Stockwinners Market Radar for August 28, 2018 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

21:12 EDT Apple CEO Cook sells $57.8M in stock - Apple CEO Tim Cook disclosed the sale of about 265K shares of company stock sold on August 24th-27th with a price range of $216.96-$218.54. The total transaction value was about $57.8M.

18:56 EDT International Paper SVP Nichollssells 17,000 common shares - In a regulatory filing, International Paper senior vice president Timothy S. Nicholls disclosed the sale of 17,000 common shares of the company at a price of $52.5346 per share.

17:58 EDT BioMarin exec Fuchs sells 25,000 common shares - In a regulatory filing, BioMarin Pharmaceuticals' worldwide R&D president Henry J. Fuchs disclosed the sale of 25,000 common shares of the company in two transactions of 12,500 shares each. The first transaction was sold at $99 per share on August 24, while the second transaction was sold at $100 per share on August 27.

17:46 EDT SPDR Gold Trust holdings fall to 759.87MT from 764.58MT - This is the lowest level of holdings since February 23rd, 2016.

17:24 EDT AutoZone president of Supply Chain, Rod Halsell, announces retirement - AutoZone announced that Rod Halsell, Senior Vice President, Supply Chain, Customer Satisfaction will retire on November 10, 2018. Rod joined AutoZone in 1985 as a part timer and has held several positions in Store Operations, including Store Manager and District Manager. He moved to Supply Chain in 1994 holding various management positions at the company's Lavonia, GA and Phoenix, AZ distribution centers before moving to the Store Support Center in Memphis as Director of Supply Chain in 2003. Rod was promoted to Vice President, Supply Chain, Distribution in 2005, and in 2015 became a member of AutoZone's Executive Committee as Senior Vice President, Supply Chain.

17:17 EDT Marriott Vacations to replace ILG in S&P 400 at open on 9/4 - Marriot Vacations Worldwide (VAC) is acquiring ILG (ILG) in a deal expected to be completed soon pending final conditions. Post-merger Marriot Vacations Worldwide will be more representative of the mid-cap market space.

17:04 EDT Gilead announces Laura Hamill as EVP Worldwide Commercial Operations - Gilead Sciences (GILD) announced that Laura Hamill will join the company as Executive Vice President, Worldwide Commercial Operations, and will become a member of Gilead's senior leadership team. Ms. Hamill is an experienced leader with significant expertise in managing the complexity of commercial operations at a large biopharmaceutical company, including driving strategic planning, delivering operating results, executing on product launches and strategic partnerships, and leading market development. Ms. Hamill joins Gilead from Amgen (AMGN), where she most recently served as Senior Vice President, U.S. Commercial Operations and oversaw the launch of multiple products across new and existing therapeutic areas.

17:02 EDT China Biologic responds to lawsuit filed by former CEO David Gao - China Biologic issued the following statement in response to a lawsuit filed against the company in the Cayman Islands by David Gao, the former chairman and CEO of the company who was terminated for cause: "We deeply regret that Mr. David Gao, acting individually in his personal capacity, has attempted to challenge the completion of the private placement that was announced on August 24. The Company is prepared to fend off meritless lawsuits like this and will take actions to seek actual and punitive damages from Mr. Gao in connection with his ill-intended lawsuit as well as any damages caused by breaches of his employment agreement. The Company continues to believe that the private placement transaction referred to in the lawsuit is beneficial to shareholders, through the additional capital and strategic partnerships which it will result in. The Company understands that the investors involved remain committed to the transaction, and, with their support, China Biologic will be very well situated to acquire and develop the leading technologies and assets that will help drive exceptional shareholder value for the long term. The Company has closed 3,800,000 shares in the private placement and will close the remaining in accordance with the transaction agreements."

16:45 EDT Andeavor Logistics director Jeff Stevens buys almost $2M in company stock - Andeavor Logistics director Jeff Stevens disclosed in a filing that he had purchased 39,175 shares of company stock at an average price of $50.14 per share between August 24 and August 27. The total transaction value of the purchase was $1,964,086.

16:38 EDT Emergent BioSolutions to acquire Adapt Pharma, Narcan Nasal Spray - Emergent BioSolutions announced that it has entered into an agreement to acquire Adapt Pharma and its flagship product Narcan Nasal Spray, the first and only needle-free formulation of naloxone approved by the FDA and Health Canada, for the emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression. Total consideration for the transaction is up to $735M consisting of an upfront payment of $635M and up to $100M in cash for potential sales-based milestones through 2022. The upfront payment of $635M consists of $575M in cash and $60M in Emergent common stock, all of which are subject to certain adjustments under the terms of the agreement. Upon the closing of the transaction, Emergent will acquire the Narcan Nasal Spray product and a development pipeline of new treatment and delivery options to address opioid overdose, and bring on approximately 50 employees, located in the U.S., Canada, and Ireland, including those responsible for supply chain management, research and development, government affairs, and commercial operations. The acquisition of Adapt Pharma adds Narcan Nasal Spray to Emergent's portfolio of only-in-class products with applications in both government and commercial markets as well as commercial operations targeting these markets, including a focus on state and local government purchasers, first responder groups, retail pharmacies, and opioid addiction treatment centers as key sales channels. Narcan Nasal Spray became commercially available in early 2016 after receiving FDA approval in November 2015. It also received approval from Health Canada in October 2016. Adapt Pharma is also developing new treatment and delivery options to address opioid overdoses. From a financial perspective, the company expects the incremental revenue contribution in 2019 from the acquisition to be between $200M-$220M. The company also anticipates that the transaction will be accretive to adjusted net income and EBITDA in 2019. To fund the cash portion of the acquisition, Emergent will use a combination of cash-on-hand, its existing $200M credit facility, and borrowings pursuant to a new $600M debt financing commitment. The transaction, which is subject to customary closing conditions, including antitrust regulatory approval, is expected to close in Q4.

16:34 EDT Central Puerto announces approval of La Castellana wind farm - Central Puerto announced the approval of the Commercial Operation of wind farm La Castellana with an installed capacity of 99 MW, starting on August 18.The project was developed by CP La Castellana, a subsidiary of CP Renovables S.A. in which Central Puerto holds a controlling equity stake, and had the financial support of the International Finance Corporation , a member of the World Bank Group, the Interamerican Investment Corporation, a member of Inter-American Development Bank, and Banco de Galicia y Buenos Aires S.A. In addition to La Castellana wind farm, CP Renovables and its subsidiaries also have 135 MW of capacity awarded under the RenovAr Program, and were granted energy dispatch priority for 137 MW to sell energy in the MATER. With the inclusion of La Castellana wind farm, the consolidated installed capacity of Central Puerto increased 3%, totaling now 3,792 MW.

