9:54 am General Motors drops -3.5% to challenge its 200-day/50-day moving average cluster around 34.75 area (GM) :

9:43 am Opening Market Summary: Equities Open Modestly Higher (:WRAPX) :

The major averages opened Tuesday's session in positive territory with the S&P 500 sporting a gain of 0.2%.

Most sectors trade in the green this morning with energy (-0.1%), health care (-0.1%), and materials (-0.1%) being the only laggards. The heavily-weighted financial sector (+0.3%) is demonstrating relative strength for the second day in a row, extending its week-to-date gain to 1.0%. The real estate space is the top performer, up 0.7%.

U.S. Treasuries have ticked up recently in a curve-flattening trade. The 10-yr yield is unchanged at 2.30% while the 2-yr yield is lower by one basis point at 1.34%.

9:36 am General Motors reports July total sales of -15% YoY to 226107 units (GM) :

9:30 am Qualys to acquire Nevis Networks (QLYS) : . This asset purchase is expected to provide significant domain expertise in passive scanning technologies and allow Qualys to accelerate its move into the adjacent market of mitigation and response at endpoints. Nevis has built a series of high performance security products that extend similar levels of protection found in the perimeter to all users on enterprise LANs. Qualys expects the transaction to close during the third quarter of 2017.

9:26 am On The Wires (:WIRES) :

9:23 am Threshold Pharma to conduct a 1:11 reverse split (THLD) :

The reverse stock split will become effective at 5:00 p.m. EDT on August 1, 2017. Subject to the satisfaction of customary closing conditions, the closing of the merger with Molecular Templates is expected to occur shortly following the effectiveness of the reverse stock split.

9:18 am Ford Motor July 2017 sales results; (F) :

Highlights (U.S. Sales):

9:17 am S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +25.60. (:WRAPX) :

Buyers have the edge this morning following Monday's mixed finish and ahead of Apple's (AAPL 149.10, +0.37) latest earnings report, which will be released following the closing bell. The S&P 500 futures currently trade nine points, or 0.4%, above fair value.

U.S. Treasuries are trading lower after June personal income missed expectations (0.0% actual vs +0.3% Briefing.com consensus). However, June personal spending (+0.1%) and the June core PCE Price Index (+0.1%) both met expectations. The benchmark 10-yr yield is two basis points higher at 2.31%.

Investors will receive two additional pieces of economic data today--June Construction Spending (Briefing.com consensus 0.5%) and the July ISM Index (Briefing.com consensus 56.2). Both reports will be released at 10:00 ET. Also of note, July auto and truck sales will be released throughout the day.

In U.S. corporate news, Pfizer (PFE 33.10, -0.06) is down 0.2% in pre-market action after a mixed earnings report; the Dow component beat earnings estimates but fell short of revenue expectations. Meanwhile, Under Armour (UAA 19.03, -1.01) has dropped 5.0% after announcing a restructuring plan and lowering its guidance for the fiscal year.

Elsewhere on the earnings front, Cummins (CMI 158.50, -9.47) has tumbled 5.6% this morning after missing earnings estimates, Simon Properties (SPG 162.05, +3.55) is up 2.2% after beating bottom-line estimates, and Sprint (S 8.34, +0.36) is up 4.1% after beating earnings expectations and raising its profit guidance.

Crude oil's six-session winning streak is in danger as the commodity currently trades lower by 0.4% at a price of $49.93/bbl. Meanwhile, the U.S. Dollar Index (92.83, +0.16) is higher by 0.2%.

9:17 am Navient acquires Duncan Solutions, a transportation revenue management company serving municipalities and toll authorities w/ approx. $55 mln in annual revs, for approx. $80 mln (NAVI) :

9:14 am TEGNA beats by $0.02, reports revs in-line; sees Q3 revs declining in high-single to low-double digits (TGNA) :

9:13 am Peapack-Gladstone Financial acquires Gladstone, NJ-based, Murphy Capital Management, a SEC Registered Investment Adviser, effective August 1, 2017 (PGC) : With a combined market value of approximately $4.7 billion of client assets under management and administration, and offices in Bedminster, Gladstone, Morristown, Princeton and Teaneck, as well as a trust office in Greenville, Delaware, the private wealth management division of Peapack-Gladstone Bank is the largest New Jersey-headquartered, bank-owned trust company in the state.

Story continues

9:09 am I.D. Systems acquires Keytroller, a manufacturer and marketer of electronic products for managing forklifts, construction vehicles, and other industrial equipment; terms not disclosed (IDSY) : In 2016, Keytroller generated $6.6 million in revenue and net income of $1.5 million. Keytroller has achieved average annual revenue growth of more than 25% per year over the past three years.

9:08 am Procter & Gamble files proxy statement w/ SEC; 'expects to drive 2% to 3% organic sales growth in fiscal 2018', reaffirms expectations for core earnings per share growth of 5% to 7% (PG) :

9:07 am Bank of Princeton commences trading on Nasdaq, prices underwritten public offering of 1.5 mln shares of its common stock at a price to the public of $32/share (BPRN) : The Bank of Princeton intends to use the proceeds for general corporate purposes, additional organic growth through its loan portfolio or through strategic acquisitions, financings, investments, and capital expenditures.

9:04 am Fiat Chrysler reports July US sales -10% y/y to 161477 units and retail sales -6% y/y to 145,391 units (FCAU) :

In line with FCA's strategy to reduce sales to the daily rental segment, fleet sales of 16,086 units were down, as expected, 35 percent year over year.

9:03 am Scripps has acquired the Katz broadcast networks, which distribute programming for targeted audiences over the air, in a deal worth $302 million (SSP) :

Scripps intends to finance the transaction with $250 million of new debt and about $50 million of cash on hand. Upon closing, Scripps' leverage is expected to be about 3x on a pro forma 2017/18 blended basis.

At June 30, 2017, Scripps had $150 million of cash on its balance sheet and unfunded revolver commitments of $125 million.

The four national networks, Bounce, Grit, Escape and Laff each reach more than 80 percent of all U.S. households and 'are among the fastest-growing in television today.'

The four networks are forecast to generate about $180 million in revenue and about $30 million in segment profit in 2018. The transaction is expected to be accretive to Scripps' earnings in 2018 and beyond.

9:02 am Cree reaches settlement in its patent infringement lawsuit with E. Mishan and Sons; 'Emson has agreed to an exclusive supply agreement to purchase market leading Cree high power LEDs for its high performance tactical flashlights ' (CREE) :

9:02 am Skyline Medical signs binding letter of intent for a merger transaction with privately held biomedical company CytoBioscience (SKLN) :

CytoBioscience creates and manufactures devices used in human cell research focused on new therapeutic drug development and has a well-known scientific and technical staff, collaborative partnerships with leading pharmaceutical companies and strategic alliances with key groups and academic institutions. CytoBioscience has reported a current backlog of $6 million in orders and anticipated contract research work.

The merger is expected to close by September 30, 2017.

8:50 am S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +20.90. (:WRAPX) :

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

Equity indices in the Asia-Pacific region ended Tuesday on a higher note. Regional economic data included below-consensus Manufacturing PMI readings from India and Japan while China's Caixin Manufacturing PMI beat expectations. The People's Bank of China reportedly uncovered operational violations at 40 Chinese banks. The banks have up to six months to correct the issues. In Japan, Chief Cabinet Secretary Yoshihide Suga confirmed that Prime Minister Shinzo Abe plans to reshuffle his cabinet on August 3. The Reserve Bank of Australia left its cash rate unchanged at 1.50%, as expected. The central bank noted that the relative strength of the Australian dollar results from weakness in the U.S. dollar. The Reserve Bank of India will meet overnight.

In economic data: Japan's July Manufacturing PMI 52.1 (expected 52.2; last 52.2) China's July Caixin Manufacturing PMI 51.1 (consensus 50.4; last 50.4) India's Nikkei July Manufacturing PMI 47.9 (expected 50.8; last 50.9) South Korea's July Nikkei Manufacturing PMI 49.1 (last 50.1) Australia's July AIG Manufacturing Index 56.0 (last 55.0) South Korea's July CPI +0.2% month-over-month (last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.9%). July trade surplus narrowed to KRW10.65 billion from KRW10.77 billion. July Imports +14.5% year-over-year (last 19.8%) and July Exports +19.5% year-over-year (last 13.6%)



---Equity Markets---

Japan's Nikkei edged up 0.3%. Toshiba spiked 11.0% while Nitto Denko, Yamato Holdings, Teijin, Sumitomo Mitsui Financial, T&D Holdings, Dentsu, Sumitomo Mitsui, Sony Financial Holdings, and Mitsubishi advanced between 1.8% and 3.7%.

Nikkei edged up 0.3%. Toshiba spiked 11.0% while Nitto Denko, Yamato Holdings, Teijin, Sumitomo Mitsui Financial, T&D Holdings, Dentsu, Sumitomo Mitsui, Sony Financial Holdings, and Mitsubishi advanced between 1.8% and 3.7%. Hong Kong's Hang Seng climbed 0.8%, nearing its high from 2015. Financials ended in the lead with Ping An Insurance, China Life Insurance, BoC Hong Kong, Bank of China, Bank of East Asia, China Construction Bank, ICBC, and Hang Seng Bank climbed between 0.8% and 4.1%. On the downside, Geely Automobile lost 1.8%.

Hang Seng climbed 0.8%, nearing its high from 2015. Financials ended in the lead with Ping An Insurance, China Life Insurance, BoC Hong Kong, Bank of China, Bank of East Asia, China Construction Bank, ICBC, and Hang Seng Bank climbed between 0.8% and 4.1%. On the downside, Geely Automobile lost 1.8%. China's Shanghai Composite slipped from its high in afternoon action, but charged to a fresh high into the close, adding 0.6%. Shanghai Jin Jiang International Industrial Investment, Shanghai Lujiazui Finance & Trade Zone Development, Anhui Expressway, Bestsun Energy, and Beijing Teamsun Technology gained between 4.5% and 5.1%.

Shanghai Composite slipped from its high in afternoon action, but charged to a fresh high into the close, adding 0.6%. Shanghai Jin Jiang International Industrial Investment, Shanghai Lujiazui Finance & Trade Zone Development, Anhui Expressway, Bestsun Energy, and Beijing Teamsun Technology gained between 4.5% and 5.1%. India's Sensex ticked up 0.2% with more than half of its components moving higher. Hero MotoCorp, Maruti Suzuki, and Mahidra&Mahindra gained between 1.8% and 2.1% while tech consultants were mixed. Wipro gained 1.8%, Tata Consultancy shed 0.2%, and Infosys lost 0.6%. Lupin was the weakest performer, falling 1.4%.

Major European indices trade higher across the board while the euro (1.1810) has shed 0.3% against the dollar after hitting a 19-month high against the greenback yesterday afternoon. British Chancellor Philip Hammond said Brexit will not be postponed or delayed, but the balancing of the UK's budget may be delayed.

In economic data: Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8) Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%) France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4) Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2) Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7)



---Equity Markets---

Germany's DAX is higher by 0.7% with most components trading in the green. Lufthansa has spiked 2.6% while Prosiebensat 1, Heidelbergcement, and Infineon are up between 1.5% and 1.7%. BMW, Daimler, and Volkswagen show gains between 0.8% and 1.5%. Adidas is the weakest component, falling 0.9%.

