will present its latest findings on Namodenoson's role in liver function at the 1st International Conference on Fatty Liver in Seville on June 1-3. Under the approved clinical protocol, the Phase II multicenter, randomized, double-blinded, placebo-controlled, dose-finding study of the efficacy and safety of Namodenoson in the treatment of NAFLD/NASH will enroll approximately 60 patients with NAFLD, with or without NASH.

07:25 EDT IDEXX raises share repurchase authorization by additional 3M shares - IDEXX Laboratories announced that the repurchase by the company of up to an additional 3M shares of its common stock under its ongoing share repurchase program has been authorized. These shares are in addition to the 3,297,887 shares remaining under the company's share repurchase program as of April 28, pursuant to previous Board authorizations. The timing and amount of any repurchases will be at the discretion of the company's management.

07:18 EDT El Paso Electric comments on Texas retail, New Mexico rate cases - On February 13, 2017, the Company filed with the City of El Paso, other municipalities incorporated in the Company's Texas service territory and the PUCT in Docket No. 46831, a request for an increase in non-fuel base revenues of approximately $42.5 million. The Company requested, pursuant to its statutory right, to have its new rates relate back for consumption on and after July 18, 2017, which is the 155th day after the filing of the rate case. The difference in rates that would have been billed will be surcharged or refunded to customers after the PUCT's final order in Docket No. 46831. The PUCT has the authority to require the Company to surcharge or refund such difference over a period not to exceed 18 months. The Company cannot predict the outcome or the timing of the rate case at this time. NMPRC Case No. 15-00109-UT required the Company to make a rate filing in New Mexico in the second quarter of 2017 using a historical test year ended December 31, 2016. On March 24, 2017, the Company, NMPRC Utility Division Staff and the New Mexico Attorney General filed a Joint Motion to Modify Filing Date Stated in Final Order requesting that the rate filing date be changed to no later than July 31, 2019, using the appropriate test year period. The joint request was approved by the NMPRC on April 12, 2017.

07:17 EDT SAIC awarded $27M task order - The Space and Naval Warfare Systems Center Pacific awarded Science Applications International Corp. a task order to provide the U.S. Marine Corps Forces Cyberspace Command and subordinate commands, including the Marine Corps Cyberspace Warfare Group and the Marine Corps Cyberspace Operations Group, with comprehensive cyber support services for systems architecture, cyber defense and offense, planning, information assurance, and engineering. The task order has a one-year base period of performance, two one-year options, and a total award value of approximately $27M if all options are exercised. Work will be performed in Fort Meade/Columbia, Maryland; Quantico, Virginia; Fort Bragg, North Carolina; Scott Air Force Base, Illinois; and Tampa, Florida.

07:14 EDT Verastem to present follow-up data from DYNAMO study at ICML - Verastem announced that an abstract describing long term follow-up data from the DYNAMO study has been selected for oral presentation at the 14th International Conference on Malignant Lymphoma being held June 14 to June 17 in Lugano, Switzerland. DYNAMO is a Phase 2 clinical trial evaluating the safety and efficacy of duvelisib in patients with indolent non-Hodgkin lymphoma that are double refractory to both rituximab and chemotherapy. "The potential of duvelisib is supported by previously reported clinical data demonstrating anti-cancer activity and a manageable safety profile as an oral monotherapy in a wide range of lymphoid malignancies, including relapsed/refractory iNHL, chronic lymphocytic leukemia and T-cell lymphomas," said Hagop Youssoufian, MSc, MD, head of hematology and oncology development. "At Verastem, we are committed to investigating duvelisib's potential as it may represent a valuable treatment for patients with relapsed/refractory disease who currently have limited treatment options. We look forward to presenting these long term follow-up data from the DYNAMO study in iNHL at ICML this year." Duvelisib is an investigational, dual inhibitor of phosphoinositide 3-kinase-delta and PI3K-gamma, two enzymes that are known to help support the growth and survival of malignant B-cells and T-cells. PI3K signaling may lead to the proliferation of malignant B-cells and is thought to play a role in the formation and maintenance of the supportive tumor microenvironment. Duvelisib is currently being evaluated in late- and mid-stage clinical trials, including DUO, a randomized, Phase 3 monotherapy study in patients with relapsed or refractory CLL, and DYNAMO, a single-arm, Phase 2 monotherapy study in patients with refractory iNHL that achieved its primary endpoint of ORR upon top-line analysis of efficacy data. Duvelisib is also being evaluated for the treatment of hematologic malignancies through investigator-sponsored studies, including T-cell lymphoma.