16:18 EDT H&R Block reports Q1 EBITDA ($137M) vs. ($140M) last year

16:17 EDT Meta Financial announces forward stock split, boosts dividend 15.4% - Meta Financial Group announced that the Board of Directors authorized a forward stock split in the form of a stock dividend of two additional shares of common stock for each of the issued and outstanding shares of Meta common stock. The stock dividend pursuant to the stock split will be payable on October 4, 2018, to shareholders of record at the close of business on September 20, 2018. The stock split does not change the proportionate ownership interest a stockholder maintains in Meta. As a result of the stock split, the number of issued and outstanding shares of Meta common stock will increase to approximately 39.2M shares, which includes shares issued pursuant to the Crestmark Bancorp merger that closed on August 1, 2018. The company expects its common stock to begin trading on a split-adjusted basis on October 5, 2018. In addition, the company announced that the Board of Directors approved an increase in the quarterly common stock dividend, to 15c per share, or 60c annualized, representing a 15.4% increase over the quarterly dividend paid previously. This dividend will be payable on October 1, 2018 to shareholders of record as of September 7, 2018. The stated dividend amount does not give effect to the forward stock split, and, as such, the company will pay a cash dividend of 15c per share for the fourth fiscal quarter of 2018.

16:12 EDT One Stop Systems to acquire Concept Development for $4.9M in stock, $1M in cash - One Stop Systems, or OSS, has signed a definitive agreement to acquire Concept Development, or CDI. CDI specializes in the design and manufacture of specialized in-flight entertainment systems for commercial aircraft. CDI's capabilities include electrical, mechanical and software design as well as experience in test and certifications required for airborne systems. The companies expect the synergies of the combined businesses to enhance the capabilities of their engineering, manufacturing and customer support, as well as dramatically broaden their market reach. OSS now has access to in-flight entertainment market and CDI customers, addition of technical expertise in design and manufacturing airborne equipment and significant existing OEM design-ins and new opportunities. The deal adds $4M-$6M in projected annual revenue, profitable operations with 38%-42% gross margin and $4.9M in stock and $1M in cash. The acquisition is expected to be completed before the end of Q3.

16:10 EDT PCTEL announces reorganization and names new COO - PCTEL announced a strategic reorganization to drive company growth, consolidating its operations to address the convergence in the industrial IoT, public safety and 4G infrastructure markets and the emergence of new technologies such as 5G. Rishi Bharadwaj will serve as Chief Operating Officer for the company, while Arnt Arvik will lead business development and sales as Chief Sales Officer. The reorganization is effective immediately. Prior to the reorganization, the company operated in two segments, Connected Solutions for the design and manufacture of antennas and related wireless products, and RF Solutions for test and measurement tools that improve the performance of wireless networks globally. The Company will operate in one entity immediately and will report as one entity beginning with the fiscal quarter ending December 31, 2018.

16:09 EDT Box reports Q2 billings $162.8M, up 17% from last year - Free cash flow in the second quarter of fiscal 2019 was negative $10.3 million. This compares to negative $15.0 million in the second quarter of fiscal 2018.

16:06 EDT PlayAGS announces agreement with GVC - PlayAGS announced an agreement to provide third-party slot content aggregation for real-money wagering to GVC Holdings one of the world's largest sports betting and gaming groups. Under this agreement, AGS's iGaming Platform, acquired through the June 2018 purchase of Gameiom Technologies Limited, will provide GVC with a seamless aggregation solution and access to AGS's full library of game content partners and more than 600 games from well-respected game developers including 1x2 Gaming, AGS, Ainsworth Game Technology, Gaming Realms, and Reflex Gaming, among others.

16:04 EDT Gulf Island Fabrication awarded option for newbuild towboat contract - Gulf Island Fabrication announced that through its shipyard division, it has been awarded the option for a newbuild contract for the construction of one 3300-horsepower towboat. Delivery of the second vessel is estimated at 2 months after delivery of the first vessel.

16:00 EDT General Growth trading resumes

15:12 EDT Barnes & Noble responds to lawsuit from terminated CEO - The board of Barnes & Noble commented on the lawsuit filed by former CEO Demos Parneros. As announced on July 3, Parneros was terminated for cause following multiple violations of the company's policies. "The lawsuit filed by Demos Parneros is nothing but an attempt to extort money from the company by a CEO who was terminated for sexual harassment, bullying behavior and other violations of company policies after being in the role for approximately one year. The allegations contained in the complaint about Len Riggio are replete with lies and mischaracterizations. They are an example of someone who, instead of accepting responsibility for blatantly inappropriate behavior, is lashing out against a former employer. The board, advised by legal counsel at Paul, Weiss, Rifkind, Wharton & Garrison, unanimously terminated Parneros' employment following a thorough investigation that revealed multiple examples of significant misconduct. Parneros not only violated his employment agreement, but also compromised the trust and respect that we strive to foster throughout our organization... Parneros' actions were unacceptable and not representative of the high standards by which Barnes & Noble operates. At Barnes & Noble, we are committed to providing an inclusive, welcoming, respectful and safe workplace."

14:31 EDT Farmers National Banc raises quarterly dividend 33% to 8c per share - On August 28, 2018, the board of directors of the Farmers National Banc Corp. declared a quarterly cash dividend of 8c per share, a 33% increase from the 2017 third quarter payment, and a 14% increase from the 2018 second quarter payment. The common stock cash dividend will have a record date of September 14, 2018, and is payable to shareholders on September 28, 2018.

14:02 EDT Arena reports presentation of Phase 1 clinical data for ralinepag - Arena Pharmaceuticals announced that data from two Phase 1 clinical studies evaluating an extended-release formulation of its investigative drug candidate ralinepag, a next-generation, oral, selective and potent prostacyclin receptor agonist in development for the treatment of pulmonary arterial hypertension, were presented at the European Society of Cardiology Congress on August 27. "With an extended half-life and low peak-to-trough fluctuation, the ralinepag XR tablet closely approximates the PK profile of continuously infused IV-prostacyclin. These highly favorable and desirable PK characteristics further support the use of the ralinepag XR tablet in the ADVANCE Phase 3 clinical program," said Preston Klassen, Chief Medical Offer of Arena.

