Stockwinners Market Radar for June 07, 2018 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:36 EDT Layne Christensen - Granite Construction merger recommended by Glass Lewis - Layne Christensen (LAYN) commented on the recommendation by proxy advisory firm Glass Lewis that its clients vote FOR adoption of the merger agreement with Granite Construction (GVA). On February 14, Layne entered into a merger agreement with Granite, whereby Granite will acquire all of the outstanding shares of Layne in an all-stock transaction, with Layne stockholders receiving 0.27 shares of Granite stock for each share of Layne. In particular, Glass Lewis noted that: (...) the consideration paid to Layne stockholders represents "an attractive premium to Layne's standalone value over all periods analyzed. (...) The all-stock nature of the consideration will also allow Layne shareholders to participate in the future success of the combined company (...) shareholders would have seen severe dilution on a standalone basis regardless, thereby minimizing the potential capture by common shareholders of projected performance improvement. (...) When combined with Granite, the company will be better positioned for capital investments in its growing water midstream business, thereby allowing for development on its first-mover advantage in the Permian Basin (...) The combined company is expected to generate $20.0M in pre-tax synergies, to be realized by the third year following consummation of the merger."

18:21 EDT Advanced Drainage SVP sells 20,000 common shares - In a regulatory filing, Advanced Drainage SVP, International Ewout Leeuwenburg disclosed the sale of 20,000 common shares of the company at $28.80 per share.

18:02 EDT Celanese to increase acetaldehyde price in Europe - Celanese will increase list and off-list selling prices for acetaldehyde. The price increase to EUR65 per MT is for orders shipped and will be effective immediately, or as contracts otherwise allow, and is incremental to any previously announced increases.

17:46 EDT Arbutus Biopharma names David Hastings as CFO, effective June 11 - Arbutus Biopharma (ABUS) announced the appointment of David Hastings as CFO, effective June 11. Hastings will assume the CFO role from Koert VandenEnden, Arbutus' interim CFO. Hastings previously served as the CFO and Executive Vice President of Incyte (INCY) from 2003 until 2014.

17:18 EDT EDAP TMS announces FDA clearance for Focal One for treatment of the prostate - EDAP TMS announced that it has received 510 clearance from the FDA for its Focal One device for the ablation of prostate tissue. The Focal One high intensity focused ultrasound, or HIFU, device is the first medical apparatus designed specifically for focal treatment of the prostate. Focal One fuses MR and 3D biopsy data with real-time ultrasound imaging, which allows urologists to view integrated, detailed 3D images of the prostate on a large monitor and direct high intensity ultrasound waves to ablate the targeted area. With Focal One, urology surgeons can establish precise contours around the diseased tissue and ablate an even smaller portion of the prostate. This lessens the damage to healthy tissue, and minimizes side effects of incontinence and impotence for patients. Using Focal One, surgeons can customize the HIFU procedure for each patient and each clinical condition.

17:03 EDT Ameren names WestRock CFO Dickson to board - The board of directors of Ameren Corporation (AEE) announced that Ward H. Dickson has been elected to the Ameren board of directors effective June 7, 2018. Dickson has served as the executive vice president and chief financial officer of WestRock Company (WRK) since July 2015.

16:57 EDT WS Management reports 5.16% passive stake in Houghton Mifflin

16:50 EDT Stitch Fix jumps 6% after quarterly results, upcoming launch of Stitch Fix Kids - "In addition to driving strong net revenue, net income, and adjusted EBITDA, we grew our active client count to 2.7M, an increase of 30% year-over-year," said Stitch Fix founder and CEO Katrina Lake. "We continue to balance growth and profitability, demonstrated by our ability to consistently deliver top-line growth of over 20% even as we invest in category expansions, technology talent, and marketing. Our third quarter results demonstrate continued positive momentum for Stitch Fix and the power of our unique ability to deliver personalized service at scale." "Our new Stitch Fix Kids offering is a testament to the scalability of our platform," explained Lake. "We're excited for Stitch Fix to style everyone in the family and to create an effortless way for parents to shop for themselves and their children. Our goal is to provide unique, affordable kids clothing in a wide range of styles, giving our littlest clients the freedom to express themselves in clothing that they love and feel great wearing."

16:47 EDT Rowan Companies awarded drillship contract by Exxon Mobil - Rowan Companies' Rowan Relentless R-Class drillships has been awarded a contract by ExxonMobil (XOM) to drill a prospect in the US Gulf of Mexico. The contract is expected to commence in September and last for 80 days, followed by four one-well, priced options.

16:34 EDT Merced Capital reports 5.4% passive stake in CSI Compressco

16:32 EDT Sealed Air names William Stiehl as CFO, effective June 7 - Sealed Air announced that William Stiehl, Acting CFO, Chief Accounting Officer and Controller, has been appointed as Senior Vice President and CFO, effective June 7. Stiehl joined Sealed Air in 2013 as Chief Accounting Officer and Controller with over 20 years of experience at large manufacturing companies. Prior to Sealed Air, Stiehl held various financial and accounting leadership positions, including Vice President of Finance and Controller at United Technologies Corporation Aerostructures business unit and as Vice President of Internal Audit at Goodrich Corporation.

16:27 EDT Pzena Investment reports May AUM $37.1B vs. $38.9B in April

16:25 EDT FDA approves Genentech's Rituxan for pemphigus vulgaris - Genentech, a member of the Roche Group, announced that the U.S. FDA has approved Rituxan for the treatment of adults with moderate to severe pemphigus vulgaris, a rare, serious, potentially life-threatening condition characterized by progressive painful blistering of the skin and mucous membranes. Rituxan is now approved to treat four autoimmune diseases.

16:24 EDT Mondelez completes acquisition of Tate's Bake Shop - Mondelez International announced it has completed its previously announced acquisition of Tate's Bake Shop, a premium cookie and baked goods brand known for its authentic, high-quality ingredients.

16:20 EDT DocuSign sees Q2, FY19 adjusted gross margin 78%-81% - Sees Q2 billings $160M-$170M; FY19 billings $680M-$700M.

16:19 EDT Granite names Claes G. Bjork chairman of the board - Granite announced its board of directors has elected a new chairman and appointed a new director. With the retirement of chairman of the board William H. Powell, current board of director Claes G. Bjork was elected chairman of the board, effective June 7, 2018. In addition, Jeffrey J. Lyash, president and chief executive officer of Ontario Power Generation, was appointed to Granite's board of directors, effective June 6, 2018.

16:17 EDT Sito Mobile's education arm announces formation of leadership council - The Sito Institute of Consumer Behavior and Location Sciences the research and education arm of SITO Mobile announced the formation of its leadership council, a group of marketers, data scientists, academics and other thought leaders who will help set the agenda for the Institute's research, education and forum initiatives designed to help companies manage the transformation required to meet the demands of the real-time consumer economy. The Leadership Council members include marketing leaders such as David Edelman, CMO of Aetna (AET); Denise Karkos, CMO of TD Ameritrade (AMTD); Peter Horst, CEO of CMO Inc. Academics, including Dominique Hanssens, Professor at the UCLA Anderson School of Management and one of the world's authorities on marketing mix models; Data Scientist and brand economist Edgar Baum, CEO and co-founder of Strata Insights; as well as industry thought-leaders and luminaries such as Paul Woolmington, CEO, Canvas Worldwide; BIA Advisory Services Managing Director, Rick Ducey; Brandon Starkoff, CEO and Managing Partner of Transparent; plus Jon Bond.

16:16 EDT Amerco announces special cash dividend of 50c per share - Amerco, on June 6, declared a special cash dividend on its common stock of 50c per share. The dividend will be payable July 5 to holders of record on June 21.

16:14 EDT DocuSign up 8% to $60.50 after Q1, FY19 guidance results top estimates

16:11 EDT Energizer, Spectrum Brands to file merger review with European Commission - Energizer Holdings (ENR) and Spectrum Brands (SPB) announced they intend to file for merger review with the European Commission regarding Energizer's proposed acquisition of Spectrum Brands' Battery and Portable Lighting Business. Energizer and Spectrum Brands are working with the Commission, as well as other regulators around the world, to obtain the necessary approvals to complete the transaction. Both parties continue to expect the transaction to close in the second half of calendar 2018.

16:09 EDT Broadcom sees Q3 capital expenditures approximately $125M

16:09 EDT Lumentum CFO Aaron Tachibana resigns, Chris Coldren named interim CFO - Lumentum Holdings announced that Aaron Tachibana, Executive Vice President and CFO, has resigned from the company to pursue other interests and will remain with the Company through a transition period which will end on August 31, 2018. Chris Coldren, Lumentum's Senior Vice President Strategy and Corporate Development, has been appointed interim CFO, effective immediately. Matt Sepe Lumentum's Vice President of Finance and Corporate Controller will immediately assume the position of Chief Accounting Officer.