07:12 EDT Kulicke & Soffa reports Q2 gross margin 45.2%

07:10 EDT GTx announces results from preclinical studies of SARMS in DMD models - GTx announced the publication in the journal Human Molecular Genetics of results from preclinical studies supporting the potential efficacy of the company's SARMs, and in particular GTx-026, for Duchenne Muscular Dystrophy treatment. DMD is a rare genetic disorder characterized by progressive muscle degeneration and weakness, affecting approximately 18,000 boys in the United States. Studies examined the treatment of castrated wildtype mice, x-linked muscular dystrophy mice, and dystrophin and utrophin double mutant mice with GTx-026. In mdx mice, compared to vehicle-treated mice, GTx-026 treatment led to increased body weight, lean mass, grip strength, and improved cardiac and pulmonary function. In mdx-dm mice, compared to vehicle-treated mice, GTx-026 led to improved body weight, lean mass, and grip strength above baseline levels, leading to a 505 to 70% improvement in survival. Other SARMs in the company's portfolio, GTx-024 and GTx-027, showed similar positive effects on muscle mass, function, and histological characteristics. The peer-reviewed article, "Androgen Receptor Agonists Increase Lean Mass, Improve Cardiopulmonary Functions, and Extend Survival in Preclinical Models of Duchenne Muscular Dystrophy" appears in the journal Human Molecular Genetics.

07:05 EDT Time Warner reports Q1 Turner revenues up 6% to $3.1B - Turner revenues increased 6% to $3.1B, due to increases of 12% in Subscription revenues and 16% in Content and other revenues, partially offset by a decline of 2% in Advertising revenues. HBO revenues increased 4% to $1.6B, due to an increase of 5% in Subscription revenues, partially offset by a decline of 1% in Content and other revenues. Warner Bros. revenues increased 8% to $3.4B, primarily due to higher television and theatrical revenues partially offset by lower videogames revenues.

07:03 EDT Time Warner CEO says on track to close AT&T merger before end of 2017 - Time Warner Chairman and CEO Jeff Bewkes said: "Looking ahead, we remain on track, pending completion of regulatory reviews and receipt of consents, to close our merger with AT&T Inc. before the end of 2017. We remain excited about the potential for this combination to accelerate the pace of innovation in our businesses."

07:02 EDT Digital Power acquires Microphase in share exchange agreement - Digital Power announced the entry into an agreement that, upon consummation, will result in the acquisition of control of Microphase Corporation. MPC is a designer, developer, original equipment manufacturer of electronic components, devices and subsystems for the Defense, Aerospace and Telecommunication sectors. The transaction will be governed by a share exchange agreement executed as of April 28. The details of the transaction include the company acquiring 1,603,434 shares of MPC common Stock, representing 58% of MPC's issued and outstanding shares, or 50.2% on a fully diluted basis, from certain shareholders of MPC in exchange for an equivalent of 2,600,000 shares consisting of the company's Common Stock and Series D Convertible Preferred stock. The transaction is scheduled to close on May 25.

06:53 EDT Littelfuse announces new 1M share repurchase plan - The company's previous share repurchase authorization expired on April 30, 2017 and has been replaced with a 1M share repurchase authorization effective through April 30, 2018. No shares were repurchased under the former authorization.

06:53 EDT QuinStreet enters strategic alliance with InsuraMatch - InsuraMatch announces it has entered into a series of agreements with QuinStreet whereby it will serve as QuinStreet's national agency sales and fulfillment center and acquire the QuinStreet Insurance Agency Sales Center, located in Altamonte Springs, Florida. While InsuraMatch will take over its Insurance Agency Sales Center operations, QuinStreet will continue to operate and invest in its real-time quoting platform and technologies, and on its industry-leading performance marketing business.

06:52 EDT Delphi announces plans for tax-free spin-off of Powertrain Systems segment

06:35 EDT Strayer sees Q2 Strayer University enrollments up 6% y-o-y - Q2 total enrollments at Strayer University are anticipated to grow 6% to approximately 43,400 students from 41,029 students in the same period in 2016. New student enrollments are expected to increase approximately 8%, while continuing student enrollments are expected to increase approximately 5%. Anticipates Q2 revenue per student to decrease between 1% and 2%.

06:18 EDT Soligenix receives FDA protocol clearance of SGX942 Phase 3 clinical trial - Soligenix announced that it has received FDA clearance to advance a pivotal Phase 3 clinical trial evaluating SGX942 for the treatment of oral mucositis in head and neck cancer, or HNC, patients being treated with chemoradiation, or CRT. Soligenix plans to begin this study in the second quarter of 2017.

