Stockwinners Market Radar for July 19, 2019 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:12 EDT Biohaven receives CRL from FDA for application seeking NURTEC approval - Biohaven Pharmaceutical Holding Company announced that it has received a Complete Response Letter from the FDA for the 505b2 application seeking approval for NURTEC for ALS. The sole issue identified in the CRL relates to an FDA concern regarding the use of an active pharmaceutical ingredient that was manufactured by Apotex Pharmachem India Private Limited between 2014 to 2016 and used in the drug product supplies for the bioequivalence study in 2017. Of note, concerns with Apotex manufacturing recently led to the withdrawal of 31 Apotex drug products from the US market last Wednesday, July 10th 2019. In the CRL, the FDA stated that it provided recommendations to Apotex regarding the information that would be needed to qualify previous API batches manufactured at Apotex during the time period in question. Apotex did not provide Biohaven with notice of the FDA communication, either during the course of its bioequivalence trial or during the submission of its 505b2 application for Nurtec. Biohaven has been subsequently informed by the manufacturer that they had an exemption from the FDA to supply riluzole to the U.S. market during that time period. Today, Biohaven has been in contact with the FDA's CMC group and Apotex to resolve the matter and Biohaven has already submitted additional information to the FDA regarding this issue. Biohaven notes that the API for commercial supply of Nurtec is currently sourced from another supplier, with whom no CMC issues have been identified. Further, the FDA did not cite any other concerns in their CRL regarding Nurtec. Biohaven will be working with the FDA to develop a timely path forward. While timelines are developed to resolve this matter, Biohaven will re-deploy the associated funds for Nurtec commercialization to other commercial needs of the organization.

17:48 EDT Raytheon awarded $191.01M Air Force contract modification - Raytheon has been awarded a $191.01M modification to a previously awarded contract for exercising the production option under contract line numbers 0004, 0005, 0007, 0008 and 0018 for global aircrew strategic network terminal. This modification brings the total cumulative value of the contract from $499.01M to $690.03M. Work will be performed at Largo, Florida and is expected to be completed by September 19, 2021. FY19 procurement funds in the amount of $154.69M are being obligated at time of award. The Air Force Material Command is the contracting activity.

17:40 EDT Lockheed Martin awarded $1.47B Missile Defense Agency contract modification - Lockheed Martin has been awarded a firm-fixed-price, $1.47B modification to a previously-awarded contract for the procurement of terminal high altitude area defense, or THAAD, interceptor support items in support of the foreign military sales, or FMS, case to the Kingdom of Saudi Arabia, or KSA. The value of this contract is increased from $3.89B to $5.36B. One offer was solicited with one offer received. The period of performance is from July 19 through July 31, 2023. KSA FMS funds in the amount of $340.94M are being obligated at time of award. The Missile Defense Agency is the contracting activity.

17:28 EDT Methanex reaches final investment decision on methanol plant in Geismar, LA - Methanex Corporation announced that its board of directors reached a unanimous final investment decision to construct a 1.8M tonne methanol plant in Geismar, Louisiana adjacent to its existing Geismar 1 and Geismar 2 facilities. Construction on the Geismar 3 plant will begin later this year and operations are targeted in the second half of 2022. The cost of the project is expected to be between $1.3B-$1.4B including costs of approximately $60M incurred to date. The company has a robust and flexible financing plan for the Geismar 3 project. The company has arranged committed financing for the project with a new five-year $800M construction facility and for the renewal of its existing $300M revolving credit facility, which replaces the company's existing revolving facility, to provide further liquidity. Both facilities have been arranged with a syndicate of banks and will expire in July 2024. In addition, the company expects to access the debt capital markets during the second half of 2019 to pre-fund approximately $250M of the Geismar 3 2020 expenditures and to repay the company's $350M aggregate principal amount of bonds due in December 2019.

16:30 EDT Kingstone names Barry Goldstein CEO - Kingstone Companies announced today the Kingstone board of directors accepted the request to retire by Dale Thatcher, for personal reasons. Barry Goldstein, KINS Executive Chairman and its largest shareholder, agreed to immediately return to the CEO role at the request of the Board. Goldstein served as the company's CEO from 2001 through 2018.

16:10 EDT 22nd Century: FDA accepts, files MRTP application for VLN cigarettes - 22nd Century announced that the U.S. FDA accepted and filed for substantive scientific review the company's Modified Risk Tobacco Product application for its exclusive Very Low Nicotine Content cigarettes under the proposed brand name of VLNTM. 22nd Century's proposed VLNTM cigarettes are made with the company's proprietary VLNC tobacco and, as a result, contain very low levels of nicotine.

