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In Play from Briefing.com

Updated: 05-Dec-19 18:00 ET

17:48  AXS AXIS Capital increases quarterly dividend to $0.41 per common share from $0.40 per common share (58.39 +0.25)

 
17:46  BHVN Biohaven Pharmaceutical received Composition of matter patent on troriluzole (53.76 -0.26)

U.S. Patent and Trademark Office issued U.S. Pat. No. 10,485,791 on November 26, 2019 relating to troriluzole. Biohaven's patent is directed to the composition of matter of troriluzole, a novel prodrug of a glutamate modulator, as well as other compounds, pharmaceutical compositions and methods of treating diseases including, for example, neurological disorders such as Alzheimer's disease, generalized anxiety disorder, social anxiety disorder, and depression. The U.S. patent is not expected to expire before February 26, 2036, not including a possible patent term restoration of up to five years.
17:44  THG Hanover Insurance announces $150 mln ASR, $100 mln special cash dividend, and raises regular quarterly dividend (133.80 +0.26)

  • Co entered into an accelerated share repurchase agreement to buy back $150 million of its common stock. In addition, the company's board of directors has declared a special cash dividend of $2.50 per share and increased its regular quarterly dividend to $0.65 per share. With the $150 million ASR agreement and the $100 million in aggregate value of the $2.50 per share special dividend, the company has completed the deployment of $850 million of capital generated through the sale of Chaucer, its Lloyd's business, at the end of 2018.
  • The company's board of directors has also increased the company's existing share repurchase authorization to $900 million.
17:32  GH Guardant Health Chief Medical Officer Richard Lanman, M.D. to retire, effective as of December 31, 2019 (73.58 -1.38)

The Company is initiating a search to identify a new Chief Medical Officer, and Dr. Lanman intends to continue with the Company as an advisor to facilitate a successful transition.
17:19  GRTX Galera announces publication of GC4419 data in the Journal of Clinical Oncology (10.90 -1.10)

Galera Therapeutics announced that full results from the 223-patient Phase 2b clinical trial of lead candidate GC4419 (avasopasem manganese) in patients with locally advanced head and neck cancer have been published in the Journal of Clinical Oncology, a journal of the American Society of Clinical Oncology. Data in the paper, titled, "Phase IIb, Randomized, Double-Blind Trial of GC4419 Versus Placebo to Reduce Severe Oral Mucositis Due to Concurrent Radiotherapy and Cisplatin For Head and Neck Cancer," demonstrated that adding a 90 mg dose of GC4419 to a standard radiotherapy regimen produced a significant reduction of severe oral mucositis (SOM) duration from 19 days to 1.5 days (92%), and improvement in SOM incidence through completion of radiation by 34% and improvement in oral mucositis (OM) severity (Grade 4 OM incidence) by 47%.
17:15  FIZZ National Beverage beats by $0.02, reports revs in-line; November orders were ahead of last year's pace (48.24 -1.29)

  • Reports Q2 (Oct) earnings of $0.70 per share, $0.02 better than the S&P Capital IQ Consensus of $0.68; revenues fell 3.3% year/year to $252 mln vs the $250.12 mln S&P Capital IQ Consensus.
17:13  AXSM Axsome Therapeutics entered into Sales Agreement with SVB Leerink for up to $80 mln of common stock today (43.24 -4.19)

 
17:11  DEI Douglas Emmett increases quarterly cash dividend to $0.28/share from $0.26/share (44.14 +0.13)

 
17:07  AXSM Axsome Therapeutics files for $80 mln mixed securities shelf offering (43.24 -4.19)

 
17:06  CONE CyrusOne recouped much of today's early losses after confirming ransomware incident - investigation is ongoing and CyrusOne is working closely with third-party experts to address this matter (64.01 -1.10)

Co confirmed that its managed service division is working to restore availability issues to six managed service customers due to a ransomware program encrypting certain devices. The customers are primarily serviced by CyrusOne's New York Data Center. CyrusOne's data center colocation services, including IX and IP Network Services, are not involved in this incident. Upon discovery of the incident, CyrusOne initiated its response and continuity protocols to determine what occurred, restore systems and notify the appropriate legal authorities.
17:05  EIGI Endurance International sells menu management company SinglePlatform to TripAdvisor (TRIP); terms not disclosed (4.04 -0.07)

SinglePlatform works with restaurants to easily publish and manage their menus and other key information such as their business name, opening hours, and contact information on main search and discovery sites like Google and Facebook. Upon completion of the integration, restaurants will be able to subscribe to the service and conveniently update their menus across the web, all at one time, directly from the TripAdvisor management center.
16:45  EMN Eastman Chemical increases quarterly cash dividend to $0.66/share from $0.62/share (75.69 +0.67)

 
16:37  OC Owens Corning increases quarterly cash dividend to $0.24/share from $0.22/share (66.11 +0.68)

 
16:34  AGR AVANGRID / Iberdrola (IBDRY) JV Vineyard Wind selected to deliver 804 MW of clean offshore wind power to Connecticut electricity customers (49.05 -0.01)

Vineyard Wind released the following statement in response to today's announcement by the Connecticut Department of Energy and Environmental Protection (DEEP) that the company's proposed 804 megawatt (MW) Park City Project was selected in response to their 2019 solicitation for offshore wind facilities.
16:33  ASR Grupo Aeroportuario Del Sureste reports total passenger increase of 7.3% for November (167.90 -1.03)

Passenger traffic increased 3.9% in Mexico, 20.2% in Puerto Rico and 7.9% in Colombia. This announcement reflects comparisons between November 1 through November 30, 2019 and 2018.
16:32  MGLN Magellan Health appoints James Murray as president and chief operating officer; plans to defer release of its financial guidance for 2020 (76.81 -0.09)

In this role, he will lead the Magellan Behavioral and Specialty Health and Magellan Complete Care business segments, effective December 9, 2019. In order to provide additional time for Fasola and Murray to review the business strategy and operations, Magellan Health plans to defer release of its financial guidance for 2020. The Company will announce the specific date for communicating guidance in early 2020.
16:31  SWIR Sierra Wireless announces planned retirement of CFO Dave McLennan, effective in mid-2020 (9.15 +0.14)

After 16 years of service as CFO, Dave McLennan has decided it is time to retire. By providing a lengthy notice period, Dave will be assisting in the company's transition to a new CFO. The company has engaged a global executive search firm, and a formal process has commenced to recruit a replacement. The company expects to complete the transition by the middle of 2020.
16:30  PAC Grupo Aeroportuario del Pacifico reports total November traffic increase of 10.1% yr/yr (99.86 -0.56)

 
16:28  HI Hillenbrand increases quarterly cash dividend to $0.2125/share from $0.21/share (31.91 +0.09)

 
16:26  NNA Navios Maritime Acquisition files for $40 mln mixed securities shelf offering (7.81 -0.01)

 
16:24  WRAPX Closing Stock Market Summary

The S&P 500 increased 0.2% on Thursday in a mixed session, as investors continued to follow the latest trade headlines with muted conviction. The Dow Jones Industrial Average (+0.1%), Nasdaq Composite (+0.1%), and Russell 2000 (+0.1%) each increased 0.1%.

China's Commerce Ministry said Beijing has maintained close contact with the U.S., which Treasury Secretary Mnuchin indirectly backed up when he told reporters that talks remain on track after a recent phone call. The latest sticking point, according to The Wall Street Journal, is the value of farm goods the U.S. wants China to purchase. 

The latter report caused a brief dip in the market, but stocks quickly recovered on the presumption that discussions are still moving toward a Phase One deal. There appeared, however, to be a wait-and-see mindset not only for the trade situation to progress but also for the release of the November employment report on Friday. 

Today's outright leader was the lightly-weighted S&P 500 materials sector (+0.7%). Conversely, the energy sector (-0.5%) succumbed to broad-based selling while the consumer staples sector (-0.2%) was pressured by earnings-driven losses in Kroger (KR 26.80, -0.84, -3.0%) and Brown-Forman (BF.B 63.57, -4.27, -6.3%). 

Notable gainers included Apple (AAPL 265.58, +3.84, +1.5%) and Nike (NKE 95.79, +2.07, +2.2%) after the stocks received positive-minded analyst recommendations. Apple's price target was raised to $300 from $250 at Citigroup. Nike was upgraded to Buy from Neutral at Goldman Sachs and was placed on its Conviction Buy List. 

The biotech space also had some noteworthy moves. Sage Therapeutics (SAGE 60.18, -89.03, -59.7%) tanked after a Phase 3 study did not meet its primary endpoint for major depressive disorder, while Aurinia Pharma (AUPH 15.00, +6.61, +78.8%) surged following a positive Phase 3 result for a lupus drug. Biogen (BIIB 299.39, +9.87, +3.4%) provided a well-received update for its Alzheimer's drug. 

Separately, United Airlines (UAL 87.86, -0.31, -0.4%) announced that CEO Oscar Munoz will be stepping down in May and will transition over to Executive Chairman.  

U.S. Treasuries finished the session on a lower note. The 2-yr yield increased one basis point to 1.59%, and the 10-yr yield increased two basis points to 1.80%. The U.S. Dollar Index declined 0.3% to 97.38. WTI crude finished little changed at $58.45/bbl as OPEC+ convened in Vienna to discuss production cuts.  

Reviewing Thursday's economic data, which included weekly jobless claims, the Trade Balance report for October, and the Factory Orders report for October:

  • Initial claims for the week ending November 30 dropped by 10,000 to 203,000 (Briefing.com consensus 221,000). Continuing claims for the week ending November 23 increased by 51,000 to 1.693 million.
    • The key takeaway from this report is the understanding that initial claims dropped back close to the lowest levels on record, which will contribute to a belief that the labor market remains tight.
  • The key takeaway from this report is the understanding that initial claims dropped back close to the lowest levels on record, which will contribute to a belief that the labor market remains tight. The narrowing in the deficit was a function of exports (-$0.4 billion) declining less than imports (-$4.3 billion).
    • The key takeaway from the report, however, is that a decline in both exports and imports for the second straight month is not a hallmark of a global economy running strong.
  • The Factory Orders report for October increased 0.3% (Briefing.com consensus +0.3%), and the September reading was revised to -0.3% (from -0.6%).

Looking ahead, investors will receive the following reports on Friday: the Employment Situation Report for November, the preliminary University of Michigan Index of Consumer Sentiment for December, Wholesale Inventories for October, and Consumer Credit for October.

  • Nasdaq Composite +29.2% YTD
  • S&P 500 +24.4% YTD
  • Russell 2000 +19.8% YTD
  • Dow Jones Industrial Average +18.7% YTD
16:24  ALEC Alector's AL001 receives FDA Fast Track designation for the treatment of patients with frontotemporal dementia (19.39 -0.23)

Alector announced that the FDA has granted Fast Track designation for its investigational therapeutic, AL001, for the treatment of patients with frontotemporal dementia (FTD) carrying specific genetic mutations in the granulin gene (FTD-GRN). AL001 is the company's product candidate currently being evaluated in a Phase 2 trial for the treatment of FTD-GRN and FTD-C9orf72.
16:22  COO Cooper beats by $0.03, beats on revs; guides JanQ EPS below consensus, revs below consensus; guides FY20 EPS below consensus, revs below consensus (312.91 +0.88)

  • Reports Q4 (Oct) earnings of $3.30 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $3.27; revenues rose 6.2% year/year to $691.6 mln vs the $683.8 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q1 (Jan), sees EPS of $2.65-2.75, excluding non-recurring items, vs. $2.94 S&P Capital IQ Consensus; sees Q1 revs of $638-653 mln vs. $667.4 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY20, sees EPS of $12.60-13.00, excluding non-recurring items, vs. $13.08 S&P Capital IQ Consensus; sees FY20 revs of $2.767-2.817 bln vs. $2.82 bln S&P Capital IQ Consensus.
16:21  CLDR Cloudera beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY20 EPS above consensus, revs above consensus (10.01 +0.16)

  • Reports Q3 (Oct) loss of $0.03 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of ($0.06); revenues rose 67.8% year/year to $198.3 mln vs the $189.08 mln S&P Capital IQ Consensus.
    • Annualized Recurring Revenue was $697.4 million, representing 13% year-over-year growth
    • Non-GAAP subscription gross margin for the quarter was 86%
    • Operating cash flow was negative $5.9 million, including $6.1 million of merger-related payments
    • Customers with Annualized Recurring Revenue greater than $100,000 were 977, up 24 from the prior q
  • Co issues upside guidance for Q4, sees EPS of -$0.04--$0.02, excluding non-recurring items, vs. ($0.05) S&P Capital IQ Consensus; sees Q4 revs of $200-203 mln vs. $196.90 mln S&P Capital IQ Consensus.
    • Subscription revenue in the range of $173 million to $176 million
  • Co issues upside guidance for FY20, sees EPS of -$0.21--$0.19, excluding non-recurring items, vs. ($0.26) S&P Capital IQ Consensus; sees FY20 revs of $782-785 mln vs. $770.16 mln S&P Capital IQ Consensus.
    • Annualized Recurring Revenue in the range of $700 million to $720 million
    • Total revenue in the range of $782 million to $785 million
    • Subscription revenue in the range of $659 million to $662 million
    • Operating cash flow in the range of negative $55 million to negative $45 million, including $60 million of merger-related payments
16:20  YEXT Yext misses by $0.01, reports revs in-line; guides Q4 EPS below consensus, revs below consensus (16.60 +0.06)

  • Reports Q3 (Oct) loss of $0.19 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of ($0.18); revenues rose 30.4% year/year to $76.4 mln vs the $76.37 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for Q4, sees EPS of ($0.15-0.13), excluding non-recurring items, vs. ($0.08) S&P Capital IQ Consensus; sees Q4 revs of $79-81 mln vs. $83.92 mln S&P Capital IQ Consensus. 
  • "With the launch of Answers and the momentum generated at ONWARD19, Yext is well-positioned to address the increased demand from enterprise and mid-market customers across multiple industries. We continue to invest in our sales team, customer support and the build-out of our new Global Headquarters in New York to support Yext's long-term, future growth."
16:20  SAIC Science Applications misses by $0.06, reports revs in-line (83.80 -0.52)

  • Reports Q3 (Oct) earnings of $1.39 per share, $0.06 worse than the S&P Capital IQ Consensus of $1.45; revenues rose 38.5% year/year to $1.63 bln vs the $1.63 bln S&P Capital IQ Consensus.
  • Net bookings for the quarter were approximately $2.2 bln, which reflects a book-to-bill ratio of 1.4. SAIC's estimated backlog of signed business orders at the end of the quarter was approximately $14.5 bln of which $2.9 bln was funded.
  • Operating income as a percentage of revenues of 5.8%, decreased from 6.2% in the comparable prior year period, due to increased intangible asset amortization, lower current quarter net profit write-ups and acquisition and integration costs, partially offset by cost synergies.
16:18  GWRE Guidewire Software beats by $0.10, beats on revs; guides Q2 revs below consensus; guides FY20 revs in-line

  • Reports Q1 (Oct) earnings of $0.13 per share, $0.10 better than the S&P Capital IQ Consensus of $0.03; revenues fell 12.8% year/year to $157 mln vs the $151.75 mln S&P Capital IQ Consensus.
  • Annual recurring revenue, or ARR, was $463 mln as of October 31, 2019, up from $460 mln as of July 31, 2019.
  • Co issues downside guidance for Q2, sees Q2 revs of $162-$166 mln vs. $188.08 mln S&P Capital IQ Consensus.
  • Co issues in-line guidance for FY20, sees FY20 revs of $759-$771 mln vs. $765.25 mln S&P Capital IQ Consensus.
16:17  BMY Bristol-Myers increases quarterly common stock cash dividend to $0.45/share from $0.41/share (59.48 +0.58)

 
16:17  ZUMZ Zumiez beats by $0.15, beats on revs, comps +5.5%; guides JanQ EPS above consensus, revs in-line; announces $100 mln share repurchase authorization (30.56 +0.59)

  • Reports Q3 (Oct) earnings of $0.75 per share, $0.15 better than the S&P Capital IQ Consensus of $0.60 and vs prior guidance of $0.55-0.61; revenues rose 6.1% year/year to $264.02 mln vs the $260.86 mln S&P Capital IQ Consensus and vs prior guidance of $258-263 mln.
    • Co reports same store comps +5.5%, above prior guidance of +3-5%.
  • Co issues guidance for Q4 (Jan), sees EPS of $1.26-1.32 vs. $1.17 S&P Capital IQ Consensus; sees Q4 revs of $314-320 mln vs. $318.49 mln S&P Capital IQ Consensus.
    • Co guides to Q4 same store comps of +2-4%.
  • Co also announces $100 mln share repurchase program. Program is expected to continue through the fiscal year 2020 that will end on January 30, 2021.
16:17  ZUO Zuora beats by $0.03, beats on revs; guides Q4 EPS in-line, revs in-line (15.10 -0.42)

  • Reports Q3 (Oct) loss of $0.06 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of ($0.09); revenues rose 16.9% year/year to $71.8 mln vs the $70.31 mln S&P Capital IQ Consensus. 
  • Customers with ACV equal to or greater than $100,000 was 586, which represents 16% year-over-year growth. Dollar-based retention rate was 106%. Customer usage of Zuora solutions grew, with $11.2 billion in transaction volume through Zuora's billing platform during our third quarter, an increase of 29% year-over-year.
  • Co issues in-line guidance for Q4, sees EPS of ($0.11-0.09), excluding non-recurring items, vs. ($0.10) S&P Capital IQ Consensus; sees Q4 revs of $71-72.5 mln vs. $72.36 mln S&P Capital IQ Consensus.
16:16  KFY Korn/Ferry reports EPS in-line, revs in-line; guides Q3 EPS below, fee revs above consensus (40.21 +0.36)

  • Reports Q2 (Oct) earnings of $0.81 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.81; fee revenues fell 0.6% year/year to $492.4 mln vs the $494.92 mln S&P Capital IQ Consensus. Operating margin was 12.6% in Q2 FY'20 compared to 14.3% in the year-ago quarter. The decrease in operating margin was primarily due an increase in general and administrative expenses and lower fee revenue.
  • Co issues mixed guidance for Q3, sees EPS of $0.70-0.78, excluding non-recurring items, vs. $0.81 S&P Capital IQ Consensus; sees Q3 revs of $490-510 mln vs. $485.08 mln S&P Capital IQ Consensus.
16:15  CHRW C.H. Robinson increases quarterly cash dividend to $0.51/share from $0.50/share (76.31 -0.08)

 
16:14  AGS PlayAGS announces partnership with 888 Holdings PLC to launch real-money game content on 888casino (10.43 -0.81)

Following the Company's recent launch on 888bingo, AGS will provide its full suite of online game content to 888casino, including popular online and land-based titles Fu Nan Fu Nu, Golden Wins, Jade WinsRakin' Bacon!, and Olympus Strikes. The AGS games will be live on 888casino later this month, offering entertainment to millions of online gaming players across the globe.
16:14  AOBC American Outdoor Brands beats by $0.02, beats on revs; guides Q3 EPS below consensus, revs above consensus; guides FY20 EPS above consensus, revs above consensus (9.44 +0.40)

  • Reports Q2 (Oct) earnings of $0.09 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.07; revenues fell 4.5% year/year to $154.4 mln vs the $149.5 mln S&P Capital IQ Consensus. It should be noted that $8.1 million of incremental revenue in the quarter was the result of a change required by the Tax and Trade Bureau related to the timing of federal excise tax assessment within the company's Firearms segment. That change had no impact on gross margin dollars or operating expenses.
  • Co issues mixed guidance for Q3, sees EPS of $0.20-0.24 vs. $0.26 S&P Capital IQ Consensus; sees Q3 revs of $180-190 mln vs. $172.40 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for FY20, sees EPS of $0.76-0.84 vs. $0.74 S&P Capital IQ Consensus; sees FY20 revs of $680-700 mln vs. $638.54 mln S&P Capital IQ Consensus.
16:13  DOMO Domo beats by $0.16, beats on revs; guides Q4 EPS in-line, revs above consensus (19.50 -0.11)

  • Reports Q3 (Oct) loss of $0.85 per share, excluding non-recurring items, $0.16 better than the S&P Capital IQ Consensus of ($1.01); revenues rose 21.7% year/year to $44.8 mln vs the $41.81 mln S&P Capital IQ Consensus. Billings were $44.4 million or 15% year-over-year growth.
  • Co issues guidance for Q4, sees EPS of ($0.98)-(0.94), excluding non-recurring items, vs. ($0.98) S&P Capital IQ Consensus; sees Q4 revs of $45-46 mln vs. $43.90 mln S&P Capital IQ Consensus.
16:11  PD PagerDuty misses by $0.01, beats on revs; guides Q4 EPS below consensus, revs above consensus; hires CRO from CRM (24.99 -0.66)

  • Reports Q3 (Oct) loss of $0.10 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of ($0.09); revenues rose 37.2% year/year to $42.8 mln vs the $42.12 mln S&P Capital IQ Consensus. PagerDuty had over 12,000 customers as of October 31, 2019.
  • Co issues mixed guidance for Q4, sees EPS of ($0.07-0.06), excluding non-recurring items, vs. ($0.05) S&P Capital IQ Consensus; sees Q4 revs of $44.5-45.5 mln vs. $43.83 mln S&P Capital IQ Consensus.
  • Dave Justice, most recently Executive Vice President, Enterprise Sales at Salesforce (CRM), will join the company as its Chief Revenue Officer. Justice joins PagerDuty's experienced executive leadership team, reporting to CEO Jennifer Tejada.
16:11  DOCU DocuSign beats by $0.07, beats on revs; guides Q4 revs above consensus (69.50 -0.50)

