Stockwinners Market Radar for May 05, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:33 EDT TELUS recommends that shareholders reject TRC Capital's mini-tender offer - TELUS has been notified of an unsolicited mini-tender offer made by TRC Capital Corporation to purchase up to 3 million TELUS common shares - or approximately 0.51% of TELUS' outstanding common shares - at a price of $43.50 per share. TELUS does not endorse this unsolicited offer, has no association with TRC Capital or its offer, and recommends that shareholders do not tender their shares to the offer. TELUS cautions shareholders that the mini-tender offer has been made at a price below market price for TELUS shares. The offer represents a discount of 4.52% on the TSX closing price and 4.58% on the NYSE closing price for TELUS common shares on May 2. TRC Capital has made similar unsolicited mini-tender offers for shares of other public companies in Canada and elsewhere.

18:09 EDT Radian Group says Green River Capital unit receives SEC letter - In March, Green River Capital, a subsidiary of Clayton, received a letter from the staff of the SEC stating that it is conducting an investigation captioned, "In the Matter of Certain Single Family Rental Securitizations," and that it is requesting information from market participants. The letter asks Green River Capital to provide information regarding broker price opinions that Green River Capital provided on properties included in single family rental securitization transactions. Green River Capital is cooperating with the SEC.

17:27 EDT Zosano Pharma CFO Winnie Tso resigns - According to a regulatory filing, on May 2, 2017, Winnie Tso, who has been on a medical leave of absence since May 13, 2016, resigned as Chief Financial Officer of Zosano Pharma Corporation, effective immediately.

17:21 EDT Ramco-Gershenson to replace Headwaters in S&P 600 at open on May 10 - Boral Limited is acquiring Headwaters in a deal expected to be completed soon, pending final conditions.

17:15 EDT FDA requires drug interaction studies with Concordia's Kayexelate - The U.S. FDA said it is is requiring the Kayexalate manufacturer, Concordia, to conduct studies to investigate Kayexalate's potential to bind to other medications administered by mouth - drug interactions that could affect how well the other medications work. If the studies conducted by the Kayexalate manufacturer, Concordia Pharmaceuticals, confirm significant interactions with other medications, FDA will require all manufacturers of sodium polystyrene sulfonate products to update the drug labels to include information about these drug interactions. Reference Link

17:04 EDT OCI Partners approves cash distribution of 23c per common unit - Based on the results of the three months ended March 31, the Board of Directors of the general partner of the Partnership has approved a cash distribution of 23c per common unit or approximately $20M in the aggregate. The cash distribution will be paid on June 5 to unitholders of record at the close of business on May 19.

17:02 EDT OCI Partners announces CEO Frank Bakker resigns, effective May 12 - OCI Partners announced that on May 1, Frank Bakker resigned as President, CEO and director of the general partner of the Partnership, effective May 12th, to pursue other opportunities. On May 4, Ahmed El-Hoshy, CEO of OCI N.V. in the Americas and a director of the general partner of the Partnership since July 2016, was appointed as President and CEO of the general partner of the Partnership, effective May 12th. In addition to this new position, he will continue to serve as a director of the general partner of the Partnership and CEO of OCI Americas.

16:58 EDT S&P cuts IBM to A+ from AA-, Outlook revised to stable from negative

16:49 EDT Pinnacle Foods recalls products due to potential Listeria contamination - Pinnacle Foods is voluntarily recalling all "Best By" dates of Aunt Jemima Frozen Pancakes, Frozen Waffles & Frozen French Toast Slices distributed nationally in the U.S. and one product into Mexico because they have the potential to be contaminated with Listeria monocytogenes. No illnesses have been reported. Pinnacle Foods initiated the recall after testing indicated the presence of Listeria monocytogenes in the plant environment. The company is working in coordination with the FDA on this recall. Listeria monocytogenes is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems.

16:41 EDT Triumph Group reduces credit pact - Triumph Group , substantially all of its domestic subsidiaries, as co-borrowers and guarantors, the lenders party thereto and PNC Bank, National Association, as administrative agent, are party to that certain Third Amended and Restated Credit Agreement, dated November 19, 2013 the "Existing Credit Agreement", pursuant to which the lenders (i) made a $375M term loan to the Company and the Subsidiary Co-Borrowers on the closing date and (ii) provided a $1 billion revolving line of credit pursuant to which the Company and its Subsidiary Co-Borrowers may borrow revolving credit loans and multicurrency swing loans and cause to be issued letters of credit, in an aggregate principal amount not to exceed $1B outstanding at any time. On May 1, 2017, the Company entered into an Eighth Amendment to the Third Amended and Restated Credit Agreement ,among the Company, the Subsidiary Co-Borrowers, the lenders party thereto and the Administrative Agent). The Eighth Amendment amended the Existing Credit Agreement to, among other things, (i) eliminate the total leverage ratio financial covenant, (ii) increase the maximum permitted senior secured leverage ratio financial covenant applicable to each fiscal quarter, commencing with the fiscal quarter ended March 31, 2017, and to revise the step-downs applicable to such financial covenant, (iii) reduce the aggregate principal amount of commitments under the revolving line of credit to $850.0 million from $1 billion, (iv) modify the maturity date of the term loans so that all of the term loans will mature on March 31, 2019, and (v) establish a new higher pricing tier for the interest rate, commitment fee and letter of credit fee pricing provisions and provide that the highest pricing tier will apply until the maximum senior secured leverage ratio financial covenant is 2.50 to 1.00 and the Company delivers a compliance certificate demonstrating compliance with such financial covenant.

16:32 EDT LENSAR receives FDA clearances for laser cataract platform integration - LENSAR announced it received 510k clearance for integration of the popular OCULUS Pentacam and ALADDIN topographer from Topcon to the LENSAR Laser System with Streamline III. These latest approvals advance the advantages of the LENSAR Laser System's industry exclusive open architecture, expanding the femtosecond refractive cataract platform's appeal to the extensive Pentacam user base and continuing to serve the needs of refractive cataract surgeons and their patients. "As always, our customers significantly influence the choices we make about the devices selected for integration into the LENSAR Laser System and there is simply no denying Pentacam is a strong technology of choice in advanced cataract surgical planning," said Nicholas Curtis, CEO of LENSAR. "Our open architecture platform allows surgeons to use the diagnostic devices they trust to guide treatment and manage astigmatism using our laser's exclusive features to ultimately deliver the outcomes and experience today's patients demand from an advanced cataract procedure."

