Stockwinners Market Radar for May 08, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:55 EDT First Data to power Alipay in North America - More than 450M people globally use Alipay to pay for goods and services at home and abroad. First Data and Alipay announced that North American businesses will be able to accept the mobile payment service and expand Alipay's already significant business base. First Data will implement Alipay at the point-of-sale for its 4M U.S. business clients. The rollout will begin with First Data's clients that use the Clover suite of solutions.

18:31 EDT GCP Applied Technologies to acquire Stirling Lloyd for $94M - GCP Applied Technologies announced that it has signed a definitive agreement to acquire UK-based Stirling Lloyd, a supplier of high-performance liquid waterproofing and coatings products for $94M. The company generates annual net sales of approximately $40M. Stirling Lloyd is best known for its ELIMINATOR, INTEGRITANK, and DECSEAL brands. These waterproofing membranes and coatings are used for the protection of infrastructure and buildings. Stirling Lloyd's headquarters and its manufacturing facility are located in the Manchester, UK area. The transaction is expected to close during the second quarter, and is subject to local regulatory approvals.

18:19 EDT Genesee & Wyoming reports April traffic up 13.2% - Genesee & Wyoming reported traffic volumes for April 2017. G&W's traffic in April 2017 was 260,440 carloads, an increase of 30,468 carloads, or 13.2%, compared with April 2016. G&W's same-railroad traffic in April 2017 was 225,232 carloads, a decrease of 4,740 carloads, or 2.1%, compared with April 2016.

17:55 EDT On The Fly: After Hours Movers - UP AFTER EARNINGS: Fabrinet (FN), up 7.6%... Quantenna Communications (QTNA), up 5%... Teladoc (TDOC), up 5%... Novavax (NVAX), up 4.9%... Builders FirstSource (BLDR), up 4.8%... Marriott (MAR), up 4.7%. ALSO HIGHER: Pandora (P), up 3.4% after it reported quarterly earnings, cut its fiscal 2017 revenue guidance, announced a $150M investment by KKR (KKR), and positioned itself to "evaluate any potential strategic alternatives, including a sale"... MaxLinear (MXL), up 2.1% after it was named to joine the S&P SmallCap 600. DOWN AFTER EARNINGS: Hertz (HTZ), down 16.8%... Nevro (NVRO), down 16.3%... Meet Group (MEET), down 10.3%... Arotech (ARTX), down 8.9%... CB&I (CBI), down 6.1%... AmTrust (AFSI), down 5%... Post Holdings (POST), down 3.5%. ALSO LOWER: Cytokinetics (CYTK), down 8% after it filed a $75M common stock offering... Armada Hoffler (AHH), down 4.4% after it initiated an offering of 6M shares... Gladstone Investment (GAIN), down 4.2% after it offered 2.6M shares at $9.38 per share.

17:41 EDT Prism says Federal Circuit rejects Sprint's request for rehearing - Prism Technologies (PRZM) announced that the Court of Appeals for the Federal Circuit rejected a request by Sprint (S) Spectrum LP d/b/a Sprint PCS for a rehearing of Sprint's appeal of the patent infringement verdict in favor of its subsidiary, Prism Technologies LLC. In June 2015, a jury in the United States District Court for the District of Nebraska found that the accused Sprint network systems and methods infringe multiple claims of U.S. Patent Nos. 8,387,155 and 8,127,345 and Prism LLC was awarded trial damages of $30M. Prism LLC was also awarded $2M in prejudgment interest and will be entitled to post-judgment interest in an amount to be determined. The Federal Circuit will issue its mandate on May 15, 2017, transferring jurisdiction of the case back to the District Court. Sprint, however, has until August 7, 2017 to appeal the case to the U.S. Supreme Court, which is not obligated to accept the appeal.

17:39 EDT Corvex Management reports 5.5% stake in CenturyLink, expects talks - According to a regulatory filing, Corvex Management, which owns a 5.5% active stake in CenturyLink (CTL), said that Keish Meister expressed the view that the combination with Level 3 (LVLT) presents the "unprecedented" opportunity to drive significant FCF accretion, enhance BITDA outlook, and improve CenturyLink's long-term revenue trajectory. Corvex said it expects to have conversations with CenturyLink and may also have conversations with third parties and shareholders of the company and others regarding this proposal.

17:34 EDT RLJ Lodging Trust sees FY17 pro forma RevPAR growth (1%)-1%

17:30 EDT Oasis Petroleum plans IPO of certain midstream assets - Oasis Petroleum announced its intention to contribute a portion of its midstream assets to a Master Limited Partnership and sell a minority interest in the MLP in an initial public offering. The MLP is intended to support Oasis's strategy to grow its midstream business. The midstream assets that are expected to be contributed to the MLP are located in the Williston Basin area of North Dakota and/or Montana and include a portion of Oasis's crude oil gathering and transportation system, natural gas gathering and processing system and water handling systems. There can be no assurance that there will be an initial public offering of the MLP or any other transaction. Oasis expects to file a registration statement with the Securities and Exchange Commission in the second quarter of 2017.

17:28 EDT Tesoro sees FY17 total CapEx approximately $1.1B - Total capital expenditures consist of $770M at Tesoro and $325M at TLLP. Expected turnaround expenditures for the full year 2017 continue to be $360M.

17:25 EDT Josh Resnick says Comcast is executing 'flawlessly' - Josh Resnick, founder and managing partner of Jericho Capital Asset Management is speaking at the 2017 Sohn Investment Conference.

17:22 EDT MaxLinear to replace Exar in S&P 600 at open on May 15 - MaxLinear is acquiring Exar in a deal expected to be completed on or about that date, pending final conditions.

17:20 EDT Valvoline to replace Noble Corp. in S&P 400 at open on May 16 - S&P MidCap 400 constituent Ashland Global Holdings (ASH) is spinning off its remaining stake in Valvoline (VVV) in a transaction expected to be completed prior to the open on Monday, May 15, pending final conditions. Ashland Global will remain in the S&P MidCap 400 post the spin-off transaction. Noble is ranked at the bottom of the S&P MidCap 400 and is no longer representative of the mid-cap market space.

17:16 EDT Walgreens, Rite Aid certify substantial compliance with second request - Walgreens Boots Alliance (WBA) and Rite Aid (RAD) announced that they have certified substantial compliance with the Request for Additional Information from the United States Federal Trade Commission regarding their merger agreement under which Walgreens Boots Alliance proposes to acquire all outstanding shares of Rite Aid. In January 2016, Walgreens Boots Alliance and Rite Aid entered into a timing agreement with the FTC pursuant to which the two companies have agreed not to close the proposed merger until at least 60 full calendar days after both companies have certified substantial compliance with the Second Request. The transaction remains subject to the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, approval by the holders of Rite Aid's common stock and other closing conditions, and there can be no assurance that these conditions to closing will be satisfied. "We are pleased to have certified completion of our submission of documents and information to the FTC in connection with the Second Request," said Stefano Pessina, executive vice chairman and chief executive officer of Walgreens Boots Alliance. "We will continue to work closely with the FTC regarding the pending transaction."

17:14 EDT Josh Resnick says Frontier Communications is down and has '100% more to go'

17:13 EDT Black Stone Minerals to invest $50M-$60M in working interest participation in FY - Black Stone Minerals expects that it will invest between $50 and $60 million in its working interest participation program in 2017, the majority of which will be deployed in the Haynesville Shale in the Shelby Trough area of East Texas. Of this amount, approximately $40 million relates to Haynesville Shale wells that were spud in 2016. As previously announced, the Partnership has entered into a farmout agreement that reduces Black Stone's working interest by 80% in certain areas in San Augustine County, Texas for wells spud beginning in 2017. Through the first quarter of 2017, the Partnership had incurred $20.4 million participating as a non-operating working interest owner on its own minerals.

17:08 EDT Sturm, Ruger expands share repurchase authorization to $100M - Sturm, Ruger announced that its board of directors expanded its authorization to repurchase shares of its common stock to $100M. The previous authorization was depleted by the recent share repurchases.

17:06 EDT Belmond sees Q2 same store hotel RevPAR growth 8%-12%

17:02 EDT PulteGroup to sell select non-core land assets - PulteGroup announced that, following a recently completed thorough review of its land portfolio, the company plans to dispose of select non-core and underutilized assets. Based on its review, the company has determined it will sell certain currently inactive land parcels, representing approximately 4,600 lots, and work to monetize two small communities representing an additional 400 lots. The company's planned actions will add to the $425M previously realized from its sale of certain non-core assets since 2011, as it seeks to drive greater asset efficiency and higher returns on invested capital. As a consequence of its change in strategy with respect to the future use of these land parcels, the company expects to recognize a pre-tax impairment charge in the range of $95M-$125M in Q2. The land positions identified for sale include: land requiring significant additional development spend that would not yield suitable returns; land in excess of near-term need and land entitled for certain product types that are inconsistent with the company's primary offerings.

16:59 EDT Brad Gerstner is speaking about the airline industry at Sohn 2017 - Publicly traded companies in the space include American Airlines (AAL), Delta Air Lines (DAL), JetBlue (JBLU), Southwest (LUV) and United Continental (UAL). Brad Gerstner, founder and CEO of Altimeter Capital is speaking at the 2017 Sohn Investment Conference.

