Stockwinners Market Radar for October 13, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

17:25 EDT Valero Marketing and Supply Co awarded $157.8M government contract - Valero Marketing and Supply Co., Corpus Christi, Texas, has been awarded a $157,788,560 fixed-price with economic-price-adjustment, indefinite-delivery/indefinite-quantity contract under solicitation SP0600-17-R-0700 for various types of fuel. This was a competitive acquisition with four offers received. This is a one-year base contract with a one-year option period, plus a 30-day carryover. Location of performance is Texas, with a Sept. 30, 2018, performance completion date. Using customer is government of Israel. Types of appropriations are fiscal 2018 Army operations and maintenance; and foreign military sales funds. The contracting activity is the Defense Logistics Agency Energy, Fort Belvoir, Virginia.

17:18 EDT Associated Capital names Francis Conroy interim CFO - Associated Capital announced that Francis J. Conroy will join the company as interim CFO, , effective November 7, 2017. Fran Conroy is currently with GGCP, the privately-held parent of AC, as special assistant to the CEO.

17:03 EDT Intuitive Surgical falls after TransEnterix device gets FDA cleararance - Earlier, TransEnterix (TRXC) announced that the FDA cleared the Senhance System, a new robotically-assisted surgical device that can help facilitate minimally invasive surgery. The FDA granted clearance of the Senhance System to TransEnterix Surgical. Shares of TransEnterix are up 57% to $2.29 per share, while Intuitive Surgical (ISRG) is down over 3% to $351 per share.

16:51 EDT Ocular Therapeutix COO James Fortune to leave, effective December 31 - On October 13, Ocular Therapeutix entered into a transition, separation and release of claims agreement with James Fortune, pursuant to which Fortune has resigned from his role as COO and any and all other positions he holds as an officer or employee of the company, effective December 31, or such earlier date as may be mutually agreed upon by Fortune and the company. Pursuant to the Transition Agreement, effective as of the Agreement Effective Date, the Employment Agreement, by and between the company and Fortune, dated June 19, 2014, was terminated. From the Agreement Effective Date to the Separation Date, Fortune will continue to serve as COO and as an at-will employee of the company. In addition to his regular duties, Fortune will also perform such additional transition duties as may be requested by and at the direction of the company.

16:46 EDT Aratana Therapeutics jumps almost 17% after ENTYCE launch - Shares of Aratana Therapeutics are off their after-hours high of $7.30 per share but still up 11% to $6.91 per share after announcing that the company is making ENTYCE commercially available to veterinarians in the United States for appetite stimulation in dogs.

16:32 EDT TerraForm Power: Stock oversubscription in merger consideration election - TerraForm Power (TERP) announced the preliminary results of the elections made by the Company's stockholders regarding the form of merger consideration they wish to receive in connection with the Merger and Sponsorship Transaction with certain affiliates of Brookfield Asset Management (BAM). Stockholders were given the option to elect for each share of Class A common stock owned immediately prior to the merger to either receive $9.52 in cash or retain one share of Class A common stock following the closing of the merger. As previously announced, the cash option and stock option elections are subject to proration procedures as set forth in the Merger and Sponsorship Transaction Agreement. Based on the preliminary results of the consideration election, the stock option was oversubscribed which resulted in the following: Stockholders who selected the cash option and stockholders who did not make an election prior to the election deadline of Thursday, October 12, 2017 at 5:00 p.m. will receive the cash consideration of $9.52 per share; and stockholders who selected the stock option will retain a portion of their shares following the closing of the merger and will receive the cash consideration of $9.52 for the remaining portion of their shares.

16:28 EDT TransEnterix up 54% after FDA grants clearance of Senhance System - In after-hours trading, shares are up 54% to $2.25.

16:18 EDT ING Group reports 7.79% passive stake in Finish Line

16:07 EDT Atlantic Capital president, COO Mike Kramer resigns from company - Atlantic Capital Bancshares, the parent company of Atlantic Capital Bank, announced that D. Michael Kramer has tendered his resignation as president and COO of Atlantic Capital and Atlantic Capital Bank, effective December 22, 2017. Douglas L. Williams, current CEO, has been appointed to serve as president of Atlantic Capital and Atlantic Capital Bank, effective December 22, 2017, and will continue to serve as CEO. Williams served as president prior to the merger with First Security Group, Inc. in October, 2015. Kramer has also resigned from the doard of directors of Atlantic Capital, effective October 31, 2017. In connection with Kramer's resignation, the board of directors reduced the size of the board from 11 to 10, effective October 31, 2017. Williams said, "With news of Mike's decision to retire from Atlantic Capital, we are also pleased to announce a new leadership team to continue the momentum we have developed since the First Security transaction and improve operating performance. We believe that the new leadership team reflects the best allocation of our most valuable resource - our people - and I look forward to working closely with each of them to write the next chapter in Atlantic Capital's story." Richard Oglesby, current Chief Credit and Risk Management Officer, will become General Banking Division Executive with responsibility for Atlanta Corporate and Private Banking, Tennessee-Northwest Georgia Community Banking, Commercial Real Estate Finance, Not-for-profit and Small Business Banking, and Regional Corporate Banking. Joe DiNicolantonio will continue to lead Atlantic Capital's commercial, retail, mortgage, and private client businesses in the Tennessee-Northwest Georgia market and assume responsibility for strategic leadership in the development of small businesses and consumer banking initiatives throughout the company. In addition, Kurt Shreiner will become Corporate Financial Services Division Executive with responsibility for SBA Lending, Franchise Finance, Treasury Management Services, Payments and FinTech Banking, Product Management, Development, Capital Markets and our Charlotte office.

