Stockwinners Market Radar for May 24, 2019 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

17:25 EDT U.S. Energy discloses Nasdaq notice regarding delayed 10-Q filing - U.S. Energy announced that on May 21, Nasdaq notified the company that as a result of not having received its Quarterly Report on Form 10-Q for the period ended March 31. 2019, and because the company is delinquent in filing its Form 10-K for the year ended December 31, 2018, the company does not comply with the requirements of Nasdaq Listing Rule 5250(c)(1) for continued listing on the Exchange. This notification has no effect on the listing of the company's common stock at this time. However, pursuant to the notice, the company was required to submit a plan by May 23, 2019 to comply with the Exchange's requirements for continued listing.

17:20 EDT U.S. Energy receives noncompliance notice from Nasdaq - U.S. Energy announced that Nasdaq notified the company that as a result of not having received the company's quarterly report on Form 10-Q for the period ended March 31 and because the company is delinquent in filing its Form 10-K for the year ended December 31, 2018, the company does not comply with the requirements of Nasdaq Listing Rule 5250 for continued listing on the exchange. This notification has no effect on the listing of the company's common stock at this time. However, pursuant to the notice, the company was required to submit a plan by May 23 to comply with the exchange's requirements for continued listing. The company has submitted the plan to the exchange. If the exchange accepts the company's Plan, the exchange may grant an exception of up to 180 calendar days from the Form 10-K's due date, or until October 14 to regain compliance. The company continues to work toward the filing of the Form 10-Q and the Form 10-K with the SEC as soon as practicable.

16:15 EDT Regional Health Properties receives NYSE notice over late Form 10-Q filing - Regional Health Properties, Inc. announcement concerning the company's noncompliance with the continued listing standards of NYSE American LLC. On May 21, 2019, the company received an official notice of noncompliance from the Exchange stating that the company is not in compliance with the Exchange's continued listing standards under the timely filing criteria outlined in Section 1007 of the Exchange's company Guide because the company failed to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2019, which was due to be filed with the Securities and Exchange Commission no later than May 20, 2019. For the reasons previously disclosed in its Form 12b-25 filed with the Securities and Exchange Commission on May 16, 2019, the company has not timely filed the Delayed Form 10-Q because additional time is needed to finalize the Delayed Form 10-Q and furnish the XBRL Interactive Data File exhibits required by Item 601b101 of Regulation S-K. The company is actively working to complete the Delayed Form 10-Q and intends to file the Delayed Form 10-Q under the Securities Exchange Act of 1934, as amended, within the next thirty days. As a result of the foregoing, the company has become subject to the procedures and requirements of Section 1007 of the Company Guide. During the six-month period from the date of the Filing Delinquency, the Exchange will monitor the company and the status of the Delayed Form 10-Q and any subsequent reports until the Filing Delinquency is cured. If the company fails to cure the Filing Delinquency within the Initial Cure Period, the Exchange may, in its sole discretion, allow the company's securities to be traded for up to an additional six-month period, depending on the company's specific circumstances. If the Exchange determines that an Additional Cure Period is not appropriate, suspension and delisting procedures will commence in accordance with the procedures set forth in Section 1010 of the Company Guide.

16:01 EDT Pfizer says Phase 3 study of LYRICA did not meet primary endpoint - Pfizer announced that a Phase 3 study to assess the use of LYRICA as adjunctive therapy for epilepsy patients 5 to 65 years of age with primary generalized tonic-clonic seizures did not meet its primary endpoint. Treatment with LYRICA did not result in a statistically significant reduction in seizure frequency versus placebo. Lyrica is not indicated in any population for the treatment of PGTC seizures. The study was a post-marketing commitment to the U.S. FDA.

14:19 EDT CAS Investment Partners reports 6.08% passive stake in Cardlytics - In a regulatory filing, CAS Investment Partners disclosed a 6.08% stake in Cardlytics, which represents about 1.37M shares. The filing does not allow for activism.

