Stockwinners Market Radar for July 20, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:19 EDT FieldPoint Petroleum sells assets in New Mexico for $1.2M - FieldPoint Petroleum has completed the sale of 401 net acres in Lea County, New Mexico, held by multiple East Lusk 15 Federal Com wells and the Jennings Federal Com No. 1 well, to a private E&P company. FieldPoint will retain its 43.75% net working interest in the East Lusk Wells and its 87.50% net working interest in the Jennings Well. Total sales price for the asset was $1.2M.

18:04 EDT Microsoft sees Q1 productivity and business processes sales $8.1B-$8.3B - Sees Q1 More Personal Computing revenue $8.6B-$8.9B. Sees roughly $1.1B in revenue from LinkedIn in Q1. Sees Q1 intelligent cloud revenue $6.9B-$7.1B. Sees Q1 CapEx similar to Q4. Sees Q1 OpEx $8.6B-$8.7B, with roughly $1B from LinkedIn. Sees Q1 adjusted effective tax rate to be about four points lower than FY18 effective tax rate. Sees Q1 COGS $8.2B-$8.3B.

18:00 EDT Microsoft sees FY18 operating margin down 1 point - Sees 1 point of negative FX impact in FY18. Says remains focused on improving gross margin percentage in each segment in FY18. Says will increase capital investment to meet growing demand. Sees gross margin to decline 1 point in FY18. Sees company operating margin down about a point in FY18. Sees FY18 adjusted tax rate about 23%. Sees FY18 operating margin unchanged excluding LinkedIn.

17:51 EDT eBay says seeing 'promising' results from new web page - Says expects increasing pace of product innovation in 2H17. Says sees Marketplace GMV & revenue acceleration in Q3. Says expects to continue brand advertising campaign in 2H17, especially internationally. Says seeing an acceleration of sellers on the site, mostly small to medium sized businesses. Comments from Q2 earnings conference call.

17:45 EDT Microsoft says customers are placing more and more trust in Microsoft Cloud - Says saw continued momentum in mobile in Q4. Says customers more and more are placing trust in the Microsoft Cloud. Says CIOs increasingly prefer Azure. Says gaming business is more than $9B, growing profitably. Says gaming segment evolving faster than ever before. Says uniquely positioned to gather large share of eSports opportunities through popularity of Xbox Live.

17:40 EDT Canadian Pacific ratify five-year agreement with TCRC-MWED - Canadian Pacific and the Teamsters Canada Rail Conference Maintenance of Way Employees Division have ratified a new five-year agreement. The agreement received 86% support and is effective January 1, 2018. The agreement ensures wage increases of 2% each year over the term of the contract and provides the opportunity for additional increases of 1% in the fourth and fifth years depending on gains in Revenue Ton Miles. TCRC-MWED represents approximately 2,000 workers at CP.

17:36 EDT Microsoft CEO: 2017 'tremendous year' of customer momentum - Says 2017 was "tremendous year" of customer momentum. Says technology worldview is resonating with businesses "everywhere." Says Microsoft 365 is "fundamental shift" in how to address customer needs. Says continues to see strong growth of Microsoft 365 in multiple different sectors. Comments taken from Q4 earnings conference call.

17:34 EDT The Buckle appoints Thomas Heacock as CFO - The Buckle has elected Thomas B. Heacock as the company's VP of Finance, Treasurer and CFO. . Heacock previously served as the company's Vice President of Finance, Treasurer and Corporate Controller. He has been employed by the company since October 2003. Heacock replaces Karen B. Rhoads as CFO, who in May announced her intention to retire from the company.

17:31 EDT Resources Connection says client continuity remains strong

17:30 EDT Visa sees FY17 client incentives as percentage of revenue 20%-20.5%

17:23 EDT Aptevo Therapeutics and Alligator Bioscience to co-develop antibody - Aptevo Therapeutics and Alligator Bioscience, a biotechnology company developing antibody-based pharmaceuticals for tumor-directed immunotherapy, have entered into an agreement to co-develop a novel immunotherapy bispecific antibody candidate, ALG.APV-527, based on Alligator's first generation bispecific antibody, ATOR-1016. The new bispecific candidate was developed using Aptevo's bispecific technology platform and includes proprietary binding elements generated by Alligator's Alligator-Gold antibody library. Initiation of cell line development for the manufacturing of clinical material is expected to begin shortly. Under the terms of the agreement, the parties will jointly own and share equally in the development costs associated with advancing this candidate through to the end of Phase 2 clinical development. At that time, the parties may opt to out-license the candidate or continue further development separately or in partnership. In addition, the agreement provides an option for the companies to develop a second bispecific antibody candidate based on this novel mechanism of action, which would also be jointly owned and funded by Aptevo and Alligator.

17:17 EDT Resources Connection sees 'positive' impact from initiatives sometime in FY18 - Says leadership and structural changes will directly address internal headwinds. Sees positive financial impact from structural initiatives sometime in FY18. Says will aim to position company on a growth trajectory by the back half of FY18. Says will continue to be "hopeful" about M&A going forward.

17:08 EDT ASUR Airports reports Q2 passenger traffic in Mexico up 14.6% - Q2 highlights include: iIncreased ownership position in San Juan Airport from 50% to 60%; agreements to acquire controlling interest in two Colombian airport groups, subject to governmental approval; paid ordinary cash dividend of Ps.6.16 per share, for a total of Ps.1,848M; passenger traffic in Mexico up 14.6% YoY, supported by increases of 18.0% and 12.0% in domestic and international traffic, respectively; Cancun Airport was the main traffic driver, with contributions from most of ASUR's airports; traffic at LMM Airport up 5.0% YoY, 4.4% in domestic traffic and 9.6% in international traffic; consolidated commercial revenues per passenger reached Ps.102.3; consolidated EBITDA up 33.7% YoY, reaching Ps.1,787.9M; closed the quarter with a cash position of Ps.2,829.8M; net Debt to LTM EBITDA stood at 1.3x, reflecting consolidation of Aerostar; and is on track to complete construction of Terminal 4 at Cancun Airport, scheduled to open in Q4.

17:06 EDT Visa says Q3 payment volume strong across all five regions - Visa says growth in U.S. and India especially strong. Comments from Q3 earnings conference call.

17:01 EDT Aeterna Zentaris forms special committee to evaluate strategic alternatives - Aeterna Zentaris announced that it has formed a special committee of independent directors to consider and evaluate various strategic and financing alternatives available to the company to maximize shareholder value, including continuing to execute on its existing business plan and/or considering and recommending changes to the company's management and governance. The Strategic Review Committee will be chaired by Carolyn Egbert, and includes Michael Cardiff. The Strategic Review Committee is in the course of engaging a financial advisor to assist with this process. On July 18, the company announced that it has been notified by the U.S. Food and Drug Administration, that the company's New Drug Application seeking approval of Macrilen for the evaluation of growth hormone deficiency in adults has been accepted as a complete response to the FDA's November 5, 2014 Complete Response Letter and granted a PDUFA date of December 30, 2017. The company has reached an important point in its evolution and wishes to conduct a strategic review of its plans, resources and opportunities, in order to best position itself to maximize stakeholder value. There can be no assurance that evaluation of strategic alternatives will result in any transaction being pursued, entered into or consummated. The Company does not intend to make further comment in regard to this process except as required by applicable securities laws or the policies of NASDAQ and the Toronto Stock Exchange.

16:58 EDT Intuitive Surgical raises FY17 procedure growth view to 14%-15% from 12%-14% - Says H1 procedure growth was led by China, Germany, and Japan. Sees procedure growth rate moderating throughout 2H17. Sees contributions from China and Japan to temper. Says average selling price will vary quarter-to-quarter. Sees average system selling price to continue to trend gradually lower in the back half of 2017. Raises FY17 pro-forma gross profit margin to 71%-75% of net revenue from 69%-71%. Raises FY17 other income view to $35M-$40M from $30M-$35M. Comments taken from Q2 earnings conference call.