13:27 EDT Yum China rises after reportedly spurning $46 per share takeover bid - Shares of Yum China (YUMC) are on the rise following a media report saying the company has rejected a buyout offer of $46 per share made by a consortium led by Hillhouse Capital. Earlier this month, Bloomberg had reported that China's sovereign wealth fund, China Investment Corp., was part of the consortium bidding to take Yum China private. BUYOUT OFFER REPORTEDLY REJECTED : Yum China has rejected a private buyout offer from a consortium of investors that valued the company at over $17B, according to The Wall Street Journal, citing a person familiar with the matter. An investor group led by Hillhouse Capital Group in recent months offered to take the restaurant operator private at $46 per share, but the all-cash offer was turned down by the company's board in recent weeks, source told the publication. Last month, The Information had reported that Hillhouse Capital was in talks to acquire Yum China. The company operates over 8,000 KFC and Pizza Hut restaurants across mainland China. A takeover led by Hillhouse would assist the company in accelerating its efforts to implement high-tech initiatives in its brick-and-mortar stores in order to attract Chinese millennials, the report pointed out. CHINA INVESTMENT PART OF CONSORTIUM: Earlier this month, Bloomberg reported that China's sovereign wealth fund, China Investment Corp., was part of the consortium bidding to take Yum China private. The sovereign fund and DCP Capital, an investment fund run by former KKR (KKR) executives, are considering a buyout of Yum China, which runs KFC and Pizza Hut outlets, along with Hillhouse Capital, the publication added. Yum China spun off from Yum! Brands (YUM) in 2016. PRICE ACTION: In afternoon trading, shares of Yum China trading in New York are off their earlier highs, but are trading up 3.8% to $37.14.

13:02 EDT Elon Musk talks tears, 'pedo' comment in another Twitter spat - Tesla CEO Elon Musk, responding to various Twitter users, tweeted, "For the record, my voice cracked once during the NY Times article. That's it. There were no tears." In response to a user saying "one other thing, elon. your dedication to facts and truth would have been wonderful if applied to that time when you called someone a pedo," Musk tweeted, "You don't think it's strange he hasn't sued me? He was offered free legal services. And you call yourself @yoda ..."

12:50 EDT Vectren shareholders approve merger with CenterPoint Energy - Shareholders of Vectren have approved the merger of the company with CenterPoint Energy during a special shareholders meeting, the company announced. Final consummation of the merger is subject to various conditions, including approvals, clearances or orders from various regulators. Subject to receipt of remaining approvals, the company continues to anticipate that the closing of the merger will occur no later than the first quarter of 2019.

12:40 EDT Yum China jumps after reportedly spurning $46 per share takeover bid - Shares of Yum China have jumped nearly 10% to $39.29 after the Wall Street Journal, citing a source, said that the company has rejected a buyout offer of $46 per share made by a consortium led by Hillhouse Capital. The Fly notes that Bloomberg previously reported earlier this month that China's sovereign wealth fund, China Investment Corp., was part of the consortium bidding to take Yum China private.

12:34 EDT Yum China trading halted, volatility trading pause

12:04 EDT PayPal's Xoom partners with Ria to accelerate global expansion - Xoom, PayPal's (PYPL) international money transfer service, announced a partnership with Ria, a subsidiary of Euronet Worldwide (EEFT) and a global leader in money remittances, to offer Xoom customers cash pick-up service at more than 150,000 of Ria's international network locations. Through this partnership, Xoom is significantly increasing its presence in Eastern Europe and Africa, so customers in the United States can now send money to 70% of countries around the world by simply going online or using a mobile phone.

12:00 EDT Heico rises 8.6% - Heico is up 8.6%, or $6.97 to $87.73.

11:15 EDT Thomson Reuters up 4% to $45.01 after resuming trading

11:10 EDT Street Fight: Morgan Stanley says buy Coty as peers cut rating - Shares of Coty (COTY) are on the rise after Morgan Stanley analyst Dara Mohsenian upgraded the stock to Overweight as he now sees scope for topline stabilization and synergy-led margin progression to drive above-consensus earnings. This comes a week after his peer at BMO Capital downgraded the stock to Market Perform on "downside risk" to Coty's 2019 earnings per share outlook. Earlier this month, Bank of America Merrill Lynch analyst Olivia Tong had also cut her rating on the shares to Underperform from Buy, citing inconsistent execution and increasing disruption across the mass beauty segment. MORGAN STANLEY SAYS BUY COTY: In a research note this morning, Morgan Stanley's Mohsenian upgraded Coty to Overweight from Equal Weight, while lowering his price target on the shares to $14.50 from $17. Following recent sell-side downgrades and the stock's 40% year-to-date decline, Mohsenian now sees the risk/reward as "compelling." The analyst argued that Coty can return to steady topline growth going forward, and said he sees upside to adjusted consensus EBIT in 2019 and 2020. Furthermore, the prospects of an increased JAB stake post the two-year lock-up restriction could be a potential favorable catalyst or sentiment driver, he contended. Overall, Mohsenian acknowledged that he has historically been unconvinced about Coty's long-term organic growth outlook, but now he believes the market has turned too bearish, placing too much focus on weak U.S./European Consumer Beauty results and not enough attention on strong Luxury/Professional performance. BMO, BOFA/MERRILL CUT RATING: Last week, BMO Capital analyst Shannon Coyne downgraded Coty to Market Perform from Outperform and lowered her price target to $12 from $18, saying she sees "downside risk" to the company's FY19 EPS outlook. The analyst told investors that she believes it will be difficult in the near-term to discern between underlying fundamentals and supply chain execution, limiting multiple expansion. Nonetheless, Coyne noted that the Luxury and Professional businesses continue to outperform, synergies remain on target, and she believes in management's long-term strategy. More bearish on the stock, Bank of America Merrill Lynch analyst Olivia Tong double downgraded Coty to Underperform from Buy and lowered her price target to $10 from $16, citing inconsistent execution and increasing disruption across the mass beauty segment. Tong argued that Coty is now more exposed to the mass beauty market following its merger with 41 brands from PG Beauty (PG) and is seeing disruption from smaller, niche brands and newer distribution channels. The analyst believes brand relaunches will not be sufficient to offset overall industry trends, and Coty's high leverage could keep it from deploying capital for M&A, buybacks, or dividends. WHAT'S NOTABLE: This morning, Morgan Stanley's Mohsenian also upgraded Estee Lauder (EL) to Overweight from Equal Weight as he believes the stock's sharp pullback since mid-June has created a compelling entry point. The analyst told investors he believes the market is undervaluing the company's growth potential with its favorable exposure to high growth channels within the high growth prestige beauty category. Risk associated with a China slowdown now appears to be priced in and the below-consensus initial 2019 EPS guidance has already played out, he contended. The analyst also believes that strong U.S. macro data has reduced the risk of the market shifting to a more defensive posture away from more discretionary names such as Estee Lauder. PRICE ACTION: In morning trading, shares of Coty have jumped over 6% to $12.90.