13:39 EDT FDA approves expanded indication for Incyte's Jakafi - According to a post to the FDA website, Jakafi is now indicated for the treatment of: intermediate or high-risk myelofibrosis, including primary myelofibrosis, post-polycythemia vera myelofibrosis and post-essential thrombocythemia myelofibrosis in adults; polycythemia vera in adults who have had an inadequate response to or are intolerant of hydroxyurea; and steroid-refractory acute graft-versus-host disease in adult and pediatric patients 12 years and older. Reference Link

13:30 EDT ICER says Zolgensma price falls within upper bound of benchmark range - The Institute for Clinical and Economic Review said in a statement, "Zolgensma is dramatically transforming the lives of families affected by this devastating disease, and given the new efficacy data for the presymptomatic population, the price announced today falls within the upper bound of ICER's value-based price benchmark range. Insurers were going to cover Zolgensma no matter the price, and Novartis has spoken publicly about considering prices that approached $5 million. It is a positive outcome for patients and the entire health system that Novartis instead chose to price Zolgensma at a level that more fairly aligns with the benefits for these children and their families." Novartis (NVS) announced today that the FDA approved Zolgensma to treat pediatric patients less than two years of age with spinal muscular atrophy. Shares of Biogen (BIIB) and Ionis Pharmaceuticals (IONS) are trading lower following the approval of Zolgensma. Reference Link

13:08 EDT Netflix to release 'Little Black Mirror' episodes on YouTube starting May 26 - Netflix Latin America (NFLX) announced via Twitter that the streaming service is launching three mini-episodes of "Little Black Mirror," a spinoff of "Black Mirror," on YouTube (GOOG) on May 26, June 2, and June 6. Reference Link

13:02 EDT Visa CFO Vasant Prabhu appointed company vice chairman - Visa announced that Vasant Prabhu, Executive Vice President, CFO and member of the Executive Committee, will take on the added title of Vice Chairman for the global payments technology company. As part of his expanded role, Prabhu will take an active role in representing Visa at payments industry forums and serving as a valuable voice with key constituents on business issues of strategic importance to Visa and its clients. Additionally, he will provide strategic counsel on major initiatives and geographies important to Visa's future growth. "I have extraordinary respect for Vasant," said Al Kelly, Visa CEO. "He is a strong strategist with a deep knowledge of our business, and is very well regarded in the industry. This expanded role will enable us to leverage his expertise in new and meaningful ways."

13:01 EDT Ionis, Biogen slip after FDA approves Novartis' Zolgensma for SMA treatment - Shares of Ionis Pharmaceuticals (IONS) and Biogen (BIIB) are both moving lower in afternoon trading after Novartis (NVS) announced that Zolgensma was just approved by the FDA for the treatment of pediatric patients less than 2 years of age with spinal muscular atrophy, or SMA, with bi-allelic mutations in the survival motor neuron 1 gene. Morgan Stanley analyst Matthew Harrison previously has noted that Biogen's Spinraza had been the only approved drug for SMA and represents 17% of Biogen's estimated 2019 sales. Ionis receives royalties from Biogen for Spinraza. Harrison's base case assumption is that Zolgensma will ultimately capture the majority market share in type 1 patients and a "significant portion" of type 2, or pediatric, patients, he has told investors in a prior research note. Following the announcement of the FDA approval of Zolgensma, Ionis shares are down $1.83, or 3%, to $65.31, while Biogen shares are down $1.55, or 0.7%, to $227.56.

12:47 EDT Novartis says wholesale acquisition cost of Zolgensma $2.125M - AveXis, a Novartis company, announced what it called "innovative access programs" for Zolgensma for the treatment of pediatric patients less than 2 years of age with spinal muscular atrophy with bi-allelic mutations in the survival motor neuron 1 gene. AveXis said it "is working closely with payers to offer pay-over-time options up to 5 years and outcomes-based agreements up to 5 years, as well as providing a patient program to support affordability and access." The wholesale acquisition cost of Zolgensma is $2.125M, which the company said is 50% of the 10-year cost of current chronic SMA treatment, estimated at $4.1M; 50% below 10-year treatment costs for genetic pediatric ultra-rare diseases, which is estimated at $4.4M-$5.7M; and 50% below the ICER ultra-rare disease cost-effectiveness threshold. Zolgensma pricing places it at approximately $250,000 per quality-adjusted life-year, the company added. "AveXis has partnered with Accredo to offer a pay-over-time option of up to 5 years to help ease possible short-term budget constraints, especially for states, small payers and self-insured employers. In addition, CuraScript SD has been selected as the sole specialty distributor given its rare disease experience, including gene and cell therapies. Reflecting the pioneering nature of these programs, more than 15 payers are in advanced discussions of terms with AveXis, with some having already agreed, in principle, to terms," the company stated following its announcement of FDA approval for Zolgensma.