16:49 EDT Ridgeback Capital reports 7.7% passive stake in Verastem

16:42 EDT TC PipeLines raises Q2 cash distribution to $1 vs. 94c

16:36 EDT FleetCor closes sale of NexTraq to Michelin - FlletCor has closed its sale of NexTraq, the U.S. provider of commercial fleet telematics, to Michelin. The purchase agreement was announced on June 14. NexTraq will maintain its principal offices in Atlanta. The unit has approximately 7,000 fleet customers and 116,000 subscribers nationwide.

16:36 EDT Square names Shake Shack CEO Garutti to board - Square (SQ) announced that Randy Garutti, CEO of Shake Shack (SHAK), has joined its board of directors. Garutti has served as Shake Shack's Chief Executive Officer and on its board of directors since April 2012.

16:32 EDT Green Plains Partners increases quarterly distribution - Green Plains Partners announced that the board of its general partner declared a quarterly cash distribution of 45c per unit on all of its outstanding common and subordinated units, or $1.80 per unit on an annualized basis, for Q2. The 1c increase over the previous quarterly distribution of 44c per unit is the seventh consecutive increase since the partnership's IPO. The distribution is payable on Aug. 11 to unitholders of record at the close of business on Aug. 4.

16:30 EDT Buffalo Wild Wings says COO James Schmidt plans to retire - On July 14, James M. Schmidt, COO, advised Buffalo Wild Wings that he plans to retire from his positions with our company effective August 14.

16:27 EDT Super Micro Computer trading halted, news pending

16:22 EDT Associated Banc-Corp to acquire BankMutual in $482M transaction - Associated Banc-Corp (ASB) and Bank Mutual (BKMU) ("Bank Mutual") announced that they have entered into a definitive agreement under which Bank Mutual will merge with and into Associated. Bank Mutual's bank subsidiary will also merge with and into Associated's bank subsidiary, Associated Bank, N.A. The all stock transaction is valued at approximately $482M, based on Associated's July 19 closing stock price of $24.60 per share. Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both companies, Bank Mutual shareholders will receive 0.422 shares of Associated common stock for each share of Bank Mutual common stock. The per common share consideration is valued at $10.38 per share based on the closing price of Associated common stock on July 19. Subject to customary closing conditions, including regulatory approvals and approval by the Bank Mutual shareholders, the transaction is expected to close in the first quarter of 2018. Associated expects this acquisition to be accretive to earnings per common share in 2019, excluding one-time charges, and expects the transaction to deliver strong returns on capital. The transaction is expected to produce less than 1% tangible book value per share dilution at closing.

16:21 EDT Bryn Mawr Bank increases dividend 4.8% - The board declared a quarterly dividend of 22c per share, payable September 1 to shareholders of record as of August 2. This represents a 1c, or 4.8%, increase from the previous quarter.

16:20 EDT eBay added 2M active buyers in Q2 - In the second quarter, eBay added 2M active buyers across its platforms, for a total of 171M global active buyers. Marketplace exposed an increasing share of its traffic to new product-based experiences as part of its structured data initiative, and stepped up its efforts to market a more sharply defined brand. Increased marketing activity in the U.S. included a nation-wide fashion campaign as well as the launch of the "Fill Your Cart with Color" brand platform in June with activations across television, digital and social channels. The company also recently announced a Price Match Guarantee on more than 80,000 deals in markets around the world as well as strategic partnerships with Channel Advisor and Shopify. StubHub launched an enhanced suite of tools for ticket sellers in North America, including a new price setting recommendation tool, making the process to sell tickets easier. Classifieds, a leader in eight markets around the world, continued to grow its eBay inventory integration across multiple regions.

16:17 EDT GlassBridge delisting voluntarily from NYSE to trade on OTCQX Market - GlassBridge Enterprises notified the NYSE of its intention to voluntarily delist its common stock from the NYSE. The company intends for its common stock to trade on the OTCQX Market after NYSE delisting. The company was not in compliance with the continued listing standards of the NYSE because its average global market capitalization was less than $50M over a consecutive 30 trading-day period while at the same time the company's stockholders' equity was less than $50M. Although the company submitted to the NYSE a plan to regain compliance and the NYSE accepted the plan, the board of directors authorized the company to initiate voluntarily delisting from the NYSE. The last trading day on the NYSE is expected to be August 1. The company expects its common stock to begin trading on the OTCQX Market on August 2. A new four letter trading or "ticker" symbol will be assigned to its shares. GlassBridge will remain a public company following the delisting. The executive team and board will continue to evaluate all available strategic alternatives. The company's intent is to relist on a major exchange in the future.

16:15 EDT eBay announces additional $3B stock repurchase authorization

16:14 EDT Microsoft reports Q4 More Personal Computing revenue down 2% to $8.8B - Revenue in More Personal Computing was $8.8B and decreased 2%, down 1% in constant currency, driven primarily by lower phone revenue. Windows OEM revenue increased 1%, slightly ahead of the overall PC market. Windows commercial products and cloud services revenue increased 8%, driven by annuity revenue growth. Surface revenue decreased 2%, down 1% in constant currency, mainly due to product lifecycle transitions. Search advertising revenue excluding traffic acquisition costs increased 10%, up 11% in constant currency, driven by higher revenue per search and search volume. Gaming revenue increased 3%, up 4% in constant currency, as strength in Xbox software and services offset lower hardware revenue.

16:12 EDT Microsoft reports Q4 Intelligent Cloud revenue up 11% to $7.4B - Revenue in Intelligent Cloud was $7.4B and increased 11%, up 12% in constant currency. Server products and cloud services revenue increased 15%, up 16% in constant currency, driven by Azure revenue growth of 97%, up 98% in constant currency.

16:11 EDT Microsoft reports Q4 Productivity and Business Processes revenue up 21% to $8.4B - Revenue in Productivity and Business Processes was $8.4B and increased 21%, up 23% in constant currency. Office commercial products and cloud services revenue increased 5%, up 6% in constant currency, driven by Office 365 commercial revenue growth of 43%. Office consumer products and cloud services revenue increased 13% and Office 365 consumer subscribers increased to 27.0M. LinkedIn contributed revenue of $1.1B during the quarter

16:10 EDT Independence Realty Trust announces transfer to NYSE - Independence Realty Trust announced that it intends to transfer the listing of its common stock to the New York Stock Exchange from the NYSE MKT. The company's common stock, which will continue to trade under the ticker symbol "IRT", is expected to commence trading on the NYSE effective July 31, 2017. The stock will continue to trade on the NYSE MKT until the transfer is complete. The transfer is expected to be seamless for the company's investors and shareholders.

16:09 EDT Microsoft CEO says cloud innovation drove strong results - "Innovation across our cloud platforms drove strong results this quarter. Customers are looking to Microsoft and our thriving partner ecosystem to accelerate their own digital transformations and to unlock new opportunity in this era of intelligent cloud and intelligent edge," said CEO Satya Nadella.

16:08 EDT Intuitive Surgical shipped 166 da Vinci Surgical Systems in Q2 - The company shipped 166 da Vinci Surgical Systems compared with 130 in the second quarter of 2016.

16:08 EDT E-Trade announes $1B share repurchase program - The company said, " As we move into the second half of the year, we are poised to execute on several critical initiatives: completion of the integration of OptionsHouse, continued balance sheet growth, and the launch of a new $1 billion share repurchase program-enabled by our strong financial performance and a reduction in our consolidated Tier 1 leverage ratio threshold to 6.5 percent. Fueled by our singular focus on doing what is right for our customers and our shareholders, the team continues to deliver. While we have produced outstanding results in the first half of 2017, I am even more energized by what I believe we will accomplish in the months and years ahead."

16:07 EDT Capital One reports common equity Tier 1 capital ratio 10.7% at June 30 - Reports common equity Tier 1 capital ratio under Basel III Standardized Approach of 10.7% at June 30.

16:07 EDT Aeglea BioTherapeutics CEO David Lowe resigns, effective immediately - Aeglea BioTherapeutics announced that David Lowe resigned as the company's president, CEO and director, effective immediately. Anthony Quinn has been appointed to serve as interim CEO while the company conducts a comprehensive search for a permanent CEO.

16:04 EDT Mattel and WWE launch girls product line - Mattel (MAT) and WWE (WWE) are launching a girls' product line that features the first-ever fashion dolls of Nikki and Brie Bella, Sasha Banks, Natalya, Charlotte Flair, Becky Lynch, Alicia Fox and Eva Marie, to leverage WWE's female Superstars. The new WWE Superstars product line was revealed at San Diego Comic-Con. The dolls will be available for preorder online only at Toysrus.com beginning July 24, and exclusively at Toys"R"Us stores nationwide and Toysrus.com this September.