DAX is higher by 0.7% with most components trading in the green. Lufthansa has spiked 2.6% while Prosiebensat 1, Heidelbergcement, and Infineon are up between 1.5% and 1.7%. BMW, Daimler, and Volkswagen show gains between 0.8% and 1.5%. Adidas is the weakest component, falling 0.9%. France's CAC trades up 0.7% with heavyweights among the leaders. Peugeot, Airbus Group, Renault, Louis Vuitton, and Total have added between 1.3% and 1.8%. A handful of consumer names lag with Danone and Pernod Ricard shedding 0.4% and 0.6%, respectively.

CAC trades up 0.7% with heavyweights among the leaders. Peugeot, Airbus Group, Renault, Louis Vuitton, and Total have added between 1.3% and 1.8%. A handful of consumer names lag with Danone and Pernod Ricard shedding 0.4% and 0.6%, respectively. UK's FTSE has climbed 0.8%. Rolls-Royce has surged 9.6% in reaction to upbeat earnings while BP has climbed 3.2% after it too beat estimates. Consumer stocks like Paddy Power, Imperial Brands, Taylor Wimpey, Burberry, and British American Tobacco show gains between 1.4% and 2.0%. On the downside, select miners like Fresnillo, Anglo American, and Randgold Resources show losses between 0.4% and 2.4%.

8:47 am On The Wires (:WIRES) :

Cellectar Biosciences ( CLRB ) initiates a collaboration with Avicenna Oncology GmbH, a precision medicine company based in Basel, Switzerland. The collaboration will focus on the development of new phospholipid drug conjugates combining Cellectar's patented phospholipid ether delivery platform with Avicenna's novel cytotoxic payloads.



) initiates a collaboration with Avicenna Oncology GmbH, a precision medicine company based in Basel, Switzerland. The collaboration will focus on the development of new phospholipid drug conjugates combining Cellectar's patented phospholipid ether delivery platform with Avicenna's novel cytotoxic payloads. AstroNova ( ALOT ) has been selected by one of Latin America's Top 10 airlines to provide their ToughWriter 640 narrow format flight deck printer for its future fleet of Boeing 737 MAX aircraft.

) has been selected by one of Latin America's Top 10 airlines to provide their ToughWriter 640 narrow format flight deck printer for its future fleet of Boeing 737 MAX aircraft. Oshkosh ( OSK ) announced that the U.S. Army has placed another order for the Joint Light Tactical Vehicle (:JLTV) program including 748 vehicles and 2,359 installed and packaged kits. The order valued at more than $195 million, is the fifth order for JLTVs since the contract was awarded in August 2015.



) announced that the U.S. Army has placed another order for the Joint Light Tactical Vehicle (:JLTV) program including 748 vehicles and 2,359 installed and packaged kits. The order valued at more than $195 million, is the fifth order for JLTVs since the contract was awarded in August 2015. Catasys (CATS) expanded its OnTrak-A program with one of the 'nation's leading health insurance providers' to now include anxiety in three states: Illinois, Kansas and Missouri.



8:46 am Aspen Group approved for listing on the Nasdaq Capital Market effective Wednesday, August 2 (ASPU) :

8:45 am European Summary (BONDX) :

Core Yields Inch Lower

The first half of the European session has been underscored by slim gains in core debt. Today's modest gains come after nearly a week of sideways action. The euro has shed 0.3% to 1.1810 against the U.S. dollar after hitting a 19-month high yesterday. British Chancellor Philip Hammond pushed back against suggestions that Brexit may be delayed or postponed. European economic data showed mostly disappointing revisions to Manufacturing PMI readings, but the figures remained in expansion despite pulling back.

Economic Data: Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8) Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%) France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4) Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2) Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7)

New Issuance: Germany sold EUR3.20 billion of 2-year Schatz bonds at a yield of -0.63% with a bid-to-cover of 2.0 UK's GBP2.25 billion 10-yr gilt reopening drew a yield of 1.267% with a bid-to-cover of 2.56

Yield Check: France, 10-yr OAT: -1 bp to 0.79% Germany, 10-yr bund: -1 bp to 0.52% Greece, 10-yr note: +1 bp to 5.21% Italy, 10-yr BTP: -1 bp to 2.08% Portugal, 10-yr PGB: +1 bp to 2.87% Spain, 10-yr ODE: UNCH at 1.49% U.K., 10-yr gilt: +1 bp to 1.24%



8:36 am National Retail Properties beats by $0.02, beats on revs; raises FY17 core FFO guidance (NNN) :

Reports Q2 (Jun) core FFO of $0.64 per share, $0.02 better than the Capital IQ Consensus of $0.62; revenues rose 11.2% year/year to $145.55 mln vs the $142.83 mln Capital IQ Consensus. AFFO for Q2 was $0.65 per share.

the Capital IQ Consensus of $0.62; revenues rose 11.2% year/year to $145.55 mln vs the $142.83 mln Capital IQ Consensus. AFFO for Q2 was $0.65 per share. Co issues in-line guidance for FY17, sees core FFO of $2.46-2.50, excluding non-recurring items, vs. $2.48 Capital IQ Consensus Estimate and vs prior guidance of $2.44-2.48. AFFO for 2017 is expected to be $2.50-2.54.

for FY17, sees core FFO of $2.46-2.50, excluding non-recurring items, vs. $2.48 Capital IQ Consensus Estimate and vs prior guidance of $2.44-2.48. AFFO for 2017 is expected to be $2.50-2.54. "National Retail Properties enjoyed another impressive quarter, driven by our healthy portfolio, our selectively underwritten acquisitions, and our flexible, low leverage balance sheet, all of which has positioned us to raise our guidance and, as previously announced, to raise our common dividend for the 28th consecutive year, a record matched by only three other REITs and less than 90 public companies in the United States."

8:34 am S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +19.80. (:WRAPX) :

The S&P 500 futures currently trade six points, or 0.2%, above fair value.

Just in, personal income was unchanged in June (Briefing.com consensus +0.3%) after a downwardly revised 0.3% increase for May (from 0.4%). Personal spending rose 0.1%, as expected, while the prior month's reading was revised to 0.2% from 0.1%.

The core PCE Price Index, which excludes food and energy, increased 0.1%, as expected.

8:33 am Cerus signs two, new, expanded contracts with tablissement Franais du Sang, the French National Blood Service, for the INTERCEPT Blood System (CERS) : One contract covers the supply of INTERCEPT Platelet kits while the other is for the purchase of additional Illuminators to help support the roll-out to new regions. The initial term of this platelet kit supply agreement is two years with two one-year extension options, supporting INTERCEPT platelet production in all EFS regional centers.

8:33 am Simon Properties beats by $0.03, reports revs in-line; guides FY17 FFO in-line (SPG) :

Reports Q2 (Jun) funds from operations of $2.47 per share, $0.03 better than the Capital IQ Consensus of $2.44; revenues rose 3.5% year/year to $1.36 bln vs the $1.37 bln Capital IQ Consensus Growth in comparable FFO per diluted share for the three months ended June 30, 2017 was 7.6% Total portfolio NOI growth for the three months ended June 30, 2017 was 5.0% and was 5.3% for the six months ended June 30, 2017

the Capital IQ Consensus of $2.44; revenues rose 3.5% year/year to $1.36 bln vs the $1.37 bln Capital IQ Consensus Co issues in-line guidance for FY17, sees FFO of $11.14-11.22 vs. $11.21 Capital IQ Consensus Estimate.

8:32 am Cidara Therapeutics announces publication of data, in the journal Antimicrobial Agents and Chemotherapy, from an in vivo study investigating the deep tissue distribution of CD101 compared tomicafungin in the setting of intra-abdominal candidiasis (CDTX) :

The study is the first to use MALDI-MS imaging, a powerful tool that enables investigators to acquire molecular information about drug distributions in tissues, as well as drug quantification methods, in a clinically relevant mouse intra-abdominal abscesses model.

Results show that CD101 had a dose-dependent four-to-six-fold superior penetration into infectious lesions days after the single CD101 dose as compared to daily micafungin.

CD101 accumulated at levels that would be expected to prevent mutations leading to antifungal resistance.

"The in vivo data published in AAC confirm the potential of CD101 as a future treatment option for patients with IAC because of the extraordinary tissue penetration at the site of infection." said David Perlin, Ph.D., executive director and professor, PHRI.

8:31 am Sientra enters a settlement agreement regarding mutual IP ownership and contract disputes with its former breast implant contract manufacturer, Silimed-Indstria de Implantes; co to pay $10 mln and up to $5 mln in royalty payments (SIEN) :

The settlement resolves all claims that the parties filed against each other, and clears the path for Sientra to execute on its going-forward plans, unencumbered and undistracted by these disputes.

The Company has also agreed to pay Silimed a lump sum of $9,000,000 within 30-days of execution of the Settlement Agreement, and $1,000,000 on or by July 1, 2018.

In addition, should the Company enter into international markets using certain breast implant specifications, the Company has agreed to make royalty payments of $12.50 on its net sales of such products, up to a maximum royalty of $5,000,000.

The Settlement Agreement was a compromise and settlement of disputed claims between the parties and not an admission of liability which was expressly denied.

8:31 am Medovex reports initial results from the first cases conducted in Germany for the DenerveX System; 'excellent initial success' (MDVX) :

Dr. Martin Deeg stated, "Both of the first two DenerveX System cases met with what I consider excellent initial success. Both patients experienced initial pain reduction of the Facet Joint during the actual running of the device. Additionally, both patients walked out of the procedure room on their own power and were discharged shortly following the procedure." Case One: Female, 40 years old, L4, two joints treated. Patient had injection local only at the facet joint. At the end of the procedure the patient moved herself from the table and walked under her own power out of the procedure room and was discharged shortly after with no pain prescription provided other than over the counter pain relief medicines. Case Two: Male, 42 year old, L5, two joints treated. Patient had an injected local only at the facet joint. At the end of the procedure the patient moved from the table and walked out of the procedure room on their own power and was discharged shortly after, again no pain relief prescriptions provided only over the counter medicines recommended.



8:27 am On The Wires (:WIRES) :

Workhorse ( WKHS ) announced that Brink's ( BCO ) has purchased two Workhorse Class 5 E-GEN and E-100 chassis, paired with a Brink's custom logistics body. The E-100 all-electric truck and the E-GEN electric extended-range truck will be deployed in California and Chicago to enhance the Brink's U.S. fleet with cleaner, more economic vehicles.



) announced that Brink's ( ) has purchased two Workhorse Class 5 E-GEN and E-100 chassis, paired with a Brink's custom logistics body. The E-100 all-electric truck and the E-GEN electric extended-range truck will be deployed in California and Chicago to enhance the Brink's U.S. fleet with cleaner, more economic vehicles. WPP ( WPPGY ) announces that tenthavenue, its global out of home media and experiential marketing division, is investing in LOOM Media, a US-based start-up company specializing in creating opportunities for brands to sponsor urban innovation.



) announces that tenthavenue, its global out of home media and experiential marketing division, is investing in LOOM Media, a US-based start-up company specializing in creating opportunities for brands to sponsor urban innovation. ParkerVision, Inc. ( PRKR ) will begin taking orders for Milo, its new distributed Wi-Fi system for consumers, by the middle of August. Milo will initially be available for purchase at Amazon.com, as well as the Milo online store at milowifi.com.