12:33 EDT Novartis announces FDA approval for Zolgensma - AveXis, a Novartis company, announced the U.S. Food and Drug Administration has approved Zolgensma for the treatment of pediatric patients less than 2 years of age with spinal muscular atrophy, or SMA, with bi-allelic mutations in the survival motor neuron 1 gene. "Zolgensma is the first and only gene therapy approved by the FDA for the treatment of SMA, including those who are pre-symptomatic at diagnosis," the company said. Zolgensma will be made available in the U.S. and will be marketed by AveXis. Outside of the U.S., Zolgensma has PRIME, or PRIority MEdicines, designation in Europe and is being reviewed under Accelerated Assessment Procedure, and also has accelerated Sakigake designation in Japan. In the interim, AveXis has arranged to make the product available for international markets, subject to local laws and regulations, as a part of its paid Managed Access Program via a collaboration with Durbin, a third-party provider.

12:12 EDT Boeing off highs, still up 1%, after report of SEC probe into Max disclosures

12:00 EDT Maxar Technologies falls -8.3% - Maxar Technologies is down -8.3%, or -73c to $8.12.

12:00 EDT Aphria rises 9.5% - Aphria is up 9.5%, or 61c to $7.02.

12:00 EDT Avianca rises 20.9% - Avianca is up 20.9%, or 64c to $3.72.

11:34 EDT United sees possibility of supporting Avianca with loan of up to $150M - On November 29, 2018, as previously disclosed, United Airlines, a wholly-owned subsidiary of United Continental (UAL), entered into a term loan agreement with, among others, BRW Aviation Holding and BRW Aviation, affiliates of Synergy Aerospace Corporation, the majority shareholder of Avianca Holdings (AVH), as guarantor and borrower, respectively, pursuant to which, on November 30, 2018, United provided a $456M term loan, secured by a pledge of BRW's equity and BRW's 516M shares of common stock of AVH, equivalent to 64.5M American Depositary Receipts, the class of AVH securities that trades on the New York Stock Exchange. In a regulatory filing, United stated: "BRW is currently in default under the Loan Agreement. Additionally, on May 13, 2019, S&P Global Ratings downgraded its AVH issuer level credit ratings from B to CCC+, together with accompanying downgrades for AVH's frequent flyer subsidiary LifeMiles and for certain outstanding debt of both AVH and LifeMiles. Following these downgrades, and in order to protect the value of its collateral, on May 24, 2019, United began to exercise remedies available to it under the terms of the Loan Agreement and related documents. In connection with the delivery by United of a notice of default to BRW, Kingsland Holdings Limited, AVH's largest minority shareholder, has been granted independent authority to manage BRW, which remains the majority shareholder of AVH. United is committed to the possibility of supporting AVH by offering to loan it up to $150M if needed and requested by AVH, assuming certain commitments and waivers are made by other stakeholders."

10:33 EDT SMIC to delist American depositary shares from NYSE - Semiconductor Manufacturing International Corporation, or "SMIC," announced earlier that the company has notified the New York Stock Exchange on May 24 Eastern Time in the U.S. that it will apply for the voluntary delisting of its American depositary shares, or "ADSs," from the NYSE and the deregistration of such ADSs and underlying ordinary shares under the U.S. Securities Exchange Act of 1934, as amended. The board of directors of SMIC approved the delisting of its ADSs from NYSE and the deregistration of such ADSs and the underlying ordinary shares under the Exchange Act due to a number of considerations, including the limited trading volume of its ADSs relative to its worldwide trading volume, and the significant administrative burden and costs of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs with the United States Securities and Exchange Commission and complying with the periodic reporting and related obligations of the Exchange Act, the company said. "After delisting its ADSs from the NYSE, SMIC remains committed to serve its investor and intends to maintain its ADR program as a Level I program, which will enable American investors and current holders of SMIC ADSs to continue to hold and trade SMIC ADSs in the US over-the-counter market. As a result of the delisting of the ADSs, the trading of SMIC's securities will be concentrated on SMIC's primary market, The Stock Exchange of Hong Kong Limited," SMIC said.

