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ISM Report On Business

Earnings release


In Play from Briefing.com

Updated: 15-Oct-19 03:00 ET

17:55  CPA Copa Holdings reports Sept capacity (ASMs) decreased 5.5% yr/yr, while system-wide passenger traffic (RPMs) decreased only 0.7% (99.40 -0.02)

As a result, system load factor for the month was 84.9%, 4.1 percentage points higher than September 2018.
17:17  INDXCH SolarEdge (SEDG) to join S&P MidCap 400; Glu Mobile (GLUU) to join S&P SmallCap 600

S&P SmallCap 600 constituent SolarEdge Technologies (SEDG) will replace International Speedway Corp. (ISCA) in the S&P MidCap 400, and Glu Mobile (GLUU) will replace SolarEdge Technologies in the S&P SmallCap 600 effective prior to the open of trading on Friday, October 18. Nascar Holdings Inc. is acquiring International Speedway in a transaction expected to be completed on or about that date pending final conditions.
17:02  QIWI QIWI announces resignation of CFO Vladislav Poshmorga (20.34 +0.06)

  • On October 8, Mr. Poshmorga, notified the Board of Directors that he is resigning from his position as Chief Financial Officer. Mr. Poshmorga has confirmed that his resignation is due to personal reasons and not related to any disagreements or disputes with the management or the Board of Directors of the company on any matter including the company's accounting principles, practices, or financial statement disclosures.
  • Varvara Kiseleva, QIWI's current Deputy CFO for Capital Markets, was appointed as interim CFO effective October 8. The company aims to start the search process for selecting a new CFO promptly.
16:46  AGFS AgroFresh Solutions awarded $31.1 mln in damages in connection with lawsuit against Decco Post-Harvest, Inc. and its parent company, UPL Limited (2.35 +0.06)

  • AgroFresh Solutions was awarded a verdict of $31.1 mln in damages by a jury in the US District Court in Delaware in its litigation against Decco Post-Harvest, Inc. and Decco's parent company, UPL Limited. The award is subject to any appeals that may be taken in the future. The verdict included a determination that UPL and Decco had willfully and maliciously misappropriated AgroFresh trade secrets, willfully infringed an AgroFresh patent, converted AgroFresh property, engaged in unfair competition, and interfered with AgroFresh's contractual relationships.
  • AgroFresh will petition the Court for an award of up to three times its compensatory damages based on the finding by the jury of a willful infringement.
16:39  APTS Preferred Apt. Communities elects Joel Murphy as CEO effective as of January 1, 2020 succeeding current CEO and Chairman Daniel DuPree (14.42 +0.09)

Prior to his appointment as Chief Executive Officer of the Company, Mr. Murphy has served as Chief Executive Officer of New Market Properties, LLC, a wholly-owned subsidiary of the Company since September 1, 2014 and as Chair of the Investment Committee for the Company since June 2018.
16:38  OHI Omega Health increases quarterly dividend to $0.67/share from $0.66 (73.02 +0.60)

16:31  LDOS Leidos awarded TSA screening equipment contract worth approximately $926 mln if all options exercised (82.40 -0.75)

  • Co announces it was awarded a follow-on prime contract to continue providing maintenance, sustainment and logistics support services for the Transportation Security Administration's (TSA) checkpoint screening equipment.
  • The single award, fixed unit price contract has a four-month base period of performance, four one-year options, followed by an eight-month option, and a total approximate value of more than $926 mln if all options are exercised. Work will be performed nationwide.
16:16  ACC American Campus Communities increases FY19 adj. FFO guidance (48.26 -0.35)

Co increases FY19 funds from operations by $0.02 to $2.40-2.44 vs. $2.42 S&P Capital IQ Consensus to reflect the completion of the Fall 2019 lease-up.

As of September 30, 2019, the company's 2020 same store portfolio was 97.4 percent leased, an increase of 40 basis points as compared to 97.0 percent leased as of September 30, 2018, with 1.4 percent rental rate growth over in-place rents. The results represent 1.7 percent opening rental revenue growth. This 1.7 percent rental revenue growth includes 100 percent of the performance of the Austin portfolio, which is owned 55 percent by the company and 45 percent by a joint venture partner. Adjusted to include only the company's 55 percent share of the Austin portfolio, the effective rental revenue growth which flows through to FFOM is 2.0 percent. Additionally, when excluding the Austin portfolio, the company's remaining 66 same store markets achieved 2.4 percent opening rental revenue growth, in-line with the midpoint of the financial guidance for those markets. The company's new owned properties, which represent 2019 development and presale development properties, were 98.1 percent leased as of September 30, 2019. 

The company has executed a letter of intent for the sale of one asset with anticipated proceeds of $100 million. In addition, the company is in negotiations for the sale of another property with proceeds of approximately $150 million. While these transactions have not been completed, the disposition of these previously acquired assets is expected to represent a low 4 percent economic cap rate.