16:02 EDT Louisiana-Pacific finalizes Barrier Technology acquisition - Louisiana-Pacific finalized the acquisition of International Barrier Technology, the Watkins, Minn.-based company that manufactures the fire retardant coating used in LP FlameBlock fire rated engineered wood products. The $22M agreement involved cash for shares, making Barrier a wholly-owned subsidiary of LP. Barrier shareholders approved the acquisition on Sept. 28. LP announced its intentions to purchase Barrier in July, noting that the purchase provides long-term protection on the company's continuing investment in FlameBlock market development and product sales. The trend for more fire resistance products in residential and commercial buildings continues to escalate, driven by changing building codes and their enforcement. LP will continue to honor Barrier's existing contracts and service its customers' needs. Barrier will operate as part of LP's OSB business.

16:01 EDT Xcerra holders approve merger with Hubei Xinyan Equity Investment Partnership - Xcerra Corporation announced that, at the company's Special Meeting of Stockholders held October 12, 2017, Xcerra stockholders approved the previously announced Agreement and Plan of Merger, as assigned and amended, by and among Hubei Xinyan Equity Investment Partnership, China Integrated Circuit Industry Investment Fund Co., Ltd. and the company, as joined by Unic Acquisition Corporation. 40,704,975 shares were voted in favor of the Agreement, which represents 98.7% of the total shares voted, or 74.88% of the total shares outstanding as of August 23, 2017, the record date for the Special Meeting. There were approximately 54.4 million shares of Xcerra common stock outstanding and entitled to vote at the Special Meeting. Pursuant to the terms of the Agreement, Xinyan will acquire Xcerra for the agreed-upon purchase price of $10.25 per share. In addition to CFIUS clearance, the closing of the proposed transaction remains subject to other conditions, including the receipt of required regulatory approvals in the U.S., China, and other international jurisdictions. The transaction is expected to close as soon as all of such regulatory approvals are received.

15:38 EDT Ameren raises quarterly dividend to 45.75c from 44c per share - The common share dividend is payable Dec. 29 to shareholders of record at the close of business on Dec. 13.

14:52 EDT VirnetX halted for volatility after dropping 22% to $6.40

14:42 EDT Orexigen: Court issues ruling in favor of company in Actavis litigation - Orexigen Therapeutics (OREX) announced that the United States District Court for the District of Delaware issued a ruling in favor of Orexigen in the paragraph IV litigation against Actavis Laboratories FL, Inc. for three patents for Contrave with exclusivity through 2030. Actavis is owned by Teva (TEVA). "Orexigen's intent was to vigorously defend our intellectual property and we are very pleased with the Court's decision upholding the validity of all of the patents involved in the case," said Michael Narachi, President and CEO of Orexigen. "The Court's positive decision allows Orexigen to continue to fulfill its mission to provide innovative medicine to treat patients who are overweight or struggling with obesity." Narachi added, "As we progress on our path to profitability by 2019, we expect that exclusivity through 2030 will provide many valuable years of growing profitability for Contrave."

14:20 EDT Aerie Pharmaceuticals trading resumes

14:08 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. JPM DIALS BACK: In its Thursday conference call regarding quarterly earnings, JPMorgan (JPM) dialed back on Chief Executive Officer Jamie Dimon's previous comments on cryptocurrency. "We are very open minded to the potential use cases in the future for digital currencies that are properly controlled and regulated," Chief Financial Officer Marianne Lake said, according to Bloomberg. "We're not going to not be part of that conversation. We'll have to see, it's quite nascent." She added the bank is "very optimistic" about the underlying technology of the cryptocurrency. Dimon added, "I wouldn't put this high in the category of important things in the world, but I'm not going to talk about bitcoin anymore." The comments come after his remarks criticizing bitcoin as a "fraud". The comments also follow Blockchain Capital co-founder Bart Stephens calling Dimon's remarks hypocritical and ignorant. "While Jamie Dimon was making those comments, I was an invited speaker at JP Morgan's offices in San Francisco to give a talk with other fund managers and clients of JP Morgan who are really curious about cryptocurrencies and the underlying blockchain technology," he said. Then, on Friday, Dimon said he could not care less about Bitcoin's trading price at the Insitute of International Finance conference, CNBC reports. "If you're stupid enough to buy it, you'll pay the price for it one day," he said, adding he does find the underlying technology valid. 2. CITI EXPLORES CRYPTO: In a Thursday earnings call, Citigroup (C) Chief Financial Officer John Gerspach said the company is reviewing cryptocurrencies and the blockchain technology that underlies them, according to Bloomberg. He said digital currencies are "worthy of exploration," adding, "We're more focused on the underlying technology, the blockchain, which we think has real potential to deliver commercial-oriented solutions." 3. REGULATION SPECULATION: Bitcoin rose to new highs amid speculation China could lift its ban on domestic exchanges, enabling trading to resume under a stricter regulatory environment, CNBC reported on Thursday, citing a Cryptocoinnews.com report. The new rules could include licensing and anti-money laundering regulations to impede the use of the cryptocurrency for illegal transactions. Meanwhile, Russian Central Bank First Deputy Governor Sergei Shvetsov said on Tuesday the country will block access to websites of cryptocurrency exchanges and Russian President Vladimir Putin reportedly said "buyers of cryptocurrencies could be involved in unlawful activities." 4. SHORT-SELLER GOES LONG: Short-seller Marc Cohodes started to buy shares of Overstock (OSTK) in May and in June added to the stake, which he described as "not small," Bloomberg reported on Tuesday. Cohodes, who believes the stock is "ridiculously cheap", said the company's online retail business is unvalued and its blockchain unit may bring in large stock gains. Cohodes cited the potential of Overstock's tZERO subsidiary, which is starting a digital coin exchange in compliance with SEC guidelines, saying tZERO's electronic blockchain market for securities lending could bolster transparency. "I know a thing or two about stock loan, and I think this product is tremendous," he said. "If this thing takes off, the company is going to sell at a whole lot more than a $700 million market cap. The stock will go apoplectic." 5. ROGOFF SEES BUBBLE BURSTING: Kenneth Rogoff, Harvard professor of economics and public policy, said in a Guardian op-ed on Monday he believes the technology behind bitcoin will thrive, but the price will collapse as governments move to regulate the cryptocurrency. "Most experts agree that the ingenious technology behind virtual currencies may have broad applications for cybersecurity, which currently poses one of the biggest challenges to the stability of the global financial system," he said. "But it is folly to think that bitcoin will ever be allowed to supplant central-bank-issued money. It is one thing for governments to allow small anonymous transactions with virtual currencies...But it is an entirely different matter for governments to allow large-scale anonymous payments, which would make it extremely difficult to collect taxes or counter criminal activity." He added the central banks are likely to create their own digital currency and use regulation to tilt the space in their favor. 6. OTHER BITCOIN PLAYS: Cryptocurrency revenues have been pointed to as reasons to be bullish on Advanced Micro Devices (AMD) and Nvidia (NVDA) in select research. PRICE ACTION: As of time of writing, Bitcoin rose about 31% this week, or $1,355, to $5,700 in U.S. dollars. Meanwhile, AMD shares were up 8% to $14.25 this week and Nvidia rose 7% on a weekly basis to $194.18. Bitcoin Investment Trust (GBTC) dropped nearly 1% this week to $699.44. 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.