10:01 EDT FDA reports Edwards' recall of EV1000 clinical platforms - Edwards Lifesciences is recalling EV1000A, EV1000NI, EV1000CS EV100 Clinical Platforms due to the potential for fluids to leak into the AC power outlet on both the EV1000A and the EV1000NI clinical platforms, the FDA reported. "Use of these products can result in electrical short circuit, which may cause the device to stop working or lead to a fire," the FDA recall notice stated. The FDA has identified this as a Class I recall, the most serious type of recall. The recall was initiated on March 21 and Edwards previously sent "Urgent Medical Device Safety Notification" letters informing customers of affected model/lot numbers and advising customers to keep IV fluid bags and other fluids away from the AC power connector to avoid liquids leaking into the electrical components beginning on March 13, the FDA said. Reference Link

10:00 EDT Cango falls -8.5% - Cango is down -8.5%, or -45c to $4.87.

10:00 EDT Aphria rises 5.9% - Aphria is up 5.9%, or 38c to $6.79.

10:00 EDT TSYS rises 11.6% - TSYS is up 11.6%, or $11.57 to $111.19.

09:47 EDT SMIC falls -5.3% - SMIC is down -5.3%, or -29c to $5.21.

09:47 EDT Foot Locker falls -15.8% - Foot Locker is down -15.8%, or -$8.35 to $44.48.

09:47 EDT Quintana Energy Services rises 6.7% - Quintana Energy Services is up 6.7%, or 19c to $3.01.

09:35 EDT Shell Midstream: Systems owned by Proteus, Endymion boost Appomattox volumes - Shell Midstream Partners announced that the systems owned by Proteus Oil Pipeline Company and Endymion Oil Pipeline Company increased volumes of crude oil from the startup of the Shell-operated Appomattox floating production system via the newly commissioned Mattox Pipeline, which is majority owned and operated by Shell Pipeline Company. Shell Midstream Partners owns a 10% interest in each of Proteus and Endymion. "The Gulf of Mexico remains an important part of the US production story - as evidenced by these new volumes," said Kevin Nichols, CEO, Shell Midstream Partners. "Over the last three years, most of the 19 sanctioned projects across the Gulf of Mexico flow through our systems, giving us the ideal position to capture growth. Our offshore corridor strategy is working - and we are pleased with the resilience and growth that the Gulf of Mexico provides." Appomattox, which currently has an expected production of 175,000 boe/d, achieved first oil on May 23, 2019. The Mattox Pipeline is transporting oil from Appomattox into the Proteus and Endymion systems which ultimately connect to onshore markets via the Clovelly, LA storage hub.

09:28 EDT Revolution Lighting receives stay of delisting from Nasdaq - Revolution Lighting announced that the company received a letter from the Nasdaq Hearings Panel informing the company that the panel has granted the company's request to stay the suspension of the company's securities from Nasdaq pending a final determination from the panel regarding Revolution Lighting's listing status. A final listing determination will be made after the company's hearing before the panel, which is scheduled for June 6.

09:24 EDT TSYS jumps 7% to $107.00 after Bloomberg report of Global Payments talks

09:14 EDT Foot Locker intends to continue to implement $1.2B share repurchase program - Says intends to continue to implement $1.2B share repurchase program when appropriate.

09:03 EDT Eros Now partners with Tata Sky - Eros Now announced that it has reached an agreement with Tata Sky to make Eros Now content available on the Tata Sky Binge platform. "The massive library of Eros Now, which consists of over 12,000 movie titles, original series, music videos, short format content and more, is now available on Tata Sky Binge - a unique platform by Tata Sky that brings digital content on to your TV."

