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

18:56 EDT LGI Homes reports 543 homes closed in November, up 69.2% y/y - LGI Homes announced 543 homes closed in November, up from 321 home closings in November 2016, representing year-over-year growth of 69.2%. The company ended the first eleven months of 2017 with 5,075 home closings, a 37.3% increase over 3,696 home closings during the first eleven months of 2016. As of the end of November, the company had 78 active selling communities.

18:07 EDT REV Group forms joint venture with Chery Holding Group - REV Group announced that it has established a joint venture with China's Chery Holding Group in Wuhu to manufacture RVs, ambulances and other specialty vehicles for distribution within China and select international markets. Chery and REV will initially focus on RVs, with 6 models, and ambulances, with 3 models. The joint venture will also explore the development of other types of specialty vehicles. These products will be sold in China and internationally through Chery's existing distribution network. This joint venture will combine the strengths of REV, an industry leading specialty vehicles manufacturer in North America, and Chery, a leading auto manufacturing conglomerate and the largest exporter of passenger vehicles in China, servicing 6.5M customers worldwide. The joint venture will bring together expertise in technology, manufacturing, marketing and management to develop a leading specialty vehicles platform. Chery and REV will begin immediately to develop the joint venture facilities in Wuhu, Anhui Province. The first vehicles are targeted to be made available to the market in second half of 2018.

17:36 EDT On The Fly: After Hours Movers - UP AFTER EARNINGS:AeroVironment (AVAV), up 19.3%... Dave & Buster's (PLAY), up 8.6%... Funko (FNKO), up 5.6%. ALSO HIGHER: TerraForm Global (GLBL), up 4.8% after it extended the termination date of the Brookfield (BAM) merger to March 6, 2018... Match Group (MTCH), up 2.4% after Evercore ISI initiated coverage of the stock with an Outperform rating. DOWN AFTER EARNINGS: Liquidity Services (LQDT), down 16.5%... Veeva Systems (VEEV), down 5.7%. ALSO LOWER: Viking Therapeutics (VKTX), down 13.1% after it filed to sell common stock... Bill Barrett (BBG), down 7.3% after it announced a strategic combination with Fifth Creek Energy and announced a 21M share Spot Secondary... Editas Medicine (EDIT), down 3.7% after it filed to sell $50M in common stock... GW Pharmaceuticals (GWPH), down 3.3% after it filed to sell $225M in ADSs.

17:33 EDT General Dynamics awarded $432.03M government contract modification - General Dynamics Electric Boat, Groton, Connecticut, is being awarded a $432,031,808 cost-plus-fixed-fee modification to a previously awarded contract for fiscal 2018 lead yard services and development studies and design efforts for Virginia-class submarines. Work is expected to be completed by December 2018. The Naval Sea Systems Command, Washington, District of Columbia, is the contracting activity.

17:13 EDT Green Equity Investors reports 11.66% stake in Shake Shack

17:03 EDT Vivint Solar CEO to testify before USTR on solar trade case - Vivint Solar announced its CEO David Bywater will testify at a public hearing held by the United States Trade Representative regarding the Section 201 solar trade case. Bywater is scheduled to speak on December 6, 2017 in Washington, D.C. alongside solar industry leaders on a panel organized by the Solar Energy Industries Association. Bywater will deliver testimony on the importance of protecting American jobs and supporting continued economic growth in the residential solar industry by rejecting the proposed trade relief. His testimony will emphasize that he believes tariffs and government intervention will harm the solar industry. The USTR is holding this public hearing to help inform the decision of President Trump, who received a formal remedy recommendation from the U.S. International Trade Commission on November 13 and must make a final determination in the case in January 2018.

17:02 EDT Sunoco signs pacts with commission agent to operate 207 retail sites - Sunoco announced the partnership has signed definitive agreements with a commission agent to operate the approximately 207 retail sites located in certain West Texas, Oklahoma and New Mexico markets, which were not included in the previously announced transaction with 7-Eleven, Inc. Conversion of these sites to the commission agent is expected to occur in the first quarter of 2018.

16:51 EDT Aspen Technology acquires assets of RtTech Software, terms not disclosed - Aspen Technology announced it has acquired the Cipher Industrial Internet of Things cloud-native software and edge connectivity assets of RtTech Software of New Brunswick, Canada. In addition, the founder of RtTech, Keith Flynn, along with other key technology and sales contributors will join AspenTech. Financial terms of the transaction were not disclosed.

16:31 EDT TerraForm Global extends termination date of Brookfield merger to March 6, 2018 - TerraForm Global announced that it has exercised its right to extend the termination date under the Agreement and Plan of Merger entered into on March 6, 2017 with certain affiliates of Brookfield Asset Management Inc. from December 6, 2017 to March 6, 2018. However, the closing of the merger is currently anticipated to occur no later than December 29, 2017 on the terms previously approved by the company's stockholders at the special meeting held on November 13, 2017.

16:24 EDT Asur reports November traffic down 4.3% - Grupo Aeroportuario del Sureste, S.A.B. de C.V. announced that total passenger traffic for November 2017 declined 4.3% when compared to November 2016. Passenger traffic rose 7.3% in Mexico, and declined 31.9% in San Juan and 13.7% in Colombia. Note that the decline in passenger traffic at San Juan Airport reflects the impact of Hurricane Maria, which hit the island on September 21, 2017. Operations at this airport were still operating on a limited basis during November 2017. While the number of flights in November 2017 returned to the 70 average daily flights reported in 2016, they still register a lower load factor in arrivals. In Colombia, passenger traffic was impacted by a strike of local pilots at a major international carrier.

16:22 EDT MAA announces 6% increase in annual dividend to $3.69 per share - MAA announced that its board of directors approved a 6% increase in its common dividend rate for fiscal year 2018. This dividend increase will raise the annualized dividend payout to $3.69 per share of common stock, an increase of 21c per share from the prior dividend level. This is MAA's eighth consecutive annual increase of its common dividend. The board of directors also approved a quarterly dividend payment of 92.25c per share of common stock to be paid on January 31, 2018 to shareholders of record on January 12, 2018. This will be the 96th consecutive quarter MAA has paid a cash dividend on its shares of common stock. The cash dividend has never been reduced or suspended over this time frame.

16:19 EDT Ramco-Gershenson initiates CEO transition plan - Ramco-Gershenson Properties Trust announced that its board and its President and Chief Executive Officer, Dennis Gershenson, have initiated a CEO transition plan. The board has commenced a search process for a new CEO and has retained an international executive search firm to facilitate the process. Both internal and external candidates will be considered for the position.

16:17 EDT America First Multifamily Investors sells Eagle Village property for $12.8M - America First Multifamily Investors announced that on November 30, 2017, it sold Eagle Village, a 511 bed student housing property, held in its MF Property portfolio, located in Evansville, Indiana for approximately $12.8 million. ATAX will realize a gross gain of approximately $2.8 million, before income tax expense, direct and indirect expenses to be recognized, in the fourth quarter of 2017.

16:16 EDT Dave & Buster's launches new smaller store front concept - The company states: "We are excited to announce today a new smaller store format of 15,000 to 20,000 square feet to capitalize on demand in smaller markets not included in our original plan. Long term, we see potential to open 20 to 40 of these stores, including two that are part of our 2018 plan. This new format has the potential to expand our whitespace opportunity by 10% to 20% beyond the original target of 211 locations in the United States and Canada alone."

16:14 EDT Clovis: FDA grants priority review status for rucaparib sNDA - Clovis Oncology announced that the U.S. Food and Drug Administration has accepted the company's supplemental New Drug Application for rucaparib and granted priority review status to the application with a Prescription Drug User Fee Act date of April 6, 2018. In October, Clovis completed its sNDA submission for rucaparib as maintenance treatment in patients with recurrent epithelial ovarian, fallopian tube, or primary peritoneal cancer who are platinum sensitive, and in a complete or partial response to platinum-based chemotherapy. The company is seeking approval for use of rucaparib for this indication regardless of a patient's BRCA mutation status. "We are pleased that we continue to make significant progress toward our goal of delivering rucaparib to a much broader population of women with advanced ovarian cancer," said Patrick J. Mahaffy, President and CEO of Clovis Oncology. "We are particularly encouraged by the FDA's decision to grant priority review to the application, which may allow us to make rucaparib available to these women in a more expeditious manner."

