Stockwinners Market Radar for December 12, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

19:01 EDT SEC chairman: Cryptocurrency tech may prove to be 'disruptive' - SEC chairman Jay Clayton released a public statement on cryptocurrencies and initial coin offerings, saying that while there are "tales of fortunes made and dreamed to be made," the SEC is hearing the familiar refrain, "this time is different." "We at the SEC are committed to promoting capital formation," Clayton said. "The technology on which cryptocurrencies and ICOs are based may prove to be disruptive, transformative and efficiency enhancing. I am confident that developments in fintech will help facilitate capital formation and provide promising investment opportunities for institutional and Main Street investors alike. I encourage Main Street investors to be open to these opportunities, but to ask good questions, demand clear answers and apply good common sense when doing so. When advising clients, designing products and engaging in transactions, market participants and their advisers should thoughtfully consider our laws, regulations and guidance, as well as our principles-based securities law framework, which has served us well in the face of new developments for more than 80 years. I also encourage market participants and their advisers to engage with the SEC staff to aid in their analysis under the securities laws." Reference Link

18:43 EDT Realty Income raises monthly dividend to 21.25c per share from 21.2c - Realty Income Corporation announced its board of directors has declared an increase in the company's common stock monthly cash dividend to 21.25c per share from 21.2c per share. The dividend is payable on January 12, 2018 to shareholders of record as of January 2, 2018. This is the 94th dividend increase since Realty Income's listing on the NYSE in 1994. The ex-dividend date for January's dividend is December 29, 2017. The new monthly dividend represents an annualized dividend amount of $2.55 per share as compared to the current annualized dividend amount of $2.544 per share.

18:03 EDT SmartFinancial and Tennessee Bancshares announce merger agreement - SmartFinancial, parent company of SmartBank, and Tennessee Bancshares, parent company of Southern Community Bank, jointly announced the signing of a definitive merger agreement pursuant to which SmartFinancial will acquire Tennessee Bancshares followed by Southern Community merging into SmartBank. Upon completion of the transaction, the combined company is expected to have assets of approximately $2.0B. The acquisition is subject to customary closing conditions, including the approval of Tennessee Bancshares' shareholders and the receipt of all necessary regulatory approvals, and is expected to be completed in the Q2 of FY18. Under the terms of the merger agreement, shareholders of Tennessee Bancshares will receive 0.8065 shares of SmartFinancial common stock for each share of Tennessee Bancshares common stock, which equates to an aggregate announced transaction value of approximately $31.8M based on the closing price for SmartFinancial's common stock of $21.79 on December 11. Additionally, subject to the satisfaction of certain conditions, the merger agreement provides that Tennessee Bancshares may pay, immediately prior to the closing of the transaction, a one-time special cash dividend of up to 70c per share on the Tennessee Bancshares common stock, or up to approximately $1.27M in the aggregate, based on 1,809,282 shares of Tennessee Bancshares common stock outstanding as of December 11.

17:18 EDT PSEG notified about potential data breach at PayPal subsidiary TIO Networks - Public Service Electric and Gas Company (PEG) has learned that its customers may be affected by a potential data breach involving the systems of TIO Networks, a subsidiary of PayPal Holdings (PYPL). PayPal notified PSE&G that there was unauthorized access to TIO Networks' system that stores customer information. TIO Networks processed payments made at automated kiosks in PSE&G's walk-in customer service centers between 2012 and 2017. TIO Networks also facilitated payments PSE&G customers made at third-party payment centers, such as local convenience stores, that accept utility bill payments. TIO Networks has notified PSE&G that customer information for PSE&G's approximately 2.5 million customers may have been exposed as a result of the suspected breach. The customer information that may have been compromised includes utility account numbers and addresses. Customers paying by check via kiosk at one of PSE&G's Customer Service Centers also may have had their personal checking account number and routing number exposed.

17:11 EDT Raytheon awarded $302.4M U.S. Navy contract - Raytheon Missile Systems, Tucson, Arizona, is being awarded a not-to-exceed $302,439,830 for modification P00001 to a previously awarded undefinitized contract. This modification is for the procurement of 618 Joint Standoff Weapon air-to-ground missiles, containers, component parts/support equipment and engineering technical assistance for the government of Saudi Arabia, under the Foreign Military Sales program.

17:02 EDT Western Digital and Toshiba confirm settlement agreement on flash memory - Toshiba Corporation, Toshiba Memory Corporation,and Western Digital Corporation have entered into a global settlement agreement to resolve their ongoing disputes in litigation and arbitration, strengthen and extend their relationship, and enhance the mutual commitment to their ongoing flash memory collaboration. As part of this agreement, TMC and Western Digital will participate jointly in future rounds of investment in Fab 6, the state-of-the-art memory fabrication facility now under construction at Yokkaichi, including the upcoming investment round announced by Toshiba in October 2017. Fab 6 will be entirely devoted to the mass production of BiCS FLASH, the next-generation of 3D flash memory, starting next year. TMC and Western Digital similarly intend to enter into definitive agreements in due course under which Western Digital will participate in the new flash wafer fabrication facility which will be constructed in Iwate, Japan. The parties will strengthen their flash memory collaboration by extending the terms of their joint ventures. Flash Alliance will be extended to December 31, 2029 and Flash Forward to December 31, 2027. Flash Partners was previously extended to December 31, 2029. The parties' agreement to resolve all outstanding disputes ensures that all parties are aligned on Toshiba's sale of TMC to K.K. Pangea, a special purpose acquisition company formed and controlled by a consortium led by Bain Capital Private Equity, LP. The parties have agreed on mutual protections for their assets and confidential information in connection with the sale of TMC, and on collaborating to ensure the future success of TMC as a public company following an eventual IPO. As part of the global settlement agreement, Toshiba, TMC and Western Digital have agreed to withdraw all pending litigation and arbitration actions.

17:02 EDT Sears Holdings announces incremental liquidity actions - Sears Holdings Corporation announced it has entered into an agreement to extend the maturity of its existing term loan, which originally was to mature in June 2018, to January 2019, with the option to further extend the maturity to July 2019. During the fourth quarter, the company paid down the Term Loan by $325M, reducing the outstanding balance to approximately $400M and bringing our total Term Loan repayment during 2017 to approximately $570M. In addition, the company announced it intends to obtain a new secured credit facility in connection with the agreement reached with the Pension Benefit Guaranty Corporation on November 7, 2017, that provides for the release of 138 of our properties from a ring-fence arrangement with the PGBC. The Secured Credit Facility is expected to be secured by such properties and consist of an approximately $407M first lien tranche and a second lien tranche of up to $200M. The company intends to use the net proceeds from the Secured Credit Facility to fund the payment of approximately $407M into the Sears pension plans and for general corporate purposes. Following the funding of the $407M pension contribution, Holdings will be relieved of the obligation to make further contributions to the pension plans for approximately two years. Holdings expects to repay the Secured Credit Facility over time with the proceeds from sales of the underlying properties.

16:58 EDT WD-40 targets total revenue of roughly $700M by end of FY25 - Says aiming to grow WD-40 multi-use product to $530M in net sales by the end of FY25. Says aiming to grow WD-40 Specialist to $100M in net sales by the end of FY2025. Says aims to grow employee engagement to greater than 95%. Comments taken from slides to be presented at annual meeting of stockholders.

16:53 EDT FDA extends action date on Pfizer's XELJANZ application by 3 months - Pfizer Inc announced that the U.S. Food and Drug Administration has extended the action date by three months for the supplemental New Drug Application for XELJANZ, an oral treatment under investigation for adult patients with moderately to severely active ulcerative colitis. The FDA determined that additional review time was necessary due to information recently submitted by Pfizer and as such constitutes a major amendment. The FDA has provided an anticipated Prescription Drug User Fee Act date in June 2018. If approved by the FDA, tofacitinib would be the first oral Janus kinase inhibitor to be a therapeutic option for people living with moderately to severely active UC.

16:50 EDT SEI Investments increases dividend 7% to 30c - The Board of Directors of SEI Investments declared a regular semi-annual dividend of 30c per share, a 2c or 7% increase compared to its last regular semi-annual dividend. The cash dividend will be payable to shareholders of record on December 27, with a payment date of January 8, 2018.

16:47 EDT Franklin Resources raises quarterly dividend 15% to 23c from 20c per share - Payable on January 10, 2018 to stockholders of record holding shares of common stock at the close of business on December 26, 2017.

16:34 EDT NVR authorized $300M common stock repurchase program - NVR announced that its Board of Directors has authorized the repurchase of $300M of its outstanding common stock. The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit. The Company indicated that the authorization is a continuation of the stock repurchase program that began in 1994 and is consistent with NVR's strategy of maximizing shareholder value.