16:04 EDT Gabelli reports 18.15% stake in Herc Holdings - In a regulatory filing, Gabelli disclosed an 18.15% stake in Herc Holdings, which represents about 5.2M shares. The filing allows for activism.

15:32 EDT J.C. Penney says has not hired advisors for in-court restructuring, bankruptcy - J. C. Penney has issued the following statement in light of recent reports: "As a public company, we routinely hire external advisors to evaluate opportunities for the Company. By working with some of the best firms in the industry, we are taking positive and proactive measures, as we have done in the past, to improve our capital structure and the long-term health of our balance sheet. We have no significant debt maturities coming due in the near term, and we continue to maintain a strong liquidity position. Also, given our strong liquidity position we can confirm that we have not hired any advisors to prepare for an in-court restructuring or bankruptcy."

14:06 EDT Disney reports 'Lion King' grossed $23M domestically in Thursday previews - Disney announced that "The Lion King" posted $23M in Thursday evening previews at the domestic box office, where it opens in over 4,700 theaters today. Internationally, the film opens in most major territories this weekend after rolling out in China on July 12 with a $54.1M debut, the company reported. Over the last week, that has risen to $76.6M, and combined with the first two days of play in newly opened territories, the international gross through July 19 is an estimated $130.5M, according to a press release from Disney. Reference Link

13:06 EDT Former Power Solutions CEO charged with accounting fraud - The Securities and Exchange Commission charged the former CEO of a Chicago-area engine manufacturing company and two former senior sales executives for their roles in an accounting fraud that allegedly overstated the publicly-traded company's revenues by almost $25M. According to the complaint, filed in federal court in Chicago, Gary Winemaster, Power Solutions International Inc.'s former CEO, and two former senior sales executives, Craig Davis and James Needham, caused Power Solutions to fraudulently record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, for which the price was falsely inflated, and from improper "bill and hold" arrangements. The SEC further alleges that the defendants misled and concealed key information from Power Solutions' internal accounting personnel and external auditor. The SEC's complaint charges the defendants with violating various antifraud, books and records, reporting, and internal controls provisions of the federal securities laws as well as with aiding and abetting violations. The complaint seeks permanent injunctions and penalties against all defendants, disgorgement and prejudgment interest against Needham, an officer-and-director bar against Winemaster, and a clawback of incentive-related compensation paid to Winemaster during the alleged fraud.

12:43 EDT Lyft announces new airport pickup feature starting July 20 at LGA - In a blog post, Lyft announced that its new airport pickup feature is coming to LaGuardia Airport. Starting July 20, when users request a standard Lyft ride from LGA, people can expect less confusion for them and their Lyft driver. Instead of searching for the driver at often-hectic pickup areas, Lyft will direct users to a clearly-marked Lyft pickup spot, located in the Terminal B Garage, Area G. The user will join a designated line with other Lyft riders and show a unique four-digit code to the next available driver.

12:15 EDT SSLJ com Ltd (Class A Stock) trading resumes

12:00 EDT Chewy falls -6.8% - Chewy is down -6.8%, or -$2.22 to $30.63.

12:00 EDT Skechers rises 12.6% - Skechers is up 12.6%, or $4.39 to $39.23.

12:00 EDT Gannett rises 21.1% - Gannett is up 21.1%, or $1.67 to $9.57.

11:40 EDT SSLJ com Ltd (Class A Stock) trading halted, news pending

11:23 EDT Kantar: Apple, Samsung saw sales share slide in three months ending June - The latest smartphone OS data from Kantar, for the three months ending June 2019, reveals that Android OS (GOOGL) accounts for 80.1% of all smartphone sales across the five major European markets, and continued to see positive year-on-year growth, driven by a strong performance in France. Conversely iOS (AAPL) saw its share fall slightly in EU5, and further still in the USA where it was down -2.4%pts, Kantar said earlier this week. However, despite Android OS's growth in market share, the data shows Huawei faces potential danger for the future of its smartphones. In the US, both Apple and Samsung (SSNLF) saw sales share slide, with Motorola (MSI) and Google continuing their resurgence, according to the firm. iPhone XR was the top selling model in the US in Q2 2019, holding 7.8% share, with iPhone 8 and iPhone XS Max rounding out the top three best sellers. The latest flagship models from Samsung, Galaxy S10+ and Galaxy S10 held fourth and fifth best-selling models in the quarter. Reference Link

10:54 EDT Midatech Pharma jumps after announcing Phase 1 diabetes vaccine study results - Midatech Pharma announced "positive" results from a first in human study of its MTX102 immuno-tolerising vaccine product candidate in diabetes, sending the small-cap stock higher in early trading. The focus of this Phase I study is to assess the safety of MTX102. "Five recently diagnosed Type I diabetes patients, all meeting strict genetic parameters, were recruited onto the study and received the study drug. MTX102 was well tolerated, with asymptomatic local injection site reactions being the only drug-related finding, and no serious adverse events were reported," the company stated in a regulatory filing before today's open. In morning trading, Midatech Pharma shares are up 83c, or 63.5%, to $2.13.

