Stockwinners Market Radar for September 29, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:28 EDT AIG CEO 'welcomes' FSOC decision to rescind SIFI designation - American International Group issued the following statement from AIG President and CEO Brian Duperreault regarding the Financial Stability Oversight Council's decision to remove AIG's designation as a Systemically Important Financial Institution: "I welcome the decision by the Financial Stability Oversight Council to rescind AIG's SIFI designation. The Council's decision reflects the substantial and successful de-risking that AIG's employees have achieved since 2008. The company is committed to continued vigilant risk management and to working closely with our numerous regulators to enable a strong AIG to continue to serve our clients."

18:06 EDT Synchronoss issues statement regarding strategic alternatives process - Synchronoss Technologies issued the following statement regarding the Board of Directors' ongoing strategic alternatives process: "Synchronoss' Board of Directors continues to be committed to enhancing value for all shareholders. The Board's strategic alternatives process remains underway and it continues to explore a full range of strategic, operational and financial alternatives. Siris Capital Partners recently informed Synchronoss that Siris would terminate its discussions regarding a potential transaction unless Synchronoss agreed to negotiate exclusively with Siris. Given the status of the process and the continued interest from other parties, Synchronoss has determined that entering into an exclusivity agreement with Siris at this time is not in the best interest of the Company's shareholders. The Company remains in active discussions with multiple parties and has received what the Board believes to be attractive proposals compared to the most recent proposal from Siris. The Board will carefully consider all options and make a decision that reflects the best interest of all shareholders and maximizes value. There can be no assurance as to whether or not any transaction will take place, the structure of such a transaction, or the ultimate timing."

18:03 EDT Noah Holdings to buy Sequoia Capital China's stake in asset management business - Noah Holdings announced it has agreed to repurchase Sequoia Capital China's stake in its asset management business. In October 2016, Beijing Sequoia Mingde Equity Investment Center entered into an investment and cooperation agreement with the Company to purchase a certain equity stake in Noah's asset management business held through Gopher Asset Management Co. As a result of recent Chinese regulatory changes, the completion of the restructuring contemplated in connection with this investment by Sequoia in Gopher requires substantially longer time than originally expected. After careful discussions, the Company and Sequoia mutually agreed to cancel this investment and have the Company repurchase all of Sequoia's equity stake in Gopher for an aggregate amount of approximately $53.9M. After such repurchase is completed, Sequoia will not have any direct equity interests in the Company's asset management business but will remain an important shareholder of the Company.

17:40 EDT On The Fly: After Hours Movers - HIGHER: Trinity Industries (TRN), up 8.9% after Bloomberg reported that the $663M guardrail fraud judgment against the company was reversed... Scorpio Tankers (SCG), up 5.2% after it announced sale and leaseback agreements for five tankers... Mylan (MYL), up 1.9% after it announced the U.S. launch of generic Gleevec tablets. LOWER: Talend (TLND), down 7.2% after it filed to sell 10.53M American Depositary Shares for holders.

17:27 EDT Parker Aerospace and Lufthansa announce long-term agreement for Airbus A350 MRO - Parker Aerospace, a business group of Parker Hamlin (PH), announced an agreement with Lufthansa Technik (DLAKY) for long-term collaboration for Airbus A350 component maintenance, repair, and overhaul, or MRO services. The agreement covers the majority of repairable components for the Parker-designed A350 fuel, hydraulic, and fuel tank inerting systems. The agreement between Lufthansa Technik and Parker Aerospace will encompass the joint development of repair procedures to increase component and systems reliability and reduce related maintenance costs for airline customers worldwide. Airbus (EADSY) and operators benefit from shared best practices and collaborative approaches to continuous improvement in repair performance. The collaboration will help optimize services by focusing on repair development, instead of replacing components, keeping them in flight longer to reduce costs.

17:19 EDT Lockheed Martin awarded $418.6M government contract modification - Lockheed Martin Space Systems Co., Sunnyvale, California, is being awarded $418,653,874 for fixed-price-incentive, cost-plus-incentive-fee, cost-plus-fixed-fee modification to a previously awarded unpriced letter contract for new procurement of Trident II missile production, D5 life extension production, and D5 deployed systems support. Work is expected to be completed Sept. 30, 2022, for both base and option. The maximum dollar value of the modification, including the base items and all option items if exercised, is $1,122,936,777. Fiscal 2017 weapons procurement in the amount of $31,635,824; and United Kingdom funds in the amount of $3,619,000 are being obligated on this award, none of which will expire at the end of the current fiscal year. Subject to availability, fiscal 2018 operations and maintenance funds in the amount of $316,700,000; and United Kingdom funds in the amount of $66,699,050 will be obligated for the effort. Strategic Systems Programs, Washington, District of Columbia, is the contracting activity.

17:16 EDT Olin lifts Force Majeure, sees Q3 EBITDA reduced by $40M - Olin Corporation announced that it is lifting the Force Majeure declared on August 31 for all product shipments, except phenol, acetone, methyl chloride, methylene chloride and chloroform, from its Freeport, Texas facility. Olin was forced to reduce production at the facility due to supply and logistic constraints from truck, railroad and marine transportation caused by severe flooding resulting from Hurricane Harvey. Olin's Q3 adjusted EBITDA will be reduced by approximately $40M representing incremental costs to continue operations, unabsorbed fixed manufacturing costs and reduced profit from lost sales. Isolated transportation, raw material and customers' issues will continue to be experienced in both the Chlor Alkali Products and Vinyls and Epoxy segments into Q4. The impact on Q4 adjusted EBITDA is expected to be significantly less than the Q3 impact.