  • Reports Q3 (Oct) earnings of $0.11 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $0.04; revenues rose 39.9% year/year to $249.5 mln vs the $240.4 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q4 (Jan), sees Q4 revs of $263-267 mln vs. $261.1 mln S&P Capital IQ Consensus.
16:10  ZM Zoom Video beats on top and bottom lines; guides Q4 above consensus (69.67 -0.29)

  • Reports Q3 (Oct) earnings of $0.09 per share, after adjusting for stock-based compensation expense and related payroll taxes and undistributed earnings attributable to participating securities vs S&P Capital IQ Consensus of $0.03; revenues rose 84.9% year/year to $166.6 mln vs the $156.23 mln S&P Capital IQ Consensus. hird quarter of fiscal 2019. For the third quarter, GAAP operating margin was (1.0)% and non-GAAP operating margin. Approximately 74,100 customers with more than 10 employees, up approximately 67% from the same quarter last year. 546 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 97% from the same quarter last year.
  • Co issues upside guidance for Q4, sees EPS of ~$0.07, excluding non-recurring items, vs. $0.04 S&P Capital IQ Consensus; sees Q4 revs of $175.0 million and $176.0 million vs. $166.65 mln S&P Capital IQ Consensus.
16:09  EBSB Meridian Bancorp increases quarterly cash dividend to $0.08/share from $0.07/share (19.80 -0.03)

 
16:08  OKTA Okta beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs above consensus (119.16 -2.69)

  • Reports Q3 (Oct) loss of $(0.07) per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of ($0.12); revenues rose 45.0% year/year to $153.04 mln vs the $143.88 mln S&P Capital IQ Consensus.
    • Remaining Performance Obligations (RPO) was $1.03 bln, an increase of 68% yr/yr. Current RPO, which is revenue expected to be recognized over the next 12 months, was $515.9 million, up 52% yr/yr.
  • Co issues upside guidance for Q4 (Jan), sees EPS of $(0.05)-(0.04), excluding non-recurring items, vs. ($0.07) S&P Capital IQ Consensus; sees Q4 revs of $155-156 mln vs. $153.05 mln S&P Capital IQ Consensus.
16:08  PETQ PetIQ provides update on year-to-date wellness center openings (23.33 +0.54)

In November, the company opened 34 new wellness centers for a total of 60 wellness centers across 22 states year-to-date. The company remains on-track to achieve its stated plan for 80 new wellness center openings in 2019 with 20 planned openings in December.
16:08  CRWD CrowdStrike beats by $0.05, beats on revs; guides Q4 EPS above consensus, revs above consensus; sees FCF positive FY21 (52.95 -2.03)

  • Reports Q3 (Oct) loss of $0.07 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of ($0.12); revenues rose 88.4% year/year to $125.1 mln vs the $118.79 mln S&P Capital IQ Consensus. Annual Recurring Revenue (ARR) increased 97% year-over-year and grew to $501.7 million as of October 31, 2019, of which $77.9 million was net new ARR added in the quarter.
  • Co issues upside guidance for Q4, sees EPS of ($0.09-0.08), excluding non-recurring items, vs. ($0.11) S&P Capital IQ Consensus; sees Q4 revs of $135.9-138.6 mln vs. $127.18 mln S&P Capital IQ Consensus. 
  • "Robust growth along with our relentless focus on execution and strong unit economics drove improved operating leverage, positive cash flow from operations and positive free cash flow. Given our strong performance and growing momentum in the market, we are raising our guidance for fiscal year 2020. Looking forward into fiscal year 2021 ending January 31, 2021, we expect to be free cash flow positive for the year and achieve non-GAAP operating income breakeven in the fourth quarter of fiscal year 2021, while at the same time continuing to aggressively invest in our market opportunity."
16:06  YMAB Y-mAbs Therapeutics and the European Medicines Agency Pediatric Committee announce agreement on proposed Pediatric Investigation Plan for omburtamab (32.97 -0.81)

Y-mAbs Therapeutics announced that the European Medicines Agency has agreed to the company's proposed Pediatric Investigation Plan ("PIP") for omburtamab. The decision was made on the basis of a positive opinion from EMA's Pediatric Committee. Omburtamab is being developed by Y-mAbs for the treatment of CNS/leptomeningeal metastases from neuroblastoma which is the indication targeted by the PIP, as well as a number of additional cancer indications. An approved PIP is a prerequisite for filing a Marketing Authorization Application for any new medicinal product in Europe. The company is preparing the European submission of the MAA for omburtamab and plans for submission in the second half of 2020.
16:06  ULTA Ulta Beauty beats by $0.12, reports revs in-line; guides FY20 EPS above consensus, revs below consensus (236.02 -3.40)

  • Reports Q3 (Oct) earnings of $2.25 per share, $0.12 better than the S&P Capital IQ Consensus of $2.13; revenues rose 7.9% year/year to $1.68 bln vs the $1.69 bln S&P Capital IQ Consensus. 
  • Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 3.2% compared to an increase of 7.8% in the third quarter of fiscal 2018. The 3.2% comparable sales increase was driven by 2.3% transaction growth and 0.9% growth in average ticket;
  • Co issues mixed guidance for FY20, sees EPS of $11.93-12.03 vs. $11.92 S&P Capital IQ Consensus; sees FY20 revs of +10% to $7.39 bln (from +9-12% 0 vs. $7.41 bln S&P Capital IQ Consensus. achieve comparable sales growth in the range of 4.7% to 5.0% (previously 4% to 6%), including e-commerce growth of 20% to 30%; 
16:04  EZPW EZCORP reports EPS in-line, revs in-line; announces $60 mln share repurchase authorization (5.23 +0.01)

  • Reports Q4 (Sep) earnings of $0.19 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.19; revenues rose 4.1% year/year to $214.34 mln vs the $214.99 mln S&P Capital IQ Consensus.
  • Co authorizes a $60 mln stock repurchase program for its Class A Non-Voting common shares over the next three years.
16:04  MDLA Medallia beats by $0.02, beats on revs (29.86 +0.69)

  • Reports Q3 (Oct) loss of $0.01 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of ($0.03); revenues rose 27.0% year/year to $103.07 mln vs the $96.22 mln S&P Capital IQ Consensus. Cash, cash equivalents and marketable securities were $319.3 million as of October 31, 2019.
16:02  HA Hawaiian Holdings reports Nov traffic (revenue passenger miles) increased 4.1% yr/yr on an increase of 3.6% in capacity (available seat miles); load factor increased 0.5 points to 84.6% (29.45 +0.19)

 
16:02  ISEE IVERIC bio commences public offering of shares of its common stock; size not disclosed (4.30 +0.21)

 
15:55  SCANX Large cap notable movers of interest -- Brown-Forman (BF.B) declines following second quarter press -Technical-

The following are some of today's most notable large cap movers of interest ($10 bln - $200 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

  • BCH (22.07 +6.46%): Chilean stocks generally exhibit relative outperformance; the iShares Chile ETF (ECH) improves to two-week highs. In recent updates, Reuters reported yesterday that Chile's central bank indicated that it would keep its benchmark interest rate steady at 1.75%. (Related: BSAC)
  • WORK (22.63 +4.46%): Sees volatility after posting Q3 results; co topped consensus for EPS and revs (+59.8% yr/yr to $168.7 mln) and issued in-line guidance for Q4. Calculated billings increased +47% yr/yr to $186.1 mln. Co ended the quarter with 105,000+ Paid Customers, an increase of +30% yr/yr; the number of Paid Customers with more than $1 mln in ARR exceeded 50 for the first time. The stock traded lower by as much as circa 4.6% earlier in the session in response to the results.
  • BIIB (301.09 +4%): Presented top-line data from EMERGE and ENGAGE, Phase 3 studies evaluating aducanumab in patients with early Alzheimer's disease. The stock has seen volatility in the wake of co's presentation, sinking by as much as circa 5% at the day's lows.

Large Cap Losers

  • ALXN (107.42 -6.96%): Moves lower on above average volume; peer Regeneron Pharmaceuticals (REGN) today announced positive top-line data from its pozelimab Phase 2 clinical program in paroxysmal nocturnal hemoglobinuria; co's ULTOMIRIS (ravulizumab-cwvz) is approved in the US and Japan for adult patients with paroxysmal nocturnal hemoglobinuria and is currently involved in additional studies.
  • BF.B (63.50 -6.4%): Reported Q2 results; co topped consensus for EPS and revs (+8.7% yr/yr to $989 mln) and reaffirmed its FY20 guidance for underlying net sales growth and diluted EPS. Co anticipates sustained double-digit growth from its premium bourbon and tequila portfolios for the year. Lowered its underlying operating income growth guidance to +2-4% (prior +3-5%), citing economic and geopolitical uncertainty in certain emerging markets and the Travel Retail channel as well as higher input costs.
  • LYFT (44.82 -5.27%): Headlines connected to co today include reports of a new lawsuit from riders who claim to have been sexually assaulted by co's drivers and, elsewhere, the unveiling of Elizabeth Warren's Anti-Monopoly and Competition Restoration Act; we noted unusual activity in co's Dec 48 calls earlier this afternoon (see 12/5 13:17 OPTNX).
15:43  CRWD CrowdStrike will report third quarter results this afternoon (52.78 -2.20)

CrowdStrike (CRWD) will report its third quarterly reports as a public company this afternoon.

Analysts expect another strong quarter from the leader in cloud-based endpoint detection. The company guided for a third quarter adjusted net loss of $0.12-0.11/share with revenue up 85% to $117-119.5 mln. The Street expects third quarter adjusted EPS of ($0.12) on revenue of $119 mln and fourth quarter EPS of ($0.11) with revenue up 58% to $80.5 mln. The company guide for FY20 EPS of ($0.65-0.62) with revenue up 74% to $430-436 mln.

The stock fell despite blow out results in September as the valuation had gotten ahead of itself at ~40x forward sales estimates. The stock is down nearly 50% from its record since multiples peaked in the software sector in September Goldman downgraded to Sell in October, vut has since upgraded to Neutral with a $55 price target.

The company should be able to continue taking market share, and estimates for next year appear too low, but the $11.4 bln valuation remains a concern at ~20x forward sales estimates. Nearly half of the 40 mln share float is sold short, but the supply is set to increase on Monday when the IPO lock up expires. but 

15:15  CLDR Cloudera: Earnings Preview- Can CDP launch continue recent momentum? (9.94 +0.09)

  • Cloudera (CLDR) is set to report Q3 earnings tonight after the close with a conference call to follow at 5pm ET.
  • S&P Capital IQ consensus stands at a loss of ($0.06) per share on Revenues of $189.1 mln.

Guidance

  • Q3
    • EPS of (0.08)-(0.06) vs. ($0.06)
    • Revs of $187-190 mln vs. $188.63 mln
    • Annualized Recurring Revenue in the range of $685 million to $695 million
    • Subscription revenue in the range of $162 million to $164 million
  • FY20
    • EPS in the range of ($0.28)-($0.24)
    • Revs in the range of $765-775 mln (Prior $745-765 mln)
    • Annualized Recurring Revenue in the range of $685 million to $720 million
    • Subscription revenue in the range of $645 million to $655 million (Prior $635-645 mln)
    • Operating cash flow in the range of negative $80 million to negative $65 million, including $60 million of non-recurring merger-related payments (Prior negative $95 mln to negative $75 mln).

The Story

  • Turnaround cloud play Cloudera (CLD) is set to report Q3 results after the close. Shares of CLDR were able to stabilize around the $5 area after the company posted a few disappointing quarterly results. The stock started to pick up momentum when it was rumored that legendary investor Carl Icahn had taken a position in the name. The idea that the activist titan would push management into making a change to bring better execution to a sales team that was missing expectations. 
  • That stock continued to build momentum after posting a small beat and raise in its August report. CLDR meaningfully beat expectation across all metrics. Billings was particularly notable as it came in 30% above consensus. Better execution certaily helped improve results. CLDR also saw a boost from a new opensource and distribution model, new strategic partnerships (most notably IBM announced in June), and the phased roll out of the new Cloudera Data Platform. 
  • Another solid round of results would help continue the momentum in CLDR. Shares recently pushed above the 200-sma ($8.94) and can press back into double digits with a good print this afternoon.

Q2 Recap

  • Reports Q2 (Jul) loss of $0.02 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of ($0.10).
  • Revenues rose 78.3% year/year to $196.7 mln vs the $182.31 mln S&P Capital IQ Consensus.
  • Subscription Revenue $164 mln (Guidance $155-157 mln)
  • ARR was $682 mln, +16% yr/yr vs guidance of +10-12%.
15:14  BONDX Treasury Market Summary

Modestly Lower on Thursday

  • U.S. Treasuries followed Wednesday's retreat with a modest downtick. Treasury futures saw very little movement during the early portion of the overnight session, dipping as attention turned from Asia to Europe. The spokesman for China's Ministry of Commerce said that the two sides are in close contact on trade, which was viewed as a positive, but he also repeated that tariffs should be reduced in order to reach a partial trade deal, which is something that U.S. negotiators have resisted. Treasuries began the cash session near yesterday's closing levels, but the first 90 minutes of trade saw a steady retreat, which was halted before the complex reached Monday's closing levels. The pace of the action slowed considerably as the day wore on, with longer tenors ending near the middle of today's range while the 2-yr note settled near its low. The U.S. Dollar Index slipped 0.2% to 97.43, recording its fifth consecutive decline.
  • Yield Check:
    • 2-yr: +1 bp to 1.59%
    • 3-yr: UNCH at 1.59%
    • 5-yr: +2 bps to 1.62%
    • 10-yr: +2 bps to 1.80%
    • 30-yr: +2 bps to 2.25%
  • News:
    • The U.S. Treasury will sell $38 bln in 3-yr notes on Monday, followed by a $24 bln 10-yr note reopening on Tuesday, and a $16 bln 30-yr bond reopening on Wednesday.
    • The Reserve Bank of India left its repurchase rate and reverse repurchase rate at their respective 5.15% and 4.90% despite expectations for a 25-bps cut.
    • Japan's Prime Minister, Shinzo Abe, confirmed plans for a JPY13 trln fiscal stimulus package.
    • Australia's October Retail Sales were unchanged m/m (expected 0.3%; last 0.2%).
    • South Korea's Current Account surplus totaled AUD7.83 bln (expected surplus of AUD7.47 bln; last surplus of AUD7.48 bln)
    • Eurogroup chief, Mario Centeno, said that a reform of the European Stability Mechanism has been agreed to in principle, and is expected to be formalized in Q1.
    • Eurozone's October Retail Sales decreased 0.6% m/m (expected -0.3%; last -0.2%) but rose 1.4% yr/yr (expected 2.2%; last 2.7%). Q3 GDP ticked up 0.2% qtr/qtr, as expected (last 0.2%), rising 1.2% yr/yr, as expected (last 1.2%). Q3 employment ticked up 0.1% qtr/qtr, as expected (last 0.2%), increasing 0.9% yr/yr (expected 1.0%; last 0.9%). Germany's October Factory Orders decreased 0.4% m/m (expected 0.3%; last 1.5%).
  • Today's Data:
    • The trade deficit for October narrowed to $47.2 billion (Briefing.com consensus -$48.5 billion) from an upwardly revised $51.1 billion (from -$52.5 billion) in September. The narrowing in the deficit was a function of exports (-$0.4 billion) declining less than imports (-$4.3 billion).
      • The key takeaway from the report, however, is that a decline in both exports and imports for the second straight month is not a hallmark of a global economy running strong.
    • Initial claims for the week ending November 30 dropped by 10,000 to 203,000 (Briefing.com consensus 221,000). Continuing claims for the week ending November 23 increased by 51,000 to 1.693 million.
      • The key takeaway from this report is the understanding that initial claims dropped back close to the lowest levels on record, which will contribute to a belief that the labor market remains tight.
    • Factory Orders increased 0.3% in October (Briefing.com consensus 0.3%) while the September reading was revised down to -0.8% from -0.6%.
    • Weekly natural gas inventories decreased by 19 bcf after decreasing by 28 bcf during the previous week.
  • Commodities:
    • WTI crude: UNCH at $58.45/bbl
    • Gold: +0.2% to $1483.10/ozt
    • Copper: +0.2% to $2.663/lb
  • Currencies:
    • EUR/USD: +0.2% to 1.1098
    • GBP/USD: +0.4% to 1.3156
    • USD/CNH: -0.2% to 7.0385
    • USD/JPY: -0.1% to 108.77
  • The Day Ahead:
    • 8:30 ET: November Nonfarm Payrolls (Briefing.com consensus 182,000; prior 128,000), Nonfarm Private Payrolls (Briefing.com consensus 175,000; prior 131,000), Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.2%), Unemployment Rate (Briefing.com consensus 3.6%; prior 3.6%), and Average Workweek (Briefing.com consensus 34.4; prior 34.4)
    • 10:00 ET: October Wholesale Inventories (Briefing.com consensus 0.2%; prior -0.4%) and preliminary December Michigan Consumer Sentiment Survey (Briefing.com consensus 96.5; prior 96.8)
    • 15:00 ET: October Consumer Credit (Briefing.com consensus $17.30 bln; prior $9.50 bln)
15:12  SCANX Mid cap notable movers of interest -- ACADIA Pharmaceuticals (ACAD) achieves new high following pimavanserin presentation -Technical-

The following are some of today's most notable mid cap movers of interest ($2 bln - $10 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Mid Cap Gainers

  • ACAD (50.75 +14.61%): Presented positive top-line results from its Phase 3 HARMONY study, a relapse prevention study in 392 patients evaluating pimavanserin for the treatment of dementia-related psychosis; pimavanserin met the primary endpoint of the study and was stopped at the pre-planned interim analysis by significantly reducing risk of relapse of psychosis by 2.8 fold vs placebo; the drug also met the key secondary endpoint and was well-tolerated over the 9-month study duration; patients receiving pimavanserin had no worsening in cognition or motor symptoms from baseline. Co plans to meet with the FDA in the first half of 2020 regarding a supplemental NDA submission. The stock establishes new record highs.
  • ENIC (4.34 +12.44%): Chilean stocks outperform, with the iShares Chile ETF (ECH) advancing by circa +4%, now higher by circa +8% through the latest two sessions, advancing off of recent lows. Co also disclosed that its parent company, Enel SpA (ENLAY), has entered into two share swap transactions with a financial institution to increase its shareholding in co, its listed Chilean subsidiary, by up to +3% from the current 61.9% stake.
  • RH (230.21 +11.96%): Reported upside Q3 EPS and in-line revs; adj. net revs increased +6.0% yr/yr to $676.7 mln while GAAP net revs increased +6.4% to $677.5 mln. Co expects operating margin expansion of at least 200 bps in FY20. Increased its long-term outlook, stating that it "sees a clear path" to more than $5 bln in North America revs and a $20 bln global brand opportunity; co sees long-term net rev growth of +8-12% and adj. operating margins in the high teens to low twenties, among other forecasts. Co does not expect the current China tariffs to impair its ability to achieve the year's stated financial targets. At record highs.

Mid Cap Losers

  • SAGE (60.4 -59.52%): Top-line results from co's Phase 3 MOUNTAIN Study, which evaluated the effect of SAGE-217 on depressive symptoms in adults with major depressive disorder, did not meet the primary endpoint of a statistically significant reduction from baseline vs placebo in the 17-item HAM-D total score at Day 15; the SAGE-217 30 mg treatment was associated with a mean reduction of 12.6 in HAM-D total score vs 11.2 for placebo. SAGE-217 was generally well-tolerated; two patients receiving SAGE-217 30 mg experienced serious adverse events during treatment. Co is "evaluating the path forward" for its designated breakthrough therapy. Downgraded at SunTrust. At two-year lows.
  • ESTC (64.53 -17.48%): Reported Q2 results, topping consensus for EPS and revs (+59.0% yr/yr to $101.1 mln). SaaS revs increased +106% yr/yr to $20.6 mln. Calculated billings grew +41% yr/yr to $125.3 mln -- below estimates, and decelerating on a quarterly basis from Q1's +51% yr/yr growth -- while deferred revenue rose +58% yr/yr to $201.3 mln. Total subscription customer count increased to 9,700+ vs 8,800+ in Q1. Guided Q3 EPS below consensus while issuing upside guidance for Q3 revs and for FY20 EPS and revs. Sees non-GAAP operating margin between (23.0)-(22.0)% for the full year, including approx. (2)% related to the acquisition of Endgame. At eleven-month lows.
  • ALLK (120.60 -12.44%): Cools off after spiking yesterday afternoon  reports emerged that co is considering a sale; the stock closed up circa +44% on Wednesday.
15:03  WEC WEC Energy Group raises quarterly dividend to $0.6325/share from $0.59/share (89.17 +0.08)

 
14:45  OKTA Okta Earnings Preview: Has beaten consensus each quarter but investors getting more wary of cloud software stocks (119.52 -2.33)

Okta (OKTA), which provides cybersecurity relating to identity management, is set to report Q3 (Oct) results today after the close (last time they reported at 16:05 ET, five minutes after the close) with a call to follow at 5pm ET.

  • The CapitalIQ consensus for Q2 (Oct) non-GAAP EPS is a loss of $(0.12) per share and for revenue it's $143.9 mln. On August 28, OKTA guided to non-GAAP EPS of $(0.13)-(0.12) and revenue of $143-144 mln. OKTA typically guides in the press release for EPS and revenue for the next quarter and the full year.
  • Okta has been very consistent relative to consensus estimates, having reported EPS upside each quarter since making its IPO debut in April 2017. The beats have been in the $0.02-0.07 range over the past year or so. Okta has also reported revenue upside each quarter.
  • Cloud software stocks like Okta have been running out of steam the past few months after a huge run for much of 2018 and 1H19. Investors are starting to push back on paying huge multiples for this group. Even some that have posted nice beats-and-raises have not seen strong moves higher, so we'd use caution.
14:35  COMDX Energy Settlement Prices

  • Jan Crude Oil futures rose $0.14 (0.24%) to $58.56/barrel
  • Jan Natural Gas $0.04 higher (1.67%) at $2.43/MMBtu
  • Jan RBOB Gasoline settled $0.02 higher (1.11%) at $1.624/gallon
  • Jan Heating oil futures settled $0.01 higher (0.55%) at $1.935/gallon
14:26  SUMRX Earnings Out This Afternoon/Tomorrow Morning

  • This Afternoon: AOBC CLDR COO CRWD DOCU DOMO EZPW GWRE KFY MDLA OKTA PD SAIC ULTA YEXT ZM ZUMZ ZUO
  • Tomorrow Morning: BIG GCO HHR
14:02  XLK Sector Briefing: Information Technology (86.70 +0.22)

The S&P 500 information technology sector (+0.3%) isn't doing much today, yet it's enough to qualify as outperformance versus the S&P 500 (flat).