10:39 EDT Raytheon announces Memorandum of Understanding with UK Defence Ministry - Raytheon announced that it has signed a Memorandum of Understanding with the UK Ministry of Defence to join Team ARTEMIS Industry, a collaboration between government and industry "formed to fast track the launch of a small satellite constellation and enhance the UK's sovereign space capability." Richard Daniel, CEO of Raytheon UK, said, "Raytheon has worked with the UK for decades to develop exceptional defence, aerospace and cyber capabilities. Being part of Team ARTEMIS Industry will only further strengthen that relationship as we work and invest to jointly develop and support the UK's space systems."

10:31 EDT Yandex higher after Kerrisdale Capital discloses long position - Shares of Yandex moved higher moved higher after Kerrisdale Capital Management, according to Bloomberg, disclosed a long position in the stock in its Q2 letter to investors. Kerrisdale believes the stock is worth more than $60 per share, Bloomberg reports. Yandex shares are up 65c to $40.26 in morning trading.

10:22 EDT State Street: Expense actions to generate savings of about $400M, up $50M

10:19 EDT State Street sees headcount coming down over the coming quarters - Sees ability to further reduce high-cost location workforce by an additional 800, targeting a total of 2,300.

10:05 EDT State Street says to conduct fundamental reassessment of technology ecosystem - Comments taken from Q2 earnings conference call.

10:00 EDT Sensient falls -4.3% - Sensient is down -4.3%, or -$3.04 to $67.74.

10:00 EDT QEP Resources falls -7.3% - QEP Resources is down -7.3%, or -46c to $5.85.

10:00 EDT Skechers rises 14.6% - Skechers is up 14.6%, or $5.08 to $39.92.

09:53 EDT CBS, Viacom higher after CNBC's Faber says deal 'getting closer' - Shares of CBS (CBS) and Viacom (VIAB) are CNBC's David Faber said that a deal between the two companies is "getting closer." Shares of CBS are up 24c to $51.57 in morning trading while Viacom is up 15c to $30.73.

09:50 EDT Cleveland-Cliffs CEO sees opportunity in Brazil

09:48 EDT MoneyGram announces partnership with Korean remittance startup Sentbe - MoneyGram announced it has signed a contract with Sentbe, stating that the "exciting new partnership makes Sentbe the first MoneyGram virtual agent in South Korea." MoneyGram head of APAC and South Asia, Yogesh Sangle, said, "Enhancing our product offering in South Korea is a strategic move that accelerates our digital transformation in the region. With an increasing number of foreign residents and growing numbers of working populations from neighboring Asian countries, working with Sentbe will further improve financial inclusion in South Korea and we are proud to share a legacy of customer commitment through this collaboration."

09:47 EDT MSG Networks falls -6.5% - MSG Networks is down -6.5%, or -$1.32 to $18.90.

09:47 EDT Range Resources rises 8.0% - Range Resources is up 8.0%, or 41c to $5.55.

09:47 EDT Gannett rises 13.9% - Gannett is up 13.9%, or $1.10 to $9.00.

09:36 EDT Cleveland-Cliffs CEO says 'world needs more steel but also needs less pollution'

09:34 EDT Schlumberger says sees improved cash flow in 2H19 - Says: Cash flow in 2H19 will be "quite healthy"... No date set for CFO's retirement... North America service pricing "still a bit depressed"... Does not see demand/supply balance of oil changing dramatically going into 2020... Sees decelerating oil output growth in U.S... Expects North America market to remain challenging in Q3... Sees Q4 similar to 4Q18 in North America... No question about maintaining dividend in 2020 and could possibly execute a small share buyback.

09:29 EDT Cleveland-Cliffs sending more pellets to Toledo Facility - Cleveland-Cliffs CEO Lourenco Goncalves, said the company is calculating a 26% IRR after selling DR-grade pellets intercompany.