11:05 EDT NeuroMetrix reports presentations of data on Quell pain relief technology - NeuroMetrix reported that it will present three scientific posters at the upcoming PAINWeek 2018 National Pain Conference to be held in Las Vegas, NV, September 4-8. The PAINWeek 2018 Abstract Book may be accessed here. The three NeuroMetrix abstracts are:Pilot Study of Fixed-Site High-Frequency Transcutaneous Electrical Nerve Stimulation in Fibromyalgia. Quell efficacy was evaluated in a 30-day open-label study of 12 subjects with confirmed fibromyalgia. A majority of subjects demonstrated clinically meaningful improvement in Fibromyalgia impact and pain level. This study was conducted in collaboration with Mauro Zappaterra, M.D., Ph.D., of Synovation Medical Group. Real-Word Effectiveness of Fixed-Site High-Frequency Transcutaneous Electrical Nerve Stimulation in Chronic Low Back Pain. Effectiveness of Fixed-Site High-Frequency Transcutaneous Electrical Nerve Stimulation among Individuals with Chronic Pain and Abnormal Sleep.

10:45 EDT Thomson Reuters trading halted, news pending

10:26 EDT Cedar Realty Trust acquires leasehold interest in Senator Square Shopping Center - Cedar Realty Trust announced its acquisition of a 99-year leasehold with purchase option for Senator Square Shopping Center, a 62,000-square-foot shopping plaza at Minnesota Avenue and Benning Road in Northeast Washington, D.C. The transaction continues the company's investment efforts in the D.C. market and Ward 7, in particular, which began with the acquisition of the East River Park Shopping Center in December 2015. With this acquisition Cedar believes it will be able to meaningfully expand and improve its redevelopment efforts in this important urban neighborhood. Senator Square will enhance Cedar's retail offering at East River, a 150,000-square-foot-center that anchors the downtown retail hub of this area, and the acquisition of Senator Square will enable Cedar to extend its vision of neighborhood place-making over its total 210,000 square feet. The adjacent properties are situated at the heart of a solid trade area with a median household income of $60,000 and population of 230,000 within a three-mile radius.

10:10 EDT Kornit rises as analyst uncovers Amazon upgrade plans - Shares of Kornit Digital (KRNT) are on the rise after William Blair analyst Brian Drab told investors he believes Amazon (AMZN) is upgrading the company's printers that were already installed in the e-commerce giant's Pennsylvania facility and is laying the groundwork to expand the facility to 72 machines. ANALYST SAYS 'AMAZON REALLY LIKES KORNIT': Based on information from the Pennsylvania Department of Environmental Protection, William Blair's Drab believes Amazon is upgrading Kornit printers that were already installed in its Pennsylvania textile printing facility to the latter's new HD print engine and also laying the groundwork to expand the facility to a maximum of 72 machines. The analyst noted that the e-commerce giant applied for two new air-quality permits recently, and added that he believes an upgrade of the installed machines would result in about $1M in revenue to Kornit. He understands that the first of these two new applications is likely to be approved within the next three weeks. Additionally, Amazon submitted an application to expand capacity at the Pennsylvania facility from 48 printers to 72 printers, he pointed out, adding that he believes this application is likely to be approved given it is essentially an addendum to previous permits. Drab highlighted that the approval process for this expansion permit would be focused largely on whether air-quality systems are sized appropriately, and he expects this permit to be issued before the end of 2018, likely leading to machine purchases in early 2019. The analyst told investors he estimates that an incremental 24 printers would likely generate about $10M in revenue for Kornit. Although Drab acknowledged that the company carries customer-concentration risk, he continues to find shares attractive given Kornit possesses unique technology in the growing digital textile printing industry. Furthermore, the analyst sees the potential for significant margin expansion as revenue growth follows the company's investment in engineering, sales, and service infrastructure. More specifically, he forecasts operating margin of about 10% for 2018 and believes the company could report operating margin of close to 20% within three years. Drab reiterated an Outperform rating on Kornit's shares. PRICE ACTION: In morning trading, shares of Kornit have gained about 7% to $20 per share.

10:00 EDT Heico rises 9.4% - Heico is up 9.4%, or $7.63 to $88.39.

10:00 EDT DSW rises 23.9% - DSW is up 23.9%, or $6.50 to $33.70.

09:31 EDT Fanhua announces $20M share repurchase program - Fanhua announced that its board has approved a corporate share repurchase program, authorizing the company to purchase American depositary shares, or ADS, on the open market. The initial round of the purchase will be up to $20M at a price of no more than $29 per ADS by September 30. Purchases will be made from time to time on the open market at prevailing market prices or in block trades, and will be subject to restrictions related to volume, price and timing. Fanhua plans to fund the share repurchase program with its available cash reserve.

09:15 EDT Fly Intel: Pre-market Movers - HIGHER: Coty (COTY), up 6% after Morgan Stanley analyst Dara Mohsenian upgraded the stock to Overweight from Equal Weight, stating that he now sees the risk/reward as "compelling"... Aspen Insurance (AHL), up 2.5% after announcing it will be acquired by the Apollo (APO) funds for $42.75 per share... Affimed NV (AFMD), up 165% after announcing that it has entered into a strategic collaboration agreement with Roche's (RHHBY) Genentech to develop and commercialize novel NK cell engager-based immunotherapeutics to treat multiple cancers. UP AFTER EARNINGS: DSW (DSW), up 21%... Tiffany (TIF), up 6%. DOWN AFTER EARNINGS: BJ's Wholesale (BJ), down 0.5%... Best Buy (BBY), down 5%. LOWER: Mitek Systems (MITK), down 14% after announcing that its CEO, Jim DeBello, will be transitioning out of his role at the company... Control4 (CTRL), down 2% after Imperial Capital analyst Saliq Khan downgraded the stock to In-Line with an unchanged price target of $32. The analyst cites valuation for the downgrade... Akcea Therapeutics (AKCA) and Ionis Pharma (IONS) are down 27% and 11.5%, respectively, after the FDA issued a complete response letter for Waylivra.