14:01 EDT PG&E says results could be materially affected by California wildfires - PG&E said in a regulatory filing, "Since October 8, 2017, several catastrophic wildfires have started and remain active in Northern California. The causes of these fires are being investigated by the California Department of Forestry and Fire Protection, including the possible role of power lines and other facilities of Pacific Gas and Electric Company's, a subsidiary of PG&E Corporation. It currently is unknown whether the Utility would have any liability associated with these fires. The Utility has approximately $800 million in liability insurance for potential losses that may result from these fires. If the amount of insurance is insufficient to cover the Utility's liability or if insurance is otherwise unavailable, PG&E Corporation's and the Utility's financial condition or results of operations could be materially affected."

13:46 EDT Box Office Battle: 'Happy Death Day' expected to scare way to the top - Opening this weekend is Comcast (CMCSA, CMCSK) subsidiary Universal and Blumhouse Productions' horror film "Happy Death Day," which has already earned $1M in Thursday night previews. "Happy Death Day," which is opening at 3,149 theaters nationwide, is expected to win the weekend with a domestic gross of $17M-$18M. Time Warner's (TWX) Warner Bros. "Blade Runner 2049," the sequel to the 1982 science fiction classic "Blade Runner," which topped the box office last weekend, is expected to earn an additional $16M-$17M in its second weekend at theaters. Also opening this weekend is STX Entertainment's action flick "The Foreigner," starring Jackie Chan and Pierce Brosnan, which is expected to open in the $10M-$11M range at over 2,500 theaters. 21st Century Fox (FOX, FOXA) disaster drama "The Mountain Between Us," starring Kate Winslett and Idris Elba, is expected to earn an additional $6M in its second weekend at theaters. Other publicly traded companies in filmmaking include Disney (DIS), Lionsgate (LGF.A, LGF.B), Sony (SNE), and Viacom (VIA, VIAB).

13:03 EDT AstraZeneca says CHMP adopts positive opinion for Faslodex to expand use - AstraZeneca announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion recommending a new indication for Faslodex that will expand its use to include combination therapy with palbociclib. The combination use is for the treatment of hormone receptor-positive, human epidermal growth factor receptor 2 negative locally advanced or metastatic breast cancer in women who have received prior endocrine therapy. The CHMP opinion is based on data from the Phase III PALOMA-3 trial. The combination of fulvestrant 500 mg and palbociclib 125 mg resulted in a 4.9 month progression-free survival improvement over fulvestrant and placebo in women with HR+, HER2- advanced breast cancer whose disease had progressed after endocrine therapy. Improvement in PFS was seen regardless of menopausal status.2 The most-commonly reported adverse events in fulvestrant plus palbociclib compared to fulvestrant plus placebo were neutropenia, leukopenia and infections.

12:45 EDT Apple dips after Qualcomm asks China to halt iPhone sales - Shares of Apple (AAPL) moved lower after Qualcomm (QCOM), according to Bloomberg, filed lawsuits in China seeking to ban the sale and manufacture of iPhones in the country. Qualcomm filed suits in a Beijing intellectual property court claiming patent infringement and seeking injunctive relief, a spokeswoman for the chipmaker told Bloomberg. "Apple employs technologies invented by Qualcomm without paying for them," Qualcomm spokeswoman Christine Trimble said. Shares of Apple are off the day's highs but remain up 80c to $156.80 in afternoon trading. Qualcomm is up 1c to $53.01.

12:25 EDT Healthcare Distribution Alliance issues statement ahead of 60 Minutes report - Healthcare Distribution Alliance President and CEO John Gray released a statement in response to 60 Minutes/Washington Post coverage on the opioid epidemic. The statement reads in part, "Our industry recognizes the opioid epidemic as a national crisis - one that requires urgent action and solutions from across the healthcare system. While distributors do not manufacture, market, prescribe or dispense medicines - including opioids - we are supportive of initiatives by the government, public health organizations and our supply chain partners to reduce opioid prescribing, increase disposal of unused medicine, and improve patient, pharmacist and physician education. The most powerful and effective enforcement tool we can envision is the Drug Enforcement Administration and the supply chain working together to combat the opioid epidemic. For the past decade, our industry has continuously sought opportunities to communicate and coordinate more effectively with DEA to better understand our reporting responsibilities under the Controlled Substances Act, and to work together to mitigate the opioid epidemic." Shares of drug distributors AmerisourceBergen (ABC), Cardinal Health (CAH) and McKesson (MCK) are trading down today ahead of the 60 Minutes segment scheduled for Sunday night. The news show will examine the role drug distributors played in America's opioid epidemic.