09:25 EDT Generex announces satisfaction of debt obligation - Generex Biotechnology announced that it has repaid a long-standing $3,150,972 debt with newly issued restricted common voting shares of Generex in full satisfaction and accord of all debts and obligations owed by Generex to the debt holders. Further the debt holders have agreed to waive any stock dividend associated with any up-listing of Generex within the next 12 months. The GNBT shares are restricted pursuant to Rule 144 of the Securities Act.

09:23 EDT Cleveland-Cliffs CEO says 'welcome to new normal, get used to new normal' - Cleveland-Cliffs CEO Lourenco Goncalves said there is no short or medium-term answer to the iron ore shortage and noted "welcome to the new normal. Get used to the new normal." Goncalves called out analysts at commodities desks, referring to them as "so called experts," regarding their assertion that IODEX is at its peak. Goncalves noted, "here we are, well above that," adding that a "robust IODEX" is the new normal. Comments taken from Q2 earnings conference call.

09:12 EDT United Insurance expects approximately $16M in catastrophe losses in Q2 - United Insurance announced that it expects to incur approximately $16M of net retained catastrophe losses primarily from new wind and hail events in Texas and Louisiana for the quarter ended June 30. During Q2, the company also experienced approximately $15M of adverse reserve development stemming from accident year 2018 from both catastrophe and non-catastrophe losses primarily in Florida.

09:08 EDT Franco-Nevada initiates ATM equity program fo up to $200M - Franco-Nevada has established an at-the-market equity program that allows the corporation to issue up to $200M worth of common shares from treasury to the public from time to time at the prevailing market price through the TSX, the NYSE or any other marketplace on which the Common Shares are listed, quoted or otherwise trade. The volume and timing of distributions under the ATM Program, if any, will be determined at the corporation's sole discretion, subject to applicable regulatory limitations. The ATM Program will be effective until July 18, 2020 unless terminated prior to such date by the Corporation.

09:07 EDT Franco-Nevada acquires Marcellus Shale interest from Range Resources for $300M - Franco-Nevada (FNV) has entered into an agreement to acquire from Range Resources (RRC) an overriding royalty interest on acreage in the Marcellus Shale for a gross purchase price of $300M. The acquisition has an effective date of March 1 and is expected to close shortly. The royalty is calculated as 1% of gross production less allowed deductions from approximately 350,000 net acres of Range's working interest position in Washington, Western Allegheny and Southern Beaver Counties in Pennsylvania. Since the effective date, the royalty has generated approximately $9M in revenue, with roughly half of the revenue generated from natural gas liquids and condensate. At current commodity prices, revenue for 2020 is expected to be approximately $25M growing to approximately $30M per annum in five years. Franco-Nevada's revenue is still projected to exceed 80% from gold equivalent ounces through 2023. The purchase will be financed with a combination of cash on hand and funds drawn from the corporation's revolving credit facility. Net debt following this investment will be approximately $335M. This acquisition is immediately accretive.

08:58 EDT Schlumberger's Kibsgaard says will step 'completely into the background'

08:40 EDT Youngevity's Khrysos Industries closes $19M supply agreement - Youngevity executed a one year Supply and Processing Agreement to produce water soluble CBD Isolate expected to generate $19M in revenues. Shipping under the agreement is expected to begin in August and continue through July of 2020. The one-year agreement also contains customary annual renewal clauses. Dwayne Dundore, President of Khrysos, stated, "We are seeing increased demand for our water soluble, hemp derived, CBD Isolate. This contract is consistent with the revenue growth we anticipated in the second half of 2019 and sets us up well for 2020".

08:37 EDT Gilead licenses three preclinical antiviral programs from Novartis - Gilead (GILD) announced that it has licensed three preclinical antiviral programs from Novartis (NVS), including investigational agents with the potential to treat human rhinovirus, influenza and herpes viruses. Under the agreement, Gilead will acquire exclusive global rights to develop and commercialize novel small molecules against three undisclosed targets. Novartis will receive an upfront payment and is eligible to receive up to an additional $291M in potential milestone payments upon achievement of certain development and commercial milestones, as well as royalties on annual net sales.

08:35 EDT Synchrony says average active accounts up 9% in Q2 - Synchrony (SYF) says it had $16.7B of liquid assets in Q2. Says excited about continued opportunities with PayPal (PYPL). Says it now has nearly 7M cardholders in its Synchrony Car Care network with over 730,000 auto-related locations nationwide where the card can be used. Says has had over $2B in payments on Synchrony Plug-In. Says launched new partnerships with Fanatics and Lighthouse. Says expects core reserve bill to be in $175M range in Q3. Says Q3 net charge-off rate tends to be seasonally lower than Q2. Says continues to see FY19 net charge-off rate to be in the 5.7%-5.9% range. Sees net interest margin running in the 15.75%-16% range for the rest of the year. Says expects sale of Walmart (WMT) portfolio to be completed in October. Comments taken from Q2 earnings conference call.

