Stockwinners Market Radar for December 26, 2017 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

17:35 EDT Lockheed Martin awarded $102.5M government contract modification - Lockheed Martin Corp., Rotary and Mission Systems, Moorestown,was awarded a $102.5M cost-plus-incentive-fee modification to a previously awarded contract to exercise an option for AEGIS Combat System Engineering Agent efforts for the design, development, integration, test, and delivery of computer program baselines and associated technology insertion hardware design support for the next/future advanced capability build.

16:41 EDT Gabelli reports 5.03% stake in Reading International

16:21 EDT Flagstar Bancorp announces impact of Tax Cuts and Jobs Act - Flagstar Bancorp announced a one-time, non-cash charge to the provision for income taxes of approximately $80M, or $1.38 per diluted share, resulting from new tax legislation that required the revaluation of its deferred tax asset at a lower corporate statutory rate. There was no significant impact to the company's regulatory capital ratios or liquidity. Flagstar Bancorp CEO Alessandro DiNello said, "We realized a modest decline in our tangible equity ratio from the new tax legislation, but expect a solid earnings benefit ahead. A lower corporate tax rate will provide a boost to earnings. While longer term, we expect some of the tax savings may be lost to competitive factors, we are encouraged that higher earnings, along with expected regulatory capital relief, will accelerate our capital formation."

16:06 EDT VIVUS CEO Seth Fischer stepping down - VIVUS announced that it has reached agreement with Seth Fischer pursuant to which he will step down as CEO and a member of the board effective December 31 and become a strategic consultant to the company. The company further announced that current board member Thomas King will assume the role of interim CEO. VIVUS' board is working with an executive search firm to help identify Fischer's successor. Fischer will serve as a strategic advisor to the company through 2018 to ensure a smooth transition and continued advancement of the company's strategic initiatives.

16:05 EDT HTG Molecular expands collaboration with Merck KGaA, Germany - HTG Molecular announced a new Master Collaboration Agreement for translational programs with Merck KGaA, Darmstadt, Germany, a leading science and technology company. The Master Collaboration Agreement complements the previously announced Master Companion Diagnostic Agreement with Merck KGaA, Darmstadt, Germany and includes a statement of work with EMD Serono, the biopharmaceutical business of Merck KGaA, Darmstadt, Germany in the U.S. and Canada.Under the first program statement of work, HTG plans to develop and manufacture a custom profiling assay to support biomarker research for six indications within Merck KGaA, Darmstadt, Germany's drug development pipeline. The assay is expected to be kitted for use on HTG EdgeSeq instruments acquired by Merck KGaA and/or their contract research organization partners.

14:08 EDT Pareteum jumps 61% to $2.04 after adding blockchain technology

13:59 EDT Pareteum adds Blockchain settlement for cryptocurrency to platform - Pareteum announced that it has completed development enabling it to add support of Blockchain technology to its billing and settlement services. "This newest service capability enables Pareteum customers to participate in the transformational 'Digital Economy Monetization to the Cloud' and now accept and process Bitcoin, Ethereum, Litecoin, Airtokens and other forms of cryptocurrencies," said the company, whose share were halted pending the news release. Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, added: "We envision a time in the not too distant future when Pareteum could create its own currency payments and settlements among the millions of subscribers on its platform globally. As we consider the new global mobile landscape, and Pareteum's service and capabilities developments in 2017, which have opened doors for us in the Internet of Things, Smart Cities, and use of Artificial Intelligence and Machine Leaning creating predicative analytics for the vast amounts of digital data we are capable of securely processing, we maintain an optimistic view towards 2018 and beyond."

12:50 EDT Pareteum Corp trading halted, news pending

12:15 EDT Boston Omaha rises after WSJ profile highlights link to Buffett - Shares of billboard advertisement seller and surety insurer Boston Omaha (BOMN) are rising following a Friday profile of the company in the Wall Street Journal. SHARES DOUBLE SINCE LISTING: Shares of Boston Omaha, which is run by co-CEOs Alex Buffet Rozek and Adam Peterson, have more than doubled since listing on the Nasdaq Stock Market in June. The company, which recently reported third quarter revenue of $2.4M, has a market capitalization of over $447M with today's advance. Rozek, who is Warren Buffett's grandnephew, said the company receives no assistance from Buffett or Berkshire Hathaway (BRK.A, BRK.B) and does not advertise the link as he wants Boston Omaha's results to stand on their own. "It's not like there's this private class that goes on for family members about business," Rozek said. "If I wanted to learn, the best thing I could do is pick up an annual report and read the Berkshire annual report like anybody else." Buffett, who doesn't own Boston Omaha stock, said, "I think the world of Alex, but we don't have anything to do with his decision-making or anything of the sort. He's got a good mind, a very good mind, and he certainly has good values." Boston Omaha, however. has shown some similarities to Berkshire, including an acquisition focus on companies with consistent earnings and strong competitive positions, running acquired companies independently and skipping earning calls for an annual meeting. The company, which does not currently invest in stocks, is 55% owned by Peterson's Magnolia Group and 12% owned by Rozek's Boulderado Group and other entities he manages. PRICE ACTION: Bank of Omaha is up 20.1%, or $5.69, to $34.02 in morning trading. Including Friday's advance, the stock is up over 33% over the last two sessions.