11:54 EDT Alpha Advantage Global reports 9.4% passive stake in ATA Inc.

11:32 EDT Insurers, hospital operators fall after White House plans to cut subsidies - Insurers and hospital operators are moving lower after the White House has announced its intention to end key payments to insurers under the Affordable Care Act program. WHAT'S NEW: President Trump announced plans to cut off subsidy payments to insurers selling Affordable Care Act Coverage, a decision which leaked out after he signed an executive order pushing for new regulations to support cheap, loosely regulated health plans, Politco reported. The subsidies, worth an estimated $7B this year, may be halted almost immediately as Congress has not set aside funds for the program. The move comes after several failed GOP efforts to repeal Obamacare. TRUMP TWEETS: Trump, in a series of tweets Friday morning, called on Democrats to reach out to him for help to "fix" the "broken" law. In one, President Donald Trump tweeted, "The Democrats ObamaCare is imploding. Massive subsidy payments to their pet insurance companies has stopped. Dems should call me to fix!" The tweet comes after Trump said he talked with Senate Minority Leader Chuck Schumer about possible negotiations. Schumer, along with House Minority Leader Nancy Pelosi, issued a joint statement on Thursday calling Trump's decision "sabotage." INSURER IMPACT: The move is expected to be damaging to the marketplace, but less so than previously expected as many insurers have priced next year's plan higher and others have left Obamacare market, set to begin open enrollment on November 1, due to the healthcare uncertainty. Some states' regulators have directed ACA insurers to add a surcharge in lieu of payments, the Washington Post reports, but insurers elsewhere may be left to offer consumers discounts without reimbursement. Publicly traded companies in the space include Aetna (AET), Anthem (ANTM), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH) and WellCare (WCG). Insurers including Cigna, Health Care Service, Molina Healthcare, Highmark Health and Independence Blue Cross previously said they would continue in regions where they have filed to offer coverage after Cigna had announced it would depart from Maryland's exchange and Molina said it would withdraw from exchanges in Utah and Wisconsin. NEGATIVE FOR CENTENE: Leerink analyst Ana Gupte said the shutting off of the cost sharing subsidies on Affordable Care Act exchanges is most negative for Centene. The company is "highly profitable" on the exchanges at 15% of earnings, Gupte told investors in a research note. Molina Healthcare and Anthem are exposed on the top line but are losing money, the analyst added. She noted that UnitedHealth, Humana, and Aetna have exited the exchanges while WellCare has not been on them. PRICE ACTION: In late morning trading, insurers are falling, with Aetna down 1.15%, Anthem dropping 3%, Centene down 5.3%, Cigna falling 1.25% and Molina down 4.65%. Also moving lower are a number of hospital operators, including Community Health (CYH), HCA Healthcare (HCA), LifePoint (LPNT), Tenet (THC), and Universal Health (UHS).

11:17 EDT Newtek drops after portfolio company served FBI search warrent - Shares of Newtek Business Services are lower after the company announced this morning that its portfolio company, ADR Partners, doing business as banc-serv Partners, was served with a search warrant by the FBI yesterday at banc-serv offices in Westfield, Indiana. Newtek closed on its $5.4M investment in banc-serv in June 2016. "Newtek is monitoring the situation and is cooperating fully with the authorities. Banc-serv will be open for business today," the company added. Shares of Newtek, a closed-end management investment company, are down 7% in late morning trading to $16.68.

11:09 EDT Facebook launches ability to order food on the social network - Alex Himel, VP of Local, announces in a Facebook (FB) Newsroom post, "Ordering food for takeout or delivery is supposed to be simple. That's the point. But somehow it's gotten complicated. First you need to decide what to eat, then you have to sift through a bunch of options and services. Today, we're taking the time out of finding what you want to eat by officially launching the ability to order food for pick-up or delivery, directly on Facebook. People already go to Facebook to figure out what to eat by reading about nearby restaurants, and seeing what their friends say about them. So, we're making it even easier. Facebook combines options from a number of food ordering services like EatStreet, Delivery.com, DoorDash, ChowNow and Olo, as well as restaurants like Jack in the Box, Five Guys, Papa John's, and Panera, so you don't have to search through multiple places to find what you're looking for. From local spots to national chains, Facebook connects you with old favorites and new discoveries in just a few taps. You can even check out what your friends have to say about a restaurant before you order your food. People will be able to browse restaurants near them that take orders via Delivery.com, DoorDash, ChowNow, Zuppler, EatStreet, Slice, and Olo, as well as directly from restaurants including Papa John's (PZZA), Wingstop (WING), Panera, Jack in the Box (JACK), TGI Friday's, Denny's (DENN), El Pollo Loco (LOCO), Chipotle (CMG), Five Guys and Jimmy John's." Reference Link