) will begin taking orders for Milo, its new distributed Wi-Fi system for consumers, by the middle of August. Milo will initially be available for purchase at Amazon.com, as well as the Milo online store at milowifi.com. Acceleron (XLRN) announced that the first patient has been treated in a Phase 2 clinical trial of ACE-083, the Company's locally acting muscle agent, for the treatment of patients with Charcot-Marie-Tooth disease (CMT), a commonly inherited neurological disease leading to focal muscle weakness. The phase 2 trial in CMT expands wholly-owned ACE-083 program and muscle franchise into new area of high unmet medical need

8:19 am Ecolab beats by $0.01, beats on revs; guides Q3 EPS in-line; reaffirms FY17 EPS guidance (ECL) :

Reports Q2 (Jun) earnings of $1.13 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $1.12; revenues rose 4.4% year/year to $3.46 bln vs the $3.40 bln Capital IQ Consensus.

the Capital IQ Consensus of $1.12; revenues rose 4.4% year/year to $3.46 bln vs the $3.40 bln Capital IQ Consensus. Co issues in-line guidance for Q3, sees EPS of $1.36-1.44, excluding non-recurring items, vs. $1.42 Capital IQ Consensus Estimate.

for Q3, sees EPS of $1.36-1.44, excluding non-recurring items, vs. $1.42 Capital IQ Consensus Estimate. Co reaffirms guidance for FY17, sees EPS of $4.70-4.90, excluding non-recurring items, vs. $4.79 Capital IQ Consensus Estimate.

for FY17, sees EPS of $4.70-4.90, excluding non-recurring items, vs. $4.79 Capital IQ Consensus Estimate. "Our business is improving and we remain positioned to deliver good results for the year. [Q2] results were as expected, with our Institutional, Industrial and Other segments showing continued sales acceleration and our Energy segment sales moved to growth. Our operating income was virtually flat with last year as all of our good work driving sales, pricing and cost savings were largely offset by higher delivered product costs including a currency hedging headwind."

"We already have solid new business and pricing momentum across all of our segments. In addition, we expect delivered product costs including hedging to be less of a year-on-year headwind in the second half...In total, we forecast a strong second half delivering a good 2017, and expect to exit the year with excellent momentum moving into 2018."

8:16 am ManTech receives a multi-year award IDIQ contract with a total ceiling value of $200 million to provide support for Defense Advanced Research Projects Agency's Scientific, Engineering, and Technical Assistance program (MANT) :

8:14 am Royal Caribbean beats by $0.04, reports revs in-line; guides Q3 EPS above consensus; guides FY17 EPS above consensus (RCL) :

Reports Q2 (Jun) earnings of $1.71 per share, $0.04 better than the Capital IQ Consensus of $1.67 and above prior guidance of $1.60-1.65; revenues rose 4.3% year/year to $2.20 bln vs the $2.19 bln Capital IQ Consensus.

the Capital IQ Consensus of $1.67 and above prior guidance of $1.60-1.65; revenues rose 4.3% year/year to $2.20 bln vs the $2.19 bln Capital IQ Consensus. Co issues upside guidance for Q3, sees EPS of approx $3.45, excluding non-recurring items, vs. $3.30 Capital IQ Consensus Estimate.

for Q3, sees EPS of approx $3.45, excluding non-recurring items, vs. $3.30 Capital IQ Consensus Estimate. Co issues upside guidance for FY17, sees EPS of approx $7.35-7.45, excluding non-recurring items, vs. $7.25 Capital IQ Consensus Estimate and vs prior guidance of $7.00-7.20.

for FY17, sees EPS of approx $7.35-7.45, excluding non-recurring items, vs. $7.25 Capital IQ Consensus Estimate and vs prior guidance of $7.00-7.20. "Our brands are executing beautifully, keeping the business in an exceptionally strong position...Strong close-in demand for cruise bolstered the quarter, and we see further uplift for the balance of the year, positioning us well for the Double-Double and beyond."

Gross Yields were up 10.2% on a Constant-Currency basis. Net Yields on a Constant-Currency basis increased 11.5%, exceeding prior guidance due to strong close-in demand driving higher pricing and occupancy.

8:14 am Vertex Pharma announces that the FDA has approved KALYDECO (ivacaftor) for use in more than 600 people with cystic fibrosis; increases guidance for KALYDECO product revenues (VRTX) :

This approval was based on Phase 3 clinical data for KALYDECO in these mutations and follows the FDA's approval of KALYDECO in May 2017 for 23 other residual function mutations, which was based on analyses of in vitro data. Both approvals are supported by more than five years of real-world clinical experience that demonstrate KALYDECO's established safety and efficacy profile.

Based on today's approval, Vertex increased its guidance for 2017 KALYDECO product revenues to a range of $770 million to $800 million (prior: $740 to $770 million). Vertex's guidance range for total CF product revenues in 2017 is now $1.87 billion to $2.1 billion (prior: $1.84-$2.07 billion), including ORKAMBI guidance of $1.1 billion - $1.3 billion (prior: $1.1-1.3 billion).

(prior: $740 to $770 million). "In the five years since KALYDECO became the first approved medicine to treat the underlying cause of cystic fibrosis, we have been relentless in our efforts to bring this important medicine to all who may benefit," said Jeffrey Chodakewitz, M.D., Executive Vice President and Chief Medical Officer at Vertex. "We will continue to pursue this goal until all people with CF have a medicine that treats their form of this serious and life-shortening disease."

8:11 am Overnight Treasury Market Summary (BONDX) :

Little Changed Once Again

U.S. Treasuries have spent the night inside a narrow range, which leaves the market on track for a flat start. However, some movement is expected to follow the 8:30 ET release of June Personal Income (Briefing.com consensus 0.3%), Personal Spending (Briefing.com consensus 0.1%), and core PCE Prices (Briefing.com consensus 0.1%). Treasuries held their ground overnight, showing little reaction to Asian economic data, which showed below-consensus Manufacturing PMI readings from Japan and India while China's Caixin Manufacturing PMI beat expectations after the official reading missed estimates on Monday. The Reserve Bank of Australia held its cash rate at 1.50%, as expected. The central bank's statement noted that strength of the Australian dollar is mostly due to the underperformance of the greenback. The S&P 500 futures trade five points above fair value while crude oil is down 0.6% at $49.89/bbl. The Dollar Index is up 0.1% after ending yesterday's session at its lowest level since May 2016.

Yield Check: 2-yr: UNCH at 1.36% 5-yr: +1 bp to 1.84% 10-yr: UNCH at 2.30% 30-yr: UNCH at 2.90%



International News: Japan's July Manufacturing PMI 52.1 (expected 52.2; last 52.2) China's July Caixin Manufacturing PMI 51.1 (consensus 50.4; last 50.4) India's Nikkei July Manufacturing PMI 47.9 (expected 50.8; last 50.9) South Korea's July Nikkei Manufacturing PMI 49.1 (last 50.1) Australia's July AIG Manufacturing Index 56.0 (last 55.0) South Korea's July CPI +0.2% month-over-month (last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.9%). July trade surplus narrowed to KRW10.65 billion from KRW10.77 billion. July Imports +14.5% year-over-year (last 19.8%) and July Exports +19.5% year-over-year (last 13.6%) Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8) Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected

Data out Today: June Personal Income (Briefing.com consensus 0.3%), Personal Spending (Briefing.com consensus 0.1%), core PCE Prices (Briefing.com consensus 0.1%) at 8:30 ET June Construction Spending (Briefing.com consensus 0.5%) at 10:00 ET July ISM Index (Briefing.com consensus 56.2) at 10:00 ET July auto and truck sales reported throughout the day



8:11 am Precipio to offer for sale its common stock and warrants in an underwritten public offering; size not disclosed (PRPO) : The Company intends to use the net proceeds from this offering for the repayment of debt, growth of its sales force, progression of its product development and for working capital and general corporate purposes.

8:10 am HCP beats by $0.01, reports revs in-line; reaffirms FY17 FFO guidance in-line (HCP) :

Reports Q2 (Jun) funds from operations of $0.48 per share, $0.01 better than the Capital IQ Consensus of $0.47; revenues fell 14.8% year/year to $458.9 mln vs the $456.29 mln Capital IQ Consensus.

the Capital IQ Consensus of $0.47; revenues fell 14.8% year/year to $458.9 mln vs the $456.29 mln Capital IQ Consensus. Co reaffirms guidance for FY17, sees FFO of $1.89-1.95 vs. $1.94 Capital IQ Consensus Estimate

for FY17, sees FFO of $1.89-1.95 vs. $1.94 Capital IQ Consensus Estimate In addition, co expects 2017 SPP Cash NOI to increase between 2.5-3.5%

Tandem debt investment update:

During the second quarter, continued challenges in the post-acute/skilled nursing operating environment and tenant-specific headwinds contributed to a decline in the financial performance of the assets underlying our Tandem debt investment

"As a result, the fair value of our collateral, net of the senior mortgage debt, fell below the carrying value of our investment. As part of our quarterly review process, we recorded a $57 million impairment write-down during the second quarter and reduced the carrying value of our Tandem debt investment to $200 million"

"On July 31, subsequent to the aforementioned impairment, we entered into a definitive agreement to sell our Tandem debt investment for $197 million, subject to customary closing conditions. This investment represents our last meaningful exposure to both post-acute/skilled-nursing assets and highly-leveraged mezzanine investments. The transaction is expected to close during 2017"

8:09 am Independence Realty Trust beats by $0.01, reports revs in-line; guides FY17 FFO in-line (IRT) :

Reports Q2 (Jun) funds from operations of $0.19 per share, $0.01 better than the Capital IQ Consensus of $0.18; revenues rose 2.9% year/year to $39.43 mln vs the $39.43 mln Capital IQ Consensus.

the Capital IQ Consensus of $0.18; revenues rose 2.9% year/year to $39.43 mln vs the $39.43 mln Capital IQ Consensus. Co issues in-line guidance for FY17, sees FFO of $0.73-0.76 vs. $0.74 Capital IQ Consensus Estimate.

8:07 am athenaHealth announces a 'comprehensive review of its operations, cost structure and capital allocation'; has identified approx. $100 mln in cost-savings opportunities and to separate chairman and CEO role (ATHN) :

In conducting its review, athenahealth has identified ~$100 million in cost-savings opportunities 'that will drive efficiency and targeted investment in the Company's hospital and network services businesses.'

athenahealth will provide additional information regarding details of these strategic initiatives, including plans to significantly increase operating margins, in 2018 and thereafter, by its 3Q17 earnings release anticipated in October 2017.

athenahealth also intends to establish the role of president.

The Board has retained a leading search firm to fill the president and CFO roles promptly.

The Board plans to separate the roles of chairman and CEO and is working to recruit an independent chairman.

In addition, the Board has begun a search process to appoint an additional independent director.

8:07 am Meritage beats by $0.22, beats on revs; raises revenue guidance (MTH) :

Reports Q2 (Jun) earnings of $0.98 per share, $0.22 better than the Capital IQ Consensus of $0.76; revenues rose 0.5% year/year to $802 mln vs the $760.39 mln Capital IQ Consensus. Home closing revenue was consistent with the prior year, as a 3% increase in average closing price offset a 2% decrease in home closings compared to the second quarter of 2016. The West and Central regions delivered year-over-year increases of 11% and 9% in home closing revenue, respectively, reflecting strong growth in Arizona and Texas. A 21% decline in East region home closing revenue reflected lower orders over the last three quarters as the region was going through a product library upgrade which delayed the openings of a number of communities.



the Capital IQ Consensus of $0.76; revenues rose 0.5% year/year to $802 mln vs the $760.39 mln Capital IQ Consensus. Home closing revenue was consistent with the prior year, as a 3% increase in average closing price offset a 2% decrease in home closings compared to the second quarter of 2016. The West and Central regions delivered year-over-year increases of 11% and 9% in home closing revenue, respectively, reflecting strong growth in Arizona and Texas. A 21% decline in East region home closing revenue reflected lower orders over the last three quarters as the region was going through a product library upgrade which delayed the openings of a number of communities. Total orders for the second quarter increased 4% year-over-year due to strong demand in the West and Central regions. Orders increased 30% over the second quarter of 2016 in Texas, as a result of a 24% increase in average active communities during the quarter and a 5% increase in absorptions (orders per average active community). Orders increased 2% in the West on a 4% increase in absorptions that was mostly offset by a 3% decline in average community count. East region orders were down 13% compared to the prior year's second quarter, primarily due to a 12% decline in absorptions. Home closing gross margin was 17.7% for the second quarter of 2017, compared to 17.3% in the second quarter of 2016. The margin improvement reflects increases in home prices that generally offset increases in land and construction costs, as well as improved leverage of construction overhead expenses.