06:09 EDT Moody's downgrades Ericsson to Ba1; outlook stable - Moody's Investors Service has downgraded to Ba1 from Baa3 the senior unsecured long-term rating and to (P)Ba1 from (P)Baa3 the senior unsecured medium term note program rating of Telefonaktiebolaget LM Ericsson, a global provider of telecommunications equipment and related services to mobile and fixed network operators. Concurrently, Moody's has assigned Ericsson a Ba1 corporate family rating and a Ba1-PD probability of default rating, in line with the rating agency's practice for corporates with non-investment-grade ratings. The outlook on all ratings is stable. "The downgrade of Ericsson's ratings reflects the anticipated negative impact on the company's operating earnings and cash flow in 2017 and 2018 due to rising restructuring charges and provisions, as recently announced by the company, leading to credit metrics that will no longer be commensurate with investment-grade ratings," says Alejandro Nunez, a Moody's Vice President -- Senior Analyst and lead analyst for Ericsson.

06:04 EDT Summit Materials raises FY17 CapEx view to $140M-$160M - Including the impact of six acquisitions completed on a year-to-date basis, the Company is raising its gross capital expenditure guidance by $5M to a range of $140M-$160M for the full-year 2017. Revised capital expenditure guidance includes several maintenance and profit-improvement projects. Longer-term, the Company expects gross capital expenditures to approximate 7%-8% of net revenue per annum.

05:52 EDT Intec Pharma CEO Zeev Weiss resigns, Giora Carni appointed interim CEO - Intec Pharma announces that Zeev Weiss, CEO and a director of the company, is resigning from both positions effective immediately to pursue other professional opportunities. Weiss will serve as a clinical and business development consultant to Intec Pharma. The board has appointed Giora Carni, a director since 2006 and CEO of Intec Pharma from 2006 to 2014, as Interim CEO while a search for a new CEO has been initiated.

05:51 EDT Anadarko issues statement regarding Firestone accident - Anadarko Petroleum provided the following statement regarding the Frederick-Firestone Fire Protection District's results of investigation into the tragic accident in Firestone, Colo., which occurred on April 17. "I know I speak for everyone at Anadarko when I say that our thoughts and prayers remain with the Martinez and Irwin families as they continue to mourn the loss of their loved ones," said Al Walker, Anadarko Chairman, President and CEO. "The safety of our employees and the people who live and work in the communities in which we operate is our number one priority. Consistent with that, and out of an abundance of caution, last week we shut in our vertical wells in the Oak Meadows area and throughout the basin. We hope that doing so also provided some additional reassurance to the community in the wake of this tragic accident. We will continue to take all necessary and appropriate steps in that regard, and will continue to cooperate fully with all ongoing investigations to ensure we fully understand the basis for the fire district's conclusions and that no stone is left unturned prior to any final determinations." The company also will continue to work with the Colorado Oil and Gas Conservation Commission on additional steps or actions the agency deems necessary.

05:49 EDT Cedar Fair expects 'another record year' in FY17

05:36 EDT Pieris Pharmaceuticals, AstraZeneca entter collaboration - Pieris announced a strategic collaboration in respiratory diseases with AstraZeneca to develop novel inhaled drugs that leverage Pieris' Anticalin platform, including its lead preclinical drug candidate, PRS-060. Anticalin molecules are engineered proteins which can mimic antibodies by binding to sites either on other proteins or on small molecules. They are smaller than monoclonal antibodies, offering the potential of direct delivery to the lung. Under the collaboration, Pieris will be responsible for advancing its preclinical lead candidate, PRS-060, into Phase 1 clinical trials in 2017. PRS-060 is an Anticalin against interleukin-4 receptor alpha with potential in asthma. AstraZeneca will fund all clinical development and subsequent commercialization programs and Pieris has the option of co-development and co-commercialization in the US from Phase 2a onwards. In addition, the parties will collaborate to progress four additional novel Anticalins against undisclosed targets for respiratory diseases with Pieris having the option to co-develop and co-commercialize in the US two of these programs.

05:32 EDT Perrigo discloses federal investigation into drug pricing - Perrigo announced that search warrants were executed at the company's corporate offices associated with an ongoing investigation by the U.S. Department of Justice Antitrust Division related to drug pricing in the pharmaceutical industry. As has been previously disclosed by a number of companies, the Antitrust Division has been looking at industry-wide pricing practices. The company is taking this investigation seriously and is cooperating with the appropriate authorities.