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15:51 EDTAIVAimco reports Q2 pro forma FFO 52c, consensus 51c
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15:39 EDTRCPIRock Creek Pharmaceuticals looks to file CTA by Q3 end
Rock Creek Pharmaceuticals announced that it has initiated the development of its lead molecule, Anatabine Citrate, in Europe; and that it has selected Quotient Clinical, The Translational Pharmaceutics Company, based in the United Kingdom to run its early development programs.The company expects to file a Clinical Trial Application, CTA, by the end of the third quarter with the Medicines Healthcare products Regulatory Agency, MHRA, seeking regulatory approval to initiate its clinical trials. Upon CTA approval, a safety and tolerability study will be initiated to investigate escalating doses of Anatabine Citrate. At the same time, Quotient Clinical will employ its RapidFACT, Rapid Formulation development And Clinical Testing, service to identify the next generation of oral Anatabine Citrate formulations for progression into multiple pivotal Phase 2 proof of concept studies.
15:39 EDTSPCHASport Chalet says minimum tender condition satisfied
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20:25 EDTCVX, PG, HCN, WY, CLX, POM, HLT, CTRX, BKW, NGLS, GWR, SPR, RUTH, WETF, CBOE, BERY, PBF, PNM, CVX, PG, HCN, WY, CLX, POM, HLT, CTRX, BKW, NGLS, GWR, SPR, RUTH, WETF, CBOE, BERY, PBF, PNMNotable companies reporting before tomorrow's open
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15:38 EDTTSLA, PSA, EIX, DVA, SWN, NU, FLR, EXPE, WU, MCHP, MHK, PKI, AIV, LNKD, DEI, TRLA, OUTR, EEP, FLT, ASH, PCYC, CYH, ACGLNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Tesla Motors (TSLA), consensus 4c; Public Storage (PSA), consensus $1.96; Edison International (EIX), consensus 83c; DaVita HealthCare (DVA), consensus 89c; Southwestern Energy (SWN), consensus 59c; Northeast Utilities (NU), consensus 50c; Fluor (FLR), consensus 99c; Expedia (EXPE), consensus 76c; Western Union (WU), consensus 36c; Microchip Technology (MCHP), consensus 67c; Mohawk (MHK), consensus $2.20; PerkinElmer (PKI), consensus 59c; Apartment Investment (AIV), consensus 51c; LinkedIn (LNKD), consensus 39c; Douglas Emmett (DEI), consensus 39c; Trulia (TRLA), consensus (16c); Outerwall (OUTR), consensus $1.36; Enbridge Energy Partners (EEP), consensus 24c; FleetCor Technologies (FLT), consensus $1.25; Ashland (ASH), consensus $1.57; Pharmacyclics (PCYC), consensus (22c); Community Health Systems (CYH), consensus 35c; Arch Capital (ACGL), consensus 99c.
15:35 EDTLUKLeucadia confirms Oregon LNG secures DOE approval for LNG exports
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15:28 EDTVXXiPath S&P 500 VIX Short-Term Futures are recently up 2.79 to 31.87
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15:20 EDTTSLAEarnings Preview: Morgan says Q2 may pressure Tesla, recommends buying dip
Tesla Motors (TSLA) is scheduled to report second quarter earnings after the market close on Thursday, July 31, with a conference call scheduled for 5:30 pm ET. Tesla designs, manufactures and sells electric vehicles, including its flagship Model S. EXPECTATIONS: Analysts are looking for earnings of 4c per share on revenue of $810.61M, according to First Call. The consensus range for EPS is (5c)-22c on revenue of $739.6M-$932.96M. In May, the company said it expects to deliver about 7,500 Model S vehicles in Q2. The company also said it plans to produce 8,500 to 9,000 cars in the quarter, representing a 13% to 19% increase over Q1. "Planned production is again higher than deliveries because of the growing pipeline of in-transit cars to Asia and Europe that have been built-to-order for customers," Tesla noted. Tesla noted at that time that it was on track for more than 35,000 deliveries in 2014. LAST QUARTER: On May 7, Tesla reported first quarter EPS of 12c against estimates for 10c. The company reported non-GAAP revenue $713M, compared to consensus of $699.1M. The company reported Q1 Model S production of 7,535 vehicles. NEWS: This morning, Panasonic (PCRFY) and Tesla said they have signed an agreement that lays out their cooperation on the construction of a large-scale battery manufacturing plant in the United States, known as the Gigafactory, which will produce cells, modules and packs for Tesla's electric vehicles and for the stationary storage market. According to the agreement, Tesla will prepare, provide and manage the land, buildings and utilities. Panasonic will manufacture and supply cylindrical lithium-ion cells and invest in the associated equipment, machinery, and other