"Housing market conditions remain healthy and Meritage is well-positioned in many of the best markets. We believe that demand for new homes will continue to be strong, and we are prepared to take advantage of it," Mr. Hilton concluded. "We are on track to deliver approximately 7,600-8,000 homes and generate estimated total closing revenue of $3.2-3.4 billion for the year (up from $3.1-3.2 bln vs. $3.27 bln consensus). We anticipate pricing power in most markets will allow us to maintain gross margins consistent with 2016 while generating ~$230-250 million in pre-tax earnings through a combination of cost management and operating leverage with our anticipated revenue growth."

8:07 am GenMark Diagnostics misses by $0.05, reports revs in-line (GNMK) :

Reports Q2 (Jun) loss of $0.37 per share, $0.05 worse than the Capital IQ Consensus of ($0.32); revenues fell 1.2% year/year to $12.36 mln vs the $12.44 mln Capital IQ Consensus.

the Capital IQ Consensus of ($0.32); revenues fell 1.2% year/year to $12.36 mln vs the $12.44 mln Capital IQ Consensus. "We are delighted to have accomplished several important goals in the second quarter. Our team achieved FDA 510(k) clearance of the ePlex instrument and Respiratory Pathogen Panel as well as CE Mark for all three of our Blood Culture ID Panels," said Hany Massarany, President and Chief Executive Officer of GenMark. "In addition, we significantly strengthened our balance sheet, which will enable us to bring even more focus to the global commercialization of our ePlex System and its menu expansion," added Massarany.

8:05 am Bayer AG and Rothamsted Research sign strategic framework agreement (BAYRY) :

Cos have entered into a strategic framework agreement to improve collaborations in scientific areas that will support the development of more customized agronomic solutions for farmers.

Building on a track record of collaborations, the partners are forming this strategic alliance to support a digital revolution for detecting and managing biotic threats such as pests, pathogens and weeds more sustainably. Co-ordinated activities, in the laboratory and in the field, will generate the data, know-how, tools and technologies that help to support a transition to smarter crop protection.



8:05 am LogMeIn acquires Nanorep all of the outstanding equity interests in Nanorep for a purchase price of approximately $45 million; NanoRep is a digital self-service, chatbot and virtual assistant company (LOGM) : Headquartered in Herzliya, Israel, Nanorep harnesses artificial intelligence and patented natural language processing technologies to create solutions that make self-service more engaging and intuitive. LogMeIn is also expected to pay up to $5 million in contingent cash payments to certain continuing employees of Nanorep upon their achievement of milestone and retention targets over the two-year period following the closing of the transaction.

8:05 am Fiserv acquires the assets of PCLender, a provider of enterprise internet-based mortgage software and mortgage lending technology solutions; terms not disclosed (FISV) :

8:04 am Nant Health: Blue Cross and Blue Shield of Nebraska has signed a three-year contract extension for NaviNet Open (NH) :

8:04 am American Railcar Industries misses by $0.04, misses on revs (ARII) :

Reports Q2 (Jun) earnings of $0.57 per share, $0.04 worse than the Capital IQ Consensus of $0.61; revenues fell 27.6% year/year to $109 mln vs the $113.62 mln Capital IQ Consensus

the Capital IQ Consensus of $0.61; revenues fell 27.6% year/year to $109 mln vs the $113.62 mln Capital IQ Consensus This decrease was due to decreased revenues in the manufacturing segment, partially offset by slightly increased revenues in the railcar leasing and railcar services segments

Lease fleet reaches 12,414 railcars as of June 30, 2017 vs. 10,641 railcars as of June 30, 2016, with 545 railcars added during the second quarter

ARI's backlog as of June 30, 2017 was 2,878 railcars with an estimated market value of $270.0 million. Of the total backlog, co currently expect 715 railcars, or 25%, having an estimated market value of $66.5 million, will be placed into our lease fleet.

8:03 am Insperity beats by $0.14, beats on revs; guides Q3 EPS below consensus; guides FY17 EPS above consensus (NSP) :

Reports Q2 (Jun) earnings of $0.82 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus of $0.68; revenues rose 12.5% year/year to $795.5 mln vs the $778.88 mln Capital IQ Consensus. Adjusted EBITDA increased 30% over the second quarter of 2016 to $33.3 million.

the Capital IQ Consensus of $0.68; revenues rose 12.5% year/year to $795.5 mln vs the $778.88 mln Capital IQ Consensus. Adjusted EBITDA increased 30% over the second quarter of 2016 to $33.3 million. Co issues downside guidance for Q3, sees EPS of $0.94-1.00, excluding non-recurring items, vs. $1.02 Capital IQ Consensus Estimate.

for Q3, sees EPS of $0.94-1.00, excluding non-recurring items, vs. $1.02 Capital IQ Consensus Estimate. Co issues raised guidance for FY17, sees EPS of $4.47-4.60 from $4.30-4.44, excluding non-recurring items, vs. $4.33 Capital IQ Consensus Estimate.

8:02 am ProAssurance sees prelim Q2 $0.38-0.41 vs $0.54 Capital IQ Consensus Estimate (PRA) : Co states, "We believe gross premiums written in the quarter will be approximately $206.0 million and net earned premium for the quarter will be approximately $180.5 million. We anticipate favorable loss development will be in the range of $28.5 million to $30.0 million and we project our consolidated combined ratio to be in a range between 95% and 97% for the quarter."

8:02 am Sabre reports EPS in-line, revs in-line; reaffirms FY17 EPS and revenue guidance but now expects EPS to be in lower half of guidance; announces reorganization, 9% headcount reduction (SABR) :

Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.35; revenues rose 6.6% year/year to $900.7 mln vs the $895.1 mln Capital IQ Consensus.

with the Capital IQ Consensus of $0.35; revenues rose 6.6% year/year to $900.7 mln vs the $895.1 mln Capital IQ Consensus. Co reaffirms guidance for FY17, sees EPS of $1.31-1.45, excluding non-recurring items, vs. $1.39 Capital IQ Consensus Estimate; sees FY17 revs of $3.54-3.62 bln vs. $3.58 bln Capital IQ Consensus Estimate. However, Sabre now expects that 2017 EPS results will likely be in the lower half of this guidance. Strategic prioritization has led Sabre to reduce its expectations for 2017 cap-ex and capitalized implementation costs by $50 million in aggregate.

for FY17, sees EPS of $1.31-1.45, excluding non-recurring items, vs. $1.39 Capital IQ Consensus Estimate; sees FY17 revs of $3.54-3.62 bln vs. $3.58 bln Capital IQ Consensus Estimate. However, Sabre now expects that 2017 EPS results will likely be in the lower half of this guidance. Strategic prioritization has led Sabre to reduce its expectations for 2017 cap-ex and capitalized implementation costs by $50 million in aggregate. Co announces an initiative to streamline and focus the business through reorganizing certain functions, reducing layers of management, and lowering costs to enable a more nimble, faster moving and focused organization. The initiative is expected to reduce global headcount by approximately 9%. At full run-rate, the program is anticipated to result in approximately $110 mln of annual savings. Sabre expects the program to be neutral to 2017 Free Cash Flow. Cost savings under the initiative are expected to achieve full run-rate in 2018.

8:02 am IPG Photonics beats by $0.26, beats on revs; guides Q3 EPS above consensus, revs above consensus (IPGP) :

Reports Q2 (Jun) earnings of $1.91 per share, $0.26 better than the Capital IQ Consensus of $1.65; revenues rose 46.1% year/year to $369.37 mln vs the $333.06 mln Capital IQ Consensus.

the Capital IQ Consensus of $1.65; revenues rose 46.1% year/year to $369.37 mln vs the $333.06 mln Capital IQ Consensus. Co issues upside guidance for Q3, sees EPS of $1.70-1.90 vs. $1.59 Capital IQ Consensus Estimate; sees Q3 revs of $350-375 mln vs. $318.62 mln Capital IQ Consensus Estimate. Demand for our core products, particularly high-power, kilowatt-scale fiber lasers, has never been stronger. Our leadership position within this fast-growing market drove record order activity in the quarter, resulting in a book-to-bill ratio above one. Based on these trends and the strength of our current backlog, we believe we are in excellent position to deliver another strong quarter in three months Year-to-date bookings have exceeded our expectations, pointing to strong revenue growth in 2017. Based on first half outperformance and current backlog, we are now targeting approximately 32% to 34% revenue growth for the full year. Our fourth quarter performance will be driven by order activity through the end of the third quarter and during the fourth quarter, for which our visibility is low. Given the magnitude of outperformance during the first half of the year, we believe it is prudent to assume a lower growth rate in the fourth quarter due to more challenging comparisons and an expected slowdown in spending related to typical seasonality in China and the consumer electronics investment cycle. Should this anticipated spending slowdown fail to materialize at a level consistent with historic trends, this could result in upside to our full year guidance range

for Q3, sees EPS of $1.70-1.90 vs. $1.59 Capital IQ Consensus Estimate; sees Q3 revs of $350-375 mln vs. $318.62 mln Capital IQ Consensus Estimate.

8:01 am S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +20.40. (:WRAPX) :

It appears that the stock market will open Tuesday's session in the green following yesterday's mixed finish. The S&P 500 futures currently trade five points, or 0.2%, above fair value.

Apple (AAPL 149.00, +0.27), the S&P 500's largest component by market cap, will release its latest earnings report following today's closing bell. Investors will be looking for further details on the much-anticipated iPhone 8, which is expected to be released later this year. AAPL shares currently hold a year-to-date gain of 28.4%.

The Personal Income and Personal Spending Report for June, which will cross the wires at 8:30 ET, is the highlight on today's economic calendar. The Briefing.com consensus expects that personal income and personal spending will increase by 0.3% and 0.1%, respectively. The report will also include the core PCE Price Index (Briefing.com consensus 0.1%).

In addition, investors will also receive the June Construction Spending Report (Briefing.com consensus 0.5%) and the July ISM Index (Briefing.com consensus 56.2), both of which will be released at 10:00 ET. Auto and truck sales will be released throughout the day.

U.S. Treasuries are trading flat for the second day in a row, leaving the benchmark 10-yr yield unchanged at 2.29%. Meanwhile, the U.S. Dollar Index (92.82, +0.15) is up 0.2% and crude oil is down 0.4% at $49.98/bbl. The commodity enters today's session on a six-session winning streak.

In U.S. corporate news:

Pfizer (PFE 33.38, +0.22): +0.7% after better than expected earnings outweighed lower than expected revenues.

(PFE 33.38, +0.22): +0.7% after better than expected earnings outweighed lower than expected revenues. Sprint (S 8.20, +0.22): +2.8% after beating bottom-line estimates and raising its profit guidance.