16:08 EDT Western Gas Partners, Western Gas Equity provide 2018 outlook - 2018 WES OUTLOOK HIGHLIGHTS: Adjusted EBITDA between $1.15 billion and $1.25 billion; Total capital expenditures between $1.0 billion and $1.1 billion; Maintenance capital expenditures between $80 million and $90 million; Full year distribution coverage ratio above 1.1 times, driven by a first half coverage ratio above 1.0 times, widening to above 1.2 times for the second half of the year; Distribution growth of 1.5 cents per quarter through 2019. "We expect to generate significant Adjusted EBITDA growth in 2018 driven by the returns on our strategic investments in the Delaware and DJ Basins," said President and CEO, Benjamin Fink. "Our 2018 capital program is focused on further development of the infrastructure backbone in the Delaware Basin and continued capacity expansion in the DJ Basin. I am also excited to announce that Ramsey VI is currently starting up and will begin processing gas this month." 2018 WGP OUTLOOK: Based on the expected WES distribution growth rate and assuming no WES equity issuances, WGP's expected distribution growth rate is forecasted to be approximately 12%.

16:03 EDT Limoneira names Mark Palamountain as CFO - Limoneira Company announced that it will name Mark Palamountain as its new CFO, Treasurer and Corporate Secretary, effective January 8, 2018. Palamountain will replace Limoneira's CFO, Joe Rumley, who announced his decision to pursue other opportunities on September 26th after serving in this role since 2010. Palamountain most recently served as Limoneira's Senior Director of Agriculture Operations and has been with the company since 2012.

15:36 EDT AMD confirms work with Qualcomm to support 'Always Connected' PCs - AMD (AMD) announced that they are working with Qualcomm Technologies (QCOM) to bring PC connectivity solutions to AMD's Ryzen mobile processors. Kevin Lensing, corporate vice president and general manager, client computing, AMD, said, "OEMs around the world will now be able to combine the recently announced AMD Ryzen mobile processors with Qualcomm Technologies' leading wireless solutions via their Snapdragon LTE modem family to achieve new levels of performance, connectivity and capability for ultrathin notebook PCs."

15:16 EDT Discover enables payments for newly launched Apple Pay Cash - Discover (DFS) announced that transactions made with Apple's (AAPL) new Apple Pay Cash card leverage the Discover Network. "The Apple Pay Cash card is a virtual debit card that lives within the Apple Wallet app. The card is part of the new Apple Pay functionality allowing U.S. customers to send and receive money among friends and family," said Discover.

15:08 EDT Allergan says Revance RT002 results 'don't support longer duration claim' - After competitor Revance Therapeutics' (RVNC) announced positive clinical results from two Phase 3 studies for its new drug RT002 to potentially treat frown lines, a spokesperson for Allergan (AGN) told The Fly: "While there are currently other neurotoxin products in development, and others having been approved and available on the market for many years, the clinical profile and market leadership of BOTOX and BOTOX Cosmetic are well established. From our perspective, the Revance phase 3 results reported for RT-002 don't support a longer duration claim. Response rates were similar to or lower than their prior phase 2b study. At 6 months, the response rate by physician assessment was only 29%-35%, and the response rate by patient assessment was only 22% at 6 months. This means that nearly 80% of RT-002 treated patients did not feel that they had maintained a response at 6 months. Additionally, 14%-21% of patients had a treatment related adverse event on RT002. Allergan does not expect Revance's toxin to enter the market until mid-2020 and we do not believe this data will support a longer duration claim as the only composite data - 2-point improvement, none or mild, and both investigator and patient - is at 30 days not at 6 months. Based on the profile demonstrated in this data, Allergan does not view this toxin as being differentiated from BOTOX, the market leader and most recognized branded medicine."

14:56 EDT Allergan slides after Botox competitor data, though analysts remain bullish - Shares of Allergan (AGN) are sliding after competitor Revance Therapeutics (RVNC) announced positive clinical results from two Phase 3 studies for its new drug to potentially treat frown lines. Commenting on the news, JPMorgan analyst Chris Schott argued that the selloff in Allergan shares is "very much overdone," an opinion shared by his peer at Citi who added that he sees RT002 having limited impact on the company's Botox franchise. BOTOX COMPETITOR DATA: Revance Therapeutics announced that the company's next-generation neuromodulator Daxibotulinumtoxin for Injection, or RT002, delivered "positive" top-line results in alleviating moderate-to-severe glabellar lines, better known as "frown lines," in two Phase 3 trials. If approved by the FDA, Revance believes RT002 would be the first neuromodulator with a long-acting duration of six months, the company said. Revance plans to submit a Biologics License Application in the first half of 2019 and, pending approval by the FDA, launch RT002 in the U.S. in 2020, it added. IMPRESSIVE DATA: After the announcement, Piper Jaffray analyst David Amsellem raised his price target for Revance Therapeutics to $51 from $28 saying the Phase 3 results for RT002 are "impressive." The analyst told investors that he believes the company can "credibly claim" that treatment confers significant benefit for a sizable group of patients out to six months. How that will specifically look in the label and how Revance will be able to leverage that in terms of promotion to physicians and patients is still an open question, Amsellem believes. However, a differentiated label and a promotional strategy that reflects this dynamic is now looking likely, he added. The data should embolden the company to cast a wider net in terms of the pursuit of additional indications, both in aesthetic and therapeutic settings, he contended, reiterating an Overweight rating on Revance. ALLERGAN SELLOFF 'OVERDONE': In a research note of his own, JPMorgan's Schott told investors that he views the recent pullback in Allergan's shares as "very much overdone." While today's data from Revance highlights a likely longer-duration toxin competitor in 2020 and beyond, any impact to Allergan's Botox franchise will be gradual and modest, Schott argued. Furthermore, he pointed out that Botox has a "very high bar for patient switching" given its "entrenched position in the market as well as the breadth of Allergan's aesthetic portfolio." The analyst reiterated an Overweight rating on Allergan shares. Voicing a similar opinion, Citi analyst Liav Abraham said that he does not view today's headline data from Revance as a meaningful commercial threat to Allergan's Botox franchise. Nonetheless, the analyst acknowledged that this could continue to raise concerns around the durability of Botox aesthetic revenues. Revance is likely to struggle to compete with Allergan's commercial presence in the market, Abraham added, noting that Botox continues to maintain "the lion's share" of the aesthetic botulinum toxin market, despite the presence of competitors. In his view, the commercial potential of RT002 is of more interest in therapeutic indications, but Revance is not pursuing this in therapeutic indications that compete with the key therapeutic indications in which Botox is marketed such as migraine or overactive bladder. He reiterated a Buy rating and $240 price target on Allergan shares. PRICE ACTION: In afternoon trading, shares of Allergan have dropped over 1% to $164.67, while Revance's stock has jumped more than 36% to $35.45.

13:20 EDT Edison slides as brush fire leaves thousands without power - Shares of Edison International (EIX) are sliding after a brush fire in Southern California caused outages that left thousands of Edison customers without power. However, SunTrust analyst Ali Agha argues that the company should be able to absorb any financial liabilities and sees the selloff in the shares as an "overreaction." SELLOFF AN OVERREACTION: Investor concerns regarding a brush fire in Southern California have caused a hit to Edison International's stock, but the company should be able to absorb any financial liabilities, SunTrust's Agha noted, adding that this is a similar response as the drop in PG&E (PCG) shares in October after a significant fire in Northern California. The analyst told investors that in the case of the fire in PG&E's service area, over 220,000 acres were destroyed and the stock declined 23%, while in the Edison case so far only 31,000 acres have been consumed by the flames. Agha also pointed out that the real estate value in Southern California is likely cheaper than the event in Northern California, which covered a large part of the wine country. Citing another California fire case involving Sempra Energy (SRE), the analyst said that the utility will likely be filing a legal challenge contending that under California law all its customers should pay for the fire damage, but he does not envision a quick resolution to the issue. While the facts are still developing in the case, and the issue could remain an overhang for a while, he believes the significant stock price drop is an overreaction. Nonetheless, the analyst lowered his price target on Edison International shares to $85 from $89, while reiterating a Buy rating on the stock. WHAT'S NOTABLE: Earlier his peer at Citi had also commented on how the fire may impact Edison. Due to California's inverse condemnation rules, the scope of damages from the wildfire in Southern California will be relevant to Edison International, but the event is "still early days," said Citi analyst Praful Mehta. The analyst pointed out that Southern California Edison has about $1B of insurance coverage for wildfires liabilities for the period ending May 31, 2018. Mehta reiterated a Neutral rating and $87 price target on Edison International shares. According to media reports, the brush fire in Southern California spread from about 50 acres to about 31,000 acres on Tuesday, forcing residents in Santa Paula, about 65 miles northwest of downtown Los Angeles, and Ventura to flee. The fire has caused outages throughout Ventura and Santa Barbara counties, leaving more than 260,000 people without power, Southern California Edison reportedly said. PRICE ACTION: In afternoon trading, shares of Edison International have dropped almost 11% to $71.65.