11:02 EDT Bayer to sell some units to BASF, paving the way for Monsanto megadeal - Shares of Monsanto (MON) jumped in morning trading after Bayer (BAYRY) agreed to sell parts of its seeds and herbicides businesses to BASF (BASFY), paving the way for the Roundup maker to be acquired by the German conglomerate for $66B. BAYER SELLING UNITS FOR EUR5.9B: Bayer (BAYRY) said in a statement that it has agreed to sell some of its Crop Science businesses to BASF, a German maker of chemicals and crop protection products, for EUR5.9B, or about $7B. The assets to be sold, which generated total sales of EUR1.3B in 2016, include Bayer's global glufosinate-ammonium business and the related LibertyLink technology for herbicide tolerance, essentially all of the company's field crop seeds businesses, as well as respective research and development capabilities. The seeds businesses being sold include the global cotton seed business, excluding India and South Africa, the North American and European canola seed businesses and the soybean seed business. The deal includes the transfer of relevant intellectual property and facilities, as well as more than 1,800 employees primarily in the U.S., Germany, Brazil, Canada and Belgium. "We are taking an active approach to address potential regulatory concerns, with the goal of facilitating a successful close of the Monsanto transaction," Bayer Chairman Werner Baumann said. "At the same time, we are pleased that, in BASF, we have found a strong buyer for our businesses that will continue to serve the needs of growers and offer our employees long-term prospects," Baumann added. The transaction is subject to regulatory approvals as well as the successful closing of Bayer's acquisition of Monsanto, Bayer said. BASF said it expects the deal to close in the first quarter of 2018. WHAT'S NOTABLE: Bayer said it would use the proceeds to partly refinance the acquisition of Monsanto. Bayer previously said it planned to raise $19B toward the deal by issuing convertible bonds and new shares and late last year finalized the syndication of a $57B bridge loan from banks to support the acquisition. The deal still faces scrutiny from antitrust regulators in the U.S. and Europe. In August, the EU opened an in-depth probe into the deal, saying it had concerns that the merger may reduce competition in areas such as pesticides, seeds and traits. The U.S. is also investigating the deal. PRICE ACTION: In late morning trading, Monsanto is up 2% to $122.30. Bayer shares trading in New York are up over 1.5% to $35.10.

10:48 EDT Wells Fargo says hopes to get to 59% efficiency ratio in 2018

10:45 EDT Honeywell names Brian Cook global head of M&A - Honeywell named Brian S. Cook as Vice President of Corporate Development and Global Head of Mergers & Acquisitions, reporting to SVP and CFO Thomas A. Szlosek. Cook succeeds Anne Madden, who was recently named as Honeywell's SVP and General Counsel. Cook has been with Honeywell since 2001 and was named Vice President of Corporate Development in 2006.

10:32 EDT Wells Fargo CFO says asset quality, liquidity levels 'very strong'

10:20 EDT Wells Fargo: Employee attrition at community bank at lowest levels in six years - CEO Tim Sloan says attrition of employees in the firm's community bank at lowest levels in six years. Says the bank conducted another round of customer outreach last week. Says "working diligently" to make things right for customers. CFO John Shrewsberry says expects auto loans to continue to decline. Says starting to regain momentum in credit card book. Comments taken from the Q3 earnings conference call. Wells Fargo is down nearly 4% to $53.13 in morning trading.

10:07 EDT CPUC approves settlement between CenturyLink, Level 3 and consumer groups - The California Public Utilities Commission yesterday voted to approve the proposed transfer of control whereby ownership of Level 3 Operating Entities and WilTel Communications will be transferred to CenturyLink (CTL). The vote approves the settlement agreement between the companies and a consumer group consisting of Office of Ratepayer Advocates, The Utility Reform Network, and Greenlining Institute, CPUC said in a statement. The proceeding is now closed as far as the CPUC is concerned. CenturyLink's pending acquisition of Level 3 Communications (LVLT) still needs the approval of federal regulators. CenturyLink in early trading is down 20c to $20.15 while Level 3 is down 13c to $55.27. Reference Link

10:01 EDT Philips receives FDA 510(k) clearance to market eL18-4 transducer - Royal Philips announced it has received 510(k) clearance from the FDA to market the new eL18-4 transducer with full solution for 'small parts' assessment, which is an ultrasound exam to detect abnormalities in the small organs that are close to the skin. The Philips Ultimate Small Parts Solution features four key innovations that work together to help improve patient care: the eL18-4 PureWave linear array transducer, Philips MicroFlow Imaging, Philips Elastography and Philips Precision Biopsy. The new eL18-4 transducer can also be used to assess musculoskeletal injuries. Philips will debut this latest solution, which is available on Philips EPIQ 7 and 5 and Affiniti 70 ultrasound systems, at the 16th World Federation for Ultrasound in Medicine and Biology Congress in Taipei.

10:01 EDT Comtech receives $1.8M order for international 9-1-1 mobile positioning services - Comtech said that during its first quarter of fiscal 2018, its Enterprise Technologies group, which is part of Comtech's Commercial Solutions segment, has received a $1.8M funded order from a leading Canadian communications service provider for mobile positioning services related to 9-1-1 emergency services.

09:46 EDT PNC Financial expects FY17 effective tax rate 25%-26% - Says on track to achieve FY17 Continuous Improvement Program target of $350M. Comments taken from Q3 earnings conference call.

09:30 EDT Inotek jumps after detailing Rocket's near-term clinical catalysts - Inotek Pharmaceuticals last night announced the filing with the SEC of the company's preliminary proxy statement in connection with the previously announced proposed combination with Rocket Pharmaceuticals. "We believe the proposed merger with Rocket provides an attractive opportunity for our shareholders," said David Southwell, CEO of Inotek. "Rocket has several near-term clinical and proof of concept catalysts, a well-funded operation and a management team with rare disease and gene therapy leadership expertise." Inotek listted among its key Rocket Pharmaceuticals investment decisions, "A fifth undisclosed AAV-based gene therapy program is expected to enter the clinic next year and has demonstrated encouraging histological correction of the disease phenotype. This exciting program targets a monogenic pediatric disease with early mortality and represents the first gene therapy being developed for this large class of indications." Gaurav Shah, CEO of Rocket, said in the press release, "Preliminary results from our ongoing Phase 1/2 trial in Fanconi Anemia are encouraging, and we are seeing early signs of in vivo engraftment and hematological stabilization suggesting the potential for complete recovery of these patients back to normal blood counts. With this merger, we look forward to accelerating the advancement of our four other programs in LAD-I, PKD, IMO and our AAV-based therapy, into the clinic." Shares of Inotek are up 19% to $3.50 in early trading.