17:07 EDT Alliant Energy announces new Upland Prairie Wind Farm - Alliant Energy's Iowa energy company continues moving toward a cleaner energy future with the start of major construction on its next wind farm in spring 2018. The company finalized an agreement with Apex Clean Energy for Upland Prairie Wind Farm. The 300-megawatt project is located in Clay and Dickinson counties in northwest Iowa. Alliant Energy received approval in 2016 to add up to 500 megawatts of wind energy. The company has requested a similar expansion from the Iowa Utilities Board again in 2017. The combined projects would represent a $1.8B investment and add up to 1,000 megawatts of new wind generation in Iowa. Together, that's enough to power up to 430,000 Iowa homes a year. The 300 megawatt wind farm will have 121 turbines and enough annual energy output for about 130,000 homes a year. Over the life of the project, there will be over $40M in local tax benefits.

17:05 EDT Tidewater to list Series A, Series B warrants on NYSE - Tidewater announced that the company has notified the New York Stock Exchange of its intent to list its Series A Warrants and Series B Warrants with CUSIP numbers 88642R 117 and 88642R 125, respectively, on the NYSE. The Series A Warrants will have the ticker symbol "TDW WS.A" and the Series B Warrants will have the ticker symbol "TDW WS.B". Trading is expected to commence on October 5, 2017, subject to compliance at that time with applicable NYSE listing standards. As previously disclosed, the Series A Warrants and Series B Warrants were issued to holders of Tidewater's pre-emergence common stock upon the company's emergence from chapter 11 reorganization in accordance with the company's Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization.

16:56 EDT P&G: Adding Peltz to board would 'derail' progress - The Procter & Gamble Company responded to the report issued by Institutional Shareholder Services Inc. regarding the election of directors to the P&G board at the company's Annual Meeting of Shareholders to be held on October 10, 2017. "The P&G board has been overseeing the most significant transformation in the company's history," the company said. "We have strengthened and streamlined our portfolio, simplified our organizational structure and significantly enhanced P&G's productivity. As ISS clearly recognized in its report, the changes needed to accelerate growth are already being implemented, and our results demonstrate that the plan is working. P&G today is a profoundly different and more profitable Company than it was just a few years ago. We believe ISS set too low a standard for adding an activist investor to a board and we fundamentally disagree with its conclusion. Change is not warranted when a highly engaged Board is overseeing a plan that is working. We firmly believe adding Nelson Peltz to the P&G Board would derail our progress and therefore urge shareholders to vote the BLUE Proxy Card today." Procter & Gamble's board and management team said that they strongly recommend shareholders vote "FOR" ALL of P&G's directors on the BLUE Proxy Card.

16:21 EDT Preferred Apartment acquires 300-unit multifamily community in Marietta, GA - Preferred Apartment Communities announced the acquisition of a 300-unit Class A multifamily community in Marietta, Georgia constructed in 2016 called Aldridge at Town Village. "This is a brand new and attractive property that we originated a real estate loan investment on over two years ago," said Leonard A. Silverstein, the President and Chief Operating Officer for PAC. Silverstein added, "This acquisition demonstrates the success of our unique real estate loan investment program, which continues to create a tremendous pipeline of newly constructed Class A multifamily communities."

16:15 EDT CPI Card Group reaches settlement in patent litigation - CPI Card Group announced that it has reached a settlement with Gemalto S.A to resolve the two patent litigation suits pending in the U.S. District Court for the District of Colorado. Under the terms of the settlement, CPI Card Group has agreed to make a one-time payment of $750,000 in Q4. The settlement will result in the dismissal of both lawsuits with prejudice. The settlement agreement also includes a mutual covenant not to sue for a period of 18 months. CPI Card Group has denied any wrongdoing in this matter, but is settling to avoid the uncertainty, distraction, and expense of protracted litigation.

16:09 EDT CRA International announces William Schleyer to step down from board - Charles River Associates announced that William Schleyer has informed the company of his plans to step down from CRA's board effective October 13 after nearly 10 years of service, in order to spend more time serving on non-profit boards and endeavors. Mr. Schleyer has served as a director since January 2008. Most recently, he was a member and Chair of the Compensation Committee.

16:06 EDT First Northwest Bancorp adopts stock repurchase plan - First Northwest Bancorp announced that its Board of Directors authorized the repurchase of up to 10% of the company's common stock, or approximately 1,166,659 shares. The company recently repurchased 1,162,100 shares, or approximately 8.9%, of its common stock through a repurchase program, which ended on September 27.

15:19 EDT Georgia Power names Xia Liu executive VP, CFO - The Georgia Power's board has elected Xia Liu as executive VP, CFO and treasurer, effective October 1. In her new role, Liu will be responsible for overseeing the company's accounting and financial functions. Liu began her career at Southern Company in 1998 and has served in nearly a dozen roles with increasing responsibility, including senior VP of finance for Southern Company Services and treasurer for Southern Company, VP of finance for Southern Company Services and assistant treasurer for Southern Company, director of financial and corporate planning and assistant treasurer for Alabama Power, fuels environmental and compliance manager for Southern Generation, and others.