09:10 EDT Eros International enters partnership with Grofers - Eros International announced that Eros Now, its cutting-edge digital over-the-top South Asian entertainment platform, has entered into a partnership with Grofers, an Indian online supermarket. As part of the association, Grofers' Smart Bachat Club Annual Plan will now have access to Eros Now's rich library of over 11,000 film titles, original shows and music videos. The offer is available to both existing and new customers of Grofers SBC annual pack subscribers, which is currently priced at 449 Rupees per year.

09:09 EDT RoadSafe Traffic Systems acquires Optim Earth - RoadSafe Traffic Systems announced its acquisition of Optim Earth. Based in Reno, Nevada, Optim Earth provides customers on-demand access to accurate 3D subsurface information required to plan and build structures, roads, bridges, tunnels and pipelines. Optim Earth represents the third add-on acquisition for RoadSafe since ORIX Capital Partners acquired RoadSafe in 2016 in partnership with Aperion Management.

09:06 EDT Seven Stars Cloud Group announces joint venture for digitization services - Ideanomics, or Seven Stars Cloud Group, announced a joint venture with Hong Kong-based parent company of I-House Aladdin Fintech in order to deliver global real estate asset digitization and post-digitization services. The 50/50 joint venture will be led by IHT, the firm which successfully launched the world's first real estate token offering in 2017. The JV, which will be established in Hong Kong and include offices in New York and Beijing, will be led CEO Ricky Ng, a serial entrepreneur whose career includes former Business Development Director of Yahoo Asia, as well as several successful ventures which resulted in acquisitions.

09:05 EDT Payment Data Systems announces partnership with University Fancards - Payment Data Systems and its prepaid card subsidiary, FiCentive are excited to announce a partnership with University Fancards, providers of university-branded gift and reloadable prepaid cards. Initially, FiCentive will support Fancards' consumer reloadable card program, including the card program management, processing, and development of web and mobile applications. Consumer reloadable card programs are employed by millions of consumers in the U.S. as an alternative to traditional banking and as a budgeting tool that works with an existing bank account. The FiCentive-enabled solution will also offer the ability for cardholders to order and manage multiple cards to facilitate household allowances and specific budgets.

09:03 EDT Ascom, Stryker partner to deliver Stryker iBed wireless notifications - Ascom announced a new North American strategic alliance with Stryker to integrate Ascom Unite software with Stryker's iBed Wireless Smartbed system. This clinical integration can help prevent patient falls by enabling automatic remote monitoring of bed status, checking for compliance with hospital protocol, and alerting staff to potential patient safety risk conditions. Ascom Unite can monitor and evaluate bed status vs. prescribed protocols for each patient. It supports an advanced rules engine that can have tailored responses to siderails down, bed exit system disabled, bed not in low height, and more. These responses can include mobile alerts, display on a dashboard, and reporting. Ascom Unite can also suppress alerts for unoccupied beds or turn them off for patients not deemed a fall risk. To avoid unnecessary work interruptions, rules can be easily customized to help ensure only important and actionable alerts are sent to clinicians.

09:02 EDT Chipotle launches direct delivery service with free promotion - Chipotle Mexican Grill is launching direct delivery powered through DoorDash, which allows customers to get Chipotle delivered without ever having to leave Chipotle's app or website. And to celebrate, Chipotle fans get free delivery on any order of $10 or more for a limited time. To celebrate the launch of Chipotle in-app delivery, free delivery will be available on all orders of $10 or more placed through the Chipotle website or app for a limited time.

08:51 EDT Honeywell announces strategic collaboration with Carnegie Mellon university - Honeywell announced a strategic collaboration with Carnegie Mellon University to advance artificial intelligence and robotic technologies to help distribution centers address rising demands fueled by rapid growth in e-commerce. The initiative brings together Honeywell Intelligrated, a division of Honeywell Safety and Productivity Solutions, and Carnegie Mellon's National Robotics Engineering Center.

08:42 EDT General Growth trading halted, news dissemination

08:40 EDT Tiffany says marketing spend for 2H18 to be above prior levels - Says anticipates multi-year remodeling of the New York City flagship building to be completed in 2021. Comments from Q2 earnings conference call.

08:36 EDT Naked Brand Group enters into term sheet for $25M investment from Sapinda - Naked Brand Group has entered into a non-binding term sheet to receive a $25M strategic investment from Sapinda Holding. If the investment contemplated by the term sheet is completed, it will provide operating synergies, investment capital that would support strategic acquisitions, as well as direct-to-consumer and e-commerce initiatives globally.

08:35 EDT Tenax says study publication results indicate levosimendan increases GFR - Tenax Therapeutics announced the results of a new study titled "Differential Effects of Levosimendan and Dobutamine on Glomerular Filtration Rate in Patients With Heart Failure and Renal Impairment: A Randomized Double-Blind Controlled Trial" were published in the August 21, 2018 issue of the Journal of the American Heart Association. The results indicate that levosimendan offers unique renal protective benefits to patients who have heart failure and coexisting impairment of their kidney function. The study authors note "this study is the first evaluating the differential effects of levosimendan and a catecholamine on measured RBF, GFR, and renal oxygenation in patients with HF and renal dysfunction." Renal impairment is a common comorbidity seen in HF patients and is a strong predictor of their mortality. This study provides evidence of a mechanistic explanation for direct renal protective effects that is based on the unique K-ATP channel mechanism of levosimendan. The findings of this study are consistent with previous studies that provide evidence that levosimendan improves GFR and other metrics of renal function in heart failure patients. These facts contributed to the authors' conclusion that levosimendan may be a preferred drug for heart failure patient with impaired renal function. The study enrolled 32 patients with HF and renal impairment in a randomized, double-blind, controlled design and compared the acute renal and systemic effects of moderate doses of levosimendan and dobutamine. Both agents induced a renal vasodilation and increased RBF to a similar extent. However, only levosimendan treated patients experienced an increase in GFR. In contrast, dobutamine treated patients experienced no improvement in GFR.

