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09:41 EDTAAPL, TSLA, TWTR, PBR, GILD, WYNN, NFLX, CELG, FB, BIDUActive equity options trading on open
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09:39 EDTCLDCloud Peak updates 2014 shipment, adjusted EBITDA outlook
The company updated its guidance for 2014 coal shipments for its three owned and operated mines to between 83 million and 86 million tons, compared to its July 29, 2014 guidance of 85 million to 89 million tons. The Company also updated its guidance for 2014 Adjusted EBITDA to between $170M-$200M. On July 29, the company issued 2014 Adjusted EBITDA guidance of $180M-$210M. Colin Marshall, Cloud Peak Energy’s President and CEO said, “As we previously stated, our earlier guidance ranges were dependent upon an improvement in rail performance through the end of the year. While we believe the rail performance issues are being addressed, the reality is that the improvements have not taken place at a sufficiently robust pace to allow us to maintain our previous guidance. In addition, in late August our Cordero Rojo Mine was impacted by a significant rain storm causing flooding and damage to some equipment, which will slow shipments and cause us to incur some additional costs. Accordingly, we are updating our Adjusted EBITDA and shipment guidance ranges to reflect these impacts.”
09:39 EDTCHUChina Unicom downgraded to Neutral from Outperform at Macquarie
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09:38 EDTMarket opens quietly as investors return from holiday
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09:37 EDTCPWRCompuware to be acquired by Thoma Bravo for $10.92 per share
Compuware and Thoma Bravo jointly announced that Compuware has entered into a definitive agreement to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Under the terms of the agreement, pending shareholder approval, Compuware shareholders will receive an aggregate value of approximately $10.92 per share, representing a premium of approximately 17% to the company’s stock price as of the close of trading on Friday, August 29. Thoma Bravo will pay a cash purchase price of $10.43 for each outstanding share of Compuware common stock, less the pro rata portion of the applicable corporate tax that will be owed in connection with the spin-off of Covisint, currently estimated at 18c per share based on the current market price of Covisint, for a net cash payment of approximately $10.25 per share. The parties have agreed that within 60 days following the date of the merger agreement, Compuware will effectuate the pro rata distribution to its shareholders of the remaining shares of Covisint owned by Compuware, resulting in a distribution of Covisint shares representing approximately 67c per share of Compuware common stock based on the closing price of Covisint on Friday, August 29. During the 60-day period, Compuware may seek a higher value alternative for its Covisint shares, in which case the proceeds, net of tax and certain charges, of such disposition will be paid to Compuware shareholders. The Compuware board unanimously approved the agreement and recommends that Compuware’s shareholders approve the transaction. The transaction is expected to close by early 2015. Elliott Management, which owns approximately 9.5% of Compuware’s common stock, has entered into an agreement with Thoma Bravo agreeing to vote its shares in favor of the transaction. There is no financing condition associated with the proposed acquisition. Compuware has agreed to immediately discontinue its quarterly cash dividend. At closing, Thoma Bravo will acquire 100% of Compuware’s outstanding shares and Compuware will become a privately-held company.
09:36 EDTCONNConn's downgraded to Neutral from Overweight at Piper Jaffray
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09:35 EDTSIRSelect Income REIT paid full price for little upside with Cole, says Wells Fargo
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09:35 EDTGPSGap identified as top pick at Sterne Agee
Sterne Agee identified Gap as its best pick for 2H14, as the firm sees multiple drivers of improved operating performance and stock price gains for the company. Among these drivers are easy compares and company specific initiatives, according to the firm. It raised its price target on the stock to $52 from $50 and sees its risk/reward ratio as very compelling.
09:34 EDTEXXIEnergy XXI downgraded to Hold from Buy at MLV & Co.
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09:33 EDTCPWRCompuware to be acquired by Thoma Bravo for $10.92 per share
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09:33 EDTVXXiPath S&P 500 VIX Short-Term Futures are recently down 1c to 28.11
09:32 EDTWWWWolverine World Wide upgraded to Buy from Neutral at CL King
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09:32 EDTFETForum Energy awarded contract for eight remotely operated vehicles
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09:31 EDTAEMDAethlon Medical receives IRB approval to initiate hemopurifier studies
Aethlon Medical has received independent internal review board approval to initiate human clinical studies of Hemopurifier therapy at DaVita MedCenter Dialysis located in Houston, Texas. Aethlon previously disclosed that the United States Food and Drug Administration had approved an Investigational Device Exemption that would allow for the initiation of Hemopurifier feasibility studies in the United States. As a result of the independent IRB approval, the company is now permitted to initiate the IDE approved study. Enrollment of patients who meet the study inclusion/exclusion criteria is expected to begin in the coming weeks. The Hemopurifier is a first-in-class therapeutic device that targets the rapid elimination of circulating viruses and tumor-secreted exosomes that suppress the immune system of cancer patients. Under the feasibility study protocol, Aethlon will enroll ten end-stage renal disease patients who are infected with the Hepatitis C virus to demonstrate the safety of Hemopurifier therapy in an infectious disease model. Upon successful completion of the feasibility study, Aethlon plans to conduct pivotal efficacy studies required for market clearance to treat HCV and other chronic viral indications. Previous clinical studies of Hemopurifier therapy have been conducted in HIV and HCV-infected individuals at the Apollo Hospital, Fortis Hospital, Sigma New Life Hospital, and the Medanta Medicity Institute, all located in India.
09:30 EDTU.S. Manufacturing ISM Preview
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09:30 EDTU.S. construction spending preview:
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09:26 EDTPZGParamount Gold & Silver mobilizes four rigs to San Miguel project
Paramount Gold and Silver announced that it is mobilizing four core rigs to its 100%-owned San Miguel project in northern Mexico as part of a program to increase and upgrade resources and advance the gold-silver project to the pre-feasibility stage. Last month's new PEA estimated an Initial Capital requirement of $69M and low operating costs, resulting in exceptional economics including payback of Initial Capital in the third year of production. The PEA estimated average annual production of 55,000 ounces of gold and 2.8M ounces of silver for 17 years. Base Case Pre-Tax NPV was estimated at $472.6M with an IRR of 23.2% at a 5% Discount Rate and current metal prices. The PEA, released on August 25, was prepared by Metal Mining Consultants of Denver, Colorado incorporating a resource model developed by Mine Development Associates of Reno, Nevada. Note that the PEA incorporates inferred mineral resources which are considered to be too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and, as such, do not have demonstrated economic viability. There can be no certainty that the estimates contained in the PEA will be realized.
09:25 EDTADMCargill acquires Archer Daniels'global chocolate business for $440M
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09:25 EDTCPWRCompuware trading halted, pending news
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09:25 EDTFX Action: USD-CAD is back over 1.09
FX Action: USD-CAD is back over 1.09, peaking at 1.0920 into the North American open. General USD strength has dragged USD-CAD higher, up from lows under 1.0870 overnight, and a Friday low of 1.0811. Standing offers are noted from 1.0930-40, while buy stops are in place from 1.0960. Short covering ahead of Wednesday's BoC policy meeting may continue to support the pairing, as expectations for dovish guidance from the Bank persist.
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