11:22 EDT Unity Bancorp to pay $750 bonuses to employees due to tax reform - In response to Congressional approval of tax reform legislation, Unity Bancorp, parent company of Unity Bank, announced today that its Board of Directors has elected to provide all employees excluding executive management with a one-time $750 bonus. The corporate tax rate in the recently passed legislation will drop from 35% to 21%. Unity Bank intends to pay the bonuses to its approximately 200 employees in January.

10:45 EDT XPO Logistics gives up some gains as analyst calls Home Depot buy unlikely - Shares of XPO Logistics (XPO) are giving up some of their gains after rallying on Friday following a media report saying that Home Depot (HD) had held internal talks about a potential bid to acquire the company to keep it out of Amazon's (AMZN) hands. Commenting on the news, Oppenheimer analyst Brian Nagel argued that an acquisition is unlikely. Meanwhile, his peers at Citi and Seaport Global both increased their price targets on XPO's shares, with the latter saying that Amazon buying XPO makes more sense. TAKEOVER TARGET: According to a report published Friday by Recode, Home Depot held internal talks about a potential bid to buy XPO Logistics, at least in part to keep XPO out of the hands of Amazon, which is also believed to have considered buying the logistics company. Both Home Depot and Amazon have been customers of XPO and all three companies declined to comment, the report noted. Shares of XPO Logistics jumped on Friday following Recode's report. HD ACQUISITION NOT LIKELY: In a research note to investors, Oppenheimer's Nagel noted that his knowledge of Home Depot and the strategic thinking of management suggest that the purchase of XPO Logistics is unlikely. Nagel added that he is "hard-pressed to see Home Depot purchasing a transportation and logistics firm the size and scope of XPO." Buying the entirety of XPO would propel the company into entirely different lines of business, he added. The analyst reiterated an Outperform rating on Home Depot shares. TAKEOVER VALUE CLOSER TO $120: Following the report, Citi analyst Christian Wetherbee raised his price target for XPO Logistics to $110 from $75 and argued that the company's CEO Brad Jacobs is likely to be willing to maximize shareholder value either as a buyer or seller if the opportunity was right. The analyst pointed out that Friday's article likely adds a takeout premium to XPO shares, at least near-term, with his new price target reflecting this dynamic along with a "strong fundamental story." Wetherbee, however, believes a takeout bid would need to be higher, closer to $120 per share, due to the "significant potential value" XPO can create as a standalone company. The analyst reiterated a Buy rating on XPO shares. AMAZON MAKES MORE SENSE: Meanwhile, Seaport Global analyst Kevin Sterling also raised his price target for XPO to $100 from $85, while reiterating a Buy rating on the shares. The analyst noted that outside of Home Depot playing defense, XPO may be a "nice acquisition candidate" given is position as the largest provider of last-mile logistics for heavy goods in North America. Additionally, XPO's other service offerings - such as less than truckload shipping, truck brokerage, intermodal, freight forwarding and expediting - may also be attractive to Home Depot, he contended. Nonetheless, the analyst believes Home Depot may not have enough volume to justify its own transportation service offerings, but could sell it to other retailers and shippers. On the other hand, Sterling told investors that he believes Amazon buying XPO seems to make more sense as the e-commerce giant has more density and would find XPO's truck brokerage, expedite, freight forwarding, and intermodal offerings attractive. Further, the analyst does not think it is lost on Amazon how successful UPS' (UPS) acquisition of Coyote Logistics has been, helping the company secure capacity during peak season and other volume surges. PRICE ACTION: In morning trading, shares of XPO Logistics have dropped about 1.5% to $88.69, while Home Depot's shares are up about 1%.