16:32 EDT Calyxt partners with FBN to expand grower base for high oleic soybeans - Calyxt, Inc and Farmer's Business Network, Inc announced a partnership to expand the distribution and grower base of Calyxt's identity-preserved high oleic soybeans in the upper Midwest. As a specialty food ingredients company Calyxt has been building its supply chain in preparation for the commercial launch of its first product, high oleic soybeans in 2018. FBN has been scaling up its analytics, agricultural inputs distribution infrastructure, farmer member base and geographical reach, now representing over 16 million acres of farms. By working together, the companies will be able to offer turnkey solutions aiming to increase profitability for farmers interested in growing identity-preserved soybeans. This new partnership enables FBN Direct to distribute Calyxt's identity-preserved high oleic soybean seeds to growers in its network and register farmers for Calyxt's Producer Premium Program.

16:32 EDT Orion Engineered announces EUR16.8576c interim dividend - Orion Engineered Carbons announced that its board of directors has declared an interim dividend of EUR16.8576c per common share equivalent to a total distribution of EUR10M based on the number of common shares currently outstanding. The interim dividend will be paid on December 27. The record date for the interim dividend will be December 22.

16:20 EDT Noble Midstream Partners, Greenfield from JV to acquire Saddle Butte pipeline - Noble Midstream Partners LP and Greenfield Midstream announced the formation of a joint venture, Black Diamond Gathering, LLC. The JV has entered into definitive agreements to acquire Saddle Butte Rockies Midstream, LLC and affiliates for $625M. Greenfield Midstream is an EnCap Flatrock Midstream portfolio company. Noble Midstream will fund 50% of the purchase price and will receive a 4.4% ownership promote in the JV. The Partnership's 54.4% ownership of the JV will be held in a wholly owned Noble Midstream subsidiary, Laramie River DevCo LP. Greenfield Midstream will own 45.6% of the JV. Saddle Butte assets include a large-scale integrated crude oil gathering system in the DJ Basin, consisting of approximately 160 miles of pipeline in operation, 300,000 barrels per day of delivery capacity and approximately 210,000 barrels of crude oil storage capacity. Saddle Butte has approximately 115,000 dedicated acres from six customers under fixed fee arrangements, including approximately 72,000 dedicated acres from PDC Energy. Upon the closing of the acquisition, PDC Energy plans to expand its Saddle Butte acreage dedication to approximately 96,000 acres and extend its dedication by five years, bringing the dedication contract duration to approximately 12 years from close. Noble Midstream will operate and control the Saddle Butte system upon closing, which is expected in the first quarter of 2018, subject to customary closing conditions, including the receipt of regulatory approvals. Noble Midstream and Greenfield Midstream will jointly provide commercial efforts to attract further producer dedications.

16:19 EDT Daiichi Sankyo, Puma Biotechnology announced collaboration with MSK - Daiichi Sankyo and Puma Biotechnology have announced a preclinical research collaboration with Memorial Sloan Kettering Cancer Center to explore the combination of Daiichi Sankyo's investigational antibody drug conjugate DS-8201 and Puma Biotechnology's irreversible pan-HER tyrosine kinase inhibitor neratinib in HER2-mutated or HER2-positive solid tumors. A team of scientists led by Maurizio Scaltriti, PhD, and in collaboration with a team of clinical investigators led by Bob Li, MD, will use isogenic models and established patient-derived xenograft models to assess the susceptibility of HER2-mutated or HER2-positive cancers to DS-8201, neratinib and other HER2-targeting therapies, elucidate mechanisms of action and resistance of these various tumor types, and evaluate the potential for synergistic combinations. Daiichi Sankyo and Puma Biotechnology will co-sponsor the research. "Since early clinical data suggest that DS-8201 may have activity beyond breast and gastric cancers, the archetype HER2-driven tumors, we are interested in studying this asset on a molecular level as well as in combination with other HER2-targeting agents," said Tom Held, Vice President, Global Head, Antibody Drug Conjugate Task Force, Daiichi Sankyo. "In this collaboration, we are examining whether combining DS-8201 and neratinib, with its specific covalent binding to the HER2 receptor and associated increased internalization, is a rational combination therapy strategy to pursue. We are excited to join forces with Memorial Sloan Kettering and Puma to advance the understanding of combining HER2-targeted therapies to potentially treat various forms of HER2-mutated cancer."

16:09 EDT Monster Digital granted request for continued listing on Nasdaq - Monster Digital announced that on December 11, 2017, it was notified by The NASDAQ Stock Market LLC that the Nasdaq Hearings Panel granted the company's request for continued listing on Nasdaq pursuant to an extension through January 3, 2018. The January 3rd date is the outside date for the closing of the company's proposed reverse merger with Innovate Biopharmaceuticals, Inc. The panel's granting of the company's request for continued listing was subject to the condition that on or before January 3, 2018, the company must inform the Panel that it has received approval of the combined company's initial listing application from Listing Qualifications Staff and closed the reverse merger with Innovate. The Panel's determination follows an in-person hearing before the Panel attended by representatives of each of Monster Digital and Innovate. At the hearing, the Panel considered whether to allow Monster Digital as a non-compliant company to remain listed while it works toward the reverse merger. The Panel determined that based on the pro-forma balance sheet and representations of the company and Innovate regarding the status of capital raising efforts, it appeared that the post-merger entity will meet the quantitative requirements for listing on the Nasdaq Capital Market by the time it closes the transaction.

16:07 EDT Manning & Napier reports preliminary AUM $25.6B as of November 30 - Manning & Napier reported preliminary assets under management, or AUM, as of November 30 of $25.6B compared with $26.4B at October 31 and $26.5B at September 30. AUM by investment vehicle and by portfolio are set forth in the table below.

16:05 EDT AGNC announces estimated tangible net book value of $19.50 at November 30 - AGNC Investment announced its estimated tangible net book value of $19.50 per common share as of November 30. The estimate of tangible net book value includes deductions for the Company's November 2017 dividend of 18c per common share, which was declared on November 14 with a November 30 record date. The Company's estimated tangible net book value of $19.50 per common share excludes intangible assets recognized by the Company in connection with the acquisition of AGNC Mortgage Management and the internalization of the Company's management on July 1, 2016.

16:03 EDT NuVasive to acquire SafePassage, terms not disclosed - NuVasive and SafePassage, a privately-held provider of intraoperative neurophysiological monitoring services, announced that they have entered into a definitive agreement under which NuVasive will acquire SafePassage. Terms of the deal were not disclosed. NuVasive expects the transaction to be accretive to the company's non-GAAP earnings per share in 2018 and beyond. NuVasive also expects the transaction to support its longer-term targets for revenue growth and expansion of its non-GAAP operating and EBITDA margins. Additionally, the transaction is expected to meet the company's goals for return on invested capital for tuck-in acquisitions in three years, consistent with the company's previously stated acquisition criteria. The transaction is expected to close in January 2018, subject to customary closing conditions.

15:54 EDT Aetna to waive copays for Narcan for commercial members - Aetna (AET) announced it will be the first national payer to waive copays for Narcan, which delivers one dose of the opioid overdose reversing medicine naloxone through the nose of a person overdosing on opioids, for its fully-insured commercial members. In addition, Aetna will limit the quantity of opioids prescribed for acute pain and post-surgery to a seven-day supply for its commercial pharmacy members. Both changes will be effective Jan. 1, 2018, the company stated earlier in a press release. Opiant Pharmaceuticals (OPNT) is a specialty pharmaceutical company developing pharmacological treatments for addictions whose first product, Narcan, is approved for marketing in the U.S. and Canada by the company's partner, Adapt Pharma Operations Limited. Reference Link

14:33 EDT Mall owners rise as consolidation expectations increase - Several mall owning REITS are on the rise, including Simon Property Group (SPG), Taubman Centers (TCO), and Tanger Factory Outlet Centers (SKT), as consolidation expectations increase following Unibail-Rodamco's announcement that it is acquiring Westfield for $15.7B. Over the weekend, Reuters had reported that Brookfield Property Partners (BPY) made a $23 per share cash and stock offer last month for the 66% of GGP (GGP) it does not already own. WESTFIELD SALE: Europe's largest real-estate investment trust Unibail-Rodamco announced that it had agreed to pay $15.7B for Australian developer Westfield, a figure that rises to $24.7B when debt is included, according to The Wall Street Journal. The deal would create a trans-Atlantic giant with the top shopping centers in New York, San Francisco and Los Angeles as well as London, Paris and Madrid, the report noted. GGP REJECTS BID: According to Reuters, U.S. mall owner GGP has rejected a $14.8B offer from the company's biggest shareholder, Brookfield Property. The latter made a $23 per share cash and stock offer last month for the 66% of GGP it does not already own, the publication noted. PRICE ACTION: In afternoon trading, shares of Simon Property Group and Tanger Factory have gained about 3% to $166.94 and $25.75, respectively, while Taubman Centers' stock has jumped almost 7% to $62.76 and GGP has gained about 2% to $23.80.