Unlike yesterday, the sector isn't being helped along much by trade deal hope, although one can argue that hope has been kept alive by the Commerce Ministry of China acknowledging that the U.S. and China remain in close communication.

That isn't big new per se, but it has been touted by some pundits as a supportive factor nonetheless since it is better than saying the two sides are no longer communicating. Alas, this trade-sensitive sector has held its ground.

The biggest source of support (literally) for the sector, though, stems from the gain registered by Apple (AAPL 264.99, +3.25, +1.2%), which is pushing higher after Citigroup raised its price target by 20% to $300, citing in part the growth prospects for its wearables business.

Other notable movers:

  • F5 Networks (FFIV 137.15, -6.43, -4.5%): down following a two-notch downgrade to Underperform from Buy Bank at America/Merrill Lynch, which is worried about prolonged pressure on revenue growth due to a secular shift in demand from appliance-based Application Delivery Controllers to software and cloud-based solutions.
  • Visa (V 181.13, +0.53, +0.3%) and Mastercard (MA 289.70, +2.86, +1.0%): both stocks initiated with Buy ratings at Compass Point.
  • NetApp (NTAP 60.11, +0.77, +1.3%): company announced it was awarded an exclusive three-year contract by State of California Dept. of General Services to data center modernization and hybrid cloud infrastructure solutions.
  • Synopsys (SNPS 132.88, -3.13, -2.3%): sliding after reporting fiscal Q4 earnings and issuing fiscal Q1 EPS and revenue guidance below consensus estimates.
  • Qorvo (QRVO 105.74, +1.71, +1.6%) and Skyworks Solutions (SWKS 99.87, +1.05, +1.1%): two Apple suppliers rising with the Apple stock tide.
13:54  INDXCH Index Change Reminder: Industrial Logistics Properties Trust (ILPT) will replace Cambrex (CBM) in the S&P SmallCap 600 prior to the open tomorrow, December 6

 
13:46  COMDX Metals Settlement Prices

  • Feb gold settled today's session down $1.00 (0.07%) at $1482.5/oz
  • Mar silver settled today's session $0.19 lower (1.1%) at $17.045/oz
  • Mar copper settled $0.04 higher (1.52%) at $2.6645/lb
13:17  OPTNX Unusual Options Activity

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

  • LB Dec 20 calls are seeing interest with the underlying stock down 4% (volume: 12.5K, open int: 10, implied vol: ~65%, prev day implied vol: 52%). Over 3800 contracts traded in a single transaction. Co is expected to report earnings late February.
  • AXTA Dec 30 calls (volume: 1220, open int: 1080, implied vol: ~35%, prev day implied vol: 32%). M&A speculation circulated earlier this week (see 12/3 11:42). Co is expected to report earnings late January.
  • NKE Dec 96 calls (volume: 3430, open int: 0, implied vol: ~21%, prev day implied vol: 19%). Co is confirmed to report earnings December 19 after the close.
  • LYFT Dec 48 calls are seeing interest with the underlying stock down 6% (volume: 3050, open int: 40, implied vol: ~44%, prev day implied vol: 42%). See 13:15 for color on weakness. Co is expected to report earnings mid-February.
  • MET Dec 49 calls (volume: 10.5K, open int: 10, implied vol: ~23%, prev day implied vol: 22%). Over 2900 contracts traded in a single transaction. Co will present at its investor day on December 12. Co is expected to report earnings early February.

Bearish Put Activity:

  • INTC Dec 56.5 puts (volume: 2100, open int: 590, implied vol: ~25%, prev day implied vol: 24%).  Co is scheduled to present at conferences on December 8 and 10. Co is confirmed to report earnings January 23 after the close.

Sentiment: The CBOE Put/Call ratio is currently: 0.96, VIX: (14.69, -0.11, -0.7%).
December 20 is options expiration -- the last day to trade December equity options.
*Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments.

12:56  WRAPX Midday Market Summary: Stock market ticks lower in mixed session

The S&P 500 is down just 0.1% in a mixed session that has included rehashed trade news and a bit of corporate news. Neither has stirred much enthusiasm in the broader market as the Dow Jones Industrial Average (-0.2%) and Nasdaq Composite (-0.2%) also hold marginal losses. 

China's Commerce Ministry said Beijing has maintained close contact with the U.S., but re-emphasized that it wants existing tariffs to be removed for a trade deal. The former statement presumably lifted futures to a higher start, but the lack of new information has tempered any sort of follow-through buying interest. 

At this juncture, eight of the 11 S&P 500 sectors trade within 0.3% of their flat lines. The consumer staples sector (-0.7%) has been pressured by an earnings miss from Kroger (KR 26.38, -1.26, -4.6%), while the materials sector (+0.4%) has benefited from broad-based gains. 

Apple (AAPL 263.98, +2.24, +0.9%) and Nike (NKE 94.99, +1.27, +1.4%), meanwhile, have benefited from positive-minded analyst recommendations. Nike was upgraded to Buy from Neutral at Goldman Sachs and was added to its Conviction Buy List. Apple's price target was raised to $300 from $250 at Citigroup.

Elsewhere, the iShares Nasdaq Biotechnology ETF (IBB 119.11, -1.29, -1.1%) has been hit by a 60% drop in Sage Therapeutics (SAGE 62.56, -86.70, -58.2%) after results for its depression drug disappointed. Conversely, Biogen (BIIB 297.68, +8.18, +2.8%) and Aurinia Pharma (AUPH 16.13, +7.74, +92.3%) have provided solid support following well-received drug updates. 

Separately, United Airlines (UAL 87.68, -0.49, -0.6%) announced that CEO Oscar Munoz will step down and transition into Executive Chairman in May.

The Treasury market saw reduced demand after jobless claims fell close to record lows, but bonds have recently come up from session lows. The 10-yr yield is up one basis point to 1.79%. WTI crude ($58.36, -0.07, -0.1%) has been volatile as OPEC and its allies convene in Vienna to discuss possible oil production cuts. 

Reviewing today's economic data, which included weekly jobless claims, the Trade Balance report for October, and the Factory Orders report for October:

  • Initial claims for the week ending November 30 dropped by 10,000 to 203,000 (Briefing.com consensus 221,000). Continuing claims for the week ending November 23 increased by 51,000 to 1.693 million.
    • The key takeaway from this report is the understanding that initial claims dropped back close to the lowest levels on record, which will contribute to a belief that the labor market remains tight.
  • The key takeaway from this report is the understanding that initial claims dropped back close to the lowest levels on record, which will contribute to a belief that the labor market remains tight. The narrowing in the deficit was a function of exports (-$0.4 billion) declining less than imports (-$4.3 billion).
    • The key takeaway from the report, however, is that a decline in both exports and imports for the second straight month is not a hallmark of a global economy running strong.
  • The Factory Orders report for October increased 0.3% (Briefing.com consensus +0.3%), and the September reading was revised to -0.3% (from -0.6%).
12:55  SCANX Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (43) outpacing new lows (17) -Technical-

Stocks that traded to 52 week highs: ACAD, ALNY, APO, AXE, BHE, BRMK, CARE, CDAY, CDE, CDLX, CMRE, CMTL, CPB, CZZ, DCPH, DXCM, FRPT, FTAI, GBT, INCY, INSG, MCO, MKC, MPW, MRK, NMRK, NUVA, PPG, PTCT, RESI, RH, SAFE, SEM, SKY, SNX, SRCL, SSW, SYY, THC, THOR, TMO, VRTX, YMAB

Stocks that traded to 52 week lows: AGX, BNFT, CTRA, CTVA, DD, GCI, GEO, HRB, KLXE, PINS, QRTEA, SAGE, SIGA, SNDL, TACO, TLRY, TUP

Thinly-Traded Stocks (ADV below 100k) that traded to 52 week highs on High Volume: ICFI, POWL, TNC

Thinly-Traded Stocks (ADV below 100k) that traded to 52 week lows on High Volume: CMCT, RDI

ETFs that traded to 52 week highs: ENZL, FAN, IYK, JO, PBD
12:48  SCANX Today's most active stocks -Technical-

The following are today's most active stocks ranked by volume and relative volume, categorized by sectors (over $300 mln market cap and 100K average daily volume).

Today's top 20 volume
  • Healthcare: AUPH (29.56 mln +95.11%), CLVS (16.77 mln -24.34%), SAGE (13.17 mln -59%), ACB (12.31 mln -0.81%), TEVA (10.96 mln -4.11%)
  • Industrials: GE (18.1 mln -0.69%)
  • Consumer Discretionary: NIO (40.72 mln -4.96%), M (14.4 mln +2.09%), BABA (12.18 mln +3.19%), HOME (11.02 mln -35.56%), ROKU (10.7 mln +0.12%), F (10.21 mln -0.61%)
  • Information Technology: AMD (20.78 mln +0.43%), CSCO (9.83 mln -0.71%), NOK (9.75 mln +0.87%)
  • Financials: BAC (18.06 mln +0.32%), ITUB (11.08 mln +1.38%)
  • Energy: CHK (72.12 mln +0.16%), PBR (10.91 mln +3.4%)
  • Utilities: PCG (14.1 mln -1.58%)
Today's top relative volume (current volume to 1-month average daily volume)
  • Healthcare: SAGE (35.33x -59%), AUPH (15.13x +95.11%), ACAD (4.43x +14.52%), OMER (3.58x -12.73%), APLS (3.35x -14.83%), ALLK (2.8x -9.15%)
  • Consumer Discretionary: DLTH (9.21x +31.88%), HOME (8.1x -35.56%), TLYS (3.66x +14.67%), RH (3.55x +10.88%), FIVE (3.04x +2.8%), EXPR (2.85x +25.37%)
  • Information Technology: ESTC (6.39x -16.8%), EVOP (4.18x -2.32%), VRNT (3.76x +7.99%), UMC (2.7x +4.84%)
  • Financials: BKT (3.6x +0.33%)
  • Utilities: NJR (4.8x -0.11%)
12:46  SCANX Today's biggest % gainers/losers -Technical-

The following are today's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

Today's top 20 % gainers
  • Healthcare: AUPH (16.37 +95.11%), ACAD (50.71 +14.52%), PDCO (22.65 +11.94%), THOR (23.25 +8.39%), CCXI (30.42 +8.33%)
  • Materials: TRQ (0.56 +13.79%), HL (2.99 +7.94%), SXC (5.49 +7.23%)
  • Industrials: AZZ (43.39 +13.2%)
  • Consumer Discretionary: DLTH (10.3 +31.88%), EXPR (4.9 +25.37%), TLYS (11.49 +14.67%), NLS (1.81 +12.42%), RH (228 +10.88%), SIG (17.8 +6.91%)
  • Information Technology: SCWX (13.56 +20.62%), VRNT (51.63 +7.99%)
  • Utilities: ENIC (4.23 +9.59%)
Today's top 20 % losers
  • Healthcare: SAGE (61.17 -59%), CLVS (9.17 -24.34%), APLS (25.49 -14.83%), OMER (13.3 -12.73%), PBYI (7.95 -11.23%), ADAP (1.11 -9.43%), ALLK (125.13 -9.15%), MNK (3.53 -9.02%), ENDP (5.04 -8.54%), WVE (32.54 -7.98%), ESPR (48.19 -6.59%)
  • Industrials: EAF (12.49 -10.37%)
  • Consumer Discretionary: HOME (5.51 -35.56%), MIK (6.44 -10.73%), WTRH (0.47 -8.88%), TUP (7.47 -7.2%)
  • Information Technology: ESTC (65.06 -16.8%), CNDT (6.35 -6.69%)
  • Energy: KLXE (4.5 -14.77%)
12:33  SCANX Small cap notable movers of interest -- Aurinia Pharma (AUPH) soars on voclosoporin trial data -Technical-

The following are some of today's most notable small cap movers of interest ($300 mln - $2 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Small Cap Gainers

  • AUPH (16.06 +91.42%): Reported positive efficacy and safety results from its pivotal AURORA Phase 3 trial of voclosporin, in combination with mycophenolate and low-dose corticosteroids, in the treatment of lupus nephritis; voclosporin achieved statistically superior Renal Response rate -- meeting the primary endpoint with rates of 40.8% for voclosporin vs 22.5% for the control -- and a comparable safety profile versus standard of care, and statistically significant results were demonstrated in all pre-specified hierarchical secondary endpoints. SAEs were reported in 20.8% of voclosporin patients vs 21.3% in the control arm; one death was observed in the voclosporin arm while five were observed in the control group. Co plans to submit and NDA to the FDA in the first half of 2020; should it receive approval, co hopes to make voclosporin available to patients beginning in 2021. The stock surges to all-time highs.
  • SCWX (13.34 +18.68%): Reported upside Q3 EPS and revenue (+6.2% yr/yr to $141.3 mln) results and guided Q4 EPS and revs above consensus. Monthly recurring revenue as of November 1 was $36.9 mln. Co also appointed Paul Parrish, recently CFO of CIOX Health LLC, as its new CFO, effective December 9; he succeeds Wayne Jackson, who in March announced his intention to depart co at the end of this fiscal year.
  • AZZ (43.67 +13.93%): Co's results for Q2 EPS and revs (+6.0% yr/yr to $236.2 mln) exceeded estimates. Co noted improved demand and pricing in its Metal Coatings segment, which achieved operating margins of 23.0% vs 19.0% in the prior year quarter and which grew revs by +7.4% yr/yr; consolidated revs increased +4.5% in the Energy segment despite the typical slow summer season for turnaround activity. Raised its FY20 EPS and revs outlook. Touched up to four-month highs.

Small Cap Losers

  • HOME (5.54 -35.2%): Co posted upside Q3 EPS and revs (+19.3% yr/yr to $318.7 mln) while issuing downside for Q4 revs. Comparable sales declined by 2.0% in Q3; co anticipates a comp sales decline of (6.0)-(4.0)% for Q4. Gross margin decreased 540 basis points yr/yr to 26.8% in the quarter, primarily as a result of product margin contraction due to markdowns, increased occupancy deleverage, and costs associated with co's second distribution center. Co's updated full year outlook includes costs associated with the second distribution center and "reflects weaker performance in [co's] Christmas offering, largely driven by a more promotional holiday environment and the impact of a late Thanksgiving." Downgraded to Mkt Perform at William Blair. The stock drops to its lowest levels since August.
  • CLVS (9.35 -22.85%): Underperforms on heavier than average volume, pulling back for the second time this week after having run to six-month highs at the beginning of the month, supported by the circulation of acquisition speculation.
  • OMER (13.34 -12.47%): Announced a public offering of $50.0 mln of its common shares, priced at $13.10/share.
12:30  APLS Apellis Pharmaceuticals drops 15%, Alexion (ALXN) sides 6% after Regeneron Pharmaceuticals (REGN) announces positive topline data from pozelimab (REGN3918) Phase 2 clinical program in paroxysmal nocturnal hemoglobinuria (PNH) (25.49 -4.44)

  • As covered this morning, Regeneron (REGN) announced topline data from the pozelimab (REGN3918) Phase 2 clinical program in paroxysmal nocturnal hemoglobinuria (PNH), validating the weekly 800 mg subcutaneous (SC) dosing regimen, following an initial intravenous (IV) loading dose. Pozelimab reduced the abnormal destruction of red blood cells, otherwise known as "hemolysis," with patients in the initial cohort achieving normal levels of a blood biomarker of elevated hemolysis called lactate dehydrogenase (LDH).
  • "In our view, any new medicine for PNH must deliver real change for patients, such as more patients achieving normal LDH levels, or a reduced treatment burden that potentially allows for at-home self-administration," said George D. Yancopoulos, M.D., Ph.D., President and Chief Scientific Officer at Regeneron. "We are encouraged by these early pozelimab results, with patients achieving normal levels of LDH by week 8 using the subcutaneous dosing regimen. We look forward to speaking with regulators about the next phase of our program for these patients."
  • Apellis (APLS) plans to release topline data from its Phase 3 PEGASUS trial of APL-2 in patients with PNH in January 2020.
  • Alexion's (ALXN) ULTOMIRIS, which is approved in the U.S. and in Japan as a treatment for adults with PNH, is currently involved in additional studies:
    • A Phase 3 study of ULTOMIRIS in children and adolescents with PNH is underway.
    • A single, PK-based Phase 3 study of ULTOMIRIS delivered subcutaneously once per week is underway to support registration in PNH and atypical hemolytic uremic syndrome (aHUS). Data are expected in the first half of 2020.
  • Separately, at an investor event today, Novartis (NVS) highlighted that LNP023, an oral Factor B inhibitor targeting the alternative complement pathway, is in parallel development for three rare renal diseases and in hematology for first-line PNH, with first results anticipated in 2020.
  • BioCryst (BCRX -4%) & Omeros (OMER -13%) are also exploring treatments for PNH. 
11:08  SUMRX Economic Summary: October Trade Deficit slightly below expectations; Jobless Claims below estimates

Economic Data Summary:

  • Weekly Initial Claims 203K vs Briefing.com consensus of 221K; Last Week was 213K
  • Weekly Continuing Claims 1.693 mln vs Briefing.com consensus of ; Last Week was 1.64 mln
    • The key takeaway from this report is the understanding that initial claims dropped back close to the lowest levels on record, which will contribute to a belief that the labor market remains tight.
  • October Trade Balance -$47.2 bln vs Briefing.com consensus of -$48.5 bln; September was -$52.2 bln
    • The key takeaway from the report, however, is that a decline in both exports and imports for the second straight month is not a hallmark of a global economy running strong.
  • October Factory Orders 0.3% vs Briefing.com consensus of 0.3%; September was -0.6%

Upcoming Economic Data:

  • November Nonfarm Payrolls due out Friday at 8:30 (Briefing.com consensus of 182K; October was 128K)
  • November Nonfarm Private Payrolls due out Friday at 8:30 (Briefing.com consensus of 175K; October was 131K)
  • November Average Hourly Earnings due out Friday at 8:30 (Briefing.com consensus of 0.3%; October was 0.2%)
  • November Unemployment Rate due out Friday at 8:30 (Briefing.com consensus of 3.6%; October was 3.6%)
  • November Average Workweek due out Friday at 8:30 (Briefing.com consensus of 34.4; October was 34.4)
  • December University of Michigan Sentiment - Prelim due out Friday at 10:00 (Briefing.com consensus of 96.5; November was 96.8)
  • October Wholesale Inventories due out Friday at 10:00 (Briefing.com consensus of 0.2%; September was -0.4%)
  • October Consumer Credit due out Friday at 15:00 (Briefing.com consensus of $17.3 bln; September was $9.5 bln)

Other International Events of Interest:

  • The Reserve Bank of India left its repurchase rate and reverse repurchase rate at their respective 5.15% and 4.90% despite expectations for a 25-bps cut.
    10:47  TALKX Market Briefing: Stuck after trade news doesn't stick

    A positive start that had some shallow trade deal hope roots quickly unfurled on the back of selling interest. We say the roots were shallow, because the uplift seen in the futures market before the open was attributed primarily to the news (if it can be called that) that China's Commerce Ministry said the U.S. and China are maintaining close communication.

    Maintaining close communication doesn't necessarily ensure a favorable outcome. To wit, a baseball manager would be said to be in close communication with an umpire when he comes out to argue a call, yet that close communication could result in the manager getting thrown out of the game.

    We digress. The point is that this trade negotiation news today was a specious excuse for the initial rally effort. In turn, the subsequent pullback had nothing to do either with the news that House Speaker Pelosi asked the House Judiciary Cmte. to proceed with articles of impeachment against President Trump.

    The impeachment hearings were going on as the market ran to a record high, cognizant that the GOP-led Senate is not going to vote to remove the president from office.

    This impeachment recommendation is newsworthy information, just don't confuse it today as a market-moving catalyst.

    It is perhaps fitting, then, that the market is in more of a mixed and flattish state now. It has been attuned to trade deal developments and it just doesn't have much to go on there today.

    Currently, two sectors are up and nine sectors are down; none have made a meaningful move. The consumer staples sector (-0.6%) is the biggest loser while the materials sector (+0.2%) is the biggest winner.

    The Russell 2000 is flat; the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 are all down 0.1%.

    10:35  SMH Industry Briefing: Chipmakers (131.97 +0.73)

    The PHLX Semiconductor Index (+0.4%) got off to a strong start, but the group has backed off its early high due to overall softness in the market. The trade-sensitive group has been subject to increased volatility due to a steady stream of conflicting reports about the amount of progress that has been made in trade discussions with officials from China. The group bounced off its 50-day moving average on Tuesday, and currently trades about 3.5% below its record high from mid-November.

    Today's outperformance follows comments from the spokesman for China's Ministry of Commerce, who acknowledged that the two sides remain in close contact. He also reiterated China's demand to reduce tariffs in order to reach a partial trade deal.

    Semtech Corporation (SMTC 46.58, -0.21, -0.5%) was the leading index component at the start of the session, but the stock now trades near the bottom of today's leaderboard. The supplier of chips used in internet-enabled devices, data centers, and cell phones reported slightly better than expected results for Q3 and issued Q4 guidance on the low end of market expectations.