16:53 EDT Kingsland responds to 'misleading' Avianca securities filing - Kingsland Holdings, the largest minority shareholder of Avianca Holdings, issued a statement in response to a "misleading" securities filing issued by Avianca on May 5, 2017 regarding the vote on Kingsland's motion to appoint an independent auditor to examine numerous related party transactions that Avianca has entered into with the controlling shareholder, Synergy Aerospace Corporation, and other entities affiliated with Synergy and German Efromovich. "In a securities filing issued on May 5, 2017, Avianca misleadingly states that, at the Extraordinary Shareholders Meeting, controlling shareholder Synergy supported the motion by Kingsland to appoint an independent auditor. In fact, Synergy rejected Kingsland's highly qualified auditor candidate, and insisted instead that the auditor be appointed by the Audit Committee of Avianca. This is fundamentally at odds with the spirit of Kingsland's motion and yet again demonstrates Efromovich's determination to avoid any checks on his power. Synergy's ploy to involve the Audit Committee is a smokescreen intended to stall the appointment of an auditor and create the appearance of transparency. Because the Audit Committee's membership consists entirely of directors appointed by Synergy, the committee and any auditor it appoints will answer to Efromovich. Further, it is the same Audit Committee that examined and recommended in recent years that the Board of Directors approve the very same 30-plus related party transactions that purportedly will be audited. Kingsland believes these transactions have, at the expense of the company and its minority shareholders, diverted hundreds of millions of dollars' worth of Avianca assets to projects of German Efromovich and Synergy, a matter which should be investigated by the authorities. These types of practices fly in the face of appropriate corporate governance. Kingsland is seeking a truly independent auditor that will conduct an unbiased audit and thereby determine whether and how much Avianca and all its minority stockholders have been injured by Synergy's control of Avianca. It is clear that when seeking to investigate related party transactions, the parties to such transactions should not be the ones appointing the independent auditor. The independent auditor should audit on behalf of the minority shareholders, the authorities, the creditors and other relevant stakeholders, not on behalf of the parties involved. This self-serving behavior is in line with the deal Efromovich is negotiating with United Airlines under which Kingsland believes hundreds of millions of dollars from United would flow directly to his holding company, Synergy, with few of the monetary benefits flowing to Avianca and its minority stockholders. In light of these events, Kingsland will exercise the rights it has at its disposal in the Panamanian courts."

16:49 EDT eBay long idea named as winner of Sohn Investment Idea Contest

16:43 EDT Cohen & Steers reports preliminary AUM $59.2B as of April 30 - An increase of $696M from March 31.

16:41 EDT Jeffrey Gundlach says short SPDR S&P 500 ETF Trust - Gundlach says "Short" SPDR S&P 500 ETF Trust (SPY) and "Long" MSCI Emerging Markets Index (EEM). Jeffrey Gundlach, CEO and Chief Investment Officer of DoubleLine Capital is speaking at the 2017 Sohn Investment Conference.

16:38 EDT David Einhorn confirms Core Laboratories position 'is a short' - David Einhorn confirmed short position in Core Laboratories while returning to the Sohn 2017 stage to present an award.

16:37 EDT Invacare expects lower net sales through first half of 2017 - Invacare said: "The company is focused on transforming its business, especially in North America. Through the first half of 2017, the company expects lower net sales, favorable sales mix and increased gross margin as a percentage of net sales. As the company progresses in the next phase of transformation, it will shift toward growing sales, reducing cost and improving efficiency. The company's priorities remain: emphasizing a culture of quality excellence and achieving its long-term earnings potential. Because of the scope and magnitude of changes being undertaken and the realized and potential changes affecting the business, the company expects some variation in the timing of these results."

16:36 EDT Invacare reports company submitted '5(H) report' - Regarding progress on the consent decree, Invacare CEO Matthew Monaghan said, ''Our focus on a quality culture and specific actions at our Corporate and Taylor Street facilities resulted in recently passing three notable milestones related to the consent decree with the United States Food and Drug Administration. In April, FDA reinstated Certification-2 and accepted our third-party expert Certification-3 report. As a result, we submitted to FDA the required 5(H) report that confirms our compliance with FDA regulatory requirements. This is another important step toward resolving the consent decree. We expect FDA to initiate its inspection of the impacted facilities later this month. Continued progress resolving our consent decree demonstrates our commitment to quality excellence, which remains our top priority."

16:34 EDT Marriott reports Q1 North American comparable systemwide RevPAR rose 3.1% - Both North American and worldwide comparable systemwide constant dollar RevPAR rose 3.1% in the 2017 first quarter. The company added more than 17,000 rooms during the first quarter, including roughly 3,300 rooms converted from competitor brands and 6,400 rooms in international markets. At quarter-end, Marriott's worldwide development pipeline increased to more than 430,000 rooms, including roughly 36,000 rooms approved, but not yet subject to signed contracts.

16:29 EDT One Liberty Properties sells property for $9.1M - One Liberty Properties announced that on May 8 it sold its vacant Greenwood Village, Colorado property, previously tenanted by Sports Authority, for approximately $9.1M, net of closing costs. The company anticipates that the gain from this sale, which will be recognized in the three months ending June 30, will be approximately $6.5M.

16:28 EDT Spirit Realty names Jackson Hsieh as CEO - Spirit Realty Capital announced that Jackson Hsieh has been named to the position of CEO and President and has been appointed to the Company's Board of Directors. In addition, the Company announced that Richard I. Gilchrist, formerly Lead Independent Director of the Company and veteran of the REIT industry, has been appointed as Chairman of the Board. As a consequence of these changes, Thomas H. Nolan is leaving the Company effective immediately.

16:25 EDT Inotek Pharmaceuticals to present preclinical data on oftrabodenosonat - Inotek Pharmaceuticals announced the presentation of preclinical data of trabodenoson at the Association for Research in Vision and Ophthalmology 2017 Annual Meeting in Baltimore, MD. The company will present five poster presentations at the meeting based on preclinical research oftrabodenosonas a monotherapy and as a combination withlatanoprost.Two of the five posters specifically focus on the neuroprotective potential of the ocular delivery oftrabodenosonin preclinical models. "Inotek's preclinical results show potential for treating neuro-ophthalmic diseases and other areas of unmet medical need," said Leonard A. Levin, MD, PhD, Professor and Chair of Ophthalmology, McGill University and Professor of Ophthalmology and Visual Sciences, University of Wisconsin. "We need treatment options that help people with irreversibly blinding diseases. Neuroenhancement and neuroprotection are key tools needed to treat neuro-ophthalmic conditions. Neuroenhancement attempts to keep cells functioning better while neuroprotection attempts to keep cells alive; both strategies are being studied by Inotek."

16:23 EDT Hertz reports Q1 U.S. RAC pricing down 3% - Hertz U.S. RAC revenues were $1.4B in the first quarter, a decrease of 4%, versus the same period last year. Transaction days decreased by 1% year-over-year, primarily driven by one less rental day when you factor in 2016's Leap day. Pricing, as measured by Total RPD, decreased by 3% in the quarter, impacted by an unfavorable customer mix, which the company is currently addressing as part of its long-term improvement plan. Revenues were also impacted by the shift of the Easter holiday into the second quarter this year. First quarter U.S. RAC net vehicle depreciation per unit per month increased 15% versus the same period last year to $348, primarily driven by seasonally weak residual trends. "Despite the lower used-car values, the Company stayed on course with its fleet optimization plan, selling 21% more vehicles year over year and onboarding a richer mix of model year 2017 vehicles. While utilization was lower by 3 percentage points in the quarter, the Company's fleet realignment is critical to driving customer preference and improving profitability longer term," Hertz said.

16:19 EDT CB&I announces $3.3B in new awards in Q1 - The company's backlog at the end of the first quarter of 2017 was $19.3B.

16:18 EDT FactSet increases dividend 12% - FactSet announced that its board approved a 12% increase in the regular quarterly cash dividend to 56c per share from 50c per share. The cash dividend will be paid on June 20 to holders of record of FactSet's common stock at the close of business on May 31.

16:16 EDT Hemisphere Media affirms adjusted EBITDA forecast for FY17 - Hemisphere Media affirms its forecast of mid to high single digit percentage increase in adjusted EBITDA for 2017 driven by year-over-year growth in subscriber and retransmission fees and advertising revenue.

16:11 EDT Del Frisco's names Neil Thomson CFO - Del Frisco's Restaurant Group named Neil Thomson as its new CFO, effective May 22. With Thomson's appointment, Del Frisco's has formally accepted the resignation of Tom Pennison.

16:08 EDT TPI Composites sees FY17 total billings $930M-$950M

16:04 EDT OpenText raises quarterly dividend 15% to 13.2c per share - The record date for this dividend is May 26 and the payment date is June 16.

15:58 EDT Ardsley Advisory reports 7.4% passive stake in AMSC

15:48 EDT Core Laboratories down 3% after being mentioned by David Einhorn at Sohn 2017

15:35 EDT Einhorn says position in Core Laboratories is existing stake

15:34 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.

15:31 EDT Einhorn is speaking about Core Laboratories at Sohn 2017 - David Einhorn, President of Greenlight Capital is speaking at the 2017 Sohn Investment Conference.

15:24 EDT Robbins says Investors Bancorp is 'attractive acquisition target' - Says stock is trading at a discount. Clifton Robbins, founder and CEO, Blue Harbour Group is speaking at the 2017 Sohn Investment Conference.

15:21 EDT Robbins says Investors Bancorp trades at discount to peers - Robbins says Blue Harbour has faith in Investment Bancorp's management team. Says significantly outperformed their peers in credit quality. Robbins says "This stock is going up, in our opinion." Clifton Robbins, founder and CEO of Blue Harbour Group is speaking at the 2017 Sohn Investment Conference.