13:39 EDT The Intersection: Crypto and Wall Street This Week - As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly: 1. SOUTH KOREA JOINS CRACKDOWN: South Korea's Financial Services Commission plans to ramp up inspections of digital currency exchanges and has banned initial coin offerings citing criminal cases involving cryptocurrencies, according to The Wall Street Journal. The regulator is also said to be banning coin margin transactions, with penalties for violations will be "stern." The move comes as China, the U.S. and Singapore all take steps to tighten regulations on the digital currencies amid cybersecurity and fraud risks. 2. ECB CAN'T REGULATE, SEC NOT EQUIPPED: European Central Bank president Mario Draghi said that "it would actually not be in our powers to prohibit and regulate" digital currencies when asked whether the ECB plans to issue a regulatory framework or an all-out cryptocurrency ban. He added the bank has yet to discuss the impact of the currencies, but a primary concern surrounding the subject is cybersecurity. Meanwhile, the U.S. Securities and Exchange Commission announced Monday it is establishing a Cyber Unit focusing on digital events, such as hacks and dealings regarding ICOs and distributed ledgers like blockchain. However, on Thursday, former SEC chairman Arthur Levitt said he believes the regulator is not equipped to take on bitcoin. "They have too many other issues that they are dealing with now that they don't want to take on something as complex from a regulatory point of view as bitcoin is," he said. Levitt's comments came after Grayscale Investments said Intercontinental Exchange's (ICE) NYSE Arca platform dropped a bid with the SEC to list its Bitcoin Investment Trust. Grayscale, the fund's sponsor, noted that the SEC has already denied two similar applications and said it "does not believe there have been enough regulatory developments" to prompt the approval. 3. HEDGE FUNDS: Former Fortress Investment Group (FIG) manager Mike Novogratz is planning to start a $500M hedge fund, called Galaxy Digital Assets Fund, to invest in cryptocurrencies, ICOs and related businesses. "This is going to be the largest bubble of our lifetimes," he said in an interview on Tuesday. "Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it." Novogratz, who plans to put up $150M and raise the remaining funds, said the space needs more regulation amid fraudulent schemes but estimates he has roughly 20% of his net worth in digital assets. His move comes as many new cryptocurrency funds emerge, with U.K. research firm Autonomous NEXT reporting 68 crypto hedge funds using strategies ranging from ICOs to holding bitcoin and other digital currencies. 4. MORE THAN A FAD: Morgan Stanley (MS) CEO James Gorman said bitcoin is "certainly something more than just a fad," after JPMorgan (JPM) CEO Jamie Dimon called the cryptocurrency a "fraud." At a Wednesday event, Gorman said, "I haven't invested in it...it's obviously highly speculative but it's not something that's inherently bad. It's a natural consequence of the whole blockchain technology." Meanwhile, "The Wolf of Wall Street" Jordan Belfort echoed Dimon's remarks, saying bitcoin is a fraud in an interview on Wednesday. Belfort, who said he would never buy bitcoin himself, expects a central bank to set up its own cryptocurrency "and that's what will take hold." 5. OVERSTOCK: DA Davidson analyst Tom Forte raised his price target to $36 from $28 on Overstock.com (OSTK) on Thursday after the company announced that it was launching an Alternative Trading System for trading tokens from ICOs. Following the deal, the analyst estimates that the company's Medici Ventures subsidiary is worth $11 per share, up from his previous $2 per share estimate. The analyst warns that regulations on digital tokens could change, but he keeps a Buy rating on the stock. 6. OTHER BITCOIN PLAYS: In prior research, Jefferies' analyst Mark Lipacis told investors that he estimates cryptocurrency revenues accounted for about 3% of quarterly sales for Advanced Micro Devices (AMD) and about 10% for Nvidia (NVDA) in the second quarter. PRICE ACTION: As of time of writing, Bitcoin is up about 17% this week, or $600, to $4,185 in U.S. dollars. Meanwhile, AMD shares dropped about 4% to $12.73 this week and Nvidia is little changed on a weekly basis. Bitcoin Investment Trust (GBTC) rose 0.4% this week to $717.20. WANT BITCOIN NEWS ALERTS?: To receive alerts on stories relating to bitcoin and other cryptocurrencies, Fly subscribers can enter "Bitcoin" into the "Add symbols" box of their portfolios.

13:25 EDT Sarepta says Exondys 51 patient deaths were 'natural disease progression' - In a statement to The Fly, Sarepta head of investor relations Ian Estepan said, "Duchenne muscular dystrophy is a 100% fatal disease that causes severe progressive muscle loss and premature death in the late-teens to 20s typically due to respiratory or cardiac complications. The deaths reported by the FDA FAERS database were individuals in their late 20s and are consistent with the natural disease progression. The events are not believed to be related to Exondys 51 and the safety profile of the drug remains consistent with previous disclosures. Our heartfelt condolences go out to the families of these young adults and the community at large."