16:22 EDT Richard Scott Melnick reports 8.6% passive stake in AzurRx BioPharma

16:18 EDT Hill International completes sale of Construction Claims Group to equity firm - Hill International has closed on the sale of its Construction Claims Group to Bridgepoint Development Capital, part of international private equity group Bridgepoint, funded under the terms previously disclosed. Net proceeds from the sale were used primarily to pay off and retire Hill's outstanding senior debt, which totaled $151.1M at closing, for which Hill incurred interest expense of $13.9M during the trailing twelve months ended March 31. Simultaneously with the closing of the sale, Hill amended its secured revolving credit facilities from $45.0M to $35.0M, consisting of a $25.0M U.S. Dollar-denominated facility and a $10.0M Euro-denominated facility. The amended facilities will have terms of five years from the closing. As of the closing, the amended facilities are substantially drawn.

16:15 EDT Gabellli reports 7.19% stake in Hertz - Gabellli used an aggregate of approximately $16,657,286 to purchase the additional securities reported. GAMCO and Gabelli Funds used approximately $13,074,145 and $3,464,481, respectively, of funds that were provided through the accounts of certain of their investment advisory clients in order to purchase the additional securities for such clients. Foundation used approximately $50,460 of funds of a private entity to purchase the additional Securities reported by it. MJG used approximately $150,129 of private funds to purchase the additional Securities reported by him. GBL used approximately $1,496 of working capital to purchase the Securities reported by it. The aggregate number of securities to which this Schedule 13D relates is 6,020,313 shares, representing 7.19% of the 83,706,286 shares outstanding as reported by the Issuer as of April 3.

16:09 EDT Bon-Ton Stores Chairman of the Boeard Tim Grumbacher retiring - Bon-Ton Stores Chairman of the Board of Directors and Strategic Initiatives Officer Tim Grumbacher has informed the board of his decision to retire from these positions effective May 13. Grumbacher will continue to serve as Chairman Emeritus and Advisor to the CEO. Debra K. Simon, a current member of the board, has been elected to succeed Grumbacher as Chairman of the Board, also effective May 13. Grumbacher has been a member of the Board of Directors since 1967 and served as Chairman of the Board since 1991. Simon, the wife of Grumbacher, has been a member of the board since March 2016.

16:02 EDT Rex Energy announces 1-for-10 reverse stock split - Rex Energy announced a one-for-ten reverse stock split of its common stock. The company's stockholders granted authority to the company's Board of Directors to effect this reverse stock split at the company's annual meeting of stockholders on May 5, 2017. The reverse stock split is expected to take place after market close on May 12, 2017. It also is expected that the company's common stock will begin trading on a split-adjusted basis on The NASDAQ Capital Market at the market open on May 15, 2017. At the Effective Time, every ten issued and outstanding shares of the company's common stock will be converted into one share of the company's common stock. While the company's common stock will continue to trade on NASDAQ under the symbol "REXX," it will have a new CUSIP number following the effectiveness of the reverse stock split. The reverse stock split will not modify any rights or preferences of the company's common stock. The reverse stock split is intended to increase the market price per share of the company's common stock to allow the company to maintain the listing of its common stock on NASDAQ, as well as to broaden the range of potential investors in Rex Energy to include those who have share price minimum requirements that currently are not met. As a result of the reverse stock split, the number of outstanding shares of the company's common stock will be reduced from approximately 99M to approximately 9.9M.

15:12 EDT Meet MiMedx: CEO says MiMedx turning into 'unique biopharma company' - In an exclusive interview with The Fly, MiMedx CEO Parker H. "Pete" Petit discussed the company's transformation, its goals and some misconceptions investors still have: "Often, investors cannot 'see the forest for the trees'. Over the last six years, MiMedx has established an impressive record of revenue and cash flow growth which has been very visible. However, investors became too focused on the possibility of some new competitor taking significant market share away, which has not happened and is going to be difficult to accomplish. They have not focused on the significant asset base the company has built including our technology and the associated scientific and clinical publications, our over 300 highly trained sales personnel who are primary focused in the advanced wound care sector of healthcare, our significant achievements in national reimbursement coverage where we have now over 300 million covered lives for our EpiFix product, the introduction of dozens of new products all stemming from our placenta technology, the addition of dozens of new patents, the buildup of three different production facilities one of which is now qualified for Good Manufacturing Practices for drug based manufacturing and very high quality information technology and healthcare informatics systems. Potential investors became too focused on the FDA changing the regulatory status of human tissue products and not on the fact that MiMedx has already been doing an IND/BLA study for the FDA for two years, and management has talked about launching other similar studies. Therefore, we were years ahead of any competition in going down the FDA 'approval' process for our products as a drug. Therefore, we finally decided that perhaps our asset base could best be explained by clearly signaling that we were becoming a biopharma company not just a wound care company with opportunities in certain surgical areas. Having accomplished that, I believe that shareholders now clearly understand the technology platform that we have built and on which we have obtained and filed numerous patents and conducted numerous studies and published dozens of articles over the last five years. Most importantly, I believe they realize that our placenta based tissue contains over 220 proteins which are growth factors, chemokines and cytokines. This means that we not only have a few molecules that we will be studying through our FDA regulatory process, but our tissue allografts have over 220 proteins which act together in a very effective fashion to enhance healing, reduce scar tissue formation, and reduce inflammation. Those are all clinical attributes that physicians have taken advantage of and will want to take further advantage of as we progress through the FDA 'approval' process with our IND/BLA initiatives for further 'indications for use'. As an example, most biopharma companies have a few molecules that they are attempting to prove through preclinical and in clinical trials their safety and effectiveness. In effect, MiMedx has the distinct advantage of already having done that on this milieu of proteins because we have utilized the Section 361 of the Public Health Act to market our products. As we move forward with the FDA 'approval' for certain 'indications for use' of these products, we will build significant barriers to entry and have a much more direct and easy process for health plan coverage and governmental coverage for those specific indication for use. In the months ahead, we will be announcing the preliminary results of our phase IIb trial on the micronized version of our allografts for the use for plantar fasciitis. We will also be announcing the filing of several additional INDs for other uses of our products such as for osteoarthritis and various forms of tendonitis. At that point, I certainly believe that investors will fully understand the value of the assets that we have built particularly our technology platform. While we expect to continue to produce exceptional revenue and profit growth from our existing wound care and surgical businesses, we believe this additional focus on our new regulatory initiatives will turn MiMedx into a very unique biopharma corporation." "Meet the Company" is The Fly's recurring series of exclusive short interviews with Executive Officers to offer a deeper look inside the company.