    Other movers of note:

    • Taiwan Semiconductor Manufacturing (TSM 53.98, +0.80, +1.5%): leading index component, trading just shy of its November high.
    • Monolithic Power Systems (MPWR 163.50, +1.68, +1.0%): nearing its record high from mid-November.
    • Qorvo (QRVO 104.91, +0.88, +0.8%): approaching its record high from last week.
    • Qualcomm (QCOM 82.74, +0.66, +0.8%): holding above its 50-day moving average (81.90) after backing down from its November high.
    10:30  COMDX Natural gas inventory showed a draw of 19 bcf vs a 28 bcf draw last week

    Working gas in storage was 3,591 Bcf as of Friday, November 29, 2019, according to EIA estimates. This represents a net decrease of 19 Bcf from the previous week. Stocks were 591 Bcf higher than last year at this time and 9 Bcf below the five-year average of 3,600 Bcf. At 3,591 Bcf, total working gas is within the five-year historical range.
    10:20  OPTNX Early Options Activity

    Taking an early look at the options market, we found the following names that may be worth watching throughout the day for further indication of investor expectations given their options volume and implied volatility movement.

    Stocks seeing volatility buying (bullish call buying/bearish put buying):

    Calls:

    • LB Dec 20 calls are seeing interest with 12.1K contracts trading vs. open int of 10, pushing implied vol up around 14 points to ~66%. Co is expected to report earnings late February.

    Puts:

    • INTC Dec 56.5 puts are seeing interest with 2000 contracts trading vs. open int of 590, pushing implied vol up around 2 points to ~27%. Co is scheduled to present at conferences on December 8 and 10. Co is confirmed to report earnings January 23 after the close.

    Stocks seeing volatility selling:

    • DG, TIF implied vol is lower following earnings/guidance

    Sentiment: The CBOE Put/Call ratio is currently: 0.94, VIX: (14.86, +0.06, +0.4%).
    December 20 is options expiration -- the last day to trade December equity options.
    *Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments.

    10:00  ECONX October Factory Orders +0.3% vs +0.3% Briefing.com consensus

     
    09:56  SCANX Earnings/guidance movers

    • DLTH +20.81% POWL +18.33% EXPR +18.54% AZZ +16.88% TLYS +13.27% SPWH +12.41% VRNT +11.66% PDCO +10.58% SCWX +9.79% SIG +8.23% FIVE +5.94% RH +5.71% CMTL +3.43% SMAR +2.91% FAST +2.61% SMTC +1.11% DG +0.89% BKE +0.88% HRB +0.66% WMB +0.38% KMI +0.31% MEI +0.22%
    • HOME -36.37% JILL -25.29% ESTC -16.53% KLXE -15.53% KIRK -13.82% PGNY -6.87% CM -4.70% BF.B -4.54% MIK -3.81% TD -2.78% SY -2.57% EW -2.22% KR -2.20% DSGX -1.71% SNPS -1.65% WORK -1.39% GMS -1.14% GEF -0.72% COST -0.40% CATO -0.38% TIF -0.10%
    09:43  WRAPX Opening Market Summary: Stock market opens slightly higher

    The major indices begin the session slightly higher. S&P 500 is up 0.1%, the Dow Jones Industrial Average is up 0.1%, and the Nasdaq Composite is up 0.2%. 

    Looking at the S&P 500 sectors shows all 11 sectors trading within 0.3% of their flat lines. The communication services sector (+0.3%) is among the early leaders, while the defensive-oriented utilities (-0.3%), real estate (-0.3%), consumer staples (-0.2%), and health care (-0.2%) sectors all trade in negative territory. 

    U.S. Treasuries have ticked lower since the release of a better-than-expected jobless claims report earlier this morning. The 2-yr yield is up two basis points to 1.60%, and the 10-yr yield is up four basis points to 1.82%. The U.S. Dollar Index is down 0.2% to 97.42. WTI crude is up 1.1% to $59.05/bbl. 

    09:31  OMER Omeros prices $50 mln common stock offering at $13.10/share (13.55 )

     
    09:30  KGC Kinross Gold to sell remaining 20,656,250 shares in Lundin Gold for expected gross proceeds of approximately CAD$150 mln (4.37 )

    Kinross is selling its Lundin Gold shares as part of its portfolio management strategy and to further strengthen its balance sheet.
    09:24  WIRES On The Wires

    • General Motors (GM) and LG Chem confirmed plans to mass-produce battery cells for future battery-electric vehicles. Together, the companies will invest up to a total of $2.3 bln through a new, equally owned joint venture company. The JV will establish a battery cell assembly plant on a greenfield manufacturing site in the Lordstown area of Ohio that will create more than 1,100 new jobs. Groundbreaking is expected to take place in mid-2020.
    • CVS Health (CVS) announced that it has successfully completed the first year of combined operations following the acquisition of Aetna in late 2018. The combined company has met or exceeded its first-year integration goals while introducing new offerings as a result of its unmatched capabilities. CVS Health remains on track to meet its most recent 2019 net synergy guidance and remains confident in its net synergy targets for 2020 and 2021. 
    • Geronimo Energy, a wholly owned subsidiary of National Grid (NGG), announced today the start of commercial operations for its Crocker Wind Farm, a 200-megawatt wind energy project located in South Dakota. Crocker has Virtual Power Purchase Agreements in place with leading corporations Walmart and Cargill. The project was built by Wanzek Construction and utilizes GE 2.7-116 wind turbines.
    • Energy Recovery (ERII) announced total awards of $16.6 mln to supply PX Pressure Exchangers and related equipment and services to multiple desalination facilities in the Middle East. The awards include Energy Recovery's first contract to support the conversion of a mega-project thermal desalination facility to more cost-efficient seawater reverse osmosis desalination technology.
    09:16  WHF WhiteHorse Finance prices secondary public offering of 2.25 mln shares of common stock by selling stockholders at $13.83/share (14.25 )

    The selling stockholders are funds affiliated with H.I.G. Capital, LLC. The company will not receive any proceeds from the sale of shares in the offering.
    09:13  WRAPX S&P futures vs fair value: +6.90. Nasdaq futures vs fair value: +25.60.

    Wall Street is on pace for a higher start, although futures have come down slightly from prior highs. The S&P 500 futures trade seven points, or 0.2%, above fair value.

    China's Commerce Ministry spokesman reportedly said that the U.S. and China are in close contact, which has presumably helped futures recoup more of the market's trade-induced losses from earlier this week. There really hasn't been much more on the trade front today, but there has been a bit of corporate news.  

    United Airlines' (UAL 89.00, +0.83, +0.9%) CEO Oscar Munoz will step down and transition to the role of Executive Chairman of the Board in May 2020. Dollar General (DG 157.60, +4.05, +2.6%) and Kroger (KR 27.05, -0.59, -2.1%) are trending in opposite directions following their earnings reports. 

    Nike (NKE 95.85, +2.13, +2.3%) was upgraded to Buy from Neutral at Goldman Sachs and was added to its Conviction Buy List, while Apple (AAPL 263.48, +1.74, +0.7%) received yet another price target increase. Citigroup raised its AAPL target to $300 from $250. 

    08:56  WIRES On The Wires

    • Dynavax Technologies (DVAX) and Albertsons Companies, one of the largest food and drug retailers in the United States, have partnered to provide HEPLISAV-B at Albertsons Companies' more than 1,700 pharmacies nationwide, with a special focus on people living with diabetes. Through this partnership, patients will have access to HEPLISAV-B, the only FDA-approved two-dose hepatitis B vaccine for adults that is completed in one month. HEPLISAV-B is indicated for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older.
    • Analog Devices (ADI) announced that it has filed a patent infringement lawsuit against Xilinx (XLNX). The lawsuit focuses on the unauthorized use by Xilinx of several important ADI patents relating to converter technology in at least two of Xilinx's High End Zynq UltraScale+ RFSoC products.
    • Motive Partners, a private equity firm focused on technology-enabled companies that power the financial services industry, and Fiserv (FISV) have entered into a definitive agreement under which Motive Partners-led investors will acquire up to 60% of the Investment Services business of Fiserv. Retaining a 40% equity interest in the business, Fiserv will receive approximately $510 mln in net after-tax proceeds.
    • Fox Corporation (FOXA) announced that FTSE Russell removed the company's common stock from its Gambling Business Activity Exclusion List. FTSE Russell's correction followed a challenge by the company and a review that determined FOX's level of involvement in the betting industry falls below the equity ownership threshold for classification on the Gambling Business Activity Exclusion List.
    • Simulations Plus (SLP) has entered into a new collaboration agreement with Bayer AG to advance its ADMET Predictor machine learning software for use within integrated drug discovery workflows. With the drugmaker's input, Simulations Plus will develop improved structure and tautomer handling capabilities that will support data integrity across the different Bayer discovery platforms.
    08:52  PHM PulteGroup increases quarterly cash dividend to $0.12/share from $0.11/share (39.39 )

     
    08:52  AXE Anixter shares push further from pending $82.50/share deal price, jumping 3% after CEO tells employees the company is engaged in continuing discussions with unnamed party contacted during go-shop period (85.51 )

    • In an SEC filing issued last night, the company furnished a copy of a letter that Anixter President and CEO Bill Galvin sent to employees, updating on the company's pending transaction with Clayton, Dubilier & Rice:
      • "During the go-shop period, we did receive interest from another party. While we cannot disclose the name of the interested party, we are engaged in continuing discussions with the interested party. We cannot guarantee that the discussions will result in a superior proposal. At this time, we still have a signed agreement in place with CD&R and are working to consummate the transaction under that agreement. As you may have seen, we previously announced that CD&R raised its purchase price by $1.50 per share to $82.50 per share."
    • Additionally, in a separate SEC filing from last night, the company disclosed that on November 16th, an unnamed party submitted a revised bid for $90/share in cash & stock:
      • On November 19, 2019, Party A submitted a third company takeover proposal with the same nominal value of $90.00 per share of Company common stock, but increasing the cash consideration from 45% to approximately 70% (representing $63.21 per share) and decreasing stock consideration from 55% to approximately 30% (representing $26.79 per share) (the "Third Party A Proposal"). The Third Party A Proposal clarified that Party A would not require the ability to terminate the transaction agreement as a result of any change in the ability of Party A's board to recommend the Party A share issuance to its stockholders, nor to terminate the agreement if a bid for Party A itself were made while the transaction were pending, and it would be prepared to negotiate a customary "no-vote" fee, payable to the Company if its stockholders were to turn down the proposed transaction.
    • The $90/share bid referenced came ahead of the company and CD&R agreeing to an amended merger transaction, which increased the acquisition consideration from $81/share to $82.50/share in cash. The amended agreement also extended the go-shop period through December 9th.
    08:50  WRAPX S&P futures vs fair value: +8.10. Nasdaq futures vs fair value: +28.80.

    The S&P 500 futures trade eight points, or 0.3%, above fair value.

    Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Prime Minister, Shinzo Abe, announced plans for a JPY13 trln fiscal stimulus package, in-line with what has been reported in recent days. South Korea's President, Moon Jae-in, said that South Korea's global network of free trade will be expanded to boost economic growth. Nissan's workers in the U.S. will be placed on a two-day furlough due to weak sales. The spokesman for China's Ministry of Commerce said that the two sides are in close contact on trade and that tariffs should be reduced if a partial trade deal is agreed upon. The Reserve Bank of India left its repurchase rate and reverse repurchase rate at their respective 5.15% and 4.90% despite expectations for a 25-bps cut.

    • In economic data:
      • Australia's October Retail Sales 0.0% m/m (expected 0.3%; last 0.2%). October trade surplus AUD4.50 bln (expected surplus of AUD6.10 bln; last surplus of AUD7.18 bln). October Imports 0% m/m (last 3%) and Exports -5% m/m (last 3%)
      • South Korea's Current Account surplus AUD7.83 bln (expected surplus of AUD7.47 bln; last surplus of AUD7.48 bln)

    ---Equity Markets---

    • Japan's Nikkei: +0.7%
    • Hong Kong's Hang Seng: +0.6%
    • China's Shanghai Composite: +0.7%
    • India's Sensex: -0.2%
    • South Korea's Kospi: -0.4%
    • Australia's ASX All Ordinaries: +1.1%

    Major European indices trade mostly higher with France's CAC (+0.7%) showing relative strength. Eurogroup chief, Mario Centeno, said that a reform of the European Stability Mechanism has been agreed to in principle, and is expected to be formalized in Q1. The Eurogroup also agreed to prohibit private digital currencies like Facebook's Libra from being used in the EU until there is more clarity on risks associated with their use.

    • In economic data:
      • Eurozone's October Retail Sales -0.6% m/m (expected -0.3%; last -0.2%); +1.4% yr/yr (expected 2.2%; last 2.7%). Q3 GDP +0.2% qtr/qtr, as expected (last 0.2%); +1.2% yr/yr, as expected (last 1.2%). Q3 Employment Change +0.1% qtr/qtr, as expected (last 0.2%); +0.9% yr/yr (expected 1.0%; last 0.9%)
      • Germany's October Factory Orders -0.4% m/m (expected 0.3%; last 1.5%)
      • Spain's October Industrial Production -1.3% yr/yr (expected -0.5%; last 0.8%) and November Consumer Confidence 77.4 (last 73.3)

    ---Equity Markets---

    • STOXX Europe 600: +0.3%
    • Germany's DAX: UNCH
    • U.K.'s FTSE 100: -0.3%
    • France's CAC 40: +0.7%
    • Italy's FTSE MIB: +0.4%
    • Spain's IBEX 35: +0.3%
    08:48  CERC Cerecor to acquire Aevi Genomic Medicine (GNMX) in an all-stock transaction valued at approximately $16.1 million at closing plus contingent value rights (3.70 )

    The transaction is structured as a merger and is anticipated to be tax-deferred to the Aevi stockholders, with Cerecor retaining its public reporting and current NASDAQ listing status. Cerecor will acquire all outstanding shares of Aevi stock at an aggregate purchase price of $16.1 million less an amount by which Aevi's net assets at closing are less than negative $1.3 million, but in no event will such adjustment be more than $500,000. The per share price will be based on the number of Aevi shares outstanding immediately prior to closing, which, including the shares of Aevi stock to be issued to Children's Hospital of Philadelphia Foundation upon conversion of its outstanding secured promissory note and to AstraZeneca in connection with the exercise by Aevi of its license option for MEDI2338, is anticipated to result in an approximate per share value of $0.134 to Aevi stockholders, assuming the maximum net asset related adjustment. Cerecor will issue contingent value rights to former Aevi stockholders, which would entitle them to an additional $2 million in cash or stock (at Cerecor's discretion) upon the enrollment of a patient in a Phase II study related to the AEVI-002, AEVI-006 or AEVI-007 within 24 months.
    08:36  DLTH Duluth Trading Co beats by $0.06, beats on revs; reaffirms FY20 EPS guidance, revs guidance (7.81 )

    • Reports Q3 (Oct) earnings of $0.01 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of ($0.05); revenues rose 12.3% year/year to $119.8 mln vs the $114.98 mln S&P Capital IQ Consensus.
    • Co reaffirms guidance for FY20, sees EPS of $0.60-0.66, excluding non-recurring items, vs. $0.61 S&P Capital IQ Consensus; sees FY20 revs of $610-620 mln vs. $615.35 mln S&P Capital IQ Consensus.
    08:35  FTDR Frontdoor acquires Streem; terms not disclosed (45.10 )

    The Portland-based technology startup uses enhanced augmented reality, computer vision, and machine learning to help home services professionals more quickly and accurately diagnose breakdowns and complete repairs.
    08:33  KR Kroger misses by $0.02, reports revs in-line; reaffirms FY20 EPS guidance; reaffirms FY21 EPS guidance (27.64 )

    • Reports Q3 (Oct) earnings of $0.47 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of $0.49; revenues rose 0.5% year/year to $27.97 bln vs the $28.18 bln S&P Capital IQ Consensus.
    • Co reaffirms guidance for FY20, sees EPS of $2.15-2.25, excluding non-recurring items, vs. $2.19 S&P Capital IQ Consensus.
    • Co reaffirms guidance for FY21, sees EPS of $2.30-2.40, excluding non-recurring items, vs. $2.33 S&P Capital IQ Consensus.
    08:32  WRAPX S&P futures vs fair value: +8.60. Nasdaq futures vs fair value: +31.30.

    The S&P 500 futures trade nine points, or 0.3%, above fair value.

    Just in, the latest weekly initial jobless claims count totaled 203,000, while the Briefing.com consensus expected a reading of 221,000. Today's tally was below the prior week's unrevised count of 213,000. As for continuing claims, they increased to 1.693 million from a revised count of 1.642 million (from 1.640 million).

    Separately, the October trade balance report showed a deficit of $47.2 billion (Briefing.com consensus -$48.5 billion). The September deficit was revised down to $51.1 billion from $52.5 billion.

    08:30  ECONX October Trade Balance -$47.2 bln vs -$48.5 bln Briefing.com consensus

     
    08:30  ECONX Initial Claims 203 K vs 221K Briefing.com consensus; Prior revised to 215K from 213K

     
    08:28  GLNCY Glencore Intl plc says it has been notified that the Serious Fraud Office has opened an investigation into suspicions of bribery in the conduct of business of the Glencore group (6.19 )

    Glencore says it will co-operate with the SFO investigation.
    08:08  WIRES On The Wires

    • The UK's CMA says that it is investigating the anticipated acquisition by World Fuel Services (INT) of UVair European Fuelling Services Limited.
    • Domtar (UFS) has entered into an agreement with Sun Life to purchase group annuity buy-out contracts and to transfer approximately CDN $360 mln (US $271 mln) in obligations and related assets from its defined benefit pension plans in Ontario, Canada. In addition, Domtar will convert approximately CDN $101 mln (US $76 mln) of existing buy-in annuities with existing insurers into buy-out annuities to complete the full transfer of these obligations. No cash contributions will be required by Domtar. The transactions will enable Domtar to reduce risk associated with volatility in the company's pension plan obligations and assets.
    • Envestnet | Yodlee (ENV) and JPMorgan Chase (JPM) have signed a data sharing agreement, providing the framework for the bank's customers to more securely and effectively share and use their personal financial information to improve their overall financial wellness.
    • Rhythm Pharmaceuticals (RYTM) announced that it completed enrollment of the pivotal cohort in its Phase 3 clinical trial evaluating setmelanotide for the treatment of insatiable hunger and severe obesity in individuals living with Bardet-Biedl syndrome (BBS) or Alstrm syndrome. The company enrolled 32 individuals with BBS and six individuals with Alstrm syndrome in the pivotal cohort, and it will continue to enroll patients in a supplemental cohort to meet demand and provide further data on the use of setmelanotide in people living with these conditions.
    • II-VI Incorporated (IIVI) announced that it signed a multiyear agreement of over $100 mln, the largest in the history of II-VI, to supply silicon carbide substrates for gallium nitride RF power amplifiers deployed in 5G wireless base stations.
    08:07  SCWX SecureWorks names Paul Parrish CFO, effective December 9th (11.24 )

    Parrish joins Secureworks from CIOX Health LLC, a $680M health information management company where he served as CFO and was instrumental in transitioning the company's business focus from services to SaaS. He succeeds Wayne Jackson who has served as CFO of Secureworks for more than four years. Jackson's planned move was announced in March, and he will stay on to assist in the transition through the end of the company's fiscal year 2020.
    08:04  ATNX Athenex enters into an agreement for the sale of its common stock in a private placement with a group of institutional investors (16.10 )

    The company will issue 3,945,750 shares of common stock for a purchase price of $15.30 per share, for aggregate gross proceeds of approximately $60 million.
    08:03  BONDX Overnight Treasury Market Summary

    Subdued Start in Sight

    • U.S. Treasuries are on track to begin today's cash session near yesterday's closing levels. Treasury futures saw limited movement in overnight trade after two days of volatility. There was a modest push higher during the Asian session, followed by a pullback once attention turned to Europe. The spokesman for China's Ministry of Commerce held a press conference, saying that the two sides are in close contact on trade and that tariffs should be reduced if a partial trade deal is agreed upon. The U.S. Dollar Index is back below its 200-day moving average (97.64), trading down 0.2% at 97.47.
    • Yield Check:
      • 2-yr: UNCH at 1.58%
      • 3-yr: -1 bp to 1.58%
      • 5-yr: -1 bp to 1.60%
      • 10-yr: UNCH at 1.78%
      • 30-yr: +1 bp to 2.24%
    • News:
      • The Reserve Bank of India left its repurchase rate and reverse repurchase rate at their respective 5.15% and 4.90% despite expectations for a 25-bps cut.
      • Japan's Prime Minister, Shinzo Abe, confirmed plans for a JPY13 trln fiscal stimulus package.
      • Australia's October Retail Sales were unchanged m/m (expected 0.3%; last 0.2%). October trade surplus totaled AUD4.50 bln (expected surplus of AUD6.10 bln; last surplus of AUD7.18 bln). October imports were unchanged m/m (last 3%) while exports fell 5% m/m (last 3%).
      • South Korea's Current Account surplus totaled AUD7.83 bln (expected surplus of AUD7.47 bln; last surplus of AUD7.48 bln)
      • Eurogroup chief, Mario Centeno, said that a reform of the European Stability Mechanism has been agreed to in principle, and is expected to be formalized in Q1.
      • Eurozone's October Retail Sales decreased 0.6% m/m (expected -0.3%; last -0.2%) but rose 1.4% yr/yr (expected 2.2%; last 2.7%). Q3 GDP ticked up 0.2% qtr/qtr, as expected (last 0.2%), rising 1.2% yr/yr, as expected (last 1.2%). Q3 employment ticked up 0.1% qtr/qtr, as expected (last 0.2%), increasing 0.9% yr/yr (expected 1.0%; last 0.9%).
      • Germany's October Factory Orders decreased 0.4% m/m (expected 0.3%; last 1.5%).
      • Spain's October Industrial Production decreased 1.3% yr/yr (expected -0.5%; last 0.8%) while November Consumer Confidence improved to 77.4 from 73.3.
    • Commodities:
      • WTI Crude: +0.3% to $58.61/bbl
      • Gold: +0.1% to $1481.80/ozt
      • Copper: +0.2% to $2.664/lb
    • Currencies:
      • EUR/USD: +0.2% to 1.1096
      • GBP/USD: +0.2% to 1.3134
      • USD/CNH: -0.2% to 7.0411
      • USD/JPY: UNCH at 108.87
    • Data out Today:
      • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 221,000; prior 213,000), Continuing Claims (prior 1.640 mln), and October Trade Balance (Briefing.com consensus -$48.50 bln; prior -$52.50 bln)
      • 10:00 ET: October Factory Orders (Briefing.com consensus 0.3%; prior -0.6%)
      • 10:30 ET: Weekly natural gas inventories (prior -28 bcf)
    • Fed Speakers:
      • 10:00 ET: Governor (FOMC voter) Randal Quarles
    08:03  RVNC Revance Therapeutics announced the publication of the pooled data from two Phase 3 studies evaluating Revance's long-acting neuromodulator product for the treatment of moderate to severe glabellar lines (16.61 )

    The SAKURA 1 and SAKURA 2 studies were identical in design and evaluated the safety and efficacy of a single administration of DAXI. The data showed that the primary endpoint of a 2-point composite response at week 4 was achieved in 73.8% of patients in the pooled DAXI group versus 0.5% in the pooled placebo group (p<0.0001 [difference of 73.5%, 95% CI: 69.2%--77.9%]). The proportion of responders to DAXI was similar regardless of whether baseline glabellar line severity had been moderate (75.4%) or severe (71.2%).
    08:02  UAL United Airlines announces that CEO Oscar Munoz will transition to the role of Executive Chairman of the Board in May 2020 (88.17 )

    J. Scott Kirby, President, will succeed Munoz as Chief Executive Officer. As part of this transition, United's current Chairman, Jane Garvey, will retire from the Board in May 2020 after more than a decade of exceptional service, including serving as Chairman since May 2018. At the request of the Board, Garvey agreed to remain in her role for a year beyond the Board's mandatory retirement age.