13:20 EDT 99c Only Stores statement on credit rating, progress in term loan amendment - 99 Cents Only Stores issued the following statement from its President and CEO, Geoffrey Covert, regarding Standard & Poor's recent lowering of the company's credit rating from CCC+ to CC and the company's continued progress in its term loan amendment and extension process: ""On September 19, 2017, we announced that we elected to launch a proposed amendment to our existing term loan facility, which would among other things, extend the maturity date of our term loan facility by three years from January 2019 to January 2022 and reduce our cash interest obligations thereunder. Our election to proactively move forward with this process is an opportunistic one and came after productive conversations with our equity sponsors, as well as several of our largest term loan lenders. We continue to make progress with the term loan lenders and remain optimistic of completing the proposed amendment in an expeditious manner. Earlier today, Standard & Poor's lowered our credit rating from CCC+ to CC, based entirely on our proposed extension of maturity to our term facility. We view the rating change as a technical response to our refinancing plans. We believe the fundamentals of our company remain strong and we continue to be optimistic regarding our sales and adjusted EBITDA momentum. We expect the ratings changes to be temporary and that our ratings would be raised to appropriate levels shortly after the close of the proposed transaction, reflecting ongoing risk at that time. In addition, this rating change is not expected to impact our day to day business or our ability to meet future obligations. Importantly, we do not believe the ratings change reflects 99 Cents Only Stores' operational performance, which has continued to improve. During the second quarter of fiscal 2018, same-store sales growth was 9.0% compared to the prior year, the sixth consecutive quarter of flat or positive growth and the third consecutive quarter of high single-digit same-store sales growth. In addition, our latest twelve months Adjusted EBITDA of $58.4M is more than two times higher than the same time last year. Finally, on-hand inventory of $189M is down approximately $77M from the third quarter of fiscal 2016."

13:00 EDT Pamplona Capital completes acquisition of Parexel - PAREXEL International announced that Pamplona Capital Management has completed its acquisition of PAREXEL. Pamplona acquired all outstanding shares of PAREXEL for $88.10 per share in cash. The transaction was approved overwhelmingly by stockholders on September 15, with more than 98% of votes cast in favor. PAREXEL stock will stop trading at the close of business today. Josef von Rickenbach will continue to serve as CEO. Dr. Jeremy Gelber, Partner of Pamplona Capital Management, will serve on the Board of Directors.

12:43 EDT NCI Building chairman Chambers to step down, Metcalf named successor - NCI Building Systems (NCS) announced Norman C. Chambers, chairman of the board since 2008, will step down as chairman of the board of directors effective January 1, 2018. The board of directors has selected James S. Metcalf to succeed Chambers as chairman of the board of directors and chairman of the executive committee of the company, effective January 2, 2018. Metcalf recently retired from a thirty-six year career at USG Corporation (USG), where he served as chairman, CEO and president from 2011 to 2016.

12:29 EDT Most new 2018 VW cars in the U.S. to come with People First Warranty - Volkswagen said in a statement that, for the 2018 model year, most new VW vehicles in the United States will come with the People First Warranty, a six-year or 72,000-mile, whichever occurs first, bumper-to-bumper New Vehicle Limited Warranty, which can be transferred to subsequent owners throughout its duration. "Volkswagen has always been 'the people's car,' and with the People First Warranty, we're putting our customers first," said Hinrich J. Woebcken, President and Chief Executive Officer of Volkswagen Group of America. "By bringing the right cars, at the right time and making the offer very competitive, we believe we're in the position to grow in the US market." First introduced for the all-new 2018 Atlas and Tiguan, the People First Warranty now covers additional 2018 VW models: Beetle, Beetle Convertible, Golf, Golf Alltrack, Golf GTI, Golf R, and Golf SportWagen, Jetta and Passat. Reference Link

12:14 EDT Alere says DOJ closes investigation into sales practices, says no action taken - Alere announced the U.S. Department of Justice has closed the previously announced investigation into, among other things, sales, sales practices and dealings with certain third parties, without taking any action against Alere. The DOJ investigation primarily involved matters occurring at foreign subsidiaries previously acquired by the company. "We are pleased that this matter has been closed with no action taken against Alere," the company said.

12:05 EDT HSBC fined $175M for unsafe and unsound practices in foreign exchange trading - The Federal Reserve board announced that it has fined HSBC $175M for the firm's unsafe and unsound practices in its foreign exchange trading business. The board levied the fine for deficiencies in HSBC's oversight of, and internal controls over, FX traders who buy and sell U.S. dollars and foreign currencies for the firm's own accounts and for customers. The firm failed to detect and address its traders misusing confidential customer information, as well as using electronic chatrooms to communicate with competitors about their trading positions. The board's order requires HSBC to improve its controls and compliance risk management concerning the firm's foreign exchange trading.

11:50 EDT U.S. Concrete to acquire Polaris Materials for C$309M - U.S. Concrete (USCR) announced that it has entered into an arrangement agreement with Polaris Materials, pursuant to which U.S. Concrete will acquire all the issued and outstanding common shares of Polaris for C$3.40 per share in cash by way of a statutory plan of arrangement. The price per share implies an aggregate fully diluted equity value for Polaris of approximately C$309M. Additionally, Polaris has terminated the previously announced arrangement agreement between Polaris, Vulcan Materials (VMC) and a wholly-owned subsidiary of Vulcan dated August 25. The transaction represents a 22% premium to the C$2.79 per share transaction price pursuant to the terminated Vulcan Agreement. Completion of the USCR Arrangement is subject to customary closing conditions, including approval of Affected Securityholders and court approval, and is expected to close in the fourth quarter of 2017. "We believe that Polaris is an ideal strategic fit and enables a replication in California of our vertically integrated business model that we successfully operate in New York" said U.S. Concrete's President, CEO and Vice Chairman William J. Sandbrook. "The acquisition of Polaris will provide U.S. Concrete with long-term, high quality aggregate reserves and is expected to deliver meaningful synergies and strengthen the Company's strategic position in the highly attractive, aggregate supply-constrained Californian markets. Following completion of the acquisition, U.S. Concrete expects to have the capability to self-supply a large majority of its market leading ready-mixed concrete operations' aggregate requirements in Northern California and to drive increased production volumes at Polaris' Orca Quarry. The acquisition also provides us an entrance into Southern California through the Polaris-operated Long Beach Terminal."