15:09 EDT Staples names Brett Wahlin CISO - Staples (SPLS) announced Brett Wahlin has been appointed to the role of Chief Information Security Officer, or CISO. In this new role, Wahlin will be responsible for global enterprise-wide information, product and data security. He will report to Chief Technology Officer Faisal Masud, who leads Staples Digital Solutions, a new organization within the company which combines its traditional IT and digital organizations. Wahlin joins Staples from Hewlett-Packard Enterprise (HPE), where he served as vice president and CISO.

14:39 EDT Palihapitiya says Tesla CEO Elon Musk is this generation's Thomas Edison - Chamath Palihapitiya, founder and CEO of Social Capital is speaking at the 2017 Sohn Investment Conference.

14:34 EDT Chamath Palihapitiya says Tesla is on same path as Apple - Chamath Palihapitiya, founder and CEO of Social Capital is speaking at the 2017 Sohn Investment Conference.

14:29 EDT Palihapitiya thinks Tesla CapEx is about $20B+

14:11 EDT Ackman offers Howard Hughes Corp as underappreciated play on planned communities - William Ackman, CEO and portfolio manager of Pershing Square Capital, laid out his bull thesis on Howard Hughes Corp (HHC) at the 2017 Sohn Investment Conference. Beginning his presentation with a look at successful real estate developer Donald Bren, Ackman offered Howard Hughes as a way to achieve similar success in so-called master-planned communities. The company owns a diversified collection of "some of the best" MPCs in the country, which it acquired not as a first owner but as a third or fourth, benefitting from significant capital outlays from prior owners. While cautioning that Howard Hughes is "difficult to value" because of its complexity and long-term asset holdings, Ackman argued that this is "one of the most attractive times in the history of the company to invest," as it trades at a huge discount to underlying asset value and is progressing through 37M square feet of future development, on which Ackman expects it to earn a "high return." PRICE ACTION: Shares of Howard Hughes Corp are up 4.14% following Ackman's presentation.

13:53 EDT Ackman says best approach to value Howard Hughes is 'back of envelope' approach - Pershing use NOI to evaluate the stock. Says GAAP isn't an accurate method to determine the stock's value.

13:46 EDT Apple over $800B market cap with 3% rally today - Shares are up $4.39 to $153.38.

13:24 EDT QuintilesIMS, ICON rise after report of peer Parexel exploring sale - Shares of several contract research organizations have moved higher after The Wall Street Journal said a member of the group, Parexel, is working with bankers to explore a potential sale.

13:18 EDT Union Pacific intends to invest $57M in Kansas rail infrastructure - Union Pacific is boosting safety and efficiency with an approximately $57M infrastructure investment in Kansas this year. Projects funded by Union Pacific benefit Kansas's overall transportation infrastructure without taxpayer funds. Union Pacific's investment plan funds a range of initiatives: $43m to maintain railroad track and $12m to maintain bridges in the state.

13:04 EDT Monsanto's The Climate Corporation acquires HydroBio; terms not disclosed - he Climate Corporation, a subsidiary of Monsanto Company, announced the acquisition of HydroBio, an agriculture software company based in Denver, Colo. The HydroBio team will join The Climate Corporation.

13:00 EDT Par-Four Investment reports 6.6% passive stake in Bonanza Creek

12:59 EDT Corvex' Meister sees 40% upside in CenturyLink, urges onboarding of Level 3 CEO - Keith Meister, managing partner and Chief Investment Officer of Corvex Management, laid out his bull thesis on CenturyLink (CTL) at the 2017 Sohn Investment Conference. Meister argued that the company's acquisition of Level 3 (LVLT) is "game changing" by securing CenturyLink's dividend for the long term, reignited EBITDA growth, boosting revenue through a favorable mix shift, and "significantly" improving asset quality. The deal also produces a hidden benefit, Meister said: A better board and a stronger combined management team, shoring up a relative weakness in CenturyLink. Meister added that CenturyLink now has "limited downside, and substantial equity upside," potentially as high as 40%. The most important part of the merger, however, is getting the integration correct, and Meister contended that the combined CenturyLink "needs" the CEOs of both companies, leading him to issue a call to first instate CenturyLink chief Glen Post as combined CEO before naming Level 3 chief Jeff Storey as his successor after one year. PRICE ACTION: Shares of CenturyLink are up 3.47% following Meister's presentation.

12:43 EDT CenturyLink up 2.5% after Keith Meister announced filing of 13-D at Sohn 2017 - Level3 is up 1.8% after Mister mentioned the acquisition favorably while speaking at the 2017 Sohn Investment Conference.

12:41 EDT CenturyLink higher after Corvex's Meister names as long at Sohn

12:33 EDT Veeva says Bristol-Myers to adopt Commercial Cloud in key markets outside U.S. - Veeva Systems (VEEV) announced that Bristol-Myers Squibb (BMY) will expand its adoption of Veeva Commercial Cloud in key markets outside of the U.S. The company will add Veeva CRM Events Management to better manage field events by streamlining approvals and reducing complexity in the process. Bristol-Myers Squibb will also leverage Veeva CRM Approved Email to support an integrated, tailored customer engagement experience. Bristol-Myers Squibb is one of 22 life sciences companies that have adopted Veeva CRM Events Management since its release, quickly establishing it as a leading choice for companies to better orchestrate their customer engagement strategies.

12:10 EDT Nielsen, CBS Radio extend audio ratings pact - Nielsen (NLSN) announced that it has renewed its Nielsen Audio agreement with CBS Radio (CBS), one of the largest major-market broadcast media operators in the United States. Nielsen Audio will provide measurement services to CBS Radio's 117 stations across 26 markets. CBS Radio will continue to leverage Nielsen local market insights and currency ratings across all the Portable People Meter metros where it does business. In addition, they will continue to use Nielsen's radio diary measurement service in a small number of local markets. Nielsen's audio data will be used by local stations to tell their success stories and demonstrate radio's extensive reach. In addition, the portfolio of products and services from Nielsen will enable CBS Radio to have a comprehensive view of the market and make fast and strategic business decisions.

11:52 EDT Regis names Rachel Endrizzi chief marketing officer - Regis Corporation announced the appointment of Rachel Endrizzi to the role of Chief Marketing Officer, effective immediately. In this role, Endrizzi will report to the company's CEO and oversee the integrated marketing, brand management and communications strategy, including efforts to improve the guest experience and revenue growth across Regis' brands. Endrizzi joined Regis Corporation in 2004 and most recently served as Vice President, Branding and Marketing Communications, and has held the role of Interim Chief Marketing Officer since February.

11:45 EDT Xilinx advances after positive Sohn Conference mention - Shares of semiconductor maker Xilinx are moving up after Neal Nathani of Totem Point, according to CNBC, mentioned the company as a long position earlier at today's Ira Sohn Conference. According to reports, Totem Point's Nathani sees 70% upside for Xilinx driven in part by by machine learning, data centers and advanced automotive applications. Shares of Xilinx are up almost 2% to $64.54 per share in late morning trading.

11:16 EDT eMarketer: Amazon controls 70% of voice-enabled speaker device market - While still far from mass adoption, virtual assistants are becoming more widely used by Americans, according to eMarketer's first forecast on users of digital assistants, such as Siri (AAPL), and voice-enabled speakers, like Amazon Echo (AMZN). This year, 35.6 million Americans will use a voice-activated assistant device at least once a month. That's a jump of 128.9% over last year. Amazon's Echo speaker will have 70.6% of users. Meanwhile, Google Home (GOOG) will trail far behind with just 23.8% of the market. The remaining portion will be shared among smaller players, such as Lenovo (LNVGY), LG, Harmon Kardon and Mattel (MAT). eMarketer expects Amazon's market share to fall slightly in the coming years, as Google's share grows. But Amazon will remain the dominant player in the category for the foreseeable future. The broader category of virtual assistants-the actual software inside various devices-is seeing growth in the number of users as well. eMarketer expects usage will grow 23.1% in 2017. This category includes Amazon's Alexa, Apple's Siri, Google Now and Microsoft's (MSFT) Cortana. This year, 60.5 million Americans will use Siri, Cortana or another virtual assistant at least once a month. That equates to 27.5% of smartphone users, or nearly one-fifth of the population.

11:03 EDT UBS, BlackRock Solutions partner to provide Aladdin Risk for wealth management - UBS (UBS) and BlackRock Solutions (BLK) announced a new partnership that will offer Aladdin Risk for Wealth Management to UBS Financial Advisors and Home Office professionals. UBS will become the first U.S. Wealth Manager to use Aladdin's industry leading risk management and portfolio construction tools. This partnership with BlackRock is part of a larger digital strategy for Wealth Management Americas to develop customized digital tools that will enhance and expand services to clients. UBS has announced strategic alliances and partnerships with leading fintech companies and launched an Advisor Technology Research & Innovation Lab working with SigFig, to develop digital solutions and next-generation technological capabilities for clients.