16:02 EDT D.C. Court of Appeals affirms Exelon-Pepco merger - The District of Columbia Court of Appeals affirmed the Public Service Commission of the District of Columbia's approval of Exelon's (EXC) merger with Pepco Holdings (POM), which combined Exelon's three electric and gas utilities - BGE, ComEd and PECO - with PHI's three electric and gas utilities, Atlantic City Electric, Delmarva Power and Pepco. As a result of the merger, customers are seeing improved efficiency, reliability and a broad array of other benefits. Today, the Court upheld the Public Service Commission's order, resolving all legal challenges in the District of Columbia and enabling us to remain focused on providing safe, reliable and affordable energy to all of our customers.

15:34 EDT Nucor sees Q3 performance like 1H, says 'a lot of bookings already placed' - Speaking on its Q2 earnings conference call, the CEO of steel maker Nucor, John Ferriola, said he sees strength in the nonresidential construction market over the balance of 2017. "We are also encouraged by the emergence of improving demand this year and other end use markets, including energy and heavy equipment. Although automotive market demand is pulling back somewhat from historically high levels, we expect to continue Nucor's growth in this market as we gain share," said Ferriola. The automotive market is an attractive, long-term growth opportunity for Nucor. "Our automotive shipments grew by 50% over the 3-year period ended in 2016 to 1.4M tons. With our current mid-single-digits percentage share of the automotive sheet steel market, there is still plenty of room for us to grow. In a slowing automotive environment, Nucor continues to take market share from our competitors," added the CEO. Nucor is confident in getting a trade law ruling, or 232, " that is inclusive of all of the products." Answering an analyst's inquiry on the light guidance for the second half Ferriola said, the company was "optimistically cautious." He commented on futire trade rule changes saying: "Right now is it's probably not going to be anything we hope it could be, but it's more than what we have right now. So as I look out into the third quarter and I see pricing seeming to be holding and improving in Flat-Rolled Products, stability in our other businesses in terms of demand, a scrap number that is stable going forward and potentially some help on 232 and even failing that, I do expect to have continued successes we've seen over the last 12 months on the ongoing cases." The CEO reminded investors that " lot of the bookings are already placed. A lot of our sheet businesses is under contract that's predicated upon CRU numbers from the previous quarter."

15:26 EDT Web.com falls sharply, down 6% to $23.38

14:56 EDT Exxon Mobil launches legal challenge to OFAC finding on Russian sanctions - ExxonMobil said it has launched a legal challenge to a finding by the Treasury Department's Office of Foreign Assets Control that it violated U.S. sanctions against Russia in 2014 when the company followed authoritative and specific guidance from the Obama administration that OFAC retroactively changed a year later. "OFAC seeks to retroactively enforce a new interpretation of an executive order that is inconsistent with the explicit and unambiguous guidance from the White House and Treasury issued before the relevant conduct and still publicly available today," said ExxonMobil's filing in the U.S. District Court. OFAC's action is "fundamentally unfair and constitutes a denial of due process under the Constitution and violates the Administrative Procedure Act because market participants, including ExxonMobil, did not have notice of the interpretation OFAC now seeks to retroactively enforce," the filing said.

13:59 EDT Fairview Capital reports 6.4% passive stake in Liberty Media

13:32 EDT Cimpress' Vistaprint launches monthly subscription box - Vistaprint recently launched a monthly subscription box service with products personalized for marketing your business, called Promobox. The box contains three to five custom products specifically designed for each business owner. Before receiving their first box, customers complete a short survey about their design preferences and the nature of their business, upload a logo, and choose a color scheme and font. Vistaprint designers then take this information to create a box of unique products each month, requiring no additional design work from the customer. Vistaprint is a Cimpress brand.

13:10 EDT Wi-LAN unit acquires Content Delivery Network portfolio - Wi-LAN announced that its wholly-owned subsidiary Content Delivery Inc. has acquired a portfolio of patents and applications relating to Content Delivery Network technology. No upfront payment was made to acquire this patent portfolio. Net revenues generated from licensing of the patents under the agreement will be shared between WiLAN and the vendor of the patents. All other terms of the agreement are confidential.

12:56 EDT PPG to acquire Crown Group, terms not disclosed - PPG announced that it has reached a definitive agreement to acquire The Crown Group, a U.S.-based coatings application services business, from High Road Capital Partners and Charter Oak Capital Partners. The transaction is expected to close in the third quarter 2017, subject to customary closing conditions. Financial terms were not disclosed. "Crown is a leader in coatings application and this acquisition will enhance PPG's ability to service its original equipment manufacturer customers," said PPG EVP Viktor Sekmakas.

12:47 EDT Global Eagle wins 5-year contract with Norwegian Air for inflight entertainment - Global Eagle Entertaiment (ENT) has won a new five-year contract with Norwegian Air Shuttle that aims to significantly improve the airline's passenger experience through enhanced WiFi connectivity, live television, portal based content, services and support. The new agreement covers Norwegian Air Shuttle's entire Boeing (BA) 737 New Generation fleet, more than 120 aircraft, until 2023.

12:27 EDT Manitex announces EUR1.5M in new orders for Manitex PM - Manitex International announced orders for Manitex PM for approximately EUR1.5M in new cranes from two international customers. The orders are for a number of different truck-mounted crane products with lifting capacities between 3 and 40 metric tons and are being configured for various uses within the electrical utility sectors for the two customers, one of which represents follow-on business and the other a brand new account for Manitex PM. Initial deliveries are expected in the third quarter of 2017, with the remainder occurring in the fourth quarter of 2017.

11:21 EDT Celgene B-cell lymphoma treatment granted orphan designation in EU - Celgene's treatment of diffuse large B-cell lymphoma was registered as an orphan medicinal product in the EU, according to a post to the European Commission's website. Reference Link

11:06 EDT Nike rises as Morgan Stanley says buy 'before window closes' - Shares of Nike (NKE) are on the rise after Morgan Stanley analyst Jay Sole upgraded the stock to Overweight. The analyst recommended investors buy shares before "the window closes" as earnings and sales growth rates are "likely troughing." BUY NIKE: In a research note to investors, Morgan Stanley's Sole upgraded Nike to Overweight from Equal Weight and raised his price target on the shares to $68 from $56. The analyst pointed out that he thinks the window to buy the stock at the bottom of a cycle is closing, with Nike earnings per share and North American sales growth rates "likely troughing." Additionally, Sole noted that Nike's major supply chain innovations may be about to catalyze a multi-year margin expansion story. New Nike products like Air VaporMax, fashion shifts, and its "improving-more-rapidly-than-expected speed-to-market capabilities" reverse headwinds experienced over the last 18 months, he contended. Moreover, the analyst thinks the company will add more to the market in 2018 than the Street expects, and said he does not believe most peers will be able to emulate Nike's operating model, which should allow the company's EBIT margin to stay higher for longer. As the market begins to perceive a new upcycle forming, Sole sees the stock rapidly drawing a significant amount of investors off the sidelines who have been intrigued by the long-term Nike supply chain innovation story, but unwilling to step in as earnings per share estimates continued to deteriorate. PRICE ACTION: In morning trading, shares of Nike gained over 2% to $59.08.

11:00 EDT Steel Dynamics still sees this years CapEx $200M - Sees FY18 CapEx $200M-$250M based on projects the company has announced.

10:34 EDT Garmin acquires privately held Alphamantis Technologies; terms not disclosed - Garmin Ltd. announced that it has acquired Alphamantis Technologies Inc., a privately held designer of aerodynamics testing and measurement technology for the cycling industry. The majority of associates will be retained and will continue working in Montreal, Canada. Financial terms of the acquisition will not be released.