    • "With United in a stronger position than ever, now is the right time to begin the process of passing the baton to a new leader," Munoz said. "One of my goals as CEO was to put in place a successful leadership transition for United Airlines. I brought Scott to United three years ago, and I am confident that there is no one in the world better equipped to lead United to even greater heights. It has been the honor of my career to lead the 95,000 dedicated professionals who serve United's customers every day. I look forward to continuing to work closely with Scott in the months ahead and supporting the company's ongoing success in my new role."
    08:02  KMI Kinder Morgan announced its preliminary financial projections for 2020 (19.30 )

    KMI's expectations for 2020:

    • Generate $2.24 of DCF per share, up 3 percent compared to our current forecast for 2019, and $7.6 billion of Adjusted EBITDA.
    • Return additional value to shareholders in 2020 through the previously announced dividend increase. As first stated in KMI's second quarter 2017 earnings release, KMI expects to increase the declared dividend per common share in 2020 to $1.25 per share (annualized), beginning with $0.3125 per share for the first quarter 2020 dividend (which will be paid in the second quarter 2020). This will be a 25 percent increase from the 2019 dividend and a 150 percent increase from the 2017 dividend.
    • Invest $2.4 billion in expansion projects and contributions to joint ventures in 2020. KMI expects to use internally generated cash flow to fully fund its 2020 dividend payment, as well as almost all of its 2020 discretionary spending with no need to access equity markets.
    08:01  EAF GrafTech International announces that an affiliate of Brookfield Business Partners (BBU) has launched a secondary block trade to sell 11.18 mln shares of common stock (13.93 )

    Subject to the completion of the block trade, the Company will repurchase from the selling stockholder $250,000,000 of common stock at a per share price equal to the price per share payable by the broker-dealer in the block trade. The company expects to fund the share repurchase from cash on hand.
    08:01  SUMRX Gapping up/down: EXPR +12%, SIG +8%, FIVE +6%, DG +3.5% after earnings, AUPH +106% after Phase 3 data; HOME -41%, MIK -13% and TD -1% after earnings, ETSY -6% after downgrade

    Gapping up
    In reaction to strong earnings/guidance
    :

    • EXPR +12.5%, TLYS +10.1%, SIG +8%, VRNT +7.7%, FIVE +6.3%, CMTL +6%, POWL +4.9%, WORK +4.4%, DG +3.5%, SPWH +3%, PGNY +2.9%, RH +2.8%, FAST +1.7% (Nov saels), MEI +0.9%, PDCO +0.6%, SMAR +0.5%, MNK +0.5%

    Other news:

    • AUPH +106.4% (announces "positive" AURORA Phase 3 results demonstrating voclosporin superiority over standard of care in lupus nephritis)
    • ACAD +16.6% (presents positive top-line results from pivotal phase 3 Harmony trial of pimavanserin in patients with dementia-related psychosis at 12th Clinical Trials on Alzheimer's Disease; Pimavanserin met the primary endpoint)
    • SESN +8.3% (reported the successful completion of constructive Type B pre-BLA meeting with the FDA regarding the final Chemistry, Manufacturing and Controls content of the Biologics License Application for Vicinium)
    • PCG +7.1% (ongoing volatility)
    • CBL +6.9% (Director Ashner bought 1 mln shares worth more than $1 mln)
    • BTE +4.6% (appoints new Chairman; approves 2020 capital budget)
    • NIO +4.5% (reports November deliveries of 2,528 vehicles)
    • ALNA +3.9% (plans to re-engage with FDA to evaluate opportunities to streamline URIROX-2, second pivotal Phase 3 trial of reloxaliase in enteric hyperoxaluria)
    • ASIX +3.8% (light volume; Chairman disclosed the purchase of ~5K shares)
    • LXRX +1.9% (announced positive top-line data from the Phase 1 multiple ascending dose study of LX9211 development for the treatment of neuropathic pain)
    • REGN +1.2% (announces top-line data from pozelimab (REGN3918) Phase 2 clinical program in paroxysmal nocturnal hemoglobinuria)
    • NVS +1.1% (expects to sustain long-term growth with a robust pipeline of 25+ potential blockbusters highlighted at R&D Day)
    • LGIH +0.7% (reports November closings increased 49.6% yr/yr to to 748 homes)

    Analyst comments:

    • N/A

    Gapping down
    In reaction to disappointing earnings/guidance
    :

    • HOME -40.9%, JILL -27.3%, ESTC -14.5%, KIRK -14.3%, MIK -13.4%, DSGX -8.4%, SNPS -1.5%, TD -1.1%

    Other news:

    • SAGE -58.5% (reports top-line results from pivotal Phase 3 MOUNTAIN Study evaluating the effect of SAGE-217 on depressive symptoms in adults with major depressive disorder; study did not meet primary endpoint at Day 15)
    • MLND -17.5% (prices underwritten public offering of 4,166,667 shares of its common stock at a public offering price of $6.00 per share)
    • OMER -11.2% (files mixed securities shelf offering; commences registered underwritten public offering of its common stock)
    • PIRS -4.3% (files for ~18 mln share common stock offering by holders)
    • WHF -3.4% (announces that stockholders affiliated with H.I.G. Capital plan to make a secondary public offering of shares of common stock)
    • EVRI -3% (files mixed securities shelf offering; announces public offering of 10.0 mln shares of common stock)
    • ARDX -2.9% (prices public offering of 20 mln shares of its common stock at a public offering price of $6.25 per share)
    • RC -2.8% (prices underwritten public offering of 6 mln shares of common stock for total estimated gross proceeds of approximately $93.48 mln)
    • NJR -2.7% (prices underwritten public offering of 5.7 mln shares of its common stock at a price per share of $41.25)
    • GDS -1.7% (acquires data center campus in Beijing in transaction with total enterprise value of approx. US$348.4 mln; proposes public offering of $250 mln ADSs)
    • AMTD -0.6% (Director Moglia sold 15K shares worth ~$790K)
    • CCC -0.5% (upsizes offering by 7.2 mln shares and prices 43.2 mln shares of common stock at $17.25 per share)

    Analyst comments:

    • ETSY -5.7% (downgraded to Underweight at Morgan Stanley)
    07:58  SCANX Gapping down

    Gapping down
    In reaction to disappointing earnings/guidance
    :

    • HOME -40.9%, JILL -27.3%, ESTC -14.5%, KIRK -14.3%, MIK -13.4%, DSGX -8.4%, SNPS -1.5%, TD -1.1%

    Other news:

    • SAGE -58.5% (reports top-line results from pivotal Phase 3 MOUNTAIN Study evaluating the effect of SAGE-217 on depressive symptoms in adults with major depressive disorder; study did not meet primary endpoint at Day 15)
    • MLND -17.5% (prices underwritten public offering of 4,166,667 shares of its common stock at a public offering price of $6.00 per share)
    • OMER -11.2% (files mixed securities shelf offering; commences registered underwritten public offering of its common stock)
    • PIRS -4.3% (files for ~18 mln share common stock offering by holders)
    • WHF -3.4% (announces that stockholders affiliated with H.I.G. Capital plan to make a secondary public offering of shares of common stock)
    • EVRI -3% (files mixed securities shelf offering; announces public offering of 10.0 mln shares of common stock)
    • ARDX -2.9% (prices public offering of 20 mln shares of its common stock at a public offering price of $6.25 per share)
    • RC -2.8% (prices underwritten public offering of 6 mln shares of common stock for total estimated gross proceeds of approximately $93.48 mln)
    • NJR -2.7% (prices underwritten public offering of 5.7 mln shares of its common stock at a price per share of $41.25)
    • GDS -1.7% (acquires data center campus in Beijing in transaction with total enterprise value of approx. US$348.4 mln; proposes public offering of $250 mln ADSs)
    • AMTD -0.6% (Director Moglia sold 15K shares worth ~$790K)
    • CCC -0.5% (upsizes offering by 7.2 mln shares and prices 43.2 mln shares of common stock at $17.25 per share)

    Analyst comments:

    • ETSY -5.7% (downgraded to Underweight at Morgan Stanley)
    07:58  WRAPX S&amp;P futures vs fair value: +8.60. Nasdaq futures vs fair value: +30.80.

    The S&P 500 futures trade nine points, or 0.3%, above fair value following reports that the U.S. and China are in close contact, giving the market more reason to think that progress is being made toward a Phase One trade deal. 

    There is no deadline for a deal, as President Trump has previously stated, but there are ten days remaining until the tariffs on consumer goods hit on Dec. 15. The market is hoping that these tariffs may get delayed or scrapped, in addition to the removal of some existing tariffs that China has been demanding, if a deal is reached.  

    Of course, trade reports, and sentiment, can change abruptly but the market has shown an inclination to react favorably whenever the headlines skew positive. Another market-friendly headline is Japan announcing a $121 billion stimulus package.

    On the data front, investors will receive the weekly Initial Claims (Briefing.com consensus 221,000) and Continuing Claims report and the Trade Balance report for October (Briefing.com consensus -$48.5 billion) at 8:30 a.m. ET, followed by the Factory Orders report for October (Briefing.com consensus 0.3%) at 10:00 a.m. ET. 

    U.S. Treasuries are little changed. The 2-yr yield is down one basis point to 1.57%, and the 10-yr yield is unchanged at 1.78%. The U.S. Dollar Index is down 0.2% to 97.47. WTI crude is up 0.3%, or $0.19, to $58.62/bbl. 

    In U.S. Corporate news:

    • Nike (NKE 95.70, +1.98): +2.1% after the stock was upgraded to Buy from Neutral at Goldman Sachs and placed on its Conviction Buy List. 
    • Dollar General (DG 158.01, +4.46): +2.9% after beating top and bottom-line estimates and raising its FY20 guidance. 
    • Slack (WORK 22.68, +1.02): +4.7% after beating top and bottom-line estimates. 
    • Tiffany & Co. (TIF 132.01, -1.71): -1.3% after reporting earnings and revenue results that were below expectations. 
    • Michaels Companies (MIK 6.20 -1.02): -14.1% after missing top and bottom-line estimates and guiding Q4 EPS below consensus. 

    Reviewing overnight developments:

    • Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Nikkei +0.7%, Hong Kong's Hang Seng +0.6%, China's Shanghai Composite +0.7%, India's Sensex -0.2%, South Korea's Kospi -0.4%, Australia's ASX All Ordinaries +1.1%.
      • In economic data:
        • Australia's October Retail Sales 0.0% m/m (expected 0.3%; last 0.2%). October trade surplus AUD4.50 bln (expected surplus of AUD6.10 bln; last surplus of AUD7.18 bln). October Imports 0% m/m (last 3%) and Exports -5% m/m (last 3%)
        • South Korea's Current Account surplus AUD7.83 bln (expected surplus of AUD7.47 bln; last surplus of AUD7.48 bln)
      • In news:
        • Japan's Prime Minister, Shinzo Abe, announced plans for a JPY13 trln fiscal stimulus package, in-line with what has been reported in recent days.
        • South Korea's President, Moon Jae-in, said that South Korea's global network of free trade will be expanded to boost economic growth. Nissan's workers in the U.S. will be placed on a two-day furlough due to weak sales.
        • The spokesman for China's Ministry of Commerce said that the two sides are in close contact on trade and that tariffs should be reduced if a partial trade deal is agreed upon.
        • The Reserve Bank of India left its repurchase rate and reverse repurchase rate at their respective 5.15% and 4.90% despite expectations for a 25-bps cut.
    • Major European indices trade mostly higher with France's CAC (+0.7%) showing relative strength. STOXX Europe 600 +0.4%, Germany's DAX +0.1%, U.K.'s FTSE 100 -0.2%, France's CAC 40 +0.7%, Italy's FTSE MIB +0.4%, Spain's IBEX 35 +0.4%.
      • In economic data:
        • Eurozone's October Retail Sales -0.6% m/m (expected -0.3%; last -0.2%); +1.4% yr/yr (expected 2.2%; last 2.7%). Q3 GDP +0.2% qtr/qtr, as expected (last 0.2%); +1.2% yr/yr, as expected (last 1.2%). Q3 Employment Change +0.1% qtr/qtr, as expected (last 0.2%); +0.9% yr/yr (expected 1.0%; last 0.9%)
        • Germany's October Factory Orders -0.4% m/m (expected 0.3%; last 1.5%)
        • Spain's October Industrial Production -1.3% yr/yr (expected -0.5%; last 0.8%) and November Consumer Confidence 77.4 (last 73.3)
      • In news:
        • Eurogroup chief, Mario Centeno, said that a reform of the European Stability Mechanism has been agreed to in principle, and is expected to be formalized in Q1.
        • The Eurogroup also agreed to prohibit private digital currencies like Facebook's Libra from being used in the EU until there is more clarity on risks associated with their use.
    07:54  SCANX Gapping up

    Gapping up
    In reaction to strong earnings/guidance
    :

    • EXPR +12.5%, TLYS +10.1%, SIG +8%, VRNT +7.7%, FIVE +6.3%, CMTL +6%, POWL +4.9%, WORK +4.4%, DG +3.5%, SPWH +3%, PGNY +2.9%, RH +2.8%, FAST +1.7% (Nov saels), MEI +0.9%, PDCO +0.6%, SMAR +0.5%, MNK +0.5%

    Other news:

    • AUPH +106.4% (announces "positive" AURORA Phase 3 results demonstrating voclosporin superiority over standard of care in lupus nephritis)
    • ACAD +16.6% (presents positive top-line results from pivotal phase 3 Harmony trial of pimavanserin in patients with dementia-related psychosis at 12th Clinical Trials on Alzheimer's Disease; Pimavanserin met the primary endpoint)
    • SESN +8.3% (reported the successful completion of constructive Type B pre-BLA meeting with the FDA regarding the final Chemistry, Manufacturing and Controls content of the Biologics License Application for Vicinium)
    • PCG +7.1% (ongoing volatility)
    • CBL +6.9% (Director Ashner bought 1 mln shares worth more than $1 mln)
    • BTE +4.6% (appoints new Chairman; approves 2020 capital budget)
    • NIO +4.5% (reports November deliveries of 2,528 vehicles)
    • ALNA +3.9% (plans to re-engage with FDA to evaluate opportunities to streamline URIROX-2, second pivotal Phase 3 trial of reloxaliase in enteric hyperoxaluria)
    • ASIX +3.8% (light volume; Chairman disclosed the purchase of ~5K shares)
    • LXRX +1.9% (announced positive top-line data from the Phase 1 multiple ascending dose study of LX9211 development for the treatment of neuropathic pain)
    • REGN +1.2% (announces top-line data from pozelimab (REGN3918) Phase 2 clinical program in paroxysmal nocturnal hemoglobinuria)
    • NVS +1.1% (expects to sustain long-term growth with a robust pipeline of 25+ potential blockbusters highlighted at R&D Day)
    • LGIH +0.7% (reports November closings increased 49.6% yr/yr to to 748 homes)

    Analyst comments:

    • N/A
    07:54  BF.B Brown-Forman beats by $0.07, beats on revs; reaffirms FY20 EPS guidance, revs guidance (67.84 )

    • Reports Q2 (Oct) earnings of $0.59 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $0.52; revenues rose 8.7% year/year to $989 mln vs the $972.6 mln S&P Capital IQ Consensus.
    • Co reaffirms guidance for FY20, sees EPS of $1.75-1.85, excluding non-recurring items, vs. $1.79 S&P Capital IQ Consensus; sees FY20 revs of +5-7% to $3.49-3.56 bln vs. $3.48 bln S&P Capital IQ Consensus.
    07:37  TSCO Tractor Supply names Hal Lawton as President, Chief Executive Officer and a member of the Board, effective January 13 (95.72 )

    Lawton, who is currently President of Macy's, will succeed Tractor Supply's Chief Executive Officer Greg Sandfort, who previously announced his intent to retire. Sandfort will remain with the company through February 29, 2020, and then serve as advisor until August 31, 2020, to ensure a seamless transition. He will serve out his term on the Board until May 7, 2020.
    07:35  CYTK Cytokinetics announces presentation of new results from FORTITUDE-ALS (9.80 )

    The co announced that new results were presented at the 30th International Symposium on ALS/MND in Perth, Australia, including additional analyses from FORTITUDE-ALS (Functional Outcomes in a Randomized Trial of Investigational Treatment with CK-2127107 to Understand Decline in Endpoints -- in ALS), the Phase 2 clinical trial of reldesemtiv in patients with amyotrophic lateral sclerosis (ALS). Among the post-hoc analyses presented were results of subgroup analyses describing the effect of reldesemtiv with and without use of Radicava (edaravone) and/or Rilutek (riluzole) and the interaction between quality of life and depression in the placebo group. In collaboration with Astellas, Cytokinetics is developing reldesemtiv, a fast skeletal muscle troponin activator (FSTA), as a potential treatment for people with SMA and certain other debilitating diseases and conditions associated with skeletal muscle weakness and/or fatigue.

    • The results of FORTITUDE-ALS, presented earlier this year at the American Academy of Neurology Annual Meeting, showed that the trial did not achieve statistical significance for a pre-specified dose-response relationship in the primary endpoint of change from baseline in slow vital capacity (SVC) after 12 weeks of dosing (p=0.11). However, patients on all dose groups of reldesemtiv declined numerically less than patients on placebo for SVC and ALS Functional Rating Scale-Revised (ALSFRS-R), with larger differences emerging over time. In this post-hoc subgroup analysis of all dose groups combined and compared to placebo, reldesemtiv demonstrated a similar effect on SVC, ALSFRS-R and muscle strength by hand held dynamometry (HHD) at 12 weeks whether or not patients were being treated with edaravone and/or riluzole. The majority of patients received riluzole alone (56.5%), 4.2% were receiving edaravone alone, and 20.6% were receiving both.
    • In FORTITUDE-ALS, patients completed measurements of quality of life (QoL) and depression at screening, Day 1, Weeks 2, 4, 8, 12, and at follow-up, 4 weeks after the last dose of double-blind study drug. Patients completed the ALSAQ-5, a QoL instrument heavily weighted to function, which asks about the difficulty of standing, using arms, eating, speaking, and the feeling of hopelessness about the future, where higher scores represent worse QoL. Patients also completed the Beck Depression Inventory Fast Screen (BDI-FS), a scale in which patients choose the most accurate of four statements for seven topics including hopelessness and suicidal thoughts, where higher scores represent worsening depression. Results from 115 placebo patients were analyzed. Mean ALSAQ-5 and BDI-FS scores increased over time and were moderately correlated over time with an overall Spearman correlation coefficient of 0.54 (p < 0.0001), suggesting that as QoL declines in patients with ALS, depression worsens. Age, sex and site of onset were not related to change in depression, but depression scores increased at a slower pace in placebo patients using edaravone.
    07:33  MET MetLife to acquire PetFirst; terms not disclosed (48.66 )

    Founded in 2004, PetFirst currently administers insurance coverage on more than 40,000 pets. The acquisition will leverage MetLife's position as a market leader in U.S. group benefits by enabling the company to offer a new benefit that is growing in popularity. Since 2014, the annual growth rate for the pet insurance industry has been more than 20 percent.
    07:32  MOG.A Moog commences $400 mln offering of senior notes due 2027 (86.11 )

    Moog Inc. intends to use the net proceeds of the offering to redeem the $300.0 million aggregate principal amount outstanding on its 5.250% Senior Notes due 2022 and repay a portion of outstanding borrowings under its senior bank credit facility.
    07:31  TW Tradeweb Markets reports November ADV of $693 bln, +22% Y/Y (44.69 )

     
    07:30  SUMRX European Markets Update: DAX +0.1%, FTSE -0.2%, CAC +0.7%

    Major European indices trade mostly higher with France's CAC (+0.7%) showing relative strength. Eurogroup chief, Mario Centeno, said that a reform of the European Stability Mechanism has been agreed to in principle, and is expected to be formalized in Q1. The Eurogroup also agreed to prohibit private digital currencies like Facebook's Libra from being used in the EU until there is more clarity on risks associated with their use.