13:24 EDT Provectus charged by SEC with failing to properly disclose perks for executives - The Securities and Exchange Commission charged a biopharmaceutical company with committing a series of accounting controls and disclosure violations, including the failure to properly report as compensation millions of dollars in perks provided to its then-CEO and then-CFO. According to the SEC, Tennessee-based Provectus lacked sufficient controls surrounding the reporting and disclosure of travel and entertainment expenses submitted by its executives. The order further finds that Provectus' former CEO, Dr. H. Craig Dees, obtained millions of dollars from the company using limited, fabricated, or non-existent expense documentation, and that these unauthorized perks and benefits were not disclosed to investors. Provectus' former CFO, Peter R. Culpepper, also allegedly obtained $199,194 in unauthorized and undisclosed perks and benefits. Provectus and Culpepper consented to separate orders, without admitting or denying the SEC's findings. They each agreed to cease-and-desist orders, and Culpepper agreed to pay $152,376 in disgorgement and interest, a civil penalty, and to be suspended from appearing and practicing before the SEC as an accountant, which includes not participating in the financial reporting or audits of public companies.

13:03 EDT Eli Lilly Canada announces approval of Entuzity KwikPen - Eli Lilly Canada announced the Health Canada approval and availability of Entuzity KwikPen for the treatment of adults and children with diabetes requiring insulin. Entuzity is intended for insulin-resistant patients with diabetes requiring daily doses of more than 200 units, as it allows a large dose to be administered subcutaneously in a smaller volume

12:45 EDT Senator Paul tweets opposition to bills that add to deficit - Senator Rand Paul just tweeted, "I cannot in good conscience vote to add more to the already massive $20 trillion debt. I promised Kentucky to vote against reckless, deficit spending and I will do just that." In the video attached to the tweet, Paul seems to be referring to the budget vote and not the Republican tax bill. Reference Link

12:03 EDT Box launches Box Transform consulting service - Box introduced Box Transform, a new service from Box Consulting, its advanced professional services team. Box Transform is "a white-glove program that offers customers a dedicated, long-term Box consultant to drive implementation of advanced cloud content management use cases, embed in and help reimagine critical customer business processes, and integrate Box with other key digital transformation initiatives across their organization."

11:57 EDT Stifel Nicolaus reports 6.94% passive stake in Astec

11:32 EDT Citi says buy HCA, Tenet on expected 'bounce' in patient volumes - As he takes a more constructive view of the hospital space, Citi analyst Ralph Giacobbe upgraded HCA Healthcare (HCA), Tenet (THC) and Universal Health (UNH) to Buy as he expects some "bounce" in volume in 2018. The analyst also added HCA Healthcare to his firm's Focus List, while removing Aetna (AET). 'BOUNCE' IN VOLUME: In a research note to investors, Citi's Giacobbe pointed out that after a "fairly cautious" view over the last two years, he was taking a more constructive view of the hospital space, citing the expectation of some "bounce" in volume in 2018 after recent rollover that he attributes largely to a rebase after a bloated reform period. While acknowledging the existence of structural pressures, he argued that a better volume backdrop in 2018 coupled with lower buyside expectation, depressed sentiment, discounted valuation, and favorable "external" factors - like tax reform and a lower Amazon (AMZN) risk than other sectors - sets up an attractive upside scenario. BUY HCA HEALTHCARE: Citi's Giacobbe upgraded HCA Healthcare to Buy from Neutral and raised his price target on the shares to $101 from $81, while adding the stock to his firm's Focus List. The analyst cited some bounce back in utilization next year after a soft 2017, and pointed out that the company has seen more stable inpatient trends but disproportionally greater outpatient pressures, which he attributes largely to a reform rebase. The combination of potential uplift in volume, recent M&A activity, and continued capital spending should support some level of growth, he contended, adding however that consensus forecasts may be high. Giacobbe sees the reset of lower/more achievable growth projections by management as a catalyst for the stock and cash flow and capital deployment flexibility that differentiates the story. BUY TENET: Citi's Giacobbe also upgraded Tenet Healthcare to Buy from Neutral and raised his price target on the shares to $19 from $15 on the back of his industry call for some bounce in volume in 2018. Further, the analyst told investors he is hopeful Tenet's divestiture plans and cost savings initiative are additional levers that should support and help improve its EBITDA. BUY UNIVERSAL HEALTH: Additionally, Citi's Giacobbe upgraded Universal Health Services to Buy from Neutral and raised his price target on the shares to $132 from $114. While he acknowledged that his broader call for some bounce in volume next year is somewhat less impactful to Universal Health Services given that its business mix is more skewed toward behavioral health, the analyst still sees it benefiting, or in the least helping to sustain, acute care growth while being hopeful of a behavioral turn in 2018. Moreover, with valuation in-line with the hospitals, Giacobbe told investors he sees a correction and greater multiple expansion as behavioral improves given the favorable structural industry backdrop. AETNA REMOVED FROM FOCUS LIST: Lastly, Citi's Giacobbe removed Aetna from his firm's Focus List citing the pending takeover by CVS Health (CVS). Despite seeing no near-term catalysts, the analyst reiterated a Buy rating on the shares. PRICE ACTION: In late morning trading, shares of HCA Healthcare and Universal Health Services have gained almost 2% to $86.53 and $112.81, respectively, while Tenet's stock jumped over 8% to $14.87.

10:53 EDT FDA approves expanded use of GlaxoSmithKline's Nucala - The FDA expanded the approved use of GlaxoSmithKline's Nucala to treat adult patients with eosinophilic granulomatosis with polyangiitis, a rare autoimmune disease that causes vasculitis, an inflammation in the wall of blood vessels of the body. This new indication provides the first FDA-approved therapy specifically to treat EGPA. Nucala was previously approved in 2015 to treat patients age 12 years and older with a specific subgroup of asthma .

10:46 EDT Overstock rises after Morgan Stanley discloses stake ahead of crypto launch - Shares of Overstock (OSTK) are rising after Morgan Stanley (MS) disclosed that it had bought an 11.4% stake in the online retailer just days before Overstock's cryptocurrency trading goes live. MORGAN STANLEY BUYS OVERSTOCK STAKE: Morgan Stanley reported in a regulatory filing on Friday that it had purchased an 11.4% stake in Overstock, which is launching cryptocurrency trading with its tZERO subsidiary on December 18, The New York Post reported. The move comes as Wall Street banks review options to enter into the cryptocurrency space and amid Overstock developing new uses for bitcoin technology. Overstock, which has accepted bitcoin (BTC) as payment since 2014, recently began to hold 50% of bitcoins used in transactions. TZERO LAUNCH: tZERO said on November 16 that the company's token sale, utilizing a simple agreement for future tokens will begin on December 18. The company confirmed that tokens will provide investors with token characteristics including revenue participation in the form of a distribution to be a percentage of tZERO's revenue and utility to pay for fees and services within the tZERO ecosystem. SHORT INTEREST: Short interest in Overstock.com increased to 40.9% of the shares available to trade on November 30 from 32.4% on November 15, according to the Nasdaq Stock Exchange. A total of 7.32M shorted shares were sold as of November 30, equivalent to 2.2 days of average trading volume, which compared to 5.8M shorted shares, or 1.7 days of average volume as of the November 15. REVIEW OF STRATEGIC ALTERNATIVES: Overstock disclosed on its November 9 earnings conference call that it engaged Guggenheim to review its strategic alternatives. The company added that it is considering a number of options, including combining with a brick-and-mortar company or recapitalizing. Overstock CEO Patrick Byrne later wrote, "I have indicated for about 18 months -- and loud-and-clear in the last earnings call -- that I hear the Gods of Economics whispering that the best model is a brick-and-click model, and that around the end of 2017 I would be working on exploring such a hybridization, which could take various forms. RECENT ANALYST COMMENTARY: On December 1, DA Davidson analyst Tom Forte kept his Buy rating and $85 price target on Overstock.com, which he said includes a $58 valuation for the home e-commerce business based on the price that QVC (QVCA) paid for Zulily in 2015, and $27 for the Medici Ventures subsidiary. The analyst said that much like the "strategic" QVC acquisition, the purchase of Overstock.com e-commerce business could provide a lot of value to larger firms like T.J. Maxx (TJX) or Costco (COST). Forte also previously raised his price target in October following the company's announcement to move forward with plans for an initial coin offering. SHORT-SELLER GOES LONG: Short-seller Marc Cohodes started to buy shares of Overstock in May and in June added to the stake, which he described as "not small," Bloomberg reported in October. Cohodes, who believes the stock is "ridiculously cheap," said the company's online retail business is undervalued and its blockchain unit may bring in large stock gains. Cohodes cited the potential of Overstock's tZERO 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 $700M market cap. The stock will go apoplectic." PRICE ACTION: Overstock rose nearly 4%, or $2.15, to 57.20 in morning trading.