10:29 EDT Steel Dynamics says very positive environment, inventories low

10:26 EDT Credit Suisse cuts Pfizer to hold, prefers Merck, J&J - Credit Suisse downgraded Pfizer (PFE) to Neutral from Outperform, saying that the company's positive catalysts will become "more limited" over the next six to twelve months. DRIVERS TO SLOW: In recent years, Pfizer has benefited from strong use of its Ibrance drug for breast cancer and its Prevnar drug for bacterial infections, wrote Credit Suisse analyst Vamil Divan. However, demand for both drugs is slowing, he stated. Furthermore, patents on two other key drugs, Viagra and Lyric, are due to expire over the next 18 months, he wrote. ACQUIRED DRUGS FACE HURDLES: Pfizer has acquired prostate cancer treatment Xtandi and eczema treatment Eucrisa, but the former drug is "facing reimbursement challenges" and a key generic competitor, while the latter "is too small to move the needle in the near-term," he wrote. Although Pfizer could pursue new M&A deals, only big deals will probably move the needle, and Pfizer doesn't look ready to pursue such a transaction yet, he stated. ALTERNATIVE STOCKS: Johnson & Johnson (JNJ) and Merck (MRK) are better investments at this point than Pfizer, according to Divan. PRICE ACTION: In morning trading, Pfizer fell 0.3% to $33.51 per share.

10:21 EDT Citi awaits better Tesla entry point as bulls, bears both make good points - Citi analyst Itay Michaeli initiated coverage of Tesla (TSLA) with a Neutral rating, saying he is fundamentally bullish but needs to see the company have a stronger balance sheet to tilt the risk/reward balance for the stock. Furthermore, the analyst argued that both the bull and bear cases on Tesla's shares "carry some merit." AWAITING BETTER ENTRY POINT: In a research note to investors, Citi's Michaeli started Tesla with a Neutral rating and $357 price target. While the analyst acknowledged he is positive on Tesla's position as a "Car of the Future leader" and views the upside case to still be significant, he prefers to wait for a better entry point either through a stronger balance sheet, which would more favorably tilt the 12-month risk/reward equation, all-else-equal, or convincing signs of a smooth Model 3 ramp with limited Model S cannibalization. MORE BULLISH: Citi's Michaeli noted that both the bull and bear cases on Tesla's shares "carry some merit." Nonetheless, the analyst pointed out that "fundamentally" he finds himself in the bull camp, citing the expanding "Car of the Future" addressable markets within data monetization, shared autonomous mobility, electric vehicles, time-in-car and over-the-air. The upside case for the winners is large enough, he contended. Additionally, the analyst argued that one cannot deny Tesla's initial product success, brand appeal, speed of innovation and tech/software leadership. However, while Tesla's cash position currently appears adequate to him, a continued free cash flow burn, higher debt load, and rising capital need differentiate the story from typical "tech" ecosystem stories. Michaeli would like to see the company raise more cash to absorb potential operating and/or macro setbacks as production ramps in the months ahead. The analyst also noted that the industry race is accelerating and there are many competitors that "are capable." PRICE ACTION: In morning trading, shares of Tesla have gained about 0.4% to $326.64. Year-to-date, the stock has advanced by over 50%.

10:18 EDT Steel Dynamics sees more stabilized scrap environment in 2H - Comments from Q2 earnings conference call.

10:10 EDT Berkshire Hills Bancorp sees FY17 core EPS growth in 3%-4% range

09:58 EDT Abercrombie rises after launch of new store on Alibaba platform - Abercrombie & Fitch (ANF) announced plans to launch its namesake brand and abercrombie kids on Tmall, sending the teen apparel retail's shares higher in early trading. TMALL DEAL: Abercrombie & Fitch announced this morning that it will launch its Abercrombie & Fitch and abercrombie kids on Alibaba Group's (BABA) Tmall consumer platform for brands and retailers. Hollister, another Abercrombie brand, has been carried by Tmall since 2014, the company said. Effective July 26, Abercrombie will sell its namesake line and abercrombie kids on Tmall, giving it access to 454 million annual buyers across Alibaba's retail marketplaces in China. "Alibaba Group places a strong emphasis on consumer engagement, which aligns with our focus on creating a unique online brand experience for our customers, as well as facilitating a seamless and frictionless shopping experience. Building on our Hollister brand's successful partnership with the leader in China's online retail space, we are excited to bring our A&F brand experience to the broader Chinese market, beyond the reach of our physical stores through Tmall," Abercrombie CEO Fran Horowitz said. WHAT'S NOTABLE: Last week, Abercrombie said it had decided to end talks with parties interested in a potential deal to buy the company. The decision came after Abercrombie said in May that it was in preliminary discussions with several parties, with American Eagle Outfitters (AEO) and Cerberus Capital rumored to be working on a joint offer. "After a comprehensive review of all relevant factors, with the assistance of our financial advisor, the A&F board of directors determined that the best path to enhance value for stockholders is the rigorous execution of our business plan," Abercrombie Executive Chairman Arthur Martinez said. Mall-based retailers like Abercrombie & Fitch have been hurt by the increasing popularity of fast-fashion retailers like Zara, Forever 21 and H&M, as well as an increase in online shopping on sites such as Amazon (AMZN). Earlier this week, Abercrombie investor SLS Management said the retailer was not being "aggressive enough" in its turnaround efforts and called on the company to buy back a "large" amount of its shares. In a letter to the teen retailer's board, SLS laid out two ways for Abercrombie to buy back shares: SLS said the company could buy back $200M of stock while reducing its dividend, or the company could sell its real estate assets that make up a "substantial portion" of its valuation and use the proceeds from the sale to repurchase shares. A spokesperson for Abercrombie said the retailer "maintains open dialogue with and regularly considers the views of its shareholders, including SLS Management." PRICE ACTION: Abercrombie & Fitch is up about 1% to $9.62 this morning, though shares are down almost 20% year-to-date. Alibaba shares are unchanged at $153.28. OTHERS TO WATCH: A&F retail peers include American Eagle and Express (EXPR), which are lower, while Urban Outfitters (URBN) is higher and Gap (GPS) is flat.

09:43 EDT DragonWave annouces receipt of repayment demand from Comerica - DragonWave (DRWI) has received from Comerica Bank (CMA), as agent for Comerica Bank and Export Development Canada, a repayment demand of $17.24M. The corporation also received a notice of intention to enforce the security under the June 1, 2012 Revolving Credit Agreement, pursuant to section 244 of the Bankruptcy and Insolvency Act. DragonWave continues to pursue alternative financing; however, there is no assurance that the corporation will be successful in securing such financing, or if such financing discussions will be sufficiently advanced in the next 10 days when the notice period set out in the Notice of Intention to Enforce expires, at which time Comerica Bank and Export Development Canada may seek to take steps to enforce the security. Comerica Bank, as agent, has reserved its right to proceed with enforcement of its security, at any time prior to the time specified in the Notice of Intention to Enforce, in those circumstances where such earlier enforcement may be permitted by law.

09:40 EDT Abbott says one more divestiture coming to clear Alere deal

09:34 EDT Abbott says can't say how accretive Alere will be in 2018

09:30 EDT Groupon names Aaron Cooper as president of North America - Groupon announced that it has named Aaron Cooper as President of North America, giving him oversight of the company's Local, Travel and Goods businesses in the United States and Canada. Cooper currently serves as Senior Vice President of North America Services, which includes Local and Travel, and will continue in that capacity while adding responsibility for the Goods North America business.

09:25 EDT On The Fly: Pre-market Movers - UP AFTER EARNINGS: T-Mobile (TMUS), up 3.7%... Wipro (WIT), up 1.5%. ALSO HIGHER: Sears Holdings (SHLD), up 19.8% after announcing the launch of Kenmore products on Amazon.com (AMZN)... Nike (NKE), up 2.2% after being upgraded to Overweight from Equal Weight at Morgan Stanley. DOWN AFTER EARNINGS: American Express (AXP), down 1.7%... Qualcomm (QCOM), down 2%... Check Point (CHKP), down 6%... Blackstone (BX), down 1.5%... Danaher (DHR), down 2.1%... Sherwin-Williams (SHW), down 4.1%... Philip Morris (PM), down 2.6%... Travelers (TRV), down 2.4%. ALSO LOWER: Fairmount Santrol (FMSA), down 7% after being downgraded to Neutral from Outperform at Credit Suisse and to Sell from Neutral at Goldman Sachs.