11:45 EDT NAB urges Apple to activate feature to support FM radio - In response to Apple's statement regarding FCC Chairman Ajit Pai supporting the activation of FM chips on iPhones, the following statement can be attributed to the National Association of Broadcasters, NAB, Executive Vice President of Communications Dennis Wharton: "Since 2012 NAB has commissioned quarterly 'tear down' reports from ABI Research on a wide variety of Smartphones to discover their capabilities. ABI's analysis reveals that every Apple iPhone built during that time, including the iPhone 7, has a chipset that includes support for FM radio. Apple also continues to sell an iPhone 6S with an FM chip that is not activated, and there are nearly 100 million iPhones in the marketplace with a deactivated FM chip. "Like FCC Chairman Pai, we encourage Apple to activate this feature on their future handsets so Americans can have access to lifesaving information during emergency situations, something that many local radio stations provide. We welcome the opportunity to work with Apple to make that happen."

11:17 EDT Raytheon, Northrop seen boosted by missile defense spending hike - Threats by North Korea to launch missiles at the U.S. will spur a significant increase in America's spending on missile defense, predicted Deutsche Bank. Among the companies best positioned to benefit from this trend are Raytheon (RTN), Lockheed Martin (LMT), Northrup Grumman (NOC), and Boeing (BA), an analyst at the firm stated. MISSILE DEFENSE SPENDING: The government is set to release a Missile Defense Review within the next few months, wrote Deutsche Bank analyst Myles Walton. Moreover, during the last decade U.S. spending on missile defense has dropped nearly 25% in real dollar terms, Walton noted. Rising tensions overseas could spur "solid growth" in overseas markets, the analyst believes. COMPANY EXPOSURE: Raytheon is the most exposed to missile defense, but Northrop Grumman is well-positioned to have the most growth in the category, partly due to its acquisition of Orbital ATK (OA) and the U.S. government's increased investments in space-based missile defense, Walton wrote. The analyst believes that Lockheed Martin should also benefit from increased spending on missile defense, but he identified Northrop Grumman as his favorite name in the sector. RATINGS, TARGETS: Walton upgraded Raytheon to Buy from Hold and raised his price target for the shares to $210 from $180. He also raised his price target on Northrop to $325 from $285 and on Lockheed to $340 from $305. PRICE ACTION: In morning trading, Raytheon added 0.4% to about $185 per share, Northrop was flat at $285, Lockheed Martin was flat at $309 and Boeing was unchanged near $254 per share.

10:54 EDT Nasdaq halts root9B Holdings for additional information - Nasdaq announced that trading was halted today in root9B Holdings at 10:01:25 ET for "additional information requested" from the company at a last sale price of $2.005. Trading will remain halted until root9B has fully satisfied Nasdaq's request for additional information.

10:48 EDT Ionis, Sarepta dip in wake of FDA adverse event search change - Shares of Ionis Pharmaceuticals (IONS) and Sarepta Therapeutics (SRPT) have both slid this morning as the new, more user-searchable FDA Adverse Events Reporting System has driven attention, which some argue is misplaced, to reported deaths seen in patients using the companies' therapies. FDA SYSTEM UPDATE: Yesterday, the FDA announced its launch of a new user-friendly search tool that improves access to data on adverse events associated with drug and biologic products through the FDA's Adverse Event Reporting System, or FAERS. In its announcement, the FDA stated: "While the FAERS dashboard now offers stakeholders many more ways of searching for and organizing data on adverse events reported to the FDA for many drug and biologic products, there remain limitations to the data...while FAERS contains reports on a particular drug or biologic, this does not mean that the drug or biologic caused the adverse event." Other limitations include duplicate and incomplete reports are in the system, the information in reports has not been verified and rates of occurrence cannot be established with reports, the FDA adds. FAERS REPORTS PASSED AROUND: The early weakness in shares of Ionis was attributed to a link being passed around by traders that shows nine patients have died while taking Spinraza. Ionis partners with Biogen (BIIB) on the spinal muscular atrophy drug. Similarly, early weakness in Sarepta was attributed to a link showing patients taking Exondys 51 have had 11 serious cases, with three dying. EXPERTS ADVISE CAUTION: Baird biotechnology analyst Brian Skorney tweeted this morning, "This is what happens when FAERS becomes easily searchable. Folks who haven't been looking at it for years don't understand the data." STAT's Adam Feuerstein has also tweeted, "Today's pastime seems to be searching FDA's FAERS database and tweeting side effects/deaths out of context." PRICE ACTION: In early trading, Ionis shares remain about 5% lower, though this is off the stock's worst levels of the session. Meanwhile, Sarepta is near its session lows with a slide of over 6%.

10:17 EDT Baird analyst says FDA adverse events data not being understood - With shares of Ionis Pharmaceuticals (IONS) and Sarepta Therapeutics (SRPT) moving lower amid concerns over patient deaths, Baird biotechnology analyst Brian Skorney tweeted, "This is what happens when FAERS becomes easily searchable. Folks who haven't been looking at it for years don't understand the data." The FDA recently changed the search functionality for its Adverse Event Reporting System, or FAERS.

10:10 EDT STAT's Feuerstein says deaths in database taken 'out of context' - STAT's Adam Feuerstein just tweeted, "Today's pastime seems to be searching FDA's FAERS database and tweeting side effects/deaths out of context. $IONS $SRPT." The early moves lower in shares of Ionis Pharmaceuticals (IONS) and Sarepta Therapeutics (SRPT) are being attributed to concerns over patient deaths.