11:01 EDT Analysts bullish on Ferrari as performance races ahead of expectations - Two research firms upped their price targets for Ferrari (RACE) this morning following strong quarterly results that appear to put the company on track for early delivery of 2019 targets. One of the two, Morgan Stanley's Adam Jonas, also named the stock a Top 3 Pick in U.S. Autos and Shared Mobility coverage, replacing electric carmaker Tesla (TSLA). REPLACING TESLA: In a research note this morning, Morgan Stanley's Jonas told investors he is moving Ferrari to be his third highest ranked stock in his U.S. Autos & Shared Mobility coverage, replacing Tesla, as the company demonstrates performance three years ahead of his expectations and pursues the balance of aggressive model line expansion while "preserving the hyper-exclusive mystique of the brand." The analyst also raised his price target on the shares to $100 from $72, citing a "very significant" first quarter earnings beat featuring 40% incremental EBIT margins and strong cash flow. Additionally, Jonas argued that he looks for Ferrari's high quality earnings to double in approximately five years. The analyst reiterated an Overweight rating on the shares given its stable and defensible qualities and as he is comfortable with "the more modest growth opportunities" around items like volume and pricing. WHAT'S NOTABLE: The two stocks Jonas ranks above Ferrari in his U.S. Autos and Shared Mobility coverage are Adient (ADNT) and Fiat Chrysler (FCAU). PERFORMANCE AHEAD OF EXPECTATIONS: Morgan Stanley's Jonas was not the only analyst bullish on Ferrari this morning. His peer at Jefferies also raised his price target on the shares to $96 from $74 as the company's first quarter results put it "firmly" on track for early delivery of 2019 targets. Analyst Philippe Houchois told investors in a note of his own that he believes the future looks set to include more cars at high ROIC. Extending exposure in autos should best ensure the higher growth rates and exceptional ROIC needed to support further multiple expansion, the analyst argued, adding that faster auto growth does not reduce opportunities to leverage the brand into other activities in parallel or at a later date. Nonetheless, Houchois noted that he thinks Ferrari is still looking for its rightful place among a rather disparate set of peers as EBIT margins move to the upper end of luxury peers, and with ROIC significantly higher than all given structurally low net working capital while multiples remain discounted. He reiterated a Buy rating on the shares. PRICE ACTION: Shares of Ferrari trading in New York are fractionally lower this morning to $81.85.

10:39 EDT Takeda says real-world analyses support effectiveness of Entyvio for UC, CD - Takeda announced the presentation of eight real-world analyses supporting the effectiveness and safety of Entyvio for the treatment of adults with moderately to severely active ulcerative colitis and Crohn's disease. The data were presented at the 2017 Digestive Disease Week annual scientific meeting in Chicago, Illinois. Two analyses of real-world data from the U.S. VICTORY consortium support findings from the pivotal GEMINI clinical trial program demonstrating the efficacy of Entyvio. A cohort analysis from the VICTORY consortium concerning predictors of clinical and endoscopic response examined mucosal healing, clinical response and remission and steroid-free response and remission in 180 patients with moderately to severely active UC treated with vedolizumab. Clinical response and remission were based on the physician global assessment score, a 5- or 6-point scoring system used to assess disease severity. In this large, multi-center cohort, a substantial proportion of patients achieved either mucosal healing defined as a Mayo endoscopic subscore of 0 or 1, clinical remission or steroid-free remission by 12 months in routine practice. The VICTORY consortium is a collaboration of 10 leading IBD centers from across the U.S. and represents the first large, well-characterized cohort of patients taking Entyvio in a real-world setting in the U.S. Patients included in the consortium were identified at each site through electronic medical record searches, review of clinical records, and/or queries of infusion center records. Approximately 900 UC and CD patients are now included in the consortium database, which was started when Entyvio was launched in the U.S. in 2014.

10:35 EDT Sysco says 'feels very good about where we are' on 3-year plan

10:30 EDT Siebert Financial trading resumes

10:19 EDT Sysco sees FY17 CapEx 1%-1.1% of total sales, slightly above previous guidance - Says that while the change from deflation to inflation can pressure gross margin, Sysco does not expect this to negatively impact its ability to grow gross profit dollars. Says Brakes performance in Q3 accretive vs. initial expectations for it to be dilutive largely related in changes for deferred taxes for European business. Now sees FY17 CapEx approximately 1%-1.1% of total sales, slightly above previous guidance.

10:13 EDT Sysco: Deflationary industry trends finally beginning to shift toward inflation - Says industry has been in deflationary environment for "an unprecedented six consecutive quarters," says that trend finally beginning to shift toward inflation. Says meat prices abating, dairy and produce prices have begun to rise. Sees opportunities for growth across European business.

10:07 EDT Pfizer extends multiyear Sayana Press collaboration - Pfizer, the Bill & Melinda Gates Foundation, and the Children's Investment Fund Foundation announced a multi-year extension of their collaboration to further broaden access to Pfizer's all-in-one injectable contraceptive, Sayana Press for women most in need in some of the world's poorest countries. Sayana Press will now be available to qualified purchasers at a guaranteed price of 85c per dose, a reduction from the previous price of $1.00. A consortium of organizations from the public and private sector first collaborated in 2014 to assess demand for Sayana Press. Initial pilots conducted in Niger, Senegal and Uganda demonstrated strong demand for Sayana Press among younger women: up to 34% of doses administered across these three countries were to women between the ages of 20 and 24. Sayana Press is also attracting women who have never before used contraceptives, with 24%- 42% of doses given across the pilots received by new users of family planning. By working together to expand the range of contraceptive options available, more women in more countries have had access to Sayana Press every year. By the end of 2016, 6.4M units of Sayana Press were shipped to 20 developing world countries, potentially reaching more than 1.5M women. Pfizer is continuing to make investments in its manufacturing facilities to meet the expected increase in market demand.

10:03 EDT Dave Thomas of Atalan names Black Stone Minerals as long positoin - Atalan's Dave Thomas, according to Bloomberg, named Black Stone Minerals as a long position at today's Ira Sohn Conference.

10:01 EDT Inpixon announces $2.5M purchase order from leading health insurer - Inpixon announced it received a purchase order of approximately $2.5M from a leading Fortune 500 health insurer. Inpixon will design and deploy a highly modernized infrastructure platform for the customer's core commercial claims processing application. Under this project, Inpixon will develop a highly flexible and scalable data center platform that will reduce costs and better respond to the customer's growing information technology needs. Inpixon's solution will also help migrate business data from a co-located data center to the customer's own newly expanded data center

09:59 EDT Dunkin' Donuts announces plans for four new restaurants in Louisiana - Dunkin' Donuts announced the signing of a multi-unit store development agreement with new franchise group SWLA Delights to develop four Dunkin' Donuts restaurants in Lake Charles, Louisiana, including one multi-brand location with Baskin-Robbins, the world's largest chain of ice cream specialty shops. The group's first restaurant is planned to open in 2018.

09:52 EDT Gigamon adds to gains after positive Sohn Conference mention - Shares of Gigamon extended their gains after Atalan's Dave Thomas, according to Bloomberg, mentioned the company as a long position at today's Ira Sohn Conference. Elliott Associates earlier today disclosed an activist position in Gigamon, called the shares "significantly undervalued" and said they'd push for a sale. Gigamon in early trading is up 12% to $39.05.

09:43 EDT Planet Payment, Network International extend multi-year agreement - Network International and Planet Payment announced the extension of their multi-year agreement, which will mark ten years of partnership. The companies also announced that the Pay in Your Currency product is deployed at over 22,000 merchants in the UAE.

09:38 EDT Elliott to encourage potential sale of Gigamon - Elliott Associates said in its SEC filing regarding its new activist stake in Gigamon, "The Reporting Persons intend to communicate with the Issuer's management and Board about a broad range of operational and strategic matters, and intend to encourage the issuer to undertake a strategic review process including, without limitation, a potential sale of the Issuer or certain of its businesses or assets, in which the Reporting Persons may participate, as a means of enhancing shareholder value. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may from time to time in the future express their views to and/or meet with management, the Board, other shareholders or third parties, including, potential acquirers, service providers and financing sources, and/or formulate plans or proposals regarding the Issuer, its assets or its securities." Shares of Gigamon are up 10% to $38.50 following news of the activist stake.

09:37 EDT Tyson Foods says retail business 'continues to do very well' - Tyson Foods executives said on the company's Q2 call that their retail business "continues to do very well," adding that the Foodservice Prepared business is going to "take some time" to get its margins back to where they need to be. The added that they think Foodservice Prepared margins will be back within the targeted range in 2018. Shares of Tyson Foods are down about 4.5% in early trading as the company's earnings call continues.

09:27 EDT Stamps.com slides after being targeted by new Pitney Bowes offering - Pitney Bowes (PBI) announced a new offering for its cloud-based SendPro mailing and shipping solution. "Now for only $5 a month, businesses can receive full access to SendPro, including the ability to print stamps and shipping labels for the U.S. Postal Service and other major carriers, and flexible postage payment options. The offer also includes a free 90-day trial, 10lb scale, $15 in postage and supply kit with labels and stamp sheets, for a total value of $135. SendPro delivers three times the benefits for small and medium businesses at one-third the cost of Stamps.com," the company stated in its press release announcing the offering. Stamps.com shares are down $13.50, or 12%, to $98.70 in pre-market trading.

09:23 EDT SYNNEX selected to distribute HP's new A3 printer portfolio - SYNNEX (SNX) announced that it has been selected to distribute HP's (HPQ) new A3 multifunction laser printers. Building on SYNNEX's extensive HP offerings, the addition of the A3 portfolio enhances SYNNEX' line card with high-speed, intelligent, and exceedingly secure printer-copiers. As resellers and managed services providers look to establish or expand their footprints in the high-margin print services field, they can access next-generation technologies backed by SYNNEX' signature solutions and support. SYNNEX has been selected as an authorized distribution partner for HP A3 printers in both the U.S. and Canada. SYNNEX has been one of the largest distributors of HP products in North America for more than 20 years. Now, the entry of HP's A3 MFPs into the marketplace allows resellers to deliver the latest printing innovation - transforming end-users' printer-copier experience with innovation engineered for security. .