16:08 EDT Ironwood says FDA grants orphan drug designation to olinciguat - Ironwood Pharmaceuticals announced that the U.S. Food and Drug Administration has granted Orphan Drug Designation to olinciguat for the treatment of patients with sickle cell disease. Olinciguat is an orally administered soluble guanylate cyclase stimulator. The FDA's Office of Orphan Drug Products grants orphan status to drugs intended to treat rare disorders that affect fewer than 200,000 people in the U.S. The designation provides certain benefits to the drug developer, including seven years of market exclusivity upon FDA approval, prescription drug user fee waivers and tax credits for qualified clinical trials. Ironwood is currently enrolling patients in STRONG-SCD, a multicenter, randomized, double-blind, placebo-controlled, dose-ranging Phase II trial evaluating olinciguat for the potential treatment of sickle cell disease. Ironwood expects to enroll approximately 80 patients into the Phase II trial, which is designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of olinciguat in patients with sickle cell disease.

16:05 EDT Aduro Biotech announces initiation of Phase 1b study of ADU-214 for lung cancer - Aduro Biotech announced the recent initiation of a Phase 1b study of ADU-214 in combination with nivolumab for the treatment of advanced lung cancer. ADU-214 is an immunotherapy based on Aduro's live, attenuated double-deleted Listeria, or LADD, technology platform in development for the treatment of advanced or metastatic non-small cell lung cancer. Janssen Biotech, Aduro's license partner for ADU-214, is conducting the global trial. Isaacs continued, "The clinical data was supported by biomarker data demonstrating innate immune activation with transien. The Phase 1b, multi-center study is designed to evaluate the safety and efficacy of ADU-214 in combination with nivolumab, Bristol-Myers Squibb's PD-1 immune checkpoint inhibitor that Janssen secured through a 2016 clinical collaboration. The trial is enrolling patients with mesothelin-positive, relapsed/refractory Stage IIIB or Stage IV adenocarcinoma of the lung.

16:01 EDT Cree CFO McDevitt to retire - Cree announced that Executive Vice President and Chief Financial Officer Mike McDevitt will retire from his executive positions following a transition period. McDevitt intends to stay on until a successor is appointed, and thereafter will remain available as a consultant to the company to ensure a seamless transition of leadership responsibilities.

15:43 EDT Valley National director Jones sells 76,000 common shares - In a regulatory filing, Valley National director Graham O. Jones disclosed the sale of 76,000 common shares of the company at a price of $13.2066 per share.

15:34 EDT Google CEO Sundar Pichai comments on company's principles for AI use - Google CEO Sundar Pichai announced principles for the company's use of artificial intelligence in a blog posting. The CEO said in part:" At its heart, AI is computer programming that learns and adapts. It can't solve every problem, but its potential to improve our lives is profound. We recognize that such powerful technology raises equally powerful questions about its use. So today, we're announcing seven principles to guide our work going forward...As we consider potential development and uses of AI technologies, we will take into account a broad range of social and economic factors, and will proceed where we believe that the overall likely benefits substantially exceed the foreseeable risks and downsides...We recognize that distinguishing fair from unfair biases is not always simple, and differs across cultures and societies. We will seek to avoid unjust impacts on people, particularly those related to sensitive characteristics such as race, ethnicity, gender, nationality, income, sexual orientation, ability, and political or religious belief...Incorporate privacy design principles..We want to be clear that while we are not developing AI for use in weapons, we will continue our work with governments and the military in many other areas." Reference Link

14:05 EDT J.C. Penney partners with Fanatics to launch Fanatics shops - JCPenney has partnered with Fanatics to launch Fanatics shops designed to entice loyal sports fans to see and buy the latest and most popular team apparel right inside their local JCPenney store. Just in time for Father's Day, customers can now find Fanatics shops exclusively in 325 JCPenney stores, featuring a curated selection of local collegiate and professional sports team merchandise for men, women and children, representing all major sports leagues. Building on the Company's existing partnership with Fanatics for the retailer's online Sports Fan Shop, JCPenney plans to introduce approximately 325 additional Fanatics destinations by the back-to-school season for a total of 650 shops."Fanatics offers fans the world's largest collection of official sports brands, merchandise and apparel in the industry. We're delighted to combine their best-in-class assortment with a dynamic in-store experience that offers sports fans a one-stop destination for all their local team apparel needs," said James Starke, senior vice president and head of merchandising. "Combining a stunning specialty store environment with the unparalleled power of our online Sports Fan Shop provides JCPenney a unique competitive advantage, driving spend and frequency of visits to both stores and JCPenney.com."

13:31 EDT Analyst comment on memory pushouts send Lam lower, chip peers fall - Semiconductor equipment shares are falling in midday trading after Evercore analyst CJ Muse said his recent checks suggest risk Lam Research's (LRCX) near-term shipments due to pushouts from memory makers. Muse reduced his estimates for Lam, stating that calendar 2018 EPS is now tracking 7% below consensus, but added that he views this pause as only temporary and does not see this changing his long-term thesis given he expects a recovery in NAND memory capex into the end of the year and first half of 2019 time frame. Muse thinks the downside risk is limited and would be an "aggressive buyer" of Lam shares if this issue prompts a pullback, he added. STORM CLOUDS FOR MEMORY CHIP MAKER MICRON: Just about a week ago, on May 31, shares of memory chip heavyweight Micron (MU) fell after Morgan Stanley analyst Joseph Moore downgraded the stock to Equal Weight as he said he sees "storm clouds on the horizon." The analyst argued that the continued strength in DRAM looks priced in and a NAND recovery in the second half of the year looks "increasingly unlikely." On the same day in May, Micron's CEO Sanjay Mehrotra said industry fundamentals are "healthy" given the structural changes that are contributing to sustained positive dynamics. Demand is being driven by "diverse" markets such as data center, mobile, automotive and Internet of Things while the industry supply outlook supports "long-term stability." OTHER ANALYST VIEWS ON MEMORY: On June 6, Longbow analyst Joe Wittine re-established coverage of Micron with a Neutral rating, stating that while DRAM fundamentals are "excellent" and valuation is at a trough, he expects the normalization in the DRAM cycle to create some drag on investor sentiment and Micron shares. Wittine, who sees parallels between today's DRAM setup and the mid-2017 peak of the NAND cycle, said he could become more constructive on Micron shares with either an unexpected improvement in industry fundamentals or a pullback in the stock price toward $50 per share. PRICE ACTION: Shares Lam Research are near session lows down over 6% to $186.90 per share, while Micron shares are dipping over 1% to $58.80. OTHERS TO WATCH: Shares of other companies in the space are lower including KLA-Tencor (KLAC), Applied Materials (AMAT), ASML (ASML), Western Digital (WDC), and Seagate (STX).

12:58 EDT CNA Financial names Jennifer Livingstone chief marketing officer - CNA announced the appointment of Jennifer Livingstone into the newly created senior VP and chief marketing officer role, effective June 18, 2018. In partnership with CNA's Branch Managers, Livingstone will be accountable for developing and executing marketing strategies to increasingly position CNA as the market of choice across all our target segments. She will report to Doug Worman, executive VP and chief underwriting officer.

12:29 EDT CME Group says Corn futures open interest surpasses 2M contracts milestone - CME Group announced Corn futures open interest reached a record 2,006,600 contracts on June 6, surpassing the 2M contracts milestone for the first time. The previous record was 1,995,835 contracts set on June 4, 2018. Since the start of the year, Corn futures have experienced numerous daily open interest records. The number of Corn futures large open interest holders has increased over 28% during the previous 12 months to 925 contracts in May, which is the highest level since April 2011. CME Group agriculture futures reached a record 3,606 LOIH in March 2018, surpassing the previous LOIH record of 3,439 contracts set in 2011. Year to date, CME Group agricultural futures and options average daily volume has increased 23% to 1.6M contracts per day.

12:02 EDT AES Corp., CleanPowerSF sign long-term PPA for 100 MW of solar - sPower has signed a 22-year, 100 MW solar Power Purchase Agreement, or PPA, with CleanPowerSF, a California Community Choice Aggregator, or CCA, managed by the San Francisco Public Utilities Commission, or SFPUC, that serves the City and County of San Francisco. The energy will be sold from sPower's San Pablo Raceway Solar Project located in Lancaster, California. San Pablo Raceway is expected to be commercially operational in 2019 and generate enough renewable energy to power over 87,000 average San Francisco households. The project will create approximately 500 positions during its construction and 10 full time positions during operation.