08:35 EDT Amyris expands contract with ADL Bionatur to 2020 - Amyris has expanded its existing production agreement with ADL Bionatur Solutions, a company specialized in research and development of sustainable health and beauty products, services and industrial fermentation production, to 2020. The expansion follows previous contract expansions in June and December 2018. ADL will produce up to five ingredients for Amyris during the contracted period with the contract revenues amounting to at least EUR12M and an extension option for future years.

08:32 EDT Huntington Bancshares increases quarterly cash dividend 7% to 15c per share - Huntington Bancshares declared a quarterly cash dividend on the company's common stock of 15c per common share, up 1c, or 7%, from the prior quarter. The common stock cash dividend is payable October 1 to shareholders of record on September 17.

08:17 EDT Global Eagle announces $61M of additional liquidity - Global Eagle Entertainment announced that it has completed a $40M upsizing of its Senior Secured Term Loan due 2023, as well as an amendment to its Term Loan to reduce scheduled principal repayments over the next six quarters by an aggregate of approximately $26M. Net of fees and expenses, the Amendment will result in approximately $61M of incremental liquidity over the next 18 months. This supplements the Company's approximately $49M of liquidity as of June 30, 2019, which includes cash and unused revolver capacity, and further enables the Company to focus on executing its growth plans. Global Eagle intends to use the proceeds to repay principal balance on its revolving credit facility and anticipates using the remaining proceeds for growth, cost initiatives and other general corporate purposes.

08:14 EDT ATIF Holdings launches investment, financial analysis reporting business - ATIF Holdings Limited announced that it had launched a new investment and financing analysis reporting business. There are approximately 70 million SMEs in China. After 2000, a number of these enterprises began to go public overseas, and equity investment has since become a hot topic in the development of enterprises in China. However, the non-standardization and uncertainty of the equity investment market, the uneven quality of available investment projects, and the difficulty in finalizing financing arrangements have caused some enterprises with urgent need of financing to face fundraising challenges. In addition, most SMEs in need of financing have fewer opportunities to connect with investors because of the lack of standardized reporting in China. The Company already has a professional investment and financing team to conduct its Reporting Business. The Company expects to provide SMEs with comprehensive investment and financial analysis reports for their sustainable development. The Company also expects to provide investors with objective and fair due diligence reports so that they can accurately understand market positioning and investment opportunities of the companies and better manage risk.

08:09 EDT Omnicell enters partnership with Atrium Health - Omnicell announced that Charlotte, North Carolina-based Atrium Health will use Omnicell automation and intelligence solutions in pharmacy operations across their hospitals and infusion centers in the Charlotte Metro Region. Atrium Health will upgrade automated dispensing storage in the central pharmacy while streamlining workflows in patient care areas. The health system will also use Omnicell's predictive intelligence platform and expert services to monitor pharmacy operations and recommend opportunities to help improve efficiency, regulatory compliance, and patient outcomes.

08:08 EDT Turning Point Brands acquires Solace Technologies for $15.25M - Turning Point Brands announced it will acquire the assets of Solace Technologies for $15.25 million. "Solace is an innovative product development company which established one of the top e-liquid brands in the vapor industry and has since grown into a leader in alternative products." The Solace assets and team will be combined with TPB's Nu-X Ventures division, led by TPB veteran Graham Purdy. As part of the transaction, Nu-X Ventures will establish a headquarters in Southern California. Total consideration of the deal is $15.25M, consisting of $8.25M in cash and $7M of performance-based restricted stock units of TPB. The performance-based restricted stock units will vest over three years as determined by sales performance of Nu-X products. 2018 Sales and EBITDA for Solace was approximately $10M and $3M, respectively after adjusting out certain transactions that would be considered intercompany.

08:05 EDT Pier 1 Imports appoints Robert Riesbeck as CFO - Pier 1 Imports announced the appointment of Douglas Diemoz to the newly created role of president and Robert Riesbeck as executive VP and CFO both effective July 22. Riesbeck succeeds Deborah Rieger-Paganis, who has served as interim CFO since April. Riesbeck will be responsible for financial operations and accounting, including financial reporting, planning and analysis, treasury, tax, procurement and investor relations. He is a finance executive with more than 25 years of experience in retail and consumer goods. Most recently he has served as CFO of FULLBEAUTY Brands.