08:36 EDT ePlus announces 500,000 share stock repurchase program - ePlus announced that its board of directors has authorized the company to repurchase up to 500,000 shares of ePlus' outstanding common stock over a 12-month period commencing May 28. The company's former repurchase plan expires May 27. ePlus had approximately 13.6M shares of common stock outstanding as of May 20.

08:31 EDT Hibbett Sports appoints Anthony Crudele as independent chairman - Hibbett Sports announced the appointment of Anthony Crudele as its independent chairman of the board. Crudele assumed this role from Michael Newsome, who retired from the board, as planned, following the company's annual meeting of stockholders held on May 23. In addition, the board bestowed upon Newsome the honorary title of Chairman Emeritus for his 54 years of service with Hibbett.

08:27 EDT Hibbett Sports up 14.5% after Q1 results beat estimates, FY20 guidance raised - In pre-market trading, shares are up 14.5% to $22.70.

08:05 EDT JMU receives Nasdaq deficiency notice - JMU Limited announced it has received a notice from Nasdaq stating that, as a result of not having timely filed its annual report on Form 20-F for the year ended December 31, 2018, JMU is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the SEC. The company is required by Nasdaq to submit its plan to regain compliance no later than May 31. If the plan is accepted by Nasdaq, the company can be granted up to 180 calendar days from the Form 20-F's due date, or until November 11, to regain compliance.

08:01 EDT Lockheed Martin recommends holders reject mini-tender offer by Peer & Peri - Lockheed Martin has received notice of an unsolicited "mini-tender" offer by Peer & Peri to purchase up to 10,000 shares of Lockheed Martin's common stock. Peer & Peri's offer price of $269.00 per share is approximately 20.41 percent lower than the $337.99 closing price of Lockheed Martin common stock on May 17, the last trading day before the commencement of the offer. Lockheed Martin is not affiliated in any way with Peer & Peri, the offer, or the offer documentation. However, the rules and regulations of the Securities Exchange Act of 1934 require Lockheed Martin to publicize its position with respect to the offer. Lockheed Martin recommends against stockholders tendering shares in response to the offer, as the offer price was significantly below the market price of Lockheed Martin's common stock at the commencement of the offer and is also significantly below the current market price.

06:59 EDT Santander Consumer announces $400M share repurchase program - Santander Consumer announced that its board authorized, and the Board of Governors of the Federal Reserve System did not object to, the repurchase of up to $400M of the company's common stock as part of an amended 2018 capital plan of its majority stockholder, Santander Holdings USA, or SHUSA. This program, which has been authorized by the company's and SHUSA's boards, is in addition to the company's previously announced $200M inaugural share repurchase program, which was completed in January.

06:57 EDT Maruho increases tender offer price to EUR7.20 per share of Biofrontera - Maruho Deutschland GmbH, a subsidiary of the Japanese pharmaceutical company Maruho Co., announced that it has decided to increase the offer price for the current voluntary public partial acquisition offer for Biofrontera AG. Maruho will offer shareholders EUR7.20 per share in cash, up from EUR6.60 previously, which it noted is a price that significantly exceeds the highest XETRA market prices for Biofrontera shares of the past ten years. Moreover, the new offer price corresponds to a premium of 27.21% on the XETRA closing price of the Biofrontera share on April 1, the last unaffected price prior to the announcement of the initial offer. Previously, the corresponding premium had amounted to 16.61%. "The increased offer takes into account that the economic environment has changed. In particular, the new offer price reflects Biofrontera's better than expected outlook for the current fiscal year. In its forecast published on April 29, Biofrontera's Management Board had expressed its expectations to reach the intended break-even already in the fourth quarter of 2019, which is earlier than previously expected. Together with a favorable economic environment and other positive news published by the company recently, this resulted in an increase of Biofrontera's share price at the stock exchange. The other parameters of the transaction remain unaffected by the increase of the offer price: The acceptance period will end on June 24, 2019, 24:00 hours CEST. The offer is still valid for a total of 4,322,530 registered shares of Biofrontera AG, which would increase Maruho's stake from currently around 20.3% to 29.99%," the company said.

06:52 EDT The Buckle reports Q1 online sales up 5.6% - Online sales increased 5.6% to $24.4M for the 13-week period ended May 4, compared to net sales of $23.1M for the 13-week period ended May 5, 2018.