09:20 EDT Conagra Brands raises quarterly dividend to 21.25c from 20c per share - Conagra Brands announced that its board of directors approved a quarterly dividend payment of 21.25c per share of CAG common stock to be paid on August 31 to stockholders of record as of the close of business on July 31.

09:18 EDT SYNNEX acquires Tigerspike - SYNNEX's wholly owned subsidiary Concentrix Corporation and Tigerspike announced a definitive agreement in which Concentrix will acquire Tigerspike. Alex Burke, CEO of Tigerspike, will stay as the leader of Tigerspike and join Concentrix' senior executive staff. Tigerspike is a digital products and strategy company founded in 2003. Tigerspike has operations in Australia, Singapore, UAE, Japan, USA, Poland, and the UK, and adds approximately 300 staff to Concentrix. It is anticipated that the transaction will close in Q3, subject to the satisfaction or waiver of customary closing conditions. Until the transaction is completed, the companies will continue to operate independently.

09:11 EDT Abbott sees challenges in China near-term - Says integration of St. Jude continues to go "very well." Says "on target" with all synergy goals. Comments from Q2 earnings conference call.

09:06 EDT PPG names Marathon Petroleum CEO Gary Heminger to board - PPG (PPG) announced that Gary R. Heminger, chairman and CEO of Marathon Petroleum Corporation (MPC), has been elected to join its board of directors, effective immediately. He will serve on the PPG board's audit committee and its nominating and governance committee. Heminger has been chairman of Marathon Petroleum Corporation since April 2016 and its CEO since July 2011.

09:03 EDT Cinedigm expands distribution partnership with Rooster Teeth - Pioneering entertainment company Rooster Teeth is expanding its distribution partnership with Cinedigm for exclusive Theatrical, Non-Theatrical, Home Video, Digital and Television rights in North America and Worldwide for most of their properties. Properties included in the multi-year renewal include Red VS Blue, the award-winning and longest running web series, globally acclaimed animated series RWBY, RT Shorts, Crunch Time and other popular Rooster Teeth shows. Additionally, Cinedigm will offer continued seasons of popular shows such as the animated series RWBY Chibi and Camp Camp. The companies will be pursuing domestic and international digital, home video and linear television deals for three hit Rooster Teeth series, Red VS Blue, RWBY, and Crunch Time, all of which live on Rooster Teeth's rapidly growing subscription video on demand platform, FIRST, as well as other popular Rooster Teeth shows.

09:02 EDT Discover offering service to help cardmembers protect themselves from fraud - Starting today, Discover is offering a free service that monitors risky websites known to illegally sell or trade personal data and alerts Discover cardmembers if their Social Security numbers are found. In addition, Discover will alert cardmembers if any new credit cards, mortgages, car loans or other accounts are opened on their Experian credit report. These new alerts are aimed at helping Discover cardmembers protect themselves from identity theft or fraud.

09:00 EDT Citi, PayPal announce expansion of strategic agreement - Citi (C) and PayPal (PYPL) announced an expansion of their strategic agreement that will broaden consumer payment choices by enabling eligible Citi cardmembers to use their ThankYou Points to pay for all or part of purchases when shopping online at millions of merchants that accept PayPal in the United States. This functionality is slated to launch in 2018. In 2016, Citi entered into a strategic agreement with PayPal to enable cardmembers to use their cards with PayPal seamlessly - online, in-app and in store. The agreement also included a plan to tokenize cards for customers wishing to use PayPal for in-store purchases, across Mastercard and Visa portfolios in the U.S. This announcement follows the introduction of a series of new, innovative enhancements to Citi's mobile offerings including the ability to dispute certain credit card charges, view or download PDF statements, as well as track the steps of their replacement credit card delivery in real-time within the Citi Mobile App.

08:57 EDT KeyCorp says 'not a company who is seeking acquisitions' - Says there are a "range of things" the company can look at to create value.

08:51 EDT Diffusion Pharmaceuticals completes production run of brain cancer candidate - Diffusion Pharmaceuticals reported the completion of a major production run of its lead drug candidate trans sodium crocetinate. This drug supply will be used in its planned Phase 3 trial which will test TSC in the treatment of newly diagnosed inoperable glioblastoma brain cancer patients and is of sufficient quantity to support the entire trial. Diffusion plans to initiate this clinical trial by the end of 2017. Diffusion is now interacting with the FDA on details regarding the design and execution of the planned Phase 3 study, with initiation planned for later this year. The study will focus on newly diagnosed GBM patients who have been judged by their medical team to be inoperable, usually because of the size or location of the tumor. In the company's Phase 2 GBM study, the TSC-treated group showed a nearly four-fold increase in survival at two years, when compared to the historical controls.

08:49 EDT KeyCorp says 'at or approaching' stated long-term targets - Says credit trends "strong" in Q2. Sees dividend of 12c per share by Q2 next year, a 26% increase from the current level, subject to board approval. Sees opportunities to reduce expenses further. The company expects to complete $50M in cost savings by early next year, bringing total cost savings to $450M. Says continues to make strategic investments to drive future opportunities. Says company "at or approaching" stated long-term targets. Says continues to be "selective" in commercial real estate. Comments taken from the Q2 earnings conference call. KeyCorp is down about 2% in premarket trading.

08:45 EDT PepsiCo names Silviu Popovici as president, ESSA, effective September 1 - Silviu Popovici, currently president, Russia, Ukraine and CIS, has been named president, ESSA. Popovici has been an integral part of PepsiCo's success in Russia and Eastern Europe during the past several years, leading his businesses through volatility while capitalizing on new growth opportunities and building capabilities for the future. Previously, he spent three years as president, PepsiCo Russia. Earlier in his career, he held senior leadership roles at Wimm-Bill-Dann, running both its beverage and dairy businesses. Prior to joining PepsiCo, Popovici held several general management positions with the Coca-Cola system in Eastern Europe.

08:44 EDT PepsiCo names Laxman Narasimhan as CEO, LATAM and ESSA - Laxman Narasimhan, currently CEO, Latin America, will become CEO, LATAM and ESSA. In this new role, Narasimhan will oversee the company's food and beverage businesses across both geographies, with a focus on unlocking new growth opportunities for the two organizations, sharing commercial strategies and other best practices, and investing in talent development. The appointment is effective September 1. Narasimhan joined PepsiCo in 2012 from McKinsey & Company, where he served almost 20 years in a variety of positions, including as a senior partner, and co-leader of the Global Consumer and Shopper Insights Practice, as well as overseeing the firm's research on emerging market consumers.

08:40 EDT Wipro approves buyback of up to $1.7B in shares at price of $4.95 - The board of Wipro approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the company of up to 343.75M equity shares, representing 7.06% of total equity capital, from the shareholders of the company on a proportionate basis by way of a tender offer. The buyback price will be $4.95 per equity share payable in cash for an aggregate amount not exceeding $1.7B.

08:38 EDT PepsiCo names Ramon Laguarta as President, effective September 1 - Ramon Laguarta, currently CEO, Europe Sub-Saharan Africa, will become president, PepsiCo, effective September 1. In his new role, Laguarta will shape PepsiCo's corporate strategy, work closely with business units to deliver top line growth, drive productivity to enable this growth, and invest in new areas of disruptive innovation, all in support of the company's previously announced Performance with Purpose 2025 agenda. Specifically, he will oversee PepsiCo's Global Category Groups; its Global Operations, Corporate Strategy, and Public Policy & Government Affairs functions; and the PepsiCo Foundation. Operationally, he will work closely with Mehmood Khan, Vice Chairman and Chief Scientific Officer, to drive category innovation and progress against PepsiCo's sustainability goals.