13:02 EDT Paccar declares regular quarterly dividend of 25c, extra cash dividend of $1.20 - Paccar announced that its board of directors declared an extra cash dividend in the amount of $1.20 per share, payable on January 4, 2018, to stockholders of record at the close of business on December 14, 2017. The board also declared a regular quarterly cash dividend in the amount of 25c per share, payable on March 6, 2018, to stockholders of record at the close of business on February 13, 2018. Mark Pigott, executive chairman, said, "PACCAR's profits and strong cash flow have enabled the company to invest in its industry-leading vehicles and powertrain, enhance its advanced driver assistance systems and connected truck technologies, expand its manufacturing facilities and aftermarket distribution centers, and pay dividends every year since 1941."

13:00 EDT Paccar declares regular quarterly dividend of 25c, extra cash dividend of $1.20

12:37 EDT 21st Century Fox: Movie business has had 'okay' start to the year - Says film unit has had "okay" start to the year. Says hoped "Planet of the Apes" film had done better. Says "pleased" with performance of "Kingsman" sequel. Says has three "X-Men" universe movies coming in the future. Says "Murder on the Orient Express" performed well, continues to "have legs."

12:34 EDT Fox: Sports segments performing well in Europe - Says "feels good" about international portfolio.

12:13 EDT 21st Century Fox: 'Big focus' on growing Hulu - 21st Century Fox (FOX) says that affiliate growth in U.S. is "interesting." Says Hulu has been a "real catalyst" for competition in the marketplace. Says Hulu will continue to perform well. Says "big focus" with Comcast (CMCSA) and Disney (DIS) on growing Hulu.

12:06 EDT 21st Century Fox CEO sees Sky deal closing in 1H18 - 21st Century Fox (FOX) CEO James Murdoch says Sky (SKYAY) is a "tremendous business." Says Sky has number of "attractive" assets. Says Sky deal "best use of capital by a long shot." Says Sky deal process taking a little longer than expected. Sees CMA to give update on decision by the end of the year. Sees Sky deal closing in 1H18. Comments taken from UBS Annual Global Media and Communications Conference.

11:50 EDT American Express sees final tax bill positive for economy, positive for company

11:41 EDT Baillie Gifford reports 15.63% passive stake in Stitch Fix

11:37 EDT Facebook's Instagram introduces Stories highlights, Stories archive - Instagram says in a blog post, "Today we're introducing two new tools that let you hold on to your favorite moments from Instagram Stories and share them in ways that help you express yourself. Stories Highlights is a new part of your profile where you can express more of who you are through stories you've shared. And to help you build highlights, your stories will now automatically save into a private Stories Archive so you can easily relive them whenever you want." Reference Link

11:31 EDT Snap jumps after Barclays says buy ahead of turning point - Shares of Snap Inc. (SNAP) are on the rise after Barclays analyst Ross Sandler upgraded the stock to Overweight, a buy-equivalent rating, as he sees 2018 as the turning point for Snapchat parent. The analyst argued that the app redesign could help the company and there may be a potential narrative change from Facebook (FB) being a Snap killer to the companies being able to co-exist. BUY SNAP: In a research note to investors this morning, Barclays' Sandler upgraded Snap to Overweight from Equal Weight and raised his price target for the shares to $18 from $11. The analyst argued that Snap may start hitting or exceeding consensus revenue estimates and accelerating growth in 2018 now that the pricing transition is late stage. Furthermore, he believes there could be a potential narrative change from 2017's "Facebook is killing Snap" to 2018's "these companies can co-exist" like Priceline (PCLN)/Expedia (EXPE). Additionally, Sandler highlighted Snap's high short interest relative to peers, especially considering its founders own around 50% of the shares. Tencent's (TCEHY) open market purchases potentially marked a "floor" of about $14, he noted, adding that new ad units like Promoted Stories may add buzz to the story near-term. An app redesign could also help, given that both Twitter (TWTR) and Instagram benefitted greatly from the shift to algorithmic ranking of content, the analyst pointed out. Overall, Sandler believes the worst is behind Snap and the company is likely to get back on track in 2018. NEW SNAPCHAT: Snap introduced a "new and improved Snapchat," Snap introduces 'new and improved' Snapchat. "Until now, social media has always mixed photos and videos from your friends with content from publishers and creators. While blurring the lines between professional content creators and your friends has been an interesting Internet experiment, it has also produced some strange side-effects - like fake news - and made us feel like we have to perform for our friends rather than just express ourselves. The new Snapchat separates the social from the media. This means that the Chats and Stories from your friends are on the left side of Snapchat, and the Stories from publishers, creators, and the community are on the right. We've also invented something new to make Snapchat feel even more personal: the dynamic Friends page. The new Friends page to the left of the camera displays your friends based on the way you communicate with them," the company said. Commenting on the app redesign, Deutsche Bank analyst Lloyd Walmsley told investors he views it as a positive step and a step in the right direction. The redesign came faster than expected and appears to make the user experience more intuitive, Walmsley argued. The analyst, however, noted he continues to hear "lukewarm" advertiser feedback and still sees intense competition for Snap. Further, he believes the redesign may be "too little, too late" for engaging older users. Walmsley remains cautious on Snap shares, with a Hold rating and $11 price target. PRICE ACTION: In late morning trading, shares of Snap have gained almost 9% to $14.78.

11:30 EDT American Express CEO says feels 'very good' about new pact with Marriott - At the Goldman Sachs Financial Services Conference, American Express (AXP) CEO Ken Chenault said he feels "very good" about the new co-brand agreement with Marriott (MAR) announced this morning.

11:26 EDT Toll Brothers CFO says EPS impacted by 3c from delay of 3 New York units - Comments made during Q4 earnings conference call.

11:02 EDT John Fox issues open letter to MPLX GP conflicts committee - John M. Fox, beneficial owner of 1,544,172 MPLX common units, and 20,900 shares of Marathon Petroleum Company (MPC), released the following open letter to the board of directors of Marathon Petroleum Corporation outlining how valuation of the proposed IDR elimination is the key to generating long-term MPC and MPLX (MPLX) value for holders. "I support Marathon Petroleum Corporation's (MPC) decision to eliminate the Incentive Distribution Rights burden on MPLX. It is my belief, however, that MPC's stated target of a 15x - 20x multiple for the elimination of pro forma IDRs is in direct opposition to the interests of the unitholders of MPLX and will ultimately damage both MPC and MPLX in the long-run. It is the responsibility of the MPLX GP Conflicts Committee to recommend to Marathon's Board of Directors a fair and transparent multiple before agreeing to a transaction. Based on my experience and countless hours my team and I spent at MarkWest analyzing the many disincentives associated with the IDRs, I know first-hand the drag that can be caused by the IDR structure. As a result, I strongly support MPC's commitment to exchange its IDRs for LP units in MPLX. However, the valuation of the IDR transaction has material impact on MPLX's cost of capital and growth prospects, ultimately destroying long-term value for both companies. As MPC will remain MPLX's largest long-term holder, it is imperative to approach valuation of the IDR elimination with value creation in mind. MPLX has meaningful organic growth potential that will drive growth for MPLX and MPC if this deal is done right. I urge you to not to agree to this transaction at an unjustified multiple, and to ensure that the transaction is completed at a price that is fair and reasonable to the Partnership."

10:51 EDT Juniper CFO says constantly looking at accretive acquisitions - Jniper Networks CFO Ken Miller is speaking at the Wells Fargo Tech Summit.

10:47 EDT Bank of America CEO says feels 'very good' about credit portfolio

10:40 EDT Bank of America CEO says sales and trading revenue down about 15% QTD

10:36 EDT Juniper CFO sees 'flattish' growth for Router business - Jniper Networks CFO Ken Miller is speaking at the Wells Fargo Tech Summit.