10:34 EDT Tesla jumps as PepsiCo makes biggest public pre-order of Semi trucks - Shares of Tesla (TSLA) climbed in morning trading following a report that indicated PepsiCo (PEP) has reserved 100 of its new Semi trucks, marking the largest pre-order of the vehicles to date. SEMI TRUCK PRE-ORDER: According to a Reuters report this morning, PepsiCo has reserved 100 of Tesla's Semi trucks, marking the biggest public pre-order of the electric vehicles. Mike O'Connell, the senior director of North American supply chain for PepsiCo subsidiary Frito-Lay, said that the company plans to deploy the Semis for shipments of snack foods and beverages between manufacturing and distribution facilities and direct to retailers within the 500 mile range promised by Tesla Chief Executive Officer Elon Musk. The Semis will complement PepsiCo's U.S. fleet of almost 10,000 big rigs, and O'Connell noted that they will be a key part of the company's plan to reduce greenhouse gas emissions across its supply chain by at least 20% by 2030. WHAT'S NOTABLE: Tesla has been seeking to convince the trucking industry that it can build an affordable electric truck with a range to compete with lower-cost diesel trucks. Early orders reflect uncertainty over how the market for electric commercial vehicles may develop, with the industry and analysts watching closely to see how Tesla addresses hurdles like per-mile cost and maintenance issues. Each Semi truck reservation requires a $20,000 deposit, an increase from the original deposit price of $5,000 per truck. PepsiCo's pre-order adds to similar pre-orders by Walmart (WMT), Deutsche Post's (DPSGY) DHL and Canadian fleet management company Fortigo Freight Services, J.B. Hunt (JBHT) and Anheuser-Busch (BUD). Additionally, a few other companies in Canada and the U.S. have also confirmed orders for the Tesla Semi, Elektrek said in November. Walmart said last month that "We have a long history of testing new technology - including alternative-fuel trucks - and we are excited to be among the first to pilot this new heavy-duty electric vehicle. We believe we can learn how this technology performs within our supply chain, as well as how it could help us meet some of our long-term sustainability goals, such as lowering emissions." PRICE ACTION: Tesla is up nearly 3% in morning trading to $337.90.

10:24 EDT Petrofac announces award of lump-sum contract worth $800M by BP - Petrofac (POFCY) announced it has been awarded a lump-sum contract worth approximately $800M by BP (BP) for the Phase 2 central processing facility at the Khazzan Phase 2 gas development in the Sultanate of Oman. This follows the $1.4B Phase 1 CPF Khazzan project, awarded to Petrofac in February 2014, which celebrated first gas on September 22 this year. The project comprises the addition of a third gas train with a capacity for nominally handling 500 million standard cubic feet of gas per day, which will help drive increased total production capacity from the CPF to 1,500 mmscfd. The Engineering, Procurement, Construction and Commissioning scope of work also includes liquid and compression trains and associated infrastructure, as well as brownfield work associated with connecting the Phase 1 and 2 facilities. BP Oman is lead partner in the Khazzan project with a 60% interest. Oman Oil Company Exploration & Production holds 40%.

10:04 EDT Facebook to move to local selling structure - Facebook CFO Dave Wehner posted the following notice to the company's newsroom: "Today we are announcing that Facebook has decided to move to a local selling structure in countries where we have an office to support sales to local advertisers. In simple terms, this means that advertising revenue supported by our local teams will no longer be recorded by our international headquarters in Dublin, but will instead be recorded by our local company in that country. We believe that moving to a local selling structure will provide more transparency to governments and policy makers around the world who have called for greater visibility over the revenue associated with locally supported sales in their countries. It is our expectation that we will make this change in countries where we have a local office supporting advertisers in that country. That said, each country is unique, and we want to make sure we get this change right. This is a large undertaking that will require significant resources to implement around the world. We will roll out new systems and invoicing as quickly as possible to ensure a seamless transition to our new structure. We plan to implement this change throughout 2018, with the goal of completing all offices by the first half of 2019."

09:37 EDT Southeastern takes 6.7% passive stake in CenturyLink - Southeastern Asset Management disclosed this morning a stake of 6.7% in CenturyLink, which represents over 71.6M shares. The filing does not allow for activism. The stock in early trading is up 1% to $16.03.

09:26 EDT Asgard to sell VirnetX's Gabriel Collaboration Suite - Asgard Managed Services and VirnetX Holding announced that they have entered into a non-exclusive managed service provider agreement for Asgard to sell VirnetX's Gabriel Collaboration Suite as well as VirnetX's Secure Domain Name technology to its active and growing customer base of nationwide users.

09:25 EDT Neuberger Berman urges changes at Nuance in letter to board - Neuberger Berman, which, along with affiliates collectively own approximately 1.6% of the outstanding stock of Nuance Communications, announced that it has delivered an open letter to the Nuance board today. Neuberger said that following "many months of private engagement" with Nuance, it has not received "satisfactory responses" to any of its concerns. "At this point Neuberger Berman believes that it can only fulfill its stewardship responsibilities by making our engagement with the company public," the fund said. Its letter stated in part, "Given that Nuance's stock price has lagged behind any measurable peer group or relevant benchmark over the last 10 years and that Nuance trades at a lower price-to-earnings multiple than any relevant peer, Mr. Ricci's continued active involvement in any role will be a negative outcome for shareholders. We believe Nuance will be best served by an immediate severing of its relationship with Mr. Ricci. To ensure independence of the succession process, we urge the Board to immediately appoint either Bob Finocchio or Mark Laret, the only two directors who have served for less than 12 years, as Interim Independent Chairman, and to appoint Bob Finocchio as Chair of the Governance Committee, replacing Katherine Martin. Ms. Martin should also immediately recuse herself from any CEO succession discussion - she should not be considered independent as she has served on the Board for 19 years, and is classified by ISS as an affiliated outsider because her firm received more than $4mm in fees from Nuance in 2016. A third of shareholders have also expressed reservations about Ms. Martin by withholding support for her candidacy at the last annual meeting. "

09:19 EDT Icahn goes to Xerox shareholders in push for board changes - Carl Icahn, in an open letter released this morning to Xerox shareholders, said, "Yesterday, Xerox released a statement that paints a rosy picture of what is in reality a bleak situation that I fear could turn out like that of Eastman Kodak, where Xerox Chairman Bob Keegan worked for over 25 years and Xerox CEO Jeff Jacobson also served as a senior executive. There is much to unpack and debunk in Xerox's statement, and I look forward to doing just that in the coming weeks and months. But there is one outrageous claim that needs to be addressed immediately - the claim that shareholders have recognized Xerox's progress, which is why the stock is up 30% year-to-date. To be clear, the primary reason Xerox stock is up 30% year-to-date is the Conduent spin-off that I spent over a year fighting for...If the long-tenured directors at Xerox continue to refuse to acknowledge that change is needed, then we believe it is mandatory for shareholders to speak up and demand that further new blood be introduced into the boardroom. We have shown time and time again that replacing an ineffective CEO can lead to billions and billions of dollars of value creation for ALL shareholders. To name just a few examples over the last few years, simply look at eBay, Forest Laboratories, Hologic and Manitowoc. We are hopeful that a change in senior leadership will lead to similar value creation at Xerox. The long-tenured members of the board seem to have their heads in the sand just like at Eastman Kodak. There is still time for change - but very little time. Stay tuned for more." Reference Link

09:18 EDT NXP Semiconductors, Alibaba Cloud announce strategic partnership - NXP Semiconductors (NXPI) announced a strategic partnership with Alibaba Cloud, the cloud computing and business unit of Alibaba Group (BABA). The two companies are working together to enable development of secure smart devices for edge computing applications and have plans to further develop solutions for the Internet of Things. As part of the partnership, AliOS Things, the Alibaba IoT operating system has been integrated onto NXP applications processors, microcontroller chips, and Layerscape multicore processors. Both NXP's i.MX and Layerscape processors are currently the only embedded systems on the market using the Alibaba Cloud TEE OS platform. The new solution benefits various markets including automotive, smart retail and smart home. And it is currently being applied in applications such as automotive entertainment and infotainment systems, QR code payment scanning applications and smart home speakers.

09:13 EDT MoviePass, Fandor partner with Costco on movie subscription plan - MoviePass, the movie-theater subscription service that is a majority-owned subsidiary of Helios and Matheson Analytics (HMNY), and Fandor, a streaming service, announced that both companies are partnering with Costco (COST) to offer a one-year subscription plan for a flat fee of $89.99. The package deal for both services is available exclusively to Costco members and covers a year of membership for both MoviePass and Fandor. The offer will only be available online at Costco.com for one week, from December 12 to December 18. Those who sign up for the one year subscriptions will receive digital codes providing instant access to Fandor's library of over 5,000 films, as well as a year's worth of in-theater experiences through MoviePass. "Since the rollout of the $9.95 per month plan, MoviePass' subscriber base has grown to over 600,000 subscribers, delivering on its promise to bring back the joy of the theater-going experience while increasing movie theater attendance across the country," MoviePass noted in the press release announcing the Costco partnership.