07:55 EDT State Street boosts productivity savings for FY19 to 4.5% from 4% - State Street says it is increasing productivity savings from 4% to 4.5%, resulting in an underlying expense reduction of 1.5%. Says resource discipline expected to reduce expenses by ~$210M, an increase of $50M from original plan of ~$160M. Says process re-engineering & automation expected to reduce expenses by ~$190M. Sees 2H19 daily average equity market levels flat to current levels. Expects to repurchase $2B of common shares through end of 2Q20 and to increase quarterly dividend of 11% to 52c per share in Q3. Medium term financial outlook includes: Revenue growth of 4%-5% with CRD; further improve pre-tax margin by an addition 2% points; 10%-15% EPS growth; 12%-15% ROE; total payout greater than or equal to 80%. Comments from slides being presented on the Q2 earnings conference call.

07:35 EDT Strongbridge Biopharma announces new employment inducement awards - Strongbridge Biopharma announced that it has approved inducement equity awards to eight individuals who have recently become, or are expected to become, employees of the Company. The inducement awards are being made in the form of non-qualified stock options to purchase an aggregate of 208,500 ordinary shares of the Company and restricted stock units representing 17,000 ordinary shares of the Company, and are being made as a material inducement to these individuals to enter into employment with the Company pursuant to NASDAQ Listing Rule 5635(c)(4). The exercise price for each of the options is equal to the closing price of the Company's ordinary shares on the grant date. One quarter of each of the options will vest on the one-year anniversary of the grant date of such option and the remaining three quarters will vest in 12 equal quarterly installments following the one-year anniversary of the grant date, subject to the employee's continuous employment with the Company. The options will have a ten-year term. The RSUs will vest on the two-year anniversary of the grant date, subject to the employee's continuous employment with the Company. The options and RSUs will be subject to the terms and conditions of the Company's 2017 Inducement Plan, pursuant to which the options and RSUs have been granted.

07:34 EDT Medigus receives first payment of $600,000 for MUSE agreement in China - Medigus announced it received an initial payment of $600,000 in connection with the signing of a $3,000,000 agreement with Golden Grand for the use and sale of the company's Medigus Ultrasonic Surgical Endostapler system in China, Hong Kong, Taiwan and Macao. Golden Grand has been Medigus' distributor of its MUSE systems in China since 2015. Under the terms of the agreement, in exchange for the license, training services and any goods sold, Golden Grand will pay Medigus the consideration in four installments and until the assembly of a production line in China is completed. As part of the previous distribution agreement, the company deducted $118,000 from the first payment made for the licensing and sale agreement. The MUSE system is a single-use flexible transoral stapler that merges the latest advancements in microvisual, ultrasonic and surgical stapling.

07:32 EDT Dova Pharmaceuticals announces commercial availability of DOPTELET in the U.S. - Dova Pharmaceuticals announced the commercial availability of DOPTELET for treatment of thrombocytopenia in adults with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment. In June 2019, the U.S. Food and Drug Administration approved a supplemental New Drug Application to expand the use of DOPTELET to include this indication. DOPTELET is also FDA-approved for the treatment of thrombocytopenia in adult patients with chronic liver disease who are scheduled to undergo a procedure. The European Commission has also granted marketing authorization for DOPTELET for the treatment of severe thrombocytopenia in adult patients with CLD who are scheduled to undergo an invasive procedure.

07:22 EDT Yamana Gold announces results of pre-feasibility study on Agua Rica project - YAMANA GOLD (AUY) announce the results of the pre-feasibility study on the Agua Rica project in the Catamarca Province of Argentina. Pre-Feasibility Study Highlights; Proven and probable copper mineral reserves increased from year-end 2018 by 21% to 11.8B pounds and gold mineral reserves increased by 12% to 7.4M ounces; Initial long mine life of 28 years; Annual production for the first 10 full years increased to 533M pounds of copper equivalent production; Cash costs decreased to $1.29 per pound and all-in sustaining costs decreased to $1.52 per pound for the first 10 years of production; Net present value increased to $1.935B with an increased after-tax internal rate of return of 19.7%; Full feasibility study expected to be completed by 2020. The positive PFS results follows the announcement of a definitive integration plan between Yamana, Glencore (GLNCY), and Newmont Goldcorp (NEM), which contemplates the development and operation of the Agua Rica project using the infrastructure and facilities of Minera Alumbrera. Copper equivalent metal includes copper with gold, molybdenum, and silver converted to copper-equivalent metal based on the following metal price assumptions: $6,614 per tonne of copper, $1,250 per ounce for gold, $24,250 per tonne for molybdenum, and $18.00 per ounce for silver. Assuming metal prices of $3.00 per pound of copper, $1,300 per ounce of gold price, $18.00 per ounce of silver, $11.00 per pound of molybdenum and using an 8% discount rate. Based on mineral reserves updated as at June 30, 2019, the PFS estimates a mine life of 28 years with average annual production over the first 10 years of approximately 533M pounds of copper equivalent including 107,000 ounces of gold and contributions of molybdenum and silver. Costs are expected to fall well within the lower half of the cost curve, with average cash costs over the first 10 years estimated at $1.29 per pound and competitive AISC of $1.52 per pound for the same period. The initial capital cost estimate of $2.4B realizes significant synergies from using the infrastructure and facilities of Alumbrera. The project is expected to generate strong economic returns with an after-tax NPV at an 8% discount rate of $1.935B, and an after-tax IRR of 19.7%, assuming a copper price of $3.00 per pound. Opportunities to further improve the economics will be evaluated in a value-seeking study scheduled for 2019 and the full feasibility study expected by 2020.