06:37 EDT Hibbett Sports says expects to close approximately 95 stores in FY20 - As the retail environment continues to evolve, the company is focused on improving the productivity of the store base while continuing to grow its omni-channel business to serve customers where and when they want to shop. As previously reported, the company is proceeding with the closing of approximately 95 Hibbett stores in Fiscal 2020, which is expected to result in non-recurring impairment and store closure charges in the range of 15c-20c per diluted share in Fiscal 2020.

06:34 EDT Hibbett Sports reports Q1 adjusted gross margin 34.8%

06:03 EDT Surface Oncology presents new data on CD73 and CD39 programs - Surface Oncology announced the presentation of updated preclinical findings regarding the anti-tumor effects of increasing inflammation and reducing extracellular adenosine in the TME. The data highlight the mechanisms of targeting CD73 and CD39, which are distinct targets in the adenosine axis and focal points of the Surface Oncology pipeline. The podium presentation, "Targeting the Adenosine Axis to Treat Cancer", was given by the Company's vice president of cancer biology, Pamela Holland, Ph.D., at Brisbane Immunotherapy 2019 in Brisbane, Australia. "These data are supportive of our multi-faceted approach to targeting the adenosine axis. Pam's presentation highlights additional validating data of the NZV930 program candidate, a highly potent enzymatic inhibitor of CD73, and its ability to block the production of extracellular adenosine in the TME," said Vito Palombella, Ph.D., chief scientific officer of Surface. "For CD39, this new in vivo data demonstrates that inhibition of CD39 upregulates inflammation in the TME, leading to an influx of innate immune cells to tumors, a compelling addition to the significant supporting evidence behind this program. Also, by reducing adenosine, in a manner similar to NZV930, we see increased proliferation of tumor-targeting T cells. These data show a dual mechanism of action for this monoclonal antibody candidate, whereby it invokes both the innate and adaptive arms of the immune system. We look forward to advancing our lead CD39 antibody, SRF617, into the clinic later in 2019."

05:36 EDT JDP finds support from other Teekay Offshore holders to oppose Brookfield deal - On May 17, Brookfield Business Partners (BBU) published a letter requesting that the board of Teekay Offshore Partners LP (TOO) evaluate an offer to acquire the remaining publicly traded units of TOO for $1.05 per unit, an all-time low. Teekay Offshore is 73% owned by Brookfield Business Partners. JDP is an investor in Teekay Offshore and has gathered endorsements from a significant number of other funds and individual minority unit holders to respond to BBU's public letter. "Since BBU became TOO's financial sponsor, the company has benefited enormously from BBU's significant capital investment and board leadership. In 2018, Adjusted EBITDA increased ~50% over last year and the Leverage Ratio has improved ~38% in the same period. Further, management recently executed a refinancing of over 30% of its debt structure at highly accretive rates and terms with an expanded banking group. JDP believes TOO is worth at least $4 per unit today based on a cash flow analysis and peer comparisons. TOO's longer-term valuation is further underpinned by its large $5.4 billion charter backlog with investment grade counterparties, unique duopolistic market position in its shuttle tanker fleet, high-spec FPSOs, much improved balance sheet profile, and an "improved offshore market" according to its CEO Ingvild Saether on April 30th, 2019. It is our opinion that the reason for the disconnect between the depressed stock price and fundamental value has been very poor investor relations and confusion among the public unit holders regarding BBU's continued commitment to respect minority investor interests. JDP and the investors listed in the response letter feel betrayed that BBU CEO Cyrus Madon would attempt to squeeze out minority unit holders at a price that is a 58% discount to the $2.50 per unit BBU initially paid for 60% of TOO in 2017. This low offer was made just 20 months after committing to "maximize shareholder value" in its 2017 Sponsor Presentation. Further, BBU based its offer on a recent distressed block trade transaction executed by Teekay (TK) that was forced by its own immediate refinancing pressures. JDP Managing Partner Jeremy Deal further commented, "We encourage Brookfield Asset Management (BAM) CEO Bruce Flatt to reconsider this transaction as it would be incredibly harmful to the Brookfield reputation and brand."