11:56 EDT Ferroglobe announces recent open market stock purchases by insiders - Ferroglobe announced that members of its board of directors and senior management have made open market purchases of shares in Ferroglobe in the period from May 30, 2018 to date. In total, 23,600 ordinary shares each have been bought at an average price of approximately $10.47 per share. Of this aggregate number, Ferroglobe's Executive Chairman, Javier Lopez Madrid, purchased 12,500 shares at an average price of $10.45 per share and CEO Pedro Larrea Paguaga bought 10,000 shares at an average price of $10.51 per share, the company reported.

11:47 EDT Houston American Energy terminates John Boylan as Chairman, CEO - After careful consideration, the board of directors of Houston American determined not to renew the position of John Boylan as Chairman, President and CEO of the company, terminating Boylan's service in those positions effective immediately. Houston American will immediately commence a search for Boylan's replacement. Pending hiring a replacement, Steve Hartzell, a long-time director and lead independent director, has assumed the role of Chairman on a temporary basis and James Schoonover, a major investor in Houston American and April 2018 addition to the board, has assumed the role of interim CEO. Hartzell stated, "After considering the recent slow pace of prospect generation, drilling and development and our low valuation, our board determined that a change of leadership was necessary. Our board believes that attractive opportunities remain available and that a leader with strong upstream oil and gas industry experience and access to deal flow will allow Houston American to tap attractive opportunities and develop and execute a coherent drilling and development strategy. Our goal is simple - to put the company back on a growth path to achieve sustainable and growing production, reserves, revenues, profitability and cash flow. We continue to hold valuable Permian Basin assets with existing production and an inventory of drilling prospects while retaining a debt-free balance sheet and access to public capital markets. We believe that these characteristics position the company to achieve our growth objectives and will allow us to attract new leadership with the necessary industry experience to develop and execute a sustainable growth strategy. We are appreciative of Mr. Boylan's contributions to Houston American and wish him well in his future endeavors."

11:31 EDT Hovnanian expects community count to improve sequentially in 1H19 - Says making progress on growing land supply. Says Q2 performance was still hampered by lower community count. Says growing the top-line is a critical component of strategy. Says believes company has to maintain SG&A to grow community count. Says growing community count should improve revenues, operating leverage and profitability. Says still needs more growth to secure consistently quarterly growth. Expects Q4 to be "solidly profitable." Says land acquisitions staff is very busy working to improve land position. Says continues to expect community count to improve sequentially in 1H19. Says contracts per community are still well below normal levels. Anticipates as demand returns to normal levels, contracts per community should return to normal levels. Expects to gain control of more lots in Q3. Says not at normalized ROI levels yet but believes it will improve as the company gets further into the recovery. Says believes the company can repair balance sheet and has no plans to issue equity. Says continues to have "ample" liquidity for land spend. Says pleased to resolve matter with GSO. Says confident company acted properly at all times in financings with GSO. Says will continue to evaluate capital structure. Expects gross margin to approach 20% over the next few years. Expects to get total SG&A to normalized levels of about 10% over time. Expects inventory levels to grow to approx. $1.25B over next several years. Comments taken from Q2 earnings conference call.

11:06 EDT McDonald's climbs as company prepares fresh round of corporate layoffs - Shares of McDonald's jumped in morning trading after The Wall Street Journal reported that the quick service giant is planning a fresh round of layoffs to further shrink its corporate structure. NEW ROUND OF LAYOFFS: McDonald's will slim down its corporate headcount in an effort to reduce its corporate structure as it looks to revamp its U.S. business, The Wall Street Journal reported this morning. The layoffs are part of a restructuring of its corporate offices around the country, McDonald's USA President Chris Kempczinski wrote in a memo to employees, seen by the Journal. "I recognize that change is difficult, and that eliminating layers within our organization means some employees will ultimately exit our system," Kempczinski wrote in the memo. In a video message that accompanied the memo, Kempczinski said layers between field consultants and Steve Easterbrook, the company's CEO, will be reduced to six from eight, a franchisee who watched the video said. Additional details of the headcount reduction is expected to be disclosed during a town hall meeting on June 12. A spokeswoman for McDonald's commented on the report, saying the company is putting into place the new structure in the U.S. to better support franchisees and help the company be "more dynamic, nimble and competitive." WHAT'S NOTABLE: McDonald's is seeking to reduce its administrative expenses by $500M by the end of 2019 and has already cut an undisclosed number of jobs. Some of the cost savings have been reinvested in technology, like mobile and digital ordering, the company has said. McDonald's has also pursued initiatives to make its restaurants more relevant, including store remodels, table service self-order kiosks. Additionally, it now sells its quarter-pound burgers with fresh beef instead of frozen in all U.S. restaurants and has rolled out all-day breakfast to its restaurants. Further, McDonald's, which competes with Wendy's (WEN), Burger King (QSR) and Taco Bell (YUM) in the quick-service space, recently introduced a 1,2,3 dollar menu and has introduced delivery in about a third of its restaurants worldwide. PRICE ACTION: McDonald's shares are up about 3.4% to $168.00 in late morning trading.

11:00 EDT SJW urges investors to take no action in response to Cal Water tender offer - SJW Group (SJW) confirmed that California Water Service Group (CWT) has commenced an unsolicited tender offer to acquire all outstanding shares of SJW Group common stock for $68.25 per share in cash. The SJW Group Board of Directors, in consultation with SJW Group's management and legal and financial advisors and consistent with its fiduciary duties, will carefully review and consider all aspects of the Offer. The Board intends to advise stockholders of its formal position regarding Cal Water's Offer within 10 business days by making available to stockholders and filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9. SJW Group stockholders are advised to take no action at this time. SJW Group remains subject to the terms of the definitive merger agreement with Connecticut Water Service (CTWS) and SJW Group's Board has not changed its recommendation in support of SJW Group's merger of equals with Connecticut Water. SJW Group's Board has not made any determination as to whether the Offer constitutes, or could reasonably be expected to lead to, a superior proposal under the terms of SJW Group's merger agreement with Connecticut Water.

10:43 EDT Allete unit U.S. Water to appeal recent ruling that pHytOUT patents are invalid - U.S. Water, a unit of ALLETE, announces that on May 25, 2018, the United States District Court for the Western District of Wisconsin overturned a decision by a unanimous Federal Court jury that U.S. Patent Nos. 8,415,137 and 8,609,399 relating to U.S. Water's pHytOUT deposit control technology were valid. U.S. Water plans to appeal the ruling and proceed to defend these patents. "We are obviously disappointed in the court's decision. We continue to believe that U.S. Water's pHytOUT deposit control technology is innovative, as borne out by the significant benefits provided to our customers," said LaMarr Barnes, CEO of U.S. Water.

10:12 EDT ISG awarded IT services contract by State of Texas - Information Services Group said its ISG Public Sector business has been awarded a Deliverables-Based Information Technology Services contract by the Texas Department of Information Resources. Under the DBITS contract, state and local government agencies in Texas are able to contract directly with ISG for deliverables-based systems integration and application development projects. The value of such contracts is capped at $5M or state agencies, and $10M for non-state entities, including institutions of higher education.

10:04 EDT Carl Icahn said to have built 'small' stake in Allergan, joining Tepper - Shares of Allergan (AGN) are rising following reports that Carl Icahn, founder of Icahn Enterprises (IEP), has built a small position in the company. ICAHN TAKES STAKE: Icahn has built a small stake in Allergan as the drugmaker plans to spin off its women's health and antibiotic businesses, Bloomberg reported Wednesday. Icahn's motivation and size of his investment are not yet clear but he has had a long history with company Chief Executive Officer Brett Saunders. In 2013, Icahn helped place Saunders in the CEO position at Forest Laboratories, which was sold to Allergan less than a year later. One person familiar with the matter says Icahn and Saunders have maintained a "friendly" relationship. In addition, Icahn previously held a stake in the drugmaker, disclosing a holding in 2016, but sold that position in the first quarter of 2017, according to the report. WHAT'S NOTABLE: On Tuesday, David Tepper's Appaloosa and Senator Investment Group issued public a letter to Allergan's Board of Directors, in which they renewed their calls for the company to separate the CEO and chairman roles. The letter said, "We write concerning the conclusions drawn from Allergan's much-heralded strategic review, publicly outlined by chairman and CEO Brent Saunders on May 30th. Like the rest of the investment community, we were underwhelmed by the company's half-hearted attempt to restore strategic momentum... The token measures outlined in Mr. Saunders' presentation betray the Board and management's desire to cling to a status quo that has produced three years of steadily declining stock performance and a fire-sale market valuation. It is now clear that fresh thinking is absent from the current regime, thus explaining the market's complete loss of confidence in the stock. To that point, we reiterate our strong suggestion that at a minimum the company split the office of CEO and chairman; retain a new chairman or CEO from outside the company; replace at least two additional directors on the current Board; and upgrade management personnel in critical operating units." Allergan responded to the letter later on Tuesday saying input is welcome from all shareholders and the company is committed to driving shareholder returns. "The conclusion of our recently completed strategic review is to create a more focused Allergan that concentrates on four therapeutic areas where we have leadership positions and depth and breadth of our products and pipeline, and to pursue a disciplined capital allocation strategy to generate value for shareholders," the company said, adding that board refreshment continues to be a "top priority." Appaloosa and Senator's letter followed two previous letters in April and May which raised concerns over the company's "substantial value destruction" and urged Allergan to take immediate steps to correct it. Additionally in May, the Federal Trade Commission granted clearance for a transaction involving Tepper as "the acquiring party" and Allergan as the "acquired party," however additional details were not made available. Following Tuesday's letter, Wells Fargo analyst David Maris said the level of engagement from the two prominent activist funds can be a positive for Allergan and the shares, especially if it results in improved investor confidence in the credibility of the company's future. The analyst said he thinks Allergan will be responsive to the activism and agree to separate the roles of chairman and CEO. PRICE ACTION: Allergan is up 3.2%, or $4.94, to $160.42 in morning trading.