08:34 EDT Nalco Champion, XOS enter exclusive distribution agreement - Nalco Champion, an Ecolab company, and XOS, a manufacturer of elemental analysis solutions, have entered into an exclusive distribution agreement to provide a breakthrough chlorine monitoring solution for the global refining industry. Under the agreement terms, Nalco Champion's industry-leading 3D CRUDEFLEX automation platform will integrate XOS's proprietary Clora Online analyzer to offer refining customers the ability to measure online chloride salts in and out of critical desalting systems in crude distillation units.

08:31 EDT Standex CEO says 'entering 2019 with solid momentum' - "We are entering 2019 with solid momentum and strong end markets" said CEO David Dunbar. "We are well-positioned to grow in Engraving, Electronics and Hydraulics over the next year. We expect to see margin improvements in our Engineering Technologies business and Food Service Equipment as the results of restructuring programs flow through to our bottom line. Our plans are to ramp our capex spending to $35M to $36M to support investments in growth opportunities in Electronics and Engraving, as well as new aviation platforms like the A350 in Engineering Technologies. By executing against our Value Creation System, we are positioning Standex to deliver on our long-term financial targets and fulfill our mission to become a best-in-class operating company."

08:09 EDT Magna, Rohinni form LED lighting solutions joint venture - Magna Electronics and Rohinni have formed a joint venture to produce ultra-thin micro LED lighting solutions. The Magna-controlled joint venture, Magna Rohinni Automotive, combines Magna's electronics manufacturing with exclusive use of Rohinni's lighting technology in mobility industries. The joint venture will be based in Holly, Michigan. Rohinni's thin-film micro and mini LEDs can be utilized for almost any application, which creates new possibilities for design and product differentiation. Additionally, the company has developed technology to place micro LEDs onto a substrate surface with the speed and accuracy needed to support high-volume production. The joint venture will be able to bring micro and mini LED-based products to market more quickly and cost-effectively.

08:08 EDT PJT Partners agrees to acquire CamberView for about $165M - PJT Partners announced that it entered into an agreement to acquire CamberView, an advisory firm providing independent advice to assist public company boards of directors and management teams in building strong and successful relationships with investors. CamberView has extensive experience advising clients in all aspects of corporate governance and shareholder activism, including contested situations. The CamberView team has an unparalleled depth of institutional client insight, bringing many years of leadership experience from some of the largest index, actively managed and pension funds as well as governance advisory firms. Under the terms of the acquisition agreement, the company will acquire 100% ownership of CamberView in exchange for total consideration of approximately $165 million, comprised of approximately $100 million of equity in a combination of Class A common stock and partnership units and $65 million of cash, subject to net working capital and other adjustments as set forth in the agreement. The transaction is subject to receipt by PJT Partners of applicable regulatory approvals and other customary conditions, and is expected to close early in the fourth quarter of 2018.

08:06 EDT AtriCure completes patient enrollment in CONVERGE IDE clinical trial - AtriCure announced it has completed enrollment of the full cohort of 153 patients in the CONVERGE IDE clinical trial. The CONVERGE IDE trial is a landmark prospective, randomized trial underway in the United States comparing the Convergent approach to endocardial catheter ablation for patients with persistent or long-standing persistent Afib. The Convergent approach is a multi-disciplinary therapy in which a closed-chest epicardial ablation is performed by a surgeon, and then complemented by an endocardial catheter ablation performed by an electrophysiologist. Patients were enrolled at 25 sites across the United States, along with 2 sites in the United Kingdom.

08:06 EDT Pershing Gold completes exercise of right to acquire Newmont royalty - Pershing Gold announced that it has completed the exercise of a right of first offer to acquire all of the Newmont USA royalty and other rights on specified lands around the Relief Canyon project. This purchase provides the Company with enhanced access to expansion opportunities through its holdings near Relief Canyon. The transaction includes the acquisition of Newmont mining leases and claims lands located in the vicinity of Pershing Gold's Relief Canyon Mine and covers 4,235 acres of fee mineral rights and mining claims in Pershing County, Nevada. In addition, Pershing extinguishes corresponding Newmont royalties on these lands, which range from 2.5-5%, as a result of this transaction. Finally, the transaction terminates the 51% clawback option that Newmont formerly held on a total of 5,635 acres. Pershing Gold paid $1.1M to complete this transaction.

08:04 EDT Waters, Restek enter co-marketing agreement - Waters and Restek Corporation have entered into a co-marketing agreement in an effort to give food safety laboratories access to the GC-MS instrumentation and consumables they need to perform pesticide residue GC-MS analyses and support a safe, secure, sustainable and nutritious global food supply. Under the terms of the agreement, Waters and Restek will work together to provide food safety laboratories with training and applications support of GC-MS methods and workflows for pesticide monitoring and screening.

08:04 EDT OncoSec names Alain Algazi, MD, as Clinical Strategic Advisor - OncoSec Medical announced an enhancement to the company's medical and clinical leadership with the appointment of Alain Algazi, MD to the position of Clinical Strategic Advisor. A leading expert in melanoma and oncology research, Dr. Algazi will advise OncoSec on its current clinical programs and research initiatives, including the rapidly advancing PISCES/KEYNOTE-695 Phase 2b clinical trial, which is evaluating the use of TAVO in combination with KEYTRUDA for the treatment of metastatic melanoma.

08:02 EDT Sears Auto Center, Amazon.com expand tire purchase and installation program - After teaming up with Amazon.com (AMZN) in May, Sears Auto Center (SHLD) announced the expansion of its program that provides full-service tire installation and balancing for customers who purchase any brand of tires-including DieHard-on Amazon.com. Initially launched at 47 Sears Auto Centers in eight metropolitan areas, the Ship-to-Store tire solution, which is integrated into the Amazon.com checkout process, is now available nationwide including Alaska and Hawaii.

07:38 EDT Omeros: OMS721 designated Orphan Medicinal Product in EU for HSCT - Omeros announced that the European Commission has adopted a decision designating OMS721 as an Orphan Medicinal Product in the European Union for treatment in hematopoietic stem cell transplantation, or HSCT. The adoption by the EC follows a positive opinion for orphan designation of OMS721 in this indication by the European Medicines Agency's Committee for Orphan Medicinal Products. OMS721 is Omeros' lead human monoclonal antibody targeting mannan-binding lectin-associated serine protease-2, the effector enzyme of the lectin pathway of the complement system. There are three Phase 3 development programs ongoing with OMS721 in each of HSCT-associated thrombotic microangiopathy, atypical hemolytic uremic syndrome, and immunoglobulin A nephropathy.