10:34 EDT As dollar menu returns, Jefferies says buy McDonald's - Shares of McDonald's (MCD) are on the rise after Jefferies analyst Andy Barish upgraded the stock to Buy as he sees the company being well positioned to continue to outperform given its refranchising transformation and use of data and technology. Meanwhile, McDonald's is said to be planning to introduce new versions of its once-iconic "dollar" menu. BUY MCDONALDS: In a research note to investors this morning, Jefferies' Barish upgraded McDonald's to Buy from Hold and raised his price target on the shares to $200 from $150. The analyst noted that he believes McDonald's is well positioned in the current environment to continue to outperform. Its refranchising transformation and use of data and technology should attract a higher multiple over time, while leading to higher returns, he contends. The combination of digital, remodels and delivery with UberEats will make over 3% same store sales growth very visible with potential upside depending on how quickly initiatives gain traction, he tells investors. Further, Barish pointed out that additional efforts around national value, quality, "premiumization" and beverages could layer additional sales on top. The analyst told investors that the financial "reengineering" toward 95% franchised from 80% is nearing completion, allowing for "significant" operating margin expansion to the mid-40% level in 2018 with potentially more upside from better same store sales and continued reductions in costs expected. Barish believes his 2018 estimates could go higher on fundamentals but it will be "choppy" reported earnings per share year and consensus likely reflects a varied set of assumptions post-refranchising. WHAT'S NOTABLE: McDonald's is said to be planning to introduce new menus with $1, $2, and $3 items early next month, according to Reuters. The burger chain giant is in a price war with rivals ranging from Yum Brands' (YUM) Taco Bell to Wendy's (WEN) and Dunkin' Donuts (DNKN), the report noted, adding that McDonald's pulled its "Dollar Menu" in 2013 after franchisees complained that selling items such as a double cheeseburger for $1 cut into profits. The new dollar menus, which are set to launch January 4, include any size soft drinks and cheeseburgers for $1, small McCafe drinks and bacon McDoubles for $2, and Happy meals and triple cheeseburgers for $3, the publication said. PRICE ACTION: In morning trading, shares of McDonald's have gained 2% to $174.14. Year-to-date the stock is up about 43%.

10:32 EDT BofA CEO: 'No question' tax bill will 'unleash activity' in corporate spending - At the Goldman Sachs Financial Services Conference, Bank of America CEO Brian Moynihan said "consumers are spending" and "getting paid." He said corporate customers are "all making money," but noted that the home equity business is "still a challenge." Moynihan said there is "no question" the tax bill will "unleash some activity" in corporate spending. Moynihan said he expects BofA will keep pushing down the efficiency ratio.

10:10 EDT JPMorgan CFO says 'no imminent cracks' in lending portfolio

10:06 EDT Starbucks announces partnership with Alibaba for Shanghai Roastery - Starbucks (SBUX) announced earlier that its newly-opened Shanghai Roastery will be "the first Starbucks location, and the first-of-its kind in China, to seamlessly integrate a real-time, in-store and online customer experience." The first Starbucks augmented reality experience will be accessible through the custom-designed Roastery digital web-app platform or on Alibaba's (BABA) Taobao app, the company noted. The Shanghai Roastery digital experience is designed by Starbucks and powered by Alibaba Group's scene-recognition technology. The experience also extends to Alibaba's online marketplace, Tmall, allowing customers to purchase Shanghai Roastery and Reserve branded merchandise and whole bean coffee for delivery directly to their homes, or to register for specially-curated coffee tasting experiences that can be enjoyed at the Starbucks Roastery in Shanghai, Starbucks added.

10:00 EDT JPMorgan CFO sees rate hike in December, additional hikes in 2018 - At the Goldman Sachs Financial Services Conference, JP Morgan CFO Marianne Lake said the bank expects a rate hike in December and additional rate hikes in 2018. She expects the bank's share gain in fixed income to "ebb and flow." Lake said U.S. data is "broadly encouraging" and the pipeline is strong for new business in wholesale payments. Lake said customers are now choosing banks based on digital capability. The current credit environment "remains constructive and benign," Lake said.

09:35 EDT Adverum Biotechnologies begins enrollment ADVANCE Phase 1/2 trial - Adverum Biotechnologies announced the initiation of patient enrollment in the ADVANCE Phase 1/2 clinical trial of ADVM-043 in patients with alpha-1 antitrypsin, or A1AT, deficiency. The ADVANCE clinical trial is designed to evaluate the safety and protein expression following a single administration of ADVM-043, Adverum's novel gene therapy candidate.

09:33 EDT RedHill Biopharma to terminate RIZAPORT agreement with IntelGenx - IntelGenx announced it has received notice that RedHill Biopharma intends to terminate its agreement with the company for the co-development and commercialization of RIZAPORT. The termination notice follows receipt of a communication by the U.S. FDA indicating that, based on an initial review of the 505(b)(2) New Drug Application resubmission for RIZAPORT 10 mg, the Agency will require additional information before the NDA resubmission is deemed complete and permitted a full review.

09:30 EDT RGM Capital reports 5.28% stake in Cornerstone OnDemand, holding talks - RGM Capital, which disclosed a 5.28% stake in Cornerstone OnDemand, believes the securities are undervalued and believes "there are both strategic and operating margin-enhancing opportunities...that would meaningfully increase value to shareholders." RGM said it has initiated a dialogue with management and the board regarding those opportunities.

09:27 EDT Viacom CEO says will look at small, tuck-in M&A opportunities

09:22 EDT Viacom CEO Bakish says 'tremendously excited' about Paramount

09:17 EDT Check-Cap enters next phase of manufacturing collaboration with GE Healthcare - Check-Cap (CHEK) announced it has entered the next phase of its manufacturing collaboration with GE Healthcare (GE). The new phase involves GE final assembly, packaging and shipping of C-Scan capsules initially to support the company's U.S. pilot trial expected in 1H2018. Check-Cap will supply GE with supporting calibration and final assembly methodology and equipment. Bill Densel, CEO of Check-cap commented, "We are very pleased to advance our collaboration with GE, moving forward with the initiation of this next phase that prepares us for our C-Scan capsule needs, beginning with our planned US pilot trial in 1H2018. Planning and other activities are also underway for our European post approval study, which is also expected in 1H2018."

09:12 EDT BiondVax CEO: Proceeding towards pivotal clinical efficacy Phase 3 trial - BiondVax Pharmaceuticals released a letter from CEO Dr. Ron Babecoff regarding recent activities and plans. "BiondVax has enjoyed a remarkably encouraging 2017, with promising Phase 2b clinical trial results and a significantly strengthened financial position. The combination of events has led us to proceed towards a pivotal clinical efficacy Phase 3 trial. Indeed, we anticipate enrolling the first participants by Q4 2018. I'm happy to take this opportunity to answer some of your questions about our plans. As well, I would like to thank my BiondVax team, our partners at the Weizmann Institute, and our other stakeholders for their contributions. Together, we are accomplishing great things and I look forward to continued success in the coming year."

09:09 EDT Fitbit partners with Deezer to bring streaming music service to Ionic users - Fitbit delivers the first update to its Fitbit OS platform for a smarter, more personalized experience for Fitbit Ionic smartwatch users with more than 60 apps now available across a wide range of categories, 100+ clock faces, and enhanced performance. Fitbit is also introducing Fitbit Labs, a Fitbit Research initiative that will bring innovative apps and intelligent clock face experiences to users to motivate and drive behavior change, and help accelerate the company's pace of innovation. Additionally, Fitbit is partnering with Deezer to bring its personal streaming music service to Ionic users across the globe in 2018.

09:08 EDT Neonode CEO Thomas Eriksson to resign, Andreas Bunge named interim CEO - Neonode announced that Thomas Eriksson, CEO and co-founder of Neonode, will step down from his position as CEO at the end of this year for other roles in Neonode. He will remain on the board. Andreas Bunge, a recent investor in Neonode and member of the board, will serve as interim CEO from January 1, 2018 until a new CEO is in place.

09:06 EDT Lockheed Martin signs agreement to provide ELGTRs to NATO countries - Lockheed Martin and the North Atlantic Treaty Organization Support and Procurement Agency signed a five-year agreement for the agency to purchase Enhanced Laser Guided Training Rounds on behalf of member countries. The follow-on agreement is in effect through 2021 and provides for the purchase of up to 3,000 ELGTRs a year for the next five years.

