Stockwinners Market Radar for June 07, 2019 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:21 EDT Boot Barn CEO: Our business in May has been very strong - In an interview on CNBC's Mad Money, Boot Barn CEO Jim Conroy said: We are trying to build a brand through storytelling... Our direct responsibility is mitigated to some degree when it comes to tariffs... Because we're the biggest, we have some advantages mom and pop stores don't... Most hats are made in the U.S... People think our customers are in fly-over states, but that is a misconception.

18:12 EDT Kroger recalls select frozen Private Selection berries for possible health risk - Kroger said it is recalling Private Selection Frozen Triple Berry Medley (48 oz), Private Selection Frozen Triple Berry Medley (16 oz), and Private Selection Frozen Blackberries (16 oz) manufactured by Townsend Farms due to possible Hepatitis A contamination. No customer illnesses have been reported to date. Kroger was informed by the FDA that a sample of the Private Selection frozen berries was tested by the FDA and found to be contaminated with Hepatitis A. Kroger has removed the potentially affected items from store shelves and initiated its customer recall notification system that alerts customers who may have purchased recalled products through register receipt tape messages and phone calls.

17:42 EDT Medtronic's Martha sells 11,000 ordinary shares - In a regulatory filing, Medtronic's executive vice president and Restora group president Geoffrey Martha disclosed the sale of 11,000 ordinary shares of the company at a price of $96.053 per share.

17:28 EDT Ellington Financial reports estimated book value per share $18.86 on May 31 - This estimate includes the effect of the previously announced monthly dividend of 14c per share, payable on June 25 to holders of record on May 31, with an ex-dividend date of May 30.

17:15 EDT Lockheed Martin awarded $1.81B Navy contract - Lockheed Martin has been awarded a $1.81B cost-plus-incentive-fee, cost-plus-award-fee, cost-plus-fixed-fee contract for continued design maturation and development of Block 4 capabilities in support of the F-35 Lightning II Phase 2.3 pre-modernization for the Air Force, Navy, Marine Corps and non-U.S. Department of Defense, or DoD, participants. Work will be performed in Fort Worth, Texas, and is expected to be completed in August 2026. FY19 research, development, test, evaluation and non-U.S. DoD participant funds in the amount of $99M will be obligated at time of award, none of which will expire at the end of the current fiscal year. This contract combines purchases for the Air Force, Navy, Marine Corps and non-U.S. DoD participants. This contract was not competitively procured pursuant to U.S. Code 2304. The Naval Air Systems Command is the contracting activity.

16:36 EDT SailingStone Capital Partners reports 15.32% passive stake in Laredo Petroleum - In a regulatory filing, SailingStone Capital Partners disclosed a 15.32% stake in Laredo Petroleum, representing over 36M shares. The filing does not allow for activism.

16:18 EDT LabCorp announces new companion diagnostic therascreen PIK3CA PCR - LabCorp (LH) announced a new companion diagnostic called therascreen PIK3CA PCR mutation analysis, which is now available through LabCorp and its Integrated Oncology specialty laboratory. The test, developed by Qiagen (QGEN), identifies whether a patient has the specific gene mutation that is a prerequisite for treatment with Piqray, a new therapy from Novartis (NVS) for the treatment of postmenopausal women and all men with hormone receptor positive, human epidermal growth factor receptor-2 negative, PIK3CA-mutated, advanced or metastatic breast cancer, as detected by an FDA-approved test following progression on or after an endocrine-based regimen. Piqray, in combination with fulvestrant, and therascreen PIK3CA PCR mutation analysis assay received approval from the U.S. Food and Drug Administration on May 24, 2019. LabCorp is able to make the test available quickly after FDA approval through its participation in QIAGEN's Day-One Lab Readiness program, under which LabCorp began test validation and development of operating protocols while the test was under regulatory review and is therefore able to make the test available to patients just two weeks after approval. "Piqray (aplelisib), from Novartis, is the first and only therapy for HR+/HER2- advanced breast cancer with a PIK3CA mutation," said Marcia Eisenberg, PhD, chief scientific officer, LabCorp Diagnostics. "Through our collaboration with QIAGEN and participation in their Day-One Lab Readiness Program, LabCorp is able to quickly make new companion diagnostics available to help identify patients who are eligible for the most innovative treatments, individualized to their disease. Enabling patients to gain access to new treatments faster, furthering LabCorp's mission to improve health and improve lives."