14:55 EDT Meet MiMedx: CEO sees company filing several additional INDs - In an exclusive interview with The Fly, MiMedx CEO Parker H. "Pete" Petit talked about the Food and Drug Administration's decision back in February to not include guidance on Human Cells, Tissues, and Cellular and Tissue Based Products - or HCT/Ps - on its 2017 calendar. At the time, the company said it was "encouraged" by the announcement and that there is industry support that the draft guidances should be "amended significantly or withdrawn in their entirety." Additionally, the executive noted that MiMedx is pursuing several additional INDs - Investigational New Drug applications - for new uses of products: "The particular guidance documents were the subject of a great deal of criticism at the FDA's September hearing. Approximately 80% of the industry participants felt that these guidelines were not science-based. However, I certainly recognize that there are some additional regulatory oversights that would be beneficial in human tissue area because some small organizations have taken liberties with the HCT/P regulatory pathway. However, the FDA has numerous ways with their current regulations and enforcement to take care of those matters. FDA also has ways to encourage companies to pursue the IND/BLA process for their products 'indications for use'. MiMedx is quite busy pursuing those IND/BLA pathways with one and soon to be several of our products for obtaining 'indications for use' through the FDA 'approval' process. I believe Dr. [Scott] Gottlieb [President's Trump nominee to be the next Commissioner of the FDA] is well aware that there are other less onerous regulatory pathways that need to be utilized particularly with human tissue and stem cells. He understands clearly that the recently passed 21st Century Cures Bill has asked the FDA to find a pathway for certain tissues, drugs and devices that will reduce the regulatory burden. Human tissue is a great example of how the 21st Century Cures Bill could be used to shorten the lengthy regulatory process for tissue being approved in the IND/BLA process." Meet the Company" is The Fly's recurring series of exclusive short interviews with Executive Officers to offer a deeper look inside the company. The remainder of this interview to follow.

14:32 EDT Meet MiMedx: CEO sees regulatory easing as beneficial for company, U.S. - In an exclusive interview with The Fly, MiMedx CEO Parker H. "Pete" Petit discussed how the Trump administration's pledge to lower regulatory burdens for companies could impact MiMedx: "I think it will be beneficial not only for MiMedx but for all of American business and our economy. I say this as a medical entrepreneur who has run public healthcare companies for 36 years. I certainly understand the need for federal regulations. However, we have reached the point where the benefits are far outweighed by the detrimental issues that, in our case, negatively affect patients. We have seen some indications over the years that the Food and Drug Administration became focused on issues other than a science-based approach to their regulations. The interim Commissioner, Dr. Robert Califf, made changes and was certainly very focused on science based regulatory decisions. While I do not know Dr. Scott Gottlieb, I have seen published statements indicating that he clearly understands the regulatory issues in today's environment. I fully expect him to follow President Trump's directive to all Federal Agencies regarding any new regulations must result in two other regulations being retired. In any organization, business and government, it is quite prudent to frequently review the organizational effectiveness and even do zero-based budgeting." "Meet the Company" is The Fly's recurring series of exclusive short interviews with Executive Officers to offer a deeper look inside the company. The remainder of this interview to follow.

14:02 EDT Teva, Active Biotech: Primary endpoint not met in CONCERTO trial - Teva Pharmaceutical and Active Biotech announced results from the CONCERTO trial in patients with relapsing-remitting multiple sclerosis. The primary endpoint in CONCERTO -- the evaluation of laquinimod versus placebo to evaluate the time to Confirmed Disability Progression after at least 3 months - was not met. Other data details announced by the Company show that on the secondary endpoint which measured change in brain volume-- an indicator of disability progression over time-- compared to baseline was positive. Other encouraging results were seen on the secondary endpoint of time to first relapse and the exploratory endpoint of annualized relapse rate. As with the primary endpoint, secondary endpoints measuring time to CDP at 6 and 9 months did not reach significance. On the exploratory endpoint of reduction of the number of gadolinium-enhancing T1 lesions at month 15, laquinimod demonstrated a 30% reduction. "We have learned a great deal from the CONCERTO trial and we will continue our analysis of the data," said Michael Hayden, M.D., Ph.D., President of Global R&D and Chief Scientific Officer at Teva. "Although we are disappointed by not meeting the primary endpoint, we did see positive results on a number of secondary and exploratory endpoints which fuels our belief in the potential of laquinimod as a possible treatment for neurodegenerative diseases. While we have no current plans to further pursue laquinimod in RRMS, we are continuing to study it in two other trials."

13:32 EDT National Beverage CEO seeks to see short sellers 'suffer the consequences' - National Beverage announced a special cash dividend and released a letter to shareholders written by Chairman and CEO Nick Caporella, in which he states in part: "As one of the youngest CEO's to be locked in a battle to protect shareholders from a noted serial corporate raider from 1976 to 1988 - an experience that forever shaped my resolve. Today, that long ago experience continues to embolden my determination to diligently serve the loyal shareholders of National Beverage Corp. and I honorably do so . . . but I must search deeply to define that word 'loyal' these days! Some shareholders are earning fees while enabling speculators to 'short' our stock. This is hardly loyal behavior in my eyes and goes against my fiduciary allegiance...So, I plan to poll all of the institutional shareholders to summon their support to allow the loyal to benefit and subject those who chose to 'bet against' the Company and its loyal supporters to suffer the consequences of their fate...National Beverage Corp. does not possess a patent which, by the way, is the most formidable moat, but has the closest audacious back-up moat . . . a cult-led, tech-charged millennial with 'change' power, an extremely passionate and proven innovator, healthier mandatory incentives pushed by society plus a powerful army of highly-competent professionals drinking the plan! Throw in the team called Team National and that moat becomes . . . nuclear. We are on the right side of Conviction, the healthiest motive a public corporation can have."

13:24 EDT National Beverage declares special cash dividend of $1.50 per share - National Beverage announced a special cash dividend and released a letter to shareholders written by Chairman and CEO Nick Caporella. The board confirmed a cash dividend of $1.50 per share to be distributed to shareholders of record on June 5. Payment date for this distribution shall be on or before August 4, the company said.

13:07 EDT Black Creek reports 10.7% passive stake in FTI Consulting

13:06 EDT MiMedx CEO says new FDA commissioner aware of 'less onerous regulatory pathways'

13:06 EDT MiMedx CEO Petit believes may have 'blockbuster drug' in osteoarthritis

13:03 EDT Baker Hughes reports U.S. rig count up 7 to 877 rigs - Baker Hughes reports that the U.S. rig count is up 7 rigs from last week to 877, with oil rigs up 6 to 703, gas rigs up 2 to 173, and miscellaneous rigs down 1 to 1. The U.S. Rig Count is up 462 rigs from last year's count of 415, with oil rigs up 375, gas rigs up 87, and miscellaneous rigs unchanged. The U.S. Offshore Rig Count is up 2 rigs from last week to 19 and down 5 rigs year over year. The Canadian Rig Count is down 3 rigs from last week to 82, with oil rigs up 3 to 27 and gas rigs down 6 to 55. The Canadian Rig Count is up 46 rigs from last year's count of 36, with oil rigs up 16, gas rigs up 31, and miscellaneous rigs down 1 to 0.