09:05 EDT T-Mobile says Shell switches to Un-carrier - T-Mobile (TMUS) announced that Shell (RDS.A), "yes, that global energy leader, is switching to the Un-carrier. Key features of T-Mobile's offering include eliminating roaming fees with high-speed international data and improving in-building coverage for 7,000 of Shell's corporate employees across the United States."

09:04 EDT Dish Chairman Ergen gives up CEO post, Carlson to take over as CEO

09:01 EDT Belden to reaffirm Q4, FY17 results

08:57 EDT K12's Stride platform available for purchase outside of classroom setting - Stride, an online program for pre-K through 8th grade students, is now be available for purchase outside of a classroom setting. The platform from K12 motivates kids towards mastery and rewards learning with games.

08:56 EDT CorMedix says European Patent Office finds Prosl patent invalid - On November 22, the Opposition Division at the European Patent Office in Munich, Germany held an oral hearing to consider an opposition brought by TauroPharm against CorMedix's Prosl European Patent, alleging that it lacks novelty and inventive step. The Prosl European Patent covers the formulation of taurolidine and citrate with low dose heparin in a catheter lock solution for maintaining patency and preventing infection in hemodialysis catheters. CorMedix disclosed last night, "At the hearing, the panel held that the Prosl European Patent would be invalidated because it did not meet the requirements of novelty based on a technical aspect of the European intellectual property law. CorMedix disagrees with this decision and plans to appeal. Our appeal will be based, in part, on the written opinion to be issued by the Opposition Division, which is expected by the first quarter 2018. CorMedix continues to believe that the Prosl European Patent is indeed novel and that its validity should be maintained. In addition, the ongoing Unfair Competition litigation brought by CorMedix against TauroPharm is not affected and will continue. Based on the advice of our U.S. patent counsel, we expect that, due to differences between the novelty requirements in intellectual property law in Europe and the U.S., the validity of our U.S. patent covering Neutrolin will be unaffected by a decision from the EPO. Importantly, the Company believes that the U.S. Food and Drug Administration's (FDA) designation of Neutrolin as a Qualified Infectious Disease Product (QIDP) provides the most significant protection for its intellectual property. Having this designation means that, upon FDA approval for the prevention of catheter-related blood stream infections in patients with end-stage renal disease receiving hemodialysis through a central venous catheter, Neutrolin would have five years of market exclusivity in the U.S. Beyond this, Neutrolin will have an additional five years of protection due to its status as a new chemical entity, and a further six months if granted pediatric exclusivity. Together, these designations are expected to serve as a significant barrier to entry in the U.S. marketplace for a period of ten and a half years following commercial launch and, in any case, would be effective after any potential patent protection expired. Based on an extensive analysis of the global market potential for Neutrolin, we believe the U.S. represents a substantially more valuable commercial market for this product than the European market. Therefore, we have been focusing most of our resources on seeking regulatory approval of Neutrolin in the U.S. for multiple, high-value indications, beginning with the prevention of catheter-related blood stream infections in hemodialysis patients, which is currently in Phase 3 development."

08:50 EDT IntercontinentalExchange reports Nov ADV down 6.2% y/y - November Financials ADV down 10.2% and Energy ADV down 3.6%.

08:48 EDT Novan doses first patient in Phase 1b atopic dermatitis trial - Novan announced that the first patient has been dosed in the company's Phase 1b clinical trial to evaluate topical nitric oxide product candidate SB414 cream for the treatment of mild-to-moderate atopic dermatitis. Novan is developing SB414 as a nitric oxide-releasing topical cream product candidate for the treatment of inflammatory skin diseases. The Phase 1b clinical trial is being conducted in 48 adults with mild-to-moderate atopic dermatitis with up to 30% body surface area at baseline. Two concentrations of SB414 and vehicle cream, applied twice-daily for two weeks, are being evaluated for safety, for systemic exposure and to assess target engagement through a reduction of key pro-inflammatory biomarkers such as interleukin-4, or IL-4, before progressing to Phase 2 clinical trials. Eczema area severity index scores are also being recorded at baseline and at the end of treatment. Top line results are targeted for the third quarter of 2018.

08:44 EDT Allergan slips after Revance reports data for Botox competitor - Shares of Allergan (AGN) are sliding in pre-market trading after competitor Revance Therapeutics (RVNC) announced its next-generation neuromodulator Daxibotulinumtoxin for Injection, or RT002, delivered "positive" top-line results in alleviating moderate-to-severe glabellar lines, better known as "frown lines," in two Phase 3 trials. If approved by the U.S. FDA, Revance believes RT002 would be the first neuromodulator with a long-acting duration of six months, the company said. The company plans to submit a Biologics License Application in the first half of 2019 and, pending approval by the FDA, launch RT002 in the U.S. in 2020, it added. Morgan Stanley analyst David Risinger, in upgrading Allergan to Overweight recently, said he thought it could be difficult for Revance to demonstrate that RT002 is materially longer-lasting than Botox, which has been a concern for Allergan investors. Shares of Allergan are down $3.40, or 2%, to $163.50 during pre-market trade.

08:41 EDT Humana sees Medicare Advantage membership approaching high end of growth range - In a regulatory filing, Humana said that members of its senior management team are scheduled to meet with investors at various times between December 1, 2017 and December 31, 2017. During such meetings, Humana's management expects to discuss its expectations for the company's individual and group Medicare Advantage growth in 2018. Based on the latest information available, the company now expects net membership gains for its individual Medicare Advantage membership for the year ended December 31, 2018 to approach the higher end of the previously projected growth range of 150,000 to 180,000 members. The company has also revised its expectations for group Medicare Advantage gains for the same period from the previous growth of low double digits on a percentage basis to an increase of 65,000 to 70,000 members, or a range of 15%-16% above the mid-point of membership expectations for the year ended December 31, 2017.

08:35 EDT Intuit to acquire TSheets for $340M in cash, other consideration - Intuit has signed an agreement to acquire TSheets, a latform that small and medium businesses, self-employed, and accountants use to automate time tracking and scheduling for them and their workers. Once the transaction closes, Time Capture will become a new offering within Intuit's Small Business and Self-Employed Group with Matt Rissell assuming the leader role reporting to Alex Chriss. TSheets's Eagle, Idaho site will become an Intuit location. The transaction is valued at approximately $340M of cash and other consideration, and is expected to close in the second quarter of fiscal 2018, subject to the expiration of applicable regulatory waiting periods and the satisfaction of other customary closing conditions. The transaction has no material impact on Intuit's earnings guidance for second quarter and full fiscal year 2018.

08:34 EDT Viveve VIVEVE I trial sub-analysis published in JWH - Viveve Medical announced the Journal of Women's Health, or JWH, published a sub-analysis of the Female Sexual Functions Index, or FSFI, domains from the VIVEVE I trial. The article, authored by Dr. Michael Krychman, et al, will appear in an upcoming 2018 print issue and is currently available in an online version. Results of the full VIVEVE I clinical trial, published in February 2017, provided the first comparative effectiveness data between a standard clinical treatment and a sham treatment to support the safe and effective use of CMRF therapy for the treatment of vaginal laxity for improved sexual function. These new data represent a sub-analysis of the VIVEVE I trial evaluating the impact of CMRF therapy of the vaginal introitus in women with sexual dysfunction on each of the FSFI domains that contribute to female sexual function.

08:32 EDT Marriott signs new co-brand credit card pacts with JPMorgan, American Express - Marriott International (MAR) announced it reached new agreements with JPMorgan Chase (JPM) and American Express (AXP) for its U.S.-issued, co-brand credit cards associated with its loyalty programs. These multi-year agreements will extend Marriott's relationship with both card issuers and cover the Marriott Rewards and Ritz-Carlton Rewards Visa credit cards from JPMorgan Chase, and the Starwood Preferred Guest credit cards from American Express.

08:31 EDT Piper Jaffray names Chad Abraham as CEO, Deb Schoneman as president - Piper Jaffray Companies has announced that its board of directors unanimously elected Chad Abraham as CEO and Deb Schoneman as president, effective January 1, 2018. Abraham is currently the firm's global co-head of investment banking & capital markets and Schoneman is currently the CFO and global head of equities. Current chairman and CEO Andrew Duff will remain chairman of the Piper Jaffray Companies board and retire as CEO, a position he has held since 2000.