16:16  RWT Redwood Trust to acquire CoreVest American Finance Lender LLC for consideration of approx. $490 mln (16.56 -0.11)

  • Redwood Trust has entered into a definitive agreement to acquire CoreVest American Finance Lender LLC, a nationwide originator and portfolio manager of business-purpose residential loans (BPLs), and several of its affiliates, from certain affiliates of Fortress Investment Group's credit funds business and CoreVest Management Partners LLC.
  • The acquisition includes the CoreVest operating platform and over $900 mln of related financial assets. Collectively, the platform and assets will significantly expand Redwood's presence in the BPL market, furthering its position as a leading private-sector source of housing-market liquidity.
  • Under the terms of the agreement, Redwood will acquire CoreVest's operating platform and assets -- including its business-purpose loan portfolio and subordinate bonds from CoreVest-sponsored securitizations -- from the sellers. Consideration for the acquisition is approx. $490 mln, net of in-place financing on the financial assets. Redwood plans to fund this transaction with a mix of cash on hand and shares of Redwood stock. The Redwood shares are payable to the CoreVest executive management team and vest over a two-year period.
16:14  WRAPX Closing Market Summary

The major averages began the week on a very quiet note. The S&P 500 shed 0.1% after spending the day in a ten-point range while the Dow Jones Industrial Average (-0.1%) and Nasdaq (-0.1%) also settled just below their flat lines. The Russell 2000 lost 0.4% after showing relative strength on Friday.

Last week featured a torrent of headlines related to trade negotiations between officials from China and the U.S., so it wasn't too surprising that the market remained focused on what was and wasn't accomplished during Friday's talks.

Overnight reports in Chinese media spoke about last week's negotiations in conservative terms, prompting worries that the signing of the "phase one" deal will remain elusive. These worries weighed on equity futures in early-morning trade, but a recovery took place after President Trump and Treasury Secretary Mnuchin reiterated that the partial deal will be finalized and signed in time for the Asia-Pacific Economic Cooperation summit in Chile in mid-November.

The comments from top U.S. officials helped the major averages start near their flat lines, but investors who took part in today's holiday session were not eager to push the market in either direction. As a result, fewer than 650 million shares changed hands at the NYSE floor.

Nine out of eleven sectors settled in the red, but only three sectors-materials (-0.8%), utilities (-0.7%), and consumer staples (-0.4%)-lost more than 0.2%. On the flip side, financials (+0.1%) and real estate (+0.1%) eked out slim gains.

Bank stocks like Citigroup (C 70.24, +0.14, +0.2%), Goldman Sachs (GS 205.82, +1.14, +0.6%), JPMorgan Chase (JPM 116.45, +0.31, +0.3%), and Wells Fargo (WFC 49.27, +0.06, +0.1%) outperformed modestly leading up to the release of their Q3 results tomorrow morning.

Market participants did not receive any economic data today, and tomorrow's data will be limited to the 8:30 ET release of the Empire State Manufacturing Survey for October (Briefing.com consensus -1.0).

  • Nasdaq +21.3% YTD
  • S&P 500 +18.3% YTD
  • Dow Jones Industrial Average +14.8% YTD
  • Russell 2000 +11.6% YTD
16:09  SANM Sanmina appoints Kurt Adzema as CFO (30.32 -0.11)

Mr. Adzema, who most recently served as CFO of Finisar (formerly FNSR), succeeds David Anderson, who announced in January 2019 his plan to retire. Mr. Anderson will help facilitate a smooth transition and will remain as an advisor to Sanmina's Executive Chairman through March 27, 2020.
16:06  RPAY Repay Holdings acquires APS Payments for $60 mln; acquisition expected to be immediately accretive to earnings (13.17 -0.17)

  • Co announces the acquisition of APS Payments for $60 mln, of which $30 mln was paid at closing. The remaining $30 mln may become payable upon the achievement of performance growth targets. The closing of the acquisition was financed with a combination of cash on hand and proceeds from borrowings under REPAY's existing credit facility.
  • APS' estimated full year 2019 metrics include: Payment card volume of ~$2 bln; gross profit of ~$11 mln, and adjusted EBITDA of ~$6.5 mln.
  • The acquisition expands RPAY into the B2B market
  • The acquisition is expected to be immediately accretive to earnings.
16:02  RETA Reata Pharmaceuticals announces that the registrational Part 2 portion of the MOXIe Phase 2 trial of omaveloxolone in patients with Friedreich's ataxia met its primary endpoint (shares halted) (100.59 +4.78)

  • The registrational Part 2 portion of the MOXIe Phase 2 trial of omaveloxolone in patients with Friedreich's ataxia (FA) met its primary endpoint of change in the modified Friedreich's Ataxia Rating Scale (mFARS) relative to placebo after 48 weeks of treatment. Patients treated with omaveloxolone (150 mg/day) demonstrated a statistically significant, placebo-corrected 2.40 point improvement in mFARS after 48 weeks of treatment (p=0.014). Omaveloxolone treatment was generally reported to be well-tolerated.
    • Patients treated with omaveloxolone experienced a mean improvement in mFARS of -1.55 points from baseline, while patients treated with placebo experienced a mean worsening in mFARS of +0.85 points from baseline. The observed placebo-corrected improvements in mFARS were time-dependent, increasing over the course of treatment with the largest improvement observed after 48 weeks of treatment.
    • Omaveloxolone treatment also improved the mFARS scores of patients with pes cavus. Omaveloxolone treatment also improved several secondary endpoints included in the study.
    • Four (8%) omaveloxolone patients and two (4%) placebo patients discontinued study drug due to an adverse event (AE). The reported AEs were generally mild to moderate in intensity. The overall rate of serious adverse events (SAEs) was low, with three patients in each group reporting SAEs while receiving study drug. Two additional omaveloxolone-treated patients reported SAEs approx. two weeks after receiving their final dose.
  • Based on these positive results, and subject to discussions with regulatory authorities, the company plans to proceed with the submission of regulatory filings for marketing approval in the US and internationally.
  • Reata management will host a call to discuss these results tomorrow, October 15 at 8:00 a.m. ET.
16:00  TUR President Trump tweets that he will issue an executive order authorizing sanctions on Turkisk gov't officials; also increasing Turkish steel tariffs back up to 50% (22.88 -1.00)