09:50 EDT Discovery Communications trading resumes

09:36 EDT Agenus announces departure of Chief Medical Officer - Agenus disclosed on Friday that effective January 17, 2018, Dr. Jean-Marie Cuillerot, the company's Chief Medical Officer, will not be employed by the company.

09:06 EDT Amazon says over 4M people started Prime trials, memberships in one holiday week - Amazon announced that Prime membership continued to grow this holiday, noting that "in one week alone, more than four million people started Prime free trials or began paid memberships to benefit from free two-day, one-day or same-day shipping." More than one billion items were ordered from small businesses and entrepreneurs worldwide this season and over just five days, from November 23 through Cyber Monday, nearly 140 million items were ordered from small businesses and entrepreneurs, the company added. Amazon Devices also had "its best holiday yet," with "tens of millions" of Alexa-enabled devices sold worldwide, the e-commerce giant announced. Echo Dot and Fire TV Stick with Alexa Voice Remote were the top-selling Amazon devices this holiday season and also the best-selling products from any manufacturer in any category across all of Amazon, the company added.

08:56 EDT MUFG to make strategic investment in Bank Danamon - Mitsubishi UFJ Financial Group commercial banking entity The Bank of Tokyo-Mitsubishi UFJ announced that it has entered into conditional share purchase agreements with Asia Financial and other affiliated entities, to acquire their shareholding interests in Indonesian bank PT Bank Danamon Indonesia, subject to applicable regulatory approvals. AFI is a wholly-owned subsidiary of Fullerton Financial Holdings. The Sellers currently hold in aggregate, 73.8% shareholding interests in Danamon. This strategic investment by MUFG will be executed through three steps and completion of the Proposed Transaction will result in MUFG becoming the largest shareholder in Danamon. It will also bolster MUFG's growth strategy in Asia & Oceania and contribute to the overall development of the Indonesian banking sector. MUFG will acquire an initial 19.9% stake in Danamon, based on a price of 61c per share and at an investment amount of $1,171M. The price was based on a 3Q17 P/B of 2.0x with certain adjustments applied. AFI will continue to be the majority shareholder in Danamon upon closing of Step 1, which is expected to be within a few days. MUFG intends to then seek regulatory and other relevant approvals to acquire an additional 20.1% to increase its stake in Danamon to 40%. This step is expected to close between Q2 - Q3 of 2018, subject to receiving these approvals. Upon completion of Step 2, MUFG intends to seek the necessary approvals to increase their stake in Danamon beyond the 40%, and this will provide an opportunity for all other existing Danamon shareholders to either remain as shareholders or receive cash from MUFG. With the closing of Step 3, MUFG's final stake in Danamon is expected to be over 73.8%.

08:33 EDT Resonant extends licensing agreement with RFFE supplier - Resonant announced it has signed an extension to a licensing agreement with an existing licensee and RFFE component supplier.The customer has already licensed seven duplexers, as well as TDD filters for the Chinese market. The expanded agreement covers the addition of two, high-value duplexers and one difficult WiFi co-existence filter. The designs will be designed on a standard surface acoustic wave process, but will be competing against more expensive bulk acoustic wave devices. Upfront payments and royalties have been agreed upon, but will not be disclosed due to the confidential nature of such agreements.

08:32 EDT Insys Therapeutics granted FDA 'fast strack' designation for Cannabidiol - INSYS Therapeutics announced that the U.S. Food and Drug Administration has granted Fast Track designation to the company's cannabidiol oral solution for the treatment of Prader-Willi syndrome, a rare and complex genetic disorder characterized by insatiable appetite in children that often leads to obesity and type 2 diabetes. The most common known genetic cause of life-threatening obesity in children, Prader-Willi syndrome has a prevalence of approximately 1 in 15,000, according to the Prader-Willi Syndrome Association, occurring in males and females equally and in all races.

08:09 EDT Bank of Princeton sees Q4 loan loss provision of $2.5M-$2.8M - In a regulatory filing, The Bank of Princeton reported that it has identified a $2.18M credit impairment related to loans made to one of its commercial borrowers based on its review of the loans and a new appraisal of the property securing the loans. Prior to the fourth quarter of 2017, these loans had been classified as substandard and had a specific allowance for loan losses related to them of $373,000. In addition, the Bank has determined that there has been adverse developments with regard to certain other unrelated loans resulting in an additional $368,000 credit impairment. Mainly due to these fourth quarter credit impairments, the Bank expects to record a loan loss provision in the fourth quarter in the range of $2.5M-$2.8M. By comparison, the Bank did not have any loan loss provision in the fourth quarter of 2016. The impact of this fourth quarter 2017 loan loss provision will reduce the Bank's basic earnings per share by between 28c-31c, and its diluted earnings per share by between 26c-29c, the bank noted.