09:57 EDT Lockheed Martin increases venture capital fund to $200M - Lockheed Martin announced the doubling of its venture capital fund to $200M and recent investments in early-stage companies focused in the areas of autonomy and advanced manufacturing. Enabled by tax reform legislation, Lockheed Martin Ventures is focusing the additional $100M on early-stage companies in the areas of sensor technologies, autonomy, artificial intelligence and cyber. With the fund's latest investment, Lockheed Martin expanded its relationship with nTopology, creator of ELEMENT, an emerging software technology in the high-growth additive and advanced manufacturing sectors.

09:31 EDT TSYS acquires iMobile3, terms not disclosed - TSYS announced it has acquired iMobile3, a provider of private-labeled, small business solutions within the payments industry. iMobile3 offers unique and customizable payment solutions including award-winning mobile and tablet point-of-sale products, integrated with value added services. iMobile3 is located in Jacksonville, Florida. Terms of the transaction were not disclosed.

09:13 EDT Canadian Pacific plans $0.5B investment in high-capacity grain hopper cars - Canadian Pacific plans to invest more than a half-billion dollars on new high-capacity grain hopper cars. CP grain shippers can expect to see more than 500 of these new cars in service before the end of 2018. Over the next four years, CP plans to order approximately 5,900 hopper cars in total, enabling a complete removal of all low-capacity hoppers from the fleet.

09:10 EDT CytRx's aldoxorubicin shows lack of cardiac toxicity in clinical trials - CytRx highlighted clinical data from partner NantCell's poster presentation on June 2, 2018 at the American Society of Clinical Oncology Annual Meeting, in Chicago. The data demonstrates the lack of cardiac toxicity associated with treatment with aldoxorubicin. These results were obtained from two clinical trials of aldoxorubicin, a rationally-engineered cytotoxic which employs a linker bound to albumin to deliver doxorubicin directly into the tumor. Results from the study showed that no patient developed any sign or symptom of clinical congestive heart failure. CytRx out-licensed global development, manufacturing, and commercialization rights for aldoxorubicin to NantCell, a private subsidiary of NantWorks, LLC, in July 2017.

09:05 EDT Condor Hospitality Trust announces contract to sell $5.1M Super 8 in Iowa - Condor Hospitality Trust announced that one of its legacy hotels, the 121-room Super 8 in Creston, IA, is now under contract to sell for $5.1M and is expected to close in Q3. Net proceeds from the anticipated sale will be applied to outstanding debt on the company's $150M secured credit facility.

09:03 EDT Amazon.com announces Amazon Fire TV Cube - Amazon announced Fire TV Cube, a hands-free 4K Ultra HD streaming media player with Alexa, allowing you to control your TV from across the room. Fire TV Cube uses multi-directional infrared technology, cloud based protocols and HDMI CEC, that-combined with Alexa-let you control your compatible TV, sound bar, A/V receiver, and cable or satellite box. Power your TV on and off, change the volume, switch to different inputs, and change the cable channel-all with just your voice. Amazon Fire TV Cube features a simple, guided setup for Alexa voice control of your devices, giving you easy access to the vast catalog of content currently available on Fire TV; including tens of thousands of channels, apps, and Alexa skills, as well as over 500,000 movies and TV episodes and thousands of 4K Ultra HD and HDR titles. Amazon Fire TV Cube is available for pre-order starting today for $119.99 and ships with an IR extender cable and Ethernet adapter beginning on June 21. As an introductory offer, Prime members can pre-order Fire TV Cube on June 7 and 8 for a special price of $89.99-a $30 savings. Plus, for a limited time, customers can pre-order Fire TV Cube and Amazon Cloud Cam together for $199.98 - a $40 savings. Customers who purchase and register their Fire TV Cube by July 1, will also receive a $10 credit for Prime Video. And starting on June 21, Fire TV devices are eligible for unlimited access to tens of millions of songs with Amazon Music starting at just $3.99/month.

08:49 EDT On The Fly: Pre-market Movers - UP AFTER EARNINGS: Five Below (FIVE), up 18%... Conn's (CONN), up 23%... Zscaler (ZS), up 16%... Okta (OKTA), up 6%... Vail Resorts (MTN), up 6%. ALSO HIGHER: A.V. Homes (AVHI), up 28% after entering into a definitive agreement pursuant to which Taylor Morrison Home (TMHC) will acquire all of the outstanding shares of AV Homes common stock at $21.50 per share... Pareteum (TEUM), up 5% after reporting an agreement to acquire Artilium in a transaction that values the entire issued and to be issued ordinary share capital of Artilium at approximately $104.7M... Allergan (AGN), up 3% after Bloomberg reported that Carl Icahn has built a small stake in the drugmaker. DOWN AFTER EARNINGS: J.M. Smucker (SJM), down 8%... Thor Industries (THO), down 4%... United Natural Foods (UNFI), down 4%. ALSO LOWER: Proteostasis Therapeutics (PTI), down 27% after the company reported the initial outcome of its 801-01 clinical trial comprising 14 day dosing of PTI-801, a second generator corrector, on top of Vertex's (VRTX) Orkambi... Axon (AAXN), down 2.5% after the stock was downgraded to Neutral from Overweight at JPMorgan... First Solar (FSLR), down 3% after Goldman Sachs and Vertical Group both downgraded the stock to Sell post yesterday's close.

08:40 EDT K2M Group reaches100th product milestone with FDA clearance of Ozark system - K2M Group surpassed its 100th product milestone with the FDA 510(k) clearance and commercial launch of its Ozark Cervical Plate Systems-designed for anterior screw fixation to the cervical spine in patients with degenerative disease, deformity, tumor, or trauma.

08:38 EDT iBeat secures investments from SCOR Global Life, Transamerica Ventures - iBeat announced two investments totaling upward of seven figures from SCOR Life & Health Ventures (SCRYY) and Aegon's (AEG) Transamerica Ventures. The investments also include enterprise partnerships and booked revenue for the company's cardiac monitoring smartwatch that will eventually be rolled out to the insurers' agents and policy holders. iBeat will use the new funding to advance product marketing and expansion for its lifesaving Heart Watch. They will also work with life insurers and reinsurers carriers to offer eligible policyholders an iBeat Heart Watch - an everyday watch that monitors real-time changes in heart rate and circulation and looks for any behavior that appears to be unsafe or potentially life threatening. iBeat has received upward of 11,000 pre-orders for its personal safety watch that monitors for potential life-threatening cardiac emergencies and will be shipping orders early this summer.

08:37 EDT First Midwest to acquire Northern States Financial - First Midwest (FMBI) has entered into a definitive agreement to acquire Northern States Financial (NSFC), the holding company for NorStates Bank, based in Waukegan, Illinois. NorStates Bank operates eight offices in Lake County, Illinois and has approximately $500M in total assets, $400M in deposits, of which 90% are core deposits, and $320M in loans. Subject to certain adjustments, the merger agreement provides for a fixed exchange ratio of 0.0369 shares of First Midwest common stock for each share of Northern States common stock. Based upon the closing price of First Midwest's common stock on June 5, 2018 on the Nasdaq Stock Market, the overall transaction is valued at approximately $91.0M. The acquisition is presently anticipated to close in Q4.