12:44 EDT Alcobra reaches pact with Brosh on cancellation of extraordinary meeting - Alcobra announced that it has reached an agreement with Brosh Capital L.P. and certain of its affiliates on the cancellation of the Extraordinary General Meeting of Shareholders previously called by the Brosh Group to be held on May 23, 2017. Pursuant to the Agreement, the Extraordinary General Meeting will be cancelled, the Brosh Group shall withdraw its related meeting notice and proxy materials and will refrain from initiating any proceedings or taking any action for the convening of any meeting of shareholders until the convening of Alcobra's Annual General Meeting of Shareholders. Alcobra will convene its Annual General Meeting no later than July 20, 2017. As the company continues its established process to explore options for creating shareholder value, the parties have agreed that Alcobra will bring to a shareholder vote any merger or acquisition transaction or extraordinary transaction in which Alcobra will invest significant and material amounts of money or raise debt financing from the public in connection therewith, which it enters into prior the Annual General Meeting, to the extent required under the Israeli Companies Law. If a transaction does not require a shareholder vote under the Israeli Companies Law, Alcobra will provide eight days' notice to its shareholders before the closing of such transaction.

12:18 EDT Battleground: Analysts clash on Stericycle outlook after Q1 results - Two research firms disagreed on the outlook for Stericycle (SRCL) after the company reported better than expected first quarter results. Baird downgraded the stock to Underperform, its equivalent of a sell rating, contending that the company reported "low quality earnings," putting it at risk of missing estimates going forward. Jefferies continues to identity the stock as one of its favorite ideas. The company's results show that its performance is becoming more consistent, the firm believes. Stericycle focuses on the disposal of medical waste. RESULTS: Stericycle reported first quarter earnings per share, excluding some items, of $1.09, versus the consensus outlook of $1.05. Its revenue also came in slightly above expectations. BAIRD: Stericylce's stock is nearly 20% off its lows, but its earnings have remained flat, according to Baird analyst David Manthey, The analyst wrote that Stericycle's Q1 EPS only beat expectations due to non-operating items, as its operating income came in 5% below his expectations. The company's 2017 gross margin guidance, which assumes an "unprecedented" increase, may not materialize, resulting in additional profit misses in the near-term, Manthey warned. Finally, the analyst says that the company's decision to exclude several items from its EPS is "highly suspect." He expects the stock to drift lower going forward and trimmed his price target on the shares to $73 from $74. JEFFERIES: Stericycle increased its top and bottom line full-year guidance for the first time in ten quarters, and this is the third quarter in a row that its results have been in-line or ahead of expectations, according to Jefferies analyst Sean Dodge. Moreover, its revenue growth, excluding acquisitions, came in at 2.1%, versus Dodge's outlook of 0.5%, the analyst wrote. The company's investments in big data and sales force expansion are "beginning to yield results," the analyst added. He kept a $108 price target and a Buy rating on the shares. PRICE ACTION: In early afternoon trading, Stericycle rose 1.5% to $87 per share.

11:23 EDT PDC Energy sees FY production more in 32-33MMBoe range - Says expects "consistent" production growth through remainder of 2017, with 2017 production in the top third of its 30-33MMBoe range, or 32-33MMBoe. Expects Wattenberg efficiencies to offset modest service cost inflation in basin. Sees "strong, reliable" growth from Wattenberg assets in 2017. Says "very encouraged" with production levels seen so far in Q2. Commenting on the explosion at Firestone, Colorado, that killed two peple in April, PDC said it is "confident" in integrity of company's facilities, operations, adds that "safety remains our highest priority." For 2017, says has over 7M of barrels of oil hedged, has a "nice start" on 2018 positions. Comments taken from the Q1 earnings conference call. PDC Energy is up 1.1% to $52.48 in morning trading.

11:14 EDT Netflix, Disney seen as top targets if Apple brings back cash - In a research note this morning, Citi analyst Jim Suva told investors that he sees seven potential M&A targets for Apple (AAPL) if tax changes allow it to more easily bring cash back to the U.S. - Netflix (NFLX), Disney (DIS), Hulu, Tesla (TSLA), Activision Blizzard (ATVI), Electronic Arts (EA), and Take-Two Interactive (TTWO). WHAT'S NEXT FOR APPLE: While pointing out that as Apple has become larger the company's sales and earnings per share growth have slowed, Citi's Suva noted that the iPhone maker has too much cash, nearly $250B. Apple has avoided repatriating cash to the U.S. to avoid high taxation, the analyst said, but a tax reform may allow the company to put this cash to use as a one-time 10% repatriation tax would give Apple $220B for M&A or buybacks. Suva sees Netflix, Disney and Hulu - the TV streaming joint venture owned by 21st Century Fox (FOXA), Comcast (CMCSA), Disney and Time Warner (TWX) - as three potential M&A targets for the tech giant given their strategic fit, global scale, transaction size, few non-strategic assets and likely impact on Apple's share price, with Netflix as the one he calls "most likely" to be involved in an Apple deal. Moreover, the analyst argued that perhaps the best path for Apple is a hybrid approach, with the company using one third of its cash to acquire Netflix and two thirds of its cash for larger buybacks. This would give the iPhone maker better top-line growth, faster growth in net income and a significant 20% lift in equity value, Suva estimated. He reiterated a Buy rating on Apple's shares. WHAT'S NOTABLE: Last month, RBC Capital analyst Amit Daryanani argued that it would be "logical" for Apple to acquire Disney if cash repatriation legislation is passed, as it could enable the iPhone maker to gain scale in media/content and boost its Services Business. Furthermore, the analyst noted that such a deal would create a tech/media juggernaut like no other and instantly scale Apple's services, content, and media portfolio, which would make the case for a higher valuation. While he sees the chances of such an acquisition being "greater than 0%," Daryanani acknowledged that the odds of it happening are "low." VIDEO GAME MAKERS NAMED AS TARGETS: While Netflix, Disney and Tesla have previously been speculated as good fits should Apple look to make a mega-deal, Citi's Suva also identified three game developers, namely Activision, Electronic Arts and Take-Two among Apple's potential takeover targets. Activision Blizzard reported its quarterly results last night, while EA is scheduled to report earnings next week and Take-Two reports later this month. PRICE ACTION: In morning trading, shares of Apple have gained about 1% to $148, while Netflix and Disney were fractionally lower and fractionally higher, respectively.

11:03 EDT Dean Foods reports minority investment, distribution deal with Good Karma Foods - Dean Foods Company announced a minority investment and a distribution deal with Good Karma Foods, a producer of flaxseed-based milk and yogurt alternatives. The partnership with Dean Foods will allow Good Karma to more quickly expand distribution across the U.S., as well as increase investments in brand building and product innovation. Dean Foods will take a position in the brand and joins lead investor 2x Consumer Products Growth Partners in support of Good Karma. Good Karma will continue to operate as a Boulder-based independent company led by its existing leadership team. As part of the investment agreement, Dean Foods will lend support to Good Karma's growth plans in the conventional retail channel through its experienced sales team. Terms of the deal were not disclosed. Piper Jaffray served as an advisor to Good Karma.