16:17 EDT Quanex names Scott Zuehlke as interim CFO, replacing Brent Korb - Quanex announced that Scott Zuehlke, the company's current Vice President - Investor Relations and Treasurer, has been named interim CFO, replacing Brent Korb, effective immediately. An executive search is underway by the company to identify a permanent CFO, until which time Zuehlke will remain as interim CFO.

16:07 EDT Four Corners Property Trust acquires Utah Carl's Jr. property for $900,000 - Four Corners Property Trust announced the acquisition of a Carl's Jr. property for $900,000. The property is an outparcel to a mall located in Logan, Utah and is leased to the corporate tenant under a triple net lease with approximately 5 years of term remaining. The transaction was priced at a 7% going-in cash cap rate, exclusive of transaction costs.

16:01 EDT Trustco Bank announces 1M share repurchase program - TrustCo Bank announced that its Board of Directors has approved a stock repurchase program. Under the stock repurchase program, TrustCo may repurchase up to 1M shares of its common stock, or approximately 1% of its current outstanding shares. Repurchases will be made at management's discretion over the next twelve months.

14:54 EDT PG&E may temporarily turn off power in some CA counties - Pacific Gas and Electric Company, PG&E, said it might be proactively turning power off for safety and conducting a Public Safety Power Shutoff in several Northern California counties within the next 18 to 36 hours. PG&E is working directly with CAL FIRE, Cal OES, and other state and local agencies to help prepare for this potential safety event. This morning, the National Weather Service has issued Red Flag Warnings for the Central Valley and the North Bay Hills, starting either Friday evening or Saturday morning and lasting until Sunday afternoon. "We know how much our customers rely on electric service and would only consider temporarily turning off power in the interest of safety during extreme weather conditions," said Michael Lewis, PG&E's senior VP of Electric Operations.

13:38 EDT PTC Therapeutics receives FDA approval for expansion of Emflaza labeling - PTC Therapeutics announced that the U.S. Food and Drug Administration approved the company's supplemental New Drug Application for Emflaza to expand its labeling to include patients with Duchenne muscular dystrophy who are between 2- and 5-years-old. Duchenne is a rare childhood genetic disorder that causes progressive irreversible muscle deterioration and weakness. Emflaza was first approved by the FDA in February 2017 for the treatment of Duchenne in patients 5-years and older. "We are excited to be able to bring Emflaza to younger boys living with Duchenne muscular dystrophy," said Stuart Peltz, Ph.D., CEO of PTC Therapeutics. "The standard of care is to start Emflaza at the time of diagnosis. We believe that treating patients as young as possible, when they still have a substantial amount of muscle, will have the greatest benefit for patients that are two years and older."

13:35 EDT PTC Therapeutics says FDA approves exanded use of Emflaza in younger patients - PTC Therapeutics announced that the U.S. Food and Drug Administration approved the company's supplemental New Drug Application for Emflaza to expand its labeling to include patients with Duchenne muscular dystrophy who are between 2- and 5-years-old. Emflaza was first approved by the FDA in February 2017 for the treatment of Duchenne in patients 5-years and older. "We are excited to be able to bring Emflaza to younger boys living with Duchenne muscular dystrophy. The standard of care is to start Emflaza at the time of diagnosis. We believe that treating patients as young as possible, when they still have a substantial amount of muscle, will have the greatest benefit for patients that are two years and older," said Stuart Peltz, CEO of PTC Therapeutics.

13:22 EDT FedEx says won't renew Express U.S. contract with Amazon

13:02 EDT Boyd Gaming increases quarterly dividend to 7c per share - Boyd Gaming Corporation announced that its board has increased the company's quarterly dividend to 7c per share, up from the prior quarterly dividend of 6c per share. The dividend is payable on July 15 to shareholders of record at the close of business on June 17.

