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16:24 EDTBKDBrookdale Senior Living reports Q4 CFFO 58c, consensus 46c
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16:24 EDTPFIEProfire Energy does not expect near-term improvement to customer purchasing
Says Q3 revenue decline is result of "decreased oilfield purchasing which could persist for some time. Based on the current industry environment, and near-term commodity price expectations, the company does not anticipate improvement in customer purchasing in the short-term." CEO Brenton Hatch remarked, "Unquestionably the industry is enduring a period of significant volatility. We continue to anticipate a challenging calendar year... We have made momentous changes to our cost structure over the last several periods and will continue to look for opportunities to reduce expenses."
16:24 EDTNEOSNeos Therapeutics requests withdrawal of registration statement
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16:23 EDTCHK, ETE, WMB, YELP, APOL, APO, DV, OUTR, SRPT, BCRX, TWTROn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory thanks in part to lower oil prices, poor banking data out of China, and selling in Europe. The market saw little in the way of buying for most of the day, with all ten of the S&P sectors in negative territory. Oil prices struggled to stay above $30 per barrel, while "safe haven" gold moved above $1,200 an ounce, its highest price since June. Once oil settled, stocks saw a late rally and cut into their losses, but the averages still ended the day deep in the red even following the comeback. ECONOMIC EVENTS: In the U.S., the labor market conditions index came in at 0.4 for January, below expectations for a reading of 2.0. In Asia, markets in mainland China, Hong Kong, Taiwan and Korea were all closed for the New Year holiday. Data was still released in China that showed the country's foreign currency reserves fell to their lowest level since May 2012, dropping about $99B in January, though that was better than analyst forecasts and ahead of some recent whispers. COMPANY NEWS: Chesapeake Energy (CHK) tumbled 33.2% to $2.05 after media reports indicated that the natural gas producer has hired restructuring lawyers from Kirkland & Ellis. The company later remarked that the law firm has been retained as an adviser, though Chesapeake noted it has "no plans" to pursue bankruptcy, which helped the stock recover some of its early losses... Meanwhile, another player in the oil space with ties to Chesapeake, Energy Transfer Equity (ETE), declined 41.3% to $4.10 after the company disclosed it was making a change to the Chief Financial Officer of its general partner. Williams Company (WMB), which has agreed to merge with Energy Transfer, also slid nearly 35%... Yelp (YELP) ended Monday down 11% at $16.11 after the earlier than expected release of its quarterly earnings report, which the company blamed on the news distribution service that issued the press release before the results were due. Yelp's earnings and revenue came in above expectations, though the company also disclosed that its finance chief Rob Krolik would be stepping down. MAJOR MOVERS: Among the notable gainers was Apollo Education (APOL), which rallied 24% to $8.62 after agreeing to be acquired for $9.50 per share by a group of investors led by private equity firm Apollo Global (APO), with the news also sending its for-profit education competitor DeVry (DV) up 5.5%. Also higher was GoPro (GPRO), which gained 10.3% to $10.99 after Microsoft (MSFT) announced a new collaborative patent licensing agreement with the beaten down action camera maker. In addition, Outerwall (OUTR), owner of the Redbox and Coinstar kiosk brands, rose 11% to $30.01 after Bloomberg reported that at least three buyout firms have sought to take it private in the past two years, with activist investor Engaged Capital later in the day confirming a 14% stake in the company. Among the noteworthy losers was Sarepta (SRPT), which declined 12.1% to $10.74 after the FDA delayed a decision on the company's closely-watched Duchenne muscular dystrophy treatment eteplirsen. Also lower was BioCryst (BCRX), which plunged 71% to $1.77 after a clinical trial of its hereditary angioedema drug failed to meet its primary endpoint. Meanwhile, Twitter (TWTR) fell 5.3% to $14.89 following reports over the weekend that it is rethinking its news feed, potentially ordering posts based on popularity rather than chronological date. INDEXES: The Dow fell 177.92, or 1.1%, to 16,027.05, the Nasdaq lost 79.39, or 1.82%, to 4,283.75, and the S&P 500 declined 26.61, or 1.42%, to 1,853.44.
16:23 EDTMODNModel N sees Q2 EPS (26c)-(25c), consensus (17c)
Sees Q2 revenue $25.4M-$25.6M, consensus $25.65M.
16:22 EDTONVOOrganovo narrows FY16 net cash utilization view to $32M-$34M from $32M-$36M
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16:22 EDTGPSGap reports Q4 SSS down 7%
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16:22 EDTPFIEProfire Energy backs FY16 revenue $25M-$30M, consensus $29.35M
Backs FY16 net income ($1M)-$2M.
16:22 EDTMODNModel N reports Q1 EPS (16c), consensus (17c)
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16:22 EDTONVOOrganovo affirms long-range outlook from liver tissue product
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16:21 EDTGPSGap reports Q4 revenue $4.39B, consensus $4.46B
16:21 EDTPFIEProfire Energy reports Q3 EPS 1c, consensus 0c
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16:20 EDTADSKAutodesk initiated with a Neutral at Mitsubishi UFJ
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16:20 EDTRMRegional Management authorizes $25M share repurchase program
Regional Management has authorized the repurchase of up to $25M of its common stock. The authorization is effective immediately and extends through December 31, 2017.
16:20 EDTONVOOrganovo lowers FY16 revenue view to $700,000-$900,000 from $1.2M-$1.4M
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16:20 EDTMODNModel N CEO Rinat assumes role of Executive Chairman, Edward Sander named CEO
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16:20 EDTWDAYWorkday initiated with an Overweight at Mitsubishi UFJ
Target $60.
16:20 EDTGPSGap sees Q4 EPS 56c-57c, consensus 53c
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16:20 EDTSPLKSplunk initiated with an Overweight at Mitsubishi UFJ
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16:19 EDTARCARC Document authorizes $15M share repurchase program
ARC Document approved a share repurchase program that authorizes the company to purchase up to $15M of the company's outstanding common stock through December 31, 2017. In connection with the share repurchase program, ARC Document Solutions amended its senior secured credit agreement in order to provide additional flexibility to repurchase shares. The company expects that the repurchase program will be funded by cash flows generated from its operations. At the end of 2015, the company had approximately 47M shares of common stock issued and outstanding.
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