09:19 EDT pSivida announces follow-up data from Durasert three year treatment - pSivida announced positive 12-month follow-up data for the Company's Durasert three-year treatment for posterior segment uveitis, which was presented at the Association for Research in Vision and Ophthalmology (ARVO) 2017 Annual Meeting. The data is from the Company's first Phase 3 trial. Durasert three-year uveitis implant demonstrated a significant reduction in the recurrence of posterior segment uveitis through 12 months. 27.6% of Durasert treated patients had a recurrence compared to 85.7% of patients in the sham group. The Best Corrected Visual Acuity gain of 15 letters or more at six and 12 months was 23% and 22.4%, respectively, for Durasert and 7.3% and 10.3%, respectively, for sham, demonstrating sustained effect over 12 months. Intraocular pressure, or IOP, elevation, which can lead to glaucoma, at 12 months was 1.3mm mean for Durasert vs 0.2mm mean for sham. Patients requiring IOP-lowering therapy at 12 months were 26.4% for Durasert and 26.2% for sham.

09:17 EDT Eagle Bulk Shipping takes delivery of Southport Eagle Ultramax vessel - Eagle Bulk Shipping announced that it has taken delivery of the M/V Southport Eagle, the second of 9 Crown-63 Ultramax dry bulk sister vessels the Company has acquired from Greenship Bulk Trust, as reported on March 27. With the addition of the M/V Southport Eagle, the current Eagle Bulk fleet consists of 42 vessels on the water, including 4 Ultramax vessels, with another 7 Ultramaxes set to be delivered over the coming months. The Company's pro-forma owned-fleet will consist of 49 Supramaxes/Ultramaxes.

09:15 EDT On The Fly: Pre-market Movers - UP AFTER EARNINGS: Newell Brands (NWL), up 9.7%... Petmed Express (PETS), up 13.5%... Mallinckrodt (MNK), up 4%. ALSO HIGHER: Kate Spade (KATE), up 8.4% after Coach (COH) announced it is acquiring Kate Spade for $18.50 per share. Coach is up 6.5%. DOWN AFTER EARNINGS: Tyson Foods (TSN), down 1.7%... Kite Pharma (KITE), down 5.9%... Horizon Pharma (HZNP), down 32%... Oncomed (OMED), down 6.4%. ALSO LOWER: Micron (MU), down 2.5% after being downgraded to Neutral from Buy at Goldman Sachs.

09:13 EDT Coach says major focus is Kate Spade flash sales - Coach (COH) says Kate Spade's (KATE) flash sales hurting brand. Says may be opportunity to buy back Coach, Kate Spade distributors.

09:09 EDT Tetra Tech's Coffey selected by Australian Defence Infrastructure Panel - Tetra Tech announced that Coffey, a Tetra Tech Company, has been selected by the Australian Defence Infrastructure Panel to provide essential infrastructure support and advisory consulting services to the Australian Department of Defence over a five-year period. Coffey also served on the previous Panel, which ran from 2010 to 2017. The DIP was established in 2004 by the Australian Department of Defence to streamline access to high quality infrastructure-related professional services by awarding a select group of leading consulting and engineering firms the ability to perform critical infrastructure improvement work for the Australian government.

09:07 EDT Easterly Government Properties awarded lease for laboratory by FDA - Easterly Government Properties announced that it has been awarded the lease for a 52,870 square foot FDA laboratory in Lenexa, Kansas. The FDA - Lenexa laboratory will be a relocation of the current Kansas City District Laboratory and will feature a number of upgraded capabilities in order for the FDA to effectively conduct its mission.

09:05 EDT Chanticleer Holdings signs multi-unit franchise deal with LBBIG - Chanticleer Holdings announced that it has signed a multi-unit franchise deal with LBBIG, a restaurant owner and operator of more than ten restaurants in the San Diego and Los Angeles markets, to open a minimum of eight Little Big Burger locations in Southern California by 2021. The restaurants will be managed by LBBIG's management team. The founder of LBBIG is also a large investor in Chanticleer having recently been a lead investor in the company's debenture private placement.

09:04 EDT Peak Resorts reports pre-season sales revenue up 8.6% vs. last year - Peak Resorts reported preliminary results from the pre-season sales of the company's 2017/18 season pass program. Consolidated season pass unit sales and sales revenue were both up 8.6% compared to the prior year.

09:01 EDT Marsh & McLennan acquires Insurance Partners of Texa - Marsh & McLennan Agency announced that it has acquired Insurance Partners of Texas, an Abilene, Texas-based employee benefits consulting firm. Terms of the transaction were not disclosed. Founded in 2004, Insurance Partners of Texas offers a wide range of employee health and benefits-related services to midsize employers in Texas. All Insurance Partners of Texas employees will join MMA, expanding the firm's presence into Abilene.

08:58 EDT Coach: Kate Spade too dependent on wholesale, online flash sales - Coach (COH) says to reduce sales in wholesale, online flash sales. Says Kate Spade (KATE) too dependent on wholesale, online flash sales. Sees opportunity to expand Kate Spade in Europe, Asia. Kate Spade says will continue to innovate design for Coach. The companies expect the deal to close in Q3. Comments taken from the conference call discussing Coach's agreement to acquire Kate Spade for $2.4B. Coach is up 5.5% in premarket trading and Kate Spade is up 8.4%.

08:50 EDT BioTelemetry receives clearance for acquisition of capital stock of LifeWatch - BioTelemetry announced that, effective on May 5, it received early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to its previously announced tender offer to acquire all of the capital stock of LifeWatch. This clearance comes without any condition on or undertaking by BioTelemetry, LifeWatch or any of their respective subsidiaries. BioTelemetry also received all necessary antitrust approvals from the Macedonian Commission, the need for which was due to the operations of LifeWatch Macedonia, a wholly owned subsidiary of LifeWatch. The expiration of the HSR waiting period satisfies one of the closing conditions of the pending tender offer, which remains subject to other closing conditions as described in the prospectus for the offer published by BioTelemetry on April 24. Subject to the satisfaction of the other conditions, BioTelemetry expects the transaction to close in the Q3.

08:38 EDT Amyris announces agreements for up to $95M in equity financing - Amyris announced a series of agreements for up to $95M in equity financing via a registered direct offering of convertible preferred stock, and private placements of convertible preferred stock and warrants, and noted that the company is in the process of reducing its debt by approximately $75M. The equity financing commitment includes participation by Koninklijke DSM N.V., the global science-based company active in health, nutrition and materials, as well as participation by qualified institutional buyers and accredited investors, including some which have previously engaged in equity and/or debt investments in Amyris. The financing was led by DSM. As also announced, DSM has agreed to an initial equity investment in Amyris of $25M as part of the financing referred to above. Subject to the satisfaction of certain conditions, DSM may invest an additional $25 million in Amyris. The first tranche is expected to close on Thursday, May 11, 2017 with the second tranche expected to close within 90 days of the closing of the first tranche. Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the exclusive placement agent for the registered direct offering and the private placement, and as our advisor on the debt conversion initiative. Amyris is in the process of reducing its debt by approximately $75M. Approximately $40M of such amount is being converted pursuant to the terms of the equity financing referred to above and in addition, $15M has already converted into equity over recent weeks with the remainder to be paid over the next 30 days. "We are very pleased with the support of our existing shareholders and we are excited to welcome DSM as one of our newest investors and a key shareholder," said John Melo, Amyris President and CEO. "The combination of the new cash to support our strong growth, the simplification of our debt structure and a new long-term shareholder that is strongly aligned with our key growth markets of Health and Nutrition provides us a significant leap forward in our lead of the Industrial Biotechnology sector. We are very pleased with our ability to deliver better products at a lower cost while making our planet healthier and our customers' products and businesses more sustainable."

08:36 EDT OMA Airports reports April traffic up 11.7% - OMA reports that terminal passenger traffic at its 13 airports increased 11.7% in April, as compared to April 2016. Domestic traffic increased 11.6%, and international traffic rose 12.4%. At the same time, the supply of seats grew 6.3%. It should be noted that year-over-year comparisons benefit from the fact that this year's Holy Week vacation period occurred in April, while in 2016 it occurred in March.

08:32 EDT Lexos patent lawsuit against ChannelAdvisor's client Costco has been dismissed - ChannelAdvisor announced the patent lawsuit filed by Lexos Media IP against ChannelAdvisor's customer Costco Wholesale Corporation has been dismissed. After a critical favorable ruling from the court in the Eastern District of Texas in connection with the claim construction process, Lexos dismissed the lawsuit. The dismissal by Lexos was not tied to any payment or settlement agreement, Lexos simply "walked away" after the court's ruling.

08:28 EDT Altisource issues statement regarding New Residential and Ocwen transaction - Altisource Portfolio Solutions (ASPS) issued the following statement in response to a potential transaction between Ocwen Financial (OCN) and New Residential (NRZ): Altisource is aware that Ocwen and NRZ have each stated that there are on-going negotiations to reach an agreement that would convert certain of NRZ's existing rights to mortgage servicing rights, or MSRs, to fully-owned MSRs. We view efforts by Ocwen and NRZ to reach an agreement that reduces uncertainty and strengthens the relationship between NRZ and Ocwen as a positive development. Altisource has long-term service agreements with Ocwen to provide various fee-based services on an exclusive basis. Altisource has invested substantial resources in acquiring and developing the infrastructure and services it provides to Ocwen and remains committed to providing these services and supporting Ocwen. Altisource expects that any potential agreement between Ocwen and NRZ will be consistent with and respect Altisource's service agreements with Ocwen. Altisource is in communication with both Ocwen and NRZ.

08:20 EDT Hexcel says Patrick Winterlich to succeed Wayne Pensky as CFO, effective Sept. 1 - Hexcel Corporation announced that EVP and CFO Wayne Pensky intends to retire on December 31 after more than 24 years with the company. The company's Board of Directors appointed Patrick Winterlich to succeed Pensky as EVP and CFO, effective September 1 when Pensky will transition into the role of Special Advisor to the CEO. Winterlich, who is currently Senior Vice President - Tax, Systems & Enterprise Reporting, joined Hexcel in 1998 and has held roles of increasing responsibility in Operations, Finance and Information Technology.