    • In economic data:
      • Eurozone's October Retail Sales -0.6% m/m (expected -0.3%; last -0.2%); +1.4% yr/yr (expected 2.2%; last 2.7%). Q3 GDP +0.2% qtr/qtr, as expected (last 0.2%); +1.2% yr/yr, as expected (last 1.2%). Q3 Employment Change +0.1% qtr/qtr, as expected (last 0.2%); +0.9% yr/yr (expected 1.0%; last 0.9%)
      • Germany's October Factory Orders -0.4% m/m (expected 0.3%; last 1.5%)
      • Spain's October Industrial Production -1.3% yr/yr (expected -0.5%; last 0.8%) and November Consumer Confidence 77.4 (last 73.3)

    ---Equity Markets---

    • STOXX Europe 600: +0.4%
    • Germany's DAX: +0.1%
    • U.K.'s FTSE 100: -0.2%
    • France's CAC 40: +0.7%
    • Italy's FTSE MIB: +0.4%
    • Spain's IBEX 35: +0.4%

    ---FX---

    • EUR/USD: +0.2% to 1.1094
    • GBP/USD: +0.3% to 1.3137
    • USD/CHF: UNCH at 0.9879
    07:25  S&P futures vs fair value: +9.90. Nasdaq futures vs fair value: +33.80.

    07:25  BP BP to increase ownership in Lightsource BP (37.06 )

    The management of Lightsource BP and BP have agreed to equalise their shareholdings in Lightsource BP to create a simplified 50:50 joint venture structure. As part of the transaction, BP will purchase newly-issued equity in the business to help accelerate Lightsource BP's growth, supporting its ambitious drive towards 10GW of developed assets by the end of 2023. In December 2017, BP acquired 43% of Lightsource which was subsequently rebranded to Lightsource BP. Today, BP has agreed to purchase additional equity in Lightsource BP to become an equal partner in the business with the balance of shares continuing to be held by management and staff.
    07:10  WIRES On The Wires

    • AstraZeneca (AZN) and Merck (MRK) announced that the companies have received marketing authorization from China's National Medical Products Administration (NMPA) for LYNPARZA as a first-line maintenance treatment of adult patients with newly diagnosed advanced germline or somatic BRCA-mutated (gBRCAm or sBRCAm) epithelial ovarian, fallopian tube or primary peritoneal cancer who are in complete or partial response to first-line platinum-based chemotherapy.
    • Aptinyx Inc. (APTX) announced the initiation of a Phase 2 clinical study of its novel NMDA receptor modulator, NYX-458, for the treatment of mild cognitive impairment associated with Parkinson's disease. The company expects to report top-line data from the 135-patient Phase 2 study in the second half of 2021.
    • As a result of the Supervisory Review and Evaluation Process (SREP) carried out by the European Central Bank (ECB), BBVA (BBVA) has received a communication from the ECB that includes the requirement for BBVA to maintain, from January 1, 2020 on a consolidated basis, a CET1 capital ratio of 9.27% and a total capital ratio of 12.77%.
    • ViiV Healthcare, the global specialist HIV company majority owned by GSK (GSK), with Pfizer (PFE) and Shionogi Limited as shareholders, completed submission of a New Drug Application (NDA) to the US Food and Drug Administration (FDA) seeking approval of fostemsavir, an investigational, first-in-class attachment inhibitor for the treatment of HIV-1 infection.
    • Bayer (BAYRY) announced that it has entered into a three-year collaboration agreement with Children's Hospital of Philadelphia (CHOP) for the discovery and development of small molecules (SMOLs) to develop a first-in-class oral non-replacement therapy (NRT) for the treatment of hemophilia A and B. The partnership will combine CHOP's expertise in hemophilia and coagulation and Bayer's research capabilities.
    07:09  KIRK Kirklands misses by $0.08, beats on revs; lowers FY20 EPS below estimate; Q3 comps -6.4% (1.33 )

    • Reports Q3 (Oct) loss of $0.58 per share, $0.08 worse than the single analyst estimate of ($0.50); revenues fell 6.3% year/year to $144.9 mln vs the $137.17 mln single analyst estimate.
    • Comparable store sales, including e-commerce sales, decreased 6.4% compared to an increase of 1.4% in the prior-year quarter. The decline in comparable store sales for the quarter was driven by a decline in store sales partially offset by an increase in e-commerce sales. Store sales were impacted by negative store traffic, which was partially offset by an improvement in conversion. E-commerce sales were driven by gains in traffic and conversion, partially offset by a decline in average ticket.
    • Co issues lowered guidance for FY20, sees EPS of ($2.00) - ($1.75) from ($1.50) - ($1.25) vs. ($1.39) single analyst estimate.
    07:08  PDCO Patterson Companies beats by $0.04, reports revs in-line; raises FY20 EPS guidance (20.23 )

    • Reports Q2 (Oct) earnings of $0.39 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.35; revenues rose 1.0% year/year to $1.42 bln vs the $1.42 bln S&P Capital IQ Consensus.
    • Patterson recently reached an agreement in principle with the USAO-WDVA that the Company understands will resolve the government's investigation into Animal Health International's sales of prescription animal health products to certain persons and/or locations not licensed to receive them, and other non-compliant licensing, dispensing, distribution and related sales processes disclosed by the Company during the investigation. Patterson continues to cooperate fully with the government, in addition to conducting its own internal, company-wide investigation into licensing, dispensing, distribution and related sales practices and shared its findings with the government. Patterson's investigation resulted in modifications of the Company's processes that are designed to drive compliance with relevant regulations.
    • Co raises guidance for FY20, sees EPS of $1.36-1.46 (Prior $1.33-1.43), excluding non-recurring items, vs. $1.37 S&P Capital IQ Consensus.
    07:07  SCWX SecureWorks beats by $0.04, beats on revs; guides Q4 EPS above consensus, revs above consensus (11.24 )

    • Reports Q3 (Oct) earnings of $0.01 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of ($0.03); revenues rose 6.2% year/year to $141.33 mln vs the $136.12 mln S&P Capital IQ Consensus.
      • Non-GAAP gross margin was 59.2 percent compared with 56.0 percent in the third quarter of fiscal 2019.
      • Adjusted EBITDA was $5.8 million, compared with $8.6 million in the third quarter of fiscal 2019.
    • Co issues upside guidance for Q4, sees EPS of ($0.01)-$0.00, excluding non-recurring items, vs. ($0.03) S&P Capital IQ Consensus; sees Q4 revs of $138-140 mln vs. $137.07 mln S&P Capital IQ Consensus.
    07:05  MIK Michaels Stores misses by $0.09, misses on revs; guides Q4 EPS below consensus (7.22 )

    • Reports Q3 (Oct) earnings of $0.40 per share, excluding non-recurring items, $0.09 worse than the S&P Capital IQ Consensus of $0.49; revenues fell 4.1% year/year to $1.22 bln vs the $1.26 bln S&P Capital IQ Consensus.
      • The decrease in net sales was primarily due to a 2.2% decrease in comparable store sales, the closure of our Pat Catan's stores during the fourth quarter of 2018, and a decrease in wholesale revenue. The decrease was partially offset from sales related to 18 additional Michaels stores (net of closures) since the end of the third quarter of fiscal 2018.
      • Gross profit was 36.1% of net sales in the third quarter of fiscal 2019 compared to 37.6% in the third quarter of fiscal 2018. The 150 basis point decrease was primarily due to a decrease in merchandise margin and the deleveraging of occupancy and distribution related costs, partially offset by a decrease in inventory reserves.
    • Co issues downside guidance for Q4, sees EPS of $1.21-1.27, excluding non-recurring items, vs. $1.42 S&P Capital IQ Consensus.
      • Comparable store sales to be down 2%-3% reflecting current business trends, a shorter holiday selling season in the fourth quarter, and a potential negative impact from the liquidation of A.C. Moore retail locations.
      • Adjusted operating income to be between $271 million and $281 million.
    07:04  DG Dollar General beats by $0.04, beats on revs; guides FY20 EPS in-line; Q3 comps +4.6%; raises FY20 EPS, revenue, and comp guidance (153.55 )

    • Reports Q3 (Oct) earnings of $1.42 per share, $0.04 better than the S&P Capital IQ Consensus of $1.38; revenues rose 8.9% year/year to $6.99 bln vs the $6.89 bln S&P Capital IQ Consensus.
    • Same-Store Sales Increased 4.6%
    • Co issues raised guidance for FY20, sees EPS of $6.55-6.65 from $6.45-6.60 vs. $6.61 S&P Capital IQ Consensus. Other Guidance: Net sales growth in the low 8% range, compared to its previous expectation of approximately 8% (Capital IQ Consensus =8%). Same-store sales growth in the mid-to-high 3% range, compared to its previous expectation in the low-to-mid 3% range Operating profit growth of approximately 6% to 8%, compared to its previous range of approximately 5% to 7%.
    • The financial guidance includes the anticipated impact of previously implemented tariff rates on certain products imported from China, and the additional tariffs expected to become effective on December 15, 2019. The guidance also assumes that the Company can successfully mitigate, absorb, or otherwise offset the impact of these tariffs. The guidance does not contemplate any additional increases in tariff rates, any expansion of additional products subject to tariffs, or any tariff-related impacts to broader consumer spending.
    • For the 52-week fiscal year ending January 29, 2021, the Company plans to execute nearly 2,600 real estate projects, including 1,000 new store openings, 1,500 mature store remodels, and 80 store relocations.
    07:03  DHXM DHX Media to voluntarily delist its common voting shares and variable voting shares from NASDAQ (1.23 )

     
    07:03  SCANX Early premarket gappers

    • Gapping up: AUPH +129.7%, EXPR +18.7%, ALNA +12.6%, TLYS +10.1%, SESN +7.5%, VRNT +6.9%, CMTL +6%, FIVE +5.9%, PCG +5.6%, DG +5.1%, POWL +4.9%, WORK +4.4%, PGNY +4.4%, ASIX +3.8%, CBL +3%, SPWH +3%, MNK +2.8%, SIG +2.2%, SY +1%
    • Gapping down: HOME -39.5%, JILL -18.6%, ESTC -13.4%, OMER -12.4%, ARDX -8.1%, PIRS -7.4%, DSGX -6%, SNPS -3.3%, WHF -3.2%, EVRI -3%, RC -2.8%, GDS -1.7%, AMTD -0.6%
    07:02  CATO Cato reported sales for the four weeks ended November 30, 2019 of $59.0 million, down 1% Y/Y (18.55 )

    Same-store sales for the month increased 2%. Sales for the forty-three weeks ended November 30, 2019 were $686.8 million, flat compared to sales of $690.2 million for the forty-three weeks ended December 1, 2018.
    07:02  REGN Regeneron Pharma announces top-line data from pozelimab (REGN3918) Phase 2 clinical program in paroxysmal nocturnal hemoglobinuria (369.97 )

    The co announced top-line data from the pozelimab (REGN3918) Phase 2 clinical program in paroxysmal nocturnal hemoglobinuria (PNH), validating the weekly 800 mg subcutaneous (SC) dosing regimen, following an initial intravenous loading dose. Pozelimab reduced the abnormal destruction of red blood cells, otherwise known as "hemolysis," with patients in the initial cohort achieving normal levels of a blood biomarker of elevated hemolysis called lactate dehydrogenase (LDH).

    • Pozelimab is a VelocImmune-derived fully-human monoclonal antibody that blocks the pathway leading to red blood cell hemolysis, which was designed to reduce LDH levels and the occurrence of breakthrough hemolysis, using a self-administered subcutaneous regimen. All 6 patients in the initial treatment cohort treated with pozelimab experienced rapid and sustained reductions in LDH up to week 8. By week 2, LDH was reduced to <1.5 times the upper limit of normal (ULN) in all patients, and at the pre-specified week 8 evaluation timepoint, the mean LDH level was 0.74 (x ULN); range: 0.62-0.91 (x ULN). One of these patients had a known C5 variant resistant to existing treatments.
    • In these 6 patients, no adverse events (AEs) were serious or led to discontinuation. At the cut-off date of the analyses, treatment-related AEs were reported in 3 patients (50%), including headache (n=2), injection site reaction (n=1), and nausea (n=1). One patient received a blood transfusion on day 50 due to underlying bone marrow dysfunction. In the earlier Phase 1 trial, the only serious AE was salpingitis in a single participant.
    07:01  LXRX Lexicon Pharma announces positive top-line data from the Phase 1 multiple ascending dose study of LX9211 development for the treatment of neuropathic pain (3.77 )

    • The study was comprised of five cohorts over a wide loading dose range of 25 mg to 200 mg followed by a maintenance dose for 14 days. LX9211 demonstrated a favorable safety and pharmacokinetics profile supportive of once-daily dosing and exhibited dose proportional pharmacokinetics. The most common adverse events were headache and dizziness, and there were no drug-related serious adverse events.
    • The company expects to initiate a proof-of-concept study for LX9211 early next year.
    07:00  MDRX Allscripts Healthcare prices $200 mln of its 0.875% convertible senior notes due 2027 (10.05 )

     
    07:00  SUMRX Asian Markets Close: Nikkei +0.7%, Hang Seng +0.6%, Shanghai +0.7%

    Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Prime Minister, Shinzo Abe, announced plans for a JPY13 trln fiscal stimulus package, in-line with what has been reported in recent days. South Korea's President, Moon Jae-in, said that South Korea's global network of free trade will be expanded to boost economic growth. Nissan's workers in the U.S. will be placed on a two-day furlough due to weak sales. The spokesman for China's Ministry of Commerce said that the two sides are in close contact on trade and that tariffs should be reduced if a partial trade deal is agreed upon. The Reserve Bank of India left its repurchase rate and reverse repurchase rate at their respective 5.15% and 4.90% despite expectations for a 25-bps cut.

    • In economic data:
      • Australia's October Retail Sales 0.0% m/m (expected 0.3%; last 0.2%). October trade surplus AUD4.50 bln (expected surplus of AUD6.10 bln; last surplus of AUD7.18 bln). October Imports 0% m/m (last 3%) and Exports -5% m/m (last 3%)
      • South Korea's Current Account surplus AUD7.83 bln (expected surplus of AUD7.47 bln; last surplus of AUD7.48 bln)

    ---Equity Markets---

    • Japan's Nikkei: +0.7%
    • Hong Kong's Hang Seng: +0.6%
    • China's Shanghai Composite: +0.7%
    • India's Sensex: -0.2%
    • South Korea's Kospi: -0.4%
    • Australia's ASX All Ordinaries: +1.1%

    ---FX---

    • USD/JPY: UNCH at 108.88
    • USD/CNH: -0.2% to 7.0401
    • USD/INR: -0.3% to 71.27
    06:58  BKE Buckle reports November comps -1.6%, net sales -1.8% to $79.8 mln (27.39 )

    Due to the later Thanksgiving holiday this year, Cyber Monday shifted from fiscal November in 2018 to fiscal December in 2019. The reduction in online sales for the fiscal month due to this shift negatively impacted both total and comparable store net sales. Excluding online sales, brick and mortar comparable store net sales for the 4-week period ended November 30, 2019 increased 2.4 percent from brick and mortar comparable store net sales for the 4-week period ended December 1, 2018.
    06:57  S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +33.90.

    06:57  European Markets

    FTSE...7186.75...-1.80...0.00%.  DAX...13181.21...+40.60...+0.30%.
    06:57  Asian Markets

    Nikkei...23300...+164.90...+0.70%.  Hang Seng...26217...+154.50...+0.60%.
    06:57  SIG Signet Jewelers beats by $0.33, beats on revs; guides Q4 EPS in-line, revs below consensus; guides FY20 EPS above consensus, revs in-line (16.65 )

    • Reports Q3 (Oct) loss of $0.76 per share, $0.33 better than the S&P Capital IQ Consensus of ($1.09); revenues fell 0.3% year/year to $1.19 bln vs the $1.14 bln S&P Capital IQ Consensus.
      • Q3 Same store sales up 2.1%
    • Co issues guidance for Q4, sees EPS of $3.01-3.16 vs. $3.16 S&P Capital IQ Consensus; sees Q4 revs of $2.03-2.07 bln vs. $2.08 bln S&P Capital IQ Consensus.
      • Q4 Same store sales down 4.0% - down 2.0%
    • Co issues guidance for FY20, sees EPS of $3.11-3.29 vs. $2.91 S&P Capital IQ Consensus; sees FY20 revs of $6.01-6.05 bln vs. $6.02 bln S&P Capital IQ Consensus.
    06:55  FAST Fastenal reports November net sales +0.7% yr/yr to $413.08 mln; daily sales +5.7% yr/yr to $20.65 mln (35.06 )

     
    06:53  TD Toronto-Dominion Bank misses by CC$0.15, beats on revs (57.32 )

    • Reports Q4 (Oct) earnings of CC$1.59 per share, excluding non-recurring items, CC$0.15 worse than the S&P Capital IQ Consensus of CC$1.74; revenues rose 2.0% year/year to CC$10.34 bln vs the CC$10.08 bln S&P Capital IQ Consensus.
    06:49  EXPR Express beats by $0.06, beats on revs; guides Q4 EPS above consensus; Q3 comps -5% (3.91 )

    • Reports Q3 (Oct) loss of $0.03 per share, $0.06 better than the S&P Capital IQ Consensus of ($0.09); revenues fell 5.1% year/year to $488.5 mln vs the $483.25 mln S&P Capital IQ Consensus.
    • Co issues upside guidance for Q4, sees EPS of $0.16-0.21 vs. $0.12 S&P Capital IQ Consensus. Co sees Q4 comp sales decline of 1-3% vs a decline of 6% in the same quarter as last year.
    • Comparable retail sales, which includes both Express stores and e-commerce, decreased 5% compared to the third quarter of 2018. In total, retail sales decreased to $356.8 mln from $388.8 mln in the third quarter of 2018. Comparable outlet sales decreased 5% versus the third quarter of 2018. In total, outlet sales increased to $114.1 mln from $108.4 mln in the third quarter of 2018.
    • "While we are certainly not satisfied with our results, sequential improvement over the last two quarters, and throughout the third quarter is compelling evidence that the immediate changes we have been able to make to our product, merchandising and marketing approach are resonating with customers," said Tim Baxter, Chief Executive Officer. 
    06:47  LMPX LMP Automotive (Nasdaq) prices upsized 2.3 mln share IPO (from 2.09 mln shares) at $5.00, the low-end of the expected $5.00-6.00 range

     
    06:46  TIF Tiffany &amp; Co misses by $0.20, misses on revs (133.72 )

    • Reports Q3 (Oct) earnings of $0.65 per share, $0.20 worse than the S&P Capital IQ Consensus of $0.85; revenues rose 0.2% year/year to $1.01 bln vs the $1.04 bln S&P Capital IQ Consensus.
      • Q3 comparable sales were unchanged from the prior year; on a constant-exchange-rate basis, net sales and comparable sales increased 1% from the prior year. 
      • Worldwide net sales and comparable sales, excluding the Hong Kong market in both years, increased by 4% and 3%, respectively, from the prior year.
      • The effect of foreign currency translation was not significant.
    • Briefing note, on Nov 25, Tiffany & Co confirmed agreement to be acquired by LVMH (LVMUY) for $135/share in cash, or approximately $16.2 bln.
    06:42  EVOP EVO Payments announces proposed underwritten offering of 4.5 mln shares of its Class A common stock (27.76 )

    The Company intends to use all of the net proceeds received by the Company from the sale of shares of its Class A common stock in the proposed offering to purchase LLC interests in EVO Investco, LLC ("EVO LLC") and an equivalent number of shares of the Company's Class B common stock (which shares will then be cancelled) from Blueapple, Inc., as well as LLC interests in EVO LLC and an equivalent number of shares of the Company's Class D common stock (which shares will then be cancelled) from entities affiliated with Madison Dearborn Partners, LLC.
    06:37  WIRES On The Wires

    • Genmab A/S (GMAB) announced that it has achieved a USD 100 million sales volume milestone in its DARZALEX (daratumumab) collaboration with Janssen Biotech, Inc. The milestone was triggered by confirmation from Janssen that sales of DARZALEX reached USD 2.5 billion in a calendar year. In August 2012, Genmab granted Janssen an exclusive worldwide license to develop, manufacture and commercialize DARZALEX.
    • Centene Corporation (CNC) and WellCare Health Plans, Inc. (WCG) announced that the Illinois Department of Insurance, the New Jersey Department of Banking and Insurance and the New Jersey Division of Medical Assistance and Health Services have each approved Centene's indirect pending acquisition of WellCare domestic insurers in those respective states. Completion of the transaction remains subject to clearance under the Hart-Scott-Rodino Act, approval of the divestitures of legal entities in the states of Illinois and Nebraska, and other customary closing conditions.
    • Enzyre, which is developing breakthrough ambulant diagnostic technology for coagulation testing, today announced that it has entered into a research collaboration agreement with Takeda Pharmaceutical (TAK) to develop a diagnostic device that will enable hemophilia patients to determine their coagulation status at home.
    • BRF S.A. (BRFS) communicates to its shareholders and to the market in general, in connection with the complaint presented by the Federal Prosecutor regarding the Trapaa Operation involving eleven individuals, that it is collecting the details contained in the referred complaint. There are no current members of the administration, officers or executives in management position of the Company reported in the complaint. Among those eleven individuals, ten no longer work for BRF and the only employee that remains in the Company has been preventively granted leave.
    • Eli Lilly and Company (LLY) announced new leadership and strategic direction in oncology R&D, combining the Lilly Research Laboratories (LRL) oncology organization and Loxo Oncology, which was acquired by Lilly in early 2019. The new organization, named Loxo Oncology at Lilly, will be led jointly by Josh Bilenker, M.D., Jacob Van Naarden, and Nisha Nanda, Ph.D., and will report into Daniel Skovronsky, M.D., Ph.D., Lilly's chief scientific officer and president of Lilly Research Laboratories. Lilly today also announced that David Hyman, M.D. will join the leadership team as chief medical officer of the new organization, beginning in January 2020. Dr. Hyman currently serves as chief of the Early Drug Development Service at Memorial Sloan Kettering Cancer Center.
    06:32  SAGE SAGE Therapeutics reports top-line results from pivotal Phase 3 MOUNTAIN Study evaluating the effect of SAGE-217 on depressive symptoms in adults with major depressive disorder; study did not meet primary endpoint at Day 15 (149.21 )

    The MOUNTAIN Study did not meet its primary endpoint of a statistically significant reduction from baseline compared to placebo in the 17-item Hamilton Rating Scale for Depression (HAM-D) total score at Day 15. SAGE-217 30 mg, given once-daily as an oral treatment, was associated with a mean reduction of 12.6 in HAM-D total score compared to 11.2 for placebo (p=0.115). Patients in the SAGE-217 30 mg group achieved statistically significant reductions in the HAM-D total score at Days 3, 8 and 12 (p less than or equal to 0.018 for each timepoint). The SAGE-217 development program includes five other pivotal studies, two of which have reported positive data, one in MDD and one in postpartum depression (PPD), and three of which are ongoing.