12:45 EDT Biohaven Pharmaceutical spikes 17% higher in afternoon trading - The Fly notes that on April 12 Bloomberg reported that Biohaven Pharmaceutical (BHVN), which makes treatments for migraines, was exploring potential options, including a possible sale of the company after drawing interest from suitors. In afternoon trading, shares of Biohaven are up $9.67, or 17.4%, to $65.37.

12:41 EDT Siemens Mobility announces EUR1.1B order for high-speed trains - Russian Railways has ordered 13 high-speed Velaro RUS trains from Siemens Mobility and Ural Locomotives, a joint venture of the Sinara Group and Siemens AG, the company announced. The order has a volume of around EUR1.1B. The contract also includes maintenance of the trains for a period of 30 years. RZD originally ordered eight Velaro trainsets from Siemens Mobility in 2006 and placed a follow-up order for an additional eight trains in 2011, Siemens noted.

12:00 EDT Guess falls -6.7% - Guess is down -6.7%, or -$1.05 to $14.63.

12:00 EDT Teekay Corp. rises 11.3% - Teekay Corp. is up 11.3%, or 32c to $3.14.

12:00 EDT Horizon Global rises 20.9% - Horizon Global is up 20.9%, or 69c to $4.03.

11:50 EDT JJBE 123 reports 5.47% passive stake in MYnd Analytics - In a regulatory filing, JJBE 123 LLC disclosed a 5.47% stake in MYnd Analytics, which represents 694,123 shares. The filing does not allow for activism.

11:01 EDT Huntington Bancshares announces Nate Herman as chief auditor - Nate Herman has joined Huntington Bank (HBAN) as chief auditor and a member of its executive leadership team. His first day was May 31. "As chief auditor, Herman is responsible for the design and implementation of Huntington's internal audit program, ensuring that governance, compliance and operations, and internal controls are in place to effectively identify and manage risk." He reports directly to the audit committee chair of the board. Most recently, Herman was a managing director and head of regulatory and specialty operations at JPMorgan Chase (JPM).

10:00 EDT QEP Resources falls -6.0% - QEP Resources is down -6.0%, or -40c to $6.28.

10:00 EDT Arista Networks falls -7.2% - Arista Networks is down -7.2%, or -$18.43 to $238.75.

10:00 EDT Eros International rises 10.2% - Eros International is up 10.2%, or 38c to $4.09.

09:47 EDT Woori Financial falls -3.3% - Woori Financial is down -3.3%, or -$1.20 to $35.30.

09:47 EDT QEP Resources falls -6.3% - QEP Resources is down -6.3%, or -42c to $6.26.

09:47 EDT Barnes & Noble rises 10.8% - Barnes & Noble is up 10.8%, or 65c to $6.61.

09:37 EDT MedMen expands market share in California with purchase of Long Beach retailer - MedMen Enterprises announced that it has signed a definitive agreement to acquire a 100% stake in MattnJeremy, One Love Beach Club. The acquisition further enhances MedMen's industry-leading California footprint, adding a premier location strategically located between its Santa Ana and LAX locations. One Love is currently on a run-rate of approximately $6M in unaudited gross revenue with an unaudited EBITDA margin of approximately 29%. "We're excited to welcome Long Beach to the MedMen family and continue our growth in the most important cannabis market in the world," said Adam Bierman, MedMen CEO.

09:26 EDT Aphria announces agreement with PAX Labs - Aphria announced an agreement with San Francisco-based PAX Labs that will enable Aphria to provide premium cannabis extracts in pods designed for use with PAX's innovative Era device and platform. The company plans to introduce PAX pods for both adult-use consumers and medical patients, pending anticipated changes to the Cannabis Act to permit the sale of cannabis extracts for vaporization.