08:07 EDT Organovo granted FDA orphan designation for its A1AT treatment - Organovo Holdings announced that the U.S. Food and Drug Administration granted orphan drug designation for the Company's treatment of alpha-1 antitrypsin deficiency with its 3D bioprinted liver therapeutic tissue.

08:02 EDT NV5 Global acquires SkyScene, terms not disclosed - NV5 Globa announced that it has acquired Skyscene, LLC, a provider of Unmanned Aerial Vehicle flight services headquartered in San Diego, California. NV5 anticipates that the acquisition of Skyscene will initially add $5 million to operations. The acquisition was made entirely in cash and will be immediately accretive to NV5's earnings.

07:53 EDT Capital One sees $1.9B charge from tax bill, cuts buyback authorization - Capital One Financial announced the resubmission of its capital plan, as required by the Federal Reserve Board for the 2017 Comprehensive Capital Analysis and Review process to address certain weaknesses identified in the company's capital planning process. In connection with the resubmission, the company's board reduced the authorized repurchases of the company's common stock to up to $1B for the remaining 2017 CCAR period, which ends June 30, 2018. In June, Capital One announced that its board had authorized the repurchase of up to $1.85B of the company's common stock beginning in Q3 of 2017 through the Q2 of 2018. To date, the company said it has repurchased an "immaterial amount" of its common stock under the 2017 repurchase program. If the Federal Reserve objects to the resubmitted capital plan, it may restrict subsequent capital distributions, Capital One cautions. It added. "The Board's decision was driven by the estimated near term adverse impact to the Company's financial position as a result of the anticipated reduction in the carrying value of certain tax assets and additional tax expenses resulting from the Tax Act." Capital One estimates that the Tax Act will result in an approximately $1.9B charge against net income primarily due to the write down of its deferred tax assets as a result of the Tax Act's reduction in the corporate tax rate from 35% to 21%, a one-time tax on the company's unrepatriated foreign earnings, and other anticipated impacts associated with the law. In addition, the Tax Act would eliminate the company's ability to carryback any net operating losses against prior period taxable income, which impacted the amount of the allowable deferred tax assets included in the company's common equity Tier 1 capital in its stress scenario, the bank added. Capital One expects to maintain its quarterly dividend of 40c per share, subject to approval by its board. Shares of Capital One closed Friday up 98c to $100.50.

07:47 EDT Capital One sees $1.9B charge against net income from tax bill

07:35 EDT Aptose Biosciences granted orphan drug designation for CG'806 - Aptose Biosciences announced that the U.S. Food and Drug Administration has granted orphan drug designation to CG'806, a highly potent pan-FLT3/pan-BTK inhibitor, for the treatment of patients with acute myeloid leukemia. AML is a particularly devastating cancer of the blood and bone marrow and is the most common type of acute leukemia among adults, with an annual incidence of approximately 21,000 patients and causing more than 10,000 deaths each year in the U.S. AML cells utilize multiple forms of the FLT3 receptor tyrosine kinase and other pathways to promote rapid proliferation and to escape the inhibitory activities of many therapeutics. CG'806 is a highly potent inhibitor that simultaneously targets all known forms of FLT3 and other key oncogenic pathways that drive the proliferation of AML cancer cells, thereby providing CG'806 with a broad range of activity against AML and a strategy to delay mutational escape.

07:33 EDT Apple slides as Taiwanese report raises fears about iPhone X - Apple (AAPL) shares are weaker as U.S. investors return from the long holiday weekend after a Taiwanese newspaper report said the tech giant is trimming its first-quarter sales forecast, according to Bloomberg. Adding to the caution are analysts following suit, reportedly due to worries about demand for the high-end iPhone X. ANALYSTS, APPLE SAID TO TRIM FORECASTS: Taiwanese newspaper Economic Daily News quoted unidentified supply chain officials as having said that Apple is lowering its first-quarter iPhone sales forecast to 30 million units from 50 million, according to Bloomberg. An Apple representative declined to comment on production decisions, the repot noted. Additionally, Bloomberg noted that analysts at New York-based JL Warren Capital and China's Sinolink Securities have each lowered iPhone X shipment projections for the first quarter of next year. SUPPLIERS TO WATCH: Suppliers to Apple that may be volatile following Bloomberg's cautious report regarding signs of slack iPhone X demand include Skyworks (SWKS), Cirrus Logic (CRUS), Broadcom (AVGO), Qorvo (QRVO), Qualcomm (QCOM), STMicroelectronics (STM), Analog Devices (ADI), Knowles (KN) and Micron (MU). PRICE ACTION: In pre-market trading, Apple shares are down $4.73, or 2.7%, to $170.28.