07:10 EDT Discover names Jennifer Wong to board - Discover announced that Jennifer Wong, COO at Reddit, has joined the company's board. Wong joined Reddit, a user-generated content and discussion platform, in April 2018 and has media industry experience building digital advertising offerings. Wong was elected to the board on July 18 and serves on the risk oversight committee of Discover's board.

07:04 EDT Cleveland-Cliffs reports Q2 sales volume 6.2M long tons - Reports Q2 production volume 5.18M long tons. Mining and Pelletizing pellet sales volume in Q2 was 6.2M long tons, a 4% increase from the prior-year quarter on strong customer demand. Due to the earlier than expected completion of the Northshore plant upgrade, production of DR-grade pellets began ahead of schedule and 40,000 tons of intercompany sales to the Toledo HBI plant were recognized in the second quarter. Realized revenues were $113 per long ton. When compared to the prior-year period, higher iron ore prices and pellet premiums were offset by lower hot-rolled coil steel, or HRC, prices. The quarter's results also included an unfavorable HRC price-related true-up of previously sold volumes due to lower index pricing, compared to the prior-year's second quarter, which included a favorable true-up related to HRC.

06:58 EDT BlackRock CEO: Trend in China continues to be downward - Says: Companies are not waiting to move production out of China... China has a huge retirement problem and that is why their economy is not growing as fast... Does not believe Libra is a crypto currency... Need to democratize currency exchange. Larry Fink is speaking on CNBC.

06:48 EDT BlackRock CEO: People are underinvested in equities - Says: Markets will trend higher near term... Rest of world will catch up with U.S. market gains over next decade... Fiscal policy does more for the economy than monetary policy... Europe has been way too reliant on monetary policy... ECB will have to buy equities to stimulate economies... Does not see a 50 bps rate cut in July... Does not see Fed changing policy rapidly... Would not be in cash right now. Larry Fink is speaking on CNBC.

06:46 EDT Schlumberger names Olivier Le Peuch as CEO, succeeding Paal Kibsgaard

06:23 EDT CME Group subsidiary completes first cleared inflation swap compression run - TriOptima announced that it has completed the first cleared inflation swap compression run at LCH SwapClear. The compression run was completed on June 19 with Euro cleared inflation swaps being compressed through the triReduce service. TriOptima will go live with sterling and U.S. dollar cleared inflation swaps compression in LCH SwapClear imminently. In order to manage capital pressures, clients for the first time can 'co-mingle' cleared inflation swaps with vanilla swaps by leveraging the new triReduce low touch compression service. Launched in late 2018, low touch compression was adopted by several banks as the next evolution in the compression process, delivering improved usability, user transparency and full automation together with API technology. The new service minimizes the number of clicks required to run a compression cycle and provides data validation checks. As a result, clients can complete compression runs on a daily basis and benefit from a reduction in capital, risk and operational costs. TriOptima is a part of CME Group.