    • Post-hoc analysis revealed that in the MOUNTAIN Study, approximately 9% of patients in the SAGE-217 30 mg group had no measurable drug concentration, consistent with non-compliance in taking SAGE-217. Excluding these patients from the primary analysis set (SAGE-217 30 mg vs. placebo) resulted in statistical significance at all timepoints through, and including, Day 15 (p< or =0.048).
    • The study enrolled more patients with an overall distribution of milder severity of symptoms than previous studies of SAGE-217. When including only patients with a HAM-D> or =24 (n=124 for SAGE-217 30 mg), a post-hoc analysis demonstrated statistical significance at all timepoints through, and including, Day 15 (p< or =0.032). Analyses utilizing a HAM-D cutoff of 25 or 26 were also statistically significant.
    • SAGE-217 was generally well-tolerated and showed a similar safety profile as seen in earlier studies. Overall reports of adverse events (AEs) during the 14-day treatment period and 28-day follow-up were similar between SAGE-217 and placebo (30 mg 54.2%, 20 mg 50.0%, placebo 48.9%). The most common AEs (> or =5%) in either SAGE-217 group were headache, dizziness, somnolence, fatigue, diarrhea, sedation and nausea.
    06:20  CM CIBC misses by CAD 0.22, reports revs in-line (86.98 )

    • Reports Q4 (Oct) earnings of CAD 2.84 per share, CAD 0.22 worse than the S&P Capital IQ Consensus of CAD 3.06; revenues rose 7.2% year/year to CAD 4.77 bln vs the CAD 4.76 bln S&P Capital IQ Consensus.
    • CIBC's capital ratios were strong, with a Basel III CET1 ratio of 11.6% as noted above, and Tier 1 and Total capital ratios of 12.9% and 15.0%, respectively, at October 31, 2019.
    06:17  WIRES On The Wires

    • Scientific Games (SGMS) announced the Ohio Lottery Commission has awarded the Company a new four-year contract for its Scientific Games Enhanced Partnership to manage all aspects of its instant "Scratch Off" games. The new partnership expands Scientific Games' services to the Ohio Lottery to include game development, portfolio management, inside sales, advanced logistics for warehousing and distribution, and retailer optimization that includes the deployment of the Company's SCiQ intelligent instant game eco-system to 300 retailers.
    • Wizz Air has selected Sabre Corporation (SABR) as a strategic partner to enhance its network planning and scheduling technology. With this new agreement, Wizz Air joins a portfolio of more than 80 airlines that have implemented Sabre's leading technology to optimize complex schedule and slot management processes.
    • TELUS Corporation (TU), through TELUS International, a customer experience innovator that designs, builds and delivers next-generation digital solutions for global brands, announced that it has agreed to acquire privately-owned Competence Call Center, a leading provider of higher-value-added business services with a focus on customer relationship management and content moderation, for ~915 million (~ CAD1.3 billion) consisting of debt and equity, subject to customary closing adjustments.
    06:17  NJR NJ Resources prices underwritten public offering of 5.7 mln shares of its common stock at a price per share of $41.25 (42.54 )

     
    06:16  CCC Clarivate Analytics upsizes offering by 7.2 mln shares and prices 43.2 mln shares of common stock at $17.25 per share (17.54 )

     
    06:16  IMMU Immunomedics prices underwritten public offering of 14,285,715 shares of its common stock at a public offering price of $17.50 per share (18.01 )

     
    06:15  ACAD ACADIA Pharmaceuticals presents positive top-line results from pivotal phase 3 Harmony trial of pimavanserin in patients with dementia-related psychosis at 12th Clinical Trials on Alzheimer's Disease; pimavanserin met the primary endpoint (44.28 )

    • Pimavanserin met the primary endpoint of the study and was stopped at the pre-planned interim analysis by significantly reducing risk of relapse of psychosis by 2.8 fold compared to placebo (HR = 0.353; one-sided p=0.0023). In addition, pimavanserin met the key secondary endpoint by significantly reducing risk of discontinuation for any reason by 2.2 fold (HR = 0.452; one-sided p=0.0024).
    • Pimavanserin was well-tolerated over the entire 9-month study duration. Patients receiving pimavanserin treatment had no worsening in cognition, as measured by the Mini-Mental State Examination (MMSE) score, from baseline and no worsening of motor symptoms, as measured by the Extrapyramidal Symptom Rating Scale A-score (ESRS-A), from baseline. In the double-blind period, low rates of adverse events were observed, 41.0% of patients on pimavanserin and 36.6% on placebo.
    06:15  MLND Millendo Therapeutics prices underwritten public offering of 4,166,667 shares of its common stock at a public offering price of $6.00 per share (7.76 )

     
    06:15  TUFN Tufin Software prices upsized secondary public offering of 4,279,882 ordinary shares at a public offering price of $17.00 per share (17.63 )

     
    06:14  LGIH LGI Homes reports November closings increased 49.6% yr/yr to to 748 homes (72.50 )

     
    06:13  RC Ready Capital prices underwritten public offering of 6 mln shares of common stock for total estimated gross proceeds of approximately $93.48 mln (15.90 )

     
    06:12  ARDX Ardelyx prices public offering of 20 mln shares of its common stock at a public offering price of $6.25 per share (6.82 )

     
    06:11  BTE Baytex Energy Trust appoints new Chairman; approves 2020 capital budget (1.09 )

    • Co announces that its Board of Directors has approved a 2020 capital budget of $500-575 mln, which is designed to generate average annual production of 93,000 to 97,000 boe/d (2020 guidance).
    • The Board of Directors also announced the appointment of Mark Bly as Chairman. Bly joined the board in 2017 and in March 2019 was appointed Lead Independent Director and Chair of the Human Resources and Compensation Committee.
    06:11  SY So-Young International misses by RMB 0.33, misses on revs; guides Q4 revs below consensus (12.47 )

    • Reports Q3 (Sep) earnings of RMB 0.29 per share, excluding non-recurring items, RMB 0.33 worse than the two analyst estimate of RMB 0.62; revenues rose 79.7% year/year to RMB 302.4 mln vs the RMB 305.93 mln S&P Capital IQ Consensus.
    • Average mobile MAUs were 3.42 million, an increase of 143.8% from 1.40 million in the third quarter of 2018.
    • Co issues downside guidance for Q4, sees Q4 revs of RMB 320-340 mln vs. RMB 340.51 mln S&P Capital IQ Consensus.
    06:09  NIO NIO reports November deliveries of 2,528 vehicles (2.42 )

    • NIO delivered 2,528 vehicles in November, maintaining the momentum achieved in October and representing the fourth consecutive month of delivery growth. The deliveries consisted of 2,067 ES6s, the company's 5-seater high-performance premium electric SUV, and 461 ES8s, the company's 7-seater high-performance premium electric SUV and its 6-seater variant. As of November 30, 2019, aggregate deliveries of the company's ES6 and ES8 reached 28,743 vehicles, of which 17,395 vehicles were delivered in 2019.
    • "In November, we achieved another month of solid delivery results as we expanded our sales network by adding more NIO Spaces. By the end of November, NIO and our partners successfully opened 37 NIO Spaces in total. Together with 21 NIO Houses, we have expanded our sales network coverage to 41 cities," said William Li, founder, chairman, and CEO of NIO. "Our strong sales performance was also attributable to the competitiveness of our ES6 among all premium electric SUVs and the passionate endorsement by our existing users. In addition, our ES8 sales started to rebound from the recent soft patch, improving more than 50% month-over-month in November. As we continue to build more cost-effective NIO Spaces and improve the performance of the existing ones, we are confident in our deliveries going forward."
    06:08  OR Osisko Gold Royalties' President steps down; appoints Sandeep Singh as President (8.88 )

    • The company announced that Bryan Coates will step down as President of the company, effective December 31, and that Sandeep Singh will be appointed as the new President.
      • Mr. Singh is leaving his role at Maxit Capital, where he was the co-founder and Managing Partner since its formation in 2013.
    06:05  OMAB Grupo Aeroportuario reports November 2019 passenger traffic increased 6.4% yr/yr (52.85 )

     
    06:04  KLXE KLX Energy Services misses by $0.28, misses on revs (5.28 )

    • Reports Q3 (Oct) loss of $0.22 per share, excluding non-recurring items, $0.28 worse than the single analyst estimate of $0.06; revenues fell 18.4% year/year to $134.5 mln vs the $161.2 mln single analyst estimate.
    • Co said, "We expect customer activity to decline further in the fourth quarter due to continued intense focus by our E&P customers on free cash flow, as well as budget exhaustion and seasonal issues. While we expect to begin to realize the benefit of our third quarter cost reduction actions early in the fourth quarter, we are also recruiting additional experienced coiled tubing personnel to join the Company in the fourth quarter as we have begun to receive and deploy our five new large diameter coiled tubing spreads. The coiled tubing start-up costs related to the deployment of these five new spreads are expected to be a drag on our fourth quarter earnings. We expect to have all 13 of our large diameter coiled tubing spreads in operation by the end of the first quarter of 2019."
    06:04  ERIC Ericsson responds to reports it's near a settlement to end previously announced DOJ &amp; SEC probes (9.26 )

    • As previously disclosed, Ericsson is in discussions with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) regarding the resolution of their investigations of the Company's compliance with the U.S. Foreign Corrupt Practices Act (FCPA). In light of recent media coverage about the resolution of the investigations the Company will not comment other than to confirm that the provision of USD 1.2 bln is still its current estimate of the amounts needed to cover the monetary sanctions, plus other related costs, as announced on September 26, 2019.
    • Late yesterday, Bloomberg reported that the company was near a settlement to resolve these previously disclosed matters for more than $1 bln.
    06:02  GMS GMS beats by $0.01, reports revs in-line (29.34 )

    • Reports Q2 (Oct) earnings of $1.00 per share, $0.01 better than the S&P Capital IQ Consensus of $0.99; revenues rose 3.4% year/year to $861.9 mln vs the $860.95 mln S&P Capital IQ Consensus.
    06:01  NVS Novartis AG expects to sustain long-term growth with a robust pipeline of 25+ potential blockbusters highlighted at R&amp;D Day (91.56 )

    • Uniquely positioned with global scale, focus on innovative medicines, diversification across therapeutic areas and exposure to cutting-edge platforms.
    • 60 projects in Phase 2 pipeline with 10+ advancing into Phase 3 or pivotal trials each year in 2020 and 2021; over 90% projected to be first-in-class or first-in-indication.
    • Emerging assets address areas of high unmet need including iscalimab in transplant and Sjgren's syndrome, LNP023 in renal diseases and PNH, MBG453 in MDS, and TQJ230 in cardiovascular risk reduction.
    • Expected near-term launches include ofatumumab in relapsing MS, fevipiprant in asthma, radioligand therapy Lu-PSMA-617 in prostate cancer, Adakveo in sickle cell disease and canakinumab in lung cancer.
    06:01  AZN AstraZeneca: Lynparza approved in China as a 1st-line maintenance therapy in BRCA-mutated advanced ovarian cancer

    Co announced that the companies have received marketing authorisation from China's National Medical Products Administration for Lynparza as a 1st-line maintenance treatment of adult patients with newly diagnosed advanced germline or somatic BRCA mutated (gBRCAm or sBRCAm) epithelial ovarian, fallopian tube or primary peritoneal cancer who are in complete or partial response to 1st-line platinum-based chemotherapy.
    06:00  SUMRX Overnight Summary -- World markets take a productive turn from positive spin in trade talks

    • The global equity markets are off to a mostly higher start. The markets got a boost following a fresh reports that the US and China are in close contact, implying progress in trade talks. The S&P Futures are up about twelve points and trading around the 3123 area, just off the session high of 3124.25. This is well off the low set early on down at 3107.25.
    • In Asia, the Nikkei surged 0.7% after Shinzo Abe announced a $120 bln fiscal package. The news helped most segments move higher, but the materials sector saw the best gains with names like Nippon Steel and JFE holdings rising over 5% each. The Shanghai also posted a solid gain of 0.7% with the sentiment in the Mainland boosted by encouraging trade negotiation reports. 
    • European markets are not trading with the same gusto as the US and Asia. The sluggish tone seems to stem from mostly weaker than expected economic data in the region, headlined by German Factory Orders for October, which fell 0.4%, well below analyst expectations of +0.3%.

    Market Updates

    • S&P Futures vs Fair Value: +12.0
    • 10 yr Note: 1.78%
    • USD/JPY: 108.97 +0.11
    • EUR/USD: 1.1091  +0.0013
    • Europe: FTSE +0.1%  DAX -0.1%  CAC +0.5%
    • Asia: Hang Seng +0.6% Shanghai +0.7% Nikkei +0.7%
    • Gold (1479.40 -0.80) Silver (16.90 -0.02) Crude (58.37 -0.06)
    17:35  PLNT Planet Fitness entered into a $300 million accelerated share repurchase agreement with JPMorgan (72.95 -0.68)

    The Company will acquire shares under the ASR Agreement as part of its $500 million share repurchase authorization previously announced on November 20, 2019 (the "Share Repurchase Authorization"). As of December 4, 2019, before giving effect to the ASR Agreement, $500 million remained available for share repurchases pursuant to the Share Repurchase Authorization.
    17:29  AGN Allergan announces publication of Phase 3 ACHIEVE I results (186.66 +1.57)

    Positive results from ACHIEVE I (UBR-MD-01), a robust Phase 3 clinical trial evaluating the efficacy, safety, and tolerability of ubrogepant, have been published in the December 5th issue of The New England Journal of Medicine. The data from this second published pivotal trial reinforced that the acute treatment of migraine with ubrogepant, compared with placebo, led to significantly greater rates of pain freedom and freedom from the most bothersome migraine-associated symptom at two hours with both the 50 mg and 100 mg doses. If FDA-approved, ubrogepant would be the first available and approved small molecule, oral calcitonin gene-related peptide receptor antagonist for the acute treatment of migraine.
    17:26  LMRK Landmark Infrastructure Partners files for $750 mln mixed securities shelf offering (16.49 +0.34)

     
    17:14  PIRS Pieris Pharmaceuticals files for ~18 mln share common stock offering by holders (3.93 +0.03)

     
    17:11  SNPS Synopsys lower by 2.6% following earnings -- beats by $0.02, revs in-line; guides Q1 EPS / revs below consensus; guides FY20 EPS above, revs in-line (136.01 +0.80)

    • Reports Q4 (Oct) earnings of $1.15 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $1.13; revenues rose 7.0% year/year to $851.1 mln vs the $847.34 mln S&P Capital IQ Consensus.
    • Co issues downside guidance for Q1, sees EPS of $0.89-0.94, excluding non-recurring items, vs. $1.20 S&P Capital IQ Consensus; sees Q1 revs of $805-835 mln vs. $871.25 mln S&P Capital IQ Consensus.
    • Co issues guidance for FY20, sees EPS of $5.18-5.25, excluding non-recurring items, vs. $5.07 S&P Capital IQ Consensus; sees FY20 revs of $3.6-3.65 bln vs. $3.62 bln S&P Capital IQ Consensus.
    16:57  ARDX Ardelyx commences underwritten public offering of up to $80 mln of common stock (6.82 -1.23)

     
    16:46  GDS GDS Holdings proposes public offering of $250 mln ADSs (45.27 -1.03)

    GDS intends to use approximately US$190 million of the net proceeds from this offering to fund a portion of the cash consideration and assumed liabilities for the acquisition of three data centers at a campus located in Shunyi district, Beijing, which we refer to as Beijing 10, Beijing 11 and Beijing 12 and use the remaining net proceeds from this offering, or all of the net proceeds from this offering if the Acquisition is not consummated, to fund other land, building, and data center acquisitions and for general corporate purposes.
    16:37  UHT Universal Health increases quarterly dividend to $0.685/share from $0.68/share (119.07 -0.88)

     
    16:35  SESN Sesen Bio reports "successful" completion of CMC Type B pre-BLA meeting with FDA (1.20 -0.01)

    • Sesen Bio today reported the successful completion of a constructive Type B pre-BLA meeting with the FDA regarding the final Chemistry, Manufacturing and Controls (CMC) content of the company's Biologics License Application (BLA) for Vicinium. As previously announced, the company expects to initiate the submission of the BLA for Vicinium in December 2019.
    • Sesen Bio reached agreement with the FDA on the final content of the BLA and no further meetings were requested by the FDA at this time. The company also gained a clear understanding of the FDA's requirements for the process performance qualification campaign for bulk drug substance and drug product manufacturing. In addition, the company continues to work in partnership with the FDA to accelerate the timing of the Pre-License Inspection of the drug substance manufacturer, which is anticipated to expedite review of the BLA.
    16:34  RH RH beats by $0.48, reports revs in-line; increases long-term targets (205.62 +5.72)

    • Reports Q3 (Oct) earnings of $2.73 per share, excluding non-recurring items, $0.48 better than the S&P Capital IQ Consensus of $2.25; revenues rose 6.3% year/year to $676.7 mln vs the $676.54 mln S&P Capital IQ Consensus.
      • The Company's adjusted net income and adjusted diluted EPS benefited by $5.5M and $0.24, respectively, in the third quarter due to a lower tax rate of 13.7% versus the previous estimate based on a normalized tax rate of 21%.
    • We are projecting to generate free cash flow in the range of $350 to $360 million for 2019 and expect a ratio of net debt to trailing twelve month adjusted EBITDA of approximately 1.7 times at year end.
    • Regarding trade with China, we do not expect the current tariffs to impair our ability to achieve stated financial goals and the impact from the increased tariffs is embedded in our guidance for the year. We continue to receive pricing accommodations from vendors and have implemented price increases where necessary with little to no impact to our business.
    • We believe our Company remains undervalued and we will continue to evaluate share repurchases.
    • We expect our operating margin to expand at least 200 basis points in fiscal 2020 and now see a clear path to a 20% operating margin over the next several years. We expect to open five new Galleries and one Guesthouse in fiscal 2020. We also plan to open a minimum of 7 new Galleries in fiscal 2021.
    • We are increasing our long-term targets to:
      • Net revenue growth of 8% to 12%
      • Adjusted operating margins in the high teens to low twenties
      • Adjusted net income growth of 15% to 20%
      • Return on invested capital (ROIC) in excess of 50%
    16:34  NJR NJ Resources commences underwritten public offering of $235 mln of common stock (42.54 +0.51)

    NJR intends to use the net proceeds from the offering, and the net proceeds, if any, received upon the settlement of the forward sale agreements, to repay a portion of the borrowings under the bridge credit facility put in place to finance NJR's October 2019 Leaf River Energy Center acquisition and for general corporate purposes.
    16:33  ECL Ecolab increases quarterly cash dividend to $0.47/share from $0.46/share (183.88 -1.46)

     
    16:32  CSV Carriage Services to acquire assets of Oakmont Memorial Park &amp; Mortuary from StoneMor Partners L.P. (STON) for total purchase price of $33 mln in cash (26.49 +1.09)

    The business was founded in 1956 and serves the East Bay Area, including Oakland and many communities in Contra Costa County where Carriage Services has a group of funeral chapels. The company expects to close this transaction in early January 2020.
    16:27  WHF WhiteHorse Finance announces that stockholders affiliated with H.I.G. Capital plan to make a secondary public offering of shares of common stock (14.25 -0.01)

     
    16:25  COST Costco reports November comps +5.3%, impacted by Holiday calendar shift and website performance issues (296.52 +0.85)

    • November comps +4.8% ex-gas and FX; e-commerce -3.6%.
    • Q1 comps +4.3% or +5.0% ex-gas/FX.
    • E-commerce sales in November were negatively impacted by an estimated 20 percentage points, primarily due to Thanksgiving/Black Friday/Cyber Monday occurring a week later this year versus last year and, to a lesser extent, website performance issues experienced on the Company's U.S. and Canadian e-commerce websites on Thanksgiving Day and Black Friday. Total and comparable sales were negatively impacted by ~one and one-half percent.
    16:21  POWL Powell Inds beats by $0.18, beats on revs (39.56 -0.24)

    • Reports Q4 (Sep) earnings of $0.56 per share, $0.18 better than the S&P Capital IQ Consensus of $0.38; revenues rose 10.1% year/year to $148.5 mln vs the $139.04 mln S&P Capital IQ Consensus. The Company's backlog as of September 30, 2019 was $419 million, up 3% sequentially from $407 million as of June 30, 2019 and compared to $261 million at the end of last year's fourth quarter.
    • Michael Metcalf, Powell's Chief Financial Officer said, "As we exit fiscal 2019, based upon our current backlog level as well as our expectation of sustained inquiry activity across our core end markets, we anticipate that fiscal 2020 will generate a solid increase in revenue over fiscal 2019. With this, we intend to increase the level of internal investment in research and development in fiscal 2020 by double digits in order to drive future growth, while continuing to deliver overall business profitability."
    16:21  HRB H &amp; R Block beats by $0.07, misses on revs; reaffirms outlook (22.39 -0.21)

    • Reports Q2 (Oct) loss of $0.85 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of ($0.92); revenues rose 8.1% year/year to $161 mln vs the $162.9 mln S&P Capital IQ Consensus. 
    • Fiscal second quarter results were in line with expectations.
    • "We're well-positioned for success in the upcoming tax season and have reiterated our revenue growth and margin outlook for the fiscal year." Revenue +1.5-3.5%, EBITDA margin 24-26%.
    16:20  WRAPX Closing Stock Market Summary

    The S&P 500 rebounded 0.6% on Wednesday, as the market reacted positively to a Bloomberg report that suggested a trade deal with China is close to being reached despite the recent escalation in rhetoric. The Dow Jones Industrial Average (+0.5%), Nasdaq Composite (+0.5%), and Russell 2000 (+0.7%) rose alongside benchmark index. 