09:04 EDT HomeStreet urges holders to vote for all 3 company nominees - The board of HomeStreet sent a letter to shareholders in connection with the company's upcoming 2019 Annual Meeting of Shareholders, which is scheduled to be held on June 20. "This year we are once again engaged in a proxy contest initiated by Roaring Blue Lion Capital Management, an activist hedge fund that has resorted to a long series of inaccurate, misleading, or just plain false claims to try to discredit HomeStreet's board and management team. As you consider how to cast your votes for HomeStreet's directors at the 2019 Annual Meeting, we ask that you focus on the facts rather than the rhetoric. The bottom line is that this year's director elections should be about HomeStreet's strategy and execution, future opportunities and strategic leadership at the Board level. It should not be about disrupting a well-functioning Board in order to serve or promote Roaring Blue Lion's shareholder activism ambitions. Further, proxy advisory firm ISS has recommended that shareholders vote on the WHITE proxy card FOR all three of the company's highly-qualified director nominees: Sandra Cavanaugh, Mark Mason and Donald Voss... We urge shareholders to follow ISS's recommendation and vote for the company's nominees on the WHITE proxy card."

08:43 EDT American Equity no longer in talks regarding potential transaction - American Equity announced that its board is no longer in discussions regarding a potential transaction. Consistent with its fiduciary duties, the board, with the assistance of financial and legal advisors, assessed the indications of interest it received from certain interested parties that had initiated contact with American Equity. The board reviewed these indications of interest and engaged in discussions with interested parties, but ultimately determined that further engagement would not result in a transaction that was in the best interest of shareholders.

08:13 EDT Aurinia Pharmaceuticals urges holders to vote FOR all Aurinia nominees - Aurinia Pharmaceuticals sent a letter to shareholders in connection with the company's upcoming Annual General Meeting of Shareholders to be held on Wednesday, June 26. Shareholders of record as of May 9 must submit their YELLOW proxy by 10:00 AM Mountain Time on Monday, June 24. The company highlighted the following in its letter to shareholders: Aurinia's dramatic progress since re-initiating the development of voclosporin in 2013 demonstrates the effectiveness and strategic focus of the company's management team and board. The company is well positioned for continued growth, having quickly evolved into a well-capitalized, late-stage clinical development company with multiple indications, and is preparing for the commercialization of voclosporin in early 2021. ILJIN, a conglomerate engineering company based in South Korea which already has a representative on Aurinia's board, is seeking to appoint three additional directors representing 37.5% board control. This level of board representation far exceeds its less than 15% ownership stake in Aurinia. ILJIN has offered no alternative strategy for value creation or actionable insights. ILJIN's nominees' lack of experience in commercialization and the U.S. pharmaceutical market would impede the company's continued progress.

08:09 EDT Frontier Communications appoints Sheldon Bruha permanent CFO - Frontier Communications announced that Sheldon Bruha has been named permanent CFO, effective June 3. Bruha joined Frontier in February 2018 as Senior Vice President and Treasurer and had been serving as interim CFO since September 1, 2018.

08:06 EDT U.S., Japan patent offices issue patent to AzurRx BioPharma for MTAN inhibitor - AzurRx BioPharma announced that both the United States Patent and Trademark Office and the Japan Patent Office have respectively issued U.S. Patent 10,118,928 and Japan Patent 6512613. The inhibitors are a novel, potent and selective group of anti-microbials that have the potential to safely eradicate Helicobacter pylori bacterial infections that would spare the normal microbiome and would not precipitate antibiotic resistance in off-target bacterial species. AzurRx BioPharma has licensed the rights of these newly allowed patents that are co-owned by Albert Einstein College of Medicine in the City of New York and Victoria Link Limited in New Zealand. It relates to a chemical compound, called a transition state analogue, with a structure that resembles the transition state of a substrate molecule that can block the active site of a bacterial enzyme. The company has licensed the MTAN technology and is targeting several infectious diseases where the issue of antimicrobial resistance is becoming more significant.