10:59 EDT Achaogen receives investment from the Bill & Melinda Gates Foundation - Earlier, Achaogen announced that it has signed an agreement with the Bill & Melinda Gates Foundation to partner in efforts to prevent neonatal sepsis in developing countries through the generation of monoclonal antibodies against gram-negative bacteria. Neonatal sepsis, a bacterial bloodstream infection, BSI, in newborn babies, causes approximately 345,000 deaths per year worldwide. Achaogen will receive up to $10.5M in grant funding along with a $10M equity investment through a purchase of the Company's common stock. The initial grant will support the discovery of monoclonal antibody candidates targeting Acinetobacter baumannii, a leading cause of neonatal sepsis and a major focus of Achaogen's internal bactericidal antibody program. If successful, future grant funding could support additional antibody discovery and development efforts. The equity investment will significantly accelerate the overall development of Achaogen's monoclonal antibody discovery platform with the intention of applying this platform to identify novel solutions to prevent and treat infections, including those that disproportionately impact the poor.

10:44 EDT Signet Jewelers announces agreement to resolve EEOC case on pay and promotions - Signet Jewelers announced that it had reached an agreement with the Equal Employment Opportunity Commission, or EEOC, to resolve all claims related to the pay and promotion of female retail sales employees at the company in EEOC v. Sterling Jewelers Inc. The Consent Decree states there were "no findings of liability or wrongdoing," and does not require the company to pay a monetary award. "We are pleased to have resolved this matter with the EEOC. Signet has a sound framework of policies and practices designed to ensure equal opportunity for women and we do not tolerate discrimination of any kind. The additional steps agreed to as part of the Consent Decree with the EEOC are consistent with our commitment to continuous review and improvement," said Lynn Dennison, Signet Chief Legal, Risk and Corporate Affairs Officer.

10:29 EDT PDC Energy sees FY17 production in top-third of 30-33MMBoe range - The company anticipates 2017 production to be within the top-third of its previously disclosed guidance range of 30 to 33 MMBoe with 2017 capital investments expected to be in the top half of its $725M-$775M range. Additionally, the Company plans to pursue the 2017 divestiture of it Utica Shale asset in order to provide additional focus to its premier Core Wattenberg and Delaware Basin assets.

09:56 EDT Amerseco, others awarded U.S. DOE IDIQ contract worth up to $55B - Ameresco announced it has been awarded an Indefinite Delivery Indefinite Quantity contract for federal Energy Savings Performance Contracts by the U.S. Department of Energy. Ameresco is one of 21 companies awarded the $55B IDIQ contract to develop new energy and water savings projects for federal facilities. The new IDIQ contract was awarded to Ameresco on April 27. The contract has a base ordering period of five years and one 18-month option period, for a total ordering period of 6.5 years if the option is exercised. The maximum contract ceiling amount of $55B will be shared by all contract holders.

09:42 EDT Barnes Group raises quarterly dividend to 14c from 13c per share - The Board of Directors of Barnes Group increased the company's quarterly cash dividend 8% to 14c per share of common stock. The dividend will be payable June 9 to shareholders of record at the close of business on May 25. On an annualized basis, the increase raises the annual dividend from 52c per share to 56c per share.

09:31 EDT Noble Corp. says sees 'clear evidence' of recovering offshore industry - Noble Corp (NE) says sees "clear evidence" of a recovering offshore industry, though still in early stages. Says GE (GE) partnership to have "transformative impact" on drilling operations. Sees FY17 contract drilling service costs $600M-$640M. Sees FY operational downtown of 4%. Sees FY interest expense $285M-$295M. Sees FY17 total CapEx $115M. Sees Q2 CapEx approx. $39M. Sees go-forward effective tax rate better aligned with prevailing business environment. Says international rig market "at or near low tide." Says Central American rig market "seems to be improving generally." Says sees "limited" near term growth potential for North Sea. Comments taken from the Q1 earnings conference call.

09:27 EDT Cigna CEO says 'not helpful to speculate' on next steps ahead of Anthem ruling - Cigna (CI) CEO David Cordani said it is "not helpful for us to speculate on the outcome or the timing" of potentially providing more color on its capital deployment plans before Monday's court review and decision. Cordani added: "Clearly, we'll be in a position to communicate as quickly as possible and recognize the importance relative to that but its not helpful for us to speculate on the timing...we would challenge ourselves once we have clarity to be as comprehensive and timely as possible for our shareholders to communicate next steps for our organization. And I think you have confidence that we've always been both transparent and responsive, and we will seek to be highly transparent and responsive as soon as the window opens on that conversation."

09:24 EDT Synchronoss jumps after Siris seeks talks about possible 'go-private' deal - Shares of Synchronoss have jumped in pre-market trading after Siris Capital disclosed in a regulatory filing earlier that it has amassed a 12.93% stake in the company and said that it has expressed interest in discussing with the board of directors of the company one or more potential strategic transactions, which may include a take-private, a significant minority investment or other strategic transaction. In pre-market trading, Synchronoss shares are up $3.03, or 19.6%, to $18.48.

09:15 EDT Delta Technology says price of solvent has quadrupled over the past 12 months - Delta Technology announced the price of solvent, one of its principal byproducts, has quadrupled over the past 12 months. The solvent mainly consists of dichlorotoluene which is used in the production of exterior wall coating and industrial glues. The head of the sales department said, "The price of solvent is now around 4500 RMB/Ton. It was only 900-1200 RMB/Ton in Q1-Q3 2016. Solvent is one of the principal byproducts of our chemical manufacturing process. Delta produces between 100 and 300 tons of solvent in OCT/PCT production process every month, and because it's a byproduct, we don't attribute a material cost to its production. As a result, sales of solvent not only contribute to revenue growth, but are also highly accretive to margins. In light of this pricing trend, and in conjunction with continued sales growth, we expect the expanding sales trends identified in our January press release to continue and further increase, with expanding margins."

09:08 EDT Cigna sees participating in Medicare open enrollment cycle this fall - Cigna said it expects to be in a position to participate in the Medicare open enrollment cycle this fall, stating on its Q1 call that it made a "really aggressive push" to get its issues resolved. The company added that while it doesn't like to shrink, it has been "pleased" with the fact that its retention rates held up "quite strongly" through this process. The company concluded that it is "in the final chapter," having ongoing interactions in dialogue with CMS, and planning "in all aspects" to be in the fall enrollment cycle.