08:26 EDT Merck KGaA announces FDA 510(K) clearance of benchtop embryo incubator Geri - Merck KGaA announced the FDA 510(K) clearance of the benchtop embryo incubator Geri. This innovative technology, designed to improve processes in fertility laboratories, will be commercially available to IVF clinics in the U.S. in the first half of 2018.

08:18 EDT Piper Jaffray trading halted, news pending

08:16 EDT Galectin Therapeutics announces results from Phase 2b NASH-CX trial - Galectin Therapeutics announced that its Phase 2b NASH-CX trial of its proprietary compound GR-MD-02 showed statistically significant and clinically meaningful results in reducing the primary endpoint measurement of HVPG in comparison to placebo in NASH cirrhosis patients without esophageal varices, which represented 50 percent of the patients enrolled in the clinical trial. There was a positive trend in the total group of patients, but the difference did not reach statistical significance for this primary endpoint because there was more variability in HVPG measurements for patients with esophageal varices. For the major secondary endpoint assessment of liver biopsy, analysis of the total study population showed a statistically significant effect of drug treatment for improving hepatocyte ballooning, which is a key factor in the underlying disease process in NASH. Importantly, analysis of the secondary endpoint of complications of cirrhosis showed there was a statistically significant reduction in the development of new esophageal varices in patients without varices at baseline.

08:15 EDT Verizon says going to unlicensed airwaves in 2018 for capacity

08:10 EDT Verizon says sees 2018 service revenue growth off 2017 lows - Says network performance since launching unlimited has been "fantastic." Comments from 45th Annual Global Media and Communications Conference

08:08 EDT Biocept awarded patent core to Target Selector assays for ctDNA analysis - Biocept announces the issuance of U.S. Patent No. 9,834,817, entitled "METHODS FOR DETECTING NUCLEIC ACID SEQUENCE VARIANTS." The patent is core to Biocept's Target Selector assays for ctDNA analysis using real-time PCR, Sanger sequencing and next generation sequencing. The patent encompasses Biocept's proprietary "switch-blocker" technology, which enriches patient specimens for oncogene mutations of interest, resulting in ultra-high sensitivity and specificity for the detection of cancer-associated mutations. The switch blocker technology is designed to improve detection rates for these oncogenes, allowing physicians to make informed decisions for the selection of therapy and monitoring of treatment response over time for patients with cancer.

08:07 EDT Bank of America to repurchase an additional $5B in stock by June 30, 2018 - Bank of America (BAC) announced plans to repurchase an additional $5B in common stock by June 30, 2018. The company previously announced plans on June 28 to repurchase $12B in common stock from July 1, 2017 through June 30, 2018, plus repurchases to offset shares awarded under equity-based compensation plans during the same period, estimated to be approximately $0.9B. The Board of Directors approved the additional repurchases. The additional capital distribution offsets the increase in regulatory capital resulting from the previously announced issuance of common stock, upon Berkshire Hathaway's (BRK.A, BRK.B) exercise of outstanding warrants, and sale of the non-U.S. consumer credit card business earlier this year. The Federal Reserve Board has informed the company that it has approved the additional repurchases.

08:06 EDT Bank of America increases planned stock repurchase program

08:05 EDT Mazor Robotics reports ISA investigation relates to insider trading - In a regulatory filing, Mazor Robotics stated: "As disclosed in the Prior 6-K, in May 2017, the Israeli Securities Authority conducted a search at the offices of Mazor and also questioned certain officers in connection with an investigation held by the ISA. Mazor received today permission from the ISA to disclose that the subject matter of the investigation relates to insider trading by third parties and that Ori Hadomi, Mazor's Chief Executive Officer, was questioned as a suspect in connection with such allegations. Both the search in Mazor's offices and Mr. Hadomi's interrogation were conducted on the same date in May 2017, and to the Company's knowledge since then Mr. Hadomi was not called for any further questioning. Mazor and Mr. Hadomi intend to continue to cooperate with the ISA in the future, to the extent required. Mr. Hadomi continues to operate is his capacity as Mazor's Chief Executive Officer. The board of directors of Mazor have expressed their full support and confidence in Mr. Hadomi and in his continuous leadership of Mazor and its development."

08:03 EDT Williams-Sonoma launches company-owned ecommerce sites in Canada - Williams-Sonoma announced the launch of four new e-commerce sites for Canadian customers. The U.S.-based home furnishings retailer currently has 24 brick and mortar stores in Canada and, for the first time ever, will provide the market with a robust product assortment through company-owned and operated e-commerce sites. The new sites for Williams Sonoma, West Elm, Pottery Barn and Pottery Barn Kids brands will offer an enhanced customer experience including full access from mobile devices, localized content and new product offerings.

08:03 EDT Amdocs' Vindicia announces integration with Apple Pay - Vindicia, an Amdocs company (DOX), announced that Vindicia CashBox now supports Apple Pay (AAPL).

08:02 EDT Synthetic Biologics names Steve Shallcross as interim CEO - Synthetic Biologics announced that Steve Shallcross, the Company's CFO, has been named interim CEO to succeed Jeff Riley, who has resigned as an officer and director of the company, effective immediately, for personal reasons.

08:01 EDT Andeavor, Andeavor Logistics outline financial objectives for FY18-FY20 - Andeavor (ANDV) and Andeavor Logistics LP (ANDX) will jointly host their 2017 Investor and Analyst Day to outline their strategic plans and financial objectives for 2018 through 2020. "Andeavor's integrated value chain is well positioned to meet our goals to grow annual EBITDA by $1.4 billion to a total of $4.5 billion in 2020, following a transformational 2017," said Greg Goff, Chairman, President and CEO of Andeavor and Chairman and CEO of Andeavor Logistics' general partner. "We are also very confident that we will capture at least $400 million of Western Refining synergies by 2020 and achieve our targeted run rate of $350 to $425 million by mid-2019," Goff added.

08:00 EDT Revance trading resumes

07:45 EDT Jacobs Engineering awarded contract by CKPC for FEED services - Jacobs Engineering Group has been awarded a contract by Canada Kuwait Petrochemical Corporation to provide front-end engineering design services for a proposed greenfield, integrated propane dehydrogenation and polypropylene facility located in Sturgeon County, Alberta, Canada. CKPC is a joint venture of Pembina Pipeline Corporation of Canada and Petrochemical Industries Company of Kuwait. In execution of the FEED, Jacobs will utilize resources from multiple centers of excellence located in Calgary, Houston and Charleston, West Virginia, with a significant portion of the project scope performed in Canada. Jacobs will fully support CKPC's vision of engaging and developing the local workforce. The project is expected to mobilize immediately.

07:32 EDT Sealed Air announce price increase for food care products in Europe, Middle East - Sealed Air said it is implementing a price increase of 2.5 - 5.0% for the majority of its Food Care division's products in Europe, Middle East and Africa with the exception of Switzerland and the United Kingdom who received price increases earlier in the year. The increase will be effective January 1, 2018. "The price adjustment is the result of escalation of notable increases in the Company's raw materials costs including a 19% rise in the price of polyethylene, a 16% rise in nylon and a 35% rise in polystyrene as well as other non-materials costs such as power, labor and transportation in the range of 1-4%," said Karl R. Deily, President of Sealed Air Food Care division. "Despite the necessary price changes, we are working to minimize the impact to our customers while delivering them the same high level of value and innovation." The price changes include an increase on all shrink bags, rollstock products, food films and vertical pouch packaging.