(S 8.20, +0.22): +2.8% after beating bottom-line estimates and raising its profit guidance. Under Armour (UAA 19.61, -0.41): -2.1% after downbeat guidance overshadowed better than expected earnings and revenues.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Tuesday on a higher note. Japan's Nikkei +0.3%, Hong Kong's Hang Seng +0.8%, China's Shanghai Composite +0.6%, India's Sensex +0.2%. In economic data: Japan's July Manufacturing PMI 52.1 (expected 52.2; last 52.2) China's July Caixin Manufacturing PMI 51.1 (consensus 50.4; last 50.4) India's Nikkei July Manufacturing PMI 47.9 (expected 50.8; last 50.9) South Korea's July Nikkei Manufacturing PMI 49.1 (last 50.1) Australia's July AIG Manufacturing Index 56.0 (last 55.0) South Korea's July CPI +0.2% month-over-month (last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.9%). July trade surplus narrowed to KRW10.65 billion from KRW10.77 billion. July Imports +14.5% year-over-year (last 19.8%) and July Exports +19.5% year-over-year (last 13.6%) In news: Regional economic data included below-consensus Manufacturing PMI readings from India and Japan while China's Caixin Manufacturing PMI beat expectations. The People's Bank of China reportedly uncovered operational violations at 40 Chinese banks. The banks have up to six months to correct the issues. In Japan, Chief Cabinet Secretary Yoshihide Suga confirmed that Prime Minister Shinzo Abe plans to reshuffle his cabinet on August 3. The Reserve Bank of Australia left its cash rate unchanged at 1.50%, as expected. The central bank noted that the relative strength of the Australian dollar results from weakness in the U.S. dollar. The Reserve Bank of India will meet overnight.



Major European indices trade higher across the board while the euro (1.1814) has shed 0.2% against the dollar after hitting a 19-month high against the greenback yesterday afternoon. Germany's DAX +0.3%, France's CAC +0.5%, UK's FTSE +0.5%. In economic data: Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8) Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%) France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4) Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2) Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7) In news: British Chancellor Philip Hammond said Brexit will not be postponed or delayed, but the balancing of the UK's budget may be delayed.



7:50 am Libbey misses by $0.21, reports revs in-line; reaffirms FY17 Outlook (LBY) :

Reports Q2 (Jun) loss of $0.04 per share, $0.21 worse than the Capital IQ Consensus of $0.17; revenues fell 5.0% year/year to $197.5 mln vs the $198.29 mln two analyst estimate. Net sales in the U.S. and Canada segment were lower due to softer sales in the retail and business-to-business channels, which were down approximately 10 percent and 2 percent, respectively. U.S. and Canada foodservice net sales were flat versus prior year, despite volume increases in the channel. In Latin America, net sales declined as a result of lower net sales across all channels, primarily due to lower volume in the retail channel. Decreased volume in the business-to-business channel was offset by favorable price and mix. Net sales in the EMEA segment decreased primarily as a result of unfavorable currency. Net sales in Other were down as a result of softer sales in China.

the Capital IQ Consensus of $0.17; revenues fell 5.0% year/year to $197.5 mln vs the $198.29 mln two analyst estimate. FY17 Outlook Affirmed its previous full-year 2017 outlook, but indicated that it expects Adjusted EBITDA margin to be near the low end of its previously provided 11 percent to 13 percent range. Net sales decline in the low-to-mid single digits, compared to the full year 2016, on a reported basis, with continued currency headwinds Capital expenditures of approximately $50 million.

"Second quarter sales results were in line with our expectations, as an intensely competitive pricing environment continues to linger on a global basis," said Chairman and Chief Executive Officer William Foley. "We remain confident that we are taking the appropriate measures to improve the long-term performance of our business. We're seeing indications that certain pricing initiatives we implemented last quarter are taking hold, and that our new product initiatives are beginning to gain traction in the marketplace. We're also very pleased that our new e-commerce platform launched on time and on budget in mid-July."

7:46 am On The Wires (:WIRES) :

Mateon Therapeutics ( MATN ) has completed enrollment of more than 80 patients in the phase 2 portion of its FOCUS study evaluating CA4P in combination with bevacizumab (Avastin) and physician's choice chemotherapy for the treatment of platinum-resistant ovarian cancer.



) has completed enrollment of more than 80 patients in the phase 2 portion of its FOCUS study evaluating CA4P in combination with bevacizumab (Avastin) and physician's choice chemotherapy for the treatment of platinum-resistant ovarian cancer. Madrigal Pharmaceuticals ( MDGL ) has completed patient enrollment of 125 patients, exceeding its targeted enrollment of 117 patients, in its Phase 2 proof-of-concept study evaluating MGL-3196 for the treatment of non-alcoholic steatohepatitis (NASH). MGL-3196 is a first-in-class, oral, once-daily, liver-directed, thyroid hormone receptor (THR) -selective agonist medication. The primary endpoint is the reduction of liver fat, assessed by MRI-PDFF, at 12 weeks. The co expects to report top-line results by year-end.



) has completed patient enrollment of 125 patients, exceeding its targeted enrollment of 117 patients, in its Phase 2 proof-of-concept study evaluating MGL-3196 for the treatment of non-alcoholic steatohepatitis (NASH). MGL-3196 is a first-in-class, oral, once-daily, liver-directed, thyroid hormone receptor (THR) -selective agonist medication. The primary endpoint is the reduction of liver fat, assessed by MRI-PDFF, at 12 weeks. The co expects to report top-line results by year-end. Mallinckrodt Pharmaceuticals (MNK) confirmed inclusion of the first patient in the company's Phase 4 registry assessing the use of INOMAX (nitric oxide) gas for inhalation for premature (less than 34 weeks gestational age) neonates versus term and near-term neonates (greater than 34 weeks gestational age).

7:46 am Jacobs signed a global Enterprise Framework Agreement renewal with Shell Oil Company to provide concept, front-end engineering, detailed design, procurement, project management, construction management and construction services for Shell projects globally (JEC) :

7:40 am Intellia Therapeutics misses by $0.03, beats on revs (NTLA) :

Reports Q2 (Jun) loss of $0.45 per share, $0.03 worse than the Capital IQ Consensus of ($0.42); revenues rose 40.5% year/year to $5.9 mln vs the $5.83 mln Capital IQ Consensus.

the Capital IQ Consensus of ($0.42); revenues rose 40.5% year/year to $5.9 mln vs the $5.83 mln Capital IQ Consensus. "We are very excited that our initial non-human primate data in vivo continue to validate our mRNA delivery technology. These preclinical data accelerate our momentum as we advance the development of potential therapies to treat patients with high unmet medical needs."

Primary uses of capital will continue to be research and development programs, laboratory and related supplies, compensation and related expenses, legal and other regulatory expenses, patent prosecution, filing and maintenance costs for our licensed intellectual property, and general overhead costs. During 2017, the company expects expenses to continue to increase compared to prior periods relating to our ongoing activities, particularly as research and development and preclinical activities gather further momentum toward human clinical trials, and we spend a full year occupying our new office and laboratory facility, which we began to occupy in the fourth quarter of 2016. Expect that the cash and cash equivalents as of June 30, 2017, as well as technology access and research funding from Novartis and Regeneron, will enable Intellia to fund operating expenses and capital expenditures through mid-2019, excluding any potential milestone payments or extension fees received under our collaboration agreements with Novartis and Regeneron.

7:37 am Erin Energy announces the arrival of the Pacific Bora drilling rig to the Oyo field offshore Nigeria, expected to double its production (ERN) :

Erin Energy plans to use Pacific Bora to drill the Oyo-9 well (Oyo-9) on the Oyo field in deepwater offshore Nigeria.

The Company expects to commence drilling of Oyo-9 in ~10 days and the well to add an additional 6,000 to 7,000 barrels per day.

7:37 am Zynerba Pharma misses by $0.05; Top-line Phase 2 results for STAR 1 trial in epilepsy and STOP trial in osteoarthritis remain on track for reporting in August 2017 (ZYNE) :

Reports Q2 (Jun) loss of $0.64 per share, $0.05 worse than the Capital IQ Consensus of ($0.59).

the Capital IQ Consensus of ($0.59). "We expect to announce top-line results from the STAR 1 trial soon, followed by top-line data from the STOP trial later this month; and we remain on track to report top-line results from the FAB-C Fragile X study in September," said Armando Anido, Chairman and Chief Executive Officer. "We also met a significant milestone during the quarter in initiating the Phase 1 program for ZYN001, a pro-drug of THC delivered via patch, and expect to initiate our Phase 2 program by the end of this year. With two clinical stage assets, Zynerba is well-positioned to address a number of serious unmet medical needs."

The Company believes that the current cash and cash equivalent position of $70.2 million is sufficient to develop five Phase 3-ready programs and, assuming support from the FDA to move forward, initiate at least one Phase 3 program and fund operations and capital requirements into 2019.

7:36 am Affimed Therapeutics beats by $0.02, misses on revs (AFMD) :

Reports Q2 (Jun) loss of 0.18 per share, 0.02 better than the Capital IQ Consensus of (0.20); revenues fell 75.4% year/year to 0.51 mln vs the 1.31 mln Capital IQ Consensus.

the Capital IQ Consensus of (0.20); revenues fell 75.4% year/year to 0.51 mln vs the 1.31 mln Capital IQ Consensus. "We are encouraged by the progress of our clinical programs, in particular moving into the expansion phase of our AFM13 combination trial with Keytruda," said Dr. Adi Hoess, CEO of Affimed. "In our preclinical programs addressing the medical need in solid tumors and multiple myeloma, we have designed and characterized well-differentiated molecules and determined advantages in safety and potency."

7:35 am Cummins misses by $0.03, beats on revs; guides FY17 revs above consensus (CMI) :

Reports Q2 (Jun) earnings of $2.53 per share, $0.03 worse than the Capital IQ Consensus of $2.56; revenues rose 12.1% year/year to $5.08 bln vs the $4.8 bln Capital IQ Consensus.

the Capital IQ Consensus of $2.56; revenues rose 12.1% year/year to $5.08 bln vs the $4.8 bln Capital IQ Consensus. Co issues upside guidance for FY17, sees FY17 revs of +9-11% (Approx $19.08-19.43 bln) vs. $18.52 bln Capital IQ Consensus Estimate. Cummins expects full year 2017 revenues to be up 9 to 11 percent, higher than the prior forecast of up 4 to 7 percent. EBIT is expected to be in the range of 11.75 to 12.5 percent of sales, unchanged from prior guidance. This forecast excludes the impact of our new Eaton Cummins Automated Transmission Technologies joint venture.

for FY17, sees FY17 revs of +9-11% (Approx $19.08-19.43 bln) vs. $18.52 bln Capital IQ Consensus Estimate.

7:33 am Myers Industries beats by $0.04, reports revs in-line; reaffirms FY17 revs outlook (MYE) :

Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.13; revenues fell 1.2% year/year to $142.3 mln vs the $142.95 mln Capital IQ Consensus.

the Capital IQ Consensus of $0.13; revenues fell 1.2% year/year to $142.3 mln vs the $142.95 mln Capital IQ Consensus. The Company continues to anticipate that total revenue will be flat on a constant currency basis in fiscal year 2017 as compared to the prior year.

7:33 am TG Therapeutics and FDA reach agreement regarding a Special Protocol Assessment on the design of two Phase 3 clinical trials for TG-1101 for the treatment of relapsing forms of Multiple Sclerosis (TGTX) :

The SPA provides agreement that the two Phase 3 trial designs adequately address objectives that, if met, would support the regulatory submission for approval of TG-1101.