08:15 EDT Ocular Therapeutix presents new data from Phase 3 study of Dextenza - Ocular Therapeutix presented yesterday new data from its most recent Phase 3 study evaluating the safety and efficacy of DEXTENZA 0.4 mg for the treatment of ocular pain and inflammation following cataract surgery. The data were released at the American Society of Cataract and Refractive Surgery Annual Symposium in Los Angeles, CA. The FDA has set a target action date under the Prescription Drug User Fee Act of July 19 for a decision regarding the potential approval of DEXTENZA for the treatment of ocular pain following ophthalmic surgery.

08:13 EDT DaVita acquires dialysis center operator Purity Dialysis - DaVita Kidney Care, a division of DaVita, announced its acquisition of Wisconsin-based Purity Dialysis. Purity Dialysis operates ten dialysis centers in the greater Milwaukee area and provides out-patient hemodialysis and in-home peritoneal dialysis training.

08:12 EDT John Wiley announce resignation of CEO Mark Allin - John Wiley and Sons announced that President and CEO Mark Allin has resigned for family reasons, effective immediately. Matthew Kissner, Chairman of the Board, has been named interim CEO. The Board has begun a search for Allin's successor.

08:10 EDT Savara announces issuance of U.S. Composition Of Matter patent for AeroVanc - Savara announced the recent issuance of United States Patent No. 9,572,774 for "Dry Powder Vancomycin Compositions and Associated Methods" by the United States Patent and Trademark Office. The patent will provide key intellectual property protection in the U.S. for the AeroVanc program and will expire no earlier than 2032. This affords Savara important composition of matter protection for its AeroVanc program in the U.S., the largest market for the product, and is a key component of the company's market protection strategy which also includes Orphan Drug and Qualified Infectious Disease Product protection. Savara has also received a Notice of Allowance from the Canadian Intellectual Property Office for its Canadian Patent Application No. 2,836,643 entitled "Dry Powder Vancomycin Compositions and Associated Methods." This notice serves as official communication that the examination of the patent application has been successfully completed. Once issued, the patent will provide protection for AeroVanc in Canada until 2032. The company also has corresponding patent applications for AeroVanc in different stages of prosecution in other key markets throughout the world.

08:08 EDT Tyson Foods received civil investigative demand from Florida AG - Tyson Foods disclosed in its quarterly report that on March 1 it received a civil investigative demand from the Office of the Attorney General, Department of Legal Affairs, of the State of Florida. The CID requests information primarily related to possible anti competitive conduct in connection with the Georgia Dock, a chicken products pricing index formerly published by the Georgia Department of Agriculture, the company said. Tyson added, "We are cooperating with the Attorney General's office."

08:07 EDT Fibrocell Science: DSMB recommends continuation of Phase 1/2 FCX-007 trial - Fibrocell Science (FCSC) said that the Data Safety Monitoring Board has recommended continuation of the Phase 1/2 clinical trial of FCX-007 for the treatment of Recessive Dystrophic Epidermolysis Bullosa, following a review of safety data from the first patient treated. No product-related adverse events were reported. "We appreciate the DSMB's support to continue the evaluation of our leading gene therapy candidate, FCX-007," said CEO John Maslowski. "We look forward to dosing additional adult RDEB patients in the Phase 1 portion of the trial with this novel therapy that has the potential to be transformative for patients suffering from this devastating disease." As specified in the protocol of this Phase 1/2 trial, additional adult patients can begin to be dosed with this recommendation from the DSMB. Six adult patients are targeted for the Phase 1 portion of the trial. Twelve-week post-treatment data for safety, mechanism of action and efficacy for multiple patients in the Phase 1 portion of this trial are expected in the third quarter of 2017. FCX-007 has been granted Orphan Drug, Rare Pediatric Disease and Fast Track Designations by the U.S. FDA. Fibrocell is developing FCX-007 in collaboration with Intrexon Corporation (XON).

08:05 EDT InVivo Therapeutics announces new patient enrollment into INSPIRE study - nVivo Therapeutics Holdings announced that a new patient has been enrolled into The INSPIRE Study at Oregon Health & Science University in Portland, Oregon. Jason J. Chang, M.D., Assistant Professor of Neurological Surgery and co-study investigator, performed the surgery and implantation approximately 77 hours after the injury occurred. Mark Perrin, InVivo's CEO and Chairman, said, "We were pleased to hear that the procedure was a success and that the patient is doing well. We now have 15 patients enrolled and in follow up, and we look forward to completing enrollment in the INSPIRE study."

08:03 EDT CRISPR signs license agreement with MIT for Nanoparticle technologies - CRISPR Therapeutics announced they have signed an exclusive license with the Massachusetts Institute of Technology, or MIT, for a family of Lipid Nanoparticle technologies developed in the lab of Dr. Daniel G. Anderson, a scientific founder and advisory board member of CRISPR Therapeutics. Under the terms of the license, CRISPR Therapeutics obtains the exclusive rights to use the LNP technologies in their therapeutic development programs focused on in vivo gene editing applications. MIT receives an upfront technology access fee, milestones, and royalties on licensed products that reach the market.

07:57 EDT TherapeuticsMD receives letter with concerns from FDA regarding TX-004HR - TherapeuticsMD announced that it received a Complete Response Letter from the FDA regarding the New Drug Application, or NDA, for TX-004HR, the company's investigational applicator-free estradiol vaginal softgel capsule for the treatment of moderate-to-severe vaginal pain during sexual intercourse, a symptom of vulvar and vaginal atrophy, or VVA, due to menopause. In the CRL, the only approvability concern raised by the FDA was the lack of long-term endometrial safety data for TX-004HR beyond the 12-weeks studied in the pivotal phase 3 Rejoice Trial. No cases of endometrial hyperplasia were observed in the Rejoice Trial at the end of week 12 for all the doses studied and included in the NDA. The Company believes that the NDA was approvable as filed and intends to meet with the FDA as soon as possible to address the concerns raised by the FDA.

07:49 EDT GigaMedia appoints James Huang as CEO - GigaMedia announced that its board has appointed James Huang as its new CEO upon the departure of Collin Hwang, who has resigned from his role as chairman of the board, a member of the board, CEO and CFO. Collin Hwang's resignation was accepted by the board and effective on May 5. Currently he is still a large shareholder of Gigamedia. James Huang will also take over the positions of chairman of the board, a member of Board, and CFO of the company, effective on the same date.

07:46 EDT Bats announces alternative to closing auctions - Bats, a CBOE Holdings company, announced that it is proposing to adopt a new, competitively priced alternative to the primary market closing auctions that take place at the end of the U.S. equities trading day, subject to regulatory approval.

07:44 EDT Buffett cites 'stupidity' for not buying shares of Amazon - Warren Buffett is speaking on CNBC.

07:43 EDT SunOpta permits Oaktree to acquire common shares of the company - SunOpta (STKL) announced that the Company has agreed to waive a standstill provision to permit Oaktree Capital Management (OAK) to acquire additional common shares of SunOpta on or before May 6, 2020. The maximum number that Oaktree may acquire is the lesser of 5,125,036 common shares or the number that would ensure that Oaktree's beneficial ownership does not exceed 19.99% of the common shares currently outstanding on a partially-diluted basis at the time of such purchase, assuming the exchange of all shares of preferred stock held by Oaktree into common shares of the Company.

07:40 EDT Elliott releases new letter, says Arconic 'clearly an underperforming company' - Elliott Management Corporation, which manages funds that collectively beneficially own a 13.2% economic interest in Arconic, released a new letter to shareholders, saying: "Arconic's Board of Directors has now issued a series of open letters to the company's shareholders. These letters dust off the old standbys - cue up 'short-term' and 'undue influence,' throw around 'hedge fund' like an epithet. Not only are these tired notes, but worse, they are simply inapposite. In this situation, it is Elliott, not the Board, which has demonstrated fidelity to the long-term interests of Arconic. There is of course a robust and worthwhile debate to be had about the proper role of shareholder activists. But even the most stubborn defenders of the corporate citadel will admit that 'underperforming companies may be able to benefit from better board oversight, fresh perspectives in the boardroom, new management expertise and/or a change in strategic direction. Responsible and selective activism can be a useful tool to hold such companies accountable and propel changes to enhance firm value, and institutional investors can benefit from the budget and appetite of activists who drive such reforms.' Our efforts at Arconic are an example of such 'responsible and selective activism.' Ours is a 'constructive form of advocacy characterized by a genuine desire to create medium- to long-term value' and Arconic is clearly an 'underperforming company' which would 'benefit from better board oversight' and 'new management expertise.' In this letter, we reiterate our call to shareholders large and small to join us in our effort to ensure that Arconic is led by a Board that recognizes the need for real change and possesses the good judgment and right mix of skills and experience to produce sustainable value over the long haul."

07:36 EDT Buffett says 'no idea' what market will do in short term - Warren Buffett, while speaking on CNBC, said he has "no idea" what the market will do over the short term. The market will be at higher levels than today in 10 years and 20 years, Buffett added.

07:36 EDT Aehr Test Systems announces $1.9M in follow-on orders - Aehr Test Systems announced that it has received a follow-on order exceeding $1.9M for multiple ABTS test and burn-in systems from a leading multi-national manufacturer of advanced logic integrated circuits for automotive, embedded processing, digital signal processing and analog applications. The order also includes down payments to lock in delivery dates. The ABTS systems are planned to ship in the next few months.