manufacturing tools based on their mutual approval. The Gigafactory is planned to produce 35GWh of cells and 50GWh of packs per year by 2020. On June 12, Tesla CEO Elon Musk announced in a blog post that the company will not initiate patent lawsuits against anyone who, in good faith, wants to use its technology. Earlier in the same month, Musk told shareholders at the company's annual meeting that he plans to remain as the CEO for "at least" another four to five years, as he has committed to remain the CEO "at least" until high-volume is achieved for the third-generation Model X. STREET RESEARCH: On the day after Tesla's last quarterly report, Baird said it would use any weakness in the stock as an "aggressive buying opportunity." The firm said its Q1 results were good and felt its guidance was better than expected. The firm kept its Outperform rating and $275 price target on the stock at that time. One week ago, Baird said it believes consensus estimates for Q2 on Tesla are generally on-target, but the firm believes Street estimates may need to come down for Q3 to account for higher operating expenses and the company's lease program. Baird estimates 7,565 Model S deliveries in Q2 and said the company's production may beat expectations. The firm still keeps its Outperform rating and $275 price target on Tesla. Yesterday, Morgan Stanley said it expects Tesla's Q2 results to have some items that could pressure shares. The analyst expects weakish Q3 volume guidance due to extensive retooling ahead of higher volumes at the Fremont plant. It also expects North American Model S volumes to be down significantly year-over-year as the company prioritizes the international roll-out and fears lack of details on the Gigafactory may create more questions. Despite these short-term concerns, the analyst recommends buying Tesla on a potential dip given its significant long-term opportunities. Morgan Stanley maintains an Overweight rating on shares of Tesla. PRICE ACTION: On the day after its Q1 report, shares of Tesla fell about 11.3% to $178.59. Over the last three months, the stock is up about 8%. In afternoon trade ahead of tonight's Q2 report, Tesla is down over 2% to $223.85.
15:16 EDTCVC Cablevision volatility flat into Q2 and outlook
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15:16 EDT$NYENYSE market internals summary
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15:16 EDT$NSDNASDAQ market internals summary
Volume is very heavy for this time of day. Breadth is bearish across the board. Advancing Issues: 432 / Declining Issues: 2203 -- for a ratio of 0.2 to 1. Advancing Volume: 253,946,000 / Declining Volume: 1,332,563,000 -- for a ratio of 0.2 to 1. New 52-Week Highs: 24 / New 52-Week Lows: 109.
15:15 EDTNY Fed announced a $15 B buyback program for August
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15:12 EDTPGProcter & Gamble technical notes ahead of earnings
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15:11 EDTMEOHMethanex downgraded earlier to Hold from Buy at TD Securities
15:05 EDTGLOPGasLog Partners price target raied to $38 from $30 at Credit Suisse
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15:05 EDTTreasury Closing Summary:
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15:02 EDTJRNJournal Communications downgraded to Neutral from Buy at Sidoti
Price target $11.
15:02 EDTGRCGorman-Rupp upgraded to Buy from Neutral at Sidoti
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15:00 EDTWLLWhiting Petroleum price target raised to $114 from $102 at Brean Capital
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15:00 EDTTreasury Action: reaction to the jobs data will depend on positioning
Treasury Action: reaction to the jobs data will depend on positioning and the data, of course, as well as a variety of other factors. Sources suggest the market is short, especially in the belly, so a disappointing report would reportedly prompt a short covering rally. Another bad reaction on Wall Street to Fed tightening prospects could also provide support. However, unwinding of some of today's month-end flows could limit buying following the release. Steepening trades have been the play today too since the GDP FOMC combo, and that trend may be sustained ahead of the August refunding auctions (to be announced Wednesday). Meanwhile, the guts of the report could be a factor too, depending on the locus of strength/weakness in the data. The market is priced for a robust payroll gain and the headline may have to top 250k to get a response. The focus will also be on the unemployment rate and earnings.
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