07:32 EDT Ford confirms plans to launch 50 new vehicles in China by 2025 - "China is not only the largest car market in the world, it's also at the heart of electric vehicle and SUV growth and the mobility movement," said Bill Ford. "The progress we have achieved in China is just the start. We now have a chance to expand our presence in China and deliver even more for customers, our partners and society." Added Hackett: "Ford's aspiration is to become the world's most trusted mobility company, designing smart vehicles for a smart world. We are very excited to see this vision come to life in China." To enable future growth in China, Ford will contain structural cost in the region throughot 2018, aiming to generate greater efficiencies, become more operationally fit and deliver additional value to shareholders. Even as the team works to streamline, Ford plans to grow its China revenue by 50 percent by 2025 versus 2017 and is focusing its business expansion on three areas: even more smart, connected vehicles; closer connections to Chinese customers, and a streamlined business structure. The company plans to offer more than 50 new Ford and Lincoln vehicles in China by 2025. The expanded product portfolio will reflect an even stronger emphasis on SUVs - with eight all-new utilities, along with more electric vehicles. The company will launch at least 15 new electrified vehicles from Ford and Lincoln. And the new Zotye-Ford joint venture will deliver a separate range of affordable all-electric under a new brand, pending regulatory approvals. Plus, by the end of 2019, 100 percent of new Ford and Lincoln-badged vehicles in China will be connected through either embedded modems or plug-in devices. Company leaders also are working on broader infrastructure opportunities to improve future mobility experiences. In 2019, the company starts producing five additional Ford and Lincoln models in China for Chinese customers, including a new Lincoln premium SUV, and the company's first global fully electric small SUV. Ford is strengthening ties with its joint venture partners Changan and Jiangling in 2018, establishing one distribution services division responsible for the marketing, sales and services associated with all Ford vehicles sold in China. The new distribution services division will seek to offer a simplified, improved and consistent customer experience for all Ford customers in China.

07:28 EDT Revance trading halted, news pending

07:18 EDT ObsEva initiates PROLONG Phase 2a Clinical Trial of OBE022 in Preterm Labor - ObsEva announced the initiation of its international Phase 2a Proof-of-Concept clinical trial, PROLONG. The PROLONG trial is the first clinical trial of OBE022 in pregnant women presenting with spontaneous preterm labor at gestational ages between 24 and 34 weeks. OBE022 will be administered orally for 7 days together with standard-of-care tocolytic therapy, 48 hour intravenous infusion of atosiban.

07:10 EDT Neuralstem presents updated data from Phase 2 Study of NSI-189 - Neuralstem announced that additional safety, efficacy and tolerability data from its exploratory Phase 2 clinical trial examining the efficacy of NSI-189 at 40 mg once daily, or QD, and 40 mg twice daily, or BID, compared to placebo for the treatment of major depressive disorder, or MDD, were presented at the 56th American College of Neuropsychopharmacology, or ACNP, Annual Meeting in a poster entitled, "A Phase 2, Double-Blind, Placebo-Controlled Study of NSI-189 Phosphate, a Neurogenic Compound, Among Out-Patients with Major Depressive Disorder." These additional results suggest that NSI-189 has antidepressant effects with cognitive benefits shown on both objective and subjective measures. Using the Sequential Parallel Comparison Design, or SPCD, pooled analysis approach, MADRS score reduction from baseline with 40mg or 80mg NSI-189 versus placebo did not reach statistical significance. However, the 40 mg dose resulted in a statistically significant reduction in SDQ, and CPFQ scores versus placebo in the pooled SPCD analyses. There was also a statistically greater reduction in QIDS-SR scores versus placebo for patients treated with 40 mg of NSI-189 in Stage 2, but not Stage 1. Differences for the 80 mg dose versus placebo on these three self-report measures were not statistically significant. In addition, the 40mg dose also showed statistical advantages on objective measures of attention and memory as per the Cogscreen test, but not the Cogstate test. Both doses were well-tolerated with 0, 0 and 7 subjects discontinuing treatment with 40mg, 80mg and placebo, respectively, due to intolerance in Stage 1, and 1,0 and 1 subjects discontinuing treatment with 40mg, 80mg and placebo, respectively, due to intolerance in Stage 2. Furthermore, no subjects treated with NSI-189 experienced a serious adverse event during the study.

07:07 EDT China Jo-Jo Drugstore opens seven new retail drugstores in Hangzhou - China Jo-Jo Drugstores has opened seven new retail drugstores in the city of Hangzhou.

07:06 EDT GMS Inc. acquires Southwest Building Materials; terms not disclosed - GMS Inc announced the acquisition of Southwest Building Materials, Ltd, based in Amarillo, Texas. SWBM distributes wallboard, ceilings and other interior building products serving residential and commercial projects of all sizes in the Texas Panhandle, Oklahoma and Eastern New Mexico markets. SWBM will enhance GMS's existing distribution network in West Texas, which includes legacy branches in Lubbock, TX and Midland, TX.

07:04 EDT Hawaiian Airlines reports November traffic up 6.3% - Hawaiian Airlines, a subsidiary of Hawaiian Holdings, announced its system-wide traffic statistics for the month of November. November traffic, measured in RPMs, was up 6.3% compared to the same month of last year. Capacity, measured in ASMs, was up 6.2% from last year. Passengers were up 8.7% and load factor was up 0.1 points to 85.9%.

07:02 EDT Hawaiian Holdings announces new $100M stock repurchase program - Hawaiian Holdings is announcing a new $100M stock repurchase program in effect through December 31, 2019, which is in addition to the current $100M authorization under which the company has repurchased $90.5M, or 2.27M shares, year to date.

07:02 EDT Moleculin Biotech WP1066 drug gets FDA brain tumor IND clearance - Moleculin Biotech announced the physician-sponsored Investigational New Drug, or IND, application for a Phase I trial of Moleculin's drug WP1066 in patients with recurrent malignant glioma and brain metastasis from melanoma has been allowed by the FDA.

07:01 EDT AutoZone reports domestic SSS up 2.3%

07:00 EDT BMO Financial reports Q4 provision for credit losses C$208M vs. C$174M last year

06:59 EDT BMO Financial raises quarterly dividend by C$0.03 to C$0.93 per share - Bank of Montreal announced that its board declared a quarterly dividend of C$0.93 per share on paid-up common shares of Bank of Montreal for the first quarter of fiscal year 2018, a C$0.03 increase from the previous quarter and up 6% from a year ago. The dividend on the common shares is payable on February 27, 2018, to shareholders of record on February 1, 2018. The dividends on the preferred shares are payable on February 26, 2018, to shareholders of record on February 1, 2018.

06:49 EDT Pentair raises quarterly dividend 1% to 35c per share - It will pay a regular quarterly cash dividend of 35c per share on February 9, 2018 to shareholders of record at the close of business on January 26, 2018. 2018 will mark the 42nd consecutive year that Pentair has increased its dividend.

06:42 EDT Land's End reports inventory of $423.5M on October 27 vs. $425.3M a year ago

06:36 EDT GM reports November China sales up 13% to 418,225 vehicles - General Motors and its joint ventures in China delivered a November record 418,225 vehicles in China, achieving growth of 13% on an annual basis. GM's performance was strong across its brands. Baojun deliveries reached an all-time monthly high, while Buick, Cadillac and Chevrolet set November sales records. As the key driver of the company's sustained growth, SUVs achieved sales growth of 73% from the previous November.

06:31 EDT Wex announces three-year fleet card contract with Verizon - WEX (WEX) announced a three-year fleet card contract with Verizon (VZ), which operates one of the largest private vehicle fleets in the U.S. WEX will provide more than 25,000 fleet cards to Verizon and will provide the communications company with additional insight into its fleet operations using WEX's proprietary ClearView analytics platform.

06:09 EDT YouTube to expand teams reviewing extremist content - YouTube CEO Susan Wojcicki said in a blog post Monday evening, "In the last year, we took actions to protect our community against violent or extremist content, testing new systems to combat emerging and evolving threats. We tightened our policies on what content can appear on our platform, or earn revenue for creators. We increased our enforcement teams. And we invested in powerful new machine learning technology to scale the efforts of our human moderators to take down videos and comments that violate our policies. Since June, our trust and safety teams have manually reviewed nearly 2 million videos for violent extremist content, helping train our machine-learning technology to identify similar videos in the future. We are also taking aggressive action on comments, launching new comment moderation tools and in some cases shutting down comments altogether. In the last few weeks we've used machine learning to help human reviewers find and terminate hundreds of accounts and shut down hundreds of thousands of comments. We will continue the significant growth of our teams into next year, with the goal of bringing the total number of people across Google working to address content that might violate our policies to over 10,000 in 2018. At the same time, we are expanding the network of academics, industry groups and subject matter experts who we can learn from and support to help us better understand emerging issues. Since June we have removed over 150,000 videos for violent extremism. Machine learning is helping our human reviewers remove nearly five times as many videos than they were previously. Today, 98% of the videos we remove for violent extremism are flagged by our machine-learning algorithms. In 2018 we will be creating a regular report where we will provide more aggregate data about the flags we receive and the actions we take to remove videos and comments that violate our content policies. We are looking into developing additional tools to help bring even more transparency around flagged content." Reference Link