07:32 EDT Qualcomm reports preliminary results of tender offer - Qualcomm announced the preliminary results of its "modified Dutch auction" tender offer, which expired at 12:00 midnight, New York City time, at the end of the day on August 27. Based on the preliminary count by Computershare Trust Company the depositary for the tender offer, a total of 76,205,230 shares of Qualcomm's common stock were properly tendered and not properly withdrawn at or below the purchase price of $67.50 per share, including 34,408,876 shares that were tendered by notice of guaranteed delivery. In accordance with the terms and conditions of the tender offer and based on the preliminary count by the depositary, Qualcomm expects to accept for payment, at a purchase price of $67.50, approximately 76,205,230 shares of its common stock properly tendered at or below the purchase price and not properly withdrawn before the expiration date, at an aggregate cost of approximately $5.1B, excluding fees and expenses relating to the tender offer.

07:22 EDT DSW up 19% to $32.30 after Q2 results beat estimates, FY18 outlook raised

07:15 EDT Sonoma Pharmaceuticals announces results from acne vulgaris study - Sonoma Pharmaceuticals announced that results from a study into the use of the company's proprietary high-strength Performance-Stabilized HOClTM in the management of acne vulgaris. The study results, as well as the results of Sonoma's previous HOCl acne studies, were presented by the principal investigator, Mark Steven Nestor. The primary objective of the acne vulgaris pilot study was to evaluate the activity of Sonoma's high-strength Performance-Stabilized HOClTM as effective topical products for mild-to-moderate acne vulgaris. Twenty patients with mild-to-moderate acne vulgaris were treated for 12 weeks with either solution or gel. The use of HOCl solution resulted in a statistically significant decrease in inflammatory and non-inflammatory lesions. Sonoma's HOCl gel also produced a statistically significant decrease in inflammatory and non-inflammatory lesions. In terms of product tolerability, both subjective and objective local skin reactions were minimal to non-existent. No adverse events were reported. Sonoma plans to initiate in the near term a new double-blind placebo-controlled trial with a larger patient group, investigating the efficacy of Performance-Stabilized HOCl on moderate to severe acne vulgaris. Sonoma's Performance-Stabilized HOCl as part of an acne management regimen will become available in the United States in the winter.

07:09 EDT DSW ends Q2 with inventories of $597M - The company ended the quarter with inventories of $597M compared to $527M last year. Excluding inventories from its Canadian acquisition, inventories per square foot increased by 12.0% and increased by 2.0% on a two-year basis.

07:07 EDT Best Buy says SSS growth helped by 'favorable environment' - "We are happy to report strong top- and bottom-line results for the second quarter that exceeded our expectations," said Hubert Joly, Best Buy's chairman and CEO. "Our comparable sales growth was helped by the favorable environment in which we operate and driven by how customers are responding to the unique and elevated experience we are building. We are particularly encouraged with the continued progress of our Net Promoter Scores and our continued market share gains. We are excited about the progress we are making on the implementation of our Best Buy 2020 strategy and the opportunities in front of us." Joly continued, "As a result of the strong performance in the first half of the year and our updated expectations for the back half, we are raising our full-year sales and earnings guidance." Best Buy CFO Corie Barry said, "For the full year, we now expect FY19 comparable sales growth of 3.5% to 4.5% versus our original guidance of flat to growth of 2.0%, and we are raising our expectation for our non-GAAP diluted EPS to a range of $4.95 to $5.10 versus our original guidance of $4.80 to $5.00." Barry added, "We continue to expect a non-GAAP operating income rate of approximately 4.5% for the full year, which is flat to FY18 on a 52-week basis. As we invest in the implementation of our strategy, the profitability profile of our quarters is not completely linear on a year-over-year basis. For example, in the second quarter, we expanded our non-GAAP operating income rate 20 basis points. In the back half, consistent with our annual outlook when we entered the year, we are expecting a non-GAAP operating income rate decline in the third quarter followed by an increase in the fourth quarter to result in our expectation for an approximately flat rate to last year on a full-year basis. Similar to the past several years, we remain focused on managing the business for long-term success rather than ensuring a straight-line quarterly operating income rate performance."

07:06 EDT DSW to close its smallest retail banner in Canadian marketplace - CEO Roger Rawlins stated, "We are thrilled to report record sales and earnings results this quarter as our merchandise strategy and marketing investment fueled strong customer engagement, traffic and transaction activity, resulting in a 10% comp. The strong results we've had this spring demonstrate we're successfully activating customers and increasing lifetime value. I'm proud of the progress we're making and with our updated earnings outlook, we look forward to sales reaching $3 billion for the first time in DSW's history." "After completing our strategic assessment of the Canadian marketplace, we have decided to close its smallest retail banner and focus on the three largest family footwear banners which we believe have the most potential for future growth and profitability," Rawlins added.

07:04 EDT DSW lowers FY18 tax rate view to approx. 27% from approx. 29% - Sees revenues from Canadian acquisition approx. $215M.

06:58 EDT Tiffany reports Q2 SSS ex-FX up 7% - On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 11% and comparable sales rose 7%.

06:47 EDT Tiffany reports net inventories at July 31 were 8% above the prior year

06:44 EDT Apollo Global to acquire Aspen Insurance for $42.75 per share in cash - Affiliates of certain investment funds managed by affiliates of Apollo Global Management (APO) and Aspen Insurance Holdings (AHL) announced that they have entered into a definitive agreement under which Aspen will be acquired by the Apollo Funds. Under the terms of the agreement, which has been approved by Aspen's board, the Apollo Funds will acquire all of the outstanding shares of Aspen for $42.75 per share in cash, representing an equity value of approximately $2.6B. The transaction is expected to close in the first half of 2019, subject to approval of regulators and Aspen's shareholders and the satisfaction of other closing conditions. Consummation of the transaction is not subject to any financing contingencies. Upon completion of the transaction, Aspen will be a privately held portfolio company of the Apollo Funds and Aspen's ordinary shares will no longer be listed on the New York Stock Exchange.