09:26 EDT Ocean Rig UDW announces new drilling contracts, increased contract backlog - Ocean Rig UDW (ORIG) announced that it has signed a new drilling contract with Statoil (STO), for a one-well drilling program offshore Tanzania. The contract is expected to commence in Q1 2018, to be performed by the Ocean Rig Poseidon. In addition, Lundin Norway AS has declared their fifth option to extend the existing contract of the Leiv Eiriksson, which is now expected to have firm employment secured until March 2018. Ocean Rig has granted Lundin two additional options to drill further wells in the future. Should Lundin exercise its remaining seven one-well options, the rig could be employed until the middle of 2019. As a result, the company has increased its estimated contract backlog(1) by approximately $20M.

09:05 EDT BofA CFO says testing video conferencing technology in some branches

09:03 EDT Schwab Stock Plan Services, Certent to expand equity compensation services - Schwab Stock Plan Services and Certent announced a collaboration that enables Certent clients to seamlessly integrate their stock plan administration with Schwab's brokerage capabilities and robust participant experience. The onboarding process for clients will begin immediately, with the new technology available in early 2018. Through this relationship, Certent, a leading provider of equity compensation and financial disclosure software-as-a-service solutions, will remain the equity compensation administrator for its plan sponsor clients. Joint clients' plan participants will gain access to Schwab's advanced trading tools and brokerage solutions, including: dedicated support from Schwab Stock Plan Services professionals; financial wellness education for employees; a comprehensive digital platform, including a mobile app; and personal equity award consultations, regardless of award size. In addition, participants will benefit from Schwab's low $4.95 standard online equity trade commissions and Schwab's Satisfaction Guarantee+. Schwab also plans to waive the ongoing maintenance fee for Certent's plan sponsor clients.

09:02 EDT Intercept extends partnership with TARGET PharmaSolutions - TARGET PharmaSolutions is pleased to announce that Intercept has extended its strategic partnership for TARGET-NASH to a multi-year agreement.

09:00 EDT PhaseRX trading resumes

08:55 EDT BofA CFO says Q4 rate hike would mostly benefit NII in 1Q18 - Says Q4 NII growth dependent on loan, deposit growth, pricing. If there is a late Q4 rate hike, Donofrio says this should mostly benefit NII in 1Q18. Says NII would be boosted by $3.2B over the next 12 months if there is a rate hike in Q4.

08:52 EDT Bank of America CEO says had 1.2B mobile interactions in Q3 - CEO Brian Moynihan says Bank of America had 1.2B mobile interactions in Q3 alone, up 20% y/y. Says growing "responsibly." Sees moderate economic growth this year, sees U.S. growing a little faster next year. Moynihan says adding technology in trading, "redoing" platform. Says debt issuance over next few quarters likely to be "more opportunistic." CFO Paul Donofrio says BofA has not seen any material impact from hurricanes. Comments taken from the Q3 earnings conference call.

08:37 EDT Wells Fargo: Loyalty, satisfaction scores declined in September - Wells Fargo, in slides being presented on its Q3 earnings conference call, said it is targeting a total of $4B in expense reductions. Expects n additional $2B in annual expense reductions by the end of 2019, says these savings are projected to go to the "bottom line" and be fully recognized in 2020. Expected target savings exclude: Run-off of core deposit intangible amortization expense; Expected completion of FDIC special assessment by year end 2018; Expense saves due to sales of businesses. Says branch and ATM interactions of 374.2 million in Q3 were down 1% LQ and 6% YOY, reflecting continued customer migration to virtual channels, lower customer growth, and the impact from lower activity in hurricane-affected areas. Notes that with nearly 400,000 branch customer experience surveys completed during Q3, 'Loyalty' and 'Overall Satisfaction with Most Recent Visit' scores declined in September after its announcement of the expanded third party account review, which followed post-sales practice settlement highs for 'Loyalty' in July of 58.8% and 'Overall Satisfaction with Most Recent Visit' in August of 78.2%. Wells Fargo is down about 2.4% in premarket trading.

08:32 EDT Crispr Therapeutics awarded grant from FARA - CRISPR Therapeutics announced the receipt of the Kyle Bryant Translational Research Award from Friedreich's Ataxia Research Alliance, or FARA, a non-profit organization that is focused on curing Friedreich's Ataxia, or FA. The grant is awarded to fund research on in vivo CRISPR/Cas9-based gene-editing approaches to treat FA, which will be performed in collaboration with Dr. Marek Napierala at University of Alabama at Birmingham. This announcement coincides with FARA's rideATAXIA Philadelphia event, a lead location in an annual bike ride program founded by patient Kyle Bryant, that increases FA awareness and raises funds to treat and cure FA through research. Under the terms of the grant, CRISPR Therapeutics will develop gene-editing reagents with the potential to address the underlying genetic causes of FA. Dr. Napierala and colleagues will then evaluate the reagents in humanized animal models of FA to demonstrate preclinical proof-of-concept. Upon conclusion of these studies, CRISPR Therapeutics will have the option to advance the compounds into clinical trials.