08:34 EDT Kite Pharma highlights data from Anti-CD19 CAR T-Cell therapy study - Kite Pharma highlighted the recent online publication of results in Molecular Therapy from a National Cancer Institute study of anti-CD19 chimeric antigen receptor T-cell therapy in patients with aggressive NHL including diffuse large B-cell lymphoma. The research, led by James N. Kochenderfer, M.D., an Investigator in the Experimental Transplantation and Immunology Branch of the NCI Center for Cancer Research, and Steven A. Rosenberg, M.D., Ph.D., Chief of the Surgery Branch at NCI's Center for Cancer Research, was performed pursuant to a Cooperative Research and Development Agreement between NCI and Kite. This work follows previously published data in the February 2015 issue of the Journal of Clinical Oncology in which nine patients with chemorefractory aggressive NHL were treated with a single dose of anti-CD19 CAR T cells with a CD28 co-stimulatory domain. Seven of the nine patients were evaluable for response. Complete remissions were observed in 5 of the 7 evaluable patients. Four of the five CRs are ongoing from 38 to 56+ months after treatment. There were no chronic toxicities attributable to CAR T cells except B-cell aplasia and hypogammaglobulinemia. Importantly, three of four patients in ongoing CR had recovery of normal polyclonal B cells, showing that durable CRs can be maintained in the absence of continued activity of anti-CD19 CAR T cells.

08:33 EDT Dolby, Paramount Home Media Distribution announce partnership agreement - Dolby Laboratories (DLB) and Paramount Home Media Distribution, a part of Paramount Pictures Corporation, which is a unit of Viacom (VIAB, VIA), announced plans to master content in Dolby Vision and Dolby Atmos for online streaming services and Ultra HD Blu-ray. Dolby Atmos content is planned for Blu-ray discs as well. Consumers with Dolby Vision enabled televisions and Dolby Atmos enabled home theater products will now be able to enjoy a broad spectrum of entertainment from Paramount Pictures and have access to a growing catalog of Dolby Atmos and Dolby Vision content worldwide.

08:31 EDT Praxair starts up new air separation plant in East China Petrochemical Park - Praxair (PX) announced it has started up its new air separation plant for Nanjing Jinling Huntsman New Materials Co., Ltd., a joint venture between SINOPEC (SNP) Jinling and Huntsman (HUN). Through a long-term contract, the 900-ton-per-day plant will supply on-site oxygen in the Phase II (Yudai area) of Nanjing Chemical Industrial Park, a chemical production facility in Nanjing, East China. Jinling Huntsman will use the oxygen in its state-of-the-art propylene oxide and methyl tertiary butyl ether plant. PO is used to make polyurethane materials and MTBE is a clean fuel additive. Additionally, Praxair will build a pipeline in the park to meet the industrial gas requirements of other customers and will also supply liquid products to the market in Jiangsu province.

08:25 EDT Allstate reports June estimated catastrophe losses of $355M pre-tax - Allstate announced estimated catastrophe losses for the month of June 2017 of $355M pre-tax, $230M after-tax. Catastrophe losses occurring in June comprised 17 events at an estimated cost of $310M pre-tax, plus unfavorable reserve reestimates of prior reported catastrophe losses. Allstate previously announced $638M pre-tax, $415M after-tax, in estimated catastrophe losses for the months of April and May, bringing estimated catastrophe losses for Q2 to $993M pre-tax or $645M after-tax.

08:23 EDT Two River Bancorp raises quarterly dividend by 12.5% to 4.5c per share - Two River Bancorp announced that the board approved a 12.5% increase in its cash dividend, raising the quarterly amount to 4.5c per share of the company's common stock for an annualized amount of 18c per share. This increase compares to the second quarter dividend of 4c per share, or an annualized amount of 16c per share. The third quarter dividend will be paid on August 29, 2017 to common shareholders of record at the close of business on August 11, 2017.

08:13 EDT Planet Fitness opening first club in panama - Planet Fitness will open its first club in Panama, at Santa Maria. The club is expected to officially open this fall with a second location opening in Centennial by the end of 2017.

08:10 EDT A Schulman trading halted, news pending

08:08 EDT Iconix Brand acquires 100% ownership of Iconix Canada - Iconix Brand announced that it has bought back the remaining 50% interest in Iconix Canada from its joint venture partner for $19M, subject to a net asset value adjustment. Under the terms of the agreement, Iconix paid $12M upon closing, with the remaining $7M to be paid over the next two years. Separately, Iconix will retain its 51% interest in the Buffalo brand.

08:07 EDT Ossen Innovation to acquire America-Asia Diabetes Research Foundation - Ossen Innovation has entered into a Share Exchange Agreement with America-Asia Diabetes Research Foundation, a California corporation that owns 90.27% of the equity interests of San MediTech Co., a China-based medical device company engaged in the research, development and marketing of glucose control products, and the shareholders of the Foundation. Pursuant to the agreement, the company has agreed to acquire all of the issued and outstanding equity interests of the Foundation in exchange for up to 81,243,000 of the company's ordinary shares. San MediTech's proprietary Dynamic Glucose Monitoring System provides continuous, real-time monitoring of glucose level in diabetes patients. In addition, the company entered into an agreement to spin-off its existing pre-stressed steel manufacturing business, including all existing liabilities, immediately following the completion of the Acquisition. Pursuant to the Spin-Off Agreement, an entity affiliated with Liang Tang, Chairman of the company, will acquire all of the equity of the company's wholly-owned subsidiary, which indirectly owns all of the company's existing operating subsidiaries, in exchange for the forfeiture and cancellation of all 11,850,000 ordinary shares of the company currently held by Tang. It is anticipated that, following completion of the Acquisition and the Spin-Off, the company's existing shareholders excluding Tang will retain an ownership interest of approximately 8.9% of the company, current members of the company's management or affiliates of the company will own approximately 1.35% and the selling shareholders of AADRF will own approximately 91.10%, of the outstanding equity of the company. The transactions are subject to the satisfaction of customary closing conditions, including shareholder approvals and the company's continued listing on the Nasdaq Capital Market. The Transactions are expected to close promptly following the company's special shareholders' meeting to approve the transactions.

08:06 EDT Ironwood IW-3718 Phase IIb trial meets primary endpoint - Ironwood Pharmaceuticals announced positive top-line data from a Phase IIb clinical trial evaluating IW-3718 in adult patients with uncontrolled gastroesophageal reflux disease. The trial met its primary endpoint, indicating that twice-daily, oral dosing of IW-3718 1500 mg plus a proton pump inhibitor significantly reduced heartburn severity in patients with uncontrolled GERD compared to patients treated with a PPI alone. Further, more than half of patients treated with IW-3718 1500 mg plus a PPI achieved a clinically meaningful reduction in heartburn severity. IW-3718 1500 mg was well tolerated in the trial. Ironwood plans to have end of Phase II meetings with the U.S. Food and Drug Administration, after which the company expects to advance IW-3718 1500 mg into Phase III development in 2H18. IW-3718 is a novel formulation of a bile acid sequestrant designed to release in the stomach over an extended period of time, bind to bile that refluxes into the stomach, and potentially provide symptomatic relief in uncontrolled GERD. Data from the Phase IIb trial showed a dose response across the primary and key secondary endpoints, with the most pronounced response observed at the highest dose of IW-3718 studied. Top-line data were as follows: Percent Change from Baseline to Week 8 in Weekly Heartburn Severity: patients treated with IW-3718 1500 mg plus a PPI showed a mean decrease of 58% from baseline in heartburn severity compared to 46% in patients treated with a PPI alone. Clinically Meaningful Degree of Improvement in Weekly Heartburn Severity: a 45% reduction in weekly heartburn severity was determined to be clinically meaningful for patients in this study based on patient-reported outcome measures. Heartburn Responder: a heartburn responder was defined as a patient who experienced at least a 45% reduction from baseline in heartburn severity for at least four out of eight weeks, including at least one of the last two weeks. 52.9% of patients treated with IW-3718 1500 mg plus a PPI were heartburn responders, compared to 37.1% of patients treated with a PPI alone. Percent Change from Baseline to Week 8 in Weekly Regurgitation Frequency: patients treated with IW-3718 1500 mg plus a PPI showed a mean decrease of 55.4% from baseline in regurgitation frequency compared to 37.9% in patients treated with a PPI alone. There were no treatment-related serious adverse events reported with IW-3718 1500 mg. The most common adverse event reported overall was constipation, which was reported in 7.4% of patients on IW-3718 1500 mg plus a PPI compared to 7.1% of patients on a PPI alone. All constipation adverse events reported were mild or moderate in severity. Discontinuation rates due to adverse events were less than 5% and similar across treatment groups.