06:40 EDT Tiffany raises FY18 outlook

06:35 EDT Electronic Arts cancels three remaining Madden qualifier events after shooting - Electronic Arts CEO Andrew Wilson said in a statement last night on the shooting in Florida, "I wanted to share some thoughts about the horrific and senseless act of violence that occurred in Jacksonville at the Madden competitive gaming event. I know many of us, myself included, are filled with shock and grief. Our teams have been working non-stop to do what we can to respond to this terrible situation. First and foremost, it is an unthinkable tragedy that Taylor Robertson and Elijah Clayton, two of our top Madden competitors, lost their lives in this way...The event was a qualifying tournament for the Madden Classic, our first Madden EA Major competition of this season. While these qualifying events are operated independently by partners, we work with them to ensure competitive integrity and to gather feedback from players. We have made a decision to cancel our three remaining Madden Classic qualifier events while we run a comprehensive review of safety protocols for competitors and spectators. We will work with our partners and our internal teams to establish a consistent level of security at all of our competitive gaming events." Reference Link

06:31 EDT Dynavax announces publication of two peer-reviewed papers on SD-101 - Dynavax Technologies announced that two peer-reviewed papers reporting clinical studies of SD-101 have been published by Cancer Discovery, a journal publication from American Association of Cancer Research, or AACR. The investigators report clinical activity and broad immune activation in the tumor microenvironment when SD-101 is administered in combination with either low dose radiation in patients with indolent lymphoma or in combination with PD-1 blockade in patients with unresectable or metastatic melanoma. Top-line results from these studies have previously been presented at major oncology conferences.

06:02 EDT BMC Stock Holdings appoints David Flitman as CEO - BMC Stock Holdings announced that David E. Flitman has been appointed President and CEO of the Company. The Company expects that Flitman's service will commence no later than October 1. He will also join the Company's Board of Directors at that time. Flitman succeeds Dave Keltner who has served as Interim President and CEO since January and who will continue to serve as a Director. Flitman is a proven executive with over three decades of experience and a strong track record of execution in leading distribution businesses across multiple industries, including Performance Food Group, Univar and Ecolab. Flitman most recently served as President and CEO of Performance Foodservice, the largest segment of Performance Food Group, a leader in the foodservice distribution industry known for delivering world-class innovative products and value-added services.

06:01 EDT Nobilis Health announces new in-network contract at Plano Surgical Hospital - Nobilis Health announced that it has entered into an in-network contract at Plano Surgical Hospital with one of the nation's largest commercial payors. The Payor Agreement is effective October 15. "We anticipate the implementation of this contract to significantly improve Nobilis' system-wide contract revenue mix, with the Texas market alone expected to increase its in-network revenue exposure to approximately 55% of annual facility revenues. The execution of this agreement represents a major step in Nobilis Health's development as a comprehensive health system with a focus on in-network facilities. This contract will further augment the progress we have seen in the past couple of months following the introduction of a key new hire and leader in our revenue cycle department," said Harry Fleming, CEO.

05:40 EDT Trump says Google search results 'RIGGED' and 'will be addressed' - President Donald Trump tweeted this morning, "Google search results for 'Trump News' shows only the viewing/reporting of Fake New Media. In other words, they have it RIGGED, for me & others, so that almost all stories & news is BAD. Fake CNN is prominent. Republican/Conservative & Fair Media is shut out. Illegal? 96% of.......results on 'Trump News' are from National Left-Wing Media, very dangerous. Google & others are suppressing voices of Conservatives and hiding information and news that is good. They are controlling what we can & cannot see. This is a very serious situation-will be addressed!"

05:34 EDT Staffing 360 Solutions acquires Key Resources in Greensboro, North Carolina - Staffing 360 Solutions announced its expansion of its commercial staffing presence in North Carolina with the acquisition of Key Resources, Inc. Headquartered in Greensboro, North Carolina, and with four office locations, Key Resources is a leading provider of distribution and supply chain personnel. For the trailing twelve months ended July 2018, Key Resources generated revenues of approximately $35 million and operated profitably. "The Carolinas have demonstrated to be, and continue to be, a substantial growth market," said Brendan Flood, Chairman and CEO of Staffing 360 Solutions. "The acquisition of Key Resources provides us with further opportunities to expand in this territory with a strong product offering managed by a talented management team. This transaction reflects our continuing commitment to growth through acquisition, intelligent integration, and it further advances us towards our revenue goal of $500 million in annualized revenues by the end of 2019." Key Resources will become part of the Commercial Staffing business stream under the management of Paul Polito, President Commercial Staffing. Staffing 360 Solutions on track to generate 2018 pro-forma annualized revenues of approximately $335 million.

05:30 EDT Apollo Global to acquire Aspen Insurance for $42.75 in cash

05:28 EDT KLX Inc. confirms FY18 ESG revenue guidance of about $500M - ESG's Fiscal 2018 outlook excludes costs related to the spin-off of ESG, as well as a charge for the acceleration of the vesting of restricted stock grants, which will result from the closing of the sale of KLX (KLXI) to Boeing (BA). On December 6, 2017, the date on which the Company released its third quarter 2017 earnings results, the Company provided full year 2018 revenue guidance for ESG, with revenues expected to increase approximately 40 percent to $450 million. On March 6, 2018, the date on which the Company released its fourth quarter 2017 earnings results, the company forecasted ESG revenues to increase approximately 44 percent to approximately $450 - $475 million. On May 21, 2018, the date on which the company released its first quarter 2018 earnings results, the company raised ESG guidance for a second time, forecasting revenues to increase approximately 50 percent to approximately $500 million, and Adjusted EBITDA to increase more than 300 percent to approximately $110 million. CEO Amin Khoury commented, "We are confirming our 2018 revenue and Adjusted EBITDA guidance for KLX Energy Services of approximately $500 million and approximately $110 million, respectively."

05:17 EDT TechnipFMC wins 'large contract' for Vietnam olefins plant - TechnipFMC has been awarded by Long Son Petrochemicals, a large contract for the licensing, engineering, procurement, construction, commissioning and start-up of Vietnam's first olefins plant on Long Son Island, Ba Ria-Vung Tau province, Vietnam. Designed as a flexible feed cracker, the olefins plant can utilize both naphtha and LPG feeds to produce olefins of up to 1.6 million tons per year depending on the feedstock mix. The olefins will help meet Vietnam's rising demand for petrochemical products. The plant will also include proprietary licensed units and will be based on TechnipFMC's proprietary ethylene technology. TechnipFMC is executing the project in a consortium with SK Engineering & Construction Co., Ltd. of South Korea. TechnipFMC is the leader of the consortium and, as a global company, will execute all engineering, as well as the procurement of critical equipment from its operating centers located in Houston, USA, Rome, Italy and Kuala Lumpur, Malaysia. For TechnipFMC, a "large" contract ranges between $500 million and $1 billion.