08:31 EDT PhaseRx announces corporate restructuring, review of strategic alternatives - PhaseRx announced that its board of directors has made a determination to conduct a restructuring of operations to reduce short term operating costs and delay the development of its lead product candidate PRX-OTC. This reorganization includes a reduction in PhaseRx's workforce by 10 employees, including some executive officers. These efforts are aimed at preserving the company's cash resources. As of June 30, 2017, PhaseRx had cash and equivalents of $8.4M and a total of 20 employees. The board of directors has also begun a review of strategic alternatives, including but not limited to a potential merger transaction. The company has not set a timetable for this process. No decision has been made as to whether the company will engage in a transaction or transactions and there can be no assurance that the review of strategic alternatives will result in a transaction, or the terms or timing of any potential transaction that may take place. The company does not intend to discuss or disclose further developments during this process unless and until its board of directors has approved a specific action or otherwise determined that further disclosure is appropriate.

08:26 EDT Sonus up 11% to $8.42 after raising Q3 guidance

08:06 EDT UR-Energy provides Q3 operational update - For the quarter, 52,812 pounds of U3O8 were captured within the Lost Creek plant. 48,336 pounds of U3O8 were packaged in drums and 36,797 pounds of U3O8 drummed inventory were shipped out of the Lost Creek processing plant. At September 30, 2017, inventory at the conversion facility was approximately 17,813 pounds U3O8. During the quarter, sales totaled $11.7M. There were no spot sales during the quarter. A total of 289,000 pounds was sold at an average sales price of $40 per pound, which was 100% above the average spot price for the same period of $20 per pound. Of this, 109,000 pounds were sold at an average price of $35 per pound for cash proceeds of $3.9M. "We purchased the pounds at a cost of $20 per pound. The remaining 180,000 pounds were sold from Lost Creek production at a price of $43 per pound, for cash proceeds of $7.8 million. Lost Creek celebrated its fourth anniversary in operation in early August, having produced and delivered to customers more than 2,000,000 pounds at the time of that milestone, all from the first mine unit of the project. Our drilling and other construction work to develop the first three header houses in Mine Unit 2 commenced in early April. This development work continued through the summer, largely on schedule, allowing us to bring the first header house online in late August. We currently anticipate that operation of the second header house will commence during Q4 and the third header house will come online early in 2018. We do not currently anticipate any sales in Q4, as we have completed our contractual deliveries for the year. Our sales have totaled $38.3 million this year. The Q4 production target for Lost Creek is between 65,000 and 75,000 pounds dried and drummed. Our production rate may be adjusted based on operational matters and other indicators in the market. We will provide further guidance for the remainder of 2017 in our Form 10-Q, which is currently anticipated to be filed on Friday, October 27, 2017."

08:05 EDT Wells Fargo reports Q3 NIM 2.87% vs. 2.82% last year

08:04 EDT Wells Fargo 'committed' to target of $2B of expense reductions by end of 2018

08:02 EDT Wells Fargo reports Q3 efficiency ratio 65.5% - Wells Fargo previously targeted its efficiency ratio to be in the range of 60%-61%.

08:02 EDT Wells Fargo Q3 EPS includes impact of 20c per share litigation accrual - CFO John Shrewsberry said, "Wells Fargo reported $4.6 billion of net income in the third quarter, which included the impact of the $1 billion, or $(0.20) per share, discrete litigation accrual. We continued to see good credit performance and our liquidity and capital remained exceptionally strong. During the quarter, our first under our 2017 Capital Plan, we returned $4.0 billion to shareholders through common stock dividends and net share repurchases, up from $3.4 billion in the second quarter. We remain committed to our target of $2 billion of expense reductions by the end of 2018 which will be reinvested in the business and an additional $2 billion by the end of 2019 intended to go to the bottom line."

07:54 EDT Alcoa to record $250M charge in Q4 related to early termination agreement - Alcoa Corporation announced that the company and power provider Luminant Generation Company have terminated the electricity contract tied to Alcoa's Rockdale Operations in Texas. The smelter at Rockdale has been fully curtailed since the end of 2008. The termination of the contract, which had been set to expire no later than 2038, was effective as of October 1. While the company sold surplus electricity since the smelter's curtailment, Alcoa's cost of power under the contract exceeded the related revenue. The company expects an annual improvement to net income and adjusted EBITDA of $60M to $70M as a result of the contract termination, beginning in Q4. In accordance with the early termination agreement, Alcoa made a lump sum payment of $237.5M on October 10 and transferred approximately 2,200 acres of related land and other assets to Luminant. The company will record a charge of approximately $250M in Q4 associated with the transaction. In addition to the power contract, Alcoa and Luminant terminated other related fuel and lease agreements effective as of the same October 1 date. As a result of the early termination, Alcoa has initiated a strategic review of the remaining buildings and equipment associated with the smelter, casthouse and the aluminum powder plant. A decision on those assets is expected by the end of 2017. Separately, the company continues to own more than 30,000 acres of land at the Rockdale site.

07:46 EDT Sonus: Verizon contributed about 16% of revenue in Q3, AT&T about 11% - The company had two customers that contributed 10% or more of total revenue in the third quarter of 2017: Verizon (VZ), which contributed approximately 16% of revenue, and AT&T (T), which contributed approximately 11% of revenue.

07:38 EDT Novavax CFO Barclay Phillips resigns, CEO Stanley Erck to act as interim CFO - Novavax announced that Barclay Phillips has submitted his resignation as Senior Vice President, CFO and treasurer, to pursue an expanded opportunity in the industry. Phillips will step down effective November 10, and will provide financial, accounting and transition services as a consultant to Novavax until December 31. Stanley Erck will act as the interim CFO pending completion of a search for a new CFO.