07:32 EDT Agios Pharmaceuticals submits new FDA application for Ivosidenib - Agios Pharmaceuticals announced that it has submitted a New Drug Application to the U.S. Food and Drug Administration for ivosidenib, an investigational oral treatment for patients with relapsed or refractory acute myeloid leukemia and an isocitrate dehydrogenase-1 mutation. Agios has requested priority review for the application, which, if granted, could result in a six-month review process. The NDA is supported by data from the ongoing Phase 1 dose-escalation and expansion study of ivosidenib in patients with advanced hematologic malignancies and an IDH1 mutation. Ivosidenib is wholly owned by Agios. The FDA has a 60-day filing review period to determine whether the NDA is complete and acceptable for filing.

07:05 EDT Garmin announces vivofit 4 activity tracker - Garmin International announced the vivofit 4, a daily activity tracker1 with an incredible 1+ year battery life - no charging necessary - and a sunlight-readable, always-on color display. Designed for 24/7 wearability, the vivofit 4 is swim- and shower-safe and features a sleek, comfortable band. The vivofit 4 is ready to go right out of the box, and can be paired with a smartphone for additional features. Through the Garmin Connect app, users can customize the vivofit 4 with various watch faces, color themes and personalized text, such as an emergency contact or motivational phrase. Interchangeable accessory bands make it easy to switch up colors and styles to match any mood or outfit. The vivofit 4 is available in White, Limegreen Speckled and Black for a suggested retail price of $79.99, available on Amazon.com today. Interchangeable accessory bands are available in a Speckled Merlot and Speckled Navy combo pack for $29.99. Accessory bands in Speckled Black, White and Black are available for individual purchase for a suggested retail price of $19.99.

07:03 EDT Brookfield Infrastructure agrees to sell stake in ETC Transmission for $1.3B - Brookfield Infrastructure announced that it has signed definitive agreements to sell its approximate 27.8% interest in ETC Transmission Holdings, the parent company of Transelec, to China Southern Power Grid International for $1.3B. Transelec is the largest pure-play power transmission company in Chile, with over 10,000 kilometers of electricity lines serving approximately 98% of the Chilean population. Closing of the transaction is subject to customary closing conditions, certain third-party consents and applicable regulatory approvals from relevant authorities in China and is targeted to occur in the first half of 2018. Santander GCB and Scotiabank are acting as financial advisors to Brookfield Infrastructure and Goodmans LLP is acting as legal advisor.

07:00 EDT GP Strategies estimates $6.3M in ERP implementation costs - At the beginning of 2017, the company began its implementation of a new company wide ERP system, a major business initiative to support GP Strategies' global business growth, improve processes and systems, and enable better real-time business information. The company anticipates its new ERP system will go live on April 1, 2018. The company estimates that it will have incurred approximately $4.6M of implementation costs through the year ended December 31, 2017 and approximately $1.7M of remaining implementation costs in 2018, which are expected to largely be incurred in 1Q18.

06:56 EDT GP Strategies reorganizes into two global practices, expects $7M-$9M in savings - GP Strategies Corporation announced a new organizational structure and plan to improve operating results by increasing organic growth and reducing operating costs. Effective January 1, 2018, GP Strategies will be organized into two global practices aligned by complementary service lines and supported by a new business development organization aligned by industry sector. The Workforce Excellence practice will be led by Don Duquette, EVP and will include the majority of the existing Learning Solutions segment and the Professional & Technical Services segment. The Business Transformation Services practice will be led by Deborah Ung, EVP, and will include the majority of the Performance Readiness Solutions segment and the Sandy Training & Marketing segment. Certain business units will transfer between the existing operating segments to better align with the service offerings of the two practices. The company is currently in the process of hiring its first chief business development officer to focus on establishing a structured and more centralized business development capability that will align the company's diverse market sector expertise with its service offerings. In connection with the reorganization, the company initiated restructuring and transition activities to improve operational efficiency, reduce costs and better position itself to drive future revenue growth. The company estimates these initiatives will result in annual cost savings in the range of approximately $7M to $9M. Of the total cost savings, approximately $3M will be reductions in SG&A costs, excluding additional reductions after the company's ERP implementation is complete, which is discussed further below. In addition, approximately $4M to $6M will be in operational savings primarily due to overhead reductions which will result from merging duplicate service lines and consolidation of offices. The company estimates it will invest approximately $3M of the total cost reductions to expand business development and innovation initiatives. The company expects that the restructuring activities will be substantially completed in Q1 and certain transition costs will be incurred throughout 2018.