09:06 EDT CytoSorbents' CytoSorb meets safety endpoints in REFRESH I trial - CytoSorbents reported positive results from the REFRESH I trial presented on May 1 at the American Association for Thoracic Surgery Centennial Conference in Boston. REFRESH I was a prospective, randomized, controlled trial in eight major U.S. cardiac surgery centers evaluating the safety and feasibility of CytoSorb, a blood purification technology designed to treat deadly inflammation in critically-ill and cardiac surgery patients aged 18-80 years of age. The CytoSorb therapy, developed by CytoSorbents, is designed to reduce the risk of these sequelae. Key findings of the study were: CytoSorb treatment achieved increasing reductions in peak pfHb levels in this population during surgery compared to control, statistically significant at 3.5h and 4.0h of CPB time; treatment also resulted in statistically significant decreases in activated complement C3a and C5a during surgery. The study achieved the primary safety endpoint of the study with a favorable adjudication of all serious adverse events. There were no significant differences in the rates of adverse events or serious adverse events between the two groups, including 30-day mortality, and there were no unanticipated adverse device effects reported. CPB led to an expected significant drop in platelets in both groups, with treatment leading to an additional transient and stable decrease in platelets that returned to pre-treatment levels shortly after surgery. Post-operatively, blood coagulation parameters and bleeding complications were not statistically different between the two groups.

09:02 EDT TopBuild, Owens Corning settle contract dispute - TopBuild (BLD) and Owens Corning (OC) have entered into a settlement agreement in connection with a commercial breach of contract dispute from the second quarter of 2016. Both companies plan to resume a productive and normalized commercial relationship whereby Owens Corning will sell residential insulation to TopBuild and its subsidiaries, including TruTeam. Under the terms of the settlement, TopBuild will pay Owens Corning $30M in cash. The settlement will also result in the dismissal of the lawsuit filed in May, 2016 in Toledo, Ohio in connection with the dispute. Additional details of the settlement agreement remain confidential.

08:57 EDT Marriott increases quarterly dividend 10% to 33c per share - Marriott International declared a quarterly cash dividend of 33c per share of common stock, a 10% over the previous quarterly dividend amount of 30c per share. The dividend is payable on June 30 to shareholders of record as of May 19.

08:53 EDT Immunomedics: Founder David Goldenberg to step down from all officer positions

08:52 EDT Cigna says will update on Anthem agreement when 'more news to share' - Cigna (CI) CEO David Cordani noted that Anthem (ANTM) announced this morning that it has filed a petition with the U.S. Supreme Court seeking a review of the decision by the Court of Appeals, which has affirmed the decision of the District Court enjoining the merger of the companies. On May 8, there will be a hearing in the Delaware Chancellor Court to determine Cigna's rights to terminate the merger agreement, said Cordani, who added: "We will update you when there is additional news to share."

08:51 EDT Immunomedics announces termination of licensing agreement with Seattle Genetics - Immunomedics (IMMU) delivered several business and leadership updates and outlined a new strategic plan to drive long-term value for stockholders. These updates include the termination of the previously announced Exclusive Global Licensing Agreement with Seattle Genetics (SGEN), returning full rights of Sacituzumab Govitecan, the Company's breakthrough therapy candidate to treat metastatic triple-negative breast cancer, to Immunomedics. Immunomedics also announced that it has raised $125M in gross proceeds in a private placement of its Series A-1 Convertible Preferred Stock with institutional investors, and has taken a series of steps to drive positive organizational and operational changes. Under the termination agreement, the Company will retain all rights to IMMU-132. Seattle Genetics will maintain its existing equity investment in Immunomedics granted as part of the licensing agreement. Further, the expiration date for the warrants has been shortened to the later of December 31, 2017 and the date that is six months following the date on which a sufficient number of shares of the Company's Common Stock are authorized and reserved for issuance to permit the full exercise of such warrants. In addition, the termination agreement provides that no payments or expense reimbursements shall be made by either party and each party has provided full releases to the other party. Aspects of the mutually agreed upon termination of the licensing agreement between Immunomedics and Seattle Genetics are subject to court approval.

08:49 EDT Dataram announces 1-for-4 reverse stock split - Dataram announced the company has approved a 1-for-4 reverse split. The reverse stock split will be effective with The NASDAQ Capital Market at the open of business on Monday, May 8, 2017. The par value and other terms of company's common stock were not affected by the reverse stock split. Dataram's common stock will begin trading on The NASDAQ Capital Market on a split-adjusted basis when the market opens on Monday, May 8. The purpose of the reverse stock split is to raise the per share trading price of Dataram's common stock to greater than $4.00 per share minimum bid price. The reverse split is a condition to the consummation of the merger with U.S. Gold Corp. The common stock will continue to be traded on The NASDAQ Capital Market under the symbol "DRAM," and the new CUSIP number for the company's common stock following the reverse stock split is 238108 500.

08:41 EDT Louisiana-Pacific says COO Brad Southern to succeed Curt Stevens as CEO - Louisiana-Pacific Corporation announced that its board of directors has appointed Brad Southern to succeed Curt Stevens as the CEO of LP effective July 1, 2017. Stevens, who has served as CEO since 2012, will retire from LP June 30, 2017. Southern has been EVP, COO since November 2016.

08:22 EDT MoneyGram says filed self-disclosure with OFAC on March 28 - In a regulatory filing, MoneyGram said that in 2015, "we initiated an internal investigation to identify any payments processed by the company that were violations of the U.S. Department of the Treasury's Office of Foreign Assets Control sanctions regulations. We notified OFAC of the internal investigation, which was conducted in conjunction with the Company's outside counsel. On March 28, 2017, we filed a Voluntary Self-Disclosure with OFAC regarding the findings of our internal investigation. OFAC is currently reviewing the results of the company's investigation. At this time, it is not possible to determine the outcome of this matter, or the significance, if any, to our business, financial condition, or operations, and we cannot predict when OFAC will conclude their review of our Voluntary Self-Disclosure."

08:13 EDT Shell Midstream agrees to acquire additional assets from Shell - Shell Midstream Partners, L.P. (SHLX) entered into a purchase and sale agreement to acquire a 100% interest in the Refinery Gas Pipelines, Delta Pipeline and Na Kika Pipeline for $630M from wholly owned subsidiaries of Shell (RDS.A, RDS.B). The acquisition price reflects an approximate 8.4 times multiple of the assets' forecasted next twelve months adjusted earnings before interest, taxes, depreciation and amortization and is expected to be immediately accretive to unitholders. Shell Midstream Partners intends to fund the acquisition with a combination of borrowings under existing credit facilities and cash on hand. The acquisition is expected to close on or around May 10, 2017, subject to customary closing conditions.

08:09 EDT Sunshine Heart regains compliance with Nasdaq - Sunshine Heart announced that on May 4, the company was formally notified by The NASDAQ Stock Market that the company has regained compliance with the minimum stockholders' equity requirement and is in compliance with all other applicable requirements for listing on The Nasdaq Capital Market. As a result of the foregoing, the Nasdaq listing matter has been closed.