07:22 EDT Amarin addresses challenges in lowering cardio risks for diabetes patients - Amarin announced that three Amarin-supported posters will be presented at the American Diabetes Association 79th Scientific Sessions in San Francisco, June 7 - 11. All three posters highlight important findings regarding the challenges of current treatment options for diabetes patients with cardiovascular risks. More than 30M adults in the United States have diabetes, 10M of whom are considered at elevated risk for cardiovascular events, despite being on cholesterol-management medicines. "What we have learned through our landmark clinical trial, REDUCE-ITTM, as well as other research, is that cholesterol and diabetes management is not enough to effectively treat cardiovascular disease in patients with diabetes and other risk factors," said Craig Granowitz, M.D., Ph.D., chief medical officer of Amarin. "Cardiovascular disease is the No. 1 cause of death in people with diabetes. We applaud the ADA for highlighting the need to better understand and address increased cardiovascular risk in patients with diabetes."

07:13 EDT Barnes & Noble to be acquired by Elliott for $6.50 per share in all cash deal - Barnes & Noble announces that it has entered into a definitive agreement to be acquired by funds advised by Elliott Advisors for $6.50 per share in an all-cash transaction valued at approximately $683M, including the assumption of debt. Elliott's acquisition of Barnes & Noble, the largest retail bookseller in the United States, follows its June 2018 acquisition of Waterstones, the largest retail bookseller in the United Kingdom. James Daunt, CEO of Waterstones, will assume also the role of CEO of Barnes & Noble following the completion of the transaction and will be based in New York. The $6.50 per share purchase price represents a 43% premium to the 10-day volume weighted average closing share price of Barnes & Noble's common stock ended June 5, the day before rumors of a potential transaction were reported in the media. The announced transaction with Elliott is the culmination of an extensive Strategic Alternative Review conducted by the Special Committee of the Barnes & Noble board, which was announced on October 3, 2018. The board of Barnes & Noble unanimously approved the transaction and recommend the transaction to Barnes & Noble shareholders. Leonard Riggio, the Founder and Chairman of Barnes & Noble, has also entered into a voting agreement in support of the transaction. The transaction is subject to customary closing conditions, including the receipt of regulatory and stockholder approval, and is expected to close in Q3. The merger agreement provides for the acquisition to be consummated through a merger structure. However, the parties expect to amend the agreement to utilize a tender offer structure, which is expected to reduce the time to closing by a number of weeks.

07:10 EDT Norwegian Cruise Line says new Cuba travel regulations will impact FY19 adj. EPS - Norwegian Cruise Line provided an update on the new Cuba travel regulations and the estimated financial impact to FY19 expected financial results. On June 4, the Office of Foreign Assets Control of the United States Department of the Treasury removed the authorization for group people-to-people educational travel by U.S. persons to Cuba. Concurrently, the United States Department of Commerce's Bureau of Industry and Security removed the authorization to travel for most non-commercial aircraft and all passenger and recreational vessels, including cruise ships, on temporary sojourn in Cuba. Combined, these rulings, which took effect on June 5, effectively eliminate the ability of cruise lines to offer cruise travel to Cuba. The company is in the process of modifying all itineraries across its three brands that included calls to ports in Cuba and is working with guests and travel partners to accommodate changes as a result of these new restrictions. "Our three brands are working diligently to accommodate the needs of our guests and travel partners as we quickly modify itineraries to meet the new Cuba travel regulations," said Frank Del Rio, president and CEO of Norwegian Cruise Line. "We share in the disappointment that comes with these changes especially on such short notice and sincerely appreciate the cooperation and understanding of our guests for this inconvenience. Our brands have put in place generous compensation programs that offer guests and travel partners a compelling, value-packed alternative." The extremely abbreviated timeframe to modify our itineraries to be in compliance with the new travel restrictions to Cuba has exacerbated the impact to the Company's earnings estimates. The restrictions impact all three of the Company's cruise brands, with approximately 25% of the impacted Capacity Days attributable to the combined sailings on the Oceania Cruises and Regent Seven Seas Cruises brands, the majority of which were Cuba-intensive premium priced itineraries. Sailings that included a Cuban port of call represented slightly more than 3% of the Company's remaining sailings in 2019 for all three brands. The modification of these itineraries, the substantial discounts offered to guests for them to remain on their booked cruise, the accommodation of cancellations and changes to reservations, incremental marketing investment to support the compressed sales cycle for the modified voyages, along with the protection of travel agent commissions will result in an estimated impact to Adjusted EPS for full year 2019 of approximately $0.35 to $0.45.