06:49 EDT Mallinckrodt to acquire Sucampo for $18.00 per share - Mallinckrodt (MNK) and Sucampo Pharmaceutical (SCMP) announced that they have entered into an agreement under which Mallinckrodt will acquire Sucampo, including its commercial and development assets. The transaction was approved by the Boards of Directors of both companies. Sun Acquisition, a subsidiary of Mallinckrodt, will commence a cash tender offer to purchase all of the outstanding shares of Sucampo Pharmaceuticals' common stock for $18.00 per share. The total transaction value is approximately $1.2B. The acquisition is expected to be funded through borrowings under Mallinckrodt's existing revolving credit facility, a new secured term loan facility and/or cash on hand. Following the transaction, Mallinckrodt intends to utilize its significant cash generation to focus on reducing outstanding debt over time. Sucampo stockholders holding approximately 32% of the outstanding Sucampo shares have entered into a tender and support agreement for this transaction. Mallinckrodt expects accretion from the acquisition to adjusted diluted earnings per share of at least 30c in 2018 and at least double that amount in 2019, assuming a first quarter 2018 close. Guidance on the impact of the acquisition to the company's GAAP35 diluted earnings per share has not been provided due to the inherent difficulty of forecasting the timing or amount of items that would be included in calculating such impact. The transaction is subject to customary closing conditions, including expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and the tender of a majority of the outstanding Sucampo shares.

06:23 EDT NGL Energy Partners completes sale of 50% interest in Glass Mountain Pipeline - NGL Energy Partners (NGL) announced that it has closed the sale of its 50% interest in Glass Mountain Pipeline to a fund managed by BlackRock Real Assets (BLK) in partnership with Navigator Energy Services for total gross consideration of $300M. NGL intends to use the cash proceeds to repay a portion of its outstanding indebtedness prior to December 31. "The closing of the Glass Mountain sale prior to end of the quarter will allow us to reduce our indebtedness and improve our leverage for our fiscal third quarter financials. We are continuing to focus on strengthening our balance sheet through the reduction of leverage and improving our liquidity, credit profile and distribution coverage as we move the Partnership forward," stated Trey Karlovich, EVP and CFO of NGL.

05:40 EDT eHi Car Services retains Duff & Phelps as independent financial advisor - eHi Car Services announced that the special committee of the company's board, formed to consider the previously announced non-binding proposal that the board received from Goliath Advisors on November 26, has retained Duff & Phelps as its independent financial advisor and Fenwick & West as its legal counsel to assist it in this process. eHi added, "The Board cautions the Company's shareholders and others considering trading in the Company's securities that the Special Committee is continuing its evaluation of the Proposal and that, at this time, no decision has been made with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the Proposal or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law."

05:20 EDT China Xiniya Fashion to transfer listing from NYSE to NYSE American - China Xiniya Fashion announced that it intends to transfer the listing of its ADRs from the New York Stock Exchange to the NYSE American in connection with the previously announced transactions contemplated by the Securities Purchase Agreement with, among others, True Silver Limited and Honest Plus Investments Limited, and the Share Transfer Agreement with Qiming Investment Limited on December 10. In addition, the company announced it and Deutsche Bank Trust Company Americas, as depositary, have entered into an amendment to the current Deposit Agreement governing outstanding ADRs pursuant to which, each American Depositary Share will represent forty-eight ordinary shares of the company rather than the current sixteen shares represented before such amendment. The effective date of the ratio change will be announced by the depositary and is expected to be on December 28.

05:15 EDT Parker-Hannifin wins contract for Emirates' 777X hydraulic pumps - Parker Aerospace, a business segment of Parker Hannifin (PH), announced a pump call-out agreement with Emirates for its 777X aircraft. Emirates is the launch customer of the new Boeing (BA) aircraft with an order book of 150 777X. Parker will provide the hydraulic engine-driven pump and AC motor pump on the fleet of 777X wide-body airplanes. Emirates, currently the largest operator of the Boeing 777 aircraft, expects to take delivery of the first 777X in 2020.