09:11 EDT Principal Financial expects to deploy $900M-$1.3B of capital in 2018 - Principal Financial Group announced certain business unit outlook metrics and an update on capital deployment plans for 2018. These metrics provide greater clarity around the key drivers of earnings growth for each of the business units. Below are the 2018 outlook metrics for each business: Retirement & Income Solutions - Fee: Net revenue growth of 2%-5%, Pre-tax return on net revenue of 30%-34%. Retirement & Income Solutions - Spread: Net revenue growth of 5%-10%, Pre-tax return on net revenue of 60% -65%. Principal Global Investors: Operating revenues less pass-through commissions growth of 4%-8%, Pre-tax return on operating revenues less pass-through commission of 34%-38%. Principal International: Combined net revenue growth of 11%-14%, Combined pre-tax return on net revenue of 38%-42%. Specialty Benefits:Premium and fees growth of 7%-9%, Pre-tax return on premium and fees of 10%-13% and Loss ratio of 62%-68%. Individual Life: Premium and fees growth of 3%-6%, pre-tax return on premium and fees of 14%-18%. Corporate:pre-tax operating losses of $190M-$210M.

09:11 EDT MoviePass, Fandor partner with Costco on movie subscription plan

09:07 EDT Acxiom and RedPoint expand partnership - RedPoint Global announced an expanded partnership with Acxiom. As part of this relationship, RedPoint customers now have access to a continuous flow of leading 3rd party audience enhancement data, AbiliTec a proprietary identity resolution solution that creates accurate identifiers for individual customers, and leading Data Quality hygiene services. The partnership empowers marketers with the deepest customer understanding to create more dynamic audience insight and personalized engagement. In turn, consumers will benefit from a more relevant relationship with the brands they love.

09:06 EDT Avis Budget and Continental team up to enable KaaS technology - Avis Budget Group and Continental have teamed up to offer travelers in the Kansas City area a chance to be the first to test the future of car rental. Under the exclusive agreement, selected vehicles in the Avis Car Rental fleet are enabled with Continental's Key-as-a-Service, or KaaS, technology that empowers Avis customers to use the Avis mobile app to lock/unlock the car and start the engine.

09:05 EDT Marchex announces special 50c cash dividend for common stock - Marchex announced that the company's Board of Directors has declared a special cash dividend in the amount of 50c per share on its common stock. Marchex will pay this dividend on March 21, 2018 to the holders of record as of the close of business on March 8, 2018. Marchex is continuing its strategic review and as part of this review believes there may be opportunities, including potential acquisitions, to create strategic, financial and/or operational advantages and, over time, additional levers for growth, profitability, and diversification.

09:04 EDT Kroger teams up with Chase Pay to offer mobile payments - The Kroger is teaming up with Chase Pay to offer mobile payments starting with select retail markets and e-commerce programs in 2018. Kroger's payment solutions are a part of the company's Restock Kroger Plan, the strategy to create shareholder value by redefining how America eats. One of the key strategic drivers is to expand partnerships to create customer value, which includes Kroger forming alliances to accelerate digital and e-commerce platforms. Through the partnership, Chase's 65 million customers will have an opportunity to use Chase Pay at Kroger for online and in-lane purchases.

09:02 EDT Ally Financial appoints Jenn LaClair as CFO designate - Ally Financial announced that Jenn LaClair will be joining the company as CFO designate, effective December 18 with the intent that she be appointed to succeed Ally's CFO, Chris Halmy. Halmy will retire as CFO after eight years of dedicated service with Ally, effective March 1, 2018. LaClair will report to Ally's CEO, Jeffrey Brown, and be based in Charlotte, N.C. LaClair joins Ally from PNC Financial Services Group where she spent ten years in business and finance roles. Most recently, she served as the head of the business bank and was charged with setting strategy, driving performance and managing risk. Prior to that, she served as chief financial officer for all of PNC's lines of business. Earlier, she consulted with McKinsey and Company where she focused on strategy, efficiency improvement and operational transformations.

09:00 EDT Dextera Surgical trading resumes

08:46 EDT Rolls-Royce launches R2 Data Labs to accelerate data innovation - Rolls-Royce has launched R2 Data Labs, to act as an acceleration hub for data innovation. The new organization, which brings together expertise from across the business, builds on 30 years of data-led services and business model innovation. Using advanced data analytics, industrial Artificial Intelligence and machine learning techniques, R2 Data Labs develops data applications that unlock design, manufacturing and operational efficiencies within Rolls-Royce, and creates new service propositions for customers. The launch of R2 Data Labs follows the recently announced partnership with Tata Consultancy Services, giving Rolls-Royce a new digital platform capability. R2 Data Labs has data innovation capability hubs in the United Kingdom, United States, Germany, Singapore, India and New Zealand.

08:35 EDT Tel-Instrument announces over $1M in new orders - Tel-Instrument Electronics announced it received over $1M in orders from four customers, including $543,000 of international Mode 5 orders and $442,000 in orders from a commercial distributor, primarily for a major U.S. airline. In commenting on the results, Jeffrey O'Hara, president and CEO of Tel, stated, "We have seen a solid pick-up in orders from both our domestic and international customers this quarter with sales being made to several of our key international Mode 5 markets. Orders for our new T-47/M5 product continue to increase and we will begin shipping this product to customers later this month. The T-47/M5 is a key product for the company as it can also be sold as a Mode 5 upgrade KIT for the thousands of Mode 4 test sets already in the field. The company continues to pursue international opportunities with its "Drive to Mode 5" marketing campaign. Rebuilding our sales backlog is critical, and we expect to see this sales momentum continue in calendar year 2018 as we approach the January 1, 2020 mandate for Mode 5 inter-operability with our foreign allies."

08:33 EDT Rockwell Medical signs license agreement with Quimica Europea - Rockwell Medica announced that it has signed an exclusive license and manufacturing supply agreement with privately held Quimica Europea for the rights to commercialize Rockwell's Triferic for End-Stage-Renal-Disease patients in Peru. Rockwell's Triferic is the only FDA approved therapy to replace iron and maintain hemoglobin in hemodialysis patients suffering from anemia. Under the terms of the agreement, Quimica Europea will become the exclusive distributor for Triferic in Peru for an initial commercial term of five years, with an extended term of five additional years based on the achievement of annual minimum purchase requirements. In addition to the assumption of all expenses related to the sales and marketing of Triferic in Peru, Quimica Europea will assume all regulatory responsibilities and related expenses in obtaining government commercial marketing approval for Triferic. Rockwell retains manufacturing responsibility of all products. Quimica Europea is required to achieve annual minimum purchase requirements to retain exclusive commercialization rights."

08:32 EDT Chico's, CashStar partner for digital gifting e-commerce - CashStar announced that Chico's FAS has launched an enhanced consumer gift card e-commerce program powered by CashStar Consumer. Chico's FAS sought a strategic partner that could not only help the company expand the gift card segment of its business, but also help them meet consumer expectations as digital technology evolves. With CashStar as a partner, Chico's FAS now provides its customers with a real-time digital gifting experience that includes personalization.

08:32 EDT Aduro Biotech trading resumes

08:26 EDT Dextera Surgical trading halted, news pending

08:22 EDT Palihapitiya talks of shorts in artificial intelligence space - Chamath Palihapitiya of Social Capital says on CNBC that artificial intelligence will never be a single vendor environment in three-to-four years. He talks about Nvidia in regards to short ideas in the space.

08:16 EDT Wesco Financial to acquire Acton Mobile for $235M - WillScot announced that it has entered into a definitive agreement whereby Williams Scotsman International will acquire the entity that owns Acton Mobile, from Prophet Equity for a cash purchase price of $235M, subject to customary adjustments. As a result of the acquisition, Williams Scotsman will have nearly 100,000 modular space and portable storage units serving approximately 35,000 customers from over 100 locations across the United States, Canada and Mexico. Williams Scotsman expects to expand the breadth and depth of its Ready to Work services to existing and incremental customers and markets as a result of the transaction. The acquisition is also expected to generate significant cost savings through operational efficiencies and sourcing initiatives. The transaction, which Williams Scotsman will fund with cash on hand and borrowings under its revolving credit agreement, is expected to close in December 2017.

08:08 EDT Aduro Biotech provides update on CRS-207 programs - Aduro Biotech provided an update on its clinical development programs for CRS-207, a first-generation proprietary attenuated strain of Listeria that has been engineered to express the tumor-associated antigen mesothelin. Based on preliminary results from its mesothelioma and ovarian studies, as well as a business and commercial assessment, the company has determined that it will not continue advancement of CRS-207 and will wind down each of its trials in mesothelioma, ovarian and gastric cancer. Aduro will be working closely with investigators to proceed in a manner that is aligned with the best interests of patients still being treated on these studies.

08:06 EDT Alaska Communications, IBEW Local 1547 reach new collective bargaining agreement - Alaska Communications and the International Brotherhood of Electrical Workers 1547 reached agreement on the terms of a new collective bargaining agreement, which was ratified Dec. 8 and is effective through Dec. 31, 2023. The agreement covers all of Alaska Communications' represented workforce, or about 320 employees in the state of Alaska. Alaska Communications President and CEO Anand Vadapalli praised both parties for working toward an agreement.

08:04 EDT Lianluo Smart Limited Chairman to purchase up to $6M in Class A common shares - Lianluo Smart Limited announced that Chairman of the Board of Directors, Zhitao He, has notified the company that he intends to purchase up to $6M in Lianluo Smart's Class A Common Shares from time to time within the next twelve months, subject to market conditions. Shares may be purchased in transactions conducted through a broker or dealer in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.