Co states, "The early data from our Phase 2 clinical trial, the highly successful pivotal results for the anti-CD20 monoclonal antibody ocrelizumab in MS, and the substantial safety data generated in our oncology program, gives us a high level of confidence in the potential for a successful outcome. Our team in concert with our CRO has been hard at work on the logistics and the launch of these Phase 3 trials on a global basis, and we look forward to enrolling our first patient before the end of the summer."

7:33 am Sprint beats by $0.10, reports revs in-line; raises profit guidance (S) :

Reports Q1 (Jun) earnings of $0.05 per share, $0.10 better than the Capital IQ Consensus of ($0.05); revenues rose 1.8% year/year to $8.16 bln vs the $8.14 bln Capital IQ Consensus, its fourth consecutive quarter of year-over-year growth, and 88,000 postpaid phone net additions, its eighth consecutive quarter of net additions. Postpaid phone gross additions also grew year-over-year for the sixth consecutive quarter and were the highest first-quarter result in five years. "Sprint reached an important milestone this quarter by returning to profitability for the first time in three years," said Sprint CEO Marcelo Claure. "This represents the progress of a turnaround journey that has delivered improvements in postpaid phone and prepaid customer growth, a return to top-line growth, and a significantly transformed cost structure."

the Capital IQ Consensus of ($0.05); revenues rose 1.8% year/year to $8.16 bln vs the $8.14 bln Capital IQ Consensus, its fourth consecutive quarter of year-over-year growth, and 88,000 postpaid phone net additions, its eighth consecutive quarter of net additions. Postpaid phone gross additions also grew year-over-year for the sixth consecutive quarter and were the highest first-quarter result in five years. "Sprint reached an important milestone this quarter by returning to profitability for the first time in three years," said Sprint CEO Marcelo Claure. "This represents the progress of a turnaround journey that has delivered improvements in postpaid phone and prepaid customer growth, a return to top-line growth, and a significantly transformed cost structure." Sprint continued to make progress on its multiyear plan to transform the way it does business and improve its cost structure. The company delivered nearly $370 million of combined year-over-year reductions in cost of services and SG&A expenses in the quarter, bringing the total reduction during the last nine quarters to nearly $4 billion. The ongoing cost-reduction program contributed to a return to profitability this quarter, as the company reported net income for the first time in three years. Excluding the after-tax benefit of non-recurring items in the quarter, Sprint would have reported net income of more than $150 million, demonstrating the improved underlying trends of the business. Sprint expects an additional $1.3 billion to $1.5 billion of year-over-year net reductions in cost of services and SG&A expenses in fiscal year 2017. Although the gross reductions are expected to be higher, the company plans to reinvest some of the savings into future growth initiatives.

The company is increasing the low end of its previous Adjusted EBITDA* expectations and now expects $10.8 billion to $11.2 billion for fiscal year 2017. The previous expectation was $10.7 billion to $11.2 billion. The company is increasing the low end of its previous operating income expectations and now expects operating income of $2.1 billion to $2.5 billion. The previous expectation was $2 billion to $2.5 billion. The company continues to expect cash capital expenditures, excluding devices leased through indirect channels, of $3.5 billion to $4 billion.

7:33 am CDK Global beats by $0.01, beats on revs; guides FY18 EPS above consensus (CDK) :

Reports Q4 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.54; revenues rose 4.3% year/year to $565.4 mln vs the $556.68 mln Capital IQ Consensus.

the Capital IQ Consensus of $0.54; revenues rose 4.3% year/year to $565.4 mln vs the $556.68 mln Capital IQ Consensus. Co issues upside guidance for FY18, sees EPS of $2.90-3.00, excluding non-recurring items, vs. $2.93 Capital IQ Consensus Estimate.

for FY18, sees EPS of $2.90-3.00, excluding non-recurring items, vs. $2.93 Capital IQ Consensus Estimate. "I am pleased with the results of our fiscal year and benefits delivered by executing our transformation plan. Adjusted EBITDA margin expansion of 550 basis points in fiscal 2017, combined with the 370 basis points of expansion achieved in fiscal 2016, puts us on track to achieve our transformation goals," said Brian MacDonald, chief executive officer. "By improving our products and processes and focusing on our dealer customers, we are making solid progress. Based on successes to date, we expect to exceed the fiscal 2018 adjusted EBITDA target of 35%."

7:32 am Eyegate Pharmaceuticals has enrolled its first patient in the Company's Phase 2b clinical trial of its EGP-437 combination product (EYEG) :

The EyeGate II Delivery System and EGP-437 combination product, is being evaluated for the treatment of pain and inflammation in patients having undergone cataract surgery with implantation of a monofocal posterior chamber IOL.

As announced in the first quarter of 2017, EyeGate and Valeant (VRX) entered into an exclusive, worldwide licensing agreement through which EyeGate has granted a subsidiary of Valeant exclusive, worldwide commercial and manufacturing rights to the EGP-437 combination product candidate for the treatment of post-operative ocular inflammation and pain in ocular surgery patients.

7:31 am Flex Pharma initiates Phase 2 CONMEND trial in the US, will evaluate FLX-787 in patients with motor neuron disease, focused on ALS, who suffer from painful, debilitating cramps; co expects to report topline results from this study in the middle of 2018 (FLKS) :

The co has initiated a Phase 2 randomized, controlled, double-blinded, parallel design trial in the US, referred to as the COMMEND trial.

The COMMEND trial will evaluate FLX-787, the Company's co-activator of TRPA1 and TRPV1, in patients with motor neuron disease, focused on ALS, who suffer from painful, debilitating cramps.

The FDA has granted FLX-787 Fast Track designation for the treatment of severe muscle cramps associated with ALS.

The Company expects to report topline results from this study in the middle of 2018.

The Company also intends to initiate a Phase 2 clinical trial in CMT this quarter.

7:29 am Penske Auto commences $300 mln offering of Senior Subordinated Notes due 2020 (PAG) : The company intends to use the net proceeds of this offering to repay amounts currently outstanding under the company's U.S. credit agreement and for general working capital purposes.

7:25 am Martin Marietta misses by $0.10, misses on revs; guides FY17 revs in-line (MLM) :

Reports Q2 (Jun) earnings of $2.25 per share, $0.10 worse than the Capital IQ Consensus of $2.35; revenues rose 8.8% year/year to $996.3 mln vs the $1014.78 mln Capital IQ Consensus. Building Materials net sales of $931.7 million compared with $856.6 million, an increase of 8.8%, and Magnesia Specialties net sales of $64.6 million compared with $58.8 million, an increase of 9.7% Consolidated gross profit of $274.1 million compared with $247.4 million, an increase of 10.8%

the Capital IQ Consensus of $2.35; revenues rose 8.8% year/year to $996.3 mln vs the $1014.78 mln Capital IQ Consensus. Co issues in-line guidance for FY17, sees FY17 revs of $3.75-3.95 bln vs. $3.93 bln Capital IQ Consensus Estimate. Infrastructure market to increase mid-single digits. Nonresidential market to increase in the low- to mid-single digits. Residential market to increase in the mid- to high-single digits. ChemRock/Rail market to remain stable. 2017 consolidated net sales exclude $390 million related to estimated interproduct sales.

for FY17, sees FY17 revs of $3.75-3.95 bln vs. $3.93 bln Capital IQ Consensus Estimate. Ward Nye, Chairman, President and CEO of Martin Marietta, stated, "Our record second-quarter results reflect improved sales, gross profit and earnings from operations in each reportable group, underscoring the breadth of our business and our ability to capitalize on the ongoing recovery in construction activity. Positive residential and nonresidential activity drove results, along with pricing improvements across our aggregates product line, led by the Southeast Group's 10.6 percent increase. We overcame challenging operating conditions in several key states, as near-record levels of precipitation in North Carolina, South Carolina, Georgia and Florida negatively impacted aggregates shipments and operating efficiencies in our historically most profitable geographic areas. Looking ahead, we are optimistic about the remainder of 2017 and beyond due to increased momentum across almost our entire geographic footprint and the positive near- and medium-term outlooks expressed by our customers."

7:20 am Intesa Sanpaolo reports H1 results (ISNPY) :

Net income was 1,738 million excluding the aforementioned public contribution and 2,198 million excluding, in addition, levies and other charges concerning the banking industry.

Net interest income in Q2 2017 up 0.6% on Q1 2017, and in H1 2017 up 1.5% on H1 2016 when excluding the impact of the devaluation of the Egyptian currency.

The credit quality trend improved. the past 21 months recorded a 10 billion gross npl stock reduction, which was achieved at no extraordinary cost to shareholders. in q2 2017, gross npl inflow from performing loans was at its lowest since the creation of intesa sanpaolo.

7:18 am Lifepoint Hospitals beats by $0.06, misses on revs; guides FY17 EPS lower, revs below consensus (LPNT) :

Reports Q2 (Jun) earnings of $0.96 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.90; revenues rose 0.2% year/year to $1.59 bln vs the $1.64 bln Capital IQ Consensus.

the Capital IQ Consensus of $0.90; revenues rose 0.2% year/year to $1.59 bln vs the $1.64 bln Capital IQ Consensus. William F. Carpenter III, Chairman and Chief Executive Officer of LifePoint Health, said, "We are pleased to deliver another quarter of solid results with EBITDA growth and expanded margins both year-over-year and sequentially. Our longstanding operating discipline continues to be integral to our success even while the volume environment remains challenging. We are successfully integrating recently acquired hospitals and health systems and remain committed to our strategic priorities of quality and service, growth, operational excellence and talent development at every location to drive long-term value for our shareholders."

Co issues guidance for FY17, sees EPS of $3.92-$4.20 vs. $4.19 Capital IQ Consensus Estimate and prior guidance of $4.05-$4.34; sees FY17 revs of $6.425-$6.500 bln vs. $6.55 bln Capital IQ Consensus Estimate and prior guidance of $6.50-$6.60 bln.

7:18 am European Markets Update: DAX +0.3%, CAC +0.5%, FTSE +0.5% (:SUMRX) :

Major European indices trade higher across the board while the euro (1.1814) has shed 0.2% against the dollar after hitting a 19-month high against the greenback yesterday afternoon. British Chancellor Philip Hammond said Brexit will not be postponed or delayed, but the balancing of the UK's budget may be delayed.

In economic data: Eurozone Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.5%); +2.1% year-over-year (consensus 2.4%; last 1.9%). July Manufacturing PMI 56.6 (expected 56.8; last 56.8) Germany's July Manufacturing PMI 58.1 (expected 58.3; last 58.3). July Unemployment Change -9,000 (consensus -5,000; last 6,000) and Unemployment Rate held at 5.7%, as expected UK's July Manufacturing PMI 55.1 (expected 54.4; last 54.2). July Nationwide HPI +0.3% month-over-month (expected -0.1%; last 1.1%); +2.9% year-over-year (consensus 2.7%; last 3.1%) France's July Manufacturing PMI 54.9 (expected 55.4; last 55.4) Italy's July Manufacturing PMI 55.1 (consensus 55.2; last 55.2) Spain's July Manufacturing PMI 54.0 (expected 54.5; last 54.7)



---Equity Markets---

Germany's DAX is higher by 0.3% with most components trading in the green. Lufthansa has spiked 2.6% while Prosiebensat 1, Heidelbergcement, and Infineon are up between 1.0% and 1.2%. BMW, Daimler, and Volkswagen show gains between 0.6% and 1.0%. Adidas is the weakest component, falling 0.7%.