07:01 EDT Quorum Health agrees to divest hospital in California - Quorum announced that it has entered into a definitive agreement to divest the 106-bed Watsonville Community Hospital in Watsonville, California to Halsen Healthcare. The transaction is expected to be complete by the end of Q3, subject to customary approvals and conditions. The vompany anticipates that the total cash proceeds from the transaction will be approximately $35M-$40M, subject to final working capital balances. All cash proceeds from the transaction will be used to repay outstanding principal on the company's Term Loan Facility.

06:49 EDT Cnooc enters share purchase agreement to acquire 10% interest in Arctic LNG 2 - Cnooc announced that the company and CEPR, a wholly-owned subsidiary of the company, entered into a share purchase agreement with joint stock company Novatek, or JSC Novatek, and Ekropromstroy, a wholly-owned subsidiary of JSC Novatek, pursuant to which, CEPR shall acquire 10% equity interest in Arctic LNG 2 held by Ekropromstroy. Pursuant to the share purchase agreement, completion of the acquisition is conditional upon the approval of relevant government authorities of China and Russia and satisfaction of certain other conditions. The acquisition is expected to complete in the near future. JSC Novatek is principally engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons and has more than 20 years of operational experience in the Russian oil and natural gas sector. Arctic LNG 2 is a limited company incorporated in the Russian Federation engaging in the Arctic LNG 2 project, the second large onshore conventional natural gas project led by JSC Novatek on the Gydan Peninsula in Russia, which contains the development and production of Utrenneye gas field and the construction and operation of three liquefied natural gas trains. Arctic LNG 2 holds the liquefied natural gas licence that grants an exclusive right to export liquefied natural gas produced from gas extracted from the Utrenneye gas field.

06:33 EDT Neptune Wellness enters multi-year extraction agreement with Tilray - Neptune Wellness (NEPT) has entered into a definitive agreement to provide extraction and purification services to Tilray (TLRY). Neptune will receive, at its facility in Sherbooke, Quebec, cannabis and hemp biomass from Tilray. Neptune will provide extraction services to produce various extract formats which include crude resin, winterized oil and distillate extracts. Under the terms of the agreement, the minimum volume of biomass to be processed over the three year term is 125,000kg, of which the first year is expected to represent 20% of total volumes. Neptune expects to receive its first shipment of biomass from Tilray in September.

06:31 EDT Columbia Financial to acquire Stewardship Financial for $15.75 per share

06:21 EDT Australian regulator rules Uber drivers are not employees - Australia's Fair Work Ombudsman has completed its investigation relating to Uber Australia Pty Ltd and its engagement of drivers. Fair Work Ombudsman Sandra Parker said that inspectors examined a wide range of evidence, including drivers' contracts, log on and log off records, interviews with drivers and Uber Australia, ABN documents, payment statements, banking records and pricing schedules. "The weight of evidence from our investigation establishes that the relationship between Uber Australia and the drivers is not an employment relationship," Parker said. For such a relationship to exist, the courts have determined that there must be, at a minimum, an obligation for an employee to perform work when it is demanded by the employer. Our investigation found that Uber Australia drivers are not subject to any formal or operational obligation to perform work," Parker said. "Uber Australia drivers have control over whether, when, and for how long they perform work, on any given day or on any given week. Uber Australia does not require drivers to perform work at particular times and this was a key factor in our assessment that the commercial arrangement between the company and the drivers does not amount to an employment relationship," she added. "As a consequence, the Fair Work Ombudsman will not take compliance action in relation to this matter." Reference Link