    Details were scant and the sources were anonymous, but the positive-sounding headline proved enough to catalyze today's positive bias. President Trump even said that talks are moving along nicely, which may have reinforced the good mood and helped the market overlook an ADP Employment Change Report and ISM Non-Manufacturing Index for November that missed expectations. 

    All 11 S&P 500 sectors had traded in the green, led by the energy sector (+1.6%), but a late fade into the close did knock the materials sector (-0.04%) into the red. Energy stocks rose in tandem with oil prices ($58.42, +2.29, +4.1%), which were boosted by news that OPEC+ is considering deeper production cuts. 

    Notable corporate leadership changes were also viewed favorably by shareholders. 

    Alphabet's (GOOG 1320.54, +25.26, +2.0%) CEO Larry Page and President Sergey Brin stepped down from management and ceded CEO duties to Sundar Pichai in addition to his current CEO role at Google. Expedia's (EXPE 105.56, +6.17, +6.2%) CEO Mark Okerstrom and CFO Alan Pickerill resigned at the board's request. 

    On the earnings front, Campbell Soup (CPB 48.47, +0.89, +1.9%) hit a 52-week high after it beat earnings expectations. Salesforce (CRM 156.43, -5.14, -3.2%) and Workday (WDAY 165.39, -8.11, -4.7%) both beat top and bottom-line estimates and provided decent guidance, but shares still finished noticeably lower. 

    U.S. Treasuries retreated after a big advance yesterday, driving yields higher in a curve-steepening trade. The 2-yr yield increased four basis points to 1.58%, and the 10-yr yield increased seven basis points to 1.78%. The U.S. Dollar Index declined 0.1% to 97.60.

    Reviewing Wednesday's economic data, which included the ISM Non-Manufacturing Index for November, the ADP Employment Change report for November, and the weekly MBA Mortgage Applications Index:

    • The ISM Non-Manufacturing Index decelerated to 53.9% in November (Briefing.com consensus 54.8%) from 54.7% in October. The dividing line between expansion and contraction is 50.0%, so the November reading connotes a sector that continues to run in an expansion mode.
      • The key takeaway from the report is that it was underpinned by accelerating growth in both the New Orders Index (to 57.1% from 55.6%) and the Employment Index (to 55.5% from 53.7%), which is not what one would expect to see if it was believed the economy was at a recession tipping point.
    • The ADP Employment Report for November showed an estimated 67,000 positions were added to private-sector payrolls. That was much weaker than the Briefing.com consensus estimate of 175,000.
    • The weekly MBA Mortgage Applications Index fell 9.2% following a 1.5% increase in the prior week.

    Looking ahead, investors will receive the Trade Balance report for October, the Factory Orders report for October, and the weekly Initial and Continuing Claims report on Thursday.

    • Nasdaq Composite +29.1% YTD
    • S&P 500 +24.2% YTD
    • Russell 2000 +19.7% YTD
    • Dow Jones Industrial Average +18.5% YTD
    16:19  AUPH Aurinia Pharma announces "positive" AURORA Phase 3 results demonstrating voclosporin superiority over standard of care in lupus nephritis (shares halted) (8.39 +0.41)

    • Aurinia Pharmaceuticals today announced positive efficacy and safety results from its pivotal AURORA Phase 3 trial of voclosporin, in combination with mycophenolate ("MMF") and low-dose corticosteroids, in the treatment of lupus nephritis ("LN").
    • This global study, in which 357 patients with active LN were enrolled, met its primary endpoint of Renal Response rates of 40.8% for voclosporin vs. 22.5% for the control (OR 2.65; p <0.001). Additionally, all pre-specified hierarchical secondary endpoints achieved statistical significance in favor of voclosporin, which included Renal Response at 24 weeks, Partial Renal Response at 24 and 52 weeks, time to achieve urinary protein-to-creatinine ratio less than or equal to 0.5, and time to 50% reduction in UPCR.
    • The robustness of the data was also supported by all pre-specified subgroup analyses (age, sex, race, biopsy class, region, and prior MMF use) favoring voclosporin.
    • Voclosporin was well tolerated with no unexpected safety signals. Serious adverse events were reported in 20.8% of voclosporin patients vs. 21.3% in the control arm. Infection was the most commonly reported SAE with 10.1% of voclosporin patients versus 11.2% of patients in the control arm. Overall mortality in the trial was low, with six deaths observed; one in the voclosporin arm and five in the control group. Additionally, the voclosporin arm showed no significant decrease at week 52 in estimated glomerular filtration rate or increase in blood pressure, lipids or glucose, which are common adverse events associated with legacy calcineurin inhibitors.
    • Voclosporin was granted Fast Track designation by the FDA in 2016. Aurinia plans to submit an NDA to the FDA in the first half of 2020.
    16:18  SMTC Semtech beats by $0.01, reports revs in-line; guides Q4 in-line (46.79 +1.05)

    • Reports Q3 (Oct) earnings of $0.41 per share, $0.01 better than the S&P Capital IQ Consensus of $0.40; revenues fell 18.8% year/year to $141 mln vs the $140.15 mln S&P Capital IQ Consensus. Distributor Point of Sale (POS) increased 8% sequentially and represented a new quarterly record.
    • Co issues in-line guidance for Q4, sees EPS of $0.33-0.39, excluding non-recurring items, vs. $0.39 S&P Capital IQ Consensus; sees Q4 revs of $130-140 mln vs. $138.04 mln S&P Capital IQ Consensus.
    16:18  WORK Slack beats by $0.06, beats on revs; guides Q4 EPS in-line, revs in-line (21.66 -0.91)

    • Reports Q3 (Oct) loss of $0.02 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of ($0.08); revenues rose 59.8% year/year to $168.7 mln vs the $156.14 mln S&P Capital IQ Consensus. 
    • Calculated Billings was $186.1 million, an increase of 47% year-over-year. Ended the quarter with over 105,000 Paid Customers, up 30% year-over-year. Net dollar retention rate was 134%. The number of Paid Customers with greater than $100,000 in annual recurring revenue was 821, up 67% year-over-year. The number of Paid Customers with greater than $1 million in annual recurring revenue exceeded 50 for the first time.
    • Co issues in-line guidance for Q4, sees EPS of ($0.07-0.06), excluding non-recurring items, vs. ($0.07) S&P Capital IQ Consensus; sees Q4 revs of $172-174 mln vs. $173.02 mln S&P Capital IQ Consensus.
    16:18  AVLR Avalara announces planned retirement of CFO Bill Ingram, effective March 31, 2020; Ross Tennenbaum to succeed Ingram as CFO (75.23 -0.24)

    Mr. Ingram has served as CFO since joining Avalara in December 2015. He will join the company's Board of Directors. Mr. Tennenbaum currently serves as EVP of strategic initiatives.
    16:17  SPWH Sportsmans Warehouse reports EPS in-line, beats on revs; guides Q4 EPS above consensus, revs mostly above consensus; guides FY20 EPS above consensus, revs above consensus (7.33 +0.18)

    • Reports Q3 (Oct) earnings of $0.25 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.25; revenues rose 8.7% year/year to $242.5 mln vs the $235.39 mln S&P Capital IQ Consensus. Same store sales increased 4.8%.
    • "As we look to the final quarter of the year, we feel very good about our competitive positioning and the underlying strength of our business. That said, multiple competitors are making assortment changes that are creating some short term sales headwinds which we have incorporated in our fourth quarter outlook. We believe these competitive changes bode well for Sportsman's Warehouse longer term, and, combined with the investments we have made across our business, we are well positioned to capitalize on the increased market share opportunities moving forward."  
    • Co issues guidance for Q4, sees EPS of $0.29-0.35, excluding non-recurring items, vs. $0.28 S&P Capital IQ Consensus; sees Q4 revs of $263-273 mln vs. $264.19 mln S&P Capital IQ Consensus. Same store sales expected in the range of down 1.5% to up 1.5%.
    • Co issues upside guidance for FY20, sees EPS of $0.55-0.61, excluding non-recurring items, vs. $0.54 S&P Capital IQ Consensus; sees FY20 revs of $891-901 mln vs. $885.35 mln S&P Capital IQ Consensus. Fiscal year same store sales expected in the range of flat to up 1.0%.
    16:15  KKR KKR appoints Robert H. Lewin as CFO, effective January 1 (28.72 +0.46)

    • Since joining KKR in 2004, Mr. Lewin has held a number of positions. For the last two years, Mr. Lewin served as Head of Human Capital & Strategic Talent, where he has led all aspects of KKR's talent function.
    • Mr. Lewin will succeed William ("Bill") J. Janetschek, who will be retiring from KKR at the end of the year after a career at KKR that spanned over three decades.
    16:15  VRNT Verint Systems (halted) beats by $0.08, reports revs in-line; reaffirms FY20 EPS guidance; guides FY21 EPS in-line, rev below; announces plan to separate customer engagement and cyber intelligence businesses (47.81 +0.25)

    • Reports Q3 (Oct) earnings of $0.94 per share, $0.08 better than the S&P Capital IQ Consensus of $0.86; revenues rose 7.5% year/year to $331.1 mln vs the $332.96 mln S&P Capital IQ Consensus.
    • Co issues guidance for FY20, sees EPS of $3.65, excluding non-recurring items, vs. $3.64 S&P Capital IQ Consensus; sees FY20 revs of $1.33-1.39 bln vs. $1.37 bln S&P Capital IQ Consensus.
    • Co issues in-line guidance for FY21, sees EPS of ~$4.00, excluding non-recurring items, vs. $4.02 S&P Capital IQ Consensus; revenue +7% vs. +8.3% consensus.
    • Co announced that its Board of Directors has unanimously approved proceeding with a plan to separate Verint into two independent companies: one of which will consist of its customer engagement business, and one of which will consist of its cyber intelligence business. Verint expects to complete the separation shortly after the end of Verint's next fiscal year ending January 31, 2021.
    • Funds advised by Apax Partners (the "Apax Funds"), a global private equity advisory firm, have agreed to invest up to $400 million in Verint, subject to customary closing conditions including the receipt of required regulatory clearances. The Apax Funds have significant experience in the software sector, including through previous investments in TriZetto, Plex Systems, RealPage, Sophos, Epicor and Exact Software. The investment will be made in the form of convertible preferred stock in two tranches of $200 million each.
    16:14  AA Alcoa announced additional actions to reduce liabilities and volatility risk from pensions and other postemployment benefits (19.76 -0.03)

    • The actions will reduce the Company's pension and OPEB liabilities by approximately $190 million, before remeasurements for affected plans, in the fourth quarter 2019. The Company will record a non-cash settlement charge of approximately $75 million (pre- and after-tax), or $0.40 per share, in the fourth quarter of 2019. In October of 2019, Alcoa offered lump sum buyouts to specific participants in its U.S. defined benefit pension plans. As a result, the Company paid approximately $110 million from plan assets on November 30, 2019 to about 1,700 participants and was relieved of the corresponding pension liability.
    • In addition to the liability reduction, annual OPEB expense is expected to decrease by approximately $18 million beginning in 2020. Further, OPEB cash payments will decrease by approximately $4 million in 2020 and by approximately $14 million annually, beginning in 2021.
    16:13  W Wayfair reports 36% increase in direct retail sales for five-day peak holiday shopping period (80.57 -2.43)

    Wayfair today reported a 36% increase yr/yr in direct retail gross sales, defined as dollars of order intake, for the five-day peak shopping period of Thanksgiving Day through Cyber Monday. Customers took advantage of the ease and convenience of Wayfair's online shopping experience throughout the entire weekend, mkaing Black Friday and Cyber Monday Wayfair's highest revenue days ever. A record-breaking number of Wayfair customers shopped for every room of the house; more customers than ever before took advantage of Wayfair's mobile app, with approximately one in four holiday weekend orders placed through the app.
    16:12  OMER Omeros also commences registered underwritten public offering of its common stock (15.24 +0.87)

     
    16:11  MLND Millendo Therapeutics commenced an underwritten public offering of shares of its common stock (7.76 +0.10)

     
    16:10  EVRI Everi announces public offering of 10.0 mln shares of common stock (12.88 -0.10)

    The company intends to use proceeds to refinance a portion of its existing indebtedness in one or more transactions, which may include the repayment of certain outstanding borrowings under the company's existing term loan facility and/or the redemption and/or repurchase of a portion of its outstanding 7.50% Senior Unsecured Notes due 2025. Pending the deployment of the net proceeds for such refinancing transactions, the company may invest the net proceeds in short-term, interest-bearing, investment-grade securities.
    16:10  TLYS Tilly's beats by $0.02, reports revs in-line; guides Q4 EPS above consensus, revs above consensus (10.02 +0.29)

    • Reports Q3 (Oct) earnings of $0.23 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.21; revenues rose 5.4% year/year to $154.8 mln vs the $154.19 mln S&P Capital IQ Consensus. 
      • Comparable store net sales, which includes e-commerce net sales, increased 3.1% compared to last year's third quarter increase of 4.3%. 
    • Co issues upside guidance for Q4, sees EPS of $0.29-0.32 vs. $0.27 S&P Capital IQ Consensus; sees Q4 revs of $179-184 mln vs. $177.85 mln S&P Capital IQ Consensus.
      • Despite a slow start to the fourth quarter due to the later Thanksgiving this year compared to last year, our results during Thanksgiving weekend through Cyber Monday give us optimism about our opportunity to deliver positive comps for the fourth quarter as a whole. Company anticipates comparable store net sales increase of 2% to 5% for the quarter as a whole.
    16:10  SMAR Smartsheet beats by $0.03, beats on revs; guides Q4 (Jan) EPS in-line, revs in-line (43.74 -1.08)

    • Reports Q3 (Oct) loss of $0.15 per share, $0.03 better than the S&P Capital IQ Consensus of ($0.18).
    • SMAR ended the quarter with 83,139 domain-based customers.
    • The number of all customers with annualized contract values (ACV) of $5,000 or more grew to 8,421, an increase of 51% yr/yr. 
    • Average ACV per domain-based customer increased to $3,286, an increase of 48% yr/yr.
    • Dollar-based net retention rate was 134%.
    • Co issues in-line guidance for Q4 (Jan), sees EPS of (0.17)-(0.16) vs. ($0.16) S&P Capital IQ Consensus; sees Q4 (Jan) revs of 77-78 vs. $76.35 mln S&P Capital IQ Consensus.
    16:10  OMER Omeros files mixed securities shelf offering (15.24 +0.87)

     
    16:10  HOME At Home Group beats by $0.02, beats on revs; issues downside Q4 guidance (8.55 +0.35)

    • Reports Q3 (Oct) net of breakeven, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of ($0.02); revenues rose 19.3% year/year to $318.7 mln vs the $314.84 mln S&P Capital IQ Consensus. Adjusted EBITDA decreased 11.0% year to date to $113.8 million from a recast $127.9 million in the prior year period. Comparable store sales decreased 1.1% year to date primarily due to adverse weather conditions in the first half of fiscal 2020 and, to a lesser extent, unfavorable customer response in certain categories to tariff-related strategic price increases.
    • Co sees Q4 adj EPS of $0.31-0.36, inclusive of $(0.02) impact of second DC, may not be comparable to $0.50 S&P Capital IQ Consensus; sees Q4 revs of $385-393 mln vs. $413.74 mln S&P Capital IQ Consensus; comps down 4-6%.
    16:09  ESTC Elastic beats by $0.09, beats on revs; guides Q3 EPS below consensus, revs above consensus; raises FY20 EPS and rev above consensus (78.20 +0.42)

    • Reports Q2 (Oct) loss of $0.22 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of ($0.31); revenues rose 59.0% year/year to $101.1 mln vs the $96.51 mln S&P Capital IQ Consensus. 
    • Calculated Billings of $125.3 million, Up 41% year-over-year (45% in constant currency)
      Total subscription customer count was over 9,700, compared to over 8,800 in Q1. Total customer count with ACV greater than $100,000 was over 525, compared to over 475 in Q1. Subscription revenue represented 91% of total revenue. Net Expansion Rate continued to be greater than 130%.
    • Co issues mixed guidance for Q3, sees EPS of ($0.36-0.34), excluding non-recurring items, vs. ($0.33) S&P Capital IQ Consensus; sees Q3 revs of $106-108 mln vs. $105.84 mln S&P Capital IQ Consensus.
    • Co issues upside guidance for FY20, sees EPS of ($1.24-1.17), excluding non-recurring items, vs. ($1.29) S&P Capital IQ Consensus; sees FY20 revs of $415-417 mln vs. $410.78 mln S&P Capital IQ Consensus.
    16:07  GDS GDS Holdings acquires data center campus in Beijing in transaction with total enterprise value of approx. US$348.4 mln (42.57 -1.03)

    • GDS Holdings has entered in to an equity purchase agreement to acquire all of the equity interests in target companies which own a data center campus in the Shunyi district of Beijing, around 8 kilometers away from the company's existing Beijing 5 data center. The campus comprises three data centers with a total area in service and under construction of approximately 19,700 sqm, which is 100% committed or pre-committed by two of the company's current largest customers. The company expects to complete the acquisition in the first half of 2020.
    • The total enterprise value of the acquisition is approximately RMB2,490.0 mln (US$348.4 mln), including a portion which is contingent upon future performance. The total enterprise value was calculated assuming that the three data centers are complete, fully fitted, and equipped in accordance with the specifications required under the existing customer contracts.
    16:06  PGNY Progyny beats by $0.01, reports revs in-line; guides Q4 EPS below consensus, revs in-line (26.34 -1.38)

    • Reports Q3 (Sep) earnings of $0.03 per share, $0.01 better than the S&P Capital IQ Consensus of $0.02; revenues rose 120.1% year/year to $61.2 mln vs the $60.83 mln S&P Capital IQ Consensus.
    • Gross margin increased to 20.1% from 18.2% yr ago.
    • Co issues guidance for Q4, sees EPS of $0.01 vs. $0.03 S&P Capital IQ Consensus; sees Q4 revs of $65.0-$66.5 mln vs. $65.94 mln S&P Capital IQ Consensus.
    16:06  BRKL Brookline Bancorp approves repurchase program for up to $10 mln of outstanding shares (15.74 -0.01)

     
    16:06  FIVE Five Below beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs below consensus; guides FY20 EPS in-line, revs in-line (118.06 +2.04)

    • Reports Q3 (Oct) earnings of $0.18 per share, $0.01 better than the S&P Capital IQ Consensus of $0.17; revenues rose 20.7% year/year to $377.4 mln vs the $373.64 mln S&P Capital IQ Consensus. Comparable sales increased by 2.9%.
    • Co issues guidance for Q4, sees EPS of $1.97-2.05 vs. $2.01 S&P Capital IQ Consensus; sees Q4 revs of $717-732 mln vs. $733.30 mln S&P Capital IQ Consensus.
    • Co issues in-line guidance for FY20, sees EPS of $3.11-3.19 vs. $3.14 S&P Capital IQ Consensus; sees FY20 revs of $1.877-1.892 bln vs. $1.89 bln S&P Capital IQ Consensus.
    16:05  NJR NJ Resources files for common stock shelf offering (59.34 +0.76)

     
    16:04  NTAP NetApp has been awarded an exclusive three-year contract by the State of California Department of General Services to data center modernization and hybrid cloud infrastructure solutions to the State of California (59.34 +0.76)

     
    16:03  EVRI Everi files mixed securities shelf offering (12.88 -0.10)

     
    16:03  CMTL Comtech Telecom beats by $0.19, beats on revs; guides FY20 EPS above two analyst estimate, revs above consensus (36.44 +0.33)

    • Reports Q1 (Oct) earnings of $0.32 per share, $0.19 better than the two analyst estimate of $0.13; revenues rose 5.9% year/year to $170.3 mln vs the $153.83 mln S&P Capital IQ Consensus.
    • Co issues raises guidance for FY20, sees EPS of $1.42-$1.56 vs. prior guidance of $1.35-$1.50 and vs. the $1.35 two analyst estimate; sees FY20 revs of $712-$732 mln vs. prior guidance of $710-$730 mln and vs. the $691.85 mln S&P Capital IQ Consensus.
    16:02  DSGX Descartes misses by $0.01, reports revs in-line (42.57 +0.54)

    • Reports Q3 (Oct) earnings of $0.11 per share, $0.01 worse than the S&P Capital IQ Consensus of $0.12; revenues rose 18.6% year/year to $83 mln vs the $82.62 mln S&P Capital IQ Consensus. 
    • Record Revenues and Income from Operations
    16:00  RC Ready Capital commences 6 mln common stock offering (15.89 -0.35)

    The Company intends to use the net proceeds from this offering to originate or acquire the Company's target assets and for general corporate purposes.