10:00 EDT Ionis weakness attributed to concerns over patient deaths - The early weakness in shares of Ionis Pharmaceuticals (IONS) is being attributed to a link being passed around by traders that shows nine patients have died while taking Spinraza. Ionis partners with Biogen on the spinal muscular atrophy drug. The link has not been verified. Shares of Ionis are down 5%, or $2.76, to $49.85 in early trading. Biogen is down $1.24 to $308.76. The FDA just recently updated the searching functions for its Adverse Event Reporting System, or FAERS, The Fly notes. Reference Link

09:31 EDT Nevada reports August statewide gaming win up 14.9% to $989.51M - Nevada reports Las Vegas Strip August gaming win up 21.35% to $545.54M. Publicly traded companies in the casino space include Boyd Gaming (BYD), Caesars (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).

09:24 EDT Insys Therapeutics files NDA for buprenorphine sublingual spray with FDA - INSYS Therapeutics announced today that it filed a New Drug Application, or NDA, for a novel formulation of buprenorphine as a sublingual spray for the management of moderate-to-severe acute pain with the FDA.

09:21 EDT Abbott acquisition of Alere set to close on October 3 - Abbott (ABT) announced it intends to close the acquisition of Alere (ALR) on Tuesday, October 3. The announcement follows receipt of all regulatory clearances necessary for closing.

09:09 EDT Dish to offer whole-home 4K Netflix experience - DISH (DISH) is now the first major U.S. pay-TV provider to offer a whole-home 4K Netflix (NFLX) experience. After offering Netflix Ultra HD titles on its Hopper 3 DVR since April 2016, the company added the app to its 4K Joey client. Now DISH customers have the ability to stream the robust catalog of Ultra HD TV shows and movies on Netflix in multiple rooms throughout the home. When connected to a Hopper 3, DISH's 4K Joey provides similar TV functionality to other rooms in the home. Hopper 3 supports up to six 4K Joeys simultaneously, powering a total of seven 4K TVs at one time. DISH customers must subscribe to Netflix's $11.99 per month subscription plan and have a 4K-compatible television to access this Ultra HD content on Hopper 3 and 4K Joey.

09:06 EDT Pattern Energy provides operations update in light of recent weather events - Pattern Energy Group provided an update on its operations in light of the weather events in Puerto Rico and Texas. Most importantly, all team members and their families remained safe throughout the events and no injuries were reported. Highlights include: All Pattern Energy personnel are safe and no injuries were reported. No material damage has been found as a result of hurricanes Harvey, Irma or Maria. The operations team has been able to respond effectively to events and are working with the Puerto Rico Electric Power Authority to support its efforts to restore power locally. Pattern Energy is reaffirming its target 2017 cash available for distribution. Pattern Energy expects production below its long-term average in the third quarter of 2017 due to weather conditions.

09:02 EDT Marchon Eyewear, Calvin Klein renew eyewear licensing agreement - Marchon Eyewear and Calvin Klein, the wholly owned subsidiary of PVH Corp., announced the long-term, multi-year renewal of their global eyewear licensing agreement. This agreement is for the exclusive design, development, production and distribution of Calvin Klein's ophthalmic and sunglass collections, under the CALVIN KLEIN 205W39NYC, CALVIN KLEIN, and Calvin Klein Jeans brands. This renewal marks the 25 year milestone since Marchon and Calvin Klein first engaged as licensing partners in 1992.

08:53 EDT Honeywell to raise dividend 12%, effective in Q4 - Honeywell announced that its Board of Directors has approved a 12% increase in the company's regular annual cash dividend from $2.66 to $2.98 per common share. The increase will be effective starting with the fourth quarter dividend of 74.5c per common share, which was declared earlier, and is payable on December 8, out of surplus to shareowners of record at the close of business on November 17.

08:48 EDT Radius Health initiates Phase 1 clinical trial of RAD140 - Radius Health announced that the first patient has been enrolled in the company's Phase 1 study of RAD140, a nonsteroidal selective androgen receptor modulator, or SARM, undergoing clinical evaluation for the treatment of hormone receptor positive breast cancer. The clinical trial is designed to evaluate the safety and maximum tolerated dose of RAD140 in approximately 40 patients.

08:35 EDT Griffon expects Tuscan Path acquisition to add $20M in annualized revenue - Griffon Corporation announced that its subsidiary, The Ames Companies, completed the acquisition of Tuscan Landscape Group, an Australian provider of pots, planters, pavers, decorative stone, and garden decor products. The acquisition will broaden AMES' global outdoor living and lawn and garden business, and will strengthen AMES' industry leading position in Australia. The acquisition was completed under the terms of the previously announced purchase agreement entered into on August 25. The purchase price for Tuscan Path was approximately $18M. The acquisition is expected to contribute approximately $20M in annualized revenue and be immediately accretive to Griffon's earnings in its first full year of operations.

08:31 EDT ChannelAdvisor expands with planned Denver office - ChannelAdvisor announced it will expand its footprint with plans for a new office in Denver, Colorado. The Denver office will support additional members of the company's sales organization, an expansion designed to enable growth.