DAX is higher by 0.3% with most components trading in the green. Lufthansa has spiked 2.6% while Prosiebensat 1, Heidelbergcement, and Infineon are up between 1.0% and 1.2%. BMW, Daimler, and Volkswagen show gains between 0.6% and 1.0%. Adidas is the weakest component, falling 0.7%. France's CAC trades up 0.5% with heavyweights among the leaders. Peugeot, Airbus Group, Renault, Louis Vuitton, and Total have added between 1.1% and 1.5%. A handful of consumer names lag with L'Oreal, Danone, and Pernod Ricard shedding between 0.2% and 1.1%.

CAC trades up 0.5% with heavyweights among the leaders. Peugeot, Airbus Group, Renault, Louis Vuitton, and Total have added between 1.1% and 1.5%. A handful of consumer names lag with L'Oreal, Danone, and Pernod Ricard shedding between 0.2% and 1.1%. UK's FTSE has climbed 0.5%. Rolls-Royce has surged 9.4% in reaction to upbeat earnings while BP has climbed 2.7% after it too beat estimates. Consumer stocks like Paddy Power, Imperial Brands, Taylor Wimpey, Burberry, and British American Tobacco show gains between 0.9% and 1.7%. On the downside, select miners like Fresnillo, Anglo American, and Randgold Resources show losses between 0.6% and 2.5%.

7:17 am Broadwind Energy reports EPS in-line, revs in-line; guides Q3 EPS below two analyst estimate, revs below consensus (BWEN) :

Reports Q2 (Jun) loss of $0.05 per share, in-line with the Capital IQ Consensus of ($0.05); revenues were unchanged from the year-ago period at $43.4 mln.

with the Capital IQ Consensus of ($0.05); revenues were unchanged from the year-ago period at $43.4 mln. Co issues downside guidance for Q3, sees EPS of ($0.15)-(0.17), excluding non-recurring items, vs. $0.02 two analyst estimate; sees Q3 revs of $30 mln vs. $41.25 mln Capital IQ Consensus Estimate.

for Q3, sees EPS of ($0.15)-(0.17), excluding non-recurring items, vs. $0.02 two analyst estimate; sees Q3 revs of $30 mln vs. $41.25 mln Capital IQ Consensus Estimate. Q4 outlook highly uncertain due to change in tower procurement and engineering practices.

7:16 am ACCO Brands beats by $0.05, misses on revs; raises FY17 EPS guidance to be at the high end of prior range, in-line, reaffirms revs in-line (ACCO) :

Reports Q2 (Jun) earnings of $0.31 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.26; revenues rose 19.5% year/year to $490 mln vs the $497.17 mln Capital IQ Consensus.

the Capital IQ Consensus of $0.26; revenues rose 19.5% year/year to $490 mln vs the $497.17 mln Capital IQ Consensus. Co raises 2017 EPS guidance....

Co expects FY17 EPS to be at the high end of its prior adjusted EPS range , at $1.07-1.10, excluding non-recurring items, vs. $1.08 Capital IQ Consensus Estimate; reaffirms FY17 revenue growth expectation of 22-26%, which equates to roughly $1.90-1.96 vs. $1.94 bln Capital IQ Consensus Estimate.

7:15 am Endurance International misses by $0.11, reports revs in-line; updates guidance (EIGI) :

Reports Q2 (Jun) GAAP loss of $0.29 per share, $0.11 worse than the Capital IQ GAAP consensus estimate of ($0.18); revenues rose 0.5% year/year to $292.26 mln vs the $289.4 mln Capital IQ Consensus.

the Capital IQ GAAP consensus estimate of ($0.18); revenues rose 0.5% year/year to $292.26 mln vs the $289.4 mln Capital IQ Consensus. Total subscribers on platform at June 30, 2017 were approximately 5.217 million, compared to approximately 5.480 million subscribers at June 30, 2016 and 5.304 million subscribers at March 31, 2017.

Adjusted EBITDA for the second quarter of 2017 was $82.5 million, an increase of 7 percent compared to $76.9 million for the second quarter of 2016.

Updated Guidance: Co sees GAAP revenue +5-5.5% (Prior 4-5%) Co sees Adjusted EBITDA +14-16% (Prior +12-14%) Co sees Free cash flow +25% (Prior +35%)



7:15 am Scotts Miracle-Gro beats by $0.12, beats on revs; reaffirms FY17 guidance; expects to rasie dividend in near future (SMG) :

Reports Q3 (Jun) earnings of $2.63 per share, $0.12 better than the Capital IQ Consensus of $2.51; revenues rose 8.5% year/year to $1.08 bln vs the $1.06 bln Capital IQ Consensus. U.S. Consumer increased 5 percent to $792.2 million from $756.7 million. Europe Consumer sales declined 3 percent, but increased 2 percent when excluding the impact of foreign exchange rates, to $93.2 million. Sales in the "Other" segment increased 36 percent to $192.6 million due to the acquisitions of Botanicare and Gavita as well as year-over- year growth within The Hawthorne Gardening Company.

the Capital IQ Consensus of $2.51; revenues rose 8.5% year/year to $1.08 bln vs the $1.06 bln Capital IQ Consensus. U.S. Consumer increased 5 percent to $792.2 million from $756.7 million. Europe Consumer sales declined 3 percent, but increased 2 percent when excluding the impact of foreign exchange rates, to $93.2 million. Sales in the "Other" segment increased 36 percent to $192.6 million due to the acquisitions of Botanicare and Gavita as well as year-over- year growth within The Hawthorne Gardening Company. Co reaffirms guidance for FY17, sees EPS of $4.00-4.20, excluding non-recurring items, vs. $4.13 Capital IQ Consensus Estimate; sees FY17 revs of +3-4% to $2.92-2.95 bln vs. $2.93 bln Capital IQ Consensus Estimate.

for FY17, sees EPS of $4.00-4.20, excluding non-recurring items, vs. $4.13 Capital IQ Consensus Estimate; sees FY17 revs of +3-4% to $2.92-2.95 bln vs. $2.93 bln Capital IQ Consensus Estimate. The Company now expects to complete the pending sale of its European and Australian businesses in the fourth quarter and anticipates lowering its guidance for Non-GAAP adjusted earnings by ~$0.20 per share at that time. "Once this pending divestiture is behind us, the material changes in reconfiguration of our portfolio will largely be behind us," Hagedorn said. "Where appropriate, we will continue to seek tuck-in acquisitions that complement our remaining portfolio, however, our bias going forward will be to return cash to shareholders. We expect to increase our quarterly dividend in the near future and will continue to be an active acquirer of our shares."

7:15 am Lexicon Pharma beats by $0.11, misses on revs (LXRX) :

Reports Q2 (Jun) loss of $0.33 per share, $0.11 better than the Capital IQ Consensus of ($0.44); revenues fell 40.3% year/year to $12 mln vs the $18.34 mln Capital IQ Consensus.

the Capital IQ Consensus of ($0.44); revenues fell 40.3% year/year to $12 mln vs the $18.34 mln Capital IQ Consensus. Anticipated Upcoming Milestones September 11-15, 2017 -- Two oral presentations (inTandem2 and JDRF studies) and two poster presentations (dose ranging and in Tandem studies) at the 53rd Annual Meeting of the European Association for the Study of Diabetes (:EASD) in Lisbon. Q3 2017 - Secondary endpoint data from inTandem. Q3 2017 - Pooled continuous glucose monitoring (:CGM) data from inTandem1 and inTandem.

7:13 am On The Wires (:WIRES) :

Magellan Health ( MGLN ) has launched a hemophilia management program in collaboration with Health New England, a non-profit health plan serving the commercial, Medicaid and Medicare markets.



) has launched a hemophilia management program in collaboration with Health New England, a non-profit health plan serving the commercial, Medicaid and Medicare markets. Spectrum Pharmaceuticals ( SPPI ) has completed enrollment with 405 patients randomized in the ROLONTIS Phase 3 ADVANCE pivotal study under a Special Protocol Assessment (SPA) with the FDA. The study is evaluating the safety and efficacy of ROLONTIS in the management of chemotherapy-induced neutropenia in patients with breast cancer. Enrollment has been completed ahead of schedule. The Company plans to announce topline data in Q1 2018 and file a Biologics License Application (:BLA) next year.



) has completed enrollment with 405 patients randomized in the ROLONTIS Phase 3 ADVANCE pivotal study under a Special Protocol Assessment (SPA) with the FDA. The study is evaluating the safety and efficacy of ROLONTIS in the management of chemotherapy-induced neutropenia in patients with breast cancer. Enrollment has been completed ahead of schedule. The Company plans to announce topline data in Q1 2018 and file a Biologics License Application (:BLA) next year. Acceleron Pharm (XLRN) announced that the first patient has been treated in a Phase 2 clinical trial of ACE-083, the Company's locally acting muscle agent, for the treatment of patients with Charcot-Marie-Tooth disease (CMT).

7:12 am Government Properties Income Trust beats by $0.01, beats on revs (GOV) :

Reports Q2 (Jun) funds from operations of $0.60 per share, $0.01 better than the Capital IQ Consensus of $0.59; revenues rose 9.1% year/year to $69.89 mln vs the $69.08 mln Capital IQ Consensus. Completed 288,428 Square Feet of Leasing in the Second Quarter for a 13.5% Increase in Rents. Occupancy was 95.0% at Quarter End, Up 80 Basis Points Year Over Year. Announced Agreement to Acquire First Potomac Realty Trust for Approximately $1.4 Billion.

the Capital IQ Consensus of $0.59; revenues rose 9.1% year/year to $69.89 mln vs the $69.08 mln Capital IQ Consensus. "Government Properties Income Trust achieved solid leasing results during the second quarter of 2017. We entered into new and renewal leases for over 288,000 square feet of space for rents that were 13.5% higher than previous rents for the same space. We also announced our planned strategic acquisition of First Potomac Realty Trust and began to implement our long term financing and business repositioning plans associated with that acquisition by raising $494 million of net proceeds from the sale of common equity and the issuance of $300 million aggregate principal amount of senior unsecured notes due 2022."

7:11 am Oxford Immunotec misses by $0.42, beats on revs; guides Q3 revs in-line; raises FY17 revs guidance in-line (OXFD) :

Reports Q2 (Jun) loss of $0.74 per share, $0.42 worse than the two analyst estimate of ($0.32); revenues rose 35.9% year/year to $26.1 mln vs the $25.05 mln Capital IQ Consensus.

the two analyst estimate of ($0.32); revenues rose 35.9% year/year to $26.1 mln vs the $25.05 mln Capital IQ Consensus. Co issues in-line guidance for Q3, sees Q3 revs of $29.5-$30.5 mln vs. $30.38 mln Capital IQ Consensus Estimate.

for Q3, sees Q3 revs of $29.5-$30.5 mln vs. $30.38 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY17, sees FY17 revs of $103.0-$106.0 mln vs. $103.99 mln Capital IQ Consensus Estimate and prior guidance of $102.0-$105.0 mln.

7:11 am IDEXX Labs beats by $0.02, beats on revs; raises FY17 guidance (IDXX) :

Reports Q2 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.85; revenues rose 9.1% year/year to $508.9 mln vs the $502.44 mln Capital IQ Consensus.

the Capital IQ Consensus of $0.85; revenues rose 9.1% year/year to $508.9 mln vs the $502.44 mln Capital IQ Consensus. Co issues raised guidance for FY17, sees EPS of $3.12-3.22 from $2.95-3.11 vs. $3.07 Capital IQ Consensus Estimate; raises FY17 revs to $1.945-1.965 bln from $1.925-1.95 bln vs. $1.94 bln Capital IQ Consensus Estimate.

for FY17, sees EPS of $3.12-3.22 from $2.95-3.11 vs. $3.07 Capital IQ Consensus Estimate; raises FY17 revs to $1.945-1.965 bln from $1.925-1.95 bln vs. $1.94 bln Capital IQ Consensus Estimate. Gross profits increased 12%, and gross margin increased to 57.5% from 55.8% in the prior year period.