08:03 EDT Zoetis launches Vanguard CIV H3N2/H3N8 vaccines for canine influenza - Zoetis announced the launch of Vanguard CIV H3N2/H3N8, the latest vaccine in the company's canine influenza virus portfolio. The new bivalent vaccine helps protect dogs against two strains of the virus known to be circulating in the U.S., CIV H3N2 and CIV H3N8. CIV is a severe and highly contagious respiratory infection that has caused many serious disease outbreaks in 38 states across the country. The United States Department of Agriculture granted Zoetis a license for this vaccine in June. In a key efficacy study, dogs receiving the Vanguard CIV H3N2/H3N8 vaccine were protected from disease after CIV H3N2 exposure and also appeared to have a reduced number of days that dogs were capable of spreading CIV H3N2 virus. The safety of the Vanguard CIV H3N2/H3N8 vaccine was demonstrated in a field study involving both client-owned dogs and dogs from commercial breeding facilities, where no significant adverse events were observed after vaccination.

08:02 EDT Correvio enters into agreement with ZAO Firma Euroservice for Aggrastat - Cardiome Pharma announced that its affiliate Correvio has entered into an exclusive license and distribution agreement with ZAO Firma Euroservice that will advance Aggrastat, or tirofiban hydrochloride, toward commercialization in Russia. Aggrastat is indicated for the reduction of thrombotic cardiovascular events in patients with acute coronary syndrome, or ACS, and is currently marketed in over 60 countries worldwide. Under the terms of the license agreement, ZAO will be responsible for obtaining regulatory approvals for Aggrastat from Russia's Ministry of Health, then executing the commercial launch and subsequent sale and marketing of Aggrastat in the territory. Under the agreement, Cardiome and ZAO have agreed to certain minimum annual purchase requirements. Additional terms of the agreement were not disclosed.

08:01 EDT Trinity Industries announces intention to spin off infrastructure-related units - Trinity Industries announced that its Board of Directors has unanimously approved a plan to pursue a spin-off of the company's infrastructure-related businesses to Trinity shareholders. The separation is planned as a tax-free spin-off transaction to the company's shareholders for U.S. federal income tax purposes and is expected to be completed in the second half of 2018. The transaction is expected to result in two separate public companies that will benefit from leading positions in their respective industries, strong free cash flow generation, and compelling growth opportunities. Following the transaction, each company will have distinct corporate strategies and capital allocation priorities: Trinity's portfolio of businesses will be comprised primarily of Trinity's industry-leading rail-related businesses which are marketed under the trade name TrinityRail. TrinityRail's integrated business model consisting of rail manufacturing, leasing, and services provides customers with a comprehensive offering of rail transportation solutions, products, and services. TrinityRail's financial profile is expected to generate stable cash flows and earnings growth opportunities throughout the manufacturing cycle, giving the company an ability to pursue an optimized capital structure, efficiently allocate capital, and effectively leverage its multiple rail platforms. The new infrastructure company will be a growth-oriented company that is focused on infrastructure-related products and services. Trinity's infrastructure businesses have leading positions in construction, energy, and marine markets throughout North America and are also positioned to grow free cash flows. The new infrastructure company will have the balance sheet strength and capital allocation flexibility to pursue growth through acquisitions and to capitalize on the large and growing market opportunity in North American infrastructure spending. The separation process will include a thorough review of the necessary Board membership, executive leadership, and management teams in order to provide the optimal management structure for each business. Specific details about Board members, executive leadership, and management teams will be made available in due course. The spin-off will be subject to finalization of the entity structure of the spun-off business, assurance that the separation will be tax-free to the company's shareholders for U.S. federal income tax purposes, finalization of the capital structure of the two companies, the effectiveness of appropriate filings with the Securities and Exchange Commission, final approval from the company's Board of Directors, and other customary conditions. The company may, at any time and for any reason until the proposed transaction is complete, abandon the separation or modify or change its terms, including the individual businesses and components of each of the two companies. The separation is expected to be completed in the second half of 2018, but there can be no assurance regarding the ultimate timing of the separation or that the separation will ultimately occur.

08:00 EDT Aduro Biotech trading halted, news dissemination

07:51 EDT Nova Lifestyle announces $5M share repurchase program - Nova LifeStyle announced that its board has approved a 10b-18 share buyback program to purchase up to $5M of the company's common stock in transactions conducted through a broker or dealer in compliance with Rule 10b-18 promulgated under the Exchange Act. The duration of the program will be one year.

07:38 EDT Genentech says Venclexta, Rituxan reduces risk of disease progression or death - Genentech, a member of the Roche Group (RHHBY), announced the first results from the pivotal Phase III MURANO study evaluating Venclexta plus Rituxan compared to bendamustine plus Rituxan for the treatment of people with relapsed or refractory chronic lymphocytic leukemia. The results showed that a fixed duration of treatment with Venclexta plus Rituxan significantly reduced the risk of disease progression or death by 83% compared with BR. No new safety signals were observed. Venclexta is being developed by AbbVie (ABBV) and Genentech, a member of the Roche Group. It is jointly commercialized by the companies in the United States and commercialized by AbbVie outside of the United States. Data from the MURANO study will be submitted to global health authorities, including the U.S. Food and Drug Administration, which has granted Breakthrough Therapy Designation for Venclexta in combination with Rituxan for the treatment of relapsed or refractory CLL based on promising results from the Phase Ib M13-365 study. Venclexta was granted accelerated approval by the FDA in April 2016 for the treatment of people with CLL with 17p deletion, as detected by an FDA approved test, who have received at least one prior therapy. The MURANO study is part of the company's commitment in the United States to convert the current accelerated approval of Venclexta to a full approval. MURANO is a Phase III open-label, international, multicenter, randomized study evaluating the efficacy and safety of Venclexta in combination with Rituxan compared to bendamustine in combination with Rituxan. All treatments were of fixed duration. The study included 389 patients with relapsed or refractory chronic lymphocytic leukemia who had been previously treated with at least one, but not more than three, lines of therapy. Patients were randomly assigned in a 1:1 ratio to receive either Venclexta plus Rituxan or BR. The primary endpoint of the study is investigator-assessed progression-free survival. Secondary endpoints include PFS assessed by independent review committee, overall response rate, complete response rate, overall survival, minimal residual disease status, duration of response, event-free survival and time to next CLL treatment.

07:33 EDT AbbVie: Phase 3 study of VENCLEXTA/ VENCLYXTO meets primary endpoint - AbbVie (ABBV) announced the first presentation of efficacy and safety results from MURANO, an international, multicenter, open-label, randomized Phase 3 study of VENCLEXTA/VENCLYXTO in combination with Rituxan compared with bendamustine in combination with Rituxan in patients with relapsed or refractory chronic lymphocytic leukemia. Investigator-assessed results showed that patients with R/R CLL achieved significantly prolonged median progression-free survival with VENCLEXTA/VENCLYXTO in combination with Rituxan [median PFS, not reached], compared with bendamustine in combination with Rituxan [median PFS, 17.0 months; hazard ratio, 0.17; 95% CI, 0.11-0.25; Pless than0.0001]. Twenty-four month PFS estimates were 84.9 percent and 36.3 percent, respectively. Independent Review Committee-assessed PFS showed similar results. Additionally, consistent improvement in PFS was observed across the patient subgroups assessed in the trial, including patients with 17p deletion [hazard ratio 0.14; 95% CI, 0.06-0.33]. VENCLEXTA/VENCLYXTO is being developed by AbbVie and Roche (RHHBY). It is jointly commercialized by AbbVie and Genentech, a member of the Roche Group, in the U.S. and by AbbVie outside of the U.S. At the time of the interim analysis, safety data were consistent with the known safety profiles of the medicines. "The data from the MURANO trial represents the next evolution in a potential treatment option for patients with relapsed/refractory CLL, an indication for which we received Breakthrough Therapy Designation," said Michael Severino, M.D., executive vice president, research and development, and chief scientific officer, AbbVie. "We are proud to present these findings at the ASH annual meeting and are working closely with regulatory authorities to bring this combination therapy to appropriate patients as soon as possible." The data also serves as the Phase 3 confirmatory study requested by the U.S. FDA when VENCLEXTA was granted accelerated approval on April 11, 2016. Health authority regulatory submissions of VENCLEXTA/VENCLYXTO in combination with Rituxan are underway. "This primary analysis of the MURANO trial showed a significant improvement in PFS with VENCLEXTA/VENCLYXTO and Rituxan versus bendamustine and Rituxan, with consistent results in all patient subsets assessed," said John Seymour, M.D., Peter MacCallum Cancer Centre & Royal Melbourne Hospital in Australia and lead investigator of the MURANO trial. "Based on the efficacy and safety results of this trial, the VENCLEXTA/VENCLYXTO and Rituxan combination has the potential to offer a new chemotherapy-free regimen for patients with relapsed/refractory CLL. We continue to monitor safety and efficacy in trial patients to gain further data and information."