08:22 EDT eHi Car Services partners with Volkswagen Group China - Volkswagen Group China (VLKAY) and eHi Car Services (EHIC) have signed a Memorandum of Understanding to jointly explore luxury mobility-on-demand services in China. Both parties will leverage innovative technologies, rapidly developing mobile Internet and car connectivity to provide luxury mobile services to Chinese consumers. Entirely new on-demand services will satisfy diverse needs, and make luxury mobility more comfortable and more convenient. To address the huge market potential, a strategic partnership will be formed which combines the strengths of Volkswagen and eHi's mobility services leadership in China, where it operates about 60,000 vehicles from more than 4,000 directly managed service locations in more than 250 cities.

08:12 EDT BIOLASE announces plans for rights offering to stockholders - BIOLASE announced that it has filed a Registration Statement on Form S-1 with the SEC for a rights offering to existing holders of its common stock. If the rights offering is successful, the company expects to receive gross proceeds of approximately $8M to $12M before expenses. Certain affiliates of Larry Feinberg and certain affiliates of Jack Schuler have each agreed with the company to exercise their respective basic subscription rights and any available over-subscription privilege pursuant to the rights offering in an amount not less than $3M and $3M respectively. The rights offering will be made through the company's distribution to its existing stockholders of non-transferable subscription rights to purchase their pro rata portion of newly issued shares of the Company's common stock. The subscription price has not yet been determined. The record date for the distribution of the rights and the dates for both the subscription period and the expiration of the rights offering will be included in the final prospectus.

08:07 EDT Sunworks awarded 8.5 MW solar power project - Sunworks announced it has been awarded a new 8.5 megawatt solar power project in partnership with ForeFront Power, a leading solar power developer that assists private and public sector agencies by delivering the most impactful, behind-the-meter, virtual and wholesale renewable energy solutions. The new project directly supports an initiative from the end-customer to reduce costs and meet recent renewable energy goals. Sunworks will design, engineer, procure and install a combination of parking canopy and ground mount solar solutions at multiple locations. The projects are expected to result in reduced energy costs while establishing a definitive, long term pricing structure for the customer.

08:04 EDT Cracker Barrel announces new $25M share repurchase authorization - The Board authorized new share repurchases for up to $25M of the company's outstanding common stock. The share repurchase authorization is effective immediately and replaces the prior authorization.

08:02 EDT Morgan Stanley to acquire Mesa West Capital - Morgan Stanley Investment Management and Mesa West Capital announced they have entered into an agreement whereby MSIM will acquire Mesa West. With over $5B in gross assets under management, Mesa West will add a premiere commercial real estate credit platform to MSIM's existing investment strategies and product offerings across real assets and private credit. Mesa West will retain its brand and operate as a separate business unit within MSIM's Real Assets group, which currently manages $47B of client assets and is overseen by John Klopp, global head of real assets. The company's headquarters will remain in Los Angeles, and Mesa West senior management, led by co-founders Jeff Friedman and Mark Zytko, will continue to manage the company on a day-to-day basis. The transaction is subject to customary closing conditions, including obtaining applicable regulatory approvals and requisite investor consents, and is expected to close in Q4.

08:01 EDT Amag Pharmaceuticals appoints Tracy Palmer Berns as Chief Compliance Officer - AMAG Pharmaceuticals announced the appointment of Tracy Palmer Berns as Chief Compliance Officer effective immediately. She will report to Joseph Vittiglio, general counsel and senior vice president of legal affairs and quality. In her role at AMAG, Berns will be responsible for the company's compliance program and therapeutic-product legal team and provide legal advice on regulatory, development, pharmacovigilance and quality matters. Additionally, she will further strengthen the organization's culture to continue to prioritize ethics and compliance.

07:36 EDT Zogenix trading resumes

07:33 EDT Boeing announces five-year service agreement with Azores Airlines - Boeing, through its subsidiary Jeppesen, announced a five-year service agreement with Azores Airlines, a part of SATA, to provide digital flight operations solutions so the airline can begin to eliminate paper-based materials to increase operational efficiency and reduce costs. Specifically, Jeppesen will provide the carrier initially with both digital and paper charting materials and FliteDeck Pro electronic flight bag services on iPad, which will reduce preparation time and allow pilots to quickly access needed information on a screen top. Azores Airlines will also implement Jeppesen's JetPlan and Skybook services.

07:09 EDT Merck to present new, updated clinical data on Keytruda at WCLC - Merck announced that new and updated data investigating KEYTRUDA, the company's anti-PD-1 therapy, across multiple lung malignancies, including non-small cell lung cancer, will be presented at the 18th World Conference on Lung Cancer hosted by the International Association for the Study of Lung Cancer in Yokohama, Japan, Oct. 15-18. Results from studies in first-line NSCLC - updated overall survival findings from the phase 3 KEYNOTE-024 trial evaluating KEYTRUDA as a monotherapy, and an encore of additional five months of follow-up from the randomized G cohort of the phase 2 KEYNOTE-021 trial evaluating KEYTRUDA in combination with pemetrexed/carboplatin - will be presented. Additional data in novel combinations and real-world evidence will also be shared. Merck has an extensive research program in NSCLC and is currently advancing multiple registration-enabling studies with KEYTRUDA as monotherapy and in combination with other treatments.

07:07 EDT AveXis plans to initiate pivotal trial of AVXS-101 - AveXis announced the FDA has notified the company that based on review of data submitted, including the potency assay, it may initiate its planned pivotal trial of AVXS-101 for patients with spinal muscular atrophy, or SMA, Type 1 using the intravenous formulation produced by the company's Good Manufacturing Practice commercial manufacturing process. The company plans to initiate this trial immediately.