06:06 EDT GM unveils Marketplace commerce platform for on-demand purchases of goods - GM is rolling out the automotive industry's first commerce platform for on-demand reservations and purchases of goods and services. With Marketplace, drivers can now order and pay for their favorite coffee - and much more - on the way to work with a simple tap on the dash. Marketplace allows customers to order food, find the closest gas station to save on fuel, and make dinner reservations on the go. This means Marketplace gives drivers of eligible Chevrolet, Buick, GMC and Cadillac vehicles the opportunity to more safely interact with a growing number of their favorite brands in retail, fuel, hospitality, food, hotel and transportation through the in-vehicle touchscreen. Marketplace also features a "Shop" section dedicated to offers specific to GM vehicles, for instance purchasing Wi-Fi data, discounts for an oil change or deals on GM accessories. Simple on-screen notifications can identify relevant offers. Leveraging the embedded 4G LTE connectivity, GM is adding Marketplace to millions of existing 2017 and 2018 model-year cars, trucks and crossovers that have compatible infotainment systems, with continued rollout to compatible new vehicles. A separate data plan is not required to use Marketplace. Reference Link

06:04 EDT HD Supply reports preliminary November net sales approximately $372M - Preliminary Net sales in November were approximately $372M, which represents year-over-year average daily sales growth of approximately 9.8%. Preliminary November year-over-year average daily sales growth for Facilities Maintenance was approximately 4.3% and for Construction & Industrial was approximately 16.4%. There were 18 selling days in both November 2017 and November 2016.

06:02 EDT Patterson-UTI reports November average 159 drilling rigs operating - Patterson-UTI reported that for the month of November 2017, the company had an average of 161 drilling rigs operating. For the two months ended November 30, the company had an average of 159 drilling rigs operating.

06:00 EDT HD Supply raises FY17 guidance

05:58 EDT Toll Brothers sees FY18 deliveries between 7,700-8,700 units - Sees FY18 deliveries of between 7,700-8,700 units with an average price of between $810,000-$860,000.

05:49 EDT LivaNova to acquire ImThera Medical - LivaNova announced it has entered into an agreement to acquire the remaining outstanding interests in ImThera Medical. Headquartered in San Diego, California, ImThera is a privately held company focused on neurostimulation for the treatment of obstructive sleep apnea, or OSA. ImThera manufactures an implantable device that stimulates multiple tongue muscles via the hypoglossal nerve, which opens the airway while a patient is sleeping. LivaNova has been an investor in ImThera since 2011 and has agreed to pay up to approximately $225M to acquire the remaining outstanding interests of ImThera. Up-front costs are approximately $78M with the balance paid on a schedule driven by regulatory and sales milestones. The deal is projected to be near-term accretive and is expected to close in early 2018.

05:44 EDT Regal Entertainment agrees to be acquired by Cineworld for $23 per share in cash - Regal Entertainment announced that it has entered into a definitive merger agreement with Cineworld Group for Cineworld, the U.K.'s largest cinema operator, to acquire Regal, a leading motion picture exhibitor owning and operating one of the largest theatre circuits in the U.S. Under the terms of the Agreement, Regal stockholders are to receive $23.00 in cash for each share of Class A and Class B common stock, for a total transaction value of $5.9B, including the assumption of debt and net of cash acquired. The offer price represents a premium of 43.2% over Regal's 30-day unaffected weighted average share price of $16.06. The transaction has been approved unanimously by Regal's and Cineworld's boards. The Anschutz Corporation, which owns approximately 67% of the combined voting power of Regal's outstanding shares of Class A common and Class B common stock, has signed a voting and support agreement to support the transaction. Global City Holdings, or GCH, and the trustee of trusts of which Cineworld's Chairman, Anthony Bloom, is a potential discretionary beneficiary, collectively owning approximately 28.8% of Cineworld's ordinary shares, have signed irrevocable undertakings to vote in favor of the transaction and rights offering. The transaction is subject to regulatory review, approval by the shareholders of Regal and Cineworld and other customary closing conditions and is expected to close in Q1 of 2018. Under the terms of the Agreement, Regal stockholders will receive $23.00 in cash for each share of Class A and Class B common stock held at the closing of the transaction. Cineworld will fund the acquisition of Regal through approximately $4B of new debt facilities and an approximately $2.3B equity raise by way of a rights issue, including a commitment for GCH, Cineworld's 28% shareholder, to fully subscribe to its pro rata portion of the rights issue. The Agreement includes a go shop period, during which Regal, with the assistance of its financial advisor, will actively solicit, evaluate and potentially enter into negotiations with third parties that offer competing proposals to acquire Regal. The go shop period expires January 22, 2018. There can be no assurance that this process will result in a superior proposal. Regal does not intend to disclose developments with respect to the go shop process unless and until its board has made a decision with respect to any potential superior proposal.

05:38 EDT Scotiabank formalizes agreement with BBVA to acquire its shares in BBVA Chile - Scotiabank announced that Banco Bilbao Vizcaya Argentaria, S.A., or BBVA, has formally accepted Scotiabank's offer to acquire its 68.19% ownership in BBVA Chile, and its interests in certain subsidiaries, for approximately $ 2.2B. Scotiabank has entered into definitive agreements with BBVA and intends to merge BBVA Chile with its existing operations in Chile, subject to regulatory approvals. The Said family, which owns 31.62% of BBVA Chile, has waived its Right of First Refusal to acquire BBVA's shares of BBVA Chile, but maintains the right to tender all or a portion of its shares in the mandatory tender offer to be carried out by Scotiabank. The Said family has indicated their willingness to potentially remain in the business and, if so, would invest up to approximately $500M in order to own up to 25% of the combined business when Scotiabank Chile and BBVA Chile are merged. In this scenario, and if the transaction is completed, Scotiabank's Common Equity Tier 1 capital ratio will be impacted by approximately 90 basis points. Scotiabank's Common Equity Tier 1 capital ratio would be impacted by approximately 135 basis points, if the transaction is completed and the Said family tenders all of its shares to Scotiabank. This transaction is in line with Scotiabank's strategy to increase scale within the Chilean banking sector and the Pacific Alliance countries. It will double Scotiabank's market share in Chile to approximately 14%, and make Scotiabank the 3rd largest private sector bank in the country.

05:32 EDT Kayne Anderson Energy reports net assets $384M at Nov. 30 - Kayne Anderson Energy provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 as of November 30. As of November 30, the Fund's net assets were $384M, and its net asset value per share was $10.46. As of November 30, the Fund's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 412% and the Fund's asset coverage ratio under the 1940 Act with respect to total leverage was 318%.

05:30 EDT Kayne Anderson Energy reports net assets $174M at Sep. 30 - Kayne Anderson Energy Development provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 as of November 30. As of November 30, the company's net assets were $174M, and its net asset value per share was $16.16. As of November 30, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 432% and the company's asset coverage ratio under the 1940 Act with respect to total leverage was 305%.

04:58 EDT BankUnited expects to receive $295M plus interest following IRS audit - BankUnited disclosed yesterday morning that it expects to receive a refund of approximately $295M plus interest following the completion of the audit. During the course of an ongoing audit of the consolidated U.S. federal income tax return for the year 2013 of BankUnited, the IRS examined the company's prior treatment of certain loans acquired from BankUnited F.S.B. In connection with that examination, and in light of guidance issued after the relevant returns had been filed, the company asserted that U.S. federal income taxes paid in respect of certain income previously reported by the company for the 2012, 2013 and 2014 tax years should be refunded to the company. The company and the IRS have engaged in discussions and the company has responded to document and information requests relating to this matter. While the IRS initially disagreed with the company, the IRS exam team recently sent the company a copy of a draft internal legal memorandum agreeing with the company's position and in subsequent conversations has communicated to the company that it should expect to receive a refund of approximately $295M plus interest following the completion of the audit. BankUnited added that as a result of these communications, the company believes that it is more likely than not to receive the refund and accordingly expects to record an income tax benefit in Q4 of approximately $295M plus estimated interest, less associated professional fees and expenses. It added, "However, the Company cannot provide assurances as to when or if it will ultimately receive the refund because the IRS has not yet finalized its entire internal process, or provided the Company with a notice of proposed adjustment or revenue agent report and the refund claims are subject to review by the Joint Committee on Taxation." It noted that it "may be able to pursue refund claims in several state and local taxing jurisdictions."