07:22 EDT JetBlue reports preliminary November traffic up 2.8%, capacity up 4.3% - JetBlue Airways Corporation reported its preliminary traffic results for November. Traffic in November increased 2.8% from November 2016, on a capacity increase of 4.3%. Load factor for November was 84.2%, a decrease of 1.2 points from November 2016. JetBlue's preliminary completion factor was 99.7% and its on-time performance was 86.5%.

07:12 EDT Fairmount Santrol to merge with Unimin in cash and stock deal - Fairmount Santrol and Unimin Corporation, a wholly owned subsidiary of SCR-Sibelco NV, announced that the boards of directors of both companies have approved a definitive agreement under which Fairmount and Unimin will combine in a tax-free, cash and stock transaction. The companies said: "The new company, which will list on the New York Stock Exchange, will combine the two organizations' strong product portfolios and asset footprints to create an industry-leading proppant and industrial materials solutions provider, serving both energy and industrial customers. The combined company is expected to have 45 million tons of annual sand and mineral processing capacity and 3.0 million tons of annual coating capacity. In addition, the combined company will operate a comprehensive logistics platform with a large-scale terminal network across North America, comprising 96 distribution terminals with 18 unit-train capable terminals, and access to all major railways serving major oil and gas basins." On a pro forma basis, the new company would have had revenue of approximately $2.0B and Adjusted EBITDA of approximately $400M, excluding expected synergies, for the 12 month period ended September 30, 2017. The industrial segment represents 45% of gross profit and the proppants segment represents 55%. The transaction is expected to generate significant shareholder value, including a $170M cash payment to Fairmount shareholders. In addition, it is expected to strengthen the companies' leadership positions in serving both the industrial and energy markets through a broader, more diverse product offering and logistics footprint. The combined company is targeting $150M of identified annual operational synergies, resulting in over $1B in value creation. Under the terms of the merger agreement, at the closing of the transaction, Fairmount shareholders, including equity award holders, will receive $170M in cash, or approximately 74c per share based on Fairmount's current diluted share count, and will own 35% of the combined company, with Sibelco owning the remaining 65%. The transaction is structured to be tax-free to Fairmount shareholders. Sibelco will maintain ownership of Unimin's high-purity quartz business, which mainly serves electronics manufacturers in Asia. In connection with the transaction, Unimin has secured fully committed financing from Barclays Bank PLC and BNP Paribas to refinance both companies' outstanding debt obligations and certain transaction expenses. The companies believe that the strong and diversified cash flow resulting from the combination will allow the combined company to pay down debt expeditiously. Concurrent with closing, the combined company intends to list its shares on the New York Stock Exchange, while Fairmount will be delisted from the New York Stock Exchange.

07:09 EDT Fairmount Santrol, Unimin to combine in tax-free, cash and stock transaction

07:07 EDT Omeros secures FDA approval of OMIDRIA for use in pediatric patients - Omeros Corporation announced that the U.S. Food and Drug Administration approved Omeros' supplemental new drug application following review of efficacy and safety data from a pediatric clinical trial, expanding the indication for OMIDRIA 1% / 0.3% to include use in pediatric patients. OMIDRIA, used during cataract surgery or intraocular lens replacement, prevents intraoperative miosis and reduces postoperative pain. FDA approved the sNDA for OMIDRIA under priority review. The successful clinical trial was conducted in 78 pediatric patients randomized to either OMIDRIA or phenylephrine administered intraoperatively. Together with the label expansion now including both pediatric and adult patients, FDA also granted OMIDRIA an additional six months of U.S. market exclusivity. Under section 505A of the Federal Food, Drug, and Cosmetic Act, this six-month extension of market exclusivity is attached to the term of the drug's patents listed in FDA's Orange Book.

07:05 EDT WestRock agrees to acquire Plymouth Packaging - WestRock announced that it has entered into agreements to acquire substantially all of the assets of Plymouth Packaging. Plymouth is a corrugated packaging company that derives approximately 70% of its sales from its "Box on Demand" systems and corrugated fanfold, and 30% from traditional corrugated box packaging. Plymouth's market-leading "Box on Demand" systems are located on the customer's site and use fanfold corrugated to produce custom, on-demand corrugated packaging that is accurately sized for any product type according to the customer's specifications. Fanfold corrugated is continuous corrugated board, folded periodically to form an accordion-like stack of corrugated material. Plymouth installs "Box on Demand" machines on its customers' sites under multi-year exclusive agreements for the fanfold corrugated supply. Approximately 40% of the "Box on Demand" systems' sales are to e-commerce customers, with the remaining customers serving building products, furniture and other markets. Plymouth currently supplies more than 100 customers with proprietary "Box on Demand" machines, manufactured by Panotec. As part of the transaction, WestRock will acquire Plymouth's equity interest in Panotec and Plymouth's exclusive right to distribute Panotec's equipment in the United States and Canada. The acquisition of Plymouth will further integrate the company's containerboard system. WestRock currently provides one-third of the nearly 60,000 tons of containerboard used by Plymouth annually, and intends to fully integrate these tons after the transaction closes. WestRock expects additional containerboard integration opportunities as the Company serves this growing on-demand packaging market.

07:03 EDT GlycoMimetics reports improvements in median OS in Phase 1/2 trial - GlycoMimetics announced updated data from the Phase 1/2 trial evaluating the safety, tolerability and efficacy of GMI-1271 in patients with relapsed/refractory acute myeloid leukemia and in older adults with newly diagnosed AML, including the following conclusions: For patients with R/R AML treated at the Phase 2 dose and for whom median follow up was 6.6 months: Clinical remission was 43%. Median overall survival was 9.4 months. This compares favorably to a median overall survival of up to 5.4 months reported for historical, matched controls treated with mitoxantrone, etoposide and cytarabine alone. Median duration of remission was 11.1 months. For older patients with newly diagnosed disease and for whom median follow up was 10.5 months: Clinical remission rate was 68%. Median overall survival was 15.8 months. This compares favorably to a historical median overall survival of approximately 12 months in matched controls treated with 7+3 chemotherapy alone. The data were presented yesterday during an oral scientific session at the 59th American Society of Hematology Annual Meeting and Expo in Atlanta.

07:02 EDT Quanta Services selected by NextBridge for Ontario East-West Tie Line Project - Quanta Services announced that it was selected by NextBridge Infrastructure through a competitive bid process to construct the Ontario East-West Tie Line Project in northern Ontario. Through its operating subsidiary, Valard Construction, Quanta will provide comprehensive construction services, including project management, material management, construction permitting and the installation of approximately 290 miles of double circuit 230 kilovolt transmission line connecting Hydro One's Wawa Transformer Station, Marathon Transformer Station and Lakehead Transformer Station. Quanta expects construction to begin in late 2018, with completion expected in late 2020.

07:01 EDT Alnylam completes submission of NDA for Patisiran for hATTR amyloidosis - Alnylam Pharmaceuticals (ALNY) announced the completion of the rolling submission of a New Drug Application to the U.S. FDA for patisiran, an investigational RNAi therapeutic targeting transthyretin for the treatment of adults with hereditary transthyretin-mediated amyloidosis. The rolling submission began on November 15, 2017 with the nonclinical and chemistry, manufacturing and controls components submitted, and now submission of the clinical data completes the filing. Alnylam has requested priority review for the application which, if granted, could result in a six-month review process. Patisiran previously received Fast Track and Breakthrough Therapy designations from the FDA, and recently received an expanded Orphan Drug Designation for ATTR amyloidosis. Patisiran also has been granted accelerated assessment by the European Medicines Agency. Alnylam, in collaboration with Sanofi Genzyme (SNY), intends to file a Marketing Authorization Application in the European Union around year-end. Sanofi Genzyme is currently preparing for regulatory filings for patisiran in Japan, Brazil and other countries, to begin in the first half of 2018. Pending regulatory approvals, Alnylam will commercialize patisiran in the U.S., Canada and Western Europe, with Sanofi Genzyme commercializing the product in the rest of the world, including certain Central and Eastern European countries of the European Union.

06:47 EDT Port of Antwerp renews Descartes Systems communications relationship - Descartes Systems announced that the Port of Antwerp has renewed its use of the Descartes Global Network for business-to-business electronic communication services to help accelerate the movement of goods across borders. The solution supports the exchange of electronic data and documents between port authorities, freight forwarders, shippers, ocean carriers, shipping agents, terminal operators, and other related companies and government agencies.

06:39 EDT Nice suite solutions to be deployed by JeffCom in Colorado - NICE announced that the Jefferson County Consolidated Communications Center Authority, or JeffCom, will be deploying the full suite of NICE Inform communications recording and incident intelligence solutions to ensure the highest levels of service and public safety for residents of Jefferson County, Colorado. The center, which will phase in during early 2018, merges eight regional Public Safety Answering Points into a single consolidated 9-1-1 center to better serve the citizens of Jefferson County.