7:11 am Phillips 66 Partners misses by $0.07, reports revs in-line (PSXP) :

Reports Q2 (Jun) earnings of $0.61 per share, $0.07 worse than the Capital IQ Consensus of $0.68; revenues were unchanged from the year-ago period at $234 mln.

the Capital IQ Consensus of $0.68; revenues were unchanged from the year-ago period at $234 mln. Adjusted EBITDA was $170 million in the second quarter, compared with $155 million in the prior quarter.

The Sand Hills Pipeline expansion continues to progress. The project will expand capacity from 280,000 barrels per day (:BPD) to 365,000 BPD, with an expected in-service date by the end of 2017. In addition, DCP Midstream, the operator of the pipeline, has announced plans to further expand the line to approximately 450,000 BPD. Phillips 66 Partners owns a one-third interest in this joint venture.

7:11 am Colliers beats by $0.08, beats on revs (CIGI) :

Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $0.68; revenues rose 12.8% year/year to $544.2 mln vs the $515.45 mln Capital IQ Consensus.

7:10 am Incyte misses by $0.02, beats on revs; raises sales guidance (INCY) :

Reports Q2 (Jun) loss of $0.06 per share, $0.02 worse than the Capital IQ Consensus of ($0.04); revenues rose 32.5% year/year to $326.4 mln vs the $318.45 mln Capital IQ Consensus. Net product revenues of Jakafi were $276 million as compared to $208 million for the same period in 2016, representing 33 percent growth.

the Capital IQ Consensus of ($0.04); revenues rose 32.5% year/year to $326.4 mln vs the $318.45 mln Capital IQ Consensus. Net product revenues of Jakafi were $276 million as compared to $208 million for the same period in 2016, representing 33 percent growth. Raises Jakafi net rev to $1.09-1.12 bln from $1.02-1.07 bln; reaffirms Iclusig $60-65 mln. Proof-of-concept data for the combination of epacadostat plus PD-1 inhibition presented at the American Society of Clinical Oncology Annual Meeting (:ASCO) 2017 across multiple tumor types; expanded Phase 3 program on track for planned initiation in 2017 Multiple product candidates in late-stage clinical development illustrates transformational growth potential of Incyte's portfolio.

"Revenue growth from Jakafi and Iclusig continues to be very robust, driven by strong demand, and we have also made significant progress across our clinical portfolio. As we look forward to the second half of 2017, we anticipate the publication of important data from our development candidates, as well as the initiation of multiple additional pivotal combination studies with epacadostat."

7:10 am Innophos Holdings beats by $0.04, beats on revs; guides Q3 revs below two analyst estimate; reaffirms FY17 EPS guidance, revs guidance (IPHS) :

Reports Q2 (Jun) earnings of $0.57 per share, excluding non-recurring items, $0.04 better than the two analyst estimate of $0.53; revenues fell 1.5% year/year to $179.14 mln vs the $172.65 mln two analyst estimate.

All segments showed positive year-over-year volume comparisons Delivered final $2 million of $16 million procurement savings pipeline from Phase 1 Operational Excellence initiatives H2 2017 on track to realize $5 million of the identified $13 million Phase 2 Operational Excellence cost savings in the areas of MRO, packaging and logistics The acquisition of Novel Ingredients will create a Food, Health and Nutrition (FHN) platform of nearly $0.5 billion in revenue representing 60% of total sales. The combined Company will benefit from leading, innovative technology; a broader and deeper product portfolio; and access to new market segments

the two analyst estimate of $0.53; revenues fell 1.5% year/year to $179.14 mln vs the $172.65 mln two analyst estimate. Co issues downside guidance for Q3, sees Q3 revs of down ~4% y/y to ~$178.59 mln vs. $186.30 mln two analyst estimate. Earnings in the third quarter are forecast to be positively affected sequentially by reduced implementation fees and first-time cost savings from Phase 2 operational excellence. Input costs are otherwise expected to be in line with second quarter 2017. The Company anticipates that the tax rate will be at the more normalized level of approximately 33% in the thirdquarter.

for Q3, sees Q3 revs of down ~4% y/y to ~$178.59 mln vs. $186.30 mln two analyst estimate. Co reaffirms guidance for FY17, sees EPS of broadly in line with 2016 which was $2.55 vs. $2.48 two analyst estimate; sees FY17 revs of ~$696 mln vs. $692.45 mln Capital IQ Consensus Estimate. On a full-year basis, overall market conditions and the competitive landscape for 2017 are expected to be similar to 2016. The Company anticipates that the Phase 2 Operational Excellence fees incurred in the first half of the year will be more than offset by the Phase 2 savings, of which $5 million is estimated to take effect in the second half of 2017. As a result of these factors, the Company continues to expect full-year revenues to be down by approximately 4% compared with 2016 (equates to ~$696 mln). The Company further continues to expect full-year earnings to be broadly in line with 2016, reflecting the impact of management's focus on cost actions and productivity initiatives given the challenging market conditions.

for FY17, sees EPS of broadly in line with 2016 which was $2.55 vs. $2.48 two analyst estimate; sees FY17 revs of ~$696 mln vs. $692.45 mln Capital IQ Consensus Estimate. "We delivered a very robust second quarter with top and bottom line results above our expectations," said Kim Ann Mink, Ph.D., Chairman, President and Chief Executive Officer. "By remaining focused on cost savings from performance improvement initiatives, we grew margins on a year-over-year basis despite continuing market pressure. As we transition into the second half of the year, we are encouraged by several recent developments, including improvements in sales volume. We are confident in our ability to deliver on a strong second half of the year and are reiterating our guidance, excluding the Novel Ingredients acquisition.

7:09 am Schneider National reports EPS in-line, revs in-line; raises low-end of FY17 EPS guidance (SNDR) :

Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.23; revenues rose 8.1% year/year to $1.08 bln vs the $1.07 bln Capital IQ Consensus.

with the Capital IQ Consensus of $0.23; revenues rose 8.1% year/year to $1.08 bln vs the $1.07 bln Capital IQ Consensus. Co raises guidance for FY17, sees EPS of $0.94-1.02 (Prior $0.92-1.02) , excluding non-recurring items, vs. $0.97 Capital IQ Consensus Estimate. "The market pressures of the first quarter continued into the second quarter," said Lofgren. "However, in June indications of improving market conditions began to appear. July is always a challenging month, so we will have a better read by mid-August, but we are cautiously optimistic that the market will see strengthening in the second half of 2017. The market improvement, our efforts to increase driver capacity, new Dedicated contracts and our ongoing revenue management work positions us well for the second half of 2017. Last quarter, I discussed my commitment to be thoughtful and disciplined as to capital expenditures. In light of anticipated market improvement and new customer wins, we have increased our anticipated full year net capital expenditures range to $350 million to $400 million which includes $100 million for chassis. Further, we anticipate full year 2017 adjusted diluted earnings per share in the range of $0.94 to $1.02, which includes the impact of increased share count from the IPO estimated at $0.10 per share."

for FY17, sees EPS of $0.94-1.02 (Prior $0.92-1.02) , excluding non-recurring items, vs. $0.97 Capital IQ Consensus Estimate.

7:08 am Phillips 66 beats by $0.08 (PSX) :

Reports Q2 (Jun) earnings of $1.09 per share, $0.08 better than the Capital IQ Consensus of $1.01.

the Capital IQ Consensus of $1.01. Phillips 66 generated $1.9 billion in cash from operations during the second quarter, including $422 million of cash distributions from equity affiliates. Excluding working capital impacts, operating cash flow was $1.2 billion.

During the quarter, Phillips 66 funded $458 million of capital expenditures and investments, and distributed $360 million in dividends and $381 million in share repurchases. The company ended the quarter with 512 million shares outstanding.

As of June 30, 2017, cash and cash equivalents were $2.2 billion, and consolidated debt was $10.0 billion, including $2.3 billion at Phillips 66 Partners (PSXP). The company's consolidated debt-to-capital ratio and net-debt-to-capital ratio were 30 percent and 25 percent, respectively. Excluding PSXP, the debt-to-capital ratio was 26 percent and net-debt-to-capital ratio was 20 percent.

7:07 am Dorman Products misses by $0.02, beats on revs (DORM) :

Reports Q2 (Jun) earnings of $0.83 per share, $0.02 worse than the Capital IQ Consensus of $0.85; revenues rose 9.4% year/year to $229.26 mln vs the $225.91 mln Capital IQ Consensus.

the Capital IQ Consensus of $0.85; revenues rose 9.4% year/year to $229.26 mln vs the $225.91 mln Capital IQ Consensus. "In the quarter, we also started to realize meaningful revenue from the launch of our Dorman Premium full line chassis program. We are truly excited to see the results of a lot of hard work by the team as we strive to become a market leader in this category. Overall, we continue to execute well, and although we are very pleased with our first half growth, we remain cautious entering the back half of the year given current market conditions. However, our previously issued full year guidance for top and bottom line growth remains unchanged" said Matt Barton, President and Chief Executive Officer.

Operating Cash Flow was $3.8 million in the quarter compared to $12.6 million in the same quarter last year. Investment in inventories (of approximately $29 million in the quarter), to ensure high customer fill rates, was the driver of the decreased Operating Cash Flows. We expect inventory to plateau in the third quarter and begin to decline slightly in the second half of the year.

7:05 am Innophos Holdings to acquire Novel Ingredients for $125 mln in cash (IPHS) :

Novel Ingredients are a New Jersey-based provider of dietary supplement ingredient solutions primarily owned by GenNx360 Capital Partners, a New York-based private equity firm.

Under the terms of the merger agreement, Innophos will acquire all of the outstanding shares of Novel Ingredients for a total purchase price of $125 million (enterprise value), payable in cash.

Co will fund the acquisition with borrowings under its existing credit facility.

The acquisition is expected to be accretive to Innophos' earnings per share in the first year following the close of the transaction.

Closing of the transaction is expected to be completed in the third quarter of 2017.

Annual revenue of nearly $100 million; 2008-2016 CAGR of 19%.

Annual cost synergies estimated at $4 million; revenue synergies are anticipated from combined product technology and customer relationships

7:05 am Shopify beats by $0.06, beats on revs; guides Q3 revs above consensus; raises FY17 above consensus; CFO will retire (SHOP) :

Reports Q2 (Jun) adj. loss of $0.01 per share, $0.06 better than the Capital IQ Consensus of ($0.07); revenues rose 75.2% year/year to $151.7 mln vs the $143.94 mln Capital IQ Consensus. Within this, Subscription Solutions revenue grew 64% to $71.6 million. The acceleration in Subscription Solutions revenue growth was driven by the continued rapid growth in Monthly Recurring Revenue as another record number of merchants joined the platform in the period. Merchant Solutions revenue grew 86% to $80.1 million, driven primarily by the growth of Gross Merchandise Volume.

MRR as of June 30, 2017 was $23.7 million, up 64% compared with $14.4 million as of June 30, 2016. Shopify Plus contributed $4.3 million, or 18%, of MRR compared with 13% of MRR as of June 30, 20