08:35 EDT Monsanto trading halted, news dissemination

08:34 EDT Medical Properties Trust, Primonial Group enter JV to own 71 German hospitals - Medical Properties Trust announced that it has entered into agreements with Primonial Group to form a joint venture pursuant to which a fund managed by Primonial Group will acquire a 50% interest in an MPT portfolio of 71 post-acute hospitals throughout Germany. MPT will retain a 50% interest in the portfolio through the joint venture and an MPT affiliate will continue to manage the facilities. The transaction values the portfolio at approximately EUR1.635B. Based on the agreed 6.0% valuation of the portfolio's 2017 rents, MPT expects to report a gain of approximately EUR500M upon closing. At closing, Primonial Group will acquire its interest in the joint venture for cash, and a bank syndicate is expected to provide secured financing. Total expected proceeds to MPT, including its portion of the secured debt, will be approximately EUR1.14B. MPT expects to use such proceeds to fully repay its balances under its revolving credit facility, execute its pipeline opportunities for continued investment in U.S. and European hospital assets and for other corporate purposes. The Company is suspending its previous guidance regarding 2018 net income and funds from operations pending clarity on the timing of closing and any reinvestment activities. Closing of the transaction is conditioned on customary conditions, including approval of the German Federal Cartel Office and completion of definitive documentation concerning secured financing, and is expected during Q3.

08:32 EDT BrainStorm exercises warrants resulting in proceeds of approximately $12.3M - BrainStorm Cell announced it has entered into a Warrant Exercise Agreement with certain holders of warrants issued in the January 8, 2015 private placement. These holders have exercised warrants (for a total of 2,458,201 shares of common stock to be issued) at an amended exercise price of $5.00 per share, which generated gross cash proceeds of approximately $12.3M. For each warrant exercised, BrainStorm has agreed to issue one new warrant to the holders to purchase unregistered shares of common stock at an exercise price of $9.00 and an expiration date of December 31, 2020. BrainStorm will file a registration statement covering the resale of the additional shares of common stock underlying the newly issued warrants. Maxim Group was retained as financial advisor on behalf of BrainStorm in connection with this transaction.

08:17 EDT BioMarin receives $20M in milestone payments from Pfizer for talazoparib - BioMarin Pharmaceutical (BMRN) announced that the company received $20M in milestone payments from Pfizer (PFE). These milestone payments were triggered by the U.S. FDA acceptance of Pfizer's New Drug Application submission for talazoparib and by the European Medicines Agency acceptance of Pfizer's submission of a Marketing Authorization Application for talazoparib. These milestone payments are part of an agreement made with Medivation when the company purchased talazoparib. Medivation was acquired by Pfizer.

08:15 EDT Google suspends local election advertisements in Washington state - Google (GOOG, GOOGL) says that, beginning today, it will no longer run local election advertisements in the state of Washington starting from. Attorney General Bob Ferguson recently accused Google and Facebook (FB) of shielding the public from information about who is buying the political ads they see. Ferguson's lawsuit argued that both companies had failed to adhere to the state's campaign finance laws. In response, Google announced via an AdWords policy update that it would suspend ads concerning ballot measures and candidates for both local and state elections. Reference Link

08:11 EDT Ralph Lauren adds Etsy COO Linda Findley Kozlowski to board - Ralph Lauren Corporation (RL) announced that it has nominated Linda Findley Kozlowski to stand for election to the Company's Board of Directors at the 2018 Annual Meeting of Stockholders, in August 2018. The appointment will bring the number of Directors on the Company's Board to 14, and reflects the Company's commitment to continue to expand and diversify its Board, following the nomination of Angela Ahrendts and recent election of Michael George in May. Kozlowski brings 25 years of experience in operations, international marketing, business development, public relations, and customer service. She possesses a deep expertise in the ecommerce industry through her current role as COO of global marketplace Etsy (ETSY).

08:10 EDT Rockwell Medical provides update on strategy for Triferic - Rockwell Medical provided an update on the company's commercial strategy for its innovative anemia management drug, Triferic. This update follows the completion of a thorough review of the business by the newly augmented Board of Directors. As part of this review, the Board evaluated the strategy for bringing Triferic to dialysis patients and the clinics that serve them in the U.S. and other markets around the world. After considering multiple factors and all available information, including feedback from the Center for Medicare and Medicaid Innovation, the Board concluded that the Company should move forward without assuming that it will receive a Transitional Drug Add-On Payment Adjustment for Triferic in the near term. Accordingly, the Board has concluded that it is in the best interests of patients, the clinics that serve them and Rockwell Medical's shareholders to immediately move ahead with the commercial planning and launch of Triferic. As part of these efforts, the Board will work to ensure the Company has the appropriate resources, including recruiting additional talent, to execute on the commercialization process. In parallel with the commercial launch of Triferic, the Company intends to continue to work closely with industry leaders and policy makers to pursue a Transitional Drug Add-On Payment Adjustment for Triferic in the long term, as the Company believes this has the potential to expedite the process of getting Triferic to an even broader group of dialysis patients and clinicians.

08:10 EDT Pfizer announces FDA, EMA acceptance of regulatory submissions for talazoparib - Pfizer announced that the FDA accepted for filing and granted priority review designation to the company's new drug application for talazoparib. The submission is based on results from the EMBRACA trial, which evaluated talazoparib versus chemotherapy in patients with germline BRCA-mutated, HER2-negative locally advanced or metastatic breast cancer, or MBC. Talazoparib is an investigational, once-daily, oral poly ADP ribose polymerase, or PARP, inhibitor. The European Medicines Agency, or EMA, has also accepted the marketing authorization application for talazoparib in this patient population.

08:08 EDT BioXcel Therapeutics appoints Vincent J. O'Neill M.D., and Chief Medical Officer - BioXcel Therapeutics announced the appointment of Dr. Vincent J. O'Neill as Senior Vice President and Chief Medical Officer of BTI. Dr. O'Neill has served as Chief Medical Officer of BTI, on a consulting basis, since July 2017. He will continue to be responsible for the clinical strategy and development of BTI's pipeline assets.

08:08 EDT Anadarko, Western Gas Equity announce settlement of tangible equity units - Anadarko Petroleum (APC) and Western Gas Equity Partners (WGP) announced the settlement of 9,200,000 outstanding tangible equity units, originally issued in 2015, in exchange for approximately 8,207,320 WGP common units and cash in lieu of fractional units. The WGP common units delivered to settle the TEUs were owned by a wholly owned subsidiary of Anadarko. WGP filed a prospectus for the WGP units delivered upon settlement, but did not issue any securities in connection with the settlement.

08:07 EDT Alder Biopharmaceuticals names Robert Azelby as CEO - Alder BioPharmaceuticals (ALDR) named biotech industry veteran Robert Azelby president and CEO of Alder, effective June 13. He also will serve on the company's board. Azelby joins Alder from Juno Therapeutics (JUNO), where he served as executive vice president and chief commercial officer.

08:06 EDT SkyWest reports combined May traffic - SkyWest reported 145,300 block hours in May 2018, compared to 155,800 block hours in May 2017, a decrease of 10,500 or 6.7%. The net decrease was consistent with SkyWest's fleet transition plan to improve the mix of aircraft in its fleet by adding new E175 aircraft while reducing its 50-seat jets. The year-over-year net change was primarily driven by approximately 6,400 additional block hours from its E175 aircraft (includes the E175 aircraft and the E175 SC aircraft) and a decrease of approximately 16,900 block hours from its other aircraft types. In May 2018, SkyWest's dual-class aircraft represented approximately 53% of SkyWest's total block hour production for the month compared to approximately 50% for the month of May 2017. SkyWest reported 726,200 block hours for year-to-date May 2018, compared to 760,600 block hours year-to-date May 2017, a decrease of 34,400, or 4.5%. This net change was primarily driven by approximately 32,900 additional block hours from its E175 aircraft and a decrease of approximately 67,300 block hours from its other aircraft types. SkyWest had 85,000 departures in May 2018 compared to 93,700 in May 2017, a decrease of 8,700, or 9.3%.

08:06 EDT U.S. reaches settlement deal with ZTE Corp. - Secretary of Commerce Wilbur Ross is speaking on CNBC about the U.S. settlement deal with Chinese telecom giant ZTE Corp. (ZTCOY). Acacia Communications (ACIA) and Oclaro (OCLR), which are suppliers to ZTE, tend to move in reaction to reports regarding the Chinese telecom company. Shares of NXP Semiconductors (NXPI) may also react, as it is awaiting Chinese clearance for its agreement to be acquired by Qualcomm (QCOM).