08:08 EDT Kanen Wealth says 'deeply disappointed' with New York & Co. response to 13D - The following is a statement from Kanen Wealth Management LLC. "Dear NWY Management & Board of Directors: We are deeply disappointed with your shallow and superficial response to our recent letter and 13-D filing. What's disappointing is your clear expression that the current plan, path, and trajectory is sufficient. You state that you merely need to add a board member "with expertise in new or growing areas of our business, such as E-Commerce, Omni-Channel or Digital, in order to provide a unique and fresh perspective". Perhaps more talent in the "new or growing areas of our business" would be beneficial, but what's alarming is you seem to be oblivious to the most important point and fact that I have been trying to make. It is THE REASON you have a losing record and a stock price that has declined more than 75% in approximately 4 years: YOU HAVE A NEGATIVE 1.66% OPERATING MARGIN! It was 33 basis points 4 years ago, and despite your "operating initiatives" and "Project Excellence", it has declined meaningfully. I urgently exhort you to contemplate deeply your primary failure: to increase gross profit to a satisfactory level and to trim operating expenses. After carefully meditating on this most important issue, I would ask you to please repeat the process! Hopefully, after this exercise, you will come to the clear and stark reality that costs need to come out of our business, both in cost of goods, as well as operating expenses. (cost of goods is well below peers) Enough is enough! For more than 4 years, as shareholder value has been eroded, executive management and the board have not participated in our sacrifice to a corresponding degree. We insist "minority shareholders" must be represented, and a special committee must be formed to address the most important issue destroying our value. (failure to adequately reduce costs) We sincerely hope you will cease your discrimination and horrible treatment of us minority shareholders, and finally heed to our voice with action! We thank the many minority shareholders that have reached out to us in support."

08:05 EDT Oppenheimer Holdings announces 650,000 share repurchase plan - Oppenheimer Holdings announced that its Board of Directors approved a share repurchase program that authorizes the company to purchase up to 650,000 shares of the company's Class A non-voting common stock, representing approximately 5% of its 13,178,571 currently issued and outstanding shares of Class A non-voting common stock. This authorization will supplement the 40,734 shares that remain authorized and available under the Company's previous share repurchase program covering up to 665,000 shares of the Company's Class A non-voting common stock, which was announced on September 15, 2015, for a total of 690,734 shares authorized and available for repurchase.

08:04 EDT Teva announces publication of Copaxone pregnancy data in IJMSC - Teva Pharmaceutical announced that data suggests that women with relapsing forms of multiple sclerosis who were exposed to Copaxone 20 mg/mL daily during pregnancy are not at higher risk for congenital anomalies compared to reference rates for abnormal pregnancy outcomes reported in two large databases representing the general population. These data appeared as an "Online First" article on the Website of the International Journal of MS Care and represent the largest published analysis of pregnancy pharmacovigilance data for an RMS treatment. MS is more common among women of childbearing age compared with any other age group. The average age of diagnosis is 30, and many women go on to have children after diagnosis. Approximately half of pregnancies are unintended, which means that women with MS may become pregnant unexpectedly while taking an MS treatment. None of the MS therapies are approved for use during pregnancy. The analysis published in IJMSC compared 5,025 pregnancy cases with known outcomes from the Glatiramer Acetate Pharmacovigilance Database to two other databases of healthy women, the Metropolitan Atlanta Congenital Defects Program and the European Surveillance of Congenital Anomalies. When compared to the rate of congenital anomalies from the MACDP database, the rate for prospective pregnancies among women exposed to Copaxone while pregnant from the GA Pharmacovigilance Database was comparable to the general U.S. population. Similarly, the comparison between the GA Pharmacovigilance and EUROCAT data indicated that the rate of congenital anomalies is very similar to that of the general European population.

07:46 EDT GlaxoSmithKline, Innoviva announce 'positive' results in Relvar Ellipta study - GlaxoSmithKline (GSK) and Innoviva (INVA) announced positive results from the innovative Salford Lung Study in asthma, carried out amongst 4,233 patients treated by their own general practitioner in everyday clinical practice. This open-label, randomised study showed that significantly more asthma patients initiated on treatment with Relvar Ellipta 100/25mcg or 200/25mcg achieved an improvement in their asthma control compared with patients who continued to take their usual care medicines. Usual care treatment included inhaled corticosteroids administered as monotherapy or as ICS/LABA combinations. For the primary effectiveness analysis, at 24 weeks a significantly higher percentage of patients with uncontrolled asthma and initiated on treatment with FF/VI achieved better control of their asthma measured by the Asthma Control Test, compared with patients continuing usual care treatment. Improvement was defined as an ACT total score greater than or equal to20 or an increase from baseline of greater than or equal to3. Statistically significant findings were also seen at 12, 40 and 52 weeks. In the study for the intent-to-treat population, the incidence of serious adverse events was the same in both arms. Pneumonia was a safety endpoint of special interest and a regulatory post-authorisation requirement of the European Medicines Agency. A novel aspect of the study design was that it allowed patient's treatment to be modified throughout the study. Therefore two assessments relating to pneumonia have been performed, one based on the arm to which patients were randomised, the second based upon the treatment to which patients were exposed at the time of the event. Serious adverse events of pneumonia by randomised group were reported by 39 patients. These patients had 42 events and based on a pre-planned analysis non-inferiority of FF/VI to usual care was not confirmed. When these events were summarised according to the actual treatment patients were taking at the time of the event, 21 events were recorded for FF/VI and 21 events for usual care.

07:37 EDT Jones Lang LaSalle CEO 'confident' in meeting full year expectations - "Strong revenue growth and continued market share gains combined with expected margin performance contributed to solid first-quarter results," said Christian Ulbrich, CEO. "Favorable market conditions and healthy prospects for new business make us confident we will deliver on the expectations we have set for the year," Ulbrich added.

07:35 EDT Jones Lang LaSalle raises dividend 6% to 35c from 33c per share - The dividend payment will be made on June 15 to shareholders of record at the close of business on May 15.

07:16 EDT GAP Airports reports preliminary April traffic up 19% - Grupo Aeroportuario del Pacifico, S.A.B. de C.V., announced preliminary terminal passenger traffic figures for the month of April 2017, compared to traffic figures for April 2016. During April 2017, total terminal passengers increased 19.0% in the company's 13 airports, compared to the same period of the previous year. Domestic passenger traffic increased by 18.9%, while international passenger traffic increased by 19.2%.