08:04 EDT Abercrombie & Fitch announces launch of store on Alibaba's Tmall - Abercrombie & Fitch (ANF) announced the launch of Abercrombie & Fitch and abercrombie kids on Alibaba Group's (BABA) Tmall consumer platform for brands and retailers. Tmall has carried the Hollister brand since 2014 and starting on July 26, it will also include a full offering of Abercrombie & Fitch and abercrombie kids products, the company noted. "Building on our Hollister brand's successful partnership with the leader in China's online retail space, we are excited to bring our A&F brand experience to the broader Chinese market, beyond the reach of our physical stores through Tmall," said Abercrombie & Fitch CEO Fran Horowitz.

08:02 EDT Abercrombie & Fitch announces launch of store on Alibaba's Tmall

08:01 EDT WWE, SuperSport announce multiyear agreement to televise Raw, Smackdown - WWE and SuperSport, Africa's premier sports broadcaster, announced a new, multi-year agreement to broadcast WWE programming live for the first time in more than 50 countries throughout sub-Saharan Africa. Starting Monday, August 28, SuperSport will air WWE's flagship shows Raw and SmackDown as well as WWE specials, including WrestleMania and SummerSlam. WWE programming will also be made available across some of DStv's general entertainment channels.

08:00 EDT FedEx general counsel and secretary Christine Richards to retire September 30 - FedEx Corporation announced that Christine P. Richards, executive vice president, general counsel and secretary, will retire effective September 30, 2017. Richards has led the company's legal, regulatory, governmental affairs and security groups since 2005. Her successor will be named later.

07:49 EDT Abbott reports Q2 Worldwide Medical Devices sales increased 89.2% - Worldwide Medical Devices sales increased 89.2 percent on a reported basis in the second quarter. On a comparable operational basis, sales increased 3.2 percent, or 4.4 percent excluding the comparison impact from the favorable resolution of a third-party royalty agreement last year. Refer to the tables titled Non-GAAP Reconciliation of Comparable Historical Revenue for additional detail. Worldwide sales of Cardiovascular and Neuromodulation products were led by strong growth in Electrophysiology, Structural Heart and Neuromodulation. In Electrophysiology, Abbott announced the European launch of its Confirm Rx Insertable Cardiac Monitor, the world's first smartphone compatible ICM that helps physicians detect cardiac arrhythmias in order to guide therapy. Growth in Structural Heart was driven by continued double-digit growth of MitraClip, Abbott's market-leading device for the treatment of mitral regurgitation. In Neuromodulation, strong double-digit growth was led by several recently launched products for the treatment of chronic pain and movement disorders. As expected, Rhythm Management sales in the U.S. were impacted by continued competitive dynamics in the MRI-conditional category of products. In the quarter, Abbott submitted for FDA approval of MRI-conditional labeling for its Quadra Assura Cardiac Resynchronization Therapy Defibrillator products and Quartet family of left ventricular leads. Worldwide Diabetes Care sales increased 18.7 percent on a reported basis in the second quarter, including an unfavorable 2.6 percent effect of foreign exchange, and increased 21.3 percent on an operational basis. Strong double-digit international sales growth was led by continued consumer uptake of FreeStyle Libre, Abbott's revolutionary sensor-based glucose monitoring system, which received regulatory approval in Canada in June and is now available for sale in more than thirty-five countries.

07:37 EDT Primoris announces industrial award valued over $40M - Primoris Services announced a new industrial award valued at over $40M. The contract was secured by Primoris Industrial Constructors, part of the Power, Industrial, and Engineering segment. The project was awarded by a major E&C company for a major chemical manufacturer and supplier for work in Freeport, Texas. The project scope of work includes process equipment foundations, underground electrical, asphalt road paving, underground piping, and mass backfill for a new greenfield monoethylene glycol manufacturing facility. Work is scheduled to commence in the third quarter of 2017, and completion is expected in the second quarter of 2019.

07:36 EDT Bank of America says apps services fully restored - Bank of America tweeted via one of its official Twitter accounts: "Yesterday, some customers were unable to access some of our apps. Service has now been fully restored. We appreciate your patience." Reference Link

07:35 EDT Alliance Data CEO sees stronger revenue growth in Epsilon and Card Services - CEO Ed Heffernan said, "Current trends suggest that both Epsilon and Card Services will produce stronger revenue growth than originally expected, but incremental costs associated with the on-boarding of two new significant clients at Epsilon and moving all collection activities back in-house at Card Services will reduce the flow-through of this incremental revenue to core EPS. As a result, we are only raising top-line guidance for these two segments. On the other hand, BrandLoyalty's third quarter is not developing as we originally expected due to timing issues. This leaves us with about a $0.40 hole to 2017 core earnings. Notably, the fourth quarter of 2017 is developing as expected and the first quarter of 2018 is shaping up nicely, so it is essentially a shift of profitability into 2018." Heffernan continued, "Based on these developments, we are increasing 2017 revenue guidance from $7.7 billion to $7.8 billion, but lowering 2017 core EPS guidance from $18.50 to $18.10, about a 2 percent decrease to reflect the timing issue at BrandLoyalty. Based upon expectations of flat to lower principal loss rates in 2018 and accelerating trends across the majority of the Company, we are comfortable providing initial 2018 guidance of $8.7 billion in revenue, up 12 percent, and $21.50 in core EPS, up 19 percent, consistent with the 'slingshot' we have discussed all year."

07:31 EDT Incyte announces first patient treated in Phase 3 Gravitas-301 trial - Incyte announced that the first patient has been treated in GRAVITAS-301, a pivotal Phase 3 trial for the first-line treatment of patients with acute graft-versus-host disease. The trial will evaluate the efficacy and safety of itacitinib, Incyte's novel, potent, and selective JAK1 inhibitor, in combination with corticosteroids compared to placebo plus corticosteroids in patients with acute GVHD. GRAVITAS-301 is a randomized, double-blind, placebo-controlled pivotal Phase 3 study evaluating itacitinib or placebo in combination with corticosteroids as a first-line treatment for patients with acute GVHD. The study will enroll approximately 430 patients 18 years or older who have undergone one allogeneic transplant from any donor and any donor source for a hematologic malignancy or disorders. The primary endpoint of the GRAVITAS-301 study is overall response rate at Day 28, defined as the proportion of subjects demonstrating a complete response, very good partial response, or partial response. Key secondary endpoints include non-relapse mortality at Month 6, defined as the proportion of subjects who died due to causes other than malignancy relapse, duration of response, and ORR at Day 14, 56, and 100.

07:09 EDT Turkey's Simsek says not probing Daimler, BASF, 'welcomes' German investors - Press reports that Turkey is investigating Daimler AG (DDAIF) and BASF SE (BASFY) are "completely false," Deputy Prime Minister Mehmet Simsek tweeted, adding that "We welcome German investors." Reference Link

07:04 EDT Exelixis settles dispute with Genentech over cobimetinib collaboration - Exelixis (EXEL) announced a settlement of the company's dispute with Genentech, a member of the Roche Group (RHHBY), concerning the parties' collaboration for the development and commercialization of cobimetinib, which is marketed as COTELLIC. Effective July 1, as part of the settlement the companies entered into an amendment to the existing Collaboration Agreement, dated December 22, 2006, to revise the revenue and cost-sharing arrangements for the collaboration. The Amendment resolves the companies' dispute pursuant to the arbitration demand filed on June 3, 2016, and aligns both companies' interests in advancing cobimetinib as a promising therapy for patients with multiple forms of cancer. The Amendment applies to COTELLIC's initial commercial application in combination with ZELBORAF, as well as future commercial uses of COTELLIC, alone or in combination. Under its terms, Exelixis continues to be entitled to an initial equal share of U.S. profits and losses, which will decrease as sales increase as specified in the original 2006 agreement. However, effective as of July 1, the revenue applied to the profit and loss statement for the COTELLIC collaboration will be calculated using the average of the quarterly net selling prices of COTELLIC and any additional branded Genentech product(s) prescribed with COTELLIC. Exelixis will continue to share U.S. commercialization costs, while Genentech's portion of these costs will now be allocated to the Collaboration P&L based on the number of products in the combination. Exelixis will continue to co-promote COTELLIC in the U.S., providing up to 25% of the U.S. sales force. Outside of the U.S., Exelixis remains eligible for royalties on COTELLIC sales according to the terms of the original 2006 agreement.