08:05 EDT Ralph Lauren reiterates FY19 revenue guidance, introduces five-year outlook - Ralph Lauren Corporation will be hosting a meeting for investors and analysts to present its strategic growth plan, "Writing Our Next Great Chapter," to deliver sustainable long-term growth and value creation, and to discuss the Company's long term financial outlook. As part of its strategic plan, the company intends to execute on the following five strategic priorities: Win over a new generation of consumers, Energize core products and accelerate under-developed categories, Drive targeted expansion in its regions and channels, Lead with digital across all activities, Operate with discipline to fuel growth. The Company is reiterating its Fiscal 2019 guidance that was recently provided on its earnings call on May 23rd and introducing its five-year financial outlook. This outlook is in constant currency and excludes restructuring charges. Over the next five years, from Fiscal 2018 to Fiscal 2023, the company expects revenue to grow at a compounded annual growth rate of low to mid-single digits in constant currency. In addition, the company is targeting a return to revenue growth in Fiscal 2020 in constant currency. Operating margin is expected to expand to mid-teens by Fiscal 2023, in constant currency. In addition, marketing spend is expected to grow to approximately 5% of revenue by Fiscal 2023. In addition, capital expenditures are expected to represent 4-5% of revenue by Fiscal 2023.

08:04 EDT BorgWarner names Frederic Lissalde as CEO, effective August 1 - The BorgWarner Board of Directors announced the appointment of Frederic Lissalde to president and CEO effective August 1, 2018, at which time he will also join the Board of Directors. Effective on the same date, James Verrier will step down from the president and CEO role and serve in a non-executive advisory role to the Board of Directors and CEO to support a successful transition until he retires from the company February 28, 2019. Lissalde has held positions of increasingly significant responsibility during his nineteen years with the company. He currently serves as executive vice president and COO.

08:02 EDT Herman Miller to acquire 33% interest in HAY for $66M - Herman Miller announced it acquired a 33% equity interest in Nine United Denmark A/S for $66M. The transaction expands Herman Miller's portfolio of leading global brands and allows the company to scale its consumer business, accessing a growing customer base that prioritizes both industry-leading design and value. Herman Miller also acquired the rights to the HAY brand in North America for approximately $5M. The company has the option to increase its ownership stake in the future. The entire existing management team led by CEO Henrik Steensgaard will continue driving the HAY brand, its product development, and its efforts in Europe and Asia from their headquarters in Denmark. CEO Henrik Steensgaard will report to a new HAY Board of Directors chaired by Troels Holch Povlsen. The company expects to reflect its share of HAY's operating results within equity earnings from non-consolidated affiliates going forward. Forecast revenue for HAY's current fiscal year that ends in July 2018 is expected to total approximately $155 million. On a GAAP basis, this transaction is expected to be between $0.02 and $0.04 accretive to earnings per share in fiscal 2019. This amount includes estimated expenses of $0.02 per share from certain purchase accounting adjustments.

07:39 EDT Chimerix granted Orphan Drug Designation for brincidofovir from FDA - Chimerix announced that the FDA has granted Orphan Drug Designation for brincidofovir for the treatment of smallpox. Chimerix has been working with the Biomedical Advanced Research and Development Authority since 2011 to develop brincidofovir as a medical countermeasure for smallpox, demonstrating improved survival rates following confirmed orthopoxvirus infections in multiple animal models.

07:35 EDT FMC Corporation and Chr. Hansen extending collaboration on crop protection - FMC Corporation and Chr. Hansen have announced a five-year extension of their collaboration to develop and commercialize natural solutions for the agricultural industry. The collaboration, which has launched several natural products over the last five years, has enabled both Chr. Hansen and FMC to join resources and expertise to accelerate entry into the rapidly growing biological crop protection market. The newly extended agreement continues to leverage the resources and expertise of both companies, while allowing for more flexibility. During the last five years, Chr. Hansen and FMC have had an exclusive relationship regarding crop protection. While the mutual development pipeline will continue to be exclusive, both companies will be able to pursue development and commercial relationships with other partners.

07:34 EDT California Water commences cash tender offer to acquire SJW for $68.25 per share - California Water Service Group (CWT) announced that it has commenced a tender offer to acquire all outstanding shares of SJW Group (SJW) for $68.25 per share in cash. The offer is scheduled to expire at 5:00 p.m., New York City time, on August 3, 2018, unless the offer is extended. The company said, "On April 4, 2018, California Water made a private proposal to acquire SJW for $68.25 per share in cash, which exceed SJW's all-time high closing share price, and represents a 30% premium to SJW's share price at the time of California Water's proposal. In light of SJW's refusal to engage, and as part of its commitment to consummating a transaction with SJW, California Water has decided to take its proposal directly to SJW stockholders in the form of a tender offer." The full terms, conditions and other details of the tender offer are set forth in the offering documents that California Water will file today with the Securities and Exchange Commission. California Water also delivered a letter to the Board of Directors of SJW requesting, among other things, that SJW cooperate with California Water to promptly deliver the necessary applications with the California and Texas Public Utility Commissions to commence the review process. The letter read, in part: "Over two months ago on April 4, 2018, we delivered to you, the SJW Board, a private proposal to acquire 100% of the outstanding shares of SJW Group for $68.25 per share in cash. As we have repeatedly conveyed to you, it is our belief that our proposal represents a "superior proposal" under the terms of your existing merger agreement with Connecticut Water. We continue to be disappointed by your refusal to engage with us, and your decision on April 25 to commence a hostile public relations campaign against us and our stakeholders in response to our private proposal, and our attempts to negotiate with you in good faith...Despite your unwillingness to engage with us, we continue to extend to you an invitation and proposal to engage and negotiate a transaction with us at a value of $68.25 per share. We firmly believe that in the context of a negotiated transaction, we can together resolve any legitimate issues that you may have with our proposal. It is our further belief that there is no legitimate contractual reason why you cannot immediately engage in discussions with us on the basis of our tender offer and the content of this letter. We look forward to your response, and the opportunity to work together to create value for our stockholders, customers, employees, and the communities we serve."

07:20 EDT MiMedx provides update on International progress - "MiMedx has been quietly building our OUS infrastructure. Over the next several years, we expect our OUS business will show meaningful operational progress which will result in expanded revenue contribution for the Company," said Parker H. "Pete" Petit, Chairman and CEO. "Under the leadership of Mike Carlton, Senior Vice President of Global Sales, we have now assembled sales and managerial talent focused on specific global markets. We have one executive focused on Eastern Europe, one focused on Western Europe and the UK, one focused on Canada and the Middle East, and another focused on the Asia-Pacific countries. Mike will be a member of the team reporting to John Harris, and Mike will continue to add his expertise to the growth of these regions. John Harris will report directly to Chris Cashman." Bill Taylor, President and COO, added, "With regard to Europe, our products are now marketed in Austria, Ireland, Slovenia, Switzerland, and the United Kingdom; pending regulatory approval in Italy; and will soon be filed for regulatory approval in Germany. We are in the last stages of approvals for Italy, and we expect to apply for regulatory approval in Germany in the second quarter of this year. German review and regulatory approval could take 6 to 12 months. In the Middle East, our products are marketed in Saudi Arabia and are in process in multiple countries in the region. Regarding North American countries other than the U.S., our products are also marketed in Canada. We have contracted with commercial partners in each country to focus on wound care and surgical, orthopedics and sports medicine opportunities." The Company also announced that the placental allografts category have been added to the European Wound Management Association document: Advanced Therapies in Wound Management which will include its dehydrated Human Amnion/Chorion Membrane. The EWMA published its updated document prior to the recent EWMA 2018 Conference held from May 9 to 11, 2018 in Krakow, Poland. This initiative investigates the barriers and possibilities of advanced therapies in next generation wound management, including cellular therapies, tissue engineering and tissue substitutes associated with the clinical discipline of regenerative medicine. The 2018 EWMA Conference was EWMA's 28th annual conference offering high-level scientific presentations, knowledge and best practices exchange, and presentation of the most recent advances in wound management research and treatment. With up to 5,000 attendees, the EWMA is one of the largest and most prestigious wound management conferences in the world. Chris Cashman, noted, "We are pleased to have our dHACM allografts highlighted at the influential EWMA annual conference. In addition to the EWMA, we have been very active in attending major conferences held in the European Union as well as numerous local specialty meetings and conferences highlighting our EpiFix and AmnioFix product lines, as well as our clinical and science compendium." In the Asia-Pacific region, MiMedx products are now registered and permitted for marketing in New Zealand and South Korea, and the Company's products have been submitted for TGA regulatory approval for Australia. The product lines submitted in Australia will include the Company's EpiFix, AmnioFix and injectable product lines for commercialization. The Company has already contracted with a leading in-country commercial distribution partner with plans for a full launch this fall. In Japan, MiMedx has been preparing regulatory submissions for its EpiFix product with the Pharmaceutical and Medical Devices Agency, the affiliate of the Japanese Ministry of Health, Labor and Welfare that governs the approval of pharmaceuticals and medical devices. Additionally, we are preparing for reimbursement filings to support established payment once approved for market commercialization. Cashman concluded, "We believe that the Japanese market has a significant unmet need for chronic non-healing wounds associated with a lower limb and foot. Furthermore, the Japanese medical community has embraced and is emphasizing regenerative medicine and therapies as a critical area of medicine to heal damaged tissues and organs that today are considered beyond repair. We expect to establish a MiMedx infrastructure in Japan and hire local direct employees to manage the commercialization in Japan. The commercialization activities could culminate as early as summer 2019."