07:32 EDT Sonus sees Q3 adjusted gross margin 75%, GAAP gross margin 73%

07:26 EDT Sonus trading halted, news pending

07:12 EDT Del Frisco's reports Q3 comparable restaurant sales down 4% - Total comparable restaurant sales decreased 4.0%, comprised of a 1.8% decrease in average check and 2.2% decrease in customer counts. Total comparable restaurant sales were negatively impacted by 50 basis points due to the elimination of lunch operating hours at selected Sullivan's Steakhouse locations and 25 basis points due to the impact of Hurricane Harvey, for a total of 75 basis points. Comparable restaurant sales decreased 1.1% at Del Frisco's Double Eagle Steak House, comprised of a 1.2% decrease in average check and 0.1% increase in customer counts. Comparable restaurant sales decreased 7.7% at Sullivan's Steakhouse, comprised of a 1.0% decrease in average check and 6.7% decrease in customer counts. Excluding the aforementioned elimination of lunch operating hours, comparable restaurant sales decreased 5.2%, comprised of a 6.0% decrease in average check and 0.8% increase in customer counts. Comparable restaurant sales decreased 5.4% at Del Frisco's Grille, comprised of a 4.0% decrease in average check and 1.4% decrease in customer counts.

07:08 EDT Miragen Therapeutics says new MRG-106 data suggests 'positive impact' - miRagen Therapeutics announced new interim results from its ongoing Phase 1 clinical trial evaluating the safety, efficacy and pharmacokinetics of MRG-106 in patients with the mycosis fungoides, or MF, form of cutaneous T-cell lymphoma, or CTCL. The data is being presented at the European Organisation for Research and Treatment of Cancer, or EORTC, Cutaneous Lymphoma Task Force Meeting in London, United Kingdom, by Christiane Querfeld, M.D., Ph.D., Chief of the Division of Dermatology, and Director, Cutaneous Lymphoma Program at the City of Hope in Duarte, California. "We are encouraged by the new MRG-106 Phase 1 data, as we observed that 96% of patients treated systemically experienced improvement in total skin disease at all dose levels evaluated," said miRagen President and CEO William S. Marshall, Ph.D. "These findings suggest that MRG-106 has the potential to offer meaningful benefit to patients with CTCL. We are making what we believe to be important progress for patients in our MRG-106 Phase 1 clinical trial, and we were pleased to share these new data with the medical community." The MRG-106 Phase 1 trial consists of two parts. In the first part, patients were treated with 75 mg injections of MRG-106 directly into a specific lesion. These data, which showed a decrease in lesion size for all injected lesions, have been previously presented. The second part employed a multiple dose-escalation design to evaluate 300 mg, 600 mg or 900 mg subcutaneous or intravenous administrations of MRG-106. The newest results to be reported at EORTC include observations from four additional patients as well as longer term dosing data for existing patients who have continued on the trial.

07:05 EDT YogaWorks announces purchase of Pure Om studios in Virginia, Maryland - YogaWorks announced its acquisition of Pure Om's two studios located in Fairfax, Va., and Bethesda, Md. The deal expands YogaWorks' presence in the Washington, D.C. market, where it now operates six premier yoga studios following its recent acquisitions of three studios in the area after completing its initial public offering in August. This acquisition brings YogaWorks' studio count to 13 in the Washington, D.C./Baltimore region. YogaWorks remains committed to maintaining Pure Om's programming and operations. Current teachers and staff will be retained and Pure Om's classes and workshops will continue as scheduled. In the coming months, Pure Om's website and studio name will be rebranded as YogaWorks as the company wishes to make it easy for students to access more studios and use their class packages at any of its studios in the area.

07:04 EDT BofA CEO notes revenue across lines up 4% - "Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results. Revenue across our four lines of business grew 4%, even with a challenging comparable quarter for trading. We delivered positive operating leverage year over year for the 11th consecutive quarter while continuing to invest in improved capabilities. Digital activity with customers continues to shape the way we provide products and services to customers, with the most recent example being Zelle, our new person-to-person payment capability," said CEO Brian Moynihan.

07:00 EDT Aerie Pharmaceuticals trading halted, news pending

06:56 EDT Bank of America reports Q3 book value per share down 1% to $23.92 - Tangible book value per share rose 1% to $17.23.

06:33 EDT First Horizon says acquisition of Capital Bank integration on track - Anticipated closing in 4Q17.

06:08 EDT BASF to buy parts of Bayer's seed, non-select herbicide businesses for EUR5.9B - BASF (BASFY) has signed an agreement to acquire significant parts of Bayer's (BAYRY) seed and non-selective herbicide businesses. Bayer intends to divest these assets in the context of its planned acquisition of Monsanto (MON). The all-cash purchase price is EUR5.9B, subject to certain adjustments at closing. The assets to be acquired include Bayer's global glufosinate-ammonium non-selective herbicide business, commercialized under the Liberty, Basta and Finale brands, as well as its seed businesses for key row crops in select markets: canola hybrids in North America under the InVigor brand using the LibertyLink trait technology, oilseed rape mainly in European markets, cotton in the Americas and Europe as well as soybean in the Americas. The transaction also includes Bayer's trait research and breeding capabilities for these crops and the LibertyLink trait and trademark. The transaction is subject to the closing of Bayer's acquisition of Monsanto and approval by relevant authorities. It is expected to close in the first quarter of 2018.

05:42 EDT Trump says 'massive' subsidies to 'pet' insurance companies has stopped - President Donald Trump just tweeted, "The Democrats ObamaCare is imploding. Massive subsidy payments to their pet insurance companies has stopped. Dems should call me to fix!" The White House overnight announced its intention to end key payments to insurers under the Affordable Care Act program. Publicly traded companies in the health insurance space include Aetna (AET), Anthem (ANTM), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH) and WellCare (WCG).