07:05 EDT Ritchie Bros. sells over $52M of equipment, trucks in Fort Worth, TX - Ritchie Bros. held a two-day auction at its site in Fort Worth, TX this week, selling 3,800+ equipment items and trucks for over $52M.

07:03 EDT Fitch downgrades Deutsche Bank rating to 'BBB+,' upgrades UBS to 'A+' - Fitch Ratings last night announced it concluded its periodic review of the Global Trading and Universal Banks, which comprises 12 large and globally active banks. Fitch has affirmed the issuer ratings of 10 of the 12 GTUB parent entities. Fitch upgraded UBS Group's (UBS) Long-Term Issuer Default Rating, or IDR, to 'A+' from 'A' to reflect its view that the group has improved its business by reducing tail risk, which should allow it to generate sound and less volatile earnings. Fitch downgraded Deutsche Bank's (DB) Long-Term IDR to 'BBB+' because it sees continued pressure on earnings, combined with a prolonged execution of its strategy. Following the review, the GTUB parent entities' Long-Term IDRs range from 'BBB+' for Deutsche Bank to 'AA-' for HSBC (HSBC), with one GTUB parent, Credit Suisse (CS), rated 'A-', BNP Paribas (BNPQY), JPMorgan Chase (JPM) and UBS rated 'A+' and the others - Bank of America (BAC), Barclays (BCS), Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS) and Societe Generale (SCGLY) - rated 'A'. All parent entities have Stable Outlooks.

07:02 EDT Spectrum sees $90.2M in proceeds from at-the-market facility - Spectrum Pharmaceuticals announced that between August 11 and September 29, it issued an aggregate of approximately 9.3M shares of its common stock under its previously announced "at-the-market" offering program, resulting in aggregate net proceeds to the company of approximately $90.2M. The company expects to use the proceeds from this financing to continue to develop its pipeline and to provide additional flexibility to its capital structure.

07:01 EDT Valvoline says William Wulfsohn to step down as chairman, retire from board - Valvoline (VVV) announced that William A. Wulfsohn, who served as Valvoline's founding chairman during its initial year as a public company, will step aside from his position as chairman of the board as of September 30, the company's fiscal year end. Wulfsohn has also stated he will not stand for re-election at the company's 2018 annual shareholder meeting. Wulfsohn is chairman and CEO of Ashland Global Holdings (ASH), Valvoline's former parent company. Wulfsohn joined Valvoline's board last year to guide Valvoline through its separation from Ashland and first year as a publicly traded company. Wulfsohn's announcement that he will step aside as chairman and later retire from his board position at Valvoline comes one year following Valvoline's initial public offering in September 2016. The board has unanimously named Stephen F. Kirk to replace Wulfsohn as board chairman. Kirk has served as an independent director on Valvoline's board and is the chair of Valvoline's compensation committee.

06:55 EDT Zogenix trading halted, news pending

06:15 EDT Carlyle Group to sell Klenk Holz AG to Binderholz - The Carlyle Group and Binderholz GmbH announced that they have signed a definitive agreement under which Carlyle will sell Klenk Holz AG, a German manufacturer of wood products, to Binderholz GmbH, based in Fugen, Austria. The transaction is expected to close by the end of the year. Further details of the transaction were not disclosed.

06:07 EDT Volkswagen increases provision for recall actions in North America - The Volkswagen Group said that in the third quarter negative special items of ca. EUR2.25B are expected to burden the Operating Result. The reason is an increase in provisions relating to the buyback/retrofit program for 2,0l TDI vehicles, which is part of the settlements in North America that is proving to be far more technically complex and time consuming. The complete Interim Report of the Volkswagen Group for the period January-September 2017 will be published on October 27th.

05:43 EDT LINE Corp. establishes new subsidiary by company split - LINE Corporation announced that the company has decided at the board meeting to establish a new subsidiary, Next Library, by a simplified incorporation-type company split to succeed the company's businesses relating to the NAVER Matome related business. Since this is a simplified incorporation-type company split solely involving the company, certain information is omitted from this announcement. The LINE Group operates a user participation-type search service within Japan called NAVER Matome, which allows general users to create webpages by compiling images, links, and videos on a specific topic. To accelerate the decision-making process and execution thereof for the Business, the company has decided to convert the Business into a wholly owned subsidiary by means of a company split. Through these means, the company aims to improve the corporate value of the entire LINE Group by promoting greater mobility for the Business and expanding beyond the NAVER Matome service to branch out into various other user-participation services.

05:35 EDT BlackBerry enters partnership with Tokyo Electron Device - BlackBerry and Tokyo Electron Device, or TED, announced they have signed a new sales and distribution agreement, which will provide device manufacturers in Japan with access to BlackBerry's QNX Software Development Platform 7.0 - the most advanced and secure embedded platform on the market.

05:33 EDT Alere announces agreement in principle to settle with DOJ - Alere announced that it has reached an agreement in principle to settle with the U.S. Department of Justice to resolve various potential civil claims, including claims under the False Claims Act, relating to Alere Triage(R) cardiac and Toxicology products sold between January 2006 and March 31, 2012. The settlement relates to matters arising out of the previously disclosed 2012 FDA inspection of Alere San Diego and the Office of Inspector General subpoena. Alere issued the following statement: "We have cooperated with the DOJ investigation, and we are pleased to reach this agreement in principle that would fully resolve this matter with DOJ. If the ongoing discussions with the DOJ are successfully concluded, we believe the total combined payment to the Department of Justice and the participating states will be within the $35 million loss contingency reserve previously taken by the company."