07:14 EDT Conn's up 13.6% to $29.15 after Q1 results top estimates

07:07 EDT FibroGen completes enrollment in U.S. Phase 3 clinical program for roxadustat - FibroGen announced the completion of patient enrollment in the Phase 3 studies supporting the U.S. new drug application, or NDA, submission for roxadustat in anemia associated with chronic kidney disease, or CKD. The Phase 3 clinical program is evaluating the use of roxadustat for the treatment of anemia in both dialysis-dependent and non-dialysis-dependent CKD patients.

07:05 EDT J.M. Smucker CEO says experienced 'industry-wide headwinds' in Q4 - "While fourth quarter adjusted earnings per share was below our projections due to industry-wide headwinds and certain discrete items, the actions we are taking to align our portfolio for growth set up our business to win," said Mark Smucker, CEO. "In the past few months, we brought 1850 premium coffee and Jif PowerUps snacks to market, innovations created in response to changing consumer preferences. We acquired Ainsworth, thereby strengthening our pet food portfolio with the addition of the high-growth, on-trend Rachael Ray Nutrish premium pet food brand. We also announced plans to explore a potential divestiture of our U.S. baking business, underscoring our commitment to regularly evaluate our portfolio and emphasizing our focus towards growing the coffee, snacking, and pet food categories. Further, we have executed on our cost reduction programs, which have fueled investments for key growth brands such as Dunkin' Donuts, Smucker's Uncrustables, and Nature's Recipe. As we continue to transform our company, we are confident in our ability to deliver against our strategic objectives and enhance long-term shareholder value."

07:04 EDT Alio appoints Doug Jones as COO - Alio Gold has finalized the appointment of Doug Jones as Executive VP and COO. Jones will be responsible for operations at the Florida Canyon Mine in Nevada, USA and the San Francisco Mine in Sonora, Mexico. Paul Hosford, Vice-President Project Development, will continue to oversee the development of the Ana Paula Project in Guerrero, Mexico. Jones was previously COO at Rye Patch Gold which was acquired by Alio Gold on May 25, 2018.

07:04 EDT Ophthotech enters license agreements with University of Florida, Pennsylvania - Ophthotech announced that it has entered into an exclusive global license agreement with the University of Florida Research Foundation and the University of Pennsylvania to develop and commercialize a novel adeno-associated virus, or AAV, gene therapy product for the treatment of rhodopsin-mediated autosomal dominant retinitis pigmentosa, or RHO-adRP, an orphan monogenic disease that is characterized by progressive and severe loss of vision leading to blindness. Preclinical anatomical and functional proof-of-concept studies have demonstrated promising results in a canine disease model. In addition to the exclusive license agreement, Ophthotech and Penn have also entered into a master sponsored research agreement, facilitated by the Penn Center for Innovation, pursuant to which Ophthotech and Penn plan to conduct preclinical and natural history studies. In parallel with the sponsored research, Ophthotech plans to commence IND-enabling activities. Based on current timelines, Ophthotech expects to initiate a Phase 1/2 clinical trial in early 2020. It is estimated that there are approximately 11,000 RHO-adRP individuals in the United States and the five major European markets. There is currently no FDA or European Medicines Agency approved therapy to treat this orphan inherited retinal disease.

07:03 EDT J.M. Smucker sees FY19 free cash flow $800M-$850M - Sees FY19 CapEx $350M-$370M; effective tax rate 24.5%.

07:02 EDT MiMedx: Audit Committee investigation ongoing, underlying business 'strong'

07:01 EDT MiMedx to restate certain historical financial statements - MiMedx Group announced that the Audit Committee of the company's Board of Directors, with concurrence from management of the company, has concluded that the company's previously issued consolidated financial statements relating to each of the fiscal years ended December 31, 2012, 2013, 2014, 2015, and 2016 and each of the interim periods ended March 31, June 30 and September 30, 2017 should be restated. As a result, all communications and financial information with respect to the fourth quarter of 2017 and the first quarter of 2018 should no longer be relied upon, and the company is withdrawing all prior financial guidance issued for 2018. The company's underlying business remains strong. As previously announced, the Audit Committee has been conducting an independent investigation into current and prior-period matters relating to certain sales and distribution practices and other matters. The determination of the need to restate was based on investigation results to date, which have primarily been focused on the accounting treatment afforded to such sales and distribution practices for two distributors for which certain implicit arrangements modified the explicit terms of the contracts, impacting revenue recognition during specified periods. The Audit Committee investigation is ongoing, continues to evaluate sales and distribution practices at other distributors and customers, and may ultimately result in the identification of additional issues, broaden the scope of financial items or periods required to be restated, may result in additional actions taken by the company, and may affect the preliminary conclusions expressed above. The Company does not intend to provide additional updates on the results of the investigation until it is concluded or the Company determines that further disclosure is appropriate or necessary.Although the company cannot at this time estimate when it will file its restated financial statements and Annual Report on Form 10-K for the year ended December 31, 2017 and subsequent interim periods, it is diligently pursuing completion of the Restatement and intends to make such filings as soon as reasonably practicable.

07:00 EDT MiMedx to restate certain historical financial statements

06:53 EDT The Buckle's General Counsel Kyle Hanson resigning - The Buckle reported that Kyle L. Hanson will resign from her position as Vice President, General Counsel, and Corporate Secretary effective June 16 to pursue another opportunity.

06:50 EDT Lazard names Robert Frost CEO of company's Middle Market Advisory practice - Lazard announced that Robert Frost will become CEO of the firm's Middle Market Advisory practice, effective July 2. Frost, who is based in Minneapolis and had been Head of the Middle Market Industrials Group, succeeds David Solomon, who is stepping down as CEO as part of a planned succession. Frost and Solomon will work closely together to facilitate a smooth leadership transition, and Solomon will take a more active role in the firm's Middle Market Consumer Retail Group.

06:47 EDT USD Partners executes five-year terminalling services agreement with refiner - USD Partners has executed a five-year, take-or-pay terminalling services agreement with a high quality refiner customer. The agreement is for trans-loading capacity at the Hardisty rail terminal with an expected start date in late 2018. USD is also in discussions with a number of current customers of the Partnership's Hardisty terminal for early renewals or extensions of their agreements.

06:35 EDT Lindsay announces strategic partnership with Farmers Edge - Lindsay announced a new strategic partnership that will deliver a suite of agricultural tech and digital agronomy solutions for its customers.This collaboration between Lindsay Corporation and Farmers Edge provides farmers with a solution to access field-centric data and deep insights they need to make decisions and get the most out of every acre. Growers who utilize both FieldNET, a fully integrated wireless management tool, and the Farmers Edge digital platform will have the ability to share key data back and forth between the two platforms, which will help optimize water application and other inputs while growers work to maximize yields and profitability. As part of the agreement, the Farmers Edge suite of digital agronomic tools will be offered via Lindsay's vast global network of over 350 Zimmatic dealers. Syncing technologies brings new capabilities, broadens service offerings, and strengthens digital connectivity on the farm. These insights help growers base farm management decisions on data, not marketing campaigns, traditional practices, or gut instincts.

06:33 EDT Thomson Reuters announces new $1B share repurchase program - Thomson Reuters announced that it plans to buy back up to an additional $1B of its shares under a new repurchase program. The new buyback program is in addition to the $500M repurchase program that Thomson Reuters announced in May 2018. Thomson Reuters has repurchased approximately $231M of shares since resuming buybacks last month. Repurchases under the combined $1.5B buyback programs would allow the company to reduce the size of a contemplated $9B-$10B substantial issuer bid/tender offer, or SIB, that Thomson Reuters plans to make to all shareholders in connection with the sale of a 55% interest in the company's Financial & Risk business, as previously announced. The SIB may be at a premium to the then-current market price of the company's shares. The company's principal shareholder is expected to participate pro rata in the SIB.