07:34 EDT Bovie Medical receives 510K clearance from FDA for J-Plasma Precise Flex - Bovie Medical announced that it has received 510K clearance from the FDA for a new J-Plasma Precise Flex handpiece. The J-Plasma Precise Flex handpiece is designed to be used in robotic-assisted procedures including those with Intuitive Surgical's da Vinci Surgical System.

07:33 EDT Brink's raises quarterly dividend 50%, announces $200M share repurchase program - The Brink's Company announced that its board of directors approved a 50% increase in the company's quarterly dividend, from 10c to 15c per share, effective immediately. The next quarterly dividend is payable on June 1 to shareholders of record on May 18. The company also announced that the board of directors authorized a share repurchase program of up to $200M of common stock. The authorization expires December 31, 2019.

07:27 EDT Wells Fargo's fundamental earnings power not hurt by scandal, Buffett says - Warren Buffett is speaking on CNBC.

07:20 EDT Platform Specialty Products reaffirms FY17 adjusted EBITDA view $800M-$830M - Based on foreign exchange rates as of March 31 Platform reaffirms its previously provided adjusted EBITDA for 2017 expected to be in the range of $800M-$830M, representing an increase of 8% versus Fy16 results at the mid-point on a constant currency basis.

07:19 EDT Novocure announces results from phase 3 EF-14 trial - Novocure announced results from health-related quality of life analyses from its phase 3, pivotal EF-14 trial adding Optune to standard temozolomide chemotherapy for the treatment of newly diagnosed glioblastoma. The data, presented at this year's World Federation of Neuro-oncology Societies 5th Quadrennial Meeting in Zurich, showed that Optune with temozolomide did not negatively impact health-related quality of life, except for itchy skin, which was most likely due to skin irritation beneath Optune's transducer arrays. The combination treatment of Optune with temozolomide improved deterioration-free survival of several predefined health-related quality of life scales, compared to temozolomide alone, likely related to improved progression free and overall survival. Patients completed two validated health-related quality of life questionnaires at the beginning of the trial, and every three months thereafter. Health-related quality of life over time was assessed for nine preselected scales: global health, physical, cognitive, role, social and emotional functioning, itchy skin, pain and weakness of legs.

07:14 EDT Axsome Therapeutics receives FDA fast track designation for AXS-05 - Axsome Therapeutics received Fast Track designation from the U.S. Food and Drug Administration for AXS-05 for the treatment of agitation in patients with Alzheimer's disease. There are currently no approved treatments for this condition. Axsome previously received Investigational New Drug Application clearance from the FDA to proceed with a Phase 2/3 trial of AXS-05 in this indication.

07:11 EDT Buffett says never met or spoke to United Continental CEO Munoz - Warren Buffett is speaking on CNBC.

07:10 EDT Intra-Cellular presents data on investigational agent Lumateperone - Intra-Cellular Therapies announced it had two presentations on its novel investigational agent lumateperone at the 19th Annual Conference of the International Society for Bipolar Disorders held in Washington, DC, May 4-7, 2017. The company's presentations at ISBD focused on the unique pharmacology of lumateperone and included both preclinical and clinical data supporting its development for the treatment of bipolar depression. Specifically, previous results in the Company's schizophrenia efficacy studies found robust improvements in depressive as well as psychotic symptoms for those patients who were comorbidly depressed at baseline. Further, new preclinical data demonstrate that lumateperone, as a standalone agent, uniquely potentiates both AMPA and NMDA glutamate neurotransmission in the prefrontal cortex, mechanisms thought to predict potent and rapid antidepressant effects. These effects on glutamate neurotransmission are dependent on the ability of lumateperone to simultaneously increase D1 receptor activity and inhibit SERT activity. The Company has also recently demonstrated that lumateperone regulates phosphorylation of key proteins in the mTOR pathway, similar to ketamine which has shown rapid antidepressant effects, yet lumateperone has not been associated with ketamine-like safety concerns. In over 1500 individuals exposed to date in clinical trials, lumateperone has been well-tolerated with a safety profile similar to placebo. These exciting findings, in addition to the potent SERT activity previously described with lumateperone, suggest the potential for lumateperone to exhibit potent and rapid antidepressant effects in patients suffering from a range of mood disorders including bipolar depression, major depressive disorder (MDD) and treatment-resistant depression. Further clinical evaluation for mood disorders, in addition to the ongoing Phase 3 lumateperone bipolar depression trials, is warranted.

07:09 EDT Durect, Novartis division Sandoz sign $293M agreement for Posimir - Durect (DRRX) announced a development and commercialization agreement with Sandoz AG, a division of Novartis (NVS), to develop and market in the United States Durect's Posimir, an investigational locally-acting, non-opioid analgesic intended to provide up to three days of continuous pain relief after surgery. Under the terms of the agreement, Sandoz will make an upfront payment to Durect of $20M, with the potential for up to an additional $43M in development and regulatory milestones, up to an additional $230M in sales based milestones, as well as a tiered double digit royalty on product sales in the United States. Durect will remain responsible for the completion of the ongoing PERSIST Phase 3 clinical trial for Posimir as well as FDA interactions through approval. Closing of the transaction is anticipated to occur in the second quarter of 2017 and is contingent on completion of review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

07:07 EDT United Continental made 'terrible mistake,' Buffett says - Warren Buffett, while speaking on CNBC, said United Continental CEO Oscar Munoz made a "terrible mistake" when responding to the dragged off passenger. Buffett is a shareholder of United Continental.

07:06 EDT Armstrong Flooring reaffirms FY17 adjusted EBITDA view $75M-$85M - Sees FY17 capital expenditures $45M-$50M. The FY17 outlook does not include any impact from the planned acquisition of Mannington's VCT business.

07:05 EDT Ply Gem backs FY17 adjusted EBITDA view $250M-$265M - The company's 2017 annual outlook is based on a U.S. single family housing starts market growth assumption of 5% to 10% and an assumption of 3% to 5% growth in the U.S. big ticket repair and remodel market. "As we enter into the seasonally important second and third quarters, we look forward to capitalizing on the momentum we've built over the past several quarters," said Gary E. Robinette, Ply Gem's Chairman and CEO. "As the housing market in the U.S. continues to recover, we are well positioned to drive profitable growth and generate meaningful operating leverage, earnings and cash flow. In addition, we remain committed to driving shareholder value, continuing to improve our balance sheet and being opportunistic within our strategic priorities. In looking to the remainder of 2017, we reaffirm our full year 2017 adjusted EBITDA to be in the range of $250 to $265 million."

07:04 EDT Acceleron reports cash, cash equivalents and investments $213.2M as of March 31 - Cash, cash equivalents and investments as of March 31 were $213.2M. As of December 31, 2016 the Company had cash, cash equivalents and investments of $234.4M. Company believes that existing cash, cash equivalents and investments will be sufficient to fund projected operating requirements into the second half of 2019.

07:03 EDT Acceleron reports Q1 EPS (66c), consensus (54c) - Reports Q1 revenue $3.6M, consensus $3.91M.

06:59 EDT Kosmos announces a major gas discovery offshore Senegal - Kosmos Energy announced a major gas discovery offshore Senegal. Yakaar-1 is the first well in a series of four independent tests of the basin floor fan fairways, outboard of the proven slope channel trend opened with the Tortue-1 discovery. Located in the Cayar Offshore Profond block approximately 95 kilometers northwest of Dakar in nearly 2,550 meters of water, the well has been drilled to a total depth of approximately 4,700 meters. Yakaar-1 intersected a gross hydrocarbon column of 120 meters in three pools within the primary Lower Cenomanian objective and encountered 45 meters of net pay. Well results confirm the presence of thick, stacked, reservoir sands over a very large area with very good porosity and permeability.

06:56 EDT Cobalt reports cash and equivalents $770.4M as of March 31 - As of March 31 cash, cash equivalents, short term investments and restricted cash were approximately $770.4M. This includes $250M of Angolan sale proceeds received pursuant to the purchase and sale agreement with Sonangol, but excludes $159.2M in receivables owed to us by Sonangol.

06:51 EDT Coach expects Kate Spade deal to be accretive in FY18 - Coach said in the takeover announcement, Due to the complementary nature of our respective businesses, we believe that we can realize a run rate of approximately $50 million in synergies within three years of the deal closing. These cost synergies will be realized through operational efficiencies, improved scale and inventory management, and the optimization of Kate Spade's supply chain network. At the same time, to ensure the long-term viability and health of the Kate Spade brand, and similar to the steps Coach has itself taken over the last three years, we plan to reduce sales in Kate Spade's wholesale disposition and online flash sales channels. Therefore, the reduction in profitability from the pullback in these channels will be offset by the realization of these substantial synergies. As a result, we expect that the acquisition will be accretive in fiscal 2018 on a non-GAAP basis, and will reach double-digit accretion by fiscal 2019, also on a non-GAAP basis."