06:04 EDT Mammoth Energy provides update on work in Puerto Rico - Mammoth Energy released the following statement. "Following Hurricane Maria in Puerto Rico and its complete destruction of the Island's power grid, Mammoth, through its wholly owned subsidiary Cobra, made a proposal to do reconstruction work to help restore power and rebuild Puerto Rico's grid. This solicitation was reviewed by the Puerto Rico Electric Power Authority and Cobra was awarded an initial $200 million reconstruction contract in 2017. Through five separate amendments to the original contract, the aggregate contract amount was eventually increased to up to $945 million. A second contract, in the amount of up to $900 million, was awarded to Cobra by PREPA in response to a Request For Proposals process. Cobra's work entailed repairing and replacing the electrical grid in Puerto Rico in an extraordinarily challenging environment. The Island was without power; critical infrastructure, including roads and bridges, had been destroyed or severely damaged; housing was not available for the numerous workers needed to undertake repair work; and there were many other obstacles to the work to be performed by Cobra. Despite these extreme difficulties, Cobra mobilized and delivered a large work force, arranged for the delivery of heavy equipment to the Island and otherwise undertook a herculean effort to perform the work it had contracted to provide. As part of its efforts, Cobra obtained and transported to Puerto Rico offshore housing for its personnel so that it did not add an additional burden to the already challenging circumstances on the Island. Within 7 days following the initial contract award, Cobra had an advance crew of approximately 35 employees on site in Puerto Rico. Approximately 30 days later more than 600 Cobra employees were engaged in providing critical work. All of the agreements relating to the work provided by Cobra were negotiated, and entered into, with PREPA. The detailed agreements set forth the rates charged by Cobra and well as other information regarding the services to be performed. PREPA was assisted by various agencies including the Office of Contract and Procurement Compliance, the Financial Oversight and Management Board, the Governor's Office and the Central Office of Recovery, Reconstruction and Resiliency. In addition, PREPA's outside counsel, which is also representing PREPA in its chapter 11 bankruptcy case, participated in negotiating the agreements with Cobra, and various other parties had oversight roles as a result of PREPA's bankruptcy filing. PREPA regularly and thoroughly reviewed Cobra's work. In addition to ongoing oversight of the services performed to ensure that work was being provided in a thorough and professional manner and consistent with industry standards, PREPA performed a detailed review of invoices submitted by Cobra to ensure that all payments were made in accordance with the contracts and in connection with services that had been properly provided. When work was completed on an individual project basis, an invoice was issued to PREPA for the specific project. As of April 10, 2019, Cobra has submitted approximately $1,296 million in invoices and received approximately $1,057 million in payments. Given the magnitude of the total costs of the project and its importance to the Island's economy, Cobra has faced significant governmental scrutiny since the commencement of the work. Cobra has met with various congressional members visiting the Island to review the work and assess the damage. In addition, Cobra has been in contact with a number of US government agencies and local Puerto Rico authorities throughout the process. Further, it has been reported that an independent evaluation of Cobra's work by the Rand Corporation said that the contract rates charged for its services were reasonable considering the "situational uncertainty that prevailed" after Hurricane Maria. Mammoth stands by the quality and reasonableness of its work and welcomes an open inquiry into its performance."

06:01 EDT Baker Hughes announces May international rig count of 1,126, up 64 - Baker Hughes announced that the Baker Hughes international rig count for May was 1,126, up 64 from the 1,062 counted in April, and up 159 from the 967 counted in May 2018. The international offshore rig count for May was 240, down 11 from the 251 counted in April, and up 42 from the 198 counted in May 2018. The average U.S. rig count for May was 986, down 26 from the 1,012 counted in April, and down 60 from the 1,046 counted in May 2018. The average Canadian rig count for May was 70, up 4 from the 66 counted in April, and down 13 from the 83 counted in May 2018. The worldwide rig count for May was 2,182, up 42 from the 2,140 counted in April, and up 86 from the 2,096 counted in May 2018.

05:17 EDT Novartis appoints Marie-France Tschudin as president of Novartis Pharmaceuticals - Novartis announced that Marie-France Tschudin, currently President, Advanced Accelerator Applications, a Novartis company, has been appointed President, Novartis Pharmaceuticals. She will report to Vas Narasimhan, CEO Novartis, and will join the Executive Committee with immediate effect. Marie-France Tschudin succeeds Paul Hudson who will be leaving Novartis to take the CEO position of a multinational pharmaceuticals company.