06:14 EDT BlackRock reports Q2 AUM $6.84T, up 9% y/y

06:01 EDT Regions Financial reports Q2 net interest margin 3.45%, down 4 basis points y/y

05:43 EDT Carl Icahn formally seeks to replace four Occidental Petroleum directors - Carl Icahn filed a definitive proxy statement seeking to replace four Occidental Petroleum (OXY) directors. In the filing, Icahn said "The company's current directors have made a number of mistakes in how and at what cost they pursued the acquisition of Anadarko Petroleum Corporation (APC). In addition to agreeing to expensive financing, the Company also structured the Anadarko transaction in a manner that deprived the stockholders of the Company of the right to vote on the transformational Anadarko transaction. The Icahn Participants also believe that the Company currently has a lack of effective corporate governance, including cumbersome provisions in the Company's Restated Certificate of Incorporation and By-laws that unduly restrict stockholders' ability to nominate directors at an annual meeting, act by written consent or call special meetings when appropriate. In the opinion of the Icahn Participants, the path to greater value for the Company's stockholders is through good governance. More specifically, the Icahn Participants believe it is important to add new directors to Occidental's Board of Directors to oversee future extraordinary transactions like the Anadarko transaction and to ensure that they are not consummated without stockholder approval when appropriate. The Icahn Participants believe that the election of new directors will also help to ensure the achievement of the Board's and management's projected stated cost savings and deal synergies for the Anadarko transaction. Finally, the Icahn Participants believe that the election of new directors, together with the formation of a new Strategic Review Committee of the Board, will help ensure that alternatives to maximize value for stockholders will be considered and, if appropriate, pursued by the Board and management of the Company."

05:36 EDT AB InBev to sell Carlton & United Breweries for $11.3B to Asahi Group - Anheuser-Busch InBev has agreed to divest Carlton & United Breweries, its Australian subsidiary, to Asahi Group Holdings, Ltd. for A$16B, equivalent to approximately $11.3B, in enterprise value. The transaction represents an implied multiple of 14.9x 2018 normalized EBITDA. As part of this transaction, AB InBev will grant Asahi Group Holdings, Ltd. rights to commercialize the portfolio of AB InBev's global and international brands in Australia. The divestiture of CUB, once completed, will help AB InBev to accelerate its expansion into other fast-growing markets in the APAC region and globally. It will also allow the company to create additional shareholder valueby optimizing its business at an attractive price while further deleveraging its balance sheet and strengthening its position for growth opportunities. Substantially all of the proceeds from the divestiture of the Australian business will be used by the company to pay down debt. AB InBev's commitment to reach a net debt to EBITDA target ratio of below 4x by the end of 2020 is not dependent on the completion of this transaction. Asahi Group Holdings, Ltd. has committed financing in place and the transaction is subject to customary closingconditions, including but not limited to regulatory approvals in Australia. The transaction is expected to close by the first quarter of 2020.

05:26 EDT PepsiCo to acquire Pioneer Foods for $1.7B - PepsiCo announced that it has entered into an agreement to acquire all the outstanding shares of Pioneer Foods Group for approximately $1.7B, which represents a 56% premium to the 30-day volume weighted average price prior to the cautionary announcement on July 15. As part of this transaction and PepsiCo's goal to become faster and more locally focused, the company will create a new operating sector for Sub-Saharan Africa, or SSA. PepsiCo SSA will be led by Eugene Willemsen, who most recently served as Executive Vice President of Global Categories & Franchise Management. Willemsen, who has been with PepsiCo for nearly 25 years, has extensive experience in growth markets, having previously led the company's businesses in Turkey and South East Europe. This new structure will not impact PepsiCo's reporting structure, and PepsiCo SSA will remain part of Europe Sub-Saharan Africa, or ESSA, from a financial reporting perspective. The acquisition, valued at approximately $1.7B, which implies approximately 11x FY20E consensus EBITDA, will be funded through a combination of debt and cash, and has been unanimously approved by the boards of both companies. The transaction is subject to a Pioneer Foods shareholder vote, certain regulatory approvals, and other customary conditions, and closing is expected by Q1 calendar year 2020.

05:10 EDT Amgen, Allergan say Mvasi, Kanjinti now available in U.S. - Amgen (AMGN) and Allergan (AGN) announced that Mvasi, a biosimilar to Avastin, and Kanjinti, a biosimilar to Herceptin, are now available in the United States. Mvasi, the first oncology therapeutic biosimilar approved by the FDA, is approved for the treatment of five types of cancer: in combination with chemotherapy for metastatic colorectal cancer, or mCRC; in combination with chemotherapy for non-squamous non-small cell lung cancer, or NSCLC; recurrent glioblastoma; in combination with interferon-alfa for metastatic renal cell carcinoma; and in combination with chemotherapy for persistent, recurrent, or metastatic cervical cancer. Kanjinti is FDA approved for all approved indications of Herceptin: for the treatment of HER2-overexpressing adjuvant and metastatic breast cancer and HER2-overexpressing metastatic gastric or gastroesophageal junction adenocarcinoma.