07:09 EDT Merck announces EU approval for Keytruda - Merck announced that the European Commission has approved Keytruda, the company's anti-PD-1 therapy, for the treatment of adult patients with relapsed or refractory classical Hodgkin lymphoma who have failed autologous stem cell transplant and brentuximab vedotin, or who are transplant-ineligible and have failed BV. The approval allows marketing of Keytruda in all 28 EU member states plus Iceland, Lichtenstein and Norway, at the approved dose of 200 mg every three weeks until disease progression or unacceptable toxicity. The approval was based on data in 241 patients from the KEYNOTE-087 and KEYNOTE-013 trials. These multicenter, open-label studies evaluated patients with cHL who failed ASCT and BV, who were ineligible for ASCT because they were unable to achieve a complete or partial remission after salvage chemotherapy and failed BV, or who failed ASCT and did not receive BV. Both studies included patients regardless of PD-L1 expression. Patients with active, non-infectious pneumonitis, an allogeneic transplant within the past five years,active autoimmune disease or a medical condition that required immunosuppression were ineligible for either trial. The major efficacy outcome measures, overall response rate and complete remission rate, were assessed by blinded independent central review according to the 2007 revised International Working Group criteria. Secondary efficacy outcome measures were duration of response, progression-free survival, and overall survival. The safety analysis supporting the European approval of Keytruda was based on 3,194 patients with advanced melanoma, NSCLC or cHL across four doses in clinical studies. The most common adverse reactions with Keytruda were fatigue, pruritus, rash, diarrhea, and nausea. The majority of adverse reactions reported were of Grade 1 or 2 severity. The most serious adverse reactions were immune-related adverse reactions and severe infusion-related reactions.

07:08 EDT Ruth's Hospitality backs FY17 outlook, sees FY CapEx $24M-$26M - Based on current information, Ruth's Hospitality Group, Inc. is reaffirming its full year 2017 outlook based on a 53 week year ending December 31, 2017, as follows: Food and beverage costs of 29.0% to 31.0% of restaurant sales; Restaurant operating expenses of 47.0% to 49.0% of restaurant sales; Marketing and advertising costs of 2.9% to 3.1% of total revenues; General and administrative expenses of $32.0 million to $34.0 million; Effective tax rate of 31% to 34%; Capital expenditures of $24 million to $26 million; Fully diluted shares outstanding of 31.3 million to 32.0 million.

07:05 EDT Anthem files petition for writ of certiorari regarding acquisition of Cigna

06:15 EDT Univar sees Q2 adj. EBITDA growth of mid-single digits

06:11 EDT ARC Group and EOS North America expand metal 3D printing partnership - ARC Group and EOS, provider of industrial 3D printing solutions, announced an expanded partnership, through the acquisition of four additional EOS M 280 metal 3D printers. The four new EOS M 280s add to ARC's existing seven EOS M 280s and one EOS M 400, in addition to its three other industrial metal 3D printers. ARC's expanded capacity supports the rollout of a full-production program that has been in development for the last year. Volume on this new program is expected to ramp-up during the summer.

06:08 EDT Cigna reports medical customer base totaled 15.7M at Q1-end - The medical customer base at the end of the first quarter 2017 totaled 15.7M, including an increase of 537,000 customers in the quarter driven by organic growth in all of our Commercial market segments. The Total Commercial medical care ratio of 77.6% for first quarter 2017 reflects the consistent strong performance of our Commercial employer business and favorable prior year reserve development. The increase over first quarter 2016 reflects the impact of the health insurance tax moratorium. The Total Government MCR of 85.9% for first quarter 2017 reflects the seasonal impacts of Medicare Part D as well as favorable prior year reserve development. First quarter 2017 Global Health Care operating expense ratio of 20.5% reflects the impact of the health insurance tax moratorium, business mix changes, and continued effective expense management.

06:05 EDT Avantor acquisition of VWR will create vertically integrated business - Avantor's acquisition of VWR will create a major consumables-focused solutions and services provider to the high-growth life sciences and advanced technologies industries, as well as education, government, and research institutions across the globe. The acquisition will build on each company's strengths, including Avantor's cGMP manufacturing processes, significant exposure to emerging markets and VWR's significant position across the Americas and Europe. The combined company will be a vertically integrated organization, serving a global customer base in all areas of their activities, from research through production - a unique advantage in a fast growing marketplace. Michael Stubblefield, CEO of Avantor, said, "Avantor's acquisition of VWR is both highly compelling and complementary. We will bring together our well-known expertise in ultra-high-purity materials and customized solutions with VWR's global scale, unparalleled channel access, and deep customer relationships. Collectively, this will create a larger, stronger and more diversified company with significantly enhanced scale and product breadth. The global customers that we plan to serve in a more high-touch manner will immediately benefit from the combination, as we will provide end-to-end solutions that offer increased quality, effectiveness, and productivity."

06:02 EDT VWR to be acquired for $33.25 per share in cash deal valued at about $6.4B - Avantor, and VWR announced that they have entered into a definitive agreement under which Avantor will acquire VWR for $33.25 in cash per share of VWR common stock, reflecting an enterprise value of approximately $6.4B. The purchase price represents an approximate 17% premium to the unaffected closing stock price on May, 2, 2017, the day prior to the start of market speculation regarding a potential sale of VWR. The purchase price also represents an approximate 20% premium to the 30 trading day volume weighted average price, or VWAP, and an approximate 24% premium to the 90 trading day VWAP of VWR common stock as of May 2, 2017. The agreement followed the unanimous approval by the Board of Directors of both VWR and Avantor. Completion of the transaction is subject to the expiration of a "go-shop" period, the expiration or termination of the applicable waiting period under Hart-Scott-Rodino Antitrust Improvements Act and European Commission approval, obtaining any required clearance, consent or approval under applicable foreign antitrust laws, VWR shareholder approval, and other customary closing conditions. Varietal Distribution Holdings, LLC, the largest shareholder of VWR comprised of, among other parties, Madison Dearborn Partners, or MDP, which has been a significant shareholder of VWR since 2007, and certain officers and directors of VWR, has signed a voting and support agreement committing it to vote in favor of the transaction, representing approximately 34.8% of the total issued and outstanding shares of common stock of VWR. Following the closing of the acquisition, which is expected in the third quarter of 2017, New Mountain Capital will be the lead shareholder of the combined company, and MDP will not own any shares of common stock of the combined company. The combined company will be led by Avantor CEO Michael Stubblefield upon closing.

05:39 EDT Buffett sold roughly 30% of IBM stake, mostly in Q1 - Warren Buffett told CNBC's Becky Quick last night in an interview that he sold roughly 30% of his stake in IBM. Most of the stake was sold in Q1, with some in Q2, Buffett said. The stock is down $2.52 to $156.53 in premarket trading. The CEO of Berkshire Hathaway (BRK.A, BRK.B) noted that he values the company differently six years post his initial investment. Buffett's Berkshire remains a significant shareholder of IBM.