06:32 EDT AmTrust enters amendment to merger agreement with Evergreen Parent - AmTrust Financial Services (AFSI) announced that it has entered into an amendment to the merger agreement with Evergreen Parent, L.P., an entity formed by the Karfunkel-Zyskind Family and private equity funds managed by Stone Point Capital LLC. Under the terms of the amended agreement, Evergreen will acquire the approximately 45% of the Company's shares of common stock that the Karfunkel-Zyskind Family and certain of its affiliates and related parties do not already own or control for $14.75 per share in cash, subject to regulatory approval and other closing conditions. This represents an increase of $1.25 per share, or 9.3%, in cash consideration to AmTrust public stockholders, over the previously agreed upon $13.50 per share, and a 45% premium to the Company's unaffected closing stock price on January 9, 2018. The transaction values the fully diluted equity of the Company at approximately $2.95 billion, excluding the Company's outstanding preferred stock. The Special Committee has unanimously approved the revised merger agreement and recommends that public stockholders vote "FOR" the revised agreement. The proposed merger is anticipated to close in the second half of 2018 and is subject to approval by a majority of the shares of the Company not owned or controlled by the Karfunkel-Zyskind Family, and certain related parties as set forth in the merger agreement, as well as approval by regulatory authorities.

06:30 EDT Symantec announces departure of EVP Consumer Digital Safety Fran Rosch - Symantec yesterday announced that Fran Rosch, EVP of Consumer Digital Safety, has accepted a CEO position at a private company and will leave Symantec on June 29, 2018.

06:18 EDT Coinbase says acquires Keystone Capital, Venovate Marketplace, Digital Wealth - Coinbase said in a blog post that it has has purchased three companies: Keystone Capital Corp., Venovate Marketplace, Inc., and Digital Wealth LLC. The deals give Coinbase licenses that let it register with the government to offer its customers even more financial services. Reference Link

06:14 EDT Altaba commences tender offer to purchase up to 195M shares of common stock - Altaba (AABA) announced the commencement of a tender offer to purchase up to 195M issued and outstanding shares of its common stock at a purchase price per share equal to (A) 0.35 American Depositary Shares of Alibaba Group (BABA) and (B) an amount in cash equal to the Alibaba VWAP multiplied by 0.05, less applicable withholding taxes and without interest. The terms and conditions of the tender offer are set forth in an Offer to Purchase, Letter of Transmittal and related documentation that are being distributed to holders of the Fund's shares and are being filed with the U.S. SEC. The tender offer will expire on July 11, 2018 at 11:59 p.m., New York City time.

06:03 EDT Athersys expands collaboration with Healios - Athersys announced that it has entered into an agreement with HEALIOS K.K. to expand their collaboration into additional therapeutic areas. Under the terms of the agreements, Healios obtained exclusive licenses for the development and commercialization in Japan of MultiStem therapy for the treatment of acute respiratory distress syndrome and of MultiStem cells used in combination with iPSC-derived cells for the treatment of certain organs. Healios also received an exclusive global license to develop and commercialize MultiStem cells, either as a standalone therapy or in combination with retinal pigmented epithelial cells for certain ophthalmological indications, and an expansion of its license to use Athersys technology to support its organ bud programs to include other transplantation areas. In exchange, Athersys receives $20M in license fees, comprising $10M paid from an escrow account established with the letter of intent signed in March 2018 and four installments of $2.5M each to be paid in this and the next three quarters. As part of the agreement, Athersys may also receive up to approximately $360M in aggregate development and commercialization milestones for the licensed programs, as well as tiered double-digit royalties on MultiStem therapies developed for ARDS, and single-digit royalties for other licensed products. Under the terms of the agreement, Healios will also receive a credit of $10M to be used against certain future development milestones and a right of first negotiation to broaden the field and territory related to MultiStem cells used in combination with iPSC-derived cells. Also as part of the agreement, Healios has been granted a right of first negotiation regarding an exclusive option for a license to develop and commercialize MultiStem therapy for certain indications in China, and the potential inclusion of an additional indication to the Japan license.

06:03 EDT Coinbase COO says 'on track' to operate regulated broker-dealer - In a blog post, Coinbase President and COO Asiff Hirji said: "We're announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission and the Financial Industry Regulatory Authority. This step forward is being made possible by our acquisition of a broker-dealer license, an alternative trading system license, and a registered investment advisor license. There are now many types of blockchain-based digital assets, from cryptocurrencies to security tokens to collectibles. In the United States, some of these assets will be subject to SEC oversight. With this in mind, securing these licenses will bring us a step closer to our goal, which is to be the most trusted way for our customers to buy, sell, and use many different types of crypto assets. Following our recent announcement of the Coinbase suite of institutional products, we believe this is an important moment for the crypto ecosystem, and yet another indication of the maturation of the crypto economy. If approved, these licenses will set Coinbase on a path to offer future services that include crypto securities trading, margin and over-the-counter trading, and new market data products. Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets-like 24/7 trading, real-time settlement, and chain-of-title." Reference Link

06:01 EDT Baker Hughes reports May international rig count 967, down 11 rigs from April - Baker Hughes announced that the Baker Hughes international rig count for May 2018 was 967, down 11 from the 978 counted in April 2018, and up 10 from the 957 counted in May 2017. The international offshore rig count for May 2018 was 198, up 4 from the 194 counted in April 2018, and down 4 from the 202 counted in May 2017. The average U.S. rig count for May 2018 was 1,046, up 35 from the 1,011 counted in April 2018, and up 153 from the 893 counted in May 2017. The average Canadian rig count for May 2018 was 83, down 15 from the 98 counted in April 2018, and down 2 from the 85 counted in May 2017. The worldwide rig count for May 2018 was 2,096, up 9 from the 2,087 counted in April 2018, and up 161 from the 1,935 counted in May 2017.

05:55 EDT Jamie Dimon, Warren Buffett team up to support end of quarterly guidance - JPMorgan (JPM) CEO and chairman of the Business Roundtable Jamie Dimon has joined forces with Berkshire Hathaway's (BRK.A, BRK.B) Warren Buffett to convince CEOs to end quarterly profit forecasts. The two penned an opinion piece in the Wall Street Journal urging public companies to eliminate or reduce the practice of issuing quarterly earnings guidance. Reference Link

05:44 EDT Athersys announces expansion of collaboration with Healios - Athersys announced that it has entered into an agreement with HEALIOS K.K. to expand their collaboration into additional therapeutic areas. Under the terms of the agreements, Healios obtained exclusive licenses for the development and commercialization in Japan of MultiStem therapy for the treatment of acute respiratory distress syndrome, or ARDS, and of MultiStem cells used in combination with iPSC-derived cells for the treatment of certain organs. Healios also received an exclusive global license to develop and commercialize MultiStem cells, either as a standalone therapy or in combination with retinal pigmented epithelial, or RPE, cells for certain ophthalmological indications, and an expansion of its license to use Athersys technology to support its organ bud programs to include other transplantation areas. In exchange, Athersys receives $20 million in license fees, comprising $10 million paid from an escrow account established with the letter of intent signed in March 2018 and four installments of $2.5 million each to be paid in this and the next three quarters. As part of the agreement, Athersys may also receive up to approximately $360 million in aggregate development and commercialization milestones for the licensed programs, as well as tiered double-digit royalties on MultiStem therapies developed for ARDS, and single-digit royalties for other licensed products. Under the terms of the agreement, Healios will also receive a credit of $10 million to be used against certain future development milestones and a right of first negotiation to broaden the field and territory related to MultiStem cells used in combination with iPSC-derived cells.

05:39 EDT Commvault enters partnership with Alibaba Cloud - Commvault (CVLT) and Alibaba Cloud, the cloud computing arm of Alibaba Group (BABA), jointly announced to leverage each other's technology and market advantages to deliver advanced, innovative and scalable hybrid cloud data management solutions to help customers and partners across the globe accelerate digital transformations. Alibaba Cloud is among the world's top 3 IaaS providers, according to Gartner, China's largest provider of public cloud services and the number four player globally in the IaaS market by revenue in 2017, according to IDC. Commvault's partnership with Alibaba Cloud allows businesses to make their move to the cloud with greater ease and security. With IDG highlighting big data/analytics, mobile and cloud as the leading business revenue drivers, and 49 percent of global enterprises citing data availability and visibility as responsible for significantly improved business performance1, data is a critical asset to information-driven businesses. However, complex regulations and the fast pace of changing business needs threaten the success of enterprises embarking on their digital transformation journey.

05:35 EDT Costco reports May SSS up 11.7% - Reports May net sales up 14.1% to 11.02B. Reports May SSS, excluding the impacts from changes in gasoline prices and foreign exchange, up 8%. Reports May E-Commerce up 34.4%.