06:49 EDT Straight Path: Revised offer from multi-national firm a 'Superior Proposal' - Straight Path Communications (STRP) announced that the Straight Path Board of Directors determined that a revised offer from a multi-national telecommunications company to acquire 100% of the issued and outstanding shares of Straight Path for $184.00 per share (reflecting an enterprise value of approximately $3.1B), which will be paid in Bidder stock in an all-stock transaction constitutes a "Superior Proposal" as defined in Straight Path's previously announced definitive agreement and plan of merger with AT&T (T) and Switchback Merger Sub Inc., dated as of April 9, 2017. The Bidder previously submitted an unsolicited offer on May 1, 2017 to acquire 100% of the issued and outstanding shares of Straight Path for $135.96 per share (reflecting an enterprise value of $2.3B), which has been superseded by the revised offer announced on May 8. Under the terms of the AT&T Merger Agreement, AT&T agreed to acquire Straight Path in an all-stock transaction in which Straight Path stockholders would receive $95.63 per share (reflecting an enterprise value of $1.6B), which would be paid using AT&T stock. Straight Path has notified AT&T of the Straight Path Board's determination and, pursuant to the AT&T Merger Agreement, AT&T has the option for the next three (3) business days to negotiate a possible amendment of that agreement to match or exceed the Bidder's offer. Straight Path is required, and intends to, negotiate in good faith with AT&T during the Negotiation Period. Straight Path is not permitted to enter into the Bidder's merger agreement or to change its recommendation in favor of the AT&T transaction unless, at the end of the Negotiation Period, the Straight Path Board determines that the Bidder's offer continues to constitute a "Superior Proposal" and satisfies certain other requirements under the AT&T Merger Agreement. The Bidder has stated that its offer will remain outstanding until 11:59 p.m. New York City time on May 10, 2017. Under the AT&T Merger Agreement, Straight Path is required to pay a $38 million termination fee to AT&T if the Straight Path Board terminates the AT&T Merger Agreement in order to enter into an agreement with the Bidder. The Bidder has agreed to pay the termination fee to AT&T on Straight Path's behalf in such event. Straight Path would be required to repay the Bidder for the AT&T termination fee under certain circumstances in connection with a termination of the Bidder's merger agreement. At this time, Straight Path remains subject to the AT&T Merger Agreement and the Straight Path Board has not changed its recommendation in support of the AT&T transaction, the existing AT&T Merger Agreement, or its recommendation that Straight Path's stockholders adopt the AT&T Merger Agreement. There can be no assurances that a transaction with the Bidder will result from the Bidder's offer, or that any other transaction will be consummated. There can be no assurance that AT&T will seek to negotiate with Straight Path or will make a revised offer.

06:42 EDT Baillie Gifford reduces passive stake in TripAdvisor to 3.32% from 9.34%

06:33 EDT Southwest reports April traffic up 7.3% - Southwest Airlines reported its April and year-to-date preliminary traffic statistics. The company flew 11.2 billion revenue passenger miles, or RPMs, in April 2017, an increase of 8.4 percent from the 10.4 billion RPMs flown in April 2016. Available seat miles, or ASMs, increased 7.6 percent to 13.4 billion in April 2017, compared with April 2016 ASMs of 12.4 billion. The April 2017 load factor was a record for the month of April at 84.0 percent, compared with 83.4 percent in April 2016. Based on these results and current trends, the company continues to expect its second quarter 2017 operating revenue per ASM, or RASM, to increase in the one to two percent range, as compared with second quarter 2016.

06:27 EDT Scorpio Tankers to sell two MR product tankers for approximately $56.4M - Scorpio Tankers announced that it has reached an agreement with an unrelated third party to sell two of its 2013 built MR product tankers (STI Sapphire and STI Emerald) for approximately $56.4M in aggregate. The sales are expected to close in June 2017 at which time the company will repay the outstanding secured debt for these vessels of $27.6M in aggregate. The company will record a write-down of approximately $9.3M during the second quarter of 2017 in connection with the entry into this agreement.

06:25 EDT Newell Brands raises quarterly dividend 21% to 23c from 19c per share - The dividend is payable June 15 to common stockholders of record at the close of business on May 31.

06:17 EDT Camping World intends to operate seventy locations - On May 1 Camping World Holdings announced the planned acquisition of certain assets of Gander Mountain and its Overton's boating business, following Camping World's successful bid for certain assets of Gander Mountain and Overton's in a bankruptcy auction on April 27 and April 28. On May 4 the transaction was approved by the U.S. Bankruptcy Court for the District of Minnesota. On May 5 CWI an indirect wholly-owned subsidiary of Camping World, entered into an asset purchase agreement with Gander Mountain. As part of the Agreement, Camping World obtained the right to designate any real estate leases for assignment to Camping World or other third parties and initially plans to operate stores that it believes have a clear path to profitability. The company stated "after reviewing the stores in more detail since our successful bid in the bankruptcy process, our current goal is operate seventy or more, locations subject to, among other things, our ability to negotiate lease terms with landlords on terms acceptable to us and approval of the Bankruptcy Court. The current liquidation of the existing Gander Mountain inventory will allow us to start with a clean slate of what we consider the appropriate mix and level of inventory, including the addition of Camping World and Overton's offerings where appropriate."

06:14 EDT Buffett says 'maybe, maybe not' when asked if still buying Apple - Warren Buffett is speaking on CNBC.

06:12 EDT Urban Outfitters sends letter to investors responding to CtW's letter - In a letter to investors, Urban Outfitters said, "Please allow us to respond to the letter you may have received on May 1, 2017 from CtW Investment Group addressing the Board composition of Urban Outfitters. We are writing to remind you of the significant corporate governance progress the Company has made over the past several years and assure you that the Board and the Nominating & Governance Committee are committed to further enhancing the Board's strategic oversight of the Company. As the CtW letter correctly notes, these changing times require boards to critically evaluate the mix of skills and expertise necessary to continue providing strategic guidance. The Board, and more specifically the Nominating & Governance Committee, have been conducting this analysis for many years, engaging with shareholders and working to enhance the Board's talent in order to continue guiding URBN's growth. To make the Board even more responsive to shareholders, we declassified the Board, adopted majority voting, and supported and then adopted proxy access for our shareholders. Further, the Nominating & Governance Committee has added four new directors since 2011, three of whom are independent and two of whom are women. These additions reflect the Nominating & Governance Committee's strategic approach to refreshing and diversifying talent on the Board. For example, data shows that over the past ten years, the share of disposable income customers spend on apparel has fallen, while the share spent on experiences has increased. In response, the Board added a Director in 2014 with unique skills in creating engaging customer experiences. Likewise, the rise of the internet and e-commerce have fundamentally disrupted the retail industry. In 2016, the Board added a Director who has been referred to as one of the world's leading authorities on digital marketing. In addition to these past efforts, the Board and the Nominating & Governance Committee remain committed to further refreshing and diversifying the Board's talent. Last year, long before CtW's letter, the Nominating & Governance Committee embarked on a search for additional female candidates with skills that would complement the Board's strategic oversight role. Most recently, the Committee hired Diversified Search, a well-known executive search firm specializing in identifying diverse senior level executive candidates, to assist in locating new Board candidates. With the assistance of Diversified Search, the Nominating & Governance Committee has been interviewing candidates; the Committee expects to recommend one or two new, independent Directors over the next year without expanding the current size of the Board. Furthermore, the Nominating & Governance Committee believes that the Board should ultimately have additional independent female representation. The Committee also expects that new director candidates will further strengthen the Board's ability to guide URBN's digital and omni-channel strategies."

06:10 EDT Buffett calls Google 'extraordinary' business, would buy over short - Warren Buffett, while speaking on CNBC, says Alphabet's (GOOG, GOOGL) Google has an "extraordinary" business. The billionaire investor said that if he had to buy or short the stock, he'd buy it. Buffett added that his view of Google shares is similar to his view on Amazon.com (AMZN) shares.

06:04 EDT AkzoNobel declines third unsolicited, conditional proposal from PPG

05:58 EDT KKR, Dunas Capital, Alua Hotels to partner on Balearic hotel acquisition - KKR, the asset manager Dunas Capital, and the hotel group Alua Hotels & Resorts announced an agreement to acquire and manage the Intertur Hotels group. Intertur Hotels is a prominent hotel group in the Balearic, with two assets in Mallorca, and two in Ibiza. The KKR-led venture aims at repositioning and modernizing the assets through a significant investment program. Alua will manage the hotels once the agreement is closed, and will market them under its brand starting 2018.

05:31 EDT Elbit Systems awarded contract to provide IMOD with SOTM systems - Elbit Systems has announced that it was awarded a contract to provide the Israeli Ministry of Defense, or IMOD, with dozens of satellite-on-the-move, or SOTM, systems. The contract is in an amount that is not material to Elbit Systems and will be performed over a two-year period.

05:20 EDT Sabra Health Care, Care Capital Properties to combine in all-stock merger - Sabra Health Care REIT (SBRA) and Care Capital Properties (CCP) announced that they have entered into a definitive agreement pursuant to which the two companies will combine in an all-stock merger to create a premier healthcare REIT. The combined company is expected to have a pro forma total market capitalization of approximately $7.4B and an equity market capitalization of approximately $4.3B. Under the terms of the agreement, CCP shareholders will receive 1.123 shares of Sabra common stock for each share of CCP common stock they own. Upon closing of the merger, Sabra shareholders are expected to own approximately 41% and the former CCP shareholders are expected to own approximately 59% of the combined company. The parties currently expect the transaction to close during Q3. The all-stock merger is intended to be a tax-free transaction. The merger brings together two high quality companies with complementary properties creating a unique healthcare portfolio of 564 investments. The current management team of Sabra will lead the combined company, with Rick Matros to serve as Chairman and CEO, Harold Andrews as CFO and Talya Nevo-Hacohen as CIO. The Sabra Board of Directors will be expanded to 8 members, adding CCP's current CEO Raymond Lewis and two additional directors from CCP. Upon completion of the merger, the company will operate under the Sabra name and its common stock will be listed under the ticker symbol SBRA. The company will be headquartered in Irvine, California. The merger is expected to generate annual cost savings of approximately $20M. The transaction is expected to be immediately accretive to Sabra's FFO and AFFO per share and provide the combined company with an attractive earnings growth profile. CCP shareholders will gain immediate benefits through the exchange ratio and improved opportunity for superior shareholder returns through increased growth in the combined company.