06:34 EDT Clementia Pharmaceuticals initiates Phase 3 MOVE Trial for palovarotene - Clementia Pharmaceuticals announced the start of the MOVE Trial, its Phase 3 registration study evaluating the safety and efficacy of palovarotene for the treatment of patients with fibrodysplasia ossificans progressiva. Palovarotene, Clementia's lead product candidate, is a retinoic acid receptor gamma agonist being investigated as a treatment for patients with ultra-rare and debilitating bone diseases, including FOP and multiple osteochondromas, as well as other diseases.

06:34 EDT Atos proposes to acquire Gemaltofor total consideration of approx. EUR4.3B - Atos yesterday announced that it has made a formal proposal to acquire Gemalto by way of a public offer for all of Gemalto issued and outstanding shares. Atos invited Gemalto's Board of Directors to engage discussions and review collaboratively this potential transaction. On November 28, 2017, Atos has delivered an offer to the Board of Directors of Gemalto which is friendly, compelling, and which addresses the interests of all stakeholders. Since then, Atos has reiterated its friendly intentions. Considering increased risk that could impact Gemalto's shares, and for the purposes of market information, the Atos' Board of Directors has decided to make its proposal public while affirming its willingness to engage into discussions with the objective to come to a transaction recommended by the Gemalto's Board of Directors. Key terms of the Atos proposal: Intended all-cash offer of EUR46.0 per Gemalto share, representing a total consideration of approximately EUR4.3B. The proposed transaction will strengthen Gemalto's businesses and will create a leading Group in cybersecurity technologies and digital services to the benefit of all stakeholders going forward. The acquisition of Gemalto shares will be entirely financed with Atos' existing cash resources and fully committed external debt. Atos believes this proposal presents an opportunity for Gemalto's shareholders to realize extraordinary value for their shares in Gemalto. It provides them with a premium valuation and the opportunity to receive substantial and immediate cash consideration.

06:32 EDT Allergan to acquire Repros Therapeutics for 67c per share - Repros Therapeutics (RPRX) announced that it has entered into a definitive agreement under which Allergan (AGN), through a subsidiary, will acquire Repros for a cash payment of 67c per share. The company's Board of Directors has unanimously approved the transaction. Under the terms of the merger agreement, a subsidiary of Allergan will commence a cash tender offer to purchase all of the outstanding shares of Repros common stock for 67c per share. The closing of the tender offer is subject to customary closing conditions, including the tender of a majority of the outstanding shares of Repros common stock. The merger agreement contemplates that Allergan, through its subsidiary, will acquire any shares of Repros that are not tendered into the offer through a second-step merger, which will be completed as soon as practicable following the closing of the tender offer. Pending approvals, Repros anticipates the transaction will close during the first quarter of 2018.

06:26 EDT Zurich enters agreement to acquire ANZ's life insurance businesses in Australia - Zurich Insurance Group (ZURVY) yesterday announced that it has entered into an agreement to acquire 100% of ANZ's (ANZBY) life insurance businesses, OnePath Life, in Australia for A$2.85B, or $2.14B. Both parties expect the transaction, which is subject to regulatory approval, to be completed by the end of 2018. The transaction price comprises A$1B of upfront reinsurance commissions, expected to be paid subject to regulatory approval in May 2018 with the remaining balance paid on completion. The acquisition is expected to contribute to the Group's profitability from day one, generating strong cash flows which will support future dividend growth. The transaction will also increase the proportion of stable life protection-based earnings, reducing overall Group earnings volatility and increasing the proportion of life earnings remitted as cash back to the Group. In view of these earnings benefits, Zurich expects to raise its current BOPAT ROE target by 50 basis points by 2019. The transaction is also expected to increase the level of overall cash remittances over the 2017-2019 planning period by A$300M. As part of the transaction, Zurich will enter into a 20-year distribution agreement with ANZ in Australia to distribute life insurance products through bank channels. The acquisition is expected to be funded through a mixture of Zurich's internal cash resources and senior debt, and is expected to reduce Zurich's capital position only modestly.

06:08 EDT Autoliv concludes strategic review, prepares for spinoff of electronics segment - Autoliv announced that its Board of Directors has concluded its strategic review and decided to prepare for a spin-off of its Electronics business segment, creating a new, independent publicly traded company during the third quarter of 2018. The analyses conducted under the strategic review concluded that the assumptions made at the time of the initial announcement in September 2017 to separate the company hold true. Through the separation, additional value for shareholders and other stakeholders will be created by the ability to better address two distinct, growing markets with leading product offerings. The spin-off will be effected by a payment of a dividend of the common stock of the new Electronics company on a pro rata basis to the holders of common shares of Autoliv as of a yet to be determined record date. As part of the preparation for the spin-off, the Electronics business is expected to receive a cash injection from Autoliv, with the underlying objective of Autoliv to remain strong investment grade. The intent is for the spin-off to be tax free to stockholders both in the US and Sweden. A Form 10 registration statement for the transaction will be filed with the Securities and Exchange Commission during the first half of 2018. It will include historical financial information for the Electronics business on a stand-alone basis for the fiscal years 2015-2017 and other details regarding the proposed spin-off. After the spin-off, Autoliv's current Passive Safety segment would continue to operate under the Autoliv name, with continued listings on the New York Stock Exchange and Nasdaq Stockholm. The Electronics business will assume a new company name to be announced at a later stage. It is also expected to be listed in the United States and Sweden. Both companies are to be headquartered in Stockholm, Sweden. Forward looking full year 2018 indications for the stand-alone entities are expected to be given in connection with Autoliv's Q4 2017 earnings release. The spin-off is expected to be completed during the third quarter of 2018 subject to market, regulatory and certain other conditions, including approval by Autoliv's board of directors. There can be no assurance regarding the ultimate timing of the spin-off or that the spin-off will ultimately occur. Further updates to the progress of the separation and stock market listing process will be provided in a timely manner.

06:04 EDT Ichor Holdings subsidiary acquires Talon Innovations from Graycliff Partners - Graycliff Partners announced that it has completed the sale of Talon Innovations, a Sauk Rapids, MN-based provider of high precision machining primarily to the semiconductor equipment market, to Ichor Holdings, a wholly-owned subsidiary of Ichor Holdings. Since acquiring Talon in September 2013, Graycliff has worked with management to generate substantial growth through investment in facilities and capital equipment and the addition of exceptional talent. Under Graycliff's ownership, Talon has more than tripled its employee count, adding over 350 jobs and grown annual revenue by 4x.

06:02 EDT Cabot Microelectronics appoints Scott Beamer as CFO - Cabot Microelectronics (CCMP) announced the appointment of Scott D. Beamer as Vice President and CFO. He will succeed William S. Johnson, who plans to retire after almost 15 years as CFO of the Company. Beamer joins Cabot Microelectronics after more than four years as Vice President and CFO of Stepan Company (SCL), a global consumer and industrial products company operating 19 locations around the world. Prior to Stepan, he held various senior finance roles over a 16-year career at PPG Industries, including serving as its CFO - Europe, and as its Assistant Corporate Controller. Beamer, who is also a CPA, has a B.Sc. from Bloomsburg University, and an M.B.A. from the University of Pittsburgh, and began his career at Ernst & Young. Beamer will assume his role as Vice President and FO on January 15, 2018. Johnson will remain with the Company for a period of time to assist with a smooth transition.

05:40 EDT Edison says California fire investigation now includes facilities - Edison International's Southern California Edison said in a press release last night, "The causes of the wildfires are being investigated by CAL FIRE, other fire agencies and the California Public Utilities Commission. The investigations now include locations beyond those identified last week as the apparent origin of these fires. SCE believes the investigations now include the possible role of its facilities. SCE continues to cooperate with the investigations. The wildfire investigations may take a considerable amount of time to complete. SCE will provide updated information as circumstances warrant." The company added, "The Thomas fire has significantly affected customers in Ventura and Santa Barbara counties and is continuing to threaten the transmission lines in the area. The fire has intermittently interrupted service for the Santa Barbara area, at times leaving more than 85,000 customers without service. SCE is coordinating its emergency efforts with federal, state, county and local officials. SCE crews are continuing to monitor the situation and have developed contingency plans that include the use of temporary generators and re-routing of power."

05:29 EDT Kosmos completes drilling Lamantin-1 exploration well, offshore Mauritania - Kosmos Energy announced that it has completed drilling the Lamantin-1 exploration well located in Block C-12 offshore Mauritania in approximately 2,200 meters of water. Lamantin-1 was drilled to a total depth of 5,150 meters and was designed to evaluate a previously untested Lower Campanian base of slope fan supplied from the Nouakchott River system, trapped in a combination structural-stratigraphic feature, and charged from underlying, oil-prone Cenomanian/Turonian and Albian source rocks. As interpreted from logs and samples collected during drilling and wireline operations, our evaluation suggests the Campanian reservoir objective was water bearing with some residual hydrocarbons. We believe the prospect failed due to a lack of trap, related to a combination of up-dip sand pinch-out and top / base seal effectiveness. The well will now be plugged and abandoned and the well results integrated into the ongoing evaluation of the significant remaining prospectivity in Kosmos' large acreage position.