07:01 EDT EnteroMedics announces receipt of European patent certificate - EnteroMedics announced the receipt of a European Patent Certificate. The company was granted Patent number 2254659 titled "Treatment of excess weight by neural downregulation in combination with compositions." The patent pertains to EU protection of a system for combination therapy and corresponds with the company's US intellectual property.

06:59 EDT Travelers reports Q2 book value per share $86.46 - Reports adjusted book value per share of $82.71, up 4% and 3%, respectively, from year-end 2016.

06:57 EDT KeyCorp sees FY17 net interest income $3.8B-$3.9B, no additional rate increases - For FY17, sees loans at low end of $87B- $88B range for average balances and average balances for deposits of $102.5B-$103B. Sees FY net interest income $3.8B-$3.9B, reflecting the consistent decline in purchase accounting accretion. Says outlook includes no additional rate increases in 2017. Noninterest income for 2017 is expected to be in the range of $2.35B-$2.45B and noninterest expense is expected int he $3.7B-$3.8B range, including the impact of merchant services and HelloWallet. Expects net charge-offs to average loans below targeted range of 40-60 bps and says provision is expected to slightly exceed net charge-offs to provide for loan growth. Sees FY GAAP tax rate in the 26%-28% range. Long-term, KeyCorp sees positive operating leverage, cash efficiency ratio of less than60%, ROTCE of 13%-15%. Comments from slides that will be presented on the Q2 earnings conference call.

06:52 EDT PPG targeting upper end of $2.5B-$3.5B cash deployment in FY17 - "We expect a higher level of earnings-accretive cash deployment in the second half of 2017 versus the first half," McGarry continued. "This deployment will likely include both acquisitions and share repurchases and we are resuming share repurchases in the third quarter. We previously communicated an intent to deploy $2.5 billion to $3.5 billion of cash on acquisitions and share repurchases in years 2017 and 2018, and are now targeting the upper-end of that range at a minimum," CEO McGarry concluded.

06:42 EDT BNY Mellon lifts dividend by 26% to 24c per share, announces $3.1B share buyback - As previously reported, BNY Mellon announced a capital plan that includes share repurchases up to $3.1B and increases its quarterly dividend by 26% to 24c per share.

06:31 EDT Snap-On sees FY17 CapEx $80M-$90M - Snap-on expects to make continued progress in 2017 along its defined runways for coherent growth, leveraging capabilities already demonstrated in the automotive repair arena and developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including extending in critical industries, where the cost and penalties for failure can be high. In pursuit of these initiatives, Snap-on expects that capital expenditures in 2017 will be in a range of $80M to $90M, of which $34.4M was expended in the first six months of the year. Snap-on also anticipates that its full year 2017 effective income tax rate will be comparable to its 2016 full year rate.

06:18 EDT Camtek to sell PCB business to Principle Capital affiliate for up to $35M - Camtek announced that it has signed a definitive agreement with an affiliate of Principle Capital, a Shanghai-based private-equity fund, to sell its PCB business for $35M, of which $32M will be paid in cash upon closing and an additional amount of up to $3M conditioned upon the PCB business' financial performance in 2018. The worldwide PCB organization is expected to remain intact, including the R&D operations which are planned to continue operating from Israel with its Israeli personnel. The definitive agreement contains customary representations, warranties, covenants and indemnity obligations. Subject to customary closing conditions, including regulatory and third-party approvals, the closing is expected during the third quarter of 2017. Following the closing Camtek will cease to report the results of its PCB business. The PCB business will be included as discontinued operations in Camtek's financial statements for the second quarter 2017 results and until the date of closing. Results for the second quarter of 2017 are expected to be released on August 3.

06:18 EDT Eco-Stim Energy signs second contract to expand operations in Oklahoma - Eco-Stim Energy has executed a one-year agreement with a US oil and gas exploration and production company to expand its pressure pumping operations in the north central region of Oklahoma. The company expects that the work to be performed under this contract should support a second well stimulation crew allowing the company to further expand its footprint in this region. The contract has an option, exercisable by the company's customer, for a second year. While the contract does not require the customer to award any specific volume of work to the company, the contract provides ESES with the exclusive right to complete all of the customer's wells so long as ESES meets the operational standards required. Currently, the customer expects to complete 2-3 wells per month and is operating two drilling rigs in this region. Each well is expected to be completed with approximately 25 stages and will require approximately 40,000 HHP.

06:12 EDT West Pharmaceutical raises Q4 dividend to 14c per share from 13c per share - West Pharmaceutical announced the company's board has approved a Q4 dividend of 14c per share, a 7.7% increase over the 13c per share declared for each of the four preceding quarters. The Q4 dividend will be paid on November 1, to shareholders of record as of October 18.

06:07 EDT KBR awarded seat on $3B NOAA program - KBR announced its global Government Services business, KBRwyle, is one of the winning bidders on the National Oceanic and Atmospheric Administration's, or NOAA, Professional and Technical, or ProTech, Satellite Domain contract in support of NOAA's satellite activities worldwide. The contract has a two-year base period and three one-year options, and belongs to the ProTech program's suite of contracts that shares a maximum ceiling value of $3B. Under the ProTech contract, KBRwyle will have the opportunity to compete on task orders to support NOAA's satellite requirements and missions, including assisting in managing environmental data that result from those missions.

06:05 EDT Polaris Industries sees $10M-$15M in costs from manufacturing realignment - Polaris announced on April 24, 2017 that it was making changes to its network to consolidate production of like products and better leverage plant capacity. Changes include discontinuing manufacturing at its plant in Milford, Iowa, and transferring Milford production to existing Polaris facilities in Huntsville, Ala.; Roseau, Minn.; and Anaheim, Calif. Additionally, the Company plans to transfer fabrication operations for its Pro Armor aftermarket products from its facility in Riverside, Calif., to its recently acquired Transamerican Auto Parts facility in Chula Vista, Calif. Beginning in the second quarter of 2017, costs associated with the manufacturing realignment, anticipated to be in the range of $10M to $15M, are recorded in the income statement within the respective gross profit and operating expenses. These costs are excluded from Polaris' 2017 sales and earnings guidance on a non-GAAP basis.

06:02 EDT STMicroelectronics comments on 'speculation' by Bloomberg - STMicroelectronics declared that the recent media speculation reported by Bloomberg, "STMicroelectronics may resume taking MCU orders after year-end, Taipei-based Economic Daily News reports, citing unidentified people from supply chain," is false. ST continues to manage its business as usual to support customer demand.

05:57 EDT Pfizer completes license agreement for exclusive rights in EU for CRESEMBA - Pfizer and Basilea Pharmaceutica announced they have completed the licensing agreement whereby Pfizer has obtained the exclusive commercialization rights in Europe to CRESEMBA, a novel anti-fungal treatment for adult patients with diagnosed invasive aspergillosis and mucormycosis, two serious infections associated with high morbidity and mortality among immunocompromised patients. Under the terms of the agreement, Pfizer will have exclusive rights to distribute and commercialize CRESEMBA in Europe, including Austria, France, Germany, Italy, and the United Kingdom, where it is currently available. These rights do not extend to the Nordic countries. In addition, Pfizer will be responsible for additional CRESEMBA launches, predominantly in Europe, which are expected throughout 2017 and 2018. Basilea will remain the marketing authorization holder for the European Union.

05:53 EDT Celyad initiates SHRINK trial - Celyad announced the initiation of the SHRINK trial, a third clinical trial with its lead product candidate CYAD-01, targeting metastatic colorectal patients. SHRINK, or Standard Chemotherapy Regimen and Immunotherapy with NKR-2 is an open-label Phase I study evaluating the safety and clinical activity of multiple doses of CYAD-01, administered concurrently with the neoadjuvant FOLFOX treatment in patients with potentially resectable liver metastases from colorectal cancer.

05:48 EDT L3 Technologies CEO announces plans to retire, Christopher Kubasik to succeed - L3 Technologies announced that chairman and CEO Michael Strianese has informed the company's board of his plan to retire as CEO, effective December 31, after 20 years of service with L3. The board has elected Christopher Kubasik, L3's president and COO to the position of CEO and president, and to the board effective January 1, 2018. Strianese will remain chairman of L3's board.